ACWI - Raising Equity Defenses For The COVID-19 Recovery

• After last year's sharp equity market rally, the recent selloff serves as a reminder that the exit from the pandemic will be bumpy.
• Despite the volatility, investors preferred expensive stocks and companies with strong sales growth to an unusual degree.
• For risk-aware investors, piling into stocks that outperformed strongly through the COVID-19-induced dislocations is a perilous strategy, in our view.

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