The airlines aren't doing particularly well, but they need new jets. A new replacement cycle for planes is just starting to kick in.
We've had more of an emphasis on industrials that are expanding earnings and are in the early part of the growth cycle.
It's an area with some good growth opportunities. There's relatively low exposure to economic cycle downturns in health care. And there's relatively low exposure in many of those stocks to rising commodity and energy costs.
Joy does not face many competitors and demand is growing from emerging markets.
We're seeing a tendency on the part of investors to lock in their energy profits right now. They're moving into other areas. But we think that might be premature.
