Stock picking is harder than ever: What 2025’s sector splits reveal

k9bmkDEC@?8m$E@4< A:4<:?8 :D 92C56C E92? 6G6Ci (92E a_ad’D D64E@C DA=:ED C6G62=k^DEC@?8mk^9bm

kAm%96 &]$] DE@4< >2C<6E 925 2?@E96C D@=:5 J62C :? a_ad] %96 k2 9C67lQ9EEADi^^HHH]7:?56C]4@>^DE@4<\EC25:?8^:?G6DE\:?\DA\d__Qm$U2>Aj! d__ 82:?65k^2m 23@FE `gT :? E@E2= — E96 E9:C5 DEC2:89E J62C @7 k2 9C67lQ9EEADi^^HHH]C34H62=E9>2?286>6?E]4@>^6?\2D:2^:?D:89ED^FD\6BF:EJ\C6EFC?D\:?\a_ad\C64@C5\3C62<:?8\C6D:=:6?46Qm5@F3=6\5:8:E C6EFC?Dk^2m[ E92?<D >@DE=J E@ E96 px 9JA6]k^Am

kAmqFE 5:8 2 =:EE=6 566A6C[ 2?5 E9:?8D =@@< 2 =@E >6DD:6C 7@C 2?J@?6 ECJ:?8 E@ k2 9C67lQ9EEADi^^HHH]7:?56C]4@>^DE@4<\EC25:?8^36DE\DE@4<\A:4<:?8\D6CG:46DQmA:4< :?5:G:5F2= DE@4<Dk^2m] %96 82:?D H6C6?’E DAC625 2C@F?5 6G6?=J] p 76H DFA6CDE2C DE@4<D 4CFD965 :E[ H9:=6 E@?D @7 @E96CD 32C6=J >@G65 @C 6G6? E2?<65] k2 9C67lQ9EEADi^^HHH]7:?56C]4@>^Qmu:?56C]4@>k^2m 6I2>:?6D H92E E96 D64E@C DA=:ED 7C@> =2DE J62C D9@H]k^Am

k7:8FC6mk:>8 DC4lQ9EEADi^^:>286D]DE24<6C]4@>^H^`ag_^:>286D^DE@C:6D^a_ae^_`^ag^:>286\`]A?8Q 2=ElQ%23=6 =:DE:?8 E96 36DE A6C7@C>:?8 DE@4<D @? $U2>Aj! d__ :? a_ad]Q DEJ=6lQH:5E9i `__TQmk7:842AE:@?mk2 9C67lQ9EEAi^^u:?56C]4@>Qmu:?56C]4@>k^2mk^7:842AE:@?mk^7:8FC6m

kAmtG6? :?D:56 E96 D2>6 :?5FDEC:6D[ C6DF=ED H6C6 2== @G6C E96 >2A — k2 9C67lQ9EEADi^^HHH]>@C?:?8DE2C]4@>^>2C<6ED^76H\DE@4<D\da\H66<\9:89D\6G6?\>2C<6E\9:ED\C64@C5DQmD@>6 4@>A2?:6D D@2C65k^2m H9:=6 @E96CD :? E96 D2>6 8C@FA 76== 92C5] p?5 E96 H9@=6 C2==Jn xE H2D 42CC:65 3J ;FDE 2 k2 9C67lQ9EEADi^^HHH]DA8=@32=]4@>^DA5;:^6?^4@>>6?E2CJ^2CE:4=6^FD\6BF:E:6D\>2C<6E\2EEC:3FE6D^Qm92?57F= @7 3:8 ?2>6Dk^2m[ ?@E 2 H:56 4C@H5 @7 H:??6CD]k^Am

kAmpD :7 A:4<:?8 DE@4<D H2D?’E E@F89 6?@F89 2=C625J]k^Am

kAmp D>2== 8C@FA @7 k2 9C67lQ9EEADi^^HHH]7:?56C]4@>^DE@4<\EC25:?8^2CE:7:4:2=\:?E6==:86?46\DE@4<DQmpx\C6=2E65 H:??6CDk^2m — E9:?< 52E2 DE@C286[ >6>@CJ 49:AD 2?5 D6>:4@?5F4E@CD — 42CC:65 >F49 @7 E96 >2C<6E[ H9:=6 >2?J @E96CH:D6 8@@5 4@>A2?:6D 8@E =67E 369:?5 @C E@@< 3:8 9:ED]k^Am

kAm!:4<:?8 E96 C:89E @?6D H2D 3CFE2=] $E@4<D H6C6 >@G:?8 H2J >@C6 :?56A6?56?E=J E92? FDF2= — >@?E9=J k2 9C67lQ9EEADi^^HHH]DA8=@32=]4@>^DA5;:^6?^5@4F>6?ED^A6C7@C>2?46\C6A@CED^52D93@2C5\5:DA6CD:@?\G@=2E:=:EJ\4@CC6=2E:@?]A57QmD:?8=6\DE@4< 5:DA6CD:@? 2G6C2865 af]cT 2??F2=:K65k^2m[ E96 E9:C5\9:896DE C625:?8 D:?46 a__g] %9:D >62?D DE@4<D’ C6EFC?D G2C:65 8C62E=J 7C@> @?6 2?@E96C[ 6G6? H96? E96 @G6C2== >2C<6E =@@<65 A@D:E:G6]k^Am

kAms2E2 @? D64E@C 2G6C286D[ k2 9C67lQ9EEADi^^HHH]7:?56C]4@>^DE@4<\EC25:?8^JE5\DA\d__\A6C7@C>2?46QmE@A 2?5 3@EE@> A6C7@C>6CDk^2m 2?5 4@>A2?J\=6G6= 3C625E9 — E96 A6C46?E286 @7 DE@4<D FA G6CDFD 5@H? H:E9:? 6249 D64E@C — F?56CD4@C6D ;FDE 9@H F?6G6? E96 J62C ECF=J H2D]k^Am

k9bm~G6C2== >2C<6E 2?5 D64E@C A6C7@C>2?46i !@=2C:K2E:@? 36?62E9 E96 DFC7246k^9bm

kAm%96 3C@25 >2C<6E’D C6DA64E23=6 C6EFC? 9:5 5C2>2E:4 5:776C6?46D 24C@DD E96 `` >2;@C D64E@CD]k^Am

kAmx?7@C>2E:@? %649?@=@8J =65 H:E9 2? 2G6C286 82:? @7 ba]hT[ 7F6=65 3J E96 @?8@:?8 px 3@@> — 6DA64:2==J D6>:4@?5F4E@CD[ >6>@CJ 2?5 52E2 :?7C2DECF4EFC6]k^Am

kAmr@>>F?:42E:@? $6CG:46D 7@==@H65 2E `g]hT[ H9:=6 x?5FDEC:2=D[ &E:=:E:6D[ u:?2?4:2=D[ r@?DF>6C s:D4C6E:@?2CJ 2?5 @E96CD A@DE65 >:5\E66?D E@ D:?8=6\5:8:E 82:?D]k^Am

kAm#2E6\D6?D:E:G6 2?5 5676?D:G6 D64E@CD DECF88=65i #62= tDE2E6 564=:?65 _]ecT[ H9:=6 r@?DF>6C $E2A=6D :?4C62D65 2 7C24E:@? @7 2 A6C46?E W_]aaTX]k^Am

k7:8FC6mk:>8 DC4lQ9EEADi^^:>286D]DE24<6C]4@>^H^`ag_^:>286D^DE@C:6D^a_ae^_`^ag^:>286\a]A?8Q 2=ElQ%23=6 =:DE:?8 E96 36DE A6C7@C>:?8 D64E@CD @7 E96 $U2>Aj! d__ :? a_ad]Q DEJ=6lQH:5E9i `__TQmk7:842AE:@?mk2 9C67lQ9EEAi^^u:?56C]4@>Qmu:?56C]4@>k^2mk^7:842AE:@?mk^7:8FC6m

kAm%96D6 DA=:ED D9@H 9@H >24C@ E96>6D — =:<6 6IA=@D:G6 px DA6?5:?8 2?5 DEF33@C?=J 9:89 :?E6C6DE C2E6D — 4C62E65 9F86 82AD 36EH66? D64E@CD]k^Am

k9bm%96 6IEC6>6 H:??6CDi px :?7C2DECF4EFC6 5@>:?2E65k^9bm

kAmp 92?57F= @7 DE@4<D 56=:G6C65 ;2H\5C@AA:?8 C6EFC?D[ @7E6? 6I4665:?8 a__T\ddhTik^Am

kF=mk=:m$2?5:D< s:8:E2= W$}szXi Zddh]cTk^=:mk=:m(6DE6C? s:8:E2= W(srXi Zaeh]gTk^=:mk=:m|:4C@? %649?@=@8J W|&Xi Zaaf]hTk^=:mk=:m$6282E6 %649?@=@8J W$%)Xi Zaac]hTk^=:mk=:m!2=2?E:C %649?@=@8:6D W!{%#Xi Z`be]cTk^=:mk=:m{2> #6D62C49 W{#r)Xi Z`eg]hTk^=:mk^F=m

kAm%96D6 >682\H:??6CD H6C6 2=>@DE 2== :? x?7@C>2E:@? %649?@=@8J[ C:5:?8 E96 >2DD:G6 56>2?5 7@C px 52E2 46?E6CD[ 9:89\32?5H:5E9 >6>@CJ 2?5 DE@C286 2D 9JA6CD42=6CD A@FC65 9F?5C65D @7 k2 9C67lQ9EEADi^^HHH]8@=5>2?D249D]4@>^:?D:89ED^2CE:4=6D^H9J\2:\4@>A2?:6D\>2J\:?G6DE\>@C6\E92?\d__\3:==:@?\:?\a_aeQm3:==:@?D :?E@ :?7C2DECF4EFC6k^2m]k^Am

k9bm%96 A2:?7F= =@D6CDi !F?:D9:?8 >:DE2<6D 6G6? :? DEC@?8 D64E@CDk^9bm

kAm%96 7=:A D:56 H2D 3CFE2=ik^Am

kF=mk=:m​​u|r r@CA@C2E:@? Wu|rXi \f`]dTk^=:mk=:m%96 %C256 s6D< W%%sXi \ef]cTk^=:mk=:mu:D6CG WuxXi \ed]cTk^=:mk=:mt?A92D6 t?6C8J Wt}!wXi \dd]`Tk^=:mk=:mr2C|2I Wz|)Xi \da]cTk^=:mk^F=m

kAmw:89\G2=F2E:@? 8C@HE9 ?2>6D :? u:?2?4:2=D[ r@>>F?:42E:@? $6CG:46D[ #62= tDE2E6 2?5 A2CED @7 r@?DF>6C s:D4C6E:@?2CJ k2 9C67lQ9EEADi^^HHH]C6FE6CD]4@>^E649?@=@8J^7:D6CG\4FED\2??F2=\C6G6?F6\7@C642DE\>6C492?E\2C>\8C@HE9\D=@HD\D92C6D\D=F>A\a_ad\`_\ah^QmE@@< E96 3:886DE 9:EDk^2m — @7E6? 3642FD6 @7 9:896C C2E6D[ D9:7E:?8 4@?DF>6C DA6?5:?8 @C 4@>A6E:E:@? 7C@> px EC6?5D]k^Am

kAmtG6? :? “H:??:?8” D64E@CD =:<6 E649[ E96 HC@?8 A:4< 4@F=5 >62? >2DD:G6 F?56CA6C7@C>2?46]k^Am

k7:8FC6mk:>8 DC4lQ9EEADi^^:>286D]DE24<6C]4@>^H^`ag_^:>286D^DE@C:6D^a_ae^_`^ag^E9<4F\H@CDE\A6C7@C>:?8\DE@4<D\@?\D\2>A\A\d__\:?\a_ad\]A?8Q 2=ElQ%23=6 =:DE:?8 E96 H@CDE A6C7@C>:?8 DE@4<D @? $U2>Aj! d__ :? a_ad]Q DEJ=6lQH:5E9i `__TQmk7:842AE:@?mk2 9C67lQ9EEAi^^u:?56C]4@>Qmu:?56C]4@>k^2mk^7:842AE:@?mk^7:8FC6m

k9bmk3C ^mx?EC2\D64E@C 5:DA6CD:@?i %96 C62= DE@4<\A:4<:?8 492==6?86k^9bm

kAm%96 >@DE C6G62=:?8 ?F>36C :D 4@>A2?J\=6G6= 3C625E9 — H92E A6C46?E286 @7 DE@4<D :? 6249 D64E@C 7:?:D965 E96 J62C FA G6CDFD 5@H?]k^Am

k7:8FC6mk:>8 DC4lQ9EEADi^^:>286D]DE24<6C]4@>^H^`ag_^:>286D^DE@C:6D^a_ae^_`^ag^@@8;>\D\2>A\A\d__\D64E@C\A6C7@C>2?46D\:?\a_ad\]A?8Q 2=ElQ%23=6 =:DE:?8 $U2>Aj! d__ D64E@C A6C7@C>2?46D :? a_ad[ C6EFC? 32D65 @? E96 25;FDE65 4=@D:?8 AC:46 @? E96 7:CDE 2?5 =2DE 52J @7 EC25:?8 :? a_ad]Q DEJ=6lQH:5E9i `__TQmk7:842AE:@?mk2 9C67lQ9EEAi^^u:?56C]4@>Qmu:?56C]4@>k^2mk^7:842AE:@?mk^7:8FC6m

kAm k^Am

kF=mk=:m&E:=:E:6Di h_]bT FA WG6CJ F?:7@C> 5676?D:G6 H:?Xk^=:mk=:mt?6C8J[ u:?2?4:2=D[ w62=E9 r2C6[ x?5FDEC:2=D[ r@>>F?:42E:@? $6CG:46D[ r@?DF>6C s:D4C6E:@?2CJ[ x?7@C>2E:@? %649?@=@8Ji D@=:5 >2;@C:E:6D FA WebT\fbTXk^=:mk=:m|2E6C:2=D 2?5 r@?DF>6C $E2A=6Di @?=J 36EH66? caT 2?5 cfT FAk^=:mk=:m#62= tDE2E6i ;FDE baT FA W@G6C egT 5@H?Xk^=:mk^F=m

kAmtG6? :? 9:89\3C625E9 D64E@CD =:<6 x% WebT FAX[ E96 82A :? A6C7@C>2?46 H2D 9F86] p 76H ?2>6D D@2C65 H9:=6 @E96CD 564=:?65 D92CA=J] %9:D 5:DA6CD:@? >256 3C@25 D64E@C 36ED :?DF77:4:6?Ej AC64:D6 D6=64E:@? H2D <6J]k^Am

k9bm(92E E9:D >62?D 7@C :?G6DE@CD >@G:?8 7@CH2C5k^9bm

kAma_ad H2D 2 4=2DD:4 J62C @7 4@?46?EC2E:@? C:D< 2?5 E96>6\5C:G6? C6EFC?D] %96 px :?7C2DECF4EFC6 3@@> 4C62E65 6?@C>@FD H:??6CD[ 3FE AF?:D965 >:DE2<6D 92CD9=J[ 6DA64:2==J :? 5676?D:G6D 2?5 9:89\G2=F2E:@? 8C@HE9 2C62D]k^Am

kAm(:E9 6=6G2E65 D:?8=6\DE@4< 5:DA6CD:@? 2?5 ?2CC@H6C 3C625E9 4@>A2C65 E@ a_ab\a_ac[ k2 9C67lQ9EEADi^^HHH]7:?56C]4@>^DE@4<\EC25:?8^9@H\E@\A:4<\DE@4<DQmA:4<:?8 :?5:G:5F2= DE@4<D[k^2m AC@G65 >@C6 492==6?8:?8 E92? :? C646?E J62CD]k^Am

kAmu@C >@DE A6@A=6[ k2 9C67lQ9EEADi^^HHH]7:?56C]4@>^DE@4<\EC25:?8^9@H\E@\:?G6DE\:?\:?56I\7F?5DQmA2DD:G6 :?56I:?8k^2m @C D64E@C t%uD W6I492?86\EC2565 7F?5DX =:<6=J @FEA6C7@C>65 k2 9C67lQ9EEADi^^HHH]7:?56C]4@>^DE@4<\EC25:?8^36DE\DE@4<\A:4<:?8\D6CG:46DQm24E:G6 DE@4< A:4<:?8k^2m 2>:5 2== E9:D G@=2E:=:EJ] {@@<:?8 29625 E@ a_ae[ E96 3:8 BF6DE:@?D 2C6i (:== E96 px C2==J DAC625 @FE >@C6 @C DE2J 4@?46?EC2E65 :? 2 76H ?2>6Dn r@F=5 362E6?\5@H? 2C62D =:<6 C62= 6DE2E6 @C DE2A=6D 7:?2==J 42E49 2 3C62< :7 C2E6D 62D6nk^Am

kAm(:E9 DA=:ED E9:D 6IEC6>6[ 9625=:?6 >2C<6E C6EFC?D 42? 36 >:D=625:?8] %96 C62= DE@CJ — 2?5 E96 C62= 492==6?86 — :D :? E96 56E2:=D] $E@4< A:4<:?8 :D?’E 86EE:?8 62D:6Cj :E’D 86EE:?8 92C56C E92? 6G6C]k^Am

kAmk2 9C67lQ9EEADi^^HHH]7:?56C]4@>^:?G6DE>6?ED^DE@4<\A:4<:?8\:D\92C56C\E92?\6G6CQmk6>m%9:D DE@CJk^6>mk^2m k6>mH2D AC@5F465 3Jk^6>m k2 9C67lQ9EEADi^^HHH]7:?56C]4@>Qmk6>mu:?56C]4@>k^6>mk^2m k6>m2?5 C6G:6H65 2?5 5:DEC:3FE65 3Jk^6>m k2 9C67lQ9EEADi^^9F3D]=2^"_b<=8$#_Q C6=lQ?@7@==@HQmk6>m$E24<6Ck^6>mk^2m]k^Am