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Macro Resea rchBoard
partnersmrbI n d e p e n d e n t I n v e s t m e n t S t r a t e g y
1 6-12 month horizon2 Relative to common currency global equity benchmark3 Includes Brazil, Chile, Colombia, Indonesia, Malaysia, Peru, Russia, South Africa4 Includes China, Czech Republic, Hungary, India, Korea, Mexico, Philippines, Poland, Taiwan, Thailand, Turkey5 Relative to common currency emerging markets equity benchmark6 + = Steepener and - = Flattener7 Relativetohedgedglobalfixedincomebenchmark
Note: Apart from the Asset Allocation section, recommendations are within asset classes; + = maximum overweight, N = neutral and – = maximum underweight
* MSCI stock market total return index divided by government bond total return index** U.S. dollarsNote: All series rebased; - - - 40-week moving average
40
80
40
80
2000 2002 2004 2006 2008 2010 2012 2014 2016 2018
Stock Prices / Gold Price
* Continuous Commodity Index; source Commodity Research BureauNote: All series rebased; - - - 40-week moving average
The information, recommendations and other materials presented in this document are provided for information purposes only and should not be considered as an offer or solicitation to sell or buy securities or other financial instruments or products, nor to constitute any advice or recommendation with respect to such securities or financial instruments or products. This document is produced for general circulation and as such represents the general views of MRB Partners Inc., and does not constitute recommendations or advice for any specific person or entity receiving it.
This document is the property of MRB Partners Inc. and should not be circulated without the express authorization of MRB Partners Inc. Any use of graphs, text or other material from this report by the recipient must acknowledge MRB Partners Inc. as the source and requires advance authorization.
MRB Partners Inc. relies on a variety of data providers for economic and financial market information. The data used in this report are judged to be reliable, but MRB Partners Inc. cannot be held accountable for the accuracy of data used herein.
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