Valuations, even though they've increased, are not as toppy on a relative basis as some of the other categories, but hospitality also has probably some long -
term structural headwinds compared with the other categories.
Not exact matches
We continue to have a cautious view toward long -
term government bonds as well as assets, such as European banks, facing
structural headwinds.
Beyond this recent
headwind for emerging markets, unresolved
structural and political challenges represent longer -
term performance obstacles.
However, despite the potential for near -
term political
headwinds, there are positive fundamental and
structural factors that suggest some health care companies are being over-penalized.