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December 2020 / VIDEO

What COVID-19 Vaccines Could Mean for Markets

Key Insights

  • The recent news on vaccines was a significant positive surprise for markets that was not yet priced in. 
  • As asset allocators, we no longer just start our discussions with: Are we risk-on or risk-off? Now we add a second question: COVID-on or COVID-off?
  • In COVID-on, growth stocks, large-caps, and the U.S. could continue to drive markets. In COVID-off, we could see a fast rotation toward small-caps, value stocks, and credit.

 

 

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