Disclaimer

Information and opinions contained in the following documents are gathered and derived from sources which we believe to be reliable. However, we can offer no undertaking, representation or guarantee, either expressly or implicitly, as to the reliability, completeness or correctness of these sources and the information provided.
The new Tactical Asset Allocation („TAA“) as set in the following documents reflects the changes compared to the preceding TAA and to the Neutral Position. The Asset Allocation with flexible ranges for each asset category (Range) remains valid and constitutes the only relevant guidance for the Investment Adviser. In accordance with the investment opinion of the Investment Adviser and/or individual and specific instructions from the client, as the case may be, actual positions may vary and deviate significantly from the TAA and/or Neutral Position. Specific provisions agreed on with the client shall prevail at any time.
Interested investors are strongly advised to consult with their Investment Adviser prior to taking any investment decision on the basis of this document in order to discuss and take into account their investment goals, financial situation, individual needs and constraints, risk profile and other information.
Information and opinions contained in this document shall not be construed as an offer, recommendation or solicita-tion to acquire or dispose of any investment instrument or to engage in any other transaction.