Markets, economy, stocks, growth, global, fixed income, international, asset classes
The COVID-19 outbreak has pushed the global economy into recession and equities likely have further to fall. We are overweight cash and duration and modestly underweight equity and credit. We expect to stay nimble in our relative value positions.
As the value factor is mired in one of its worst drawdowns in history, we analyze its underperformance and explain why we think it is cyclical, not structural.
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