The RIC Report

The report advocates for a rotation out of crowded growth and AI-dependent stocks into value and quality factors. BofA analysts highlight opportunities in Latin American equities, financials, gold miners, and high-yield fixed income categories like EM debt and CLOs.

Key Takeaways

• 1.The RIC indicators suggest faster economic and profit growth; BofA economists lowered their 2026 inflation forecast by 40bps but still expect three rate hikes this year.
• 2.Investors are rotating into smaller, less expensive, and less crowded stocks due to high index concentration and rising rates.
• 3.Relative value opportunities exist in sectors like Latin America, banks, gold miners, and small-cap value outside of AI-dependent growth sectors.

Table of Contents

• The RIC Outlook
• Touring the relative value
• RIC Roundtable on... finding quality
• The Technical Corner – Q3 Seasonality
• Dynamic Prudent Yield
• ETF Valuation
• Strategy & Thematic Highlights
• Equity Research Highlights

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