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With the 2024 U.S. presidential elections heating up subsequent week within the type of the primary debate, Goldman Sachs’ portfolio technique analysis crew took a take a look at American firms which have the largest publicity to home and worldwide gross sales.
Present predictions name for a Republican victory, which might most definitely see the return of former President Donald Trump. Goldman Sachs believes any laws modifications would most likely have an effect on the U.S. greenback, which in flip might affect the efficiency of firms.
“The primary 2024 presidential debate can be held subsequent Thursday, June twenty seventh. Prediction markets assign a 42% likelihood to a Republican sweep. The coverage outcomes from the election will probably affect the USD and the relative efficiency of equities with home vs. international gross sales,” Goldman Sachs analyst David Kostin stated in a analysis observe on Friday.
“We analyzed firm stage geographic gross sales information … The 22% weight of Semis in our Worldwide Gross sales basket (GSTHINTL) has contributed to the 5 pp YTD outperformance relative to our Home Gross sales basket (GSTHAINT). Geopolitical stress and tariffs are potential headwinds to our Worldwide Gross sales basket, which underperformed following the 2016 election and through the 2018 commerce battle,” Kostin added.
Goldman stated the GSTHINTL and the GSTHAINT baskets every consisted of fifty S&P 500 (SP500) shares with the very best income publicity to non-U.S. gross sales and gross sales within the U.S., respectively.
“The median GSTHAINT inventory derives 0% of its revenues from overseas vs. 70% for the median GSTHINTL inventory. Worldwide gross sales account for 28% of revenues for the median S&P 500 firm,” Goldman’s Kostin stated.
See under for a breakdown of the constituents of Goldman’s worldwide gross sales basket (GSTHINTL) as of June 20:
Communication Providers
- Meta Platforms (META): annual gross sales – $135B; non-U.S. gross sales – 63%.
- Information Corp (NWSA): annual gross sales – $10B; non-U.S. gross sales – 62%.
- Netflix (NFLX): annual gross sales – $34B; non-U.S. gross sales – 59%.
- Digital Arts (EA): annual gross sales – $7B; non-U.S. gross sales – 58%.
- Match Group (MTCH): annual gross sales – $3B; non-U.S. gross sales – 54%.
Shopper Discretionary
- Las Vegas Sands (LVS): annual gross sales – $10B; non-U.S. gross sales – 100%.
- Reserving Holdings (BKNG): annual gross sales – $21B; non-U.S. gross sales – 89%.
- BorgWarner (BWA): annual gross sales – $14B; non-U.S. gross sales – 84%.
- Aptiv (APTV): annual gross sales – $20B; non-U.S. gross sales – 65%.
- McDonald’s (MCD): annual gross sales – $25B; non-U.S. gross sales – 59%.
Shopper Staples
- Philip Morris Worldwide (PM): annual gross sales – $35B; non-U.S. gross sales – 100%.
- Estée Lauder (EL): annual gross sales – $16B; non-U.S. gross sales – 76%.
- Bunge International SA (BG): annual gross sales – $60B; non-U.S. gross sales – 73%.
Power
- SLB (SLB): annual gross sales – $33B; non-U.S. gross sales – 84%.
- Baker Hughes (BKR): annual gross sales – $26B; non-U.S. gross sales – 74%.
Financials
- Mastercard (MA): annual gross sales – $25B; non-U.S. gross sales – 70%.
- Aflac (AFL): annual gross sales – $17B; non-U.S. gross sales – 62%.
- MSCI (MSCI): annual gross sales – $3B; non-U.S. gross sales – 59%.
- Visa (V): annual gross sales – $33B; non-U.S. gross sales – 57%.
- Aon (AON): annual gross sales – $13B; non-U.S. gross sales – 56%.
- Marsh McLennan (MMC): annual gross sales – $23B; non-U.S. gross sales – 52%.
Well being Care
- Moderna (MRNA): annual gross sales – $7B; non-U.S. gross sales – 72%.
- Viatris (VTRS): annual gross sales – $11B; non-U.S. gross sales – 69%.
- Waters Corp (WAT): annual gross sales – $3B; non-U.S. gross sales – 69%.
- Agilent Applied sciences (A): annual gross sales – $7B; non-U.S. gross sales – 65%.
- Mettler-Toledo Worldwide (MTD): annual gross sales – $4B; non-U.S. gross sales – 64%.
- Abbott (ABT): annual gross sales – $40B; non-U.S. gross sales – 61%.
Industrials
- Otis Worldwide (OTIS): annual gross sales – $14B; non-U.S. gross sales – 72%.
- Nordson (NDSN): annual gross sales – $3B; non-U.S. gross sales – 66%.
- Expeditors Worldwide of Washington (EXPD): annual gross sales – $9B; non-U.S. gross sales – 64%.
- Emerson (EMR): annual gross sales – $15B; non-U.S. gross sales – 58%.
Info Expertise
- Qualcomm (QCOM): annual gross sales – $36B; non-U.S. gross sales – 96%.
- Monolithic Energy Techniques (MPWR): annual gross sales – $2B; non-U.S. gross sales – 95%.
- Lam Analysis (LRCX): annual gross sales – $17B; non-U.S. gross sales – 90%.
- NXP Semiconductors N.V. (NXPI): annual gross sales – $13B; non-U.S. gross sales – 89%.
- KLA (KLAC): annual gross sales – $10B; non-U.S. gross sales – 88%.
- Jabil (JBL): annual gross sales – $35B; non-U.S. gross sales – 86%.
- Utilized Supplies (AMAT): annual gross sales – $27B; non-U.S. gross sales – 85%.
- Teradyne (TER): annual gross sales – $3B; non-U.S. gross sales – 84%.
- onsemi (ON): annual gross sales – $8B; non-U.S. gross sales – 81%.
- Broadcom (AVGO): annual gross sales – $36B; non-U.S. gross sales – 81%.
- Microchip Expertise (MCHP): annual gross sales – $8B; non-U.S. gross sales – 75%.
- TE Connectivity (TEL): annual gross sales – $16B; non-U.S. gross sales – 74%.
- Intel (INTC): annual gross sales – $54B; non-U.S. gross sales – 74%.
- Fortinet (FTNT): annual gross sales – $5B; non-U.S. gross sales – 70%.
- Western Digital (WDC): annual gross sales – $12B; non-U.S. gross sales – 69%.
- Corning (GLW): annual gross sales – $14B; non-U.S. gross sales – 67%.
Supplies
- Newmont (NEM): annual gross sales – $12B; non-U.S. gross sales – 100%.
Actual Property
- Equinix (EQIX): annual gross sales – $8B; non-U.S. gross sales – 62%.
Utilities
- AES (AES): annual gross sales – $13B; non-U.S. gross sales – 65%.