Articles by Greg Swenson, CFA Director of Equities

Info Tech, Consumer Discretionary, and Health Care are the top-three rated sectors; Energy, Utilities, and Telecom comprise the bottom of the ranks.

The Leuthold Core and Leuthold Global portfolios performed in line with their respective benchmarks during September.

Drug Retail, Life Sciences Tools & Services, and Specialized Finance are among the month’s intriguing opportunities based on the current GS Scores.

There will be occasions when the macro influences are reasserted, which happened in September.

Both the Leuthold Core Portfolio and the Leuthold Global Portfolio outperformed their benchmarks during August.

August factor performance was more of the same: Value underperforming everything else and extending its losing streak relative to Growth.

Both the Leuthold Core Portfolio and the Leuthold Global Portfolio slightly trailed their all-equity benchmarks during July.

Airlines, Life & Health Insurance, and Household Durables are among the month’s intriguing opportunities based on the current Group Selection (GS) Scores.

With the exception of Low Volatility and Profitability, all other factor categories produced positive factor performance in July. The month was eventful, however, as Momentum produced a +4% spread through July 12th, only to give up more than half of that advantage as interest rates rolled back over.

In mid-2013 we developed a multi-factor model to select individual REITs, figuring that we could exploit an area of the market that is uncrowded from a factor and quantitative standpoint. The results have been outstanding, with the buy-rated securities outperforming the sell-rated securities by 45% since the model went live.

Factors were impacted in June by: 1) Information Technology underperformance; 2) Financials’ renewed strength; and, 3) defensive and low volatility stocks lagging.

Auto Parts & Equipment, Hotels & Leisure, and Semiconductor Equipment are among the month’s intriguing opportunities based on the current Group Selection (GS) Scores.

Both the Leuthold Core Portfolio and the Leuthold Global Portfolio outperformed their respective benchmarks this month.

Home Entertainment Software, Managed Health Care, and Specialized Consumer Services are among the month’s intriguing opportunities based on the current Group Selection (GS) Scores.

Value can’t catch a break in 2017; every month has produced a negative performance spread. Price-to-Book has been the worst single Value factor this year, hurt by the heavy Energy and Financials weight in its cheap quintile.

The MTI remains safely in the positive zone.

Value has taken its lumps to start 2017, but is it really that bad for the factor and its dedicated followers?

Health Care Facilities, Railroads, and Real Estate Management & Development are among the month’s intriguing opportunities based on the current Group Selection (GS) Scores.

The MTI remains safely in the positive zone.