Overview 3
Global direction 4
US 6
Eurozone 7
UK 8
Japan 9
Canada 10
Australia/New Zealand 11
Inflation-linked 12
Covered bonds 13
Guaranteed bonds &
agencies 14
US credit 15
Europe credit 16
Asia credit 17
EM direction 18
Latin America 19
EMEA 20
Emerging Asia 21
Currency 22
DM trades and forecasts 23
EM trades and forecasts 24
Portfolio stance 25
Disclosure appendix 29
Disclaimer 31