Epstein Secrets

are broken down in three geographical categories, because the largest part of IEFs in the sample is invested either globally (category Global) or in Malaysia (category Malaysian), while a small part is invested locally elsewhere (category Other). Martha McNeil Hamilton, The Washington Post, 2003. 4 EFT

T CG= Long Term Capital Growth (>5 Years) UNSPFD= Unspecified Sector Legend BM = Basic Materials CON = Construction CONG = Consumer Goods HC = Health Care IP = Industrial Products IT = Information Technology TECH = Technology TEL = Telecommunication TR = Transport TS = Trading/Services UT= Utilit

2017 to be about the same as the last couple of years. There may be further slowing of China, but India and Indonesia could see growth accelerate, Malaysia and the Philippines could maintain trend growth, and the rest of Asia could see less disappointment. Indeed, our forecast for the next two years as

5% share shrink. Ex. Energy & Financials, as much less y/y litigation expense at Banks, 2015 S&P EPS was up 6% or 10% ex. 4% FX drag. Growth led by Health Care and big consumer oriented Tech firms. We expect growth to slow at these two S&P segments, but remain key growth drivers. II2016E S&P EPS of $125 i

by DSI. Some of the foreign securities stated on this report are not disclosed according to the Financial Instruments and Exchange Law of Japan. Malaysia: Deutsche Bank AG and/or its affiliate(s) may maintain positions in the securities referred to herein and may from time to time offer those securit

TES, ON). For screening purpose, our over-weight industries for mid and small caps are all industries in Consumer Discretionary, Consumer Staples, Health Care, and Tech. DB Analyst 16% Paul Ginocchio, CFA 72% Nandan Amladi 28% 30% 15% Alan Hellawell Paul Trussell George Hill 16% Gunnar Romer 23%

nce in the health system in order to enhance % of Healthcare facilities reporting comprehensive % 10 100 NA 10

versification drive introduced by the NTP follows the typical macro template, in our view. We discuss in a later section diversification lessons from Malaysia and Norway and conclude that the NTP contains elements from these successful case studies. In particular, it a) identifies key sectors with relativel

and Thailand; the other is a victim of government intervention, as in Korea and China. The two worlds can coexist in the same country, for example in Malaysia where independent power producers enjoy solid power purchase agreements while utility Tenaga, which is a large employer and which faces the consumer

scretionary 68.5 132.4 93% Information Technology 54.2 96.9 79% Materials 146.1 237.2 62% Industrial 101.4 155.8 54% Consumer Staples 104.7 160.5 53% Health Care 89.1 128.4 44% Energy 181.9 238.9 31% Financials 63.0 82.0 30% Telecom 51.0 56.9 12% Utilities 113.4 100.9 -11% Source: Bloomberg e Reasons for Und

deserves a larger premium. ¢ We continue to like Healthcare as it offers solid long-term earnings prospects w

Chinese growth could each hit EM's economic prospects. In such a scenario, we would expect a 20% decline in earnings over six months. More defensive Malaysia would do better, whereas more cyclical South Korea and Russia would underperform. We assume, however, that the market would also be expecting some re

s 11.4% 13.1% 13.8% 19.5% MSCI Europe* 1104 13.2% Healthcare 18.4% 15.5% 15.0% 30.9% MSCI EM $* oo5 12.2% Fina

Oo) 5.0 58 6.0 68 84 10.1 98 9.0 Indonesia 65 57 3.5 477 6.0. 4.9 T 3.0 3.0 40 40 41 45 3.9 2.2 Korea 3.6 23 3.2 25 1.1 0.6 35 3.0 40 45 40 24 19 3.0 Malaysia 51 5.0 t 3.7 t 58 59 25 3.5 T 3.5 T 3.0 3.5 3.2 d 1.1 2 Philippines 3.8 53 35 12.6 0.9 12 2 45 45 45 47 29 23 23 Singapore 49 154 2.54 95) -07 3.90 3