US leisure stocks have experienced the best of times and the worst of times since COVID-19 swept around the world. The pandemic has reshaped consumer behavior globally as populations have on one hand sought to slow the spread of the virus by engaging in more outdoor, solitary activities, while on the other, they have avoided or been unable to take part in leisure pursuits which involve crowds.
This split is already reflected in the performance of US equities. Stocks in our Russell 3000 index classified as recreational vehicle and boat equities by our enhanced ICB classification framework soared from March to June 2020, Conversely, recreational services companies—such as sports and concert venues—have suffered, ending the month of June as the worst performing Russell 3000 ICB subsector.
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