Early Cyclicals Are Not Back In The Drivers SeatFebruary 13, 2014
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Early cyclicals have had a tremendous bull run over the past five years. They have managed to outperform the MSCI World Index by over 50% during this time. By far the most of any of our cyclical or counter-cyclical baskets.
We thus take note that in the past week and a half as the equity market has bounced early cyclicals have not exerted themselves back into market leadership. Something that we will keep an eye on.