This section of the website provides information on funds which are registered for marketing to private or professional investors for the selected country.

The funds presented in this section of the website may not be available to persons subject to another jurisdiction by virtue of their nationality, their place of residence, or any other reason. See the disclaimer (read our Terms of Use).

The user is solely responsible for correctly indicating his/her country and categorization before accessing sections of this website with information relating to funds, in accordance with the Terms of Use and the Privacy Policy.

The website is provided for information purposes only. No part of this website constitutes a solicitation to invest in funds managed by ECP or in any other investment product. See the Terms of Use.

Prospective investors should be aware that past performance is no indication of future returns.
Prospective investors should refer to the prospectus and Key Investor Information Document (KIID) in particular to the sections dedicated to specific risks of the relevant investment strategies before taking any action and should generally seek professional and independent advice before making an investment decision. See the Terms of Use.

European Capital Partners (Luxembourg) S.A. accepts no liability for any loss or damage resulting from the use of this website, in accordance with the Terms of Use.

I hereby declare that:

I am aware of the rules applicable to me and I wish to access this part of the website containing fund information and data.
I am familiar with and accept in full this disclaimer as well as the Terms of Use and the Privacy Policy.

Expensive but not in a bubble

Jul 05, 2023

Once you exclude the 7 biggest Megacap Tech Stocks in the S&P 500, the forward Price-to-earnings of the S&P 500 falls from 18.8 to 16.4 times. This is still expensive compared to history but by far less extreme than the S&P 500 as a whole. To put matters in perspective, the European stock market trades at 13 times earnings. We conclude that once you exclude the extreme case of the megacap tech stocks, equity markets overall are expensive from a valuation perspective but not yet in bubble territory. Selectivity will remain key in such an environment.

Return to overview

Please select your investor profile

Please select your country of residence

Warning

Expensive but not in a bubble

Jul 05, 2023