EFTA Document EFTA01387381

9 January 2018 FX Blueprint [Figure 25: Swiss home bias has created a CHF 400bn Figure 26: Home bias increasingly costly as foreign stocks significantly better valued. not least due to FX 45% Adj. we rate 40% vs 15-year 36% swag. 3C% 25% 20% 15% 10% 5% JPY 0 0% • .5% 1Wt valuation (average of PPP, KEA BE00 •20% .15% .10% -6% Oil., 6% underweight in foreign portfolio assets WO CHF bri. cumulative 900 700 600 -Swiss foresee portlaio 600 400 300 CHF 3004000n