Industry groups and stocks continue to set records with performance correlations. Defensive groups have seen the largest percentage gain to current correlations relative to the last five years. There truly has been no place to hide in this market.
Industry groups and stocks are now trading at record correlations.
Some steps are being taken to enhance our Global Group framework. This process, which was formally launched in late 2006, is the basis for our Leuthold Global Industries Fund.
Insider Activity measures finally additive in July after six months of negative results; other factors’ performance deteriorated, however.
The month of June brought more of the same, with profitability, size and momentum continuing to work reasonably well.
Graphical representation of the difficulty since the March 2009 market bottom. Not many factors have been effective.
Very little to show for a month of solid market performance. Breaking the market down by capitalization yields some interesting results.
Are the Dow Industrials benefiting from trivial weighting? Slicing our Leuthold 3000 universe into market cap deciles shows different performance results than commonly followed market indices.
Our calculations show the rise and fall of equity group correlations over time. How does this impact returns both historically and going forward?
Momentum once again has the best performance. This out-of-favor factor has continued to outperform the rest of the factors.