CAP Scan – Sectors . Sep 2020

CAP Scan – Sectors . Sep 2020

We maintain the overall defensive positioning in risk assets from last month. Our top-down climate indicator has moved further into negative territory and our tilt towards growth has consequently been reduced. We have replaced this with a tilt towards Small Caps and defensives.

Among Growth Stocks, we have cut our OW of both Global IT & New Energy to Neutral and our OW in Biotech is now an U/W.

Among Defensives both Water, Utilities and Gold remain in Neutral, while we are lifting our Consumer Staples exposure to O/W.

In Cyclicals we have lifted our positions in Industrials and Consumer Discretionary to now Neutral .

Among Credit & Rate Sensitives, we continue O/W of Infrastructure, while we have lifted our position in Real Estate to Neutral. Financials have recently been lifted to Neutral, which remains our position.

Our Sector views are reflected and implemented in our fund CAP-M.