In today’s briefing:
- Global Emerging Markets: Reporting Season Summary, 1Q2023
- Preferential Times for Preferred Income Strategies?
Global Emerging Markets: Reporting Season Summary, 1Q2023
- The 200 largest weighted companies in the GEM index reported average EPS growth of +6.3%y/y for 1Q23-to-date, slightly down from the +7.5% reported for 4Q22.
- Only 51% of companies delivered positive sales surprises, whilst 60% delivered positive EPS surprises, an increase from the trend seen over the past year.
- Historically, there has been a significant difference in relative share price performance between the largest positive versus negative surprise generators, for 3 months after the reporting date.
Preferential Times for Preferred Income Strategies?
- Preferred income funds are renowned for their ability to provide investors with exceptionally high yields.
- However, the higher the yield, the lower the total return
- The extent of diversification benefits offered by these funds was relatively restricted in nature.
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