Global | Defensives offer cheap downside protection
We believe that the Q4 2020 rally has left global equities vulnerable to a correction. Meanwhile, rising coronavirus cases increase downside risks. In this context, traditional defensives offer attractive downside hedges.
What you will learn:
Defensive sectors trade on record low relative valuation multiples
Economic disappointment could drive their outperformance in the near-term
The Tech sector is more vulnerable to a discount rate shock