Many stocks are still trading well below their pre-pandemic levels.
In many cases this may be justified because the crisis has called business models into question.
But sometimes these are values that the rally simply forgot.
Looking ahead, however, experts expect the laggards - both indices and sectors - to be able to catch up.
This is ensured by the availability of vaccines, the pent-up consumption pleasure and, last but not least, rising capital market rates.
WELT presents the most important titles.