Below we update our sector rotation graph. The graph shows 3m trailing performance for the past year, heatmapped to show it on a relative basis. As shown, into election day, Financials and Tech were the big outperformers up 4.4% and 4.2% respectively in the three months ending November 8th. Telecoms were down 11%, by far the worst performer on a sector basis. Health Care had also underperformed, down 6.9%. Since election day, some fortunes have reversed. Versus 3 months ago, Tech is now up only 1.84% and Telecoms are down 8.47%. Utilities have seen underperformance really ramp up; they’re now down 8.1% in the last three months. Financials have also seen the previous trend accelerate and are now up 14% over the last three months. While there were a number of dramatic performance shifts in single stocks or industries, at the sector level the election seemed to accelerate a number of existing trends more than create new ones.