--- title: Churchill Management - Commentary description: The stock market has been on a nice charge upward since the start of March. 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With herd immunity in sight and plenty of stimulus being thrown at the economy, stocks have been reaping the benefit. Below the surface, however, there has been some rather significant rotation. Early in the year, leading Growth stocks were being exchanged for Value stocks, like Financials and Energy. Over the past few weeks, though, Growth has taken back the lead while Value and Internationals have risen, but not as much. The Nasdaq clearly led the market during the entire pandemic as technology enabled the world to continue to function. Fast-forward to today with vaccines in full swing and the focus now appears to be on the recovery. Anything that requires a physical presence has seen a material uptick, including travel, retail, and leisure. After selling off, Tech has rallied back in the last couple of weeks. There is no question stocks in the sector will also benefit from an uptick in the economy, but the question is always how that stacks up to expectations. The markets continue to benefit from historic amounts of stimulus. That is likely the reason that despite the rotation underneath the market, we continued to see new highs established by the major indices. In sum, the market is quite positive, though it is still trying to figure out if it is a Growth or Value type of market. We believe there is a good case to make that the rotation to Value may have legs. Growth has outperformed value since 2007, reaching an extreme last year. However, that relative performance may have turned. For now, it is easy to remain bullish as we keep watching the rotations closely to see if any adjustments are needed in the strategies. Regards, **CHURCHILL MANAGEMENT GROUP** **Source: [Churchill Management Group](https://www.churchillmanagement.com/book-consultation/?gclid=EAIaIQobChMI0vz_t6ni7gIV8IFaBR1BwAKGEAAYASAAEgI4qPD_BwE)** **[info@churchillmanagement.com](mailto:info@churchillmanagement.com) ** *\*\* This report is meant to inform the reader of our current market opinion, which we, as professional money managers, use in our decision-making. It should be noted that stock market and bond market data are subject to varying interpretations and any one interpretation will not necessarily guarantee investment success. The information obtained from the sources specified herein and used as basis for our current market opinion is believed reliable, but we do not guarantee the accuracy of such information.* Topics:[Churchill](https://blog.fulcrumeq.com/insights/topic/churchill) - [Recent](https://blog.fulcrumeq.com/insights/churchill-management-commentary-4-13-21#recent) - [Topics](https://blog.fulcrumeq.com/insights/churchill-management-commentary-4-13-21#topics) - [Archive](https://blog.fulcrumeq.com/insights/churchill-management-commentary-4-13-21#archive) - [Athena (3)](https://blog.fulcrumeq.com/insights/tag/athena) - [Brookmont (4)](https://blog.fulcrumeq.com/insights/tag/brookmont) - [Churchill (26)](https://blog.fulcrumeq.com/insights/tag/churchill) - [Kensington (22)](https://blog.fulcrumeq.com/insights/tag/kensington) - [Little Harbor Advisors (1)](https://blog.fulcrumeq.com/insights/tag/little-harbor-advisors) - [LMCG Investments (1)](https://blog.fulcrumeq.com/insights/tag/lmcg-investments) - [Manager Commentary (79)](https://blog.fulcrumeq.com/insights/tag/manager-commentary) - [Manager Spotlight (1)](https://blog.fulcrumeq.com/insights/tag/manager-spotlight) - [Optimus Advisory Group (1)](https://blog.fulcrumeq.com/insights/tag/optimus-advisory-group) - [Thompson Capital (1)](https://blog.fulcrumeq.com/insights/tag/thompson-capital) More... - [May 2023 (5)](https://blog.fulcrumeq.com/insights/archive/2023/05) - [June 2023 (5)](https://blog.fulcrumeq.com/insights/archive/2023/06) - [July 2023 (5)](https://blog.fulcrumeq.com/insights/archive/2023/07) - [September 2023 (5)](https://blog.fulcrumeq.com/insights/archive/2023/09) - [October 2021 (4)](https://blog.fulcrumeq.com/insights/archive/2021/10) - [November 2021 (4)](https://blog.fulcrumeq.com/insights/archive/2021/11) - [September 2022 (4)](https://blog.fulcrumeq.com/insights/archive/2022/09) - [October 2022 (4)](https://blog.fulcrumeq.com/insights/archive/2022/10) - [November 2023 (4)](https://blog.fulcrumeq.com/insights/archive/2023/11) - [March 2021 (3)](https://blog.fulcrumeq.com/insights/archive/2021/03) - [April 2021 (3)](https://blog.fulcrumeq.com/insights/archive/2021/04) - [September 2021 (3)](https://blog.fulcrumeq.com/insights/archive/2021/09) - [February 2022 (3)](https://blog.fulcrumeq.com/insights/archive/2022/02) - [November 2022 (3)](https://blog.fulcrumeq.com/insights/archive/2022/11) - [April 2023 (3)](https://blog.fulcrumeq.com/insights/archive/2023/04) - [August 2023 (3)](https://blog.fulcrumeq.com/insights/archive/2023/08) - [October 2023 (3)](https://blog.fulcrumeq.com/insights/archive/2023/10) - [December 2020 (2)](https://blog.fulcrumeq.com/insights/archive/2020/12) - [February 2021 (2)](https://blog.fulcrumeq.com/insights/archive/2021/02) - [July 2021 (2)](https://blog.fulcrumeq.com/insights/archive/2021/07) - [August 2021 (2)](https://blog.fulcrumeq.com/insights/archive/2021/08) - [March 2022 (2)](https://blog.fulcrumeq.com/insights/archive/2022/03) - [May 2022 (2)](https://blog.fulcrumeq.com/insights/archive/2022/05) - [June 2022 (2)](https://blog.fulcrumeq.com/insights/archive/2022/06) - [July 2022 (2)](https://blog.fulcrumeq.com/insights/archive/2022/07) - [August 2022 (2)](https://blog.fulcrumeq.com/insights/archive/2022/08) - [January 2023 (2)](https://blog.fulcrumeq.com/insights/archive/2023/01) - [February 2023 (2)](https://blog.fulcrumeq.com/insights/archive/2023/02) - [March 2023 (2)](https://blog.fulcrumeq.com/insights/archive/2023/03) - [May 2021 (1)](https://blog.fulcrumeq.com/insights/archive/2021/05) - [June 2021 (1)](https://blog.fulcrumeq.com/insights/archive/2021/06) - [December 2021 (1)](https://blog.fulcrumeq.com/insights/archive/2021/12) - [January 2022 (1)](https://blog.fulcrumeq.com/insights/archive/2022/01) - [December 2022 (1)](https://blog.fulcrumeq.com/insights/archive/2022/12) - [December 2023 (1)](https://blog.fulcrumeq.com/insights/archive/2023/12) More... ### Subscribe to Updates ![Fulcrum-Logo-White](https://blog.fulcrumeq.com/hs-fs/hubfs/Fulcrum-Logo-White.png?width=150&name=Fulcrum-Logo-White.png) 5465 Legacy Drive Suite 650 Plano, Texas 75024 Toll Free: [888.304.6942](tel:1-888-304-6942) Direct:[214.317.4293](tel:214-317-4293)   **[Form CRS](https://blog.fulcrumeq.com/hubfs/Regulatory/Form%20CRS%20Document.pdf)** [Disclosures](https://blog.fulcrumeq.com/hubfs/Regulatory/Website%20Disclosures.pdf) ### Connect with us Copyright © 2021 | Fulcrum Equity Management, LLC is registered as an investment adviser with the Securities and Exchange Commission (SEC), and only transacts business in states where it is properly notice filed, or is excluded or exempted from such requirements. 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