Rotation – US vs. non-US Equities, S&P Growth vs. Value, S&P Cyclicals vs. Defensives Is the rotation into value, cyclicals and non-US equities inevitable? Image: J.P. Morgan
Rotation vs. U.S. GDP Growth Forecasts Chart suggesting that the rotation out of bonds into equities, out of growth into cyclicals, out of large caps into small caps, and out of gold into copper, is expected to continue in 2020. Image: Fidelity Investments
Momentum to Value Rotation The rotation into value suggests a rebound in global economic growth, not a recession. Image: BofA Merrill Lynch US Equity & US Quant Strategy
Rotation from U.S. Stocks to Rest-of-World The rotation from U.S. stocks to cheaper global stocks continues, reaching $123 billion recently. Image: BofA Merrill Lynch Global Investment Strategy
Rotation from Safe to Risky Assets The market is rotating. The chart clearly shows the big rotation taking place from “safe” to “risky” assets since mid-August 2019. Image: Goldman Sachs Global Investment Research
S&P 500 and Seasonal Rotation Strategy Sell in May and go away? This chart suggests that a rotation between defensive and cyclical sectors was a much better strategy Image: CFRA, S&P Global
U.S. Equities and Global Equities ex-U.S. This chart suggests that higher yields could cause great rotation from bonds to stocks, US equities to non-US equities, growth to value, large caps to small caps, tech stocks to bank stocks, credit to commodities,… Image: BofA Global Investment Strategy
Average Monthly Return During Global Manufacturing PMI Expansion Phases Since August 15 2019, the rotation performance has been higher than average during global manufacturing PMI expansion phases. Image: Goldman Sachs Global Investment Research
U.S. Cyclicals vs. Defensives It’s all about sector rotation: the cyclicals vs. defensives trade is now pricing a growth acceleration. Image: Goldman Sachs Global Investment Research
U.S. Equity Fund Flows vs. Bonds and Cash This chart puts into perspective the rotation from equities to bonds and cash, as investors become cautious about further growth. Image: Goldman Sachs Global Investment Research