The past year saw several significant macro events such as a banking crisis, a debt showdown, war and decoupling. Ultimately, these events shifted the outlooks for overall demand and supply, in turn having impacts on the three drivers of equity market returns: the profit outlook, interest rate outlook and risk premiums.
Magellan (HM1 Core Fund Manager) has applied this framework to the next 18 months or so to identify the key factors that are driving stock returns.
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