Table of Contents
Monthly strategy bullets................................................................... 3
Top picks, macro data, consensus data sheet ..........................................................................4
Strategy overview ............................................................................. 5
What happened to the retail investors? ....................................................................................6
Liquidity still available when needed? Or just an illusion?.........................................................7
Global tax scheme (effective January 2010) a wild card ...........................................................9
Fundamentals appear on track................................................................................................11
Deutsche Bank 10 Taiwan portfolio ............................................... 16
Sector rotation................................................................................. 18
1. Performance .......................................................................................................................18
2. Growth and value................................................................................................................18
3. Momentum/marginal change..............................................................................................20
4. Liquidity..............................................................................................................................21
5. Volatility/risk ........................................................................................................................22
6. Sector strategy summary....................................................................................................22
Appendix A – growth screen .......................................................... 24
Appendix B – value screen.............................................................. 25
Appendix C – risk screen................................................................. 26