[Sector Edition] What’s Hot? Japan Hot, Property Not

Fri 26 May 2023

By Tara Dennehy

Access Level | public

What's Hot What's Not


What’s Hot

  • Technology and Japan have had strong months.
  • Japan is notable as it found itself fighting in the bottom spots in April…
  • …the Japanese market seemed to catch the imagination, and much positive comment, as the G7 met in Tokyo.
  • The technology sector, where funds are driven by the small number of giant tech stocks, had a good month driven by the enthusiasm around AI, even if the long-term AI winners will likely be found in specialist AI funds, which tend not to be invested into the tech giants, but for Nvidia.
  • The North America and Global sectors have also been driven by a small number of big tech stocks.

What’s Not

  • The worst sector by far this month is UK Index Linked Gilts, down a further 5% from April, and a way ahead of the other laggards.
  • Property, one of the hot sectors from April, finds itself back amongst the duds. Remember that this sector remains in a downtrend since its peak at the end of 2021.
  • China had a poor month, though not terrible.  Sentiment is very negative on China at the moment.  For contrarians, this is positive.


What’s Hot


Last Month's Performance %

Technology &Technology Innovation




Japanese Smaller Companies


North America





What’s Not


Last Month's Performance %

UK Indexed Linked Gilts


China/Greater China


Property Other


Sterling Corporate Bond


Global Bonds




What's Hot What's Not


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