The backtests mentioned in the report are conducted by Strategists from the Macquarie Quant Strategy team, not by the Macquarie Research department. The Macquarie Quant Team are part of the Sales and Trading personnel at Macquarie. Sales and Trading personnel at Macquarie are not independent and, therefore, the information herein may be subject to certain conflicts of interest. Please refer to the important disclosures 21 January 2020 Asia EQUITIES List of MacqIP reports Name Data starting from
