DB Today -Global/Macro:Tuesday,14th February 2017

Overweight small cap versus large cap and underweight value versus growth,given that small caps have stayed flat relative to large caps over the past sixmonths, even as stronger growth momentum and risk appetite suggestmeaningful outperformance. Value stocks, on the other hand, haveoutperformed growth stocks by 11% over that period, overshooting theirhistorical relationship with global growth momentum and the overall market.