Sector	PEFy1	PEFy2	2017Growth
Consumer Discretionary	14.86	13.03	12.61
Consumer Staples	18.57	16.54	13.09
Energy	11.62	10.21	14.88
Financials	11.91	10.60	11.26
Health Care	17.31	15.53	11.07
Industrials	15.00	13.34	11.98
Information Technology	15.17	13.31	12.42
Materials	11.08	10.01	10.01
Real Estate	14.44	13.12	11.24
Telecommunication Services	12.49	11.20	13.76
Utilities	11.88	10.63	11.33

Chart: Sectors 12 months (USD) Returns: Sector YTD performance is almost completely the opposite of consensus 2017 EPS growth forecasts

Materials where growth is forecast the poorest are the leaders and energy which is supposed to be highest growth sector in 2017 on consensus EPS growth is the laggard.

Source: ML

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Materials are perennial leaders were also in the lead in August driven by higher demand, higher capex levels in both emerging and developed markets, and correlating with cyclical rebound after a decade of weak growth. Materials were followed by Utilities and Healthcare.
Energy sector while still remains in the red YTD despite that the growth forecast in the sector is the most ambitious on consensus view and consensus has been wrong so far this year. The sector finished stronger in August as well.
August seen financials lag while almost as bad has been performance in consumer discretionary sector, which will be lagging for a while before consumers get stronger. But few years of solid growth is required for that.

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