Global equities continued to rally in May, and US stocks led the way. The scale and concentration of top-performing US sectors explain this outperformance.
The risk-on rally since late March gained traction in May, extending what has been a remarkably swift rebound from a historically sharp collapse in global equity markets this year.
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Of the many stories that emerged from this year’s Russell Reconstitution, perhaps the most noteworthy was Meta’s shift from an entirely growth to a partially value company. The story is reminiscent of Apple’s partial shift to value in 2016, and again has many wondering how a tech company widely known for innovation can be classified as anything but 100% growth.
In recent years we’ve lived in a world of rising temperatures and falling interest rates, but one side of this has abruptly changed this year. Interest rate risk has become one of the key worries of the global investors, as central banks struggle to keep inflation in check.
Following a decade of turbocharged outperformance in the early 2000s, emerging-market (EM) stocks have been mired in a protracted losing streak versus their developed-market peers.
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