$Coca Cola(KO.US), $Lululemon(LULU.US) basically didn't move; $McDonald's(MCD.US) and $Costco Wholesale(COST.US) dipped slightly; $CHINA MOBILE(00941.HK) is also moving sideways—this batch of defensive consumer stocks has been in a dull state recently. When risk appetite returns, money flows to small-cap stocks and semiconductors, leaving high-dividend defensive stocks on the sidelines.

I was reluctant to cut this part of my holdings a while ago. Now, seeing growth stocks bounce while these just lie flat, holding them is stable, but they have genuinely underperformed by a significant margin. At times like this, the cost of defense becomes apparent.