We remain bullish long term while expected short term January profit taking remains after late December rally. US Fed raising rates strengthened USD and forced China to devaluate Yuan with slowing economy. The devaluation of the Yuan has started the rebalancing of manufacturing away from US, Germany and Japan and back to China. The next phase of currency war has raised questions about US growth due to stronger USD, rising cost of debt and declining global growth. Large Cap NAB and Small caps CCP and CWP are the low growth cheap yield pick from the SHIELD screen that has average earnings and cash flow per share growth of below 10%, an average of price-earnings and price-cash flow below 10, a dividend yield above 5% and a BUY rating. SHIELD Top 20 picks are: large cap – CBA, WBC, ANZ, NAB, TLS and MPL; mid cap – PPT and CGF; small cap – PTM, MOC, CCV, HFA, IFM, ASB, RRL, AGI and CWP; and micro-cap – DDR, VTG and NCK. (VIEW LINK)