TABLE OF CONTENTS
Sector strategy summary....................................................................................................5
Financial sector performance.............................................................................................6
Summary of economic and market outlook.........................................................................8
Economic and market outlook..........................................................................................10
Market outlook....................................................................................................................28
Valuation and earnings comparisons..............................................................................36
Sector commentaries.........................................................................................................45
US banks........................................................................................................................................46
European banks ..............................................................................................................................48
Asia ex-Japan banks .......................................................................................................................50
Japanese banks ..............................................................................................................................53
US investment banks & brokers ......................................................................................................54
US general insurance......................................................................................................................56
US life insurance .............................................................................................................................60
European insurance ........................................................................................................................62
Japanese insurance ........................................................................................................................64
Global market structure ...................................................................................................................66
US financial technology ...................................................................................................................70
US asset managers........................................................................................................................72
US homebuilders............................................................................................................................74
US multifamily REITs ......................................................................................................................75
US business development corporations ..........................................................................................76
European general financials............................................................................................................78
Japanese consumer finance ...........................................................................................................80
Appendix: price performance, tickers, ratings ...............................................................81
Disclosure information ......................................................................................................98