The spectacular performance of these seven companies is "leaving an impression of the March sell-off as if it were a mere blip in the still roaring bull market of yesteryear," said Andrew Lapthorne, the global head of quantitative research, in a recent note.
The historical script derived from these severe episodes includes a crash in the equity factor that prizes the best-performing stocks — also known as momentum — after a market bottom. Defensive stocks that offered protection on the way down also fell out of favor historically as investor money rotated to cyclical companies that benefited from the recovery.
Lapthrone further isolated crises that bear some semblance to the ongoing one in order to find out whether any major differences exist. This time, investors' alignment has largely been to the big tech stocks that are benefiting from remote work and communication — not necessarily those traditionally tied to economic recovery.
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