Key country calls 3
Market Calls 5
Cross asset 6
FX 10
Fixed income 12
Equity 17
Commodities 20
Macro Convictions 23
Argentina: fiscal worries 24
China: faster recovery 26
Poland: budget busting 29
Corporate convictions 33
Chartered Semiconductor Manufacturing (debt, Singapore) 34
Cosan Limited and Cosan SA (equity, Brazil) 36
Formosa Plastics (equity, Taiwan) 39
HDFC Bank (equity, India) 41
Kazmunaigaz (credit, Kazakhstan) 42
Petroleo Brasileiro S.A. (Petrobras) (debt, Brazil) 44
Sino-Forest Corporation (debt, China) 46
Telkom SA (equity, South Africa) 48
Databook 53
Appendix: risk-adjusted return
methodology 56
Disclosure appendix 58
Disclaimer 62