HEDGE FUND JOURNAL: 2016 MARKET OUTLOOKS

P40-41 We remain very optimistic on the outlook for European equities. Recent company visits confirm our view that the domestic European exonomy is recovering faster than expected. We expect the recovery in domestic demand to continue to accelerate and for results to continue to beat consensus analyst forecasts in 2016.

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HEDGE WEEK: THE ASCENT OF LIQUID ALTERNATIVES

On 28 August 2015 Aberdeen Asset Management PLC launched a USD500 million liquid alternatives fund – the Aberdeen Alternative Strategies Fund – designed to give investors access to a portfolio of alternative strategies. At the time, Morningstar quoted Andrew McCaffery, global head of alternatives at Aberdeen as saying: “Alternative investment strategies are becoming increasingly central to client portfolios and moving into the mainstream. This is why we have seen such strong demand for this fund. Many investors are constrained by complexity, liquidity, transparency and regulation.”

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INVESTMENT EUROPE: HUNTING CONTRARIAN OPPORTUNITIES

Most analysts have in our view failed to appreciate the intensity of the European recovery, which as earnings growth becomes increasingly ‘visible’ throughout the year, should lead to significantly higher share prices. The market, however, remains compellingly valued with shares pricing in an unusually bearish decline in returns on capital into perpetuity. The more domestically orientated companies are trading at, in many cases, a 50% discount to their counterparts in the US.

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