Themes to seek exposure to:

• Favour branded exposure to emerging market consumer demand
• Favour exposure to German domestic demand
• Favour exposure to healthcare demands of an ageing Western population and to increasing incidence of Western lifestyle diseases in emerging economies
• Favour exposure to unconventional (shale) Oil and Gas
• Favour exposure to US Construction
• Maintain some exposure to secular commodity theme
• Maintain selective exposure to emerging markets Infrastructure theme
• Favour beneficiaries of ongoing automation and application of robotics
• Don't shun "quality" cyclical exposure
• Favour solid and consistent financial metrics

Themes to avoid:

• Avoid the victims of Chinese competition
• Avoid fiscal victims
• Avoid technology victims
• Avoid state-ridden sectors

David Fuller's view This report has medium to longer-term value and is a very helpful background check for equities that many of us will wish to consider for our portfolios. I would also use the Fullermoney Chart Library for timing.