n hit Chart 4: While Banks versus Staples has gone ballistic 950 r 40 0.43 ——MSCI EM _ 900 SSW eG TRS EN LSI SEE ERG ; , ———S&P 500 Banks relative to Food & Bev 0.39 (RHS) 850 0.37 0.35 800 0.33 750 0.31 700 0.29 0.27 650 0.25 Oo Oo Wo Oo Oo Ob Oo 0 0 Oo 0 Oo 8 po WwW WOW © © © © © © © © © © SSReRPERELZERS SS

P Index ‘ Bear case: vulnerable to rotation into value sectors in a risk-on market, margins close to peak, structural challenges for Nokia/ Ericsson. Food & Bev 59 uw A50 Highest correlation to rising yields/ bond proxy, valuations still not cheap on a range of metrics (esp vs Healthcare), falling earnings re