us sector and industry chartbook sector... · 2020-06-24 · us industry index 2 us industry charts...
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US SECTOR AND INDUSTRY CHARTBOOK
www.millstreetresearch.comMILL STREET RESEARCH, LLC P.O. Box 282 Sherborn, MA 01770 ©2020 Mill Street Research, LLC. All rights reserved. Mill Street Research, LLC is a Registered Investment Advisor.
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Inside: PageUS Industry Index 2 US Industry Charts 16-81Chart & Indicator Explanation Page 3
US Market Aggregate 4US Sectors
Energy 5Materials 6Industrials 7Consumer Discretionary 8Consumer Staples 9Health Care 10Financials 11Information Technology 12Communication Services 13Utilities 14Real Estate 15
April 2020 Sam Burns, CFA Chief Strategist
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Energy Equipment & Services 16
Oil, Gas & Consumable Fuels 17
Chemicals 18
Construction Materials 19
Containers & Packaging 20
Metals & Mining 21
Paper & Forest Products 22
Aerospace & Defense 23
Building Products 24
Construction & Engineering 25
Electrical Equipment 26
Industrial Conglomerates 27
Machinery 28
Trading Companies & Distributors 29
Commercial Services & Supplies 30
Professional Services 31
Air Freight & Logistics 32
Airlines 33
Marine 34
Road & Rail 35
Auto Components 36
Automobiles 37
Household Durables 38
Leisure Equipment & Products 39
Textiles, Apparel & Luxury Goods 40
Hotels, Restaurants & Leisure 41
Diversified Consumer Services 42
Distributors 43
Internet & Direct Marketing Retail 44
Multiline Retail 45
Specialty Retail 46
Food & Staples Retailing 47
Beverages 48
Food Products 49
Household Products 50
Personal Products 51
Health Care Equipment & Supplies 52
Health Care Providers & Services 53
Health Care Technology 54
Biotechnology 55
Pharmaceuticals 56
Life Sciences Tools & Services 57
Commercial Banks 58
Thrifts & Mortgage Finance 59
Diversified Financial Services 60
Consumer Finance 61
Capital Markets 62
Mortgage Real Estate Investment Trusts 63
Insurance 64
IT Services 65
Software 66
Communications Equipment 67
Technology Hardware, Storage & Peripherals 68
Electronic Equipment, Instruments & Components 69
Semiconductors & Semiconductor Equipment 70
Diversified Telecommunication Services 71
Wireless Telecommunication Services 72
Media 73
Entertainment 74
Electric Utilities 75
Gas Utilities 76
Multi-Utilities 77
Water Utilities 78
Independent Power Producers 79
Equity Real Estate Investment Trusts 80
Real Estate Management & Development 81
US Industries
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Mill Street’s Sector & Industry analysis is a transparent and disciplined methodology designed to help institutional investors gauge the intermediate-term relative risk/reward outlook for US equal-weighted sectors and industries and identify investment themes. The indicators are built using the Global Industry Classification System (GICS)* for Sectors (Level 1) and Industries (Level 3). Current readings can be viewed in context of historical readings -- an example chart is shown below.
* GICS is a service mark of Standard & Poor’s and MSCI Inc.
The top section of the chart (black line) plots the relative total return of the equal-weighted sector or industry versus the total return of its equal-weighted benchmark index.
Indices are calculated using all available constituents of the US MAER universe for the sector or industry, relative to the US MAER Universe equal-weighted index.
Earnings Revisions Sentiment is based on the breadth and magnitude of earnings revision trends for a sector or industry relative to the US MAER universe.
The red line is the relative breadth series based on the monthly net number of analysts’ upward earnings estimate revisions minus downward revisions over the prior 100 calendar days averaged across all stocks in the industry. Higher readings indicate more positive than negative revisions on a relative basis, with zero indicating the industry’s average revisions breadth being equal to the average for the broad US universe (right scale).
The blue bars represent the average magnitude of the monthly percent change in the consensus next-twelve-month (NTM) earnings estimate across all stocks in the industry, relative to the corresponding average among all US MAER stocks.
Alpha Momentum (green line) is a measure of the industry’s risk-adjusted return over the prior six months. It adjusts the raw returns for the industry’s market sensitivity (beta) as well as its size (large/small-cap) and style (value/growth) tendencies. It is calculated using a six-month rolling sum of the industry’s daily risk-adjusted returns. Readings above zero indicate that the industry is outperforming on a risk-adjusted basis.
Relative valuation is measured by the median forward (NTM) earnings yield (NTM Earnings/Price, purple line) of the industry relative to the broad US MAER universe. For REITs, FFO/Price is substituted for Earnings/Price.
For each of these metrics, we show the readings for the latest three months alongside the charts. In addition, we also show the average MAER percentile ranking (based on six indicators from the MAER charts) and ranking of the sector or industry among the ~60 US industries based on its average MAER scores. We include a listing of the top 15 and bottom 15 ranked stocks within the sector/industry (or all stocks ranked best to worst if there are less than 30 constituents) as a further idea generation tool.
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US Aggregate
Source: Mill Street Research, Factset
5
US Energy
Source: Mill Street Research, Factset
6
US Materials
Source: Mill Street Research, Factset
7
US Industrials
Source: Mill Street Research, Factset
8
US Consumer Discretionary
Source: Mill Street Research, Factset
9
US Consumer Staples
Source: Mill Street Research, Factset
10
US Health Care
Source: Mill Street Research, Factset
11
US Financials
Source: Mill Street Research, Factset
12
US Information Technology
Source: Mill Street Research, Factset
13
US Communication Services
Source: Mill Street Research, Factset
14
US Utilities
Source: Mill Street Research, Factset
15
US Real Estate
Source: Mill Street Research, Factset
16
US Energy Equipment & Services
Source: Mill Street Research, Factset
Energy
17
US Oil, Gas & Consumable Fuels
Source: Mill Street Research, Factset
Energy
18
US Chemicals
Source: Mill Street Research, Factset
Materials
19
US Construction Materials
Source: Mill Street Research, Factset
Materials
20
US Containers & Packaging
Source: Mill Street Research, Factset
Materials
21
US Metals & Mining
Source: Mill Street Research, Factset
Materials
22
US Paper & Forest Products
Source: Mill Street Research, Factset
Materials
23
US Aerospace & Defense
Source: Mill Street Research, Factset
Industrials
24
US Building Products
Source: Mill Street Research, Factset
Industrials
25
US Construction & Engineering
Source: Mill Street Research, Factset
Industrials
26
US Electrical Equipment
Source: Mill Street Research, Factset
Industrials
27
US Industrial Conglomerates
Source: Mill Street Research, Factset
Industrials
28
US Machinery
Source: Mill Street Research, Factset
Industrials
29
US Trading Companies & Distributors
Source: Mill Street Research, Factset
Industrials
30
US Commercial Services & Supplies
Source: Mill Street Research, Factset
Industrials
31
US Professional Services
Source: Mill Street Research, Factset
Industrials
32
US Air Freight & Logistics
Source: Mill Street Research, Factset
Industrials
33
US Airlines
Source: Mill Street Research, Factset
Industrials
34
US Marine
Source: Mill Street Research, Factset
Industrials
35
US Road & Rail
Source: Mill Street Research, Factset
Industrials
36
US Auto Components
Source: Mill Street Research, Factset
Consumer Discretionary
37
US Automobiles
Source: Mill Street Research, Factset
Consumer Discretionary
38
US Household Durables
Source: Mill Street Research, Factset
Consumer Discretionary
39
US Leisure Equipment & Products
Source: Mill Street Research, Factset
Consumer Discretionary
40
US Textiles, Apparel & Luxury Goods
Source: Mill Street Research, Factset
Consumer Discretionary
41
US Hotels, Restaurants & Leisure
Source: Mill Street Research, Factset
Consumer Discretionary
42
US Diversified Consumer Services
Source: Mill Street Research, Factset
Consumer Discretionary
43
US Distributors
Source: Mill Street Research, Factset
Consumer Discretionary
44
US Internet & Direct Marketing Retail
Source: Mill Street Research, Factset
Consumer Discretionary
45
US Multiline Retail
Source: Mill Street Research, Factset
Consumer Discretionary
46
US Specialty Retail
Source: Mill Street Research, Factset
Consumer Discretionary
47
US Food & Staples Retailing
Source: Mill Street Research, Factset
Consumer Staples
48
US Beverages
Source: Mill Street Research, Factset
Consumer Staples
49
US Food Products
Source: Mill Street Research, Factset
Consumer Staples
50
US Household Products
Source: Mill Street Research, Factset
Consumer Staples
51
US Personal Products
Source: Mill Street Research, Factset
Consumer Staples
52
US Health Care Equipment & Supplies
Source: Mill Street Research, Factset
Health Care
53
US Health Care Providers & Services
Source: Mill Street Research, Factset
Health Care
54
US Health Care Technology
Source: Mill Street Research, Factset
Health Care
55
US Biotechnology
Source: Mill Street Research, Factset
Health Care
56
US Pharmaceuticals
Source: Mill Street Research, Factset
Health Care
57
US Life Sciences Tools & Services
Source: Mill Street Research, Factset
Health Care
58
US Commercial Banks
Source: Mill Street Research, Factset
Financials
59
US Thrifts & Mortgage Finance
Source: Mill Street Research, Factset
Financials
60
US Diversified Financial Services
Source: Mill Street Research, Factset
Financials
61
US Consumer Finance
Source: Mill Street Research, Factset
Financials
62
US Capital Markets
Source: Mill Street Research, Factset
Financials
63
US Mortgage Real Estate Investment Trusts
Source: Mill Street Research, Factset
Financials
64
US Insurance
Source: Mill Street Research, Factset
Financials
65
US IT Services
Source: Mill Street Research, Factset
Technology
66
US Software
Source: Mill Street Research, Factset
Technology
67
US Communications Equipment
Source: Mill Street Research, Factset
Technology
68
US Technology Hardware, Storage & Peripherals
Source: Mill Street Research, Factset
Technology
69
US Electronic Equipment, Instruments & Components
Source: Mill Street Research, Factset
Technology
70
US Semiconductors & Semiconductor Equipment
Source: Mill Street Research, Factset
Technology
71
US Diversified Telecommunication Services
Source: Mill Street Research, Factset
Communication Services
72
US Wireless Telecommunication Services
Source: Mill Street Research, Factset
Communication Services
73
US Media
Source: Mill Street Research, Factset
Communication Services
74
US Entertainment
Source: Mill Street Research, Factset
Communication Services
75
US Electric Utilities
Source: Mill Street Research, Factset
Utilities
76
US Gas Utilities
Source: Mill Street Research, Factset
Utilities
77
US Multi-Utilities
Source: Mill Street Research, Factset
Utilities
78
US Water Utilities
Source: Mill Street Research, Factset
Utilities
79
US Independent Power Producers
Source: Mill Street Research, Factset
Utilities
80
US Equity Real Estate Investment Trusts
Source: Mill Street Research, Factset
Real Estate
81
US Real Estate Management & Development
Source: Mill Street Research, Factset
Real Estate
82
The research provided in this report is based on strategic analysis provided by Mill Street Research LLC (“Mill Street”), an investment adviser registered with the Massachusetts Securities Division. Strategic analysis is based on fundamental, macroeconomic and quantitative data to provide investment analysis with respect to the securities markets. The report is not intended to provide personal investment advice. This report does not constitute an offer or solicitation to buy or sell any securities discussed herein in any jurisdiction where such offer or solicitation would be prohibited. The securities mentioned in this report may not be suitable for all types of investors. This report does not take into account the investment objectives, financial situation or specific needs of any particular client of Mill Street. Recipients should consider this report as only a single factor in making an investment decision and should not rely solely on investment recommendations contained herein, if any, as a substitution for the exercise of independent judgment of the merits and risks of investments. Mill Street has no actual, implied or apparent authority to act on behalf of any issuer mentioned in the report. Before making an investment decision with respect to any security recommended in this report, the recipient should consider whether such recommendation is appropriate given the recipient’s particular investment needs, objectives and financial circumstances. We recommend that investors independently evaluate particular investments and strategies, and encourage investors to seek the advice of a financial advisor. Mill Street will not treat non-client recipients as its clients solely by virtue of their receiving this report. Past performance is not a guarantee of future results, and no representation or warranty, express or implied, is made regarding future performance of any security mentioned in this report. The price of the securities mentioned in this report and the income they produce may fluctuate and/or be adversely affected by exchange rates, and investors may realize losses on investments in such securities, including the loss of investment principal. Mill Street accepts no liability for any loss arising from the use of information contained in this report.
All information, opinions and statistical data contained in this report were obtained or derived from public sources believed to be reliable, but Mill Street does not represent that any such information, opinion or statistical data is accurate or complete (with the exception of information contained in the Important Disclosures and Certifications section of this report), and they should not be relied upon as such. All estimates, opinions and recommendations expressed herein constitute judgments as of the date of this report and are subject to change without notice. Nothing in this report constitutes legal, accounting or tax advice. Since the levels and bases of taxation can change, any reference in this report to the impact of taxation should not be construed as offering tax advice on the tax consequences of investments. As with any investment having potential tax implications, clients should consult with their own independent tax adviser. This report may provide addresses of, or contain hyperlinks to, Internet web sites. Mill Street has not reviewed the linked Internet web site of any third party and takes no responsibility for the contents thereof. Each such address or hyperlink is provided solely for the recipient’s convenience and information, and the content of linked third party web sites is not in any way incorporated into this document. Recipients who choose to access such third-party web sites or follow such hyperlinks do so at their own risk. The market indices mentioned in this report are unmanaged, hypothetical portfolios of securities that are often used as a benchmark in evaluating the relative performance of a particular investment, as constructed by the index providers. Index return figures do not reflect any fees, expenses or taxes. An index should only be compared with a mandate that has a similar investment objective. An index is not available for direct investment, and does not reflect any of the costs associated with buying and selling individual securities or management fees. This report or any portion hereof may not be reprinted, sold, or redistributed without the prior written consent of Mill Street.
Copyright © Mill Street Research LLC 2020
Important Disclosures and Certifications
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