Downturn
Recession
Recovery
Boom
Balanced transition to defensive posture
Portfolio shift
Value
--
+/-
++
+/-
++
+/-
+/-
--
+/-
--
++
+
-
--
++
+
+
-
--
+
+
++
+/-
--
Momentum
Quality
Growth
Low Volatility
Size
Risk strategies transition to balanced posture
Defensive transition to balanced posture
Balanced transition to risk strategies
Market cycle
Downturn
Recession
Recovery
Boom
Select a cycle
