Global Emerging Markets:GEMs Super 15 portfolio change
We shuffle the portfolio to reflect ourlatest equity strategy views on EM Asia Adding Kalbe Farma, Baidu, Kepco andKotak mahindra Removing Astra, Huaneng Power,Samsung Electronics and Sun Pharma。 Super 15 rules: Adjustments to the portfolios will betriggered by changes to analyst stock ratings or strategists’themes. Changes may be made if better ideas becomeavailable, e.g. through the publication of new research orthrough share price movements. Rationale for this portfolio change: We have shuffled ourcountry-sector calls for EM Asia. We believe that Asia willnot re-rate this year, but there will be gradual pivot fromNorth to South Asia. We are now overweight – Philippines,Taiwan, Malaysia, Indonesia. In sectors we are overweight –Information Technology, Utilities and Healthcare. For fullcoverage of our Asian strategy views, please see Asia EquityInsights Quarterly: A gradual pivot from north to south(13 January 2014). We are removing Astra, Huaneng Power, SamsungElectronics and Sun Pharma as Kalbe Farma, Baidu, Kepcoand Kotak Mahindra reflect our new country /sector callsand are better positioned to offer attractive risk/rewardopportunity at this time. Methodology: The GEMs Super 15 portfolio is constructedas an equally weighted portfolio of 15 stocks with theprincipal objective of reflecting the convictions of both ourstrategists and our stock analysts. Performance: As of 8 January 2014, the portfolio hasoutperformed our custom MSCI EM benchmark by 13.4%since launch on 4 February 2013 (our benchmark iscomprised of equally weighting the index returns of theMSCI EM EMEA, MSCI EM ASIA and MSCI EM LatinAmerica indices).
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