AI and Technology

Past performance is no guide to future returns.

References to specific securities and their issuers are for illustrative purposes only and should not be construed as recommendations to buy or sell such securities.

The opinions and estimates herein are based on our judgement and may change without prior warning as may assertions on financial market trends which are based on current market conditions. To the best of our knowledge, the information herein is reliable but must not be considered as exhaustive. Data, graphs and extracts have been calculated or carried out using public information we believe to be reliable but they have not been checked independently by us. Please note that all estimates have their own limitations and that there is consequently no undertaking from Sycomore AM that these estimates will materialise. We recommend you seek advice before making any investment decision.

IMPORTANT INFORMATION

This article is prepared by Generali Investments based on information and opinions of Sycomore AM, relaying on sources both within and outside the Generali Group. While such information is believed to be reliable for the purposes hereof, no representation or warranty, express or implied, is made that such information or opinions are accurate or complete. The information, opinions, estimates and projections contained in this document are as of the date of this publication and represent only the judgment of Sycomore AM and are subject to change without notice. They should not be considered as a recommendation, explicit or implicit, regarding an investment strategy or advice. Before subscribing to any investment service offer, each potential client will receive all the documents provided for by the regulations in force from time to time, which the client is required to read carefully before making any investment decision. Sycomore AM may have made, and may in the future make, investment decisions for the portfolios it manages that are contrary to the views expressed here. Generali Investments and Sycomore AM assume no responsibility for any errors or omissions and shall not be liable for any damages or losses arising from the improper use of the information provided herein.

About Sycomore AM

Founded in 2001, Sycomore Asset Management is an asset manager specialised in listed investments and driven by a strong entrepreneurial spirit, part of Generali Investments’ platform of asset management firms. Since its creation, Sycomore has been committed to delivering long-term returns by identifying the levers enabling a company to generate sustainable value. The firm’s expertise draws on a fieldwork approach and a proprietary corporate fundamental analysis model, which includes financial and extra-financial criteria. Its investment team of 23 professionals focuses on assessing the overall performance of a company with respect to its stakeholders: shareholders, clients, employees, suppliers, civil society and the environment. Sycomore AM is a mission-driven company certified B CorTM, thus marking its will to contribute positively to society: “a force for good”. Its mission: to invest to develop a more sustainable and inclusive economy for all our stakeholders.As a reference and key player in responsible investment, Sycomore AM is a member of the FIR, WDI (Workforce Disclosure Initiative) and IIGCC (Institutional Investors Group on Climate Change). It continues to work on the quantification of environmental and social impacts.

About Generali Investments

Generali Investments includes Generali Asset Management S.p.A. Società di gestione del risparmio, Infranity, Sycomore Asset Management, Aperture Investors LLC (including Aperture Investors UK Ltd), Plenisfer Investments S.p.A. Società di gestione del risparmio, Lumyna Investments Limited, Sosteneo S.p.A. Società di gestione del risparmio, Generali Real Estate S.p.A. Società di gestione del risparmio, Conning* and among its subsidiaries Global Evolution Asset Management A/S - including Global Evolution USA, LLC and Global Evolution Fund Management Singapore Pte. Ltd - Octagon Credit Investors, LLC, Pearlmark Real Estate, LLC as well as Generali Investments CEE. *Includes Conning, Inc., Conning Asset Management Limited, Conning Asia Pacific Limited, Conning Investment Products, Inc., Goodwin Capital Advisers, Inc. (collectively, “Conning”). It is part of the Generali Group, which was established in 1831 in Trieste as Assicurazioni Generali Austro-Italiche and is one of the leaders in the insurance and asset management industries.