1、Past performance is no guarantee of future results.Investors struggle to reset expectations for a new market environment.2023 NATIXIS GLOBAL SURVEY OF INDIVIDUAL INVESTORS1 I 2023 NATIXIS GLOBAL SURVEY OF INDIVIDUAL INVESTORSAfter a tumultuous year in which stocks had their worst year since 2008,bon

2、ds delivered their worst losses ever,inflation hit a 40-year high,and central banks implemented the largest interest rate hikes in over 40 years,investors around the globe remain remarkably positive in 2023.Results from the 2023 Natixis Global Survey of Individual Investors find that 68%of the 8,550

3、 people in 23 countries surveyed share a positive outlook on the state of their finances today,as 30%say theyre confident,24%say prepared,and another 15%feel fortunate.Most surprising is that given the reality of last years losses,lingering inflation,and rumblings about recession,only one-third of t

4、hose surveyed have a negative outlook on their finances:only 22%find themselves stressed,7%say theyre depressed,and 3%feel like theyve failed.Based on the fears,misconceptions,and miscalculations that investors expressed in their survey responses,it seems that many more investors should be feeling u

5、neasy or stressed in 2023.Stressed because todays macro and market scenario is much different from the one that drove double-digit returns since the Global Financial Crisis.2 I 2023 NATIXIS GLOBAL SURVEY OF INDIVIDUAL INVESTORSThe positive vibes may last only so long as the economy and the markets a

6、re undergoing shifts that could trigger investors biggest fears and shed light on critical gaps in their investment knowledge.Its a combustible combination that could lead to irrational behavior and costly mistakes.In essence,the world has changed and many investors are not prepared to travel over u

7、nfamiliar terrain:The economic landscape has gone from low in-flation,low rates,and low dispersion to higher inflation,higher rates,and higher dispersions.Survey results show that investors face their biggest financial fear in rising prices.They also reveal a critical lack of knowledge on how intere

8、st rates affect their investments.And they uncover bad assumptions about the safety of passive investments especially in times like these.Markets have gone from high returns with low risk to lower returns with greater risks.The decade between 2012 and 2021 was a free lunch for investors,with the S&P

9、 delivering an average return of 16.5%annually1.And it ran up big returns with lower volatility until the global pandemic struck in 2020.In the aftermath,investors have yet to make a meaningful ad-justment to their return assumptions and reassess where their real risks lie.The reality has gone from“

10、set it and forget it”to“go get professional advice.”The constant upward trajectory of investment markets could make even the least experienced investors look smart by simply buying an index fund.Facing a more complicated world and more challenging investment landscape,investors are beginning to real

11、ize the true value of professional advice and set specific service expectations for their advisor.With so much change under way,investors have much to consider and much to learn.If theyre to adapt,they will have to confront their biggest financial fears and address their most pressing investment con

12、cerns.Coming to grips with inflation is the first step for many.High prices.High anxiety.After decades of relative calm,investors realized one of their greatest fears in late 2021 and 2022 when Covid scarcity,a booming job market,and Russias war on Ukraine resulted in double-digit inflation.Since th

13、en,central banks have stepped in to tame rising prices with interest rate hikes,yet inflation remains signifi-cantly higher than policy makers target ranges,leaving investors to confront their number one financial fear.Having been dealt a hand with rising costs for food,energy,and housing,62%of inve

14、stors rank higher everyday prices as a key financial fear in 2023.Its clear that the past 18 months have been traumatic,as inflation far outstrips the financial fears that perennially top the list.Just 44%worry about a large unexpected expense and only 36%say they fear tax increases.Healthcare costs

15、(28%),which have not been immune to rising prices,rank further down the list.And even as the financial news dwells on the potential for recession,only 24%fear losing their job,while the same number fear cashflow problems.The Economy:From low inflation,low rates,and low dispersion to higher inflation

16、,higher rates,and higher dispersions62%Higher everyday costs44%Large,unexpected expense36%Taxes28%Healthcare costs24%Job security24%CashflowINVESTORS BIGGEST FINANCIAL FEARS IN 20234 I 2023 NATIXIS GLOBAL SURVEY OF INDIVIDUAL INVESTORSTHE ECONOMYInflation pains felt globally.Concern over the rising

17、cost of living is global,but the average doesnt tell the whole story.Investors in Argentina and Uruguay(84%)express the greatest concern over inflation with good reason.Inflation in Argentina spiked to 108.8%in April,largely due to the countrys practice of printing money to finance public spending2.

18、This at a time when a depreciating peso has driven up the price of imported goods,resulting in dramatic price increases for consumers.The pain is also felt in Germany,where 63%of investors cite higher everyday costs as a top financial fear.It stands to reason that Germans would be weary,especially a

19、fter weathering skyrocketing energy prices in the wake of Russias invasion of Ukraine in 2022.Fuel prices have declined 10.4%year over year,but inflation lingers.Driven largely by food prices that have increased by 16.8%,inflation still comes in at a hefty 6.3%as of April3 during a period in which t

20、he countrys experienced the highest inflation in its post-war history.Investors in the US(65%)are also among the most concerned.Inflation has declined from last years 40-year high,but the rapid rise in prices has been traumatic.The Federal Reserve Banks Survey of Household Economics and Decision Mak

21、ing found that the share of adults who said they were worse off than one year ago rose to 35%and the number of adults who said they were doing“at least OK”declined from 73%to 68%year over year4.The countries where investors are less fearful of inflation include Japan where inflation(25%)ranks behind

22、 recession(42%)and war(39%)among fears and Hong Kong,where investors worry more about market volatility(41%)than inflation(38%).WHO IS MOST WORRIED ABOUT INFLATION?MOST WORRIEDLEAST WORRIEDARGENTINA/URUGUAY84%GERMANY71%TAIWAN64%THAILAND61%UNITEDSTATES65%HONG KONG38%AUSTRALIA54%JAPAN25%SWITZERLAND53%

23、ITALY49%5 I 2023 NATIXIS GLOBAL SURVEY OF INDIVIDUAL INVESTORSAdditional savings needed,but hard to find.Overall,76%of investors say rising costs make them realize they need to save more money,yet only 32%are actually saving more.Many recognize that saving may not be enough on its own and 60%say the

24、y need to invest more to make up for inflation.Inflation is often a shorter-term financial challenge,but it could have a significant impact on long-term financial success,as 66%of those surveyed say inflation has significantly hurt their ability to save for retirement,and 55%say they are saving less

25、 due to the higher cost of everyday expenses.Investors are challenged to take action,and more than two-thirds(68%)say that recent inflation has highlighted the importance of professional advice.Financial fears realized as investment concerns.Investors worry that their greatest fear will impact their

26、 portfolios,as inflation(58%)ranks as their biggest investment concern in 2023.Recession is also a growing concern(38%),as are market volatility(37%),interest rate hikes(28%),and war(27%).THE ECONOMYInflationRecessionMarket volatilityRising ratesWar2023 TOP INVESTMENT CONCERNS58%38%37%28%27%6 I 2023

27、 NATIXIS GLOBAL SURVEY OF INDIVIDUAL INVESTORSInvestors worry about rates;most dont know why.Rampant inflation has led to one of the biggest shifts in the investment landscape in 15 years rising interest rates.In fact,policy rates had been stuck at or near historic lows since 2008,when central banks

28、 stepped in with lower rates to lessen the impact of the Global Financial Crisis.During the pandemic,rates dropped to zero or lower in some countries as bankers implemented a new wave of policy intervention.There was a considerable upside to having rates so low for so long.For consumers,low rates ma

29、de financing homes,cars,and other big-ticket items less expensive.For investors,low rates helped to extend the market cycle and drive one of the longest bull markets in history.With inflation skyrocketing in the past 18 months,many central banks,like the US Federal Reserve,have implemented interest

30、rate hikes to help cool overheating economies around the world.Now investors are trying to come to grips with a much different market scenario and rank rising interest rates(28%)among their top five investment concerns in 2023.While the Fed has been among the most aggressive in its rate hikes,invest

31、ors in Asia have the greatest concern about the impact of rising rates.As bankers across the region have sought to keep pace with the Fed,more investors in Australia(42%),Hong Kong(39%),Singapore(37%),and Korea(35%)worry about rates than anywhere else.Despite rate concerns,investors claim to underst

32、and what the rate hikes mean for their investments par-ticularly bonds.In fact,almost six in ten(59%)say they understand the role of bonds in portfolios.And despite seeing bonds lose value in 2022,47%say they have more confidence in bonds to outperform in 2023 than equities enough confidence that 45

33、%plan to increase their bond investment this year.Overall,57%of investors say they understand what happens to bonds when rates increase.In reality few actually do.THE ECONOMY57%of investors say they understand what happens to bonds when rates increase.Few actually do.7 I 2023 NATIXIS GLOBAL SURVEY O

34、F INDIVIDUAL INVESTORSBonds are math.Math is hard.The survey included a quiz on bonds and rates designed to gauge how many investors truly understand what a rising rate environment means for bonds.Investors were given four options to explain how rising rates impact bonds including:1)The current valu

35、e of the bonds goes up;2)the current value of the bond goes down;3)the future income potential from a bond goes up;or 4)the future income potential of a bond goes down.They were asked to choose all that apply.Only 2%of investors,or 171 out of 8,550 individuals in 23 countries,could provide the corre

36、ct answers:present value goes down and future income potential goes up.In fact,no more than 27%got any one answer right.Underscoring the challenge is the most common answer“I dont know”(30%).The math connecting rates and yields is tricky and involves an inverse relationship.And the lack of understan

37、ding is universal.Investors in Taiwan(5%)and Hong Kong(4%),as well as China and Mexico(3%),scored highest,while those in the UK(0.8%)and Australia(0.5%)scored amongst the lowest.Despite their confidence,many investors recognize that there is still much to learn.When asked what their biggest question

38、s about bonds were,they said want to better understand everything from the tax implica-tions to the risks to how bonds fit in a portfolio.THE ECONOMY“I dont know”Passed the quizTaiwanHong KongMexicoChinaJapanGermanyUSCanadaFranceSingaporeArgentina/UruguaySpainSwitzerlandThailandKoreaColombia/PeruUKC

39、hileItalyNetherlandsAustralia18%8%21%6%33%31%37%51%40%22%28%28%24%12%17%28%54%31%35%33%64%5%4%3%3%3%3%3%2%2%2%2%2%2%2%2%1%1%1%1%1%1%INVESTORS FIVE BIGGEST QUESTIONS ABOUT BONDSHow do different types of bonds work?Are some bonds riskier than others?How long do I need to hold onto a bond?What are the

40、tax implications of bond investments?Why do I need to be invested in bonds?But bonds are just one facet of investing affected by rising rates.Another key subject where investors may need to refresh their memory and reset their expectations is passive investing.39%37%37%35%32%8 I 2023 NATIXIS GLOBAL

41、SURVEY OF INDIVIDUAL INVESTORSConfirmation bias for passive investments Over the course of the past decade,low rates and low volatility have provided equities with a rising tide that seems to have lifted all boats equally.With interest rates suppressed by central bank policy,markets delivered a hist

42、oric streak of double-digit returns in the longest bull market in history(20092020).This created a period of highly correlated returns that was ideal for index funds.As markets continued to deliver big returns,investors doubled down on passive investments.In that same time,the virtues of passive how

43、ever,like index funds,have been promoted so widely that investors have lost sight of what these funds promise to deliver and have made broad-based assumptions that dont stand up to logic.Passive investments offer a basic value proposition:Theyre supposed to give investors market returns at a lower f

44、ee.But investors have lost sight of that promise.In fact,just 63%of investors recognize that index funds provide returns that are comparable to the market.More surprisingly,only 54%recognize that index funds are supposed to be less expensive.After a decade of big market returns amplified by good pre

45、ss,investors have established a confirmation bias in which they believe passive investments have superpowers that simply dont exist.For example,61%wrongly assume that index funds are less risky than other investments.By their very design,index funds have no built-in risk management.They just buy all

46、 securities within an index.Second,despite last years market downturn,nearly two-thirds(66%)think index funds will help them minimize losses something they just cant do.This indicates that the majority of investors only get half the story on passive investments:They may recognize that when markets g

47、o up,index funds give them market returns,but they forget that when markets go down,index funds give them the losses,too.Finally,nearly six in ten investors(59%)look at the broad exposure these funds provide and assume that index funds give them access to the best opportunities in the market.They ma

48、y provide exposure to the best opportunities,but since they invest in every company in an index,these funds also give them exposure to the worst opportunities in the market.While there is always a place for passive products in the investment mix,investors may want to recalculate their assumptions be

49、fore theyre pressure tested by a more volatile market with a greater dispersion of returns.Its a step that should be considered carefully if investors expect to live up to their high return expectations.THE ECONOMY61%Index funds are less risky66%Index funds can help me minimize losses59%Index funds

50、help me access the best opportunities in the marketpassive has no risk managementpassive gives you market performance up or downpassive includes every opportunity good or badWHAT INVESTORS GET WRONG ABOUT PASSIVEPerceptionReality9 I 2023 NATIXIS GLOBAL SURVEY OF INDIVIDUAL INVESTORSMarkets:From high

51、 returns with low risk to lower returns with greater risksGreat expectations.Just as investors appear to be unfazed by dramatic changes in the macroeconomic environment,they seem to have taken last years bear market losses in stride.After seeing most major indexes post losses in 2022(in USD),includi

52、ng 7.0%for the FTSE,18.1%for the S&P,and 12.6%for the Hang Seng Index5,investors have moderated return expectations at least over the short term.Incredible luck,or overestimating their success in 2022?Overall,investors appear to have had remarkable luck navigating last years downturn.Even as most ma

53、jor world indexes were down by double digits,the 8,550 individuals surveyed say they generated positive returns of 1.9%,on average.In fact,there wasnt one country where investors reported losses for 2022.On the high end,Australians report gains of 4.3%for the year,far outpacing the-6.14%return poste

54、d by the S&P ASX100 Index.Investors in the UK came closest to a loss,reporting they generated an average positive return of just 0.6%,even as the FTSE delivered a nearly 10%loss6.Still,they recognize that it may take time for markets to bounce back and,for 2023 theyve set average return expectations

55、 of 8.6%above inflation.That still adds up to expectations for real returns of 13.6%or more in many countries this year(assuming 5%inflation).However,most seem to anticipate a return to the roaring bull market that delivered average annual total returns of 16.5%from the S&P 500 Index between 2012 an

56、d 2021,including gains of 31.5%in 2019,18.4%in 2020,and 28.7%in 20217.Long-term return expectations reflect this high level of optimism.Globally,investors say they expect average investment returns of 12.8%above inflation over the long term,which,based on current levels of inflation,adds up to signi

57、ficantly more.In Germany,the 10.1%above inflation investors expect to generate adds up to over 13%real returns,based on the current rate of inflation.In the US,expectations of 15.6%above inflation add up to more than 18%average annual total returns over the long run,based on the long-term inflation

58、target rate of about 2.25%.Over the long term,investors expect average investment returns of 12.8%above inflation.10 I 2023 NATIXIS GLOBAL SURVEY OF INDIVIDUAL INVESTORSThe expectations gap narrows but its still big.While expectations are still high,the gap between what investors want and what advis

59、ors say is realistic has narrowed from 61%in 2021 to 42%today.Back then,investors expected returns of 14.5%above inflation.In a 2022 survey,financial advisors said returns of 9%above inflation were more realistic,leaving a 61%gap.Today,investors have moderated expectations to 12.8%above inflation,bu

60、t that assumption is still 42%greater than the 9%advisors call realistic.Even though the gap in the US has declined from last years 150%(17.5%vs.7%),the country retains the du-bious distinction of having the largest expectations gap at 123%.At 81%,Australia faces the second largest gap among the cou

61、ntries surveyed,a figure that has moderat-ed from 2022s 109%.The smallest expectations gap can be found in Singapore at 2%,while there is no gap in Colombia,where investors and advisors agree that its realistic to expect returns of 14.9%above inflation.Among all countries surveyed,the UK shows the l

62、argest decline in expectations followed by Spain.After registering a gap of 101%in 2022,Spanish investors have tempered their hopes and now are only 40%off what advisors suggest is achievable(10.6%vs.7.6%).It appears that after more than a decade of outsized returns,investors have been conditioned t

63、o expect high returns.However,their recency bias ignores the harrowing experience of 2022,even though 80%of those surveyed say last year was a wake-up call reminding them that stocks can go down.If investors are going to pursue these outsized returns in a more volatile and less certain environment,t

64、hey will need to take a gut check on how much risk they can ac-tually tolerate especially the 38%of investors who say they need to invest more aggressively to make up for the ground they lost in 2022.MARKETSFinancial professionalslong-termexpectations(2022)*Investors long-term return expectationsEXP

65、ECTATION GAP BY COUNTRY*Natixis Investment Managers,Global Survey of Financial Professionals conducted by CoreData Research in March and April 2022.Survey included 2,700 respondents in 16 countries.Expectations GapGlobalUSAustraliaHong KongCanadaJapanItalyGermanySpainSwitzerlandFranceUKMexicoChileSi

66、ngapore42%123%81%63%63%56%52%44%39%39%35%31%5%4%2%9.0%7.0%6.9%7.6%6.5%8.7%6.3%7.0%7.6%6.9%6.6%6.2%14.0%14.5%14.2%12.8%15.6%12.5%12.4%10.6%13.6%9.6%10.1%10.6%9.6%8.9%8.1%14.7%15.1%14.5%80%say last year was a wake-up call,reminding them that stocks can go down.11 I 2023 NATIXIS GLOBAL SURVEY OF INDIVI

67、DUAL INVESTORSGet real about risk.Even in the best of times,pursuing double-digit returns means taking on high levels of risk and exposing assets to volatility.Investors appear to be confident in their abili-ty to generate those returns this year,and nearly six in ten(59%)say they are comfortable ta

68、king the risk.However,44%of investors admit they take on more risk than they should to get better returns.This is where the problem lies.Any concern over overextending their risk tolerances could be amplified when markets become more volatile especially when 74%of investors world-wide say that,if fo

69、rced to choose,they would take safety over investment performance.Sustained volatility wasnt much of a concern over the past decade.Artificially low interest rates and other favorable monetary policies contributed to big market gains with little or no interruption.But high inflation,rising rates,and

70、 growing uncertainty have combined for increased volatility.In fact,after the relative calm of markets before Covid,volatility has been higher in the years after the global pandemic.When it comes down to it,investors say all the right things about volatility,including the two-thirds who think it cre

71、ates opportunity to grow their wealth.But more than one-quarter(26%)say volatility keeps them up at night,and 38%say vol-atility has been so high that they no longer worry about it.MARKETS44%of investors admit they take on more risk than they should to get better returns.12 I 2023 NATIXIS GLOBAL SUR

72、VEY OF INDIVIDUAL INVESTORSVolatility:the definition of risk for many investorsInvestors may be much more concerned about volatility than they let on.Not only does volatility rank as their#3 invest-ment concern in 2023,just behind inflation and recession,but it is a fundamental part of how investors

73、 define risk.Overall,more than one-quarter of those surveyed(26%)define risk as exposing their assets to volatility a number thats even greater than the 23%who define risk as losing wealth(23%).Another 23%look at the other side of the equation,with 13%defining risk as underperforming the market and

74、10%defining it as missing out on opportunity.Investors may be missing the big picture when it comes to risk,as only 11%define risk in terms of failing to meet their financial goals.This is where they may benefit from a clearer conversation about risk with a financial professional.Financial advisors

75、are more than twice as likely to see the risk in missing out on goals(24%).Of course,advi-sors see the other risks,such as volatility(25%)and los-ing wealth(22%),but they are able to see how those risks fit into the bigger picture of what investors are ultimately trying to accomplish,such as funding

76、 retirement8.In fact,only in Japan does failing to meet goals come out as the top investment risk(21%).And despite the inconsistent views on the basics,only 51%think they need professional advice for their investments.Exposing assets to market volatilityNot meeting financial goalsLosing wealth/asset

77、sMissing out on potential investment returnsInvestments underperforming the marketNot being able to access money when neededIndividualsHOW INVESTORS SEE RISK INDIVIDUALS VS.ADVISORSAdvisors825%24%22%8%7%7%26%11%23%10%13%11%13 I 2023 NATIXIS GLOBAL SURVEY OF INDIVIDUAL INVESTORSWho would you trust fo

78、r advice?Faced with an unfamiliar investment scenario thats loaded with many of their key fears and concerns,investors recognize that they need professional help.In fact,when they look at the major economic headlines of the past,more than two-thirds(68%)say that recent inflation has highlighted the

79、importance of professional advice.But their idea of advice extends well beyond investment recommendations and portfolio construction.Investors are looking at a more complicated financial picture and want help with everything from comprehensive financial planning and retirement planning to tax effici

80、ency and estate planning.The source they trust most:their financial advisor.In fact,when asked who they trust when making financial decisions,investors say they trust their financial advisor(91%),as much as themselves(91%)and trust them more than they trust their family(74%)and close friends(62%).In

81、 essence they want to trust in a relationship.At the other end of the trust continuum are less-personal sources of financial advice.Less than one in five investors(17%)say they trust social media for financial advice,while just 39%say they trust algorithms to give them advice.Perhaps most surprising

82、 are the relatively low number of younger tech-savvy investors who say they trust in these options.Among Millennials,less than one-quarter(24%)trust social media,although 47%say they trust algorithms.VOLATILITYThe reality has gone from“set it and forget it”to“go get professional advice.”Family74%LEV

83、ELS OF TRUSTAI39%Financialmedia48%Retirementplan provider50%Banks57%Closefriends62%91%MyselfMy FAFinancialadvisor69%Socialmedia17%14 I 2023 NATIXIS GLOBAL SURVEY OF INDIVIDUAL INVESTORSHow advisors earn trusted status Looking at what investors value in their relationships with advisors provides a cl

84、ear picture of what earns their trust.Investors list financial planning advice(49%),help in understanding investment(45%),and“understanding my unique situation”(35%)as their top answers,demonstrating just how much a personalized approach matters.Similarly,investors think its import-ant for their adv

85、isor to offer them investments that reflect their personal values(31%),to be accessible(28%),and just to listen to them(27%).Looking ahead,investors want more of the same when it comes to their advisory relationship.When asked what services interest them most,investors stick with what they value.Fin

86、ancial planning(46%)and retirement in-come planning(43%)come out on top.On the investment side of the equation,investors want their advisor to offer them sustainable investments(43%),private investment opportunities(34%),and tax-efficient investment strategies(32%).Moving on from the past Ultimately

87、,after a long run of double-digit returns,investors have high expectations for their portfolios,but many may not realize how much the world has changed.They want high returns,but theyre worried about volatility.They think they know about bonds,but do not understand the impact that rising rates will

88、have on their investments.They think they know where the risks lie,but they miss the big picture,which is all about achieving key financial goals.Fortunately,they have good instincts about where to get solid advice,and its likely they will need more of that as the next wave of economic and market pr

89、essures changes what they see today.The key point to remember:Just because they came out on top before doesnt guar-antee theyll do it again.VOLATILITYFinancial planningSustainable investmentsRetirement income/planningPrivate investment opportunitiesTax-efficient investing strategiesMOST PREFERRED SE

90、RVICES46%43%43%34%32%15 I 2023 NATIXIS GLOBAL SURVEY OF INDIVIDUAL INVESTORSLearn more About the SurveyNatixis Investment Managers,Global Survey of Individual Investors conducted by CoreData Research in March and April 2023.Survey included 8,550 individual investors in 23 countries.About the Natixis

91、 Center for Investor InsightThe Natixis Center for Investor Insight is a global research initiative focused on the critical issues shaping todays investment landscape.The Center examines sentiment and behavior,market outlooks and trends,and risk per-ceptions of institutional investors,financial prof

92、essionals,and individuals around the world.Our goal is to fuel a more substantive discussion of issues with a 360 view of markets and insightful analysis of investment trends.Meet the team:Dave Goodsell Executive DirectorStephanie Giardina Program ManagerErin Curtis Assistant Program ManagerJessie C

93、ross AVP,Content16 I 2023 NATIXIS GLOBAL SURVEY OF INDIVIDUAL INVESTORS1.Bloomberg2.Bloomberg3.Bloomberg4.Economic Well-Being of U.S.Households in 2022 Fact Sheet,www.federalreserve.gov/newsevents/pressreleases/files/other20230522a1.pdf.5.Bloomberg6.Bloomberg7.Bloomberg8.Natixis Investment Managers,

94、2020 Global Survey of Financial Professionals,conducted by CoreData Research March-April 2020.Survey included 2,700 financial professionals in 16 countries.The views and opinions expressed may change based on market and other conditions.This material is provided for informational purposes only and s

95、hould not be construed as invest-ment advice.There can be no assurance that developments will transpire as forecasted.Actual results may vary.All investing involves risk,including the risk of loss.No investment strategy or risk manage-ment technique can guarantee return or eliminate risk in all mark

96、et environments.The data shown represents the opinions of those surveyed,and may change based on mar-ket and other conditions.It should not be construed as investment advice.Unlike passive investments,there are no indexes that an active investment attempts to track or replicate.Thus,the ability of a

97、n active investment to achieve its objectives will de-pend on the effectiveness of the investment manager.An index fund is a type of mutual fund with a portfolio constructed to match or track the components of a financial market index.Sustainable investing focuses on investments in companies that re

98、late to certain sustain-able development themes and demonstrate adherence to environmental,social and gover-nance(ESG)practices;therefore the universe of investments may be limited and investors may not be able to take advantage of the same opportunities or market trends as investors that do not use

99、 such criteria.This could have a negative impact on an investors overall performance depending on whether such investments are in or out of favor.You cannot invest directly in an index.Indexes are not investments,do not incur fees and expenses and are not professionally managed.Volatility management

100、 techniques may result in periods of loss and underperformance,may limit the Funds ability to participate in rising markets and may increase transaction costs.This document may contain references to copyrights,indexes and trademarks that may not be registered in all jurisdictions.Third party registr

101、ations are the property of their respective owners and are not affiliated with Natixis Investment Managers or any of its related or affil-iated companies(collectively“Natixis”).Such third party owners do not sponsor,endorse or participate in the provision of any Natixis services,funds or other finan

102、cial products.The index information contained herein is derived from third parties and is provided on an“as is”basis.The user of this information assumes the entire risk of use of this information.Each of the third party entities involved in compiling,computing or creating index infor-mation disclai

103、ms all warranties(including,without limitation,any warranties of originality,accuracy,completeness,timeliness,non-infringement,merchantability and fitness for a particular purpose)with respect to such information.Outside the United States,this communication is for information only and is intended fo

104、r investment service providers or other Professional Clients.This material must not be used with Retail Investors.This material may not be redistributed,published,or reproduced,in whole or in part.Although Natixis Investment Managers believes the information provided in this material to be reliable,

105、including that from third party sources,it does not guarantee the accuracy,adequacy or completeness of such information.In the EU(ex UK):Provided by Natixis Investment Managers S.A.or one of its branch offices listed below.Natixis In-vestment Managers S.A.is a Luxembourg management company that is a

106、uthorized by the Commission de Surveillance du Secteur Financier and is incorporated under Luxembourg laws and registered under n.B 115843.Registered office of Natixis Investment Managers S.A.:2,rue Jean Monnet,L-2180 Luxembourg,Grand Duchy of Luxembourg.France:Natixis Investment Managers Distributi

107、on(n.509 471 173 RCS Paris).Registered office:43 avenue Pierre Mends France,75013 Paris.Italy:Natixis Investment Managers S.A.,Succursale Italiana(Bank of Italy Register of Italian Asset Management Companies no 23458.3).Regis-tered office:Via Larga,2-20122,Milan,Italy.Germany:Natixis Investment Mana

108、gers S.A.,Zweigniederlassung Deutschland(Registration number:HRB 88541).Registered office:Im Trutz Frankfurt 55,Westend Carre,7.Floor,Frankfurt am Main 60322,Germany.Netherlands:Natixis Investment Managers,Nederlands(Registration number 50774670).Registered office:Stadsplateau 7,3521AZ Utrecht,the N

109、etherlands.Sweden:Natixis In-vestment Managers,Nordics Filial(Registration number 516405-9601-Swedish Compa-nies Registration Office).Registered office:Kungsgatan 48 5tr,Stockholm 111 35,Sweden.Spain:Natixis Investment Managers,Sucursal en Espaa.Serrano n90,6th Floor,28006 Madrid,Spain.In Switzerlan

110、d:Provided by Natixis Investment Managers,Switzerland Srl,Rue du Vieux Collge 10,1204 Geneva,Switzerland or its representative office in Zurich,Schweizergasse 6,8001 Zrich.In the UK:Provided by Natixis Investment Managers UK Limited,authorized and regulated by the Financial Conduct Authority(registe

111、r no.190258).Registered Office:Natixis Investment Managers UK Limited,One Carter Lane,London,EC4V 5ER.In the DIFC:Distributed in and from the DIFC financial district to Professional Clients only by Natixis Investment Managers Middle East(DIFC Branch)which is regulat-ed by the DFSA.Related financial

112、products or services are only available to persons who have sufficient financial experience and understanding to participate in financial markets within the DIFC,and qualify as Professional Clients as defined by the DFSA.Registered office:Office 603-Level 6,Currency House Tower 2,PO Box 118257,DIFC,

113、Dubai,United Arab Emirates.In Singapore:Provided by Natixis Investment Managers Singapore(name registration no.53102724D),a division of Ostrum Asset Management Asia Limited(com-pany registration no.199801044D).Registered address of Natixis Investment Managers Singapore:5 Shenton Way,#22-05 UIC Build

114、ing,Singapore 068808.In Taiwan:Provided by Natixis Investment Managers Securities Investment Consulting(Taipei)Co.,Ltd.,a Securi-ties Investment Consulting Enterprise regulated by the Financial Supervisory Commission of the R.O.C.Registered address:16F-1,No.76,Section 2,Tun Hwa South Road,Taipei,Tai

115、wan,Da-An District,106(Ruentex Financial Building I),R.O.C.,license number 2017 FSC SICE No.018,Tel.+886 2 2784 5777.In Japan:Provided by Natixis Investment Managers Japan Co.,Ltd.,Registration No.:Director-General of the Kanto Local Financial Bureau(kinsho)No.425.Content of Business:The Company con

116、ducts discretionary asset man-agement business and investment advisory and agency business as a Financial Instru-ments Business Operator.Registered address:1-4-5,Roppongi,Minato-ku,Tokyo.In Hong Kong:Provided by Natixis Investment Managers Hong Kong Limited to institutional/corpo-rate professional i

117、nvestors only.Please note that the content of the above website has not been reviewed or approved by the HK SFC.It may contain information about funds that are not authorized by the SFC.In Australia:Provided by Natixis Investment Managers Australia Pty Limited(ABN 60 088 786 289)(AFSL No.246830)and

118、is intended for the general infor-mation of financial advisers and wholesale clients only.In New Zealand:This document is intended for the general information of New Zealand wholesale investors only and does not constitute financial advice.This is not a regulated offer for the purposes of the Finan-

119、cial Markets Conduct Act 2013(FMCA)and is only available to New Zealand investors who have certified that they meet the requirements in the FMCA for wholesale investors.Natixis Investment Managers Australia Pty Limited is not a registered financial service provid-er in New Zealand.In Latin America:P

120、rovided by Natixis Investment Managers S.A.In Colombia:Provided by Natixis Investment Managers S.A.Oficina de Representacin(Colombia)to professional clients for informational purposes only as permitted under Decree 2555 of 2010.Any products,services or investments referred to herein are rendered exc

121、lusively outside of Colombia.In Mexico:Provided by Natixis IM Mexico,S.de R.L.de C.V.,which is not a regulated financial entity or an investment manager in terms of the Mexican Securities Market Law(Ley del Mercado de Valores)and is not registered with the Comisin Nacional Bancaria y de Valores(CNBV

122、)or any other Mexican authority.Any products,services or investments referred to herein that require authorization or license are rendered exclusively outside of Mexico.Natixis Investment Managers is an entity orga-nized under the laws of France and is not authorized by or registered with the CNBV o

123、r any other Mexican authority to operate within Mexico as an investment manager in terms of the Mexican Securities Market Law(Ley del Mercado de Valores).Any use of the expression or reference contained herein to“Investment Managers”is made to Natixis Investment Man-agers and/or any of the investmen

124、t management subsidiaries of Natixis Investment Man-agers,which are also not authorized by or registered with the CNBV or any other Mexican authority to operate within Mexico as investment managers.In Uruguay:Provided by Natix-is Investment Managers Uruguay S.A.,a duly registered investment advisor,

125、authorized and supervised by the Central Bank of Uruguay.Office:San Lucar 1491,oficina 102B,Montevi-deo,Uruguay,CP 11500.The above referenced entities are business development units of Natixis Investment Man-agers,the holding company of a diverse lineup of specialized investment management and distr

126、ibution entities worldwide.The investment management subsidiaries of Natixis Investment Managers conduct any regulated activities only in and from the jurisdictions in which they are licensed or authorized.Their services and the products they manage are not available to all investors in all jurisdic

127、tions.In the United States:Provided by Natixis Distribution,LLC,888 Boylston St.,Boston,MA 02199.Natixis Investment Managers includes all of the investment management and distri-bution entities affiliated with Natixis Distribution,LLC and Natixis Investment Managers S.A.This material should not be considered a solicitation to buy or an offer to sell any prod-uct or service to any person in any jurisdiction where such activity would be unlawful.5708937.1.1