Cross-asset preferences
Fixed income
Commodities
3, UBS
Most preferred
e US
© Western winners from EM growth
® High quality dividend yields
e Event-driven and relative value hedge funds
® Natural gas growth gainers
e US high yield
© Global investment grade credit
e Event-driven and relative value hedge funds
e EM corporate bonds
e USD © GBP e CAD
Least preferred
® Europe
® Developed market government bonds
° CHF ° EUR
e Agriculture e Energy
A Recent upgrades y Recent downgrades
Portfolio weights
Commodities 3% Liquidity Real Estate 10% 5% High Grade q Bonds
6%
Hedge Funds / Private Equity 10%
Inv Grade
\ Corporates Equities USA | Bonds 10% \ 9% a High Yield
Bonds 6%
Emerging . Markets Bonds Equities 6% Europe 20% Equities Other 9%
EmMa Equities 6%
Note: Portfolio weights are for an advisory client with a "EUR moderate" profile. For portfolio weights related to other risk profiles please contact your client advisor.
Please see important disclaimer and disclosures at the end of the document.
HOUSE_OVERSIGHT_024139