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The full approval of the vaccine that allows for broad inoculation is more likely during the middle of 2021, the asset management arm of the Swiss bank said.
After the recent correction led by tech stocks, UBS AM said its hopes for a vaccine meant it was adding “exposure” to other sectors and regions that could benefit from a normalisation of the economic cycle.
“A vaccine announcement is likely to reinforce this trend (rotation to cyclicals) by increasing visibility into the earnings recovery outside of technology and other work-from-home beneficiaries,” UBS Asset Management’s investment team said.
It said it prefers equity markets outside of the U.S. and that Latin America currencies stood out as “particularly attractive”.
