In our latest CIO Special, 'U.S. small cap out-performance may continue' we look at why U.S. small cap equities within the S&P 600 have recently outperformed the S&P 500 and the outlook for both indices.

Our key takeaways are as follows:

  • Since the end of Q3 the S&P 600 small cap index has outperformed the S&P 500 by 5 ppts.
  • Despite the rally small caps are trading at a discount, after having mostly traded at a premium in the past.
  • Across regions we continue to prefer European stocks over U.S. stocks.

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Our CIO Special is now available to download. Please refer to the Important Information at the end of the report for disclosures and risk warnings.



In Europe, Middle East and Africa as well as in Asia Pacific this material is considered marketing material, but this is not the case in the U.S. No assurance can be given that any forecast or target can be achieved. Forecasts are based on assumptions, estimates, opinions and hypothetical models which may prove to be incorrect. Past performance is not indicative of future returns. Performance refers to a nominal value based on price gains/losses and does not take into account inflation. Inflation will have a negative impact on the purchasing power of this nominal monetary value. Depending on the current level of inflation, this may lead to a real loss in value, even if the nominal performance of the investment is positive. Investments come with risk. The value of an investment can fall as well as rise and you might not get back the amount originally invested at any point in time. Your capital may be at risk.

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