A re-evaluation of investment theses is underway across all asset classes, industry sectors and geographies. Investors must quickly adjust to rapid shifts in the investment landscape’s tectonic plates or risk losing ground. We remain structurally positive on technology stocks thanks to strong levels of innovation. While smartphone growth is fading as a key driver, the evolution of new platforms and apps will drive upgrade cycles for many years. Meanwhile, the digitisation of other industries such as manufacturing, healthcare and agriculture has only just begun. We favour healthcare stocks for their attractive long-term earnings potential, supported by a backdrop of structural demand. Moreover, strong R&D is delivering healthy pipelines of new drugs and therapies, especially in oncology, immunotherapy and virotherapy and there is also the potential for further M&A. Given the prospect of growth-focused fiscal stimulus and deregulation, we are more positive on developed market financials. Here, we reveal our views on the path of investment assets. We also disclose the assets, regions and sectors that we believe offer the most and least attractive returns: (VIEW LINK)
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