Exhibit 1: Which equities are positioned to deliver Q2 margin upside ? Chart below plots delta between forecasted Q2'25 sequential OM ramp and typical seasonality (bps) - a lower number represents an easier Q2 margin bar Source: Morgan Stanley Research, Visible Alpha As discussed (Driving Price), we think US Industrials are positioned to drive broad margin upside into Q2 w/ the group pushing tariff price to counter costs that have not yet materialized. To screen for equities w/ conservative Q2 margins, Exhi ...

July 1, 2025 09:52 AM GMT Multi-Industry | North America CoTD: Shifting Global Capex Trends Provide US Reshoring Evidence Chart of the Day (CoTD) highlights charts that tie into latest investor conversations, are timely for the macro + company events, or just ones that we find interesting. Exhibit 1: Change in Share of Global Capital Formation, 2023 vs 2018 bps (i.e., capex - building, machinery & infrastructure) - The US has taken ~200 bps share of global investment since 2018, snapping decades of share lo ...

April 21, 2025 03:20 AM GMT Multi-Industry | North America Week Ahead EPS Preview + Key Macro Debates Given the fast changing + volatile macro, we are opting for "week ahead" previews this EPS season. As always, we spoke with every company in back half of March. Detailed modeling + thoughts within. We anticipate modest Q1 beats but with the world changing on April 2, outlooks will drive the equities and we expect market focus on April demand commentary and rest of year price / cost. While latest investor co ...