SchrodersEquityLensStrategicResearchUnitNovember2024MarketingmaterialforProfessionalClientsonly.Tableofcontents01Chartsofthemonth02Regionalperformance03Fundamentalsandvaluations04Sectors&Styles05Indexcomposition2Summary–USequitieshavesoaredonthebackofTrump’svictoryandareup27%YTD.Incontrast,EuropeexUKequitiesareup5%YTDinUSDterms(slides5-6).–Performancehasbroadenedoutwithmanysectorsperformingwell(slide7).–USsmallcapsarenowbeatinglargecaps(slide8).Smallercompaniesare:–cheaperinvaluationterms,withintheUSandinternationally(slides30-31),–moredomesticallyfocussedthanlargecaps,sostandtobenefitfromTrump’sdomesticpriority(slide9)–havemorefloatingratedebt,th...