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By Guy DAVIES, Chief Investment Officer – Equities and Convertibles, BNP Paribas Asset Management
Thematic strategies have had a challenging time in 2022, with many factors combining to unsettle markets. Higher inflation, greater geopolitical risks, and uncertainty about the economic outlook have affected the valuations of many companies we believe will benefit from key long-term trends. In our view, their prospects are undiminished. The near-term macroeconomic outlook presents challenges. Europe has already entered recession and the US will likely have its own version of a downturn in the second half of 2023. While growth in China should be positive, it will be historically low.
The market performance of risk assets will likely reflect these...
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