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1、Five financial truths about Millennials at 40NATIXIS GLOBAL SURVEY OF INDIVIDUAL INVESTORS2 I NATIXIS GLOBAL SURVEY OF INDIVIDUAL INVESTORSMillennials get a bad rap.Characterized as 20-something hipsters obsessed with avocado toast and Instagramable experiences,Millennials have moved on from who the

2、y were at 23.In fact,this generation born between 1981 and 1996 is now knocking on the door of middle age.As the first Millennials turn 40,its time for the“grown-up”world to put away the clichs and face up to the financial truths about Millennials.Millennials are not“kids.”And theyre tired of being

3、stereotyped.Tired of being mocked for the participation trophies that were actually given to them by their parents,teachers,and coaches.Tired of hearing theyre entitled and dont respect hierarchy.Tired of being chided to grow up and start a family.Results from the 2021 Natixis Global Survey of Indiv

4、idual Investors show Millennials are changing.Theyre getting married.Theyre starting families.Theyre building careers,growing businesses and running global corporations.Focused on Millennials with$100,000 in investable assets or more,the survey reveals five key truths about them as investors:1:Algor

5、ithms cant answer every financial question 2:Risk is real when theres more on the line 3:You dont have to sell out to be a capitalist 4:Retirement feels a lot closer at 40 5:Pandemic habits are reminders of financial basicsIntroduction123454 I NATIXIS GLOBAL SURVEY OF INDIVIDUAL INVESTORSAlgorithms

6、cant answer every financial question01Truth31245Introduction5 I NATIXIS GLOBAL SURVEY OF INDIVIDUAL INVESTORSConventional wisdom says Millennials will manage all their finances from their phones.To some extent they do.For example,in the US,nine out of ten rely on mobile banking apps.1 Many expected

7、the digital wave would also lead to automated investment advice,but to date,it hasnt.Results show robo-advisors have captured only a small share of Millennial portfolios to date.Two-thirds of those surveyed rely on some sort of advice.But where 40%work with a financial professional,only 7%rely solel

8、y on automated advice,while another 19%use some combination of the two.The common misperception may be that automated advice is used more by those with lower asset levels,as these solutions generally have lower investment minimums.Our data shows that high net worth Millennials($1 million+)are actual

9、ly the most likely to use any form of advice(84%),including automated advice(8%),a financial professional(46%),or some combination of the two(30%).Many may be surprised by data that shows that Millennials are more likely to work with a traditional financial professional.This may also be a surprise t

10、o Millennials themselves,as 53%of those surveyed say they actually prefer digital advice over in-person advice.MILLENNIALS ARE TURNING TO ADVISORS OVER ALGORITHMSUse Both30%Automated Advice8%Financial Professional46%High Net Worth Millennials31245Introduction6 I NATIXIS GLOBAL SURVEY OF INDIVIDUAL I

11、NVESTORSMore complicated finances.More personal advice.The turn to personal advice may be related to where Millennials are in life.Demographic trends had indicated that fewer Millennials were getting married than generations before.But our results suggest they are getting married just at a later age

12、.And those between age 33 and 40 are more likely to be married(69%)than those between ages 25 and 32(47%).This is a life stage that often triggers other key financial events such as buying a home and starting a family.In turn,this can trigger demand for everything from education savings to estate pl

13、ans and wills.In essence,Millennial finances are becoming more complicated and it stands to reason that this drives demand for personal advice.Data on where theyve earned their wealth also adds to a more complicated picture.In fact,half of Millennials surveyed say they have multiple sources of wealt

14、h including employment(78%),business ownership/self-employment(31%),investments(37%)and allowance/inheritance(17%).High net worth Millennials have even greater diversity in their wealth with 70%citing employment,65%business ownership or self-employment,47%investments,and 20%inheritanceFinancial plan

15、ning matters most to Millennials.Given a complex picture of wealth,its no wonder that 51%of Millennials say they are interested in financial planning services.In fact,34%of those surveyed list financial planning with their family as one of the most important facets of their relationship with a profe

16、ssional.Beyond a comprehensive plan,Millennials want direct help with managing their assets.Four in ten say help with navigating volatility(40%)is an important part of their advisory relationship.The same number also say it is important to get investments that match their personal values,while 37%wa

17、nt their advisor to help them with tax issues.In many ways,recent events have reinforced the value of personal advice with Millennials.In considering how their financial professional best helped them during the pandemic,almost half(48%)of Millennials said it came down to advice that provided them wi

18、th a comprehensive understanding of their complete financial picture.Another 43%relied on timely market updates that set context for financial news.Perhaps most telling is the 40%of Millennials who said the best thing their professionals did for them was to help them avoid emotional decisions.31245I

19、ntroductionAdvice Millennials can trust.In general,it appears that financial professionals have delivered for Millennials and as a result have earned a high level of trust.In fact,almost nine in ten(88%)trust their financial professional when making financial decisions nearly the exact number who sa

20、y they trust themselves(90%).When it comes to these big decisions,fewer(81%)Millennials say they trust their family and fewer still(68%)say they trust close friends.Overall Millennials are more likely to place their trust in people than in digital solutions.Less than half(48%)trust the algorithms th

21、at are the engines of automated advice.Less than one-quarter(24%)trust social media to do the job.It would seem the digital generation that is willing to crowd-fund new ideas is not 100%willing to Yelp an investment recommendation for their investment.88%trust their financial professional when makin

22、g financial decisions.24%Only 24%trust social media when making financial decisions31245Introduction8 I NATIXIS GLOBAL SURVEY OF INDIVIDUAL INVESTORSRisk is real when theres more on the line02Truth31245IntroductionAfter the pandemic market rally,risk may be the furthest thing from the minds of Mille

23、nnials.But now as they experience one of the biggest bouts of volatility theyve seen as investors,Millennials may need to recalculate their return expectations and reas-sess their risk tolerances.As expected younger investors,Millennials appear to be“risk-on.”In fact,two-thirds(66%)go so far as to s

24、ay theyre comfortable taking risk in order to get ahead.In most younger models,its assumed that younger investors can take on this risk for the simple reason that they have more time to recover any potential losses.In reality,Millennials are much more worried about risk than they let on.In fact,more

25、 Millennials are focused on risk management(48%)when selecting investments than even a funds ability to beat the benchmarks(26%).While its good to have a healthy respect for risk,many Millennials are genuinely conflicted between risk and their return expectations.This kind of conflict is especially

26、challenging when markets are volatile as in early 2022.Millennials may be falling victim to recency bias Millennials have reaped the rewards of the recent mar-ket run-up.Overall,they report returns of 14.3%above inflation during the first wave of the pandemic in 2020.Halfway through 2021,they predic

27、ted the bull market would keep running and expected returns of 14.6%above inflation for the year.Good fortune was with them and markets delivered.Going into 2022,hopes were even higher with Millen-nials expecting long-term returns of 16.3%above infla-tion.Their optimism may be driven in part by outs

28、ized returns over the past few years as the S&P delivered returns of 28.88%in 2019,16.26%in 2020 and 26.89%in 2021.2 This was a historic time for investors.But history suggests its likely that they will experience a reversion to the mean.In fact the returns generated over the past three years run tw

29、o to three times the 4.57%average annual price return the S&P delivered over the 20 years between 2000 and 2020.231245IntroductionMillennials will want to keep this in mind in 2022.The year opened with an uptick in volatility as investors contemplated the first significant jump in inflation seen in

30、40 years and predictions of the first substantial interest rate hikes in more than a decade.That volatility has only been compounded by market reactions to Russias invasion of Ukraine.The level of sustained volatility may prove to be the ultimate pressure test on Millennials risk tolerances.This may

31、 be a bigger test than many imagine.On the surface,Millennials seem to understand that volatility is a fact of life for investors.In fact,65%recognize that market swings of 10%or more are a normal occurrence.Seven in ten go so far as to say they believe that volatility creates investment opportunity

32、.Underneath it all,Millennials find cause for concern,as six in ten believe volatility undermines their ability to meet their savings and investment goals.This may explain why 72%of Millennials say that given the choice,they would take safety over investment performance.What is the real risk for Mil

33、lennials?To help understand the different ways that investors and investment professionals perceive risk,we ask them for their definition.Most frequently,Millennials define it as exposure(24%).Almost the same number(22%)define it as losing wealth.But what is the real risk investors face over the lon

34、g term?Professionals may see volatility as risk,but they are equally likely to say risk comes down to one thing:failing to meet your goals.In fact,professionals are twice as likely to define risk in terms of missed goals(24%)as Millennials are(11%).3When it comes down to it,Millennials who are pursu

35、ing 16.3%returns above inflation are likely to have been caught by surprise,as their biggest investment concern has been realized in the higher levels of volatility seen in the early weeks of 2022.Not meetingmy goalsMillennials24%11%24%25%22%22%7%14%Exposureto volatilityLosingwealthUnderperformingth

36、e marketAll AdvisorsMILLENNIALS AND ADVISORSTHINK DIFFERENTLY ABOUT RISK331245IntroductionBad assumptions could compound market volatility Millennials have come to investing at a time when passive investments like index funds have become top sellers based on a basic proposition:delivering market ret

37、urns at a lower fee.But those who are overly dependent on passive investments in their portfolio strategy may be doubly shocked by first-quarter account statements.To some degree,Millennials understand that value proposition for passive.Seven in ten understand passive will give them market returns.B

38、ut the full message may not be getting through,as fewer(57%)say passive investments are less expensive.The bigger problem for Millennial investors in todays market may not be failing to understand what passive investments are.Instead,its likely to be making wrong assumptions about what they can do.F

39、or example,more than six in ten(66%)think passive funds are less risky.They cant be less risky if they dont have built-in risk management.Two-thirds also think passive funds will help them minimize losses.In truth,they wont.Passive delivers market returns and market losses in equal measure.And the s

40、ame number think passive investments will help them access the best opportunities in the market.Thats only half true.Index funds invest in all the companies in an index,so investors get exposure to the bottom performers right alongside the top.Given their concerns about volatility,Millennials may be

41、 shocked when they open their first quarter investment account statements for 2022 and see how far off the mark they are in chasing down returns of 16.3%above inflation.66%think passive investments are less risky.2/3 say passive funds will help minimize losses.2/3 Theyre not.They have no built-in ri

42、sk management.They cant.They track market returns both good and bad.It does.And also the worstopportunities.PerceptionRealityMILLENNIAL MYTHSABOUT PASSIVE INVESTING say passive offers access to the markets best opportunities.31245Introduction12 I NATIXIS GLOBAL SURVEY OF INDIVIDUAL INVESTORSYou dont

43、 have to sell out to be a capitalist03Truth31245Introduction13 I NATIXIS GLOBAL SURVEY OF INDIVIDUAL INVESTORSFrom Occupy Wall Street to climate change to social justice,Millennials want to take action on key societal issues.But while they want to align their assets to support these causes,this gene

44、ration of investors has a particularly prag-matic view on sustainable investing:Millennials may be pursuing societal change,but they also want returns.Overall,Millennials tell us they see their wealth as an extension of their values.Almost eight in ten(78%)consider investing a way of making an impac

45、t.Another six in ten(63%)go so far as to say they have a responsibility to help fix societal issues through their investments.Eight in ten also believe companies also have that responsibility.If companies fail to live up to that responsibility,Millennials are ready to take action.More than half(56%)

46、say they believe the best way to send a message to a company is to sell its stock.Four in ten(43%)say they have actually sold an investment because of a companys poor performance on environmental,social,and governance issues(ESG).But activism is not the only lens Millennials apply to ESG investing.I

47、n fact,only 36%say they ask their financial professional for ESG by identifying companies they dont want to invest in because they conflict with their personal values.Instead,Millennials speak in terms of including analysis of ESG factors alongside fundamental analysis of financial factors(52%),or m

48、ore simply ESG integration.They speak in terms of investing in companies that are solving big global issues(45%)and identifying companies that actually reflect their personal values(44%).But even with these clear ideas on what they want from their investments,only 27%say they are currently invested

49、in ESG funds.Among those invested,one-quarter say they made their first investment between 2020 and 2021.Another third say they increased their investment during the same time frame.But where only 27%are currently invested,almost twice as many(52%)say that even though they have yet to make their fir

50、st ESG investment,they are interested a trend that is playing out in different degrees around the world.52%want environmental,social and governance factors to be included in the investment analysis process alongside other financial factors31245IntroductionOverall,regional differences in the level of

51、 ESG investment are significant:In the US,where 46%are invested,another 42%say they are interested.In Germany and Japan,where 41%are already invested in ESG,4 in 10 in each country say they are interested.Millennials in the UK(39%invested,39%interested),Singapore(38%invested,48%interested)and France

52、(37%invested,50%interested)all share similar sentiments.Notably,it is where current investment is at its lowest that interest runs highest.In Chile,only 9%of Millennials have ESG investments,but two-thirds more(66%)say they are interested.The same holds true in Argentina/Uruguay(10%invested,64%inter

53、ested)and South Korea(13%invested,57%interested).39%39%10%64%46%42%37%50%13%57%38%48%9%66%ARGENTINA/URUGUAYCHILEUSUKFRANCESINGAPORESOUTH KOREAINVESTED IN ESGINTERESTED IN ESGESG:FOR EVERY MILLENNIAL INVESTED ANOTHER IS INTERESTEDWhat keeps Millennials from investing?While Millennals do invest in ESG

54、,many are interested but havent committed yet.Whats stopping them?They say they need to know more,and want more information.31245IntroductionFrom ESG interest to ESG investment What keeps so many from investing?For most,it comes down to one factor:They simply dont know enough about them(41%).Others

55、may be skeptical about whether these funds make a difference(20%)or concerned that theyll have to sacrifice returns.But a growing number are learning what they need to know about ESG investments,and it is motivating them to invest.Why do so many Millennials have ESG investments?Even as they look to

56、make a personal impact with their assets,Millennials are split in their motivations.They are equally likely to say they make ESG investments to help support the environment(37%)as they are to say its a better way to invest(36%)or make a better world(36%)or to access new investment opportunity(35%).W

57、hats most telling in these motivations is the number of Millennials who think ESG is simply a better way of investing.Even as far back as our 2018 investor survey,Millennials were keen to tell us that they would invest in ESG,but not at the cost of lower investment returns(52%).4Four years later,the

58、y recognize the opportunity to pursue returns while investing in companies that are transitioning to a more sustainable business model something 43%say is important.Sustainability is a key consideration for Millennial investors.Three-quarters(73%)claim they would be more likely to buy a fund with a

59、better carbon footprint.Millennials even pay attention to how ESG is implemented by those investing their money.Eight in ten(78%)believe fund managers should look at more than the financial aspects of a company.They also think the managers ESG activities should include active ownership of the securi

60、ties in their portfolio,and 72%believe portfolio managers should vote with their shares.When it comes down to it,Millennials are savvy consumers.They have clear reasons to invest in ESG funds.Clear needs on what it will take to get them to invest or invest more.They have clear expectations for fund

61、managers.And they have a clear understanding of how their assets should be invested,as two-thirds believe that controversial sectors such as coal,tobacco,and weapons should be excluded from ESG products.78%believe fund managers should look at more than the financial aspects of a company.31245Introdu

62、ction16 I NATIXIS GLOBAL SURVEY OF INDIVIDUAL INVESTORSRetirement feels a lot closer at 4004Truth31245IntroductionTurning 40 can put things in perspective.Its a time when,despite still feeling young,many also feel the weight of financial responsibility.It can put dis-tant goals like retirement into

63、perspective and provide the motivation to button up financial plans and accel-erate savings.Now,even as the first members of their generation are just turning 40,Millennials show that their retirement is in their sights.Many are conflicted about how life after work will turn out.On one hand,Millenni

64、als are optimistic and anticipate that they will retire at age 60,much earlier than the 65 Baby Boomers place as their goal.Millennials should be sure their estimates are not overly optimistic as it could take critical saving years off the table,making it harder to fund the 23-year retirement they p

65、lan.The good news is that Millennials are committed to saving.On average,they are putting away 17.1%of annual income for retirement.And high net worth Millennials are doing even more by saving 21.6%of income on average.Its no wonder that 70%of Millennials are confident they will be financially secur

66、e in retirement.Despite the confidence,Millennials share some genuine insecurities about what the future may look like.Even as they expect to retire early,two-thirds(66%)of Millennials readily accept that they may have to work longer than they plan.Millennials also recognize that needing to be emplo

67、yed and actually staying employed are two different things,as 55%worry that they wont actually be employed as long as theyd like.Looking at the world as it is in 2022,Millennials find many reasons to worry.On the economic front,they find genuine concern.With inflation reaching a 40-year high in the

68、past two years,72%of Millennials see it as one of the biggest risks to their retirement security.In fact,inflation may be a force that keeps them from attaining their early retirement goal.If prices continue to climb,its likely many will find that the assumptions theyve made about retirement income

69、are off and the math on retirement will need to be recalculated.Despite central banks announcing plans to increase rates for the first time in a decade,the picture of the low interest rate environment looms large even for Millenni-als.Overall,63%say todays low rates make them worry about their abili

70、ty to generate income in retirement.Surprisingly,this number is slightly higher than Baby Boomers(61%)who are already in or nearing retirement.31245Introduction18 I NATIXIS GLOBAL SURVEY OF INDIVIDUAL INVESTORSAfter seeing healthcare systems across the globe stressed to the breaking point by Covid,t

71、wo-thirds(68%)believe healthcare and long-term care costs will pose a threat to their security.This concern is not limited to the US,where 55%of Millennials are worried.It includes 76%of Millennials in Spain and Singapore and two-thirds in the UK.Even in Canada,which is known for healthcare that is

72、relatively more affordable than the US,six in ten Millen-nials worry about its impact on their retirement security.Most telling of all are the concerns raised by increased public spending.Already a concern globally prior to the pandemic,public debt has ballooned in the past three years.Overall OECD

73、estimates that the increase in public spending for Covid relief will add up to a 20%jump in the average debt to GDP ratio for its member countries by the end of 2021.5 These accelerated debt levels could mean policymakers will need to make hard choices down the road.That could mean raising taxes or

74、cutting benefits,neither of which is good for retirees.Seven in ten(72%)Millennials are concerned that high levels of public debt will result in reduced retirement benefits down the road.Nearly half(48%)of Millennials and 42%of high net worth Millennials think it will be hard to make ends meet with

75、those benefits.worry they wont be able to generate income63%say they might need to work longer than they thought 66%are worried about inflation72%are so stressed,they avoidthinking about retirement entirely 51%say that high public debt may result in reduced benefits 72%worry they wont stayemployed a

76、s long as they want55%Overall,Millennials estimate only living 23 years in retirement,which may be lowBUT THEY ALSO HAVE REASON FOR CONCERN70%are confidenttheyll be financiallysecure in retirementSave 17%of annualincome for retirementPlan to retire at 60MILLENNIALS HAVE A LOT TO BE CONFIDENT ABOUT W

77、ITH RETIREMENT31245Introduction19 I NATIXIS GLOBAL SURVEY OF INDIVIDUAL INVESTORSAchieving retirement security will take a miracle When it comes down to it,76%of Millennials believe the responsibility for funding retirement lands on their shoulders.Beneath the veneer of optimism and plans for early

78、retirement rates,concern is rising.Seven in ten may believe they will be financially secure in retirement,but almost half of Millennials(47%)believe they will never have enough money to retire.51%say they are so stressed about retirement security that they avoid thinking about retirement altogether.

79、Most unsettling is that despite saving at high levels,45%of affluent Millennials think it will take a miracle to retire securely.The wealthier in this generation are even more worried,with 48%of high net worth Millennials saying it will take a miracle even after theyve amassed median assets of$2 mil

80、lion.Savings show promise for retirement security Millennials may be worried,but they have not given up.Retirement savings for this generation run higher than other investors.With median retirement savings of$150,000,they are beginning to see it pay off.And balances among affluent Millennials are ev

81、en higher in the UK($350,000)as well as Singapore and the US($250,000).This generation is well aware of the challenges and wants help.At work,they expect much from their employers.In fact,79%of Millennials and 77%of those who are business owners or self-employed believe companies have a responsibili

82、ty to help their employees achieve retirement security.Almost eight in ten(77%)of Millennials and 75%of business owners say they would be more likely to work for a company that offered a retirement match.31245Introduction48%of high net worth Millennials say“itll take a miracle”to retire securely.20

83、I NATIXIS GLOBAL SURVEY OF INDIVIDUAL INVESTORSPandemic habits are reminders of financial basics05Truth31245IntroductionTwo-plus years of the pandemic routine has led many Millennials to re-evaluate their financial habits and,in some cases,pick up new habits that may be hard to shake.Even affluent M

84、illennials were not immune to the ef-fects of the coronavirus.While less than one in ten(8%)actually came down with Covid,13%report that a mem-ber of their household did.But for many,the effects were financial,not physical.One-quarter of Millennials(22%)say they experienced a se-rious financial setb

85、ack as a result of the pandemic.Those who felt the sting include 12%who lost their job or lost busi-ness and 28%who lost income.The impact was greater for those with less than$300,000 in assets,as 31%report losing income.Luckily,few were moved to tap into the re-tirement assets they have been dilige

86、ntly building over time;just 9%report making a withdrawal from their account.The effects were greatest in Latin America,where 16%of Millennials got Covid and 29%say someone in their household did.The financial hit was greater too,as 36%report that they lost income.Another 34%experienced a serious fi

87、nancial setback.The effect reverberated within retirement savings,with Millennials in this region more than twice as likely to make a withdrawal(21%)including 38%of Millennials in Chile and 29%in Colombia/Peru.In retrospect,Millennials claim to learn important finan-cial lessons from their pandemic

88、experience.In many cases,those lessons were about being prepared,as 46%learned to keep their spending in check.In a simi-lar vein,38%were reminded that it is important to have emergency savings and 26%were reminded about the need for an estate plan including 34%of high net worth Millennials.Beyond t

89、he basics of personal finance,many learned key investing lessons.Market volatility in the early months of the pandemic left a lasting impression on the 27%who say they got a better understanding of the risk in their portfolio.Another 29%said it helped them real-ize the importance of balancing their

90、portfolio as well.31245Introduction22 I NATIXIS GLOBAL SURVEY OF INDIVIDUAL INVESTORSBetting on the future But even as they began to evaluate their pre-pandemic financial habits,many were picking up new ones.In particular,the meme stock phenomena shaped new behaviors for many Millennials as one-thir

91、d(32%)of them increased their online trading activities a number significantly larger than the 24%of Generation X and 16%of Baby Boomer investors who did the same.While trading was increasing among all Millennials,it is high net worth Millennials who were the most likely to step up online trading(42

92、%).Making the proposition all the more risky are the 9%Millennials and 13%of high net worth Millennials who opened a margin account.With valuations flying high and time on their hands,this opened Millennials to even greater risks.In the end,getting the trade wrong and coming up short on a margin cal

93、l may be one of the most powerful lessons learned during the pandemic.31245Introduction23 I NATIXIS GLOBAL SURVEY OF INDIVIDUAL INVESTORSMillennials facing up to 40So,as Millennials begin to contemplate the big 4-0,they have much on their minds.They are grappling with many of the same challenges as

94、generations that came before them,but they are finding their own truths about investing and finances.And the biggest takeaway is that as they see a future thats more complicated by new responsibilities,new opportunities,and a new financial reality,they are setting a new standard for investing.24 I N

95、ATIXIS GLOBAL SURVEY OF INDIVIDUAL INVESTORS31245IntroductionAbout the surveyNatixis Investment Managers surveyed 8,550 investors globally across 24 countries in March and April 2021,with the goal of understanding their views on the markets and investing.An online quantitative survey of 43 questions

96、 was hosted by CoreData Research.Each of the 8,550 individual investors had minimum net investable assets of US$100,000(or Purchase Price Parity PPP equivalent).About the Natixis Center for Investor InsightThe Natixis Center for Investor Insight is a global research initiative focused on the critica

97、l issues shaping todays investment landscape.The Center examines sentiment and behavior,market outlooks and trends,and risk perceptions of institutional investors,financial professionals and individuals around the world.Our goal is to fuel a more substantive discussion of issues with a 360 view of m

98、arkets and insightful analysis of investment trends.Meet the team:Dave Goodsell Executive DirectorStephanie Giardina Program ManagerErin Curtis Program CoordinatorJessie Cross AVP,Content31245IntroductionLearn more25 I NATIXIS GLOBAL SURVEY OF INDIVIDUAL INVESTORS1.Forbes.“Penetration Rate of Mobile

99、 Banking in the United States as of December 2020 and May 2021,by Generation.”Statista,Statista Inc.,29 Jul 2021,https:/ 3.Natixis Investment Managers,Global Survey of Financial Professionals,con-ducted by CoreData Research in March-April 2020.Survey included 2,700 finan-cial professionals across 16

100、 countries.4.Natixis Investment Managers,Global Survey of Individual Investors conducted by CoreData Research,August 2018.Survey included 9,100 investors from 25 countries.5.Sovereign Borrowing Outlook for OECD Countries 2021.https:/www.oecd.org/daf/fin/public-debt/Sovereign-Borrowing-Outlook-in-OEC

101、D-Countries-2021.pdf.S&P 500 Index is a widely recognized measure of US stock market performance.It is an unmanaged index of 500 common stocks chosen for market size,liquidity,and industry group representation,among other factors.It also measures the per-formance of the large-cap segment of the US e

102、quities market.Sustainable investing focuses on investments in companies that relate to cer-tain sustainable development themes and demonstrate adherence to environ-mental,social and governance(ESG)practices;therefore the universe of invest-ments may be limited and investors may not be able to take

103、advantage of the same opportunities or market trends as investors that do not use such criteria.This could have a negative impact on an investors overall performance depend-ing on whether such investments are in or out of favor.Not all affiliated investment managers integrate ESG considerations into

104、 deci-sion-making to the same extent.Investors should always review the offering documents on before investing in any fund or strategy to fully understand the methods and extent an investment manager incorporated ESG factors into their investment and voting decisions.Diversification does not guarant

105、ee a profit or protect against a loss.The views and opinions expressed may change based on market and other condi-tions.This material is provided for informational purposes only and should not be construed as investment advice.There can be no assurance that developments will transpire as forecasted.

106、Actual results may vary.All investing involves risk,including the risk of loss.No investment strategy or risk management technique can guarantee return or eliminate risk in all market environments.Outside the United States,this communication is for information only and is intended for investment ser

107、vice providers or other Professional Clients.This ma-terial must not be used with Retail Investors.This material may not be redistrib-uted,published,or reproduced,in whole or in part.Although Natixis Investment Managers believes the information provided in this material to be reliable,includ-ing tha

108、t from third party sources,it does not guarantee the accuracy,adequacy or completeness of such information.In the EU(ex UK):Provided by Natixis Investment Managers S.A.or one of its branch offices listed below.Natixis In-vestment Managers S.A.is a Luxembourg management company that is autho-rized by

109、 the Commission de Surveillance du Secteur Financier and is incorporat-ed under Luxembourg laws and registered under n.B 115843.Registered office of Natixis Investment Managers S.A.:2,rue Jean Monnet,L-2180 Luxembourg,Grand Duchy of Luxembourg.France:Natixis Investment Managers Distribution(n.509 47

110、1 173 RCS Paris).Registered office:43 avenue Pierre Mends France,75013 Paris.Italy:Natixis Investment Managers S.A.,Succursale Italiana(Bank of Italy Register of Italian Asset Management Companies no 23458.3).Regis-tered office:Via Larga,2-20122,Milan,Italy.Germany:Natixis Investment Man-agers S.A.,

111、Zweigniederlassung Deutschland(Registration number:HRB 88541).Registered office:Im Trutz Frankfurt 55,Westend Carre,7.Floor,Frankfurt am Main 60322,Germany.Netherlands:Natixis Investment Managers,Nederlands(Registration number 50774670).Registered office:Stadsplateau 7,3521AZ Utrecht,the Netherlands

112、.Sweden:Natixis Investment Managers,Nordics Filial(Registration number 516405-9601-Swedish Companies Registration Office).Registered office:Kungsgatan 48 5tr,Stockholm 111 35,Sweden.Spain:Natix-is Investment Managers,Sucursal en Espaa.Serrano n90,6th Floor,28006 Madrid,Spain.In Switzerland:Provided

113、by Natixis Investment Managers,Swit-zerland Srl,Rue du Vieux Collge 10,1204 Geneva,Switzerland or its represen-tative office in Zurich,Schweizergasse 6,8001 Zrich.In the UK:Provided by Natixis Investment Managers UK Limited,authorized and regulated by the Finan-cial Conduct Authority(register no.190

114、258).Registered Office:Natixis Invest-ment Managers UK Limited,One Carter Lane,London,EC4V 5ER.In the DIFC:Distributed in and from the DIFC financial district to Professional Clients only by Natixis Investment Managers Middle East(DIFC Branch)which is regulated by the DFSA.Related financial products

115、 or services are only available to persons who have sufficient financial experience and understanding to participate in financial markets within the DIFC,and qualify as Professional Clients as defined by the DFSA.Registered office:Office 603-Level 6,Currency House Tower 2,PO Box 118257,DIFC,Dubai,Un

116、ited Arab Emirates.In Singapore:Provided by Natixis Investment Managers Singapore(name registration no.53102724D),a division of Ostrum Asset Management Asia Limited(company registration no.199801044D).Registered address of Natixis Investment Managers Singapore:5 Shenton Way,#22-05 UIC Building,Singa

117、pore 068808.In Taiwan:Provided by Natixis Investment Managers Securities Investment Consulting(Taipei)Co.,Ltd.,a Securities Investment Consulting Enterprise regulated by the Financial Supervisory Commission of the R.O.C.Registered address:16F-1,No.76,Sec-tion 2,Tun Hwa South Road,Taipei,Taiwan,Da-An

118、 District,106(Ruentex Fi-nancial Building I),R.O.C.,license number 2017 FSC SICE No.018,Tel.+886 2 2784 5777.In Japan:Provided by Natixis Investment Managers Japan Co.,Ltd.,Registration No.:Director-General of the Kanto Local Financial Bureau(kinsho)No.425.Content of Business:The Company conducts di

119、scretionary asset man-agement business and investment advisory and agency business as a Financial Instruments Business Operator.Registered address:1-4-5,Roppongi,Minato-ku,Tokyo.In Hong Kong:Provided by Natixis Investment Managers Hong Kong Limited to institutional/corporate professional investors o

120、nly.Please note that the content of the above website has not been reviewed or approved by the HK SFC.It may contain information about funds that are not authorized by the SFC.In Australia:Provided by Natixis Investment Managers Australia Pty Limited(ABN 60 088 786 289)(AFSL No.246830)and is intende

121、d for the general infor-mation of financial advisers and wholesale clients only.In New Zealand:This document is intended for the general information of New Zealand wholesale investors only and does not constitute financial advice.This is not a regulated offer for the purposes of the Financial Market

122、s Conduct Act 2013(FMCA)and is only available to New Zealand investors who have certified that they meet the requirements in the FMCA for wholesale investors.Natixis Investment Managers Australia Pty Limited is not a registered financial service provider in New Zealand.In Latin America:Provided by N

123、atixis Investment Managers S.A.In Colombia:Provided by Natixis Investment Managers S.A.Oficina de Repre-sentacin(Colombia)to professional clients for informational purposes only as permitted under Decree 2555 of 2010.Any products,services or investments referred to herein are rendered exclusively ou

124、tside of Colombia.In Mexico:Pro-vided by Natixis IM Mexico,S.de R.L.de C.V.,which is not a regulated financial entity or an investment manager in terms of the Mexican Securities Market Law(Ley del Mercado de Valores)and is not registered with the Comisin Nacion-al Bancaria y de Valores(CNBV)or any o

125、ther Mexican authority.Any products,services or investments referred to herein that require authorization or license are rendered exclusively outside of Mexico.Natixis Investment Managers is an entity organized under the laws of France and is not authorized by or registered with the CNBV or any othe

126、r Mexican authority to operate within Mexico as an investment manager in terms of the Mexican Securities Market Law(Ley del Mercado de Valores).Any use of the expression or reference contained herein to“Investment Managers”is made to Natixis Investment Managers and/or any of the investment managemen

127、t subsidiaries of Natixis Investment Managers,which are also not authorized by or registered with the CNBV or any other Mex-ican authority to operate within Mexico as investment managers.In Uruguay:Provided by Natixis Investment Managers Uruguay S.A.,a duly registered invest-ment advisor,authorized

128、and supervised by the Central Bank of Uruguay.Office:San Lucar 1491,oficina 102B,Montevideo,Uruguay,CP 11500.The above refer-enced entities are business development units of Natixis Investment Managers,the holding company of a diverse lineup of specialized investment management and distribution enti

129、ties worldwide.The investment management subsidiaries of Natixis Investment Managers conduct any regulated activities only in and from the jurisdictions in which they are licensed or authorized.Their services and the products they manage are not available to all investors in all jurisdictions.In the

130、 United States:Provided by Natixis Distribution,LLC,888 Boylston St.,Boston,MA 02199.Natixis Investment Managers includes all of the investment manage-ment and distribution entities affiliated with Natixis Distribution,LLC and Natixis Investment Managers S.A.This material should not be considered a solicitation to buy or an offer to sell any product or service to any person in any jurisdiction where such activity would be unlawful.4669868.1.1