REGIONAL VIEW GLOBAL SENTIMENT SCORE 2015 – 5.7 2014 – 6.4 Global sentiment score is a composite of the 5 key indicators detailed below DEVELOPED STILL BEATS EMERGING… 0 10 The survey’s surprising top-performer is Japan as ‘Abenomics’ encourages optimism from a low base, followed by Europe where analysts are positive about corporate renewal, and the US where the recovery is maturing. Caution resonates for China, while emerging markets are facing general softness, meaning reform progress will be a key differentiator. 1 2 9 8 Fidelity analysts conduct 17,000 3 7 company meetings per year 4 4.3 LATIN AMERICA/EMEA Mixed outlook makes discrimination critical 4.4 CHINA Growth is slowing, but from a rapid pace 6 5 5.3 ASIA PACIFIC (EX JAPAN & CHINA) Reform will be the focus 5.6 US Recovery is maturing, still looking strong 1 10 meeting every minutes 5.8 EUROPE Moving into recovery with strong corporate renewal 7.1 JAPAN ‘Abenomics’ is boosting confidence and expected returns 10 9 8 7 6 5 4 3 2 1 0 EMERGING KEY INDICATORS: CAPEX INDUSTRY RETURNS DEVELOPED MANAGEMENT CONFIDENCE BALANCE SHEET STRENGTH DIVIDEND POLICY COMPOSITE = 2015 SCORE Fidelity Composite Sentiment Indicator Our overall sentiment scores are based on an aggregate of five key indicators that capture the overall analyst view on the companies within their sectors. The responses are weighted on a scale of 1-10 (with 10 the most positive) and aggregated on the basis of the market cap of the relevant sector. The result is an indicator that is best used as a comparative tool rather than an absolute value. Fidelity Analyst Survey 2015
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