EFTA Document EFTA01377063

CIO Insights -August 2016 Multi Asset 6 MULTI ASSET Recalibrating strategy Return 14% 12% 10% 8% 6% 4% 2% 0% -1% 1% Volatility 3% 5% Multi-asset investors face an environment where growth remains stubbornly low and there are increasing concerns about the long-term implications of very accommodative monetary policy. But, for the foreseeable future, we should live in a situation where core sovereign-bond yields are at record lows, corporate-credit yields are moving dow