Creation monthly commentary - November 2023

Global equities bounced back to deliver a gain of 4.9% as slowing inflation in the US, Europe, and the UK triggered renewed hopes that interest rates have now peaked and that cuts might soon be on their way. This galvanised markets into a ‘risk-on’ rally which lifted all major regional equity markets, except China, and delivered gains to all segments of the bond market. Growth stocks, whose valuations are based on expectations of their future earnings growth, substantially outperformed value stocks, which tend to have lower valuations, while smaller company stocks marginally outperformed their larger peers.