Market Review

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Low yield:

10-year government bond yield of US, UK, DE, JP

Low growth:

IMF further revised down global growth in April 2019

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3

Global trade down cycle:

US “trade negotiation” with China and EU

High debt level:

Globally, reached 318% of global GDP in Q3 2018

4

5

Counter-cyclical measures to ensure economic stability

Not a broad-based fiscal stimulus by governments but only a few niche sectors could enjoy the benefits

What does investor like?

    Challenges
  • Low interest rate environment
  • High market volatility
  • Uncertain economic outlook
  • Low growth
    Investor likes
  • High dividend yield
  • Better transparency & liquidity
  • Stable income stream
  • Some growth element
  • Benefit from government support
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