Articles by Greg Swenson Director of Equities
Sector Rankings
The top-three-rated sectors are Communication Services, Information Technology, and Consumer Discretionary. Financials dropped from the second-highest-rated to #4 (it ranked in 9th place out of the eleven sectors last March); it has now placed among the top four since May. This is the eighth consecutive month in which Utilities, Materials, and Energy have dominated the bottom three positions.
Portfolios - November 2019
Improvement in the Momentum category overpowered smaller losses elsewhere as market valuation and sentiment both remain elevated.
Portfolios - October 2019
In a reversal from August when the portfolios performed well in a down month, the Leuthold Core Portfolio and the Leuthold Global Portfolio both lagged their respective 100% equity benchmarks in September.
Sector Rankings
The top-three-rated sectors are Communication Services, Consumer Discretionary, and Financials. As recently as March, Financials ranked in 9th place out of 11 sectors; it has now placed among the top four since May.
Factor Performance: Momentum Saves The Day (Year); Value Is Awful
Momentum has made a furious comeback after a rough start to the year, posting an +11% spread in both May and August. Value continues to get crushed and there has been nowhere to hide: The pain is equally distributed between cheap and expensive, and it’s happening in every sector.
Sector Rankings
The top-three-rated sectors are Communication Services, Consumer Discretionary, and Financials. As recently as March, Financials ranked in 9th place out of 11 sectors; it has now placed among the top four since May. Info Tech dropped from the #1 spot to #4 in the latest calculation. For six consecutive months now, the three lowest-ranked sectors are Utilities, Materials, and Energy.
Portfolios - September 2019
The Leuthold Core Portfolio and the Leuthold Global Portfolio both outperformed their 100% equity benchmarks during August.
Portfolios - August 2019
The Leuthold Core Portfolio slightly underperformed and the Leuthold Global Portfolio slightly outperformed their respective benchmarks in July.
Sector Rankings; Attractive & Unattractively-Rated Industry Groups
The top-three-rated sectors are Communication Services, Information Technology, and Financials. As recently as March, Financials ranked in 9th place out of 11 sectors; it has now placed among the top four since May. Real Estate dropped out of the top three after a two-month visit and is situated in 5th place this round. For the fifth consecutive month, the three lowest-ranked sectors are Utilities, Materials, and Energy.
Portfolios - July 2019
The Leuthold Core and Global portfolios both lagged their respective 100% equity benchmarks in June as the market rebounded from the May sell-off.
Sector Rankings
The top-three-rated sectors are Communication Services, Financials, and Real Estate.
Sector Rankings
The top-three-rated sectors are Information Technology, Real Estate, and Financials.
Portfolios - June 2019
The Leuthold Core and Global portfolios both outperformed their respective 100% equity benchmarks in May as the market rolled over.
Portfolios - May 2019
The Leuthold Core and Global Portfolios both lagged their respective 100% equity benchmarks in April as the underlying equity portfolios lagged in a strong up market.
Sector Rankings
The top-three rated sectors are Information Technology, Communication Services, and Consumer Discretionary.
Factor Performance: Has Anything Changed In 2019?
· From a factor performance standpoint, 2019 is looking a lot like 2018, with expensive Momentum names outperforming everything else and Value struggling.
Sector Rankings
The top-three rated sectors are Communication Services, Health Care, and Information Technology. Scoring at the bottom of the ranks are Energy, Materials, and Utilities. Financials improved from ninth place to sixth, springing ahead of the Industrials and Consumer Staples sectors.
Portfolios - April 2019
The Leuthold Core and Global Portfolios both lagged their respective 100% equity benchmarks in March.
Portfolios - March 2019
The Leuthold Core and Global Portfolios both lagged their respective 100% equity benchmarks in February.
Sector Rankings
The top-three rated sectors are Health Care, Communication Services, and Consumer Discretionary. Scoring lowest in the latest rankings are Energy, Materials, and Financials.
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