Eaton Vance — Investor Presentation (May 2025)
61 slides from Eaton Vance's investor presentation, May 2025
Slide 1: The BEAT
The BEAT Bonds | Equities | Alternatives | Transition May 2025 Previously known as the Monthly Market Monitor. The BEAT | May 2025
Slide 2: About The BEAT and contents
The BEAT, previously known as the Monthly Market Monitor, provides connectivity between TOP IDEAS changing market events and implications for investor portfolios. 3 Spanning Bonds, Equities, Alternatives and Transition *, this monthly review provides timely information across a broad array of market
Slide 3: Key Themes for May 2025
TOP IDEAS Key Themes for May 2025 Loss of Faith in U.S. Assets? High Correlation Risks No! We think the narrative in which there is a loss of trust and faith Equities vs. Bond Returns. It's not supposed to work this way! in U.S. assets - including the U.S. dollar’s (USD) reserve currency Longer dura
Slide 4: The Portfolio Solutions Group – Our Top Ideas
TOP IDEAS The Portfolio Solutions Group – Our Top 5 Ideas Adding Duration Europe Is Not Germany, and Germany Is Not Europe Dislocation in USTs present a buying opportunity. As stated, we see the Increasing exposure to Germany. In Europe we continue to look for market rise in UST yields as mainly tec
Slide 5: Rethinking Asset Allocation and Portfolio Risk Management
TOP THEMES Rethinking Asset Allocation and Portfolio Risk Management Passive investing may produce lower returns, as bond and equity return correlations have risen. The 60/40 Portfolio Has Delivered Roughly 5% in Total Returns Since 2022 Cumulative performance of the 60% MSCI ACWI/40% Global Aggrega
Slide 6: The U.S. Dollar: Strong and Still a Reserve Currency
TOP THEMES The U.S. Dollar: Strong and Still a Reserve Currency The performance of the USD is very much tied to flows from foreign demand to hold U.S. assets. Total foreign holdings of U.S. assets grew exponentially following the Global Financial Crisis (GFC), which has been supportive of the USD. T
Slide 7: Credit Spreads Have Widened to Longer Term Averages
TOP THEMES Credit Spreads Have Widened to Longer Term Averages After displaying some resilience to the initial derisking in U.S. equities, credit spreads have widened from all-time tight levels back to medium-term averages. Investment Grade (IG) spreads have returned to 5-year averages, while High Y
Slide 8: Tariff News Has Steepened the Curve and Tightened Financial Conditions
TOP THEMES Tariff News Has Steepened the Curve and Tightened Financial Conditions Recent tariff announcements have contributed to both the rapid steepening in the yield curve (measured by the 2Y/10Y spread) and the tightening in financial conditions. This has also driven a divergence in monetary pol
Slide 9: International Equities Long-Term Relative Performance Hits Historic Lows
TOP THEMES International Equities Long-Term Relative Performance Hits Historic Lows Developed markets ex-US equities persistently underperformed the U.S. for over 15 years. While ex-US equities have seen notable year-to-date (YTD) outperformance, the magnitude is small in the context of the long-ter
Slide 10: Cyclicals vs. Defensives: The Recent Move Placed in Historical Context
TOP THEMES Cyclicals vs. Defensives: The Recent Move Placed in Historical Context Amid heightened tariff policy concerns and weaker GDP growth estimates, cyclicals have underperformed defensives in the U.S. YTD 2025. With recent underperformance, cyclical sector valuations relative to defensives hav
Slide 11: Without Corrective Measures, the Deficit Can Get Worse
TOP THEMES Without Corrective Measures, the Deficit Can Get Worse In the absence of significant corrective measures, the deficit can grow over the next decade. The current policy baseline, including a TCJA extension, with $1.5 trillion in deficit reduction, would serve to keep the deficit at current
Slide 12: Exit U.S. Materials: Trade Headwinds Have Halted Manufacturing Recovery
TOP IDEAS Exit U.S. Materials: Trade Headwinds Have Halted Manufacturing Recovery While we continue to expect an eventual recovery in U.S. manufacturing, the sector faces nearer-term headwinds in the form of higher-than-expected tariffs, weaker consumer demand and weaker global growth. While a recov
Slide 13: Municipal Bonds: Elevated Starting Yields and Relative Value
TOP IDEAS Municipal Bonds: Elevated Starting Yields and Relative Value After April’s selloff, yields in the municipal bond market are well above one standard deviation to the index’s 5-year average. From a relative value perspective, muni-to-treasury ratios are attractive, rising to over 90% on some
Slide 14: Macro Review
TOP IDEAS Macro Review While rates have fallen across most of the curve to start the year, spreads have widened in many sectors, leaving absolute yields at attractive levels vs. the last 10 years. Current Yield vs. 10-Year Average Yield to Maturity (%) 14% 10Y Average 12% 11.6% 10% 10.1% 9.1% 8.2% 8
Slide 15: Fixed Income Sector Views – Non-Agency MBS
TOP IDEAS Fixed Income Sector Views – Non-Agency MBS Substantial build-up in home equity has improved risk/reward in non-agency MBS. Meanwhile, there is a massive gap between today’s rate vs. outstanding mortgage rates. Housing Market Value vs. Mortgage Debt Outstanding Today’s vs. Effective Rate of
Slide 16: Fixed Income Sector Views – Below IG Credit
TOP IDEAS Fixed Income Sector Views – Below IG Credit Valuations have become more compelling, but selectivity will be key. Credit sector spreads vs. history CLOs offer higher yield rating-for-rating As of 4/15/25 Yields by credit tier 10yr 14% CLO IG / HY Corporates Loans Sector Yield Spread Low Hig
Slide 17: Moving to Overweight on the German MDAX (Mid-Cap) Index
TOP IDEAS Moving to Overweight on the German MDAX (Mid-Cap) Index In Europe we continue to look for market segments that are relatively less exposed to tariff risks and direct beneficiaries of the nascent fiscal stimulus wave. German mid-caps fit this bill, standing to benefit from the incoming gove
Slide 18: Real Estate Fundamentals Continue to Improve
TOP IDEAS Real Estate Fundamentals Continue to Improve Real estate has been experiencing a repricing over the last few years in response to higher interest rates, cyclical oversupply and, in certain sectors, secular demand destruction. That said, the long-term operating outlook is markedly improving
Slide 19: Capital Markets Investment Framework
TOP IDEAS Capital Markets Investment Framework Current allocation Change from previous – – High conviction underweight – Underweight Representative Allocations from the Portfolio Solutions Group = Neutral + Overweight ++ High conviction overweight Asset Allocation Our View Commentary –– – = + ++ Bon
Slide 20: Global Fixed Income
TOP IDEAS Global Fixed Income Current allocation Change from previous – – High conviction underweight – Underweight Representative Positioning from Portfolio Solutions Group = Neutral + Overweight ++ High conviction overweight Fixed Income Our View Commentary –– – = + ++ Bonds We move to a neutral d
Slide 21: Global Equity
TOP IDEAS Global Equity Current allocation Change from previous – – High conviction underweight – Underweight Representative Positioning from Portfolio Solutions Group = Neutral + Overweight ++ High conviction overweight Equity Our View Commentary –– – = + ++ Regional United States: We move to neutr
Slide 22: Alternatives
TOP IDEAS Alternatives Representative Positioning from Portfolio Solutions Group Alternative Assets Commentary Private Markets We expect investor cash flows to recover through increasing market activity and asset pricing to offer a fair entry point. We anticipate an increase in performance dispersio
Slide 23: Sovereign Bond Yields
BONDS Sovereign Bond Yields Developed Markets Emerging Markets (10 yr. Yield) (10 yr. Yield) 16% 16% 1 Mo. Ago 1 Mo. Ago 12 Mo. Ago 12 Mo. Ago 12% 12% 8% 8% 4% 4% Apr ’25 Apr ’25 0% 0% Past performance is no guarantee of future results. It is not possible to invest directly in an index. Source: Fact
Slide 24: Key Rates (%)
BONDS Key Rates (%) Security Current 12-Mo. Ago Average Minimum Maximum 1-Week SIFMA 2.78 3.77 3.20 1.86 4.21 Secured Overnight Financing Rate 4.41 5.34 4.83 4.27 5.40 1-Mo SOFR 4.32 5.32 4.79 4.29 5.35 3-Mo SOFR 4.27 5.33 4.72 4.21 5.35 2-Yr Treasury 3.59 5.03 4.20 3.54 4.97 5-Yr Treasury 3.72 4.71
Slide 25: Monetary Policy
BONDS Monetary Policy Central Bank Policy Rates Market Expectations for Future Central Bank Rates Current 1-Mo. Ago 12-Mo. Ago 5.0% U.S. Federal Reserve 4.50% 4.50% 5.50% 10% 4.49% BOE BOE 4.50% 4.50% 5.25% U.S. Federal Reserve 4.23% 9% 4.15% 3.95% BOJ 0.50% 0.50% 0.10% 4.0% 4.29% 4.0% BOE 3.80% 3.7
Slide 26: U.S. Treasury Yields
BONDS U.S. Treasury Yields U.S. Treasury Yield Curves Yields & Performance 7% Yield (%) Total Return (%) Security 1-Mo. 12-Mo. 6% Current 1-Mo. 12-Mo. Ago Ago 5% 3-mo. Treasury 4.29 4.29 5.38 0.34 4.88 12-Mo. Ago Apr ‘25 1-Mo. Ago 6-mo. Treasury 4.17 4.22 5.37 0.34 5.06 4% 2-yr. Treasury 3.59 3.89 5
Slide 27: Characteristics and Performance Analysis
BONDS Characteristics and Performance Analysis Averages Total Returns (%) Coupon Price Yield to Spread Maturity Duration Index (%) ($) Worst (%) (bps) (yrs.) (yrs.) 1-Mo. 3-Mo. YTD 1Y 3Y 5Y 10Y U.S. High Grade Bloomberg U.S. Aggregate Index 3.52 92.4 4.51 40 8.4 6.1 0.39 2.64 3.18 8.02 1.95 -0.67 1.
Slide 28: Spread Analysis (bps)
BONDS Spread Analysis (bps) 1,600 1,400 1331 High 1,200 1087 Current Median 1,000 Low 800 721 600 492 373 480 471 400 325 394 395 260 368 363 366 200 127 132 171 261 259 106 117 131 40 43 74 52 97 83 44 35 0 74 29 22 54 7 -200 -88 Floating-Rate Emerging Aggregate MBS ABS CMBS Corporate Preferred Loa
Slide 29: Corporate Bond Market Update
BONDS Corporate Bond Market Update Averages Total Returns (%) Coupon Price Yield to Spread Maturity Duration (%) ($) Worst (%) (bps) (yrs.) (yrs.) 1-Mo. 3-Mo. YTD 1Y 3Y 5Y 10Y U.S. High Grade Bloomberg U.S. Corp. Investment Grade Index 4.36 92.8 5.14 106 10.4 6.8 -0.03 1.71 2.27 7.60 3.04 0.47 2.50
Slide 30: Corporate Bond Market Update
BONDS Corporate Bond Market Update Average Spread (bps) Current 1-Mo. Ago 12-Mo. Ago Median 1,200 HY Corporate 394 355 318 393 1,000 Loans 480 461 465 465 800 IG Corporate 106 94 87 116 Loans 600 400 High Yield Corporate 200 0 Investment Grade Corporate Annual Default Rate 8% Current 1-Mo. Ago 12-Mo
Slide 31: Municipal Bond Market Update
BONDS Municipal Bond Market Update Averages Total Returns (%) Coupon Price Yield To Maturity Duration (%) ($) Worst (%) (yrs.) (yrs.) 1-Mo. 3-Mo. YTD 1Y 3Y 5Y 10Y Bloomberg Municipal Bond Index 4.61 99.4 4.06 13.4 6.5 -0.81 -1.52 -1.03 1.66 2.21 1.17 2.10 AAA Index 4.54 100.3 3.87 12.9 6.7 -0.63 -1.
Slide 32: Municipal Bond Market Update
BONDS Municipal Bond Market Update AAA Muni-to-Treasury Yield Ratios 350% Current 1-Mo. Ago 12-Mo. Ago Median 5Y 81 72 61 73 280% 10Y 81 77 61 84 210% 30Y 95 92 84 94 140% 10Y 30Y 70% 5Y 0% Credit Quality Spreads vs. AAA (bps) 200 Current 1-Mo. Ago 12-Mo. Ago Median AA 11 11 7 16 150 A 35 35 31 38 B
Slide 33: Emerging Markets Bond Market Update
BONDS Emerging Markets Bond Market Update Sovereign EMD Spreads (USD) Corporate EMD Spreads (USD) Local EMD Yields (%) Bps Bps Bps 700 700 10% 8% 500 500 6% 300 300 4% 100 100 2% '15 '16 '17 '18 '19 '20 '21 '22 '23 '24 '25 '15 '16 '17 '18 '19 '20 '21 '22 '23 '24 '25 '15 '16 '17 '18 '19 '20 '21 '22 '
Slide 34: Asset Class Return Analysis (%)
BONDS Asset Class Return Analysis (%) 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 YTD 2025 Higher EMD (Local Investment Global Agg Global Agg Municipal High Yield Municipal High Yield Bank Loan High Yield Bank Loan Currency) Grade Ex-U.S. Ex-U.S. 3.30 17.49 1.28 5.36 -0.77 13.46 8.95 15.21 14.
Slide 35: Performance: Market Barometer (%)
EQUITIES Performance: Market Barometer (%) 1-Month Returns 1-Year Returns 3-Year Returns Value Core Growth Value Core Growth Value Core Growth Large Cap -3.05 -0.60 1.77 8.55 11.94 14.53 7.61 11.87 15.60 Mid Cap -2.48 -1.03 3.36 5.24 7.33 13.65 5.04 7.08 11.70 Small Cap -4.02 -2.31 -0.64 -0.68 0.87
Slide 36: Dividend Yields and Volatility Analysis
EQUITIES Dividend Yields and Volatility Analysis Historical Yields Current Yields 4.0% 5.0% 4.16 3.5% MSCI EAFE 4.0% 3.0% 3.05 3.0% 2.71 2.5% MSCI EM 1.86 2.0% 2.0% 1.32 MSCI World 1.5% 1.0% S&P 500 1.0% 0.0% '20 '21 '22 '23 '24 '25 S&P 500 MSCI World MSCI EM MSCI EAFE 10 Yr Treasury Correlation of
Slide 37: Valuation Analysis
EQUITIES Valuation Analysis Regions/Styles: Current NTM P/E vs. 10-Year High, Low, Average High 70.0 65.3 Current 60.0 Average Low 50.0 40.0 32.7 30.0 22.9 24.1 25.6 23.4 21.2 19.7 MSCI World 22.4 18.1 20.0 20.1 18.1 17.6 17.4 17.4 18.3 15.7 Current P/E 16.1 17.0 15.3 15.2 14.0 13.9 16.9 16.8 12.7 1
Slide 38: Valuation Analysis
EQUITIES Valuation Analysis S&P 500 Sectors: Current NTM P/E vs. 10-Year High, Low, Average High 77.2 70.0 Current Average 50.0 45.3 Low 30.4 24.0 26.2 30.0 22.1 21.3 S&P 500 25.4 22.6 19.9 24.1 17.7 22.1 24.7 22.3 17.5 19.8 18.7 21.6 19.8 17.8 Current P/E 16.6 15.3 16.1 16.9 16.3 17.3 17.7 14.2 13.
Slide 39: Corporate Earnings Growth
EQUITIES Corporate Earnings Growth Regions/Styles Expected EPS Growth 50.0 2024 EPS Growth 36.67 40.0 30.0 28.97 20.0 14.57 14.45 18.25 14.08 9.67 17.32 9.40 10.48 7.58 6.35 10.0 3.33 1.92 7.41 7.46 2.66 0.16 3.02 0.50 0.0 (10.0) Russell 2000 MSCI World ex Russell 1000 MSCI EM S&P 500 MSCI Asia Pac
Slide 40: S&P 500 Index: 1-Month Return Analysis
EQUITIES S&P 500 Index: 1-Month Return Analysis 3-5 Year Earnings Growth Trailing 12 Month P/E Return On Equity 6.0% 2.0% 4.2 6.0% 5.0 4.0% 0.3 4.0% 0.0% 2.0% 2.0% 0.0% (0.7) (0.7) (0.5) 0.0% (2.0%) (0.7) (0.5) (2.0%) (2.0%) (0.7) (2.5) (1.1) (4.0%) (2.8) (2.4) (2.0) (6.0%) (4.7) (4.0%) (3.2) (4.0%)
Slide 41: S&P 500 Index: YTD Analysis
EQUITIES S&P 500 Index: YTD Analysis 3-5 Year Earnings Growth Trailing 12 Month P/E Return On Equity 4.0% 0.0% 1.0 4.0% 1.8 0.0% 0.0% (1.7) (2.5) (4.0%) (2.4) (1.8) (4.0%) (4.0%) (3.2) (4.9) (4.8) (4.9) (4.9) (8.0%) (8.0%) (5.5) (7.3) (7.1) (5.6) (8.4) (8.3) (12.0%) (12.0%) (8.0%) (7.1) Market Cap B
Slide 42: Index Sectors: Return Analysis
EQUITIES Index Sectors: Return Analysis S&P 500 MSCI World Return % Return % 30.00 1 month 30.00 1 month YTD YTD 1 year 1 year 20.00 20.00 10.00 10.00 0.00 0.00 (10.00) (10.00) (20.00) (20.00) Past performance is no guarantee of future results. It is not possible to invest directly in an index. Sour
Slide 43: Current Characteristics and Sector Weights
EQUITIES Current Characteristics and Sector Weights MSCI MSCI World ex MSCI MSCI MSCI S&P 500 R2000 R1000G R1000V World USA Small Cap EAFE EM MSCI Europe Asia Pac Number of Holdings 503 1936 392 869 1352 2195 694 1206 399 1256 Maximum Market Cap $3,192.19B $17.79B $3,192.19B $1,150.76B $3,195.55B $1
Slide 44: Asset Class Return Analysis (%)
EQUITIES Asset Class Return Analysis (%) 1-Mo. 3-Mo. YTD 1Y 3Y 5Y 10Y 2024 2023 2022 2021 2020 S&P 500 -0.68 -7.50 -4.92 12.10 12.18 15.61 12.32 25.02 26.29 -18.11 28.71 18.40 Russell 1000 Defensive -1.10 -5.04 -2.42 11.39 10.00 12.76 11.43 18.55 20.23 -16.43 26.93 13.93 Russell 1000 Dynamic -0.08 -
Slide 45: Asset Class Return Analysis (%)
EQUITIES Asset Class Return Analysis (%) 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 YTD 2025 Higher Emerging Growth Small-Cap Growth Growth Growth S&P 500 Value Growth Growth International Markets 5.67 21.31 -1.51 36.39 38.49 28.71 -7.54 42.68 33.36 11.76 37.28 International International Int
Slide 46: Developed Market Currency Performance and Yields
ALTERNATIVES Developed Market Currency Performance and Yields Spot Returns vs. USD (%) Spot Returns vs. EUR (%) Local Interest Rates (%) Currency 1-Mo. YTD 1Y 3Y 5Y 1-Mo. YTD 1Y 3Y 5Y 1Y U.S. Dollar (USD) - - - - - -4.97 -8.91 -5.94 -2.46 -0.74 4.00 Euro (EUR) * 5.24 9.78 6.31 2.52 0.75 - - - - - 1.
Slide 47: Emerging Market Currency Performance and Yields
ALTERNATIVES Emerging Market Currency Performance and Yields Spot Returns vs. USD (%) Spot Returns vs. EUR (%) Local Interest Rates (%) Currency 1-Mo. YTD 1Y 3Y 5Y 1-Mo. YTD 1Y 3Y 5Y 1Y Asia, excluding Japan Chinese Renminbi (CNY) -0.15 0.50 -0.29 -3.20 -0.59 -5.12 -8.45 -6.21 -5.58 -1.32 1.44 Malay
Slide 48: Emerging Market Currency Performance and Yields
ALTERNATIVES Emerging Market Currency Performance and Yields Spot Returns vs. USD (%) Spot Returns vs. EUR (%) Local Interest Rates (%) Currency 1-Mo. YTD 1Y 3Y 5Y 1-Mo. YTD 1Y 3Y 5Y 1Y Europe Czech Koruna (CZK) 5.43 10.80 7.31 2.05 2.38 0.19 0.93 0.93 -0.45 1.62 3.25 Hungarian Forint (HUF) 4.88 11.
Slide 49: Local Sovereign Currency Yields
ALTERNATIVES Local Sovereign Currency Yields Developed Market Local Interest Rates % (1 Year) Emerging Market Local Interest Rates % (1 Year) Current 1 Yr Prior Current 1 Yr Prior 4.00 44.92 U.S. Dollar (USD) Turkish New Lira (TRY) 5.06 42.49 3.98 Nigerian Naira (NGN) 21.57 Norwegian Krone (NOK) 11.
Slide 50: Commodities Return Analysis (%)
ALTERNATIVES Commodities Return Analysis (%) Index 1-Mo. 3-Mo. YTD 1Y 3Y 5Y Index 1-Mo. 3-Mo. YTD 1Y 3Y 5Y Bloomberg Commodity Index -4.81 -0.30 3.64 4.08 -3.70 13.74 Bloomberg Sub Industrial Metals -6.94 -0.33 1.04 -7.49 -6.91 11.02 Bloomberg Sub Agriculture 1.18 -1.53 3.23 3.24 -4.76 13.70 Aluminu
Slide 51: Asset Class Return Analysis (%)
ALTERNATIVES Asset Class Return Analysis (%) 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 YTD 2025 Higher Multi-Strategy MLP Long/Short Equity Fixed Income Long/Short Equity Convertible MLP MLP MLP MLP MLP Arbitrage Arbitrage 3.84 18.31 13.41 12.17 40.17 30.92 26.56 24.41 12.58 1.10 10.25 Long/
Slide 52: Major Asset Classes Correlation Table
TRANSITION Major Asset Classes Correlation Table Emerging S&P 500 International Markets Small Cap U.S. Aggregate Municipal High Yield Bank Loan Commodities S&P 500 1.00 0.85 0.68 0.86 0.39 0.42 0.80 0.60 0.38 International 0.83 1.00 0.79 0.76 0.43 0.47 0.80 0.59 0.42 Emerging 0.60 0.74 1.00 0.61 0.4
Slide 53: Fund and ETF Flows by Category
TRANSITION Fund and ETF Flows by Category Top 10 Open-End Mutual Fund Categories Top 10 Exchange-Traded Fund Categories by Monthly Flows ($MM) by Monthly Flows ($MM) 1 Mo. 3 Mo. 12 Mo. 1 Mo. 3 Mo. 12 Mo. Intermediate Core-Plus Bond 6,706 4,587 13,767 Large Blend 21,973 69,667 378,497 Multisector Bon
Slide 54: Major Asset Class Return Analysis (%)
TRANSITION Major Asset Class Return Analysis (%) 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 YTD 2025 Higher Municipal Small-Cap Emerging Markets Municipal S&P 500 Small-Cap S&P 500 Commodities S&P 500 S&P 500 International 3.30 21.31 37.28 1.28 31.49 19.96 28.71 16.09 26.29 25 .02 11.76 S&P 5
Slide 55: Portfolio Solutions Group
Portfolio Solutions Group The Portfolio Solutions Group is a comprehensive multi-asset business, with activity across all asset strategies and type, both traditional and alternative, through solutions that span fully liquid (public assets), comprehensive JIM CARON EWA TUREK ERIC ZHANG SCHUYLER (publ
Slide 56: Asset Allocation Committee
Asset Allocation Committee MARK BAVOSO VISHAL KHANDUJA, CFA The Asset Allocation Committee Senior Portfolio Manager, Global Multi-Asset Team Portfolio Manager is an independent group of senior Co-Head of the Broad Markets Fixed Income Team JUSTIN BOURGETTE, CFA investment professionals across Portfo
Slide 57: Index Definitions
Index Definitions The Bloomberg Capital Expenditure Index measures capital CBOE Volatility Index (VIX) tracks the implied volatilities of a wide range Morgan Stanley Capital International (MSCI) Emerging Markets Index expenditure in the U.S. of S&P 500 Index options. is an unmanaged index of emergin
Slide 58: Index Definitions, Terms and About Risk
ADDITIONAL INFORMATION Index Definitions, Terms and About Risk The MSCI World Index is a free float adjusted market capitalization weighted index that is designed to measure sponsor, endorse, sell or promote the Fund, will not have any liability with respect thereto and do not have any the global eq
Slide 59: Risk Considerations
ADDITIONAL INFORMATION Risk Considerations This material has been prepared on the basis of publicly available information, internally developed data Diversification does not eliminate the risk of loss. and other third-party sources believed to be reliable. However, no assurances are provided regardi
Slide 60: Additional Information
ADDITIONAL INFORMATION The whole or any part of this material may not be directly or indirectly reproduced, copied, modified, Spain: MSIM FMIL (Madrid Branch), Calle Serrano 55, 28006, Madrid, Spain. Germany: MSIM FMIL used to create a derivative work, performed, displayed, published, posted, licens
Slide 61: Additional Information
ADDITIONAL INFORMATION ASIA PACIFIC Hong Kong: This material is disseminated by Morgan Stanley Asia Limited for use in Hong Kong and shall only be made available to “professional investors” as defined under the Securities and Futures Ordinance of Hong Kong (Cap 571). The contents of this material ha