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Make It EZ2 EZtransact Contest – Twice As Nice!

The Make-It-EZ EZtransact^TM contest is back by popular demand! This time we are making it twice as nice with one $200 winner each week, and a Grand Prize winner of $2000 at the end of the contest! Just in time for your busy RSP season, EZtransact, makes managing your client’s policies quick and convenient.

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Market Commentary January 2025

Key Takeaways

Full year 2024:

Despite reductions of policy-setting interest rates by central banks, yields on longer-term bonds finished the year higher than they started the year.
Positive risk appetite helped corporate bonds perform well, led by lower-quality issuers.
Global equity markets posted robust returns, with U.S. equities outperforming other developed markets, driven by heavy concentration into the ‘Magnificent 7’ stocks.

Fourth Quarter:

Central banks continued to ease monetary policy in Q4, with the Bank of Canada cutting its policy interest rate more aggressively than did the U.S. Federal Reserve.
The Republican victory across both the executive and legislative branches in the U.S. ignited expectations of economic growth, pushing bond yields and stock prices higher.
Risk sentiment helped corporate bonds continue to outperform government bonds.
Markets remained volatile: while North American stock markets continued to outperform most international indices, Canadian stocks managed to outperform U.S. stocks in Q4, as sources of returns in the U.S. narrowed into year-end.

Economic and Market Update

Economic Summary: In the U.S., economic activity continued to expand at a solid pace in Q4. The rate of inflation continued to slow but remained above the central bank’s 2% objective. The labour market in the U.S. remained resilient, as the unemployment rate has remained low compared to historical norms. A decisive victory for Donald Trump and the Republican Party further boosted expectations for continued growth. The return of the President-elect’s old tactics of threatening tariffs to influence trade, security, and drug control re-introduced some economic uncertainty, particularly regarding the potential return of inflationary pressures. Those concerns prompted the Federal Reserve to slow the pace of its policy easing, as it lowered rates by just 0.25% at each of its two meetings in Q4, following the 0.50% cut in September. Throughout 2024, the Fed reduced rates by a total of 100 basis points, from 5.50% to 4.50%. Nonetheless, bond yields were significantly higher for most maturity terms during the fourth quarter as the market priced in not just a stronger economy than had been the expectation during Q3, implying less interest rate cuts by the Fed, but also growing concerns about the government deficit.

In Canada, growth remained positive during 2024 and improved a bit to close the year, but continued to fall short of the Bank of Canada’s expectations. Similarly, inflation came in lower than expected and below the Bank’s 2% target. The labour market continued to soften for much of the year, with employment growth falling short of labour force growth. The weakness in the labour market and economy, along with tamed inflation, prompted the Central Bank to cut rates at the pace of 50 basis points at each of its two meetings in Q4. For the full year, the Bank of Canada ended up lowering its policy rate by a total of 175 basis points, from 5% to 3.25%. The market has been expecting the Bank of Canada to need to continue cutting rates due to slower economic growth in Canada, but the fear of a possible trade war with the U.S. has made the economic outlook somewhat murkier.

Bond Markets: During the quarter, yields on mid- to long-term bonds in Canada rose in sympathy with rising bond yields in the U.S. However, bond yields in Canada rose to a lesser extent, and yields on shorter-term bonds were actually little changed over the quarter. The FTSE Canada Universe Bond Index was basically flat during Q4 and posted a return of 4.2% for the full year. Although interest rates rose, credit spreads (i.e. the extra yield on corporate bonds versus government bonds to compensate for their extra risk) continued to grind lower, helping corporate bonds post positive overall returns in the quarter. Tightening credit spreads reflected the generally positive risk-on tone to the market, despite some volatility. Lower-rated BBB bonds generally performed better than higher-quality A-rated bonds. Credit spreads have now generally fallen back to levels similar to those experienced in 2021, when markets did quite well after the pandemic. The on-going appetite of investors for the extra yield offered by corporate bonds over government bonds is indicated not just by falling credit spreads, but also by investors’ enthusiasm to support the primary issuance market. Corporate bond supply continued to be very robust in the quarter, with $30 billion in new issuance, resulting in a record-breaking year with $141 billion of new issuance in 2024. Nonetheless, on balance, we do not think the current risk premium adequately compensates for downside risk, particularly in longer-dated corporate bonds, and have a bias towards shorter-dated credit where we view the risk / reward trade-off as being more favourable.

Chart2-(1).png

Stock Markets – Overview: Trump’s presidential victory and the Republican party’s ‘red sweep’ in the Senate and House of Representatives sparked optimism surrounding economic growth and a new era of U.S. exceptionalism. As a result, North American equity markets extended their rally in Q4, capping off a year of robust returns. The S&P 500 returned 2.4%, bringing its year-to-date return to 25%. Within the U.S., the broadening of returns paused during the quarter as the chase for growth intensified, with mega-cap growth names like Tesla driving performance. Canadian equities surprisingly outperformed the U.S. market over the quarter, returning 3.8% in Q4, despite threats of widespread tariff negotiations looming on the horizon that could negatively impact Canadian corporate fundamentals. At a sector level, strength in the technology, financials, and energy sectors more than offset weakness in telecommunication companies as well as in the materials sector. Elsewhere, major developed markets from Europe and Asia (EAFE) underperformed last quarter as deteriorating Chinese growth prospects and weak economic growth in the Eurozone weighed on equities. Notably, foreign investors of U.S. denominated securities benefitted from a rebounding U.S. dollar with the dollar index adding over 7.6% in Q4.

Chart3-(1).png

U.S. Equities: U.S. equities remain supported by resilient margins and strong corporate earnings growth with over 70% of businesses surpassing bottom-line expectations last quarter. We remain attentive to the broadening of earnings performance and note that this trend has continued, albeit at a normalized pace versus prior quarters. More specifically, our work shows that members of the Russell 1000, excluding the Magnificent 7, posted median earnings growth of 6% last quarter, down from nearly 9% in Q3 but comparable to Q2 (6%). Looking forward to 2025, analysts continue to forecast U.S. exceptionalism, with forecasts of ~12% earnings growth.

Following Trump’s presidential victory, stocks with greater sensitivity to the U.S. economy, such as small cap businesses, benefitted from expectations of domestically focused growth initiatives. However, stubborn inflation and expectations of fewer interest rate cuts by the Federal Reserve saw the trend of broadening sources of returns pause into the end of the year. Instead, market concentration reaccelerated with investors rushing back towards mega-cap growth stocks. In fact, Tesla – which is approximately 2% of the S&P 500 Index by market cap – contributed approximately one-third of the total index return in Q4, while the Mag 7 as a group contributed over 100% of total returns. In other words, U.S. large cap companies excluding the Magnificent 7 declined in aggregate last quarter.

Canadian Equities: Against the backdrop of cooling inflation and below-trend growth, the Bank of Canada continued to loosen monetary policy. As a result, Canadian companies
showed signs of improving efficiency with return on equity – a gauge of corporate profitability – improving versus prior quarters. Under these conditions, investors remained focused on higher quality, high-dividend paying companies – particularly within the financial sector. Relative to prior quarters, this group witnessed greater contribution out of non-bank financials (such as asset managers and insurance companies), as the premium investors were willing to pay for Canadian banks remained elevated. Across other sectors, the energy sector had a positive quarter as the price of oil stabilized, but falling prices for raw industrials pushed the materials sector lower.

Bottom line: U.S. political developments and subsequent growth expectations dominated market sentiment last quarter. As a result, investors dialed back rate cut expectations and bond yields moved higher. In equity markets, the potential for an era of higher-for-longer rates prompted a resumption of investors crowding into growth stocks. Going forward, we remain cautious of elevated valuations and continue to prioritize diversified sources of returns with a long-term outlook. Nonetheless, despite rich valuations, our base case remains that investors’ enthusiasm for equities will persist in the near-term and stocks should continue to outperform bonds.

Downloadable Copy

Mark Warywoda, CFA VP, Public Portfolio Management	Ian Whiteside, CFA, MBA AVP, Public Portfolio Management	Johanna Shaw, CFA Director, Portfolio Management	Jin Li Director, Equity Portfolio Management
Tyler Farrow, CFA Senior Analyst, Equity	Andrew Vermeer Senior Analyst, Credit	Elizabeth Ayodele Analyst, Credit	Francie Chen Analyst, Rates

ADVISOR USE ONLY

Any statements contained herein that are not based on historical fact are forward-looking statements. Any forward-looking statements represent the portfolio manager’s best judgment as of the present date as to what may occur in the future. However, forward-looking statements are subject to many risks, uncertainties, and assumptions, and are based on the portfolio manager’s present opinions and views. For this reason, the actual outcome of the events or results predicted may differ materially from what is expressed. Furthermore, the portfolio manager’s views, opinions or assumptions may subsequently change based on previously unknown information, or for other reasons. Equitable® assumes no obligation to update any forward-looking information contained herein. The reader is cautioned to consider these and other factors carefully and not to place undue reliance on forward-looking statements. Investments may increase or decrease in value and are invested at the risk of the investor. Investment values change frequently, and past performance does not guarantee future results. Professional advice should be sought before an investor embarks on any investment strategy.

Market Commentary April 2025

Key Takeaways for Q1

Economic policy became more uncertain with fluctuating tariff announcements from the U.S. and its trading partners.
Global stocks markets experienced heightened volatility year-to-date, reflecting the negative repercussions of tariffs for highly integrated global economies.
Within U.S. markets, investors rotated out of growth stocks into value and defensive areas of the market.
Bond markets performed well during the quarter as interest rates moved lower.
Most central banks continued to ease monetary policy by reducing their target interest rates. The U.S. Federal Reserve was a notable exception, electing to wait for greater clarity before lowering rates further.

Economic and Market Update

Economic Summary: In the U.S., the latest GDP data confirmed solid economic growth in 2024. However, as President Trump pushes forward his economic agenda, uncertainty surrounding fiscal policy and global trade have dampened market sentiment. Inflation pressures persisted, with the rate of inflation remaining above the central bank’s 2% objective. The labour market in the U.S. remained resilient, with unemployment rate staying low compared to historical norms. The Federal Reserve shifted to a more cautious approach, holding the policy rate steady through Q1 at the range 4.25% - 4.5%. The central bank raised its inflation forecast, lowered growth projections, and warned that “uncertainty around the economic outlook has increased.” U.S. bond yields were lower for most maturity dates during the first quarter, as the market priced in more growth concerns and anticipated more rate cuts from the Federal Reserve.

In Canada, recent GDP data showed stronger-than-expected growth. The inflation rate remained close to the 2% target but rose more than expected in February, and the labour market showed signs of improvement. U.S. tariffs continued to be a significant concern, and it is prompting businesses and consumers to become more cautious and slow their spending. The Bank of Canada warned that the economic impact of the tariffs could be “severe” and expected weaker growth in the coming quarters. For those reasons the Bank of Canada continued its easing cycle, cutting rates by 25 basis points at each of the January and March meetings, bringing the policy rate to 2.75%. Bond yields in Canada were also lower, with short-term interest rates decreasing faster than long-term interest rates as the Bank of Canada’s rate cuts outpaced market expectations.

Bond Markets: During Q1 2025, the FTSE Canada Universe Bond Index returned 2.0% as interest rates declined across all tenors. Although interest rates fell, this was partially offset by higher credit spreads (i.e. the extra yield on corporate bonds versus government bonds to compensate for their extra risk). Consequently, while corporate bonds still generated a positive return on the quarter, they underperformed government bonds. Widening credit spreads reflected the risk-off tone to the market, with on-off-on-off-on(?) tariffs contributing to the uncertainty. Lower-rated BBB bonds generally performed worse than higher-quality A-rated bonds. While credit spreads are higher than they were in December and January, they are still expensive compared to longer term averages. Corporate bond issuance remained robust up until the last week of March, as investor demand kept deals well supported. Overall, the market took in $40 billion in new issuance, the second highest on record, spread over 82 bonds. While corporate bonds are more attractive than in January 2025, we believe the more likely path is towards higher credit spreads as U.S. tariffs impact global growth. We have maintained our conservative view with a bias towards shorter-dated credit but remain ready to invest in longer dated corporate bonds as valuations become more attractive.

Stock Markets – Overview:
Uncertainty surrounding the scope and severity of new tariffs led investors to reassess global economic growth prospects and weighed on risk sentiment. As a result, the S&P 500 declined 4.3% over the quarter, underperforming Canadian and international markets. Within the U.S., investors rotated out of previously favoured growth stocks with loftier valuations – including members of the Magnificent 7 – into less volatile and value-cyclical companies. Meanwhile, Canadian equities returned 1.5% in Q1 despite ongoing trade negotiations and uncertain economic growth forecasts. Surging commodity prices helped the materials and energy sectors outperform, offsetting weakness in the technology and industrials sectors. Elsewhere, major developed markets from Europe and Asia (EAFE) were supported over the quarter by the introduction of a new German fiscal stimulus package and signs of improving Chinese economic growth. Following the quarter end, President Trump announced global tariffs on April 2^nd, prompting some trading partners to hit back with retaliatory tariffs. The S&P 500 lost a record $5.2 trillion over two trading sessions and re-entered correction territory, with other global equity markets moving in tandem.

U.S. Equities: While the impact of tariffs has made investors more apprehensive, we have yet to witness a deterioration in financial performance. In fact, U.S. earnings continued to exceed forecasts last quarter, with approximately 70% of companies beating expectations. Furthermore, our bottom-up analysis shows that the skew of corporate earnings surprises continues to tilt positive. That said, we note that companies are providing more cautious guidance amid the increased economic uncertainty and that these earnings largely reflect conditions in 2024, not 2025. Notably, consumer stocks like Walmart have lowered growth forecasts for 2025, citing concerns surrounding consumer confidence and macroeconomic conditions. In addition to clouding the outlook, geopolitical shocks like sweeping tariffs may risk changing how companies choose to operate, including the structure of supply chains and sources of revenue. At this stage, it is still unclear how long these trade tensions will last, as that depends on how other countries choose to respond. If the tariffs are rolled back quickly, many companies may be able to absorb the temporary extra costs without serious damage to profits, and the broader economy could avoid lasting harm. But if the tariffs remain in place for a long time, the consequences could be much more serious; companies might have to change how they operate, restructure supply chains, and raise prices to deal with long-term pressure on profits.

Canadian Equities: Against the backdrop of worrisome trade developments, the Bank of Canada continued to ease monetary policy. While lower rates have helped Canadian companies report better-than-expected profit growth, consensus earnings expectations for 2025 have been revised 2% lower since the beginning of the year, reflecting the expectations for tariff headwinds. Falling bond yields made high quality, high dividend paying companies more attractive, helping this group outperform. Furthermore, the price of raw industrials – a basket of commodities – surged higher over the quarter and as a result, commodity-oriented companies benefitted. More specifically, the materials sector performed strongly with gold prices reaching new all-time highs throughout the quarter. However, if trade frictions continue to escalate and weaker growth projections materialize into a real economic slowdown, the Canadian market, given its cyclical nature and heavy reliance on commodity-driven businesses, remains particularly vulnerable to external headwinds. Moreover, given Canada’s weaker fundamental backdrop, we caution that the recent outperformance of Canadian equities relative to the U.S. may prove short-lived, particularly if trade tension persists.

Bottom line:
Heightened uncertainty surrounding global trade policies, coupled with deteriorating economic growth projections, continued to weigh on investor sentiment. Bond prices benefited from the flight to less-risky assets, with lower interest rates in anticipation of weaker economic conditions. In equity markets, the introduction of broad-based tariffs increased market volatility and drove major indices sharply lower year-to-date. Looking forward, we remain cautious of the recent outperformance of Canadian and international markets relative to the U.S. While tariffs began as a U.S. policy move, the ripple effects extend far beyond American borders, reflecting the systemic fragility that underpins global trade. If trade barriers persist, businesses may be forced to make structural shifts in their operations and review their current business models. Until markets achieve greater clarity on global trade policies, we continue to prioritize exposure to diversified large-cap stocks in the U.S., over defensive or growth-heavy positions. Within Canada, we continue to favour high quality, high dividend paying names with less sensitivity to downgrades in global growth.

Downloadable Copy

Mark Warywoda, CFA VP, Public Portfolio Management	Ian Whiteside, CFA, MBA AVP, Public Portfolio Management	Johanna Shaw, CFA Director, Portfolio Management	Jin Li Director, Equity Portfolio Management
Tyler Farrow, CFA Senior Analyst, Equity	Andrew Vermeer Senior Analyst, Credit	Elizabeth Ayodele Analyst, Credit	Francie Chen Analyst, Rates

ADVISOR USE ONLY

Market Commentary July 2025 Key Takeaways

• Markets were very volatile in April to start Q2 but calmed as the quarter progressed. Volatility was driven mostly by headlines about tariffs, but other fiscal policy developments also had an impact.
• Equity markets sold off sharply at the start of the quarter, continuing Q1’s weakness. Markets rebounded sharply once worst-case fears over tariffs eased. The markets continued to rally through the quarter as trade negotiations progressed. Stronger-thanexpected corporate earnings also boosted markets. Despite the shaky start to the quarter, most global equity markets set new all-time highs in Q2.
• Canadian bond markets delivered slightly negative returns in Q2. Weak performance was driven by rising interest rates, which outweighed the impact of tighter credit spreads. Higher interest rates hurt the performance of longer-term bonds most.
• Both the Bank of Canada and the U.S. Federal Reserve adopted a wait-and-see approach. They each held rates steady during Q2, awaiting greater clarity on the impacts of tariffs on both growth and inflation before considering further cuts.

Economic and Market Update

Economic Summary: Most indicators of economic activity in the U.S. continued to expand at a decent pace. However, GDP data for the first quarter came in weaker than expected, as higher imports ahead of anticipated tariffs and weaker spending by consumers weighed on Q1 GDP. That said, GDP growth is expected to bounce back in Q2. Tariffs will likely continue to be an evolving story, with potential impacts on both economic growth and inflation. Those impacts will remain uncertain until trade agreements have been finalized.

Fig-One-(1).jpg

In early April, President Trump announced larger-than-expected reciprocal tariffs, with the impact most notable on trade with China. However, progress followed with a 90-day pause in tariff implementation. The U.S. then reached trade agreements with the UK, China, and Vietnam. Negotiations with other major trade partners are ongoing. The conflict between Israel and Iran raised inflation concerns, due mostly to the possibility of higher oil prices. Those concerns eased following a ceasefire. Congress passed Trump’s tax cut and spending bill, raising concerns about its potential impact on the U.S. fiscal burden. Meanwhile, U.S. labour market conditions remain resilient, with the unemployment rate remaining low. Inflation has eased slightly but remains above the Federal Reserve’s target. Amid heightened uncertainty, the Federal Reserve held interest rates steady at 4.25%–4.50% at both of its meetings in Q2. Chair Jerome Powell stated that the Fed is “well positioned to wait for greater clarity before considering any adjustments to our policy stance.”

In Canada, tariffs and trade-related uncertainty continue to weigh on the economy. A pullforward of exports and inventory accumulation ahead of tariffs helped keep first-quarter GDP firm, but growth is expected to slow in the second quarter. The labour market has weakened, particularly in trade-sensitive sectors. Inflation remains within the Bank of Canada’s 1–3% preferred range. However, core CPI remains above the Bank’s preferred 2% target. Canada’s fiscal deficit is expected to widen as Prime Minister Mark Carney aims to fast-track infrastructure development and increase defense spending. Amid ongoing trade uncertainty, the Bank of Canada held its policy rate at 2.75% during its April and June meetings. Governor Tiff Macklem signaled the Bank’s readiness to cut rates further if economic conditions deteriorate.

Fig-Two-(1).jpg

Bond Markets: During Q2, the FTSE Canada Universe Bond Index returned -0.6%. Yields for Canadian bonds rose across all maturities over the quarter. That reflected reduced expectations for rate cuts by the Bank of Canada and a higher risk premium on long-term debt. The impact of higher yields on government bonds was offset in part by tightening of credit spreads on provincial and corporate bonds. Overall corporate bonds saw a positive return for the quarter and outperformed government bonds, in part due to the strong recovery in credit spreads that started in late
April. While corporate issuance slowed considerably in April due to increased trade policy uncertainty, issuance in the Canadian bond markets during May and June were robust. There were 83 deals during Q2 that combined to raise $37 billion for issuers. June 2025 was the 3rd busiest month for issuance on record. We continue to expect higher credit spreads as the U.S. tariffs impact global growth. As such, we have maintained our conservative view with a bias towards shorter corporate bonds but remain ready to invest in longer corporate bonds as valuations become
attractive.

Stock Markets – Overview: Having done a round-trip following April tariff announcements, technology, consumer discretionary and industrial companies propelled the U.S. equity market to another record high. The S&P 500 ended the quarter up about 11%, outperforming Canadian and international markets. Canadian equities gained 8.5% in Q2, buoyed by front-loaded demand that benefited the Materials sector, while Financials recovered from a poor Q1. Meanwhile, as risk sentiment stabilized following the 90-day tariff pause and U.S. equities regained momentum, the appeal of the “Sell America” trade diminished. As a result, Europe, Australasia, and the Far East (EAFE) markets finished the quarter with a more modest gain of just over 5%, lagging the sharper
recovery seen in North America.

Fig-Four-(1).jpg

U.S. Equities: The U.S. equity market staged a V-shaped recovery on strong company earnings data in the second quarter. A stable job market and muted inflation reinforced the view of a resilient U.S. economy. At a company level, we observed positive corporate earnings surprises, steady profit margins and better-than-expected forward earnings guidance. Together they underpinned the equity market’s sharp reversal to the upside. Market breadth also improved over the quarter, with strength extending beyond Technology to include Industrials and Financials. That signalled that the market rally was supported by investors’ confidence in the U.S. economy. Furthermore, structural investment trends in artificial intelligence (AI) continued to accelerate, highlighted by rising enterprise capex in data centres. Beyond AI, Circle, a blockchain-based platform that supports stablecoin issuance, tokenized assets, and digital payment infrastructure, conducted a successful IPO. Its share price jumped 485% from its listing price as of quarter-end. On June 17, the U.S. Senate passed the Guiding and Establishing National Innovation for U.S. Stablecoins (GENIUS) Act, a regulatory framework for use of tokenized assets. While investors wait for the House’s decision, equity price actions suggest that the policy environment is increasingly supportive of blockchain innovation and digital efficiency.

Canadian Equities: Canadian equities posted solid gains in Q2, with Financials overtaking Materials to lead the market higher. Momentum from the Materials sector, which benefited from the pull-forward demand related to U.S. tariff uncertainty, faded toward quarter-end. Meanwhile, cooling inflation and muted domestic growth pushed investors towards highquality, high-dividend-paying companies. Notably, banks significantly outperformed the broader market, as investors favoured their stable corporate fundamentals. Energy surged briefly amid escalating geopolitical tensions, but those gains proved short-lived. In recap, investors in the Canadian market faced slowing resource demand and a stalling domestic economy, which fueled increased interest in high-quality, high-dividend-paying companies. That is a trend we expect to continue going forward.

Bottom line: Markets remain heavily influenced by sentiment, with U.S. policy developments and ongoing tariff negotiations continuing to cause periodic volatility. However, there is little
evidence of deterioration in the hard data to date. As such, we continue to anchor our positioning on underlying data rather than market narratives. Looking ahead, the combination of a structurally higher-for-longer interest rate environment and increasingly pro-growth policy backdrop presents selective opportunities. In the U.S., this favours highquality growth stocks, particularly within Technology, where strong balance sheets and long-term thematic tailwinds remain intact. In Canada, Financials, especially the relatively inexpensive banks, present a more compelling opportunity as earlier tailwinds from pullforward demand are beginning to wane. While we remain constructive, we are mindful of elevated equity valuations and continue to closely monitor macro conditions and policy developments for signs of inflection.

Downloadable Copy

Mark Warywoda, CFA VP, Public Investments	Ian Whiteside, CFA, MBA AVP, Public Investments	Johanna Shaw, CFA Director, Public Investments	Jin Li Director, Equity Investments
Wanyi Chen, CFA, FRM Sr. Quantitative Analyst	Andrew Vermeer, CFA Senior Analyst, Credit	Elizabeth Ayodele Analyst, Credit	Edward Ng Cheng Hi Analyst, Credit	Francie Chen Analyst, Rates

ADVISOR USE ONLY
Any statements contained herein that are not based on historical fact are forward-looking statements. Any forward-looking statements represent the portfolio manager’s best judgment as of the present date as to what may occur in the future. However, forward-looking statements are subject to many risks, uncertainties, and assumptions, and are based on the portfolio manager’s present opinions and views. For this reason, the actual outcome of the events or results predicted may differ materially from what is expressed. Furthermore, the portfolio manager’s views, opinions or assumptions may subsequently change based on previously unknown information, or for other reasons. Equitable® assumes no obligation to update any forward-looking information contained herein. The reader is cautioned to consider these and other factors carefully and not to place undue reliance on forward-looking statements. Investments may increase or decrease in value and are invested at the risk of the investor. Investment values change frequently, and past performance does not guarantee future results. Professional advice should be sought before an investor embarks on any investment strategy.

Mark Warywoda, CFA VP, Public Investments	Ian Whiteside, CFA, MBA AVP, Public Investments	Johanna Shaw, CFA Director, Public Investments	Jin Li Director, Equity Investments
Wanyi Chen, CFA, FRM Sr. Quantitative Analyst	Andrew Vermeer, CFA Senior Analyst, Credit	Elizabeth Ayodele Analyst, Credit	Edward Ng Cheng Hi Analyst, Credit	Francie Chen Analyst, Rates

ADVISOR USE ONLY
Any statements contained herein that are not based on historical fact are forward-looking statements. Any forward-looking statements represent the portfolio manager’s best judgment as of the present date as to what may occur in the future. However, forward-looking statements are subject to many risks, uncertainties, and assumptions, and are based on the portfolio manager’s present opinions and views. For this reason, the actual outcome of the events or results predicted may differ materially from what is expressed. Furthermore, the portfolio manager’s views, opinions or assumptions may subsequently change based on previously unknown information, or for other reasons. Equitable^® assumes no obligation to update any forward-looking information contained herein. The reader is cautioned to consider these and other factors carefully and not to place undue reliance on forward-looking statements. Investments may increase or decrease in value and are invested at the risk of the investor. Investment values change frequently, and past performance does not guarantee future results. Professional advice should be sought before an investor embarks on any investment strategy.