Bill Maldonado, global CIO of equities at HSBC Global Asset Management, has said the rotation into value stocks has "a lot further to run", highlighting the valuation gap between defensive and cyclical names has never been larger.
Maldonado (pictured) said defensives had been the ideal place for investors to hide during periods of minimum growth and austerity-driven policies. However, the rotation back into value has given cyclicals...
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