EFTA Document EFTA01451014

II December 2013 GEM Equity Strategy Outlook 2014 CEEMEA South Africa - cheap currency but expensive equities The South African equity market is comfortably up in local currency terms over the year-to-date, but has fallen sharply in US dollars. The poor performance of the rand is mainly due to the twin fiscal and current account deficits and has taken the currency into deeply undervalued territory on any sort of PPP analysis; the problem though is that in contrast to some other weak curr