Since the increase in intensity and scope of sanctions on Iran, the price of energy has re-emerged as a significant influence on our investment analysis, particularly in the short- and intermediate-term. We capture important nonfundamental macro influences through the creation of macro themes that are designed to identify factors materially affecting assets and currencies around the world. The objective of our energy theme is to assess the influence that energy prices have on markets and currencies in our investment universe. This assessment involves a number of considerations.