Macquarie Investment Management are overweight resources and underweight banks

Macquarie Investment Management are overweight resources and underweight banks. 2014 is likely to see significantly varied performance between sectors and companies. While we invest in a bottom up manner, the net result of our stock picks is that we are currently overweight resources and global cyclicals. The former will benefit from continued growth and related construction in china, while the latter will get a boost from the improving global economy. We are generally underweight the defensive sectors, especially the Australian banks and consumer staples, as these industries face constrained earnings growth in the short term, yet are highly valued trading on relatively lofty multiples compared to their historical averages. (VIEW LINK)