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Intermede Global Equities Fund - Monthly Report October 2017

Outlook and strategy

October was a positive month for global equity markets, with the S&P 500 rising 2.3%, the MSCI Emerging Markets index up 3.9%, MSCI Asia-ex Japan doing a little better with a 4.2% rise, and most impressively, Japan’s TOPIX index up 5.4% (all  returns in local currency). Two contributing factors to this uniformly bright picture  were widespread strength in corporate earnings (JP Morgan reported that global corporate EPS growth is currently growing at 13.8% year-on-year), and the  continued broad based strength in global macroeconomic data.
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