Blog | Fading reflation trade calls time on US small-cap value leadership

US stocks have cruised to record highs this year, overcoming recent turbulence triggered by fears of runaway US inflation and a preemptive Fed policy pivot. Behind the scenes, however, these shifting macro conditions have fueled a dramatic reshuffling in market leadership.

The Russell 1000 and Russell 2000 are up 14.9% and 17.4%, respectively, this year. Both are well ahead of the 12.6% advance for the FTSE All-World ex USA index.

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