9 2010 2011 2OVE 2013 Met % Overweight Utilities Pc ste mtiaally Underowne 4 — Sector Relative te VWorldacR HH SCALE) Potentially OQverowned Source: Bank of America Merrill Lynch Global Fund Manager Survey, Feb 12, 2013 The sector has been not only a substantial long-only underweight, but also a wholesale short for many macro/generalist hedge fu