The reopening trade is over. Here’s how you should invest | Money

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Companies benefiting from the reopening of the UK economy have rallied significantly since their March 2020 lows and the approval of multiple Covid-19 vaccines.

The UK government’s rolling back of restrictions has boosted pubs, restaurants and airlines. A 120 per cent rally in travel and leisure stocks in the 12 months from last March — almost three times the advance of the FTSE all-share index — has some fund managers doubting the sustainability of the reopening trade.

Jean Roche, a UK equity fund manager at Schroders, said that there were “still many obstacles” ahead, meaning there was now little value to be had.

Dan Whitestone, who manages the BlackRock Throgmorton trust, reminded investors that many of the industries hardest hit by coronavirus had already been

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