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The whole or any part of this work may not be reproduced, copied or transmitted or any of its contents disclosed to third parties without State Street’s express written consent. Whenever investors or companies have assets or business operations across national borders, they face currency risk if their positions are not hedged. Past performance is not a reliable indicator of future performance. Assets may be considered “safe havens” based on investor perception that an asset’s value will hold steady or climb even as the value of other investments drops during times of economic stress. Perceived safe-haven assets are not guaranteed to maintain value at any time.
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