The cornerstone of WestEnd’s investment philosophy is that Sector and Industry performance is highly correlated with particular stages of the business cycle. WestEnd overweights Sectors we believe have the best fit with the current economic backdrop while avoiding Sectors we perceive to be untimely. Within favored Sectors, we target market-leading, high-quality companies. The result is a core investment style capable of shifting portfolio Sector and style emphasis to remain properly oriented and timely over a full economic and market cycle.