Utilities is the worst performing European sector YTD, but could be leveraged - JPM [Seeking Alpha]
SSE PLC S/ADR (SSEZY)
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Source: Seeking Alpha
The second worst performing sector year-to-date is real estate, also at around -5.8%. In a Global Markets Strategy report, Analyst Mislav Matejka wrote that the sector has seen a highly leveraged bond proxy and is the preferred short “as investors position for higher bond yields.” So, even if bond yields rise the overall market could fall, making the low beta of the utilities sector ( FUTY ) more attractive. In addition, due to the low levels of the VIX Index ( VIX ) -- down 11.23% in the past six months -- and the rising geopolitical uncertainty with oil prices up almost 25% from their recent low, “the overall equity market might be too complacent as present,” Matejka said. In the report, analysts list several scenarios where the sector could outperform the market regardless of the direction of yields. Strong cash generation lowers concerns around the sector's leverage. Net debt to EBITDA for utilities ( FUTY ) is 3.1x, among the most leveraged of the European sectors. “Th
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