Saxo Bank hæfter sig ved et ekstremt skifte i markedet den seneste tid – fra de spekulative vækstaktier til value-aktier. I den seneste måned er valueaktierne i Russell-indekset steget med 4,7 pct., mens vækstaktierne er faldet med 13,7 pct.
Extreme shift in favour of value
Summary: Divergence in global equities is enormous, as value stocks, including large swathes of European markets, has advanced aggressively, while the US Nasdaq 100 Index suffered a new low close for the cycle.
Extreme shift in favour of value versus momentum. The performance differential in the US Russell 2000 (small-cap) value index versus the Russell 2000 Growth index shows an extreme shift in favour of value relative to more aggressively valued speculative and growth stocks.
This approximately coincides with the more aggressive rise in US treasury yields. Since peaking out on February 10, the R2000 growth index is down some 13.7%, while the R2000 value index is up some 4.7% over the same time frame – a stunning performance differential that speaks to a profound shift in market internals.