INFL - Equities To Hedge Equity Risk

• Since the start of earnings season, stocks have been range-bound and volatility has risen, up around 40% from the early April low.
• Cyclical sectors have been leading since the fall, while tech has been a funding source, as investors reposition for the fastest growth in decades.
• Investors are also demonstrating a preference for earnings consistency in cyclical industries ranging from tech hardware to banks.
• Quality and low volatility are performing their function: providing upside while helping to manage overall portfolio volatility.

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