Important Information: Information herein represents the views of the Quantitative Investments boutique; does not constitute investment advice or a personal recommendation; and may differ from the opinions of other Vontobel entities and/or departments. Past performance is not a guarantee of future results. All investing involves risks including possible loss of principal. Any projections or forward-looking statements herein regarding future events or the financial performance of countries, markets and/or investments are based on a variety of estimates and assumptions. There can be no assurance that the assumptions made in connection with such projections will prove accurate, and actual results may differ materially. The inclusion of forecasts should not be regarded as an indication that Vontobel considers the projections to be a reliable prediction of future events and should not be relied upon as such. Vontobel reserves the right to make changes and corrections to the information provided herein at any time, without notice.