Trading & Advisory CHF H41 (58) - Vontobel Holding AG

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fpfk `çìéçå k~ãÉ j~íìêáíó jáåáãìã=máÉÅÉ jççÇóDë pCm mêáÅÉ ^ÅÅK=fåíK aáêíó=mêáÅÉ vqj pt^m jçÇ=aìê rpOVUTURcrRV NKTRM brolmb^k=fksbpqjbkq=_^kh NRKMPKOMNT NDMMM ^~~ ^^^ NMNKPQP MKPMN NMNKSQQ NKQRV PTKV QKRV rpMQRNST``RT NKNOR ^pf^k=absbilmjbkq=_^kh NRKMPKOMNT NDMMM ^~~ ^^^ NMNKOQT MKNVQ NMNKQQN MKUSM JNOKU QKSU rpTSTOM^^_OS OKMMM ofl=qfkql=cfk=rp^=mi` OOKMPKOMNT ODMMM ^P ^J NMNKTPO MKPMS NMOKMPU NKSOR SQKU QKRU upMTSRSRSOTS OKORM r_p=^d=Eptfpp=`lsboba=_lkaF PMKMPKOMNT OMMDMMM ^~~ NMNKPQP MKOVQ NMNKSPT NKVRU UVKU QKRT rpRSPQSVqrVR NKPMM j^kfql_^=Emolsfk`b=lcF MPKMQKOMNT NDMMM ^~N ^^ NMNKOQQ MKORP NMNKQVT NKMPT JOKP QKTM rpdMPTSO`cVS OKSOR ^kdil=^jbof`^k=`^mfqî MPKMQKOMNT OMMDMMM _~~N ___H NMNKNTM MKPOU NMNKQVU OKPST NOUKM QKRO upMTSQUUPUMS OKSSR p^raf=bib`qof`fqv=dil_î MPKMQKOMNT OMMDMMM ^N ^^J NMMKVRM MKPOS NMNKOTS OKQRR NPUKU QKRO rpUSVSM_^_UM OKUTR psbkph^=e^kabip_^khbk=^_ MQKMQKOMNT ORMDMMM ^~O=LGJ ^^J NMOKNOP MKPQP NMOKQSS OKQMU NPTKN QKRM upMTSUQTSTPM OKMMM jqo=`lomlo^qflk=E`KfKF NOKMQKOMNT OMMDMMM ^~N ^^^ NMMKTNN MKNVQ NMMKVMR NKUQT TVKS QKSP rpQRVMRU`dSS MKUTR fkqi=_h=ob`lk=C=absbilm NTKMQKOMNT NDMMM ^~~ ^^^ VVKVTO MKMTP NMMKMQR MKUUN JOMKR QKTV rpQRVRMh_pUT NKMMM fkqi=cfk^k`b=`lom OQKMQKOMNT NDMMM ^^^ NMMKRNP MKMSQ NMMKRTT MKUVP JNRKN QKUM upMTTRRSQNVT NKSOR iJ_^kh=_t=clboabo_^kh ORKMQKOMNT NDMMM ^~~ ^^^ NMMKQNT MKMVV NMMKRNS NKRPT QUKU QKTN rpNNMTMq^^SM NKOMM _ofqfpe=`lirj_f^=mols=lc ORKMQKOMNT RDMMM ^~~É ^^^ NMMKVSR MKMTP NMNKMPU MKVVV JRKR QKTT rpPNPRdMgÔU NKNOR c^kkfb=j^b OTKMQKOMNT ODMMM ^~~ ^^H NMMKQTR MKMRS NMMKRPN NKMOS JPKR QKTV rpSMUTNo^_SV OKMMM jliplk=`llop=_obtfkd=`l MNKMRKOMNT ODMMM _~~O ___J NMNKMVM MKMTU NMNKNSU NKTSU TNKQ QKSU upMTTUPSMNOO NKNOR obmr_if`=lc=cfki^ka MOKMRKOMNT OMMDMMM ^~~ ^^^ NMMKQUN MKMQT NMMKROU NKMOR JPKP QKUM rpMRRSRn_vPR NKUQS _m=`^mfqî=jôhbqp=mi` MRKMRKOMNT NDMMM Ô ^ NMMKOSV MKMRN NMMKPOM NKTUV TOKR QKTM rpPTTPTP^`VU NKRMM diûlpjfqehifkb=`^mfqî MUKMRKOMNT ODMMM ^N ^H NMMKMMQ MKMPP NMMKMPT NKQVV PSKS QKTS rpMMMPT_^^MU NKSOR ^__=cfk^k`b=rp^=fk` MUKMRKOMNT ODMMM Ô ^ NMMKQMO MKMQN NMMKQQP NKRQM QUKN QKTQ upMROUUPTUQN OKTRM hct OTKMTKOMNT NDMMM ^~~ ^^^ NMTKPTR OKONR NMVKRVM NKOTP NQKN QKTS upMRPPVSVQNR OKORM ^pf^k=absbilmjbkq=_^kh NUKMUKOMNT NDMMM ^~~ ^^^ NMSKNOT NKSUN NMTKUMU NKMQR JNMKS QKUV rpQOUOPS_tOS OKSMM ebtibqqJm^`hôa=`l NRKMVKOMNT ODMMM ^P ___H NMMKSPV MKQSV NMNKNMU OKQSV NOVKT QKUQ rpQRVRMh_gUU OKNOR fkqi=cfk^k`b=`lom NTKNNKOMNT NDMMM ^~~ ^^^ NMRKVTP MKMMM NMRKVTP NKMMP JNNKM RKNS upMRRUVPVOSV OKMMM brolmb^k=fksbpqjbkq=_^kh NRKNOKOMNT NDMMM ^~~ NMOKPPS MKUQQ NMPKNUM NKRRV PQKR RKON rpNVNONS^vSQ NKSRM `l`^J`li^=`lLqeb NQKMPKOMNU ODMMM ^~P ^H NMNKTPS MKOUV NMOKMOR NKPPU UKQ RKRO rpRMMTSVòPN QKPTR hct NRKMPKOMNU NDMMM ^~~ ^^^ NNSKMSV MKTRP NNSKUOO NKQTS PNKN RKON rpSUPOP^^rUU PKMMM lkqôfl=Emolsfk`b=lcF NSKMTKOMNU RDMMM ^~O ^^J NMTKSQN NKMMU NMUKSQV NKSUQ QOKS RKRO rpQRUNuM_oUP NKTRM fkqboJ^jbof`^k=absbi=_h OQKMUKOMNU NDMMM ^~~ ^^^ NMPKPMP MKQMP NMPKTMS NKOMM JRKQ RKUS rpQRUNuM^wNV QKORM fkqboJ^jbof`^k=absbi=_h NMKMVKOMNU NDMMM ^~~ NNUKUUQ MKTVN NNVKSTR NKNPP JRKN RKRP rpRNRNNM_cMS NKUTR i^katfoqpèK=obkqbk_^kh NTKMVKOMNU NDMMM ^~~ ^^^ NMNKNRU MKPNP NMNKQTN NKSUM POKP RKUS rpMQRNST`_TQ NKUTR ^pf^k=absbilmjbkq=_^kh OPKNMKOMNU NDMMM ^~~ ^^^ NMQKMPO MKNOR NMQKNRT NKONV JOMKN RKVV rpOSNPUb^kVQ OKSMM ao=mbmmbo=pk^mmib=dolrm NRKMNKOMNV ODMMM _~~N ___ NMNKUVP NKPNQ NMPKOMT OKOUV VMKQ SKMO rpcOUVPq^_OV SKRMM bib`qof`fqb=ab=co^k`b OSKMNKOMNV ODMMM ^~P ^H NNUKTVS OKMMQ NOMKUMM PKPNU ONOKQ RKQS rprTRMMM^jUO SKMMM olèb=eiadp=fk` MNKMPKOMNV ODMMM ^N ^^J NORKVRS NKOST NOTKOOP NKUUV STKN RKTP rpMRRSRn_gST QKTRM _m=`^mfqî=jôhbqp=mi` NMKMPKOMNV NDMMM Ô ^ NNQKONV MKUUQ NNRKNMP OKQRT NNQKN RKUR rpMQRNSTàPN NKTRM ^pf^k=absbilmjbkq=_^kh ONKMPKOMNV NDMMM ^~~ ^^^ NMOKNTQ MKOTO NMOKQQS NKQNQ JMKV SKQN upMQOOTRQORU SKTRM ^_r=ae^_f=dlsq=fkqDi MUKMQKOMNV NMMDMMM ^~O ^^ NOQKTRM MKTPN NORKQUN OKTRS NRUKR RKSU upMQOPMPUUTR SKRRM pq^qb=lc=n^qô MVKMQKOMNV NMMDMMM ^~O ^^ NONKMMM MKSVN NONKSVN PKNNT NVOKQ RKST rpOQQOObooOS OKORM glek=abbob=`^mfqî=`lom NTKMQKOMNV NDMMM Ô ^ NMOKPNQ MKNUU NMOKRMO NKUVM QPKN SKPS rpjOUPSU^ÔN RKUUU alimefk=bkbodv=iqa NRKMSKOMNV NMMDMMM ^N NMVKRRM OKQUS NNOKMPS QKOVP OVSKO RKRO rpRMMTSVagMS QKUTR hct NTKMSKOMNV NDMMM ^~~ ^^^ NOMKSMM OKMPN NOOKSPN NKTRS PQKO RKVP rpRUVPPN^kTM RKMMM jbo`h=C=`l=fk` PMKMSKOMNV ODMMM ^~P ^^ NOMKSNN NKVMP NOOKRNQ NKUTV QTKN RKVP NQKMRKOMNO
fpfk `çìéçå k~ãÉ j~íìêáíó jáåáãìã=máÉÅÉ jççÇóDë pCm mêáÅÉ ^ÅÅK=fåíK aáêíó=mêáÅÉ vqj pt^m jçÇ=aìê rpTPNMNNôPM SKPTR obmr_if`=lc=mli^ka NRKMTKOMNV NDMMM Ô ^J NNTKORM OKNSM NNVKQNM PKRVT OOVKT RKSN rpvSUURSêVV RKORM mbqolk^p=`^mfqî=iqa NOKMUKOMNV NMMDMMM ^N ^J NNQKUNU NKPUR NNSKOMP OKVQQ NRVKM RKVM upMQRMVPPUTP QKSOR mp^=fkqK===Eqbj^pbh=eiaF NNKMVKOMNV NMMDMMM ^~N ^^ NNOKTTR MKUQU NNPKSOP OKSTT NPTKP SKNM rpQRUNuM_dOV PKUTR fkqboJ^jbof`^k=absbi=_h NTKMVKOMNV NDMMM ^~~ NNSKQVP MKSQS NNTKNPV NKQUQ MKN SKPS rpUOORUO^gNM QKPMM pebii=fkqbok^qflkî=cfk OOKMVKOMNV NDMMM ^~N ^^ NNSKNMQ MKSRT NNSKTSN NKVOT RNKP SKOS rpSUPOPQUaPU QKMMM lkqôfl=Emolsfk`b=lcF MTKNMKOMNV RDMMM ^~O ^^J NNPKNPV MKQQQ NNPKRUP OKMSP RSKT SKPP rpOMOT^NagPR RKMMM `ljjlktbîqe=_^kh=^rpq NRKNMKOMNV ODMMM ^~O ^^J NNNKMMM MKQQQ NNNKQQQ PKPMM NTSKT SKMT rpVSNONQ_hUP QKUTR tbpqm^`=_^khfkd=`lom NVKNNKOMNV ODMMM ^~O ^^J NNNKMMM OKQNM NNPKQNM PKOMM NTSKS SKNV rpOORQSnâVT RKQMM òbafq=prfppb=kbt=vloh NQKMNKOMOM ODMMM ^~O=LGJ ___H NMQKRTR NKUQR NMSKQOM QKSTN PONKS SKNN rpRMMTSVamSR QKMMM hct OTKMNKOMOM NDMMM ^~~ ^^^ NNQKNUR NKOOO NNRKQMT NKVVO QSKR SKSQ rpcOUVPqâUQ QKSMM bib`qof`fqb=ab=co^k`b OTKMNKOMOM ODMMM ^~P ^H NMUKNPQ NKQMS NMVKRQM PKPTV NURKS SKQM rpRMMTRk_^NV RKPTR ho^cq=cllap=fk` NMKMOKOMOM ODMMM _~~O ___J NNVKMUO NKQQU NOMKRPM OKSNR NOQKP SKQM upMQVUVROSTV RKRMM hfkdalj=lc=_êo^fk PNKMPKOMOM NMMDMMM ko ___ VVKRMM MKTNU NMMKONU RKRTU PUUKT SKOM rpSUPOPQUhTM QKQMM lkqôfl=Emolsfk`b=lcF NQKMQKOMOM RDMMM ^~O ^^J NNSKMSU MKQMP NNSKQTN OKNST SQKN SKTT rpSSVUVeâMU QKQMM klsôqfp=`^mfqî=`lom OQKMQKOMOM ODMMM ^~O ^^J NNSKMOO MKOUN NNSKPMP OKNTV RQKT SKTV upMRNPTOPUTP UKSOR jqp=fkqi=crkafkd=iqa OOKMSKOMOM NMMDMMM _~O __ NNQKTRM PKQTQ NNUKOOQ SKOQR QVNKU RKRR rpUVNROrâQS QKQRM qlqî=`^mfqî=p^ OQKMSKOMOM NDMMM ^~N ^^J NNPKNOU NKTSU NNQKUVS OKSOV NMRKS SKSQ upMROMQVMSTO SKUTR `fqf`=_h=fkqi=iqa OQKMSKOMOM NMMDMMM _~~P NMTKOUM OKTPN NNMKMNN RKTOQ QNTKN RKUR rpMSMRNdb`VS RKSOR _^kh=lc=^jbof`^=`lom MNKMTKOMOM RDMMM _~~N=LGJ ^J NMRKSOQ OKNOR NMTKTQV QKTTN PPOKQ SKNV rpTQUNQUorVP PKRMM molsfk`b=lc=nrb_b` OVKMTKOMOM NDMMM ^~O ^H NNMKONU NKMRM NNNKOSU OKNOU RQKQ SKVV rpkVPSVR_iOP QKMMM slihpt^dbk=fkqi=cfk=ks NOKMUKOMOM NMMDMMM ^P ^J NMUKRTT NKMRS NMVKSPP OKUNT NOTKM SKUQ rpRPVQTn^^RU SKRMM iilvap=qp_=_^kh=mi` NQKMVKOMOM NMMDMMM _~~O=LGJ ___J VUKPUO NKNPU VVKROM SKTRP QVVKS RKVV rpOVUTURceQV OKUTR brolmb^k=fksbpqjbkq=_^kh NRKMVKOMOM NDMMM ^~~ ^^^ NMPKTMV MKQVR NMQKOMQ OKPTU SRKQ TKOP rpVNVNNqîTM QKSOR sîb=lsbopb^p=ifjfqba NRKMVKOMOM ODMMM _~~O ^J NMRKSOS MKTVT NMSKQOP PKUON ONQKN SKSU rpMOSSSo^kNT PKUTR ^jbof`^k=elka^=cfk^k`b ONKMVKOMOM NRMDMMM ^H NMTKQTS MKSMP NMUKMTV OKURQ NOPKM SKVT coMMNMVRSRSR PKMMM `^fppb=aD^jloq=abqqb=pl` OSKNMKOMOM NDMMM ^~~ ^^H NMNKUNS NKSTR NMPKQVN OKTRR NMSKQ TKOT rpNVNONSôNQ PKNRM `l`^J`li^=`lLqeb NRKNNKOMOM ODMMM ^~P ^H NMTKRTM MKMNU NMTKRUU OKNSQ ROKN TKPS rpOSMRQP``RT QKORM alt=èbjf`î=`lLqeb NRKNNKOMOM ODMMM _~~P ___ NMVKQST MKMOQ NMVKQVN OKVTN NQPKO TKMO rpONSURt_qPS QKRMM o^_l_^kh=kbaboi^ka NNKMNKOMON NDMMM ^~~=LGJ ^^ NMSKOMR NKRTR NMTKTUM PKSQU OMMKR TKMQ rpOVUTURcjPQ QKMMM brolmb^k=fksbpqjbkq=_^kh NSKMOKOMON NDMMM ^~~ ^^^ NNNKSRP NKMNN NNOKSSQ OKQVV UPKQ TKPU upMRVORUOSRP QKPTR _h=kbaboi^kapb=dbjbbkqbk NSKMOKOMON ODMMM ^~~ ^^^ NNNKQON NKNMS NNOKROT OKUTU NOMKR TKOR rpVOPQPsûOV QKSMM sbofwlk=`ljjrkf`^qflkp MNKMQKOMON ODMMM ^P ^J NNRKVON MKRUU NNSKRMV OKRTM VRKP TKPT rpQTUNSM^wTU PKRRM glekplk=C=glekplk NRKMRKOMON ODMMM ^~~ ^^^ NNOKPRS MKMOM NNOKPTS OKMPP ORKS TKTT rpNQVNOP_sOR PKVMM `^qbomfiiô=fk` OTKMRKOMON ODMMM Ô ^ NNPKTVS NKUQO NNRKSPU OKNVU RQKQ TKQR rpQOUOPS_jQQ QKPMM ebtibqqJm^`hôa=`l MNKMSKOMON ODMMM ^P ___H NMQKVOP NKVUP NMSKVMS PKSRM NVRKR TKNS rpPRNTTm^tTT QKNOR co^k`b=qbib`lj NQKMVKOMON ODMMM ^P ^J NMQKTRU MKTOO NMRKQUM PKRNS NTQKO TKRM rpPMONRQ_^SU QKPTR bumloqJfjmloq=_h=hlob^ NRKMVKOMON OMMDMMM ^N ^ NMQKRTQ MKTRP NMRKPOT PKTUO OMMKN TKQM rpRPVUPM^vRO PKPRM il`hebba=jôqfk=`lom NRKMVKOMON ODMMM _~~N ^J NMPKTQM MKRTT NMQKPNT OKUUS NMUKU TKTV rpNNMTMV_kNN OKSRM _ofqfpe=`lirj_f^=mols=lc OOKMVKOMON RDMMM ^~~ ^^^ NMQKORV MKQMR NMQKSSQ OKNQO PNKO UKNO rpQRUNQM^gVN PKPMM fkqbi=`lom MNKNMKOMON ODMMM ^N ^H NMTKSMQ MKQOO NMUKMOS OKPUQ SSKT TKVO rpnUVTRk^_NO QKUMM qbipqo^=`lom=iqa NOKNMKOMON ODMMM Ô ^ NNOKRPS MKQST NNPKMMP PKOPM NRPKM TKQS rpPSVSOdRgVO QKSRM dbkboî=bib`=`^m=`lom NTKNMKOMON NDMMM ^N ^^H NNMKNNR MKPUU NNMKRMP PKPTS NSRKR TKQV rpVOPQPs_`TO PKRMM sbofwlk=`ljjrkf`^qflkp MNKNNKOMON ODMMM ^P ^J NMSKOVT MKNRS NMSKQRP OKTPQ UTKQ TKVM rpMRRSRn_rNP PKRSN _m=`^mfqî=jôhbqp=mi` MNKNNKOMON NDMMM Ô ^ NMQKSSO MKNRU NMQKUOM OKVUS NORKQ TKUR rpUVOPPmRqVP PKPMM qlvlq^=jlqlo=òbafq=`lom NOKMNKOMOO ODMMM ^~P ^^J NMRKNQP NKNQS NMSKOUV OKSUT UUKV UKNR rpUUTPNT^kRM QKMMM qfjb=tôkbo=fk` NRKMNKOMOO ODMMM _~~O ___ NMTKRRP NKPRS NMUKVMV PKMUO NOUKO TKVO rpURTTNm^cVV PKNRM pq^qlfi=^p^ OPKMNKOMOO NDMMM ^~O ^^J NMQKPTN MKVVU NMRKPSV OKSPO UMKN UKOP NQKMRKOMNO
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Trading & Advisory CHF H41 (58) - Vontobel Holding AG

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