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www .zfu.ch
EXPATRIATES i}>ÊEÊ/>ÝiÃ\ iÀÊ6iÀÌÀ>}ÊqÊÊ 6iÀÌÀ>}ÃÀiV ÌÊvØÀÊ V ÌÕÀÃÌiÊ £{°ÊqÊ£x°Ê ÛiLiÀÊÓääÈÊ Ê ÌiÊ-ii`>Ê*>â> nnänÊ*vBvwÊ-< -ÌiÕiÀ>ÃiÊÕ`Ê"vvà Ài-ÌÀÕÌÕÀiÊÊ Ê Ó£°ÊqÊÓÓ°Ê ÛiLiÀÊÓääÈÊ Ê ÌiÊ-ii`>Ê*>â> nnänÊ*vBvwÊ-< i ÀÜiÀÌÃÌiÕiÀ-i>ÀÊ vØÀÊØ ÀÕ}ÃÀBvÌiÊ Óx°ÊqÊÓÈ°Ê"ÌLiÀÊÓääÈÊ Ê ÌiÊiÛÀ nnäÎÊ,ØÃV 6,-i>Ài\ <iÀÌwâiÀÌiÀÊi À}>}Ê vØÀÊ`iÊ6iÀÜ>ÌÕ}ÃÀ>ÌÊÊ ££°ÊqÊ£{°Ê"ÌLiÀÊÓääÈÊ Ê *>À>>Ê,iÃÀÌÊEÊ-«> nnÎxÊiÕÃÃLiÀ}Ê-< >âiÊEÊ ÌÀ}\ >âiÊEÊ ÌÀ}ÊvØÀÊÊ V Ì>âv>V iÕÌiÊ Ó{°ÊqÊÓÇ°Ê"ÌLiÀÊÓääÈÊ £{°ÊqÊ£Ç°Ê ÛiLiÀÊÓääÈÊ Ûi«VÊÌiÊ n£äxÊ,i}iÃ`Àv *iÀÃV iÌÃiÌÜVÕ}\ Ø ÀÕ}Ê`iÀÊi}iiÊ*iÀÃÊ– Àv}ÀiV iÀÊ1}>}ÊÌÊ-ÌÀiÃÃÊ £Ó°ÊqÊ£{°Ê"ÌLiÀÊÓääÈÊ Ê *>À>>Ê,iÃÀÌÊEÊ-«> nnÎxÊiÕÃÃLiÀ}Ê-< >V V iÊÕÃÕvÌ\Ê>ÀVÊ>ÕÀiÀ]Ê«iÌiâ<iÌÀÕÊi}>ÊEÊ/>ÝiÃÊ i`Õ}iÊÕ`Ê>}iiiÊÕÃØvÌi\ÊÊ iÌ>vÀ>ÌiÊâÕÊ`iÊ6iÀ>ÃÌ>ÌÕ}iÊÕÌiÀ\ÊÊ ÜÜÜ°âvÕ°V 6iÀ>ÃÌ>ÌÕ}Ã>i`iÀ /i°Ê³{£Ê{{ÊÇÓÓÊnxÊ{ä /i°Ê³{£Ê{{ÊÇÓÓÊnxÊnx ÜÜÜ°âvÕ°V <v1ÊNÊÌiÀ>Ì>ÊÕÃiÃÃÊ-V <iÌÀÕÊvØÀÊ1ÌiÀi Õ}ÃvØ ÀÕ}ÊÊNÊÊ*>ÀÊ{ÊNÊ nnääÊ/ >ÜÊ /i°Êʳ{£Ê{{ÊÇÓÓÊnxÊnxÊNÊ>Ýʳ{£Ê{{ÊÇÓÓÊnxÊnÈÊNÊÜÜÜ°âvÕ°V ÊNÊvJâvÕ°V Expat investors hold their own in good and bad times According to a new survey by Internaxx Bank, a joint venture between TD Waterhouse and Fortis Bank in Luxembourg, significant numbers of expat investors claim to have outperformed the market, regardless of stagnation, stability or volatility. 81% now claim to have matched or even outperformed, as did 80% in the strengthening markets of July 2005 and 79% in the poorer environment of November 2004. Some respondents credited their success to a high exposure to growth in Eastern European, Middle Eastern and emerging markets. Others noted well managed development in the Gulf and continued U.S. outsourcing to China and India as engines of growth. Those based in the Middle East saw reason to feel optimistic about its long-term growth, and Brazil and Russia scored for their high natural resources economies. The more highly diversified, the more likely expats are to outperform the market. The most successful expats are invested in just under three asset types, compared to 2.3 for those who matched the market and only 1.9 for those who underperformed. Furthermore 69% of expats claim to be self directed up from 61% in July 2005. Expat investors are heavily exposed to equities (66%) and own a significant part of volatile stocks (22% of their portfolio). Twice as many expect to increase their exposure to volatile equities than 4 /2006 PRIVATE they do to blue chips (14% compared to 7%), and those wanting to increase exposure to volatile equities are evenly spread across the world, while the vast majority of expats who intend to increase their exposure to blue chips are in Asia. China continues to power ahead as the most favourably viewed country market, with India close behind. Positive sentiment towards China has risen from 38 to 56% in under a year, with India close behind at 43%, though sentiment towards other Asian countries has dropped from 37 to 26%. In the same time period, positive sentiment has dropped threefold for the UK from 37 to 12%, halved towards the U.S. (24 to 12%) and dropped from 26 to 22% for the EU. Reasons given include a sense that Europe is stagnating and lacking direction as well as the feeling that France is politically uncertain and lagging behind the UK. Ageing population, rigid labour laws and saturated internal markets were all cited. Among expat investors, energy attracted the highest degree of positive sentiment (57%), followed by telecoms (49%), consumer goods (33%), finance (33%), industrial (24%), retail (21%) and mining (18%). One in three expects to increase his exposure to property, particularly among those based in the Middle East (52%) followed by those based in the EU (33%), with those based in Asia last (24%). 15