Semiconductors & wood – what becomes interesting after the “value” trend

Frankfurt For a long time, “growth” and “tech” were the most important buzzwords on the capital markets: the low central bank interest rates drove up the prices of shares, which are mainly supported by hopes for growth and future earnings.

Then, with the strong economic recovery after the slump caused by the corona pandemic and at the latest with the change in monetary policy from December, a countermovement set in: growth took a back seat in view of rising yields.

The new catchphrase is “value”: we are looking for stocks with an attractive valuation. Cyclical stocks are also in demand, i.e. those that are particularly benefiting from the recovery.

Now the question arises: What are investors betting on afterwards? “To sustainable growth,” says Geraldine Sundstrom. The Pimco fund manager, which focuses on asset allocation – the splitting of wealth across different asset classes – spearheads the semiconductor, forestry and packaging sectors. “Europe has fascinating companies in most of these sectors,” she says.