Exchange-traded funds with themes tied to fiscal policy, healthcare and technology can help straddle bets on defensive and growth stocks, as investors navigate choppy markets in the face of a potential recession next year, according to BlackRock.
Hello! In this week’s ETF Wrap, MarketWatch spoke with BlackRock’s Jay Jacobs on investing themes he likes for 2023 as investors worry about a slowing economy and monetary tightening.
“Around the margins, if we do end up in a recession,” then fiscal spending trends may provide ballast, said Jay Jacobs, U.S. head of thematics and active equity ETFs, in a phone interview. Infrastructure is traditionally a “non-cyclical asset” that tends to be more “value-oriented,” providing a more “defensive” positioning in a troubled economy, Jacobs said. But the iShares Self-driving EV & Tech ETF IDRV, -0.32%, another fund BlackRock sees potentially profiting from fiscal policy, has plunged almost 29.8% this year through Wednesday.
BlackRock views technology as “a spectrum,” with cybersecurity and robotics being areas with established technologies that have been adopted and represent some level of profitability, according to Jacobs. On the other end of the spectrum are “bold, moonshot ideas” that aren’t yet profitable as adoption may still be early or the technology is still being built, he said.
Growthier healthcare While healthcare is traditionally viewed as a defensive sector, the category also has some “growthier names” in areas like genomics and neuroscience, said Jacobs.
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