Equity index rankings
How to read the charts
Our market assessment charts distill complex data into a simple visual: which regions, countries, and sectors of the global equity market look more (or less) attractive going forward.
Each chart plots Value on the x-axis (how cheap or expensive a market is based on fundamentals like earnings and cash flow) and Momentum on the y-axis (recent price performance). Together, these dimensions help us identify areas with the strongest combination of current strength and forward-looking return potential.
How to read the chart:
- Upper right = Comfort Zone: Attractive value and strong momentum.
- Lower left = Danger Zone: Expensive and weakening performance.
Circle size shows the market’s relative size (capitalization), and color reflects our current positioning:
🟢 Overweight
🟡 Neutral
🔴 Underweight
While Value and Momentum are the most visible signals, our investment decisions also incorporate additional factors behind the scenes.
Regional Assessments
In the Atlas Capital quantitative assessment of equity regions as of December 2025, clients have higher than market exposure to Japan, Canada and Asia ex Japan. Atlas clients are close to market weights for Europe, Emerging Markets ex China and International Small Cap. There are tilts away from China and particularly the United States, which has the least favorable combination of value and momentum.
US Sector Ranking
Clients have tilts toward the following sectors:
- Communication Services
- Health Care
- Mid Cap
- Small Cap
These US equity markets have the lowest ranking and therefore underweight positions for clients:
- Consumer Discretionary
- Consumer Staples
- Materials
- Real Estate
Asia/Pacific Country Ranking
In Asia/Pacific we are tilted toward Korea and Japan and away from Australia. Clients are neutral in Singapore and Hong Kong.
European Country Ranking
The countries with the highest overall ranking in Europe are:
- Spain
- Ireland
- Finland
- Israel
- Austria
The least favored European equity markets are:
- France
- Germany
- Sweden
- Denmark
- Norway
Emerging Market Country Ranking
The Emerging Market region has a wide dispersion of favorability. The best-positioned Emerging Markets are:
- Taiwan
- South Africa
- Mexico
- Malaysia
- Thailand
Clients are underweight India, Indonesia and Turkey.
Russia is not investable at this point.