The rotation towards defensive sectors is becoming increasingly evident across US markets. Over the past month (to 26th October), Utilities gained 8.4%, Consumer Staples rose 6.9% and Healthcare advanced 4.7%. Meanwhile, Technology fell 4.2%, while the S&P 500 remained broadly flat. This is a shift our portfolios have been positioning towards throughout 2026. Earlier in the year, we increased cash and defensive exposure as the cycle moved into its later stages. More recently, we've been selectively deploying capital while continuing to favour quality defensive businesses. Our focus is on capital preservation, quality and liquidity, while retaining the flexibility to pursue opportunities as they emerge. Follow @OakleighIM for more insights into markets, cycles and investment strategy.