PIRONDINI Marco

2021.10 - US value - Slider-1390x467
Investment Talks 12.10.2021 Higher rates provide a second chance to play US value opportunities

Nowadays, US value trades at its steepest discount to growth since 1999. However, declining Covid-19 cases, a broad-based economic recovery, prospects of higher interest rates as we progress out of the pandemic, and the return of persistent inflation pressures should help close the valuation gap between growth and value stocks.

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Insights Paper 27.04.2021 Why now is the time for active management in US equities

We believe now may be the best time in recent history to invest with an active approach in US equities. Passive indices outperformed active managers in recent years as US equity markets became more concentrated and dispersion declined: concentration in the five largest stocks in the S&P 500 had been increasing since 2013 and it peaked at 24% in 2020, when Alphabet, Amazon, Apple, Facebook and Microsoft benefited from a stay-athome environment in which people increasingly used technology to communicate, shop and work.

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US Value
Insights Paper 9.03.2021 The unique time for US value: rotation from growth plus innovation, quality and ESG improvement
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The rotation towards value is a key theme of our 2021 investment outlook.

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Investment Talks 21.10.2020 Time to reconsider US growth and value ?
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The outperformance of growth stocks over value stocks has reached record levels, as has the valuation gap.

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Investment Talks 25.09.2020 US presidential election: how it will impact US economy and financial markets
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US presidential election outcome: Joe Biden has enjoyed a remarkably stable lead in the national polls this year.

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Insights Paper 27.07.2020 The Case for US Equities in Global Portfolios
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The post-pandemic market reality accentuates the attractiveness of the US stock market.

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Investment Talks 8.04.2020 A lot of bad news already priced in US assets: a gradual approach to exploit market dislocations
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The US economy has entered a recession, induced by the social distancing and quarantining measures introduced to tackle the pandemic crisis.

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Investment Talks 16.03.2020 US: Covid-19 & Oil Wars Warrant Decisive Action. Fed moves to ease financial stress
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Uncertainty surrounding the magnitude and duration of the global health crisis is driving volatility and testing liquidity across the world’s financial markets.

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Insights Paper 17.01.2020 Economic resilience, Fed and elections to drive US markets in 2020
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2019 proved a strong year for US assets, with US equity markets recording the strongest annual total return since 2013 and the US aggregate bond index up almost 9.0%. In addition, the past decade proved the best ever for the S&P 500 index, which returned 256% overall, well above its historical average.

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