We decided to exit the ETF Lyxor TEL (Telecom Europe) from the Euro Active Portfolio, while the upward trend of the Index is invalidated and the relative performance versus the stoxx600 is deteriorating rapidly.
The theme of the change in monetary policy by the ECB and the prospect of higher yields harms this sector that uses leverage while Telecoms are considered to be value stocks.
Spread TEL/Stoxx600 NR : weekly charts
We are replacing TEL by an ETF whose current momentum is positive both absolute and relative, and that's the ETF BNK (banking sector Europe).
Banks are currently anticipating a rise in interest rates in Europe, and the gradual change of less easy monetary policy from the ECB. The low rates severely hurt banks margins in recent years.
BNK/Stoxx600 : weekly charts
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Spread TEL/Stoxx600 NR : weekly charts
BNK/Stoxx600 : weekly charts