Sectors and Styles Strategy Report: August 18, 2008

excerpt from this week's Sectors and Styles Strategy Report*:

"Last week’s tepid US market action belied the much stronger decline in global markets (see page 8 of the report). Additionally, emergent strength in US consumer related sectors was evident. The combination of the two was modestly offset by the exceptional performance in the Small Cap growth position. Nevertheless, the MGP produced a slight negative alpha of 10 basis points**, aided also by the pricing difference between the cumulative results of the economic sectors (+0.52%) versus the S&P 500 (+0.15%)..."

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**For longer-term performance data, see the charts to your left.