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Thematic update May 2023

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Only 10 themes outperformed in April, the fewest themes since September 2022. Consumer themes stood out as the largest ETF's for Longevity, Pet Care, Sports Betting, and India Consumer were all up 3.8% or more in the month. April was a respite from a hot Q1 and largely a risk-off month, but we are not likely to shift defensive until we see more signs of recession.

Ned Davis Research | Thematic | Focus | Monthly

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