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Multi-asset chart of the week

Multi Asset chart of the week

05 August 2026 Multi-asset
Week to 07 August 2026

The July momentum drawdown was one of the deepest and fastest drawdowns since 2009

Stephanie Chan, CFA, Portfolio Manager, said: “In July, the gap between high- and low-momentum US stocks experienced one of its largest and fastest drawdowns since 2009. Momentum measures the performance of stocks that have been rising versus those that have been falling. AI-related stocks, particularly semiconductor companies, had surged since early 2025 but had sold off sharply in July as investors grew concerned about crowded positions and whether strong chip demand and earnings growth can continue.”

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Source: Insight Investment, Morgan Stanley, Bloomberg as at 03 Aug 2026.

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