Overweight The S&P software index’s – dominated by MSFT – frenetic year-to-date run has lost steam lately, and pure play cloud stocks are sending an unambiguous negative signal. Worryingly, cloud stocks…
Overweight (maintain cyclical trailing stop at 27% relative return since inception) The latest ISM services report followed its sibling ISM manufacturing survey lower as we have been expecting, given the leading properties and extreme…
Remain Cyclically Overweight, But Remove from High-Conviction Overweight List Our 10% stop on the S&P software high-conviction call got triggered and we are obeying it, booking gains and removing this index from the high-…
Neutral Downgrade Alert This Monday we published a summary of our portfolio allocation changes that we made over the past couple of months. They key underlying theme running through most of our recent moves was to reduce our…
Overweight, High-Conviction On June 10th we tightened our stops on the overweight call in the S&P software index, as a risk management measure in the context of our cautious broad equity market stance. Our bullish…
We are compelled to put the S&P tech sector on our downgrade watch list as President Trump’s hawkish trade talk and actions since May 5 warn that tech revenues (60% export exposure) and profits will likely remain…
Overweight (High conviction) We have had a high conviction overweight recommendation on the S&P software index since the end of 2017 and the position has made handsome returns in excess of 27% since its inception.…
Overweight (High-conviction) S&P software index heavyweight Microsoft reported results this week that reflect the themes underpinning our high-conviction overweight recommendation on the sector. Companies are actively…
Overweight (High-Conviction) Software stocks are on fire and leading profit indicators suggest that more gains are in store in the coming months. Sustained capital outlays on software are a key driver of industry profits (…