We wish to inform unitholders and shareholders of the UCITS listed below that, as of 1 January 2023,
the regulatory documentation of these UCITS will be changed as follows :
The Oil Shock Markets Refuse to Price
Markets may be under-pricing the oil shock’s macro impact. Investors are dismissing both duration and non-linearity: the longer oil prices stay elevated, the greater the cumulative drag on growth, while shocks become disproportionately more disruptive at higher price levels, with moves above $100 carrying materially larger macroeconomic consequences.