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After rising steadily for most of the year while Asia Pacific
markets remained unsettled, US and developed Europe equity markets
finally succumbed to concerns over economic growth from factors
such as the spread of the delta variant and rising inflation.
Moreover, the global manufacturing upturn has remained constrained
by supply chain disruptions and input shortages, according to the
J.P.Morgan Global Manufacturing PMI. Yet, high risk shares
outperformed in many developed markets, alongside undervalued
stocks (Table 1).
US: Valuation measures continued to be favored, as captured by
Forward 12-M EPS-to-Enterprise Value, while Price Momentum metrics
such as Industry-adjusted 12-month Relative Price Strength, moved
out of favor
Developed Europe: Undervalued, high risk shares outperformed as
gauged respectively by Book-to-Market and 60-Month Beta
Developed Pacific: Fixed Assets Turnover Ratio was a highly
rewarded factor in Japan, while Rational Decay Alpha outperformed
in markets outside Japan
Emerging markets: Investors continue to prefer large cap names,
weighing down performance of Natural Logarithm of Market
Capitalization
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