Lemon_tm
By Elisa Mazen, Michael Testorf, CFA & Pawel Wroblewski, CFA
Rising Progress Shares on the Mend Market Overview
After sturdy efficiency within the first half of the 12 months, worldwide equities continued to battle within the fourth quarter resulting from market considerations about tariff wars and probably different punitive measures that may very well be levied by the second Trump administration. The stronger U.S. greenback (USDOLLAR, DXY) and unfavorable sentiment over the present state of political affairs in Europe additionally weighed on the most important developed markets. The benchmark MSCI EAFE Index declined 8.11% within the quarter to complete the 12 months up simply 3.82%. The MSCI Rising Markets Index fell 8.01% to complete 2024 up 7.50%.
From a regional standpoint, Canada outperformed the index for the quarter. Canada has been a market the place the ClearBridge Worldwide Progress EAFE Technique has been persistently obese versus the EAFE benchmark, which doesn’t embody Canada. Our view is that the Canadian economic system shares most of the similar traits because the Australian market, however at a really engaging low cost. Japan and the UK misplaced floor but additionally outperformed the index whereas Europe Ex U.Ok. and Asia Ex Japan suffered the widest losses and underperformed.
In contrast to within the U.S., the place moderating inflation has been accompanied by resilient GDP progress, Europe and the U.Ok. proceed to face recession dangers. Whereas the European Central Financial institution (together with Switzerland) took the lead amongst world central banks in slicing charges and continued to ease coverage aggressively within the fourth quarter, inflation stays above targets. Political turmoil in Europe’s two largest economies — Germany and France — in addition to continued weak spot in its key export market of China have been exacerbated by Trump’s menace of tariffs. In the meantime, hopes for decision of the Russia-Ukraine warfare, and the reconstruction spending that might comply with, appear far off.
In stark distinction to continued progress momentum within the U.S., worldwide progress shares declined 9.10% for the quarter and underperformed their worth counterparts by 198 foundation factors. For the 12 months, progress shares underperformed worth by 364 bps, owing partly to the totally different composition of the EAFE benchmark in comparison with the S&P 500 Index. (SP500, SPX)
Exhibit 1: MSCI Progress vs. Worth Efficiency
As of Dec. 31, 2024. Supply: FactSet.
Regardless of this model divergence in favor of worth, the Technique outperformed the benchmark for the fourth quarter and the complete 12 months on a gross foundation. Robust choice was the first driver of outcomes as our portfolio firms have been in a position to ship optimistic returns that belied the weak macro backdrop throughout Europe and a transitional interval in Japan.
Contributions for the quarter have been centered amongst holdings in our rising and steady progress buckets, firms together with Canadian e-commerce enablement supplier Shopify (SHOP), German enterprise software program maker SAP and Singapore-based e-commerce and gaming platform Sea Restricted (SE). These names have been supported by steady growers London Inventory Change Group (OTCPK:LDNXF), SONY and Taiwan Semiconductor (TSM).
These diversified outcomes offset weak spot within the portfolio’s pharmaceutical holdings. Diabetes and weight problems drug maker Novo Nordisk (NVO), the portfolio’s second largest place, declined following a disappointing scientific trial relative to company-set expectations for a next-generation weight reduction molecule. We imagine traders overreacted to the slight miss of its efficacy targets and imagine an in depth analysis of the info reveals efficacy within the molecule. Importantly, the trial was not a failure and we count on the drug mixture would be the finest weight reduction drug available on the market. British pharmaceutical maker AstraZeneca (AZN) additionally bought off through the quarter however maintains a number one place in new therapies for most cancers.
We imagine the alternatives for scientific breakthroughs stay, which motivated our fourth-quarter buy of UCB (OTCPK:UCBJF), a Belgian biotechnology agency with R&D and business therapies in irritation and immunology (I&I) in addition to a portfolio of anti-epileptic drugs. The corporate is present process a portfolio transition between its historic merchandise and 5 key new ones. Bimzelx, in I&I, is predicted to be a blockbuster remedy, whereas joint remedy Evenity, for which UCB books substantial working revenue from its partnership with Amgen, generated $1.5 billion in world gross sales in 2024 and will proceed to develop robustly.
Portfolio Positioning
We remained lively within the fourth quarter, including seven new positions whereas exiting three others. A repurchase of audio streaming and podcast service Spotify (SPOT) marked the most important new addition. Since we bought the inventory within the second quarter of 2021, administration has made two key adjustments to drive materials revenue upgrades: the corporate carried out two rounds of worth will increase throughout all subscription companies and sharply lower prices to reinforce earnings. The previous led to progress in common income per consumer after years of decline, whereas the latter resulted in significant working margin enlargement. Within the meantime, Spotify has maintained a robust market place, increasing pockets share whereas rising the full addressable marketplace for its companies.
Luxurious items has represented our main shopper discretionary publicity over the past a number of years, which we added to with the acquisition of French equipment maker Hermes (OTCPK:HESAY). The corporate limits the provision of its ultra-premium, handcrafted leather-based items regardless of big shopper demand. Whereas this has led to waitlists and decrease potential progress, it has additionally underpinned the model’s desirability and exclusivity. We see alternatives for Hermes by means of elevated quantity, pricing energy and product classes reminiscent of able to put on, jewellery, watches and sweetness nonetheless in early phases of progress.
We additionally continued to enhance our weights in Japan with the acquisition of Mitsubishi UFJ Monetary Group (MUFG) and industrial gases supplier Nippon Sanso Holdings (OTCPK:TYNPF).
Gross sales through the quarter included French eyecare supplier EssilorLuxottica (OTCPK:ESLOF), because it approached our worth goal, in addition to Eire-based IT advisor Accenture (ACN) and Swedish specialty technical instrument supplier Hexagon (OTCPK:HXGBF).
Outlook
The thought of U.S. exceptionalism might have reached its zenith in 2024 as its economic system continued to ship strong progress with inflation coming principally beneath management, resulting in outsize fairness returns. We imagine the second Trump administration introduces a wild card into that momentum and, with U.S. fairness valuations nicely above common, leaves little room for error ought to tariff or associated geopolitical insurance policies create volatility. Worldwide markets, however, are priced for little progress, which we imagine creates an missed alternative for lively progress traders like ourselves.
Knowledge as of Dec. 31, 2024. Sources: FactSet, MSCI, S&P.
We see a number of catalysts that would assist worldwide equities shut the efficiency hole within the 12 months forward. The primary is tariffs. In his first time period, Trump ended up implementing much less stringent and extra restricted tariffs then had been steered on the marketing campaign path. Ought to his continued robust discuss on tariffs find yourself being extra of a negotiating software than precise commerce coverage, this may be a boon to the export-driven European and Japanese economies. Second could be an finish to the Russia-Ukraine battle, which may generate important stimulus for Europe total as Ukraine would require a sort of Marshall Plan to revive its economic system. The World Financial institution estimates $480 billion by way of reconstruction prices, creating important demand for areas just like the supplies sector in supplying cement and metal.
The third potential driver is that two of the most important worldwide economies, Germany and Japan, are nicely behind the U.S. by way of fiscal stimulus measures. Political upheaval in Germany may take away previous impediments to larger spending. With elections scheduled for the primary quarter, accommodative measures may very well be carried out in Germany as early because the second quarter, probably boosting spending on infrastructure and areas like semiconductors. Japan, in the meantime, lately introduced large stimulus of ¥1.8 trillion that will probably be used to fund its power transition.
Taken collectively, together with developed market valuations which have barely budged within the final 20 years (in comparison with a 40% rise in U.S. multiples), we see scope for a reversion to begin in world fairness management. We imagine the Technique’s diversified method to progress is well-suited to take part on this progress over the approaching 12 months.
Portfolio Highlights
Through the fourth quarter, the ClearBridge Worldwide Progress EAFE Technique outperformed its MSCI EAFE Index benchmark on account of strong draw back safety, an indicator of our method. On an absolute foundation, the Technique endured losses throughout eight of the 9 sectors through which it was invested (out of 11 whole), with the communication companies sector the lone contributor whereas the well being care and industrials sectors have been the first detractors.
On a relative foundation, total inventory choice and sector allocation contributed to efficiency. Specifically, inventory choice within the IT, communication companies and supplies sectors drove outcomes. Conversely, inventory choice within the industrials and utilities sectors, an underweight to financials and an obese to well being care detracted from efficiency.
On a regional foundation, inventory choice in Asia Ex Japan in addition to overweights to North America (Canada) and rising markets supported efficiency whereas inventory choice in North America, Japan and rising markets and an underweight to Japan proved detrimental.
On a person inventory foundation, the most important contributors to absolute returns within the quarter included Shopify and SAP within the IT sector, Sony within the shopper discretionary sector, Argenx (ARGX) within the well being care sector and Sea Restricted within the communication companies sector. The best detractors from absolute returns included positions in Novo Nordisk in well being care, ASML in IT, Industria de Diseno Textil (OTCPK:IDEXY, Inditex) in shopper discretionary, Canadian Pacific Kansas Metropolis (CP) in industrials and EDP (OTCPK:EDPFY) in utilities.
Along with the transactions talked about above, the Technique repurchased shares of Test Level Software program (CHKP) in IT and Marks and Spencer (OTCQX:MAKSF) in shopper discretionary.
Elisa Mazen, Managing Director, Head of International Progress, Portfolio Supervisor
Michael Testorf, CFA, Managing Director, Portfolio Supervisor
Pawel Wroblewski, CFA, Managing Director, Portfolio Supervisor
Efficiency supply: Inner. Benchmark supply: Morgan Stanley Capital Worldwide. Neither ClearBridge Investments, LLC nor its info suppliers are accountable for any damages or losses arising from any use of this info. Efficiency is preliminary and topic to alter. Neither MSCI nor another occasion concerned in or associated to compiling, computing or creating the MSCI information makes any categorical or implied warranties or representations with respect to such information (or the outcomes to be obtained by the use thereof), and all such events hereby expressly disclaim all warranties of originality, accuracy, completeness, merchantability or health for a specific goal with respect to any of such information. With out limiting any of the foregoing, in no occasion shall MSCI, any of its associates or any third occasion concerned in or associated to compiling, computing or creating the info have any legal responsibility for any direct, oblique, particular, punitive, consequential or another damages (together with misplaced earnings) even when notified of the potential for such damages. No additional distribution or dissemination of the MSCI information is permitted with out MSCI’s categorical written consent. Additional distribution is prohibited.
Click on to enlarge
Unique Publish
Editor’s Notice: The abstract bullets for this text have been chosen by Looking for Alpha editors.
Editor’s Notice: This text discusses a number of securities that don’t commerce on a serious U.S. trade. Please pay attention to the dangers related to these shares.
Enterprise
ADVERTISEMENT
Informasi mengenai king slot
king selot
king slot
king slot
kingselot
pg king slot
rungkad88
sabet88slot
sakti888
santai88
santika88
sebat777
sebat88
sensasi77
serba88
shangrila88
sheraton88
shopee88
sibukslot88
sido888
sinar88slot
sinartogel88
singa88
sis88
slotplay88
solitaire88
sontogel88
sparta888
speaker88
suara88
sukaslot888
sultan777
sumo7777
supermoney888
surga888
surgaplay88
surya888
suzuki88
tahta88
tahtatoto
target888
taruhan777
tato88
tebar88
teknis88
teluk88
teluk88
texas888
kilau88
tiket88
tiktok888
togelsumo88
totosaja88
trading88
tradingview88
tripadvisor88
uang88
ubud88
ultra77
usdt88
userslot88
uyatoto
vegasslot88
vertu777
voxy888
warung22
wasiat88
whatsapp88
winrate999
wks88
wordpress88
wuzz888
xuxu88
yoktogel88
zara88
adu88
agoda88
andara999
asiahoki777
asiahoki88
atlas777
atlas88
autospin888
axl77
axl777
ayo777
bakwanbet88
balak666
bangkit88
batu88
bayar777
bayar777
bayar88
berita88
bobo88
box77
bromo777
ceria88
cipit888
dewahoki88
dewanaga
dewanaga88
dewaslot77
dewi228
dewihoki88
dosen88
elanggame88
rungkad88 permainan paling high dan garansi imbal balik hasil besar bersama https://rungkad88.biz/
sabet88slot permainan paling high dan garansi imbal balik hasil besar bersama https://sabet88slot.com/
sakti888 permainan paling high dan garansi imbal balik hasil besar bersama https://sakti888.biz/
santai88 permainan paling high dan garansi imbal balik hasil besar bersama https://santai88.org/
santika88 permainan paling high dan garansi imbal balik hasil besar bersama https://santika88.org/
sebat777 permainan paling high dan garansi imbal balik hasil besar bersama https://sebat777.information/
sebat88 permainan paling high dan garansi imbal balik hasil besar bersama https://sebat88.information/
sensasi77 permainan paling high dan garansi imbal balik hasil besar bersama https://sensasi77.biz/
serba88 permainan paling high dan garansi imbal balik hasil besar bersama https://serba88.biz/
shangrila88 permainan paling high dan garansi imbal balik hasil besar bersama https://shangrila88.com/
sheraton88 permainan paling high dan garansi imbal balik hasil besar bersama https://sheraton88.com/
shopee88 permainan paling high dan garansi imbal balik hasil besar bersama https://shopee88.biz/
sibukslot88 permainan paling high dan garansi imbal balik hasil besar bersama https://sibukslot88.com/
sido888 permainan paling high dan garansi imbal balik hasil besar bersama https://sido888.com/
sinar88slot permainan paling high dan garansi imbal balik hasil besar bersama https://sinar88slot.information/
sinartogel88 permainan paling high dan garansi imbal balik hasil besar bersama https://sinartogel88.biz/
singa88 permainan paling high dan garansi imbal balik hasil besar bersama https://singa88.biz/
sis88 permainan paling high dan garansi imbal balik hasil besar bersama https://sis88.biz/
slotplay88 permainan paling high dan garansi imbal balik hasil besar bersama https://slotplay88.biz/
solitaire88 permainan paling high dan garansi imbal balik hasil besar bersama https://solitaire88.internet/
sontogel88 permainan paling high dan garansi imbal balik hasil besar bersama https://sontogel88.com/
sparta888 permainan paling high dan garansi imbal balik hasil besar bersama https://sparta888.co/
speaker88 permainan paling high dan garansi imbal balik hasil besar bersama https://speaker88.internet/
suara88 permainan paling high dan garansi imbal balik hasil besar bersama https://suara88.biz/
sukaslot888 permainan paling high dan garansi imbal balik hasil besar bersama https://sukaslot888.information/
sultan777 permainan paling high dan garansi imbal balik hasil besar bersama https://sultan777.asia/
sumo7777 permainan paling high dan garansi imbal balik hasil besar bersama https://sumo7777.com/
supermoney888 permainan paling high dan garansi imbal balik hasil besar bersama https://supermoney888.biz/
surga888 permainan paling high dan garansi imbal balik hasil besar bersama https://surga888.biz/
surgaplay88 permainan paling high dan garansi imbal balik hasil besar bersama https://surgaplay88.biz/
surya888 permainan paling high dan garansi imbal balik hasil besar bersama https://surya888.biz/
suzuki88 permainan paling high dan garansi imbal balik hasil besar bersama https://suzuki88.biz/
tahta88 permainan paling high dan garansi imbal balik hasil besar bersama https://tahta88.biz/
tahtatoto permainan paling high dan garansi imbal balik hasil besar bersama https://tahtatoto.biz/
target888 permainan paling high dan garansi imbal balik hasil besar bersama https://target888.biz/
taruhan777 permainan paling high dan garansi imbal balik hasil besar bersama https://taruhan777.biz/
tato88 permainan paling high dan garansi imbal balik hasil besar bersama https://tato88.org/
tebar88 permainan paling high dan garansi imbal balik hasil besar bersama https://tebar88.asia/
teknis88 permainan paling high dan garansi imbal balik hasil besar bersama https://teknis88.com/
teluk88 permainan paling high dan garansi imbal balik hasil besar bersama https://teluk88.biz/
teluk88 permainan paling high dan garansi imbal balik hasil besar bersama https://teluk88.information/
texas888 permainan paling high dan garansi imbal balik hasil besar bersama https://texas888.asia/
kilau88 permainan paling high dan garansi imbal balik hasil besar bersama https://texas888slot.org/
tiket88 permainan paling high dan garansi imbal balik hasil besar bersama https://tiket88.asia/
tiktok888 permainan paling high dan garansi imbal balik hasil besar bersama https://tiktok888.information/
togelsumo88 permainan paling high dan garansi imbal balik hasil besar bersama https://togelsumo88.com/
totosaja88 permainan paling high dan garansi imbal balik hasil besar bersama https://totosaja88.com/
trading88 permainan paling high dan garansi imbal balik hasil besar bersama https://trading88.org/
tradingview88 permainan paling high dan garansi imbal balik hasil besar bersama https://tradingview88.com/
tripadvisor88 permainan paling high dan garansi imbal balik hasil besar bersama https://tripadvisor88.com/
uang88 permainan paling high dan garansi imbal balik hasil besar bersama https://uang88.asia/
ubud88 permainan paling high dan garansi imbal balik hasil besar bersama https://ubud88.asia/
ultra77 permainan paling high dan garansi imbal balik hasil besar bersama https://ultra77.biz/
usdt88 permainan paling high dan garansi imbal balik hasil besar bersama https://usdt88.internet/
userslot88 permainan paling high dan garansi imbal balik hasil besar bersama https://userslot88.biz/
uyatoto permainan paling high dan garansi imbal balik hasil besar bersama https://uyatoto.com/
vegasslot88 permainan paling high dan garansi imbal balik hasil besar bersama https://vegasslot88.asia/
vertu777 permainan paling high dan garansi imbal balik hasil besar bersama https://vertu777.org/
voxy888 permainan paling high dan garansi imbal balik hasil besar bersama https://voxy888.biz/
warung22 permainan paling high dan garansi imbal balik hasil besar bersama https://warung22.com/
wasiat88 permainan paling high dan garansi imbal balik hasil besar bersama https://wasiat88.biz/
whatsapp88 permainan paling high dan garansi imbal balik hasil besar bersama https://whatsapp88.internet/
winrate999 permainan paling high dan garansi imbal balik hasil besar bersama https://winrate999.biz/
wks88 permainan paling high dan garansi imbal balik hasil besar bersama https://wks88.org/
wordpress88 permainan paling high dan garansi imbal balik hasil besar bersama https://wordpress88.internet/
wuzz888 permainan paling high dan garansi imbal balik hasil besar bersama https://wuzz888.com/
xuxu88 permainan paling high dan garansi imbal balik hasil besar bersama https://xuxu88.org/
yoktogel88 permainan paling high dan garansi imbal balik hasil besar bersama https://yoktogel88.slot.com/
zara88 permainan paling high dan garansi imbal balik hasil besar bersama https://zara88.slot.internet/
adu88 permainan paling high dan garansi imbal balik hasil besar bersama https://adu88.asia/
agoda88 permainan paling high dan garansi imbal balik hasil besar bersama https://agoda88.asia/
andara999 permainan paling high dan garansi imbal balik hasil besar bersama https://andara999.org/
asiahoki777 permainan paling high dan garansi imbal balik hasil besar bersama https://asiahoki777.asia/
asiahoki88 permainan paling high dan garansi imbal balik hasil besar bersama https://asiahoki88.org/
atlas777 permainan paling high dan garansi imbal balik hasil besar bersama https://atlas777.asia/
atlas88 permainan paling high dan garansi imbal balik hasil besar bersama https://atlas88.asia/
autospin888 permainan paling high dan garansi imbal balik hasil besar bersama https://autospin888.asia/
axl77 permainan paling high dan garansi imbal balik hasil besar bersama https://axl77.asia/
axl777 permainan paling high dan garansi imbal balik hasil besar bersama https://axl777.org/
ayo777 permainan paling high dan garansi imbal balik hasil besar bersama https://ayo777.dwell/
bakwanbet88 permainan paling high dan garansi imbal balik hasil besar bersama https://bakwanbet88.com/
balak666 permainan paling high dan garansi imbal balik hasil besar bersama https://balak666.information/
bangkit88 permainan paling high dan garansi imbal balik hasil besar bersama https://bangkit88.biz/
batu88 permainan paling high dan garansi imbal balik hasil besar bersama https://batu88.biz/
bayar777 permainan paling high dan garansi imbal balik hasil besar bersama https://bayar777.asia/
bayar777 permainan paling high dan garansi imbal balik hasil besar bersama https://bayar777.dwell/
bayar88 permainan paling high dan garansi imbal balik hasil besar bersama https://bayar88.asia/
berita88 permainan paling high dan garansi imbal balik hasil besar bersama https://berita88.biz/
bobo88 permainan paling high dan garansi imbal balik hasil besar bersama https://bobo88.asia/
box77 permainan paling high dan garansi imbal balik hasil besar bersama https://box77.asia/
bromo777 permainan paling high dan garansi imbal balik hasil besar bersama https://bromo777.dwell/
ceria88 permainan paling high dan garansi imbal balik hasil besar bersama https://ceria88.biz/
cipit888 permainan paling high dan garansi imbal balik hasil besar bersama https://cipit888.asia/
dewahoki88 permainan paling high dan garansi imbal balik hasil besar bersama https://dewahoki88.asia/
dewanaga permainan paling high dan garansi imbal balik hasil besar bersama https://dewanaga.professional/
dewanaga88 permainan paling high dan garansi imbal balik hasil besar bersama https://dewanaga88.dwell/
dewaslot77 permainan paling high dan garansi imbal balik hasil besar bersama https://dewaslot77.asia/
dewi228 permainan paling high dan garansi imbal balik hasil besar bersama https://dewi228.information/
dewihoki88 permainan paling high dan garansi imbal balik hasil besar bersama https://dewihoki88.asia/
dosen88 permainan paling high dan garansi imbal balik hasil besar bersama https://dosen88.org/
elanggame88 permainan paling high dan garansi imbal balik hasil besar bersama https://elanggame88.org/
slot demo gacor permainan paling high dan garansi imbal balik hasil besar bersama https://kdwapp.com/
akun demo slot gacor permainan paling high dan garansi imbal balik hasil besar bersama https://kdwapp.com/
akun slot demo gacor permainan paling high dan garansi imbal balik hasil besar bersama https://kdwapp.com/
akun demo slot pragmatic permainan paling high dan garansi imbal balik hasil besar bersama https://kdwapp.com/
akun slot demo pragmatic permainan paling high dan garansi imbal balik hasil besar bersama https://kdwapp.com/
akun slot demo permainan paling high dan garansi imbal balik hasil besar bersama https://kdwapp.com/
akun demo slot permainan paling high dan garansi imbal balik hasil besar bersama https://kdwapp.com/
slot demo gacor
akun demo slot gacor
akun slot demo gacor
akun demo slot pragmatic
akun slot demo pragmatic
akun slot demo
akun demo slot
slot demo gacor permainan paling high dan garansi imbal balik hasil besar bersama https://jebswagstore.com
akun demo slot gacor permainan paling high dan garansi imbal balik hasil besar bersama https://jebswagstore.com
akun slot demo gacor permainan paling high dan garansi imbal balik hasil besar bersama https://jebswagstore.com
akun demo slot pragmatic permainan paling high dan garansi imbal balik hasil besar bersama https://jebswagstore.com
akun slot demo pragmatic permainan paling high dan garansi imbal balik hasil besar bersama https://jebswagstore.com
akun slot demo permainan paling high dan garansi imbal balik hasil besar bersama https://jebswagstore.com
akun demo slot permainan paling high dan garansi imbal balik hasil besar bersama https://jebswagstore.com
slot demo gacor
akun demo slot gacor
akun slot demo gacor
akun demo slot pragmatic
akun slot demo pragmatic
akun slot demo
akun demo slot
slot demo gacor permainan paling high dan garansi imbal balik hasil besar bersama https://demoslotgacor.professional
akun demo slot gacor permainan paling high dan garansi imbal balik hasil besar bersama https://demoslotgacor.professional
akun slot demo gacor permainan paling high dan garansi imbal balik hasil besar bersama https://demoslotgacor.professional
akun demo slot pragmatic permainan paling high dan garansi imbal balik hasil besar bersama https://demoslotgacor.professional
akun slot demo pragmatic permainan paling high dan garansi imbal balik hasil besar bersama https://demoslotgacor.professional
akun slot demo permainan paling high dan garansi imbal balik hasil besar bersama https://demoslotgacor.professional
akun demo slot permainan paling high dan garansi imbal balik hasil besar bersama https://demoslotgacor.professional
slot demo gacor
akun demo slot gacor
akun slot demo gacor
akun demo slot pragmatic
akun slot demo pragmatic
akun slot demo
akun demo slot
slot demo gacor permainan paling high dan garansi imbal balik hasil besar bersama https://situsslotterbaru.internet
akun demo slot gacor permainan paling high dan garansi imbal balik hasil besar bersama https://situsslotterbaru.internet
akun slot demo gacor permainan paling high dan garansi imbal balik hasil besar bersama https://situsslotterbaru.internet
akun demo slot pragmatic permainan paling high dan garansi imbal balik hasil besar bersama https://situsslotterbaru.internet
akun slot demo pragmatic permainan paling high dan garansi imbal balik hasil besar bersama https://situsslotterbaru.internet
akun slot demo permainan paling high dan garansi imbal balik hasil besar bersama https://situsslotterbaru.internet
akun demo slot permainan paling high dan garansi imbal balik hasil besar bersama https://situsslotterbaru.internet
slot demo gacor
akun demo slot gacor
akun slot demo gacor
akun demo slot pragmatic
akun slot demo pragmatic
akun slot demo
akun demo slot
situs slot terbaru
slot terbaru