In short: Named alongside industrials and financials as a "more favorable" rating — part of the cyclical tilt for a rolling-rotation market.
XLB holds the materials companies — chemicals, packaging, metals and mining, construction materials: the businesses that supply the physical inputs to everything else.
It is the second leg of the same cyclical bias as industrials. Sonders is not making a commodity price forecast; she is saying that if the economy keeps rolling forward in patches and inflation stays sticky, the companies selling real, physical stuff are on the better side of that than the ones whose value depends on cheap money.
42:53You've got balance sheet oriented factors, strong free cash flow, high interest coverage. And there's been more consistency in outperformance and underperformance when you look at the factor level than there has been at the sector level, which is much more monolithic. So we do have a bit of a cyclical bias in terms of the sectors that we have more favorable ratings on industrials, materials, financials.
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