IT, pharma, FMCG market-cap share hits 14-year low amid Trump tariffs, H1B visa fee hike; Cyclicals’ profit pool expands

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The profit pool share of defensives has dwindled to 16% from nearly 40% in FY21 and is expected to slide towards its historical low of around 14% over the next two years. Their market-cap share has already fallen to ~20% — the lowest since 2011 — from a peak of 30% in 2020.