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 the market correction of February 2018 until February 2020. Its drawdown in the March meltdown is similar to SPY, disappointing investors relying on its defensive reputation. In European countries enforcing a lockdown, electric consumption has fallen by about 20% in a matter of days. We can expect electricity sales decreasing in a similar proportion in the US. Power producers and