In today’s briefing:
- China Property And The Demand For Commodities Puzzle
- Saudi Arabia Special Report: A Tipping Point in EM Equity Allocations
- Riding High: The Magnificent 7 Surge in Global Equity Funds
China Property And The Demand For Commodities Puzzle
- China’s crude steel production data behaved differently in the 2021-2023 downturn relative to new home sales and new starts, compared to the prior cycles.
- The 40% drop (12M vs prior 12M) at the low point for new starts compares with around 10% for the crude steel.
- In this note, we outline a few possible explanations, with some twists.
Saudi Arabia Special Report: A Tipping Point in EM Equity Allocations
- 2023 Marks a Pivotal Year with EM Investors Significantly Increasing Holdings in the Saudi Market.
- Despite Growing Interest, the Saudi Market Still Presents Ample Room for Broader Investor Engagement.
- Saudi Arabia Remains Comparatively ‘under-Owned’ in Relation to Its Asian and LATAM Peers.
Riding High: The Magnificent 7 Surge in Global Equity Funds
- The Magnificent 7, comprising Microsoft, Apple, Alphabet, Amazon, Meta, NVIDIA and Tesla hit record high allocations among active Global equity funds this year.
- Thought of as a standalone allocation, they represent the 2nd largest country weight, but also stand as a sizeable underweight versus the benchmark.
- Microsoft’s dominates the group, NVIDIA has attracted a new investors this year, whilst Tesla has struggled to gain the same level of trust from active Global investors.
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