CEMEX, S.A.B. de C.V.

🔹 High cyclical exposure – Dominates in downturns when commodity-driven demand surges, outpacing broader equity rallies.

💰 Fee drag risk – High concentration in cyclical materials may force costly rebalancing, eroding returns in stable regimes.

📉 Structural underperformance – Fails in prolonged deflationary or low-activity regimes, where commodity prices stagnate and liquidity dries.

🔹 High cyclical exposure – Dominates in downturns when commodity-driven demand surges, outpacing broader equity rallies.

💰 Fee drag risk – High concentration in cyclical materials may force costly rebalancing, eroding returns in stable regimes.

📉 Structural underperformance – Fails in prolonged deflationary or low-activity regimes, where commodity prices stagnate and liquidity dries.