Better US data vs. risks from the fiscal cliff 3
Our forecasts 6
Key themes and recommendations 7
Themes and basket implementations 11
Our sector views 12
Commodities: Structurally stable, but cyclically tight markets support returns 14
Industrial metals 16
Precious metals 17
Agriculture 17
Credit: The search for yield is finding less and less 18
Global Bonds: Macro factors should take centre stage again 22
FX: Key FX risks into early next year 27
How we construct our asset classes 32
Disclosure Appendix 34