Friday’s “surprise” referendum vote still has of course a very long way to play out in terms of political, geo-political and economic ramifications, though the initial movements in markets and currencies were not a surprise given the obvious shock and uncertainty. In this piece we offer a few thoughts on our coverage universe going forward, both where our views are evolving and where existing themes are reinforced. Sectors under more pressure than before include: Consumer, General Retail, Construction & Support Services. Sectors where our existing themes should prove more resilient include: Technology, Life Sciences and Healthcare and much of General Financials – though with some caveats. In most sectors interesting opportunities/angles are arising – currency and potential M&A being obvious examples in the Industrials, Tech, Heallthcare and Media sectors.
