The Select Industries portfolio is shifting defensively in response to evolving Group Selection Scores, exiting Homebuilding and Interactive Media while adding to more stable industries like Data Processing, Education Services, and Gas Utilities. April’s volatility also drove a broader rotation across the GS framework, with cyclicals like Airlines and Internet Services making way for more resilient Health Care and Reinsurance names. While Financials still offer upside if uncertainty fades, rising tariff risks have pushed several Consumer and Tech groups into the Unattractive category.