US Conviction List Directors Cut

Goldman Sachs provides its July 2026 update to the US Conviction List - Directors' Cut, adding Estee Lauder, Nextpower, and Wells Fargo. The report emphasizes high-conviction, fundamental Buy ideas amid rising market volatility.

Key Takeaways

• 1.Estee Lauder Co., Nextpower, and Wells Fargo added to the US Conviction List.
• 2.Brixmor Property Group, Duke Energy, and nVENT Electric removed from the list.
• 3.Market is experiencing increased cross-sectional dispersion due to AI capex funding and rising borrowing costs.

Table of Contents

• Market Commentary - rally, interrupted (barely)
• Conviction List - what has worked, what has not and what has changed
• Anatomy of the List
• Conviction List Explained - refrain
• Our 21 most differentiated Buy recommendations
• Estee Lauder Co. (EL) - covered by Bonnie Herzog
• Nextpower (NXT) - covered by Brian Lee
• Wells Fargo & Co. (WFC) - covered by Richard Ramsden
• Disclosure Appendix

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