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April 2009
 
 ALBATROS BOLSA SICAV 
Page
2
Performance MetricsInvestment Matrix: Risk, Growth and % InvestedPortfolioMacroeconomic Backdrop – Including Bank Sector RisksTactical Market Models
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Conclusions
6
Portfolio and Strategy
 
 ALBATROS BOLSA SICAV 
Page
3
Portfolio and Strategy
KEY POINTS
Equity Investing continues to be dominated by marcoeconomic expectations.
Macroeconomic lead indicators have shown stability over the last 2 monthswhile the major macroeconomic aggregates continue in “free fall”.
Providing increased optimism and valuation support to equity markets.
The major surprises have been in the areas of better credit availability toIndustry, better Money Supply metrics and bank earnings surprises.
Forward earnings expectations assume most earnings growth will come fromFinancials while important drivers of bank earnings are still exposed to weakhousing & employment.
Worrysome is that some strategic (leading) measures of expected growthare not improving (yield curve, BAA-AAA credit spreads)
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