EEMEA股票策略观察：我们知道您的邻国在做什么：应对新逆风

We know what your neighbours are doing:battling new headwinds Fed outweighs geopoliticsSurprisingly hawkish Fed has more than offset market benefits of geopolitical 07 July 2026 breakthroughand lower energy prices, which supported robust outflows from most keyEEMEA equity markets in late June. We maintain our constructive longer-term view onEEMEA equities, which should benefit from the eventual renewed USD weakness (see:The EEMEA Equity Strategist: Egypt tops the screen; S.Africa/Türkiye are right next 29June 2026). However, lack of clarity with future USD/US rates path warrants caution, sowe try to fade the extremes of optimism/pessimism. In EEMEA, financials remain thekey OW vs materials as key UW. Across GEM funds, IT is still key OW vs communicationservices as main UW in EM. Macro &Equity StrategyEEMEA Vladimir Osakovskiy>>EM Sovereign FI/EQ strategistMerrill Lynch (DIFC)+971 4 425 8291vladimir.osakovskiy@bofa.com David Hauner, CFA>>Global EM FI/FX StrategistMLI (UK)+44 20 7996 1241david.hauner@bofa.com The gap between EEMEA debt and equityis stablesince2023, but is wideningagainthis year EEMEA: Emerging Europe, MiddleEast and Africa. CEE–Central and Eastern EuropeMENA–Middle East North AfricaGCC–Gulf Cooperation CouncilOW: overweightUW: underweightJOMO: joy of missing outFOMO: fear of missing outIT: Information TechnologyEM: emerging marketsGEM: global emerging markets FOMOs & JOMOs (stock level positioning) Thetop five stocks (Buy-rated by BofA Global Research fundamental analysts but under-positioned) on our FOMO screen that are MSCI-benchmarked areGold Fields, STC,QNB, AramcoandAlinma Bank.The top three on the non-benchmarked screen areProsus,Investec and PureHealth. The top five stocks (Underperform-rated by BofAGlobal Research fundamental analysts but heavily positioned) on our JOMO screen thatare benchmarked names areOTP,Nedbank,Absa Group, KumbaandZain KSA(seeExhibit 6toExhibit 15). Trading ideas and investment strategies discussed herein may give rise tosignificant risk and arenot suitable for all investors. Investors should have experience in relevant markets and the financialresources to absorb any losses arising from applying these ideas or strategies.>> Employed by a non-US affiliate of BofAS and is not registered/qualified as a research analystunder the FINRA rules.Refer to "Other Important Disclosures" for information on certain BofA Securities entities that takeresponsibility for the information herein in particular jurisdictions.BofA Securities does and seeks to do business with issuers covered in its researchreports. As a result, investors should be aware that the firm may have a conflict ofinterest that could affect the objectivity of this report. Investors should consider thisreport as only a single factor in making their investment decision.Refer to important disclosures on page 22 to 24.12990826 Stock level positioning: FOMOs & JOMOs Exhibit 2 (FOMO) and Exhibit 3 (JOMO) screen for the positioning ranks for stocks thatare constituents of the MSCI EEMEA index. We adjust weight proportions of individualMSCI EEMEA stocks at the fund level (which have both benchmark and off-benchmarkstocks) in relation to other MSCI EEMEA stocks in order to quantify the extent of theOW / UW of individual benchmarked-stocks. Exhibit 4 (FOMO) and Exhibit 5 (JOMO)screen for the positioning ranks for stocks that are not constituents of the MSCI EEMEAindex. Our screen ranks the stocks based on the % of GEM funds that own a specificstock. Exhibit2:Top 15 FOMOs (least owned, Buy-rated, ranked byUW/OW)Gold Fieldsrankshighest in ourFOMO benchmarkedscreen OTP Bankranks highest in ourJOMO screen Prosusranks the highestin ourFOMOnon-benchmarkscreen TelekomSAranked highest in thenon-benchmarkJOMOscreen Exhibit6:Top 5 FOMOs–Gold FieldsAt the top ofEEMEA FOMOand stable At the top of EEMEA JOMOand stable Exhibit 16 and Exhibit 17 rank stocks held by GEM funds that are in the MSCI EM Index.The stocks are assigned a positioning rank (percentile ranking) which is calculated as anequally weighted average of 2 factors (percentile ranking): OW/UW position and % ofGEM funds holding. For stocks held by GEM funds that are not in the MSCI EM Index,since we only have one factor, we assign a 100% weight to the ranking of % of GEMfunds holding. Stocks in Exhibit 16 and Exhibit 17 are ranked regardless of their ratingby BofA fundamental analysts, where BofA has stock coverage. Exhibit16: Lightest positioning (Most UW/owned)–Top50Top50EEMEA stocks of GEM funds reviewed FOMOs & JOMOs methodology Stock-level screening At the stock level, we screen for stocks in either MSCI Emerging EMEA market orBofA coverage in the 11 EEMEA markets. We also require an average dailyturnover over the past 3 months of at least US$1mn. Due to data availability,some screens may have fewer stocks. Stock-level positioning data is based on oursample of 154 active GEM funds with US$ 214.88 bn AUM with an MSCIbenchmark. We use IBES con