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Royal Blue

Feb 06 2023

Growth vs. Value vs. Cyclicals

  • Feb 6, 2023

Both Growth and Value Small-Cap style boxes gained 10% in January’s rally. However, SC Growth remains well in the rearview mirror since its relative strength peak in September 2020: Small Cap Growth +8% versus Small Cap Value +60%.

Oct 07 2014

Royal Blue Index

  • Oct 7, 2014

In Q3 the High P/E Tier was the best performing subset, up 2.1%. However, the High P/E Tier has lagged the other two segments significantly YTD—up only 3.1% compared to +10.1% and +11.8% for the Mid and Low Tiers, respectively.

Jul 08 2014

Royal Blue Index

  • Jul 8, 2014

In Q2, the Low P/E Tier was the best performing subset, up 6.6%. The Low P/E Tier also leads YTD +9.6%. The High P/E growth names are lagging severely YTD, up only 1%.

Apr 08 2014

Royal Blue Index

  • Apr 8, 2014

In Q1 the High P/E Tier was the worst performing subset, down 2.2%. It was the best performer in 2013 (+39.9%), with the Middle P/E Tier (+33.0%) and Low Tier (+33.9%) trailing. 

Jan 08 2014

Royal Blues: High P/E Tier Beats S&P 500

  • Jan 8, 2014

The High P/E Tier is now slightly overvalued, the Middle P/E Tier is overvalued, and the Low P/E Tier continues being quite overvalued.

Dec 06 2013

Growth/Value/Cyclicals Market Internals

  • Dec 6, 2013

Growth Stocks Lead YTD In All Three Cap Categories.

Nov 07 2013

Large Cap Growth Bounces Back The Past Two Months

  • Nov 7, 2013

Growth stocks are now all above their historical average valuation levels. Value stocks are all solidly overvalued compared to their recorded averages.

Oct 08 2013

The Cream of the Institutional Equity Crop Broken Down By P/E Multiples

  • Oct 8, 2013

In Q3 the High P/E Tier was the best performing subset, up 7.6%. It is also the best performer YTD (+23.7%), with the Middle P/E Tier (+22.9%) and Low Tier (+21.7%) just behind.

Oct 08 2013

Growth Continues Leading In Mid And Small Caps YTD, Large Cap Growth Bounces Back

  • Oct 8, 2013

All three cap tiers of Growth also now ahead for the YTD. Growth stocks are moving towards their his- torical average valuation levels, with Mid Cap Growth now being overvalued. All Value stock segments continue to be solidly overvalued.

Sep 10 2013

Growth Continues Leading In Mid And Small Caps YTD But Lags In Large Caps

  • Sep 10, 2013

Growth’s leadership over Value has only been apparent in Large Caps, but this segment had a big short-term reversal in recent months. Large Cap Cyclicals (+7%) significantly lag Large Cap Growth (+17%) YTD.

Aug 07 2013

Growth Leads In Mid And Small Caps But Lags In Large Caps

  • Aug 7, 2013

Growth’s longer term trend of leadership over Value has only been apparent in Large Caps, but this segment had a big short-term reversal in Q2 and July.

Jun 03 2008

The New Nifty Fifty—Time To Become A Believer Again?

  • Jun 3, 2008

These once elite companies have continued to turn in good earnings growth. The problem had been that the prices had moved far too high. After a few years of declining prices, the valuations are once again looking very compelling.


Jun 05 2007

Large-Cap Growth: Could A Long Wait Get Even Longer??

  • Jun 5, 2007

Valuations set the stage for better performance out of growth.  But it is important to note that there’s precedent for the value cycle—seemingly already overextended in time and price—to get much more extended. 

Aug 05 2006

High P/E Stocks: Becoming A Safe Place To Hide?

  • Aug 5, 2006

Value continues to have leadership position over Growth among Large Cap stocks. Mid Caps also shifting to favor Value, but Growth still leading in the Small Cap tier.

Jul 04 2004

Royal Blues….Annual Reconstruction

  • Jul 4, 2004

Ten new components inserted into this list of the 99 stocks with the largest institutional ownership. Smallest turnover in four years. Russell also being rebalanced.

Jul 03 2002

Royal Blue…..Annual Reconstruction

  • Jul 3, 2002

Eleven new components, six of which are first time qualifiers.

Sep 04 2000

The Royal Blues…Revision And Comment On Newly Revised Institutional Favorites

  • Sep 4, 2000

A record 13 new equities achieved Royal Blue status. Today, technology, media and communications make up 40% of the Royal Blues, compared to about 23% five years ago.

Sep 05 1999

The Royal Blues…Revision And Comment On Current 99 Institutional Favorites

  • Sep 5, 1999

The Royal Blues studies currently identify the 99 U.S. institutional favorites…those equities with the largest dollar value and broadest institutional ownership.

Sep 05 1994

Why We Are Buying Big Cap Growth Stocks Now

  • Sep 5, 1994

Big cap growth stocks appear to be in the early stages of regaining leadership from the “tired” cyclicals and “overvalued” value stocks.

Aug 05 1994

In Search of Blue Chip Growth Stocks

  • Aug 5, 1994

Growth stocks have been out of favor over the past 3-4 year, but look poised to regain leadership over the next 6-12 months.

Jul 05 1993

A Royal (Blue) Look At Growth Stocks (And Value Too)

  • Jul 5, 1993

When value investing requires so much effort just to locate purchase candidates, you might want to re-evaluate your equity sector asset allocation strategy if you have that option. What do the growth stocks look like?

Apr 05 1993

The Message of Phillip Morris

  • Apr 5, 1993

Six months ago, this stock was at the top of most institutions' core holding list. Smashed and broken, it's now a major portfolio embarrassment. Once again, the often forgotten message from the past echoes: No Growth Is Permanent.

Sep 05 1991

August Insights

  • Sep 5, 1991

Secondary stocks’ August performance, growth vs. cyclical and growth vs. value performance, S&P and DIJA historical valuations and the Royal Blue Index.

Jun 01 1988

Are Higher P/E Institutional Stocks Now Relatively Attractive?

  • Jun 1, 1988

Compared to low P/E institutional stocks, the high P/E institutional stocks are very cheap in terms of relative P/E’s. But don’t get too bullish yet. There is more to the story.

Feb 07 1986

Royal Blue Index...An In Depth Appraisal

  • Feb 7, 1986

A number of years ago The Leuthold Group developed an analytical tool we call the Royal Blue Index.

Dec 03 1985

Is It Nifty Fifty Time?

  • Dec 3, 1985

Quality Growth stocks led the market in November and are now also outperforming the market year to date. Now that we have so many value players, is the stage set for an extended period of big growth stock leadership?

May 02 1985

High P/E Quality Stocks Now Cheap

  • May 2, 1985

High P/E Quality stocks are now very cheap on a relative basis, at least when compared to low P/E stocks. Unfortunately, our timing work does not yet show favorable market momentum developing for these issues.

Mar 05 1985

Annual Component Changes in Royal Blue Index This Issue

  • Mar 5, 1985

Turnover in the top 60 stocks most heavily owned by institutions is higher than normal. Some of the changes were expected while others were mild surprises.