Epstein Secrets

for Sweden; by IDG Books Australia Publishing Corporation Pty. Ltd. for Australia and New Zealand; by TransQuest Publishers Pie Ltd. for Singapore, Malaysia, Thailand Indonesia, and Hong Kong by Gotop Information Inc. for Taiwan; by ICC Muse, Inc. for Japan; by Norma Comunlcaciones SA for Colombia; by i

for Sweden; by IDG Books Australia Publishing Corporation Pty. Ltd. for Australia and New Zealand; by TransQuest Publishers Pie Ltd. for Singapore, Malaysia, Thailand Indonesia, and Hong Kong by Gotop Information Inc. for Taiwan; by ICC Muse, Inc. for Japan; by Norma Comunlcaciones SA for Colombia; by i

for Sweden; by IDG Books Australia Publishing Corporation Pty. Ltd. for Australia and New Zealand; by TransQuest Publishers Pie Ltd. for Singapore, Malaysia, Thailand Indonesia, and Hong Kong by Gotop Information Inc. for Taiwan; by ICC Muse, Inc. for Japan; by Norma Comunlcaciones SA for Colombia; by i

for Sweden; by IDG Books Australia Publishing Corporation Pty. Ltd. for Australia and New Zealand; by TransQuest Publishers Pie Ltd. for Singapore, Malaysia, Thailand Indonesia, and Hong Kong by Gotop Information Inc. for Taiwan; by ICC Muse, Inc. for Japan; by Norma Comunlcaciones SA for Colombia; by i

for Sweden; by IDG Books Australia Publishing Corporation Pty. Ltd. for Australia and New Zealand; by TransQuest Publishers Pie Ltd. for Singapore, Malaysia, Thailand Indonesia, and Hong Kong by Gotop Information Inc. for Taiwan; by ICC Muse, Inc. for Japan; by Norma Comunlcaciones SA for Colombia; by i

apore, Malaysia, Thailand Indonesia, and Hong Kong by Gotop Information Inc. for Taiwan; by ICC Muse, Inc. for Japan; by Norma Comunlcaciones SA for Colombia; by intersoft for South Africa; by Eyrolles for France; by International Thomson Publishing for Germany, Austria and Switzerland; by Distribuidora

apore, Malaysia, Thailand Indonesia, and Hong Kong by Gotop Information Inc. for Taiwan; by ICC Muse, Inc. for Japan; by Norma Comunlcaciones SA for Colombia; by intersoft for South Africa; by Eyrolles for France; by International Thomson Publishing for Germany, Austria and Switzerland; by Distribuidora

apore, Malaysia, Thailand Indonesia, and Hong Kong by Gotop Information Inc. for Taiwan; by ICC Muse, Inc. for Japan; by Norma Comunlcaciones SA for Colombia; by intersoft for South Africa; by Eyrolles for France; by International Thomson Publishing for Germany, Austria and Switzerland; by Distribuidora

apore, Malaysia, Thailand Indonesia, and Hong Kong by Gotop Information Inc. for Taiwan; by ICC Muse, Inc. for Japan; by Norma Comunlcaciones SA for Colombia; by intersoft for South Africa; by Eyrolles for France; by International Thomson Publishing for Germany, Austria and Switzerland; by Distribuidora

a basket of LatAm long bonds (Mexico, Brazil and Colombia). ¢ But in the near term, we urge caution with t

ents to rotate without too much disruption. We would expect China’s inclusion to account for 10% of the JPM GBI-EM Global Diversified index. Turkey, Malaysia, S. Africa, and Thailand would lose the largest shares in the index, while the shares of Brazil, Mexico, Poland and Indonesia are expected to remain

= TURKEY = CHILE m= POLAND @ QATAR m UAE m= COLOMBIA m PERU m GREECE m HUNGARY EGYPT m@ CZECH REPU

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

Germany Indonesia USA USA USA Germany Japan Colombia Belgium USA India United Kingdom United King

nd (IMF) The Uncultured Project LightSquared Holcim Ltd Dogus Group Consolidated Contractors Company (CCC) USA Switzerland United Arab Emirates Malaysia United Arab Emirates Nigeria USA India Canada Qatar Russian Federation Turkey Germany Germany South Africa USA USA USA Switzerland Switzerla

e 6.0 54 45 51 71 3.0 40 40 5.0 5.0 40 3.1 25 3.1 Colombia 5.9 43 45 0.9 67 28 3.8 42 53 55 3.9 34 3.1 3.2 E

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

tates Canada Latin America Argentina Brazil Chile Colombia Ecuador Mexico Peru Uruguay Venezuela Asia/Pacifi

na. As within DM, we see a lot of divergences within EM and prefer to focus on under-owned markets with good domestic demand story such as Mexico and Malaysia. See "Consensus Asset Allocation", Adrian Mowat and team, Mar 26th. Open overweights in Mexican and Malaysia equities vs MSCI EM. • For long-term inv