Source: GQG Partners LLC (chart). FactSet, BofA US Equity & Quant Strategy (data). Data from 31 January 1986 through 30 September 2025. Tech & Tech-related: Information Technology, tech-related groups in Communication Services (Interactive Media & Services and Entertainment), AMZN, and TSLA. Cyclicals: Consumer Discretionary ex. AMZN and TSLA, Energy, Financials, Industrials, and Materials. Defensives: Consumer Staples, Health Care, and Utilities.