Schroders
June 03, 2024
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Schroders Equity Lens May 2024: your go-to guide to global equity markets

Positive developments outside the US, and everything else you need to know about global equity markets this month.

Summary :

  • Economic surprises are positive outside the US – the UK stands out – but have collapsed in the US (slide 5)

  • Whisper it, but might perennially cheap UK equities be having a moment? They’re ahead of the US in local currency terms this year (slide 6), and valuations are still cheap vs international peers (slides 21-22)

  • A stronger dollar has been drag on returns for all markets in USD terms, particular Japan (slide 14).

  • Analysts are bullish on emerging market earnings. Consensus expectations are for are 20% growth this year and 15% next, in USD terms (slide 18)

  • Share buyback activity continues to rise outside of the US, a potential tailwind for stocks (slide 7 and  read more )

  • The Magnificent-7 are up 104% since start of 2023, the rest of the world 23%. But performance divergence among them is growing (slides 8-10)

  • Deviating from the market has been a winning strategy when concentration has been high (slide 11 and  read more )

Click  here  to download your May copy.

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This site is for informational purposes and does not constitute an offer to sell or a solicitation of an offer to buy any security which may be referenced herein. This site is solely intended for use by institutional investors and institutional-investment industry consultants.

Schroder Investment Management North America Inc. (“SIMNA”) is an SEC registered investment adviser, CRD Number 105820, providing asset management products and services to clients in the US and registered as a Portfolio Manager with the securities regulatory authorities in Canada.  Schroder Fund Advisors LLC (“SFA”) is a wholly-owned subsidiary of SIMNA Inc. and is registered as a limited purpose broker-dealer with FINRA and as an Exempt Market Dealer with the securities regulatory authorities in Canada.  SFA markets certain investment vehicles for which other Schroders entities are investment advisers.

Schroders Capital is the private markets investment division of Schroders plc. Schroders Capital Management (US) Inc. (‘Schroders Capital US’) is registered as an investment adviser with the US Securities and Exchange Commission (SEC).It provides asset management products and services to clients in the United States and Canada.For more information, visit www.schroderscapital.com

SIMNA, SFA and Schroders Capital are wholly owned subsidiaries of Schroders plc.



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