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Didukung oleh: Izin Penasihat Investasi

 Pembentukan Penasihat Investasi

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investor mengambil keputusan berdasarkan
pengetahuan dan informasi investasi yang
tepat dan terukur sesuai dengan kebutuhan
dan profil risiko Investor

Kebutuhan klien
terhadap:

Kepatuhan peraturan Pembuatan strategic Ulasan rekomendasi

Rekomendasi
OJK terkait asset allocation (SAA) Evaluasi kondisi penempatan investasi
penempatan investasi dan tactical asset pada instrument pelepasan instrument
portofolio investasi investasi
bagi Dana Pensiun allocation (TAA) investasi

Izin usaha Penasihat Investasi kepada PT Infovesta Kapital

Advisori berdasarkan Keputusan Dewan Komisioner OJK
No:KEP-56/DO4/2021 pada tanggal 29 Oktober 2021
 Our Management
• Beliau adalah Insinyur (sarjana Teknik) yang juga seorang tokoh
pendidik di industri pasar modal. Latar belakang Pendidikan
terakhir beliau adalah Magister Institusi Pendidikan dan
Pengembangan Manajemen pada tahun 1993. Berpengalaman di
Pasar Modal sejak tahun 1994 hingga sekarang. Beliau pernah
menjabat berbagai posisi di perusahaan yang bergerak di bidang
Pasar Modal antara lain Manajer Investasi, Sekuritas, dan Asuransi
Jiwa. Jabatan terakhir sebagai Direktur PT Indo Premier Asset
Management selama 3 tahun. Selain itu, beliau juga menjabat
sebagai Direktur di PT Infovesta Utama selama lebih dari 13 tahun.
• Latar belakang pendidikan terakhir beliau adalah gelar Doktor
di Institut Pertanian Bogor (IPB) pada tahun 2008. Beliau
memiliki pengalaman selama 15 tahun di industri perbankan
Indonesia dengan karir dimulai sebagai Executive Development
Program di Citibank NA hingga menjadi Vice President Bank
Chase Manhattan. Beliau juga memiliki pengalaman bekerja di
berbagai perusahaan multinasional. Jabatan terakhirnya adalah
sebagai Ketua Pengurus Dana Pensiun Freeport Indonesia
hingga Februari 2019.
OUR SER VI CES
 OUR SER VI CES

Penyusunan Strategi
REKOMENDASI • MemberikanInvestasi
alternatif produk ASISTENSI • Melakukan pendampingan kepada

PRODUK investasi sesuai dengan profile investor dalam melakukan

investor. implementasi proses investasi.
INVESTASI
• Pembuatan Pedoman dan SOP
• Memberikan laporan • Sebagai pihak independent yang

(Standard Operating Procedure)

rekomendasi produk investasi dapat memberikan second opinion
berdasarkan data dan analisa terkait pengelolaan investasi investor
investasi. yang akurat. kapanpun.

• Penyusunan • Memberikan rekomendasi

Alokasi Asset Strategis
mingguan berbasis aspek
dan Taktis pada Portfolio.
kinerja dan kualitas produk.

ANALISIS DAN • Melakukan pemantauan terhadap MANAJEMEN • Memberikan alternatif produk investasi sesuai
EVALUASI kinerja portfolio
RISIKO dengan profile risiko investor
PRODUK • Melakukan evaluasi kelayakan • Melakukan evaluasi risiko terhadap portfolio
INVESTASI investasi berbasis aspek kualitas yang dimiliki
dan teknis kinerja produk investasi
 PRODUCT & SERVICES

1 2
ADD ON CONTINUOUSLY
SERVICES ASSISTANCE
Layanan diberikan sesuai Layanan diberikan secara aktif
permintaan konsumen dari Penasihat investasi secara
secara sesekali saja berkelanjutan

Perbankan
➢ Optimalisasi Portofolio Investasi:
o Strategic Asset Allocation
o Tactical Asset Allocation
o Product Recommendation
o Houseview Report
➢ Penilaian Instrumen Investasi:
o Existing Instrument
o Initial Public Offering (IPO)
OUR CATALOGUE
Dana Pensiun,
Asuransi & Yayasan
➢ Optimalisasi Portofolio Investasi:
Manajer Investasi & o Strategic Asset Allocation
APERD o Tactical Asset Allocation
o Product Recommendation
➢ Evaluasi Kinerja Reksa Dana:
➢ Penilaian Instrumen Investasi:
o Mutual Fund Daily Report
o Existing Instrument
o Mutual Fund Industry
o Initial Public Offering (IPO)
➢ Mutual Fund Rating
➢ Kajian Cut-Loss & Product Switching
Instrumen Investasi
➢ Evaluasi Kontrak Pengelolaan Dana
(KPD)
Emiten
➢ Penyusunan dan Penyempurnaan
➢ ESG Report Pedoman Investasi, SOP, & Tata Kelola
➢ Video profile
➢ Oversighting Committee:
o Evaluasi Portofolio Berkala
o Pemaparan Saran & Rekomendasi
o Market Update
 Jasa Pendampingan Investasi Bulanan

1. Konsultasi Investasi Real Time

- Memberikan 1 on 1 consultation

2. Pendampingan Portofolio Berkala

- Monitoring Seluruh Investasi Secara Bulanan
*Pencapaian ROI bulanan
*Kinerja instrument dibandingkan benchmark
*Kinerja instrument dibandingkan industry (peers)
*Prospek instrument menyesuaikan dengan dinamika pasar

- Evaluasi Portofolio
*Rekomendasi Pelepasan Produk
*Rekomendasi Penempatan Produk Baru
*Rekomendasi Komposisi Alokasi Aset
Our Experiences

OUR EXPERIENCES
Our Experiences

Client Services
Bank BUMN 1 Penyusunan Strategic Asset Allocation (SAA), Tactical
Asset Allocation (TAA), dan House View Report Kuartalan
Bank BUMN 2 Kajian Evaluasi Penempatan Reksa Dana Terproteksi
Bank Swasta 1 Penyusunan Strategic Asset Allocation (SAA), Tactical
Asset Allocation (TAA), dan Product Recommendation
Bank Swasta 2 Kajian Evaluasi Kualitas Reksa Dana Milik Perbankan
Perusahaan Asset Management dan Penyusunan Daily Report dan Product Recommendation
APERD
Badan Institusi Milik Pemerintah Penyempurnaan SOP Bagian Exit Policy, Penyempurnaan
Pedoman Investasi Bagian Reksa Dana, Kajian Evaluasi
Saham
Our Experiences

Client Services
Dapen BUMN 1 Kajian Penempatan MTN
Dapen BUMN 2 Kajian Evaluasi Kualitas Seluruh Instrumen dalam Portofolio
(110 pihak)
Dapen BUMN 3 Kajian Rekomendasi Cut Loss Reksa Dana
Dapen BUMN 4 Harmonisasi SOP dengan Pedoman Investasi
Dapen BUMN 5 Kajian Evaluasi Instrumen Saham dan Obligasi
Dapen Swasta 1 Pendampingan investasi secara rutin dan berkala
Dapen Swasta 2 Kajian Evaluasi Portofolio & Rekomendasi Switching Produk
Yayasan 1 Pendampingan investasi secara rutin dan berkala
Yayasan 2 Kajian Evaluasi Obligasi dan Rekomendasi Strategi Lanjutan
 CONSULTING

PENILAIAN RATING MI
Cara Penilaian
Fund Rating Assignment:

PEOPLE PROCESS PARENT PERFORMANCE

Penilaian terhadap Penilaian terhadap Penilaian terhadap
Penilaian terhadap seberapa besar kinerja historis dalam
pendekatan yang
background orang dukungan induk jangka panjang.
digunakan oleh MI
yang mengendalikan perusahaan, termasuk Seberapa sering
untuk mendapatkan
reksa dana, melihat induk perusahaan dari mengalahkan indeks
gambaran proses dan
juga dinamika tim luar negeri. Dukungan acuan atau kompetitor
pengaruhnya terhadap
seperti apa (turnover dapat berupa riset, nya dan pengelolaan
performa produk reksa
tinggi atau tidak), dan tim, ataupun strategi manajemen risiko ketika
dana, beserta
background investasi. pasar sedang negatif.
bagaimana penerapan
kompetensi orang yang
strategi investasinya
mengelola reksa dana
pada reksa dana

Fund Factor Rating Assignment:

Poor Below Average Average Above Average High

Copyright 2023 by Infovesta. All rights reserved

14
Hasil akhir Penilaian
Fund Rating Assignment:
GOLD
These funds achieve our
highest-conviction
recommendations and stand
out as best of breed for their
investment mandate. By giving
a fund a Gold rating, we are
expressing an expectation that
it will outperform its relevant
performance benchmark and/or
peer group within the context of
the level of risk taken over the
long term (defined as a full
market cycle or at least five
years).
Fund Factor Rating Assignment:
Poor Below Average
SILVER
Funds that fall in this category
are high-conviction
recommendations. We expect
these funds will outperform
their relevant performance
benchmark and/or peer group
within the context of the level
of risk taken over the long term
(defined as a full market cycle
or at least five years). While
these are worthy funds with
many positive features, they
don’t necessarily rise to the
standard of best in breed.
Average
BRONZE
These funds have advantages
that clearly outweigh any
disadvantages across the
pillars, giving us the conviction
to award them a positive rating.
As is the case with any fund
receiving a positive rating, we
expect these funds to match
their relevant performance
benchmark and/or peer group
within the context of the level of
risk taken over a full market
cycle (or at least five years).
Above Average
Copyright 2023 by Infovesta. All rights reserved
NEUTRAL
These are funds in which we
don’t have a strong positive or
negative conviction. In our
judgment, they aren’t likely to
deliver standout returns, but
they aren’t likely to seriously
underperform their relevant
performance benchmark and/or
peer group either. A promising
but unproven fund may also
receive this rating until we see
further evidence that it has the
potential to outperform.
High
NEGATIVE
These funds possess at least
one flaw that we believe is
likely to significantly hamper
future performance, such as
high fees or an unstable
management team. Because of
these faults, we believe these
funds are inferior to most
competitors and will likely
underperform their relevant
performance benchmark and/or
peer group, For example, a
fund that combines an overly
benchmark-conscious
strategy with high fees.
14
Fund Managers
Snapshot 2022

CONFIDENTIAL AND PROPRIETARY

Any use of this material without specific permission of Infovesta is strictly prohibited

Copyright 2023 by Infovesta. All rights reserved

Section 1:
SWASTA Asset Management
Copyright 2023 by Infovesta. All rights reserved
Performance Summary (1/2)

Return Performance (1 Year – 2022) Portfolio Duration

5.00% 4.11% 7.00
6.00 5.94 5.91 5.75
4.00% 6.00 5.79
3.00% 3.41% 5.00
5.99 5.76
2.00%
4.00 5.81
1.00%
3.00
0.00%
2.00
-1.00%
1.00
-2.00%
-3.00%
0.00
-4.00% 1Q 2022 2Q 2022 3Q 2022 4Q 2022
-5.00% Total Portfolio Duration IBPA Duration

Notes:
• Quarterly duration portfolio and IBPA are based on Fund Manager’s Report
IBPA
Risk & Return Mapping – 1 Year (2022)
8.00% Return
7.00% Best Performance Aggresive Performance
SWASTA Discretionary Fund IBPA 6.00%
Period
Return Risk Return Risk 5.00%
SWASTA DISCRETIONARY…
April 2018 – 4.00% IBPA
December -2.35% 7.89% -2.53% 5.92% 3.00%
2018 Conservative Obligasi Negara Indonesia Kelas II
2.00% Performance
Infovesta 90 Fixed Income Poor Performance
2019 15.74% 4.06% 13.86% 3.65% 1.00%
Fund Obligasi Dana Tetap Pemerintah Risk
2020 15.86% 5.76% 14.78% 5.52% 0.00%
0.00% 1.00% 2.00% 3.00% 4.00% 5.00% 6.00% 7.00%
2021 7.22% 2.34% 5.40% 2.33% Notes:
• This comparison is based on Fixed Income Fund managed by SWASTA Aset Manajemen Indonesia w hich have majority
2022 4.11% 3.28% 3.41% 2.97% placement allocation in government bonds.
• We also use Infovesta 90 Fixed Income Fund Index as a proxy for Fixed Income Fund industry

1
Copyright 2023 by Infovesta. All rights reserved
7
Performance Summary (2/2)
Performance Attribution
Outperformance Details
Attribution (bps) 1Q-2022 2Q-2022 3Q-2022 4Q-2022
Yield Curve -9.9 0.7 13.6 25.8
Asset Allocation -55 34.4 10.5 -10.9
Security Selection -13.6 7 -11.2 47
Leverage 0.1 0 0 0
Intra-Day 13 43.2 3.7 -2.8
Pricing Difference 0.1 0.4 -0.6 -0.1

Total Outperformance -65.3 85.6 16 59

Notes:
• Perfromance Attribution is based on Fund Manager’s data

1
Copyright 2023 by Infovesta. All rights reserved
8
Snapshot Review (1/2)
People Process Parent Performance

Snapshot Summary
People
• The Investment management team is still led by xxx (Fixed Income CIO) and xyz (Senior FI Portfolio Manager). The investment team is still implementing an active portfolio management
strategy and monitoring market sentiment by taking advantage of the momentum in the market to generate alpha.
• We see that the strong support from the research team and analysts at SWASTA strengthens its asset class allocation strategy and enable SWASTA to be able to increase its corporate
bond allocation (up to 18% in December 2022), which serves as a cushion for portfolio performance when the bond market fluctuates in 2022.
• We consider that SWASTA's investment team have good capability and experience in identifying investment ideas and strategies. Therefore, we maintain an Above Average Rating to
People indicator.

Process
• We has confirmed that the currently implemented strategies which have generated positive performance have not changed. The current strategy still relies on active management of the
portfolio with flexibility in duration management and the ability to take advantage of market momentum through the yield curve. SWASTA also sees corporate bonds as a good
diversification option to complement the portfolio allocation in government bonds.
• According to the latest attribution analysis, the Investment Manager has an advantage in duration management and security selection. Since we have seen similar results in previous
analysis, supported by solid historical performance of the portfolio, we have grounds to believe that the planned portfolio management process can be implemented properly by the
SWASTA team, so that the portfolio performance has the potential to beat the benchmark in the longer term.
• With an adept ability in implementing proven strategies reflected in the strong performance of historical returns, we upgrade the process to High Rating from Above Average with regards to
the Process Indicator.

Parent
• We see that the regional group always provides support to SWASTA, amongst which is providing input regarding risk management.. We believe that the intense and timely interconnectivity
with the global group enables SWASTA to adapt to changing market conditions more quickly and accurately.
• Barring any significant changes in support provided by the regional group, we maintain our Above Average rating with regards to the Parent Indicator.

Performance
• SWASTA Discretionary Fund has again recorded impressive performance, outperforming the benchmark performance by around 71 bps by the end of 2022. This is inseparable from the
portfolio management process which uses an active portfolio management strategy, coupled with the ability to effectively select best performing bonds.
• When compared to industry performance (we use Fixed Income Fund Index as benchmark), SWASTA Discretionary Fund can also beat the average performance of similar products with
controlled risk. Therefore, we maintain a High rating with regards to the Performance Indicator.

1
Copyright 2023 by Infovesta. All rights reserved
9
Snapshot Review (2/2)

Summary
Based on our assessment of the fund’s People, Process, Parent and Performance Indicator, we believe the performance of this fund is able to beat the benchmark in the long term
and on annual basis, due to its active management and ability to make quick and accurate adjustments according to changing market conditions, along with the ability of an
experienced investment team to produce investment ideas and strategies. Therefore, we assign The Gold Rating for the SWASTA Discretionary Fund.

Investment Strategy 2023

• The investment team argue that in 2023 it is still important to implement an active portfolio management approach. Globally in 2023 even though the data on employment in the US is still
quite good, the Fed's interest rate increase is projected to be limited, which will also have an impact on Bank Indonesia which will only raise interest rates in a limited manner.
• Based on those conditions, SWASTA will implement an active management strategy, focusing on medium tenor government bonds (5 – 9 years) first, amidst their still attractive
valuations. SWASTA will monitor sentiment, news and fundamentals to take advantage of the market momentum to gain additional alpha. Meanwhile, management of corporate bonds
will continue to be carried out passively (buy and hold strategy) by maintaining the existing allocation.
• We believe that 2023 will be the year of the bond market, amid positive sentiment regarding The Fed's interest rate hike which will not be as aggressive as the previous year and the with
the inflation rate starting to decline both globally and domestically. However, there are still several uncertainties that could weigh in on the performance of the bond market this year, one
of which is the uncertainty over the Fed's interest rate policy and the potential for a new geopolitical crisis that has the potential to cause global inflation to spike again. these matters have
led us to conclude that the bond market will still be highly volatile in 2023. Nevertheless, we believe that SWASTA Discretionary Fund management team has the ability to weather market
volatility and deliver strong portfolio performance this year.
• PROS: An impressive return performance compared to the benchmark and industry average in the long term, has a proven active management
strategy, an experienced and stable investment team.
• CONS: Too much allocation of corporate bonds may result in lagging performance compared to the benchmark, when market experiencing an
increase, credit risk in corporate bonds.

About Gold Rating:

These funds achieve our highest-conviction recommendations and stand out as best of breed for their investment mandate. By giving a fund a Gold
GOLD rating, we are expressing an expectation that it will outperform its relevant performance benchmark and/or peer group within the context of the level of
risk taken over the long term (defined as a full market cycle or at least five years).

2
Copyright 2023 by Infovesta. All rights reserved
0
Section 2:
Asing Asset Management Indonesia
Copyright 2023 by Infovesta. All rights reserved
Performance Summary (1/2)
Return Performance (1 Year – 2022) Style-Based Analysis
Style Based Analysis 2022
16.00%
100.00%
14.00%
90.00%
12.00%
80.00%
10.00%
70.00%
8.00%
5.00% 60.00%
6.00%
50.00%
4.00%
4.09% 40.00%
2.00%
30.00%
0.00%
20.00%
-2.00%
10.00%
-4.00%
0.00%
Jan-22 Feb-22 Mar-22 Apr-22 May-22 Jun-22 Jul-22 Aug-22 Sep-22 Oct-22 Nov-22 Dec-22

Big Cap Core Big Cap Growth Big Cap Value

Small Mid Cap Core Small Mid Cap Growth Small Mid Cap Value
Jakarta Composite Index

Risk & Return Mapping – 1 Year (2022)

Asing Discretiona ry Fund Jakarta Composite Index 11.00%
Return
Period Aggresive Performance
Return Risk Return Risk 9.00%
Best Performance ASING Maxi Saham
2016 14.76% 15.64% 15.32% 14.21% 7.00% AsingEkuitas

5.00% Asing Discretionary Fund

2017 19.01% 9.39% 19.99% 8.49%
2018 -3.12% 18.44% -2.54% 16.39% 3.00% IHSG
Infovesta 90 Equity
2019 2.17% 13.60% 1.70% 11.35% 1.00%
Funds
Conservative
2020 -6.90% 32.89% -5.09% 27.30% -1.00% Performance Poor Performance

2021 -0.28% 15.73% 10.08% 13.89% -3.00% Risk

Notes: 8.00% 9.00% 10.00% 11.00% 12.00% 13.00% 14.00% 15.00% 16.00% 17.00% 18.00%
2022 5.00% 13.53% 4.09% 12.72% • This comparison is based on Equity Fund managed by Asing Asset Management Indonesia w hich have strategic investment
allocation in Indonesian equities.
• We also use Infovesta 90 Equity Fund Index as a proxy for Equity Fund industry in Indonesia w hich have same investment mandate
in equity market.

Copyright 2023 by Infovesta. All rights reserved

22
Performance Summary (2/2)
Return Attribution

Q1-2022 Q2-2022 Q3-2022 Q4-2022

Asing Discretionary Fund 7.91% -2.10% 2.66% -3.20%

Jakarta Composite Index 7.44% -2.26% 1.87% -2.70%

Performance 0.47% 0.16% 0.80% -0.50%

Sector Allocation -1.08% 1.21% -0.85% -0.26%

Security Selection 2.19% -0.19% 1.96% 3.61%

Residual -0.65% -0.86% -0.31% -3.86%

Notes:
• Return Attribution is based on Fund Manager’s data

Copyright 2023 by Infovesta. All rights reserved

23
Snapshot Review (1/2)
People Process Parent Performance

Snapshot Summary
People
• Major changes have occurred for the third time in the portfolio management team in the last three years, in which the Portfolio Manager position previously occupied by Mr. XXX was replaced by Mr.XYZ
(effective as of November 2022). Mr. XY Z has experience in portfolio management and stock analysis where he has held positions as Head of Equities at ABC Asset Management and Head of Research at
ABC Sekuritas. In addition to changing the portfolio manager position, the portfolio management team also added 1 analyst position to complement the existing team.
• Even though it is always occupied by someone with experience, in our opinion this frequent change results in portfolio managers not being able to show the added value that can be provided and tend to follow
the existing system, which may result in inconsistent performance compared to the benchmark (JCI). At the same time, investors also find it difficult to evaluate the performance of portfolio managers
considering that the available data is very small (turnover every 1 year means that no portfolio manager has gone through the full cycle of market ups and downs). This makes it difficult to conduct an in-depth
analysis of the capabilities of the management team at Asing, especially the portfolio manager.
• The frequent changes that occur in the management team, especially in the portfolio manager position, prevent us from seeing any significant and consistent added value that can be added to the portfolio
management process. Therefore, we still maintain the Average rating on the People Indicator.

Process
• The portfolio management team still maintains an investment strategy that focuses on large cap stocks. However, the investment team has executed the strategy successfully in the last year and therefore
rewarded by strong alpha performance (especially when compared to big cap index such as LQ45). Placements in large capitalization stocks are also part of the implemented portfolio risk management strategy
(high liquidity of large capitalization stocks is expected to provide flexibility for portfolio managers to adjust to changes in market conditions).
• Looking at the historical performance of the port folio, we believe that the portfolio management team has the ability and experience to beat specific benchmarks for large capitalization stocks (such as LQ45).
However, when compared to the broad market index (JCI), the portfolio cannot consistently outperform. This is in line with the cycle that occurs in the stock market, where stocks with large and medium-small
capitalization will alternately rise and fall. By maintaining the same strategy, we assess that the portfolio will also find it difficult to consistently (under any circumstances) beat the benchmark.
• Considering that the management team has implemented its core strategy very well last year resulting in strong alpha performance compared to benchmark (both JCI and big caps index of LQ45), we upgrade
rating for Process indicator to Average.

Parent
• During the interview process, we received information that the parent company is strengthening and improving existing policies. However, no other significant changes were made. Therefore, we still maintain
the Above Average rating for the Parent Indicator.

Performance
• In accordance with our predictions in a previous report, in 2022, portfolio performance has managed to beat benchmarks when the main driver of the market is the large cap stocks. Through these results, the
portfolio management team has proven that the approach used has succeeded in improving portfolio performance in conditions where stocks with large caps have positive performance. This conclusion is also
strengthened by the results of attribution analysis which show good results on security selection. But on the other hand, we still believe that this approach will result in portfolio performance lagging behind the
benchmark when large capitalization stocks are being overlooked by the market.
• With reference to the ability to beat benchmarks when large cap stocks are doing well, but without a clear and proven plan to boost performance in other market conditions, we give back the Average rating for
Performance Indicator.

Copyright 2023 by Infovesta. All rights reserved

24
Snapshot Review (2/2)

Summary
We believe that by maintaining the composition and strategy regardless of market cycles, it will be difficult for portfolio performance to beat benchmarks consistently. The frequent change of
key personnel within the portfolio management team also does not, in our view, help improve the performance of the portfolio. Considering the matters mentioned above, we continue to
maintain a Bronze rating for the management team of Asing Discretionary Fund.

Investment Strategy 2023

• The management team has expectations that the stock market will not be doing well in 2023. This is due to the large amount of uncertainty, both in terms of the global and domestic
economy, as well as investor sentiment. Therefore, the portfolio management team will put forward a more defensive strategy this year by staying focused on stocks that have high
liquidity and reducing active management (following the market).
• We share a similar view of market conditions, where there is still a lot of uncertainty, such as the condition of US inflation and interest rates, movements in global commodity prices and
geopolitical conflicts have the potential to cause economic turmoil which in turn increases stock market fluctuations. But on the other hand, we doubt that the decision to reduce active
management in portfolio management is the answer to deal with these market conditions.

• PROS: Portfolio performance tends to be better when compared to large-cap stock indices, investing in large-cap stocks can minimize liquidity risk
• CONS: The insistence on maintaining investment in large-cap stocks makes it difficult for the portfolio to consistently beat the benchmark index

About Bronze Rating:

These funds have advantages that clearly outweigh any disadvantages across the pillars, giving us the conviction to award them a positive rating. As is
the case with any fund receiving a positive rating, we expect these funds to match their relevant performance benchmark and/or peer group within the
context of the level of risk taken over a full market cycle (or at least five years).
BRONZE

Copyright 2023 by Infovesta. All rights reserved

25
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