U.S. Small-Mid Cap Stocks, Value Over Growth, Emerging Markets

"Interest rates are not likely to go well beyond current levels. Supply chains are showing improvement and equity valuations have had a significant reset. For the first time in about 15 years, most fixed income sectors look attractive. On average, bear markets tend to last about 11 months and produce declines of 25% to 35%. This one has been more gradual and relentless – declining markets week after week, but no real panic selling. Market leadership is likely to transition to those areas that have underperformed since the global financial crisis: US small-mid cap stocks, value over growth, International/Emerging Markets outperforming US," says John Cox.