The Value Factor in the S&P 500 Index

Healthcare staples utilities after your classic risk off sectors where you hide out and what did you see is those four were your top performing sectors this year basically almost like one for one energy being off the charts but then the other four actually declining the least or small gains. It's been a classic thing is it just the defensiveness that makes the others work well or do you think it's the pricing powerWhat's the combination that we think showed that relative performance? I think it's indeed a combination of you know obviously you know energy having a direct beta onto inflation that helped you you know in the first two three quarters of the last two years right start in September 2020 when inflation started revving