Sources: Bloomberg, FactSet, as of 30-Jun-2022. All returns are net.
1FactSet, from 15-Nov-2021 through 30-Jun-2022. Tech equities represented by the MSCI ACWI Select Information Technology + Communication Services + Internet & Direct Marketing Retail Index. Weighted average price-to-next twelve months earnings ratio of the index.
2Broad equity market represented by the MSCI All Country World Index (ACWI).
3Prior ten years: 15-Nov-2011 through 15-Nov-2021. Pull back: 15-Nov-2021 through 30-Jun-2022.
4Microsoft Q3 2022 Earnings Call, April 26, 2022
5Morgan Stanley Research, January 2022
6GHD, “Realising the Value of Digital Transformation”
7Bath & Body Works Q1 2023 Earnings Call, May 19, 2022
8International Data Corporation (IDC), March 2022
9For illustrative purposes only.
10Sparkline Capital, April 2022
1195% of international towers are owned by three tower-focused public real estate investment trusts. Cowen, Communications Infrastructure: Towers – Chart of the Week, June 3, 2022.
12Empirical Research Partners, April 2022. Average for small-cap companies.
13Empirical Research Partners, April 2022. Average for large-cap companies.
14Goldman Sachs Asset Management, as of Q2 2022
15Hexagon AB, October 2021
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Date of first use: July 25, 2022. 285044-OTU-1640052