BofA Merrill Lynch Global Research.*Market cap as % of MSCI EM represents and artificially constructed benchmark weight
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BofA Merrill Lynch Global Research. US spot refers to natural gas prices of US$2.6/mn BTU. The US$2.5bn feedstock
BofA Merrill Lynch Global Research Source: SEC
FX & EM 2017 Year Ahead | 16 November 2016 Merrill Lynch
BofA Merrill Lynch Global Research Source: Eurostat
000 Source: BofA Merrill Lynch Global Research
FX & EM 2017 Year Ahead | 16 November 2016 Merrill Lynch
Merrill Lynch Kingdom of Saudi Arabia Company
FX & EM 2017 Year Ahead | 16 November 2016 Merrill Lynch
regulated by The Financial Service Board; MLI (UK): Merrill Lynch
regulated by Otoritas Jasa Keuangan (OJK); Merrill Lynch
regulated by Comissao de Valores Mobiliarios; Merrill Lynch KSA Company
Global Utility White Paper CONFIDENTIAL Global Sector Positioning Tech Industrials Insurance Pharma Discretionary Materials Energy Banks Staples . Substantially Telecoms underweight Utlites -40 -35 -30 -25 -20 “15 “10 5 +0 +5 +10 +15 +20 225 +30 +35 <= underweight // overwei...
BofA Merrill Lynch Global Research Source: Saudi Aramco
regulated by Comisién Nacional de Valores; Merrill Lynch