North America

Which asset classes will benefit?

Which product is worthy of the yellow jersey?

We are seeing a new bout of deterioration in fundamentals, with earnings revisions worsening and PMIs back on a declining path across emerging markets (EM).

Part of the June equity market rally was driven by growing investor expectation of a July rate cut in the US, which we believe is overdone.

A bull market in US equities that has run for more than a decade, and generally low volatility over the years, may give investors the impression the ride will never end.

Market-neutral product to launch soon

Build on US experience on investing, manager argues

There are several signs the US equity market is bifurcating, with pockets of overvaluation and undervaluation becoming extreme.

In the first half of 2019, the uncertainty surrounding Federal Reserve policy and US-China trade negotiations affected the outlook for all asset classes including global small-cap stocks.

Red flags