US large caps are resilient due to prior positioning where investors had already reduced exposure, making them less attractive than small caps and non-US equities which saw bigger moves driven by multiple expansion.

View is that US large cap outperformance will continue as they are the safest place within risk assets.

Need to separate cyclical from secular exposures; people had reduced risk in tech/communications due to concentration concerns.

Secular growers still offer better quality and likelihood of sustaining earnings momentum even in shock environments.

On cyclical side, consistent demand for industrial metals like copper for AI buildout and capex story creates strong opportunities in materials despite price volatility.