- We remain overweight mining and select mining services companies as we believe the markets is too pessimistic on commodity prices and is prematurely calling the end of the commodity cycle.
- We believe overall Eurozone can achieve zero to small positive GDP growth, materially better than the dramatic slowdown that occurred in 2012.
- We remain underweight the expensive defensive and high yield/no growth stocks as we see global risk appetite returning with fading GFC2 fears.
- We are very selective in our positioning in Australian domestic exposed cyclicals. We see the cycle turning more favourable in 2014 than 2013 presently, but structural issues remain.
- We see enormous value opportunities in Australian market reminiscent of the GFC-induced low in March 2009.
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