However, the fund manager said Wall Street’s non-profitable growth stocks, which soared during the pandemic as central banks cut interest rates, would not join in the rebound. “It’s actually a different market now versus the frothiness we saw in 2021 – that game is not coming back. What is coming back is these [megacaps] are just high-quality franchises that got a little too expensive in 2021, but now they’re sensibly valued,” Mr Jain said. “Tech is not broadly coming back, it’s much more around businesses that have real free cash flow and earnings today, not five years out.” While the...