UBS Investing 2023

For marketing purposes For professional / qualified / Panorama institutional clients and Panorama investors only Investing in 2023 | UBS Asset Management Investing in 2023 | UBS Asset Management Investing through change Picture the opportunities 01 Calm waters 02 Impact of A new paradigm 16 Central bank turn choppy a longer late cycle 14 for equity long- policy outlook | | | short alpha? | b a