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Systematic Equity — Active: Quarterly

Global Head of Portfolio Strategy, AQE

This quarter, we begin with macroeconomic views on the current state of the economy. In this first article, we explore labor productivity, one of the pathways that labor input can impact economic growth. We evaluate whether — according to popular belief — productivity has indeed gone up across countries and sectors alike. Real productivity is crucially important, particularly after 2021 when inflation became a feature globally.

In the second article, we take to task some of the prevailing narratives of supply chain re-orientation. We examine the dynamics before and after the pandemic for key industry groups as well as nation states.

The next paper takes a deep dive into why technological patents may be a useful signal for understanding a company’s innovation and future prospects.

In the fourth paper, we explore whether the end of rate hikes has historically been good for systematic factor investing, and where we are finding attractive opportunities as central banks edge ever closer to an interest rate pivot.

Lastly, we conclude with a paper on Emerging Markets, making the case that it is important to be selective, particularly in this macroeconomic environment.

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