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Bargains in Consumer Discretionary

Even if the consumer environment gets only marginally better, names like Gap and J.C. Penney could be significantly undervalued versus the market at their current prices.

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Courtney Dobrow: Well, digging into the portfolio a little bit, you have a pretty significant consumer discretionary exposure in the fund, and few of the new names in the portfolio this year are retail names; Gap and J.C. Penney. I'm curious to hear your theses on both of those.

Stan Majcher: Sure, I think, when you look at the Mid-Cap portfolio, about 20% is consumer discretionary, and I think people extrapolate that to, "Well, we must have a certain opinion on the economy."

Courtney Goethals Dobrow does not own (actual or beneficial) shares in any of the securities mentioned above. Find out about Morningstar’s editorial policies.