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Orthogonal thinking

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For professional investors only

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"Writing and thinkingconstantly instead oftrading is the best wayto identify the righttrends."Stephen Li Jen,CEO & co-CIO

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Staying curious and inquisitive is at the forefrontof our research philosophyMD at Morgan Stanley. Roles included GlobalHead of Currency Research (1996-2009)Economist at the IMF, covering economies ofEastern Europe & AsiaBSC in Electrical Engineering from UC Irvine(summa cum laude)PhD in Economics from the MassachusettsInstitute of TechnologyDirector of Quantitative Research and Tradingat BlueGold Capital (2010)MD and Head of Institutional Quant at Bank ofAmerica, as well as Chief European CurrencyStrategist (2005-2009)Currency Economist at Morgan Stanley (2000-2003)Assistant Professor of Finance at ExeterUniversityMA and PhD in Finance and EconometricsStephen Li Jen Fatih YilmazWe seek out the answers to questions that have not yet been fully investigated. Byprobing the status quo to examine all inputs of information, we formulate ideas andgive in-depth macroeconomic analysis. This is augmented by rigorous quantitativetools on key economic and policy issues affecting the world.We are an open-minded and international thought centre, exchanging views in aninformal and relaxed setting. We specialise in emerging markets, and more specifically,the fixed income and currency aspects across a variety of markets.Our Investments, Advisory & Research team has built up a strong communication ethic.Focusing on the ‘cross sectional’ aspects of the global economy and adopting a nontraditional analysis and pure ‘trading’ mindset ensures ideas are picked apart,contributed to, and questioned.The resulting research, thought leadership and commentary is direct from our mainrisk takers. Through their weekly notes, our portfolio managers share their top-downviews on major global economic and policy issues and zoom in on different topics asthey become relevant to markets.Diverse specialists collaborate for uniqueperspectives“We don’t follow a research agenda, we believe an‘always on’ writing and thinking culture is the rightway to identify the big ideas that need to beexplored”CEO & co-CIO co-CIOUS, Hedge Fund

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My Thoughts on CurrenciesResearch examplesStephen’s take on the globaleconomy, covering a wide rangeof issues and regions as theybecome relevant to markets.Briefing NotesWe combine rigorous quantitativeand analytical methods to studytopics in greater detail, targetingthemes that we believe will becentral to market movements.Emerging Market FocusA series of commentaries,touching on selected issues thatare related to EM and the keyfactors driving markets.Economist, Global Investment Manager Our research, written by our key market practitioners, is delivered directly to your inbox. We value a close, two way dialogue with our clients and as such all of ourclients are able to access our research team via a centralised mailbox. We thrive on the exchange of ideas, questions and comments from our clients.

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A A Higher US ‘NAIRU’? July 12, 2021Europe’s Resilience to Shocks, June 28, 2021My Thoughts on Currencies, June 21, 2021China’s Corporate Debt and Defaults – A Sanguine Perspective, June 14, 2021Chinese RMB’s International Currency Status, May 20, 2021My Thoughts on Currencies, May 19, 2021One Size Fits None, May 7, 2021The US to Export Inflationary Pressures through Trade Deficits, April 26, 2021China Envy: The West Emulating China’s Big Government, April 13, 2021My Thoughts on Currencies, March 29, 2021Fiscal Stimulus Should Make the Dollar Smile, March 23, 2021My Thoughts on Currencies, March 3, 2021The World is Underweight China, and Vice Versa, February 26, 2021Why is the CHF so Strong? A Balance Sheet Explanation. February 18, 2021Emerging Markets = China + EM ex-China, February 12, 2021My Thoughts on Currencies, February 4, 2021E-CNY, January 25, 2021A Structural Perspective on Global Market Cap Trends, January 12, 2021My Thoughts on Currencies, January 6, 2021Trade Regionalisation: A Tale of Three Continents, November 27, 2020Our Thoughts on Emerging Markets, November 23, 2020My Thoughts on Currencies, November 18, 2020Our Thoughts on Emerging Markets, October 30, 2020Our Structural View on Currencies: CNY > USD > EUR, October 28, 2020Chile and the Peaking of ‘Globalisation 1.0’, October 27, 2020Selected previous publicationsNews EditorialResearch examplesCanada, Investment Manager Stephen’s Short commentarybased on news reports. Sign up for a free trial



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Stephen Li Jen Fatih YilmazCEO & co-CIOGlobal macro, FX,FI Management Alan Wilson Neil Staines Joana Freire Yasmine Ravai Monica WangSenior PortfolioManager Onshore RMB bond tradingGlobal macro & FX tradingQuant & credit riskmodelling Wenting Dengco-CIOGlobal macro, FX,FI Management Your research team Onshore RMB bond trading& credit research Emerging Market Debt Global macro, FX and FIManagement Global macro, FX and FIManagement Emerging Market Debt Assistant PortfolioManager Senior PortfolioManager Portfolio Manager& EconomistSenior PortfolioManagerPortfolio Manager Global Investment Bank

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We believe it is crucial to have risk takers that are of a global mindset It is very important for us in formulating our views Fatih Yilmaz co CIO

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DisclaimerFor professional investors onlyThis marketing communication is provided by Eurizon SLJ Capital Limited, a Limited Company with Company Number: 9775525, registered in England with Registered Office Address 90 Queen Street, EC4N 1SA. Eurizon SLJCapital Limited is authorised and regulated by the Financial Conduct Authority (“FCA”). This communication has been prepared by a member of Eurizon SLJ Capital Limited and may not be reproduced, redistributed or copiedin whole or in part for any purpose. Neither this document, nor any copy or part thereof, may be distributed in any other jurisdictions where its distribution may be restricted by law and persons into whose possession thematerial comes should inform themselves about, and observe, any such restrictions. The information and opinions provided in this marketing communication take no account of investor's individual circumstances and shouldnot be taken as specific advice on the merits of any investment decision. No member of Eurizon SLJ Capital Limited accepts any liability whatsoever for any direct or consequential loss howsoever arising, directly or indirectly,from any use or reliance on this marketing communication or its contents. This marketing communication has not been prepared in accordance with legal requirements designed to promote the independent of investmentresearch and it is not subject to any prohibition on dealing ahead of the dissemination of investment research. This marketing communication is provided in accordance with s.54(1) of The Financial Services and Markets Act2000 (Regulated Activities) Order 2001, which provides that this marketing communication does not constitute neither that of: (a) the regulated activity of giving advice; nor (b) leading or enabling persons to buy, sell, subscribefor or underwrite securities or contractually based investments. Eurizon SLJ Capital Limited has taken all reasonable care to ensure that the information contained in this document is accurate at the time of publication,however no representation or warranty, express or implied, is made as to the accuracy, reliability or completeness of such information including any forecasts of future performance.