Information herein does NOT express any political views or endorsements, but rather aims to objectively analyze the economic factors and implications. The analysis is based on publicly available information as of 9th August 2024, and is for informational purposes only and should not be construed as investment or political advice or a personal recommendation. The information reflects judgments of the Quantitative Investment team as of August 2024 and are subject to change without notice, as of the date of this document. They may or may not be shared by other entities within the Vontobel Group. In preparing this document, we have relied upon and assumed, without independent verification, the accuracy and completeness of all information available from public sources. Opinions and estimates involve assumptions that may not prove valid. Advisory services are offered through a Participating Affiliate structure between Vontobel Asset Management, Inc., Vontobel Asset Management AG, and Vontobel (Hong Kong) Limited. Where applicable, certain investment staff may be deemed as Associated Persons and therefore subject to SEC requirements as part of the Participating Affiliate structure. Past performance is not a guarantee of future results. Investments involve risks including possible loss of principal. There is no representation or warranty as to the current accuracy, reliability, or completeness of, nor liability for, decisions based on such information, and it should not be relied on as such.