Yields bite: rate-sensitive sectors sold while defensives and energy held.
A broad front-end rate move on June 3 punished long-duration growth and financial names, rewarding only the two sectors most insulated from duration risk.
Ten of twelve sectors fell on June 3, with Communication Services dropping the most and only Healthcare and Energy closing higher, as rising Treasury yields across the curve pressured rate-sensitive and growth-oriented names broadly.
Since the last briefing
Yesterday's position called for holding the AI-infrastructure and quality-cyclical tilt, treating RRC's institutional accumulation as the session's highest-conviction emerging theme, and deferring new RTX until peace-rhetoric multiple compression stabilized.
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.