MOAT: The 2026 Sector Story Doesn't Jibe (Rating Downgrade)

Core Insights - The best performing sectors in the S&P 500 for the year are Energy and Materials, indicating a strong resource trade and reflation trade [1] - Sectors such as Information Technology and Financials have underperformed compared to Energy and Materials [1] Sector Performance - Energy and Materials sectors are currently synonymous with the resource trade and reflation trade, highlighting their significance in the market [1] - The underperformance of Information Technology and Financials suggests a shift in investor focus towards more resource-oriented sectors [1]