MONTHLY REPORTS - SEPTEMBER 2023
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Stock and credit rallies fade in August as ‘higher-for-longer’ rate worries return
Good economic news (especially in the US) became bad news for global stocks and bonds, as investors recalibrated expectations for ‘higher-for-longer’ interest rates. Last month’s rally winners, notably small-cap and emerging-market stocks, were the biggest laggards. Energy, health care and telecoms held up best in most markets, while real estate and other defensives suffered most.
Key highlights:
- Global Asset Classes – Sentiment sours in August
- Global Equities – US and Japan fare best; US small caps and EM rallies falter
- Industry returns – Energy stocks buck the trend
- Alternative Indices – Broad underperformance
- Factor performance – Low Volatility protects
- Foreign Exchange – US dollar regains footing
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