Forgot your password?

Please enter the email address you used when registering.

Invalid login
An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. Invalid login Your account has been temporarily locked because of too many failed login attempts. Please try again later. The code entered has expired. Please request a new code to continue. The code entered is not valid. Please request a new code to continue. Email address format is not valid. Your account has not been verified. Please check your email for instructions on how to verify your credentials. Your account has been disabled. An error occurred while processing your request. Please try again later. Invalid login This account has reached its limit for daily password resets. Please try again in 24 hours. Password does not meet password strength requirements. Please try again. That password was recently used. Please enter a new one. Password is not strong enough. Password cannot contain any forbidden words. Password is a commonly used password. Password cannot contain common words. Password cannot contain repeating characters. Password cannot contain sequence of characters. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. The account information you provided does not match our records. This account is not authorized to perform the request you've initiated. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. Password does not meet password strength requirements. Please try again. An error occurred while processing your request. Please try again later. An error occurred while validating your email address. Please try again.

Email sent

Please check your email for password reset instructions.

An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. Invalid login Your account has been temporarily locked because of too many failed login attempts. Please try again later. The code entered has expired. Please request a new code to continue. The code entered is not valid. Please request a new code to continue. Email address format is not valid. Your account has not been verified. Please check your email for instructions on how to verify your credentials. Your account has been disabled. An error occurred while processing your request. Please try again later. Invalid login This account has reached its limit for daily password resets. Please try again in 24 hours. Password does not meet password strength requirements. Please try again. That password was recently used. Please enter a new one. Password is not strong enough. Password cannot contain any forbidden words. Password is a commonly used password. Password cannot contain common words. Password cannot contain repeating characters. Password cannot contain sequence of characters. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. The account information you provided does not match our records. This account is not authorized to perform the request you've initiated. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. Password does not meet password strength requirements. Please try again. An error occurred while processing your request. Please try again later.

An error occurred while processing your request. Please try again later.

An error occurred while processing your request. Please try again later.

Two-step verification

In order to change your password, we need to verify your identity. We have sent an authorization code to the email address on file.

An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. Invalid login Your account has been temporarily locked because of too many failed login attempts. Please try again later. The code entered has expired. Please request a new code to continue. The code entered is not valid. Please request a new code to continue. Email address format is not valid. Your account has not been verified. Please check your email for instructions on how to verify your credentials. Your account has been disabled. An error occurred while processing your request. Please try again later. Invalid login This account has reached its limit for daily password resets. Please try again in 24 hours. Password does not meet password strength requirements. Please try again. That password was recently used. Please enter a new one. Password is not strong enough. Password cannot contain any forbidden words. Password is a commonly used password. Password cannot contain common words. Password cannot contain repeating characters. Password cannot contain sequence of characters. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. The account information you provided does not match our records. This account is not authorized to perform the request you've initiated. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. Password does not meet password strength requirements. Please try again. An error occurred while processing your request. Please try again later.

Two-step verification

Enter the 6-digit code sent to your email

An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. Invalid login Your account has been temporarily locked because of too many failed login attempts. Please try again later. The code entered has expired. Please request a new code to continue. The code entered is not valid. Please request a new code to continue. Email address format is not valid. Your account has not been verified. Please check your email for instructions on how to verify your credentials. Your account has been disabled. An error occurred while processing your request. Please try again later. Invalid login This account has reached its limit for daily password resets. Please try again in 24 hours. Password does not meet password strength requirements. Please try again. That password was recently used. Please enter a new one. Password is not strong enough. Password cannot contain any forbidden words. Password is a commonly used password. Password cannot contain common words. Password cannot contain repeating characters. Password cannot contain sequence of characters. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. The account information you provided does not match our records. This account is not authorized to perform the request you've initiated. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. Password does not meet password strength requirements. Please try again. An error occurred while processing your request. Please try again later.

Please create a new password

An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. Invalid login Your account has been temporarily locked because of too many failed login attempts. Please try again later. The code entered has expired. Please request a new code to continue. The code entered is not valid. Please request a new code to continue. Email address format is not valid. Your account has not been verified. Please check your email for instructions on how to verify your credentials. Your account has been disabled. An error occurred while processing your request. Please try again later. Invalid login This account has reached its limit for daily password resets. Please try again in 24 hours. Password does not meet password strength requirements. Please try again. That password was recently used. Please enter a new one. Password is not strong enough. Password cannot contain any forbidden words. Password is a commonly used password. Password cannot contain common words. Password cannot contain repeating characters. Password cannot contain sequence of characters. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. The account information you provided does not match our records. This account is not authorized to perform the request you've initiated. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. Password does not meet password strength requirements. Please try again. An error occurred while processing your request. Please try again later.
  • Must be at least 9 characters long
  • Must have at least one capital letter
  • Must have a number
  • Must have a special character
  • Cannot contain any characters that repeat more than twice
  • New passwords fields must match

An error occurred while processing your request. Please try again later.

An error occurred while processing your request. Please try again later.

Password successfully reset.

Two-step verification

In order to change your phone number, we need to verify your identity. We’ll send an authorization code to your email on file

An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. Invalid login Your account has been temporarily locked because of too many failed login attempts. Please try again later. The code entered has expired. Please request a new code to continue. The code entered is not valid. Please request a new code to continue. Email address format is not valid. Your account has not been verified. Please check your email for instructions on how to verify your credentials. Your account has been disabled. An error occurred while processing your request. Please try again later. Invalid login This account has reached its limit for daily password resets. Please try again in 24 hours. Password does not meet password strength requirements. Please try again. That password was recently used. Please enter a new one. Password is not strong enough. Password cannot contain any forbidden words. Password is a commonly used password. Password cannot contain common words. Password cannot contain repeating characters. Password cannot contain sequence of characters. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. The account information you provided does not match our records. This account is not authorized to perform the request you've initiated. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. Password does not meet password strength requirements. Please try again. An error occurred while processing your request. Please try again later.

Please enter you new phone number

Invalid number
Invalid country code
Number is too short
Number is too long
Invalid number
Invalid number
An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. Invalid login Your account has been temporarily locked because of too many failed login attempts. Please try again later. The code entered has expired. Please request a new code to continue. The code entered is not valid. Please request a new code to continue. Email address format is not valid. Your account has not been verified. Please check your email for instructions on how to verify your credentials. Your account has been disabled. An error occurred while processing your request. Please try again later. Invalid login This account has reached its limit for daily password resets. Please try again in 24 hours. Password does not meet password strength requirements. Please try again. That password was recently used. Please enter a new one. Password is not strong enough. Password cannot contain any forbidden words. Password is a commonly used password. Password cannot contain common words. Password cannot contain repeating characters. Password cannot contain sequence of characters. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. The account information you provided does not match our records. This account is not authorized to perform the request you've initiated. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. Password does not meet password strength requirements. Please try again. An error occurred while processing your request. Please try again later. An error occurred while registering your account. Please try again.

Your account phone number has been changed successfully

Invalid login

Enter your password to login.

Invalid login
Invalid login
An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. Invalid login Your account has been temporarily locked because of too many failed login attempts. Please try again later. The code entered has expired. Please request a new code to continue. The code entered is not valid. Please request a new code to continue. Email address format is not valid. Your account has not been verified. Please check your email for instructions on how to verify your credentials. Your account has been disabled. An error occurred while processing your request. Please try again later. Invalid login This account has reached its limit for daily password resets. Please try again in 24 hours. Password does not meet password strength requirements. Please try again. That password was recently used. Please enter a new one. Password is not strong enough. Password cannot contain any forbidden words. Password is a commonly used password. Password cannot contain common words. Password cannot contain repeating characters. Password cannot contain sequence of characters. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. The account information you provided does not match our records. This account is not authorized to perform the request you've initiated. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. Password does not meet password strength requirements. Please try again. An error occurred while processing your request. Please try again later.
Forgot password?

Two-step verification

To verify your identity, we need to send an authorization code to the email address on file.

An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. Invalid login Your account has been temporarily locked because of too many failed login attempts. Please try again later. The code entered has expired. Please request a new code to continue. The code entered is not valid. Please request a new code to continue. Email address format is not valid. Your account has not been verified. Please check your email for instructions on how to verify your credentials. Your account has been disabled. An error occurred while processing your request. Please try again later. Invalid login This account has reached its limit for daily password resets. Please try again in 24 hours. Password does not meet password strength requirements. Please try again. That password was recently used. Please enter a new one. Password is not strong enough. Password cannot contain any forbidden words. Password is a commonly used password. Password cannot contain common words. Password cannot contain repeating characters. Password cannot contain sequence of characters. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. The account information you provided does not match our records. This account is not authorized to perform the request you've initiated. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. Password does not meet password strength requirements. Please try again. An error occurred while processing your request. Please try again later.

Two-step verification

Enter the 6-digit code sent to your email

An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. Invalid login Your account has been temporarily locked because of too many failed login attempts. Please try again later. The code entered has expired. Please request a new code to continue. The code entered is not valid. Please request a new code to continue. Email address format is not valid. Your account has not been verified. Please check your email for instructions on how to verify your credentials. Your account has been disabled. An error occurred while processing your request. Please try again later. Invalid login This account has reached its limit for daily password resets. Please try again in 24 hours. Password does not meet password strength requirements. Please try again. That password was recently used. Please enter a new one. Password is not strong enough. Password cannot contain any forbidden words. Password is a commonly used password. Password cannot contain common words. Password cannot contain repeating characters. Password cannot contain sequence of characters. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. The account information you provided does not match our records. This account is not authorized to perform the request you've initiated. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. Password does not meet password strength requirements. Please try again. An error occurred while processing your request. Please try again later.
Resend the email

Confirmed.
Welcome back.

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An error occurred while processing your request. Please try again later.

Please enter a valid phone number.

We need a phone number to keep your account secure. We'll send you a code to validate your phone number right now.

Invalid number
Invalid country code
Number is too short
Number is too long
Invalid number
Invalid number

Forgot your password?

Please enter the email address you used when registering.

Invalid login
An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. Invalid login Your account has been temporarily locked because of too many failed login attempts. Please try again later. The code entered has expired. Please request a new code to continue. The code entered is not valid. Please request a new code to continue. Email address format is not valid. Your account has not been verified. Please check your email for instructions on how to verify your credentials. Your account has been disabled. An error occurred while processing your request. Please try again later. Invalid login This account has reached its limit for daily password resets. Please try again in 24 hours. Password does not meet password strength requirements. Please try again. That password was recently used. Please enter a new one. Password is not strong enough. Password cannot contain any forbidden words. Password is a commonly used password. Password cannot contain common words. Password cannot contain repeating characters. Password cannot contain sequence of characters. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. The account information you provided does not match our records. This account is not authorized to perform the request you've initiated. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. Password does not meet password strength requirements. Please try again. An error occurred while processing your request. Please try again later. An error occurred while validating your email address. Please try again.

Email sent

Please check your email for password reset instructions.

An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. Invalid login Your account has been temporarily locked because of too many failed login attempts. Please try again later. The code entered has expired. Please request a new code to continue. The code entered is not valid. Please request a new code to continue. Email address format is not valid. Your account has not been verified. Please check your email for instructions on how to verify your credentials. Your account has been disabled. An error occurred while processing your request. Please try again later. Invalid login This account has reached its limit for daily password resets. Please try again in 24 hours. Password does not meet password strength requirements. Please try again. That password was recently used. Please enter a new one. Password is not strong enough. Password cannot contain any forbidden words. Password is a commonly used password. Password cannot contain common words. Password cannot contain repeating characters. Password cannot contain sequence of characters. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. The account information you provided does not match our records. This account is not authorized to perform the request you've initiated. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. Password does not meet password strength requirements. Please try again. An error occurred while processing your request. Please try again later.

An error occurred while processing your request. Please try again later.

An error occurred while processing your request. Please try again later.

Two-step verification

In order to change your password, we need to verify your identity. We have sent an authorization code to the email address on file.

An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. Invalid login Your account has been temporarily locked because of too many failed login attempts. Please try again later. The code entered has expired. Please request a new code to continue. The code entered is not valid. Please request a new code to continue. Email address format is not valid. Your account has not been verified. Please check your email for instructions on how to verify your credentials. Your account has been disabled. An error occurred while processing your request. Please try again later. Invalid login This account has reached its limit for daily password resets. Please try again in 24 hours. Password does not meet password strength requirements. Please try again. That password was recently used. Please enter a new one. Password is not strong enough. Password cannot contain any forbidden words. Password is a commonly used password. Password cannot contain common words. Password cannot contain repeating characters. Password cannot contain sequence of characters. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. The account information you provided does not match our records. This account is not authorized to perform the request you've initiated. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. Password does not meet password strength requirements. Please try again. An error occurred while processing your request. Please try again later.

Two-step verification

Enter the 6-digit code sent to your email

An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. Invalid login Your account has been temporarily locked because of too many failed login attempts. Please try again later. The code entered has expired. Please request a new code to continue. The code entered is not valid. Please request a new code to continue. Email address format is not valid. Your account has not been verified. Please check your email for instructions on how to verify your credentials. Your account has been disabled. An error occurred while processing your request. Please try again later. Invalid login This account has reached its limit for daily password resets. Please try again in 24 hours. Password does not meet password strength requirements. Please try again. That password was recently used. Please enter a new one. Password is not strong enough. Password cannot contain any forbidden words. Password is a commonly used password. Password cannot contain common words. Password cannot contain repeating characters. Password cannot contain sequence of characters. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. The account information you provided does not match our records. This account is not authorized to perform the request you've initiated. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. Password does not meet password strength requirements. Please try again. An error occurred while processing your request. Please try again later.

Please create a new password

An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. Invalid login Your account has been temporarily locked because of too many failed login attempts. Please try again later. The code entered has expired. Please request a new code to continue. The code entered is not valid. Please request a new code to continue. Email address format is not valid. Your account has not been verified. Please check your email for instructions on how to verify your credentials. Your account has been disabled. An error occurred while processing your request. Please try again later. Invalid login This account has reached its limit for daily password resets. Please try again in 24 hours. Password does not meet password strength requirements. Please try again. That password was recently used. Please enter a new one. Password is not strong enough. Password cannot contain any forbidden words. Password is a commonly used password. Password cannot contain common words. Password cannot contain repeating characters. Password cannot contain sequence of characters. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. The account information you provided does not match our records. This account is not authorized to perform the request you've initiated. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. Password does not meet password strength requirements. Please try again. An error occurred while processing your request. Please try again later.
  • Must be at least 9 characters long
  • Must have at least one capital letter
  • Must have a number
  • Must have a special character
  • Cannot contain any characters that repeat more than twice
  • New passwords fields must match

An error occurred while processing your request. Please try again later.

An error occurred while processing your request. Please try again later.

Password successfully reset.

Two-step verification

In order to change your phone number, we need to verify your identity. We’ll send an authorization code to your email on file

An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. Invalid login Your account has been temporarily locked because of too many failed login attempts. Please try again later. The code entered has expired. Please request a new code to continue. The code entered is not valid. Please request a new code to continue. Email address format is not valid. Your account has not been verified. Please check your email for instructions on how to verify your credentials. Your account has been disabled. An error occurred while processing your request. Please try again later. Invalid login This account has reached its limit for daily password resets. Please try again in 24 hours. Password does not meet password strength requirements. Please try again. That password was recently used. Please enter a new one. Password is not strong enough. Password cannot contain any forbidden words. Password is a commonly used password. Password cannot contain common words. Password cannot contain repeating characters. Password cannot contain sequence of characters. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. The account information you provided does not match our records. This account is not authorized to perform the request you've initiated. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. Password does not meet password strength requirements. Please try again. An error occurred while processing your request. Please try again later.

Please enter you new phone number

Invalid number
Invalid country code
Number is too short
Number is too long
Invalid number
Invalid number
An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. Invalid login Your account has been temporarily locked because of too many failed login attempts. Please try again later. The code entered has expired. Please request a new code to continue. The code entered is not valid. Please request a new code to continue. Email address format is not valid. Your account has not been verified. Please check your email for instructions on how to verify your credentials. Your account has been disabled. An error occurred while processing your request. Please try again later. Invalid login This account has reached its limit for daily password resets. Please try again in 24 hours. Password does not meet password strength requirements. Please try again. That password was recently used. Please enter a new one. Password is not strong enough. Password cannot contain any forbidden words. Password is a commonly used password. Password cannot contain common words. Password cannot contain repeating characters. Password cannot contain sequence of characters. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. The account information you provided does not match our records. This account is not authorized to perform the request you've initiated. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. Password does not meet password strength requirements. Please try again. An error occurred while processing your request. Please try again later. An error occurred while registering your account. Please try again.

Your account phone number has been changed successfully

Enter your email address

Invalid login
An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. Invalid login Your account has been temporarily locked because of too many failed login attempts. Please try again later. The code entered has expired. Please request a new code to continue. The code entered is not valid. Please request a new code to continue. Email address format is not valid. Your account has not been verified. Please check your email for instructions on how to verify your credentials. Your account has been disabled. An error occurred while processing your request. Please try again later. Invalid login This account has reached its limit for daily password resets. Please try again in 24 hours. Password does not meet password strength requirements. Please try again. That password was recently used. Please enter a new one. Password is not strong enough. Password cannot contain any forbidden words. Password is a commonly used password. Password cannot contain common words. Password cannot contain repeating characters. Password cannot contain sequence of characters. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. The account information you provided does not match our records. This account is not authorized to perform the request you've initiated. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. Password does not meet password strength requirements. Please try again. An error occurred while processing your request. Please try again later. An error occurred while validating your email address. Please try again.
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Role is required
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Invalid country code
Number is too short
Number is too long
Invalid number
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Passwords do not match
An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. Invalid login Your account has been temporarily locked because of too many failed login attempts. Please try again later. The code entered has expired. Please request a new code to continue. The code entered is not valid. Please request a new code to continue. Email address format is not valid. Your account has not been verified. Please check your email for instructions on how to verify your credentials. Your account has been disabled. An error occurred while processing your request. Please try again later. Invalid login This account has reached its limit for daily password resets. Please try again in 24 hours. Password does not meet password strength requirements. Please try again. That password was recently used. Please enter a new one. Password is not strong enough. Password cannot contain any forbidden words. Password is a commonly used password. Password cannot contain common words. Password cannot contain repeating characters. Password cannot contain sequence of characters. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. The account information you provided does not match our records. This account is not authorized to perform the request you've initiated. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. An error occurred while processing your request. Please try again later. Password does not meet password strength requirements. Please try again. An error occurred while processing your request. Please try again later. An error occurred while registering your account. Please try again.

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Value and quality are critical for global stocks in today’s high-rate regime

With a new regime of higher interest rates potentially weighing on equity multiples and U.S. technology stocks in particular, the appeal of the value equity style appears to have grown. Explore a market segment that’s been underappreciated in recent years: global value stocks with quality characteristics offering the potential to enhance portfolio performance going forward.

Paul G. Boyne

Paul G. Boyne, 

Senior Portfolio Manager

Manulife Investment Management

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How did global equities get here?

I believe that the global economy and equity market are at an inflection point, as the surge in inflation and resulting speed of the increase in interest rates since early 2022 suggest a transition out of the era of low and generally declining rates that stretches back to the 1980s. In March 2022, the U.S. Federal Reserve (Fed) began a rapid process that’s lifted the federal funds rate from a near-zero level to the current target range of 5.25% to 5.50%—a level reached when the Fed approved its most recent increase on July 26, 2023. And while U.S. inflation has eased from its roughly 9% peak level of mid-2022, it hasn’t yet sunk below a 3% annual rate, and I’m skeptical that it will descend over the long term to the Fed’s 2% long-run target—a goal that many other central banks also embrace.

During this policy transition of the past year and a half, equity markets have undergone changes that I believe are likely to endure. Elevated multiples that were fueled largely by central banks’ rate cuts and other accommodative monetary policies may begin to erode, most likely in a small group of large-cap U.S. technology stocks that drove a huge share of market gains through the first half of 2023. In fixed income, there’s recently been a sharp decline in bond prices (which move in the opposite direction of bond yields). Some U.S. indicators showed only a relatively modest cooldown of the economy, suggesting that a recession wasn’t necessarily imminent. That revised outlook increased the likelihood that the Fed wouldn’t abandon its policy of elevated rates anytime soon—for fear that a swift reversion back to rate-cutting mode could reignite inflation—providing a catalyst that pushed yields higher.

The current situation poses global challenges for monetary and fiscal policymakers alike: With sovereign debt burdens at currently high levels in the wake of the pandemic, can interest rates be kept high enough to blunt inflationary pressures without bankrupting governments by increasing costs to service their own debts? 

Implications for equity investing in a high-rate environment: lower multiples and a structural value market

While it appears that the Fed has recently embraced a higher-for-longer approach to rates, any significant setback for the U.S. economy could lead to an abandonment of tighter monetary policy and a reversion to easing and stimulus measures to get growth back on track. Whether or not that scenario plays out, the likely outcome is that recessions and inflation will continue to be related concerns. In my view, inflation and an elevated rate regime are likely to persist, and stocks are likely to be priced at structurally lower multiples going forward, especially among some notable technology stocks that I believe reached excessively high valuations a few months ago. Over the medium term, I expect that markets will shift to an environment that’s more supportive of the value equity style—those stocks that trade at multiples that are low relative to their earnings or returns on capital—than of growth stocks with higher relative prices.

An edge for value equities in high-rate environments

My belief that value equities currently offer relatively attractive opportunities is rooted partly in my expectation that higher rates will endure, contributing to a slow grind-down in multiples and placing higher-priced growth equities at greater risk of underperformance. Indeed, historical results dating to the early 1990s have shown a performance advantage for value over growth during periods in which rates have risen or remained elevated. 

A strong correlation—value typically outperformed when rates rose or stayed high

Relative performance of the MSCI World Value Index less the MSCI World Growth Index and U.S. 10-year Treasury bond yields, 1/1/1993−12/31/2022 

This chart shows the relative performance of the MSCI World Value Index less the MSCI World Growth Index and U.S. 10-year Treasury bond yields from January 1993 to December 2022. The chart shows  that the value equity style typically outperformed the growth style when interest rates rose or stayed high, as reflected by 10-year U.S. Treasury bond yields. This chart shows the relative performance of the MSCI World Value Index less the MSCI World Growth Index and U.S. 10-year Treasury bond yields from January 1993 to December 2022. The chart shows  that the value equity style typically outperformed the growth style when interest rates rose or stayed high, as reflected by 10-year U.S. Treasury bond yields.

Source: Bloomberg, September 2023. Performance of value versus growth is represented by 3-year rolling annualized returns of the MSCI World Value Index minus those of the MSCI World Growth Index. Returns are U.S. dollar denominated. The MSCI World Value Index tracks the performance of large- and mid-cap securities exhibiting overall value-style characteristics across developed-market countries using book value to price, 12-month forward earnings to price, and dividend yield. The MSCI World Growth Index tracks the performance of large- and mid-cap stocks exhibiting overall growth style characteristics across developed-market countries. It is not possible to invest directly in an index. Past performance does not guarantee future results.

Furthermore, across global equities, growth stocks’ price-to-earnings (P/E) multiples have expanded since 2009, while the value style’s P/E multiples have remained relatively stable, potentially leaving the growth style more vulnerable to multiple compression. 

The growth style's elevated valuations could be vulnerable to multiple compression 

Relative forward price-to-earnings (P/E) ratio of the MSCI ACWI Large Cap Value Index vs. the MSCI ACWI Large Cap Growth Index, 7/1/1994−6/30/2023 

This chart shows the relative forward price-to-earnings ratio of the MSCI ACWI Large Cap Value Index versus the MSCI ACWI Large Cap Growth Index from July 1994 through June 2023. The value style's P/E multiples have remained relatively stable, while the growth style/s multiples became elevated during the periods 1998 to 2000 and 2020 to 2023. This chart shows the relative forward price-to-earnings ratio of the MSCI ACWI Large Cap Value Index versus the MSCI ACWI Large Cap Growth Index from July 1994 through June 2023. The value style's P/E multiples have remained relatively stable, while the growth style/s multiples became elevated during the periods 1998 to 2000 and 2020 to 2023.

Source: FactSet, September 2023. The MSCI All Country World (ACWI) Large Cap Value Index tracks the performance of large-cap value stocks in developed and emerging markets. The MSCI All Country World (ACWI) Large Cap Growth Index tracks the performance of large-cap growth stocks in developed and emerging markets. It is not possible to invest directly in an index. The forward price-to-earnings (P/E) ratio is a stock valuation measure comparing the current share price of a stock with the underlying company’s estimated earnings per share over the next 12 months. Past performance does not guarantee future results.

In addition, the gap separating global growth stocks’ valuations from those of the value style has widened to the largest amount since 2000. This suggests to me the strong potential for a reversion to an extended period of value stock outperformance.

The value style's relative valuations have recently been at their most attractive levels in two decades 

MSCI ACWI Large Cap Value Index forward price-to-earnings (P/E) ratio relative to the MSCI ACWI Large Cap Growth Index, 7/1/1994−6/30/2023 

This chart shows the MSCI ACWI Large Cap Value Index forward price-to-earnings ratio relative to the MSCI ACWI Large Cap Growth Index from July 1, 1994 to June 30, 2023. The value style's relative valuations have recently been at their most attractive levels in two decades, dating to around 2000. This chart shows the MSCI ACWI Large Cap Value Index forward price-to-earnings ratio relative to the MSCI ACWI Large Cap Growth Index from July 1, 1994 to June 30, 2023. The value style's relative valuations have recently been at their most attractive levels in two decades, dating to around 2000.

Source: FactSet, September 2023. The MSCI All Country World (ACWI) Large Cap Value Index tracks the performance of large-cap value stocks in developed and emerging markets. The MSCI All Country World (ACWI) Large Cap Growth Index tracks the performance of large-cap growth stocks in developed and emerging markets. It is not possible to invest directly in an index. The forward price-to-earnings (P/E) ratio is a stock valuation measure comparing the current share price of a stock with the underlying company’s estimated earnings per share over the next 12 months. Past performance does not guarantee future results.

Global investing: opportunities in non-U.S. stocks

In addition to seeing more attractive prospects in the value equity style relative to growth, I currently see greater potential in ex-U.S. stocks generally than in U.S. equities. U.S. stocks’ P/E multiples have expanded since 2009—particularly during the market recovery that followed the initial 2020 stage of the pandemic—while ex-U.S. developed markets have seen relatively little change, as measured by the MSCI EAFE Index.  

Valuations of U.S. equities have become less attractive since 2009 relative to ex-U.S. developed-market equities

Relative forward price-to-earnings (P/E) ratio of the MSCI EAFE Index versus the MSCI USA Index, 7/1/03−6/30/23 

This chart shows the relative forward price-to-earnings ratio of the MSCI EAFE Index versus the MSCI USA Index from July 2003 to June 2023. The data show that  valuations of U.S. equities have become less attractive since 2009 relative to ex-U.S. developed-market equities. This chart shows the relative forward price-to-earnings ratio of the MSCI EAFE Index versus the MSCI USA Index from July 2003 to June 2023. The data show that  valuations of U.S. equities have become less attractive since 2009 relative to ex-U.S. developed-market equities.

Source: FactSet, September 2023. The MSCI Europe, Australasia, and Far East (EAFE) Index tracks the performance of large- and mid-cap stocks of companies in those regions. The MSCI USA Index tracks the performance of large- and mid-cap stocks of the U.S. market. It is not possible to invest directly in an index. The forward price-to-earnings (P/E) ratio is a stock valuation measure comparing the current share price of a stock with the underlying company’s estimated earnings per share over the next 12 months. Past performance does not guarantee future results.

In addition, the gap between U.S. stock valuations and those of their lower-priced ex-U.S. developed-market peers has widened to the largest amount in two decades, making ex-U.S. markets more attractively priced, in my view. 

Ex-U.S. developed-market equity valuations have recently fallen to historically attractive levels

Ex-U.S. developed-market equity valuations have recently fallen to historically attractive levels MSCI EAFE Index forward price-to-earnings (P/E) ratio relative to the MSCI ACWI Large Cap Growth Index, 7/1/03−6/30/23 

This chart shows the MSCI EAFE Index forward price-to-earnings ratio relative to the MSCI ACWI Large Cap Growth Index from July 2003 to June 2023. Ex-U.S. developed-market equiy valuations have recently fallen to historically attractive levels. This chart shows the MSCI EAFE Index forward price-to-earnings ratio relative to the MSCI ACWI Large Cap Growth Index from July 2003 to June 2023. Ex-U.S. developed-market equiy valuations have recently fallen to historically attractive levels.

Source: FactSet, September 2023. The MSCI Europe, Australasia, and Far East (EAFE) Index tracks the performance of large- and mid-cap stocks of companies in those regions. The MSCI USA Index tracks the performance of large- and mid-cap stocks of the U.S. market. It is not possible to invest directly in an index. The forward price-to-earnings (P/E) ratio is a stock valuation measure comparing the current share price of a stock with the underlying company’s estimated earnings per share over the next 12 months. Past performance does not guarantee future results.

While both Europe and Japan have many well-recognized economic problems—many of them similar to those in the United States—I generally view them more favorably than U.S. equities because of equity style differences. Europe and Japan have traditionally been home to a larger proportion of value stocks than the more growth-oriented U.S. market. This difference that has become more pronounced in recent years owing to the outperformance of many of the largest U.S. tech companies, resulting in increased U.S. index exposure to the growth style. Given the currently more attractive valuations that I see for the value style, Europe and Japan appear to offer more fertile environments than the United States for bottom-up equity investing on the whole.

A new era underscores the importance of price-conscious quality and a global opportunity set

As an equity investor, I emphasize a long-term orientation and a focus on fundamentals, quality characteristics, and valuation as a foundation to seek strong risk-adjusted performance and downside market protection. Given the market risks I currently see amid slow economic growth and high rates, some measure of elevated volatility is likely, with periodic sell-offs. In such an environment, I believe that high-quality companies possess strengths that enable them to distinguish themselves from their peers and offer a potential margin of relative safety for investors. I define a quality company as one that can generate a return on capital that exceeds its cost of capital; in other words, it’s a company that can create value, and that value manifests itself in the form of cash flow.

Over the long term, I view investing in quality stocks with an intrinsic valuation focus as a generally solid investment choice—not only for potential capital appreciation but for providing potential capital protection, particularly in down markets. This belief is borne out by the long-term outperformance of the quality factor as measured by the MSCI World Quality Index versus the MSCI World Index broadly.

Global stocks displaying high-quality characteristics have outperformed over the long term

Cumulative returns of the MSCI World Index vs. the MSCI World Quality Index, 1/01/1993−12/31/2022 (%)

This chart shows the cumulative return of the MSCI World Index versus the MSCI World Quality Index from January 1993 through December 2022. The data show that global stocks displaying high-quality characteristics have outperformed over the long term. This chart shows the cumulative return of the MSCI World Index versus the MSCI World Quality Index from January 1993 through December 2022. The data show that global stocks displaying high-quality characteristics have outperformed over the long term.

Source: Bloomberg, September 2023. Returns are U.S. dollar denominated. The MSCI World Index tracks the performance of large- and mid-cap stocks of developed-market countries. The MSCI World Quality Index tracks the performance of large- and mid-cap stocks that display higher-quality characteristics and are from developed-market countries. It is not possible to invest directly in an index. Past performance does not guarantee future results.

However, it’s important to note that quality alone doesn’t offer the potential to protect total returns; rather, paying the right price for that quality can be key to potentially generate strong long-term risk-adjusted returns. That’s why it can be beneficial to invest in a global portfolio that has the flexibility to seek the best valuation opportunities across geographies. That’s why I’m leaning in currently to value equities—especially those from Europe and Japan—with a strong bias toward the quality factor in a market environment that I believe is likely to remain challenging for an extended period.

Investing involves risks, including the potential loss of principal. Financial markets are volatile and can fluctuate significantly in response to company, industry, political, regulatory, market, or economic developments. The information provided does not take into account the suitability, investment objectives, financial situation, or particular needs of any specific person.

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Paul G. Boyne

Paul G. Boyne, 

Senior Portfolio Manager

Manulife Investment Management

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