In short: Named with utilities on the unfavorable end and among the worst performers since yields began rising — money is rotating out of the interest-sensitives into energy and financials.
XLRE holds listed property companies (REITs) — landlords of offices, malls, warehouses, data centres and apartments. Like utilities, they are bought for their income streams and financed with borrowed money, so higher long-term rates hit them twice: the yield becomes less competitive, and refinancing gets more expensive.
She names real estate with utilities on the unfavorable end of Schwab's scale and as one of the worst performers since yields began climbing. The money leaving these two sectors is the same money showing up in energy and financials — that is her "rotation" in one concrete example.
43:25We also little bit more from a valuation perspective are on the more favorable end of the spectrum on healthcare and then on the less favorable end of the spectrum would be areas like I already mentioned utilities and real estate. So, but we think applying that factor overlay because even within sectors, you're seeing much more dispersion and the key to figuring out what's going to be on the better end of that dispersion of performance, what's going to be on the worse end.
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