INVESTMENT OUTLOOK FOR 2023 - 2 - TABLE OF CONTENTS Letter to investors 4 Executive summary 5 MACROECONOMICS & MARKETS The recession march 6 Markets - Taking stock 10 A new bond world 15 SUSTAINABILITY ESG was always a means to an end 16 INVESTMENT THEMES Thematic investing - History can help assess the future 19 Technology sector outlook - Secular growth drivers dominate 22 Deglobalisation in the context of ‘China decoupling’ 25 Resilience in private markets - Infrastructure debt 28 ASSET CLASS OVERVIEW 31