Sector Changes 

The Global Industry Classification Standard (GICS®) has undergone recent changes to better reflect an evolving economic environment in which technology plays an increasingly complex role. 

In this monthly spotlight article, ACG looks at how changes to certain equity sectors may affect the composition of key market indices.  

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Late Cycle Investing  

After nine years of economic expansion, investors are now wondering when the next recession will occur.  To help answer this question, ACG analyzes several indicators that have helped predict previous recessions and market downturns. 

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Emerging Market Outlook 

After delivering solid returns in 2017, emerging market equities have struggled year-to-date. ACG outlines several factors that have contributed to the recent underperformance, as well as how investors should be positioned going forward. 

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Inflation Is Quite Misleading on Average

More subtle than shocks to growth or interest rates, inflation is often an underappreciated risk to portfolios.  Inflation becomes a problem when it is unexpected or very high, with negative implications for consumers, business, and markets.

ACG illustrates the complications of measuring inflation, the role, history, and approach of the Federal Reserve, and investor strategies going forward.

Non-US Equities

Non-U.S. equities have significantly underperformed U.S. equities recently.  Is this likely to continue?  Should investors continue to allocate to non-U.S. equities? 

ACG examines several factors that have contributed to U.S. equity outperformance and what these imply for continued outperformance going forward.

Long-Term Investing – It’s Not Always Easy!

With the expectation of enhancing wealth through time, investing is a long-term exercise.  Given human nature, investors of all levels of sophistication spend a great deal of time and energy focused on short-term events and outcomes.

ACG discusses why adopting a long-term investing approach is one of the few real edges any investor can hope to exploit.