In North America, growth counter-cyclicals significantly outperformed stocks no matter how we sliced it (relative to North American cyclicals, all MSCI North American stocks or all MSCI World stocks) from February 2011 to April 2013. For the remainder of 2013, growth counter-cyclicals steadily lost ground. Since the calendar flipped to 2014, this relationship has flipped once again and growth counter-cyclicals have outperformed by a little over 3% relative to cyclical stocks.