EFTA Document EFTA01458628

11 September 2015 Asset Allocation • The commodity pike declines underway shoe 2011 have been primarily a reflection of the rising dollar and a correction of overvaluation not slower global growth grading The Commodity Underperformance Cycle, Apr 2013). We expect the dollar to remain the primary driver of the complex and while we expect the dollar pause to continue near-term the dollar up cycle has further to run medium term. Oil is a little above fair value currently while gold and esp