Underweight S&P soft drinks index heavyweight Coke reported its results last week and though it beat earnings estimates, the stock offered its worst performance in more than a decade. This is despite solid pricing…
Key Portfolio Highlights The S&P 500 has started 2019 with a bang as dovish cooing from the Fed has proven a tonic for equities. While we have not entirely retraced the path to the early-autumn highs, our strategy of staying…
Overweight Procter & Gamble (PG), the heavyweight of the S&P household products sector, delivered excellent results this week and raised their guidance, despite a forecast of a nearly $1 billion after-tax currency…
Underweight The S&P soft drinks index popped in late October, driven by better than expected Q3 results, mostly at Coke. In truth, pricing power has been staging a fairly steady recovery since falling off a cliff in 2016, though it…
Household product stocks have typically performed well as retail gasoline prices have contracted; this iteration has proven no different. This boon to consumers has supported an uptick in spending on household products, which…
Overweight Household product stocks have typically performed well as retail gasoline prices have contracted; this iteration has proven no different (gasoline prices shown inverted, top panel). This boon to consumers has…
Since the turn of the millennium, the clothing and accessories sector’s profits are up by a thousand percent. Our European investment strategists argue that this megatrend has further to run, as its principle driver is…
Neutral U.S retailers have reported excellent sales numbers in the most recent quarter, most notably Walmart that delivered a surprising 3.4% same store sales growth number; the market has responded in kind and spared the S&P…
Highlights China's old economy continues to slow in the leadup to the negative effect of U.S. import tariffs on Chinese export growth. Weaker trade data over the coming few months is likely to weigh further on investor sentiment.…