| Theme | Verdict | Signal | Breadth |
Coverage | Leaders | Flags |
| Agricultural inputs | up | +2.6 | 100% | 6/6 | FMC +18.1%, MOS +10.8%, IPI +8.3% | |
| Vertical SaaS | down | -2.1 | 100% | 6/7 | VEEV -0.4%, TYL -2.8%, PCOR -8.6% | missing CCCS |
| Steel | up | +1.9 | 100% | 7/8 | CLF +9.2%, MT +6.3%, TX +6.1% | missing ZEUS |
| Dry bulk shipping | up | +1.7 | 100% | 6/7 | HSHP +8.9%, DSX +7.6%, GNK +7.1% | missing GOGL |
| Datacentre cooling and thermal | up | +1.6 | 100% | 6/6 | MOD +10.8%, VRT +9.4%, AAON +6.6% | |
| Insurance brokers | down | -1.6 | 100% | 6/6 | AJG -1.5%, BRO -2.1%, WTW -2.6% | |
| Railroads and rail equipment | down | -1.6 | 100% | 8/8 | TRN -1.3%, CNI -1.3%, CP -2.0% | |
| Cybersecurity | down | -1.4 | 82% | 11/11 | VRNS +4.9%, OKTA +1.3%, CHKP -0.3% | |
| Merchant power and IPPs | up | +1.4 | 100% | 5/5 | VST +6.9%, CEG +6.5%, TLN +5.5% | |
| Defence primes | down | -1.3 | 83% | 6/6 | BA +1.7%, LHX -0.7%, NOC -4.2% | |
| Product tankers | up | +1.3 | 100% | 5/5 | HAFN +8.3%, TRMD +8.0%, STNG +6.1% | |
| Cruise lines | down | -1.3 | 100% | 5/5 | VIK -3.5%, CCL -3.8%, RCL -3.9% | |
| Discount and off-price retail | up | +1.2 | 71% | 7/7 | DG +9.1%, OLLI +7.5%, FIVE +4.4% | |
| Optics and datacentre interconnect | down | -1.2 | 78% | 9/9 | ALAB +4.3%, MRVL +1.4%, COHR -0.4% | |
| Tobacco and nicotine alternatives | down | -1.1 | 67% | 6/6 | MO +1.1%, UVV +0.3%, BTI -1.0% | |
| Drug distribution and pharmacy | up | +1.1 | 100% | 5/6 | CAH +4.5%, CVS +3.3%, COR +2.3% | missing OMI |
| GLP-1 and obesity | up | +1.1 | 80% | 5/5 | ALT +10.3%, VKTX +8.7%, NVO +3.2% | |
| Crude tankers | up | +1.0 | 100% | 5/5 | NAT +6.8%, DHT +5.9%, TNK +5.2% | |
| Exchanges and market structure | down | -1.0 | 88% | 8/8 | MKTX +0.8%, ICE -0.5%, CME -1.8% | |
| Grid transformers and switchgear | up | +1.0 | 100% | 7/7 | NVT +5.1%, GEV +3.6%, ETN +3.3% | |
| Beauty and cosmetics | up | +0.9 | 100% | 5/6 | ULTA +8.6%, ELF +5.6%, COTY +3.8% | missing OLPX |
| Copper miners | down | -0.9 | 80% | 5/5 | TECK +0.9%, FCX -3.1%, SCCO -4.3% | |
| Datacentre and grid contractors | up | +0.9 | 88% | 8/8 | FIX +6.9%, IESC +6.2%, STRL +4.5% | |
| Defence electronics and services | down | -0.8 | 83% | 6/6 | SAIC +1.1%, CACI -0.3%, BAH -2.3% | |
| Truckload, LTL and brokerage | unchanged | +0.7 | 70% | 10/10 | KNX +8.3%, JBHT +5.6%, WERN +5.3% | |
| Aerospace aftermarket | unchanged | -0.7 | 86% | 7/7 | WWD +2.9%, GE -0.3%, HWM -1.2% | |
| Regional banks | unchanged | +0.7 | 100% | 10/10 | WAL +3.5%, ZION +2.2%, KEY +2.2% | |
| PFAS remediation and environmental testing | unchanged | +0.7 | 75% | 4/5 | PESI +4.3%, CLH +2.9%, NVRI +2.6% | missing MEG |
| LNG and LPG carriers | unchanged | +0.7 | 67% | 6/6 | LPG +10.5%, NVGS +4.0%, GLNG +3.7% | |
| Growth medical devices | unchanged | +0.6 | 62% | 8/8 | PRCT +10.1%, ATRC +5.4%, INSP +3.8% | |
| Memory, HBM and storage media | unchanged | +0.6 | 80% | 5/5 | SNDK +9.9%, MU +5.0%, SIMO +2.3% | |
| Midstream and gathering | unchanged | -0.6 | 89% | 9/9 | LNG +1.4%, MPLX -0.4%, ET -0.4% | |
| Water treatment and filtration | unchanged | -0.5 | 86% | 7/7 | WTS +0.1%, ERII -0.1%, MWA -0.4% | |
| Managed care | unchanged | +0.5 | 86% | 7/7 | HUM +4.0%, CNC +3.5%, ELV +3.5% | |
| Homebuilders | unchanged | -0.5 | 100% | 9/10 | NVR -0.1%, MHO -0.9%, LEN -1.4% | missing TMHC |
| Container shipping and boxship lessors | unchanged | +0.5 | 83% | 6/6 | GSL +3.6%, ZIM +3.4%, DAC +2.5% | |
| Title and mortgage insurance | unchanged | -0.4 | 50% | 8/8 | ESNT +1.0%, RDN +0.8%, ACT +0.2% | |
| Utility-scale solar | unchanged | -0.4 | 67% | 6/6 | ARRY +0.3%, CSIQ +0.1%, FSLR -0.5% | |
| Rare earths and critical minerals | unchanged | -0.4 | 80% | 5/5 | NB +0.1%, UUUU -1.9%, USAR -3.0% | |
| Refiners | unchanged | +0.3 | 86% | 7/7 | CVI +3.6%, DINO +2.9%, MPC +2.5% | |
| SMR and advanced reactors | unchanged | +0.3 | 67% | 6/6 | ASPI +8.5%, SMR +5.7%, BWXT +3.9% | |
| Semiconductor capital equipment | unchanged | +0.3 | 73% | 11/11 | CAMT +6.1%, NVMI +5.3%, KLAC +4.2% | |
| Oilfield services | unchanged | +0.3 | 56% | 7/7 | LBRT +6.4%, PUMP +1.4%, HAL +0.4% | |
| Natural gas producers | unchanged | +0.3 | 67% | 6/7 | CRK +4.3%, CNX +2.3%, GPOR +0.4% | missing CTRA |
| Water utilities | unchanged | -0.2 | 56% | 7/7 | AWK +1.2%, WTRG +0.8%, HTO +0.7% | |
| Space and satellites | unchanged | -0.2 | 62% | 8/8 | VSAT +9.8%, ASTS +6.1%, IRDM +0.9% | |
| Life science tools | unchanged | -0.2 | 50% | 10/10 | BRKR +2.6%, RVTY +1.1%, TXG +0.9% | |
| Precious metal royalties and streamers | unchanged | +0.2 | 83% | 6/6 | WPM +2.4%, RGLD +1.2%, TFPM +1.1% | |
| Uranium and enrichment | unchanged | -0.2 | 50% | 6/6 | NXE +2.9%, DNN +0.8%, CCJ +0.2% | |
| Payments | unchanged | +0.1 | 50% | 8/9 | FOUR +5.3%, PYPL +3.2%, FIS +1.8% | missing FI |
| Quick service restaurants | unchanged | -0.1 | 60% | 10/10 | JACK +3.6%, QSR +2.2%, SHAK +2.1% | |
| Lithium | unchanged | -0.1 | 60% | 5/6 | IONR +5.0%, LAR +0.9%, LAC -0.9% | missing PLL |
| Gold miners | unchanged | +0.1 | 67% | 9/9 | GFI +4.2%, HMY +1.9%, NEM +1.9% | |
| Airlines | unchanged | +0.1 | 75% | 8/8 | LUV +1.8%, SKYW +1.7%, UAL +1.6% | |
| Advanced packaging and test | unchanged | -0.0 | 71% | 7/7 | COHU +4.3%, FORM +0.9%, KLIC -0.2% | |
Groups whose residual returns move together and that moved this
week. A cluster is co-movement, not an explanation.
Left out rather than given a default beta. A made-up beta makes
a made-up residual, which becomes a made-up theme signal.