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Address Key Risks in 2022 with Energy and Health Care

Amid persistent uncertainty, investors could stand to benefit from diversifying their portfolios. In this paper, we outline how the energy and health care sectors might help investors to grapple with inflation and further COVID challenges.

16 dicembre 2021

Rebecca Chesworth

Equity ETF Strategist

Hélène Veltman, Ph.D.

Senior Strategist / Investment Strategy & Research

Taking advantage of sector characteristics

There are many unknowns about the Omicron variant, but an important side-effect is to remind investors of the need to prepare for changing scenarios. Given the uncertain pace of economic growth and a lack of clarity around interest rate responses next year, it is unlikely that one size will fit all or that investors will be able to call growth versus value (or any other factor dominance) for the whole year. An uncertain environment demands diversification and investors need a good understanding of the exposures in their investment portfolios. One way of achieving diversification is through sectors representing different characteristics. We explore the different aspects of two contrasting sectors in this note, namely health care and energy. Energy, the top performer in 2021, is no longer a sector that can be ignored because of its small size and threat from climate actions to its main revenue stream. The sector has benefited most from this year’s top investor concerns: inflation and rapid economic reopening. Meanwhile, health care has continued its steady path, with relatively low volatility this year (second only to consumer staples in both the US and Europe). Time and again, health care products — from COVID tests, vaccines and potential cure pills, to advances toward curing Alzheimer’s disease — show how important its operations are. A barbell strategy could help investors to take advantage of these differences. Our results show that adding these two sectors to an equity portfolio could increase returns in a high inflation scenario.

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Address Key Risks in 2022 with Energy and Health Care

Taking advantage of sector characteristics

Information Classification: General Access Marketing communication. For professional clients use only.

Information Classification: General Access
Marketing communication.
For professional clients use only.