Long-term equity themes remain intact, while the Middle East shock has materially worsened the near-term risk backdrop.
- Robeco warns that the closure of key energy routes and rising pressure in oil, LNG, fertilizer, grains, and aluminum are shifting equities from “positive to perilous.”
- The report notes that markets may still be underpricing stagflation risk, even as recession probabilities implied by equity pricing have risen sharply.
- Despite the macro shock, Robeco still sees value in AI-linked technology, selected healthcare, and parts of emerging markets, while staying cautious on more rate- and energy-sensitive segments.
If this is no longer just a valuation reset but a broader supply shock, how should investors separate temporary dislocation from structural damage?
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