Research and Commentary

A Clear Perspective and Point of View

About Global Market Outlook Reports

2020 Outlook for Emerging and Frontier Markets

While the U.S. continued its decade-long run, surging ahead another +31% in 2019 to lead all major developed markets (except Switzerland, +32.5%), three emerging markets did even better last year. Taiwan gained +36% as investors reevaluated the “moat” of its market champion, …

About Global Market Outlook Reports

Our CIO, Tina Byles Williams, publishes our market outlook on a quarterly basis, based on research that examines market conditions over a three- to six-month period. These quarterly analyses serve as key inputs to our fund construction process, which incorporates strategic tilts to the market segments we believe will outperform over a six- to 12-month time frame. For global equity portfolios, these tilts incorporate regional, sector, and capitalization strata as well as investment process and style factors. For U.S. equity portfolios, tilts include sector, capitalization strata, investment process, and/or style factors.

Our objective is to construct a portfolio of “best in class” investments with weightings consistent with our overall investment strategy.

FIS Group Global Market Outlook Reports


Q4 Market Outlook: From A Trade War To A Cold War?

Q4 Market Outlook: From A Trade War To A Cold War?

Following the imposition of a second round of tariffs on Chinese goods and China's concomitant imposition of retaliatory tariffs, we are - by nearly any reasonable definition of a trade war - in the heart of one at this time. There is good reason to be concerned for...

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Q3 Market Outlook – A Final Melt-Up

Q3 Market Outlook – A Final Melt-Up

At its half-way mark, 2018 has been a tough year to make money. Investors have lost money on US investment grade bonds, on emerging debt, on US Treasuries, on European bonds, and on pretty much every major global equity market. Towards the end of the second quarter,...

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Whipsaws and Other Tradable Goods – Q2 2018 Market Outlook

Whipsaws and Other Tradable Goods – Q2 2018 Market Outlook

So far, three of the four main themes for 2018 that we shared in January's report - more aggressive Fed rate hikes, mean reversion of low vol, and geopolitical risks from Trump's foreign and trade policy - appear on track and our Q1 positioning was accretive. On our...

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2018 Outlook for Frontier Markets

2018 Outlook for Frontier Markets

The 2018 frontier markets outlook provides predictions for frontier markets in the year ahead, including Argentina, Vietnam, frontier Europe, the Middle East and sub-Saharan Africa. Frontier markets surged in 2017, mostly driven by a PE re-rating in the market.We...

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Q1 2018 Market Outlook

Market Outlook As we turn the page to 2018, there are a few obvious clouds on the horizon for the world economy; however, we expect 2018 to be a transition year. Stretched valuations and extremely low volatility imply that risk assets are vulnerable to the...

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Q4 2017 Market Outlook

Market Outlook Our Q4 Market Outlook includes: A recap of Q3 global equity markets, and why we think the "Goldilocks" environment will continue to fuel pricing into mid-2018 The key risks to the global bull market going into 2018 that we think call for...

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Market Insights Alert

Papers: FIS Group Proprietary Research


The Sweet Spot in the US Equity Markets: Part 1

The Sweet Spot in the US Equity Markets: Part 1

The US equity markets exhibit observable biases over time, alternately favoring one group of stocks over others:  large cap vs. small cap; value vs. growth; defensive vs. dynamic; sector rotation, etc. We questioned whether there was a longer term benefit to favoring one group of stocks over the others.

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Monetary Policy at the end of the Road?

Monetary Policy at the end of the Road?

As central bankers around the world continue to lament the lack of helpful fiscal policy and discuss the limitations of monetary policy after years of ultra-accommodative policy, we discuss what we see as a few of the potential risks to the outlook should the United...

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A Tale of Two Styles: Value and Growth – Part 3

A Tale of Two Styles: Value and Growth – Part 3

Yields have fallen precipitously since 2018 on weaker economics, driving Momentum stock leadership, and the underperformance of Value and more-shorted names. These trends reversed in September on positive macro headlines and a pickup in yields. 

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A Tale of Two Styles: Value and Growth – Part 2

A Tale of Two Styles: Value and Growth – Part 2

It has been the best of times, it has been the worst of times…for growth and value…over the last decade. Since the end of the Great Financial Crisis (GFC), economic and market conditions have been generally favorable for US growth stocks.  The economy grew at a slow...

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A Tale of Two Styles: Value and Growth – Part 1

A Tale of Two Styles: Value and Growth – Part 1

It has been the best of times, it has been the worst of times…for growth and value…over the last decade.  Since the end of the Great Financial Crisis (GFC), economic and market conditions have been generally favorable for US growth stocks. 

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Videos And Webinars

Market Outlook and Research Webinars


View Q4, 2014 Webinar

Tina Byles Williams, CEO/CIO of FIS Group leads a wide-ranging discussion on FIS Group’s view of geopolitical, demographic and macroeconomic trends shaping risk and investable opportunities for institutional investors.
The panel moderator Sam Austin, III, SVP Director of Marketing and Client Service (FIS Group) and Ms. Byles Williams conducted this discussion as a part of FIS Group’s third annual Investment Symposium. The event was held on September 26, 2014 in Philadelphia.
FIS Group, Inc. is an 20-year old Philadelphia based institutional asset management firm that focuses on investing in long-only global and international equity strategies.

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