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Investment Outlook

Tough times – higher potential

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Summary

We foresee a recession during 2023, followed by a more positive economic outlook in 2024 and beyond. Combined with reasonable asset valuations and a cautious attitude among investors, we believe it is still reasonable to maintain a largely neutral risk level. However, our portfolios include some reallocations since our last Investment Outlook.
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Nordic equities: A more normal recovery

We expect positive stock market performance in the Nordic region during the coming year. A relatively good corporate earnings trend, combined with weak stock market performance during 2022, has pushed valuations down to relatively attractive levels. However, there are risks to be aware of. Our favourite sectors during the current recovery are instead sharply depressed cyclical consumer goods companies, industrials and portions of the commodities sector.

Our themes

Energy storage

One factor that has held back the global climate transition so far is the shortage of energy storage capacity. Wind and solar power are competitive sources of power, but their Achilles’ heel is uneven production that is determined by the weather.

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Automation

Electrification, sustainability, digitisation and automation are potential future growth areas. The general downturn in stock markets this year may be a good opportunity to invest in companies with favourable long-term prospects.

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Investment Outlook November 2022

Our experts give you our current view on the development of the economy and stock exchanges (9 min). On November 29, the webinar will be published in its entirety.

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