Opportunities on the Horizon: Investing Through a Slowing Economy

thematic updates | WEALTH OUTLOOK 2023 | MID-YEAR EDITION | 32 FIGURE 8 : Emerging Markets Sentiment Currently Low 400 600 800 1000 1200 1400 1600 1800 2000 0 50 100 150 200 250 300 350 97 00 03 06 09 12 15 18 21 Index Level 1995 Jan =100 MSCI EM Index MSCI EM Currency (Right) Source: Bloomberg and Haver Analytics as of May 4, 2023. Indices are unmanaged. An investor cannot invest directly in an index. They are shown for illustrative purposes only and do not represent the performance of any specific investment. Index returns do not include any expenses, fees or sales charges, which would lower performance. Past performance is no guarantee of future results. Real results may vary.