Chasing beta

Chart of the month


This chart supplied by Merrill Lynch shows how closely different sectors follow the broader market. This idea, usually referred to as beta (or how much a credit or sector responds to a movement in a wider index), is frequently discussed by credit and equity investors.

“At the start of the year everyone was talking about seeking out the higher-beta sectors and names to outperform,” says Barnaby Martin, credit strategist at Merrill Lynch. However, beta is often spoken about in general terms: f

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