EFTA Document EFTA01451000

11 December 2013 GEM Equity Strategy Outlook 2014 Global growth is unlikely to become as EM friendly as in 2002-07 In the wake of the global financial crisis, the majority of economists and investors failed to anticipate the resilience of the US economic and corporate governance models, which has underpinned the massive outperformance of US equities over the past three years. Whilst we retain a structurally bullish view on the US economy, the growth cycle will continue to be qualitatively