
Source: Richard Bernstein Advisors LLC, S&P Global, Bloomberg Finance LP. For index descriptions see Index Descriptions at the end of document. Dec 2020 was the end of the last full profits deceleration cycle. Real Estate performance is proforma as it was not a standalone sector until 09/30/2016 and was included within the Financials Sector. We use the FTSE Nareit All Equity REITS Total Return index as a proxy for its performance from 09/1989 through 10/2002 when GICS Real Estate Industry index performance becomes available for data from that point on. Communication Services was Telecom Services prior to GICS reclassification in 09/30/19.
Source: St Louis Fed, Bloomberg Finance LP, as of 07/31/2022. Real Estate performance is proforma as it was not a standalone sector until 09/30/2016 and was included within the Financials Sector. We use the FTSE Nareit All Equity REITS Total Return index as a proxy for its performance from 09/1989 through 10/2002 when GICS Real Estate Industry index performance becomes available for data from that point on. Communication Services was Telecom Services prior to GICS reclassification in 09/30/19.
INDEX DESCRIPTIONS: The following descriptions, while believed to be accurate, are in some cases abbreviated versions of more detailed or comprehensive definitions available from the sponsors or originators of the respective indices. Anyone interested in such further details is free to consult each such sponsor’s or originator’s website.