Investment Views - VP Bank

Current Market Assessment
The tables below summarize VP Bank's trend assessments for all asset classes in our investment universe. The arrows reflect
the forecasts of our investment strategists for the coming three to six months. The trends for currencies, equities and alternative
investments indicate expected percentage changes in value. The bond assessments indicate expected changes in yields,
expressed in basis points. The symbols are explained in the key at the bottom of the page.
Money Markets (pages 13–17)
Currencies
EUR vs. USD
GBP vs. USD
JPY vs. USD
USD vs. CHF
EUR vs. CHF
GBP vs. CHF
JPY vs. CHF
Key Interest Rates
Switzerland
Europe (EMU)
US
Bond Yields (pages 19–27)
Investment Grade Government Bonds
Switzerland
Europe
US
Investment Grade Corporate Bonds
Switzerland
Europe
US
Emerging Market Bonds
High Yield Bonds
October 2010 November 2010
Equities (pages 29–41)
Switzerland
Europe
North America
Pacific
Emerging Markets
Alternative Investments (pages 43– 49)
Commodities
Real Estate Stocks
Private Equity
Convertible Bonds
Hedge Funds
Currencies – Expected appreciation/depreciation:
> +5% +2% to +5% –2% to +2% –5% to –2% < –5%
Equities, Alternative Investments – Upside/downside ranges indicated by our 3–6 month absolute performance assessments:
> +5% +2% to +5% –2% to +2% –5% to –2% < –5%
Bond Yields, Key Interest Rates – Upside/downside ranges indicated by our 3–6 month absolute performance assessments:
> +50 basis points +25 basis points No change –25 basis points < –50 basis points
Legal notes on page 60.
October 2010 November 2010
5 | November 2010 | Current Market Assessment