EFTA Document EFTA01451032

II December 2013 GEM Equity Strategy Outlook 2014 6) IT and industrials have moved in favour of DM which reflects favourable secular trends, most notably outsourcing from DM to EM companies and the growing importance of DM Intellectual capital. 'Figure 26: EM vs DM net margins (?`s)- Industrials 1.15C1 Indul/mib 1•84 maw 1M 11 12 1 10 8 4 24 0 4- 3 2 115C1 DM IndusUs 6 6 6 6 13 f t- 1 4 1 1 1 Sant Daces Bank Monty nn LP Figure 27: EM vs DM net margins (%) - Information