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    Multi-asset chart of the week

    Multi Asset chart of the week

    18 November 2025 Multi-asset
    Week to 21 November 2025

    Factor volatility remains elevated amid November rotation

    Christopher Broadley, CFA, Portfolio Manager, said: “November has seen a reversal of previously established trends within the factor space. Notably last week momentum suffered a 3-standard deviation (-5.2%) daily move lower, bringing monthly returns to -10%. Conversely, value and quality are recovering from year-to-date lows having been down as much as 25% as at end-October.”

    Chart of the week 181125_V1.png

    Source: Insight Investment, Bloomberg, Morgan Stanley as at 17 November 2025.

    Week to 7 November 2025

    Number of positive earnings season surprises hits multi-year highs

    Christopher Broadley, CFA, Portfolio Manager, said: “Third quarter earnings have painted an upbeat picture for US corporates, with the number of positive surprises at multi-year highs. Typically, an earnings season sees close to 50% of companies beat estimates while the current run rate for 3Q2025 is 64%. This has only been surpassed during the global reemergence from Covid-19 lockdowns and highlights the resilient growth backdrop even in the face of heightened uncertainty.”

    MAW 03 novV2 2025.png

    Source: Insight Investment, Bloomberg as at 03 November 2025.

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