Historisk har vækstaktier kun klaret sig bedst i 41 pct. af tiden, men under coronakrisen er vækstaktier i ekstrem grad kommet til at dominere aktiemarkedet på bekostning af valueaktier. Den udvikling vil fortsætte i lang tid, mener Goldman Sachs, fordi vækstaktierne klarer sig bedst, når væksten i økonomien er lav, når der er lav inflation, og når virksomhedernes indtjening er lav.
When defense is offense.
Growth today is different from growth yesterday.
Recent months of equity performance have shown an unusual dynamic of growth dominance during periods of significant market volatility.
Historically, this has occurred only 41% of the time. In our view, this rotation in outperformance can be explained by the evolving characteristics of growth companies.
They tend to be 1) more defensive because of balance sheet strength and ample liquidity, and 2) more insulated from negative earnings revisions due to less cyclical business models.
We believe the outperformance of growth will likely persist given modest GDP growth, low inflation, and single-digit earnings growth potential.
Source: Bloomberg and GSAM.
