NEW YORK (Reuters) – Uncertainty over the economic impact of the coronavirus outbreak has prompted at least some winners of the U.S. Lipper Fund Awards to look for companies that can withstand a prolonged pullback.
FILE PHOTO: A trader works on the floor at the New York Stock Exchange (NYSE) in New York City, U.S., March 5, 2020. REUTERS/Andrew Kelly/File Photo
U.S. stocks are down sharply from the record highs they reached in late February as companies ranging from Apple Inc (AAPL.O) to Tesla Inc (TSLA.O) warn investors their supply chains and revenues could be derailed by the rapidly spreading virus known as COVID-19.
As a result, fund managers from firms including Wells Fargo (WFC.N), GMO, Madison Investors and Needham & Company say they are looking at companies in the healthcare, technology and financial services sectors which could continue to gain market share regardless of any economic disruptions from the outbreak.
“We felt that we were due for a correction, we just…