We have adjusted our recommended sector allocations this month. The following reflects our guidance for the calendar fourth quarter of 2020. We have raised Consumer Discretionary to Over-Weight from Market-Weight. We have lowered Real Estate to Under-Weight from Market-Weight, and have raised Basic Materials to Market-Weight from Under-Weight. The rebalancing process takes place four times a year, early in the months of March, June, September, and December. Our current Over-Weight sectors are Technology, Healthcare, Communication Services, Consumer Discretionary and Utilities. Our current Market-Weight sectors are Consumer Staples, Industrial, Financial Services and Basic Materials. Our Under-Weight sectors are Energy and Real Estate. Argus suggests that investors use this process to tweak weightings within their balanced equity portfolios in order to take advantage of valuation imbalances.