Strong H1 for global equities despite 'gloomy outlook'

Morningstar report

After a dismal 2022 for multi-asset portfolios, 2023 has so far seen all GBP allocation categories produce positive returns, according to a new Morningstar report

The report found the performance of global equities is to thank for the turnaround, which has come despite recession fears, increasing interest rates, a US bank crisis and the bailout of Credit Suisse. Global equities saw a 7.7% rise in the first half of 2023, although Morningstar said this included a "sizable contribution from a fairly narrow subset of mega-cap US technology stocks associated with the artificial intelligence theme" and would therefore be of less benefit to managers underweight to growth, the United States and/or technology. Calastone: Investors pull £662m from equiti...