Important legal information

The information in this material is given for information purposes only and does not qualify as investment advice. Opinions and assessments contained in this material may change and reflect the point of view of GAM in the current economic environment.

No liability shall be accepted for the accuracy and completeness of the information. Historical market movements are no indicator for the current or future development.

Past performance is not an indicator of current or future trends. The mentioned financial instruments are provided for illustrative purposes only and shall not be considered as a direct offering, investment recommendation or investment advice. The securities listed were selected from the universe of securities covered by the portfolio managers to assist the reader in better understanding the themes presented. The securities included are not necessarily held by any portfolio or represent any recommendations by the portfolio managers.



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