As the global economy emerges from the pandemic, we have identified ten investment themes that could develop in the wake of this very unusual chapter of history

In recent years equity markets have been dominated by the strong performance of a narrow group of popular mega-cap stocks in both the US and emerging Asia. While this provided a favourable backdrop for growth-focused stock-pickers, the other side of this extremely narrow market was the ongoing neglect of a much longer list of out-of-favour stocks.

As 2020 progressed, it became increasingly apparent that the very wide dispersion in performance between the winners and losers was stretched to an unjustified level. The arrival of successful vaccines in November was the catalyst behind a rotation that is, in our view, still very much in its early stages.

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