Materials (Resources) Sector

The Materials Index is nothing new to the MM report over recent months as we look for Beijing to successfully turn around the world’s second largest economy. The story of the last 9 months has been a runaway Tech Sector dragging global indices higher but we believe this elastic band is becoming stretched and although we still see further gains from Big Tech we believe their relative outperformance is at/close to peaking.

• We are looking to reduce our tech and increase resources exposure over the coming months.