Following a strong recovery after record lows in March, the UK stockmarket has drifted back a little over the summer months.
However, coronavirus cases are on the rise again, casting a shadow over the economic outlook, particularly over the consumer sector.
A second wave of the virus looks likely along with prolonged recessionary conditions. On top of this is the ongoing trade war between the US and China, while the possibility of a no-deal Brexit looms.
Hugh Yarrow co-manager of the Evenlode Income fund, says five key corporate themes have emerged or accelerated as a result of the crisis, and are also likely to outlast it.
Health and Hygiene
Lockdown has had a huge impact on healthcare companies around the world as patients have been unable to access hospitals.
For medical devices companies such as Smith & Nephew, volumes were impacted by the decline in elective surgeries as hospitals cleared their wards for Covid sufferers.
However, Yarrow says the overall picture is of "resilience".
"Smith & Nephew have reported sequential trends in the recovery of elective surgeries and growth in China in the second quarter. Smith & Nephew's management are looking past lockdown and are continuing with pre-crisis research and investment plans," said Yarrow.
"Thinking longer-term, there will always be risks to healthcare companies. However, investments in diagnostics, vaccines, healthcare therapies and improved hygiene are likely to provide a useful tailwind for this sector over coming years.
"The crisis has also served as a reminder to governments of the role that health and hygiene companies can play in taking the strain off healthcare systems and mobilising innovation to help solve public health problems."
Yarrow said digitalisation is the most ubiquitous trend he is seeing across companies.
"The proportion of the global economy that is digital expected to double over the next decade," he said.
"Both consumers and businesses are increasingly digitalising their day-to-day habits and workflows. Unilever's e-commerce sales grew 49% during the first half of 2020 and now represents 8% of group sales.
"Companies that are helping other businesses to digitise have traded quite resiliently over the last few months."
Financial, operational and supply chain resilience
Yarrow said companies would like to make themselves more robust to the crises of the future through supply chain resistance.
"Buy-backs have suddenly become deeply unfashionable and some companies are revisiting their policies on what counts as an appropriately strong balance sheet," he said.
"Supply chain resilience has also come up in recent conversations. Changes to supply chains tend to be incremental, but at the margin companies are looking to ensure that more localised - or vertically integrated - supply chains are available where required, that depend less on one supplier or far-away region."
Sustainability and multi-stakeholder capitalism
Yarrow pointed out that despite the human cost of Covid-19, it could bring some benefits.
He predicts it will catalyse a shift away from the short-term efficiency mind-set, which was to already happening to some degree pre-crisis.
"The current tone from companies reflects a willingness to increase resilience to shocks in order to thrive over the longer-term -whether these shocks come from public health crises, environmental impacts, ‘normal' recessions or anything else," he said.
"This requires more emphasis on long-termism, flexibility, balance sheet strength, healthy levels of investment and running a multi-stakeholder business. It requires less emphasis on exactly what the profit number is each month or each quarter.
"Any shift in this direction represents a positive step for patient, long-term shareholders."
New ways of working
More people than ever before are working from home as a result of the pandemic.
Yarrow said that while the office is by no means dead, an element of home working will continue, which companies will have to adapt to.
"Offices will also need to be re-jigged, and in some cases consolidated - a process which has already begun," he said.
"Covid has also changed the way companies are thinking about marketing, sales and corporate travel. Many have seen a big drop in their travel and expenses costs this year, for obvious reasons. Having found increased digital interaction with customers effective, some of these changes may become permanent."
He expects the main purpose of the office space will increasingly shift towards employee collaboration, culture-building and training.
"The last few months has created some big cultural shifts in working trends, some of which will outlast the current crisis. These trends are creating challenges for companies and forcing them to adapt. But they are also creating opportunities for retaining happier, more productive staff, and for introducing more effective interactions with customers."