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Weekly Macro Themes - 15 October 2021

Here's a brief overview of the topics and charts covered in the latest edition of the Weekly Macro Themes report. I send this report out late Friday NZ time and aim to cover a good mix of macro/ideas/risk management topics, across a global macro/multi-asset universe.

This week I covered the following topics/ideas:


1. Small Caps: We take another look at small caps, especially focusing on the relative picture given the technical/intermarket developments, relative value, and sector tilts.


2. Global Banks: Taking a timely review of the global banking sector, we pay particular attention to relative valuations, not just vs history, not just vs the rest of the market, but of perhaps most interest: global vs US.


3. Value vs Growth: On this running topic we probe further into the nuance - especially with regards to sectors, valuations, and technicals, and present a playbook for this theme.


4. Defensive Value: This particularly unique take on the US equity markets and follow-on from broader value vs growth presents a way to navigate the larger market cycle and take on an interesting opportunity.


5. Gold: We attempt to digest multiple different indicators and information sources to reconcile some of the very unexciting price action into some very interesting conclusions, and an update to the tactical outlook for gold miners.



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About the Weekly Macro Themes report

The "Weekly Macro Themes" is part of our institutional offering aimed at multi-asset and macro-driven portfolio managers and strategists. The report takes a chart-driven macro, fundamental and multi-factor approach; a powerful combination of cross-asset idea generation for portfolio managers, charts on key global macro trends, analysis on portfolio risks, asset allocation research, and innovative indicators, in a format that delivers a balance of brevity and depth so that you can efficiently assimilate the insights.

Also part of the service is the monthly market cycle guidebook, global cross asset market monitor, and quarterly strategy pack.

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