Global Quant Panorama: Room to run

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Global Quant Panorama: Room to run

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Global Quant Panorama

Room to run

Indicators of the global cycle remain strong 30 June 2026 Corrected

The global earnings cycle continues to strengthen as growth forecasts rise in all regions, Quant Strategy

and the Global Earnings Revision Ratio remains near four-year highs. Additionally, the Global

Global Wave is inching higher as macro data improves, and the Global News Pulse has

rebounded since Middle East tensions have moderated. Previous upturns in the global

cycle have ended after central banks globally have tightened monetary policy

meaningfully over an extended period. The Tech Bubble ended in March 2000 after Nigel Tupper >>

central banks had raised rates by 100bp over 12 months. Indicators of the global cycle Quant Strategist

remain supportive of equities, and tighter policy may take some time to slow the upturn. Merrill+61 2 9226Lynch5735(Australia)

nigel.tupper@bofa.com

Persistent global themes: positive and negative Amar Vashi >>

Among 18 global themes, the YTD performance spread is 168% so themes have QuantMerrill StrategistLynch (Australia)

provided significant opportunities for investors. AI-related themes have dominated amar.vashi@bofa.com

performance including Photonics (+141%), AI Compute, and Data Centre & Sumuhan Shanmugalingam >>

Quant Strategist

Infrastructure, while Consulting (-27%), SaaS, and Luxury Lifestyle have lagged. Merrill Lynch (Australia)

sumuhan.shanmugalingam@bofa.com

Crowding isn’t always bad

While many investors aim to be contrarian and reduce exposure to crowded stocks, our

Unless otherwise noted all links onanalysis shows the need to differentiate. Since 2015, Crowded Positives (well-owned