Source: Upgrading industrials and oil & gas

After a torrid third quarter for equity markets, we expect a better end to the year…

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For Professional Clients & Sophisticated Investors

We are therefore adding to cyclical allocations and taking the first, tentative, step back into resource-related sectors. We remain committed to financials, but continue to steer clear of autos and healthcare, both of which recently had a taste of what could become ongoing idiosyncratic problems.

Changes in allocations:

• US ↑ all UW to N: industrial goods & services, utilities

• US ↓ all OW to N: financial services, technology

• Europe ↑ all UW to N: oil & gas, chemicals, industrial G&S, food & beverage

• Europe ↓ all N to UW: utilities

Most favoured sectors

• US: consumer discretionary, financials

• Europe: financials, media, telecoms

Least favoured sectors

• US: basic resources, oil & gas, healthcare

• Europe: autos, basic resources, retail

Source Top Picks

• US financials: value-momentum sweet-spot, profitability, high beta

• Europe insurance: value-momentum sweet-spot, higher yields will help

• Europe telecoms: value-momentum sweet-spot, M&A activity


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