PWM-Wealth (FSP No: 18729) does not expressly, tacitly or by implication represent, recommend or propose that the securities and/or financial or investment products or services (“the products”) referred to in this commentary are appropriate and/or suitable for your particular investment objectives or financial situation or needs. This email is not, nor is it intended to be, advice as defined and/or contemplated in the Financial Advisory and Intermediary Services Act, 37 of 2002 (“FAIS Act”), or any other financial, investment, trading, tax, legal, accounting, retirement, actuarial or other professional advice or service whatsoever (“advice”). Furthermore, it must be noted that “past performance” of a product is not an indicator of future performance.