GARY - Growth At Reasonable Yield | Growth struggles while yield shines | We maintain our long term positive view while expecting short term volatility on domestic policy risk, commodity price risks and geo-political risks. Equities will continue to benefit from major global economies maintaining low rates of interest for longer as countries struggle with growth and unemployment. Despite the low growth outlook, we expect increasing demand for Australian dividend yield in a global environment of older demographic looking for sustainable income streams. The domestic baby boomers will also be forced to invest in equities to maintain their income requirements due to the low interest rates and rising cost environment. GARY Industrial picks are: Mid cap (BOQ), small cap (HIL, FXL, AHE, IMF, IDR, RKN, CWP, AGI, CLH and MMS), micro cap (ENE). GARY Resource and related picks are: Large cap (BHP and ORI), mid cap (MIN), small cap (RCR). (VIEW LINK)