Global Value Rotation Trade Still Has 20% Upside, Citi Team Says

Bloomberg2021-03-15

Value share outperformance closely tracking U.S. real yields Ten-year real yield could continue to rise to around 0%: Citi The global rotation trade into value shares out of growth stocks has about ...

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ahswee
2021-03-15
ahswee
Nice.
- ahswee:
  🚀
- ahswee:
  🌑
- EV8:
  👍👍
wijaya
2021-03-15
wijaya
Ooo
- wijaya:
  test
小白添祥
2021-03-15
小白添祥
Kindly Like & Comment Please, Thank You Very Much.
- KGTAN:
  Done
Iankoh
2021-03-15
Iankoh
Nice
chengwei92
2021-03-15
chengwei92
Wow
- xoxoll:
  Help me to comMenT anD like
- Iankoh:
  Nice
- KGTAN:
  Done
- Alke:
  ?
andrewtingg
2021-03-15
andrewtingg
Comment.
- 小白添祥:
  Kindly Like & Comment Please, Thank You Very Much.

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Over the same period, the 10-year real yield has risen to minus 0.65% from minus 0.83%.\nNegative real rates had been seen as a cornerstone of the growth share rally of recent years, partly because they enable investors to justify higher valuations for them. While the rise in real yields is a signal the U.S. economy is gaining traction -- a positive for investors -- this has triggered a rotation into cheaper cyclical shares, which are seen as more closely exposed to the economic recovery.\nThe global value gauge is dominated by shares from the financials, health care and industrials sectors, according to MSCI.\nThe value rotation will likely be capped by the 10-year real yield reaching 0%, a level where the Federal Reserve will likely step in to prevent Treasuries from selling off further, according to Citi.\nRotation Reversal\nThere are two scenarios which could reverse this trend, the first of which is a failure of the global economy to recover, the strategists suggested. The second: further central bank intervention, perhaps to stabilize disorderly bond markets, could also send real yields back down toward the minus 1% level, the strategists said.\n“Value investors should enjoy this rotation while it lasts, but central bank obligations to finance extravagant fiscal policy mean that there is a natural cap on real yields,” the team 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