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      "text": "During years where the median earnings growth for cyclicals has been positive, Materials have historically outperformed, posting average real earnings growth of ~30%.",
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      "text": "Materials real annual EPS growth and median EPS growth for cyclical sectors (materials, energy, financials, industrials)",
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      "text": "Source: Bloomberg, MSIM. As of December 31, 2024. The views and opinions expressed are those of the Portfolio Solutions Group at the time of writing/of this presentation and are subject to change at any time due to market, economic, or other conditions, and may not necessarily come to pass. Past performance is no guarantee of future results.",
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      "text": "A potential manufacturing recovery in 2025 can catalyze an earnings recovery in the more cyclically-exposed sectors of the equity market. Among cyclicals, Materials are the key beneficiaries from a recovery in manufacturing and have historically posted strong earnings growth during years of cyclical upturns. During years where the median earnings growth for cyclicals has been positive, Materials have historically outperformed, posting average real earnings growth of ~30%.",
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