This article series provides a monthly dashboard of industries classified by sectors. It compares valuation and quality factors relative to their historical averages in each industry.
Executive summary
Utilities has been a leading sector from February 2018 to February 2020. Its drawdown in 2020 is similar to SPY, disappointing investors believing in its defensive reputation. The economy has been hit by two black swans: COVID-19 lockdowns and an oil price war. Fundamental ratios make little sense now. Many companies have hit a discontinuity in their operations and cut their utilities consumption for a limited, but