Author: Patrick Torbert

Rotation away from Growth continues.  We think there’s more upside for commodities related stocks in the near-term which supports continued outperformance in the Value trade.  We will be looking closely at performance of defensive sectors and factors vs. those that offer exposure to Growth to try and sus out the next potential pivot for the US equity market.  We don’t have high conviction signals to move off a defensive posture in our positioning yet.