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  • macro analysis2010: A changing world

    asset allocation Allocation 2010: a new era or a new downturn?

    products FocusSome investment ideas for 2010

    perspectives 2010 forecast

    www.am.natixis.com

  • Cover picture: dubassy / Shutterstock

    Macroeconomic Analysis

    Asset Allocation

    Market Data

    Product Focus

    News

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    Perspectives is a Natixis Asset M

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    NAtixis Asset MANAgeMeNtLimited Liability CompanyShare Capital 50 434 604,76 RCS Number 329 450 738 ParisRegulated by AMF under nGP 90-009Registered Office: 21 quai dAusterlitz75 634 Paris, Cedex 13 - Tel. +33 1 78 40 80 00

    www.am.natixis.com

    NAtixis MultiMANAgerSubsidiary of Natixis Asset ManagementA French simplified joint-stock companyShare Capital of 7 536 452 euros - RCS Number 438 284 192 ParisRegulated by AMF under nGP 01-054Registered Office: 21 quai dAusterlitz75 634 Paris, Cedex 13 - Tel. +33 1 78 40 32 00

    www.multimanager.natixis.com

    Publishing Director: F. LenoirEditorial Committee: T. Benoist, S. de Quelen, Ph. Le Me, R. Monclar, F. Nicolas, Ch. Point, M-L. Rouy, J-P. Snel, B. Thiery, Ph. WaechterCoordination - Writing: N. ClmotHead of design: F. DupertuysContributors: L. Faure, M. Louvrier

    The funds mentioned in this material are not registered or authorized in all jurisdictions and may not be available to all investors in a jurisdiction. Natixis International Funds (Lux) I is organized as an investment company with variable capital under the laws of the Grand-Duchy of Luxembourg and is authorized by the financial regulator (the CSSF) as a UCITS. Natixis Global Associates S.A. is the management company of the Fund. The provision of this material does not constitute an offer of services, nor an offer or recommendation to purchase or sell shares in any financial instrument. Investors should consider the investment objectives, risks and expenses of any investment carefully before investing. In the case of a fund, these can be found in the funds prospectus or offering memorandum, which should be read carefully before investing. If you would like further information about any of the funds, including charges, expenses and risk considerations, contact the sender of this document or your financial advisor for a free prospectus, simplified prospectus, copy of the Articles of Incorporation, the semi and annual reports, and/ or other materials and translations that are relevant to your jurisdiction. Any reference to a ranking, a rating or an award provides no guarantee for future performance results and is not constant over time. Performance data shown represents past performance and is not a guarantee of future results. More recent performance may be lower or higher. Principal value and returns fluctuate over time (including as a result of currency fluctuations) so that shares, when redeemed, will be worth more or less than their original cost. Performance shown is net of all fund expenses, but does not include the effect of sales charges or correspondent bank charges, and assumes reinvestment of distributions. If such charges were included, returns would have been lower. The analyses, opinions, and certain of the investment themes and processes referenced herein represent the views of the author(s) referenced as of the date indicated. These, as well as the portfolio holdings and characteristics shown, are subject to change. There can be no assurance that developments will transpire as may be forecasted in this material.

    In certain cases, this material is provided by one of the Natixis Global Associates entities listed below, each of which is a subsidiary of Natixis Global Asset Management, the holding company of a diverse

    line-up of specialised investment management and distribution entities worldwide, each of which conduct any regulated activities only in and from the jurisdictions in which they are licensed or authorized. Their services and the products they manage are not available to all investors in all jurisdictions. Although Natixis Global Associates believes that the information provided in this material to be reliable, it does not guarantee the accuracy, adequacy, or completeness of such information. In the UK: This material is provided by Natixis Global Associates UK Limited which is authorised and regulated by the UK Financial Services Authority (register no. 190258). This material is intended to be communicated to and/or directed at persons (1) in the United Kingdom, and should not to be regarded as an offer to buy or sell, or the solicitation of any offer to buy or sell securities in any other jurisdiction than the United Kingdom; and (2) who are authorised under the Financial Services and Markets Act 2000; or are high net worth businesses with called up share capital or net assets of at least 5 million or in the case of a trust assets of at least 10 million; or any other person to whom the material may otherwise lawfully be distributed in accordance with the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 or the (Promotion of Collective Investment Schemes) (Exemption) Order 2001 (the "Intended Recipients"). To the extent that this material is issued by Natixis Global Associates UK Limited, the fund, services or opinions referred to in this material are only available to the Intended Recipients and this material must not be relied nor acted upon by any other persons. Registered Address: Cannon Bridge House, 25 Dowgate Hill, London, EC4R 2YA. In the E.U. (outside of Germany, Austria, Italy and the UK): This material is provided to the investment service provider or other Professional Client or Qualified Investor who has requested it by Natixis Global Associates S.A. or its branch office in France, Natixis Global Associates International. Natixis Global Associates S.A. is a Luxembourg management company that is authorized by the Commission de Surveillance du Secteur Financier and is incorporated under Luxembourg laws and registered under n. B 115843. Registered office of Natixis Global Associates S.A.: 2-8 Avenue Charles de Gaulle, L-1653 Luxembourg, Grand Duchy of Luxembourg. Registered

    office of Natixis Global Associates International (n.509 471 173 RCS Paris): 21 quai d'Austerlitz, 75013 Paris. In Germany and Austria: This material is intended to be communicated to and/or directed at persons in Germany and Austria by Natixis Global Associates Germany GmbH, a tied agent of Natixis Global Associates UK Limited. In the case the fund(s) referenced within this material is/are not registered in Germany or Austria, this material is intended to be communicated to and/or directed at persons who are (a) lawfully authorized to receive this material under the provisions of 2 (11) paragraph of the German Investment Act or (b) Qualified Investors as defined in Article 1 (1) 5a of the Austrian Capital Market Act (Intended Recipients). To the extent that this material is issued by Natixis Global Associates Germany GmbH, the fund, services or opinions referred to in this material are only available to the Intended Recipients and this material must not be relied or acted upon by any other person. Registered office of Natixis Global Associates Germany GmbH (Frankfurt am Main HRB 45540): Im Trutz Frankfurt 55, Westend Carre, 7. Floor, Frankfurt am Main 60322, Germany. In Italy: This material is provided to the investment service provider or other Professional Client or Qualified Investor who has requested it by Natixis Global Associates Italia SGR, S.p.A., an investment management company (Societa di Gestione del Risparmio) registered and regulated by the Bank of Italy (registration no. 119, code no. 15143.1). Registered office: Via San Clemente, 1 - 20122, Milan, Italy. In Switzerland: This material is provided to Qualified Investors by Natixis Global Associates Switzerland Srl. Registered office: place de la Fusterie 12, 1204 Genve. In the DIFC: This material is provided in and from the DIFC financial district by Natixis Global Associates Middle East, a branch of Natixis Global Associates UK Limited, which is regulated by the DFSA. Related financial products or services are only available to persons who have sufficient financial experience and understanding to participate in financial markets within the DIFC, and qualify as Professional Clients as defined by the DFSA. Registered office: PO Box. 118257, 5th Floor, Building 8, Gate Village, DIFC, Dubai, United Arab Emirates.

    this material has been prepared by Natixis Asset Management, a subsidiary of Natixis global Asset Management. Natixis Asset Management is a French asset manager authorized by the Autorit des Marchs Financiers (Code 1200009, Agreement No. gP90009) and licensed to provide investment management services in the eu.

    Legal information

    ContactsProspectus and sales documents required for subscription are available on demand:

    n Natixis Global Associates (Operations): offshoreops@ga.natixis.comn or CACEIS Luxembourg (Prime Transfer Agent): fb-reg-european-ta@eu.fasnetgroup.com (352) 47 67 70 78n or Natixis Asset Management (Clients servicing): nam-service-clients@am.natixis.com

  • 1January 2010www.am.natixis.com

    philippe zaouatiHead of Business Development

    As we begin the year, I would like to send you our good wishes for 2010, from all the teams at Natixis Asset Management.This January issue is devoted to the macroeconomic outlook and forecasts for the 2010 allocation strategies, with analysis by Philippe Waechter, Chief Economist and Franck Nicolas, Head of Global Asset Allocation and ALM.

    According