{"id":8534,"date":"2026-03-20T15:53:34","date_gmt":"2026-03-20T07:53:34","guid":{"rendered":"https:\/\/www.syfe.com\/hk\/magazine\/?p=8534"},"modified":"2026-03-20T15:53:35","modified_gmt":"2026-03-20T07:53:35","slug":"what-is-halo-wall-streets-favourite-trade-right-now","status":"publish","type":"post","link":"https:\/\/www.syfe.com\/hk\/magazine\/what-is-halo-wall-streets-favourite-trade-right-now\/","title":{"rendered":"What is HALO, Wall Street\u2019s Favourite Trade Right Now?"},"content":{"rendered":"\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"683\" src=\"https:\/\/www.syfe.com\/hk\/magazine\/wp-content\/uploads\/2026\/03\/2048x1365-Article-HALO-1024x683.jpg\" alt=\"\" class=\"wp-image-8535\" srcset=\"https:\/\/www.syfe.com\/hk\/magazine\/wp-content\/uploads\/2026\/03\/2048x1365-Article-HALO-1024x683.jpg 1024w, https:\/\/www.syfe.com\/hk\/magazine\/wp-content\/uploads\/2026\/03\/2048x1365-Article-HALO-300x200.jpg 300w, https:\/\/www.syfe.com\/hk\/magazine\/wp-content\/uploads\/2026\/03\/2048x1365-Article-HALO-768x512.jpg 768w, https:\/\/www.syfe.com\/hk\/magazine\/wp-content\/uploads\/2026\/03\/2048x1365-Article-HALO-1536x1024.jpg 1536w, https:\/\/www.syfe.com\/hk\/magazine\/wp-content\/uploads\/2026\/03\/2048x1365-Article-HALO-630x420.jpg 630w, https:\/\/www.syfe.com\/hk\/magazine\/wp-content\/uploads\/2026\/03\/2048x1365-Article-HALO-696x464.jpg 696w, https:\/\/www.syfe.com\/hk\/magazine\/wp-content\/uploads\/2026\/03\/2048x1365-Article-HALO-1068x712.jpg 1068w, https:\/\/www.syfe.com\/hk\/magazine\/wp-content\/uploads\/2026\/03\/2048x1365-Article-HALO-1920x1280.jpg 1920w, https:\/\/www.syfe.com\/hk\/magazine\/wp-content\/uploads\/2026\/03\/2048x1365-Article-HALO.jpg 2048w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><\/figure>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-investors-seeking-value-in-a-volatile-market-are-piling-into-a-new-trade-halo-a-basket-of-boring-businesses-that-are-hard-to-replace-despite-technological-and-economic-disruptions-here-s-our-take-on-what-it-means-for-markets-and-your-money\">Investors seeking value in a volatile market are piling into a new trade: HALO, a basket of \u201cboring\u201d businesses that are hard to replace despite technological and economic disruptions. Here\u2019s our take on what it means for markets and your money.<\/h3>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>What exactly is HALO?<\/strong>&nbsp;<\/h2>\n\n\n\n<p>HALO stands for \u201c<strong>H<\/strong>eavy&nbsp;<strong>A<\/strong>ssets,&nbsp;<strong>L<\/strong>ow&nbsp;<strong>O<\/strong>bsolescence\u201d stocks. These are businesses that have been considered \u201cboring\u201d by investors for their lack of change over the years. They include companies holding real assets, building everything from logistics networks to roads and bridges.<\/p>\n\n\n\n<p>These \u201cboring\u201d businesses have turned out to be exciting stocks in the era of artificial intelligence. AI is forcing a historic build-out in infrastructure, including data centres and energy grids, while increasingly capable AI agents are disrupting software business models, automating white-collar tasks. Against this backdrop, heavy-asset businesses look less fungible.<\/p>\n\n\n\n<p>You can see this phenomenon playing out in the chart below, which focuses on Europe. \u201cCapital-intensive\u201d stocks (i.e. businesses that require lots of investment upfront) have clearly done better than their \u201ccapital-light\u201d counterparts over the last 15 months or so.<\/p>\n\n\n\n<figure class=\"wp-block-image size-full\"><img loading=\"lazy\" decoding=\"async\" width=\"722\" height=\"430\" src=\"https:\/\/www.syfe.com\/hk\/magazine\/wp-content\/uploads\/2026\/03\/image-20.png\" alt=\"\" class=\"wp-image-8537\" srcset=\"https:\/\/www.syfe.com\/hk\/magazine\/wp-content\/uploads\/2026\/03\/image-20.png 722w, https:\/\/www.syfe.com\/hk\/magazine\/wp-content\/uploads\/2026\/03\/image-20-300x179.png 300w, https:\/\/www.syfe.com\/hk\/magazine\/wp-content\/uploads\/2026\/03\/image-20-705x420.png 705w, https:\/\/www.syfe.com\/hk\/magazine\/wp-content\/uploads\/2026\/03\/image-20-696x415.png 696w\" sizes=\"auto, (max-width: 722px) 100vw, 722px\" \/><\/figure>\n\n\n\n<p><em>Source: FactSet, Datastream, Bloomberg, Goldman Sachs Global Investment Research.<\/em><\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>What it (really) means<\/strong><\/h2>\n\n\n\n<p>HALO may be a new acronym, but it represents an old idea: the&nbsp;<strong>rotation from \u201cgrowth\u201d&nbsp;<\/strong>(rapidly expanding, often innovative companies)<strong>&nbsp;to \u201cvalue\u201d<\/strong>&nbsp;stocks (more stable, profitable businesses that tend to return more cash to shareholders). This rotation typically happens when investors seek shelter from inflated valuations and shifting economic tides.<\/p>\n\n\n\n<p>HALO also reflects the&nbsp;<strong>shift towards industries&nbsp;<\/strong>in the global economy. Trillions of state capital is being poured into heavy industries as national and economic security move up the policy agenda, especially in strategic areas like energy and semiconductors. This effectively means governments globally are underwriting long-term capital inflows into heavy-asset sectors.<\/p>\n\n\n\n<figure class=\"wp-block-image size-full\"><img loading=\"lazy\" decoding=\"async\" width=\"820\" height=\"530\" src=\"https:\/\/www.syfe.com\/hk\/magazine\/wp-content\/uploads\/2026\/03\/image-19.png\" alt=\"\" class=\"wp-image-8539\" srcset=\"https:\/\/www.syfe.com\/hk\/magazine\/wp-content\/uploads\/2026\/03\/image-19.png 820w, https:\/\/www.syfe.com\/hk\/magazine\/wp-content\/uploads\/2026\/03\/image-19-300x194.png 300w, https:\/\/www.syfe.com\/hk\/magazine\/wp-content\/uploads\/2026\/03\/image-19-768x496.png 768w, https:\/\/www.syfe.com\/hk\/magazine\/wp-content\/uploads\/2026\/03\/image-19-650x420.png 650w, https:\/\/www.syfe.com\/hk\/magazine\/wp-content\/uploads\/2026\/03\/image-19-696x450.png 696w\" sizes=\"auto, (max-width: 820px) 100vw, 820px\" \/><\/figure>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>What are the hottest HALO trades?<\/strong><\/h2>\n\n\n\n<p>In our view, there are several sectors (and some countries) that stand out for their strong HALO characteristics.&nbsp;<em>Read to the end to curate your own HALO trade on Syfe!<\/em><\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Mining:\u00a0<\/strong>The physical backbone of AI (data centres, power grids, etc) runs on copper, iron, and steel. Mining companies sit at the nexus of these materials\u2019 supply chains. These are assets defined by scarcity. Commodities are hard to find. Mines take years to be approved and decades to build.<\/li>\n\n\n\n<li><strong>Utilities<\/strong>: From power grids to telecom towers and toll roads, utilities are the unglamorous infrastructure that everything else runs on. These assets take lots of time and capital to construct, play an essential role in the economy, and produce regular revenue streams (often passed on to shareholders in the form of dividends).<\/li>\n\n\n\n<li><strong>Defence:\u00a0<\/strong>Industry leaders in defence hold engineering know-how and regulatory relationships that no new entrant can replicate quickly. They are in for a boon as geopolitical risks ramp up, prompting governments globally to spend more on defence.<\/li>\n\n\n\n<li><strong>Industrials and Machinery:<\/strong>\u00a0To build these things, you need machines. Industrial manufacturers (of trucks, turbines, and other heavy equipment) are direct beneficiaries of the boom in capital expenditure.<\/li>\n\n\n\n<li><strong>Europe &amp; Japan:<\/strong>\u00a0After decades of underinvestment in industry, Europe is directing capital into energy, defence, and infrastructure at a pace not seen in a generation. Japan, for years mocked for keeping its heavy, \u201cinefficient\u201d industries alive, now possesses a rare industrial base that much of the world is scrambling to rebuild, with highly specialised capabilities in materials and manufacturing.<\/li>\n<\/ul>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>Should I go HALO now?<\/strong><\/h2>\n\n\n\n<p>Before answering this question, consider the trade-offs.&nbsp;<\/p>\n\n\n\n<p><strong>The opportunity \u2013 you might (still) be early:&nbsp;<\/strong>Despite the recent surge, investors remain largely under-allocated to this theme. Over the past decade or so, fund flows into \u201cgrowth\u201d funds have been relentless (see the example of Europe in the chart below). There could be more room to go for HALO as \u201cvalue\u201d funds close that gap.<\/p>\n\n\n\n<figure class=\"wp-block-image size-full\"><img loading=\"lazy\" decoding=\"async\" width=\"512\" height=\"317\" src=\"https:\/\/www.syfe.com\/hk\/magazine\/wp-content\/uploads\/2026\/03\/image-18.png\" alt=\"\" class=\"wp-image-8541\" srcset=\"https:\/\/www.syfe.com\/hk\/magazine\/wp-content\/uploads\/2026\/03\/image-18.png 512w, https:\/\/www.syfe.com\/hk\/magazine\/wp-content\/uploads\/2026\/03\/image-18-300x186.png 300w, https:\/\/www.syfe.com\/hk\/magazine\/wp-content\/uploads\/2026\/03\/image-18-356x220.png 356w\" sizes=\"auto, (max-width: 512px) 100vw, 512px\" \/><\/figure>\n\n\n\n<p><em>Source: Goldman Sachs Research.<\/em><\/p>\n\n\n\n<p><strong>The risk \u2013 AI surprise:&nbsp;<\/strong>AI is developing at breakneck speed. Further evolution could create new beneficiaries. New AI models could bring capital-light businesses back in favour, and some HALO stocks could turn out to be less safe than they look.&nbsp;<a href=\"https:\/\/www.morganstanley.com\/im\/en-gb\/institutional-investor\/insights\/carons-corner\/market-pulse-with-jim-caron-20260302.html\" target=\"_blank\" rel=\"noreferrer noopener\">Morgan Stanley<\/a>&nbsp;points to the disruption of railroads by aviation and trucking as proof that true permanence is rare in history.&nbsp;<\/p>\n\n\n\n<p><strong>Long story short:&nbsp;<\/strong>On balance, HALO is not quite a magical bunker in a risk-prone market, as characterised by some commentators. But the concept does capture the market\u2019s zeitgeist in the age of AI disruption. It can be used as a targeted tool to shore up your portfolio\u2019s resilience. Most importantly, it can help you stay invested, which is the key to building long-term wealth.<\/p>\n\n\n\n<p style=\"font-size:24px\"><strong>Risk Disclosures<\/strong><\/p>\n\n\n\n<p>Investment involves risks including possible loss of the principal amount invested. The portfolio and\/or the constituent funds in the portfolio may not achieve their investment objectives. Any past performance, projection, forecast or simulation of results is not necessarily indicative of the future or likely performance of any investment. Investors should consider the investment objectives, risks, charges and expenses carefully before investing.&nbsp;<\/p>\n\n\n\n<p>Some of the risks within the constituent funds include market risk (potential losses from market-wide changes), liquidity risk (difficulty selling an asset), interest rate risk (changes in interest rates affecting the market value), credit risk (risk of default on a debt or default of an exchange), and fund management risk (the chance that the constituent fund managers\u2019 investment strategies do not work as planned).&nbsp;<\/p>\n\n\n\n<p>Some of the constituent funds may also use derivatives. Transactions in options (and derivatives generally) also carry a high degree of risk. Selling (&#8220;writing&#8221; or &#8220;granting&#8221;) an option generally entails considerably greater risk than purchasing options. Although the premium received by the seller is fixed, the seller may sustain a loss well in excess of that amount. The seller will also be exposed to the risk of the purchaser exercising the option and the seller will be obliged either to settle the option in cash or to acquire or deliver the underlying investment. If the option is &#8220;covered&#8221; by the seller holding a corresponding position in the underlying investment or a future on another option, the risk may be reduced. You should understand the risks associated and be willing to assume the risks before making any investment decision.<\/p>\n\n\n\n<p>The information in this website is for information only. The information and opinions contained in this publication has been obtained from sources believed to be reliable at the time of writing, but Syfe makes no representation or warranty as to its adequacy, completeness, accuracy or timeliness for any particular purpose. Opinions and estimates are subject to change without notice. Syfe does not provide legal, tax or accounting advice.<\/p>\n\n\n\n<p>There is no assurance that the credit ratings of any securities mentioned in this publication will remain in effect for any given period of time or that such ratings will not be revised, suspended or withdrawn in the future if, in the relevant credit rating agency\u2019s judgment, the circumstances so warrant. The value of any product and any income accruing to such a product may rise as well as fall.<\/p>\n\n\n\n<p>Information on this website is not and should not be construed as an offer to sell, or a solicitation of an offer to buy any security, investment product or service, nor a distribution of information for any such purpose.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Investors seeking value in a volatile market are piling into a new trade: HALO, a basket of \u201cboring\u201d businesses that are hard to replace despite technological and economic disruptions. Here\u2019s our take on what it means for markets and your money. What exactly is HALO?&nbsp; HALO stands for \u201cHeavy&nbsp;Assets,&nbsp;Low&nbsp;Obsolescence\u201d stocks. These are businesses that have [&hellip;]<\/p>\n","protected":false},"author":27,"featured_media":8535,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_uag_custom_page_level_css":"","footnotes":""},"categories":[21],"tags":[],"class_list":{"0":"post-8534","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-insyfehands"},"acf":{"readingTime":"","authorName":"","authorThumbnail":false,"BLUE_TIER":"0","BLACK_TIER":"0","GOLD_TIER":"0","PRIVATE_WEALTH_TIER":"0","PRE_AML":"0","POST_AML":"0","NO_GLOBAL_PORTFOLIO":"0","NO_REITS_PORTFOLIO":"0","NO_EQUITY_PORTFOLIO":"0","NO_CASH_PORTFOLIO":"0","HAS_ADVISOR":"0","INVESTMENT_PORTFOLIO_AUM":"0","AFTER_AML_DATE":"","AFTER_ACCOUNT_CREATED_DATE":"","language":"all"},"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v26.5 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>What is HALO, Wall Street\u2019s Favourite Trade Right Now? | Magazine | Syfe HK<\/title>\n<meta name=\"description\" content=\"Investors seeking value in a volatile market are piling into a new trade: HALO, a basket of \u201cboring\u201d businesses that are hard to replace despite technological and economic disruptions. 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