EFTA Document EFTA01357800

I3 January 2015 NY Corporate Credit Energy Conclusion: E&P subsector - maintain Underweight Keeping all of the preceding in mind, we believe investors should be underweight the DB HY Energy E&P Index, and maintain this recommendation. Last year, the DB HY Energy E&P Index was the worst performing sub-sector in high yield. HY Energy was down -6% for the year, which compares to overall HY being up -3.5%. In particular, we see little room for E&P subsector outperformance as these smaller H