Momentum Unwind: Fundamentals Remain Intact

研报英文原文证据摘录

Momentum Unwind: Fundamentals Remain Intact

Portfolio Strategy Research

10 July 2026 | 10:50AM BST

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Rotation without deterioration. Momentum has suffered companies benefit from strong demand (linked to rising Guillaume Jaisson

+44(20)7552-3000 |

one of its sharpest reversals in recent history, with the capex), while supply remains inelastic, supporting pricing guillaume.jaisson@gs.com

Goldman Sachs International

momentum pair down c.8% since 22 June as investors power and earnings visibility.

Peter Oppenheimer

rotated out of the market’s prior winners and into laggards +44(20)7552-5782 |

HALO is correcting, not breaking. Our HALO framework peter.oppenheimer@gs.comGoldman Sachs International(Exhibit 1). After a strong first half, the market became

— Heavy Assets, Low Obsolescence — has captured thisvulnerable to profit-taking as liquidity thinned into the Sharon Bell

shift, with the long Capital Intensive basket (GSSTCAPI) +44(20)7552-1341sharon.bell@gs.com|summer. However, we do not think fundamentals have Goldman Sachs International versus short Capital Light basket (GSSTCAPL) up c.20%

materially changed. As such, the rotation appears primarily Giovanni Ferrannini year-to-date. The success of the trade has increased its +44(20)7051-2589 |positioning-driven and may prove difficult to sustain if giovanni.ferrannini@gs.com

correlation with Momentum, leaving it more exposed to Goldman Sachs Internationalearnings continue to deliver from momentum winners.

systematic de-risking and factor volatility (Exhibit 3). Elena Porfidia

The unwind has been concentrated in the AI complex. However, we view the recent pullback as a tactical reset +44(20)7051-5240elena.porfidia@gs.com|