The past year saw several significant macro events such as a banking crisis, a debt showdown, war and decoupling. Ultimately, these events shifted the outlooks for overall demand and supply, in turn having impacts on the three drivers of equity market returns: the profit outlook, interest rate outlook and risk premiums.

Magellan (HM1 Core Fund Manager) has applied this framework to the next 18 months or so to identify the key factors that are driving stock returns. 

Discover their insights here.

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Disclaimer: This material has been prepared by Magellan, published on 18 July 2023. HM1 is not responsible for the content of linked websites or content prepared by third party. The inclusion of these links and third-party content does not in any way imply any form of endorsement by HM1 of the products or services provided by persons or organisations who are responsible for the linked websites and third-party content. This information is for general information only and does not consider the objectives, financial situation or needs of any person. Before making an investment decision, you should read the relevant disclosure document (if appropriate) and seek professional advice to determine whether the investment and information is suitable for you.