Portfolio settings 3
Global theme – EM vs
Developed 4
US 6
Eurozone 7
UK 8
Japan 9
Inflation-linked 10
Derivatives 11
Covered bonds 12
Guaranteed bonds &
agencies 13
Emerging markets 14
Currency 16
Strategic/RV recommendations 17
Portfolio stance 18
Performance & attribution 19
One month forecasts 20
Disclosure appendix 22
Disclaimer 23