Data as of December, 2016. The strategy webpage includes targeted returns that are based on a variety of factors and assumptions and involve significant elements of subjective judgment and analysis. Factors considered in estimating target returns include the following:
Current and expected market conditions and positioning over full market cycle, expected composition of the portfolio relative to the benchmark, and expected returns from security selection, sector rotation and yield curve positioning. Overall returns are generated from credit positioning, duration exposure relative to the benchmark and foreign exchange exposure relative to the benchmark.
Amundi Smith Breeden cannot guarantee the success of the investment strategy. Past results are not necessarily indicative of future performance. No assurance can be made that profits will be achieved or that substantial losses will not be incurred. All investments involve risk including the loss of principal. This information is supplemental to the presentations shown in the Appendix. Please refer to the Appendix for further important disclosures that are considered integral to this presentation.