The Treasury curve has become more attractive and the risk/reward has shifted in favor of bonds relative to stocks. From a valuation standpoint, bonds are more attractive than equities than they have been since the peak of the tech bubble, and the firm is telling clients to buy bonds.
Healthcare overweight for defense and independent earnings.
NewEdge just added an overweight to health care because it is relatively defensive, not deeply embedded in the AI story, and has potential for independent earnings increases if AI political noise or broader market jitters grow.