The Weekly DBrief: The HALO Trade Is Back Again Edition

研报英文原文证据摘录

The Weekly DBrief: The HALO Trade Is Back Again Edition

Deutsche Bank

Research

North America Industry Date

REITs REITs 29 June 2026

The Weekly DBrief: The HALO Trade Is Back

Omotayo Okusanya Again Edition

Research Analyst

+1-212-250-9284

Weekly Performance

Macro Performance: This week (Thursday to Thursday), the MSCI US REIT Index Peter Abramowitz

(RMZ) was up +3.3% and outperformed the S&P 500 (-2.0%), as the 10-Year Research Analyst

+1-212-250-9504 Treasury yield decreased -6 bps w/w. The S&P 500 index traded lower on a tech

and energy-led selloff, given another bout of investor worry over AI capex Rafi Lewis

spending as well as a sharp drop in oil prices. With the broad market under Research Associate

pressure and rates easing, investors rotated back into the Hard Asset Low

Obsolescence (HALO) trade, sending REITs higher and recovering from the Steven Pizzella, CFA

Research Analyst previous week’s -1.9% decline. REITs outpaced the broader market by a massive +1-212-250-9817

5.3% w/w.

Benjamin Soff

Sector Performance: The top-three performing REIT sectors were Healthcare Research Analyst

(+7.6%), Malls (+7.2%), and Timber (+5.3%). Underperforming REIT sectors were +1-212-250-3716

Infrastructure (-3.4%), Farmland (-1.2%) and Hotels (-0.3%).

Chris Woronka

Top Performers: Healthcare led the group, with strength in senior housing as Research Analyst

investors looked for growth sectors uncorrelated to AI. Malls outperformed, led +1-212-250-9376

by MAC (+8.7%), as investors are beginning to appreciate the company’s

progress in its Path Forward Plan and successful deleveraging with recent equity

raises. Timber also moved higher as a classic HALO-trade beneficiary, led by WY

(+5.7%). This was despite news last week that sales of new U.S. single-family