12 Sep 2025 16:00:00 ET │ 25 pages Takeaways – The expected fed funds path with a slow but positive economic trajectory reinforces our long-standing call to overweight Growth. SMID provides incremental leverage for eventual cyclical exposure. Combined, investors should couple higher-beta Growth with Cyclicality when rates fall, the curve steepens, and macros stay positive. Economic deterioration pushes out the SMID trade for traditional low-beta defensiveness. V i e w p o i n t | US Equity Strategy Who Bene ...