Here's a brief overview of the topics and charts covered in the latest edition of the Weekly Macro Themes report (the flagship report of our institutional research service). I put this report out weekly late Friday NZ time and aim to cover a good mix of macro/ideas/risk management topics, across a global macro/multi-asset universe.
This week I covered the following topics/ideas:
1. Global Bank Lending Standards: Although interest rates remain near record lows, and credit spreads are back towards pre-crisis levels, banks remain cautious on lending. 2. Value vs Growth: On the heels of its best 1-day performance on record, value vs growth looks to be either at or close to a major turning point [the next 2 topics address the key sectors within value].
3. Energy & Financials: These two key long-suffering sectors within Value boast compelling valuations, tentative macro/tactical support, and will be key beneficiaries of post-pandemic normalization.
4. “Defensive Value”: It’s worth emphasizing the difference between “Defensive Value” and “Cyclical Value” - given valuations and relative performance, the latter likely provides more upside potential.
5. Small Caps: Remain bullish small caps relative to large caps, but note while there are similarities in small caps vs large caps to value vs growth, the value vs growth setup looks more compelling.
>> Zoom Calls are scheduled to go through this report on Monday 3pm New York time and Tuesday 8am London time - get in touch for details to register.
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About the Weekly Macro Themes report
The "Weekly Macro Themes" is part of our institutional offering aimed at multi-asset and macro-driven portfolio managers and strategists. The report takes a chart-driven macro, fundamental and multi-factor approach; a powerful combination of cross-asset idea generation for portfolio managers, charts on key global macro trends, analysis on portfolio risks, asset allocation research, and innovative indicators, in a format that delivers a balance of brevity and depth so that you can efficiently assimilate the insights.
Also part of the service is the monthly market cycle guidebook, global cross asset market monitor, and quarterly strategy pack.
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