Investors started getting jittery about global growth way back in early 2018, when all the major economies stopped growing in a synchronized fashion. The US soldiered on thanks to corporate tax cuts. But many other countries did not, as the first wave of US tariffs on China slammed those that relied on trade with the world's second-largest economy.
Fast forward to late-2019, and non-US stocks have discounted much of the recession risks that US stocks are now just grappling with, according to Shalett. "The pay-off from this type of positioning could be large as non-US markets are inherently more cyclical in their composition and thus more operationally leveraged to improvements in global growth," Shalett said. active, international fund managers who invest in value stocks and do not hedge the dollar
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