As investors position their portfolios for the year ahead, one sector is a standout pick for the investment panel on CNBC's "Halftime Report" : financials.
"In every recession, there's one sector, whose balance sheet is most negatively affected by the recession.
Gilman Hill Asset Management CEO Jenny Harrington named financial stocks as her top 2023 sector pick, saying the sector is undervalued after reviewing its price/earnings to growth ratio, or PEG ratio.
The financials sector in the S & P 500 was down by 12% in 2022, still outperforming the broader market index despite the drop.
Here is the full 2023 stock picks from the group: Karen Firestone: Charles Schwab, Align Technology, American Tower; Sector Pick: Financials Jenny Harrington: Kohl's, Uber, B & G Foods; Sector Pick: Financials Jim Lebenthal: Boeing, Cleveland-Cliffs, Paramount Global; Sector Pick: Industrials