Alessio de Longis

As the small/mid/value cyclical outperformance moves into the rearview, he prefers high-margin quality stocks, especially tech and communication services paired with consumer staples and utilities, arguing yields have peaked.

As the small/mid/value cyclical outperformance moves into the rearview, he prefers high-margin quality stocks, especially tech and communication services paired with consumer staples and utilities, arguing yields have peaked.

Invesco notes a "rebound in traditional industries" and argues that Mid/Small-Cap Value is the best way to participate in the "broad rotation." Citizens Private Wealth is "Overweight Value" and constructive on the macro backdrop (growth rising, no recession). With Tech valuations stretched and facing AI disruption fears, capital is rotating into "Real Economy" sectors (Financials, Industrials, Materials) that benefit from a steepening yield curve and steady GDP growth. LONG. This is a classic late-cycle rotation trade supported by "Goldilocks" economic data. A resurgence of inflation or a hard landing would hurt cyclicals.

For fixed-income-only investors, strong fundamentals still give more buffer in riskier credit, so he prefers high-yield and emerging-market debt over investment-grade credit.

For fixed-income-only investors, strong fundamentals still give more buffer in riskier credit, so he prefers high-yield and emerging-market debt over investment-grade credit.

Gold is Goldman's preferred commodity because central bank buying is structurally higher, no Fed hikes should revive ETF demand, and gold provides insurance against macro policy and fiscal tail risks; year-end price target has upside risk.

As the small/mid/value cyclical outperformance moves into the rearview, he prefers high-margin quality stocks, especially tech and communication services paired with consumer staples and utilities, arguing yields have peaked.

As the small/mid/value cyclical outperformance moves into the rearview, he prefers high-margin quality stocks, especially tech and communication services paired with consumer staples and utilities, arguing yields have peaked.

As the small/mid/value cyclical outperformance moves into the rearview, he prefers high-margin quality stocks, especially tech and communication services paired with consumer staples and utilities, arguing yields have peaked.

U.S. equities remain overweight because the current pullback is a normal re-pricing after strong momentum, fundamentals are still driven by 30% tech earnings growth, and positive real yields on bonds do not yet derail the equity case. Credit spreads at all-time lows provide a funding source.

Government bond yields are delivering positive real yields of 2.5%, creating a barbell opportunity to extend duration. Long-duration bonds act as a hedge and are a better funding partner for equities than credit.

Invesco notes a "rebound in traditional industries" and argues that Mid/Small-Cap Value is the best way to participate in the "broad rotation." Citizens Private Wealth is "Overweight Value" and constructive on the macro backdrop (growth rising, no recession). With Tech valuations stretched and facing AI disruption fears, capital is rotating into "Real Economy" sectors (Financials, Industrials, Materials) that benefit from a steepening yield curve and steady GDP growth. LONG. This is a classic late-cycle rotation trade supported by "Goldilocks" economic data. A resurgence of inflation or a hard landing would hurt cyclicals.

Invesco notes a "rebound in traditional industries" and argues that Mid/Small-Cap Value is the best way to participate in the "broad rotation." Citizens Private Wealth is "Overweight Value" and constructive on the macro backdrop (growth rising, no recession). With Tech valuations stretched and facing AI disruption fears, capital is rotating into "Real Economy" sectors (Financials, Industrials, Materials) that benefit from a steepening yield curve and steady GDP growth. LONG. This is a classic late-cycle rotation trade supported by "Goldilocks" economic data. A resurgence of inflation or a hard landing would hurt cyclicals.

Invesco notes a "rebound in traditional industries" and argues that Mid/Small-Cap Value is the best way to participate in the "broad rotation." Citizens Private Wealth is "Overweight Value" and constructive on the macro backdrop (growth rising, no recession). With Tech valuations stretched and facing AI disruption fears, capital is rotating into "Real Economy" sectors (Financials, Industrials, Materials) that benefit from a steepening yield curve and steady GDP growth. LONG. This is a classic late-cycle rotation trade supported by "Goldilocks" economic data. A resurgence of inflation or a hard landing would hurt cyclicals.

Invesco notes a "rebound in traditional industries" and argues that Mid/Small-Cap Value is the best way to participate in the "broad rotation." Citizens Private Wealth is "Overweight Value" and constructive on the macro backdrop (growth rising, no recession). With Tech valuations stretched and facing AI disruption fears, capital is rotating into "Real Economy" sectors (Financials, Industrials, Materials) that benefit from a steepening yield curve and steady GDP growth. LONG. This is a classic late-cycle rotation trade supported by "Goldilocks" economic data. A resurgence of inflation or a hard landing would hurt cyclicals.