《《20160520 Global Research Highlights Investment Strategy》.pdfVIP

Global Research Highlights Investment Strategy Global 20 May 2011 Aligning portfolios with new US sector strategy Joseph Zidle +1 646 855 5854 Strategist MLPFS Reshuffle of US sector strategy leaves tech last OW standing joseph.zidle@ Thus far, cyclical sectors have led the recovery. But in 2Q defensive US equity Sophie Guité +1 646 855 2449 Strategist sectors have taken the lead, with health care (+10%), staples (+8%) and utilities MLPFS (+7%) the winners while more cyclical energy (-6%) and materials (-3%) have sophie.guite@ been the losers. Chief US Equity Strategist David Bianco believes this signifies a Swathi Putcha