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Re-emerging political volatility

16 March 2017

Near term political and economic uncertainty has not spooked investors grappling with the impact of rising US interest rates on the global economy. Traders now bet that a mid-March Fed rate hike has become a near certainty while investors wait for the next catalyst for stock prices to continue breaking records or for political uncertainty to re-emerge. In the meantime, low volatility markets press on as value continues to trump momentum across most regional markets.

  • US: Demand Supply Ratio outperformed among large caps, while small caps bucked the global trend favouring undervalued stocks
  • Developed Europe: Value and growth factors rebounded last month, represented by Forward 12-M EPS-to-Enterprise Value and Reinvestment Rate, respectively
  • Developed Pacific: Value (e.g., Book-to-Market) was highly rewarded at the expense of price momentum (e.g., Rational Decay Alpha)
  • Emerging markets: High beta and value themes were well rewarded across emerging markets

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