News

01/01/2009 - Liberation VII Trading Note

We are delighted to inform you that the Liberation VII has invested into the iShares MSCI Brazil ETF.
Brazil has been chosen based on research from Lombard Street Research (their understanding of Brazil last
year was one of their most notable successes). The Brazilian currency is one of the more robust in the
emerging markets region, the country enjoys a small current account deficit, has a fairly closed economy
(and therefore has a lower exposure to a global slowdown than other emerging markets) and there is scope
for significant fiscal stimuli in 2009 which should benefit the economy.

Jason Britton

This document is issued to IF Alliance by T. Bailey Asset Management Limited (“TBAM”) which is authorised and regulated by the Financial Services Authority No. 190291.
• The information represents the opinions of TBAM at the time of writing and is only intended for distribution to professional advisers. It should not be construed as investment advice.
• Every effort is taken to ensure the accuracy of any data which is used but no warranties are given. All sources TBAM unless otherwise stated. Based on TBAM's understanding of current law and practice which could alter as a result of future legislation. Past performance is not a
reliable indicator of future results
• TBAM is registered in England and Wales Number 3720372. Registered Office 64 St James's Street Nottingham NG1 6FJ.

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