12 wks out and no word, page-11

Yes maps. No doubt the headline themes is Chinese credit tightening and capital outflows from EM. Just need to take a view on whether this is a long drawn out process or whether the already very cheap historical valuation become even more oversold. Near term producers of key commodities will eventual supplement the supply that gets pull back. BRL is likely to float around but is in no genuine risk near term given its natural strong position with cost and quality. Long term the hedge funds and insto support will flow back in just a matter of your individual timeframe.