Increased the long equities by 5% (mostly Asian ETFs particularly Singapore):
Still modestly long equities approx. net 10%, gross 35%
Longs in:
Asian ETFs - 10%
Pharma - 5%
Telecom - 2.5%
Agriculture - 2.5%
Oil, Gas, Industrials - 5%
Tech - 5%
Mar 11 AUD 2%
Mar 11 CAD 2%
Mar 11 Gold 2%
Dec 11 Corn 1%
Forward PE's on the individual longs are approximately 11x.
ETF PE's are a bit higher, however, this trade is more about currency devaluation rather than valuation per se.
To the extent there is a correction, will be adding to the long equity side and possibly the FX side.
Still expecting EUR to test 1.329-ish level.
