Morgan Stanley mener, at de mindre og mellemstore virksomheder rummer større investeringsmuligheder end de store virksomheder under det kommende opsving.
Uddrag fra Morgan Stanley:
Over the weekend, many states began to roll out their reopening plans. Even New York, the epicenter of the crisis in the U.S., suggested it may allow construction and manufacturing sectors to get back to work as early as May 15th. Whether this reopening proves to be premature remains to be seen.
What this means for your portfolio is that “stay at home winners” may no longer be the place to be. Instead, “back to work beneficiaries” may be more underappreciated at this point. I would suggest looking at consumer discretionary and other early cycle stocks that benefit the most from an economic recovery.
More specifically, consider areas levered to housing-related, restaurants, branded apparel, banks, and materials and industrial stocks that will benefit from greater infrastructure spending we expect going forward.
Finally, small and mid-sized company stocks tend to do better than larger ones as a new expansion begins. The good news in this regard is that earnings expectations have come down more for these out-of-favor areas. As we go through what is likely to be a very disappointing first quarter earnings season for most companies there is less room for disappointment in such areas. Indeed, that is what we are seeing so far with some of the biggest earnings misses leading to positive stock reactions.
The bottom line, I remain bullish on the recovery from what will be the steepest recession on record. I continue to recommend you buy dips and focus on the past cycle’s underperformers for outsized performance going forward.
