Owning the sub-industries of the S&P 500 that both perform extremely well and extremely poorly in a prior year has been a market-beating strategy since 1990, according to Sam Stovall, the chief investment strategist at CFRA
In what he describes as "the best of both worlds," investors have historically been better off holding on to both the winners and losers. His research found that a version of this strategy has performed better than the S&P 500 since 1990. In addition, Stovall showed in a recent note that the best and worst sub-industries each delivered 12% and 11% in compounded returns, respectively. This indicates that owning stocks at both extremes of prior-year performance has historically been a market-beating strategy.
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