The firm says that they expect some form of emergency approval of between one to three coronavirus vaccines during Q4 2020, adding that they expect “full approval for broad inoculation to begin by the middle of next year”.

Considering such a development, the firm says that they would expect the vaccine approval to help spark a rotation in the equities space, with investors to shift from mega-cap tech firms – as per what we have been seeing – to value/cyclicals instead.

As for equities in general, the firm says that they prefer “pockets outside of the US”, noting that emerging markets, particularly Latin America, are a standout as the respective currencies look rather attractive as well.