“Markets have moved faster than expected to differentiate between high-quality, defensive businesses that are well positioned to survive the crisis, and those that are more vulnerable or dependent on a strong economic recovery. That has played to the views we held in March, but also reminds us that investors could reposition rapidly should data begin to play into our bull-case scenario—potentially toward cyclical or value-oriented large caps and quality small and mid caps, if not markets outside the U.S. and China.”

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