Since it was established in 1956, Artificial Intelligence (AI) has undergone multiple cycles of optimism, often swiftly followed by disappointment. In 2023 there has been a peak of excitement around generative AI.

While much of this technology is still new, it is becoming clear that AI more broadly could unlock both economic growth and increased efficiency across a wide range of industries.

Each strategy can be used as a growth engine building block within a global equity allocation and has a long-term approach based on experienced active management.

In the technology space in particular, active management helps to mitigate issues around market timing, valuations and capitalisation bias.

^{This material is for distribution to professional investors only. However it is not intended for distribution to any person or entity who is a citizen or resident of any locality, state, country or other jurisdiction where such distribution, publication, or use would be contrary to law or regulation.}

^{The information and data presented in this document are not to be considered as an offer or sollicitation to buy, sell or subscribe to any securities or financial instruments or services.   Information used in the preparation of this document is based upon sources believed to be reliable, but no representation or warranty is given as to the accuracy or completeness of those sources. Any opinion, estimate or forecast may be changed at any time without prior warning. Investors should read the prospectus or offering memorandum before investing in any Pictet managed funds. Tax treatment depends on the individual circumstances of each investor and may be subject to change in the future. Past performance is not a guide to future performance. The value of investments and the income from them can fall as well as rise and is not guaranteed. You may not get back the amount originally invested.}

^{This document has been issued in Switzerland by Pictet Asset Management SA and in the rest of the world by Pictet Asset Management (Europe) SA, and may not be reproduced or distributed, either in part or in full, without their prior authorisation.}

^{For UK investors, the Pictet and Pictet Total Return umbrellas are domiciled in Luxembourg and are recognised collective investment schemes under section 264 of the Financial Services and Markets Act 2000. Swiss Pictet funds are only registered for distribution in Switzerland under the Swiss Fund Act, they are categorised in the United Kingdom as unregulated collective investment schemes. The Pictet group manages hedge funds, funds of hedge funds and funds of private equity funds which are not registered for public distribution within the European Union and are categorised in the United Kingdom as unregulated collective investment schemes.}

^{For Australian investors, Pictet Asset Management Limited (ARBN 121 228 957) is exempt from the requirement to hold an Australian financial services license, under the Corporations Act 2001.}

^{Pictet Asset Management (USA) Corp ("Pictet AM USA Corp") is responsible for effecting solicitation in the United States to promote the portfolio management services of Pictet Asset Management Limited ("Pictet AM Ltd"), Pictet Asset Management (Singapore) Pte Ltd ("PAM S") and Pictet Asset Management SA ("Pictet AM SA"). Pictet AM (USA) Corp is registered as an SEC Investment Adviser and its activities are conducted in full compliance with SEC rules applicable to the marketing of affiliate entities as prescribed in the Adviser Act of 1940 ref.17CFR275.206(4)-3.}

^{Pictet Asset Management Inc. (Pictet AM Inc) is responsible for effecting solicitation in Canada to promote the portfolio management services of Pictet Asset Management Limited (Pictet AM Ltd), Pictet Asset Management SA (Pictet AM SA) and Pictet Alternative Advisors (PAA). In Canada, Pictet AM Inc is registered as an Exempt Market Dealer authorized to conduct marketing activities on behalf of Pictet AM Ltd, Pictet AM SA and PAA.}