A lot of the domestic-demand stocks, which have been our focus, are at elevated valuations now.

Presence is more than just being there.

Asia-Pacific markets have reached our index target, but we see no imminent threat to the outlook. Can the rally continue? In the short-term we believe so, particularly if the major central banks acquiesce.

We remain overweight on the global growth proxies of Taiwan, [South] Korea and Singapore.

Almost everyone we know right now is moving.

In China, we stress a portfolio focused on domestic stocks and certain market leading consumer stocks in industries where there has been consolidation. Banks are also interesting, with good credit growth, the probability for increased fee income and implementations of cost cutting measures. Valuations may not be cheap but still appear attractive.