Eaton Vance — Investor Presentation (April 2025)
60 slides from Eaton Vance's investor presentation, April 2025
Slide 1: The BEAT
The BEAT BONDS | EQUITIES | ALTERNATIVES | TRANSITION April 2025 Previously known as the Monthly Market Monitor. The BEAT | April 2025
Slide 2: About The BEAT and section guide
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 April 2025
TOP IDEAS Key Themes for April 2025 Understanding U.S. Policy Volatility: The New Normal European Exceptionalism? U.S. policy: Three rebalancings - 1) Political realignment. The Can the rally in Europe persist? A significant structural change is Trump administration is operating under the post-elect
Slide 4: The Portfolio Solutions Group – Our Top Ideas
TOP IDEAS The Portfolio Solutions Group – Our Top 5 Ideas Correction, Yes! Recession, No! Reduce Credit Risk Adding to U.S. equities on weakness. We conducted a survey at our Poor risk/reward compared to equities. Spreads in most segments of the quarterly Asset Allocation Committee meeting in late M
Slide 5: The Case for Active Management – An Investment Style
TOP THEMES The Case for Active Management – An Investment Style The average pairwise correlations among S&P 500 sectors have dropped to historically low levels, indicating that sector performance is being driven predominantly by more industry-specific catalysts. A lower correlation environment stren
Slide 6: Elevated AI Expectations Were a Vulnerability – This Reset Is Healthy
TOP THEMES Elevated AI Expectations Were a Vulnerability – This Reset Is Healthy Confidence remains that AI has transformative potential, but markets to date have traded the theme almost exclusively through infrastructure, with particular focus on the hyperscalers. DeepSeek highlighted some fragilit
Slide 7: A U.S. Data Soft Patch Contrasts with a Stronger ex-U.S. Data Trend
TOP THEMES A U.S. Data Soft Patch Contrasts with a Stronger ex-U.S. Data Trend Government policy has been the primary driver of divergent GDP growth revision trends for Europe (higher) and the U.S. (lower), but surprise data trends in early 2025 have reinforced the narrative. In the U.S., the focus
Slide 8: A Healthy U.S. Labor Market Keeps the Consumer on Firm Footing
TOP THEMES A Healthy U.S. Labor Market Keeps the Consumer on Firm Footing While markets have digested some weakness in the U.S. consumer data in early 2025, we believe labor market data suggests key underpinnings for a healthy consumer to remain in place. The unemployment rate remains low, non-farm
Slide 9: Policy Uncertainty Dampens, but Does Not Derail the U.S. Growth Outlook
TOP THEMES Policy Uncertainty Dampens, but Does Not Derail the U.S. Growth Outlook The new administration has expressed some greater-than-expected tolerance for growth headwinds in pursuit of trade goals. This represents an incremental headwind to growth, but we believe it would be incorrect to view
Slide 10: If Policy Uncertainty Persists Too Long. . .
TOP THEMES If Policy Uncertainty Persists Too Long. . . We continue to hold a view that taken as a whole, the new administration’s policy agenda should prove supportive of growth. Unfortunately, the unveiling of policy to date has been all stick, no carrot. Trade policy has injected higher levels of
Slide 11: Dollar Weakness Is a Macro Risk
TOP THEMES Dollar Weakness Is a Macro Risk A continued sharp strengthening of the Euro may cause additional stress for many unhedged European investments in the U.S. Similarly, a strengthening JPY may pressure Japanese equity indices lower. U.S. Dollar Weakness Has Been a Prominent Theme Thus Far in
Slide 12: Municipals: Important Source of Portfolio Diversification
TOP THEMES Municipals: Important Source of Portfolio Diversification We continue to be constructive on both investment grade and high yield municipals, as they provide diversification and portfolio stability during periods of equity volatility. Municipal credit quality remains strong, and the sector
Slide 13: Reduce Credit Risk: Risk/Reward Has Worsened Relative to Equities
TOP IDEAS Reduce Credit Risk: Risk/Reward Has Worsened Relative to Equities Despite the recent derisking in U.S. equity markets, credit spreads have remained relatively stable, with HY spreads still tight based on history. We believe the risk/reward to owning credit at current levels is less appeali
Slide 14: Downgrade Japanese Equities to Neutral: Stronger Yen Poses Headwinds
TOP IDEAS Downgrade Japanese Equities to Neutral: Stronger Yen Poses Headwinds Japan has worked its way out of decades of low inflation, with 10-year inflation breakevens now sitting at all-time highs. This is good for nominal domestic growth but also allows interest rates to normalize and for the J
Slide 15: Upgrade Offshore Chinese Equities to Overweight
TOP IDEAS Upgrade Offshore Chinese Equities to Overweight A combination of resilient “new economy” sectors’ fundamentals (dominated by AI/internet/tech/NEVs), early signs of stabilization in “old economy” sectors’ earnings downgrade cycle - and improved shareholder return - might finally provide the
Slide 16: 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. The long-term operating outlook, however, is markedly improving,
Slide 17: Potential for Deep Value in the U.S. Renewable Space
TOP IDEAS Potential for Deep Value in the U.S. Renewable Space The U.S. is expected to see increased demand in power consumption for three consecutive years due to additional data center capacity. Despite headwinds associated with the current administration, solar, wind and batteries are expected to
Slide 18: 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 19: 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 remain underweight
Slide 20: 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 U.S.: With the recent risk-off
Slide 21: 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 dispersi
Slide 22: 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% Mar ’25 Mar ’25 0% 0% Past performance is no guarantee of future results. It is not possible to invest directly in an index. Source: Fact
Slide 23: Key Rates (%)
BONDS Key Rates (%) Security Current 12-Mo. Ago Average Minimum Maximum 1-Week SIFMA 2.87 3.64 3.30 1.86 4.35 Secured Overnight Financing Rate 4.41 5.34 4.91 4.27 5.40 1-Mo SOFR 4.32 5.33 4.87 4.30 5.35 3-Mo SOFR 4.29 5.30 4.81 4.29 5.35 2-Yr Treasury 3.89 4.62 4.30 3.54 5.03 5-Yr Treasury 3.95 4.22
Slide 24: 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% 4.29% 4.23% 9% BOE 4.12% 3.95% BOJ 0.50% 0.50% 0.00% 4.29% 3.91% 4.0% 3.74% 3.85% 3.89% 4.0%
Slide 25: 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 4.30 5.35 0.33 4.97 Mar ‘25 1-Mo. Ago 12-Mo. Ago 6-mo. Treasury 4.22 4.27 5.32 0.35 5.12 4% 2-yr. Treasury 3.89 3.98 4
Slide 26: Characteristics and Performance Analysis
BONDS Characteristics and Performance Analysis Averages Total Returns (%) Coupon Price Yield to Spread Maturity Duration Index (%) ($) Worst (%) (bps) (yrs.) (yrs.) 1-Mo. 3-Mo. YTD 1Y 3Y 5Y 10Y U.S. High Grade Bloomberg U.S. Aggregate Index 3.50 92.3 4.60 35 8.4 6.1 0.04 2.78 2.78 4.88 0.52 -0.40 1.
Slide 27: Spread Analysis (bps)
BONDS Spread Analysis (bps) 1,600 1,400 1331 High 1,200 1087 Current Median 1,000 Low 800 721 600 492 373 461 471 400 325 396 260 349 362 355 366 200 127 132 134 261 259 83 94 118 131 35 36 60 52 88 44 34 0 74 29 22 54 7 -200 -88 Floating-Rate Emerging Aggregate MBS ABS CMBS Corporate Preferred Loan
Slide 28: Corporate Bond Market Update
BONDS Corporate Bond Market Update Averages Total Returns (%) Coupon Price Yield to Spread Maturity Duration (%) ($) Worst (%) (bps) (yrs.) (yrs.) 1-Mo. 3-Mo. YTD 1Y 3Y 5Y 10Y U.S. High Grade Bloomberg U.S. Corp. Investment Grade Index 4.34 93.1 5.15 94 10.6 6.9 -0.29 2.31 2.31 4.90 1.14 1.51 2.43 A
Slide 29: Corporate Bond Market Update
BONDS Corporate Bond Market Update Average Spread (bps) Current 1-Mo. Ago 12-Mo. Ago Median 1,200 HY Corporate 355 287 315 393 1,000 Loans 461 427 463 465 800 IG Corporate 94 87 90 117 Loans 600 400 High Yield Corporate 200 0 Investment Grade Corporate Annual Default Rate 8% Current 1-Mo. Ago 12-Mo.
Slide 30: 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 4.60 100.5 3.85 13.4 6.5 -1.69 -0.22 -0.22 1.22 1.53 1.07 2.13 AAA Index 4.54 101.3 3.69 12.9 6.7 -1.88 -0
Slide 31: 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 74 65 61 73 280% 10Y 78 68 60 84 210% 30Y 92 87 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 32: 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 33: 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 EMD (Local Municipal High Yield Municipal High Yield Bank Loan High Yield Bank Loan Currency) Grade Ex-U.S. Currency) 3.30 17.49 1.28 5.36 -0.77 13.46 8.95 15.21 1
Slide 34: 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 -2.78 -5.79 -8.42 7.18 7.82 7.76 6.64 8.65 10.10 Mid Cap -3.68 -4.63 -7.41 2.27 2.59 3.57 3.78 4.62 6.16 Small Cap -6.00 -6.81 -7.58 -3.12 -4.01 -4
Slide 35: Dividend Yields and Volatility Analysis
EQUITIES Dividend Yields and Volatility Analysis Historical Yields Current Yields 4.0% 5.0% 4.21 3.5% MSCI EAFE 4.0% 3.0% 3.03 3.0% 2.65 2.5% MSCI EM 1.83 2.0% 2.0% 1.31 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 36: Valuation Analysis
EQUITIES Valuation Analysis Regions/Styles: Current NTM P/E vs. 10-Year High, Low, Average High 70.0 60.7 Current 60.0 Average Low 50.0 40.0 32.7 30.0 22.9 22.5 24.0 25.2 23.3 21.2 19.7 MSCI World 18.1 17.4 17.4 20.0 20.2 18.1 17.6 18.3 15.7 Current P/E 16.3 17.0 15.3 15.2 13.8 13.7 16.9 16.8 12.6 1
Slide 37: 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 22.6 19.9 24.8 24.0 17.7 21.6 24.4 22.0 Current P/E 17.8 19.8 17.5 18.7 21.6 20.1 17.2 17.8 17.8 16.5 15.1 15.4 16.4 13.5 16.
Slide 38: Corporate Earnings Growth
EQUITIES Corporate Earnings Growth Regions/Styles Expected EPS Growth 50.0 43.38 2024 EPS Growth 40.0 30.0 28.97 20.0 16.16 18.18 15.49 15.42 11.44 17.30 10.31 9.86 8.98 10.47 6.54 6.10 10.0 7.47 2.68 7.35 0.0 0.14 2.71 0.12 (10.0) Russell 2000 MSCI World ex MSCI EM Russell 1000 S&P 500 MSCI Asia Pa
Slide 39: 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 0.0% 0.0% 0.0% (0.5) (2.0%) (2.0%) (2.0%) (1.5) (2.5) (2.3) (4.0%) (4.0%) (3.8) (4.0%) (3.5) (6.0%) (4.2) (5.6) (5.6) (5.8) (6.0%) (6.0%) (5.6) (8.0%) (5.6) (6.3) (6.7) (8.8) (8.0%) (10.0%
Slide 40: 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 8.0% 4.0% 2.0 4.4 8.0% 5.4 3.2 4.0% 4.0% 1.8 0.0% 0.0% 0.0% (0.3) (1.6) (4.0%) (4.0%) (4.0%) (4.3) (8.0%) (4.3) (4.9) (4.3) (4.6) (5.6) (8.0%) (6.3) (8.0%) (6.7) (12.0%) (7.6) (12.2) (12.0%) (10.2) (
Slide 41: 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 42: 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 1953 394 870 1352 2202 694 1206 399 1256 Maximum Market Cap $3,336.85B $14.96B $3,336.85B $1,148.72B $3,276.75B $1
Slide 43: 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 -5.63 -4.27 -4.27 8.25 9.06 18.59 12.50 25.02 26.29 -18.11 28.71 18.40 Russell 1000 Defensive -3.81 -1.33 -1.33 8.68 7.70 15.42 11.62 18.55 20.23 -16.43 26.93 13.93 Russell 1000 Dynamic -7.72 -7.49
Slide 44: 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 6.86 37.28 International International Inte
Slide 45: 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) - - - - - -3.72 -4.14 -0.02 0.99 0.31 4.00 Euro (EUR) * 3.87 4.32 0.02 -0.98 -0.31 - - - - - 2.
Slide 46: 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) 0.43 0.66 -0.33 -4.36 -0.44 -3.30 -3.51 -0.35 -3.42 -0.13 1.53 Malays
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 Europe Czech Koruna (CZK) 4.23 5.09 1.21 -1.73 1.54 0.35 0.74 1.19 -0.76 1.86 3.18 Hungarian Forint (HUF) 3.09 6.4
Slide 48: 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 4.20 45.33 Norwegian Krone (NOK) Turkish New Lira (TRY) 4.27 42.49 4.00 Nigerian Naira (NGN) 21.15 U.S. Dollar (USD) 11.
Slide 49: 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 3.93 8.88 8.88 12.28 -0.77 14.51 Bloomberg Sub Industrial Metals 4.23 8.57 8.57 13.24 -6.70 13.14 Bloomberg Sub Agriculture -0.39 2.02 2.02 1.01 -3.36 12.12 Aluminum -
Slide 50: 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 12.53 1.10 10.25 Long/
Slide 51: 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 0.86 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 0.60 0.44 Emerging 0.62 0.75 1.00 0.60 0.3
Slide 52: 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 Bond 3,511 9,782 57,481 Large Blend 31,733 111,722 390,563 Multisector Bond 3,
Slide 53: 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 Commodities 3.30 21.31 37.28 1.28 31.49 19.96 28.71 16.09 26.29 25 .02 8.88 S&P 500
Slide 54: 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 55: 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 56: Index Definitions
ADDITIONAL INFORMATION Index Definitions The Bloomberg Capital Expenditure Index measures capital Bloomberg U.S. Treasury Index measures public debt instruments is an unmanaged index of emerging markets common stocks expenditure in the U.S. issued by the U.S. Treasury. MSCI EMU Index (European Econo
Slide 57: 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 58: 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 59: 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 60: Additional Information – Asia Pacific
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