HFS Bulletin

Monthly hedge fund update – March 2024

Executive summary

Market and hedge fund update in a nutshell

In Equity Hedged, US Equity Hedged strategies generally produced positive returns in March. At the industry level, managers’ net exposures were a significant determinant of returns as long / short spread was marginally positive during the month. European Equity Hedged strategies generally produced positive returns in March. Managers’ alpha was generally positive compared to the MSCI Europe, with most funds having positive absolute returns for the month across generalists and sector specialists. Asian Equity Hedged strategies generally produced positive returns in March. Markets in Japan continued to trade higher while in China the markets largely stabilized.

In Relative Value, Fixed income relative value strategies generally produced positive returns in March. Cash / futures basis trading produced mixed results as managers have reduced risk, and most are running with high unencumbered cash levels. Capital structure / volatility arbitrage strategies generally produced positive returns in March. During the month, equity and credit rallied, driven by optimism around the state of the economy and potential interest rate cuts. Merger arbitrage and event-driven strategies generated mixed returns in March. The median ongoing merger arbitrage spreads narrowed by approximately 70bps. Agency MBS strategies produced positive returns in March. Quantitative equity strategies generally produced positive returns in March. Crowding signals worked positively during the month, although momentum moderated toward the end of the period.

In Credit / Income, Corporate credit strategies generally produced positive returns in March. Managers generally benefited from tightening credit spreads and stable interest rates. The corporate long / short sub-strategy performed well as every manager held by HFS products in this space produced a positive return.

At the asset class level Asset-backed strategies generally produced positive returns in March. Like prior months, the sub-strategy primarily benefited from carry income. Reinsurance / ILS strategies generally produced positive returns in March. The month was essentially a no-loss month for both cat bond and collateralized reinsurance managers. As a result, the primary driver of returns was premium income.

In Trading, Discretionary trading strategies generally produced positive performance in March. Developed macro managers were mostly positive with notable contribution from long equity positions (US / Japan and energy transition) and long commodity positions (gold and copper).

Index	Index	Mar-24	Mar-24	Feb-24	Feb-24	Jan-24	Jan-24	QTD	QTD	YTD	YTD	1Y Annualized Return	1Y Annualized Return	3Y Annualized Return	3Y Annualized Return	5Y Annualized Return	5Y Annualized Return	10Y Annualized Return	10Y Annualized Return	Volatility (10Y)	Volatility (10Y)
Index	MSCI World Total Return - Net USD	Mar-24	3.21	Feb-24	4.24	Jan-24	1.20	QTD	8.88	YTD	8.88	1Y Annualized Return	25.11	3Y Annualized Return	8.60	5Y Annualized Return	12.07	10Y Annualized Return	9.39	Volatility (10Y)	14.91
Index	FTSE US Broad Investment-Grade Bond Index	Mar-24	0.85	Feb-24	-1.41	Jan-24	-0.26	QTD	-0.84	YTD	-0.84	1Y Annualized Return	1.62	3Y Annualized Return	-2.53	5Y Annualized Return	0.36	10Y Annualized Return	1.54	Volatility (10Y)	4.81
Index	Barclays Global High Yield Index	Mar-24	1.51	Feb-24	0.79	Jan-24	-0.19	QTD	2.13	YTD	2.13	1Y Annualized Return	12.91	3Y Annualized Return	1.20	5Y Annualized Return	3.07	10Y Annualized Return	3.53	Volatility (10Y)	8.60
Index	Bloomberg Commodity Index Total Return	Mar-24	3.31	Feb-24	-1.47	Jan-24	0.40	QTD	2.19	YTD	2.19	1Y Annualized Return	-0.56	3Y Annualized Return	9.11	5Y Annualized Return	6.38	10Y Annualized Return	-1.56	Volatility (10Y)	14.18
Index	ICE BofA Merrill Lynch 3-month T-Bill Total Return	Mar-24	0.45	Feb-24	0.41	Jan-24	0.43	QTD	1.29	YTD	1.29	1Y Annualized Return	5.24	3Y Annualized Return	2.58	5Y Annualized Return	2.02	10Y Annualized Return	1.38	Volatility (10Y)	0.48
Index	HFRI Fund of Funds Composite Index	Mar-24	1.62	Feb-24	1.77	Jan-24	0.73	QTD	4.17	YTD	4.17	1Y Annualized Return	9.68	3Y Annualized Return	2.88	5Y Annualized Return	5.00	10Y Annualized Return	3.59	Volatility (10Y)	4.99
Index	HFRI Equity Hedge (Total) Index	Mar-24	2.10	Feb-24	3.06	Jan-24	-0.05	QTD	5.17	YTD	5.17	1Y Annualized Return	14.25	3Y Annualized Return	3.25	5Y Annualized Return	7.93	10Y Annualized Return	5.72	Volatility (10Y)	8.71
Index	HFRI Event-Driven (Total) Index	Mar-24	1.83	Feb-24	0.74	Jan-24	-0.06	QTD	2.52	YTD	2.52	1Y Annualized Return	11.67	3Y Annualized Return	4.07	5Y Annualized Return	6.44	10Y Annualized Return	4.70	Volatility (10Y)	7.12
Index	HFRI ED: Credit Arbitrage Index	Mar-24	1.15	Feb-24	1.12	Jan-24	2.22	QTD	4.56	YTD	4.56	1Y Annualized Return	12.60	3Y Annualized Return	5.52	5Y Annualized Return	6.13	10Y Annualized Return	5.10	Volatility (10Y)	6.87
Index	HFRI Macro (Total) Index	Mar-24	3.17	Feb-24	2.39	Jan-24	0.55	QTD	6.22	YTD	6.22	1Y Annualized Return	8.51	3Y Annualized Return	6.06	5Y Annualized Return	6.40	10Y Annualized Return	3.75	Volatility (10Y)	4.71
Index	HFRI Macro (Total) Systematic Diversified Index	Mar-24	3.81	Feb-24	4.52	Jan-24	0.81	QTD	9.39	YTD	9.39	1Y Annualized Return	10.00	3Y Annualized Return	6.44	5Y Annualized Return	6.22	10Y Annualized Return	3.61	Volatility (10Y)	7.70
Index	HFRI Relative Value (Total) Index	Mar-24	0.99	Feb-24	0.82	Jan-24	0.65	QTD	2.48	YTD	2.48	1Y Annualized Return	8.16	3Y Annualized Return	4.14	5Y Annualized Return	4.60	10Y Annualized Return	4.03	Volatility (10Y)	4.40

Strategy performance

Monthly hedge fund review

Overall market commentary

Risk assets extended their upward trend in March as many investors continued to discount somewhat higher than expected inflation prints and instead focused on the resilience of the underlying economy and the powerful trend across technology broadly and AI specifically. The extension of the market rally occurred despite the forecasted interest cuts from the US Federal Reserve being pushed out by several months. Market breadth also expanded in March to include more than the “Magnificent Seven” and momentum themes. The Dow Jones Industrial Average, S&P500 and NASDAQ indices produced positive performance of 2.08%, 3.10% and 1.79%, respectively. Across Europe, equity market performance was also broadly positive with the MSCI Europe, DAX and FTSE generating positive performance of 3.53%, 4.61% and 4.20%, respectively. Asian developed markets produced positive performance with the Nikkei 225 Index rising 3.07%, supported further by a weakening Japanese yen. Emerging markets generated mostly positive results in March despite tempered expectations for rate cuts. Indian and Chinese equity markets produced gains of 1.59% and 0.86%, respectively, while Brazilian shares eased 0.71%. US interest rate markets were little changed last month after the back up in yields during February. The two-year US Treasury yield fell to 4.59% from 4.62% and the ten-year US Treasury yield decreased to 4.20% from 4.25%. The Barclays US Corporate Investment Grade Index rallied 1.29% in March, benefitting from carry income and a stable interest rate landscape. Similarly, the Barclays US Corporate High Yield Index rose 1.18%, driven by carry income and the modest rally in rates. Commodity prices were mostly higher last month, reflecting a strong global economy, with crude oil rising 6.2% and gold advancing 8.9%. In currency markets, the Euro fell 0.17% against the US dollar to 1.0787 from 1.0805, while the US dollar rallied another 1.13% against the Japanese yen from 149.64 to 151.34.

Source returns: UBS World Market Report

Equity Hedged

US Equity Hedged strategies generally produced positive returns in March. At the industry level, managers’ net exposures were a significant determinant of returns as long / short spread was marginally positive during the month. Crowded long positions slightly outperformed the broader market. Alpha generated from HFS managers was generally stronger than implied by industry statistics as most managers produced both positive returns and value-add during the month. Idiosyncratic stock losses were typically responsible for the negative performance realized by a handful of managers. March represented another strong month across US equity markets with continued broadening as smaller cap and value stocks assumed leadership, especially later in the month. Performance was strongest across the energy and materials sectors, helped by higher commodity prices, while technology and consumer discretionary stocks lagged. In contrast to earlier in the year, the quality and growth factors were notable detractors, while the momentum factor was also a laggard.

European Equity Hedged strategies generally produced positive returns in March. Managers’ alpha was generally positive compared to the MSCI Europe, with most funds having positive absolute returns for the month across generalists and sector specialists. For generalists, positions in industrials, such as miners and semiconductors generally performed well. Sector wise, markets rewarded industrials, energy, and financials, while consumer discretionary and semiconductors lagged. Miners, real estate, energy, oil, and renewables indices were positive for the month, while semiconductors, luxury, and travel & leisure incurred losses. In terms of factors, growth and value stocks out-performed, and momentum performed well, while quality lagged. Some prime brokers reported that March experienced the fifth consecutive month of EU equities being “net bought” and was the most net bought region over the month. This was driven primarily by adds on the long side to mega cap names. The most net bought sectors were consumer staples and information technology, whereas the most “net sold” sectors were materials and consumer discretionary.

Asian Equity Hedged strategies generally produced positive returns in March. During the month, markets in Japan continued to trade higher. The move higher in Japan continued despite the BoJ’s announcement to exit negative interest rate policy (NIRP). In terms of factors, momentum and size continued to perform along with growth, quality, and low risk. In China, the markets largely stabilized despite the disappointment that China did not announce large scale stimulus during the NPC. Nonetheless, stronger earnings reports as well as continued support from the national team proved beneficial.

HFRI Equity Hedge Total Index:

MTD 2.10%

QTD 5.17%

YTD 5.17%

Relative Value

HFRI Relative Value Total Index:

MTD 0.99%

QTD 2.48%

YTD 2.48%

Fixed income relative value strategies generally produced positive returns in March. Cash / futures basis trading produced mixed results as managers have reduced risk, and most are running with high unencumbered cash levels. Inflation relative value themes added to gains for some managers. In addition, the short European swap spread theme started to reverse which challenged some managers; however, their exposures had previously been reduced which dampened losses. Cross-currency basis and tenor basis swap strategies were generally challenged over the month, while macro related strategies were mostly flat or mixed.

Capital structure / volatility arbitrage strategies generally produced positive returns in March. During the month, equity and credit rallied, driven by optimism around the state of the economy and potential interest rate cuts. The environment proved supportive of the US convertibles’ performance and new issuance. Globally, new convertible bond issuance was USD 10.8bn, USD 10.4bn of which were offered by the US issuers, which is the most since March 2021. An increase in convertible bond issuance volumes (USD 25bn globally YTD, with USD 21bn coming from the US) was to a certain extent driven by refinancings, which created additional alpha generating opportunities for holders of the repurchased convertible debt. Notably, the new supply was well received and digested by the market. In March, non-investment grade convertible bond spreads tightened 53bps to 509bps, and the spread between non-investment grade convertibles and the Bloomberg HY ‘B’ Index decreased to 243bps from 278bps last month.

Merger arbitrage and event-driven strategies generated mixed returns in March. The median ongoing merger arbitrage spreads narrowed by approximately 70bps. While most deal spreads experienced positive momentum, US Steel was a significant outlier (-14%) after President Biden issued a statement opposing the Nippon acquisition. Therefore, the deal detracted from the returns for managers who had exposure. Four of the five largest underperformers from February – Albertsons, Olink, Ansys, and Cerevel Therapeutics, were among the top performers in March. In terms of new deal announcements, after an active start to the year, M&A activity slowed in March with only two public deals over USD 1bn announced. Q1 2024 transaction volume was up +32% year-over-year but down compared to Q4 2023. Deal size distribution displayed a significant skew to mid-size deals, with average deal value decreasing to USD USD 5.6bn fromUSD 7.0bn in Q4 2023. Equity capital markets were also active, with a few highly anticipated deals coming to the market, such as Reddit, Astera Labs, and Galderma. Activity level-wise, March marked the quickest start to global ECM issuance since 2018 and the fastest in the US since 2015, excluding 2021.

Overall, agency MBS strategies produced positive returns in March. Funds generated positive results during the month, although dispersion was somewhat elevated. Carry income was the largest driver of performance, while some funds also generated positive total returns from long investments. Mortgage derivatives continued to benefit from slow prepayment speeds. Conversely, some managers were adversely impacted by relative value trades that underperformed.

Quantitative equity strategies generally produced positive returns in March. Crowding signals worked positively during the month, although momentum moderated toward the end of the period. Volatility and quality provided headwinds for managers, while size was generally accretive. The quant equity market neutral cohort was also positive, driven mainly by positive alpha. Asset selection and crowdedness (both long and short) were by far the largest alpha contributors in March, while these gains were partially offset by losses from China, volatility, profitability, and dividend yield.

Credit / Income

Corporate credit strategies generally produced positive returns in March. Managers generally benefited from tightening credit spreads and stable interest rates. The corporate long / short sub-strategy performed well as every manager held by HFS products in this space produced a positive return. Gains were driven by long investments in the US and Europe. Conversely, short positions detracted from performance, although the magnitude of losses were relatively limited. Long positions in financials, sovereign credit and real estate companies were the largest contributors to performance. The corporate long-biased sub-strategy typically generated profits in March. Most funds produced gains as returns were driven by long investments in bonds and loans. At the portfolio level, capital appreciation was the main driver of performance, although the sub-strategy also benefited from positive carry. Long positions in the emerging market credit and travel sectors were the largest contributors to performance.

Asset-backed strategies generally produced positive returns in March. Like prior months, the sub-strategy primarily benefited from carry income. However, select funds also produced modest gains from spread tightening. In terms of gains, most asset classes were profitable during the month. The largest contributors to performance were from exposure to Reg Cap, CMBS, CLOs, and Non-Agency RMBS.

Reinsurance / ILS strategies generally produced positive returns in March. The month was essentially a no-loss month for both cat bond and collateralized reinsurance managers. As a result, the primary driver of returns was premium income. Managers also benefitted from spread tightening as demand slightly out-stripped supply during the month.

HFRI ED: Credit Arbitrage Index

MTD 1.15%

QTD 4.56%

YTD 4.56%

Trading

HFRI Macro Total Index:

MTD 3.17%

QTD 6.22%

YTD 6.22%

Discretionary trading strategies generally produced positive performance in March. Developed macro managers were mostly positive with notable contribution from long equity positions (US / Japan and energy transition) and long commodity positions (gold and copper). Some managers also did well on FX, with a longer bias in USD, while others captured the Swiss National Bank cut via short CHF positions. Rate trading produced more mixed performance as some of the long positions in Europe/UK were accretive, via forward steepening trades, while in the US, curve steepening expressions were generally a detractor. Japan rate exposure also underperformed as markets did not move given the anticipated BoJ shift, and volatility weakened. Some managers were able to produce positive results from tactical short rates volatility trades. Emerging market managers generally produced positive results. A significant driver of performance was long exposure to Egypt T-bills, with managers benefitting from both FX appreciation and strong carry. Some funds also participated in similar trades in Nigeria. Additionally, some managers benefited from exposure across Latam and Africa. In FX, CNH short positions were also accretive, and some managers also participated in developed market trades, such as shorts in EUR and CHF. In EM rates, performance was more mixed with a sell-off across most markets. In DM rates, managers mostly incurred losses, although some benefited from the UK move lower. In commodities, energy managers were profitable for the month due to a mix of shorts in the US natural gas and volatility space as well as longs in oil. Finally, short positions in European natural gas underperformed.

Systematic trading strategies generally produced positive returns in March. Trend-following strategies were profitable via themes in equities, FX, agriculture (long cocoa), while losses were generated by fixed income and metals exposures. Energy expressions achieved gains from long oil and short natural gas positions. Alternative market managers produced positive results from equities, FX, agriculture, metals while incurring losses from positions in fixed income and energy. Key drivers to performance were long positions in cocoa and gold. Systematic managers with more diversified alpha models produced relatively flat returns with gains in energy and FX, while losses occurred in rates, equities, and metals. Short exposures were reduced in fixed income by the end of the month.

Endnotes

Strategy definitions

Equity Hedged managers generally use fundamental analysis to invest in public-ly traded equities and seek to generate alpha through superior security selec-tion. Portfolio construction is driven primarily by bottom-up fundamental research; top-down analysis may also be applied. Sub-strategies include: Fundamental, Equity Event, and Opportunistic Trading.

Trading strategies are generally top-down in nature and often driven by econometric and macroeconomic research. These strategies may utilize finan-cial instruments, such as foreign exchange, equities, rates, sovereign debt, currencies, and commodities to express a manager's view. In executing differ-ent approaches, managers may use either fundamental or quantitative models or a combination of both. Sub-strategies include: Systematic, Discretionary and Commodities.

Relative value is a broad category, generally encompassing strategies that are non-fundamental and non-directional, and often quantitatively driven. Man-agers in this strategy typically use arbitrage to exploit mispricings and other opportunities in various asset classes, geographies, and time horizons. Manag-ers frequently focus on capturing the spread between two assets, while main-taining neutrality to other factors, for example to geography, changes in interest rates, equity market movement, and currencies, to name a few exam-ples. Sub-strategies include: Fixed Income Relative Value, Agency MBS, Quanti-tative Equity, Cap Structure/Vol Arb and Merger Arbitrage.

In Credit/Income strategies, managers utilize credit analysis to evaluate poten-tial investments and use debt or debt-linked instruments to execute their investment theses. Their approach can be either fundamental, quantitative, or a combination of both. Sub-strategies include: Distressed, Corporate Long/Short, Asset-Backed, Reinsurance / ILS, CLO/Corporate Lending and Other Income.

Other: This category contains investment approaches that are outside of the mainstream hedge fund strategies (Equity Hedged, Credit/Income, Relative Value, and Trading). The category includes nice investment approaches. Money Market funds and cash strategies are also included in this category, as are Liquidating/Side Pockets.

Risk Parity generally focuses on the passive allocation of risk, rather than of capital, in an attempt to provide a higher Sharpe ratio alternative to the traditional 60% stock / 40% bond portfolio through the use of a wider range of uncorrelated assets, low leverage, and low equity risk. Please note, while an alternative to traditional asset allocation, Risk Parity is not a hedge fund Strate-gy.

Index descriptions

The use of indices is for illustrative purposes only. Unlike the Fund, some indices are unmanaged, are not available for direct investment and are not subject to management fees and other fees and expenses. The Fund does not restrict its investments to securities in the indices described. No index is directly compara-ble to the investment strategy of the Fund. Information about the index is derived from sources that we believe to be reliable, but we have not inde-pendently verified them and do not warrant as to its accuracy or completeness.

The Barclays Corporate High Yield Index covers the universe of fixed rate, non-investment grade debt. Pay-in-kind (PIK) bonds, Eurobonds, and debt issues from countries designated as emerging markets (e.g., Argentina, Brazil, Vene-zuela, etc.) are excluded, but Canadian and global bonds (SEC registered) of issuers in non-EMG countries are included. Original issue zeroes, step-up coupon structures, and 144-As are also included.

The Barclays Global Aggregate Index provides a broad-based measure of the global investment-grade fixed income markets. The three major components of this index are the U.S. Aggregate, the Pan-European Aggregate, and the Asian-Pacific Aggregate Indices. The index also includes Eurodollar and Euro-Yen corporate bonds, Canadian government, agency and corporate securities, and USD investment grade 144A securities.

The Citigroup Broad Investment Grade Bond Index is an unmanaged index generally representative of the performance of the investment-grade corporate and U.S. government bonds.

The Dow Jones - UBS Commodity Index Total Return index is comprised of futures contracts on 19 physical commodities. It reflects the return on fully collateralized futures positions and is quoted in USD.

The HFRI Equity Hedge Total Index is equally weighted performance index. The HFRI is broken down into four main strategies, each with multiple sub-strategies. This index represents the Equity Hedged strategy, which includes funds who maintain positions both long and short in primarily equity and equity derivative securities. A wide variety of investment processes can be employed to arrive at an investment decision, including both quantitative and fundamental techniques; strategies can be broadly diversified or narrowly focused on specific sectors and can range broadly in terms of levels of net exposure, leverage employed, holding period, concentrations of market capi-talizations and valuation ranges of typical portfolios. Equity Hedged managers would typically maintain at least 50%, and may in some cases be substantially entirely invested in equities, both long and short.

The HFRI Event-Driven (Total) Index is an equally weighted performance index. The HFRI is broken down into four main strategies, each with multiple sub-strategies. This index represents the Event Driven strategy, which is also known as corporate life cycle investing. The constituents of this index are funds invest-ing in opportunities created by significant transactional events of a wide variety, including but not limited to spin-offs, mergers and acquisitions, tender offers, security issuance, bankruptcy reorganizations, recapitalizations and share buybacks. Event Driven exposure includes a combination of sensitivities to equity markets, credit markets and idiosyncratic, company specific develop-ments.

HFRI FOF: Conservative Index FOFs classified as "conservative" exhibit one or more of the following characteristics: seeks consistent returns by primarily investing in funds that generally engage in more "conservative" strategies such as Equity Market Neutral, Fixed Income Arbitrage, and Convertible Arbitrage.

The HFRI FOF: Diversified Index includes fund of funds classified as "diversified." Fund of funds classified as "diversified" exhibit one or more of the following characteristics: invests in a variety of strategies among multiple managers; historical annual return and/or a standard deviation generally similar to the HFRI Fund of Fund Composite index.

The HFRI Fund of Funds Composite Index is an equally weighted performance index broken down into 37 different categories by strategy. There is no re-quired asset-size minimum for fund inclusion in the HFRI and there is no required length of time a fund must be actively trading before inclusion in the HFRI.

The HFRI Fund Weighted Composite Index is a global, equal-weighted index of over 2,000 single-manager funds that report to HFR Database. Constituent funds report monthly net of all fees performance in US Dollar and have a minimum of $50 Million under management or a twelve (12) month track record of active performance. The HFRI Fund Weighted Composite Index does not include Funds of Hedge Funds.

The HFRI Macro Total Index is equally weighted performance index. The HFRI are broken down into four main strategies, each with multiple sub-strategies. This index represents the Macro strategy, which involves investing by making leveraged bets on anticipated price movements of stock markets, interest rates, foreign exchange and physical commodities. Macro managers employ a "top-down" global approach, and may invest in any market using any instrument to participate in expected market movements. These movements may result from forecasted shifts in world economies, political fortunes or global supply and demand for resources, both physical and financial. Exchange-traded and over-the-counter derivatives are often used to magnify these price movements.

The HFRI Macro: Systematic Diversified Index is equally weighted performance index. The HFRI are broken down into four main strategies, each with multiple sub-strategies. The HFRI Macro: Systematic Diversified Index represents the Systematic Diversified sub-strategy, which involves investing by employing mathematical, algorithmic and technical models, with little or no influence of individuals over the portfolio positioning. Managers in these strategies employ an investment process designed to identify opportunities in markets exhibiting trending or momentum characteristics across individual instruments or asset classes. The quantitative aspect of the investment process is focused on identi-fying statistically robust or technical patterns in the return series of the asset, and typically highly liquid instruments. Systematic managers maintain shorter holding periods than either discretionary or mean reverting approaches. Although some systematic strategies seek to employ counter trend models, the strategy tends to benefit most from an environment characterized by persis-tent, discernable trending behavior.

The HFRI Relative Value (Total) Index is equally weighted performance index, utilized by numerous hedge fund managers as a benchmark for their own hedge funds. The HFRI are broken down into four main strategies, each with multiple sub-strategies. This index represents the Relative Value Arbitrage strategy, which attempts to take advantage of relative pricing discrepancies between instruments involving equities, debt, options and futures. Managers may use mathematical, fundamental, or technical analysis to determine misval-uations. Securities may be mispriced relative to the underlying security, related securities, groups of securities, or the overall market. Many funds use leverage and seek opportunities globally. Arbitrage strategies include dividend arbitrage, pairs trading, options arbitrage and yield curve trading.

The J.P. Morgan Government Bond Index is the most widely-used measure of performance of leading government bond markets. The indices measure the total, principal, and interest returns in each market and can be reported in 18 different currencies. By including only traded issues, the Index provides a realistic measure of market performance for international investors

The MSCI World Index is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed markets. As of June 2007 the MSCI World Index consisted of the following 23 developed market country indices: Australia, Austria, Belgium, Canada, Den-mark, Finland, France, Germany, Greece, Hong Kong, Ireland, Italy, Japan, Netherlands, New Zealand, Norway, Portugal, Singapore, Spain, Sweden, Switzerland, the United Kingdom, and the United States.

The MSCI EMF Index is a free float-adjusted market capitalization index that is designed to measure equity market performance in the global emerging markets.

The MSCI World Total Return Index uses the same methodology as the MSCI $ World Index but also includes reinvestment of dividends. Net Dividends: This series approximates the minimum possible dividend reinvestment. The dividend is reinvested after deduction of withholding tax, applying the rate to non-resident individuals who do not benefit from double taxation treaties. MSCI uses withholding tax rates applicable to Luxembourg holding companies, as Luxembourg applies the highest rates. The index performance has been trans-lated into the feeder currency using the applicable daily currency exchange rate from Bloomberg.

The Nikkei 225 JPY Index Stock Average is a price-weighted average of 225 top-rated Japanese companies listed in the First Section of the Tokyo Stock Exchange.

Standard and Poor's 500 Index (S&P500) is a capitalization-weighted index of 500 stocks. The index is designed to measure performance of the broad domestic economy through changes in the aggregate market value of 500 stocks representing all major industries.

S&P GSCI Total Return Index is a fully-collateralized index, showing total return an investor would receive from S&P GSCI excess return plus T-bill return on the collateral. Its components are updated on a yearly basis and include energy, industrial metals, precious metals, livestock, and agricultural commodities. The S&P GSCI can offer a benchmark for investment performance in the commodi-ty markets.

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As an investor, you should read the Fund Documentation prior to investing in the Fund. An affiliate of the Investment Manager may serve as the Administrator of the Fund, and the Investment Manager may engage affiliates as Prime Brokers for the Fund. None of these entities will bear any losses for the fund.

Past performance (whether simulated or actual) is not indicative of future results. Potential for profit is accompanied by possibility of loss.

For Switzerland: For marketing and information purposes. This document has been issued by UBS Asset Management Switzerland AG, a company registered under the Laws of Switzerland, and its affiliates. The following paragraph refers only to fund(s) mentioned in this document, which are distributed in or from Switzerland, which are managed by UBS and/or any of its affiliates and having UBS Fund Management (Switzerland) AG as Representative in Switzerland. Any such fund(s) referenced herein are intended only for Swiss qualified investors pursuant to Art 10 of the Collective Investment Schemes Act (CISA) and are not allowed to be distributed to the retail public (i.e. non-qualified investors).

Information for Swiss qualified Investors: Representative in Switzerland is UBS Fund Management Switzerland) AG, Aeschenplatz 6, 4052 Basel. Paying Agent in Switzerland: UBS Switzerland AG, Bahnhofstrasse 45, 8001 Zürich.

The relevant Legal Fund Documents to this fund (s) are available free of charge from the Representative in Switzerland. Before any investment, please read the latest Legal Fund Documents. The information herein is not intended to be construed as a solicitation or an offer to invest in the fund(s). Past performance is not a reliable indicator of future results. The performance shown does not take account of any commissions and costs charged when subscribing and redeeming. If the currency of the fund(s) is different from your reference currency, the return can increase or decrease as a result of currency fluctuations. This information pays no regard to the specific or future investment objectives, financial or tax situation or particular needs of any specific recipient. The details and opinions contained in this document are provided by UBS Hedge Fund Solutions, a distinct business unit of UBS Asset Management (Americas) LLC, without any guarantee or warranty and are for the recipient's personal use and information purposes only. This document and its contents have not been reviewed by any regulatory authority in Switzerland.

For USA: This document has been issued by UBS Hedge Fund Solutions, a distinct business unit of UBS Asset Management (Americas) LLC, for distribution to professional clients or sophisticated investors only. Funds are offered through UBS Asset Management (US) Inc./UBS Financial Services Inc. (a member of FINRA and SIPC). UBS Asset Management (Americas) LLC, (an investment adviser registered with the US Securities and Exchange Commission) and UBS Financial Services Inc./UBS Asset Management (US) Inc. are indirect wholly-owned subsidiaries of UBS AG.

For UK/Jersey: UBS Asset Management (UK) Ltd is a subsidiary of UBS AG. Registered in England. UBS Asset Management (UK) Ltd and UBS Asset Management Funds Ltd are authorised and regulated by the Financial Conduct Authority. UBS Asset Management Life Ltd is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. Telephone calls may be recorded. This document is for Professional Clients only. It is not to be distributed to or relied upon by Retail Clients under any circumstances. This material supports the presentation(s) given. It is not intended to be read in isolation and may not provide a full explanation of all the topics that were presented and discussed. Care has been taken to ensure the accuracy of the content, but no responsibility is accepted for any errors or omissions.

This document is a marketing communication. Any market or investment views expressed are not intended to be investment research. The document has not been prepared in line with the FCA ) requirements designed to promote the independence of investment research and is not subject to any prohibition on dealing ahead of the dissemination of investment research. Source for all data and charts (unless otherwise stated): UBS Asset Management. This document does not create any legal or contractual obligation with UBS Asset Management. The recipient agrees that this information shall remain strictly confidential where it relates to the Investment Manager's business. The prior consent of UBS Asset Management (UK) Ltd should be obtained prior to the disclosure of commercially sensitive information to a third party (excluding the professional advisors of the recipient). Information reasonably deemed to be commercially sensitive and obtained from UBS Asset Management (UK) Ltd should not be disclosed. This information is supplied with a reasonable expectation that it will not be made public. If you receive a request under the Freedom of Information Act 2000 for information obtained from UBS Asset Management (UK) Ltd we ask that you consult with us. We also request that any information obtained from UBS Asset Management (UK) Ltd in your possession is destroyed as soon as it is no longer required.

For EMEA: This document has been issued by UBS AG, a company registered under the Laws of Switzerland, and its affiliates. In relation to each member state of the EEA which, at the date of this document, has implemented the Alternative Investment Fund Managers Directive (Directive (2011/61/EU), the "AIFMD"), this document may only be distributed, and Shares in the Fund may only be offered or placed, in a member state to the extent that: (i) the Fund is permitted to be marketed to professional investors in the relevant member state (as implemented in the local law/regulation of that member state); or (ii) this document may otherwise be lawfully distributed and/or the Shares in the Fund may otherwise be lawfully offered or placed in that member state (including at the initiative of the investor). In relation to each member state of the EEA which, at the date of this document, has not implemented the AIFMD, this document may only be distributed, and Share in the Fund may only be offered or placed, to the extent that this document may be otherwise lawfully distributed and the Shares in the Fund may be lawfully offered or placed in that member state (including at the initiative of the investor). Such an offer will only be made by means of a confidential offering memorandum. Please read the offering material before making any final investment decision. Any decision to invest should be based on all the characteristics or objectives described in the prospectus or other legal documentation or information. If applicable the product(s) described herein align(s) to Article 6 of Regulation (EU) 2019/2088. Information on sustainability-related aspects pursuant to that regulation can be found on www.ubs.com/funds.

UBS AG and its affiliates, including, but not limited to UBS Asset Management (UK) Ltd, and any products or services mentioned in this document: (i) have not been approved by or registered with; and (ii) do not fall under the supervision of, the Securities and Commodities Authority of the United Arab Emirates.

For UCITS, Irish ICAVs and funds domiciled in Luxembourg, please reference the below disclaimers:

Before investing in a product please read the latest prospectus and key investor information document carefully and thoroughly. The information and opinions contained in this document have been compiled or arrived at based upon information obtained from sources believed to be reliable and in good faith, but is not guaranteed as being accurate, nor is it a complete statement or summary of the securities, markets or developments referred to in the document. Members of the UBS Group may have a position in and may make a purchase and / or sale of any of the securities or other financial instruments mentioned in this document. Units of UBS funds mentioned herein may not be eligible for sale in all jurisdictions or to certain categories of investors and may not be offered, sold or delivered in the United States. The information mentioned herein is not intended to be construed as a solicitation or an offer to buy or sell any securities or related financial instruments. Past performance is not a reliable indicator of future results. The performance shown does not take account of any commissions and costs charged when subscribing to and redeeming units. Commissions and costs have a negative impact on performance. If the currency of a financial product or financial service is different from your reference currency, the return can increase or decrease as a result of currency fluctuations. This information pays no regard to the specific or future investment objectives, financial or tax situation or particular needs of any specific recipient. The details and opinions contained in this document are provided by UBS without any guarantee or warranty and are for the recipient's personal use and information purposes only. This document may not be reproduced, redistributed or republished for any purpose without the written permission of UBS Asset Management Switzerland AG or a local affiliated company. Source for all data and charts (if not indicated otherwise): UBS Asset Management. A summary of investor rights in English can be found online at www.ubs.com/funds. More explanations of financial terms can be found at ubs.com/am-glossary

For retail investors: Investors are acquiring units or shares in a fund, and not in a given underlying asset such as building or shares of a company.

For registered funds under Luxembourg, Swiss, German and Irish law: Arrangements for marketing fund units mentioned in this document may be terminated at the initiative of the management company of the fund(s).

For Austria: Prospectuses, key investor information (KIID), the articles of association or the management regulations as well as annual and semi-annual reports of UBS funds are available in a language required by the local applicable law free of charge online at www.ubs.com/funds.
For Belgium: Prospectuses, key information documents (KID), the articles of association or the management regulations as well as annual and semi-annual reports of UBS funds are available in a language required by the local applicable law free of charge from UBS 18th floor, Amstelplein 1, 1096 HA Amsterdam and online at www.ubs.com/funds.
For Cyprus: Prospectuses, key investor information (KIID), the articles of association or the management regulations as well as annual and semi-annual reports of UBS funds are available in a language required by the local applicable law free of charge from UBS Asset Management Switzerland AG, c/o UBS AG, Bahnhofstrasse 45, 8001 Zürich or from Bank of Cyprus PLC and online at www.ubs.com/funds.
For Denmark: Prospectuses, key investor information (KIID), the articles of association or the management regulations as well as annual and semi-annual reports of UBS funds are available in a language required by the local applicable law free of charge from UBS Asset Management, Regeringsgatan 38, 11153 Stockholm or from UBS Europe SE, Denmark Branch, filial af UBS Europe SE, Sankt Annae Plads 13, 1 TH, 1250 Copenhagen, Denmark and online at www.ubs.com/funds.
For Finland/Iceland/Norway: Prospectuses, key investor information (KIID), the articles of association or the management regulations as well as annual and semi-annual reports of UBS funds are available in a language required by the local applicable law free of charge from UBS Asset Management, Regeringsgatan 38, S-11153 Stockholm and online at www.ubs.com/funds.
For France: This fund has obtained authorization for marketing in France. Prospectuses, Key Investor Information (KIID), the articles of association or the investment regulations and the annual and semi-annual reports of the UBS Funds may be obtained free of charge from the management company of the Fund, the Autorité des Marchés Financiers or, as the case may be, UBS (France) SA, 69, boulevard Haussmann, 75008 Paris, and online at www.ubs.com/funds.
For Greece: Prospectuses, key investor information (KIID), the articles of association or the management regulations as well as annual and semi-annual reports of UBS funds are available in a language required by the local applicable law free of charge from UBS Asset Management Switzerland AG, c/o UBS AG, Bahnhofstrasse 45, 8001 Zürich and online atwww.ubs.com/funds.
For Hungary: Prospectuses, key investor information (KIID), the articles of association or the management regulations as well as annual and semi-annual reports of UBS funds are available in a language required by the local applicable law free of charge from UBS Asset Management Switzerland AG, c/o UBS AG, Bahnhofstrasse 45, 8001 Zürich, Switzerland and online at www.ubs.com/funds.
For Italy: Prospectuses, key investor information (KIID), the articles of association or the management regulations as well as annual and semi-annual reports may be obtained in a language required by the local applicable law free of charge from UBS Asset Management (Italia) – SGR S.p.A., Via del Vecchio Politecnico, n. 3, 20121 Milano (MI), Italy and online at www.ubs.com/funds.
For Ireland: Prospectuses, supplements, key investor information documents (KIID), the memorandum and articles of association as well as annual and semi-annual reports of UBS funds are available in a language required by the local applicable law free of charge from MUFG Alternative Fund Services (Ireland) Limited, 12-13 Leeson Street Lower, Saint Kevin's, Dublin, Ireland and online at www.ubs.com/funds.
For Liechtenstein: Prospectuses, key investor information (KIID), the articles of association or the management regulations as well as annual and semi-annual reports of UBS funds in German are available in a language required by the local applicable law free of charge from Liechtensteinische Landesbank Aktiengesellschaft and online at www.ubs.com/funds.
For Luxembourg: Prospectuses, key investor information (KIID), the articles of association or the management regulations as well as annual and semi-annual reports of UBS funds are available in a language required by the local applicable law free of charge from UBS Europe SE, Luxembourg Branch, P.O. Box 2, L-2010 Luxembourg and online at www.ubs.com/funds.
For Malta: UBS funds Select Alternative Strategies ICAV and all cells underneath the umbrella managed by UBS Hedge Fund Solutions, a distinct business unit of UBS Asset Management (Americas) LLC, A&Q (Lux) Select FCP RAIF - A&Q (Lux) Select Trading, Dasym II SICAV RAIF are regulated by the Commission de Surveillance du Secteur Financier (CSSF) in Luxembourg. The funds are marketed in Malta under the terms of the EU UCITS directives. Calamatta Cuschieri Investment Services Ltd is licensed to conduct Investment Services business by the Malta Financial Services Authority. Investments by Maltese residents in funds denominated in foreign currency are subject to the External Transactions Act (Cap 233). Prospectuses, key investor information (KIID), the articles of association and the management regulations as well as annual and semi-annual reports of UBS funds are available in a language required by the local applicable law free of charge from CRYSTAL Finance Investments Ltd and other authorised intermediaries and online at www.ubs.com/funds.
For Netherlands: Prospectuses, key investor information (KIID), the articles of association or the management regulations as well as annual and semi-annual reports of UBS funds are available in a language required by the local applicable law free of charge from UBS Europe SE Nederlandse Vestiging or on the internet at www.ubs.com/funds.
For Portugal: Prospectuses, key investor information (KIID), the articles of association or the management regulations as well as annual and semi-annual reports of UBS funds are available in a language required by the local applicable law free of charge from UBS Europe SE, Luxembourg Branch, P.O. Box 2, L-2010 Luxembourg and online at www.ubs.com/funds. For more information on the distribution of UBS funds, in particular the applicable tax regime, please consult the Supplementary Information Memorandum for Portugal, available free of charge from the placing agent.
For Spain: Prospectuses, key investor information (KIID), the articles of association or the management regulations as well as annual and semi-annual reports of UBS funds are available in a language required by the local applicable law free of charge from UBS Europe SE, sucursal en España, MARÍA DE MOLINA Nº 4, E-28006 MADRID / AVENIDA DIAGONAL Nº 640, 2º A, E-08017 BARCELONA / FERNÁNDEZ Y GONZÁLEZ Nº 2, PLANTA PRINCIPAL, E-41001 SEVILLA / C/ROGER DE LAURIA Nº 7, 1ª PLANTA, E-46002 VALENCIA / COSO Nº 33, 5º A, E-50003 ZARAGOZA, CANTÓN PEQUEÑO 15, 4º, E-15003 A CORUÑA and online at www.ubs.com/funds.
For Sweden: Prospectuses, key investor information (KIID), the articles of association or the management regulations as well as annual and semi-annual reports of UBS funds are available in a language required by the local applicable law free of charge online at www.ubs.com/funds.
For United Kingdom: UBS Asset Management (UK) Ltd is authorized & regulated by the Financial Conduct Authority. Prospectuses, Key investor information (KIID), the articles of association or the management regulations as well as annual and semi-annual reports of UBS funds are available free of charge from UBS Asset Management (UK) Ltd, 5 Broadgate, London, EC2M 2QS. The fund documentation is available free of charge in English and, where relevant, in one of the local language(s) where the fund is registered and online at www.ubs.com/funds.

For Japan: This document is sent to you, at your request, merely for information purposes only. No invitation or offer to subscribe or purchase securities is made except pursuant to the applicable laws and regulations of Japan, including but not limited to the Financial Instruments and Exchange Act and any other applicable laws, regulations or rules of Japan.

For Hong Kong: This document and its contents have not been reviewed by any regulatory authority in Hong Kong. No person may issue any invitation, advertisement or other document relating to the Interests whether in Hong Kong or elsewhere, which is directed at, or the contents of which are likely to be accessed or read by, the public in Hong Kong (except if permitted to do so under the securities laws of Hong Kong) other than with respect to the Interests which are or are intended to be disposed of only to persons outside Hong Kong or only to "professional investors" within the meaning of the Securities and Futures Ordinance (Cap. 571) and the Securities and Futures (Professional Investor) Rules made thereunder.

For Singapore: For professional/institutional investors only. This document and its contents have not been reviewed by, delivered to or registered with any regulatory or other relevant authority in any jurisdiction. This document is for informational purposes and should not be construed as an offer or invitation to the public, direct or indirect, to buy or sell securities. This document is intended for limited distribution and only to the extent permitted under applicable laws in any jurisdiction. No representations are made with respect to the eligibility of any recipients of this document to acquire interests in securities under the laws of any jurisdiction. Using, copying, redistributing or republishing any part of this document without prior written permission from UBS Asset Management (Singapore) Ltd. is prohibited. Any statements made regarding investment performance objectives, risk and/or return targets shall not constitute a representation or warranty that such objectives or expectations will be achieved or risks are fully disclosed. The information and opinions contained in this document is based upon information obtained from sources believed to be reliable and in good faith but no responsibility is accepted for any misrepresentation, errors or omissions. All such information and opinions are subject to change without notice. A number of comments in this document are based on current expectations and are considered “forward-looking statements”. Actual future results may prove to be different from expectations and any unforeseen risk or event may arise in the future. The opinions expressed are a reflection of UBS Asset Management (Singapore) Ltd’s judgment at the time this document is compiled and any obligation to update or alter forward-looking statements as a result of new information, future events, or otherwise is disclaimed. You are advised to exercise caution in relation to this document. The information in this document does not constitute advice and does not take into consideration your investment objectives, legal, financial or tax situation or particular needs in any other respect. Investors should be aware that past performance of investment is not necessarily indicative of future performance. Potential for profit is accompanied by possibility of loss. If you are in any doubt about any of the contents of this document, you should obtain independent professional advice. Source for all data and charts (if not indicated otherwise): UBS Asset Management (Singapore) Ltd. (UEN 199308367C )

This document has not been registered with the Monetary Authority of Singapore pursuant to the exemptions under Sections 304 and 305 of the SFA. Accordingly, this document may not be circulated or distributed, nor may the Securities be offered or sold, whether directly or indirectly, to any person in Singapore other than (i) to an institutional investor pursuant to Section 304 of the SFA, (ii) to a relevant person (as defined in Section 305(5) of the SFA) pursuant to Section 305(1), and in accordance with the conditions specified in Section 305 of the SFA, and where applicable, the conditions specified in Regulation 3 of the Securities and Futures (Classes of Investors) Regulations 2018 or (iii) otherwise pursuant to, and in accordance with the conditions of, any other applicable provision of the SFA.

For Vietnam: This document does not contemplate an offer to sell the securities in Vietnam and has not been approved by the State Securities Commission of Vietnam which takes no responsibility for its contents. No offer to purchase the securities will be made in Vietnam and this document is intended to be read by the addressees only. Investors should themselves carefully balance the risks and the level of those risks before they make any decision to invest in the securities. Investors are responsible for obtaining all approvals required by the laws of Vietnam.

For Korea: The securities may not be offered, sold and delivered directly or indirectly, or offered or sold to any person for re-offering or resale, directly or indirectly, in Korea or to any resident of Korea except pursuant to the applicable laws and regulations of Korea, including the Capital Market and Financial Investment Business Act and the Foreign Exchange Transaction Law of Korea, the presidential decrees and regulations thereunder and any other applicable laws, regulations or rules of Korea. The securities have not been registered with the Financial Services Commission of Korea (FSC) for a public offering in Korea nor has it been registered with the FSC for distribution to non-qualified investors in Korea.

For People’s Republic of China: For eligible investors under the relevant laws and regulations of the People's Republic of China ("PRC") only. This document and its contents have not been reviewed by, delivered to or registered with any regulatory or other relevant authority in the PRC. This document is for informational purposes and should not be construed as an offer or invitation to the public, direct or indirect, to buy or sell securities. This document is intended for limited distribution and only to the extent permitted under applicable laws in the PRC. No representations are made with respect to the eligibility of any recipients of this document to acquire interests in securities under the laws of the PRC. The securities or products mentioned herein may only be permitted to be offered to approved PRC investors and/or eligible investors under the relevant PRC laws and regulations. The relevant PRC investors shall obtain applicable approvals/licenses/registrations from the relevant authorities (if applicable) and comply with the relevant laws and regulations.

For Taiwan: This document and its contents have not been reviewed by, delivered to or registered with any regulatory or other relevant authority in the Republic of China (R.O.C.). This document is for informational purposes and should not be construed as an offer or invitation to the public, direct or indirect, to buy or sell securities. This document is intended for limited distribution and only to the extent permitted under applicable laws in the Republic of China (R.O.C.). No representations are made with respect to the eligibility of any recipients of this document to acquire interests in securities under the laws of the Republic of China (R.O.C.).

For Australia: This document has been prepared and issued by UBS Hedge Fund Solutions, a distinct business unit of UBS Asset Management (Americas) LLC. UBS Asset Management (Americas) LLC, is an investment adviser registered with the US Securities and Exchange Commission and such is regulated under a regulatory regime that differs from the Australian regulatory regime. UBS Asset Management (Americas) LLC, does not hold an Australian Financial Services Licence and is not authorised and regulated by the Australian Securities and Investments Commission (“ASIC”). UBS Hedge Fund Solutions, through UBS Asset Management (Americas) LLC, is permitted to provide financial services to wholesale clients in Australia in reliance on Class Order CO 03/1100 issued by ASIC. This document is intended for limited distribution to professional investors only. It is not to be distributed to or relied upon by retail clients. This document is general information only and does not take into account your objectives, financial situation or needs. Before investing you should seek professional advice. Any investment involves risk UBS Asset Management (Americas) LLC does not guarantee the performance of any investment.

For Brunei: This document has not been delivered to, licensed or permitted by the Authority as designated under the Brunei Darussalam Mutual Funds Order 2001. Nor has it been registered with the Registrar of Companies. This document is for informational purposes only and does not constitute an invitation or offer to the public. As such it must not be distributed or redistributed to and may not be relied upon or used by any person in Brunei other than the person to whom it is directly communicated, (i) in accordance with the conditions of section 21(3) of the International Business Companies Order 2000, or (ii) whose business or part of whose business is in the buying and selling of shares within the meaning of section 308(4) of the Companies Act Cap. 39.

For Malaysia: This document is sent to you, at your request, merely for information purposes only. No invitation or offer to subscribe or purchase securities is made by UBS Asset Management as the prior approval of the Securities Commission of Malaysia or other regulatory authorities of Malaysia have not been obtained. No prospectus has or will be filed or registered with the Securities Commission of Malaysia.

For Thailand: NOTICE TO RESIDENTS OF THAILAND – the securities will not be offered or sold, directly or indirectly, in Thailand. UBS Asset Management is not licensed to publicly offer securities in Thailand. Thai investors must be authorized to engage in the purchase of Securities of the type being offered or sold. Thai investors are responsible for obtaining all relevant government regulatory approvals/licences, consents, verification and/or registrations from relevant Thai governmental and regulatory authorities required to invest in the securities and required for the purposes of remitting any amounts in foreign currencies for the investment.

For Brazil: UBS Hedge Fund Solutions, a distinct business unit of UBS Asset Management (Americas) LLC, is not accredited with the Brazilian Securities Commission ("CVM") to perform Asset Management Services. The Asset Management Services may not be publicly offered or sold to the public in Brazil. Documents relating to the Asset Management Services as well as the information contained therein may not be supplied to the public in Brazil.

For Canada: Services to Canadian persons for any strategy herein are provided by UBS Asset Management (Canada) Inc., a Nova Scotia corporation and a member of the UBS Asset Management business division of UBS AG, a publicly traded Swiss bank (NYSE: UBS). UBS Asset Management (Canada) Inc. is an indirect wholly-owned subsidiary of UBS AG and is registered as a portfolio manager and exempt market dealer (in all provinces of Canada), commodity trading manager (Ontario), adviser commodity futures (Manitoba) and investment fund manager (Ontario, Quebec and Newfoundland), all pursuant to Canadian securities law. This document can be distributed in Canada to Accredited Investors who qualify as Permitted Clients only. UBS Asset Management (Americas) LLC may be considered a connected or related issuer of UBS Asset Management (Canada) Inc. in connection with a distribution of the strategy herein to investors in Canada.

C-04/24 CRVCX-2526

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