Natixis tager de lange briller på og vurderer tiden efter corona, og Natixis er helt sikker på to afgørende tendenser med store vækstmuligheder: Kina og ESG. Natixis er næsten euforisk over mulighederne i Kina, selv om Kinas aktiemarked er det mest umodne og usikre. Men nogle virksomheder får en forrygende udvikling, mener Natixsis, og derfor bliver stock-picking det helt afgørende. Det er ikke Kina som helhed, der bliver et godt investeringsmål. Banken mener også, at ESG-investeringer bliver afgørende i de kommende år, men også hér må investorerne bruge meget tid på at finde de selskaber og sektorer, der er kvalitet i. Generelt synes Natixis at hælde til den opfattelse, at stock-picking bliver mere afgørende end nogensinde i den nye økonomi efter pandemien.
In your view, what are some of the ways the Covid-19 pandemic has changed the global business landscape?
From trade wars to threats of stock exchange delistings, there’s been no shortage of risks and controversies related to US-China relations.
Yet investment opportunities also abound in China. What excites you about this market?
China is a very immature market in many ways, but the business models we’re coming across there are just unbelievable. For example, there are large-scale biologic drug manufacturers helping to enable the growth of the Chinese biotech industry. The industry is in its early lifecycle, but companies are building scale and moving up the value chain.
Jon Tringale: One thing I would add about China in general is we’re not investing in a China index, or China as a country. We’re looking for traditional growth companies that are growing their moats in parts of the market we think have long-term tailwinds. We don’t look to participate in huge legacy telecom companies, big banks, or state-owned entities. We’re picking off select opportunities.
There has been increasing investor interest in ESG and sustainable investing. How do you consider issues of sustainability?
Mike Trigg: Jon’s right. We didn’t wake up one day and decide to conform to ESG standards. Our emphasis on a company’s culture has existed since day one – it just turns out that it’s actually very relevant to an ESG framework. I think we’re much further along than many managers when it comes to the topic of ESG. We look at a company’s materiality as it relates to issues such as gender diversity. When a company can actually practice what they preach, those practices can become a competitive advantage. So, in the same way we think about moat trajectory, we really try to find companies where there’s a positive trajectory around ESG.
Moving forward, how do you think about companies in terms of “Covid winners” and “Covid losers”?