In this quarterly investment update, Stephen Docherty, Head of Aberdeen's Global Equity Team, discusses the portfolio and explains why he expects equity returns to be much more moderate this year than last. He warns that in the short term, 'riskier' assets may perform better, but asks, at what cost to the medium and longer term economic outlook?

Devan Kaloo, Head of Global Emerging Markets, provides an update on the portfolio over the quarter and says GEMs will lead global growth, with Asia in front, while Emerging Europe will struggle. He warns that high growth countries are also the most highly valued, heightening the risk of investors overpaying for stocks in these markets.

In this short clip, Nick Yeo, Head of China/HK Equities, discusses the drivers of Chinese economic growth and expectations for the Chinese economy in 2010. He covers the question of a continued equity market rally and outlines investment opportunities in this region.