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Stock screen review 2016

Concluding my stock screen review at the end of last year, I alighted on a clear danger for performance in 2016: "if the fortunes of the resources sector reverse, which could be both sudden and pronounced, the relative lack of resources exposure could leave the screens floundering". Unfortunately, it seems I was on to something, because as resources stocks have rebounded extremely strongly, many of the screens have indeed struggled to keep up with the indices from which they are compiled. Indeed, in the year to date (to 6 December) less than a third (29 per cent) of the screens have outperformed the relevant indices. As I also pointed out last year, limited resources exposure will have benefited many of the screens' relative performance up until early 2016, so underperformance this year needs to be seen in the round.

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By Algy Hall,
15 December 2016

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