A tough time for portfolio managers

Markets are going through a major shift in style and leadership, akin to the 2003-08 bull run

While markets are near new highs, it is not an easy time to be running an equity portfolio. The markets seem to be clearly in the midst of sector rotation or leadership change, and the winners of the past 15 years do not seem to be working.

If one looks at price action over the last two years, since Covid came to an end, the markets have been led by a very different set of winners. Given the duration of this market leadership transition, it seems more than just a blip. Leadership changes of this type typify a bull phase and