Macro outlook
2013 was ushered in three months ago amidst clouds of fiscal uncertainty in the US,
economic slowdowns in Emerging Markets and misplaced austerity in most of Europe.
As a result, most investors kept looking for safety in the coziness of Uncle Sam debt and
other fixed income instruments. As it often happens, equities, especially in the United
States, bucked the expectations and delivered a strong first Quarter performance. The
upside surprise was a direct consequence of good absolute valuations, excellent relative
valuation (to bonds) and a series of domestic economic numbers that have mostly
surprised to the upside.
Click here to download First Quarter 2013 file or view it in a new window