UGC Monthly Market Update | May 2024

Join UGC’s Head of Research / Co-Portfolio Manager, Huw Davies, as he takes a deep dive into the latest financial market trends and conditions for the US and Australia, as well as providing an in-depth analysis of the stock markets.

Don’t miss out, CLICK HERE to get the latest video education from UGC.


  • Large Cap Growth companies continue to outpace Small Cap value in 1Q24.
  • December 2023 showed market breadth broaden and smalls outperformed on “peak rates/cuts ahead” talk from the Fed.
  • “Sell in May and Go Away” strategy has faded in the past decade.


  • A second Donald Trump administration is an increasing focus for economic policy analysts.
  • US Labor Market cooling.


  • RBA on hold.
  • Australian unemployment.


  • Pinterest Inc (NYSE: PINS) – Private Clients


  1. Larger and growthier companies continued to outpace smaller and value in 1Q24.
  2. As soft-landing rate cuts edge closer to becoming a reality (forecasted by the market for Q4 this year), small caps might soon find a significant catalyst for outperformance.
  3. The potential for a second Donald Trump administration is increasing focus for economic policy analysts.
  4. US Labor Marketing cooling.
  5. RBA left rates unchanged, more neutral but ruling nothing out, Australian Unemployment unchanged, but creeping higher over the last 6 months with youth unemployment the most significant.
  6. New inclusion into the Platinum Alpha strategy; Pinterest. Shares of Pinterest popped after the company reported first-quarter results that beat analysts’ estimates and showed its fastest revenue growth since 2021.

UGC General Advice Past Performance Warning

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