Jul 31, 2023
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Looking for deeper insight into markets? In tonight’s Closer sent to Bespoke Institutional clients, we start out with a review of the latest earnings reports (page 1) followed by a look into the latest SLOOS data (pages 2 – 4). We then dive into a review of Latin American policy rates (page 5). We next provide a final recap of our Five Fed Manufacturing Composite (page 6) then close out with the latest positioning data (pages 7-9).
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Jul 31, 2023
With the Dow coming off of a historic winning streak last week, below we check in on performance of the index versus the Dogs of the Dow. The Dogs of a Dow is a stock-picking strategy that invests in the index members with the highest dividend yields at the end of a year holds them through the end of the next year. On a total return basis, the Dow’s recent winning streak has been a benefit to both the overall index and the Dogs alike. That said, the gains to the former have brought the index up near 2022 highs on a total return basis while the Dogs of the Dow has much further to go given the overall weakness of dividend-oriented equities recently.
In the table below, we show the returns of this year’s Dogs of the Dow and all other individual Dow members. The Dogs of the Dow are host to some of the stocks with the worst performance this year like Verizon (VZ) and Chevron (CVX), however, there are also a couple of big winners like Intel (INTC) which has returned nearly 42% YTD or JPMorgan Chase (JPM) which has nearly posted a 20% return. However, the biggest gains in the index have come from non-Dogs. In fact, the largest gains this year have been from those with the lowest or no dividend yields at the end of last year like Boeing (BA), Salesforce (CRM), or Apple (AAPL).
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Jul 27, 2023
Log-in here if you’re a member with access to the Closer.
Looking for deeper insight into markets? In tonight’s Closer sent to Bespoke Institutional clients, we start with a look at the latest earnings (page 1) followed by a look at the Dow coming up just short of a new record winning streak (pages 2 and 3). We then check in on European central bank rates and stocks (page 4) before pivoting to today’s GDP data (page 5). We also look at apartment vacancies (page 6) before closing out with a review of the 7 year note auction (page 7).
See today’s full post-market Closer and everything else Bespoke publishes by starting a 14-day trial to Bespoke Institutional today!
