Alternative Investment Opportunities Through a Slowing Economy

Bonds are back again: Where to find potential fixed income and yield opportunities now In the short term, staying invested in cash or ultra short-term fixed income securities represents a risk tomedium-term returns as reinvestment may occur at lower future yields. Over the balance of 2023, interest rates are expected to reachpeak levels for thiscycle. As core inflation levels are only falling gradually, rate cutsare unlikely in through the balance of 2023, butmay occur in early 2024. Yield-focused investorsmay have an opportunityto diversify portfoliosand achieve high levelsof income. Asbanks reduce lendingand capital markets become less liquid, investors may be able to increase their bond returns by changingwhere and how they invest. In addition to seeking high-quality, longer duration securities, qualified investors who have a higher risk appetite can look to alternatives to take advantage of the volatilityand uncertaintythat continue to define the current market. All forecasts are expressions of opinion and are subject to change without notice and are not intended to be a guarantee of future events. OPPORTUNITIES | WEALTH OUTLOOK 2023 | MID-YEAR EDITION │ ALTERNATIVE INVESTMENTS | 10