汇丰银行-全球-投资策略-一个优先级问题——国家与行业：哪一个更重要？-2018.2.14-22页

Disclosures&DisclaimerThisreportmustbereadwiththedisclosuresandtheanalystcertificationsintheDisclosureappendix,andwiththeDisclaimer,whichformspartofit.Issuerofreport:HSBCBankplcViewHSBCGlobalResearchat:https://www.research.hsbc.comMiFIDII–ResearchIsyouraccessagreed?CONTACTustoday??????Welookattheage-oldcountryvssectordebateforequitiesthroughanewlensandconsidertheshiftsafterthesell-off?Countrycallsstillmattermostforglobalandemergingmarketinvestors;however,sectorselectionisrisinginimportanceinEM?SectoristhedominantdriverofEurope,althoughitsinfluencehasfallensharplyduringthemarketcorrectionForequityinvestorswithaglobalmandate,akeyquestioniswhethertooperateacountry-orientedinvestmentprocessorasector-orientedone.Isitbesttofocusonallocationsbetween,forexample,ItalyandthePhilippines,orbetweenFinancial