The roots of U.S. stocks out-performance

Door mei 10, 2019 15:21

The roots of U.S. stocks out-performance

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Continuing the post-crisis trend, U.S. stocks have outperformed the rest of the world this year. Russ explains why.

By most metrics this has been a remarkable year for investors. Stocks are up more than 15%, their best start in decades. Nor is it just stocks. The risk-adjusted return (Sharpe Ratio) on a typical stock/bond portfolio is producing similarly spectacular results. But while the magnitude of year-to-date returns is clearly abnormal, in another sense 2019 resembles the post-crisis norm: U.S. equities are outperforming the rest-of-the-world (ROW).

As has been the case in previous years, the out-performance of U.S. stocks over most other markets is being driven by a mix of better earnings growth and relentless multiple expansion (see Chart 1). Since 2010, the S&P 500 Index has outperformed (on a price basis) the MSCI ACWI ex-U.S. Index by an average of 70 basis points (bps) a month, a statistically significant difference.

Door mei 10, 2019 15:21


Asset Allocation Consensus Juli


  1. IPFOS – Bestuurders Conferentie 2019

    september 5 @ 14:00 - 18:00
  2. Invesco & Schroders – Real Assets & Energy Transition

    september 10 @ 09:30 - 13:00
  3. Candriam – Sustainbale Investment Conference

    september 12 @ 13:30 - 20:30
  4. ACTIAM – ACTIAM Academy

    september 17 @ 09:30 - 13:00
  5. Markets Group – 3rd Benelux Institutional Forum

    september 26 @ 07:30 - 18:00


Ontvang ik een #research document van 17 pagina's over het feit dat #Venezuela uit de J.P. Morgan EMBI index gaat, zijn er 14 pagina's disclaimers. Dat leest lekker snel :)

#Invesco: "In 2019, we have nearly doubled the respondents
to the study, interviewing some 145 #fixedincome
specialists", all the more reason to read their report here:

#China loopt voorop als het gaat om internetverkopen. Inmiddels gaat bijna een kwart van alle aankopen van consumenten via het internet. Xiaolin Chen, Head of International Business @KraneShares, tijdens de Alpha Research kennislunch op 4 juli j.l.

Invesco Global Fixed Income Study 2019 | Page 36 : Changes to allocations to Chinese fixed income -> #FixedIncome #China

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