It’s difficult to see a clear sector rotation. Both traders and investors seem to follow each other in lock-step. Except, it has paid to hold banks and basic resources.
Autos and Travel seems to need macro and micro (fundamental) positive triggers as these have been (relatively) most unloved. News headlines of the past months seem to attribute the lack of buying interest in Autos to competition from Chinese EVs. Perhaps upgrades are the needed triggers before investors will pour money into Autos? I haven’t done research as to whether the loss of market share priced in at this point. I have not analysed how much of Travel (SXTP) losses can be attributed to the Brent price increase from $70ish to $90ish this year.
On the bright side: it seems that to protect portfolio P/L, Banks and Basic Resources are primed for selling.
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