EFTA Document EFTA01451031

II December 2013 GEM Equity Strategy Outlook 2014 2) Value spread is more nuanced through the EM non-financial universe. The valuation spread is far more varied across the non-financial sectors (Figure 17). Energy is the most obvious example of a cheap EM sector relative to returns compared with DM, while Consumer Discretionary. IT and Telcos also look better value. In contrast both Healthcare and Consumer Staples look better in DM whilst Industrials and Materials are relatively even, alt