LOGO Quicktakes

Weekly sector and style-factor recap for the week ending Friday, October 23, 2026. Alex and Jordan rank all eleven sectors from materials plus three point three percent to technology minus three point eight, name the biggest single-stock movers in each sector, and break down the style rotation: value over growth by five points, low volatility and dividends winning, momentum the worst factor. Plus the macro backdrop: the ten year Treasury at five percent, Brent crude up six percent to its highest since 2022, gold down, and what to watch next week, including the October 28 FOMC decision and Microsoft and Alphabet earnings. This information is for informational purposes only. This is not financial advice. Please do your own research.

Thursday's AI-financing scare, a defensive rotation into health care and defense, oil back over a hundred on Iran risk, and the busiest earnings week of the year dead ahead.

Global GDP runs on spending — what consumers buy, what businesses invest, what governments purchase. This QuickTake walks the seven mega-themes capturing where that money flows: consumer platforms and spending, tech, AI and semis, defense and aerospace, the experience economy, power and energy infrastructure, aging and bio-innovation, and finance and alt assets. Inside every theme, the same profile: the dominant franchise, the leading brand, highly loyal customers, strong and predictable recurring revenue, and real pricing power. Diversified across every engine of global commerce, without ever leaving the quality compounder universe.

A summary of the Alpha Brands Research report 'Where the World Spends' — a high-quality portfolio of 46 leading brands serving consumption, the primary driver of every economy.

The theme: global output is roughly $126 trillion (IMF 2026), and every dollar of it is one of three buyers spending — households ~$71 trillion (~56%), businesses ~$33 trillion (capital formation ~26%), and governments ~$21 trillion (~17%). Consumption is not a sector; it is the economy. The portfolio is a leaders-and-innovators portfolio tied to the important consumption industries via leading brands, organized by the buyer: consumer spending (20 names, 48.2%), business cap ex and innovation (20 names, 39.9%), and government spending (6 names, 11.9%). No position is above 4.6%.

Key points:

- Portfolio quality: 27.6% weighted revenue growth, 25.8% operating margin, ~27% return on invested capital.

- The opportunity after 2026's churn: the S&P 500 sits just 2.0% below its record close while these holdings average 17.1% below their 52-week highs; 20 of 46 names are down 20% or more and carry 35.7% weighted analyst upside.

- Consensus 12-month targets imply 24.1% weighted upside for the portfolio versus ~12% expected for the S&P 500 in 2027.

- Differentiated: 12 holdings (21.7%) are not in the S&P 500, including TSMC, ASML, MercadoLibre, Spotify, Shopify, BAE Systems and Siemens Energy.

- The honest trade-off: the portfolio is pricier than the index on trailing earnings (32.8x harmonic trailing P/E vs the S&P 500's 19.0x forward), and its biggest upside sits in its most volatile names; the case rests on ~28% revenue growth and the discount already applied.

Data as of October 20, 2026 (Fiscal.ai prices; consensus analyst targets). For informational purposes only; not financial advice.

For informational and educational purposes only; not financial advice. Alex and Jordan recap the week across all 11 sectors — health care, staples and energy led while tech plunged 7.2% — the biggest stock movers in each sector, and a historic factor rotation: value beat growth by nearly 6 points as momentum broke and dividends won.

A split-screen week: the Dow rose for a second straight week while the Nasdaq fell 4.5% on hot inflation data and AI credit fears. Alex and Jordan run through the leading global brands that moved — the Palo Alto breach selloff, record quarters from TSMC and ASML that still sold off, the Dell and Palantir reversals, and the rotation into defense and healthcare names like Lockheed Martin, Eli Lilly and UnitedHealth — plus what to watch in next week's huge earnings slate.

AI-credit fears crushed the tech trade while defense and healthcare carried LOGO's brand portfolio; plus Palo Alto's vulnerability shock and record TSMC and ASML earnings the market ignored.

September retail sales crushed it: +5% y/y ex autos and gas, discretionary ripping, staples the sole drag — the K-shape in one table.

A LOGO QuickTake on UnitedHealth: the turnaround working, secular demand that never recessions, AI productivity not in estimates, and a crisis-era price on a recovering franchise.

The 5 structural compounders in the Mega Brands 25: Alphabet, Meta, Amazon, Netflix, and Broadcom. Why secular themes — search, social, cloud, streaming, AI infrastructure — let them compound even when growth slows, plus the equal-weight framework.