Asset Management Updates from ADCB APRIL 2011 · 2013. 9. 22. · 15.40% Consumer Discretionary 5.65% Consumer Staples 6.97% Energy 4.86% Financials 7.12% Government Bonds ... Nikkei

Asset Management Updates from ADCBAPRIL 2011

GLOBAL MARKETPERFORMANCE

WELCOME MACRO ECONOMIC

TRENDS

PERFORMANCE REVIEW

INVESTINGTODAY

PRODUCTSPOTLIGHT

Asset Management Updates from ADCB

PAGE 1

APRIL 2011

Global Market Performancefor the Month

Macro Trends

A look at global market performance over the last month which was broadly affected by a devastating tsunami following a massive earthquake near Japan, as well as continuing political and social unrest in the middle east.

We discuss the effect of the continuing expansion plans, backed by high oil prices, for infrastructure projects on reviving credit growth in the GCC countries.

Product Spotlight

We introduce the Amundi International SICAV , one of the best international equity funds, and our latest addition to the WealthDesign platform, as well as the JPM Autocall Certificate on India and Brazil.

Hot topics for the month



TRENDS

PERFORMANCE REVIEW

INVESTINGTODAY

PRODUCTSPOTLIGHT

In March 2011, global equity market sentiment was mixed following the major earthquake in Japan resulting in widespread factory and production line shutdowns. However, initial market weakness was mitigated by stronger than expected US macroeconomic data including Q4 GDP growth of 3.1% and a stronger job market. US markets remained almost flat with increased consumer spending and improved employment data overshadowed by concerns that Japan’s nuclear crisis and violence in Libya and Bahrain may restrict global economic growth. Consequently, the Dow Jones increased 0.76%, while the S&P 500 and NASDAQ lost 0.10% and 0.04% respectively. In Asia, the Sensex jumped 9.10% as market participants welcomed favourable 2011 budget announcements and on

expectations that company profits will withstand the shock of higher crude prices. Similarly, the Hang Seng closed up 0.81% after unemployment decreased in the three months ending February 28, and as oil companies advanced on higher oil prices following US, UK, and French air strikes on Libyan targets. However, the Nikkei slumped 8.18% after a massive earthquake caused extensive damage to the country’s economic infrastructure, and on increasing concern regarding the safety of damaged nuclear plants. The FTSE fell back 1.42% as a result of stronger than expected UK February inflation of 4.4% y-o-y, and an increase in the Eurozone trade deficit from EUR 0.5bn in December to EUR 14.8bn in January.

Five out of seven GCC markets ended the month higher. The TASI rose sharply by 10.46% led by robust performances by the Petrochemical Industries and Insurance sectors, while the DFM advanced 10.30% on markedly higher Real Estate & Construction and Investment & Financial Services sectors. The DSM increased 6.60% with all four sectors ending up; however the KSE closed 2.86% lower due to a lacklustre performance by Investment and Industrial sectors.

Crude prices jumped more than 10% in March as economic data from China raised expectations of growing demand and fighting in Libya fanned concerns that output cuts may spread to Middle East producers. However, corn prices declined 4.04% on suggestions that farmers in the US,

the world’s largest corn exporter, may increase planting this year. The USD was stronger against both the GBP and JPY, supported by safe haven buying, amid concerns over Japan’s ongoing nuclear crisis and on higher oil prices due to the ongoing crisis in the Middle East.

Dubai’s 5-year USD-denominated government bond spread decreased by 62 bps m-o-m in March as tensions within the GCC region eased.

Global Market Performance


PAGE 2

CONTINUE

APRIL 2011



TRENDS

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INVESTINGTODAY

PRODUCTSPOTLIGHT

Global Market Performance


PAGE 3

APRIL 2011

Index Snapshot (World Indices) Commodities, Yields and Currencies

Commodity

Yields and Currencies

Latest

Latest

1M Change

1M Change

1Yr Change

1Yr Change

YTD

YTD

Index Latest 1M Change 1Yr Change YTD

Source: Central Banks

Source: IMF WEO Database, October 2010

Source: Source: Central Banks Note 1: Domestic Loans and DepositsNote 2: November 2010 �gures for UAE


Source: Bloomberg

cash15.40%

Consumer Discretionary5.65%

Consumer Staples6.97%

Energy4.86%

Financials7.12%

GovernmentBonds7.65%

Health Care4.59%

Holding Companies4.07%

Industrials12.14%

Information Technology

8.90%

Materials3.84%

Media3.19%

Paper & Forest Products2.31%

Precious Metals/Base Metals

9.27%

Real Estate0.57%

TelecommunicationServices0.68%

Utilities2.22%

Transportation0.57%

S&P 500

Dow Jones

NASDAQ

Hang Seng

Nikkei

FTSE-100

Sensex 30

MSCI World

MSCI EM

TASI

DFM

ADX

KSE

BSE

MSM 30

DSM

1,325.83

12,319.73

2,781.07

23,527.52

9,755.10

5,908.76

19,445.22

1,334.93

1,170.87

6,562.85

1,556.04

2,607.12

6,295.60

1,424.64

6,167.36

8,456.17

(0.10%)

0.76%

(0.04%)

0.81%

(8.18%)

(1.42%)

9.10%

(1.24%)

5.70%

10.46%

10.30%

0.70%

(2.86%)

(0.43%)

0.41%

6.60%

13.37%

13.48%

15.98%

10.77%

(12.04%)

4.03%

10.94%

11.20%

15.89%

(3.50%)

(15.59%)

(10.36%)

(16.43%)

(7.92%)

(7.92%)

13.32%

5.42%

6.41%

4.83%

2.14%

(4.63%)

0.15%

(5.19%)

4.29%

1.69%

(0.87%)

(4.57%)

(4.15%)

(9.49%)

(0.53%)

(8.70%)

(2.60%)

NYMEX Crude

OPEC

Natural Gas

Gold

Platinum

Copper

Sugar

Soybean

Corn

Wheat

Rice

106.72

110.18

4.39

1,438.90

1,779.30

9,399.50

27.11

1,410.20

693.20

763.20

13.99

10.05%

1.73%

8.72%

2.10%

(1.65%)

(4.65%)

(7.95%)

3.91%

(4.04%)

(2.45%)

0.97%

27.41%

40.88%

13.44%

29.25%

8.51%

20.04%

63.41%

49.86%

100.93%

69.45%

14.49%

16.79%

22.12%

(0.36%)

1.25%

0.34%

(3.49%)

(15.60%)

1.19%

10.21%

(3.90%)

(0.07%)

2Y US Treasury

10Y US Treasury

EUR

GBP

JPY

0.80

3.47

1.4186

1.6054

82.81

0.08

0.05

2.85%

(1.19%)

1.07%

(0.22)

(0.37)

5.00%

5.75%

(11.40%)

0.14

0.09

5.85%

2.85%

2.10%

Credit Growth in GCC Countries

33.2% 35.3%

3.5% 4.6%

0.0%

10.0%

20.0%

30.0%

40.0%

50.0%

2007 2008 2009 2010

GCC Real GDP growth and Current Account Surplus

0.4%

4.8%6.3%

5.2% 4.5%

8.7%10.2%

11.2% 11.5% 11.7%

0.0%

5.0%

10.0%

15.0%

2009 2010E 2011E 2012E 2013E

Real GDP Growth Current Account Surplus

LTD Rate

1.11

0.88

1.11

0.96

0.77

1.051.05 1.06

0.891.01

0.63

0.79

0.60

0.80

1.00

1.20

UAE KSA Qatar Kuwait Bahrain Oman

2008 2010

Share of Global GDP – Japan

17.7%

12.8% 12.8%10.9%

7.9% 8.7% 8.3%

0.0%

4.0%

8.0%

12.0%

16.0%

20.0%

1995 1998 2001 2004 2007 2010E 2013E

Topix Index movement - March 2011

916

847

767

818 811830

868 861 854 857 858 850866

750

800

850

900

950

11 14 15 16 17 18 22 23 24 25 28 29 30

Aug

-10

Aug

-09

Aug

-08

Aug

-07

Aug

-06

Aug

-05

Aug

-04

Aug

-03

Aug

-02

Aug

-01

Aug

-00

Aug

-99

Aug

-98

Aug

-97

Aug

-96

Amundi International SICAV MSCI World (ND) Libor 3M USD

100

150

200

250

300

350

400

450

500

50

D1AV Index EWZ UP Equity MSCI Brazil Free Float IndexSENSEX Index

Amundi International SICAV vs MSCI World Since Inception

Historical performance

0%

50%

100%

150%

200%

250%

300%

Feb-

11

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Oct

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Reviving credit growth in the GCC countriesFollowing a fairly lacklustre performance in 2009, credit issuance in the Gulf Cooperation Council (GCC) countries improved slightly in 2010 to reach USD 687 billion, rising 4.6% following a 3.5% increase in 2009. Such growth was mainly led by rapid increase in credit issuance in both Qatar (up 16.7%) and Saudi Arabia (up 5.2%) in 2010.

Furthermore, credit issuance is expected to rise in coming years due to the improved economic outlook and recovering regional consumer and corporate confidence. Forecast high oil prices over the next few years generate confidence in the GCC economies, increasing their cash reserves and expanding current account surpluses. Bloomberg estimates that crude oil prices are likely to remain between USD 90-100 bbl in 2011-13 assuming balanced demand-supply situation. Economic

growth is expected to be driven mainly by the public sector based on its infrastructure expansion plans with the private sector’s recovery forecast to remain slow.

Although political uncertainty has increased throughout Middle East and North Africa (MENA), we believe that despite sporadic anti-government protests, oil-rich GCC countries are unlikely to be significantly affected by popular unrest given their modest inflation and low unemployment. In Bahrain, the main opposition party has already moderated its demands and the situation in Oman is also stabilizing with continuous government efforts.

The IMF expects real GDP in the GCC to grow by 6.3% in 2011 after increasing by only 0.4% in 2009 and an estimated 4.8% in 2010. Real GDP growth in the UAE is also forecast to recover

gradually from an estimated 2.4% in 2010 to 3.2% and 3.9% in 2011 and 2012, respectively.

Among the GCC countries, Saudi Arabia and Qatar are expected to lead the recovery in credit expansion. Saudi Arabia, which currently

represents ~30% of total GCC credit, is likely to benefit from high oil prices and implementation of fiscal stimulus plans.

Macro Economic Trends


PAGE 4

CONTINUE

APRIL 2011


Commodity


Latest

Latest

1M Change

1M Change

1Yr Change

1Yr Change

YTD

YTD






Source: Bloomberg

cash15.40%



Energy4.86%

Financials7.12%


Health Care4.59%


Industrials12.14%


8.90%

Materials3.84%

Media3.19%



9.27%

Real Estate0.57%


Utilities2.22%

Transportation0.57%

S&P 500

Dow Jones

NASDAQ

Hang Seng

Nikkei

FTSE-100

Sensex 30

MSCI World

MSCI EM

TASI

DFM

ADX

KSE

BSE

MSM 30

DSM

1,325.83

12,319.73

2,781.07

23,527.52

9,755.10

5,908.76

19,445.22

1,334.93

1,170.87

6,562.85

1,556.04

2,607.12

6,295.60

1,424.64

6,167.36

8,456.17

(0.10%)

0.76%

(0.04%)

0.81%

(8.18%)

(1.42%)

9.10%

(1.24%)

5.70%

10.46%

10.30%

0.70%

(2.86%)

(0.43%)

0.41%

6.60%

13.37%

13.48%

15.98%

10.77%

(12.04%)

4.03%

10.94%

11.20%

15.89%

(3.50%)

(15.59%)

(10.36%)

(16.43%)

(7.92%)

(7.92%)

13.32%

5.42%

6.41%

4.83%

2.14%

(4.63%)

0.15%

(5.19%)

4.29%

1.69%

(0.87%)

(4.57%)

(4.15%)

(9.49%)

(0.53%)

(8.70%)

(2.60%)

NYMEX Crude

OPEC

Natural Gas

Gold

Platinum

Copper

Sugar

Soybean

Corn

Wheat

Rice

106.72

110.18

4.39

1,438.90

1,779.30

9,399.50

27.11

1,410.20

693.20

763.20

13.99

10.05%

1.73%

8.72%

2.10%

(1.65%)

(4.65%)

(7.95%)

3.91%

(4.04%)

(2.45%)

0.97%

27.41%

40.88%

13.44%

29.25%

8.51%

20.04%

63.41%

49.86%

100.93%

69.45%

14.49%

16.79%

22.12%

(0.36%)

1.25%

0.34%

(3.49%)

(15.60%)

1.19%

10.21%

(3.90%)

(0.07%)

2Y US Treasury

10Y US Treasury

EUR

GBP

JPY

0.80

3.47

1.4186

1.6054

82.81

0.08

0.05

2.85%

(1.19%)

1.07%

(0.22)

(0.37)

5.00%

5.75%

(11.40%)

0.14

0.09

5.85%

2.85%

2.10%


33.2% 35.3%

3.5% 4.6%

0.0%

10.0%

20.0%

30.0%

40.0%

50.0%

2007 2008 2009 2010


0.4%

4.8%6.3%

5.2% 4.5%

8.7%10.2%

11.2% 11.5% 11.7%

0.0%

5.0%

10.0%

15.0%

2009 2010E 2011E 2012E 2013E


LTD Rate

1.11

0.88

1.11

0.96

0.77

1.051.05 1.06

0.891.01

0.63

0.79

0.60

0.80

1.00

1.20


2008 2010


17.7%

12.8% 12.8%10.9%

7.9% 8.7% 8.3%

0.0%

4.0%

8.0%

12.0%

16.0%

20.0%

1995 1998 2001 2004 2007 2010E 2013E


916

847

767

818 811830

868 861 854 857 858 850866

750

800

850

900

950

11 14 15 16 17 18 22 23 24 25 28 29 30

Aug

-10

Aug

-09

Aug

-08

Aug

-07

Aug

-06

Aug

-05

Aug

-04

Aug

-03

Aug

-02

Aug

-01

Aug

-00

Aug

-99

Aug

-98

Aug

-97

Aug

-96


100

150

200

250

300

350

400

450

500

50




0%

50%

100%

150%

200%

250%

300%

Feb-

11

Dec

-10

Oct

-10

Aug

-10

Jun-

10

Apr

-10

Feb-

10

Dec

-10

Oct

-10

Aug

-10

Jun-

10

Apr

-10

Feb-

10

Dec

-10



TRENDS

PERFORMANCE REVIEW

INVESTINGTODAY

PRODUCTSPOTLIGHT



PAGE 5

CONTINUE

APRIL 2011

Likewise, credit growth in Qatar should benefit considerably from major investments in infrastructure projects, especially LNG production and related upstream and downstream industries. Moreover, the FIFA World Cup in 2022 to be hosted by Qatar will increase the demand for credit in the country.

While public spending is recovering in GCC countries, lending to the private sector remains weak, affected by both low corporate demand and the banks’ cautious attitude to lending against a background of slow economic recovery and a lethargic real estate market. High loan-to-deposit (LTD) ratios and increasing Non-performing loans (NPLs) have also forced banks to restrict exposure.

However, higher deposit growth in both 2009 and 2010 has ensured lower LTD ratios, reassuring

both banks and regulatory authorities. Saudi Arabia’s LTD ratio declined from 88% in 2008 to 79% in 2010, from 111% to 105% in the UAE and from 96% to 89% in Kuwait. The overall GCC ratio also fell from 99% in 2008 to 92% in 2010.

Moreover, regional banks have already provisioned heavily over the past two years to strengthen their balance sheets and currently enjoy satisfactory coverage ratios. Such a situation also provides comfort to the banks to increase lending.

Economic impact of devastation in JapanOn March 11, 2011, an earthquake measuring 9.0 on the Richter scale hit north east Japan causing a devastating tsunami and damage to nuclear reactors in the region. A total of over 27,000 people are estimated either dead or missing. The cost, both financial and human, is expected to

exceed that of Hurricane Katrina in 2005 and the Kobe earthquake in 1995.

However, despite the enormous destruction to property and its impact on the lives of those involved, the triple tragedy is not expected to obstruct the continuing global economic recovery, as reflected in the subsequent mild effect on stock markets worldwide. This shows Japan’s decreased importance in the global economic growth in recent years. For example, in 2010 Japan is estimated to account for 8.7% of the World GDP compared to 17.7% in 1995.

Nevertheless, we note indirect global economic effects from slower industrial activity in Japan due to disruption following the disasters, mainly attributable to the closure of automotive and technology plants as a result of power shortages

and damaged buildings with knock-on effects on the global supply chain. Further, the subsequent appreciation of the Japanese Yen also threatens both the ability to service yen-denominated liabilities and Japanese export revenues.

In response, authorities have sought to remedy disruption and contain the immediate threat posed by the nuclear plant. Initiatives include reconnecting power supplies, injecting liquidity in the system (over 40 trillion yen since March 14 2011) and containing the nuclear threat. As a result, the Topix index has rebounded 13.0% since March 15 when the index fell to 766.73 points declining 16.3% in two sessions after the day of earthquake.


PERFORMANCE REVIEW

INVESTINGTODAY

PRODUCTSPOTLIGHT


TRENDS



PAGE 6

APRIL 2011


Commodity


Latest

Latest

1M Change

1M Change

1Yr Change

1Yr Change

YTD

YTD






Source: Bloomberg

cash15.40%



Energy4.86%

Financials7.12%


Health Care4.59%


Industrials12.14%


8.90%

Materials3.84%

Media3.19%



9.27%

Real Estate0.57%


Utilities2.22%

Transportation0.57%

S&P 500

Dow Jones

NASDAQ

Hang Seng

Nikkei

FTSE-100

Sensex 30

MSCI World

MSCI EM

TASI

DFM

ADX

KSE

BSE

MSM 30

DSM

1,325.83

12,319.73

2,781.07

23,527.52

9,755.10

5,908.76

19,445.22

1,334.93

1,170.87

6,562.85

1,556.04

2,607.12

6,295.60

1,424.64

6,167.36

8,456.17

(0.10%)

0.76%

(0.04%)

0.81%

(8.18%)

(1.42%)

9.10%

(1.24%)

5.70%

10.46%

10.30%

0.70%

(2.86%)

(0.43%)

0.41%

6.60%

13.37%

13.48%

15.98%

10.77%

(12.04%)

4.03%

10.94%

11.20%

15.89%

(3.50%)

(15.59%)

(10.36%)

(16.43%)

(7.92%)

(7.92%)

13.32%

5.42%

6.41%

4.83%

2.14%

(4.63%)

0.15%

(5.19%)

4.29%

1.69%

(0.87%)

(4.57%)

(4.15%)

(9.49%)

(0.53%)

(8.70%)

(2.60%)

NYMEX Crude

OPEC

Natural Gas

Gold

Platinum

Copper

Sugar

Soybean

Corn

Wheat

Rice

106.72

110.18

4.39

1,438.90

1,779.30

9,399.50

27.11

1,410.20

693.20

763.20

13.99

10.05%

1.73%

8.72%

2.10%

(1.65%)

(4.65%)

(7.95%)

3.91%

(4.04%)

(2.45%)

0.97%

27.41%

40.88%

13.44%

29.25%

8.51%

20.04%

63.41%

49.86%

100.93%

69.45%

14.49%

16.79%

22.12%

(0.36%)

1.25%

0.34%

(3.49%)

(15.60%)

1.19%

10.21%

(3.90%)

(0.07%)

2Y US Treasury

10Y US Treasury

EUR

GBP

JPY

0.80

3.47

1.4186

1.6054

82.81

0.08

0.05

2.85%

(1.19%)

1.07%

(0.22)

(0.37)

5.00%

5.75%

(11.40%)

0.14

0.09

5.85%

2.85%

2.10%


33.2% 35.3%

3.5% 4.6%

0.0%

10.0%

20.0%

30.0%

40.0%

50.0%

2007 2008 2009 2010


0.4%

4.8%6.3%

5.2% 4.5%

8.7%10.2%

11.2% 11.5% 11.7%

0.0%

5.0%

10.0%

15.0%

2009 2010E 2011E 2012E 2013E


LTD Rate

1.11

0.88

1.11

0.96

0.77

1.051.05 1.06

0.891.01

0.63

0.79

0.60

0.80

1.00

1.20


2008 2010


17.7%

12.8% 12.8%10.9%

7.9% 8.7% 8.3%

0.0%

4.0%

8.0%

12.0%

16.0%

20.0%

1995 1998 2001 2004 2007 2010E 2013E


916

847

767

818 811830

868 861 854 857 858 850866

750

800

850

900

950

11 14 15 16 17 18 22 23 24 25 28 29 30

Aug

-10

Aug

-09

Aug

-08

Aug

-07

Aug

-06

Aug

-05

Aug

-04

Aug

-03

Aug

-02

Aug

-01

Aug

-00

Aug

-99

Aug

-98

Aug

-97

Aug

-96


100

150

200

250

300

350

400

450

500

50




0%

50%

100%

150%

200%

250%

300%

Feb-

11

Dec

-10

Oct

-10

Aug

-10

Jun-

10

Apr

-10

Feb-

10

Dec

-10

Oct

-10

Aug

-10

Jun-

10

Apr

-10

Feb-

10

Dec

-10


Commodity


Latest

Latest

1M Change

1M Change

1Yr Change

1Yr Change

YTD

YTD






Source: Bloomberg

cash15.40%



Energy4.86%

Financials7.12%


Health Care4.59%


Industrials12.14%


8.90%

Materials3.84%

Media3.19%



9.27%

Real Estate0.57%


Utilities2.22%

Transportation0.57%

S&P 500

Dow Jones

NASDAQ

Hang Seng

Nikkei

FTSE-100

Sensex 30

MSCI World

MSCI EM

TASI

DFM

ADX

KSE

BSE

MSM 30

DSM

1,325.83

12,319.73

2,781.07

23,527.52

9,755.10

5,908.76

19,445.22

1,334.93

1,170.87

6,562.85

1,556.04

2,607.12

6,295.60

1,424.64

6,167.36

8,456.17

(0.10%)

0.76%

(0.04%)

0.81%

(8.18%)

(1.42%)

9.10%

(1.24%)

5.70%

10.46%

10.30%

0.70%

(2.86%)

(0.43%)

0.41%

6.60%

13.37%

13.48%

15.98%

10.77%

(12.04%)

4.03%

10.94%

11.20%

15.89%

(3.50%)

(15.59%)

(10.36%)

(16.43%)

(7.92%)

(7.92%)

13.32%

5.42%

6.41%

4.83%

2.14%

(4.63%)

0.15%

(5.19%)

4.29%

1.69%

(0.87%)

(4.57%)

(4.15%)

(9.49%)

(0.53%)

(8.70%)

(2.60%)

NYMEX Crude

OPEC

Natural Gas

Gold

Platinum

Copper

Sugar

Soybean

Corn

Wheat

Rice

106.72

110.18

4.39

1,438.90

1,779.30

9,399.50

27.11

1,410.20

693.20

763.20

13.99

10.05%

1.73%

8.72%

2.10%

(1.65%)

(4.65%)

(7.95%)

3.91%

(4.04%)

(2.45%)

0.97%

27.41%

40.88%

13.44%

29.25%

8.51%

20.04%

63.41%

49.86%

100.93%

69.45%

14.49%

16.79%

22.12%

(0.36%)

1.25%

0.34%

(3.49%)

(15.60%)

1.19%

10.21%

(3.90%)

(0.07%)

2Y US Treasury

10Y US Treasury

EUR

GBP

JPY

0.80

3.47

1.4186

1.6054

82.81

0.08

0.05

2.85%

(1.19%)

1.07%

(0.22)

(0.37)

5.00%

5.75%

(11.40%)

0.14

0.09

5.85%

2.85%

2.10%


33.2% 35.3%

3.5% 4.6%

0.0%

10.0%

20.0%

30.0%

40.0%

50.0%

2007 2008 2009 2010


0.4%

4.8%6.3%

5.2% 4.5%

8.7%10.2%

11.2% 11.5% 11.7%

0.0%

5.0%

10.0%

15.0%

2009 2010E 2011E 2012E 2013E


LTD Rate

1.11

0.88

1.11

0.96

0.77

1.051.05 1.06

0.891.01

0.63

0.79

0.60

0.80

1.00

1.20


2008 2010


17.7%

12.8% 12.8%10.9%

7.9% 8.7% 8.3%

0.0%

4.0%

8.0%

12.0%

16.0%

20.0%

1995 1998 2001 2004 2007 2010E 2013E


916

847

767

818 811830

868 861 854 857 858 850866

750

800

850

900

950

11 14 15 16 17 18 22 23 24 25 28 29 30

Aug

-10

Aug

-09

Aug

-08

Aug

-07

Aug

-06

Aug

-05

Aug

-04

Aug

-03

Aug

-02

Aug

-01

Aug

-00

Aug

-99

Aug

-98

Aug

-97

Aug

-96


100

150

200

250

300

350

400

450

500

50




0%

50%

100%

150%

200%

250%

300%

Feb-

11

Dec

-10

Oct

-10

Aug

-10

Jun-

10

Apr

-10

Feb-

10

Dec

-10

Oct

-10

Aug

-10

Jun-

10

Apr

-10

Feb-

10

Dec

-10


PERFORMANCE REVIEW

INVESTINGTODAY

PRODUCTSPOTLIGHT


TRENDS

Amundi International SICAV

Amundi International SICAV (AIS) is a Luxembourg-domiciled UCITS III flexible global equity fund with a clear objective and a comprehensive approach - Making more by losing less!

Investment Objective: to achieve long-term capital growth by investing in a globally diversified portfolio of securities (which may include shares, convertible bonds, bonds, and gold-denominated assets)Amundi International SICAV is about…

Absolute Positive Returns: 11.5% net annualized returns since fund inception in 1996 vs 5.3% for the MSCI World- Capital preservation: the underlying global value approach has known only 3 down years in 31 years of existence

Low volatility: 10.6% STD since inception vs 15.5% for MSCI WorldTo achieve these key objectives, Amundi International SICAV and its Global Value management team are…

Value-oriented: purchasing stocks when there is at least a 35% price discount (margin of safety) to the team’s estimate of intrinsic valueCapital Preservation: willing to underperform markets 3 years in a row (1997-1999) in order to preserve investor capital from high valuations (Internet bubble) - Unconstrained: no limits in terms of sector, country or market cap- Diversified: 100-150 stocks in the portfolio, no single equity/bond exposure over 3%, strategic Gold and Fixed Income exposure since inception as portfolio insurance

Amundi International SICAV (AIS) is a Luxembourg-domiciled UCITS III flexible global equity fund with a clear objective and a comprehensive approach - Making more by losing less!


PAGE 7

Product Spotlight

APRIL 2011



TRENDS

PERFORMANCE REVIEW

INVESTINGTODAY

PRODUCTSPOTLIGHT


Commodity


Latest

Latest

1M Change

1M Change

1Yr Change

1Yr Change

YTD

YTD






Source: Bloomberg

cash15.40%



Energy4.86%

Financials7.12%


Health Care4.59%


Industrials12.14%


8.90%

Materials3.84%

Media3.19%



9.27%

Real Estate0.57%


Utilities2.22%

Transportation0.57%

S&P 500

Dow Jones

NASDAQ

Hang Seng

Nikkei

FTSE-100

Sensex 30

MSCI World

MSCI EM

TASI

DFM

ADX

KSE

BSE

MSM 30

DSM

1,325.83

12,319.73

2,781.07

23,527.52

9,755.10

5,908.76

19,445.22

1,334.93

1,170.87

6,562.85

1,556.04

2,607.12

6,295.60

1,424.64

6,167.36

8,456.17

(0.10%)

0.76%

(0.04%)

0.81%

(8.18%)

(1.42%)

9.10%

(1.24%)

5.70%

10.46%

10.30%

0.70%

(2.86%)

(0.43%)

0.41%

6.60%

13.37%

13.48%

15.98%

10.77%

(12.04%)

4.03%

10.94%

11.20%

15.89%

(3.50%)

(15.59%)

(10.36%)

(16.43%)

(7.92%)

(7.92%)

13.32%

5.42%

6.41%

4.83%

2.14%

(4.63%)

0.15%

(5.19%)

4.29%

1.69%

(0.87%)

(4.57%)

(4.15%)

(9.49%)

(0.53%)

(8.70%)

(2.60%)

NYMEX Crude

OPEC

Natural Gas

Gold

Platinum

Copper

Sugar

Soybean

Corn

Wheat

Rice

106.72

110.18

4.39

1,438.90

1,779.30

9,399.50

27.11

1,410.20

693.20

763.20

13.99

10.05%

1.73%

8.72%

2.10%

(1.65%)

(4.65%)

(7.95%)

3.91%

(4.04%)

(2.45%)

0.97%

27.41%

40.88%

13.44%

29.25%

8.51%

20.04%

63.41%

49.86%

100.93%

69.45%

14.49%

16.79%

22.12%

(0.36%)

1.25%

0.34%

(3.49%)

(15.60%)

1.19%

10.21%

(3.90%)

(0.07%)

2Y US Treasury

10Y US Treasury

EUR

GBP

JPY

0.80

3.47

1.4186

1.6054

82.81

0.08

0.05

2.85%

(1.19%)

1.07%

(0.22)

(0.37)

5.00%

5.75%

(11.40%)

0.14

0.09

5.85%

2.85%

2.10%


33.2% 35.3%

3.5% 4.6%

0.0%

10.0%

20.0%

30.0%

40.0%

50.0%

2007 2008 2009 2010


0.4%

4.8%6.3%

5.2% 4.5%

8.7%10.2%

11.2% 11.5% 11.7%

0.0%

5.0%

10.0%

15.0%

2009 2010E 2011E 2012E 2013E


LTD Rate

1.11

0.88

1.11

0.96

0.77

1.051.05 1.06

0.891.01

0.63

0.79

0.60

0.80

1.00

1.20


2008 2010


17.7%

12.8% 12.8%10.9%

7.9% 8.7% 8.3%

0.0%

4.0%

8.0%

12.0%

16.0%

20.0%

1995 1998 2001 2004 2007 2010E 2013E


916

847

767

818 811830

868 861 854 857 858 850866

750

800

850

900

950

11 14 15 16 17 18 22 23 24 25 28 29 30

Aug

-10

Aug

-09

Aug

-08

Aug

-07

Aug

-06

Aug

-05

Aug

-04

Aug

-03

Aug

-02

Aug

-01

Aug

-00

Aug

-99

Aug

-98

Aug

-97

Aug

-96


100

150

200

250

300

350

400

450

500

50




0%

50%

100%

150%

200%

250%

300%

Feb-

11

Dec

-10

Oct

-10

Aug

-10

Jun-

10

Apr

-10

Feb-

10

Dec

-10

Oct

-10

Aug

-10

Jun-

10

Apr

-10

Feb-

10

Dec

-10

5 Star Morningstar fund, Lipper Leader in Total Return and Capital Preservation 1st decile over 1, 3, 5 and 10 years in the Lipper Global Equity Category (December 2010)

CONTINUE


PAGE 8

Product Spotlight

APRIL 2011


Historical Performance as of February 20101 Month 0.44%3 Months 2.55%6 Months 10.03%1 Year 13.04%


MACRO ECONOMIC

TRENDS

PERFORMANCE REVIEW

INVESTINGTODAY


Commodity


Latest

Latest

1M Change

1M Change

1Yr Change

1Yr Change

YTD

YTD






Source: Bloomberg

cash15.40%



Energy4.86%

Financials7.12%


Health Care4.59%


Industrials12.14%


8.90%

Materials3.84%

Media3.19%



9.27%

Real Estate0.57%


Utilities2.22%

Transportation0.57%

S&P 500

Dow Jones

NASDAQ

Hang Seng

Nikkei

FTSE-100

Sensex 30

MSCI World

MSCI EM

TASI

DFM

ADX

KSE

BSE

MSM 30

DSM

1,325.83

12,319.73

2,781.07

23,527.52

9,755.10

5,908.76

19,445.22

1,334.93

1,170.87

6,562.85

1,556.04

2,607.12

6,295.60

1,424.64

6,167.36

8,456.17

(0.10%)

0.76%

(0.04%)

0.81%

(8.18%)

(1.42%)

9.10%

(1.24%)

5.70%

10.46%

10.30%

0.70%

(2.86%)

(0.43%)

0.41%

6.60%

13.37%

13.48%

15.98%

10.77%

(12.04%)

4.03%

10.94%

11.20%

15.89%

(3.50%)

(15.59%)

(10.36%)

(16.43%)

(7.92%)

(7.92%)

13.32%

5.42%

6.41%

4.83%

2.14%

(4.63%)

0.15%

(5.19%)

4.29%

1.69%

(0.87%)

(4.57%)

(4.15%)

(9.49%)

(0.53%)

(8.70%)

(2.60%)

NYMEX Crude

OPEC

Natural Gas

Gold

Platinum

Copper

Sugar

Soybean

Corn

Wheat

Rice

106.72

110.18

4.39

1,438.90

1,779.30

9,399.50

27.11

1,410.20

693.20

763.20

13.99

10.05%

1.73%

8.72%

2.10%

(1.65%)

(4.65%)

(7.95%)

3.91%

(4.04%)

(2.45%)

0.97%

27.41%

40.88%

13.44%

29.25%

8.51%

20.04%

63.41%

49.86%

100.93%

69.45%

14.49%

16.79%

22.12%

(0.36%)

1.25%

0.34%

(3.49%)

(15.60%)

1.19%

10.21%

(3.90%)

(0.07%)

2Y US Treasury

10Y US Treasury

EUR

GBP

JPY

0.80

3.47

1.4186

1.6054

82.81

0.08

0.05

2.85%

(1.19%)

1.07%

(0.22)

(0.37)

5.00%

5.75%

(11.40%)

0.14

0.09

5.85%

2.85%

2.10%


33.2% 35.3%

3.5% 4.6%

0.0%

10.0%

20.0%

30.0%

40.0%

50.0%

2007 2008 2009 2010


0.4%

4.8%6.3%

5.2% 4.5%

8.7%10.2%

11.2% 11.5% 11.7%

0.0%

5.0%

10.0%

15.0%

2009 2010E 2011E 2012E 2013E


LTD Rate

1.11

0.88

1.11

0.96

0.77

1.051.05 1.06

0.891.01

0.63

0.79

0.60

0.80

1.00

1.20


2008 2010


17.7%

12.8% 12.8%10.9%

7.9% 8.7% 8.3%

0.0%

4.0%

8.0%

12.0%

16.0%

20.0%

1995 1998 2001 2004 2007 2010E 2013E


916

847

767

818 811830

868 861 854 857 858 850866

750

800

850

900

950

11 14 15 16 17 18 22 23 24 25 28 29 30

Aug

-10

Aug

-09

Aug

-08

Aug

-07

Aug

-06

Aug

-05

Aug

-04

Aug

-03

Aug

-02

Aug

-01

Aug

-00

Aug

-99

Aug

-98

Aug

-97

Aug

-96


100

150

200

250

300

350

400

450

500

50




0%

50%

100%

150%

200%

250%

300%

Feb-

11

Dec

-10

Oct

-10

Aug

-10

Jun-

10

Apr

-10

Feb-

10

Dec

-10

Oct

-10

Aug

-10

Jun-

10

Apr

-10

Feb-

10

Dec

-10

Track record for this strategy dates back to 1979 with only 3 years of negative performance ever recorded

WELCOME PRODUCTSPOTLIGHT

JP Morgan 5 Year Autocall Certificate on India & Brazil A large set of our investors are seeking exposure to the growing emerging economies, a major part of which are India and Brazil. One conventional way into achieving this exposure is through investing into mutual funds; however, ADCB has chosen

to provide you with another alternative which, for some, may be more secure and efficient than mutual funds.

JP Morgan 5 Year Autocall on India & Brazil:This Autocall Certificate is a 5 year, USD denominated investment offering exposure to India

and Brazil via the DBIX India Price USD Index and the iShares MSCI Brazil Index Fund respectively (“the Underlyings”). This investment is suitable for investors with a bullish view on India and Brazil over a five year horizon, who are seeking a potential high return.

Investment Mechanism• On an annual basis the performance of both

Underlyings are observed since inception.

- If both Underlyings are higher than 100% of their initial levels, the Note will be auto-called and investors will receive 100% of their initial capital in addition to a coupon of (12% x N) N = 1 to 4, being the number of years that have elapsed.

For example, assuming that at the end of Year 1, and at the end of Year 2, the Note was not auto-called, and that at Year 3 both Underlyings were above their initial levels, the Autocall event

will then occur and the investor will receive 100% + 3*12% = 136%

• At maturity, - if the Note has not been early redeemed and

both Underlyings are above 100% of their initial levels, investors receive 100% of the initial capital in addition to a coupon of (12% x 5 ) = 72.50%; otherwise

- If at maturity both Underlyings close above 50% of their initial levels, investors will receive 100% of their initial capital; otherwise

- if one of the Underlyings closes below 50% of its initial level, investors will receive the final level of the least performing underlying.

Investing Today


PAGE 9

APRIL 2011



TRENDS

PERFORMANCE REVIEW

INVESTINGTODAY

PRODUCTSPOTLIGHT


Commodity


Latest

Latest

1M Change

1M Change

1Yr Change

1Yr Change

YTD

YTD






Source: Bloomberg

cash15.40%



Energy4.86%

Financials7.12%


Health Care4.59%


Industrials12.14%


8.90%

Materials3.84%

Media3.19%



9.27%

Real Estate0.57%


Utilities2.22%

Transportation0.57%

S&P 500

Dow Jones

NASDAQ

Hang Seng

Nikkei

FTSE-100

Sensex 30

MSCI World

MSCI EM

TASI

DFM

ADX

KSE

BSE

MSM 30

DSM

1,325.83

12,319.73

2,781.07

23,527.52

9,755.10

5,908.76

19,445.22

1,334.93

1,170.87

6,562.85

1,556.04

2,607.12

6,295.60

1,424.64

6,167.36

8,456.17

(0.10%)

0.76%

(0.04%)

0.81%

(8.18%)

(1.42%)

9.10%

(1.24%)

5.70%

10.46%

10.30%

0.70%

(2.86%)

(0.43%)

0.41%

6.60%

13.37%

13.48%

15.98%

10.77%

(12.04%)

4.03%

10.94%

11.20%

15.89%

(3.50%)

(15.59%)

(10.36%)

(16.43%)

(7.92%)

(7.92%)

13.32%

5.42%

6.41%

4.83%

2.14%

(4.63%)

0.15%

(5.19%)

4.29%

1.69%

(0.87%)

(4.57%)

(4.15%)

(9.49%)

(0.53%)

(8.70%)

(2.60%)

NYMEX Crude

OPEC

Natural Gas

Gold

Platinum

Copper

Sugar

Soybean

Corn

Wheat

Rice

106.72

110.18

4.39

1,438.90

1,779.30

9,399.50

27.11

1,410.20

693.20

763.20

13.99

10.05%

1.73%

8.72%

2.10%

(1.65%)

(4.65%)

(7.95%)

3.91%

(4.04%)

(2.45%)

0.97%

27.41%

40.88%

13.44%

29.25%

8.51%

20.04%

63.41%

49.86%

100.93%

69.45%

14.49%

16.79%

22.12%

(0.36%)

1.25%

0.34%

(3.49%)

(15.60%)

1.19%

10.21%

(3.90%)

(0.07%)

2Y US Treasury

10Y US Treasury

EUR

GBP

JPY

0.80

3.47

1.4186

1.6054

82.81

0.08

0.05

2.85%

(1.19%)

1.07%

(0.22)

(0.37)

5.00%

5.75%

(11.40%)

0.14

0.09

5.85%

2.85%

2.10%


33.2% 35.3%

3.5% 4.6%

0.0%

10.0%

20.0%

30.0%

40.0%

50.0%

2007 2008 2009 2010


0.4%

4.8%6.3%

5.2% 4.5%

8.7%10.2%

11.2% 11.5% 11.7%

0.0%

5.0%

10.0%

15.0%

2009 2010E 2011E 2012E 2013E


LTD Rate

1.11

0.88

1.11

0.96

0.77

1.051.05 1.06

0.891.01

0.63

0.79

0.60

0.80

1.00

1.20


2008 2010


17.7%

12.8% 12.8%10.9%

7.9% 8.7% 8.3%

0.0%

4.0%

8.0%

12.0%

16.0%

20.0%

1995 1998 2001 2004 2007 2010E 2013E


916

847

767

818 811830

868 861 854 857 858 850866

750

800

850

900

950

11 14 15 16 17 18 22 23 24 25 28 29 30

Aug

-10

Aug

-09

Aug

-08

Aug

-07

Aug

-06

Aug

-05

Aug

-04

Aug

-03

Aug

-02

Aug

-01

Aug

-00

Aug

-99

Aug

-98

Aug

-97

Aug

-96


100

150

200

250

300

350

400

450

500

50




0%

50%

100%

150%

200%

250%

300%

Feb-

11

Dec

-10

Oct

-10

Aug

-10

Jun-

10

Apr

-10

Feb-

10

Dec

-10

Oct

-10

Aug

-10

Jun-

10

Apr

-10

Feb-

10

Dec

-10


PAGE 10

Performance Review

Shari’ah Compliant

CONTINUE

APRIL 2011



TRENDS

PERFORMANCE REVIEW

INVESTINGTODAY

PRODUCTSPOTLIGHT

Fund House Performances

Funds Currency ISIN NAV 1M 3M 6M 12M 36M 12M VolatilityEquity Funds M&G GLOBAL LEADERS-$-A-ACC USD GB00B1RXYW84 8.97 (1.15%) 2.65% 11.76% 13.25% (8.84%) 20.69% SCHRODER INTL EMERG MKTS-$-A-ACC USD LU0106252389 14.01 6.38% 2.94% 10.31% 14.46% 8.19% 20.38% M&G AMERICAN FUND-$-A-ACC USD GB00B1RXYR32 10.10 0.41% 4.11% 17.64% 14.37% 7.37% 19.75% SCHRODER INTL EURO EQT-A ACC EUR LU0106235293 21.25 (1.71%) 4.99% 10.10% 6.89% (7.16%) 15.84% JPMORGAN F-JF PAC EQ-A-A$ USD LU0210528096 14.19 (0.28%) (0.42%) 9.49% 10.95% 2.90% 16.88% SCHRODER INTL BRIC-$-A-ACC USD LU0228659784 218.03 4.96% 2.59% 7.36% 10.98% 0.11% 18.16% CAAM ISLAMIC BRIC QUANT FUND-$-C-ACC USD LU0399639573 226.61 5.26% 5.64% 12.39% 15.41% N/A 18.82% AL-NOKHITHA FUND-ACC AED NA 3.89 12.74% (5.79%) (7.22%) (15.92%) (69.83%) 27.32% ADCB-MSCI UAE INDEX FUND-ACC AED NA 4.10 11.87% (5.52%) (6.22%) (15.07%) (64.09%) 27.75% ADCB-MSCI ARABIAN MKT $-ID-ACC USD NA 5.48 5.64% (4.46%) (0.58%) (3.48%) N/A 17.38% FRANKLIN INDIA FUND-$-A-ACC USD LU0231203728 27.42 10.74% (2.80%) (1.86%) 14.92% 31.26% 24.72% FIDELITY LATIN AMERICA FUND-$-A USD LU0050427557 48.80 3.85% (1.81%) 7.30% 16.47% 23.86% 19.83% TEMPLETON EM MARKETS SMALLER CO-$-A-ACC USD LU0300738514 8.86 3.75% (6.24%) 2.90% 14.77% 6.75% 20.56% TEMPLETON FRONTIER MARKETS FUND-$-A-ACC USD LU0390136736 17.05 1.73% (2.01%) 6.70% 5.90% N/A 14.96% GLOBAL THEMATIC REASEARCH PORTFOLIO-$-A-ACC USD LU0069063385 17.82 (0.34%) 2.59% 15.71% 18.72% 20.41% 20.02% BGF WORLD TECHNOLOGY-$-A2 USD LU0056508442 13.68 0.51% 5.31% 17.93% 17.42% 28.45% 20.45% CRESCENT GLOBAL EQUITY FUND USD IE0032587655 21.36 2.21% 11.36% 21.49% 14.44% (6.40%) 19.28% SIIF ISLAMIC EMERGING MARKETS EQUITY FUND USD IE00B2N6GB10 10.73 (0.29%) 6.38% NA NA NA NAJPM JF ASEAN EQUITY-AA$ USD LU0441851309 15.13 (1.82%) (0.85%) 12.32% 36.43% NA 18.46% IOF DRAGON PEACOCK USD LU0259732245 19.79 (2.62%) (6.02%) 6.39% 12.72% 0.04% 19.10% AMUNDI INTERNATIONAL-AU-C USD LU0068578508 4,936.98 0.44% 2.55% 10.03% 13.04% 10.76% 10.75% Fixed Income BNY MELLON GL-GLOBAL BOND-$A USD IE0003924739 2.13 0.17% 1.02% (1.91%) 8.50% 8.03% 6.98% ING (L) RENTA-EM MK DB LC-XC USD LU0118288173 59.05 1.83% 2.64% 2.68% 6.42% 6.45% 9.71% SCHRODER INTL GL CORP BD-AAC USD LU0106258311 8.63 0.00% 1.17% (0.92%) 4.23% 21.72% 3.11% TEMPLETON GLOBAL BOND FUND-$-A-ACC USD LU0252652382 25.64 1.34% 1.91% 3.22% 7.46% 35.95% 7.08% Commodities DB PLATINUM-COMMODITY $-I1C USD LU0216466952 22,465.30 3.57% 6.60% 16.51% 13.83% (7.64%) 16.43% JPMORGAN F-GLB NAT RE-$-A-ACC USD LU0266512127 21.43 (1.20%) (1.06%) 19.32% 31.63% 3.33% 24.14% BLACKROCK WORLD GOLD FUND-$-A USD LU0055631609 64.68 1.22% (4.09%) 6.26% 33.91% 19.49% 22.48% SCHRODERS INTL GLOBAL ENERGY FUND-$-A-ACC USD LU0256331488 44.37 1.32% 12.96% 29.85% 30.46% 4.15% 23.11% BGF WORLD MINING FUND-$-A2 USD LU0075056555 85.58 1.30% (1.29%) 19.11% 22.08% (8.67%) 27.82% DWS NOOR PRECIOUS METALS FUND USD IE00B1FQCN68 1.42 5.94% 2.57% 12.55% 31.88% (1.59%) 22.75% DWS GLOBAL AGRIBUSINESS FUND USD LU0273164847 135.21 3.21% 11.93% 27.62% 23.42% (0.74%) 21.54% AMUNDI ISLAMIC GLOBAL RESOURCES FUND USD LU0399640407 119.72 5.55% 16.12% 34.40% 29.92% NA 22.33% Real Estate HENDERSON HOR-G PROP EQTY $-A2 USD LU0209137388 14.16 (1.05%) 1.00% 8.09% 17.32% (2.21%) 18.76%


PAGE 11

Performance ReviewAPRIL 2011



TRENDS

PERFORMANCE REVIEW

INVESTINGTODAY

PRODUCTSPOTLIGHT

Fund House Performances

Funds Currency ISIN NAV 1M 3M 6M 12M 36M 12M VolatilityHedge JPM INV-HIGH STAT MAR N-A$H USD LU0323455575 155.17 1.05% 1.39% 2.17% (1.76%) N/A 2.88% NATIXIS GATEWAY US EQTYS-RA$ USD LU0411265316 112.39 0.80% 3.36% 7.89% 5.17% (4.88%) 7.61% Balanced Fidelity Multi-Asset Navigator Fund $-A-ACC USD LU0286670517 11.10 1.46% 2.97% 6.42% 9.04% 6.02% 11.38% Index MSCI WORLD USD 1,334.93 (1.24%) 4.29% 13.21% 11.20% (7.13%) 19.53% MSCI EM USD 1,170.87 5.70% 1.69% 8.86% 15.89% 6.00% 19.70% S&P Global REIT Index USD 139.98 (1.08%) 4.63% 10.83% 18.63% (17.31%) 17.90% S&P GSCI Official Close Index USD 5,515.06 4.35% 11.56% 26.53% 22.73% (32.80%) 21.18% US Cash Indices LIBOR Total Return USD 175.81 0.03% 0.08% 0.15% 0.36% 3.62% 0.04% MSCI UAE USD 303.12 11.93% (5.06%) (5.84%) (13.64%) (57.32%) 28.40%

Disclosures:

This document is for information and illustrative purposes only; it is in no way an offer or solicitation to buy or sell any investment products, but only information being provided. ADCB will not be held liable for any information provided in this document which is stated to have been obtained from third party sources. This information may be based on assumptions or market conditions and may change without notice.

The information in this report was prepared by employees of ADCB and is current as of the date of the report. The information contained herein has been obtained from sources that they believe to be reliable, but ADCB does not guarantee its accuracy, adequacy, completeness, reliability, or timeliness, and will not be held liable for any investment decisions made based on this information. Moreover, ADCB is not responsible for any errors or omissions or for the results obtained from the use of such information. All information and estimates included in this report are subject to change without notice. ADCB will furnish, upon request, available

investment information supporting this recommendation. This report is intended for qualified customers of ADCB.

The information provided in this document should be read in conjunction with the Fund Prospectus, Term Sheet and Subscription Agreement, potential investors must ensure that they read and understand the terms, conditions and information contained in the same. Past performance does not guarantee future results. Investment products are not bank deposits and are not guaranteed by ADCB. They are subject to investment risks, including possible loss of principal amount invested. Please refer to ADCB Terms and Conditions for Investment Services.

You may not redistribute this report without explicit permission from ADCB.

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Asset Management Updates from ADCB APRIL 2011 · 2013. 9. 22. · 15.40% Consumer Discretionary 5.65% Consumer Staples 6.97% Energy 4.86% Financials 7.12% Government Bonds ... Nikkei