What’s Hot, What’s Not: Japan Hot, Growth and Europe Not [Sector Edition]

Fri 29 Sep 2023

By Brian Dennehy

Access Level | public

What's Hot What's Not


what's hot

In contrast, the double appearance of smaller companies highlights unfolding recession concerns in “the West”, where Europe is prominent.

What’s Hot

  • Japan again appears prominently…
  • …and the appearance by UK Equity Income is also notable, a sector with a Value bias.
  • The appearance of emerging market bonds brings into focus one bond option.  A weaker dollar would help going forward.
  • A showing from Corporate Bonds doesn’t feel right as the UK heads into recession. Be wary.


What’s Not

  • Europe dominates the dog sectors, as gloom spreads across Europe…
  • …That smaller companies are somewhat worse tells you about recession expectations, combined with limited liquidity.
  • The latter set-up also sits behind the appearance of US smaller companies.
  • Ditto, the appearance of Property fits with the recession outlook.
  • Last but not least, technology.  Who buys expensive tech in a recession?...
  • …plus China says “don’t buy iPhones”, and the AI “boom” is tailing off, for now.


What’s Hot


Last Month's Performance %



Global EM Bonds Blended


UK Equity Income


Sterling Corporate Bond


Targeted Absolute Return



What’s Not


Last Month's Performance %

European Smaller Companies


Technology & Technology Innovation


North American Smaller Companies


Europe Excluding UK


Property Other




What's Hot What's Not


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