Even when lockdown restrictions are eased, the coronavirus will continue to affect our lives in many ways. Those businesses that are in good financial health and able to adapt to customers’ needs should prosper. However, any weaker players already grappling with falling sales, rising costs and intense competition are likely to have an anaemic recovery or even fall by the wayside.

In a contest where only the fittest will survive, the largest companies that already dominate their sectors are likely to be the winners. They will be able to invest in their business models to grow market share even further, acquire smaller competitors at distressed prices, and expand their operations into new areas where they see emerging opportunities.

Covid-19 is one of the greatest shocks to business for a century. The lockdown and its ripple effects are speeding up significant structural changes that were already under way before the crisis struck.

An even larger share of our lives has moved online since we’ve been quarantined at home, speeding up the trend from physical to digital that has been under way for some time. For many people and businesses, there will be no turning back when the lockdown eases. They’ll continue to do the things that have proven to be easier, faster and cheaper.

Digital platforms have become the only way for many of us to work, as well as be educated and entertained. Typically, the adoption rate for new technologies is slow in the early phases, but out of necessity, we’ve been forced to adapt – from buying food online to holding virtual meetings with colleagues, family and friends.

As many of these trends accelerate, companies that offer their products and services online are likely to continue to take market share from their traditional competitors, and enjoy long-term profits growth. Businesses in sectors that are not able to adapt to the new world are going to come under intense pressure, including travel, high-street retail and real estate.

A number of technology trends have been given a significant boost from this crisis. Many of these have either explicit or implicit sustainable characteristics. The most powerful include the continuing switch to digital payments, as well as the adoption of electric vehicles as images of a reduction in air pollution across the world’s major cities resonates with both consumers and policymakers. Even connected digital fitness equipment appears to be more convenient and effective than gyms for a lot of people.

As long-term investors, we’ve always focused on finding companies with a competitive advantage that will allow them to grow their profits well into the future. Typically, these companies will display strong environmental, social and governance characteristics, and many are leveraged to significant environmental and social trends. The economic disruption caused by the coronavirus pandemic means that this approach has become even more important. We’ll continue to invest in dominant companies that can use their competitive advantages, capital and scale to consolidate their positions as the crisis recedes.

Companies in cyclical sectors tend to sell discretionary items that consumers spend less on during a recession. Their share prices have probably already fallen about as far as they are going to, but we remain selective about investing in these types of businesses. Although valuations look attractive, considerable uncertainty remains about the outlook for the global economy.

Many cyclical companies will need to repair their balance sheets and await a pickup in demand before they can start to deliver strong profits growth once again. The pace of any recovery for those that have been affected the most by the lockdown is likely to vary considerably. For example, in the airline industry short-haul flights will probably recover before long-haul travel.

From an investment perspective, cyclical businesses that face structural headwinds, such as traditional carmakers and high-street retail, remain unattractive. We prefer those that we see have the potential to  grow over the long term, such as semi-conductor manufacturers and copper miners, which provide the components and raw materials for our increasingly digital lives.

Banks face a challenging environment of low or negative interest rates, flat yield curves, higher credit risks and depressed economic activity. Although most are in much better health than they were during the 2008 financial crisis and have stronger balance sheets, changes to accounting practices mean provisioning losses are likely to be larger and occur earlier than in previous downturns.

Across various measures of value, share prices appear cheap compared with the past. However, given the uncertainty surrounding credit risk, we don’t believe valuations are attractive at the moment. Many banks are suspending their dividend payments to make sure they have enough capital to cover defaulted loans.

Another headwind is the ongoing pressure from new fintech challengers, which are harnessing technology to speed up their processes and drive down costs. When looking for investment opportunities in the financials sector, we’re attracted to innovative companies. They include selective trading exchanges, specialist insurance companies, some fund managers and payment processors.

Many of the most innovative companies not only provide a practical service, but they also reflect people’s lifestyle choices and beliefs. For example, some payment processors are facilitating incremental saving or charitable giving, while many fund managers are embracing sustainable investing.

The energy sector has suffered substantial share price falls this year, which we expect will recover when oil prices pick up. Yet over the longer term, this industry is in steady decline. As the world moves towards a low-carbon future, companies producing energy from renewable sources, such as wind and solar, as well as those involved in battery storage, offer more sustainable investment opportunities.

Crude oil prices have plummeted this year, as demand for the commodity collapsed following social distancing measures introduced by governments to combat the coronavirus outbreak. For the first time in history, they even turned briefly negative when traders became concerned that storage facilities were probably full. We expect prices to remain low and volatile in the short term owing to a glut of supply and depressed demand.

Over the medium term, prices should recover as the global economy reopens for business and demand picks up. Oil producers will have an incentive to increase supply only gradually in order to push prices higher. For example, Saudi Arabia needs prices to achieve at least $70 a barrel in order to balance its budget.