JPM on Equity Strategy – Stay Neutral EM vs DM; Commodity equities relative risk-reward is also not great

Specifically on commodities, we remain Neutral, both Miners and Energy. Within a European portfolio we prefer exposure to European domestic names, our basket (JPDEEZDR) is up 40bp ytd versus the EM exposure basket (JPDEEMEX) which is down 260bp ytd. (JPM)