{"id":207150,"date":"2025-08-18T08:07:51","date_gmt":"2025-08-18T08:07:51","guid":{"rendered":"https:\/\/ibkrcampus.eu\/campus\/?p=207150"},"modified":"2025-08-18T09:40:07","modified_gmt":"2025-08-18T09:40:07","slug":"takeaways-from-earnings-season","status":"publish","type":"post","link":"https:\/\/www.interactivebrokers.eu\/campus\/traders-insight\/takeaways-from-earnings-season\/","title":{"rendered":"Takeaways from Earnings Season"},"content":{"rendered":"\n<p class=\"wp-block-paragraph\">Originally Posted 15 August, 2025<a href=\"https:\/\/www.linkedin.com\/sharing\/share-offsite\/?url=https%3A%2F%2Fbmogam.com%2Fca-en%2Finsights%2Ftakeaways-from-earnings-season%2F\" target=\"_blank\" rel=\"noreferrer noopener\"><\/a><a href=\"mailto:?body=https%3A%2F%2Fbmogam.com%2Fca-en%2Finsights%2Ftakeaways-from-earnings-season%2F\" target=\"_blank\" rel=\"noreferrer noopener\"><\/a> &#8211; <a href=\"https:\/\/www.bmogam.com\/ca-en\/insights\/takeaways-from-earnings-season\/\">Takeaways from Earnings Season<\/a><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Author: <a href=\"https:\/\/www.bmogam.com\/ca-en\/team-members\/bipan-rai\/\">Bipan Rai, MBA<\/a><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Top takeaways from earnings season: Where we see opportunity, where caution is warranted, and why we still favour a barbell approach to sector allocation.<\/p>\n\n\n\n<h4 class=\"wp-block-heading\" id=\"h-\"><a href=\"https:\/\/www.bmogam.com\/ca-en\/team-members\/bipan-rai\/\"><\/a><\/h4>\n\n\n\n<ul class=\"wp-block-list\">\n<li>At the time we\u2019re writing this, just over 70% of firms in the S&amp;P 500 Index have reported earnings for the second quarter. Of those, close to 80% of them have beaten earnings-per-share (EPS) expectations \u2013 which is slightly above the five-year average of 78%.<\/li>\n\n\n\n<li>The strength in earnings has led to a meaningful revision higher in EPS estimates for the present quarter. For instance, expectations for fiscal year earnings for the S&amp;P 500 have moved from US$264.48 at the end of Q2 to US$267.27 \u2013 an increase of 1.05% over that time (according to estimates provided by Bloomberg). That\u2019s not bad considering the broader macro backdrop of tariffs and a decelerating U.S. economy.<\/li>\n\n\n\n<li>The uptick in optimism has been paced by strong earnings growth in sectors like Communications, Technology and Financials. Of course, that speaks to the performance of some of the larger names in each of those sectors.<\/li>\n\n\n\n<li>Which leads us to a bit of a conundrum: while we are constructive given the fundamentals, we are very cautious given present valuation as well as other factors (including seasonality and the trade backdrop).<\/li>\n\n\n\n<li>For instance, we continue to see upside in the Technology sector, but at over 32x price-to-forward-earnings, we\u2019re likely to increase allocation only modestly. As another example, despite the increase in earnings expectations for this year, Health Care remains vulnerable given the adverse macro backdrop (including the possibility of pharmaceutical tariffs being levied by the U.S.).<\/li>\n\n\n\n<li>In our minds, we continue to like the barbell approach to sector allocation. We\u2019ll pair overweight positions in pro-cyclical sectors like Tech, Communications Services and Financials with Utilities (a traditionally defensive sector).<\/li>\n\n\n\n<li>We\u2019re cutting back on our exposure to Materials and Real Estate. The former is too vulnerable to the shift in the trade regime which is why we are downgrading it to an underweight position. The latter should benefit as the Federal Reserve re-starts its easing cycle this fall, but sustained performance will need the economic cycle to turn first.<\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Sectors We are Overweight:<\/strong><\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Utilities <a href=\"https:\/\/bmogam.com\/ca-en\/products\/exchange-traded-fund\/bmo-spdr-utilities-select-sector-index-etf-zxlu\/\">BMO SPDR Utilities Select Sector Index ETF \u2013 ZXLU<\/a><\/li>\n\n\n\n<li>Communications <a href=\"https:\/\/www.bmogam.com\/ca-en\/products\/exchange-traded-fund\/bmo-spdr-communication-services-select-sector-index-etf-zxlc\/\">BMO SPDR Communication Services Select Sector Index ETF &#8211; ZXLC<\/a><\/li>\n\n\n\n<li>Tech <a href=\"https:\/\/www.bmogam.com\/ca-en\/products\/exchange-traded-fund\/bmo-spdr-technology-select-sector-index-etf-zxlk\/\">BMO SPDR Technology Select Sector Index ETF \u2013 ZXLK<\/a><\/li>\n\n\n\n<li>Utilities <a href=\"https:\/\/www.bmogam.com\/ca-en\/products\/exchange-traded-fund\/bmo-spdr-utilities-select-sector-index-etf-zxlu\/\">BMO SPDR Utilities Select Sector Index ETF \u2013 ZXLU<\/a><\/li>\n<\/ul>\n\n\n\n<h3 class=\"wp-block-heading\">Change in Earnings Expectations for 2025 by Sector (YoY %)<\/h3>\n\n\n\n<figure class=\"wp-block-image\"><img decoding=\"async\" src=\"https:\/\/bmo.bynder.com\/transform\/f3789e32-ac7d-4364-af65-8690a3afc818\/takeaways-from-earnings-season-char-1-en?io=transform:fit,width:1024,height:470\" alt=\"Bar chart showing 2025 earnings expectations by sector, with Communications up ~25% and Energy down ~35%.\"\/><figcaption class=\"wp-element-caption\">Source: Bloomberg, as of August 7, 2025.<\/figcaption><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\">Past performance is not indicative of future results.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Returns by Sector<\/h2>\n\n\n\n<figure class=\"wp-block-image size-large\"><img decoding=\"async\" width=\"1100\" height=\"759\" data-src=\"https:\/\/www.interactivebrokers.eu\/campus\/wp-content\/uploads\/sites\/3\/2025\/08\/image-17-1100x759.png\" alt=\"Returns by Sector\" class=\"wp-image-207151 lazyload\" data-srcset=\"https:\/\/ibkrcampus.eu\/campus\/wp-content\/uploads\/sites\/3\/2025\/08\/image-17-1100x759.png 1100w, https:\/\/ibkrcampus.eu\/campus\/wp-content\/uploads\/sites\/3\/2025\/08\/image-17-700x483.png 700w, https:\/\/ibkrcampus.eu\/campus\/wp-content\/uploads\/sites\/3\/2025\/08\/image-17-300x207.png 300w, https:\/\/ibkrcampus.eu\/campus\/wp-content\/uploads\/sites\/3\/2025\/08\/image-17-768x530.png 768w, https:\/\/ibkrcampus.eu\/campus\/wp-content\/uploads\/sites\/3\/2025\/08\/image-17-1536x1059.png 1536w, https:\/\/ibkrcampus.eu\/campus\/wp-content\/uploads\/sites\/3\/2025\/08\/image-17.png 1950w\" data-sizes=\"(max-width: 1100px) 100vw, 1100px\" src=\"data:image\/svg+xml;base64,PHN2ZyB3aWR0aD0iMSIgaGVpZ2h0PSIxIiB4bWxucz0iaHR0cDovL3d3dy53My5vcmcvMjAwMC9zdmciPjwvc3ZnPg==\" style=\"--smush-placeholder-width: 1100px; aspect-ratio: 1100\/759;\" \/><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\">Past performance is not indicative of future results.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Earnings and Valuation<\/h2>\n\n\n\n<figure class=\"wp-block-image size-large\"><img decoding=\"async\" width=\"1100\" height=\"773\" data-src=\"https:\/\/www.interactivebrokers.eu\/campus\/wp-content\/uploads\/sites\/3\/2025\/08\/image-18-1100x773.png\" alt=\"Earnings and Valuation\" class=\"wp-image-207152 lazyload\" data-srcset=\"https:\/\/ibkrcampus.eu\/campus\/wp-content\/uploads\/sites\/3\/2025\/08\/image-18-1100x773.png 1100w, https:\/\/ibkrcampus.eu\/campus\/wp-content\/uploads\/sites\/3\/2025\/08\/image-18-700x492.png 700w, https:\/\/ibkrcampus.eu\/campus\/wp-content\/uploads\/sites\/3\/2025\/08\/image-18-300x211.png 300w, https:\/\/ibkrcampus.eu\/campus\/wp-content\/uploads\/sites\/3\/2025\/08\/image-18-768x540.png 768w, https:\/\/ibkrcampus.eu\/campus\/wp-content\/uploads\/sites\/3\/2025\/08\/image-18-1536x1079.png 1536w, https:\/\/ibkrcampus.eu\/campus\/wp-content\/uploads\/sites\/3\/2025\/08\/image-18.png 2028w\" data-sizes=\"(max-width: 1100px) 100vw, 1100px\" src=\"data:image\/svg+xml;base64,PHN2ZyB3aWR0aD0iMSIgaGVpZ2h0PSIxIiB4bWxucz0iaHR0cDovL3d3dy53My5vcmcvMjAwMC9zdmciPjwvc3ZnPg==\" style=\"--smush-placeholder-width: 1100px; aspect-ratio: 1100\/773;\" \/><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\">Past performance is not indicative of future results.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Seasonality Chart (Average Rank Over Past 35 Years)<\/h2>\n\n\n\n<figure class=\"wp-block-image size-large\"><img decoding=\"async\" width=\"1100\" height=\"716\" data-src=\"https:\/\/www.interactivebrokers.eu\/campus\/wp-content\/uploads\/sites\/3\/2025\/08\/image-19-1100x716.png\" alt=\"Seasonality Chart (Average Rank Over Past 35 Years)\" class=\"wp-image-207153 lazyload\" data-srcset=\"https:\/\/ibkrcampus.eu\/campus\/wp-content\/uploads\/sites\/3\/2025\/08\/image-19-1100x716.png 1100w, https:\/\/ibkrcampus.eu\/campus\/wp-content\/uploads\/sites\/3\/2025\/08\/image-19-700x455.png 700w, https:\/\/ibkrcampus.eu\/campus\/wp-content\/uploads\/sites\/3\/2025\/08\/image-19-300x195.png 300w, https:\/\/ibkrcampus.eu\/campus\/wp-content\/uploads\/sites\/3\/2025\/08\/image-19-768x500.png 768w, https:\/\/ibkrcampus.eu\/campus\/wp-content\/uploads\/sites\/3\/2025\/08\/image-19-1536x999.png 1536w, https:\/\/ibkrcampus.eu\/campus\/wp-content\/uploads\/sites\/3\/2025\/08\/image-19.png 1960w\" data-sizes=\"(max-width: 1100px) 100vw, 1100px\" src=\"data:image\/svg+xml;base64,PHN2ZyB3aWR0aD0iMSIgaGVpZ2h0PSIxIiB4bWxucz0iaHR0cDovL3d3dy53My5vcmcvMjAwMC9zdmciPjwvc3ZnPg==\" style=\"--smush-placeholder-width: 1100px; aspect-ratio: 1100\/716;\" \/><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\">Past performance is not indicative of future results.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-bmo-gam-quant-model\">BMO GAM Quant Model<\/h2>\n\n\n\n<figure class=\"wp-block-image size-large\"><img decoding=\"async\" width=\"1100\" height=\"728\" data-src=\"https:\/\/www.interactivebrokers.eu\/campus\/wp-content\/uploads\/sites\/3\/2025\/08\/image-20-1100x728.png\" alt=\"BMO GAM Quant Model\" class=\"wp-image-207154 lazyload\" data-srcset=\"https:\/\/ibkrcampus.eu\/campus\/wp-content\/uploads\/sites\/3\/2025\/08\/image-20-1100x728.png 1100w, https:\/\/ibkrcampus.eu\/campus\/wp-content\/uploads\/sites\/3\/2025\/08\/image-20-700x463.png 700w, https:\/\/ibkrcampus.eu\/campus\/wp-content\/uploads\/sites\/3\/2025\/08\/image-20-300x199.png 300w, https:\/\/ibkrcampus.eu\/campus\/wp-content\/uploads\/sites\/3\/2025\/08\/image-20-768x508.png 768w, https:\/\/ibkrcampus.eu\/campus\/wp-content\/uploads\/sites\/3\/2025\/08\/image-20-1536x1017.png 1536w, https:\/\/ibkrcampus.eu\/campus\/wp-content\/uploads\/sites\/3\/2025\/08\/image-20.png 1878w\" data-sizes=\"(max-width: 1100px) 100vw, 1100px\" src=\"data:image\/svg+xml;base64,PHN2ZyB3aWR0aD0iMSIgaGVpZ2h0PSIxIiB4bWxucz0iaHR0cDovL3d3dy53My5vcmcvMjAwMC9zdmciPjwvc3ZnPg==\" style=\"--smush-placeholder-width: 1100px; aspect-ratio: 1100\/728;\" \/><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\">Past performance is not indicative of future results.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Originally Posted 15 August, 2025 &#8211; Takeaways from Earnings Season Author: Bipan Rai, MBA Top takeaways from earnings season: Where we see opportunity, where caution is warranted, and why we still favour a barbell approach to sector allocation. Sectors We are Overweight: Change in Earnings Expectations for 2025 by Sector (YoY %) Past performance is [&hellip;]<\/p>\n","protected":false},"author":186,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":true,"footnotes":"","jetpack_post_was_ever_published":false},"categories":[335,14,148,7],"tags":[362,314],"contributors-categories":[466],"class_list":["post-207150","post","type-post","status-publish","format-standard","category-etfs","category-fixed-income","category-text-articles","category-traders-insight","tag-economic-outlook","tag-market-outlook","contributors-categories-bmo-global-asset-management"],"pp_statuses_selecting_workflow":false,"pp_workflow_action":"current","pp_status_selection":"publish","acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v26.9 (Yoast SEO v28.1) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Takeaways 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