Investor Account Access
Investor access to Shareowner accounts and Closed End Funds accounts.
We believe valuations are excessive in some segments, such as mega-caps, where profit margins are also high. But the key question is whether these high margins justify current valuations? And will these companies be able to grow their top line quickly, while maintaining margins in a context of increased global competition and exhausted consumers? On the other hand, judging the direction of the economy is becoming increasingly difficult.
Passive strategies have generally have fared well over the past decade, which has made it easy to forget the long periods during which active managers outpaced passive approaches. The reasons we believe market concentration will decline include (1) a shrinking earnings advantage for the top ten companies, and (2) seemingly unsustainably high valuations. We believe investors may benefit from investing with active managers that thoughtfully select their exposure based on the earnings and valuation profile of each stock.
Three key arguments support the Japanese market: (1) A recovery in profits (2) A strong incentive from the Tokyo Stock Exchange for companies to improve their capital efficiency and (3) The shift out of deflation is boosting a market rerating. The risks to these positive arguments are mostly linked to the yen. A strong comeback by the yen, should global equity volatility increase sufficiently in 2024 to encourage the unwinding of carry trades, would weigh on the performance of Japan's equities in local currency It would penalize profits and, everything else being equal, slow the process of increasing inflation, weighing on valuations at the same time.
We believe the effects of economic tightening may lead to a deceleration in growth. With an uncertain economic path ahead, investors can potentially strengthen their portfolios with a series of opportunities.
With bond yields back to historical levels, fixed income investments may return to their traditional role as sources of potential income and risk management.
In this environment of high levels of inflation and rising interest rates, we believe investors can seek to select equities that provide a combination of structural growth potential, quality, stability and valuation support.
To seek reduced portfolio risk and increased return potential, investors can extend the geography of their portfolios into both developed and emerging economies.
Investors seeking to strengthen alpha and potentially reduce risk may incorporate investments with low correlation to traditional investments, such as catastrophe bonds, which are dependent on extreme weather events.
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