Valuation concerns as investors clamour for short-term certainty

Technology and software firms are among the companies which are able to have a greater degree of certainty despite lockdown conditions, and investors have favoured them in the equity market recovery since mid-March. This is evident in the strong returns of the tech-heavy Nasdaq 100 index, which is up 12.8% year-to-date, according to FE fundinfo. By comparison, the S&P 100 has returned just 3.9% over the same period while the MSCI World is down by 1.6%. Managing director of strategic public equity at Gresham House Richard Staveley explained that during a typical market crisis investors...