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10k Words Equitable Investors September 2024 Tech IPOs - there have been very few of them lately - but the unlisted world is bursting with "unicorns". Now that the Fed has cut rates in September, what's next? The market is not only oscillating around interest rate expectations but is also exhibiting volatility in the short time between the rate cut announcement and the press conference. We check in on PE multiples relative to historical levels by geography and sector, consider market moves in relation to risk premiums, then the performance of "AI" stocks. Finally we turn to the ASX's recent reporting season and look at the average sector-based consenus revisions to nano-to-mid caps plus the stream of dividends flowing into investors' accounts this month and next. Technology IPOs
Source: Dealogic, PAC Partners The number of active unicorns
Source: FT, PitchBook, European Commission US Fed rate expectations for the Fed's November meeting
Source: CME FedWatch Changes in time to US Fed rate expectations for the Fed's November meeting
Source: CME FedWatch Fed cuts, employment & inflation
Source: Endeavour Equity Strategy US equity and bond markets change direction between release of FOMC statement and Fed Chair press conference
Source: Mohamed A El-Erian, Bloomberg MSCI regions' 12-month forward PE multiples relative to the last 20 years
Source: Goldman Sachs Investment Resesarch MSCI world sector/style 12-month forward PE multiples relative to the last 20 years
Source: Goldman Sachs Investment Resesarch S&P 500 actual v level consistent with expected return range
Source: Hussman Strategic Advisors Artificial Intelligence (AI) US equity baskets since 2023
Source: Bespoke Changes in consensus estimates - average across sector - during month of August for ASX "FIT" nano-to-mid cap ASX listings
Source: Equitable Investors, Koyfin Weekly value of all ASX dividends to be paid in September & October 2024
Source: Coppo Report September 2024 Edition Funds operated by this manager: Equitable Investors Dragonfly Fund Disclaimer Past performance is not a reliable indicator of future performance. Fund returns are quoted net of all fees, expenses and accrued performance fees. Delivery of this report to a recipient should not be relied on as a representation that there has been no change since the preparation date in the affairs or financial condition of the Fund or the Trustee; or that the information contained in this report remains accurate or complete at any time after the preparation date. Equitable Investors Pty Ltd (EI) does not guarantee or make any representation or warranty as to the accuracy or completeness of the information in this report. To the extent permitted by law, EI disclaims all liability that may otherwise arise due to any information in this report being inaccurate or information being omitted. This report does not take into account the particular investment objectives, financial situation and needs of potential investors. Before making a decision to invest in the Fund the recipient should obtain professional advice. This report does not purport to contain all the information that the recipient may require to evaluate a possible investment in the Fund. The recipient should conduct their own independent analysis of the Fund and refer to the current Information Memorandum, which is available from EI. |
