EFTA Document EFTA01458602

the pouithant Fccia The by fAtIUDS linottroen% vele light, Asut,14/4 Napactioos PrAtiolth hvevirretuon Portfolio Our view of non-traditional asset classes Alternatives portfolios Due to their distinct characteristics, we take a differentiated look at selected liquid and illiquid alternative investments. Liquid alternatives ■ Macro/CTA• Most global macro managers have generated positive returns this year. They have also weathered the recent pickup In market volatility better than