Epstein Secrets

n. 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. On the contrary we underweight export oriented countries in Asia such as Korea and Taiwan. Credit • Spread moves were mixed this week, as local t

ntensifies search for carry elsewhere. • Equities — OW Japanese equities. UW Euro area equities. • Credit — Hard-currency fund flows are supporting EMBIG. • Currencies — Re-enter today JPY shorts vs USD, AUD and BRL. • Commodities — Stay underweight vs. other asset classes. Within commodities, we foc

3.5 Indonesia 5.8 49 SI 6.0 4.1 5.,Q 5.0 45 5.3 54 62 4.6 4.6 Korea 3.0 38 40 3.6 3.8 21 t 4.7 4.0 4.0 IA 1.6 t 2.3 2.9 Malaysia 4.7 55 5.1 7.6 3.3 Ill 5.5 5.5 50 30 3.3 3.5 5.2 Philippines 7.2 6.0 6.4 6.1 4.9 LA 5.7 5.7 65 3.5 4.0 3.6 3.8 Ssigapore

5 0 5 10 15 Source: J.P. Morgan, Bloomberg. Nom: Ram in USD *Local currency. "Hedged mto USD. Euro rued income is Bcox Omni Index 11511G. HY. EMBIG and EMS Corp ale JP1A maims. Em FS is DIC1M t. www.jpmorganmarkets.com EFTA_R1_00470160 EFTA01981558 Jan L Global Asset Allocation The J.P. M

.0 61 7.1 Hong Kong 50 1.2 3.2 2A -OA India 6.5 5.6 6.0 6.1 5.3 Indonesia 6.5 5/ 3.5 4.7 t ILO 1 Korea 3.6 2.3 3.2 3.5 1.1 Malaysia 5.1 LOT 3.71' 5.8 51 Philippines 3.8 5.3 35 121 01 Singapore 4.9 11 1 2.5 1 9.51 417 Taman 4.0 1.2 3.4 1.6 2.2 Thafazd 0.1

al. Description of YTD Chart on front page: Returns in USD. 'Local currency. "Hedged into USD. Euro Fixed Income is Bon Overall Index. US HG. HY. EMBIG and EMS Corp are JPM indices. EM FX is ELMI♦ in 5. 2 EFTA_M _020751 14 EFTA02702626 Jan Loeys (1-212)834-S874 Mnbeyvapritorgen.com Global As