EFTA00955197Set 9
2013-02-225p2,708w
result of fiscal tightening. We accept higher correction risk near term, but keep average
ovenveights of equities and credit on excellent medium-term value. All ow credit longs are duration ... perceived risk of an early end to QE buying of mortgages. We went ovenveight recently, but with
manager selling ovenvhelming even the Fed, we are forced to exit ow ovenveight
https://www.justice.gov/epstein/files/DataSet%209/EFTA00955197.pdf
EFTA00955992Set 9
2013-03-085p2,784w
investors are
reacting to it. We have argued frequently that the foundation of our ovenveight in risk assets is not any economic
EFTA00955992
bullishness, but a belief that risk premia ... credit spread positions in our model portfolios, we have a significantly larger
ovenveight in equities, as this appears to offer more value.
Fixed Income
• Bond yields backed up hard, without
https://www.justice.gov/epstein/files/DataSet%209/EFTA00955992.pdf
EFTA00954951Set 9
2013-02-155p2,700w
moves is not great, and we thus stick with our value-based medium-term
ovenveights of equities and credit against safe bonds and cash.
• Economics — Global growth fell ... return of Berlusconi, and a worsening North-South divide. We cut our
EMU ovenveight at the start of the year, but have not gone underweight yet. Europe requires continued monitoring
https://www.justice.gov/epstein/files/DataSet%209/EFTA00954951.pdf