Sector rotation as an oppor­tu­nity

May 13, 2026

Extra­or­di­nary rally

An agree­ment between the USA and Iran has yet to be reached, meaning that the trans­por­ta­tion of oil and gas through the Strait of Hormuz has been largely blocked for over ten weeks. As a result, energy prices remain at a high level, infla­tio­nary pressure is rising globally and interest rate expec­ta­tions are being adjusted upwards. Despite these headwinds, the global equity markets have already more than compen­sated for the decline in March.

Funda­men­tally supported

The optimism on the stock markets is well-founded, as the global economy is coping with the energy crisis better than expected. Compa­nies and consu­mers are respon­ding by incre­a­sing effici­ency, making strategic adjust­ments and utili­zing reserves along the entire value chain. At the same time, there are strong tailwinds from generous fiscal policy and an invest­ment boom, parti­cu­larly in the expan­sion of data centers and AI infras­truc­ture. As a result, leading indica­tors are still clearly in growth terri­tory and confirm the econo­my’s resili­ence.

Impres­sive profit growth

This resili­ence is not only reflected in the economic data, but also in the corpo­rate results. Accor­ding to the results of the current reporting season so far, global earnings growth of 21% is emerging.

In addition, the estimates for 2026 as a whole have been conti­nuously revised upwards in recent months.

Unlike in previous years, however, growth is no longer solely attri­bu­table to large techno­logy compa­nies. Other sectors as well as small and medium-sized compa­nies are also recor­ding higher growth than in previous years.

Utili­zing sector shifts

However, the market does not adequa­tely reflect this breadth: currently, compa­nies that benefit from the AI boom are strongly favored.

Against the backdrop of incre­a­sing sector diffe­rences, we consider targeted reallo­ca­tions to be sensible:

• Reduc­tion of indivi­dual, rapidly growing positions in the AI area
• Expan­sion of exposure in the health­care sector, parti­cu­larly in the medical techno­logy segment, which is attrac­tive in the long term and currently offers a very good risk/reward profile

However, our recom­men­da­tion for asset alloca­tion remains unchanged: remain fully invested as part of the strategic equity alloca­tion.

This content is for infor­ma­tion purposes only. The publi­ca­tion contains neither legal nor invest­ment advice or invest­ment recom­men­da­tions and does not consti­tute an offer or solici­ta­tion to make an invest­ment. joPic­tures / Graphics: The graphics were produced by Tareno AG from public market data.