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UBS House view

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UBS House viewMonthly Base August 2018Chief Investment Office GWMPublishedJul 19 2018This report was prepared by UBS see the important disclaimer at the end of the document is a snapshot view . We update the tactical asset allocationas changes occur and resend it to subscribers. For all other forecasts andinformation, we advise you to check the Investment Views section in your E-Banking or in further information please contact Head CIO Global Asset Allocation Andreas J Koester, or CIO asset class specialists Philipp Sch ttler, or Carolina Corvalan, Financial Market Outlook short term Earnings expectations still advancingNet earnings revision ratio MSCI ACWorld, 3mma-15%-10%-5%0%5%10%15%201020112012201 320142015201620172018Netearningsrevision ratioMSCIACWorld,3mm

CIO themes in focus Alternative investments • Navigating rising US rates with hedge funds The US Federal Reserve has started to hike interest rates. Historically, most hedge fund strategies have been resilient to rising rates, …

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