13F Pro · Market Intelligence Briefing

Bond vigilantes reprice duration; defensives and real assets absorb the shock.

With the 30-year yield at 5.18% and rising, any equity carrying meaningful duration — whether via high multiples, long-dated capex cycles, or debt-heavy capital structures — faces a structurally more expensive discount rate that does not reverse on a single session.

Committee position: 60/40Breadth: 5 of 12 sectors higherDispersion: 3.13 pts10 analysts

The 30-year Treasury yield reached 5.18%, up 4 basis points on the day and 29 basis points since April 21, driving a defensive rotation that lifted Healthcare, Utilities, and Energy while crushing Materials by 2.24% and Industrials by 1.14%.

Since the last briefing

Yesterday the committee concluded that the long-end yield climb was structural, not transitory, and that quality compounders would absorb the shock better than growth.

Companies in this briefing

The rest of this briefing

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.

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