Global Equity Strategist : Stock Screens for 2014
* Best Stock Screens From Around The World — In this report we poll our equity strategy colleagues around the world for their preferred stock screens, which represent key investment themes for 2014. We also provide global versions.
* Back to Stock-Picking — Lower correlations and mid-cycle economic conditions typically help good stock-pickers generate shenzthe best returns. While increased emphasis on beta is understandable, we think alpha can become more important in 2014.
* Bullish With Cyclical Tilt — Citi strategists remain bullish, favouring cyclical/financial stocks over defensives. Their main themes include recovery, improving risk appetite, return of capital (de-equitisation) and releveraging.
* Return Of Capital And Releveraging — In the US and Japan our strategists think that return of capital is important. In the US they prefer share shrinkers and in Japan stocks with low RoE and strong balance sheets.
* Recovery and Risk Appetite — In Europe and EM, our strategists prefer cheap stocks with positive earnings momentum/revisions and exposure to risk.