TRND - Style-Box Strategy Update: The Great Rotation Begins

• While some will mark the Presidential election or the Pfizer vaccine release as the date of the start of the "great rotation", it's my belief investors have been seeing the rotation in fits and starts since September 2nd, 2020, when the S&P 500 peaked at 3,885.
• The "great rotation" doesn't have to be all that great. In other words, when investors do see a rotation, it may not necessarily mean that all large-cap growth or the "Big 5," i.e. FAAMG, need to be sold.
• It could simply mean that large-cap growth and Tech and many of the names seeing multiple expansion with the COVID-19 lockdown spend a year consolidating the gains of the last 4-5 years, as the underperforming styles and sector laggards like Financials and Energy play a little catch-up.

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