Please confirm your profile

Cancel

To continue, you must allow cookies to be set as per our disclaimer and Privacy Policy

The information and material are provided for information purposes only and are not to be used or considered to be an offer or solicitation to buy, sell or subscribe to any securities or other financial instruments.

This information does not take into consideration the specific investment objectives, financial situation or particular needs of any person who may receive this report and invest in any financial instrument. The Pictet Group has not taken any steps to ensure that any investments referred to are suitable for any particular investor. Any reports are not to be relied upon in substitution for the exercise of independent judgment. The value and income of any of the securities or financial instruments mentioned in this document can go up as well as down. The market value may be affected by changes in economic, financial or political factors, time to maturity, market conditions and volatility, or the credit quality of any issuer or reference issuer.

Furthermore, foreign currency rates may have a positive or adverse effect on the value, price or income of any security or related investment mentioned. Many factors may affect the value of a financial instrument, and accordingly, investors effectively assume all risks and may receive back less than they had originally invested. Any investors interested in buying a financial instrument should conduct their own investigation and analysis of the instrument as to the risks involved in transactions on such instrument.

Any information contained on this site does not constitute the investment policy of the Pictet Group or an investment recommendation, but merely the different assumptions, views and analytical methods of the analysts who prepared it. Furthermore, the information, opinions and estimates expressed herein reflect a judgment as of its original publication date and are subject to change without notice.

The Pictet Group may have issued other reports that are inconsistent with, and reach different conclusions from, the information presented on the website. The information and opinions presented by the Pictet Group analysts have been obtained from sources believed to be reliable. Although all reasonable care was taken in gathering the information and formulating the opinions contained herein, the Pictet Group does not make any representation whatsoever as to its accuracy or completeness. Accordingly, the Pictet Group accepts no liability for any loss arising from the use of this site, which has been made available for information purposes only.

The Pictet Group and its affiliates (or employees thereof) may or may not hold a position in or with respect to any of the securities mentioned herein. Moreover, any investment or service to which the material may relate will not be made available to retail customers.

This website is not directed to, or intended for distribution to or use by, any person or entity who is a citizen or resident of, or located in, any locality, state, country or other jurisdiction where such distribution, publication, availability or use would be contrary to law or regulation.