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Consider four developed markets with the following allocation to the top 3 industry sectors: Market 3 Market 4 Healthcare (20%) Financials (20%) Market 1 Market

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Consider four developed markets with the following allocation to the top 3 industry sectors: Market 3 Market 4 Healthcare (20%) Financials (20%) Market 1 Market 2 Consumer Staples Technology (20%) (20%) Financials (15%) Financials (15%) Industrials/Capital Goods Energy (10%) (10%) Technology (15%) Technology (15%) Basic Materials Consumer (10%) Cyclicals/Discretionary (10%) Equal allocation to which two markets provides the best defense in times of market downturn? Market 3 and Market 4 Market 1 and Market 4 Market 2 and Market 4 Market 1 and Market 3 Market 2 and Market 3

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