Table of Contents
August Investment Summary........................................................... 3
Monthly Strategy Bullets.................................................................. 7
Sector Strategy Summary ................................................................ 9
Global recovery in sight.................................................................. 10
Monsoon casts a cloud ................................................................... 13
Jun-09 results: Marking an inflection point?................................. 16
Flows and Liquidity ......................................................................... 20
DB India Portfolio ............................................................................ 22
Sector Rotation................................................................................ 23
Asset Allocation............................................................................... 26
Macro Economic Summary............................................................. 27
Appendix A....................................................................................... 32