J.P. Morgan Asset Management - The Weekly Brief

27.07.2020 10:49 - JPMorgan Asset Management (Switzerland) LLC

J.P. Morgan Asset Management - The Weekly Brief

Die zuletzt positiven Nachrichten über klinische Studien haben die Zuversicht gestärkt, dass in den kommenden Monaten ein Covid-19-Impfstoff verfügbar sein wird. Ein allgemein zugänglicher Impfstoff könnte ganzen Volkswirtschaften auf die Sprünge helfen, denen bislang noch kein vollständiger Neustart gelungen ist. Obwohl die Indexerträge im MSCI World seit Jahresbeginn weitgehend konstant sind, gab es zuletzt eine deutliche Sektorstreuung. Sollte sich die Gewissheit eines Impfstoffes bestätigen, könnte ein erheblicher Gegenwind entfallen, der einige der am stärksten betroffenen Branchen beeinträchtigt. Dadurch könnte der Impuls zur Umschichtung in Sektoren mit Underperformance entstehen, wenn die Anleger von der Rückkehr zur Normalität profitieren möchten. Die Herausforderung für Anleger besteht darin, zwischen Unternehmen mit zyklischem Gegen- oder Rückenwind und den Unternehmen zu unterscheiden, deren Bewertungen strukturelle Trends widerspiegeln.

JPMAM_The Weekly Brief_27.07.2020.pdf

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