Investment Outlook 2023: A Year to Be Patient

Risk considerations

yield It fluctuates depending on the economic situation. Yield is just one factor to consider when making an investment decision.

stock May fluctuate depending on news regarding the company, industry, market conditions and the general economic environment.

bonds There is interest rate risk. When interest rates rise, bond prices fall. In general, the longer a bond’s maturity, the greater its sensitivity to this risk. Bonds may also be subject to call risk. Call risk is the risk that the issuer will redeem its option in whole or in part before its scheduled maturity date. The market value of debt securities can fluctuate and the proceeds from prematurity sales may be more or less than the original investment or maturity value due to changes in market conditions or changes in the creditworthiness of the issuer. Bonds are exposed to the credit risk of the issuer. This is the risk that the Issuer may not be able to make interest and/or principal payments in a timely manner. Bonds are also subject to reinvestment risk. This is the risk that principal and/or interest payments from certain investments may be reinvested at a lower interest rate.

Asset allocation and diversification We do not guarantee profits or prevent losses in declining financial markets.

rebalance Losses due to financial market declines cannot be prevented. A rebalancing strategy may have potential tax implications. Investors should consult their tax advisors before implementing such strategies.

Due to its narrow focus, Investing in the sector They tend to be more volatile than investments spread across many sectors and companies. technology stocks It can be particularly unstable.

international investment It involves greater risk and greater potential reward compared to investing in the United States. These risks include foreign political and economic uncertainties and currency fluctuation risks. These risks are magnified in countries with emerging markets. This is because these countries may have relatively unstable governments and unestablished markets and economies.

Investment in overseas emerging markets It involves political, currency, economic and market risks that are greater than those typically associated with the domestic market.

Investing in commodities It carries significant risks. Commodity prices are affected by a variety of factors, including but not limited to (i) changes in supply and demand relationships, (ii) government programs and policies, (iii) domestic and international political and economic events, and war. It can be affected at any time by factors. (iv) changes in interest and exchange rates; (v) trading activity of commodities and related contracts; (vi) epidemics, technological changes and weather; and (vii) price fluctuations of commodities. In addition, commodity markets are subject to temporary distortions and other disruptions due to various factors such as lack of liquidity, participation of speculators, and government intervention.

Certain securities referred to in this material may not be registered under the US Securities Act of 1933, as amended. Recipients must comply with legal or contractual restrictions on the purchase, possession, sale, exercise of rights or performance of obligations under securities/securities transactions.

Portfolio returns primarily composed of: Environmental, social and governance-conscious investment (ESG) It may be lower or higher than a more diversified portfolio or one where decisions are made based solely on investment considerations. Because ESG criteria exclude some investments, investors may not be able to take advantage of the same opportunities and market trends as investors who do not use such criteria. It is for illustrative purposes only and should not be considered a recommendation to purchase, hold or sell any security or investment. They are intended to demonstrate the approach taken by the manager who focuses on his ESG criteria in his investment strategy. There is no guarantee that Client’s accounts will be managed as described herein.


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CRC#5370089 (January 2023)

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