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rrent 10y swap rate: 1.43% Key Events • Yellen Jackson Hole speech 8/26 • FOMC 9/21, 11/2, 12/14 • U
cyclical rotation has only just begun. Our analysis of 4000 large long-only funds managing $12tn shows that funds have removed their underweight in Emerging Markets and are now neutral relative to benchmark, in aggregate, for the first time in recent years. History suggests that when the Global Wave (our monito
d Chairman Empowerdex South Africa Shirley Ann Jackson President Rensselaer Polytechnic USA Institut
Daily Newspaper Israel Bassem I. Awadallah Chief Executive Officer Tomoh Advisory Jordan Orlando Ayala Corporate Vice-President, Chairman of Emerging Markets and Chief Microsoft Corporation USA Adviser to the Chief Operating Officer Jose Sergio Gabrielli de President and Chief Executive Officer Petro
d Chairman Empowerdex South Africa Shirley Ann Jackson President Rensselaer Polytechnic USA Institut
Daily Newspaper Israel Bassem I. Awadallah Chief Executive Officer Tomoh Advisory Jordan Orlando Ayala Corporate Vice-President, Chairman of Emerging Markets and Chief Microsoft Corporation USA Adviser to the Chief Operating Officer Jose Sergio Gabrielli de President and Chief Executive Officer Petro
Entities connected to both Michael Jackson and Emerging Markets

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Julie K. Brown
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Woody Allen
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