Global Equities Out with the new

1
Global EquitiesOut with the new in with the
old

• Rory MacIntyre
• Head of Global Equities Business - Retail

2
The tide just went out who is swimming naked?
-80
Source Federal Reserve Loan Officer Survey
3
US debt to GDP ratio (1951 2008)
Deleveraging not a 12 month problem
400
300
200
100
1951
1959
1967
1975
1983
1991
1999
2007
Source Federal Reserve
4
Strong balance sheets will Outperform
Balance Sheet Strength A Negative
Source Bernstein Research
3
5
Global Shares Portfolio - The New World
Old World
New World
Opaque
Transparency
Earnings
Cyclical
Consistency
Low Priority
High Priority
Dividends
Low Interest Cover
High Interest Cover
Balance Sheet
High
Low
Debt Ratios
Funding
External
Internal
Debt
Equity
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Strong balance sheets dominate our portfolio
Source Bloomberg
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The Funds top 10 holdings As at 28 February 2009
Source Factset
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