AQWA - Q1 2021 Equity Manager Report: Value The Standout Performer Again

• With greater clarity on the sustainability of the economic recovery, we also saw the opportunity set across markets broaden to include sectors beyond those seen as the primary beneficiaries of an economic reopening.
• As expected, the recovery hasn't been smooth sailing for all, with successful vaccine rollouts in the U.S. and U.K. offset by vaccine shortages, efficacy concerns, and an increase in COVID-19 case counts in other parts of the globe.
• As the global vaccine rollout and broader economic reopening continue, we expect the market rotation toward cyclical and value stocks to follow suit.

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