Technology and Coronavirus: The Digitalization of the Economy Gathers Steam
The coronavirus pandemic and governmental responses to mitigate its spread have heightened economic uncertainty and market volatility. Pivotal moments like the current crisis can push enterprises and consumers to embrace change much faster than they would under normal circumstances. Near-term turbulence aside, this should accelerate the digitalization of the economy and the powerful secular trends that we expect to create long-term value in the technology sector Alan Tu, Portfolio Manager, Global Technology Equity Strategy, shares the tech team’s latest insights and his views on the long-term opportunities created by recent market dislocations. Alan discusses the technology landscape of today and tomorrow, nuanced insights gleaned from our global research platform, and where he’s finding compelling risk/reward profiles in his investment universe.
RecordedMay 7 202049 mins
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Much has changed since the Covid-19 shock hit emerging market bond prices this time last year. Today, we think EM assets have a lot going for them, but there are some potential tripwires for investors to watch out for. Sovereign bond valuations look interesting, particularly in local currency space.
Join portfolio manager Andrew Keirle and sovereign debt analyst Chris Kushlis, on 23 March at 10:00am GMT / 11:00am CET, for a discussion of key trends likely to drive emerging markets in the coming months, and the implications for government bond investors in both hard and local currency markets. Moderating the discussion will be portfolio specialist Michael Ganske.
Please register below to join this live event and (if you wish) participate in the Q&A.
We believe EM equities should benefit from significant post-COVID tailwinds this year: pent-up demand and its linkage to global trade, attractive relative valuations, increased China demand, and favourable currency trends, to name a few. Yet many investors remain underweight the asset class and have narrow exposure that may miss forgotten pockets of opportunity, which may out perform as social and economic behaviour normalise.
Portfolio Managers Ernest Yeung and Haider Ali explained how they are finding opportunities by digging deeper into these dynamic markets. In particular, they discussed:
• Extreme divergence of EM value and growth equities
• Impact of a weaker US dollar on EM
• Resilience of EM economies and whether further fiscal stimulus is needed
• Relative valuations and pockets where stocks are potentially mispriced
• Improving company fundamentals that many investors may be missing
• Outlook for US-China trade relations
Equity markets delivered extraordinary returns in 2020, but the first quarter of 2021 will certainly test investors given the return of uneven and contradictory news flow. Please join Laurence Taylor, portfolio specialist, on 8 February at 10:00am GMT / 11:00am CET, as he assesses the current market environment and the implications for global investors.
He’ll discuss our Global Focused Growth Equity and Global Growth Equity strategies, their recent performance and how they are currently positioned to capture the opportunities and mitigate the risks that lie ahead.
Not since the Global Financial Crisis have corporate bond investors faced such a rollercoaster of selloffs and rallies, not to mention a wave of ‘fallen angels’ and credit defaults. As we approach the end of the year, what conclusions can we draw?
Join Director of Credit Research Justin Gerbereux for an outlook on corporate bond market fundamentals and valuations in the months ahead. He will be joined by a panel of our top research analysts from high yield, investment grade and emerging markets credit, who will discuss their top sector picks and what they will be watching in 2021.
Like all of Justin’s webinars, this promises to be a well structured and fast-paced event with plenty of practical application for investors as they think about their asset allocation in the coming year.
Please register below to join this live event which will also incorporate a Q&A session where you can put your questions directly to the team.
2020 has been a year like no other. A global health crisis, as yet without an end in sight, that has transformed the world and is accelerating change across societies. Governments and central banks have announced massive funding and stimulus packages as economies plunged into recession. Meanwhile geopolitical tensions have been escalating, in particular between the US and China, and a divisive US Presidential election lies just around the corner. These events are likely to have far reaching and long lasting impact for investors.
To help navigate through this complexity and uncertainty, we’re bringing together a panel of experts from our investment team to share their economic, market and asset allocation perspectives. During a live and interactive debate, they will tackle the big issues for investors, the investment implications and how they are incorporating them into their outlook and decision-making.
Please register below to join this live event which will also incorporate a Q&A session where you can put your questions directly to Yoram Lustig, Head of Multi-Asset Solutions, EMEA; Nikolaj Schmidt, Chief International Economist; and Julian Cook, Portfolio Specialist, US Equities.
Shinzo Abe’s resignation as Japan’s prime minister marks a critical juncture for investors. His “Abenomics” program of economic policies has delivered much needed structural reform, creating opportunity and encouraging investment. Corporate Japan has defied the sceptics, transforming its business practices and governance standards from the conservative, shareholder un-friendly norms of its past.
In this webinar, Archie Ciganer, Portfolio Manager Japan Equities, will consider what the future holds for Japan and what that might mean for Japanese equities. At a time when global markets face significant and unprecedented challenges, will Abe’s recent resignation bring an end to this period of political stability, constructive economic and social reform and enhanced international presence? Or will his successor sustain the momentum of positive change?
The discussion will incorporate the current market outlook, the opportunities we’re identifying across the universe, and where Japanese equities can go from here.
You will also have the opportunity to pose your questions to Archie during the live event.
Based in Tokyo and fluent in Japanese, Archie has over 20 years’ investment experience and is currently responsible for managing over USD 4 billion in Japanese equities at T. Rowe Price.
Over the past few years, US (and global) equity indices have become increasingly skewed towards a small handful of big names synonymous with growth and technology.
2020 and the coronavirus pandemic have only seen those trends accelerate to reach unprecedented levels. The “big 5” of Microsoft, Apple, Amazon, Alphabet (Google) and Facebook now account for over 20% of the S&P 500 index, with Apple recently becoming the first US company to reach US$2 trillion market cap. For growth investors specifically, the concentration is even more acute with the same names making up more than one third (almost 40%) of the Russell 1000 Growth Index. In addition, the recent environment has underpinned a number of emerging growth companies whose extreme valuations have further driven market leadership.
Such narrow leadership raises many concerns for investors. How far can these stocks go? How can investors manage the diversification risks? And with all the focus on so few stocks, are other opportunities being overlooked?
In this webinar, Taymour Tamaddon, Portfolio Manager, US Large-Cap Growth Equity Strategy, will assess the outlook for US growth stocks and his approach in this environment. And with an eye on the upcoming US election, he’ll share the team’s insights on attractive areas of the market outside of the big 5, where they see potential for durable long term outperformance.
With US$806bn invested in US equities and more than 300 research analysts globally*, T. Rowe Price can draw on over 80 years of experience investing in US companies for our clients.
Please register below to join this live event which will also incorporate a Q&A session where you can put your questions directly to Taymour.
The specific securities identified and described are for informational purposes only and do not represent recommendations.
*As at 30 June 2020. US equities AUM includes assets managed by T. Rowe Price Associates, Inc. and its investment advisory affiliates.
Maria Elena Drew, Donna Anderson, Hari Balkrishna and Laurence Taylor
The pandemic has highlighted for global governments the need to take action and to find solutions to these societal discrepancies that are market friendly but at the same time do not exacerbate income and asset inequality further.
There does seem to be a growing understanding among governments that investing in a more sustainable, forward-looking way is ultimately mutually beneficial for both the environment and society. “Green” or renewable investing is not only key in mitigating climate change, it is also a way to create new jobs.
The events of 2020, including the global coronavirus pandemic, have provided another tough test for emerging markets (EM). As we analyse the prospects for stocks individually and collectively, we are focused on the resilience of businesses, and which companies are poised to move forward in a strong position.
Gonzalo Pángaro, Portfolio Manager, Emerging Markets Equity Strategy, and Malik Asif, Associate Portfolio Manager, answer your questions and share their thoughts on where the key risks and opportunities lie for EM investors. This session includes:
•A discussion of the current global EM landscape and outlook
•Our views on the countries and sectors key to EM's recovery
•Analyst insights from our meetings with company management teams
•The drivers behind the strategy's performance year-to-date
•How the portfolio is positioned at the midpoint of 2020
In this webinar, Julian Cook and Eric Papesh, Portfolio Specialists in our US Equity Division, offered their perspectives and a bottom-up view on some of the questions at the forefront of investors' minds. As one of the largest active managers of US equities, we can bring a consolidated view from (virtual) boardrooms across the US. Topics covered included the coronavirus, whether the current divergence between the economy and stockmarkets is sustainable, trade wars and the US elections, growth vs value, and more.
In this update, Anh Lu shared her thoughts on the current market environment in Asia and assessed both the short- and long-term investment outlook for the region. She explains why we are cautious given a lack of visibility and potential for a market correction in the short-term but our long-term constructive outlook for Asia ex-Japan equities remains unchanged. Anh also discusses the areas of the market we are focusing on which we believe should come out of the crisis stronger.
In this webinar, Eric Moffett, Portfolio Manager, Asia Opportunities Equity Strategy, discusses the situation in Asia as life returns to normal in some parts of the region and lockdowns ease. Eric shares his outlook for Asia ex-Japan markets, the insights he’s gleaning from local companies, competitors, suppliers and officials, and how he’s positioning for what lies ahead.
At T. Rowe Price we’re solely focused on providing long-term results for you and your clients. Founded in 1937, we’re an independent investment management firm serving clients in 50 countries across Europe, the Americas, Asia and the Middle East. We opened our UK office in 1979, going on to launch our OEIC Fund Range in 2016. We offer investors a full range of equity and fixed income strategies across multiple asset classes, sectors, styles, and regions.