Global Portfolio Strategy Research
30 June 2022 A growing concern among economists and investors is that retailers have been rebuilding inventories rapidly recently, potentially turning what had been partly empty shelves into excess supply. And indeed, the data on inventories held by various categories…
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The growth of online shopping has been well-established for years now, but the pandemic has prompted an acceleration in that trend, which continues to be felt in relative stock returns. The chart below shows the year-on-year growth rates of total…
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There has been much discussion about the increasing concentration of the market cap weighted indices in the US, with the S&P 500 now showing some of the highest levels of concentration among the largest constituents in history. The top 20…
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