Capital Markets: Observations & Insights
Tech Leads Again Performance
• Technology’s outperformance in 1Q18 was due to solid fundamentals as the sector had a very strong earnings season with the best revenue results relative to expectations*
1Q18 Returns (%)
2017 Returns (%)
U.S.
World
U.S.
World
50
4
40
2
30
0
-2
20
-4
10
-6
0
-8
-10
Energy
Utilities
Energy
Utilities
Telecom
Materials
Telecom
Materials
Financials
Industrials
Financials
Industrials
Technology
Real Estate
Health Care
Technology
Real Estate
Health Care
Consumer Staples
Consumer Staples
Consumer Discretionary
Consumer Discretionary
Source: FactSet as of 3/31/18. U.S. represented by S&P 500 and World represented by MSCI AC World Index in local currency.*For the 4Q17 earnings season reported in 1Q18 based on the percentage of companies exceeding estimates.
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