Equity themes for 2024
Capital
Allocation
Artificial
Intelligence
Obesity
Medicine
Opportunities linked to a robust capex outlook (thanks to recent underinvestment, fiscal stimulus and automation spend) and M&A.
Favour structural themes (e.g. precision agriculture, electrification supplies).
Opportunities linked to capex initiated by Next Generation European funds and factory automation. Buybacks are rising. Prefer exposure to high total return stocks, particularly among the Oil & Gas and Financial sectors.
Nearshoring offers opportunities to protect supply chains, increase employment and boost domestic demand. Favour economies close to major markets (e.g. Vietnam, Morocco, Mexico and Turkey).
US
EU
EM
EMERGING MARKETS
Opportunities in infrastructure, software and services that use generative AI for automation and transformation. Prefer AI deployers (e.g. fintech, consumer and healthcare firms) with potential upside.
Benefit of AI earnings for European semi-conductor names has been limited so far. Favour IT service companies (such as Consultants) who are well-positioned to assist with AI preparatory work on data/IT infrastructure.
Opportunities in South Korea (i.e. dominance in memory boosts its lead in chips) and Taiwan (i.e. foundries will gain from chip demand).
EM-domiciled firms invested in the US can benefit from the IRA.
US
EU
EM
EMERGING MARKETS
Opportunities in GLP-1 medicines that are approved for diabetes but aid weight loss in treating obesity. Favour GLP-1 losers with attractive valuations while remain cautious on leaders with growth priced in.
Opportunity in a certain large European pharmaceutical company involved in GLP-1 medicines but has already seen strong performance.
NA
US
EU
EM
EMERGING MARKETS
Click on the themes to find out more about them
US
EU
EM
EMERGING MARKETS
US
EU
EM
EMERGING MARKETS
Equity themes for 2024
Capital
Allocation
Artificial
Intelligence
Obesity
Medicine
Opportunities linked to a robust capex outlook (thanks to recent underinvestment, fiscal stimulus and automation spend) and M&A.
Favour structural themes (e.g. precision agriculture, electrification supplies).
Opportunities linked to capex initiated by Next Generation European funds and factory automation. Buybacks are rising. Prefer exposure to high total return stocks, particularly among the Oil & Gas and Financial sectors.
Nearshoring offers opportunities to protect supply chains, increase employment and boost domestic demand. Favour economies close to major markets (e.g. Vietnam, Morocco, Mexico and Turkey).
US
EU
EM
EMERGING MARKETS
Opportunities in infrastructure, software and services that use generative AI for automation and transformation. Prefer AI deployers (e.g. fintech, consumer and healthcare firms) with potential upside.
Benefit of AI earnings for European semi-conductor names has been limited so far. Favour IT service companies (such as Consultants) who are well-positioned to assist with AI preparatory work on data/IT infrastructure.
Opportunities in South Korea (i.e. dominance in memory boosts its lead in chips) and Taiwan (i.e. foundries will gain from chip demand).
EM-domiciled firms invested in the US can benefit from the IRA.
US
EU
EM
EMERGING MARKETS
Opportunities in GLP-1 medicines that are approved for diabetes but aid weight loss in treating obesity. Favour GLP-1 losers with attractive valuations while remain cautious on leaders with growth priced in.
Opportunity in a certain large European pharmaceutical company involved in GLP-1 medicines but has already seen strong performance.
NA
US
EU
EM
EMERGING MARKETS
Click on the themes to find out more about them
Opportunities in infrastructure, software and services that use generative AI for automation and transformation. Prefer AI deployers (e.g. fintech, consumer and healthcare firms) with potential upside.
Benefit of AI earnings for European semi-conductor names has been limited so far. Favour IT service companies (such as Consultants) who are well-positioned to assist with AI preparatory work on data/IT infrastructure.
Opportunities in South Korea (i.e. dominance in memory boosts its lead in chips) and Taiwan (i.e. foundries will gain from chip demand).
EM-domiciled firms invested in the US can benefit from the IRA.
Equity themes for 2024
Capital
Allocation
Artificial
Intelligence
Obesity
Medicine
Opportunities linked to a robust capex outlook (thanks to recent underinvestment, fiscal stimulus and automation spend) and M&A.
Favour structural themes (e.g. precision agriculture, electrification supplies).
Opportunities linked to capex initiated by Next Generation European funds and factory automation. Buybacks are rising. Prefer exposure to high total return stocks, particularly among the Oil & Gas and Financial sectors.
Nearshoring offers opportunities to protect supply chains, increase employment and boost domestic demand. Favour economies close to major markets (e.g. Vietnam, Morocco, Mexico and Turkey).
US
EU
EM
EMERGING MARKETS
Opportunities in infrastructure, software and services that use generative AI for automation and transformation. Prefer AI deployers (e.g. fintech, consumer and healthcare firms) with potential upside.
Benefit of AI earnings for European semi-conductor names has been limited so far. Favour IT service companies (such as Consultants) who are well-positioned to assist with AI preparatory work on data/IT infrastructure.
Opportunities in South Korea (i.e. dominance in memory boosts its lead in chips) and Taiwan (i.e. foundries will gain from chip demand).
EM-domiciled firms invested in the US can benefit from the IRA.
US
EU
EM
EMERGING MARKETS
Opportunities in GLP-1 medicines that are approved for diabetes but aid weight loss in treating obesity. Favour GLP-1 losers with attractive valuations while remain cautious on leaders with growth priced in.
Opportunity in a certain large European pharmaceutical company involved in GLP-1 medicines but has already seen strong performance.
NA
US
EU
EM
EMERGING MARKETS
Click on the themes to find out more about them