Value-aktierne har været hårdt ramt under den økonomiske nedtur som følge af coronakrisen. Men Goldman Sachs mener, at de undervurderde value-aktier kan få et opsving i takt med, at corona-vacciner genskaber den økonomiske vækst. Vaccinerne giver så at sige en taktisk chance for at skabe værdi i et strategisk vækstmiljø.
Value in a Vaccine
Value stocks have been particularly sensitive to vaccine expectations, demonstrating a stronger relationship than the S&P 500 Index and pro-cyclical equities like small caps.
In part, this may be because stocks with lower valuations are more likely to have business models most directly harmed by the pandemic.
In our view, prospects of a vaccine present a tactical opportunity for value in a strategic environment for growth.
Source: Good Judgment Inc, GS Global Investment Research. As of Nov. 12, 2020.
