Goldman Sachs Recommends 23 Under-the-Radar Defensive Stocks as Big Tech Alternatives
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Goldman strategist Ben Snider's team screened 23 defensive stocks from the Russell 1000, urging investors to rotate into healthcare and consumer staples as tech wobbles — the list's median year-to-date return sits at 19%, triple the Russell 1000 median of 6%.
What went wrong with tech, and why pivot now?
The S&P 500 posted its worst weekly performance since late June; the gap between the tech-heavy index and the average stock has widened sharply since September.
This means → the "big tech carries the whole market" playbook is breaking down, and capital is looking for a new home.
Goldman flags two drivers: rising financing costs and tighter capital access for AI-related companies, plus a market-wide repricing of slowing tech earnings growth.
In plain terms = money got more expensive and profit growth is decelerating — naturally, investors are marking tech valuations down.
How did Goldman pick these 23 names?
The universe is the Russell 1000, filtered to defensive industries: healthcare equipment & services, food & beverage, consumer staples distribution & retail, household & personal care, and pharma & biotech.
Three screening criteria: above-average stock-price volatility (the market hasn't fully priced them), high free-cash-flow yield, and strong conversion of operating profit into cash.
This means → Goldman isn't hunting for "steady but dull" — it wants names that are overlooked, cash-rich, and volatile enough to offer upside.
Which names stand out on the list?
Tyson Foods (TSN): YTD return -5%, but up 4% in the past two weeks; free-cash-flow yield a list-high 11%, volatility 26.
Royalty Pharma: YTD up 56%, free-cash-flow yield 9% — the biggest gainer on the list.
CVS Health (CVS): YTD up 19%, up 7% in the past two weeks, free-cash-flow yield 9%.
List medians: YTD return 19%, two-week gain 7%, volatility 29, free-cash-flow yield 6% — versus Russell 1000 medians of just 6%, 2%, 36, and 4%.
Why is Goldman especially bullish on consumer-facing stocks?
The core thesis: Goldman expects energy prices and interest rates to decline next year, boosting real consumer income.
Hedge-fund exposure to consumer discretionary has dropped to a multi-year low; funds are also cutting AI-related holdings. This reflects smart money already repositioning ahead of the shift.
Goldman's low-income consumer discretionary basket has risen 7% since October; economists forecast that income growth for the lowest-income quintile will accelerate materially in 2027.
In plain terms = incomes are rising, prices are falling — lower-income households have more to spend, and the first beneficiaries are companies selling everyday food and household goods.
What is the biggest risk to this trade?
Goldman maintains its base-case forecast of 36% S&P 500 EPS growth for 2026, but expects the pace to slow to 11% in 2027.
This means → whether defensives can absorb the capital flowing out of tech depends on earnings-season data confirming that deceleration.
In plain terms = if tech earnings don't actually slow down, money could rotate right back, and the defensive-replacement thesis falls apart.
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