RE: DB - Harvest Collateral Yield Enhancement Strategy (Paul Barrett, October 16, 2017)

N also highlight that this incremental return would not be earned by applying leverage to the risks already in most portfolios (equity beta, credit, and duration). Due to the low correlation of the strategy to equities, for most investors the addition of the overlay has a diversification benefit to the overall portfolio, improving the risk adjusted return. Please let me know if you'd like to discuss further. From: Paul Barrett Sent: Monday, October 16, 2017 9:55 PM To: Andrew King Cc: Ste