Leadership Changes

Below is a synopsis of this investment report:

  • Defensive sectors such as telecom, utilities, and consumer staples led the stock market rally up until the beginning of April.
  • At that time, we felt that these sectors were peaking in valuation and began to prepare for a shift out of defensive stocks and into cyclical ones such as industrials and technology.
  • This leadership change, where one group of stocks falls out of favor for another, appears to be underway.


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