nomics Managing Director and Co-Founder President and Chief Executive Officer Chairman and Chief Executive Officer Artist Executive Vice-President, Strategic Alliances Economics Editor Editor, Time International, and Deputy Managing Editor Worldwide Managing Director Chair Dean Chairman Minister of Tr

th. e Within Europe, avoid small caps and instead rotate into large caps. e In the US, prefer mid caps to large caps while GDP growth is above 2%. Strategic (1 to 2 years) e We expect value strategies to outperform the market significantly over the long term. ¢ Mid-cap stocks provide attractive opportun

wth and attractive valuation. We are still cautious on Telecoms, due to high valuations, as well as Materials, where margins remain under pressure. Strategic (1 to 2 years) We like medium-sized US companies, which are expected to show good longer term earnings growth. Our sector stance in the US Sectors