The previous Insight showed that macro forces were shifting in favor of a trough in the brutal backdrop for hypermarkets sales. Even if the latter are slow to recover, there is scope for positive profit margin surprises in the coming…

Hypermarkets are off their relative performance lows, despite the rebound in the broad market. That is a solid showing for a defensive industry that has been in the doldrums for more than three years. It is easy to understand why…

A lack of confirming growth indicators puts the equity advance at risk. Lift hypermarkets to overweight, stick with homebuilders and fade any small and/or mid cap relative strength.

The Fed's recent dovishness represents an acknowledgement of the feedback loop between Fed policy and financial conditions. Expect Fed hawkishness to ramp back up prior to the next rate hike, likely in June.

The Fed's recent dovishness represents an acknowledgement of the feedback loop between Fed policy and financial conditions. Expect Fed hawkishness to ramp back up prior to the next rate hike, likely in June.

While high-beta equity areas have rebounded smartly in recent trading sessions, we remain skeptical that earnings-follow through will be forthcoming. Instead, our portfolio remains defensively-geared, where profit support is strongest.…

The retail drug store industry is enjoying a twin boost from both bullish cyclical and secular forces. The latter is reflected in the long-term advance in personal outlays at pharmacies, which likely reflects increased drug demand as a…

The defensive consumer staples sector in general, and the soft drinks sub-group in particular, have outperformed smartly of late. Widespread improvement in key soft drink earnings drivers signal additional upside potential. Beverage…

Household product stocks are gathering momentum relative to the broad market. We expect this trend to persist as profit margins slowly improve. The industry has undergone a forced retrenchment as a consequence of the strong U.S. dollar…