Why Invest in Europe (FX Hedged)?

• Leading indicators show tentative signs of stabilization (relative PMIs), and there is still substantial pent up demand (savings ratio of 13% and net investment is 1/3 its normal levels).
• Bank balance sheets have stopped contracting and money supply is now accelerating.
• The ECB has crossed the sovereign QE threshold with 60B Euro/Month in purchases through Sept 2016.
• European equities are cheap on a P/B basis, Shiller P/E, and relative to bonds.

Please use the following link for the full investment update on European Equities: 

Issue attachment (not archived)Europe Equity (FX Hedged)