Afternoon Update

For context, Small Caps/High Beta have outperformed in 2026 (starting around the Christmas holiday)… MAG/IWM (2H normalized) We’re seeing some weaker performance in Small Caps and High Beta (incl. semis) since the carry trade (USD/JPY) was shaken last week.   MAGS/IWM (3m) My suspicions are that the timing of the rotation over the last 2…