GLOBAL EQUITY STRATEGY: The gap between the div yield and the real bond yield remains at extremes; the performance of div yield as a style has followed bond yields, which we struggle to see rising significantly, and has OP buybacks as a style YTD. Div are very important, providing 67-85% of long-term returns and, in Europe, 96% of capital returns to shareholders, compared with 48% in the US. The key is identifying sustainability, with 45% of div in Europe from financials and commos and with div momentum at a 4-year low. We focus on companies with high CFROI®, high cover and which yield more than 3% (Senior, easyJet, Capita, ITV) and OP-rated companies that have grown div every year for the past 10 years (Imperial, Roche, Sanofi). European div futures seem too pessimistic.