Overweight (High Conviction) The S&P software index has continued to soar this year, helping the NASDAQ set an all-time high this week. Capex surveys are bouncing around the highest levels this millennium; such optimism has…
Overweight (High Conviction) The S&P software index is on the cusp of breaching the 2000 relative performance all-time peak, and we reiterate the high-conviction overweight status of this key tech sub-index, that is up over 11%…
Highlights Portfolio Strategy A virtuous software capex upcycle will continue to bolster industry sales/profits in the coming months. We reiterate our high-conviction overweight recommendation on the S&P software index. Depressed…
Overweight (High-Conviction) The S&P software index caught a bid last week, led by heavyweight Microsoft (representing a bit more than 50% of the index) following a positive sell-side report that put a one-year price target…
Highlights Portfolio Strategy Synchronized global capex growth and higher interest rates are two key themes that will continue to dominate this year. Three high-conviction calls are levered to the former theme and two to the latter. A…
Overweight - High Conviction Synchronized global capex growth, a derivative of BCA's synchronized global growth thesis, will be a dominant theme next year, benefiting cyclicals over defensives. The S&P software index is a clear…
Highlights Portfolio Strategy Synchronized global capex growth, a derivative of BCA's synchronized global growth thesis, will be a dominant theme next year, benefiting cyclicals over defensives. Three high-conviction calls are…
Neutral Software stock relative performance has returned to its long-term uptrend, but remains far from the two standard deviations above the mean peak reached during the tech bubble (top panel). The structural pull from the…
Highlights Portfolio Strategy The S&P hotels, resorts and cruise lines index will suffer from a profit margin squeeze, which should weigh on valuations. Cut exposure to underweight. A cyclical capex recovery is a boon for…