Over five years, all ASX sectors are up with the exception of Telcos, where Telstra has been the perennial laggard. Over the past Covid year, however, more balance has entered the picture, with IT still being, by far, the dominant sector driving returns but with Materials being the next best performer, dominated by the iron ore names especially Fortescue. Several sectors – Energy, Utilities, Industrials, REITS and Health Care – underperformed. A year ago, was Health Care seen as the obvious underperformer through the course of a pandemic? More broadly, we would describe that performance through the last year as less of a value rally than as a balanced market, just as the so-called value rally on the ASX through recent months has been narrowly led by the banks, where lagged performance until the past several months is now starting to mirror the rage arising in the housing market.