Two investment themes dedicated to defensive investors, the ones who don’t want to take too much risk. The first investment theme is quality. We continue to recommend quality companies because they have done very well in this bear market, and we think that with the recovery, they will continue to do well.

The second investment theme is to diversify solutions, excluding equity markets. So here we are talking about segments in the fixed income universe which are benefitting from rising spreads we have seen in the current environment. Also the volatility increase which means that structured products are giving better pay-offs at the moment.

Three investment themes dedicated to equity investors so with higher risk tolerance:

The first one focuses on technology and companies which are going to benefit from disruption. Here we will mention essentially 5G and digitalisation in general. Companies and governments will have to invest more in digitalisation; it is one of the lessons from the lockdown period.

Secondly, we are talking about innovation in the healthcare sector, again a sector which has done very well in the bear market. And we think that investment in the healthcare sector will continue to increase rapidly.

Then, lastly, we have a theme of deglobalisation. This theme was linked to protectionism before, but now it is linked to the strategic decisions to be less global in the supply chains in general. That will be valid for healthcare but also for a lot of sectors where governments and companies will want to be more independent.