For the first half of 2021, our preferred cyclicals/value theme play that consists of Energy, Financials, Industrials and Materials related stocks have outperformed the broader market by a significant margin as expected; the rolling six-month average returns of the S&P Energy, Financials, Industrials, Materials sectors stands at +25% that has surpassed the S&P 500’s gain of +15.5% over a similar period. In contrast, the S&P Information Technology underperformed, with a return of +13.70% and last year’s higher growth darlings; Tesla Inc and ARK Innovation ETF have started to record dismal performances in the last rolling three months with a decline of -13.2% and -21.8% respectively. Heightened inflationary pressures have started to show up in most cost of production data matrices exacerbated by a global supply shortage of semiconductor chips. All in all, the risk of further inflationary pressures have fuelled the “tapering operations talks” of global central banks to reduce bond purchases in their respective quantitative easing programmes that have...