Financial Translation & Communication Solutions

We expect equities to be the best performing asset class on a 12-month horizon, although we expect significant volatility in the first half of 2009.

We believe investment-grade credit is attractive due to high risk premiums in spreads, but might also face pressure from downgrade losses. We are underweight cash and bonds and neutral on commodities.

我们预期，在12个月之内，股票将是表现最好的资产，虽然2009年上半年的波动性会比较大。

我们认为，投资级债券较高的收益率风险溢价颇具吸引力，但是该资产或将面临评级下调的压力。我们对现金和债券的投资策略为减持，对商品的策略为中性。