Goldman Sachs har analyseret value-aktier i forhold til vækst-aktier de seneste ti år og har set det i relation til renteændringer. Banken konkluderer, at stærk økonomisk vækst og stigende renter altid styrker value-aktier. Det er den situation, vi er i nu, og det gavner value på kort sigt. Men på længere sigt bør der være en balance mellem investeringer i value og vækst, mener Goldman Sachs.
Positioning for Rising Rates
Strong GDP growth and rising rates have historically led to favorable performance for value stocks. Data indicates that periods of growth underperformance relative to value (by 20-30%) have often corresponded with higher interest rates. Prospects of additional infrastructure spending and tax rate hikes may also bode well for value in the near-term. Over long-term horizons, we continue to advocate for a balance of value and growth.
Source: GS GIR. Past performance doesn’t guarantee future results which may vary.
