Ellerston: 3 recession-resilient small and mid-caps for the year ahead скачать в хорошем качестве

Ellerston: 3 recession-resilient small and mid-caps for the year ahead

The market's appetite for risk has increasingly dwindled over the past 12 to 15 months. In 2023 alone, we've witnessed the second and third-largest US bank failures in history, globally recognised bank Credit Suisse was bought for mere pennies, and the Fed injected more than US$300 billion onto its balance sheet to offset the credit crisis. Despite all this, the Fed still raised rates by 25 basis points in March to a new range of 4.75%-5%. It's no surprise then that investors around the globe have crowded into defensive, liquid large caps to safeguard their savings. According to Bloomberg data, the top 20 stocks in the S&P 500 make up only 29.17% of the weight of the benchmark but have contributed to 7.08% of the S&P 500's 7.55% return year to date, as global investors flocked to liquid names amid major macro uncertainty. Yet, Ellerston Capital believes these companies have become overcrowded, and given their vast coverage, it's difficult to generate any performance upside by investing in these stocks. Instead, they believe global mid and small caps offer much more appealing upside. In this Expert Insights interview, Ellerston Capital's Bill Pridham shares his outlook on global markets over the coming 12 months, as well as three recession-resilient global small and mid-caps that won't break the bank. Note: This interview took place on Thursday 13 April 2023. You can read an edited transcript below: https://www.livewiremarkets.com/wires...