Falling yields lifted every sector, but only energy, utilities and AI infrastructure held weekly gains
Holders got a broad relief day, but the only gains that had lasted a week or more were in energy, utilities and AI infrastructure, and those are the positions worth judging.
All 12 sectors closed higher and only 0.99 points separated the best from the worst, so this was a broad rally. Materials rose 1.41%, Technology 1.38% and Industrials 1.34%, while Treasury yields fell 4 to 7 basis points across the curve.
Since the last briefing
On 2026-03-14 we held the Stagflation Squeeze lean at 60/40, favouring durable energy and defensive cash flows and carving out AI memory hardware as its own cycle. Today tested the lean without breaking it.
What drove the session and how it transmitted, the exposure table by persistence grade, where the committee disagreed, its verdict and weighting, and the falsifiers that would prove it wrong.