The Global X US Infrastructure ETF (PAVE) has a 72% weight in Industrials. Since the end of February, Industrials has underperformed the S&P 500 by over 8% and PAVE has underperformed by over 10%. We remove our PAVE overweight with a 9.5% gain relative to SPY (as 5/30/2023) but could return to overweight in an environment more friendly to late-cycle sectors.
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