Table of Contents
Maintaining our pro-risk stance 3
Our forecasts 6
Key themes and recommendations 7
Equities: Overweight over both 3 and 12 months 8
Themes and basket implementations 11
Our sector views 12
Commodities: Complacency masks risks to the new equilibrium 14
Credit: The search for yield has less to find 18
Global Bonds: Markets Turning Less Defensive 21
FX Outlook: A glance at 2013 and beyond 27
How we construct our asset classes 32
Disclosure Appendix 34