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Equity Strategies Group-Level Analysis Of The Equity Markets

Mar 05 2021

The Discretionary Divide—An Earnings-Season Update

  • Mar 5, 2021

We revisit the great divide that has emerged between companies and entire industries over the course of the past year. The fragmentation is, of course, the result of companies/industries that benefited from the pandemic environment, and those that were adversely affected.

Mar 05 2021

Sector Rankings

  • Mar 5, 2021

The top-rated sectors are unchanged this month, with Financials, Information Technology, and Consumer Discretionary rounding out the top-three spots. Health Care moved up from the 6th rank to 4th. Consumer Staples logged the biggest drop in the ratings, moving from 5th spot to 7th this month. Energy, Real Estate, and Utilities maintained their status quo as the three-worst-ranked sectors—now tallying the tenth-consecutive month at the bottom.

Feb 05 2021

Homebuilding Holds Steady At The Top Of GS Scores

  • Feb 5, 2021

As new home sales skyrocket alongside plummeting mortgage rates, we revisit the historical relationship between Homebuilding stock returns and industry-specific factors that impact housing affordability and homebuilders’ bottom lines.

Feb 05 2021

Sector Rankings

  • Feb 5, 2021

Financials jumped from 5th place to 1st this month—the first time Financials has been the highest-rated since February 2020. Information Technology, Consumer Discretionary, and Communication Services round out the top.

Jan 08 2021

Industry “Dreams” And “Nightmares”

  • Jan 8, 2021

We take a look at our historical analysis of industry-group portfolios to see how the “Dreams” and “Nightmares” from 2019 fared in 2020. The industry-group composition of the 2020 Dream and Nightmare portfolios is also presented.

Dec 05 2020

Revisiting The “Reopening Economy” Theme

  • Dec 5, 2020

We review relative price-action patterns among industry groups belonging to the “reopening economy” theme. These are areas that have been hit hard by the pandemic and should benefit the most from a return to economic normalcy. Conversely, a variety of industries profit on days when it appears that the economic shutdown may be prolonged. Recent performance is incorporated to re-examine the trends.

Dec 05 2020

Sector Rankings

  • Dec 5, 2020

We saw only slight movement among the sector rankings. Health Care, Information Technology, and Consumer Discretionary remained the top-three rated sectors (out of eleven total). The biggest movers this month were (1) Financials moving from the 8th spot to 6th, and (2) Industrials swapping from 6th to 8th. The bottom-three rated sectors, Real Estate, Energy, and Utilities are the same as last month, with Energy returning to the bottom.

Nov 06 2020

The Stock Market & U.S. Presidential Election Cycle Revisited

  • Nov 6, 2020

We crunch some numbers to see how 2020’s stock market trends have fared compared to the typical election year, and we slice and dice past post-election year trends at the sector and industry group levels to look at potential opportunities in the coming year.

Nov 06 2020

Sector Rankings

  • Nov 6, 2020

There continues to be little movement among the sector rankings. While Health Care, Information Technology, and Consumer Discretionary remained the top-three rated sectors (out of eleven total), Consumer Staples and Communication Services swapped spots this month and moved into 4th and 5th, respectively. The bottom-three rated sectors, Real Estate, Energy, and Utilities are the same as last month, with Energy returning to the bottom.

Oct 07 2020

Examining The “Reopening Economy” Theme At The Group Level

  • Oct 7, 2020

We examine a variety of industry groups with noteworthy relative price action on both “reopening” and “closed economy” days. Our objective is to shed more light on the industry groups that are consistently moving together on these days.

Oct 07 2020

Sector Rankings

  • Oct 7, 2020

 

There was little movement among the sector rankings. While Health Care and Information Technology remained the top-two rated sectors (out of eleven total), Consumer Discretionary jumped to the 3rd spot from 5th. Communication Services and Consumer Staples each dropped one position to move into 4th and 5th place, respectively. The bottom-three rated sectors, Real Estate, Energy, and Utilities are unchanged.

Sep 05 2020

“Reliable” Health Care And The Presidential Election

  • Sep 5, 2020

Health Care has been resilient this year, but will that continue in the run-up to the presidential election?  We look at the performance of the Attractively-ranked industry groups and how they have historically performed leading up to an election and post-election. 

Sep 05 2020

Sector Rankings

  • Sep 5, 2020

There was some movement among the sector rankings. While Health Care, Information Technology, and Communication Services remained the top-three rated sectors (out of eleven total), Consumer Staples advanced to the 4th spot from 6th and Financials dropped to the 8th position from 5th. The bottom-three rated sectors, Real Estate, Energy, and Utilities are the same as last month.

Aug 06 2020

Housing Groups Heat Up

  • Aug 6, 2020

A major driver of the division in recent performance among retail groups has been the burgeoning “nesting” theme. Stuck at home, consumers are directing their dollars toward indoor and outdoor home upgrades. A related theme has now established itself in the upper rankings of our group work—Housing.

Aug 06 2020

Sector Rankings With Attractive/High Neutral And Unattractive Industry Groups

  • Aug 6, 2020

There was no movement among the sector rankings. Health Care, Communication Services, and Information Technology are the top-three rated sectors (out of eleven total). The bottom-three rated sectors are Real Estate, Energy, and Utilities.

Jul 08 2020

Retail’s Winners And Losers Of The Pandemic

  • Jul 8, 2020

Following the market bottom, the rebound across retail industries has been robust, but a divide has emerged. Consumers’ needs and behaviors have dramatically shifted as former lifestyles were uprooted. This swift change in economics has resulted in clearly-defined sets of winners and losers among retail industries.

Jul 08 2020

Sector Rankings With Attractive/High Neutral And Unattractive Industry Groups

  • Jul 8, 2020

There was minimal movement among the sector rankings. The only two to shift positions were Industrials and Materials, with the former dropping to 8th from 7th place and the latter rising to 7th place from 8th. Health Care, Communication Services, and Information Technology are the top-three rated sectors (out of eleven total). The bottom-three rated sectors are Real Estate, Energy, and Utilities.

Jun 05 2020

S&P 500 Sector Leaders Since Market Top

  • Jun 5, 2020

Since the market peak on February 19th the S&P 500 Health Care sector is down only 1.1%. Among the S&P 500 sector indexes, Health Care and Consumer Discretionary are the performance leaders.

Jun 05 2020

Pockets Of Strength Among Discretionary Industries

  • Jun 5, 2020

A brief overview of two (very different) Attractively-rated Discretionary groups that are longstanding SI portfolio holdings that have managed to maintain their “Attractiveness” throughout the tumult.

Jun 05 2020

Sector Rankings

  • Jun 5, 2020

For the third consecutive month, Health Care, Communication Services, and Information Technology remain the top-three rated sectors (out of eleven total). Materials moved up to 7th place from 9th, while Utilities declined from 8th place to last, with Real Estate and Energy the next lowest rated.