to next year; an expected rebound in global S&P500 growth; and super easy monetary policy, with more QE coming if growth were MSCI EM* to disappoint. MSCI AC Word | In recent weeks, we have switched out of our long-standing US risk overweight, US High Grade | into an underweight, on the argument that the U

nti ,ncluang Won hies or securities and moron Sadao, and ere at as denated as the seoaties tartan aggegied; that consist Its Mar:A t:Mb:I ncler. the MSCI AC Warn Index or the M92i AC lea Index Lane eye anformante a the Allmon Fume Inc cenormance of the MSCA Wade Index WC! AC Ward max and MSC' AC Asa Inca

eon Asia Growth: Sept. 2017 2017 Since Inception (Cumulative) Since Inception (Annualized) Alkeon Asia Growth 4.58% 55.76% 202.59%5 11.51%5 MSCI AC Asia 0.39% 20.95% 5.97% 0.57% Alkeon Asia Growth Portfolio Information (Approximate): • Net Exposure (delta adjusted) 126.2% • Gross Exposu

ry-1998 to September 2017 Superior stock selection drives excess return generation ("Alpha") Annualized Alpha Generation Since Inception Alpha vs. MSCI AC World Alpha vs. MSCI World 11.72% 0% 5% 10% 15% 20% AGS MSCI AC Wald MSCI World Sortino Ratio• Since Inception I.27 0.34 0.35 0 0.5

at comprise the MSCI World Index or the MSCI AC World Index. Unlike the performance of the Alkeon Funds, the performance of the MSCI World Index and MSCI AC World Index do not reflect the impact of fees or expenses. The index performance shown does not reflect the reinvestment of dividends and other inco

trants ,nclang siert saes securita and margn Lading, and are not as tinrented as Me seateres (wan agwageted) that convese we fa 6Ci Weal t nava the MSCI AC wand IM.en or the h197i AC lea ith4..in Vine Me penumareue ci the Aiken Funths nerormance nil the NtSCI Wald Index Wel AC Wald Index and MSC' AC Asa

eon Asia Growth: Sept. 2017 2017 Since Inception (Cumulative) Since Inception (Annualized) Alkeon Asia Growth 4.58% 55.76% 202.59%5 11.51%5 MSCI AC Asia 0.39% 20.95% 5.97% 0.57% Alkeon Asia Growth Portfolio Information (Approximate): • Net Exposure (delta adjusted) 126.2% • Gross Exposu

eon Asia Growth: Sept. 2017 2017 Since Inception (Cumulative) Since Inception (Annualized) Alkeon Asia Growth 4.58% 55.76% 202.59%5 11.51%5 MSCI AC Asia 0.39% 20.95% 5.97% 0.57% Alkeon Asia Growth Portfolio Information (Approximate): • Net Exposure (delta adjusted) 126.2% • Gross Exposu

ry-1998 to September 2017 Superior stock selection drives excess return generation ("Alpha") Annualized Alpha Generation Since Inception Alpha vs. MSCI AC World Alpha vs. MSCI World 11.72% 0% 5% 10% 15% 20% AGS MSCI AC Wald MSCI World Sortino Ratio• Since Inception I.27 0.34 0.35 0 0.5

at comprise the MSCI World Index or the MSCI AC World Index. Unlike the performance of the Alkeon Funds, the performance of the MSCI World Index and MSCI AC World Index do not reflect the impact of fees or expenses. The index performance shown does not reflect the reinvestment of dividends and other inco

at comprise the MSCI World Index or the MSCI AC World Index. Unlike the performance of the Alkeon Funds, the performance of the MSCI World Index and MSCI AC World Index do not reflect the impact of fees or expenses. The index performance shown does not reflect the reinvestment of dividends and other inco