Research and Commentary
FIS Group Archive | A Clear PerspectiveAbout Global Market Outlook Reports
About Global Market Outlook Reports
Our CIO, Tina Byles Williams, publishes our market outlook on a quarterly basis, based on research that examines market conditions over a three- to six-month period. These quarterly analyses serve as key inputs to our fund construction process, which incorporates strategic tilts to the market segments we believe will outperform over a six- to 12-month time frame. For global equity portfolios, these tilts incorporate regional, sector, and capitalization strata as well as investment process and style factors. For U.S. equity portfolios, tilts include sector, capitalization strata, investment process, and/or style factors.
Our objective is to construct a portfolio of “best in class” investments with weightings consistent with our overall investment strategy.
FIS Group Global Market Outlook Reports
Systematic Global Equities: Q4 2023 Update
As 2023 drew to a close, the financial markets began to manifest the early signs of a soft-landing scenario, marked by a robust rally in equity markets in the fourth quarter, showcasing double-digit gains. This period was characterized by broadening of market strength, with notable outperformance by small-cap stocks, heavily shorted names, lower-quality companies, unprofitable tech, and a mix of long-duration, meme, cyclical, and value stocks.
Time for a New China Strategy? The Case for Decoupling Asset Allocation in Chinese Risk Assets: Q3 2023 Market Outlook
Already responsible for an estimated $5 billion in stimulative consumer spending – the equivalent of the entire annual earnings of Starbucks, American Airlines, or FedEx – the Taylor Swift ‘Eras’ Tour is doing more than its part to save the global economy. However, the economic phenomenon being dubbed ‘Swiftonomics’ will forsake China, as the pop legend’s tour plays four dates in Japan and a record six dates in Singapore, but not in the world’s second largest economy.
Shades of Value: Navigating the Nuances of Value Index Differences
In this update we review the results of the most recent Russell 1000 Large Cap Value annual Style Index rebalance that occurred on June 23rd. We also compare the exposures of the Russell 1000 Value index versus the S&P 500 Value index at 06/30/23 and consider the potential impact of factor and sector differences between the indexes on investors targeting large cap value exposure.
Multi-Manager Platform: Q2 2023 Update: Navigating the Lopsided Impact of Generative A.I. in Global Markets
In a paper entitled Generative AI – Hope, Hubris, or Harrowing, our CIO, Tina Byles Williams, explored the medium to long-term effects of Generative AI on the economy, financial markets, and broader society. The task for investment managers now lies in navigating this promising yet unpredictable future, particularly as the market has priced in substantial premiums for those perceived to be the primary beneficiaries of this emerging technology.
Alpine Snowball: Q2 2023 Market Outlook
The graveyard of once legendary business franchises has just added one more new member to its ignominious fraternity. The hastily arranged acquisition of Credit Suisse by its chief Swiss rival UBS in March 2023, ended the 166-year run of the global symbol of Swiss banking largesse. Credit Suisse was once the 15th largest bank in the world with offices in 50 countries and assets of over $1 trillion USD.
S&P 500 Catholic Values Strategy
S&P 500 Catholic Values Strategy Q1 2022 | March 31, 2022Annualized Returns (%) QTDYTD1 Year3 Years5 Years 7 Years10 YearsSince Inception1 Gross of fees-------3.28 Net of fees-------3.27 Benchmark2-------3.71 1 Inception Date: February 28, 2022 2 Benchmark: S&P 500...
Market Insights Alert
Papers: FIS Group Proprietary Research
Allocators Are Derisking
Global institutional investors are selling public equities in favor of so-called safety assets, such as bonds and real assets. This rebalancing activity is driven by signs of an aging economic cycle and bull market (U.S. and Canadian investors) as well as elevating...
MiFID II: Another Well Intentioned Regulation that Could Undermine Investment Boutiques
FIS Group has focused on sourcing and evaluating small boutique managers, including minority and women-owned firms, for over 21 years. Our research product includes monitoring the industry environment, and how it impacts these firms. The Markets in Financial...
Whither the GEM manager?
The global integration of Chinese equity markets portend a significant structural transformation in the way allocators and managers approach global emerging markets investing over the next five years. In this next Market Insight Alert, we look at: The future...
I’m Mad as Hell and I’m Not Going to Take This Anymore – The Revenge of the Precariat Part Two
Donald Trump’s unexpected victory in the U.S. presidential elections was another resounding expression of the phenomenon which we described as The Revenge of the Precariat over Davos Man in our July post Brexit commentary.
Momentum: Beware of the Double-Edged Sword
This paper analyzes situations where momentum can be either a significant tailwind or exacerbate risks and undermine portfolio diversification. The Special Report looks at historical data and focuses on four key points.
If You Believe In Falling Basic Health Care Costs Go Long…Yemen?!?
At our just concluded 20th anniversary FIS investment conference in Philadelphia, we were privileged to have a guest speaker Professor Vivek Wadhwa. Prof. Wadhwa is an entrepreneur, author, and researcher at Carnegie Mellon University focused on the implications of...
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