Chris Wood

As an investment strategy, Wood has taken exposure in the US-listed online travel company MakeMyTrip in the India long-only portfolio with a 4 per cent weighting

Bitcoin, meanwhile, has gained 164 per cent in the last one year - from a level of around $37,000 to nearly $98,300 now. This is despite the cryptocurrency halving in April 2024.

There is growing evidence of liquidity tightening in the US, Wood said, which raises a near-term risk to equities

A deterioration in the geopolitical situation is the biggest risk to global equity markets, Wood said, which he believes is not yet fully discounted by them

If the US Federal Reserve (US Fed) rate cut is combined with a weaker dollar then the EMs (ex-China) should do well

Indian stock market is much more resilient in the face of a US downturn and related Wall Street sell-off than the likes of Japan, Wood said

In dollar terms, gold prices hit $2,331/oz at the end of H1-CY24, according to WGC data, rising 12.1 per cent during this period

Capital gains tax rate change in the Budget 2024 on July 23 can trigger a bigger correction than seen post Lok Sabha election outcome, Wood said

Back home, the midcap segment, Wood said, remains vulnerable to a correction. He believes there will also be a temptation for investors to tilt the portfolio more towards consumption plays

Calendar year 2024 (CY24) will be a good year for 'quality stocks and bonds', according to analysts at Morgan Stanley. Stocks, they said, have priced in a 'perfect landing' scenario

Chris Wood has hiked exposure to the dragon nation in his Asia Pacific ex-Japan relative-return portfolio by two-and-a-half percentage points to maintain a 'Neutral' weighting

China's official gold reserves, Wood said, have increased by 314 tonnes, or 16.1 per cent, from 1,948 tonnes at the end of October 2022 to 2,262 tonnes at the end of March 2024

While market valuation is high, it should be seen in the context of the acceleration in growth, Wood says

Another key development in the US, that the global equity markets would eye over the next few months, is how the political landscape shapes up ahead of the presidential elections

This, he wrote in his weekly note, GREED & fear, will be paid for by reducing the existing investments in Bajaj Finance, Oil & Natural Gas Corporation (ONGC), and Reliance Industries (RIL)

Markets may correct 25% if BJP loses in 2024: Chris Wood at BS BFSI Summit

Over the past few weeks, equity markets have reacted sharply to the developments in West Asia with most frontline indices across the globe slipping 1 per cent to 7 per cent.

An immediate fallout of the developments has been on crude oil prices, which are now nearing $94 a barrel (Brent crude), rising nearly 12 per cent from $84 a barrel a fortnight ago

Any correction in the Indian stock markets should be used to buy property, banks and industrial stocks, he advised

Thus far in calendar year 2023 (CY23) the Nifty Midcap 100 index has surged 29 per cent, as compared to 11 per cent gain in the Nifty 50