|By PR Newswire||
|March 26, 2014 07:11 AM EDT||
NEW YORK and LONDON, March 26, 2014 /PRNewswire/ -- A resurgent construction industry, the U.S. energy renaissance, the evolution of technology and a second iteration of health care reform are likely to create opportunities for investors in 2014, according to the U.S. Small Cap Growth Team for The Boston Company Asset Management (TBC). TBC is BNY Mellon's Boston-based equity specialist.
The team published its forecast in Investment Themes for 2014. In addition to the four themes related to energy, construction, technology and health care, the small cap team also said it sees investment themes related to manufacturing and the rotation of funds into U.S. equity markets.
On the macro side, the report said that tapering of the quantitative easing program combined with a continuing accommodative monetary policy could reduce pressure on the dollar, help draw money into U.S. markets from emerging markets, and also help to reduce commodity prices. The team also said it expects that the prospect of rising interest rates could shift money from bonds to stocks.
Looking at specific sectors, the team cited the energy renaissance, driven by meaningful improvements in extracting hydrocarbons, as a major positive development. Todd Wakefield, senior portfolio manager on the small cap team, said, "We see the energy sector as a leader in job creation and capital spending. Furthermore, the country's move toward energy self-sufficiency is resulting in structural changes to our trade deficit and foreign policy."
Other factors worth considering for 2014, according to the report, are a potential increase in spending on both commercial and residential construction, in addition to continuing developments in technology.
Regarding housing, the TBC small cap team said the inventory overhang from the previous housing bubble has diminished, although household formation continues to be slowed by poor employment opportunities for the 25-to-34-year-old age group. Household formation is an important driver of housing, the report said. TBC said it expects improving employment in this age group will drive higher household formation, fueling housing demand.
In technology, TBC sees growing opportunities in security, Big Data, cloud-based computing systems and social media technology. TBC also said it expects the Internet of Things to proliferate as more appliances, vending machines and other non-traditional computing devices are linked to the Internet so they can be better controlled and monitored remotely.
TBC said it also expects opportunities to develop in health care and manufacturing.
"Millions of people are joining the health care system while reimbursement will be reduced for many providers as a result of the new regulation," Wakefield said. "In the sector, we are focused on innovative companies that have pricing power."
In manufacturing, the report notes that 3D printing has the potential to dramatically change production processes, although it will be difficult to select the firms that will dominate the business.
Notes to Editors:
The Boston Company Asset Management, LLC, a BNY Mellon Investment Management boutique, provides investment management services for corporate, public, mutual funds and union sponsored and jointly trusteed retirement plans, endowments and foundations. Assets are managed by The Boston Company as well as its personnel acting as dual officers of either The Dreyfus Corporation or The Bank of New York Mellon.
BNY Mellon Investment Management is one of the world's leading investment management organizations and one of the top U.S. wealth managers, with $1.6 trillion in assets under management. It encompasses BNY Mellon's affiliated investment management firms, wealth management services and global distribution companies. More information can be found at www.bnymellon.com.
BNY Mellon is a global investments company dedicated to helping its clients manage and service their financial assets throughout the investment lifecycle. Whether providing financial services for institutions, corporations or individual investors, BNY Mellon delivers informed investment management and investment services in 35 countries and more than 100 markets. As of December 31, 2013, BNY Mellon had $27.6 trillion in assets under custody and/or administration, and $1.6 trillion in assets under management. BNY Mellon can act as a single point of contact for clients looking to create, trade, hold, manage, service, distribute or restructure investments. BNY Mellon is the corporate brand of The Bank of New York Mellon Corporation (NYSE: BK). Additional information is available on www.bnymellon.com, or follow us on Twitter @BNYMellon.
All information source BNY Mellon as of December 31, 2013. This press release is qualified for issuance in the UK, Europe and US and is for information purposes only. It does not constitute an offer or solicitation of securities or investment services or an endorsement thereof in any jurisdiction or in any circumstance in which such offer or solicitation is unlawful or not authorized. Any views and opinions contained in this document are those of the author as at the date of issue; are subject to change and should not be taken as investment advice. BNY Mellon Investment Management EMEA Limited and its affiliates are not responsible for any subsequent investment advice given based on the information supplied. This press release is issued by BNY Mellon Investment Management (US) and BNY Mellon Investment Management EMEA Limited (ex-US) to members of the financial press and media and the information contained herein should not be construed as investment advice. The value of investments and the income from them is not guaranteed and can fall as well as rise due to stock market and currency movements. When you sell your investment you may get back less than you originally invested. Registered office of BNY Mellon Investment Management EMEA Limited: BNY Mellon Centre, 160 Queen Victoria Street, London, EC4V 4LA. Registered in England no. 1118580. Authorized and regulated by the Financial Conduct Authority. A BNY Mellon Company.
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