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In his reflections on the challenges facing both investors and providers, Bascand started by highlighting the response of the banks and the New Zealand government when it became clear that liquidity would be a major issue when lockdown began in March.
While sectors such as tourism and hospitality faced tough times, said Bascand, others have actually done well in the crisis. In particular, he highlighted the influence of Fisher & Paykel Healthcare, as a leader in looking after respiratory needs, and A2 Milk on the markets. Also performing strongly were payment systems companies as people steer clear of cash.
Bascand added that Harbour Asset Management looked to invest in high quality age care from the start of the Covid crisis and expected that sector to perform well in the future. Healthcare in general was key, he added, with all eyes on phase three of the Covid vaccine trials.
He also expected investors to favour responsible investing, as companies that ignored environmental and social concerns had underperformed badly.
Of added significance was likely to be the behaviour of millennials in this changing world. What are they buying and focusing on? Are more of them likely to nest now rather than spend, as might have previously been expected?
“For us it’s all about technology, healthcare and consumer staples.”
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