Difficult to navigate the stock market in an uncertain economic context, with low visibility. Also, it is better to have a diversified portfolio. In the medium and long term, four investment themes appear promising. Attention, these sectors being heterogeneous, it will be necessary to carefully select the values, or to rely on a manager.
Tech titles
After the underperformance of 2022, the tech sector is recovering. “But not all titles have yet observed this movementtempers Bertrand Merveille, deputy managing director of the management company La Financière de l’Echiquier (LFDE). Because, on closer inspection, the S&P 500 index is mainly driven by a handful of values. It is from this pool that we must draw selectively. » Yann Giordmaina, portfolio manager at Tocqueville Finance, recommends, among other things, “find discounted tech stocks likely to rebound”.
The rise of artificial intelligence (AI) opens the door to a “megatrend” for these tech stocks – megatrends are structural forces of long-term change with social, economic or political impact. “It’s an industrial revolution that will drive growth and generate huge productivity gains”says Kevin Thozet, member of the Carmignac investment committee.
The surge at the end of May in Nvidia shares, an American graphics processor company, and the almost tripling of its price in one year testify to the effervescence around the subject. Many analysts make the analogy with the gold rush, recalling that it was first the equipment sellers who got rich. To develop new artificial intelligence algorithms, companies are flocking to high-powered electronic chips sold by semiconductor companies, the first big winners.
“Once the race for shovels and pickaxes is over, it will be time for applications, particularly in the software sector, which should experience a strong acceleration in the prospects for sustainable growth from 2024”provides for LFDE in a note dated June 20. Without forgetting that “the rise of AI, outside of technological stocks, could concern creative sectors (media, marketing) as well as industrial ones”adds Brice Prunas, manager at Oddo BHF AM. But after the excitement of recent months, “a risk of stock market deflation is conceivable in the short term”warns Alexandre Baradez, head of market analysis at IG France.
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