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By Stephen ANNESS, Head of Global Equities, Invesco
When most people consider utilities, they think of electricity, water and telecoms. These are necessities and are therefore the last costs we cut when times are hard. Consequently, providers often have the power to raise prices in line with inflation, which should help their share prices in times like these. These utility-like qualities can also be found in other sectors – some of them perhaps surprising.
Take technology. Microsoft Office is so deeply embedded in workflows worldwide that replacing it with a new system would be an enormous task for any Chief Technology Officer. Consider how many companies relied on Microsoft’s video-conferencing software, Teams, to continue working during the...
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