Wealth Outlook 2024 - Slow then grow

44 Wealth Outlook 2024 | Portfolio views 2020 2015 2010 2005 2000 1995 1990 0 (%) - 10 - 20 - 30 - 40 - 50 HFRI Fund Weighted Composite Index MSCI World TR Net Index Last 10 years drawdown periods Prior 20 years drawdown periods FIGURE 2 Historically, long-term hedge fund returns benefit from smaller drawdowns than long-only equities - 60 Source: HFRM, Hedge Fund Research (“HFR”), MSCI; as of September 30, 2023. Drawdown Periods for the MSCI World TR Index. The last 10 years (orange shaded areas) have had fewer and more shallow equity drawdowns than the 20 years prior (green shaded areas). 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. Alternative investing in 2024