Confidential

For professional / institutional /

qualified investors only

Strategy Outlook
UBS Hedge Fund Solutions
Fourth Quarter 2023

2 Macro thoughts and

portfolio themes 4 CIO model portfolio and
sub-strategy outlook 5 Strategy outlook
Trading
Relative Value
Equity Hedged
Credit / Income

The views expressed are as of the date of this material and are a general guide to the views of UBS Hedge Fund Solutions LLC (HFS), a division within
UBS Asset Management. All such information and opinions are subject to change without notice.
 Macro thoughts and
portfolio themes
Risk sentiment turned negative in Q3 as hawkish Federal Reserve (Fed) rhetoric,
concerns over fiscal sustainability, and a surge in oil prices culminated in a notable sell
off in equities and rates.

While conventional 60/40 portfolios (FIRV). Overall, we are pleased with our geopolitics, warrant higher rates for
were challenged as correlations across outperformance (versus traditional risk the foreseeable future. Further
asset classes turned positive, UBS assets) as it showcased the key role corroborating the case for higher real
Hedge Fund Solutions’ (“HFS”) broad hedge funds can play in a well- rates is economic resilience. Despite a
based diversified and broad based diversified strategic asset allocation. general slowdown in some of the
neutral hedge fund strategies generally That said, we recognize that a 5% risk- forward-looking growth indicators, the
produced positive returns for the free rate is a formidable benchmark private sector is in much better shape
quarter. Within Trading, curve which we strive to beat without than it has been in previous cycles. US
steepening positions benefited from altering the consistency of our returns. consumers, particularly homeowners,
the move higher in long-term rates, continue to enjoy historically low
while natural gas trading in We believe the repricing in Q3 reflects mortgage debt payments, rising real
commodities was also additive to market participants coming to terms income (albeit decelerating), and 15
returns. In Equity Hedged, the risk-off with a higher-for-longer rate years of accumulated wealth (via
tone bode well for managers’ short environment, aligning with our views. financial [and housing] asset inflation).
positions. These gains were While COVID-induced supply shocks Trends like these have helped sustain
supplemented by income derived from have mostly faded, the inflationary GDP growth, which in turn, may
ABS and agency mortgage strategies, forces stemming from secular dynamics require restrictive monetary policy to
as well as cash/futures basis trading such as an aging population, the prevent a rapid pick-up in inflation.
within fixed income relative value energy transition, and tectonic shifts in

2 UBS Hedge Fund Solutions – Strategy Outlook, Fourth Quarter 2023

 Portfolio positioning
We expect a prolonged period of higher cost of capital will inevitably result in some form
of recession. The recent rise in treasury yields and the escalating conflict in the Middle East
may also increase the risk of recession and/or a left tail event (relative to last quarter).

As such, we maintain a defensive (as they have done so historically). In with cash yielding 5%, we place
positioning across our allocations. Equity Hedged, our allocations are increasing emphasis on sourcing short
FIRV and macro strategies remain core primarily driven by bottom-up factors; duration, carry-oriented strategies
allocations as they are expected to in addition to market neutral/multi-PM that offer less correlation to broader
benefit from a continuation of strategies, we position ourselves with markets. This is mostly complemented
elevated rate volatility. Tactical Macro sector specialists trafficking in more by allocations to more trading-
Trading managers may also offer inefficient, alpha-rich pockets of the oriented corporate long / short
positive convexity should there be a market, as well as with managers who managers that can be nimble in
more pronounced deterioration in have demonstrated expertise on the turbulent markets.
economic conditions and asset prices short side. Within Credit/Income, and

3 UBS Hedge Fund Solutions – Strategy Outlook, Fourth Quarter 2023

 CIO model portfolio

Strategy Sub-strategy Q4 2023

Credit/Income
Forward looking
target weight % – We plan to increase exposure to short duration income-
focused strategies while maintaining our core allocations to
Equity Hedged Fundamental 14
trading-oriented corporate long/short managers. We are
Opportunistic Trading 11 maintaining agency MBS exposures, having added to these
allocations in the past few quarters.
Equity Event 1

Equity Hedged total 26 Commodities

Relative Value Quantitative Equity 3
– We continue to reduce our allocation to commodities as
inflation has been moderating, with our remaining exposure
Merger Arbitrage 1 focused on gas/power strategies, complemented by strategic
Capital Structure/Volatility Arb 7 long investments in less correlated green materials.

Fixed Income Relative Value 13

Agency MBS 6

Relative Value total 30

Credit / Income Distressed 1

Corporate Long / Short 10

Reinsurance / ILS 2

Asset-Backed 5

Other Income 5

Credit / Income total 23

Trading Systematic 3

Discretionary 12

Commodities 5

Trading total 21

Niche & Other Niche & Other total 1

Increasing target weight

Decreasing target weight

4 UBS Hedge Fund Solutions – Strategy Outlook, Fourth Quarter 2023

 Strategy outlook

Trading Relative Value

We believe that the outlook for developed market (DM) macro We continue to favor fixed income relative value (FIRV)
strategies could improve with a more persistent trend of curve strategies and plan to maintain our allocations. Q4 and Q1
steepening in the US and other G3 markets. Managers could tend to be beneficial for FIRV managers, with opportunities
also benefit from short rates in Japan if inflationary pressures arising from potential year-end funding dislocations and the
continue. Additionally, we expect DM-focused managers to release of issuance schedules; thus, our 6-month forward-
perform well in a recessionary environment, be it via front-end looking return expectations for the strategy remain strong.
longs or bull steepeners, as well as short positions in equities
and credit. We maintain our allocations within emerging Meanwhile, our outlook for capital structure/volatility
markets (EM), after having added to this segment in previous arbitrage remains positive as the 2025-2026 maturity wall
quarters. While EM managers were challenged amid the risk- could lead to a surge in new issuance and corporate actions
off tape in Q3, the opportunity set still appears to be attractive, which should benefit the opportunity set.
with potentially better entry points into some of the receiver
trades and FX carry trades in countries that still hold a material
real rates buffer. In commodities, we continue to reduce our
target allocation, with our remaining exposure focused on gas/
power strategies, complemented by strategic long investments
in less correlated green materials.

Citi Economic Surprise G10 Index German vs US Invoice Spreads

350 100 -26

250 90 -28

80 -30
150
70 -32
Index Level

50
Spread

Spread
60 -34
-50
50 -36
-150
40 -38

-250 30 -40

-350 20 -42
Jan Jul Jan Jul Jan Jul Jan Jul Oct Dec Feb Apr Jun Aug Oct
2020 2020 2021 2021 2022 2022 2023 2023 2022 2022 2023 2023 2023 2023 2023

US EU UK Japan German 10y US 10y (RHS)

Source: Bloomberg; Daily data; Jan 2, 2020-Oct 4, 2023. Discretionary trading Source: Bloomberg; Daily data; Oct 6, 2022-Oct 17, 2023. Data illustrates
strategies generally tend to underperform when the index is closer to zero, German and US 10y “invoice spreads” over the last year. Short swap spreads
which indicates that economic data releases are generally in line with market have been additive to manager performance this year across both macro and
expectations. Macro managers tend to perform better on macro data surprise, be FIRV strategies. The underperformance of cash bonds (sometimes expressed
to the upside or downside. US numbers continue to surprise to the upside, while via futures, as shown here) against swaps is expected to continue as central
negative news in Europe seems to have been more priced in and the backdrop banks continue the QT process while governments need to issue more debt
is generally improving. There is less variation in the UK and Japan. Indices are to fund higher fiscal needs. Indices are for illustrative purposes only. Please
for illustrative purposes only. Please see end notes for index descriptions. see end notes for index descriptions.
PAST PERFORMANCE IS NOT INDICATIVE OF FUTURE RESULTS. PAST PERFORMANCE IS NOT INDICATIVE OF FUTURE RESULTS.

5 UBS Hedge Fund Solutions – Strategy Outlook, Fourth Quarter 2023

Equity Hedged Credit / Income

We strive to maintain a low-beta construct. Our allocations As rates reach peak levels, we continue to seek short duration
mostly consist of sector specialists trafficking in more income opportunities with lower correlation to corporate
inefficient, alpha-rich pockets of the market (e.g., technology/ credit spreads, expressed through a mix of thematic funds
AI), as well as managers with more diversified exposure that and co-investments with attractive carry. One example of this
have demonstrated strength on the short side. This is also is an opportunity in US residential real estate debt that,
complemented by allocations to market neutral/multi-PM despite strong fundamentals, was attractively priced due to
strategies. funding pressures faced by regional banks. Elsewhere in
credit, our exposure to agency MBS remains full as it provides
We maintain minimal exposure to China given the weak a source of carry without credit risk given the government
economic rebound thus far and underwhelming government guarantee. The strategy also benefits from multi-decade low
stimulus. While we have seen signs of stabilization in markets, prepayment speeds. We plan to maintain current allocations
liquidity constraints may present additional challenges for to corporate long/short approaches. The opportunity is
managers with a focus on short selling. After 30 years of expected to remain as corporate distress, default activity and
depressed inflation, Japan may be transitioning to the next overall dispersion picks up, providing opportunities across
phase of the economic cycle, where rising inflation and higher fundamental long/short, event-driven, stressed and special
interest rates could create a healthy amount of dispersion in situations. Our allocations to corporate long-biased and
equity markets that is conducive for fundamental investing. distressed remain underweight. Distress in the corporate
sector has increased, spreads remain tight and better entry
points will likely emerge later in the credit cycle.

Short Alpha Investment grade and high yield cash spreads

8 1200

6
1000
4

2 800
Short Alpha (%)

Spread (bps)

0
600
-2

-4 400

-6
200
-8

-10 0
Jan Feb Mar Apr May Jun Jul Aug Sep Sep Sep Sep Sep Sep Sep
2023 2023 2023 2023 2023 2023 2023 2023 2023 2018 2019 2020 2021 2022 2023
High Yield Investment Grade

Source: Bloomberg; Monthly data; Jan 1, 2023-Sep 29, 2023. Data illustrates Source: Bank of America Merrill Lynch; Daily Data; Jun 30, 2018-
the short alpha (calculated as SPX index minus the average of GSCBMSAL Sep 30, 2023. Indices are for illustrative purposes only. Please see end notes
index, MSSHRTUS index, MSXXSHRT index, GSTHVISP index). Please see end for index descriptions.
notes for index descriptions. PAST PERFORMANCE IS NOT INDICATIVE OF FUTURE RESULTS.
PAST PERFORMANCE IS NOT INDICATIVE OF FUTURE RESULTS.

6 UBS Hedge Fund Solutions – Strategy Outlook, Fourth Quarter 2023

 Contact information

North America Europe Japan Asia Pacific

Stamford London Tokyo Hong Kong
Tel. +1-203-719 1428 Tel. +44-20-7901 5838 Tel. +81-3-5208 7406 Tel. +852-2971 8077

Zurich
Tel. +41-44-234 7200

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7 UBS Hedge Fund Solutions – Strategy Outlook, Fourth Quarter 2023

 Endnotes
Index descriptions

The use of indices is for illustrative purposes only.

Citi Economic Surprise US 10y invoice spread (TYAISPS Comdty)

The Citi Economic Surprise Indices measure data surprises Invoice spread based on TYA Comdty. Invoice spread is
relative to market expectations. It represents the sum of the calculated as the difference between the yield of a forward
difference between official economic results and forecasts. A starting interest rate swap with a maturity date equal to the
positive reading means that data releases have been stronger maturity of the Cheapest to Deliver issue minus the forward
than expected and a negative reading means that data yield of said futures contracts.
releases have been worse than expected.
S&P 500 (SPX Index)
BofA Merrill Lynch US High Yield Master II (H0A0) index The Standard and Poor's 500 Index (S&P500) is a
The BofA Merrill Lynch US High Yield Master II (H0A0) index capitalization-weighted index of 500 stocks. The index is
tracks the performance of below investment grade US dollar- designed to measure performance of the broad domestic
denominated corporate debt publicly issued in the US domestic economy through changes in the aggregate market value of
market. Qualifying securities must have a below investment 500 stocks representing all major industries.
grade rating (based on a composite of Moodys, S&P and Fitch)
and an investment grade rated country of risk. In addition, GSTHVISP Index
qualifying securities must have at least one year remaining The GS Very Important Short Position (VISP) list tracks short
term to maturity, a fixed coupon schedule and a minimum exposure of hedge funds. The equal-weighted basket consists
amount outstanding of USD 100 million. Original issue zero of 50 S&P 500 constituents with the highest total dollar value
coupon bonds, 'global' securities (debt issued simultaneously in of short interest outstanding. The VISP basket is designed as
the Eurobond and U. S. domestic bond markets), 144a a short hedge for the Hedge Fund VIP List (GSTHHVIP) to
securities and pay-in-kind securities, including toggle notes, replicate the performance and long / short nature of hedge
qualify for inclusion in the index. Callable perpetual securities fund holdings.
qualify provided they are at least one year from the first call
date. Fixed-to-floating rate securities also quality provided they GSCBMSAL Index
are callable within the fixed rate period and are at least one An equally weighted basket of the 50 highest short interest
year from the last call prior to the date the bond transitions names in the Russell 3000. Names in the basket have a
from a fixed to a floating rate security. DRD-eligible and market cap greater than $1billion. This basket is updated on a
defaulted securities are excluded from the index. monthly basis.

ICE BofA U.S. Corporate Index MSSHRTUS Index

The ICE BofA U.S. Corporate Index consists of investment- MSSHRTUS is an informational index that represents an equally
grade corporate bonds that have a remaining maturity of weighted basket of 50 conviction shorts in the US, as defined
greater than or equal to one year and have $250 million or by Morgan Stanley's proprietary Crowding Factor. It provides a
more of outstanding face value. In addition, the securities in gauge of short alpha performance within this focus universe,
the Index must be denominated in U.S. dollars and must be rather than through traditional short interest lenses.
fixed-rate. Fixed-to-floating rate securities also qualify
provided they are callable within the fixed rate period and are MSXXSHRT Index
at least one year from the last call prior to the date the bond The Morgan Stanley High Short Interest basket consists of
transitions from a fixed to a floating rate security. 150 names within the Russell 3000 that have a float-adjusted
market cap greater than $1bn and rank high on several
German 10y invoice spread (RXAISPE Comdty) metrics including short interest % of float, days-to-cover, and
Invoice spread based on RXA Comdty. Invoice spread is short interest variability. The basket systematically rebalances
calculated as the difference between the yield of a forward each month when new data becomes publicly available and is
starting interest rate swap with a maturity date equal to the liquidity weighted with a 2.0% cap.
maturity of the Cheapest to Deliver issue minus the forward
yield of said futures contracts.

8 UBS Hedge Fund Solutions – Strategy Outlook, Fourth Quarter 2023

 Risk considerations

The strategies described herein are speculative and entail portfolio may be subject to greater risk and volatility than if
substantial risks which may place your capital at risk. An investments had been made in the securities of a broader
investment in these strategies includes the risks inherent in an range of issues. There can be no assurances that any
investment in securities, as well as specific risks associated particular strategy (hedging or otherwise) will be successful or
with limited liquidity, the use of leverage, short sales, options, that it will employ such strategies with respect to all or any
futures, derivative instruments, investments in non-US portion of its portfolio. These strategies can be highly illiquid,
securities and illiquid investments. The Fund invests largely in are not required to provide periodic pricing or valuation to
other unregulated hedge funds. Such a portfolio of hedge investors, and may involve complex tax strategies.
funds may increase an investor’s volatility for potential losses
or gains. The strategies may be highly leveraged and the volatility of
the price of its interests may be great. The fees and expenses
A particular manager of any strategy, from time to time, may charged by any individual manager of a strategy may
invest a substantial portion of the assets managed in an substantially offset any trading profit.
industry sector. As a result, the manager’s investment

9 UBS Hedge Fund Solutions – Strategy Outlook, Fourth Quarter 2023

 Disclaimer

The views expressed are as of October 2023 and are a reflection of UBS Hedge Fund Solutions LLC’s best judgment
general guide to the views of UBS Hedge Fund Solutions LLC at the time this document is compiled and any obligation to
(HFS), a division within UBS Asset Management. This update or alter forward-looking statements as a result of new
document does not replace portfolio and fund-specific information, future events, or otherwise is disclaimed.
materials. Commentary is at a macro or strategy level. Furthermore, these views are not intended to predict or
guarantee the future performance of any individual security,
Please note that past performance is not a guide to the asset class, and the markets generally, nor are they intended
future. Potential for profit is accompanied by the possibility of to predict the future performance of any UBS Hedge Fund
loss. The value of investments and the income from them Solutions LLC, portfolio or fund.
may go down as well as up and investors may not get back
the original amount invested. This document is a marketing Except where otherwise indicated herein, the information
communication. Any market or investment views expressed provided herein is based on matters as they exist as of the
are not intended to be investment research. The document date of preparation and not as of any future date, and will
has not been prepared in line with the requirements of any not be updated or otherwise revised to reflect information
jurisdiction designed to promote the independence of that subsequently becomes available or circumstances
investment research and is not subject to any prohibition on existing or changes occurring after the date hereof. Certain
dealing ahead of the dissemination of investment research. information contained in this presentation constitutes
The information contained in this document does not “forward-looking statements,” which can be identified by
constitute a distribution, nor should it be considered a the use of forward-looking terminology such as “may,”
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A number of the comments in this document are based on
current expectations and are considered “forward-looking PAST PERFORMANCE IS NOT INDICATIVE OF FUTURE
statements.” Actual future results, however, may prove to be RESULTS.
different from expectations. The opinions expressed are a

10 UBS Hedge Fund Solutions – Strategy Outlook, Fourth Quarter 2023

 Disclaimer
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11 UBS Hedge Fund Solutions – Strategy Outlook, Fourth Quarter 2023

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product(s) described herein align(s) to Article 6 of Regulation (EU)
2019/2088. Information on sustainability-related aspects pursuant to that – For Denmark: Prospectuses, key investor information (KIID), the articles
regulation can be found on www.ubs.com/funds. of association or the management regulations as well as annual and semi-
annual reports of UBS funds are available in a language required by the
UBS AG and its affiliates, including, but not limited to UBS Asset local applicable law free of charge from UBS Asset Management,
Management (UK) Ltd, and any products or services mentioned in this Regeringsgatan 38, 11153 Stockholm or from UBS Europe SE, Denmark
document: (i) have not been approved by or registered with; and (ii) do not Branch, filial af UBS Europe SE, Sankt Annae Plads 13, 1 TH, 1250
fall under the supervision of, the Securities and Commodities Authority of Copenhagen, Denmark and online at www.ubs.com/funds.
the United Arab Emirates.

12 UBS Hedge Fund Solutions – Strategy Outlook, Fourth Quarter 2023

– For Finland/Iceland/Norway: Prospectuses, key investor information – For Luxembourg: Prospectuses, key investor information (KIID), the
(KIID), the articles of association or the management regulations as well as articles of association or the management regulations as well as annual
annual and semi-annual reports of UBS funds are available in a language and semi-annual reports of UBS funds are available in a language required
required by the local applicable law free of charge from UBS Asset by the local applicable law free of charge from Northern Trust Global
Management, Regeringsgatan 38, S-11153 Stockholm and online at www. Services Limited, Luxembourg Branch, 6, rue Lou Hemmer, L-1748
ubs.com/funds. Senningerberg or from UBS Europe SE, Luxembourg Branch, P.O. Box 2,
L-2010 Luxembourg and online at www.ubs.com/funds.
– For France: This fund has obtained authorization for marketing in France.
Representative in France for UBS investment funds under foreign law: BNP – For Malta: Representative in Malta for UBS funds established under
Paribas at 16 Bd des Italiens, F-75009 Paris. Prospectuses, Key Investor foreign law: Calamatta Cuschieri Investment Services Ltd, Ewropa Business
Information (KIID), the articles of association or the investment regulations Centre, Triq Dun Karm, Birkirkara, BKR9034, Malta. UBS funds Select
and the annual and semi-annual reports of the UBS Funds may be Alternative Strategies ICAV and all cells underneath the umbrella managed
obtained free of charge from the management company of the Fund, the by UBS Hedge Fund Solutions, UBS (Lux) Key Selection SICAV - Multi
Autorité des Marchés Financiers or, as the case may be, UBS (France) SA, Strategy Alternatives, A&Q (Lux) Select FCP RAIF - A&Q (Lux) Select
69, Boulevard Haussmann, 75008 Paris, and online at www.ubs.com/ Trading, Dasym II SICAV RAIF, UBS (Irl) Alternative Solutions plc – A&Q
funds. France: This document has been published (unamended) by UBS Fundamental US Equity Long Short UCITS are regulated by the
(France) S.A., a wealth management company, a subsidiary of UBS Holding Commission de Surveillance du Secteur Financier (CSSF) in Luxembourg.
(France) SA Company with Management Board and Supervisory Board and The funds are marketed in Malta under the terms of the EU UCITS
a capital of € 132,975,556.Registered office: 69, Bd Haussmann, 75008 directives. Calamatta Cuschieri Investment Services Ltd is licensed to
PARIS. tel. 01 44 56 45 45 R.C.S. Paris B 421 255 670 NAF code 6419Z. conduct Investment Services business by the Malta Financial Services
Approved for insurance brokerage (financial guarantee and professional Authority. Investments by Maltese residents in funds denominated in
indemnity insurance in accordance with articles L 512-6 and L 512-7 of the foreign currency are subject to the External Transactions Act (Cap 233).
French Insurance Code). Registration number ORIAS: 07 004 822. Prospectuses, key investor information (KIID), the articles of association
Telephone 01.44.56.45.45 - Fax 01.44.56.45.54. www.ubs.com/france. and the management regulations as well as annual and semi-annual
reports of UBS funds are available in a language required by the local
– For Greece: Prospectuses, key investor information (KIID), the articles of applicable law free of charge from CRYSTAL Finance Investments Ltd and
association or the management regulations as well as annual and semi- other authorised intermediaries and online at www.ubs.com/funds.
annual reports of UBS funds are available in a language required by the
local applicable law free of charge from UBS Asset Management – For Netherlands: UBS funds Select Alternative Strategies ICAV and all
Switzerland AG, c/o UBS AG, Bahnhofstrasse 45, 8001 Zürich or from cells underneath the umbrella managed by UBS Hedge Fund Solutions,
Bank of Cyprus Ltd, Asset Management, 170 Alexandras Av., 115 21 UBS (Lux) Key Selection SICAV - Multi Strategy Alternatives, A&Q (Lux)
Athens and online at www.ubs.com/funds. Select FCP RAIF - A&Q (Lux) Select Trading, Dasym II SICAV RAIF, UBS (Irl)
Alternative Solutions plc – A&Q Fundamental US Equity Long Short UCITS
– For Hungary: Prospectuses, key investor information (KIID), the articles of is an investment institution (beleggingsinstelling) within the meaning of
association or the management regulations as well as annual and semi- the AFM and registered in the Dutch register held with the Dutch
annual reports of UBS funds are available in a language required by the Authority for the Financial Markets (Stichting Autoriteit Financiële
local applicable law free of charge from securities broker (forgalmazó): Markten). Representative in the Netherlands for UBS funds established
OTP Bank Nyrt., or from UBS Asset Management Switzerland AG, c/o UBS under foreign law: UBS Asset Management, UBS Europe SE Nederlandse
AG, Bahnhofstrasse 45, 8001 Zürich, Switzerland and online at www.ubs. Vestiging Rembrandt Tower – 18e verdieping, Amstelplein 1, 1096 HA
com/funds. AMSTERDAM, The Netherlands. Prospectuses, key investor information
(KIID), the articles of association or the management regulations as well as
– For Italy: Representative in Italy for UBS funds, UBS Asset Management annual and semi-annual reports of UBS funds are available in a language
(Italia) – SGR S.p.A., Via del Vecchio Politecnico, n. 3, 20121 Milano (MI), required by the local applicable law free of charge from UBS Europe SE
Italy. Prospectuses, key investor information (KIID), the articles of Nederlandse Vestiging or on the internet at www.ubs.com/funds.
association or the management regulations as well as annual and semi-
annual reports may be obtained in a language required by the local – For Portugal: Prospectuses, key investor information (KIID), the articles of
applicable law free of charge from UBS Asset Management (Italia) – SGR association or the management regulations as well as annual and semi-
S.p.A., Via del Vecchio Politecnico, n. 3, 20121 Milano (MI), Italy and annual reports of UBS funds are available in a language required by the
online at www.ubs.com/funds. local applicable law free of charge from Northern Trust Global Services
Limited, Luxembourg Branch, 6, rue Lou Hemmer, L-1748 Senningerberg
– For Ireland: Prospectuses, supplements, key investor information or from UBS Europe SE, Luxembourg Branch, P.O. Box 2, L-2010
documents (KIID), the memorandum and articles of association as well as Luxembourg and online at www.ubs.com/funds. For more information on
annual and semi-annual reports of UBS funds are available in a language the distribution of UBS funds, in particular the applicable tax regime,
required by the local applicable law free of charge from MUFG Alternative please consult the Supplementary Information Memorandum for Portugal,
Fund Services (Ireland) Limited, 12-13 Leeson Street Lower, Saint Kevin’s, available free of charge from the placing agent.
Dublin, Ireland and online at www.ubs.com/funds.
– For Spain: CNMV registration number Representative in Spain for UBS
– For Liechtenstein: The representative and paying agent in Liechtenstein funds established under foreign law: UBS Europe SE, sucursal en España,
for UBS Funds under foreign law is Liechtensteinische Landesbank MARÍA DE MOLINA, 4, E-28006 MADRID. Prospectuses, key investor
Aktiengesellschaft, Städtle 44, FL-9490 Vaduz. Prospectuses, key investor information (KIID), the articles of association or the management
information (KIID), the articles of association or the management regulations as well as annual and semi-annual reports of UBS funds are
regulations as well as annual and semi-annual reports of UBS funds in available in a language required by the local applicable law free of charge
German are available in a language required by the local applicable law from UBS Europe SE, sucursal en España, MARÍA DE MOLINA Nº 4,
free of charge from Liechtensteinische Landesbank Aktiengesellschaft and E-28006 MADRID / AVENIDA DIAGONAL Nº 640, 2º A, E-08017
online at www.ubs.com/funds. BARCELONA / FERNÁNDEZ Y GONZÁLEZ Nº 2, PLANTA PRINCIPAL,

13 UBS Hedge Fund Solutions – Strategy Outlook, Fourth Quarter 2023

 E-41001 SEVILLA / C/ROGER DE LAURIA Nº 7, 1ª PLANTA, E-46002 current expectations and are considered “forward-looking statements”.
VALENCIA / COSO Nº 33, 5º A, E-50003 ZARAGOZA, CANTÓN PEQUEÑO Actual future results may prove to be different from expectations and any
15, 4º, E-15003 A CORUÑA and online at www.ubs.com/funds. unforeseen risk or event may arise in the future. The opinions expressed are a
reflection of UBS Asset Management (Singapore) Ltd’s judgment at the time
– For Sweden: Prospectuses, key investor information (KIID), the articles of this document is compiled and any obligation to update or alter forward-
association or the management regulations as well as annual and semi- looking statements as a result of new information, future events, or
annual reports of UBS funds are available in a language required by the otherwise is disclaimed.
local applicable law free of charge from UBS Asset Management,
Regeringsgatan 38, 11153 Stockholm and online at www.ubs.com/funds. You are advised to exercise caution in relation to this document. The
information in this document does not constitute advice and does not take
– For United Kingdom: UBS Asset Management (UK) Ltd is authorized & into consideration your investment objectives, legal, financial or tax situation
regulated by the Financial Conduct Authority. Prospectuses, Key investor or particular needs in any other respect. Investors should be aware that past
information (KIID), the articles of association or the management performance of investment is not necessarily indicative of future
regulations as well as annual and semi-annual reports of UBS funds are performance. Potential for profit is accompanied by possibility of loss. If you
available free of charge from UBS Asset Management (UK) Ltd, 5 are in any doubt about any of the contents of this document, you should
Broadgate, London, EC2M 2QS. The fund documentation is available free obtain independent professional advice.
of charge in English and, where relevant, in one of the local language(s)
where the fund is registered and online at www.ubs.com/funds. For Vietnam: This document does not contemplate an offer to sell the
securities in Vietnam and has not been approved by the State Securities
For Japan: This document is sent to you, at your request, merely for Commission of Vietnam which takes no responsibility for its contents. No
information purposes only. No invitation or offer to subscribe or purchase offer to purchase the securities will be made in Vietnam and this document is
securities is made except pursuant to the applicable laws and regulations of intended to be read by the addressees only. Investors should themselves
Japan, including but not limited to the Financial Instruments and Exchange carefully balance the risks and the level of those risks before they make any
Act and any other applicable laws, regulations or rules of Japan. decision to invest in the securities. Investors are responsible for obtaining all
approvals required by the laws of Vietnam.
For Hong Kong: This document and its contents have not been reviewed by
any regulatory authority in Hong Kong. No person may issue any invitation, For Korea: The securities may not be offered, sold and delivered directly or
advertisement or other document relating to the Interests whether in Hong indirectly, or offered or sold to any person for re-offering or resale, directly
Kong or elsewhere, which is directed at, or the contents of which are likely or indirectly, in Korea or to any resident of Korea except pursuant to the
to be accessed or read by, the public in Hong Kong (except if permitted to do applicable laws and regulations of Korea, including the Capital Market and
so under the securities laws of Hong Kong) other than with respect to the Financial Investment Business Act and the Foreign Exchange Transaction Law
Interests which are or are intended to be disposed of only to persons outside of Korea, the presidential decrees and regulations thereunder and any other
Hong Kong or only to “professional investors” within the meaning of the applicable laws, regulations or rules of Korea. The securities have not been
Securities and Futures Ordinance (Cap. 571) and any rules made thereunder. registered with the Financial Services Commission of Korea (FSC) for a public
The use of simulated past performance is not permitted in this jurisdiction. offering in Korea nor has it been registered with the FSC for distribution to
non-qualified investors in Korea.
For Singapore: This document shall be construed as part of an information
memorandum for the purposes of Section 305(5) of the Securities and For People’s Republic of China: This document and its contents have not
Futures Act (Cap. 289) of Singapore (“SFA”). Accordingly, this document been reviewed by, delivered to or registered with any regulatory or other
must not be relied upon or construed on its own without reference to the relevant authority in the People’s Republic of China (the “PRC”). This
information memorandum. This document is not a prospectus as defined in document is for informational purposes and should not be construed as an
the SFA and, accordingly, statutory liability under the SFA in relation to the offer or invitation to the public, direct or indirect, to buy or sell securities.
content of prospectuses does not apply, and the offeree should consider This document is intended for limited distribution and only to the extent
carefully whether the investment is suitable for them. None of the funds permitted under applicable laws in the PRC. No representations are made
referenced herein is authorized or recognized by the Monetary Authority of with respect to the eligibility of any recipients of this document to acquire
Singapore and the securities of such funds are not allowed to be offered to interests in securities under the laws of the PRC. The securities may not be
the retail public. This document may not be circulated or distributed, nor may offered or sold directly or indirectly in the PRC. Neither this document or
the securities of the fund referenced herein be offered or sold, whether information contained or incorporated by reference herein relating to the
directly or indirectly, to any person in Singapore other than (i) an institutional securities, which have not been and will not be submitted to or approved/
investor pursuant to Section 304 of the SFA, (ii) a relevant person pursuant verified by or registered with the China Securities Regulatory Commission
to Section 305(1) of the SFA, (iii) a person acquiring the securities as principal (“CSRC”) or other relevant governmental authorities in the PRC pursuant to
and on such terms as set out in Section 305(2) of the SFA, or (iv) otherwise relevant laws and regulations, may be supplied to the public in the PRC or
pursuant to, and in accordance with the conditions of, any other applicable used in connection with any offer for the subscription or sale of the
provision of the SFA. Securities in the PRC. The Securities may only be offered or sold to the PRC
investors that are authorized to engage in the purchase of Securities of the
Using, copying, redistributing or republishing any part of this document type being offered or sold. PRC investors are responsible for obtaining all
without prior written permission from UBS Asset Management (Singapore) relevant government regulatory approvals/licenses, verification and/or
Ltd. is prohibited. Any statements made regarding investment performance registrations themselves, including, but not limited to, any which may be
objectives, risk and/or return targets shall not constitute a representation or required from the CSRC, the State Administration of Foreign Exchange and/
warranty that such objectives or expectations will be achieved or risks are or the China Banking Regulatory Commission, and complying with all
fully disclosed. The information and opinions contained in this document is relevant PRC regulations, including, but not limited to, all relevant foreign
based upon information obtained from sources believed to be reliable and in exchange regulations and/or foreign investment regulations.
good faith but no responsibility is accepted for any misrepresentation, errors
or omissions. All such information and opinions are subject to change
without notice. A number of comments in this document are based on

14 UBS Hedge Fund Solutions – Strategy Outlook, Fourth Quarter 2023

For Taiwan: This document and its contents have not been reviewed by, For Thailand: NOTICE TO RESIDENTS OF THAILAND – the securities will not
delivered to or registered with any regulatory or other relevant authority in be offered or sold, directly or indirectly, in Thailand. UBS Asset Management
the Republic of China (R.O.C.). This document is for informational purposes is not licenced to publically offer securities in Thailand. Thai investors must be
and should not be construed as an offer or invitation to the public, direct or authorised to engage in the purchase of Securities of the type being offered
indirect, to buy or sell securities. This document is intended for limited or sold. Thai investors are responsible for obtaining all relevant government
distribution and only to the extent permitted under applicable laws in the regulatory approvals/licences, consents, verification and/or registrations from
Republic of China (R.O.C.). No representations are made with respect to the relevant Thai governmental and regulatory authorities required to invest in
eligibility of any recipients of this document to acquire interests in securities the securities and required for the purposes of remitting any amounts in
under the laws of the Republic of China (R.O.C.). foreign currencies for the investment.

For Australia: This document has been prepared and issued by UBS Hedge For Brazil: UBS Hedge Fund Solutions LLC is not accredited with the
Fund Solutions LLC. UBS Hedge Fund Solutions LLC is an investment adviser Brazilian Securities Commission (“ CVM”) to perform Asset Management
registered with the US Securities and Exchange Commission and such is Services. The Asset Management Services may not be publicly offered or sold
regulated under a regulatory regime that differs from the Australian to the public in Brazil. Documents relating to the Asset Management Services
regulatory regime. UBS Hedge Fund Solutions LLC does not hold an as well as the information contained therein may not be supplied to the
Australian Financial Services Licence and is not authorised and regulated by public in Brazil.
the Australian Securities and Investments Commission (“ASIC”). UBS Hedge
Fund Solutions LLC is permitted to provide financial services to wholesale For Canada: Services to Canadian persons for any strategy herein are
clients in Australia in reliance on Class Order CO 03/1100 issued by ASIC. provided by UBS Asset Management (Canada) Inc., a Nova Scotia corporation
This document is intended for limited distribution to professional investors and a member of the UBS Asset Management business division of UBS AG, a
only. It is not to be distributed to or relied upon by retail clients. This publicly traded Swiss bank (NYSE: UBS). UBS Asset Management (Canada)
document is general information only and does not take into account your Inc. is an indirect wholly-owned subsidiary of UBS AG and is registered as a
objectives, financial situation or needs. Before investing you should seek portfolio manager and exempt market dealer (in all provinces of Canada),
professional advice. Any investment involves risk UBS Hedge Fund Solutions commodity trading manager (Ontario), adviser commodity futures
LLC does not guarantee the performance of any investment. (Manitoba) and investment fund manager (Ontario, Quebec and
Newfoundland), all pursuant to Canadian securities law. This document can
For Brunei: This document has not been delivered to, licensed or permitted be distributed in Canada to Accredited Investors who qualify as Permitted
by the Authority as designated under the Brunei Darussalam Mutual Funds Clients only. UBS O’Connor LLC may be considered a connected or related
Order 2001. Nor has it been registered with the Registrar of Companies. This issuer of UBS Asset Management (Canada) Inc. in connection with a
document is for informational purposes only and does not constitute an distribution of the strategy herein to investors in Canada.
invitation or offer to the public. As such it must not be distributed or
redistributed to and may not be relied upon or used by any person in Brunei For UBS Financial Services Inc clients/investors only:
other than the person to whom it is directly communicated, (i) in accordance As a firm providing wealth management services to clients, UBS Financial
with the conditions of section 21(3) of the International Business Companies Services Inc. offers investment advisory services in its capacity as an SEC-
Order 2000, or (ii) whose business or part of whose business is in the buying registered investment adviser and brokerage services in its capacity as an
and selling of shares within the meaning of section 308(4) of the Companies SEC-registered broker-dealer. Investment advisory services and brokerage
Act Cap. 39. services are separate and distinct, differ in material ways and are governed
by different laws and separate arrangements. It is important that you
For Malaysia: This document is sent to you, at your request, merely for understand the ways in which we conduct business, and that you carefully
information purposes only. No invitation or offer to subscribe or purchase read the agreements and disclosures that we provide to you about the
securities is made by UBS Asset Management as the prior approval of the products or services we offer. For more information, please review client
Securities Commission of Malaysia or other regulatory authorities of Malaysia relationship summary provided at ubs.com/relationshipsummary, or ask
have not been obtained. No prospectus has or will be filed or registered with your UBS Financial Advisor for a copy.
the Securities Commission of Malaysia.
UBS Financial Services Inc. is a subsidiary of UBS Group AG. Member FINRA/SIPC

15 UBS Hedge Fund Solutions – Strategy Outlook, Fourth Quarter 2023

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