MARKETS AND OPINIONS First Quarter 2018 - Colin & Cie.
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MARKETS AND OPINIONS First Quarter 2018 December 17
MARKETS AND OPINIONS / FIRST QUARTER 2018
Our mandates continued to develop well during the year and
showed positive returns.
Review The data situation will weaken Nevertheless, one should keep an Risks
somewhat over the coming months, eye on the big picture: the positive We assess the macroeconomic
but the general environment still economic situation results in environment as positive, and see
In the third quarter, the Eurozone remains positive. respectable economic growth and risks primarily at the
and the US grew significantly higher corporate profits. Central political/geopolitical level.
above potential. The long-term banks are behaving cautiously and
yields of US, German and Swiss Interests
proactively, with global support
government bonds have so far not With the extension of the QE being maintained well into 2018.
been contaminated by the programme in the Eurozone until at You will find further details in
economic euphoria and have been least the end of September 2018, this documentation.
trending sideways since the we expect that the European Alternative investments
beginning of the year. Central Bank (ECB), in line with its Real asset investments have been
The past few months have been communication, will not raise in progress since autumn 2016 and
characterised by solidly rising stock interest rates before the first half of have developed in line with the
markets, with very low volatility. 2019. forecasts.
Historically, the US market is in its
longest phase without a 3% In the USA, the market prices for In the portfolio context, we see gold
correction. 2018 are currently set with just 1-2 not as a return driver, but as a
interest rate changes. This seems hedge against geopolitical tensions
too cautious to us. Due to the and volatility in the stock market.
Outlook structural changes at the FED, as
well as the positive economic Currencies
Macro development, we see 2-3 rate
increases, as also communicated In the long term, the difference in
Overall, the macroeconomic long-term interest rates between
environment remains positive and by the FED.
the US and Europe will converge
supportive. The economic upswing again. The interest differential
in the USA continues. Equities therefore shifts in favour of the
The inflation rate remains below its The quiet and stable phase in the EUR, which revalues towards
target value. This means there are stock market is coming to an end purchasing power parity of 1.26.
prospects of a further upswing. and we expect increased volatility
in the coming months.
Page 2 | Colin&Cie. — Unique Wealth Management | 20.12.2017
MARKETS AND OPINIONS / FIRST QUARTER 2018
Table of contents
Review Page 5
Review of the financial markets
Investment strategy performance
Outlook Page 9
Economic outlook
Interest rate outlook
Bonds outlook
Equities outlook
Alternative investments outlook
Currencies outlook
Risk outlook
Asset allocation Page 17
Strategic asset allocation
Tactical asset allocation
Current tactical asset allocation
Legal notice Page 23
Our offices and contact details
Disclaimer
m1
Page 3 | Colin&Cie. — Unique Wealth Management | 20.12.2017
Review
MARKETS AND OPINIONS / FIRST QUARTER 2018 / REVIEW
Review
Development of bond markets
10Y interest rates: Germany 10Y interest rates: US gov. bonds In the third quarter, the Eurozone grew significantly above
potential at 2.5%. Growth is broad-based and the periphery in
Chart - 3 months Chart - 3 months particular is developing well, with countries such as Spain
posting an annualised growth rate of over 3%.
The USA also grew by more than 3% in the third quarter,
significantly above potential and expectations.
The US tax reform will prolong the current upswing.
Nevertheless, we see the US as more advanced in the cycle
than other regions.
The long-term yields of US, German and Swiss government
bonds have so far not been contaminated by the economic
euphoria and have been trending sideways since the
beginning of the year.
10Y interest rates: Germany 10Y - US government bonds Short-term interest rates rose faster than long-term rates
due to US Federal Reserve rate increases. This led to a
Chart - since 1 Sept 2013 Chart - since 1 Sept 2013 flattening of the yield curve (difference between 10-year and
2-year bond).
In the high yield sector, a correction took place in mid-
November, which we regard as merely temporary and
technical. We therefore do not expect any negative impact on
the broader fixed-interest market.
Source: Six Telekurs / Colin&Cie
Page 5 | Colin&Cie. — Unique Wealth Management | 20.12.2017MARKETS AND OPINIONS / FIRST QUARTER 2018 / REVIEW
Review
Development of stock markets
Main indices The past few months were characterised by solidly rising stock markets, which
showed only a small fluctuation range and thus low volatility.
Name Year chg. %
Historically, the US market is in its longest phase without a 3% correction.
The market is very much driven by the highly capitalised technology
companies. In the past three years, the S&P 500 has gained over 30%. The
performance contribution of the 'FAANG' companies (Facebook, Apple,
Amazon, Netflix, Google) made up a good third of overall market development.
The technology sector is the best sector this year, helping the Nasdaq Tech
Index to become a leading global market.
Emerging markets have left behind the long-term downtrend and are
increasingly on the radar of investors.
Geopolitics has come into the focus of investors, with North Korea's repeated
missile and nuclear tests. However, these tensions only temporarily dampened
the appetite for risk and the investors' focus remains on solid economic data.
The strong performance of the Hang Seng this year impressively illustrates this
fact.
The UK continues to suffer from the uncertainty surrounding the Brexit
negotiations. We continue to assume unclear circumstances that will weigh on
the market.
In local currencies / development since 31 December 2016 as of 30 November 2017 / SIX Telekurs
Page 6 | Colin&Cie. — Unique Wealth Management | 20.12.2017MARKETS AND OPINIONS / FIRST QUARTER 2018 / REVIEW
Review
Adjustments and transactions
Performance of mandates in EUR
Chart – Development since 31 December 2010
Our mandates continued to develop well during the year and showed positive returns.
Our portfolios show a slightly reduced weighting in the fixed-interest sector, where we
expect low overall yields.
The outlook for better financial and profit growth is positive for equities. This is why we
are overweighted in equities. We see further potential in 2018, but not to the same
extent as in 2017.
Our geographic focus remains with strong weighting in Europe and the emerging
markets. Within Europe, we are restructuring by investing in a new, actively managed
fund ,that has shown leading results in a comprehensive analysis of the European fund
universe.
The actively managed funds for the emerging markets and Germany that were acquired
this year have lived up to their excellent track record and outperformed their reference
indices. Within Europe, we are weighting heavily on the home markets (Germany,
Switzerland). Performance of mandates in CHF
Chart – Development since 31 December 2010
We maintain our cautious opinion on the US market. Lack of monetary support, the risk
of misjudgment by the FED and a high valuation lead us to underweight this market.
We continue to reduce the currency risk by switching a US dollar-denominated US
investment into an analogous, currency-hedged investment in our client's reference
currency.
We weight cyclical sectors more strongly versus defensive sectors, as they are big
winners in an economic upswing.
Page 7 | Colin&Cie. — Unique Wealth Management | 20.12.2017 Source: Colin&Cie. Portfolio Management System / Morningstar DirectOutlook
MARKETS AND OPINIONS / FIRST QUARTER 2018 / OUTLOOK
Economic outlook:
Solid economic growth
Purchasing managers' indices as leading indicator
Chart - PMI manufacturing sector as leading indicator
Overall, the macroeconomic environment remains positive and supportive. The
economic upswing in the USA continues. This is particularly evident in employment
growth and moderate real GDP growth, as well as rising equity prices and real estate
prices.
At the same time, the inflation rate remains below its target value. This means there are
prospects of a further upswing.
The data situation will weaken again somewhat over the coming months, but the
general environment still remains positive.
We continue to adhere to our forecast of moderate, solid economic growth, which we
suspect to be in the lower single-digit range.
The economic tailwind initially remains strong on the stock markets. In the US, however,
corporate earnings in 2018 are likely to be slowed by higher costs (rising wages), which is
why we see more potential in the European markets. Source: J. Safra Sarasin
Inflation expectations
Chart - 5y5y inflation forward
Page 9 | Colin&Cie. — Unique Wealth Management | 20.12.2017 Source: Bloomberg, Ethenea, Colin&Cie.MARKETS AND OPINIONS / FIRST QUARTER 2018 / OUTLOOK
Interest rate outlook:
Market is too cautious with regard to US rate increases
EUR - Yield curve
Chart - Change from the beginning of 2016
With the prolongation of the QE programme in the Eurozone until at least the end of
September 2018, we expect that the European Central Bank (ECB), in line with its
communication, will not raise interest rates before the first half of 2019 in order to avoid
creating uncertainty on the markets.
Due to the broad macroeconomic recovery in the Eurozone combined with a decline in
political risk, we expect a convergence between the yields of core Europe and the
periphery. This should be driven primarily by a rise in yields in core Europe, as they
continue to show a strongly negative rate of return.
With regard to long-term interest rates, we continue to expect rising yields for core
Europe (Bund yields in Germany towards 0.75%).
Within a 3 month period, we see 10-year bonds in EUR (Germany) at 0.2% to 0.55%
(currently: 0.36%) and -0.15% - to 0.1% in CHF (currently: 0%).
In the USA, the market for 2018 is currently priced with just 1-2 interest rate changes. Source: SIX Telekurs/Colin&Cie
This seems too cautious to us. Due to the structural changes at the FED, as well as the USD - Yield curve
positive economic development, we see 2-3 rate increases, as also communicated by the
Chart - Change from the beginning of 2016
FED.
The 10-year US interest rates will move within the range of 2% and 2.5%, as long as
there is no negative surprise (e.g. escalation of the North Korea conflict).
The possibility of a positive surprise with rising interest rates currently predominates.
The US tax reform, the recurring debt ceiling debate, and subsequently a rising volume
of net new issues, as well as a surprise increase in inflation (which there are currently no
signs of), may raise interest rates beyond our upper limit.
Page 10 | Colin&Cie. — Unique Wealth Management | 20.12.2017 Source: SIX Telekurs/Colin&Cie.MARKETS AND OPINIONS / FIRST QUARTER 2018 / OUTLOOK
Bonds outlook:
Selective in corporate bonds
Interest rate dev. of 10-year government bonds
Interest rate dev. of 10-year government bonds
Despite the positive macroeconomic environment, we expect higher volatility around
the turn of the year. Reasons include the lower liquidity and possible profit hedges.
Nevertheless, we see these as only temporary effects.
Due to the low trading volumes around the turn of the year and the positive
development of risk premiums for corporate bonds, we have increased the cash ratio in
our bond strategies (implemented in the "Exclusive Solution Funds") in order to benefit
from emerging opportunities.
We continue to view corporate bonds as attractive as they offer a yield premium despite
historically low risk premiums (credit spreads). This is justified on the basis of the
fundamental data, economic development, levels of debt, profit situation and
profitability of companies.
However, due to the historically high valuation, a targeted selection is important with
regard to both the issuer and the valuation. Source: SIX Telekurs/Colin&Cie
Due to divergent monetary policy (Europe versus US), the cost of USD-denominated Performance of EUR corporate bonds
bonds has risen. Bonds denominated in EUR are now tending to be more attractive to
Chart – Development since 2008
EUR or CHF investors. While at the beginning of the year the proportion of USD
denominated bonds was significantly higher in our strategy, this ratio was also reduced
due to the increased costs of currency hedging.
Our current EUR portfolio has a duration of 1.6 years and an average interest rate of 2.5%
p.a. (as of the end of October).
Our current CHF portfolio has a duration of 1.7 years and an average interest rate of 2.6%
p.a. (as of the end of October).
Page 11 | Colin&Cie. — Unique Wealth Management | 20.12.2017 Source: UBS
.MARKETS AND OPINIONS / FIRST QUARTER 2018 / OUTLOOK
Equities outlook:
Phase of consolidation
Liquidity ratio among fund managers
Chart - Since 2001
The quiet and stable phase in the stock markets is coming to an end and we expect
increased volatility in the coming months. Indicators such as the flattening of the US
yield curve with uncertainty in the high yield sector, the high valuation and the (too)
positive attitude of investors all speak in favour of a phase of consolidation.
Nevertheless, one should keep an eye on the big picture: the positive economic situation
results in respectable economic growth and higher corporate profits. Central banks are
behaving cautiously and proactively, with global support being maintained well into
2018.
After a phase of consolidation, the stock markets will again pay more attention to these
positive aspects and continue the positive trend of 2017.
The low interest rate level supports equities in two respects. On the one hand, in such an
environment, there are few viable alternatives for investors, and equities have to be held
due to the scarcity of investment opportunities. On the other hand, the high valuation Source:BofA Merrill Lynch - Global Fund Manager Survey
of equities is put into perspective, as other asset classes (bonds, real estate) exhibit an
Global stock market rating (MSCI World)
even higher valuation.
Chart - Price/earnings ratio over the past ten years
The liquidity ratio among fund managers (see grey area in the chart above right) is
currently at 4.4% and therefore below the historical average of 4.5% for the first time
since 2013. Historically, this would result in a 'hold' signal for equities. At a rate of less
than 3.5%, a sell signal would be triggered.
Unless there is a sharp increase in labour costs, corporate profits should continue to
develop steadily. We anticipate profit growth in the mid single-digit range.
In three months we see the DAX at 13,500 (currently: 13,230) and the SMI at 9,400
(currently: 9,240).
Page 12 | Colin&Cie. — Unique Wealth Management | 20.12.2017 Source: Morningstar/Colin&Cie.MARKETS AND OPINIONS / FIRST QUARTER 2018 / OUTLOOK
Alternative investments outlook:
Real assets as alternative source of return
Gold price development
Chart - Development since the beginning of 2008
The combination of the discipline of OPEC countries in implementing the announced
reduction of oil production, the subdued growth of US crude oil production (number of
oil rigs has dropped by 4% since the beginning of the year) and the growth in oil demand
has expedited the price increase of the oil market in the US in recent months. Oil
inventories dropped rapidly in the third quarter of 2017.
Also, political events in Saudi Arabia, the largest exporter of crude oil, have pushed up oil
prices after a wave of arrests in the kingdom. As production will not be affected by these
developments, we anticipate a slightly lower oil price. We forecast a (Brent) crude oil
price of USD 60 in three months.
We expect a further US Federal Reserve rate increase in 2018, which could put pressure
on the gold price in the short term. However, US real interest rates are likely to remain
broadly stable, so the gold price is likely to move sideways.
The protective function of gold also assists with emerging geopolitical concerns, as Source: SIX Telekurs/Colin&Cie
witnessed recently after North Korea's missile and nuclear tests.
Crude oil price development
In the portfolio context, we see gold not as a return driver, but as a hedge against Chart - Development since the beginning of 2008
geopolitical tensions and volatility in the stock market.
We forecast a gold price of USD 1,285 over the course of three months (currently USD
1,270).
Our return-oriented (Yield) asset investments have stable, long-term forward
agreements, meaning that returns over the next few years can be calculated and realised
with a high level of accuracy.
Real asset investments have been in progress since autumn 2016 and have developed in
line with the forecasts. For the return variant, an accounting revaluation of an
investment has brought about a strong appreciation.
Page 13 | Colin&Cie. — Unique Wealth Management | 20.12.2017 Source: SIX Telekurs/Colin&Cie.MARKETS AND OPINIONS / FIRST QUARTER 2018 / OUTLOOK
Currencies outlook:
Movement towards purchasing power parity
Price development EUR/USD with int. rate difference
Chart - Since 2010
Assessment of EUR/USD: positive (USD depreciation)
Over the longer term, the difference in long-term interest rates between the US and
Europe will level off again, as was the case from 2010 to 2013 (see chart on page 11). The
interest rate differential thus shifts in favour of the EUR (convergence of interest rates),
as the US has made further progress in the economic cycle.
FED balance sheet normalisation and ECB tapering maintain the balance; there will be
temporary impulses on both sides.
Medium-term appreciation of the EUR against the USD towards 1.26 (purchasing power
parity).
Our three-month EUR/USD forecast is 1.17 (range 1.14-1.20) (currently: 1.16).
Assessment of EUR/CHF: positive (CHF depreciation)
The globally synchronised economic upswing increases investors' appetite for risk. Safe Source: SIX Telekurs/Colin&Cie
haven currencies such as the CHF come under pressure in such an environment. Price development USD index
Slow depreciation of CHF against EUR towards 1.22 (purchasing power parity). Chart - Since July 2014
Our three-month EUR/CHF forecast is 1.17 (range 1.13 -1.19) (currently: 1.16).
Assessment of EUR/JPY: neutral
The Japanese central bank will continue to act casually, which suggests a yen weakness.
The yen weakness is however already reflected in the strong undervaluation of 25%-
30% in the current prices.
Assessment of EUR/GBP: positive (GBP depreciation)
Brexit negotiations bring uncertainty.
Page 14 | Colin&Cie. — Unique Wealth Management | 20.12.2017 Source: SIX Telekurs/Colin&Cie.MARKETS AND OPINIONS / FIRST QUARTER 2018 / OUTLOOK
Risk outlook:
Return of central bank liquidity
Spread of Italian bonds
Chart - Since 2010
We assess the macroeconomic environment as positive, and see risks primarily at the
political/geopolitical level.
The major central banks (Fed, ECB, Bank of Japan, Bank of England) have announced
their withdrawal of monetary policy support. The potential market consequences of
ending the unprecedented monetary policy easing is difficult to estimate as it will be
administered in small doses. We believe that a negative market reaction and increased
market volatility will be very likely in the next six to twelve months.
There is still a big question mark regarding US policy, as it is still unclear which reforms
President Donald Trump can implement and to what extent.
Italy will have an election in 2018. While in other countries (Netherlands and France) the
popularity of the EUR and the euro area is high, the Italians are more skeptical about the
impact of the monetary union, which is why the election of an anti-European party
seems more likely. Source: Bloomberg, Ethenea, Colin&Cie
Strongly rising inflation expectations can lead to an uncontrolled rise in interest rates. Support for Europe-critical parties
This would have a negative impact on the debt levels of many industrialised countries,
Chart - Comparison 2011 to 2016
and the housing markets would also be affected.
In China, there is a risk of a regional or sector-specific credit crunch in state-owned
companies. We consider a markedly lower rate of economic growth to be a risk for the
global stock markets.
Terror attacks have not as yet been able to influence investors. However, further terror
attacks could change this and lead to increased market volatility.
With regard to North Korea, we see only a low risk of a direct military conflict.
Page 15 | Colin&Cie. — Unique Wealth Management | 20.12.2017 Source: J.P. Morgan AMAsset allocation
MARKETS AND OPINIONS / FIRST QUARTER 2018 / ASSET ALLOCATION
Strategic asset allocation (SAA)
Overview of investment strategies
Conservative Balanced
Long-term retention of assets. Investment horizon of at least three years. Long-term real asset growth with moderate rate fluctuations. Investment horizon
Minimum exchange rate fluctuations, regular income from interest receipts. of at least three to five years. Income from interest and dividend receipts as well as
capital gains.
Strategic allocation/investment instruments used:
Liquidity 0 - 100% Strategic allocation/investment instruments used:
Fixed income 0 - 100% Liquidity 0 - 100%
Equity 0% Fixed income 0 - 100%
Alternative investments 0% Equity 0 - 40%
Forward and derivative transactions, Alternative investments 0 - 15%
Options and futures transactions Predominately Forward and derivative transactions,
only for hedging purposes Options and futures transactions Predominately
only for hedging purposes
Dynamic Aggressive
Long-term real asset growth with higher rate fluctuations. Investment horizon of Long-term real asset growth with major rate fluctuations. Investment horizon of at
at least five to eight years. Income predominately from capital gains, least eight to ten years. Income predominately from capital gains, complemented
complemented by interest and dividend receipts. by interest and dividend receipts.
Strategic allocation/investment instruments used: Strategic allocation/investment instruments used:
Liquidity 0 - 70% Liquidity 0 - 50%
Fixed income 0 - 70% Fixed income 0 - 50%
Equity 30 - 70% Equity 50 - 100%
Alternative investments 0 - 25% Alternative investments 0 - 40%
Forward and derivative transactions, Forward and derivative transactions,
Options and futures transactions Predominately Options and futures transactions Predominately
only for hedging purposes only for hedging purposes
Page 17 | Colin&Cie. — Unique Wealth Management | 20.12.2017MARKETS AND OPINIONS / FIRST QUARTER 2018 / ASSET ALLOCATION
Tactical asset allocation (TAA)
Overview of investment strategies
Conservative Balanced
0% 50% 100% 0% 50% 100%
Liquidity Liquidity
Fixed income Fixed income
Equity Equity
Alternative Alternative
investments investments
Dynamic Aggressive
0% 50% 100% 0% 50% 100%
Liquidity Liquidity
Fixed income Fixed income
Equity Equity
Alternative Alternative
investments investments
Legend: = current positioning = previous positioning
Page 18 | Colin&Cie. — Unique Wealth Management | 20.12.2017MARKETS AND OPINIONS / FIRST QUARTER 2018 / ASSET ALLOCATION
Current tactical asset allocation
Asset class weighting
Conservative Balanced Dynamic Aggressive
TAA Neutral Current Neutral Current Neutral Current Neutral Current
Liquidity o 5% 2.5% 5% 3.5% 5% 5% 5% 2.5%
Fixed income - 95% 87.5% 70% 59% 38% 22.5% 10% 0%
Equity + 0% 0% 20% 25% 50% 55% 75% 80%
Alternative investments + 0% 10% 5% 12.5% 7% 17.5% 10% 17.5%
Hedge Funds o 0% 0% 5% 0% 7% 0% 10% 0%
Precious Metals + 0% 0% 0% 2.5% 0% 2.5% 0% 2.5%
Real assets + 0% 10% 0% 10% 0% 15% 0% 15%
Portfolio 100% 100% 100% 100% 100% 100% 100% 100%
Page 19 | Colin&Cie. — Unique Wealth Management | 20.12.2017MARKETS AND OPINIONS / FIRST QUARTER 2018 / ASSET ALLOCATION
Current tactical asset allocation
Share weighting by region
EUR CHF GBP USD
TAA Neutral Current Neutral Current Neutral Current Neutral Current
Europe + 50% 50% 50% 50% 50% 50% 35% 35%
Germany + 35% 30% 5% 10% 5% 10% 10% 10%
UK - 5% 5% 5% 5% 35% 25% 10% 5%
Switzerland + 5% 10% 35% 30% 5% 10% 10% 10%
Rest of Europe 0 5% 5% 5% 5% 5% 5% 5% 10%
USA - 35% 30% 35% 30% 35% 30% 50% 45%
Asia/Pacific o 5% 5% 5% 5% 5% 5% 5% 5%
Japan o 5% 5% 5% 5% 5% 5% 5% 5%
Emerging markets + 10% 15% 10% 15% 10% 15% 10% 15%
Page 20 | Colin& Cie. — Unique Wealth Management | 20.12.2017MARKETS AND OPINIONS / FIRST QUARTER 2018 / ASSET ALLOCATION
Current tactical asset allocation
Share weighting by sector
TAA Neutral (1) Sectors and subsectors
Cyclical consumer goods (CD):
Cyclical consumption o 14% Automobiles, luxury, media, retail
Consumer staples (CS):
Consumer staples - 11% Food and beverage production, consumer goods
Energy:
Energy o 5% Exploration & production, coal, refining, equipment
Finance:
Finance + 18%
Banking, insurance, real estate
o 16%
Healthcare:
Healthcare
Pharmaceutical, biotechnology, healthcare
Industry 0 12% Industry:
Capital goods, transport, aviation and defence
Technology + 9% Technology:
Internet, software, hardware, semiconductors
Materials/raw materials o 7% Materials/raw materials:
Chemicals, mining
Telecom - 5% Telecom:
Integrated communication, wireless communication
Utilities 0 3% Utilities:
Gas, water, conventional electricity
Page 21 | Colin&Cie. — Unique Wealth Management | 20.12.2017 (1) Average weighting of MSCI World, Euro Stoxx 50, S&P 500, DAX, SPI, Nikkei 500.Legal notice
MARKETS AND OPINIONS / FIRST QUARTER 2018 / LEGAL NOTICE About Colin&Cie. Wealth Management Our offices and contact details Luxembourg Zürich Schaffhausen Lugano Zug 16, Rue Gabriel Lippmann Basteiplatz 7 Vordergasse 76 Via F. Pelli 13A Rigistrasse 3 5365 Munsbach 8001 Zürich 8200 Schaffhausen 6900 Lugano 6300 Zug Luxemburg Schweiz Schweiz Svizzera Schweiz Telefon +352 272 135 205 Telefon +41 58 218 85 55 Telefon +41 58 218 85 15 Telefon +41 58 218 85 30 Telefon +41 58 218 85 85 Telefax +352 272 135 209 Telefax +41 58 218 85 59 Telefax +41 58 218 85 19 Telefax +41 58 218 85 39 Telefax +41 58 218 85 99 info@colin-cie.com info@colin-cie.com info@colin-cie.com info@colin-cie.com info@colin-cie.com Contact person: Contact person: Contact person: Contact person: Contact person: Joachim Erdmann Walter Arnold Peter Strohm Leendert van Hoeken Thomas Warnecke Managing Partner Managing Partner Managing Partner Managing Partner Managing Partner Bernd Klingbeil Marcel Schällebaum Managing Partner Managing Partner Seite 23 | Colin&Cie. — Unique Wealth Management | 20.12.2017
MARKETS AND OPINIONS /FIRST QUARTER 2018 / LEGAL NOTICE Disclaimer The information and opinions contained in this document are from sources we regard as reliable. Nevertheless, we are unable to guarantee the reliability, completeness or accuracy of these sources. These views and information in no way form a requirement, offer or recommendation to acquire or sell investment instruments, or undertake other transactions. We recommended that interested investors consult their personal advisers before making decisions based on this document to allow their individual investment targets, financial situation, individual requirements and risk profile, as well as additional information as part of comprehensive advice, to be taken into account accordingly. Author: Beat Lang beat.lang@colin-cie.com Responsible for the content: Colin&Cie. AG Investment Office Rigistrasse 3 6300 Zug Page 24 | Colin&Cie. — Unique Wealth Management | 20.12.2017
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