The PRISM Report: A Clearer View of Global Investment Trends
The Prism Report is your streamlined, data-driven guide to uncovering opportunities across global markets and asset classes. Built around Asbury Research’s foundational “three-legged stool” approach of trend, relative performance, and asset flows, this tool offers a concise and comprehensive way to quickly and clearly identify where capital is being rewarded.
PRISM, which stands for Portfolio Review of Investment Sectors and Markets, is published at the end of the week. You can find the PRISM Report right in the middle of the Research Center, listed chronologically with other reports, such as Keys to This Week and The Weekly Wrap-Up. You can pull up all recently published PRISM Reports by typing “PRISM” in the Search By Keyword box located on the right border of the Research Center.
PRISM currently identifies US Technology and US Small Cap as having a Positive/Bullish reading across all four time periods.
PRISM: 12-10-2025
Key Takeaways
The Prism Report continues to show US Technology and US Small Caps as the only sectors with consistently bullish readings across all four time frames, underscoring a constructive outlook for the broader equity market. Notably, global equities are now outperforming the S&P 500 across three time frames, with 22 of the 41 MSCI country ETFs we track currently outperforming on a relative basis to the US market. Historically, strength in the SPDR S&P World ex US ETF (SPDW) has often accompanied weakness in US equities, but given the broader positive backdrop, the outperformance may instead reflect the S&P 500 approaching a significant overhead resistance level from 6,920 to 7,000.
Early signs of appetite for additional risk are emerging, with Emerging Markets and Crypto turning green on the Micro-Term. However, this would need to persist into longer time frames before it can be considered the start of a durable trend.
Bonds remain largely neutral to weak, with the report showing mostly yellow across our four time periods. A further deterioration into the medium term could signal building strength for equities, but the evidence is not yet conclusive.
At the heart of Prism is a simple but critical formula for success: positive price trend, positive relative performance, and positive asset flows. These three factors—trend, performance, and conviction—are the cornerstones of identifying sustainable market leadership.
We’ve expanded this concept across four key time frames:
- Micro (7 days)
- Short (21 days)
- Medium (63 days)
- Long (200 days)
This multi-horizon approach provides investors with a dynamic lens through which to view the market in a multidimensional way. Why does this matter?
- Trend: If the price isn’t appreciating, we’re not interested. Positive price momentum is non-negotiable.
- Relative Performance: If it isn’t beating the S&P 500, there’s an opportunity cost. Investors deserve better than average performance.
- Asset Flows: Capital inflow indicates directional conviction—real money moving with purpose. It’s the ultimate vote of confidence from institutional players with skin in the game.