Articles by Greg Swenson Director of Equities
Correlations: Still At Peak Levels
Our calculations show the rise and fall of equity group correlations over time. How does this impact returns both historically and going forward?
March Performance: Factors Continue To Lack Consistency… Except For Momentum
Momentum once again has the best performance. This out-of-favor factor has continued to outperform the rest of the factors.
February Performance: Month Ends On A Whimper
During February, the only quantitative factor producing positive performance was Momentum. All other factors produced negative returns.
Digging Deeper With Group Level Data
This month’s “Quantitative Strategies” section presents a preliminary look at some long term trends in Valuations and Profit Margins for specific industry groups.
January Performance: Quality and Size Take The Lead...Finally
Quantitative Factor review for January shows Large Caps, Quality, and Profitability factors finally performing well. It’s been over a year since stocks with better Profitability outperformed in an up S&P month.
Year In Review: Inconsistency Among Traditional Factors
Factor performance during 2010: A review of traditional quantitative factors and their performance for the year.
Market Action Signals Further Room To The Upside
Factor analysis shows that Momentum continued to be effective in November. Also, aggressive equity sectors have been outperforming the defensive ones. Both of these factors bode well for a continuation of the bull market.
Year To Date Update: Momentum Makes A Comeback
YTD the winner is momentum! This is slowly developing to the angst of many model-tweekers. Note though that how one defines momentum can make a difference in what you see.
Month In Review: The Quality Trade Returns
Quantitative factor performance throws yet another curve ball. Momentum works with Growth and Profitability for first time this year.
Market Correlation And Group Rotation Strategy
New data series confirms unprecedented correlations in equity markets.
Irrelevant Factor Performance
During July, there were no factors that added value at a statistically significant level.
GS Scores Fighting… But Still Struggling
Our Group Selection work continues to struggle, but there seems to be a light at the end of the tunnel.
Factor Performance Shows Flight To Quality
Momentum cannot sustain itself, as multiple trends reversed over last two months. Profitability focus has returned to the marketplace as risk aversion grows.
New Equity Portfolio Group Additions Build Foreign Exposure
New group purchase of Integrated Telecom stocks.
Two New Groups In Select Industries Portfolio
Two new equity groups added to Select Industries equity portfolio. Inclusion of Paper Products and Independent Power Producers pushes Materials and Utilities to small overweight positions.
Are Earnings Estimates Ready To Surprise?
Have analysts blown through reality and swung too far, paving the road for upside surprises?
Seeking "Normality" In Abnormal Times
Extrapolate the current state of affairs into the future at your own risk - “normalcy” is bound to return at some point.
Disecting The Capital Indices
Identifying and comparing important characteristics of the broad sectors of the S&P 500.
Technology: Applying Positive Thinking To Our 9th-Rated Sector
Is it time to buy Technology? This month's “Of Special Interest” examines the sector's merits and finds that while there are signs of improvement, it is too soon to make a big move here.
LBO Screen Update
After one of the most active months ever for private equity offers, we revisit our LBO screen in “Inside the Stock Market” section. This screen has thus far outperformed the S&P 500 since we introduced it in January of 2006.
Perception for the Professional
March 2026 Issue
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March 2026 Issue
