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Tracker Certificate on the Top 10 Stocks for 2020

Equities remain our most preferred asset class in light of undemanding relative and absolute valuations and accelerating earnings growth.
 
Equities are being supported by a global economy that is expected to grow approximately 3% this year. This should translate into double-digit earnings growth, as domestic consumption continues to thrive. However, earnings growth could well surprise to the upside as easy monetary policy and a de-escalation on the trade front are expected to create a tailwind for production and capital spending. Meanwhile, the strong earnings' outlook is not reflected in valuation multiples. For example, price-earning valuation multiples show that developed markets are trading just about in line with their 20-year average. Thus, equities have ample room to move upward.
 
Within this generally constructive environment, the Julius Baer Equity Research team has identified ten European and US stocks (from a research universe of nearly 400 stocks) that are particularly well positioned to outperform in 2020. The stocks have an average upside potential of 12% to our price targets. To gain diversified exposure to these companies with a single trade, investors can consider the JB Tracker Certificate on the Top 10 stocks for 2020. The certificate which is currently in subscription is available in CHF, EUR and USD.
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