What’s Hot? What’s Not: Commodities Fly, India Stalls [Sector Edition]

What’s Hot

• The Commodity sector has been propelled by stellar performances from gold funds.
• North America has been driven by AI-cum-tech.
• The other three sectors highlight how more Value-orientated sectors are beginning to enjoy a renaissance…
• …this is an important pointer for the years ahead, as a period of higher but stable interest rates is traditionally an excellent time for Value versus Growth.

What’s Not

• Nothing too terrible amongst the duds.
• India is hesitating after a very strong run, and with an election ahead.
• China and Asia generally have been dull, and they could show more strongly in the months ahead if China is (finally) turning the corner.
• The two bond sectors have drifted while the outlook for both inflation and rates is still in the mixer.

What’s Hot

What’s Not