Country Recommendations
| Local Currency | Foreign Currency | ||||
| Currency | Interest rates | Debt | Interest rates | ||
| Central Eastern Europe | |||||
| Czech Rep | Overweight | ||||
| Hungary | Underweight | ||||
| Poland | Overweight | ||||
| Slovakia | N/A | N/A | |||
| South Eastern Europe (EU) | |||||
| Bulgaria | Underweight | ||||
| Croatia | |||||
| Romania | Underweight | ||||
| Slovenia | N/A | N/A | |||
| South Eastern Europe (non-EU) | |||||
| Albania | Underweight | ||||
| Bosnia and Herz. | |||||
| Rep of Macedonia | |||||
| Montenegro | N/A | N/A | Underweight | ||
| Serbia | Underweight | Overweight | |||
| Western FSU | |||||
| Belarus | Underweight | ||||
| Moldova | Underweight | ||||
| Russia | Overweight | ||||
| Ukraine | Overweight | ||||
| Caucasus | |||||
| Armenia | Underweight | ||||
| Georgia | Underweight | ||||
| Central Asia | |||||
| Kyrgyz rep | Underweight | ||||
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This is an indicative portfolio only which is based on a 6-12 month investment horizon. reflects that we believe this category of investment will outperform its respective index and therefore should have more than a neutral market weighting. reflects the opposite view. A blank space reflects a weighting. - These countries do not possess a local currency. All use the Euro instead. Slovakia and Slovenia are members of EMU while Montenegro has adopted the Euro unilaterally |
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