2019 Equities Outlook

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Finding Select Opportunities in a Durable Cycle

There is more in common across all equity markets today than it might seem. In 2018, index returns were widely dispersed, with the S&P 500 outperforming while the MSCI Emerging Markets underperformed sharply. Yet, when we break down all stocks into their principal factor groups of quality, sentiment, and value, we can see that the defining characteristic of equity markets in 2018 is the underperformance of the value factor.