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mation Technology VGT Vanguard Inf. Technology 0.12% 7.609 28.6 Communications FnuiPmenf IGN Shares NA Tech-Mid inordia Net 0.48% 151 0.5 Internet Software & Services PNOI PowerShares NASDAO Internet 0.60% 223 1.3 Semiconductors SMH XSD Market Vectors Semiconductor SPEW S&P Semiconductor 0.35% 0.35% 49
.15% 7.608 285.5 Food Products PBJ PowerShares Dyn. Food 8. Bev. 0.63% 271 1.3 Energy XLE Energy Select Sector 0.15% 13,747 1.037.1 _ Energy Equipment & Services 0IH XES IEZ Market Vectors Oil Service SPUR Oil & Gas Equip & Sery Shares US Oil Equip & Seco 0.35% 0.35% 0.45% 1,145 280 375 293.2 11.
Overweight 2015/16 PE 2015 2016 PE PE 14.4 12.9 21.6 20.3 27.8 24.1 19.1 18.4 17.7 16.9 Technology Hardware, Storage & Peripherals11.9 11.2 Internet Software & Services EFTA01476125 30.0 26.7 18.5 17.5 16.9 16.3 21.3 20.1 12.3 11.8 17.0 15.8 14.6 14.3 21.3 19.9 10.5 9.5 16.9 16.4 12.4 12.7 11.8 11.2 Con
to PE of DB Indus t ry a lloca t ions S&P 500 Index Source: Deutsche Bank Research, IBES Overweight 15.6 14.8 2049.62 Equa lweight 17.6 16.6 Energy Equipment & Services Oil, Gas & Consumable Fuels Underweight 2015 & 2016 DB St ra tegy EPS 119.0 125.0 2015 & 2016 DB St ra tegy PE Bot tom-up Cons . EPS 118.4 128.1
958 5,897 414 3,025 22,232 10,111 713 3,215 663 83.6 11,360 EFTA01476341 17,783 Electronic Equipment, Instruments & Components 1,454 Internet Software & Services 3,551 14,226 Semiconductors & Semiconductor Equipment 15,276 19,948 17.4 Construction Materials Containers & Packaging 11,063 526 1,070 4,
ce: Deutsche Bank Markets Research 24.6 Overweight 15.6 2081.24 14.9 Equalweight 2015 & 2016 DB Strategy EPS Bottom-up Cons. EPS 18.5 17.4 Energy Equipment & Services Oil, Gas & Consumable Fuels Underweight 119.0 125.0 2015 & 2016 DB Strategy PE 118.8 128.5 Bottom-up Cons. PE 23.1 22.9 21.3 20.4 20.6 20.0 2
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