J.P. Morgan Asset Management - The Weekly Brief

16.09.2020 09:49 - JPMorgan Asset Management (Switzerland) LLC

J.P. Morgan Asset Management - The Weekly Brief

US-Wachstumsaktien sind seit Jahresbeginn die eindeutigen Outperformer. US-Substanztitel und andere wichtige Aktienmarktindizes, die weniger Wachstums- und Technologiewerte enthalten, verzeichneten schwächere Gewinne, die dem Profil der wirtschaftlichen Erholung eher entsprechen. Es gibt zwei Hauptgründe für diese Divergenz. Erstens werden Wachstumsaktien voraussichtlich einen grösseren Teil ihrer Gewinne später erwirtschaften und dürften deshalb stärker profitieren, wenn diese Gewinne zu niedrigeren Sätzen diskontiert werden. Zweitens profitieren die Gewinne vieler Wachstumsunternehmen von der Corona-Krise, da sie die stärkere Online-Ausrichtung unserer derzeitigen Lebensweise ermöglichen. Ein Impfstoff könnte jedoch zu einer Verlagerung der relativen Performance führen. Da die Frage, ob ein erfolgreicher Impfstoff entwickelt wird oder nicht, dualer Natur ist, halten wir es für sinnvoll, innerhalb der Portfolios einen ausgewogenen Ansatz zu verfolgen.

JPMAM_The Weekly Brief_14.09.2020.pdf

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