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the risk is that yields would stay low or fall

HY) remain fundamentally supported by solid

extension of Operation Twist by the Fed and a rising likelihood of a rate

value stocks should outperform as there is no longer

allowing multiples to expand and triggering the outperformance of

and risks related to the Eurozone debt crisis subside. In this

they give exposure to the long term potential of equity

we prefer large over small caps in the current very challenging

which should begin to normalize. Within Financials

bottomed-out inflation and hiccups in economic and market reforms

while Singapore's economy is rebounding and corporate

with its P/BV temporarily close to 2008 lows.

helping the P/E multiple to recover to 9.5x trailing earnings.

boosting EM's ability to grow more strongly in 2013.

we believe that Asia is best positioned for economic growth in the second half of 2012. In

helping to support China's economic growth outlook for the second half of 2012 and into 2013.

China has started to ease monetary policy. We believe there is also room to do more on the

triggering negative earnings surprises. A strengthening

we expect the TOPIX trailing P/E to drop from around 16.5x to 14x

we see only limited scope for an additional earnings boost from the local