We review our weightings within different investment styles. We reduce US small caps to benchmark from overweight (in line with the view of Lori Calvasina, Credit Suisse's US equity strategist). Furthermore:
I. We remain overweight growth as a style with a particular focus on quality growth.
II. Beta has rarely looked so cheap and we recommend high quality beta plays that are Outperform-rated by CS analysts.
III. We remain overweight dividend aristocrats, especially in Europe (though we reduce slightly our overweight of US dividend aristocrats).
IV. We remain benchmark European small caps and underweight UK small caps.