Has growth reached a tipping point? According to our latest Equity Manager Report, growth managers in most regions have expressed concern overextended valuations - particularly regarding some tech and consumer names. These growth managers have become more selective as a result, reducing exposure to stocks with stretched valuations. Many managers have been paying closer attention to downside and valuation risk, and have deployed more capital to defensive areas of the market in response.
Looking past just growth, a favorable environment prevailed for emerging markets, Australia, UK and U.S. small-cap equity managers during the third