C
iti Global Wealth
Investments
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CIO Strategy Bulletin
January 28, 2024
David Bailin
Chief Investment
Officer, Citi Global
Wealth
Steven Wieting
Chief Investment
Strategist and Chief
Economist
Joseph Kaplan
Senior Fixed Income
Investment Strategist
Cecilia Chen
Global Equity
Investment Strategist
Chadd Cornilles
Global Investment
Strategist
Global Trends, Countertrends and
Portfolio Blends
• As we enter 2024, equities are outperforming bonds and US equities are outperforming
global shares, both in line with our asset allocation. US equities have returned +2.5% in
the year to date, US fixed income -1.2% vs 0.9% for global equity and -2.3% for global
fixed income
1
1
Source: Bloomberg as of January 26, 2024. MSCI USA is used as a proxy for US Equities. Bloomberg US Aggregate is used as a proxy
for US Fixed Income. MSCI ACWI is used as a proxy for Global Equities. Bloomberg Global Aggregate is used as a proxy for Global Fixed
Income. Indices are unmanaged. An investor cannot invest directly in an index. They are shown for illustrative purposes only and do not
represent the performance of any specific investment. Index returns do not include any expenses, fees or sales charges, which would
lower performance. Past performance is no guarantee of future results. Real results may vary.
.
• The normalization of the world economy is underway. But the global economy is not
growing uniformly and the potential opportunities in equity markets reflect this. The
“return to normal” has many features as we outline herein.
• Even as corporate profits are rebounding, we expect US employment growth in 2024
to moderate. This reverses the unusual pattern of 2022-2023 where we saw strong
employment growth and declining earnings. This suggests an improvement in labor/capital
productivity in 2024 and 2025.
• Our favored equities - quality growth shares in small and mid-caps, as well as equal-
weighted S&P 500 have been rising, with small cap growth outperforming the S&P 500
since November 2023. We continue to see opportunity in global equities markets through
broadening earnings and equity performance beyond large cap US tech.
• Current drags on economic activity will not endure indefinitely. We see a reversal in
monetary policy tightening unfolding across the globe at different times and rates. More
importantly, in our view, will be the end of inventory corrections that will sustain a global
trade recovery. We believe this is likely to begin before the end of 2024. The US was harmed
least and will benefit less from the improvement in global trade.
• In In terms of risks, global supply shocks remain our largest concern. Recent news
that the Red Sea has become practically impassable fits that narrative (see our
January 21, 2024 Strategy CIO Bulletin). As we discussed in our Wealth Outlook 2024, this
keeps us disposed to allocate slightly less aggressively toward equities and within equities,
toward sectors such as energy.
• We recently published our Global Investment Committee January 2024 report, which left
the allocation unchanged in Equities at +2% with global Fixed Income and Cash -2%.
During the coming year, we expect the world economic expansion to regain strength
and several regions to commence recovery. If market yields drop modestly further while
cash returns are driven lower by the Fed, we would likely further shift up our global equity
exposures at the expense of certain fixed income instruments.
Citi Global Wealth Investments | CIO Strategy Bulletin | 2
Global Trends, Countertrends and Portfolio Blends
We recently published our Global Investment Committee January 2024 outcome, which left the allocation unchanged
in Equities at +2% with global Fixed Income and Cash -2%. During the coming year, we expect the world economic
expansion to regain strength and several regions to commence recovery. If market yields drop modestly further while
cash returns are driven lower by the Fed, we would likely further shift up our global equity exposures at the expense of
certain fixed income instruments.
As we enter 2024, equities are outperforming bonds and US equities are outperforming global shares, both in line with
our asset allocation. US equities have returned +2.5% in the year to date, US fixed income -1.2% vs 0.9% for global
equity and -2.3% for global fixed income.
The normalization of the world economy is underway. But the global economy is not growing uniformly and the
potential opportunities in equity markets reflect this. The “return to normal” has many features. Here are some
critical elements:
From Rates to Earnings
After two years of powerful interest-rate driven valuation improvements, we see corporate earnings as the decisive
factor to drive further equity returns in 2024.
Until such time as we have visibility on estimated Earnings Per Share (EPS) gains in 2025, realized corporate earnings
will be a main mover of markets in 2024.
A complex “dance” between management, analysts and investors is taking place. In the US, 4Q23 EPS estimates
are far weaker than any deterioration reported for the US economy. Even with lingering areas of weakness in the US
economy, this bodes well for future realization of 2024 profit estimates.
US Equities
Corporate earnings expectations look to be too conservative over the near term, very much in conflict with fears
that 2024 will be disappointing. Historic data suggest that companies take more restructuring and other one-time
charges in fourth quarters. We believe both the 4Q23 and 1Q24 periods should show positive earnings surprises vs
consensus in the US. Cyclical industries appear poised to bottom within 2024. Our estimates for mid-single digit EPS
gains in 2024 could prove too cautious, as many industry pressures lift (please see our January 2024 Quadrant for
further detail).
Even as corporate profits are rebounding, we expect US employment growth in 2024 to moderate. This reverses the
unusual pattern of 2022-2023 where we saw strong employment growth and declining earnings. This suggests an
improvement in labor/capital productivity in 2024 and 2025.
The dispersion of valuation within US equities, across market capitalization and sectors, remains near historic
extremes in many cases. The S&P 500 Equal Weight index lagged the market cap weighted index return last year by
12.4%. the largest shortfall since 1998 (see FIGURE 1). The fast growing, profitable small and mid-cap US shares are
still trading at historical discounts compared to their large cap peers, worthy of an overweight (see FIGURE 2). We
believe there are opportunities for outperformance, even as we expect single-digit gains for large cap US equities
in 2023.
Citi Global Wealth Investments | CIO Strategy Bulletin | 3
FIGURE 1: S&P 500 Equal Weight Underperformance
the largest since 1998
-20%
-15%
-10%
-5%
0%
5%
10%
15%
20%
25%
'91 '93 '95 '97 '99 '01 '03 '05 '07 '09 '11 '13 '15 '17 '19 '21 '23
Relative Performance
S&P 500 Equal Weight less Market Cap Weight Total Return
FIGURE 2: Small cap US shares are trading at
historical lows compared to large caps
0.6
0.7
0.8
0.9
1.0
1.1
1.2
1.3
1.4
'98 '00 '02 '04 '06 '08 '10 '12 '14 '16 '18 '20 '22 '24
Forward P/E
S&P 600 vs S&P 500 Relative Forward P/E
Source: Haver Analytics as of January 26, 2024. Indices are
unmanaged. An investor cannot invest directly in an index.
They are shown for illustrative purposes only and do not
represent the performance of any specific investment. Index
returns do not include any expenses, fees or sales charges,
which would lower performance. Past performance is no
guarantee of future results. Real results may vary.
Source: Factset as of January 26, 2024. Indices are
unmanaged. An investor cannot invest directly in an index.
They are shown for illustrative purposes only and do not
represent the performance of any specific investment. Index
returns do not include any expenses, fees or sales charges,
which would lower performance. Past performance is no
guarantee of future results. Real results may vary.
US Fixed Income
At 4.15%, 10yr US Treasury yields are roughly 100bps below the peak rate from 2023, however, are still 100bps above
the peak rate seen in the 2018 tightening cycle (FIGURE 3). In 2018 inflation dynamics were much different as inflation
then had already peaked just below 3%. Despite that, current 10yr nominal US yields relative to market breakeven
inflation rates are the highest levels seen in the last 15 years (FIGURE 4). A possible delay in Fed timing on rate cuts
could keep rates rangebound near-term, we see extending duration as an attractive relative yield opportunity in fixed
income in 2024.
FIGURE 3: 10yr US Treasury yields
FIGURE 4: Treasury yield less breakeven inflation rate
Source: Bloomberg as of January 26, 2024 Source: Bloomberg as of January 26, 2024
Citi Global Wealth Investments | CIO Strategy Bulletin | 4
Global Growth
The world economy is enduring drags in cyclical industries including trade, manufacturing and property. Asia, Europe
and Latin America are more trade dependent than the US. The impact of real estate and manufacturing activity
declines are 2-3x larger for China than for the US.
Current drags on economic activity will not endure indefinitely. We see a reversal in monetary policy tightening
unfolding across the globe at different times and rates. More importantly, in our view, will be the end of inventory
corrections that will sustain a global trade recovery. We believe this is likely to begin before the end of 2024. The US
was harmed least and will benefit less from the improvement in global trade.
China
The CSI 300 index remains near its five-year lows. China continues to report weak growth and deflationary pressures.
While the central government has undertaken numerous fiscal and monetary actions, none have been focused or
large enough to change economic or market behaviors decisively. Most recently, we have seen an announcement of 2
trillion yuan ($278.53 billion
2
) to stabilize the stock market. On its face, this would appear to be good news, but it does
not address root causes. In prior cycles, infrastructure and property investments have been used in a countercyclical
fashion to offset economic weakness. China appears to be steering clear of large measures in these areas in the hopes
of avoiding a future repeat of its housing debt woes. A rise in private consumption, driving aggregate demand, will
require more fiscal easing, not government purchases of equities.
2
Source: Bloomberg as of January 24, 2024
Broadening as a Theme
Equity markets have been riding momentum over the last three months. The S&P 500 has surged by 19% from the
low levels in October, when a premature Fed pivot has been aggressively pricing in by the markets. The bulk of that
performance still came from the so-called “Magnificent 7”
3
US tech giants (FIGURE 5). These firms have historically
fast-growing profits despite their mega cap valuation (two are worth about $3 trillion). But we have seen signs of
improving market breadth as our tactical calls played out. Our favored equities - quality growth shares in small and
mid-caps, as well as equal-weighted S&P 500 have been rising (FIGURE 6), with small cap growth outperforming
the S&P 500 since November 2023. We continue to see opportunity in global equities markets through broadening
earnings and equity performance beyond large cap US tech.
3
The Magnificent 7 stocks include Amazon.com (AMZN), Apple (AAPL), Google parent Alphabet (GOOGL), Meta Platforms (META),
Microsoft (MSFT), Nvidia (NVDA) and Tesla (TSLA). The securities or company names included herein are for illustrative purposes only and
do not constitute a recommendation of or solicitation to purchase or sell any security.
Citi Global Wealth Investments | CIO Strategy Bulletin | 5
FIGURE 5: EBITDA growth of Magnificent 7 reached
47% y/y in 2023
FIGURE 6: Equal weight S&P 500 (6-month lead) vs
EPS Y/Y%
Source: Bloomberg as of January 26, 2023. The Magnificent
7 stocks include Amazon.com (AMZN), Apple (AAPL), Google
parent Alphabet (GOOGL), Meta Platforms (META), Microsoft
(MSFT), Nvidia (NVDA) and Tesla (TSLA). The securities or
company names included herein are for illustrative purposes
only and do not constitute a recommendation of or solicitation
to purchase or sell any security. Indices are unmanaged. An
investor cannot invest directly in an index. They are shown
for illustrative purposes only and do not represent the
performance of any specific investment. Index returns do not
include any expenses, fees or sales charges, which would lower
performance. Past performance is no guarantee of future
results. Real results may vary.
Source: Bloomberg as of January 26, 2023. Indices are
unmanaged. An investor cannot invest directly in an index.
They are shown for illustrative purposes only and do not
represent the performance of any specific investment. Index
returns do not include any expenses, fees or sales charges,
which would lower performance. Past performance is no
guarantee of future results. Real results may vary.
Sector Specificity as a Theme
Our stock and industry selections as outlined in our Wealth Outlook 2024 and favor thematic investing over regional
investing. As the peak of earnings season starts to kick in in the following days, some of our high conviction thematic
investments, including semiconductor equipment and cyber security, have outperformed the Magnificent 7 (“Mag 7”)
YTD as companies realized turnaround in earnings reports and guidance (FIGURE 7). We see potential opportunities
in broadening healthcare investments to include equipment and biotech. We continue to see cyber security and
semiconductor equipment as particularly strong niches.
Citi Global Wealth Investments | CIO Strategy Bulletin | 6
FIGURE 7: Our high conviction investments, semi equipment and cybersecurity, have outperformed Mag
7 YTD
Source: Citi Global Wealth CIO, Bloomberg, as of January 26, 2024.First TrustNASDAQCybersecurity ETF used as a proxy for
Cybersecurity. Bloomberg Magnificent 7 Price Return Index used as a proxy for Mag 7. iShares U.S. Medical Devices ETF used as
a proxy for Medical Devices. Energy Select Sector SPDRFund used as a proxy for Energy Security. Invesco Global Listed Private
Equity ETF used as a proxy for Private Capital Markets. iShares Biotechnology ETF used as a proxy for Biotech. Invesco Aerospace
& Defense ETF used as a proxy for Defense Contractors. Global X Copper Miners ETF used as a proxy for Copper Miners. Indices
are unmanaged. An investor cannot invest directly in an index. They are shown for illustrative purposes only and do not represent
the performance of any specific investment. Index returns do not include any expenses, fees or sales charges, which would lower
performance. Past performance is no guarantee of future results. Real results may vary.
Risks Remain
In terms of risks, global supply shocks remain our largest concern. Recent news that the Red Sea has become
practically impassable fits that narrative (see our January 21, 2024 Strategy CIO Bulletin). As we discussed in our
Wealth Outlook 2024, this keeps us disposed to allocate slightly less aggressively toward equities and within equities,
toward sectors such as energy.
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(MLP’s) - Energy Related MLPs May Exhibit High Volatility. While not historically very volatile, in certain market environments Energy Related MLPS
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The information contained herein is not intended to be an exhaustive discussion of the strategies or concepts mentioned herein or tax or legal advice.
Readers interested in the strategies or concepts should consult their tax, legal, or other advisors, as appropriate.
Diversification does not guarantee a profit or protect against loss. Different asset classes present different risks.
COUNTRY DISCLOSURES
Citibank, N.A., Hong Kong / Singapore organized under the laws of U.S.A. with limited liability. This communication is distributed in Hong Kong
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Commission for Type 1 (dealing in securities), Type 4 (advising on securities), Type 6 (advising on corporate finance) and Type 9 (asset management)
regulated activities with CE No: (AAP937) or in Singapore by Citi Private Bank operating through Citibank, N.A., Singapore Branch which is regulated
by the Monetary Authority of Singapore. Any questions in connection with the contents in this communication should be directed to registered or
licensed representatives of the relevant aforementioned entity. The contents of this communication have not been reviewed by any regulatory
authority in Hong Kong or any regulatory authority in Singapore. This communication contains confidential and proprietary information and is
intended only for recipient in accordance with accredited investors requirements in Singapore (as defined under the Securities and Futures Act
(Chapter 289 of Singapore) (the “Act”) and professional investors requirements in Hong Kong(as defined under the Hong Kong Securities and Futures
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Citigroup affiliate or other branch of Citibank, N.A. and, at no time will any other Citigroup affiliate or other branch of Citibank, N.A. or any other
Citigroup affiliate enter into a mandate relating to the above portfolio with you. To the extent this communication is provided to clients who are
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Citibank, N.A. is incorporated in the United States of America and its principal regulators are the US Office of the Comptroller of Currency and Federal
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Transitional) Instrument 2016/396 and extended by ASIC Corporations (Amendment) Instrument 2023/588).
In the United Kingdom, Citibank N.A., London Branch (registered branch number BR001018), Citigroup Centre, Canada Square, Canary Wharf,
London, E14 5LB, is authorized and regulated by the Office of the Comptroller of the Currency (USA) and authorized by the Prudential Regulation
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extent of our regulation by the Prudential Regulation Authority are available from us on request. The contact number for Citibank N.A., London
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Citibank Europe plc, Luxembourg Branch, registered with the Luxembourg Trade and Companies Register under number B 200204, is a branch of
Citibank Europe plc. It is subject to the joint supervision of the European Central bank and the Central Bank of Ireland. It is furthermore subject to
limited regulation by the Commission de Surveillance du Secteur Financier (the CSSF) in its role as host Member State authority and registered with
the CSSF under number B00000395. Its business office is at 31, Z.A. Bourmicht, 8070 Bertrange, Grand Duchy of Luxembourg. Citibank Europe plc
is registered in Ireland with company registration number 132781. It is regulated by the Central Bank of Ireland under the reference number C26553
and supervised by the European Central Bank. Its registered office is at 1 North Wall Quay, Dublin 1, Ireland.
This document is communicated by Citibank (Switzerland) AG, which has its registered address at Hardstrasse 201, 8005 Zurich, Citibank N.A.,
Zurich Branch, which has its registered address at Hardstrasse 201, 8005 Zurich, or Citibank N.A., Geneva Branch, which has its registered address
at 2, Quai de la Poste, 1204 Geneva. Citibank (Switzerland) AG and Citibank, N.A., Zurich and Geneva Branches are authorised and supervised by the
Swiss Financial Supervisory Authority (FINMA).
In Jersey, this document is communicated by Citibank N.A., Jersey Branch which has its registered address at PO Box 104, 38 Esplanade, St Helier,
Jersey JE4 8QB. Citibank N.A., Jersey Branch is regulated by the Jersey Financial Services Commission. Citibank N.A. Jersey Branch is a participant
in the Jersey Bank Depositors Compensation Scheme. The Scheme offers protection for eligible deposits of up to £50,000. The maximum total
amount of compensation is capped at £100,000,000 in any 5-year period. Full details of the Scheme and banking groups covered are available on
the States of Jersey website www.gov.je/dcs
, or on request.
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(i.e., EU entities within the scope of Directive 2014/59/EU (the BRRD), including EU credit institutions, certain EU investment firms and / or their EU
subsidiaries or parents) (BRRD Financial Instruments).
In various jurisdictions (including, without limitation, the European Union and the United States) national authorities have certain powers to manage
and resolve banks, broker dealers and other financial institutions (including, but not limited to, Citi) when they are failing or likely to fail. There is a
risk that the use, or anticipated use, of such powers, or the manner in which they are exercised, may materially adversely affect (i) your rights under
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certain unsecured financial instruments (including, without limitation, BRRD Financial Instruments) that you hold and / or (iii) the ability of an
institution (including, without limitation, a BRRD Entity) to satisfy any liabilities or obligations it has to you. In the event of resolution, the value of
BRRD Financial Instruments may be reduced to zero and or liabilities may be converted into ordinary shares or other instruments of ownership for
the purposes of stabilisation and loss absorption. The terms of existing BRRD Financial Instruments (e.g., date of maturity or interest rates payable)
could be altered and payments could be suspended.
There can be no assurance that the use of any BRRD resolution tools or powers by the BRRD Resolution Authority or the manner in which they are
exercised will not materially adversely affect your rights as a holder of BRRD Financial Instruments, the market value of any investment you may have
in BRRD Financial Instruments and/or a BRRD Entity’s ability to satisfy any liabilities or obligations it has to you. You may have a right to
compensation from the relevant authorities if the exercise of such resolution powers results in less favourable treatment for you than the treatment
that you would have received under normal insolvency proceedings. By accepting any services from Citi, you confirm that you are aware of these
risks.
In Canada, Citi Private Bank is a division of Citibank Canada, a Schedule II Canadian chartered bank. References herein to Citi Private Bank and its
activities in Canada relate solely to Citibank Canada and do not refer to any affiliates or subsidiaries of Citibank Canada operating in Canada. Certain
investment products are made available through Citibank Canada Investment Funds Limited (“CCIFL”), a wholly owned subsidiary of Citibank
Canada. Investment Products are subject to investment risk, including possible loss of principal amount invested. Investment Products are not
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This document is for information purposes only and does not constitute an offer to sell or a solicitation of an offer to buy any securities to any person
in any jurisdiction. The information set out herein may be subject to updating, completion, revision, verification and amendment and such
information may change materially.
Citigroup, its affiliates and any of the officers, directors, employees, representatives or agents shall not be held liable for any direct, indirect,
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CCIFL is not currently a member and does not intend to become a member of the Canadian Investment Regulatory Organization (“CIRO”);
consequently, clients of CCIFL will not have available to them investor protection benefits that would otherwise derive from membership of CCIFL
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Bahrain: IN BAHRAIN, CITI PRIVATE BANK OPERATES UNDER SPECIFIC APPROVAL ISSUED ON THE BASIS OF CITIBANK, N.A., BAHRAIN
BRANCH’S BANKING LICENSE
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Ultra-high net worth investors are:
(a) Individuals who have a minimum net worth (or joint net worth with their spouse) of USD 25 million or more
(b) Companies, partnerships, trusts or other commercial undertakings, which have financial assets available for investment of not less than USD 25
million; or
(c) Governments, supranational organisations, central banks or other national monetary authorities, and state organisations whose main activity is
to invest in financial instruments (such as state pension funds).
GLOBAL CONSUMER BANK (Asia Pacific and EMEA):
“Citi analysts” refer to investment professionals within Citi Research (“CR”), Citi Global Markets Inc. (“CGMI”), Citi Global Wealth Investments
(“CGWI”) and voting members of the Citi Global Investment Committee. Citibank N.A. and its affiliates / subsidiaries provide no independent
research or analysis in the substance or preparation of this document.
The information in this document has been obtained from reports issued by CGMI and CGWI. Such information is based on sources CGMI and CGWI
believe to be reliable. CGMI and CGWI, however, do not guarantee its accuracy and it may be incomplete or condensed. All opinions and estimates
constitute CGMI and CGWI's judgment as of the date of the report and are subject to change without notice. This document is for general information
purposes only and is not intended as a recommendation or an offer or solicitation for the purchase or sale of any security or currency. No part of this
document may be reproduced in any manner without the written consent of Citibank N.A. Information in this document has been prepared without
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appropriateness of the investment having regard to their objectives, financial situation, or needs, and should seek independent advice on the
suitability or otherwise of a particular investment. Investments are not deposits, are not obligations of, or guaranteed or insured by Citibank N.A.,
Citigroup Inc., or any of their affiliates or subsidiaries, or by any local government or insurance agency, and are subject to investment risk, including
the possible loss of the principal amount invested. Investors investing in funds denominated in non-local currency should be aware of the risk of
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Investment products are not available to US persons. Investors should be aware that it is his/her responsibility to seek legal and/or tax advice
regarding the legal and tax consequences of his/her investment transactions. If an investor changes residence, citizenship, nationality, or place of
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and regulations as and when such becomes applicable. Citibank does not provide legal and/or tax advice and is not responsible for advising an
investor on the laws pertaining to his/her transaction.
Citi Research (CR) is a division of Citigroup Global Markets Inc. (the "Firm"), which does and seeks to do business with companies covered in its
research reports. As a result, investors should be aware that the Firm may have a conflict of interest that could affect the objectivity of this report.
Investors should consider this report as only a single factor in making their investment decision.
For more information, please refer to https://www.citivelocity.com/cvr/eppublic/citi_research_disclosures
.
MARKET SPECIFIC DISCLOSURES
Hong Kong: This This communication is distributed in Hong Kong by Citibank (Hong Kong) Limited ("CHKL") and/or Citibank, N.A., Hong Kong
Branch (“CBNA HK”, Citibank, N.A. is organized under the laws of U.S.A. with limited liability). CHKL and CBNA HK provide no independent research
or analysis in the substance or preparation of this communication. Although information in this communication has been obtained from sources
believed to be reliable, CHKL and CBNA HK do not guarantee its accuracy or completeness and accept no liability for any direct or consequential
losses arising from its use.
This communication is for general information only, is not intended as a recommendation or an offer or solicitation for the purchase or sale of any
products or services and should not be relied upon as financial advice. The information herein has not taken account of the objectives, financial
situation or needs of any particular investor. Any person considering an investment should consider the suitability of the investment having regard
to their objectives, financial situation and needs, and should seek independent advice before making an investment decision. You should obtain and
consider the relevant product terms and conditions and risk disclosure statement, and consider if it’s suitable for your objectives, financial situation
or needs before making any investment decision. Investors are advised to obtain independent legal, financial and taxation advice prior to investing.
Investments are not deposits, are not protected by the Deposit Protection Scheme in Hong Kong and are subject to investment risk including the
possible loss of the principal amount invested.
This communication does not constitute the distribution of any information in any jurisdiction in which it is unlawful to distribute such information
to any person in such jurisdiction.
CHKL does not provide discretionary portfolio management services.
Singapore: This communication is distributed in Singapore by Citibank Singapore Limited (“CSL”) to selected Citigold/Citigold Private Clients. CSL
provides no independent research or analysis of the substance or in preparation of this communication. Please contact your Citigold/Citigold Private
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products are not insured under the provisions of the Deposit Insurance and Policy Owners’ Protection Schemes Act of Singapore and are not eligible
for deposit insurance coverage under the Deposit Insurance Scheme.
This communication is for general information only and should not be relied upon as financial advice. The information herein has no regard to the
specific objectives, financial situation and particular needs of any specific person and is not intended to be an exhaustive discussion of the strategies
or concepts mentioned herein or tax or legal advice. Any person interested in the strategies or concepts mentioned herein should consult their
independent tax, legal, financial or other advisors, as appropriate. This communication does not constitute the distribution of any information or
the making of any offer or solicitation by anyone in any jurisdiction in which such distribution or offer is not authorized or to any person to whom it
is unlawful to distribute such information or make any offer or solicitation.
Before making any investment, each investor must obtain the investment offering materials, which include a description of the risks, fees and
expenses and the performance history, if any, which may be considered in connection with making an investment decision. Interested investors
should seek the advice of their financial adviser about the issues discussed herein as appropriate. Should investors choose not to seek such advice,
they should carefully consider the risks associated with the investment and make a determination based upon the investor’s own particular
circumstances, that the investment is consistent with the investor’s investment objectives and assess whether the investment product is suitable
for themselves. Although information in this document has been obtained from sources believed to be reliable, CSL does not guarantee its accuracy
or completeness and accept no liability for any direct or consequential losses arising from its use.
CSL does not provide discretionary portfolio management services.
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Emirates Branch Dubai, BSD/2819/9 for Sharjah Branch, and BSD/692/83 for Abu Dhabi Branch.
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determination based upon the investor’s own particular circumstances, that the investment is consistent with the investor’s investment objectives.
At any time, Citigroup companies may compensate affiliates and their representatives for providing products and services to clients.
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