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Chinese growth worries look overdone

Chinese growth worries look overdone

🕔11:14, 23.Aug 2021

Emerging market assets continued to underperform in a week filled with geopolitical upheaval. Low vaccination rates and increasing policy tightening in the emerging world are a source of concern. The market is also worried about Chinese growth prospects, although we

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Balancing Risk in a Sustaining Recovery Q3 2021

Balancing Risk in a Sustaining Recovery Q3 2021

🕔10:30, 10.Aug 2021

Smart Beta Compass  The recovery trade turns to Quality, creating opportunity in Value and Dividends. Following a strong start to 2021, equity markets continued to move higher in Q2, as the further deployment of vaccines globally is helping critical markets

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The Value vs. Growth Reversal Is Delivering Returns, with a Long Runway Left

The Value vs. Growth Reversal Is Delivering Returns, with a Long Runway Left

🕔08:00, 5.Aug 2021

MID-YEAR LETTER FOR 2021 Asset Allocation Team: Equity Allocation Strategies  Key Points The Value vs. Growth reversal is delivering returns, with a long runway left. The historic valuation gap between global Value and Growth stocks finally began its reversal. Our

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Inclusive Growth – Paving the Way Ahead

Inclusive Growth – Paving the Way Ahead

🕔11:35, 4.Aug 2021

In the past, the ‘S’ in Enviromental, Social and Governance – the societal side of ESG – tended to get less coverage than the environmental and governance components. Today that makes little sense – we face three, interconnected crises –

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UK growth prospects rely on the bounce and the silver lining

UK growth prospects rely on the bounce and the silver lining

🕔09:02, 30.Jul 2021

As recovery from the Covid-19 recession appears to be gaining traction, prospects for rebounding economic growth and employment across UK regions and cities is now worth contemplating. Initially, the recovery should revive activity and jobs in the sectors that were

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The Next Phase

The Next Phase

🕔12:30, 28.Jul 2021

Mid-Year Outlook 2021 The view of investors on the outlook for US growth and inflation has varied significantly over the course of the year. Following the positive vaccine trial results last November, and particularly with the Democratic Senate victories in

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The Imminent Peak in Growth Does Not Spell Doom and Gloom

The Imminent Peak in Growth Does Not Spell Doom and Gloom

🕔08:38, 24.Jun 2021

It is likely to remain above the potential rate for a while.  After some wobbles on the back of the bond market sell-off, risk assets have performed strongly over the past month or so. Equity and corporate bond indices are

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From Crisis to Opportunity

From Crisis to Opportunity

🕔08:43, 3.Jun 2021

The growth approach to income asks investors to look forwards, not backwards. It advocates embracing companies with bright futures – companies that are reinvesting appropriately in their business and paying lower but sustainable dividends. Our belief is that this approach

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Emerging Markets Should Largely Keep Pace With U.S. Rebound

Emerging Markets Should Largely Keep Pace With U.S. Rebound

🕔10:05, 21.May 2021

Yield curves may steepen as growth recovers.  EM growth recovered during the second half of last year, but most countries’ gross domestic product (GDP) remains below 2019 levels. The recovery has been led by exports and industrial production, which were

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What’s Next for Value Stocks

What’s Next for Value Stocks

🕔10:27, 14.May 2021

Value stocks have rallied, but we see the potential for more upside. The rotation from growth to value stocks accelerated in the first quarter of 2021. However, with valuations arguably reaching elevated levels in some areas, questions have emerged about

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A Temporary Reversal

A Temporary Reversal

🕔10:45, 7.May 2021

Equity Outlook: The simple reflation trades – value versus growth, cyclicals versus defensives, small caps versus large caps – that had performed well following the news of positive vaccine trial results last November reversed in April (see Exhibit 1). The

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Podcast: Why invest in inclusive growth?

Podcast: Why invest in inclusive growth?

🕔10:31, 4.May 2021

Market weekly: Being open to an inclusive growth approach goes hand in hand with a focus on long-term performance and contributes to a better climate for doing business and investment. As investment specialist Ramon Esteruelas and ESG research analyst Delphine

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For long-term profitability, inclusive growth matters

For long-term profitability, inclusive growth matters

🕔17:31, 3.May 2021

Companies focused on inclusive growth could stand to benefit in the long run. Investment specialist Ramon Esteruelas and environmental, social and governance (ESG) research analyst Delphine Riou explain why and how investors can target this theme. This theme fits in

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How to look at #Value and #Growth? – Research Highlights

How to look at #Value and #Growth? – Research Highlights

🕔11:25, 16.Apr 2021

First, we look at a recent publication from GMO named “The duration of value and growth”. Here they look at the comparison between bond duration and value and growth. The advancement of the coronavirus in the market has reinforced the idea that value stocks are ‘short duration’. This means that whenever bond yields rise …

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The Long‑Term Appeal of Durable Growers Remains Intact

The Long‑Term Appeal of Durable Growers Remains Intact

🕔15:19, 13.Apr 2021

The value stocks in the large‑cap Russell 1000 Index have outperformed their growth counterparts in recent months, but this near‑term regime shift does not dim our conviction in high‑quality companies that we believe can compound in value over the …

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The Duration of Value and Growth

The Duration of Value and Growth

🕔16:13, 6.Apr 2021

Over the last few weeks, we have seen a rise in bond yields alongside an outperformance in global value stocks relative to growth stocks. While we at GMO have certainly been happy to see some recovery in value stocks (and we are confident that this recovery has much further to run), the moves have only reinforced a narrative that has been gaining ground in …

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BNP Paribas AM – Webinar – Inclusive Growth – paving the way forward

🕔15:00, 25.Mar 2021

Webinar – Inclusive Growth – paving the way forward BNP Paribas Asset Management is delighted to invite you to join us for the next session in our virtual event series. On 25 March, our experts will be focusing on the

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Some like it hot?

Some like it hot?

🕔12:16, 15.Mar 2021

We have seen an exceptionally sharp pickup in growth expectations, centered on the United States. Economists have adopted a narrative of a rapid fiscally fueled expansion, which supports a strong rebound in corporate earnings. Some of the drivers are global in nature, such as the continued rollout of vaccines that appear to be having the desired effect …

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The unique time for US value: rotation from growth plus innovation, quality and ESG improvement

The unique time for US value: rotation from growth plus innovation, quality and ESG improvement

🕔16:04, 11.Mar 2021

The rotation towards value is a key theme of our 2021 investment outlook. As the US economy moves towards reopening and a return to normalcy, we expect an overly accommodative Federal Reserve (Fed) to let the economy ‘run hot’ in

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Style rotation towards value is a temporary phenomenon

Style rotation towards value is a temporary phenomenon

🕔11:29, 21.Dec 2020

At the end of the global financial crisis in 2009 we saw a sugar rush within markets, specifically for a couple of quarters from March that year where economy-sensitive stocks performed very well. This is being mimicked somewhat today. When

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Who Could Win in the Value vs. Growth Debate?

Who Could Win in the Value vs. Growth Debate?

🕔15:16, 11.Dec 2020

T. Rowe Price Insights on Global Equities Global equities have advanced as investors have weighed the worsening coronavirus pandemic against hopes of a potential coronavirus vaccine. As sentiment rises, however, we believe it makes sense to be prudent in terms

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Verder kijken dan de verkiezingsvolatiliteit

Verder kijken dan de verkiezingsvolatiliteit

🕔13:24, 30.Oct 2020

Nu de presidentsverkiezingen in de VS naderen, wegen de markten de kansen af van een Democratische dan wel Republikeinse overwinning en wat de impact hiervan zal zijn op de aandelenmarkt. Sinds 1960 kent de S&P 500® Index in 80% van

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Redefining “value” for a modern economy

Redefining “value” for a modern economy

🕔15:06, 9.Oct 2020

Our key conclusions include the following: We believe there is a value premium driven by market participant behavior and that, despite all the headlines, value investing is not dead. But not all value is “cheap” (and not all growth is

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Quality Growth: Resilient businesses in a low-rate world

Quality Growth: Resilient businesses in a low-rate world

🕔09:46, 28.Aug 2020

Growth stocks have continued to outpace value stocks in the recent market volatility Quality Growth, a subset of the growth universe, has shown relative resilience in this selloff Experienced management teams, robust balance sheets, high return on capital and strong

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Investment style rotations: growth versus value

Investment style rotations: growth versus value

🕔15:10, 24.Jul 2020

Style rotations, where investors switch one type of investment style for another, are nothing new. At some point during most investment cycles different styles – such as growth, quality and value – will outperform at different points as investors rotate

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Capital Group – Webinar – New Economy

🕔09:30, 15.Jul 2020

Webinar – New Economy Capital Group New Economy – designed to capture growth and innovation Capital Group’s New Economy strategy, launched in 1983, was designed to capture growth by investing in companies that can benefit from innovation, exploit new technologies

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Quarterly macro and market insights

Quarterly macro and market insights

🕔12:55, 22.May 2020

Fixed Income Perspectives The trajectory of global growth turned downward as governments scrambled to deal with the social and economic impacts of the COVID-19 pandemic. The …

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Fixed Income Monthly

Fixed Income Monthly

🕔15:09, 20.May 2020

The Covid-19 pandemic remains the only real theme driving markets, as investors look for clues as to what the ultimate impact of the crisis will be on economic growth, industrial sectors and asset prices. The jury is still out, with

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Capital Group – Webinar – How will emerging market debt emerge from this crisis?

🕔09:30, 14.May 2020

Webinar – Emerging market debt: How will emerging market debt emerge from this crisis? With COVID-19 impacting markets and economies globally, EM debt is set to be impacted from the increased volatility. Join us to hear from Kirstie Spence, fixed

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Why growth will trump value in the long grind of recovery

Why growth will trump value in the long grind of recovery

🕔15:01, 17.Apr 2020

The swift and intense economic volatility caused by the Covid-19 crisis has left investors with something of a blind spot. Traditional business cycle analyses have no inputs for a global pandemic, making it hard to judge how to position portfolios

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CFA – Webinar – Value’s Death may be Greatly Exaggerated

🕔11:00, 16.Apr 2020

Webinar – Value’s Death may be Greatly Exaggerated ​Live Webinar – Value investing has been a painful experience for investors over the last decade. Today, the spread between growth and value is at historical highs. Is this time different? Is value

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Navigating a Sentiment Crash

Navigating a Sentiment Crash

🕔08:31, 19.Feb 2020

What is a sentiment crash? should i be concerned?  Changes in stock prices are driven by new information, primarily through changes in fundamentals, and/or multiple expansion (e.g., changes in a firm’s the price-to-forward earnings ratio over a specified time period).

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Institutional Quarterly China Chartbook – 4Q19

Institutional Quarterly China Chartbook – 4Q19

🕔12:46, 6.Feb 2020

Key views   Growth: We revise up China real GDP growth forecast to 6.1% YoY in 2020 vs. 5.9% YoY previously considering potential de-escalation of China-US trade tensions and more decisive counter-cyclical efforts in China. Inflation: The potential “deal” between

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2020 OUTLOOK & REVIEW

2020 OUTLOOK & REVIEW

🕔07:58, 30.Jan 2020

QMA’s Global Multi-Asset Solutions Group Global growth in 2019 was the weakest in a decade, weighed down by an escalation of the US-China trade war, which hit manufacturing and export sectors hard. Consumer sectors, propped up by strong labor markets

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Making “Global ex-U.S.” Great Again?

Making “Global ex-U.S.” Great Again?

🕔12:59, 27.Jan 2020

Market Insights In 2019, the U.S. stock market continued its streak of outperforming, rising by more than 31% versus 21% for the rest of the world, as measured by the S&P 500 Index and the MSCI All Country World ex-US Index

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Time for a fl ight to cyclical value in European equity

Time for a fl ight to cyclical value in European equity

🕔17:42, 13.Jan 2020

Equity markets in 2020: Watch out for a value rotation Indicators derived from monthly surveys of senior executives at selected companies that help in identifying economic trends. Growth investment style – It aims at investing in the growth potential of a

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2020 appears tilted to the downside

2020 appears tilted to the downside

🕔07:00, 7.Jan 2020

Major themes driving our views Slower global growth remains a concern Growth momentum is negative, but the consumer remains resilient. Trade disputes are only a symptom of broader, potentially longer-term, tension between the United States and China. With profit margins

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Index Dashboard: S&P Europe 350 Factor Indices

Index Dashboard: S&P Europe 350 Factor Indices

🕔07:09, 6.Jan 2020

Commentary Despite slowing growth and Britain’s ongoing struggles to map an exit from the E.U., central bank stimulus and falling yields helped European equities to mark their best year since 2009. The benchmark S&P Europe 350 rose 6% in the

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Outlook Netherlands 2020

Outlook Netherlands 2020

🕔16:05, 12.Dec 2019

Economic growth set to slow further: from 1.7% in 2019 to just under 1% in 2020 The Dutch economy managed to continue growing at a stable pace in the first three quarters of 2019. Gross domestic product (GDP) achieved growth

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Finding opportunities in a world of slowing growth

Finding opportunities in a world of slowing growth

🕔10:53, 6.Dec 2019

Investors’ Outlook 2020 Dear readers, the year 2020 is presenting many challenges for inves- tors. On the macroeconomic front, global growth is likely to slow further as trade tensions and higher tariffs are increasingly weighing on the economy. On the

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Facing facts of a creeping contraction

Facing facts of a creeping contraction

🕔08:32, 8.Nov 2019

Putnam – Capital Markets Outlook As we enter the final quarter of the decade, the signals of late cycle behavior continue to grow louder. But, as the old trader adage says, “nobody rings a sell at the top.” We do not believe this

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Brexit coming to the crunch while global manufacturing remains weak

Brexit coming to the crunch while global manufacturing remains weak

🕔12:07, 25.Oct 2019

UK Prime Minister Boris Johnson reached a deal with the EU on Brexit. The deal takes the ‘backstop’ out of the equation, but puts an economic border in the Irish Sea. At the time of writing European leaders still have

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Mid-cycle slowdown…or something worse?

Mid-cycle slowdown…or something worse?

🕔09:48, 21.Oct 2019

Weak economic data releases last week, including a decade-low US ISM manufacturing index print of 47.8 and a surprisingly large fall in the nonmanufacturing index (from 56.4 to 52.6), drove a mid-week decline of 3% in the S&P 500 and

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Slowing Corporate Profit Growth And Equity Markets

Slowing Corporate Profit Growth And Equity Markets

🕔09:45, 17.Oct 2019

For some time now, our relatively downbeat outlook for corporate earnings has been a key driver of our cautious stance on risk assets and equities. Our outlook reflects our macroeconomic view, which sees a world where global growth is running

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September Eurozone Pmis Signal A Widening Contraction In Manufacturing And Services

September Eurozone Pmis Signal A Widening Contraction In Manufacturing And Services

🕔15:05, 10.Oct 2019

September Eurozone PMIs further challenged the optimism in hard data mounting the uncertainty underlying the economy. As a matter of fact, the newly released data confirmed the softening momentum of the Eurozone manufacturing and service sectors. Risks remain tilted to

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Gloomy week for US data puts spotlight on the Fed

Gloomy week for US data puts spotlight on the Fed

🕔14:46, 9.Oct 2019

US hiring and wage growth missed estimates in September. This puts more pressure on the Federal Reserve (Fed) to cut interest rates for the third time this year, especially as it comes after a slew of disappointing US data this

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Global economic slowdown underlined by weak sector data

Global economic slowdown underlined by weak sector data

🕔15:32, 8.Oct 2019

Last week saw important US economic data emerge. The continued weakening in the manufacturing ISM index reflected ongoing global softness, which was likely exacerbated by the General Motors strike that has entered its fourth week. However, the drop in the

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A growth recovery in waiting

A growth recovery in waiting

🕔15:57, 3.Oct 2019

We expect a pickup in global growth in the next six to 12 months, as policy stimulus gradually filters through to the real economy. The Fed has cut interest rates, but its noncommittal view on the rate outlook suggests expectations

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Value Vs. Growth: the New BuBBle

Value Vs. Growth: the New BuBBle

🕔12:02, 30.Sep 2019

We have been through an extraordinary period of value factor underperformance over the last 18 months. The only comparable periods over the last 30 years are the Tech Bubble and the GFC. Historically, we would expect a very sharp reversal

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Tailwind for Eurozone industry?

Tailwind for Eurozone industry?

🕔12:41, 24.Sep 2019

Next week (September 23), a first flash estimate of the manufacturing sentiment of the Eurozone, Germany and France for September will be released. In August, Eurozone manufacturing sentiment brightened slightly for the first time in a long while, but remained

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