Global Private Banking Contents Letter to Clients 05 Our Portfolio Strategy 06 Are Diversified Portfolios Still a Better Option than Cash? 12 Top Four Trends and High Conviction Themes 14 1. Remaking Asia’s Future 14 2. Opportunities Amid High Rates and Slowing Growth 18 3. Digital Transformation 20 4. Investing for a Sustainable Future 22 Equities 24 Fixed Income 28 Currencies and Commodities 32 Hedge Funds 34 Private Markets 36 Real Estate 38 Disclaimers 40 3