Equity Market Commentary - May 2020

Juni 04, 2020

Value stocks historically garner their biggest outperformance coming out of recessions when they are particularly cheap. Cheap (value) stocks often remain dormant a long period of time before coming to life, and this is particularly problematic in this age of 24/7 account access and performance updates, where investors’ can easily lose patience. But we think the time has come to be overweighted in early cycle companies.

This is what has worked in the past. So then why have so few others embraced it now?

We think it’s classic behavioral finance. People looking backwards instead of at the opportunities ahead.

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Andrew Slimmon

Head of Applied Equity Advisors Team

Applied Equity Advisors Team

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IMPORTANT DISCLOSURES

The views and opinions are those of the author as of the date of publication and are subject to change at any time due to market or economic conditions and may not necessarily come to pass. The views expressed do not reflect the opinions of all investment personnel at Morgan Stanley Investment Management (MSIM) or the views of the firm as a whole, and may not be reflected in all the strategies and products that the Firm offers.

This general communication, which is not impartial, is for informational and educational purposes only, not a recommendation. Information does not address financial objectives, situation or specific needs of individual investors.

Any charts and graphs provided are for illustrative purposes only. Any performance quoted represents past performance. Past performance does not guarantee future results. All investments involve risks, including the possible loss of principal.

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