Micro vs. macro continued - momentum continues to unwind as energy prices rise further

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Micro vs. macro continued - momentum continues to unwind as energy prices rise further

Portfolio Strategy Research

21 July 2026 | 6:02AM BST

GOAL KICKSTART

Last week oil prices continued to climb amid the renewed dispersion within equities, defensive/quality styles such as Andrea Ferrario

+44(20)7552-4353 |

escalation in the Middle East (Exhibit 1). Energy products Low Vol and Dividend Aristocrats and real asset stocks such andrea.ferrario@gs.com

Goldman Sachs International

such as gasoline and natural gas prices rose even higher and as REITs and Infrastructure delivered positive returns MTD,

Christian

are now less than 10% below the YTD highs. While 2-year providing the best diversification opportunity this month - Mueller-Glissmann, CFA

+44(20)7774-1714 | christian.mueller-

inflation pricing rose in Europe, it remained unchanged in the we continue to like those to create better balanced glissmann@gs.com

US thanks to a more hawkish Fedspeak and the benign June innovation-heavy portfolios.

Alessandro Giglio

CPI with anchored core inflation. The equity Momentum/AI +44(20)7051-6240 |

We remain tactically N for 3m in our asset allocation, but alessandro.giglio@gs.com

unwind extended further with S&P 500 Momentum Goldman Sachs International

modestly pro-risk over 12m (OW equities, N

underperforming the market by another 5% w/w. Giovanni Ferrannini

cash/bonds/commodities, UW credit). Near-term bullish +44(20)7051-2589 | giovanni.ferrannini@gs.com

Equity Momentum (closely linked to AI capex) and policy positioning and macro headwinds might weight on Goldman Sachs International

Porfidiapricing (closely linked to energy prices) have been the main risk-adjusted returns, but we think earnings growth should Elena | +44(20)7051-5240