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European sectors: when to rotate?


Stalling equity momentum has coincided with some rotation into Defensive sectors, while Cyclical Value strongly outperformed Cyclical Growth in March and April. We find evidence for a more moderate Cyclical sector tilt but not enough to recommend a Defensive sector tilt. We see the recent outperformance of Cyclical Value vs. Cyclical Growth in line with a short-term reversal from an extreme oversold condition.

Ned Davis Research | Equities | Europe Focus | Monthly

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