EUROPEAN EQUITIES
Is it a good timing to invest in European Equities?
European equities Underweight in global allocation
Net % US equities – Net % OW Eurozone equities
• FMS investors are the most overweight United States equities relative to Eurozone equities since June 2012 (Eurozone Debt Crisis)
• The relative OW in United States vs Eurozone equities is the 4 th largest of the past 24 years
Net% of FMS investors overweight EU equities
• Allocation to Eurozone equities fell 21ppt MoM to net 25% underweight, the lowest allocation since October 2022
• The monthly decline in allocation was the largest since July 2022
• Current allocation is 1.5 standard deviation below its long-term average
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Source: Datastream, Stoxx, Goldman Sachas Global Investment Research, Rothschild & Co Asset Management – 2024
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