Q4 Outlook: Yanni Angelakos (Head of Investment Insights), John Lewis (PM), Miles Clark (Analyst)

This episode is Nasdaq Dorsey Wright's quarterly "weight of the evidence" call, reviewing Q3 and setting themes for Q4. Portfolio manager John Lewis, analyst Miles Clark and head of investment insights Yanni Angelakos walk through the technical picture and a fundamental backdrop, covering international versus domestic equity leadership, styles and sectors, commodities and fixed income. The excerpt provided is largely the introduction and the opening asset-class rankings discussion.

1. The firm says its approach is built on momentum and relative strength, on the premise that strong assets continue to outperform and are sold when they weaken.
2. In its asset-class rankings international equities sit first, domestic equities second and commodities third, with fixed income at the bottom, a position it says fixed income has held for some time.
3. International equities moved to the top earlier in the year and have stayed there through 2026, though the firm says the gap has narrowed.
4. Within domestic equities the firm says it favors growth areas over value, with technology and communication services among the favored sectors and rate-sensitive and consumer-oriented sectors at the bottom.