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Podcast: All into Account
Episode: Equity Strategy: Closing the OW US vs Eurozone trade
Description: Speaker: Mislav Matejka, CFA, Head of Global Equity Strategy
We have cut Eurozone to UW vs the US in early May of 2023, and had a preference for the US since. We are now closing the US over Eurozone OW, for the following reasons: 1. Eurozone has lagged in the past few quarters, losing 14% relative since May, and had relative outflows - in 41 out of the past 52 wks. At 13.3x forward, it is trading cheap vs the US, which is now on 21x. Even if one were to look at sector neutral P/E rating of Eurozone vs the...