Maintain slight overexposure to the US and Europe.
The most defensive sectors can benefit from a late macro cycle, even recession:
- Healthcare: it will offer us more protection than cyclical sectors. We can find quality companies.
- Agribusiness: as long as the war in Ukraine persists.
- Consumer Staples: able to pass cost increases on to consumer.
Long term opportunities:
- Technology: above-average growth in a low valuation environment.
- Renewables: investment surge for energy transition in Europe and the US.