Capital Markets Winter 2021

I

Where to Invest? Road to Recovery

• Growth stocks with cyclical/depressed end market exposure are attractive, in our view

I

‒ Many investors use “Value” stocks as a shorthand for cyclicals, but we believe “Value” has structural problems (see Style Wars section at end of this presentation) ‒ Several key value industries may also be negatively impacted by new behavior, such as changes in business travel and office space, arising from the pandemic

II

III

IV

Sweet Spot

Cyclical

Growth

V

VI

Source: Alger.

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