Long-Term Secular Trends

Strategy summary
Profile	USD - Balanced
Invested Amount	2'500'000
# of holdings (bonds / Equities / Structured Solutions)	10 / 5 / 3
Weighted Av. Upside Potential (Blue Sky)	please ask
Performance YTD Strategy (%)	7.78
Performance YTD Benchmark (%)	4.87
Level of risk
Level of risk vs. Benchmark	Benchmark
Add. information

E&OE - Data as per June 30, 2019

Strategy summary
Profile	USD - Dispersion Strategy
Invested Amount	5'000'000
# of holdings (bonds / Equities / Structured Solutions)	- / - / 20
Weighted Av. Upside Potential (Blue Sky) (%)	> 30
Performance YTD Strategy (%)	-73.81
Performance YTD Benchmark (%)	89.72
Level of risk
Level of risk vs. Benchmark	Benchmark
Add. information	Purpose of Product: Hedging

Weighted estimates are based on broker input – realization of such is subject to market conditions.

E&OE - Data as per June 30, 2019

Strategy summary
Profile	Long-Term Return Opportunities
Invested Amount	min > 5'000'000
# of holdings (bonds / Equities / Structured Solutions)	3 / 20 / 2
Weighted Av. Upside Potential (Blue Sky) (%)	> 20
Performance YTD Strategy (%)	no strategy at present
Performance YTD Benchmark (%)
Level of risk
Level of risk vs. Benchmark	Benchmark
Add. information	please call for quote

Weighted estimates are based on broker input – realization of such is subject to market conditions.

E&OE - Data as per June 30, 2019

Accessing Data as Market Differentiator The Data Decade (Huberty) was accelerated as a result of the pandemic. The 10-year investment cycle gained speed and precision in areas such as artificial intelligence, machine learning, robotics, automation, and industrial internet of things. It is about sink or swim! Companies were forced to leverage into technology fields in order to maintain some modicum of activity during the lockdown. Social-distancing measures have heightened the need to access remote data, interactions, and process steps. IDC expects an 87% compound annual growth in total AR/VR spending over the next 4 years, reaching USD 128 billion 2 years from now. While the use of AI/AR will be very niche, such as in consumer gaming, a far more pronounced application can be expected in sectors such as healthcare, retail, real estate, and education.

Small- and medium-sized businesses (SMB's) were hardest hit by the lockdowns. While proximity to their most valuable customers is certainly an advantage, getting information about their products and services out to the wider community will remain a challenge. We see considerable opportunities for social media platforms to provide plug-and-play solutions for SMB's. At present, just a fraction of these companies actively use advertising services. Moving forward, this number is expected to grow. For social apps, building a digital town is a feasible challenge because the required elements work very well independently; these include real-time inventory management, contactless payment systems, and delivery logistics.

For good or bad, the headlines came from the US. While the function of the social network is being questioned and reviewed, the long-term outlook does not change—users and corporations will make use of media facilities more than ever. With the Senate and the White House now under Democratic control, investors found renewed optimism in the prospect of a further, Democratic-led, much-needed fiscal stimulus. This reinforces our positive stand on equities, in particular on small caps, which should benefit from consumer support.