Mr Thomson said if this trend continues then it is likely that big tech stocks will underperform relative to the rest of the market.
Andrew Cole, multi-asset investor at Pictet said: “One further factor that might take some of the shine off the FANG stocks in the year ahead is the increasing importance of ESG factors to a growing proportion of investors.
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"Governance issues exist in a number of the more highly valued areas of the market and we’ve seen these concerns damage the pricing of both public and private companies, looking to IPO, in recent months.
"Isn’t it likely that given increased ESG pressures that it is those companies that tick the biggest ESG boxes, where investors will be happier paying increasing multiples?”
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