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Cyclical versus Defensive Investing

The forecast for cyclicals in 2H 2019

 

Tuesday, August 13, 2019 at 11 am EDT | 4:00 pm GMT

Cyclical sectors such as information technology and consumer discretionary drove equity markets to record levels in the first half of 2019, but, historically in the third quarter defensive sectors such as consumer staples and utilities have performed better amid market volatility. As second quarter earnings season wraps up, advisors will have greater clarity on whether cyclicals will remain the leaders heading into 2020 or whether a defensive posture may be warranted.

During CFRA’s webinar on August 13, we explored this topic further. Lindsey Bell, CFRA VP, Investment Strategist, Todd Rosenbluth, CFRA Head of ETF & Mutual Fund Research, and David Mazza, Managing Director and Head of Product at Direxion discussed:

  • Second quarter earnings results as compared to expectations
  • Cyclical and defensive equity investments, what is best positioned for the future
  • How advisors have used ETFs to gain exposure to sectors in the past and what tools are now available

 

Presented by:

  • Lindsey Bell, VP, Investment Strategist, CFRA
  • Todd Rosenbluth, Head of ETF and Mutual Fund Research, CFRA
  • David Mazza, Managing Director and Head of Product at Direxion

 

 

 

Lindsey Bell, VP, Investment Strategist, CFRA

Lindsey Bell is an Investment Strategist at CFRA. Along with the Chief Investment Officer, she determines CFRA’s asset class allocation and equity sector level recommendations. She participates in projecting the firm’s 12-month S&P 500 price target. Her market observations and sector opinions are expressed in regular writings on CFRA’s MarketScope Advisor (MSA) platform. She oversees CFRA’s portfolio management committee which manages five portfolios of stocks. Finally, she also assists in authoring monthly European and Asian Investment Policy Committee (IPC) notes, also available on MSA. She is a frequent guest on FoxBusiness, CNBC, Bloomberg and Yahoo! Finance, etc.

Prior to joining CFRA, Lindsey worked as an Investment Strategist with S&P Global within the Investment Advisory Services division. She worked in several different capacities at TheStreet.com before that, from helping to manage Jim Cramer’s small and mid-cap Charitable Trusts, to leading trader blog conversations and writing research. She learned the ropes as an equity research analyst at J.P Morgan and Deutsche Bank covering retail companies and began her career in investment banking with Jefferies & Company’s Mergers & Acquisition group.

 

 

 

Todd Rosenbluth, Head of ETF and Mutual Fund Research, CFRA

Todd Rosenbluth is Senior Director of ETF and Mutual Fund Research at CFRA where he leads the firm’s holdings-based research efforts. Todd publishes regular thought leadership content on equity and fixed income products, supports the quantitative fund models and interacts with clients. He also serves as a member of CFRA’s Investment Policy Committee. Todd has frequently provided ETF education at Inside ETFs conferences and been quoted in media outlets, such as Barron’s, New York Times and the Wall Street Journal. Todd also held the position of Senior Director of ETF and Mutual Fund Research for S&P Global Market Intelligence.

Prior to joining CFRA, Todd previously served in other financial positions at S&P Global, such as International Mutual Fund Sector Specialist, Large Cap Value and Large Cap Growth Analyst and has served on the Fund Services Asset Allocation Committee. Prior to joining S&P Global in 2001, Todd was managing editor of Value Line Mutual Fund Survey and Senior Large Cap and Small Cap Value Mutual Fund Analyst. He was also a Financial Advisor with Morgan Stanley.

Todd holds a B.G.S in Finance from the University of Michigan and an MBA in Finance from New York University.

 

 

David Mazza, Managing Director and Head of Product at Direxion

David leads product R&D, strategy and management for the firm.

Prior to joining Direxion, he was the Head of ETF Investment Strategy at OppenheimerFunds and led the firm’s ETF Investment Marketing and ETF Specialist Teams. Prior to joining OppenheimerFunds, David led product strategy, positioning, and analysis as a Managing Director and Head of ETF and Mutual Fund Research at State Street Global Advisors (SSGA). Prior to that role, he was a member of SSGA’s Global Enhanced Equity Group, responsible for stock-selection research, portfolio management and product strategy; across multiple quantitatively managed investment strategies.

David received his M.B.A. in Finance from the Sawyer Business School at Suffolk University and his B.A. in Political Science and Philosophy from Boston College.