Page 5 - Sainsbury Strategy and Invetsment Recommendations
P. 5

Asset Class                            Valuation                                       Momentum              Macro         Overall

    Australian Equities                    Fair Value to Expensive


    US Equities                            Expensive

    European Equities                      Fair Value to Expensive


    Asian Equities                         Fair Value to Expensive


    Emerging Market Equities               Fair Value to Expensive


    Australian Fixed Interest              Fair Value to Expensive

    Global Fixed Interest                  Expensive


    Listed Property                        Fair to                 Fair Value
                                           Expensive

    Listed Infrastructure                  Fair to                 Fair Value
                                           Expensive

    Currency (AUD/USD)                     Very Expensive
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