Style Cycle: A hidden ‘Recovery‘ risk: AI fragility

研报英文原文证据摘录

Style Cycle: A hidden ‘Recovery‘ risk: AI fragility

Summary – European Style Cycle

The analysis of Style Cycle and European Composite Macro Indicator in this report is

back-tested and does not represent the actual performance of any account or fund.

Back-tested performance depicts the hypothetical back-tested performance of a

particular strategy over the time period indicated. In future periods, market and

economic conditions will differ and the same strategy will not necessarily produce the

same results. No representation is being made that any actual portfolio is likely to have

achieved returns similar to those shown herein. In fact, there are frequently sharp

differences between back-tested returns and the actual results realized in the actual

management of a portfolio. Back-tested performance results are created by applying an

investment strategy or methodology to historical data and attempts to give an indication

as to how a strategy might have performed during a certain period in the past if the

product had been in existence during such time. Back-tested results have inherent

limitations including the fact that they are calculated with the full benefit of hindsight,

which allows the security selection methodology to be adjusted to maximize the returns.

Further, the results shown do not reflect actual trading or the impact that material

economic and market factors might have had on a portfolio manager's decision-making

under actual circumstances. Back-tested returns do not reflect advisory fees, trading

costs, or other fees or expenses.

Exhibit 2: The European Composite Macro Indicator (CMI) is down by 1 point in June

European Composite Macro Indicator (CMI) and its monthly changes (Feb ’95 – Jun ’26)

0 50

-20

-40

-50