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‘Growth in power semiconductors to continue for 10 more years'

Strong inflows into clean energy ETFs have pushed valuations of the various subsectors higher. To mitigate downside risks, a broader perspective on the sustainability theme is needed. Semiconductor manufacturers in particular are interesting, says Thiemo Lang, manager of the RobecoSAM Smart Energy Fund.

‘Dollar weakness double whammy for expensive US stocks’

Despite its recent slide, the US dollar is still overvalued. In time, the greenback could go much lower. This has positive implications for European, Japanese and EM equities, but is a bad prospect for Wall Street, according to Michael Devereux, multi-asset fund manager at Schroders.

‘Still a place for Treasuries in reflationary environment’

Investors should focus on cyclical equities, which benefit from a strong economic recovery. At the same time, they should use options and own some gold and Treasuries to protect their portfolio, according to Andrew Harmstone, head of Global Balanced Risk Control Strategy at Morgan Stanley.

‘Value outperformance is only just beginning’

The expected returns on US value stocks are attractive compared to growth stocks. As a coronavirus vaccine is now around the corner, the global economy will pick up next year. This will be supportive for long-term outperformance of value stocks, according tot Christian Correa, President and Chief Investment Officer of Franklin Mutual Series.