The S&P 500 is up 18% over the past year, with the top 10 contributors accounting for a third of this advance. Narrowing performance leadership is another characteristic of a late bull phase of the market cycle. And while 21 of our 30 indicators remain bullish, signaling a continuation of the cycle, we have seen some weakness in the past months. As a result we have trimmed equity over weights in a number of mandates we manage, moving back to market weight.