High Frequency Monitor: One standout theme

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High Frequency Monitor: One standout theme

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High Frequency Monitor

One standout theme

One standout global investment theme 13 July 2026

Last week, the best YTD performing global investment theme – Photonics – rallied Quant Strategy

another 10.8% on continued investor enthusiasm. In contrast, the Space theme fell Global

closer to earth, down -7.8% on the week. Despite investor nervousness about the AI

theme, Triple Momentum (earnings, price, news) remains strongest for AI Compute,

Photonics, and Data Centers, and weakest for Consulting, Luxury Lifestyle, and SaaS.

US Semis led global equities higher last week Nigel Tupper >>

Quant Strategist

Global equities posted small gains last week (+0.2%) as US Semis led the US market Merrill Lynch (Australia)

higher (+1.2%), while all other regions moderated, including Europe (-1.9%), Emerging +61 2 9226 5735 nigel.tupper@bofa.com

Markets (-1.8%), Asia Pac ex-Japan (-1.6%), and Japan (-1.0%). By global sector, Energy

Amar Vashi >>

jumped +3.2% as remerging Middle East tensions pushed the oil price higher, while Quant Strategist

Semis (+2.6%) and Media (+2.5%) also rallied. In contrast, the worst performing global Merrill Lynch (Australia) amar.vashi@bofa.com

sectors were Materials (-3.0%), Health Care (-2.2%), and Industrials (-2.2%). Global Sumuhan Shanmugalingam >>

equities have rallied 11.0% YTD driven by strong earnings, continued AI momentum, the Quant Strategist

original US-Iran deal, and solid macro data. Merrillsumuhan.shanmugalingam@bofa.comLynch (Australia)

Highest ranked global sectors: Semis, Tech Hardware

By global sector, Triple Momentum is strongest for Semis, Tech Hardware, and Banks.

Among large and liquid stocks globally (min $20bn market cap and $20mn ADTV), the