巴克莱-美股-股票策略-美国股票策略_行业配置-2019.9.12-41页_2mb.pdf

FOCUS 用户上传 更多免费报告请查看研报客 Equity Research 12 September 2019 U.S. Equity Strategy Sector Allocation: A Nuanced View MACRO STRATEGY U.S. Equity Strategy We update our sector views using a multi-pronged approach. We are OW Software, Maneesh S. Deshpande FANG, Healthcare; MW Industrials, Consumer Staples, Consumer Discretionary (ex +1 212 526 2953 FANG), Communication Services (ex FANG); and UW Financials, Energy+Materials, maneesh.deshpande@ Hardware+Semiconductors and Utilities+Real Estate. Our ratings are based on a multi- BCI, US pronged approach, where we marry our quantitative framework for price appreciation, Japinder Chawla the sector allocations of our optimal business cycle stage baskets, downside risk +1 212 526 2771 exposure due to further escalation of the U.S.-China trade war, performance in previous japinder.chawla@ soft patches accompanied by aggressive Fed easing, and Industry-specific factors for BCI, US