Focus on Emerging Markets for this week's report

[Joachim Bersztel]

Since our grade seems to get butchered every week by not covering
emerging markets enough, I think it is time to make an effort to
improve this and make sure that all of our emerging markets holdings
are covered.

I will try to cover BKF and EMIF as well as I can for the equity
report, but I think it should be coordinated with whoever is in charge
of the LEMB position.

To start out with, does anyone have an opinion on why the BRIC Index
Fund (BKF) fell by 2% while the Emerging Markets Infrastructure Index
Fund (EMIF) increased by more than 3% last week, and more than 1% just
today?

[Jamie Isetts]

We're selling off all those positions today and buying those posted in
the discussion "Trades." As far as emerging markets, I believe EEMS is
going to be our only holding.

[Nayab Khan]

Great. For the trade rationales, we need to have a reason as to why
we're selling off LEMB (which the fixed income team can do) and why
we're buying EEMS. I think it'll come down to a pair trade rationale,
where we think emerging market equities will outperform emerging
market debt instruments... potentially as a result of uncertainty in
fixed income markets. The equities team should write the trade
rationale as to why we're initiating exposure to EEMS.

[Jamie Isetts]

Cool. I will cover that in my summary of the trade. PS, we have the
highest return on the day of any of the teams!

[Joachim Bersztel]

Right, but we still need to write about them in the weekly review.
Also, we would probably have to combine the outlook part with our
rationale for selling it?