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Whereas performance in July was positive across all themes, with 21 themes beating the MSCI ACWI, performance in August was negative across all themes, with only 6 themes beating the MSCI ACWI. What does this shift in flows and performance tell us about market expectations? What are the actual stock market concentration levels and what lessons might investors in today’s largest firms learn from history? All the answers in the following article.
Click here to read the full article. |
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Thematic annual returns are very volatile and dispersion of returns within the same thematic remains also very important and may sometimes exceed 100% (136% between the best and the worst performer for blockchain thematic) . Uncertainty regarding interest rate trajectory could lead to an even higher level of dispersion. This emphasises the need to have an adequate fund selection methodology specific to Thematic strategies such as BSD Investing and L’ALLOCATAIRE Thematic asset allocation methodology and Leaderboards: , “Thematic leaderboard offer”.
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The Nasdaq-100 has recorded its best H1 since the inception of the index in 1985. The AI-driven rally has pushed today’s market concentration to levels not seen since the 1970s, emphasizing the impact that a few large firms, riding the AI wave, have had in shaping recent market returns, and the need to diversify your AI exposure through allocation to the dedicated AI thematic strategies. How have the AI-focused thematic
strategies have fared in such a market and how they could perform going forward? The answer in this article by Elvira Kuramshina — Associate Director, Quantitative Research WisdomTree:
“Differentiating your AI exposure from the Nasdaq 100”.
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The performance of global equity markets in the first half of 2023 was highly concentrated, with the top 10 return contributors responsible for 53% of the MSCI ACWI Index’s return of 14.3% through June 30.
Index concentration was at its highest level since 1999, with the top 10 constituents by market capitalization reaching an aggregate maximum weight of 18% during the first six months of the year.
Given the similarity in concentration levels between today’s market and the tech bubble of 1999, is it déjà vu for equity markets? In this article, Dinank Chitkara Senior Associate, MSCI Research and Rohit Gupta Vice President, MSCI Research compare the outsized performance of big return contributors to similar periods in history through the lens of factor exposures. They also examined whether Megatrend themes impacted stocks more broadly than the mega caps composing the top 10 contributors:
Insights from Past Concentrated Rallies and Thematic Opportunities
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BSD Investing & L’Allocataire model portfolio update
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Combining active & passive funds to build optimal portfolios
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Click here to discover the performances of our dynamic portfolio allocation. Our mixed approach between active and passive management on this profile has generated an outperformance of 13% compared to the MSCI ACWI index (world equities) over 1 year (until 15/08/2023), and is up 14.5% year to date (against 10.6% for world equities). It is a factual proof that the combination of active and passive strategies is an under-exploited performance driver.
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LATEST NEWS
Which European equity income funds rank top in BSD Investing Best Fund Leaderboards ?
Convinced of the need for new comprehensive selection methodologies that do not segregate passive and active management, BSD Investing and L’ALLOCATAIRE have decided to publish their fund rankings on a quarterly basis, the fruit of several years’ research and interdisciplinary collaboration. It is with particular emotion that we share with you our Leaderboard of the best funds in European Equity Income universe. Discover BSD Investing Best active funds leaderboard on European equity income funds.
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LATEST NEWS
Podcast: Quality or Growth, which factor is the winner of interest rate hikes?
How Factors Performed in the 12 Months Following the End of the Last 7 Fed Rate Hike Cycles?
How did factor strategies perform in 2023?
To get the answers, listen to the podcast below (in French) or read our article: “How did factor strategies perform in 2023, and are their valuations still attractive?”.
Click here to read the full article.
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LATEST NEWS
Smart Beta Focus – H1 2023
Half-year update for institutional investors
How did factor strategies perform in 2023? Are the valuations of these factors still attractive? Are Smart Beta strategies still an important pillar of investors’ portfolios in 2023? Which strategies are experiencing the most significant inflows? What is the role of smart beta strategies in investors’ portfolios?
Click here to read the full article.
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Disclaimer
This website and all of its contents (analysis and research) is published by, and remains the copyright
of, BSD Finances or its licensors. The information contained within is for educational and informational
purposes ONLY. It is not intended nor should it be considered an invitation or inducement to buy or sell
funds nor should it be viewed as a communication intended to persuade or incite you to buy or sell
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recommendation. The information contained within should not be a person’s sole basis for making an
investment decision. Please contact your financial professional before making an investment decision.
Should you undertake any such activity based on information contained on this website, you do so
entirely at your own risk and BSD Finances shall have no liability whatsoever for any loss, damage,
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Care is taken to ensure that the information provided by BSD Finances is correct but it neither
warrants, represents nor guarantees the contents of the information, nor does it accept any
responsibility for errors, inaccuracies, omissions or any inconsistencies herein.
BSD Finances is a limited liability company registered in France with registered number 852 716 547
00017. Our registered office is at 8 rue de Moscou 75008 Paris. BSD Investing is part of BSD Finances.
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