Morning Notes — Cyclical/ Value Focus
Our focus has been on adding cyclical/value equity exposure since real yields bottomed in mid-September. Since 9/15/20, the S&P 500 Value Index (SVX) has outperformed, up +23.64% vs. the S&P 500 up +15.87% and the S&P 500 Growth Index (SGX) up +9.58%.