Test Chart Table


Overall Asset Allocation1

- N +
Equities

 

Fixed Income

 

Cash

 

Commodities

 


Regional Equities2
- N +
Australia

 

Canada

 

EM Markets

 

China

 

Ex-China

 

Euro Area

 

Ex-Germany

 

Germany

 

Japan

 

Sweden

 

Switzerland

 

U.K.

 

U.S.

 


U.S. Equity Sectors3
- N +
Consumer Discretionary

 

Communication Services

 

Consumer Staples

 

Energy

 

Financials

 

Health Care

 

Industrials

 

Information Technology

 

Materials

 

Real Estate

 

Utilities

 


Emerging Market Equities4
- N +
Brazil

 

China

 

India

 

Indonesia

 

Korea

 

Mexico

 

Saudi Arabia

 

South Africa

 

Taiwan

 


Fixed Income - N +
Duration

 

Government Bonds

 

Yield Curve5

 

Inflation Protection

 

Corporate Bonds6

Investment Grade

 

High-Yield

 

EM Sovereign USD Debt

 

Local Currency Debt

 


DM Government Bonds6 (Currency Hedged)
- N +
Australia

 

Canada

 

Euro Area

 

Ex-Germany

 

Germany

 

Japan

 

New Zealand

 

Norway

 

Sweden

 

Switzerland

 

U.K.

 

U.S.

 


Currencies (vs US$) - N +
Australia

 

Canada

 

Euro Area

 

Japan

 

New Zealand

 

Norway

 

Singapore

 

Sweden

 

Switzerland

 

U.K.

 

Emerging Markets

 


Emerging Market Currencies (vs EM Basket) - N +
Brazil

 

China

 

India

 

Indonesia

 

Korea

 

Mexico

 

South Africa

 

Taiwan

 

Turkey

 

 


 

U.S. Equity Sectors & Industry Subgroups3
- N +
Consumer Discretionary

 

Household Durables

 

Hotels, Restaurant & Leisure

 

Internet & Direct Marketing Retail

 

Multiline Retail

 

Specialty Retail

 

Textile, Apparel & Luxury Goods

 

Consumer Services

 

Media Entertainment

 

Telecom Services

 

Consumer Staples

 

Beverages

 

Food Products

 

Food & Staples Retailing

 

Household & Personal Products

 

Tobacco

 

Energy

 

Energy Equipment & Services

 

Oil, Gas & Consumable Fuels

 

Financials

 

Banks

 

Capital Markets

 

Consumer Finance

 

Insurance

 


U.S. Equity Sectors & Industry Subgroups3
- N +
Health Care

 

Biotechnology

 

Health Care Equipment & Supplies

 

Health Care Providers & Services

 

Pharmaceutical

 

Industrials

 

Aerospace & Defense

 

Air Freight & Logistics

 

Electrical Equipment

 

Industrial Conglomerates

 

Machinery

 

Road & Rail

 

Information Technology

 

IT Services

 

Semiconductor & Semi Equipment

 

Tech Hardware & Equipment Software

 

Materials

 

Chemicals

 

Real Estate

 

Real Estate

 

Utilities

 

Utilities

 


1 6-12 month horizon
2 Relative to common currency global equity benchmark
3 Relative to common currency U.S. equity benchmark
4 Relative to common currency emerging markets equity benchmark
5 + = Steepener and = Flattener
6 Relative to hedged global fixed income benchmark

Note: Apart from the Asset Allocation section, recommendations are within asset classes;
+ = Overweight, N = Neutral and + Underweight