Risk Reward - Dassault Systemes SA (DAST.PA) around DELMIA plus BIOVIA, GEOVIA & 3DExcite) could grow more quickly than growth .Digital manufacturing and healthcare themes . M&A may be technology driven, which could APAC, ex Japan, Mainland China and India Refinitiv; MSPB Content. Includes certain hedge fund exposures held with MSPB. Information may be inconsistent with or may not reflect broader market trends. Long/Short Ratio = Long Exposure / Short exposure. Sector % of Total Net Exposure = (For a particular sector: Long Exposure - Short Exposure) / Source: Refinitiv, FactSet, Morgan Stanley Research; 1 is the highest favored Quintile and 5 is the least favored (Across all sectors: Long Exposure - Short Exposure).