TSR Performance 2 / 2 : Sub-Industry View
All sub-industries considered within the sample remained at a positive TSR level during the upward market phase from 2016 to 2021 , while only aerospace and defense managed to stay positive during the downward market phase in 2022 .
TOTAL SHAREHOLDER RETURN ( TSR ) CAGR OF INDUSTRIALS PER SUB-INDUSTRY , SELECTED PERIODS
Focus of further analysis
TSR CAGR 2016 – 2019
TSR CAGR 2019 – 2021 TSR CAGR 2021-2022
30 % 32 %
38 %
24 %
7 % 8 % 8 % 9 % 10 % 13 % 13 %
15 % 18 % 11 %
4 % 6 % 7 %
11 %
15 % 17 % 16 %
Automotive
Industrial materials
Aerospace & defense
Industrial conglomerates
Commercial & professional services
Transportation infrastructure & logistics
Trading & distribution
Construction & engineering
Industrial machinery & components
Industrial conglomerates
Aerospace & defense
Construction & engineering
Commercial & professional services
Industrial materials
Automotive
Industrial machinery & components
Trading & distribution
Transportation infrastructure & logistics
-22 % -22 %
Industrial machinery & components
Transportation infrastructure & logistics
-18 % -15 % -13 % -12 % -11 %
Automotive
Construction & engineering
Industrial materials
Commercial & professional services
Trading & distribution
-1 %
Industrial conglomerates
Aerospace & defense
-13 %
Focus of further analysis Source : Public company information , goetzpartners analysis
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