Global Sukuk UCITS ETF Accum -CH- GBP · LSE:HSKG
Global Sukuk UCITS ETF Accum -CH- GBP — HSBC Asset Management — 2026 Investment Outlook Webinar
16 slides from Global Sukuk UCITS ETF Accum -CH- GBP's conference presentation, November 2025
Slide 1: Role Reversal
Rele Reversal Marketing communication. For Professional Clients only and should not be distributed to or relied upon by Retail Clients. + HSBC Asset Management | Opening up a world of opportunity This document provides a high level overview of the recent economic environment. It is for marketing pur
Slide 2: Key themes
Key themes S Role Reversal Broadening Out Diversify the Diversifiers Source: HSBC Asset Management, November 2025. For illustrative purposes only. Diversification does not ¢ngacfca profit or protect against loss.
Slide 3: Market performance in 2025
Market performance in 2025 70% | USD Total Return 60% 9) 50% | ™ 2025 range ®@ 2025 performance H i 40% 30% : 20% 0% : :| a | / : 41% — -10% -20% ¢ FIXED INCOME EQUITIES ALTERNATIVES Source: HSBC Asset Management, Bloomberg, 10 November 2025. Past performance does not predict future returns. This in
Slide 4: Macro scenarios
Macro scenarios © Fi Driving forces Growth Inflation Monetary} Policy China cs CRACKS WIDEN Restrictive policy and unbalanced growth mean labour market cracks Sharp slowdown as households retrench and profits disappoint Uncomfortably high inflation but recession destroys demand Initially more cautio
Slide 5: Long bond yields usually fall after rate cuts
Long bond yields usually fall after rate cuts Difference in 30-year Treasury yield from time of first Fed cut 1.50 Difference in 30yr yield from time of first Fed cut (pp!* 1.00 0.00 -0.50 H St. dev. range —Current cycle -1.00 START OF FED CUTTING CYCLE Days around first Federal reserve rate cut of
Slide 6: Credit spreads have been low
Credit spreads have been low US Credit spreads may look too low because term premia too high % 4.0 US IG spreads versus Treasuries and interest-rate swaps 3.5 3.0 25 IG spread to swap rates 2.0 15 1.0 05 IG spread to Treasuries 0.0 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Past performa
Slide 7: Hiding in the hedges
Hiding in the hedges Hedge funds versus 60/40 portfolio! 25 | annualised returns, % 20 60/40 Portfolio 15 10 1990s* 2000s Past performance does not predict future returns. The performance provided here is of the respective indices . Index returns assume reinvestment of all distributions and do not r
Slide 8: Private credit as a strong volatility dampener
Private credit as a strong volatility dampener Drawdowns on public vs private credit during major sell-offs GFC Covid Inflation Shock (2022) Max drawdown/ return, % "Direct Lending Leveraged Loans US High Yield MUS Investment Grade ' 10 -10 “15 -20 -25 -30 -35 Source: HSBC Asset Management, Bloomber
Slide 9: Global profits growth is coming together
Global profits growth is coming together ad Global EPS growth in 2025 and 2026 (IBES consensus forecast) 35% pmmsor%al 30 = 2025 = 2026 | 25 I | 20 I | 15 | | I 10 I I 5 | I 5 I | | 5 I Nasdaq 2024 Nasdaq India USA —M Asia ex Japan ACWI DM China UK Brazil Japan Europe ex UK Past performance does not
Slide 10: Valuation gaps remain wide
Valuation gaps remain wide Regional PE valuation gaps (%) 20 nal PE 4 Cu 1 10 Average 30Y Average 15Y Current Gap 0 : | q -20 -30 -40 -50 -60 -70 India eM Japan UK Germany China Europe Ex UK Spain Asia ex Japan Latin Americ: Brazil Mexico Past performance does not predict future returns. Source: Ref
Slide 11: Weaker dollar is a catalyst for emerging markets
Weaker dollar is a catalyst for emerging markets "1 ad Weaker dollar (black) correlates with strong EM stocks (red) MSCI EM relative Dollar index to DM (inverted) 60 DOLLAR EXPENSIVE 180 US EXCEPTIONALISM 70 160 ENDING Trade weighted dollar, rhs 80 140 120 90 100 100 EM UNDERPERFORM > 80 AS DOLLAR S
Slide 12: EMs are now LESS volatile than DMs
EMs are now LESS volatile than DMs Bond market total return volatility (90 day rolling measure) % 1.2 11 EM VOL > DM VOL EM VOL < DM VOL 1.0 0.9 08 DM bonds (JPM GBI Global Index) 07 0.6 0.5 0.4 0.3 0.2 EM local bonds (JPM GBI-EM Index) 0.1 2011 2012 2013 2014 2015, 2016 2017 2018 2019 2020 2021 202
Slide 13: Important Information
Important Information 13 For Professional Clients and intermediaries within countries and territories set out below; and for Institutional Investors and Financial Advisors in the US. This document should not be distributed to or relied upon by Retail clients/investors. The value of investments and t
Slide 14: Important Information
Important Information 14 In Australia, this document is issued by HSBC Bank Australia Limited ABN 48 006 434 162, AFSL 232595, for HSBC Global Asset Management (Hong Kong) Limited ARBN 132 834 149 and HSBC Global Asset Management (UK) Limited ARBN 633 929 718. This document is for institutional inve
Slide 15: Important Information
Important Information 15 ¢ in Peru: HSBC Bank USA NA has an authorized representative by the Superintendencia de Banca y Seguros in Pert’ whereby its activities conform to the General Legal Financial System - Law No. 26702. Funds have not been registered before the Superintendencia del Mercado de Va
Slide 16: Slide 16
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