Module VIII·Article V·~1 min read
Cyclical vs Defensive
Global Equities (Developed Markets)
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Cyclical vs Defensive
Sector rotationEconomic cyclePhaseLeadersEarly expansionFinancials, Industrials, Consumer DiscretionaryMid-cycleTechnology, Communication ServicesLate cycleEnergy, Materials, HealthcareRecessionUtilities, Consumer Staples, HealthcareTAA approachOverweight sectors corresponding to the current phase of the cycle. Underweight — laggards.
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