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Research-driven
TACTIK LETTER
February 2010
Our valuation Signals
| Bond markets(1) | Equity markets | |
| United States Euro zone Europe ex-EMU Japan Developed World Emerging Markets |
N+ N+ N- + N+ -* |
++ + + + + + + + ++ |
(1)10-year bonds
N: asset proprely valued
+ : asset undervalued
- : asset overvalued
* EMBI + : the signal is relative to 10-year government bonds and is risk-adjusted
Sinopia Asset Management - Tactik Letter - Reproduction prohibited – February 2010- data as of 31/01/2010 - allocations as of 09/02/2010. There can be no assurance that the investment objective, including performance, will be achieved. Past performance is no guarantee of future results.
