Citigroup says its macro global equity portfolio has held up pretty well so far this year, and offers protection for investors wary of another equity meltdown.
Stocks are set for another fall ahead of more inflation data, following an unpleasant CPI surprise that took a fresh bite out of markets. The tech sector was hardest hit, with Apple AAPL losing 5% and surrendering its world’s biggest company crown to Saudi Aramco.
“It is long Value and short Growth. It favors the UK and EM over the US and Continental Europe. It prefers cheap Financials and commodity stocks to more expensive Tech-related trades,” said a team led by chief global equity strategist Robet Buckland. “Monetary easing in 2019-2020 helped to drive down real yields and rerate equities. Monetary tightening in 2022 is driving up real yields and derating equities,” they wrote, adding that valuations for more rate-sensitive growth stocks probably have further to fall.
Read: As Ark’s flagship fund plunges 76% from its peak, Cathie Wood still views her stocks as residing in ‘deep value territory’
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