More defensive high income strategies have performed well, but a growth strategy would have performed even better. Well, Gabelli has that area covered as well. The Gabelli Equity Trust (GAB) takes a capital growth focus, giving it a higher ceiling when market conditions are right. If you believe the current risk-on environment will continue, GAB could be an interesting way to play it.

Every once in a while, I like to turn contrarian. Sure, there hasn’t been a lot of value in that in the recent past. Investors who’ve turned to value stocks or dividend payers or small-caps over the past few years betting on a buy-low trade have mostly been disappointed. But I think there’s also a time to consider how future trends could change based on current events and position yourself to take advantage of that change.

KBWD tracks a modified-dividend yield-weighted index of companies principally engaged in the business of providing financial services and products, including banks, insurance companies and diversified financial services businesses.