Defensive rotation deepens as Materials reverse and semis split internally.
Capital continued moving away from cyclicals and rate-sensitive growth into yield proxies and AI-infrastructure semiconductors, but the session's most important message was inside Technology: not all semis are the same trade.
Eight of twelve sectors fell on March 13, with Materials cratering as gold and silver miners reversed sharply lower after multi-week runs, while defensive sectors — Utilities, Communication Services, Energy, and Consumer Staples — were the only tape to finish positive.
Since the last briefing
Yesterday's position called for maintaining a defensive tilt, adding selectivity within Technology by separating AI-datacenter semis from auto-industrial semis, and avoiding Materials until gold-miner stabilization was confirmed.
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.