Alternative Investment Opportunities Through a Slowing Economy

Overview The past fewquarters have beenmarked by uncertainty, volatility and publicmarket paralysis whichhas stretched investor confidence as portfoliosgot whipsawed through the news headlines and Federal Reserve tightening cycle. The financial stresses exposedover this periodhave significantly reducedcapital availability and increased capital costs. Investor sentiment appears poor and bearish with record amounts of capital sitting in money fundsand Treasury Bills (“T-Bills”). A classic case of investors waitingon the sidelines for signs of positive economicmomentum. Yet, as discussed in Wealth Outlook2023:Mid-Year Edition, we expect to see peak short-term interest rates soon, and a concentration inT-Billsand money market funds going forward whichwill ultimatelyhurt long-termreturns. Therefore, we believe investors shouldconsider rotating their portfolios towarddifferent risk assets, geographiesand strategies in the secondhalf of 2023and into 2024. Alternative investments can be a key component of this for qualified investors. All forecasts are expressions of opinion and are subject to change without notice and are not intended to be a guarantee of future events. OVERVIEW | WEALTHOUTLOOK 2023 | MID-YEAR EDITION │ ALTERNATIVE INVESTMENTS | 3