"Forget whether the market has gone up or down, what investors have owned –i.e. quality versus value has been extreme in term of positioning," said global head of equity trading strategy at Citi, Antonin Jullier.
"So what we are seeing in the last few weeks is selling the pharmas to buy energy or selling quality names to buy the miners," he said.
Mining stocks surged on Friday, with FTSE-listed Glencore, Anglo American, Antofagasta and BHP Billiton all trading over 4 percent higher, as copper prices rallied to a four-month high.
This bounceback follows a set of torrid earrings reports from the sector last month. Rio Tinto posted its worst set of underlying earnings for 11 years, slumping to a net loss for 2015, and scrapped its progressive payout policy -- whereby pay-outs rise or stay the same each year.
Rio's dividend for 2015 was the same as last year, but from 2017, returns to shareholders will be based on how much profit the company is making.