Capital IdeasTM

Investment insights from Capital Group

Markets & Economy
10 investment themes for 2023

Although many investors are expecting a return to normal after inflation subsides and central banks stop raising interest rates, we believe markets are undergoing significant changes and it might be necessary  to reset expectations in this new environment.

One change already under way is the shift from narrow to broad market leadership: a handful of technology stocks have dominated markets for years, but we expect a much wider range of investments to drive portfolio returns in future.

While growth investing is not going away and new areas of technology are emerging, other sectors may have more room to shine — such as healthcare, where we are witnessing a golden age of drug development. Opportunities could also arise as dividend stocks return to prominence on a global stage. Likewise, bond markets are offering some of the highest income in years as well as the traditional diversification from equites, which disappeared in 2022. This means 60% equity/40% bond portfolios are well positioned for a comeback.

In this report, we share 10 long-term themes that our investment team is focused on right now. As these ideas illustrate, even during periods of uncertainty, it can be an exciting time to be an investor.


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Statements attributed to an individual represent the opinions of that individual as of the date published and do not necessarily reflect the opinions of Capital Group or its affiliates. All information is as at the date indicated unless otherwise stated. Some information may have been obtained from third parties, and as such the reliability of that information is not guaranteed.

Capital Group manages equity assets through three investment groups. These groups make investment and proxy voting decisions independently. Fixed income investment professionals provide fixed income research and investment management across the Capital organization; however, for securities with equity characteristics, they act solely on behalf of one of the three equity investment groups.