Epstein Secrets

higher oil would make Oil’s high DY sustainable. Healthcare is too cheap vs an improving sector growth outloo

y-1 6 Jun-16 Jul-16 Aug-16 Sep-1 6 Oct-16 Source: Bloomberg Bankof America 2 European Equity Strategy |O01 Dec

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

e selection process of the dataset and explain its origin. The dataset consists of weekly unit prices27 of 59 Islamic Equity Funds obtained from a Bloomberg terminal at UBS Investment Bank in Amsterdam. This sample was screened form a larger sample to only include Islamic funds that predominantly invest

FX is ELMI+ in $. 16 2.0% Jan-11 Mar-11 May-11 Jul-11 Oct-11 Dec-11 S&P 500 Sector Performance Utilities 14.8% Consumer Staples 10.5% Health Care 10.2% Consumer Discretionary 4.4% Energy 2.8% Information Technology 1.3% Telecommunication Services 0.8% S&P 500 0.0% Industrials -2.9%

nt. J.P. Morgan EFTA_R1_02049742 EFTA02696364 Macro Global Growth At A Turning Point TOP OPPORTUNISTIC INVESTMENT THEMES FOR 1O '7012 Source: Bloomberg As of: 1/12111 Global Purchasing Manager Indices 70 65 60 55 50 45 40 35 - 30 Dec-08 Dec-09 Dec-10 Jan-08 —Japan —US — Europe —Chi

e sectors. Techs (XLK), Telecoms (XTL), together with Healthcare (XLV) are the three sectors with strongest price momentum in the MEGA Tren=s Index. Health Care is the one sector with improving Earning= Revision Ratios, Sales Revision Ratios and Management Guidance Ratios chttp://rsch.baml.com/r?q=k=SlqhpEN

e in the China monetary conditions index =CHBGMCI Index) since June last year. The question is can the fixed income c=rves handle the pressure? The Bloomberg chart below shows a rising BAML MO=E Index versus VIX Index is strongly correlated to rising US Bank stocks, while detrimental to fixed income. EFT

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

90, Euro area and US Q4-07 Vertical lines indicate the peaks in easing for long term real rates Source: Deutsche Bank Research, Haver Analytics LP, Bloomberg EFTA01476084 Finance LP, ECB, Federal Reserve, Bank of Japan, Eurostat, BEA, CAO Similarly, the output gap has mirrored the dynamics of credit,

markets. Industrials companies reported weak results and guidance. Sizable beats from Tech giants GOOG, MSFT & AMZN brightened 3Q earnings season. Health Care companies (PFE, BMY, GILD, BAX) had large beats on both EPS and sales. Large Oil & Gas companies (XOM, CVX, MPC, VLO) had big beats on EPS on very

Down Down Down Down Down Down Source: FRB, Bloomberg Finance LP, I/B/E/S, Deutsche Bank A signal's ri

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%

est *Prices are current as of the end of the previous trading session unless otherwise indicated and are sourced from local exchanges via Reuters, Bloomberg and other vendors . Other information is sourced from Deutsche Bank, subject companies, and other sources. For disclosures pertaining to recommend

tments Owned Asset Backed Securities - North America (primarily United States) % of Members' Equity Fair Value Financials 4.07% $ 11,980.04? Health Care 0.00% 11,389 Home Entity 0.01% 27,421 Total (cost 314497,937) 4.08% 12,018.863 Asset Backed Securities Total (cost 314,497,937) 4.08% 12,0

s denominated in foreign currencies are translated into U.S. dollar equivalents using year-end spot foreign currency exchange rates as sourced from Bloomberg. Purchases and sales of financial instruments and income and expense items are translated at the rate of exchange on the respective date of such tra

r Diagnostics and Versartis. Prior to joining New Leaf, Mike was a Principal at the Boston Consulting Group (BCG) where he was a core member of their Health Care practice. Mike graduated magna cum laude from Harvard University with an AB in biochemical sciences and received his Ph.D. in molecular biology and g

es for the foreseeable future. 29 eValuatePharma 3° Burrill Biotech 2012 Report " New Leaf Analysis of public company financial data as provided by Bloomberg » Battelle R&D Magazine Annual Global R&D Funding Forecast 37 CONTROL NUMBER 257 - CONFIDENTIAL HOUSE_OVERSIGHT_024048 The Fund Managers expect th