This week in the podcast we run

through our latest thoughts on positioning within the US equity market with an

eye on longer-term trends through 2022, which has been the focus of our

conversations with investors in recent weeks. The big things you need to know:

1) We expect the Growth/Value trade to stay choppy through 2022. Once current

pressures on the Value trade resolve (primarily COVID and growth concerns), we

see another significant outperformance trade in Value in the intermediate term,

but suspect that will end up being the time to exit the trade. (2) As we start

to get ready for 2022 outlook discussions, we are getting more balanced between

Value/Cyclicals and Growth in our S&P 500 sector overweights. Our

Financials and Energy overweights remain, but we are lowering Materials from

overweight to market weight. We are also lifting Tech to overweight from market

weight. (3) High quality leadership has returned to the US equity market,

supporting our upgrade of Large Cap Tech.