There’s more to the global stock indices than meets the eye

Written by: Cornelius Zeeman, Portfolio Manager at Fairtree Asset Management.
12 June 2020

Valuations are relative

As a result of the S&P 500’s recovery of 42.7% from its lows leaving it -0.3% year-to-date, there are many articles out there flagging that the US market is trading at lofty valuations when looking at its price earnings (P/E) ratio. The Price/Earnings graph (Graph 1) below shows that the S&P 500 (blue line) is trading on a forward PE of 22.5x, which last happened in 2000. It is also trading at a record premium (grey area) of 57% versus Emerging Markets (orange line), trading on a more palatable 14.3x.

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We will guide you along the investment process.
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This is an Individual Investor Online Application Process.

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STEP 1:
Please provide us with your Name, Surname, Cell Phone Number and Email Address. . A Fairtree consultant will contact you to discuss your interest in this fund. After this, we will send an email to you containing a link to our secured Online Application process. We make use of OTP (One-Time-Pin) technology for your verification security (This is why we require a valid cell phone number).

If this step is unclear kindly email us on clientservices@fairtreeinvest.com and we will assist you.

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To start a New Investment is a three step process. We will guide you along each step.
Because with us, it is all about the journey.

This is an Individual Investor Online Application Process.

**Please Note:
Our Minimums are R50,000 for initial lump sum investments and R1,000 for debit orders.

STEP 1:
Please provide us with your Name, Surname, Cell Phone Number and Email Address. A Fairtree consultant will contact you to discuss your interest in this investment. After this, we will send an email to you containing a link to our secured Online Application process. We make use of OTP (One-Time-Pin) technology for your verification security (This is why we require a valid cell phone number).

STEP 2:
Once you receive your email with a link to our secured Online Application process, click on the link. The template is set up to guide you through completing the