New-economy digital business models proved resilient and defensive amid the pandemic-induced collapse in economic activity, and this widening performance differential is particularly interesting to us as investors in industry-leading growth companies. We are also interested in some of the more compelling structural growth companies in cyclical industries that have been particularly affected by the economic slowdown.
Recovery Accelerates
Following the peak of the pandemic and related lockdowns, economic activity accelerated strongly in June in China, Europe, and the United States, including both manufacturing and services.
Our preferred supply side indicator - orders in excess of