Table of Contents
Adding risk: Upgrading equities to overweight, downgrading cash 3
Our forecasts 5
Charts we are watching 6
Key themes and recommendations 7
Equities: Upgrading our 3-month view to overweight 8
Government bonds: Negative returns, especially over 12 months 9
Corporate credit: Sound fundamentals but limited return potential 10
Commodities: Roll yields to provide a larger part of returns 11
FX: We expect the euro to strengthen vs. the dollar 12
How we construct our asset classes 13
Disclosure Appendix 14