Investors are also misjudging earnings this year for economically sensitive companies.US stocks have enjoyed an unexpected relief rally so far this year, but a recent report from Goldman Sachs found that many fund managers have missed out on it.
Just 28% of large-cap mutual fund managers outperformed their benchmarks in the first quarter, wrote David Kostin, the firm's chief US equity strategist, in an April 4 note. It appears that many of those funds had braced for more selling by limiting their exposure to mega-cap companies in the technology sector. That's turned out to be a misplaced bet, given that
. Kostin also noted that economically sensitive companies are outperforming defensives by 4 percentage points so far this year.29 stocks to buy for better-than-expected earnings Besides underestimating giant growth stocks, Goldman Sachs thinks investors are misjudging corporate profits.
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