Connectivity infrastructure led again even though yields rose and industrials sold off
If you own network and tower infrastructure, today's gains came with rising rates rather than falling ones, which makes the move look more like demand than rate relief.
Eight of 12 sectors rose. Tower, satellite and AI-networking names led: SBAC gained 18.93%, VSAT 18.70% and LITE 8.14%, and all three moves hold over five or more sessions. Industrials fell 1.17%, and Canadian telecoms RCI and BCE declined.
Since the last briefing
Yesterday we preferred AI networking and connectivity suppliers over regulated cash flows at 55/45, kept tower exposure, and tied adding to Technology's five-session trend staying positive.
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.