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VEFA Rebalance: Industrials Rise as Energy Fades

Guavy AI Editorial Team
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JPY
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The VanEck MSCI EAFE Analyst Sentiment ETF (VEFA) has undergone a significant rebalance, driven by changes in analyst sentiment and market trends. This quarter, industrials led all sectors in net positions added, with a +5.6% portfolio weight, due to European rearmament and capex recovery.

Japan swung from being last quarter's biggest reduction to this quarter's biggest addition, influenced by AI chip demand and rate normalization by the Bank of Japan. In contrast, IT services faced sharp cuts, with SAP, Capgemini, and NEC removed as software analyst sentiment weakened.

The energy sector saw no new additions, signaling a pause in the crude-driven upgrade cycle from the prior quarter. This shift marks a reversal of last quarter's dominant theme, driven by European rearmament and Bank of Japan rate normalization.

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