Blank-check companies that find targets in the consumer defensive and industrial sectors are the most profitable for investors, a new study shows.

About 80% of SPACs that use proceeds from their initial public offering to buy a consumer-defensive firm go on to outperform their sector within six months, according to The Edge Consulting Group. Industrials acquisitions are among the best performers during the first six months in particular, according to the study of 150 SPAC deals completed between 2015 and the end of 2020.

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