This monthly publication provides concise investment analysis and concrete ideas that we expect to create returns over a tactical (usually 3-6 month) time horizon. Each month, we highlight investment opportunities in equities, bond and money markets, foreign exchange and commodities. Tactical asset allocation calls are also made, focusing primarily on equities/government bonds/credit/cash call. This "Multi-asset" section also occasionally covers other cross-asset calls (for example, mining equities versus underlying base metal prices) and analysis of hedge fund returns and correlations in a cyclical context.

In all asset classes, we adopt a top-down approach, using LSR's traditional focus on monetary aggregates, leading indicators, output gaps and sector balances as key inputs in the investment framework. The latest trends in these factors, and where our economists differ from the consensus, are found in "Macro drivers". Valuation measures and shorter-term indicators (for example, on investor sentiment/positioning) are then combined with the cyclical triggers to produce concrete investment ideas based on our highest-conviction views.

2-5 pages in length, these are produced in the intervening weeks between monthly GIOs. They serve several purposes: a general update of our overall views in the light of changing market conditions; introducing new investment themes and specific trade ideas; one-off specials (examples to date include Romanian currency prospects, Brazilian versus Turkish assets).

One page bulletin notifying clients of a key new recommendation or closure of an existing recommendation. Brevity of note usually reflects time-sensitive nature of recommendation / volatile market conditions.