Figure 7.21 shows the sector weights to a hypothetical portfolio vs. the sector weights of the S&P 500 index. Comment on whether the portfolio appears to be defensively or offensively positioned based on the portfolio manager's sector over- and under weights.

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Over/Under Weight 7.8% 6.6% 3.8% 1.9% -0.9% Portfolio S&P 500 Weight 10.6% 12.2% 3.4% 2.9% Weight 18.4% 18.8% 72% 4.8% 10.8% 2.2% 9.4% 7.8% 9.5% Sector Consumer Staples Healthcare Utilities Telecommunication Services Consumer Discretionary Materials Energy Industrials Financials Information Technology Total 3.6% 11.2% 10.3% 15.8% 18.3% 100.0% -2.5% -6.3% -72% 0.0% 100.0%