1、BORDEAUX EN PRIMEUR REPORT2022 VINTAGE2 2INTRODUCTION FROM CULT WINE INVESTMENT 3STATE OF THE BORDEAUX MARKET 42022 VINTAGE 6CULT WINE INVESTMENT MATURE APPROACH FOR A MATURE MARKET 7DIVERSITY PRODUCER CATEGORIES AND VINTAGE VARIATION 9RELATIVE VALUE OPPORTUNITY AMONG EP AND BACK VINTAGES 12GROWTH W

2、INES IDENTIFYING NAMES ON THE RISE 14 EXAMPLES OF CURRENT POTENTIAL GROWTH TARGETS 16CONTENTSCULT WINE INVESTMENT|WINEINVESTMENT.COM3CULT WINE INVESTMENT|WINEINVESTMENT.COMBordeaux is bubbling with optimism.Early reviews point to a high-quality,unique 2022 vintage.But we see other reasons why fine w

3、ine buyers might want to start prioritising this historic fine wine region again.“Im more excited about Bordeaux EP than Ive been in years.Yes,returns in the region havent equalled those from Burgundy or Champagne but Bordeaux still stands as the foundation of a fine wine portfolio.A fantastic 2022

4、vintage is a good starting place but the improved relative value among many of Bordeauxs finest wines,assuming release prices dont increase too much,points to a great campaign.”Olivier Staub,CFA,Chief Investment OfficerBordeaux EP calls for a mature,analytical approach.Here,in our Bordeaux 2022 EP I

5、nvestment Report we take a look at the regional markets different producer categories,relative value opportunities and other ways to unlock the potential of this essential fine wine region.INTRODUCTIONINTRODUCTION FROM CULT WINE INVESTMENT“Bordeaux today is producing the best wines in its modern his

6、tory.”WILLIAM KELLEY,WINE ADVOCATE MARCH 20234CULT WINE INVESTMENT|WINEINVESTMENT.COM“Stability and liquidity are hallmarks of the Bordeaux market.Whatever the macro backdrop,Bordeaux wines liquidity and relatively stable price appreciation helps make the region an essential component of a fine wine