This edition of the Abbot Downing Strategy Report examines some of the “divergences” we currently see in certain markets, asset classes, and investments. For example, a disparity exists between U.S. growth and stock market performance relative to the rest of the globe. We explore what this and other factors could mean for the remainder of the year. We also take an extended look at our “Stoplight” framework—a blueprint for determining tactical decisions to underweight or overweight a subasset class. In this Strategy Report, as in all others, we include the updated Stoplight in the dynamic allocation summary, along with other standard reporting on performance and key events.