Having run near a quarter’s time,

2019 hasn’t turned out to be so

dampened as the market had thought

by the end of 2018. As a matter of

fact, the year began with a rally

which continued throughout January,

and then extended into February.

We believe, the year-start strength

was partly due to the Federal

Reserve’s more confirmed dovish

pivot as well as the actually still

sustaining growth climate.

Furthermore, the upside momentum

in the market has gained more and

more backup through the improved

political sentiment as trade talks

went on.

Having run near a quarter’s time,

2019 hasn’t turned out to be so

dampened as the market had thought

by the end of 2018. As a matter of

fact, the year began with a rally

which continued throughout January,

and then extended into February.

start strength

was partly due to the Federal

onfirmed dovish

pivot as well as the actually still

Furthermore, the upside momentum

in the market has gained more and

more backup through the improved

political sentiment as trade talks

In particular, the U.S. agreed

truce with China, at the same time, Brexit has been

more and more likely to see a delay which his kind of

cheering for the market.

As the uptrend goes, peaking signs have surfaced in

the market. For instance, S&P 500 Index has already

recovered 80% of its loss since October’s high with a

v-shaped rebound and now heading into its resistance

level.

The market will likely take some rest in the short run

with more trade talks coming. Meanwhile, market will

also await the results of the Brexi

Judging from the momentarily settled politics

together with the accommodative approach of major

central banks, we believe that the anticipated

correction would be more of a consolidation for a next

rally rather than the beginning of a new

and that there would be more room for correction in

March when sentiment settles.

In particular, the U.S. agreed to extend the trade

truce with China, at the same time, Brexit has been

more and more likely to see a delay which his kind of

As the uptrend goes, peaking signs have surfaced in

the market. For instance, S&P 500 Index has already

ecovered 80% of its loss since October’s high with a

shaped rebound and now heading into its resistance

The market will likely take some rest in the short run

with more trade talks coming. Meanwhile, market will

also await the results of the Brexit votes.

Judging from the momentarily settled politics

together with the accommodative approach of major

central banks, we believe that the anticipated

correction would be more of a consolidation for a next

he beginning of a new downtrend,

re room for correction in

GLOBAL RALLY CONTINUED

COMMODITIES & CURRENCIES

-1.42%-1.86%

-1.07%

-1.37%

-0.43%

MSCI WorldDow Jones

S&PNasdaqFrance

GermanyUK

AustraliaJapan

MSCI EMRussiaBrazil

ShanghaiIndia

VietnamIndonesiaThailandMalaysia

MSCI Asia ex JapanTaiwan

SingaporeHong Kong

South Korea

-0.60%

6.38% 5.91% 6.57%

Gold Crude Oil Platinum Copper

IN FEBRUARY

COMMODITIES & CURRENCIES

2.83%3.67%

2.97%3.44%

4.96%3.07%

1.52%5.19%

2.94%0.10%

1.07%6.02%

0.72%1.44%

2.05%4.60%

0.71%2.47%

0.43%

6.57%

-11.93%

Copper Wheat

0.61%

-0.67%

-2.26%

1.17%

-2.46%

-0.39%

USD EUR JPY GBP AUD CAD

13.79%

0.39%

-1.19%

-0.44%

-2.99%

0.16%0.10%

CADKRWTWD BRL INR CNY

QUICK RECAP

After all the efforts laid out by U.K.

Prime Minister Theresa May, Brexit

may actually be looking at an

extension, perhaps hard Brexit. It is

apparent that the PM’s position is

basically undermined.

A look back on this week’s agenda,

first on Tues the House of Commons

voted on the deal May proposed (which

was rejected by 149 votes), then Wed

on whether Brexit should go on the

hard way (rejected again, this time

merely by 43 votes).

The two defeats of the U.K.

government paved way to the third

vote in the week. Later on Thurs

voted on an extension of the Treaty of

Lisbon Article 50, finally this time a

pass! (means that the MPs agree to

postpone the deadline for the final

departure)

…one-off extension…for a period ending on 30 June 2019 for the purpose of

passing the necessary EU exit legislation

would require the United Kingdom to hold European Parliament elections in

May 2019 --- UK government

out by U.K.

Prime Minister Theresa May, Brexit

may actually be looking at an

extension, perhaps hard Brexit. It is

apparent that the PM’s position is

A look back on this week’s agenda,

Tues the House of Commons

deal May proposed (which

was rejected by 149 votes), then Wed

on whether Brexit should go on the

hard way (rejected again, this time

he two defeats of the U.K.

government paved way to the third

Thurs they

Treaty of

, finally this time a

means that the MPs agree to

postpone the deadline for the final

ANY TWIST OF PLOT?

Yet, even if the MPs have

of Brexit. It only stands

alone, the final decision still depends largely on

what the European Union

the EU is willing to cope along

On that, whether Brexit would be executed on

March 29 (the initially intended date) still ponder

a lot of possibilities (hard Brexit still possible just

if any of the EU members are unwilling to talk!)

149 vs 230INDEED THE

COMPARED TO JAN 15ON THE DEAL PROPOSAL

for a period ending on 30 June 2019 for the purpose of

passing the necessary EU exit legislation…any extension beyond 30 June 2019

would require the United Kingdom to hold European Parliament elections in

UK government’s call in Thursday motion (amendable)

?

have voted for an extension

s for the U.K.’s opinion

alone, the final decision still depends largely on

what the European Union wants and how much

along.

On that, whether Brexit would be executed on

March 29 (the initially intended date) still ponder

(hard Brexit still possible just

if any of the EU members are unwilling to talk!).

149 vs 230INDEED THE MARGIN LOWERD!

COMPARED TO JAN 15’S VOTEON THE DEAL PROPOSAL

for a period ending on 30 June 2019 for the purpose of

any extension beyond 30 June 2019

would require the United Kingdom to hold European Parliament elections in

in Thursday motion (amendable)

WEAK UK GOVERNMENTHARDER ROAD FOR TALKS WITH THE EU

To the U.K., in fact, so much time has been

wasted trying to get a pass for their

withdrawal agreement trials, possibly an

extension still doesn’t bargain enough ti

any actual progress.

All in plain terms, if Brexit is delayed to June

30, there would just be three months’

perhaps all we would see is a repetition of the

current drama unless the U.K. can somehow

pass the agreements which had all been

decisively rejected already! Yet if the exit is

delayed beyond June 30, it would surely be

despised by those who voted for ‘LEAVE’ in

2016 referendum.

Beyond these, technically speaking, an

extension is feasible as the Electo

Commission earlier set aside a co

fund for this particular purpose and maybe the

MPs would consider amendments and make

sure that the extension would be meaningful.

ERNMENT PAVESHARDER ROAD FOR TALKS WITH THE EU

To the U.K., in fact, so much time has been

wasted trying to get a pass for their

withdrawal agreement trials, possibly an

extension still doesn’t bargain enough time for

All in plain terms, if Brexit is delayed to June

30, there would just be three months’ time;

perhaps all we would see is a repetition of the

current drama unless the U.K. can somehow

pass the agreements which had all been

vely rejected already! Yet if the exit is

delayed beyond June 30, it would surely be

despised by those who voted for ‘LEAVE’ in

Beyond these, technically speaking, an

extension is feasible as the Electoral

Commission earlier set aside a contingency

fund for this particular purpose and maybe the

MPs would consider amendments and make

sure that the extension would be meaningful.

Alright, now back to the reality, we still have

to look at the EU’s opinion. Well indeed the

last thing they ever want is re

inclined to suit the U.K.’s will, especially in

times of growing protectionist governments in

the euro area.

Apparently now that the parliament has taken

control of the Brexit process and has tried to

stop the PM’s deal they dislike

position has been greatly undermined. This

could result in much more difficulties in the

U.K.’s bargain with the EU. Simply imagine, no

matter what deal May is able to

EU, the MPs are still likely to reject it, so in

the eyes of the EU, what’d be the point to talk

to May?

To the pound, despite the recent rally on the

much lower likelihood for a hard Brexit, we

are quite cautious about its strength since the

U.K. government no longer controls its own

exit’s fate thus chances

emerge anytime.

Alright, now back to the reality, we still have

to look at the EU’s opinion. Well indeed the

want is re-negotiations

inclined to suit the U.K.’s will, especially in

times of growing protectionist governments in

Apparently now that the parliament has taken

control of the Brexit process and has tried to

stop the PM’s deal they disliked, Theresa May’s

position has been greatly undermined. This

could result in much more difficulties in the

U.K.’s bargain with the EU. Simply imagine, no

matter what deal May is able to strike with the

EU, the MPs are still likely to reject it, so in

es of the EU, what’d be the point to talk

To the pound, despite the recent rally on the

much lower likelihood for a hard Brexit, we

are quite cautious about its strength since the

U.K. government no longer controls its own

exit’s fate thus chances of correction could

MANUFACTURING PMI

The manufacturing PMI index in the U.S.

was downwardly revised to 53 from the

preliminary reading at 53.7 in Feb. This

indicated a slowing growth, especially in

factory activity which had the slowest

expansion since Aug 2017. In all, the index

remained within the expansionary zone

UNEMPLOYMENT RATE

A piece of evidence that the labor market

still bodes well despite the disappointing

NFP figure was that the jobless rate went

down again! This time to 3.8%, merely

above the near-18-year low at 3.7%.

Besides, wages grew by 4.16% last month

The manufacturing PMI index in the U.S.

was downwardly revised to 53 from the

53.7 in Feb. This

indicated a slowing growth, especially in

factory activity which had the slowest

expansion since Aug 2017. In all, the index

remained within the expansionary zone.

A piece of evidence that the labor market

still bodes well despite the disappointing

NFP figure was that the jobless rate went

down again! This time to 3.8%, merely

year low at 3.7%.

Besides, wages grew by 4.16% last month.

Core Consumer Prices

The core inflation rate rose by 2.1%

year-on-year last month. The reading

barely eased from the 2.2% increase in

January as well as the market

expectations. In fact, the annual gain is

the slowest since last October

NON-FARM PAYROLL

Feb’s NFP came as a shock with only 20

thousand new payrolls yet most suggest

that the sudden failure was simply

because of the federal government

shutdown earlier hence the effect was

temporary and less pinpointing

Consumer Prices YOY

The core inflation rate rose by 2.1%

year last month. The reading

barely eased from the 2.2% increase in

January as well as the market

expectations. In fact, the annual gain is

the slowest since last October.

PAYROLLS INCREASE

Feb’s NFP came as a shock with only 20

thousand new payrolls yet most suggest

that the sudden failure was simply

because of the federal government

shutdown earlier hence the effect was

pinpointing.

HERE COMES THE CORRECTION

Feb began to see strong resistance in the U.S.

stocks. E.g. Dows tried 26,000 three times in a

year but failed to gain momentum beyond th

Mar 1, the index rose past 26,000

for a sharp turnaround the next day. Now, it is

gaining to test the resistance level again

AS TRADE TRUCE GOES ON…

As far as the trade truce goes on, the U.S. and

China would need to resume and continue

their ongoing discussions and negotiations.

Lately, Trump says they are making headway.

Trade representative from the U.S.,

Lighthizer, also said that trade issu

forced transfer of technology and intellectual

property infringement have been addressed

with precision.

The U.S. also sees that both countries are very

close to reaching an agreement and that the

negotiations have all been brought into the

final stage, possibly in weeks’ time (from

mid-March). They further emphasized that all

deals would have to be perfectly feasible

before Trump signs them.

HERE COMES THE CORRECTION

egan to see strong resistance in the U.S.

Dows tried 26,000 three times in a

to gain momentum beyond that.

past 26,000 but headed

the next day. Now, it is

gaining to test the resistance level again.

Sector-wise speaking, Russell was the last

major stock gauge to leave the overbought

territory (by GSI – a measure for ups and downs

of successive closing prices). We believe that

strong earnings session gave support that’s

why the sector sustained longer, i.e. 69% of

members that have reported so far have

topped this quarter.

…

As far as the trade truce goes on, the U.S. and

China would need to resume and continue

their ongoing discussions and negotiations.

Lately, Trump says they are making headway.

from the U.S., Robert

also said that trade issues on the

forced transfer of technology and intellectual

property infringement have been addressed

The U.S. also sees that both countries are very

close to reaching an agreement and that the

negotiations have all been brought into the

stage, possibly in weeks’ time (from

March). They further emphasized that all

deals would have to be perfectly feasible

For now, we believe that both sides are eager

to reach a deal before Trump and Xi meet,

rumors say they are likely to meet face

by the end of March. In the meantime, eyes

would be locked on their talks and later the

Trump-Xi summit.

wise speaking, Russell was the last

major stock gauge to leave the overbought

a measure for ups and downs

of successive closing prices). We believe that

earnings session gave support that’s

why the sector sustained longer, i.e. 69% of

members that have reported so far have

For now, we believe that both sides are eager

to reach a deal before Trump and Xi meet,

are likely to meet face-to-face

by the end of March. In the meantime, eyes

would be locked on their talks and later the

MANUFACTURING PMI

The level was down from the final reading

of 50.2 for January, slightly above the

market expectations of 49.2.

steepest contraction in the manufacturing

sector since June 2013 with export orders

declining to the greatest extent for over 6

years.

BUSINESS CONFIDENCE

Business Climate stood at 0.69 in February,

fairly unchanged from the previous level.

The level was down from the final reading

0.2 for January, slightly above the

market expectations of 49.2. It was the

steepest contraction in the manufacturing

sector since June 2013 with export orders

extent for over 6

od at 0.69 in February,

fairly unchanged from the previous level.

CORE INFLATION RATE

The consumer prices is likely to lower

1.0% in Feb from Jan’s 1.1% in which the

decline of services cost growth

stunned the ECB’s hope that

wages would boost price

CONSUMER SPENDING

Expenditure increased to 1,424.12 billion

euros in the last quarter of 2018, in

comparison against 1,420.70 billion

euros in 2018 Q3. Meanwhile,

trade rose 2.2% year-on

beating the market consensus

demand has been weak but

CORE INFLATION RATE YOY

The consumer prices is likely to lower

s 1.1% in which the

decline of services cost growth chiefly

s hope that higher

boost price.

CONSUMER SPENDING

xpenditure increased to 1,424.12 billion

euros in the last quarter of 2018, in

comparison against 1,420.70 billion

Meanwhile, retail

on-year in January,

beating the market consensus. Domestic

demand has been weak but comfy.

SLOWING EXACERBATES DIFFERENCES

The region’s economy has set to step into

downswing for some time. So far, public

budgets have taken the impact which has led

to more and more conflicts between the EU

member states and the European Commission.

Another strong dampener is no doubt the weak

Chinese economy that exerts huge pressure on

exports.

Against this backdrop, ECB announced to offer

new TLTROs (i.e. TLTRO III) at the same time

signaling to leave the leading interest rates

unchanged for longer than previously

consensus. TLTRO aims at encouraging banks

to lend on the real economy, it’s definitely

good news to liquidity.

GERMANY CORE CPI FINALLY UP?

Germany’s consumer prices gained 1.6% in Feb,

compared with 1.4% in Jan but the level

surprisingly low. Specifically, the labor market

has been on an uptrend recently. We believe

the recent wage strength shall take effect on

inflation in the coming months.

Last quarter, Germany merely avoided a

recession which tells it’d be on the

sustaining its growth in the coming months.

DIFFERENCES

The region’s economy has set to step into

downswing for some time. So far, public

budgets have taken the impact which has led

to more and more conflicts between the EU

member states and the European Commission.

Another strong dampener is no doubt the weak

Chinese economy that exerts huge pressure on

Against this backdrop, ECB announced to offer

at the same time

signaling to leave the leading interest rates

unchanged for longer than previously

TLTRO aims at encouraging banks

to lend on the real economy, it’s definitely

Yet, Italian and Spanish banks still hold 56% of

the 724 billion euros outstanding from previous

TLTROs while it is widely expected that Italy

would benefit the most in TLTRO III.

words, rather than targeting

whole, a new round o

pouring money into a bottomless

increased liquidity is good for market anyway.

FINALLY UP?

Germany’s consumer prices gained 1.6% in Feb,

compared with 1.4% in Jan but the level is still

surprisingly low. Specifically, the labor market

has been on an uptrend recently. We believe

the recent wage strength shall take effect on

Last quarter, Germany merely avoided a

d be on the edge

sustaining its growth in the coming months.

ITALY WEAKER THAN THE REGION

If later Brexit turns out to be less painful, it

won’t be a wonder to see ‘Italexit’ by then

to its structural problems

been growing marginally

In fact, Italy has slipped into recession quite

early in 2018 H2 whereas the Eurozone has so

far avoided one. 2019 could be hard for Italian

bonds.

et, Italian and Spanish banks still hold 56% of

the 724 billion euros outstanding from previous

while it is widely expected that Italy

would benefit the most in TLTRO III. In other

targeting at the region as a

whole, a new round of TLTRO may well be

pouring money into a bottomless well but

increased liquidity is good for market anyway.

THAN THE REGION

If later Brexit turns out to be less painful, it

won’t be a wonder to see ‘Italexit’ by then due

problems. For years, Italy has

marginally slower than Eurozone.

In fact, Italy has slipped into recession quite

2018 H2 whereas the Eurozone has so

2019 could be hard for Italian

NBS MANUFACTURING PMI

The official index fell to 49.2 last month

from 49.5 in January, tightly missing the

market expectation of 49.5

monthly contraction in a row

manufacturing and the steepest

February 2016.

FOREIGN FX RESERVE ($ TR

It has been the 4th straight month of rise

and the month added 2.26 billion USD to

3.09 trillion amid growing optimism over

U.S.-China trade talks.

MANUFACTURING PMI

index fell to 49.2 last month

from 49.5 in January, tightly missing the

market expectation of 49.5. It was 3rd

monthly contraction in a row in

anufacturing and the steepest slide since

TRILLION)

straight month of rise

the month added 2.26 billion USD to

3.09 trillion amid growing optimism over

PRODUCER PRICES CHANGE YOY

The price index added 0.1% on a

year-on-year basis, the increase was

same compared to last month, missing

the market expectation of 0.2% as well.

Some areas recorded negative growth

saying means of production and raw

materials.

BALANCE OF TRADE

In terms of trade surplus, the gap

narrowed a lot to

USD32.3B in January. It was the smallest

trade surplus since the

March 2018.

PRODUCER PRICES CHANGE YOY

he price index added 0.1% on a

year basis, the increase was the

same compared to last month, missing

the market expectation of 0.2% as well.

recorded negative growth,

saying means of production and raw

BALANCE OF TRADE ($ BILLION)

n terms of trade surplus, the gap

narrowed a lot to USD4.12B from

It was the smallest

the rare deficit in

STOCKS WENT ON STRONG RALLY

Shanghai Composite worked on a truly strong

rally since the start of the year, having gained

almost 20% as of writing and 13.79% in

February alone. In just the first two months of

the year, nearly USD18 billion of inflow was

recorded to the onshore market.

The boost in sentiment could be the strongest

push, namely the trade talks making progress

and that the anticipation for more structural

economic reform to the positive side.

The recent strong rally isn’t the only good

news to the Chinese market.

made an announcement that it will raise

Chinese A-share inclusion factor fourth

i.e. from the current 5% to 20% by the end of

this November through a three-step process.

At the same time, MSCI will add ChiNext and

Mid Cap stocks, it now plans to start from next

index rebalancing in May, much faster than

earlier expected.

STOCKS WENT ON STRONG RALLY

worked on a truly strong

of the year, having gained

almost 20% as of writing and 13.79% in

February alone. In just the first two months of

the year, nearly USD18 billion of inflow was

The boost in sentiment could be the strongest

ade talks making progress

and that the anticipation for more structural

economic reform to the positive side.

The recent strong rally isn’t the only good

news to the Chinese market. Lately, MSCI

made an announcement that it will raise

share inclusion factor fourth-fold,

i.e. from the current 5% to 20% by the end of

step process.

At the same time, MSCI will add ChiNext and

plans to start from next

index rebalancing in May, much faster than

INDEX INCLUSION BOOSTS INFLOW

The three-step, instead of two, inclusion plan

is to alleviate potential execution pressure on

the dates of implementation.

In point of fact, the overall plan

another milestone in opening up China’s

market. In this way, massive foreign inflow of

capital is likely to come in view of the index

inclusions.

Together with other major global index

provider like FTSE Russell which is a

planning to increase the inclusion factor for

Chinese A-shares, from 15% to 25% in its

benchmark indexes starting from June, we

expect a huge influx to come.

Within, sectors like Financials and Industrials

will take up more in the constituent weights of

the inclusion in A-shares.

INDEX INCLUSION BOOSTS INFLOW

step, instead of two, inclusion plan

is to alleviate potential execution pressure on

the dates of implementation.

, the overall plan shall mark

another milestone in opening up China’s

market. In this way, massive foreign inflow of

capital is likely to come in view of the index

Together with other major global index

provider like FTSE Russell which is also

planning to increase the inclusion factor for

shares, from 15% to 25% in its

benchmark indexes starting from June, we

expect a huge influx to come.

Within, sectors like Financials and Industrials

e in the constituent weights of

shares.

CREDIT MARKET HEADED FORA NICE START THIS YEAR

In the first two months of 2019, credit market also rallied

substantially on the back of a few changes of the credit

environment in the past few months.

First of all, major central banks have been much more

dovish, indeed more confirmed to take on accommodative

path in the time ahead.

With the Fed’s quantitative tightening removed from

autopilot, the ECB done tapering, and that PBOC has it

balance sheet growing, there’s a positive inflection point

has been noted in the global liquidity cycle for the first

time in 2 years.

CREDIT MARKET HEADED FOR

In the first two months of 2019, credit market also rallied

substantially on the back of a few changes of the credit

past few months.

First of all, major central banks have been much more

dovish, indeed more confirmed to take on accommodative

With the Fed’s quantitative tightening removed from

autopilot, the ECB done tapering, and that PBOC has its

balance sheet growing, there’s a positive inflection point

has been noted in the global liquidity cycle for the first

Secondly, firms have become more defensive in their balance sheets and more cautious in

investment policies under the weak market sentiment earlier as well as the economic downturn

globally. That’s why corporate tend to become more risk adverse

In the graph below, when the cost of credit

goes up (lower in grey), ultimately the sum of

global M&A activity and share buyback volumes

would tend to decline (green line up). In other

words, firms would get shaken by the market

volatility. As a result, their less aggressive

stance makes them issue fewer bonds.

Technically, that is positive fore credit.

Secondly, firms have become more defensive in their balance sheets and more cautious in

investment policies under the weak market sentiment earlier as well as the economic downturn

globally. That’s why corporate tend to become more risk adverse.

In the graph below, when the cost of credit

goes up (lower in grey), ultimately the sum of

global M&A activity and share buyback volumes

would tend to decline (green line up). In other

words, firms would get shaken by the market

eir less aggressive

stance makes them issue fewer bonds.

Technically, that is positive fore credit. For now, these changes have pushed the credit

a bit backwards from its late and mature stage

which implies more time for the expansion to

run.

Secondly, firms have become more defensive in their balance sheets and more cautious in their

investment policies under the weak market sentiment earlier as well as the economic downturn

For now, these changes have pushed the credit

a bit backwards from its late and mature stage

which implies more time for the expansion to

DISCLAIMER___________________

All information contained in this document is for

information purpose only. The contents of this

document are based upon sources of information

believed to be reliable but no guarantee is

their accuracy or completeness. Neither Athena Best

Financial Group, nor its subsidiaries, nor its related

companies, nor any of their officers, directors or

employees accepts any liability or responsibility in

respect of the information expres

Best Financial Group will not be liable for any claims

or lawsuits from any third parties arising from the use

or distribution of this document. This document does

not constitute an offer to anyone, or a solicitation by

anyone, to subscribe for any investment products or

services. Nothing in this document should be

construed as advice and is therefore not a

recommendation to buy or sell. Past performance is

not necessarily a guide to future performance.

Investors may not get back the full

as prices of shares and the income from them may fall

as well as rise. Performance shown on this document

is for reference only. Actual performance may differ

depending on the actual investment date and charge

of the related financial product. For products that

involve mirror funds, the actual performance may

also differ.

All information contained in this document is for

information purpose only. The contents of this

document are based upon sources of information

believed to be reliable but no guarantee is given as to

their accuracy or completeness. Neither Athena Best

Financial Group, nor its subsidiaries, nor its related

companies, nor any of their officers, directors or

employees accepts any liability or responsibility in

respect of the information expressed herein. Athena

Best Financial Group will not be liable for any claims

or lawsuits from any third parties arising from the use

or distribution of this document. This document does

not constitute an offer to anyone, or a solicitation by

ibe for any investment products or

services. Nothing in this document should be

construed as advice and is therefore not a

recommendation to buy or sell. Past performance is

not necessarily a guide to future performance.

Investors may not get back the full amount invested,

as prices of shares and the income from them may fall

as well as rise. Performance shown on this document

is for reference only. Actual performance may differ

depending on the actual investment date and charge

duct. For products that

involve mirror funds, the actual performance may