12. C is correct. In the aftermath of a recession, value stocks outperform growth stocks, cyclical
(consumer discretionary) stocks tend to outperform non-cyclical (consumer staples) stocks,
and small-cap companies are likely to outperform large-cap companies. The model’s rotation
strategy of shifting from the small-cap to large-cap stocks will not be beneficial for the equity
funds. Section 6.5. LO.k.
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