Articles by Phil Segner Sr. Research Analyst & Co-Portfolio Manager
Small/Mid/Large Cap
Small Cap Premium Slumps To 17%
Growth/Value/Cyclicals
Growth And Value Go Down Together
Additional Factors
The S&P 500 couldn’t hang on to its gains and snapped a five month winning streak in July. This is only the third down month in the last year.
Earnings Momentum
Easy earnings growth days are behind us.
Small/Mid/Large Caps
Small cap premium spikes back up.
Growth/Value/Cyclicals
Value strong again in Q2.
Additional Factors
S&P 500: Equal Weighted better in june.
Earnings Momentum
The second month of Q1 earnings reports registered an Up/Down Ratio of 1.16. This is far below the long term “two-month” average of 1.52, and ties the lowest “two-month” result since 2009.
Small/Mid/Large Caps
Small Caps are selling at a 17% valuation premium relative to Large Caps (19% last month), using non-normalized trailing operating earnings. The Small Cap sell-off over the last three months has pushed us away from the recent peak premium of 23%.
Growth/Value/Cyclicals
Growth outperformed Value in all market cap subsets: Large Cap, Mid Cap, and Small Cap. It also snapped a five month losing streak with Cyclicals. Despite the reversal, Growth is still lagging YTD, and is extremely undervalued compared to Value.
Additional Factors
As the market found a new leg higher the last two weeks of May, the Cap Weighted and Equal Weighted S&P 500 Indexes had uniform advances—just over 2% for the month. The Equal Weighted Index maintains an 80 bps lead YTD.
Earnings Momentum
Initial Q1 Earnings Well Below Average.
Small/Mid/Large Caps
Small Caps are selling at a 19% valuation premium relative to Large Caps (23% last month).
Growth/Value/Cyclicals
In April, Large Cap Value widened its YTD outperformance over Large Growth to 730 bps.
Additional Factors
Market Cap has been slightly better than equal the past two months.
Earnings Momentum
“Three Month” Up/Down Earnings Ratio Ends Q4 With a Whimper.
Small/Mid/Large Caps
Small Cap Premium Bounces Back To 23%
Growth/Value/Cyclicals
Growth Takes It On The Chin In March.
S&P 500 Equal Weight
Cap Weighted Slightly Better In Flat Performance Month.
Sector Characteristics of the S&P Indicies
Important characteristics of the broad sectors of the S&P 500 along with the S&P Mid Cap and Small Cap indices.
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