This is the time of the year when strategists are busy sending out their annual outlooks. Here on the Global Investment Strategy team, we decided to go one step further. Rather than pontificating about what could happen in 2025, we…

Neutral   Home improvement retailers (HIR) were among the lucky ones that were allowed to keep their doors open during the pandemic. As a result, these big box retailers benefitted from the lockdown as people used their…

Highlights Portfolio Strategy We opt to stay patient and refrain from deploying fresh capital especially in the tech sector in the near-term; a better entry point will likely materialize between now and the end of the year. The…

Neutral In mid-April we went overweight the S&P home improvement retail (HIR) index on the back of demand-stimulating zero interest rate monetary policy, loose fiscal policy as well as rising lumber prices. As a reminder, HIR…

  Overweight Our S&P home improvement retail overweight continues posting healthy gains: the position is up 23%, in relative terms, since the mid-April inception. Such handsome returns compel us to move our trailing stop…

Overweight (Downgrade Alert)   In mid-April we boosted the S&P consumer discretionary index to overweight via assigning an above benchmark allocation to both internet and home improvement retailers (HIR). Our thesis to…

Dear client, It was my pleasure to join Dhaval Joshi, BCA’s Chief European Investment Strategist, this past Friday June 12, 2020 on a webcast he hosted titled: “Sectors To Own, And Sectors To Avoid In The Post-Covid World…

  ​​​​​​​We reiterate our mid-April upgrade of the early-cyclical S&P home improvement retail (HIR) index to overweight that is off to a flying start.1 Our three-pronged thesis was predicated upon: the rising gap between…

Overweight Home improvement retailers (HIR) were the first consumer discretionary stocks to sniff out the end of the Great Recession, troughing even prior to the China-sensitive materials and industrials equities. As such we believe…

Highlights Portfolio Strategy The Fed’s QE and ZIRP, the collapse in gasoline prices and extremely depressed breadth readings that are contrarily positive, all signal that it no longer pays to be bearish consumer discretionary…