In 2022, the quintessential stock-market inflationary beneficiaries—energy stocks—have dominated leadership. However, defensive investments have also been popular in a turbulent overall market, including Utilities, Staples, Pharma, dividend aristocrats, high-quality stocks, and low-vol investments. On the flip side, investors have focused on the demise of new-era stocks within Technology and Communications Services, and the destructive impact of rising inflation on Consumer Discretionary stocks.