Full but odds of a melt-up are increasing

The Morgan Stanley Capital International All Country World Index is trading at levels which make me pay attention to an impending peak.

The MSCI ACWI is described as capturing large and mid cap representation across 23 Developed Markets (DM) and 24 Emerging Markets (EM) countries. With 2,528 constituents, the index covers approximately 85% of the global investable equity opportunity set.

Sadly, also according to its fact sheet, the index’s top 10 holding account for 23% of the total constituents weight.

However, the odds of a ‘melt-up’ is increasing.

Funnily, the term ‘melt-up’ is often used at the upper end of an existing advance, so I say, just be aware what time it is at the current party.

July 12, 2025

rob@karriasset.com.au