Disclosures
This material is solely for informational purposes and shall not constitute an offer to sell or the solicitation to buy securities. The opinions expressed
herein represent the current, good faith views of the author(s) at the time of publication and are provided for limited purposes, are not definitive
investment advice, and should not be relied on as such. The information presented in this article has been developed internally and/or obtained
from sources believed to be reliable; however, PanAgora Asset Management, Inc. ("PanAgora") does not guarantee the accuracy, adequacy, or
completeness of such information. Predictions, opinions, and other information contained in this article are subject to change continually and
without notice of any kind and may no longer be true after the date indicated. Any forward‐looking statements speak only as of the date they are
made, and PanAgora assumes no duty to and does not undertake to update forward‐looking statements. Forward‐looking statements are subject
to numerous assumptions, risks, and uncertainties, which change over time. Actual results could differ materially from those anticipated in forward‐
looking statements. Equities may decline in value due to both real and perceived general market, economic, and industry conditions. There is no
guarantee that any investment strategy will achieve its investment objective or avoid incurring substantial losses.
Forecasts, estimates, and certain information contained herein are based upon proprietary research and should not be considered as investment
advice or a recommendation of any particular security, strategy, or investment product. Statements concerning financial market trends are based
on current market conditions, Ih will fluctuate. There is no guarantee that these investment strategies will work under all market conditions, and
each investor should evaluate their ability to invest for the long-term, especially during periods of downturn in the market. Outlook and strategies
are subject to change without notice. This material contains the current opinions of the manager and such opinions are subject to change without
notice. This communication is not a public offer and should not be deemed to be a contractual commitment or undertaking between the intended
recipient of this communication and PanAgora but an indication of what services may be offered subject to a legally binding contract between the
parties, and therefore no reliance should be placed on this document or its content. Opinions, estimates, and recommendations offered constitute
our judgment and are subject to change without notice, as are statements of financial market trends, which are based on current market conditions.
This communication and its content represent confidential information. This material has been prepared for informational purposes only and is not
intended to provide, and should not be relied on for, accounting, legal, or tax advice. You should consult your tax or legal adviser regarding such
matters.
eVestment: eVestment collects information directly from investment management firms and other sources believed to be reliable. eVestment does
not guarantee or warrant the accuracy, timeliness, or completeness of the information provided and is not responsible for any errors or omissions.
Performance results may be provided with additional disclosures available on eVestment’s systems, and other important considerations such as
fees may be applicable. If you would like a competitive analysis employing different universe selection criteria, please contact PanAgora.
Information contained herein has been obtained from sources believed to be reliable, but we do not guarantee this information and are not
responsible for any errors in this information.
Performance: Past performance is not a guarantee or a reliable indicator of future results. Investments are subject to risk of loss. The performance
shown is for the stated time period only; due to market volatility, each account’s performance may be different. The returns shown assume the
reinvestment of dividends and other income. The information in this presentation may contain projections or other forward-looking statements
regarding future events, targets, or expectations, and is only current as of the date indicated.
Hypothetical (Simulated) Performance: The hypothetical performance included in this report does not represent the performance of actual client
portfolios. The performance is shown for illustrative purposes only.
Historical or Simulated performance presented herein is purely theoretical and involves the application of PanAgora quantitative strategies to
historical financial data to show what decisions would have been made if the strategy were employed. These backtested performance results are
shown for illustrative purposes only and do not represent actual trading or the impact of material economic and market factors on PanAgora’s
decision-making process for an actual PanAgora client account. Backtested performance results were achieved by means of a retroactive application
of a model designed with the benefit of hindsight.
HYPOTHETICAL PERFORMANCE RESULTS HAVE MANY INHERENT LIMITATIONS, SOME OF WHICH ARE DESCRIBED BELOW. NO REPRESENTATION IS
BEING MADE THAT ANY ACCOUNT WILL OR IS LIKELY TO ACHIEVE PROFITS OR LOSSES SIMILAR TO THOSE SHOWN. IN FACT, THERE ARE FREQUENTLY
SHARP DIFFERENCES BETWEEN HYPOTHETICAL PERFORMANCE RESULTS AND THE ACTUAL RESULTS SUBSEQUENTLY ACHIEVED BY ANY PARTICULAR
INVESTMENT PROGRAM. ONE OF THE LIMITATIONS OF HYPOTHETICAL PERFORMANCE RESULTS IS THAT THEY ARE GENERALLY PREPARED WITH
THE BENEFIT OF HINDSIGHT. IN ADDITION, HYPOTHETICAL TRADING DOES NOT INVOLVE FINANCIAL RISK, AND NO HYPOTHETICAL TRADING
RECORD CAN COMPLETELY ACCOUNT FOR THE IMPACT OF FINANCIAL RISK IN ACTUAL TRADING. FOR EXAMPLE, THE ABILITY TO WITHSTAND LOSSES
OR TO ADHERE TO A PARTICULAR INVESTMENT PROGRAM IN SPITE OF TRADING LOSSES ARE MATERIAL POINTS WHICH CAN ALSO ADVERSELY
AFFECT ACTUAL TRADING RESULTS. THERE ARE NUMEROUS OTHER FACTORS RELATED TO THE MARKETS IN GENERAL OR TO THE IMPLEMENTATION
OF ANY SPECIFIC INVESTMENT PROGRAM WHICH CANNOT BE FULLY ACCOUNTED FOR IN THE PREPARATION OF HYPOTHETICAL PERFORMANCE
RESULTS AND ALL OF WHICH CAN ADVERSELY AFFECT ACTUAL TRADING RESULTS.