A Bullish Case for US Equities


Widely discussed fears such as a US recession, regional banking fears or high valuations likely impacts equities far less than feared, and we remain bullish on the US heading into the second half of 2023.

Growth & Value Equity Style Outlook


We believe we are in a late cycle environment and are thus overweight larger capitalisation, Growth, high-quality equities as these style factors typically outperform towards the end of a bull market.

Semiconductor Industry Outlook


Amid the pessimism surrounding chip shortages and supply constraints, we highlight why we remain optimistic on the semiconductor industry and why having an understanding of how the industry has evolved over time is key in finding the best investment opportunities.

Commentary on January Market Volatility


Equity market volatility re-emerged over the last few weeks, but in our view, today’s issues are well-known, pre-priced concerns typically characteristic of short-term sentiment-driven volatility.

Equity Outlook


Included in our Equity Outlook, you will find our current economic, political and sentiment market drivers for selected regions in global developed and emerging markets.

Equity Outlook


Included in our Equity Outlook, you will find our current economic, political and sentiment market drivers for selected regions in global developed and emerging markets.

Chinese Regulations Mirror Developed Markets Regulations


As investor concerns surrounding regulatory developments coming from US, EU and China intensifies, we highlight our views as to why we think it is unlikely that their worst fears are realised.

Automobile Industry and Electric Vehicle Trends


The rise of the Electric Vehicle (EV) has been a hot topic recently with media highlighting how new entrants to the automobile industry can change the future. This content piece seeks to discuss the automobile industry and EV trends at large.

China: Recent Market Volatility, Outlook and Investment Opportunities


This paper discusses the reasons for recent volatility within the Chinese equity market as well as short-term and long-term investment opportunities within the space.

A Top-Down Perspective on Emerging and Developed Market Drivers


This paper seeks to explore what factors could influence a transition in leadership from developed markets to emerging markets. Through a top-down lens, we look at economic, political and sentiment drivers that influence investment returns in each category.

Index Concentration From a Macro Perspective


In this paper, we will explore why investors are worried about index concentration risk as well as demonstrate why focusing on cyclicality of market is critical.

Top-Down ESG Considerations in South Africa


This paper highlights our current views on South Africa and explains how ESG issues, viewed from a top-down perspective, can influence our investment decisions.

Primary Drivers to Brazil Overweight


For applicable strategies, positioning within Brazil is based on both country fundamental convictions, as well as broader sector preferences. The overweight is based on three main convictions, deployed across Resources and Commodities, Financials and Consumer Discretionary.

Equity Outlook


Included in our Equity Outlook, you will find our current economic, political and sentiment market drivers for selected regions in global developed and emerging markets.

Future Headwinds for Financials


When value equities led briefly in Q4 2020 driven by positive COVID-19 vaccine news, some investors presumed it was the start of a longer-lasting leadership rotation that would benefit banks, one of the largest value industries. While that rally has since faded, some suspect it previews what is to come once economies begin to reopen.

Fisher Investments UK - Future of US Oil & Rise of Electric Vehicles


This paper seeks to explore a key ESG related theme, the future of US Oil Demand and Rise of Electric Vehicles, for potential opportunities & associated risks.

Equity Outlook


Included in our Equity Outlook, you will find our current economic, political and sentiment market drivers for selected regions in global developed and emerging markets.

Growth vs Value Market Cycle Analysis


As the current market environment continues to support portfolio positioning towards Large Cap, Growth-oriented equities, elevated valuations have suggested a possible role reversal. We explore how this current market environment is connected to the tech bubble, and why we are not concerned about any short-term reversals.

The Case for Emerging Markets Small Cap Equity


Emerging Markets (EM) Small Cap is a unique category within the EM space, offering additional diversification and direct exposure to EM consumers, and it is often overlooked by institutional investors.

How We Analyse the US 2020 Election


As we get closer to the 2020 US Presidential Election, this paper provides a primer on how equity markets and politics interact.

ESG Analysis: How Alternative Meat Is Changing the Food Products Industry


Consumer preferences are constantly evolving and industries have to work to stay relevant and adapt to such changes. The rise of alternative, primarily plant-based, meat poses unique opportunities as well as challenges for new and old players in the Food Products industry. Many of these opportunities and challenges can be tied back to larger ESG trends and issues facing society.

Evaluating the Market Implications of the US Presidential Election


This paper highlights Fisher Investments’ political analysis of the upcoming US presidential election and the potential impact the election may have on equity markets.

How Cloud Computing Supports ESG Investors’ Global Climate Goals


Energy efficiency and renewable use may not be the largest performance drivers, but for ESG investors, cloud service providers serve a clear function in addressing long term climate goals. Fisher Investments’ proprietary top-down materiality system helps make these insights visible. We can then use this to craft responsible investment themes with clarity on how trends impact a given market segment.

Why US Small Cap?


US small cap has a large investable universe with domestically sourced revenue and a performance history of strong, consistent returns. A mandate devoted to US small cap equities can improve diversification, increase direct exposure to the US market and provide a potential for increased returns.

Explaining Recent Biotechnology Performance


As the global search for COVID-19 therapeutics and an eventual vaccine intensifies, we highlight our views as to why the biotechnology industry has significantly outperformed the broader Health Care Sector.

Is a Value Reversal Due?


The claim of Tech valuations nearing the late 1990’s Tech bubble levels appears flawed. Growth has led Value for years, and the economic impact of COVID-19 have increased the spread between Growth and Value, leading some analysts to speculate whether a reversal is “due”.

COVID-19 Research Categories


The environment resulting from COVID-19 is unprecedented in many ways. While historical analysis remains useful in this period, we have reorganised some of our research efforts into six different categories to assess development in this unique period.

COVID-19 Research Categories: Equity Market Internals


The relative performance of different types of equities, such as those most impacted by the effects of COVID-19, may provide signals about shifting investor sentiment.

An Update on Global Markets for Q1


In our view, category leadership throughout the downturn, and investment opportunities within the ensuing recovery will be predicated on how long the widespread shutdowns remain in place.

Scaling Impact of Oil Price Fall


Impacts to the real economy from reductions in capex and employment were manageable from 2014-2016 and likely remain so. Additionally, banks remain modestly exposed to Energy loans, and most lending to the sector remains in the form of corporate debt.

Earnings Growth Commentary


While we do not make formal earnings growth forecasts, we believe the current impact on earnings growth due to the coronavirus outbreak will likely be relatively short-lived.

Global Equity Sector Views


As of 25 March 2020, our global equity sector views have remained largely unchanged. However, we are assessing various possibilities in analyzing how this recent downturn might take its course and have narrowed it to three likely future scenarios.

Opportunities in Low-Carbon Investments


Low carbon strategies are growing in demand, demonstrating the growing opportunities that exist. For investors that are facing the possibility to divest from carbon, we highlight how to construct a carbon divestment strategy and the ways we integrate low-carbon themes into our process.

Market Cycle Analysis


As the market cycle continues to mature, we expect the yield curve to remain relatively flat and the economy to shift from investment-driven growth to consumption driven growth. As such, capital intensive sectors will likely lag while service-oriented, consumption-driven sectors will likely lead, driving outperformance for Big Growth equities.

Don't Fear High Information Technology Valuations


Following a multi-year stretch of almost uninterrupted outperformance, some investors question whether the Information Technology sector is in a position similar to the late 1990s Tech Bubble, pointing to lofty valuations as evidence. However, in our view, not only are valuations an invalid indicator of a second Tech bubble, but they also ignore essential context.

Positive Trends in Brazil


A number of business-friendly reforms against an improving economic backdrop have likely contributed to Brazilian equities surpassing their Emerging Markets (EM) peers this year. With additional beneficial measures planned and pervasive skepticism about their chances of passage, we think more positive surprise may await and remain optimistic of Brazil’s prospects. In our view, Brazil’s experience underscores how economic reforms can lift equities, particularly in the many EM countries where positive reform is badly needed.

Market Cycle Analysis


In our view, the Big Growth and Small Value performance cycle is linked to the business cycle and yield curve. We also believe the flattening yield curve and cyclical shift from investment–driven growth to consumption-driven growth points to Big Growth outperformance moving forward.

ESG Trends


Highlights macro trends and the popularity of various ESG investing approach.

China's Long March Toward Freer Markets


China’s economic miracle—its 30-plus year path of rapid advance and development to become the world’s second-largest economy—is often seen as uniquely Chinese, an isolated case of policymakers luckily pulling all the right levers to conjure growth. To us, though, a longer perspective shows China’s miracle bears broad similarities to Taiwan’s, Korea’s and Japan’s (with some admittedly Chinese characteristics). We believe a look at how China’s “miracle” resembles those before it—and at some key differences—can add valuable perspective on its present situation and the likely path forward.

Investing in stock markets involves the risk of loss and there is no guarantee that all or any capital invested will be repaid. Past performance neither guarantees nor reliably indicates future performance.

About Fisher Investments Europe

Fisher Investments Europe was established in London, England in 2000. Fisher Investments Europe offers the portfolio management services of its parent company, Fisher Investments, an independent money management firm in the US founded in 1979 by investment guru Ken Fisher. Today, Fisher Investments and its affiliates oversee more than £166 billion* in assets for over 135,000 clients globally.* Founder Ken Fisher’s “Portfolio Strategy” column for Forbes ran from 1984 through 2016, making him the longest continually running columnist in the magazine’s 90+ year history. He has also authored several New York Times bestsellers on finance and investing. (*As of 30/06/2023)

Fisher Investments Europe Limited (FIE), authorised and regulated by the Financial Conduct Authority (FCA), is wholly owned by Fisher Asset Management, LLC, trading as Fisher Investments (FI). FIE delegates portfolio management to its parent company, FI. Unless otherwise specified, references to investment professionals, operations personnel, and middle and back office personnel are references to FI employees.