Global Private Banking volatility to generate income trend. Asia’s short term dynamics the number of themes under the or partial downside protection, have been held back by the delayed ‘Digital Transformation’ umbrella, investors can take positions with recovery in China, but Beijing’s as rising rates hurt growth stocks, limited directional risk. recent pivot towards optimisation of and some companies in this area ® Lastly, our HiCo themes tap into COVID policy and property easing are hit by semiconductor shortages, structural trends, which can measures are giving us some more waning demand for consumer sometimes be crowded out by the confidence. We have moved our electronics and lower ad revenues. noise coming from the rate and focus towards Southeast Asia, We retain our themes related to growth debate, but which remain and towards the beneficiaries of Smart Mobility and Total Security as in place. We continue to hit the supply chain reorientation and they have the strongest short term green button with themes under our the reopening post-COVID. We support in our view. ‘Investing for a Sustainable Future’ have consciously been reducing 9