The valuation gap between yield and structural growth has almost fully closed, primarily driven by strong structural growth performance and weak generator/retailers performance. We remain overweight structural growth, but view the tactical opportunity to be less today than it was only a few short months ago. After some relatively dramatic thematic gyrations in the market over the last 12 months, we believe that we are firmly entering stock picking territory.
- Market: New Zealand
- Sector: Equity Strategy
7 April 2021