Barclays_Global_Portfolio_Manager_s_Digest_Follow_the_Leaders

CrossAssetResearch17March2024GlobalPortfolioManager'sDigestFOCUSFollowtheLeadersEquityProductManagementGroupTerenceMaloneWeprovidecontextandperspectiveonresearchacrossregions+12125267578andassetclasses,thisweekhighlighting:ouranalysisoftheterence.malone@barclays.comhighconcentrationinUSequitiesdrivenbyBigTech;ourlatestBCI,USFX&EMMacroStrategyquarterlyoutlook;andedition5ofour2030ThematicRoadmap,highlighting150keytrends.RobBate+44(0)2077733576•USEquitiesConcentrationandBigTech:Ourdeepdiveintooursix-stockBigTechgrouprob.bate@barclays.comBarclays,UK(AAPL,AMZN,GOOGL,META,MSFT,andNVDA)leadsustobelievethat,whilenotwithoutrisks,fundamentalsremainsupportiveofBigTechovertheneartomediumterm.Tothatend,FICCProductManagementGroupwenotethatthegroupisexposedtoadiversesetofgrowthvectorsandend-markets.AsAI,BenMcLannahandigitaladvertising,andiPhonereplacementcyclesallhavedifferentdrivers,wecouldseea+44(0)2031349586modestreductioninconcentration,drivensolelybyvaryingoutcomeswithinBigTech,evenben.mclannahan@barclays.comasthegroup'saggregategrowthcontinuestooutpacethatofthebroaderequitymarketforBarclays,UKtheforeseeablefuture.WeexpectvaluetocontinueaccruingtoBigTechoverthenearterm.Furthermore,visibilityintoearningsgrowthforthenextfewquartersisgood,andrevisionsJenniferCardilliforBigTechcontinuetoleavetherestoftheS&P500inthedust.At...