Take it a little at a time.
Omit the first non-essential clause, and you get this:
The focus on growth has been warranted....
So the focus on growth (i.e., investing in stocks which promise growth) is warranted, he says.
Now look at the concluding part:
...but if it unwinds there should be beneficiaries elsewhere.
This is unclear. What is "it" in this sentence? What does "unwind" mean? Beneficiaries of what?
Standing alone, it doesn't make sense. Perhaps more context would clarify the intended meaning.
I can see why you are confused, especially if you're not familiar with investment and ecomonic jargon
This last part seems to be virtually meaningless and unnecessary. It could probably be summed up as saying: "But if thing change, then things will change."
It appears to me to be a wholly unnecessary tautology which adds NOTHING to the meaning, but which is added in order to string a bunch of words together to in an attempt to sound "sophisticated."