On May 26, we adopted an offensive position due to (1) the continued improvement in our key credit metrics, (2) rotation into the areas that benefit from an economic reopening, and (3) the S&P 500 (SPX) breakout from the trading range that began following the initial relief rally off the panic low. Since adopting an offensive position focused on rotation into the “economic reopening” beneficiaries like Value Stocks, Banks, Industrials, and to a lesser degree Consumer Discretionary, we would make the following observations:

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