Weekly Research
Names in the News: VEEV & GDDY (report)
This week, we cover Veeva Systems Inc. and GoDaddy Inc. VEEV is set to join the S&P 500 Index. GDDY announced strong quarterly numbers. Both stocks are down heavily YTD.
Global Sector Charts: EVA Growth Turns Positive for the First Time since 2022 (report)
The growth in aggregate Economic Profitability continues to improve, turning positive for the first time in 44 months. The EVA-adjusted consensus outlook for Economic Profitability has been nudged up further, led by the Energy sector, as consensus starts to factor in the impact of a higher oil price.
Consumer Discretionary: Revisiting our 2026 Top Picks (report)
We started off 2026 with an ‘Underweight’ stance on the Consumer Discretionary sector, given pressured EVA growth and relatively high Valuations. Since then, EVA Fundamentals have shown signs of bottoming out, driven by accelerating Sales growth and expanding EBITDAR Margin, while Valuations have moved slightly lower.
Staples Distribution and Retail: Ex-U.S. Driving EVA Growth (report)
Acceleration in EVA Momentum for the industry aggregate has been driven by strong Sales growth and expanding EBITDAR Margin in the global ex U.S. region. In the U.S., however, EVA growth has been more pressured.
Materials Roadmap Update: Growth Led by Metals and Mining (report)
EVA Momentum has turned positive after 32 months of improvement. While we believe the sector can continue to outperform, current Valuations already reflect a strong recovery.
Weekly Watchlist: Tracking the Top EVA Changes (report)
This week we take a deep dive into Regeneron Pharmaceuticals, Inc.; Ford Motor Company and Naturgy Energy Group, S.A.
Quant Report
PRVit Factor Report: Global (report)
High-growth names outperformed in the Global Large Cap universe. Investors had taken Risk off in March but added Risk again in April across Large Cap and Small Cap. Cheap Value has had a strong run over most of 2025 and into 2026 but took April off as expensive names outperformed.
PRVit Factor Report: United States (report)
Cheap stocks outperformed in the Large and Small Cap universes. Valuation has had a positive spread for the past six months in Large Cap. Investors had taken Risk off in February and March but, by April, the trend of adding Risk resumed.
PRVit Factor Report: Europe and the U.K. (report)
In Europe, cheap Value slipped in early March but then rebounded sharply and returned to its upward trend for the month of April. High-Risk companies outperformed which hurt our Quality factor’s performance. Cheap Value stopped driving the U.K. market in mid-February and that trend continued in April.
PRVit Factor Report: Asia and Japan (report)
In Asia, Value rolled over in mid-March and continued to slip throughout April, flattening out thus far in May. Quality rebounded briefly in early April but then quickly rolled over and continued its downward trend. In Japan, our Value factor had resumed its strong run at the end of March and into early April before again slipping for the next three weeks until rebounding again in the last week of April and into May.
Chart of the Week
EVA Momentum Turns Positive
From this month’s “Global Sector Charts: EVA Growth Turns Positive for the First Time since 2022” report we highlight that global aggregate EVA Momentum (growth, blue line) has turned positive after a long recovery journey. The improvement in EVA Momentum has coincided with an equity bull market rally. We have been encouraged to see that growth in economic Profitability has been coming from several sectors. See the report for more.
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