November 2020 / VIDEO
What COVID-19 Vaccines Could Mean for Markets
Key Insights
- The recent news on vaccines was a significant positive surprise for markets that was not yet priced in.
- As asset allocators, we no longer just start our discussions with: Are we risk-on or risk-off? Now we add a second question: COVID-on or COVID-off?
- In COVID-on, growth stocks, large-caps, and the U.S. could continue to drive markets. In COVID-off, we could see a fast rotation toward small-caps, value stocks, and credit.
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Sébastien Page is head of Global Multi-Asset and chief investment officer. He is a member of the Asset Allocation Committee, which is responsible for tactical investment decisions across asset allocation portfolios. Sébastien also is a member of the Management Committee of T. Rowe Price Group, Inc.