Small Caps

Sea change

While global giants like Amazon still hold the weather gauge, we examine the long term prospects for a shift in the prevailing wind...
Callum Stokeld
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Updated 14 May 2020
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This is not substantive investment research or a research recommendation, as it does not constitute substantive research or analysis. This material should be considered as general market commentary.

The COVID-19 related shutdown has seen the largest US companies extend their share price performance leadership even further, and they are generally assumed to be the winners from any changes to the economy. In part, this outperformance reflects increased certainty that these companies are the beneficiaries from a change in working practices and structural shifts in the economy, but this outperformance has been a longer-running trend. Investors with US equity exposure might be tempted to tilt in favour of strategies exposed to this trend, but tactical and strategic investment considerations are not necessarily always aligned.

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About the Author

Callum Stokeld
[email protected]
Callum joined Kepler as an investment trust analyst in July 2019. Prior to this he worked as a senior investment analyst on a range of multi-manager, multi-asset portfolios, having previously worked at IFA firms in roles focused on oversight of fund selection and asset allocation. He graduated from the University of Glasgow with an honours degree in Law.

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