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Weekly Manager Views: Equities

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13 November 2020

At GAM Investments’ latest Equities Meeting, held on 10 November, Mark Hawtin and Ali Miremadi shared their thoughts on equity markets following encouraging Covid-19 vaccine news.

Mark Hawtin – Technology Equities

We recently warned that a structural bias towards ‘work from home’ names could be dangerous. This proved to be the case on 9 November when the vaccine news broke. For some investors, the sharp one day moves would have felt like a significant black swan event in terms of price action and could prompt them to start reviewing structural positioning. As we have previously stated, we believe it is important to look beyond Covid-19 for opportunities in recovery names. In the long term, we see significant opportunities across healthcare, transportation and industrials, boosted by 5G, AI and the Internet of Things or, as we describe it, ‘Digital 4.0’, the fourth generation digital revolution.

Ali Miremadi – Global Equities

Vaccine news is clearly more important to markets than the US elections, as we witnessed this week. If a vaccine is indeed effective, as data and reports indicate, and economic activity returns robustly, markets will begin to question the point at which monetary authorities may cease with extraordinary policy. In our view, this is the big question going forward and is far more significant than the US election results – although important US Senate contests in Georgia, set to be decided January, will no doubt be closely monitored.


Important legal information
The information in this document is given for information purposes only and does not qualify as investment advice. Opinions and assessments contained in this document may change and reflect the point of view of GAM in the current economic environment. No liability shall be accepted for the accuracy and completeness of the information. Past performance is no indicator for the current or future development. The companies listed were selected from the universe of companies covered by the portfolio managers to assist the reader in better understanding the themes presented. The companies included are not necessarily held by any portfolio or represent any recommendations by the portfolio managers. The mentioned financial instruments are provided for illustrative purposes only and shall not be considered as a direct offering, investment recommendation or investment advice.