capital markets review - raymond james …...january 2020 capital markets review | quarterly summary...

REVIEWING THE QUARTER ENDED DECEMBER 31, 2019

CAPITAL MARKETS REVIEWJanuary 2020

Capital Markets Review | QuarterlyJanuary 2020

SUMMARY

2

ECONOMIC ReviewGross Domestic Product 3Employment 4 Construction and Manufacturing 5Inflation 6Housing Market 7Consumer Confidence 8

Capital Markets ReviewBroad Asset Class Returns 9Domestic Returns 10 Fixed Income Returns 11 International Equity Returns 12S&P Equity Sector Returns 13 US Treasuries 14Fixed Income Yields 15Global Sovereign Debt Yields 16Foreign Exchange Rates 17Commodity Prices 18

Quarterly TopicsThe Senate 19The House 20Presidential Election 21Caught in the Vortex 22Price to Earnings Multiple Explained 232020 Year-End Outlook 24


ECONOMIC REVIEW | GROSS DOMESTIC PRODUCT

10/16 1/17 4/17 7/17 10/17 1/18 4/18 7/18 10/18 1/19 4/19 7/19 10/19

-2%

-1%

0%

1%

2%

3%

4%

5%

6%

Gross Private Domestic InvestmentPersonal Consumption ExpendituresGovt Consumption Expenditures & Gross InvestmentNet Exports of Goods & Services

3

Contribution to % Change in Real GDP

'90 '92 '94 '96 '98 '00 '02 '04 '06 '08 '10 '12 '14 '16 '18-10%

-8%

-6%

-4%

-2%

0%

2%

4%

6%

8%

10%

Real GDP Recession Periods - United States

Quarterly Change in Real GDP

PresenterPresentation NotesGross domestic product (GDP) is a widely used measure of economic activity, reflecting both income and output. GDP can be defined as the total market value of all final goods and services produced domestically within a given quarter or year. The U.S. Commerce Department often revises its preliminary GDP estimates as additional data becomes available.

GDP represents the total of personal consumption, gross investment, government spending and net exports (exports less imports). Unlike gross national product (GNP), which includes net foreign income (the current account) and is designed to measure the value of output of U.S. firms, regardless of where the firms are located, GDP measures the market value of all output produced within a nation’s borders.

Data shown are quarterly, seasonally adjusted, annualized GDP in chained 2005 U.S. dollars.


ECONOMIC REVIEW | EMPLOYMENT

4

Civilian Unemployment Rate Non-Farm Payroll and Factory Orders

'00 '02 '04 '06 '08 '10 '12 '14 '16 '18 '20-40%

-30%

-20%

-10%

0%

10%

20%

30%

-6%

-5%

-4%

-3%

-2%

-1%

0%

1%

2%

3%

4%

Non-farm Payroll YoY Change (Left) Factory Orders YoY Change (Right)Recession Periods - United States

'00 '02 '04 '06 '08 '10 '12 '14 '16 '18 '203%

4%

5%

6%

7%

8%

9%

10%

11%

100

200

300

400

500

600

700

Unemployment Rate (Right) Jobless Claims (Thousands) (Left)Recession Periods - United States

PresenterPresentation NotesThe civilian unemployment rate, expressed as a percentage, represents the number of unemployed people divided by the total size of the labor force – which includes both unemployed and employed workers.

Individuals age 16 and older who are jobless, looking for jobs and available for work are considered unemployed. People who are either not looking for a job, or would not work if they found a job, are not included in this measure. This group includes “discouraged workers” who want and are available for jobs but who are not looking because they believe there are no jobs available for which they would qualify. The Bureau of Labor Statistics calculates the unemployment rate based on a survey of U.S. households.

Nonfarm payroll employment is a measure of the labor market’s overall strength. Reflecting all business employees, excluding private household employees, general government employees and employees of nonprofit organizations, it accounts for about 80% of the workers who contribute to GDP.


ECONOMIC REVIEW | MAJOR INDUSTRY CONTRIBUTIONS TO JOB GROWTH

5

Construction and Manufacturing

'90 '92 '94 '96 '98 '00 '02 '04 '06 '08 '10 '12 '14 '16 '18 '2030

35

40

45

50

55

60

65

200

400

600

800

1,000

1,200

1,400

ISM Manufacturing Index (Right) Construction Spending (Billions of $) (Left)

PresenterPresentation NotesMajor Industry Highlights of Monthly Jobs: The data in this chart, which is gathered by the Bureau of Labor Statistics, is an estimate of the net number of jobs in the various of industries in the latest month. It is based on a sample of roughly 140,000 businesses and government agencies taken during the week that contains the 12th day of the month.


ECONOMIC REVIEW | INFLATION

6

Personal Consumption Expenditures (PCE) (YoY Change)

PCE Target

'00 '01 '02 '03 '04 '05 '06 '07 '08 '09 '10 '11 '12 '13 '14 '15 '16 '17 '18 '19 '20-2%

-1%

0%

1%

2%

3%

4%

5%

PCE PCE (Excl. Food And Energy) Recession Periods - United States

-0.2%

-0.1%

0.0%

0.1%

0.2%

0.3%

0.4%

0.5%

0%

5%

10%

15%

20%

25%

Weight (Left) YoY Change (Right)

Components of PCE

PresenterPresentation NotesThe personal consumption expenditure PCE is one measure of U.S. inflation. The PCE measures the percentage change in prices of goods and services purchased by consumers throughout the economy. Of all the measures of consumer price inflation, the PCE covers the broadest set of goods and services. Core PCE excludes food and energy.


ECONOMIC REVIEW | HOUSING MARKET

7

'00 '02 '04 '06 '08 '10 '12 '14 '16 '18 '20-15

-10

-5

0

5

10

15

20

S&P/Case-Shiller National Home Price Recession Periods - United States

National Home Price Index (YoY Change) New and Existing Home Sales

'00 '02 '04 '06 '08 '10 '12 '14 '16 '18 '20200

400

600

800

1,000

1,200

1,400

1,600

3.0

3.5

4.0

4.5

5.0

5.5

6.0

6.5

7.0

7.5

New Residential Sales (Thousands) (Right)Existing Home Sales (Millions) (Left)Recession Periods - United States

PresenterPresentation NotesCalculated quarterly, the S&P/Case-Shiller Home Price Index is a broad composite of single-family home price indices drawn from 10 regional metropolitan areas, including Boston, Chicago, Denver, Las Vegas, Los Angeles, Miami, New York, San Diego, San Francisco and Washington, D.C. It is based on weighted repeat sales methodology utilized with the intention to measure housing prices with a constant level of quality. It utilizes a 3-month moving average and is indexed so that the year 2000 is equal to 100.

New Privately-Owned Housing Units Authorized by Building Permits in Permit-Issuing Places (Seasonally Adjusted Annual Rate):

A housing unit, as defined for purposes of these data, is a house, an apartment, a group of rooms, or a single room intended for occupancy as separate living quarters. Separate living quarters are those in which the occupants live separately from any other individuals in the building and which have a direct access from the outside of the building or through a common hall.

In accordance with this definition, each apartment unit in an apartment building is counted as one housing unit. Housing units, as distinguished from "HUD-code" manufactured (mobile) homes, include conventional "site-built" units, prefabricated, panelized, sectional, and modular units.


ECONOMIC REVIEW | CONSUMER CONFIDENCE

8

'00 '02 '04 '06 '08 '10 '12 '14 '16 '18 '2020

40

60

80

100

120

140

160

Consumer Confidence Recession Periods - United States

Consumer Confidence Retail Sales

'00 '02 '04 '06 '08 '10 '12 '14 '16 '18 '20-15%

-10%

-5%

0

5%

10%

15%

Retail Sales YoY Change Recession Periods - United States

PresenterPresentation NotesThe Surveys of Consumers has been conducted by the Survey Research Center at the University of Michigan since 1946. The surveys have proven to be an accurate indicator of the future of the national economy. The data is widely used by a broad range of business firms, financial institutions, and federal agencies. The Index of Consumer Expectations is an official component of the Index of Leading Indicators developed by the U.S. Department of Commerce. Each month, 500 individuals are randomly selected from the contiguous United States (48 states plus the District of Columbia) to participate in the Surveys of Consumers. In order for the results to accurately represent the opinions of the population of the United States, it is important that each person selected participates. The questions asked cover three broad areas of consumer confidence: personal finances, business conditions, and future buying plans The Survey of Consumers is a rotating panel survey based on a nationally representative sample that gives each household in the coterminous U.S. an equal probability of being selected. Interviews are conducted throughout the month by telephone. The minimum monthly change required for significance at the 95% level in the Sentiment Index is 4.8 points; for Current and Expectations Index the minimum is 6.0 points.


CAPITAL MARKETS | BROAD ASSET CLASS RETURNS

9

Blended Portfolio Allocation: 45% US Equity / 15% Non-US Equity / 40% Fixed Income

2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019Non-Us Equities

Real Estate Fixed IncomeNon-Us

EquitiesUS Equities Real Estate US Equities Real Estate

Non-Us Equities

Cash & Cash Alternatives

US Equities

34.4% 40.4% 7.8% 17.0% 32.4% 14.3% 1.4% 15.3% 24.8% 1.8% 31.5%

US Equities CommoditiesBlended Portfolio

US EquitiesNon-Us

EquitiesUS Equities Fixed Income US Equities US Equities Fixed Income

Non-Us Equities

26.5% 16.7% 2.3% 16.0% 21.6% 13.7% 0.5% 12.0% 21.8% 0.0% 23.2%

Real Estate US Equities US EquitiesBlended Portfolio

Blended Portfolio

Blended Portfolio

Blended Portfolio

CommoditiesBlended Portfolio

Blended Portfolio

Blended Portfolio

22.1% 15.1% 2.1% 11.4% 17.0% 8.0% 0.5% 11.4% 15.0% -4.0% 21.1%Blended Portfolio

Blended Portfolio


Fixed IncomeCash & Cash Alternatives

Fixed IncomeCash & Cash Alternatives

Blended Portfolio

Fixed Income US Equities Real Estate

19.4% 10.8% 0.1% 4.2% 0.0% 6.0% 0.0% 6.9% 3.5% -4.4% 19.5%

CommoditiesNon-Us Equities

Real Estate Real Estate Fixed IncomeCash & Cash Alternatives

Non-Us Equities

Non-Us Equities


Real Estate Fixed Income

18.7% 9.4% -2.2% 0.6% -2.0% 0.0% -2.6% 3.3% 0.8% -7.6% 8.7%

Fixed Income Fixed IncomeNon-Us

EquitiesCash & Cash Alternatives

CommoditiesNon-Us

EquitiesReal Estate Fixed Income Commodities Commodities Commodities

5.9% 6.5% -11.8% 0.1% -9.6% -3.9% -24.2% 2.6% 0.7% -13.0% 5.4%Cash & Cash Alternatives


Commodities Commodities Real Estate Commodities CommoditiesCash & Cash Alternatives

Real EstateNon-Us Equities


0.1% 0.1% -13.4% -1.1% -25.8% -17.0% -24.7% 0.3% -0.2% -13.6% 2.2%

PresenterPresentation NotesThis chart illustrates the returns delivered by a variety of asset classes over a period of time. As you can see, during the period illustrated, each asset class reacted differently to economic and financial development.By diversifying across asset classes, investors seek to hedge against the unknown since, by definition, for a group of assets to be considered an asset class, it should – among other attributes – exhibit low correlation with other asset classes. In other words, one asset class may tend to flourish during periods of high inflation, while another asset class may suffer. Asset allocation and diversification do not ensure profit or protect against loss.

The portfolio mix is 45% S&P 500 Index / 15% MSCI EAFE Index / 40% Barclays Capital Aggregate Index.

__FDSCACHE__

Giampiero Fuentes: TRYCH10Y-FDS^MAX(FG_YIELD(-30AY,0))116.963TRYFR10Y-FDS^MAX(FG_YIELD(-30AY,0))1110.67TRYES10Y-FDS^MAX(FG_YIELD(-30AY,0))1114.034TRYAU10Y-FDS^MAX(FG_YIELD(-30AY,0))1113.944516TRYUS10Y-FDS^MAX(FG_YIELD(-30AY,0))119.09LHMN29304^LB_RETURN(43465,43738)113.25472996743061SP50^FG_TRET_PCHG_IDX(43738,43465,,,,"UNHEDGED")1120.5523373014915TRYCH10Y-FDS^MIN(FG_YIELD(-30AY,0))11-1.123TRYFR10Y-FDS^MIN(FG_YIELD(-30AY,0))11-0.441TRYES10Y-FDS^MIN(FG_YIELD(-30AY,0))110.04TRYAU10Y-FDS^MIN(FG_YIELD(-30AY,0))110.872TRYUS10Y-FDS^MIN(FG_YIELD(-30AY,0))111.3605LHMN0090^LB_RETURN(43465,43738)112.89128607752098CVK^FG_COMPANY_NAME11S&P Small Cap 600 ValueSP685.R^P(43769)11509.95038SP685.R^P(43465)11393.57782TRYCH10Y-FDS^FG_YIELD(0,0)11-0.501TRYFR10Y-FDS^FG_YIELD(0,0)110.054TRYES10Y-FDS^FG_YIELD(0,0)110.444TRYAU10Y-FDS^FG_YIELD(0,0)111.236TRYUS10Y-FDS^FG_YIELD(0,0)111.8556LHMN0078^LB_RETURN(43465,43738)111.76242458881986SP50^FG_COMPANY_NAME11S&P 500CKG^FG_COMPANY_NAME11S&P Small Cap 600 GrowthTRYDE10Y-FDS^MAX(FG_YIELD(-30AY,0))119.29129TRYSE10Y-FDS^MAX(FG_YIELD(-30AY,0))1113.87TRYPT10Y-FDS^MAX(FG_YIELD(-30AY,0))1115.751TRYNO10Y-FDS^MAX(FG_YIELD(-30AY,0))1111.02LHMN0152^LB_RETURN(43465,43738)1121.9170824598171LHMN0152^FG_COMPANY_NAME11Bloomberg Barclays US Aggregate Credit - LongLHMN0078^FG_COMPANY_NAME11Bloomberg Barclays US Treasury - Bills (1-3 M)MS303000^FG_COMPANY_NAME11MSCI EM Eastern EuropeMUVK^FG_TRET_PCHG_IDX(43738,43465,,,,"UNHEDGED")1117.3860028515326MID^FG_TRET_PCHG_IDX(43738,43465,,,,"UNHEDGED")1117.8727931822367TRYDE10Y-FDS^MIN(FG_YIELD(-30AY,0))11-0.72TRYSE10Y-FDS^MIN(FG_YIELD(-30AY,0))11-0.521TRYPT10Y-FDS^MIN(FG_YIELD(-30AY,0))110.0739TRYNO10Y-FDS^MIN(FG_YIELD(-30AY,0))110.88LHMN2814^LB_RETURN(43465,43738)1111.4062008881558LHMN2814^FG_COMPANY_NAME11Bloomberg Barclays US High Yield - CorporateTRYDE10Y-FDS^FG_YIELD(0,0)11-0.231TRYSE10Y-FDS^FG_YIELD(0,0)110.153TRYPT10Y-FDS^FG_YIELD(0,0)110.402TRYNO10Y-FDS^FG_YIELD(0,0)111.41LHMN0001^LB_RETURN(43465,43738)118.52107283796351LHMN0001^FG_COMPANY_NAME11Bloomberg Barclays US AggregateMS303000^MSCI_PRICE_GUSD_D(43738,,,0)11329.429744MS303000^MSCI_PRICE_GUSD_D(43465,,,0)11278.692002990300^FG_COMPANY_NAME11MSCI EAFEMGDK^FG_TRET_PCHG_IDX(43738,43465,,,,"UNHEDGED")1118.3228053159259TRYDK10Y-FDS^MAX(FG_YIELD(-30AY,0))1112.2TRYBE10Y-FDS^MAX(FG_YIELD(-30AY,0))1110.690322TRYGB10Y-FDS^MAX(FG_YIELD(-30AY,0))1113.24TRYCA10Y-FDS^MAX(FG_YIELD(-30AY,0))1112.008573LHMN0011^LB_RETURN(43465,43738)1112.6135181105853LHMN0011^FG_COMPANY_NAME11Bloomberg Barclays US Aggregate Credit991700^MSCI_PRICE_GUSD_D(43738,,,0)1110422.271928991700^MSCI_PRICE_GUSD_D(43465,,,0)118983.784071982600^FG_COMPANY_NAME11MSCI United KingdomCVK^FG_TRET_PCHG_IDX(43738,43465,,,,"UNHEDGED")1115.5171506341597SPN37.R^P(43769)11554.9847SPN37.R^P(43465)11473.68726TRYDK10Y-FDS^MIN(FG_YIELD(-30AY,0))11-0.704TRYGB10Y-FDS^MIN(FG_YIELD(-30AY,0))110.366TRYCA10Y-FDS^MIN(FG_YIELD(-30AY,0))110.95LHMN0014^LB_RETURN(43465,43738)1110.7930761884174990300^MSCI_PRICE_GUSD_D(43738,,,0)117988.983333990300^MSCI_PRICE_GUSD_D(43465,,,0)117048.072174SML^FG_TRET_PCHG_IDX(43738,43465,,,,"UNHEDGED")1113.4636510694468LHMN29304^FG_COMPANY_NAME11Bloomberg Barclays US TIPS (1-3 Y)MID^FG_COMPANY_NAME11S&P Mid Cap 400SPN01.R^P(43769)11659.8421SPN01.R^P(43465)11637.072SP50.R^P(43769)115702.9756SP50.R^P(43465)114630.4106TRYBE10Y-FDS^MIN(FG_YIELD(-30AY,0))11-0.382LHMN0014^FG_COMPANY_NAME11Bloomberg Barclays Emerging Markets USD Aggregate939200^FG_COMPANY_NAME11MSCI JapanSP125.R^P(43769)11987.06415SP125.R^P(43465)11796.5971MGDK^FG_COMPANY_NAME11S&P Mid Cap 400 GrowthSML^FG_COMPANY_NAME11S&P Small Cap 600TRYDK10Y-FDS^FG_YIELD(0,0)11-0.204TRYBE10Y-FDS^FG_YIELD(0,0)110.036TRYGB10Y-FDS^FG_YIELD(0,0)110.813TRYCA10Y-FDS^FG_YIELD(0,0)111.6LHMN0054^LB_RETURN(43465,43738)117.71150596028782LHMN0054^FG_COMPANY_NAME11Bloomberg Barclays US Aggregate Government - Treasury982600^MSCI_PRICE_GUSD_D(43738,,,0)118411.644396982600^MSCI_PRICE_GUSD_D(43465,,,0)117636.318534892000^FG_COMPANY_NAME11MSCI EM Latin AmericaCKG^FG_TRET_PCHG_IDX(43738,43465,,,,"UNHEDGED")1111.4973978520357SP793.R^P(43769)11375.1217SP793.R^P(43465)11299.10266TRYJP10Y-FDS^MAX(FG_YIELD(-30AY,0))118.105TRYIT10Y-FDS^MAX(FG_YIELD(-30AY,0))1115.278TRYGR10Y-FDS^MAX(FG_YIELD(-30AY,0))1131.02LHMN0730^LB_RETURN(43465,43738)116.74929709231382LHMN0730^FG_COMPANY_NAME11Bloomberg Barclays Municipal Bond891800^FG_COMPANY_NAME11MSCI EM (Emerging Markets)SVXK^FG_COMPANY_NAME11S&P 500 ValueSP821.R^P(43769)11664.8744SP821.R^P(43465)11534.27893LHMN0824^FG_COMPANY_NAME11Bloomberg Barclays Global G6 (G7 x US)SVXK^FG_TRET_PCHG_IDX(43738,43465,,,,"UNHEDGED")1120.0101142260027SP701.R^P(43769)111780.4095SP701.R^P(43465)111304.5SP621.R^P(43769)11712.7017SP621.R^P(43465)11581.8407TRYIE10Y-FDS^MAX(FG_YIELD(-30AY,0))1114.0816939200^MSCI_PRICE_GUSD_D(43738,,,0)117237.605169939200^MSCI_PRICE_GUSD_D(43465,,,0)116489.83392MUVK^FG_COMPANY_NAME11S&P Mid Cap 400 ValueSP565.R^P(43769)111526.3644SP565.R^P(43465)111374.5604LHMN0090^FG_COMPANY_NAME11Bloomberg Barclays US Treasury Bellwethers (2 Y)991700^FG_COMPANY_NAME11MSCI Europe ex UKTRYJP10Y-FDS^MIN(FG_YIELD(-30AY,0))11-0.3042TRYIE10Y-FDS^MIN(FG_YIELD(-30AY,0))11-0.1504TRYIT10Y-FDS^MIN(FG_YIELD(-30AY,0))110.813TRYGR10Y-FDS^MIN(FG_YIELD(-30AY,0))111.148LHMN2967^LB_RETURN(43465,43738)115.60003671983449LHMN30875^FG_COMPANY_NAME11Bloomberg Barclays US Agency CMBS892000^MSCI_PRICE_GUSD_D(43738,,,0)117227.127132892000^MSCI_PRICE_GUSD_D(43465,,,0)116780.499674899700^FG_COMPANY_NAME11MSCI EM AsiaSP285.R^P(43769)111227.1124SP285.R^P(43465)11998.62665TRYJP10Y-FDS^FG_YIELD(0,0)11-0.0033TRYIE10Y-FDS^FG_YIELD(0,0)110.072TRYIT10Y-FDS^FG_YIELD(0,0)111.37TRYGR10Y-FDS^FG_YIELD(0,0)111.372LHMN0824^LB_RETURN(43465,43738)115.17233814158862LHMN2967^FG_COMPANY_NAME11Bloomberg Barclays MBS 1000891800^MSCI_PRICE_GUSD_D(43738,,,0)112297.198972891800^MSCI_PRICE_GUSD_D(43465,,,0)112162.749493991400^FG_COMPANY_NAME11MSCI Pacific ex JPSGX^FG_COMPANY_NAME11S&P 500 GrowthSP477.R^P(43769)111021.56647SP477.R^P(43465)11829.8814899700^MSCI_PRICE_GUSD_D(43738,,,0)111014.596101899700^MSCI_PRICE_GUSD_D(43465,,,0)11954.67889991400^MSCI_PRICE_GUSD_D(43738,,,0)118622.921126991400^MSCI_PRICE_GUSD_D(43465,,,0)117700.198969SGX^FG_TRET_PCHG_IDX(43738,43465,,,,"UNHEDGED")1121.0575171416645LHMN0078^LB_RETURN(43830,43465)112.20800730908264LHMN0001^LB_RETURN(43830,43465)118.71670078728391SP50.R^P(43830)116088.3613991000^MSCI_PRICE_GUSD_D(43830,,,0)118721.8545991000^MSCI_PRICE_GUSD_D(43465,,,0)117081.511044BBGCICMP^FG_PRICE(43830)1180.8871BBGCICMP^FG_PRICE(43465)1176.7154UNUS-FTX^P_PRICE(43830)113236.36UNUS-FTX^P_PRICE(43465)112707.6991000^FG_COMPANY_NAME11MSCI World ex USASP621.R^FG_COMPANY_NAME11S&P 500 (TR) / Financials - SECBBGCICMP^FG_COMPANY_NAME11Bloomberg Commodity IndexSP685.R^FG_COMPANY_NAME11S&P 500 (TR) / Real Estate - IGSP50.R^FG_COMPANY_NAME11S&P 500 (TR)SPN37.R^FG_COMPANY_NAME11S&P 500 (TR) / Materials - SECSP125.R^FG_COMPANY_NAME11S&P 500 (TR) / Industrials - SECSP821.R^FG_COMPANY_NAME11S&P 500 (TR) / Utilities - SECSP285.R^FG_COMPANY_NAME11S&P 500 (TR) / Consumer Discretionary - SECSP477.R^FG_COMPANY_NAME11S&P 500 (TR) / Consumer Staples - SECUNUS-FTX^FG_COMPANY_NAME11FTSE EPRA/NAREIT United StatesSP793.R^FG_COMPANY_NAME11S&P 500 (TR) / Communication Services -SECSP565.R^FG_COMPANY_NAME11S&P 500 (TR) / Health Care - SECSP701.R^FG_COMPANY_NAME11S&P 500 (TR) / Information Technology - SECSPN01.R^FG_COMPANY_NAME11S&P 500 (TR) / Energy - SECThis sheet contains FactSet XML data for use with this workbook's =FDS codes. Modifying the worksheet's contents may damage the workbook's =FDS functionality.

Benchmarks

ASSET CLASSBENCHMARKASSET CLASSBENCHMARK

lhmn0078Cash & Cash AlternativesERROR:#NAME?Small BlendERROR:#NAME?sml

lhmn0001Fixed IncomeERROR:#NAME?Small GrowthERROR:#NAME?ckg

SP50.RUS EquitiesERROR:#NAME?US Large CapERROR:#NAME?sp50

991000World EquitiesERROR:#NAME?EM Eastern EuropeERROR:#NAME?MS303000

bbgcicmpCommoditiesERROR:#NAME?Europe ex UKERROR:#NAME?991700

unus-ftxReal EstateERROR:#NAME?Developed MarketsERROR:#NAME?990300

SPN37.rMaterialsERROR:#NAME?United KingdomERROR:#NAME?982600

sp125.rIndustrialsERROR:#NAME?JapanERROR:#NAME?939200

SP793.rComm ServicesERROR:#NAME?EM Latin AmericaERROR:#NAME?892000

SP821.rUtilitiesERROR:#NAME?Emerging MarketsERROR:#NAME?891800

SP285.rConsumer DiscretionaryERROR:#NAME?EM AsiaERROR:#NAME?899700

SP477.rConsumer StaplesERROR:#NAME?Pacific ex JapanERROR:#NAME?991400

SP565.rHealth CareERROR:#NAME?Long-Term BondERROR:#NAME?lhmn0152

SP701.rInformation TechnologyERROR:#NAME?High YieldERROR:#NAME?LHMN2814

SPN01.rEnergyERROR:#NAME?Aggregate BondERROR:#NAME?LHMN0001

SP621.rFinancialsERROR:#NAME?CreditERROR:#NAME?lhmn0011

sp685.rReal EstateERROR:#NAME?Emerging Market BondERROR:#NAME?lhmn0014

SP50.rS&P 500ERROR:#NAME?TreasuryERROR:#NAME?lhmn0054

svxkLarge ValueERROR:#NAME?MunicipalERROR:#NAME?lhmn0730

sp50Large BlendERROR:#NAME?AgencyERROR:#NAME?lhmn30875

sgxLarge GrowthERROR:#NAME?MBSERROR:#NAME?lhmn2967

muvkMid ValueERROR:#NAME?Global Bond ex USERROR:#NAME?lhmn0824

midMid BlendERROR:#NAME?US TIPSERROR:#NAME?lhmn29304

mgdkMid GrowthERROR:#NAME?Short-Term BondERROR:#NAME?lhmn0090

cvkSmall ValueERROR:#NAME?T-BillERROR:#NAME?lhmn0078

Broad

20092010201120122013201420152016201720182019

Non-Us EquitiesReal EstateFixed IncomeNon-Us EquitiesUS EquitiesReal EstateUS EquitiesReal EstateNon-Us EquitiesCash & Cash AlternativesERROR:#N/Alhmn0078Cash & Cash Alternatives

34.4%40.4%7.8%17.0%32.4%14.3%1.4%15.3%24.8%1.8%ERROR:#N/A

US EquitiesCommoditiesBlended PortfolioUS EquitiesNon-Us EquitiesUS EquitiesFixed IncomeUS EquitiesUS EquitiesFixed IncomeERROR:#N/Alhmn0001Fixed Income

26.5%16.7%2.3%16.0%21.6%13.7%0.5%12.0%21.8%0.0%ERROR:#N/A

Real EstateUS EquitiesUS EquitiesBlended PortfolioBlended PortfolioBlended PortfolioBlended PortfolioCommoditiesBlended PortfolioBlended PortfolioERROR:#N/ASP50.RUS Equities

22.1%15.1%2.1%11.4%17.0%8.0%0.5%11.4%15.0%-4.0%ERROR:#N/A

Blended PortfolioBlended PortfolioCash & Cash AlternativesFixed IncomeCash & Cash AlternativesFixed IncomeCash & Cash AlternativesBlended PortfolioFixed IncomeUS EquitiesERROR:#N/A991000World Equities

19.4%10.8%0.1%4.2%0.0%6.0%0.0%6.9%3.5%-4.4%ERROR:#N/A

CommoditiesNon-Us EquitiesReal EstateReal EstateFixed IncomeCash & Cash AlternativesNon-Us EquitiesNon-Us EquitiesCash & Cash AlternativesReal EstateERROR:#N/AbbgcicmpCommodities

18.7%9.4%-2.2%0.6%-2.0%0.0%-2.6%3.3%0.8%-7.6%ERROR:#N/A

Fixed IncomeFixed IncomeNon-Us EquitiesCash & Cash AlternativesCommoditiesNon-Us EquitiesReal EstateFixed IncomeCommoditiesCommoditiesERROR:#N/Aunus-ftxReal Estate

5.9%6.5%-11.8%0.1%-9.6%-3.9%-24.2%2.6%0.7%-13.0%ERROR:#N/A

Cash & Cash AlternativesCash & Cash AlternativesCommoditiesCommoditiesReal EstateCommoditiesCommoditiesCash & Cash AlternativesReal EstateNon-Us EquitiesERROR:#N/ABlended Portfolio

0.1%0.1%-13.4%-1.1%-25.8%-17.0%-24.7%0.3%-0.2%-13.6%ERROR:#N/A

12/31/18

12/31/19

RankName2019

ERROR:#NAME?Cash & Cash AlternativesERROR:#NAME?

ERROR:#NAME?Fixed IncomeERROR:#NAME?

ERROR:#NAME?US EquitiesERROR:#NAME?

ERROR:#NAME?Non-Us EquitiesERROR:#NAME?

ERROR:#NAME?CommoditiesERROR:#NAME?

ERROR:#NAME?Real EstateERROR:#NAME?

ERROR:#NAME?Blended PortfolioERROR:#NAME?

Sectors

2009201020112012201320142015201620172018YTDDate

Information TechnologyReal EstateUtilitiesFinancialsConsumer DiscretionaryReal EstateConsumer DiscretionaryEnergyInformation TechnologyHealth CareERROR:#N/A12/31/18

61.7%32.3%20.0%28.8%43.1%30.2%10.1%27.4%38.8%6.5%ERROR:#N/A10/31/19

MaterialsConsumer DiscretionaryConsumer StaplesConsumer DiscretionaryHealth CareUtilitiesHealth CareComm ServicesMaterialsUtilitiesERROR:#N/ARankNameYTD

48.6%27.7%14.0%23.9%41.5%29.0%6.9%23.5%23.8%4.1%ERROR:#N/AERROR:#NAME?MaterialsERROR:#NAME?SPN37.r

Consumer DiscretionaryIndustrialsHealth CareReal EstateIndustrialsHealth CareConsumer StaplesFinancialsConsumer DiscretionaryConsumer DiscretionaryERROR:#N/AERROR:#NAME?IndustrialsERROR:#NAME?sp125.r

41.3%26.7%12.7%19.7%40.7%25.3%6.6%22.8%23.0%0.8%ERROR:#N/AERROR:#NAME?Comm ServicesERROR:#NAME?SP793.r

Real EstateMaterialsReal EstateComm ServicesFinancialsInformation TechnologyInformation TechnologyIndustrialsFinancialsInformation TechnologyERROR:#N/AERROR:#NAME?UtilitiesERROR:#NAME?SP821.r

27.1%22.2%11.4%18.3%35.6%20.1%5.9%18.9%22.2%-0.3%ERROR:#N/AERROR:#NAME?Consumer DiscretionaryERROR:#NAME?SP285.r

S&P 500EnergyComm ServicesHealth CareS&P 500Consumer StaplesReal EstateMaterialsHealth CareReal EstateERROR:#N/AERROR:#NAME?Consumer StaplesERROR:#NAME?SP477.r

26.5%20.5%6.3%17.9%32.4%16.0%4.7%16.7%22.1%-2.2%ERROR:#N/AERROR:#NAME?Health CareERROR:#NAME?SP565.r

IndustrialsComm ServicesConsumer DiscretionaryS&P 500Information TechnologyFinancialsComm ServicesUtilitiesS&P 500S&P 500ERROR:#N/AERROR:#NAME?Information TechnologyERROR:#NAME?SP701.r

20.9%19.0%6.1%16.0%28.4%15.2%3.4%16.3%21.8%-4.4%ERROR:#N/AERROR:#NAME?EnergyERROR:#NAME?SPN01.r

Health CareS&P 500EnergyIndustrialsConsumer StaplesS&P 500S&P 500Information TechnologyIndustrialsConsumer StaplesERROR:#N/AERROR:#NAME?FinancialsERROR:#NAME?SP621.r

19.7%15.1%4.7%15.3%26.1%13.7%1.4%13.8%21.0%-8.4%ERROR:#N/AERROR:#NAME?Real EstateERROR:#NAME?sp685.r

FinancialsConsumer StaplesInformation TechnologyMaterialsMaterialsIndustrialsFinancialsS&P 500Consumer StaplesComm ServicesERROR:#N/AERROR:#NAME?S&P 500ERROR:#NAME?SP50.r

17.2%14.1%2.4%15.0%25.6%9.8%-1.5%12.0%13.5%-12.5%ERROR:#N/A

Consumer StaplesFinancialsS&P 500Information TechnologyEnergyConsumer DiscretionaryIndustrialsConsumer DiscretionaryUtilitiesFinancialsERROR:#N/A

14.9%12.1%2.1%14.8%25.1%9.7%-2.5%6.0%12.1%-13.0%ERROR:#N/A

EnergyInformation TechnologyIndustrialsConsumer StaplesUtilitiesMaterialsUtilitiesConsumer StaplesReal EstateIndustrialsERROR:#N/A

13.8%10.2%-0.6%10.8%13.2%6.9%-4.8%5.4%10.8%-13.3%ERROR:#N/A

UtilitiesUtilitiesMaterialsEnergyComm ServicesComm ServicesMaterialsReal EstateEnergyMaterialsERROR:#N/A

11.9%5.5%-9.8%4.6%11.5%3.0%-8.4%3.4%-1.0%-14.7%ERROR:#N/A

Comm ServicesHealth CareFinancialsUtilitiesReal EstateEnergyEnergyHealth CareComm ServicesEnergyERROR:#N/A

8.9%2.9%-17.1%1.3%1.6%-7.8%-21.1%-2.7%-1.3%-18.1%ERROR:#N/A

Domestic

2009201020112012201320142015201620172018YTDDate

Mid GrowthMid GrowthLarge GrowthMid ValueSmall GrowthLarge GrowthLarge GrowthSmall ValueLarge GrowthLarge GrowthERROR:#N/A12/31/18

41.1%30.6%4.7%18.5%42.7%14.9%5.5%31.3%27.4%-0.0%ERROR:#N/A9/30/19

Mid BlendSmall GrowthSmall GrowthSmall ValueSmall BlendLarge BlendSmall GrowthSmall BlendLarge BlendSmall GrowthERROR:#N/ARankNameYTD

37.4%28.0%3.6%18.2%41.3%13.7%2.8%26.6%21.8%-4.1%ERROR:#N/AERROR:#NAME?Large ValueERROR:#NAME?svxkERROR:#NAME?

Mid ValueMid BlendLarge BlendMid BlendSmall ValueLarge ValueMid GrowthMid ValueMid GrowthLarge BlendERROR:#N/AERROR:#NAME?Large BlendERROR:#NAME?sp50ERROR:#NAME?

33.7%26.6%2.1%17.9%40.0%12.4%2.0%26.5%19.9%-4.4%ERROR:#N/AERROR:#NAME?Large GrowthERROR:#NAME?sgxERROR:#NAME?

Large GrowthSmall BlendSmall BlendLarge ValueMid ValueMid ValueLarge BlendSmall GrowthMid BlendSmall BlendERROR:#N/AERROR:#NAME?Mid ValueERROR:#NAME?muvkERROR:#NAME?

31.6%26.3%1.0%17.7%34.3%12.1%1.4%22.2%16.2%-8.5%ERROR:#N/AERROR:#NAME?Mid BlendERROR:#NAME?midERROR:#NAME?

Small GrowthSmall ValueLarge ValueMid GrowthMid BlendMid BlendSmall BlendMid BlendLarge ValueLarge ValueERROR:#N/AERROR:#NAME?Mid GrowthERROR:#NAME?mgdkERROR:#NAME?

28.4%24.7%-0.5%17.3%33.5%9.8%-2.0%20.7%15.4%-9.0%ERROR:#N/AERROR:#NAME?Small ValueERROR:#NAME?cvkERROR:#NAME?

Large BlendMid ValueMid GrowthSmall BlendMid GrowthMid GrowthMid BlendLarge ValueSmall GrowthMid GrowthERROR:#N/AERROR:#NAME?Small BlendERROR:#NAME?smlERROR:#NAME?

26.5%22.8%-0.9%16.3%32.8%7.6%-2.2%17.4%14.8%-10.3%ERROR:#N/AERROR:#NAME?Small GrowthERROR:#NAME?ckgERROR:#NAME?

Small BlendLarge ValueSmall ValueLarge BlendLarge GrowthSmall ValueLarge ValueMid GrowthSmall BlendMid BlendERROR:#N/A

25.6%15.1%-1.4%16.0%32.8%7.5%-3.1%14.8%13.2%-11.1%ERROR:#N/A

Small ValueLarge BlendMid BlendLarge GrowthLarge BlendSmall BlendMid ValueLarge BlendMid ValueMid ValueERROR:#N/A

22.8%15.1%-1.7%14.6%32.4%5.8%-6.7%12.0%12.3%-11.9%ERROR:#N/A

Large ValueLarge GrowthMid ValueSmall GrowthLarge ValueSmall GrowthSmall ValueLarge GrowthSmall ValueSmall ValueERROR:#N/A

21.2%15.1%-2.4%14.6%32.0%3.9%-6.7%6.9%11.5%-12.6%ERROR:#N/A

0 97 14784 147 189146 183 1880 173 229147 149 1520 136 202227 208 165154 191 212209 210 212

International

2009201020112012201320142015201620172018YTDDate

EM Latin AmericaEM AsiaUS Large CapPacific ex JapanUS Large CapUS Large CapJapanEM Eastern EuropeEM AsiaEM Eastern EuropeERROR:#N/A12/31/18

104.2%19.4%2.1%24.7%32.4%13.7%9.9%38.8%43.3%-3.4%ERROR:#N/A9/30/19

EM Eastern EuropeEmerging MarketsUnited KingdomEM AsiaEurope ex UKEM AsiaUS Large CapEM Latin AmericaEmerging MarketsUS Large CapERROR:#N/ARankNameYTD

84.3%19.2%-2.5%21.2%28.7%5.3%1.4%31.5%37.8%-4.4%ERROR:#N/AERROR:#NAME?US Large CapERROR:#NAME?sp50ERROR:#NAME?

Emerging MarketsPacific ex JapanDeveloped MarketsEurope ex UKJapanPacific ex JapanEurope ex UKUS Large CapEurope ex UKEM Latin AmericaERROR:#N/AERROR:#NAME?EM Eastern EuropeERROR:#NAME?MS303000ERROR:#NAME?

79.0%17.1%-11.7%22.5%27.3%-0.3%0.1%12.0%27.8%-6.2%ERROR:#N/AERROR:#NAME?Europe ex UKERROR:#NAME?991700ERROR:#NAME?

Pacific ex JapanEM Eastern EuropePacific ex JapanEM Eastern EuropeDeveloped MarketsEmerging MarketsDeveloped MarketsEmerging MarketsPacific ex JapanPacific ex JapanERROR:#N/AERROR:#NAME?Developed MarketsERROR:#NAME?990300ERROR:#NAME?

73.0%16.3%-12.7%18.7%23.3%-1.8%-0.4%11.6%26.0%-10.2%ERROR:#N/AERROR:#NAME?United KingdomERROR:#NAME?982600ERROR:#NAME?

EM AsiaJapanJapanEmerging MarketsUnited KingdomJapanEM Eastern EuropePacific ex JapanDeveloped MarketsJapanERROR:#N/AERROR:#NAME?JapanERROR:#NAME?939200ERROR:#NAME?

72.5%15.6%-14.2%18.6%20.7%-3.7%-4.0%8.0%25.6%-12.6%ERROR:#N/AERROR:#NAME?EM Latin AmericaERROR:#NAME?892000ERROR:#NAME?

United KingdomUS Large CapEurope ex UKDeveloped MarketsPacific ex JapanDeveloped MarketsUnited KingdomEM AsiaJapanDeveloped MarketsERROR:#N/AERROR:#NAME?Emerging MarketsERROR:#NAME?891800ERROR:#NAME?

43.4%15.1%-14.5%17.9%5.6%-4.5%-7.5%6.5%24.4%-13.4%ERROR:#N/AERROR:#NAME?EM AsiaERROR:#NAME?899700ERROR:#NAME?

Europe ex UKEM Latin AmericaEM AsiaUS Large CapEM AsiaUnited KingdomPacific ex JapanJapanEM Latin AmericaUnited KingdomERROR:#N/AERROR:#NAME?Pacific ex JapanERROR:#NAME?991400ERROR:#NAME?

33.9%14.9%-17.2%16.0%2.3%-5.4%-8.4%2.7%24.2%-14.1%ERROR:#N/A

Developed MarketsUnited KingdomEmerging MarketsUnited KingdomEM Eastern EuropeEurope ex UKEM AsiaDeveloped MarketsUnited KingdomEmerging MarketsERROR:#N/A

32.5%8.8%-18.2%15.3%1.4%-5.8%-9.5%1.5%22.4%-14.2%ERROR:#N/A

US Large CapDeveloped MarketsEM Latin AmericaEM Latin AmericaEmerging MarketsEM Latin AmericaEmerging MarketsEurope ex UKUS Large CapEurope ex UKERROR:#N/A

26.5%8.2%-19.1%8.9%-2.3%-12.0%-14.6%0.3%21.8%-14.4%ERROR:#N/A

JapanEurope ex UKEM Eastern EuropeJapanEM Latin AmericaEM Eastern EuropeEM Latin AmericaUnited KingdomEM Eastern EuropeEM AsiaERROR:#N/A

6.4%2.4%-21.3%8.4%-13.2%-37.1%-30.8%-0.0%18.1%-15.2%ERROR:#N/A

0 97 14784 147 189146 183 1880 173 229147 149 1520 136 202227 208 165154 191 212209 210 212

0 173 229156 132 65227 208 1650 83 102255 176 27147 149 15265 57 950 111 112143 136 16496 75 59

Fixed Income

2009201020112012201320142015201620172018YTDDate

High YieldHigh YieldLong-Term BondEmerging Market BondHigh YieldLong-Term BondMunicipalHigh YieldLong-Term BondT-BillERROR:#N/A12/31/18

58.2%15.1%17.1%17.9%7.4%16.4%3.3%17.1%12.2%1.8%ERROR:#N/A9/30/19

Emerging Market BondEmerging Market BondMunicipalHigh YieldAgencyMunicipalAgencyLong-Term BondEmerging Market BondShort-Term BondERROR:#N/ARankNameYTD

34.2%12.8%10.7%15.8%1.0%9.1%1.8%10.2%8.2%1.4%ERROR:#N/AERROR:#NAME?Long-Term BondERROR:#NAME?lhmn0152ERROR:#NAME?

Long-Term BondLong-Term BondTreasuryLong-Term BondShort-Term BondCreditMBSEmerging Market BondGlobal Bond ex USMunicipalERROR:#N/AERROR:#NAME?High YieldERROR:#NAME?LHMN2814ERROR:#NAME?

16.8%10.7%9.8%12.7%0.3%7.5%1.5%9.9%8.0%1.3%ERROR:#N/AERROR:#NAME?Aggregate BondERROR:#NAME?LHMN0001ERROR:#NAME?

CreditCreditCreditCreditT-BillMBSEmerging Market BondCreditHigh YieldAgencyERROR:#N/AERROR:#NAME?CreditERROR:#NAME?lhmn0011ERROR:#NAME?

16.0%8.5%8.4%9.4%0.0%6.1%1.3%5.6%7.5%1.1%ERROR:#N/AERROR:#NAME?Emerging Market BondERROR:#NAME?lhmn0014ERROR:#NAME?

MunicipalGlobal Bond ex USAggregate BondMunicipalUS TIPSAggregate BondTreasuryAggregate BondCreditMBSERROR:#N/AERROR:#NAME?TreasuryERROR:#NAME?lhmn0054ERROR:#NAME?

12.9%8.4%7.8%6.8%-0.9%6.0%0.8%2.6%6.2%1.0%ERROR:#N/AERROR:#NAME?MunicipalERROR:#NAME?lhmn0730ERROR:#NAME?

US TIPSAggregate BondEmerging Market BondAggregate BondMBSTreasuryAggregate BondAgencyMunicipalTreasuryERROR:#N/AERROR:#NAME?Agency1.0%lhmn30875ERROR:#NAME?

9.8%6.5%7.0%4.2%-1.5%5.1%0.5%2.6%5.4%0.9%ERROR:#N/AERROR:#NAME?MBSERROR:#NAME?lhmn2967ERROR:#NAME?

Aggregate BondTreasuryMBSMBSCreditEmerging Market BondShort-Term BondUS TIPSAggregate BondUS TIPSERROR:#N/AERROR:#NAME?Global Bond ex USERROR:#NAME?lhmn0824ERROR:#NAME?

5.9%5.9%6.3%2.6%-2.0%4.8%0.4%2.5%3.5%0.7%ERROR:#N/AERROR:#NAME?US TIPSERROR:#NAME?lhmn29304ERROR:#NAME?

MBSMBSGlobal Bond ex USTreasuryAggregate BondHigh YieldT-BillGlobal Bond ex USAgencyAggregate BondERROR:#N/AERROR:#NAME?Short-Term BondERROR:#NAME?lhmn0090ERROR:#NAME?

5.8%5.4%6.1%2.0%-2.0%2.5%0.0%2.2%2.9%0.0%ERROR:#N/AERROR:#NAME?T-BillERROR:#NAME?lhmn0078ERROR:#NAME?

Global Bond ex USUS TIPSHigh YieldUS TIPSMunicipalAgencyUS TIPSMBSMBSGlobal Bond ex USERROR:#N/A

3.1%2.7%5.0%1.7%-2.6%1.0%-0.4%1.7%2.5%-0.3%ERROR:#N/A

Short-Term BondMunicipalUS TIPSAgencyTreasuryShort-Term BondCreditTreasuryTreasuryHigh YieldERROR:#N/A

1.3%2.4%2.6%1.0%-2.7%0.7%-0.8%1.0%2.3%-2.1%ERROR:#N/A

AgencyShort-Term BondShort-Term BondShort-Term BondEmerging Market BondT-BillGlobal Bond ex USShort-Term BondT-BillCreditERROR:#N/A

1.0%2.4%1.5%0.3%-4.1%0.0%-3.6%0.6%0.8%-2.1%ERROR:#N/A

T-BillAgencyAgencyT-BillLong-Term BondUS TIPSHigh YieldT-BillUS TIPSEmerging Market BondERROR:#N/A

0.1%1.0%1.0%0.1%-6.6%-1.4%-4.5%0.3%0.4%-2.5%ERROR:#N/A

TreasuryT-BillT-BillGlobal Bond ex USGlobal Bond ex USGlobal Bond ex USLong-Term BondMunicipalShort-Term BondLong-Term BondERROR:#N/A

-3.6%0.1%0.1%-0.6%-7.1%-3.5%-4.6%0.2%0.3%-6.8%ERROR:#N/A

lhmn0094Bloomberg Barclays US Treasury Bellwethers (30 Y)




lhmn0088Bloomberg Barclays US Treasury Bellwethers (6 M)


lhmn0078Bloomberg Barclays US Treasury - Bills (1-3 M)

lhmn0001Bloomberg Barclays US Aggregate

lhmn0011Bloomberg Barclays US Aggregate Credit

lhmn2765Bloomberg Barclays IG Credit

lhmn0012Bloomberg Barclays High Yield

lhmn0730Bloomberg Barclays Municipal Bond

lhmn0063Bloomberg Barclays TIPS

lhmn0054Bloomberg Barclays Treasuries

lhmn0095Bloomberg Barclays MBS

lhmn7296Bloomberg Barclays US Floating Rate Notes

lhmn5778Bloomberg Barclays US Convertibles Composite

lhmn0014Bloomberg Barclays EM Bonds (USD)

lhmn20344Bloomberg Barclays EM Bonds (Local)

lhmn0824Bloomberg Barclays Global G6 (G7 x US)

lhmn0038Bloomberg Barclays Global Aggregate

lhmn0039Bloomberg Barclays Global High Yield

lhmn0277Bloomberg Barclays - IG - Industrials

lhmn0394Bloomberg Barclays - IG - Technology

lhmn0495Bloomberg Barclays - IG - Utilities

lhmn0307Bloomberg Barclays - IG - Financials

lhmn0749Bloomberg Barclays Municipal Revenue Bond

lhmn0739Bloomberg Barclays Municipal GO Bond

lhmn0939Bloomberg Barclays Municipal High Yield

254 200 108128 76 25255 176 2796 75 60156 132 65255 212 68121 120 66226 208 166215 168 65114 101 26169 168 121194 106 37214 213 169

Global Debt Yields

ID CountryMAXMINCURRENT

TRYCH10Y-FDSSwitzerlandERROR:#NAME?ERROR:#NAME?ERROR:#NAME?

TRYDE10Y-FDSGermanyERROR:#NAME?ERROR:#NAME?ERROR:#NAME?

TRYDK10Y-FDSDenmarkERROR:#NAME?ERROR:#NAME?ERROR:#NAME?

TRYJP10Y-FDSJapanERROR:#NAME?ERROR:#NAME?ERROR:#NAME?

TRYFR10Y-FDSFranceERROR:#NAME?ERROR:#NAME?ERROR:#NAME?

TRYSE10Y-FDSSwedenERROR:#NAME?ERROR:#NAME?ERROR:#NAME?

TRYBE10Y-FDSBelgiumERROR:#NAME?ERROR:#NAME?ERROR:#NAME?

TRYIE10Y-FDSIrelandERROR:#NAME?ERROR:#NAME?ERROR:#NAME?

TRYES10Y-FDSSpainERROR:#NAME?ERROR:#NAME?ERROR:#NAME?

TRYPT10Y-FDSPortugalERROR:#NAME?ERROR:#NAME?ERROR:#NAME?

TRYGB10Y-FDSUnited kingdomERROR:#NAME?ERROR:#NAME?ERROR:#NAME?

TRYIT10Y-FDSItalyERROR:#NAME?ERROR:#NAME?ERROR:#NAME?

TRYAU10Y-FDSAustraliaERROR:#NAME?ERROR:#NAME?ERROR:#NAME?

TRYNO10Y-FDSNorwayERROR:#NAME?ERROR:#NAME?ERROR:#NAME?

TRYCA10Y-FDSCanadaERROR:#NAME?ERROR:#NAME?ERROR:#NAME?

TRYGR10Y-FDSGreeceERROR:#NAME?ERROR:#NAME?ERROR:#NAME?

TRYUS10Y-FDSUnited StatesERROR:#NAME?ERROR:#NAME?ERROR:#NAME?

SwitzerlandGermanyDenmarkJapanFranceSwedenBelgiumIrelandSpainPortugalUnited kingdomItalyAustraliaNorwayCanadaGreeceUnited States00000000000000000SwitzerlandGermanyDenmarkJapanFranceSwedenBelgiumIrelandSpainPortugalUnited kingdomItalyAustraliaNorwayCanadaGreeceUnited States00000000000000000SwitzerlandGermanyDenmarkJapanFranceSwedenBelgiumIrelandSpainPortugalUnited kingdomItalyAustraliaNorwayCanadaGreeceUnited States00000000000000000


CAPITAL MARKETS | DOMESTIC EQUITY RETURNS

Capital Markets

10

2010 2011 2012 2013 2014 2015 2016 2017 2018 2019

Small Growth Large Growth Mid Value Small Growth Mid Value Large Growth Small Value Large Growth Large Growth Large Growth

29.1% 2.6% 18.5% 43.3% 14.7% 5.7% 31.7% 27.4% -1.5% 36.4%

Small Blend Large Blend Small Value Small Blend Large Value Large Blend Small Blend Large Blend Mid Growth Mid Growth

26.9% 1.5% 18.1% 38.8% 13.5% 0.9% 21.3% 21.8% -4.8% 35.5%

Mid Growth Large Value Large Value Mid Growth Large Blend Mid Growth Mid Value Mid Growth Large Blend Large Blend

26.4% 0.4% 17.5% 35.7% 13.2% -0.2% 20.0% 19.9% -4.8% 31.4%

Mid Blend Mid Value Mid Blend Mid Blend Mid Blend Small Growth Large Value Mid Blend Large Value Mid Blend

25.5% -1.4% 17.3% 34.8% 13.2% -1.4% 17.3% 16.2% -8.3% 30.5%

Mid Value Mid Blend Large Blend Small Value Large Growth Mid Blend Mid Blend Large Value Mid Blend Small Growth

24.8% -1.5% 16.4% 34.5% 13.0% -2.4% 13.8% 15.4% -9.1% 28.5%

Small Value Mid Growth Small Blend Large Growth Mid Growth Large Value Large Blend Small Growth Small Growth Mid Value

24.5% -1.7% 16.3% 33.5% 11.9% -3.8% 12.1% 14.8% -9.3% 27.1%

Large Growth Small Growth Mid Growth Mid Value Small Growth Small Blend Small Growth Small Blend Small Blend Large Value

16.7% -2.9% 15.8% 33.5% 5.6% -4.4% 11.3% 13.2% -11.0% 26.5%

Large Blend Small Blend Large Growth Large Blend Small Blend Mid Value Mid Growth Mid Value Mid Value Small Blend

16.1% -4.2% 15.3% 33.1% 4.9% -4.8% 7.3% 12.3% -12.3% 25.5%

Large Value Small Value Small Growth Large Value Small Value Small Value Large Growth Small Value Small Value Small Value

15.5% -5.5% 14.6% 32.5% 4.2% -7.5% 7.1% 11.5% -12.9% 22.4%

PresenterPresentation NotesYet another way to diversify investment assets is by selecting different styles of investments. The “style boxes” illustrated here classify indices in terms of the capitalization (large-, mid- and small-cap) of the companies – the vertical axis – and the investment approach favored by the money manager. In general, the smaller the capitalization of a stock, the more volatile it tends to be – meaning that the stock may offer dramatic potential for growth, but also entails equally dramatic potential for declines. Value investing generally involves buying stocks that appear underpriced based on fundamental analysis. Such securities are typically shares in public companies that trade at discounts to book value, yield robust dividends, have low price-to-earnings multiples and/or low price-to-book ratios.Blend investing focuses on securities that are likely to perform consistently over time. These securities are often used to form the foundation of a portfolio. At the other end of the spectrum are growth stocks, selected for their potential to generate significant earnings growth over the long term.By combining the attributes along the vertical and horizontal axes of the style box, investors can tailor their holdings to help meet their financial objectives while not exceeding their appetite for risk.

__FDSCACHE__

Giampiero Fuentes: TRYUS10Y-FDS^FG_YIELD(0,0)111.9185TRYUS10Y-FDS^MIN(FG_YIELD(-30AY,0))111.3605TRYUS10Y-FDS^MAX(FG_YIELD(-30AY,0))119.09TRYGR10Y-FDS^FG_YIELD(0,0)111.431TRYGR10Y-FDS^MIN(FG_YIELD(-30AY,0))111.148TRYGR10Y-FDS^MAX(FG_YIELD(-30AY,0))1131.02TRYCA10Y-FDS^FG_YIELD(0,0)111.7TRYCA10Y-FDS^MIN(FG_YIELD(-30AY,0))110.95TRYCA10Y-FDS^MAX(FG_YIELD(-30AY,0))1112.008573TRYNO10Y-FDS^FG_YIELD(0,0)111.544TRYNO10Y-FDS^MIN(FG_YIELD(-30AY,0))110.88TRYNO10Y-FDS^MAX(FG_YIELD(-30AY,0))1111.02TRYAU10Y-FDS^FG_YIELD(0,0)111.375TRYAU10Y-FDS^MIN(FG_YIELD(-30AY,0))110.872TRYAU10Y-FDS^MAX(FG_YIELD(-30AY,0))1113.944516TRYIT10Y-FDS^FG_YIELD(0,0)111.416TRYIT10Y-FDS^MIN(FG_YIELD(-30AY,0))110.813TRYIT10Y-FDS^MAX(FG_YIELD(-30AY,0))1115.278TRYGB10Y-FDS^FG_YIELD(0,0)110.822TRYGB10Y-FDS^MIN(FG_YIELD(-30AY,0))110.366TRYGB10Y-FDS^MAX(FG_YIELD(-30AY,0))1113.24TRYPT10Y-FDS^FG_YIELD(0,0)110.4222TRYPT10Y-FDS^MIN(FG_YIELD(-30AY,0))110.0739TRYPT10Y-FDS^MAX(FG_YIELD(-30AY,0))1115.751TRYES10Y-FDS^FG_YIELD(0,0)110.464TRYES10Y-FDS^MIN(FG_YIELD(-30AY,0))110.04TRYES10Y-FDS^MAX(FG_YIELD(-30AY,0))1114.034TRYIE10Y-FDS^FG_YIELD(0,0)110.1123TRYIE10Y-FDS^MIN(FG_YIELD(-30AY,0))11-0.1504TRYIE10Y-FDS^MAX(FG_YIELD(-30AY,0))1114.0816TRYBE10Y-FDS^FG_YIELD(0,0)110.082TRYBE10Y-FDS^MIN(FG_YIELD(-30AY,0))11-0.382TRYBE10Y-FDS^MAX(FG_YIELD(-30AY,0))1110.690322TRYSE10Y-FDS^FG_YIELD(0,0)110.149TRYSE10Y-FDS^MIN(FG_YIELD(-30AY,0))11-0.521TRYSE10Y-FDS^MAX(FG_YIELD(-30AY,0))1113.87TRYFR10Y-FDS^FG_YIELD(0,0)110.118TRYFR10Y-FDS^MIN(FG_YIELD(-30AY,0))11-0.441TRYFR10Y-FDS^MAX(FG_YIELD(-30AY,0))1110.67TRYJP10Y-FDS^FG_YIELD(0,0)11-0.0208TRYJP10Y-FDS^MIN(FG_YIELD(-30AY,0))11-0.3042TRYJP10Y-FDS^MAX(FG_YIELD(-30AY,0))118.105TRYDK10Y-FDS^FG_YIELD(0,0)11-0.156TRYDK10Y-FDS^MIN(FG_YIELD(-30AY,0))11-0.704TRYDK10Y-FDS^MAX(FG_YIELD(-30AY,0))1112.2TRYDE10Y-FDS^FG_YIELD(0,0)11-0.189TRYDE10Y-FDS^MIN(FG_YIELD(-30AY,0))11-0.72TRYDE10Y-FDS^MAX(FG_YIELD(-30AY,0))119.29129TRYCH10Y-FDS^FG_YIELD(0,0)11-0.434TRYCH10Y-FDS^MIN(FG_YIELD(-30AY,0))11-1.123TRYCH10Y-FDS^MAX(FG_YIELD(-30AY,0))116.963LHMN0152^LB_RETURN(43465,43738)1121.9170824598171LHMN2814^LB_RETURN(43465,43738)1111.4062008881558LHMN0001^LB_RETURN(43465,43738)118.52107283796351LHMN0011^LB_RETURN(43465,43738)1112.6135181105853LHMN0014^LB_RETURN(43465,43738)1110.7930761884174LHMN0054^LB_RETURN(43465,43738)117.71150596028782LHMN0730^LB_RETURN(43465,43738)116.74929709231382LHMN2967^LB_RETURN(43465,43738)115.60003671983449LHMN0824^LB_RETURN(43465,43738)115.17233814158862LHMN29304^LB_RETURN(43465,43738)113.25472996743061LHMN0090^LB_RETURN(43465,43738)112.89128607752098LHMN0078^LB_RETURN(43465,43738)111.76242458881986LHMN0152^FG_COMPANY_NAME11Bloomberg Barclays US Aggregate Credit - LongLHMN2814^FG_COMPANY_NAME11Bloomberg Barclays US High Yield - CorporateLHMN0001^FG_COMPANY_NAME11Bloomberg Barclays US AggregateLHMN0011^FG_COMPANY_NAME11Bloomberg Barclays US Aggregate CreditLHMN0014^FG_COMPANY_NAME11Bloomberg Barclays Emerging Markets USD AggregateLHMN0054^FG_COMPANY_NAME11Bloomberg Barclays US Aggregate Government - TreasuryLHMN0730^FG_COMPANY_NAME11Bloomberg Barclays Municipal BondLHMN30875^FG_COMPANY_NAME11Bloomberg Barclays US Agency CMBSLHMN2967^FG_COMPANY_NAME11Bloomberg Barclays MBS 1000LHMN0824^FG_COMPANY_NAME11Bloomberg Barclays Global G6 (G7 x US)LHMN29304^FG_COMPANY_NAME11Bloomberg Barclays US TIPS (1-3 Y)LHMN0090^FG_COMPANY_NAME11Bloomberg Barclays US Treasury Bellwethers (2 Y)LHMN0078^FG_COMPANY_NAME11Bloomberg Barclays US Treasury - Bills (1-3 M)SP50^FG_TRET_PCHG_IDX(43465,43100,,,,"UNHEDGED")11-4.38434932977296939200^MSCI_PRICE_GUSD_D(43465,,,0)116489.83392891800^MSCI_PRICE_GUSD_D(41639,,,0)111956.224461991400^MSCI_PRICE_GUSD_D(43738,,,0)118622.921126991400^MSCI_PRICE_GUSD_D(43100,,,0)118574.108414892000^MSCI_PRICE_GUSD_D(43830,,,0)117993.485374892000^MSCI_PRICE_GUSD_D(42735,,,0)115824.298892899700^MSCI_PRICE_GUSD_D(43738,,,0)111014.596101899700^MSCI_PRICE_GUSD_D(43100,,,0)111125.246395892000^MSCI_PRICE_GUSD_D(43465,,,0)116780.499674891800^MSCI_PRICE_GUSD_D(42369,,,0)111640.2962891800^MSCI_PRICE_GUSD_D(43738,,,0)112297.198972891800^MSCI_PRICE_GUSD_D(43100,,,0)112521.742733891800^MSCI_PRICE_GUSD_D(43830,,,0)112571.141785891800^MSCI_PRICE_GUSD_D(42735,,,0)111830.637982892000^MSCI_PRICE_GUSD_D(43738,,,0)117227.127132892000^MSCI_PRICE_GUSD_D(43100,,,0)117231.100534891800^MSCI_PRICE_GUSD_D(43465,,,0)112162.749493891800^MSCI_PRICE_GUSD_D(42004,,,0)111920.693196939200^MSCI_PRICE_GUSD_D(43100,,,0)117423.496742899700^MSCI_PRICE_GUSD_D(42735,,,0)11785.432074982600^MSCI_PRICE_GUSD_D(43100,,,0)118889.679108892000^MSCI_PRICE_GUSD_D(42369,,,0)114430.171289990300^MSCI_PRICE_GUSD_D(43100,,,0)118134.65472991400^MSCI_PRICE_GUSD_D(42735,,,0)116802.732756991700^MSCI_PRICE_GUSD_D(43100,,,0)1110497.267882891800^MSCI_PRICE_GUSD_D(41274,,,0)112001.59647MS303000^MSCI_PRICE_GUSD_D(43100,,,0)11288.452031SP50^FG_TRET_PCHG_IDX(43100,42735,,,,"UNHEDGED")1121.8315644973017SVXK^FG_TRET_PCHG_IDX(43738,43465,,,,"UNHEDGED")1120.0101142260027SML^FG_TRET_PCHG_IDX(43830,43465,,,,"UNHEDGED")1122.7819848286564SGX^FG_TRET_PCHG_IDX(43738,43465,,,,"UNHEDGED")1121.0575171416645MUVK^FG_TRET_PCHG_IDX(43738,43465,,,,"UNHEDGED")1117.3860028515326MID^FG_TRET_PCHG_IDX(43738,43465,,,,"UNHEDGED")1117.8727931822367MGDK^FG_TRET_PCHG_IDX(43738,43465,,,,"UNHEDGED")1118.3228053159259CVK^FG_TRET_PCHG_IDX(43738,43465,,,,"UNHEDGED")1115.5171506341597SML^FG_TRET_PCHG_IDX(43738,43465,,,,"UNHEDGED")1113.4636510694468CKG^FG_TRET_PCHG_IDX(43738,43465,,,,"UNHEDGED")1111.4973978520357CKG^FG_TRET_PCHG_IDX(43830,43465,,,,"UNHEDGED")1121.1310823626334CVK^FG_TRET_PCHG_IDX(43830,43465,,,,"UNHEDGED")1124.5357417554682MGDK^FG_TRET_PCHG_IDX(43830,43465,,,,"UNHEDGED")1126.2889539430802MID^FG_TRET_PCHG_IDX(43830,43465,,,,"UNHEDGED")1126.1999637700985MUVK^FG_TRET_PCHG_IDX(43830,43465,,,,"UNHEDGED")1126.0810681055526SGX^FG_TRET_PCHG_IDX(43830,43465,,,,"UNHEDGED")1131.13059114429991700^FG_COMPANY_NAME11MSCI Europe ex UKSVXK^FG_TRET_PCHG_IDX(43830,43465,,,,"UNHEDGED")1131.9290318668856SPN37.R^P(43769)11554.9847SP565.R^P(43830)111660.8036SP125.R^P(43769)11987.06415SP477.R^P(43465)11829.8814SP793.R^P(43769)11375.1217SP477.R^P(43830)111059.0066SP821.R^P(43769)11664.8744SP285.R^P(43465)11998.62665SP285.R^P(43769)111227.1124SP285.R^P(43830)111277.6292SP477.R^P(43769)111021.56647SP821.R^P(43465)11534.27893SP565.R^P(43769)111526.3644SP821.R^P(43830)11675.047SP701.R^P(43769)111780.4095SP793.R^P(43465)11299.10266SPN01.R^P(43769)11659.8421SP793.R^P(43830)11396.8809SP621.R^P(43769)11712.7017SP125.R^P(43465)11796.5971SP685.R^P(43769)11509.95038SP125.R^P(43830)111030.5331SP50.R^P(43769)115702.9756SPN37.R^P(43830)11590.1262LHMN0078^LB_RETURN(43769,43465)111.93973332624366LHMN0001^LB_RETURN(43769,43465)118.84794855008306991000^MSCI_PRICE_GUSD_D(43769,,,0)118344.76157SPN37.R^P(43465)11473.68726BBGCICMP^FG_PRICE(43769)1179.2367LHMN0001^LB_RETURN(43830,43465)118.71670078728391UNUS-FTX^P_PRICE(43769)113350.1LHMN0078^LB_RETURN(43830,43465)112.20800730908264SP50.R^FG_COMPANY_NAME11S&P 500 (TR)991000^FG_COMPANY_NAME11MSCI World ex USABBGCICMP^FG_COMPANY_NAME11Bloomberg Commodity IndexUNUS-FTX^FG_COMPANY_NAME11FTSE EPRA/NAREIT United StatesSPN37.R^FG_COMPANY_NAME11S&P 500 (TR) / Materials - SECSP125.R^FG_COMPANY_NAME11S&P 500 (TR) / Industrials - SECSP793.R^FG_COMPANY_NAME11S&P 500 (TR) / Communication Services -SECSP821.R^FG_COMPANY_NAME11S&P 500 (TR) / Utilities - SECSP285.R^FG_COMPANY_NAME11S&P 500 (TR) / Consumer Discretionary - SECSP477.R^FG_COMPANY_NAME11S&P 500 (TR) / Consumer Staples - SECSP565.R^FG_COMPANY_NAME11S&P 500 (TR) / Health Care - SECSP701.R^FG_COMPANY_NAME11S&P 500 (TR) / Information Technology - SECSPN01.R^FG_COMPANY_NAME11S&P 500 (TR) / Energy - SECSP621.R^FG_COMPANY_NAME11S&P 500 (TR) / Financials - SECSP685.R^FG_COMPANY_NAME11S&P 500 (TR) / Real Estate - IG899800^FG_COMPANY_NAME11MSCI AC Asia ex JP939200^MSCI_PRICE_GUSD_D(42735,,,0)115967.906281899700^MSCI_PRICE_GUSD_D(42369,,,0)11737.313925982600^MSCI_PRICE_GUSD_D(42735,,,0)117264.233237892000^MSCI_PRICE_GUSD_D(42004,,,0)116403.693026990300^MSCI_PRICE_GUSD_D(42735,,,0)116475.802148991400^MSCI_PRICE_GUSD_D(42369,,,0)116299.001105991700^MSCI_PRICE_GUSD_D(42735,,,0)118213.064441891800^MSCI_PRICE_GUSD_D(40908,,,0)111687.30045MS303000^MSCI_PRICE_GUSD_D(42735,,,0)11244.292278SP50^FG_TRET_PCHG_IDX(42735,42369,,,,"UNHEDGED")1111.9599221315791939200^MSCI_PRICE_GUSD_D(42369,,,0)115809.487506899700^MSCI_PRICE_GUSD_D(42004,,,0)11814.430002982600^MSCI_PRICE_GUSD_D(42369,,,0)117266.840999892000^MSCI_PRICE_GUSD_D(41639,,,0)117279.338123990300^MSCI_PRICE_GUSD_D(42369,,,0)116379.335274991400^MSCI_PRICE_GUSD_D(42004,,,0)116872.892986991700^MSCI_PRICE_GUSD_D(42369,,,0)118187.483955891800^MSCI_PRICE_GUSD_D(40543,,,0)112062.04187MS303000^MSCI_PRICE_GUSD_D(42369,,,0)11176.035137SP50^FG_TRET_PCHG_IDX(42369,42004,,,,"UNHEDGED")111.38383293832791939200^MSCI_PRICE_GUSD_D(42004,,,0)115286.209362899700^MSCI_PRICE_GUSD_D(41639,,,0)11773.639905982600^MSCI_PRICE_GUSD_D(42004,,,0)117857.156443892000^MSCI_PRICE_GUSD_D(41274,,,0)118381.908462990300^MSCI_PRICE_GUSD_D(42004,,,0)116404.508507991400^MSCI_PRICE_GUSD_D(41639,,,0)116896.625905991700^MSCI_PRICE_GUSD_D(42004,,,0)118181.353101891800^MSCI_PRICE_GUSD_D(40178,,,0)111729.96349MS303000^MSCI_PRICE_GUSD_D(42004,,,0)11183.34513SP50^FG_TRET_PCHG_IDX(42004,41639,,,,"UNHEDGED")1113.6885318046176939200^MSCI_PRICE_GUSD_D(41639,,,0)115490.52745899700^MSCI_PRICE_GUSD_D(41274,,,0)11756.199794982600^MSCI_PRICE_GUSD_D(41639,,,0)118301.30604892000^MSCI_PRICE_GUSD_D(40908,,,0)117697.04887990300^MSCI_PRICE_GUSD_D(41639,,,0)116705.112789991400^MSCI_PRICE_GUSD_D(41274,,,0)116529.751647991700^MSCI_PRICE_GUSD_D(41639,,,0)118688.633143892000^MSCI_PRICE_GUSD_D(39813,,,0)114057.914388MS303000^MSCI_PRICE_GUSD_D(41639,,,0)11291.521434SP50^FG_TRET_PCHG_IDX(41639,41274,,,,"UNHEDGED")1132.3881315198895939200^MSCI_PRICE_GUSD_D(41274,,,0)114311.471671899700^MSCI_PRICE_GUSD_D(40908,,,0)11623.711133982600^MSCI_PRICE_GUSD_D(41274,,,0)116876.909784892000^MSCI_PRICE_GUSD_D(40543,,,0)119519.624623990300^MSCI_PRICE_GUSD_D(41274,,,0)115438.295922991400^MSCI_PRICE_GUSD_D(40908,,,0)115234.710859991700^MSCI_PRICE_GUSD_D(41274,,,0)116749.121254891800^MSCI_PRICE_GUSD_D(39813,,,0)11966.344096MS303000^MSCI_PRICE_GUSD_D(41274,,,0)11287.355393SP50^FG_TRET_PCHG_IDX(41274,40908,,,,"UNHEDGED")1116.0034899226216939200^MSCI_PRICE_GUSD_D(40908,,,0)113978.698011899700^MSCI_PRICE_GUSD_D(40543,,,0)11752.872651982600^MSCI_PRICE_GUSD_D(40908,,,0)115964.299906892000^MSCI_PRICE_GUSD_D(40178,,,0)118286.039955990300^MSCI_PRICE_GUSD_D(40908,,,0)114612.710469991400^MSCI_PRICE_GUSD_D(40543,,,0)115994.509032991700^MSCI_PRICE_GUSD_D(40908,,,0)115507.644889939200^MSCI_PRICE_GUSD_D(39813,,,0)113770.061098MS303000^MSCI_PRICE_GUSD_D(40908,,,0)11242.066641SP50^FG_TRET_PCHG_IDX(40908,40543,,,,"UNHEDGED")112.11177960692053939200^MSCI_PRICE_GUSD_D(40543,,,0)114636.532463899700^MSCI_PRICE_GUSD_D(40178,,,0)11630.789698982600^MSCI_PRICE_GUSD_D(40543,,,0)116118.445477899700^MSCI_PRICE_GUSD_D(39813,,,0)11362.095913990300^MSCI_PRICE_GUSD_D(40543,,,0)115225.887268991400^MSCI_PRICE_GUSD_D(40178,,,0)115120.635274991700^MSCI_PRICE_GUSD_D(40543,,,0)116440.742796991400^MSCI_PRICE_GUSD_D(39813,,,0)112959.176598MS303000^MSCI_PRICE_GUSD_D(40543,,,0)11307.392043SP50^FG_TRET_PCHG_IDX(40543,40178,,,,"UNHEDGED")1115.0633645046528939200^MSCI_PRICE_GUSD_D(40178,,,0)114011.055955982600^MSCI_PRICE_GUSD_D(39813,,,0)113922.24924982600^MSCI_PRICE_GUSD_D(40178,,,0)115623.492732990300^MSCI_PRICE_GUSD_D(39813,,,0)113645.936091990300^MSCI_PRICE_GUSD_D(40178,,,0)114829.422846991700^MSCI_PRICE_GUSD_D(39813,,,0)114694.065373991700^MSCI_PRICE_GUSD_D(40178,,,0)116287.24766MS303000^MSCI_PRICE_GUSD_D(39813,,,0)11143.463142MS303000^MSCI_PRICE_GUSD_D(40178,,,0)11264.381021SP50^FG_TRET_PCHG_IDX(40178,39813,,,,"UNHEDGED")1126.4644910482243939200^MSCI_PRICE_GUSD_D(43738,,,0)117237.605169899700^MSCI_PRICE_GUSD_D(43830,,,0)111142.285941982600^MSCI_PRICE_GUSD_D(43738,,,0)118411.644396899700^MSCI_PRICE_GUSD_D(43465,,,0)11954.67889990300^MSCI_PRICE_GUSD_D(43738,,,0)117988.983333991400^MSCI_PRICE_GUSD_D(43830,,,0)119124.711013991700^MSCI_PRICE_GUSD_D(43738,,,0)1110422.271928991400^MSCI_PRICE_GUSD_D(43465,,,0)117700.198969MS303000^MSCI_PRICE_GUSD_D(43738,,,0)11329.429744SP50^FG_TRET_PCHG_IDX(43738,43465,,,,"UNHEDGED")1120.5523373014915982600^MSCI_PRICE_GUSD_D(43465,,,0)117636.318534982600^MSCI_PRICE_GUSD_D(43830,,,0)119250.074194990300^MSCI_PRICE_GUSD_D(43465,,,0)117048.072174990300^MSCI_PRICE_GUSD_D(43830,,,0)118644.840233991700^MSCI_PRICE_GUSD_D(43465,,,0)118983.784071991700^MSCI_PRICE_GUSD_D(43830,,,0)1111310.497843MS303000^MSCI_PRICE_GUSD_D(43465,,,0)11278.692002MS303000^MSCI_PRICE_GUSD_D(43830,,,0)11378.008841SP50^FG_TRET_PCHG_IDX(43830,43465,,,,"UNHEDGED")1131.4864201966418991000^MSCI_PRICE_GUSD_D(43830,,,0)118721.8545991000^MSCI_PRICE_GUSD_D(43465,,,0)117081.511044BBGCICMP^FG_PRICE(43830)1180.8871BBGCICMP^FG_PRICE(43465)1176.7154UNUS-FTX^P_PRICE(43830)113236.36UNUS-FTX^P_PRICE(43465)112707.6SP565.R^P(43465)111374.5604SP701.R^P(43830)111960.5117SP701.R^P(43465)111304.5SPN01.R^P(43830)11712.32935SPN01.R^P(43465)11637.072SP621.R^P(43830)11768.75934SP621.R^P(43465)11581.8407SP685.R^P(43830)11507.76465SP685.R^P(43465)11393.57782SP50.R^P(43830)116088.3613SP50.R^P(43465)114630.4106MID^FG_COMPANY_NAME11S&P Mid Cap 400CVK^FG_COMPANY_NAME11S&P Small Cap 600 ValueSML^FG_COMPANY_NAME11S&P Small Cap 600CKG^FG_COMPANY_NAME11S&P Small Cap 600 GrowthSVXK^FG_COMPANY_NAME11S&P 500 Value939200^MSCI_PRICE_GUSD_D(43830,,,0)117792.581126MUVK^FG_COMPANY_NAME11S&P Mid Cap 400 ValueMGDK^FG_COMPANY_NAME11S&P Mid Cap 400 GrowthSGX^FG_COMPANY_NAME11S&P 500 Growth990300^FG_COMPANY_NAME11MSCI EAFE982600^FG_COMPANY_NAME11MSCI United Kingdom939200^FG_COMPANY_NAME11MSCI Japan892000^FG_COMPANY_NAME11MSCI EM Latin America891800^FG_COMPANY_NAME11MSCI EM (Emerging Markets)899700^FG_COMPANY_NAME11MSCI EM Asia991400^FG_COMPANY_NAME11MSCI Pacific ex JPSP50^FG_COMPANY_NAME11S&P 500MS303000^FG_COMPANY_NAME11MSCI EM Eastern EurThis sheet contains FactSet XML data for use with this workbook's =FDS codes. Modifying the worksheet's contents may damage the workbook's =FDS functionality.

Giampiero Fuentes: opeR.2000V^FG_TRET_PCHG_IDX(41274,40908,,,,"UNHEDGED")1118.0510403032407R.2000^FG_TRET_PCHG_IDX(41274,40908,,,,"UNHEDGED")1116.3498627593968R.2000G^FG_TRET_PCHG_IDX(41274,40908,,,,"UNHEDGED")1114.5875861440277R.2000G^FG_TRET_PCHG_IDX(43830,43465,,,,"UNHEDGED")1128.4834514920641R.2000^FG_TRET_PCHG_IDX(43830,43465,,,,"UNHEDGED")1125.5249063785669R.2000V^FG_TRET_PCHG_IDX(43830,43465,,,,"UNHEDGED")1122.3940193101477R.3000V^FG_TRET_PCHG_IDX(43830,43465,,,,"UNHEDGED")1126.2571170099088R.3000^FG_TRET_PCHG_IDX(43830,43465,,,,"UNHEDGED")1131.0190486300256R.3000G^FG_TRET_PCHG_IDX(43830,43465,,,,"UNHEDGED")1135.8462503858387R.MIDG^FG_TRET_PCHG_IDX(43830,43465,,,,"UNHEDGED")1135.4697063236856R.MID^FG_TRET_PCHG_IDX(43830,43465,,,,"UNHEDGED")1130.5419203864517R.MIDV^FG_TRET_PCHG_IDX(43830,43465,,,,"UNHEDGED")1127.0620867894592R.1000G^FG_TRET_PCHG_IDX(43830,43465,,,,"UNHEDGED")1136.3896430332104R.1000^FG_TRET_PCHG_IDX(43830,43465,,,,"UNHEDGED")1131.4261277392858R.1000V^FG_TRET_PCHG_IDX(43830,43465,,,,"UNHEDGED")1126.5413426213954R.3000V^FG_COMPANY_NAME11Russell 3000 ValueR.3000^FG_COMPANY_NAME11Russell 3000R.3000G^FG_COMPANY_NAME11Russell 3000 GrowthR.MIDG^FG_TRET_PCHG_IDX(41274,40908,,,,"UNHEDGED")1115.8056480811158R.MID^FG_TRET_PCHG_IDX(41274,40908,,,,"UNHEDGED")1117.2775665331039R.MIDV^FG_TRET_PCHG_IDX(41274,40908,,,,"UNHEDGED")1118.5055444104056R.1000G^FG_TRET_PCHG_IDX(41274,40908,,,,"UNHEDGED")1115.257784017828R.1000^FG_TRET_PCHG_IDX(41274,40908,,,,"UNHEDGED")1116.4223325814384R.1000V^FG_TRET_PCHG_IDX(41274,40908,,,,"UNHEDGED")1117.5087574545364R.2000G^FG_TRET_PCHG_IDX(40908,40543,,,,"UNHEDGED")11-2.90776903358158R.2000^FG_TRET_PCHG_IDX(40908,40543,,,,"UNHEDGED")11-4.1756723946255R.2000V^FG_TRET_PCHG_IDX(40908,40543,,,,"UNHEDGED")11-5.50067644246707R.MIDG^FG_TRET_PCHG_IDX(40908,40543,,,,"UNHEDGED")11-1.65033255234491R.MID^FG_TRET_PCHG_IDX(40908,40543,,,,"UNHEDGED")11-1.54715587195258R.MIDV^FG_TRET_PCHG_IDX(40908,40543,,,,"UNHEDGED")11-1.38057163628998R.1000G^FG_TRET_PCHG_IDX(40908,40543,,,,"UNHEDGED")112.64198801235604R.1000^FG_TRET_PCHG_IDX(40908,40543,,,,"UNHEDGED")111.50068353310082R.1000V^FG_TRET_PCHG_IDX(40908,40543,,,,"UNHEDGED")110.390494861959123R.2000G^FG_TRET_PCHG_IDX(40543,40178,,,,"UNHEDGED")1129.0875881199114R.2000^FG_TRET_PCHG_IDX(40543,40178,,,,"UNHEDGED")1126.854890738731R.2000V^FG_TRET_PCHG_IDX(40543,40178,,,,"UNHEDGED")1124.5039661595721R.MIDG^FG_TRET_PCHG_IDX(40543,40178,,,,"UNHEDGED")1126.3840696330954R.MID^FG_TRET_PCHG_IDX(40543,40178,,,,"UNHEDGED")1125.475028300012R.MIDV^FG_TRET_PCHG_IDX(40543,40178,,,,"UNHEDGED")1124.7502467746423R.1000G^FG_TRET_PCHG_IDX(40543,40178,,,,"UNHEDGED")1116.710566297509R.1000^FG_TRET_PCHG_IDX(40543,40178,,,,"UNHEDGED")1116.0970480405262R.1000V^FG_TRET_PCHG_IDX(40543,40178,,,,"UNHEDGED")1115.5059638401953R.2000G^FG_TRET_PCHG_IDX(41639,41274,,,,"UNHEDGED")1143.3009156618098R.2000^FG_TRET_PCHG_IDX(41639,41274,,,,"UNHEDGED")1138.8223415827339R.2000V^FG_TRET_PCHG_IDX(41639,41274,,,,"UNHEDGED")1134.5211743525365R.MIDG^FG_TRET_PCHG_IDX(41639,41274,,,,"UNHEDGED")1135.741729476729R.MID^FG_TRET_PCHG_IDX(41639,41274,,,,"UNHEDGED")1134.7640494211695R.MIDV^FG_TRET_PCHG_IDX(41639,41274,,,,"UNHEDGED")1133.4581371716304R.1000G^FG_TRET_PCHG_IDX(41639,41274,,,,"UNHEDGED")1133.484869311977R.1000^FG_TRET_PCHG_IDX(41639,41274,,,,"UNHEDGED")1133.111208044064R.1000V^FG_TRET_PCHG_IDX(41639,41274,,,,"UNHEDGED")1132.5267512999218R.2000G^FG_TRET_PCHG_IDX(42004,41639,,,,"UNHEDGED")115.60396548183795R.2000^FG_TRET_PCHG_IDX(42004,41639,,,,"UNHEDGED")114.89436511162051R.2000V^FG_TRET_PCHG_IDX(42004,41639,,,,"UNHEDGED")114.21751627947553R.MIDG^FG_TRET_PCHG_IDX(42004,41639,,,,"UNHEDGED")1111.9024447262714R.MID^FG_TRET_PCHG_IDX(42004,41639,,,,"UNHEDGED")1113.2175743738967R.MIDV^FG_TRET_PCHG_IDX(42004,41639,,,,"UNHEDGED")1114.7497777223326R.1000G^FG_TRET_PCHG_IDX(42004,41639,,,,"UNHEDGED")1113.049824874877R.1000^FG_TRET_PCHG_IDX(42004,41639,,,,"UNHEDGED")1113.2385288807101R.1000V^FG_TRET_PCHG_IDX(42004,41639,,,,"UNHEDGED")1113.452451287279R.2000G^FG_TRET_PCHG_IDX(42369,42004,,,,"UNHEDGED")11-1.38165430929542R.2000^FG_TRET_PCHG_IDX(42369,42004,,,,"UNHEDGED")11-4.41409205151655R.2000V^FG_TRET_PCHG_IDX(42369,42004,,,,"UNHEDGED")11-7.46878459411389R.MIDG^FG_TRET_PCHG_IDX(42369,42004,,,,"UNHEDGED")11-0.200090207722448R.MID^FG_TRET_PCHG_IDX(42369,42004,,,,"UNHEDGED")11-2.4386228761451R.MIDV^FG_TRET_PCHG_IDX(42369,42004,,,,"UNHEDGED")11-4.77989169378028R.1000G^FG_TRET_PCHG_IDX(42369,42004,,,,"UNHEDGED")115.66725306803304R.1000^FG_TRET_PCHG_IDX(42369,42004,,,,"UNHEDGED")110.917481044590618R.1000V^FG_TRET_PCHG_IDX(42369,42004,,,,"UNHEDGED")11-3.82731260614665R.2000G^FG_TRET_PCHG_IDX(42735,42369,,,,"UNHEDGED")1111.3180870691798R.2000^FG_TRET_PCHG_IDX(42735,42369,,,,"UNHEDGED")1121.3079855312862R.2000V^FG_TRET_PCHG_IDX(42735,42369,,,,"UNHEDGED")1131.7408353776369R.MIDG^FG_TRET_PCHG_IDX(42735,42369,,,,"UNHEDGED")117.32855937805676R.MID^FG_TRET_PCHG_IDX(42735,42369,,,,"UNHEDGED")1113.7983121101462R.MIDV^FG_TRET_PCHG_IDX(42735,42369,,,,"UNHEDGED")1119.9974437467397R.1000G^FG_TRET_PCHG_IDX(42735,42369,,,,"UNHEDGED")117.07648793541018R.1000^FG_TRET_PCHG_IDX(42735,42369,,,,"UNHEDGED")1112.0538125235875R.1000V^FG_TRET_PCHG_IDX(42735,42369,,,,"UNHEDGED")1117.3404520306585R.2000G^FG_TRET_PCHG_IDX(43100,42735,,,,"UNHEDGED")1122.1667301534584R.2000^FG_TRET_PCHG_IDX(43100,42735,,,,"UNHEDGED")1114.6472351150618R.2000V^FG_TRET_PCHG_IDX(43100,42735,,,,"UNHEDGED")117.83786807493558R.MIDG^FG_TRET_PCHG_IDX(43100,42735,,,,"UNHEDGED")1125.2679849439056R.MID^FG_TRET_PCHG_IDX(43100,42735,,,,"UNHEDGED")1118.5177633315782R.MIDV^FG_TRET_PCHG_IDX(43100,42735,,,,"UNHEDGED")1113.3442746668589R.1000G^FG_TRET_PCHG_IDX(43100,42735,,,,"UNHEDGED")1130.2125243122671R.1000^FG_TRET_PCHG_IDX(43100,42735,,,,"UNHEDGED")1121.6871214139758R.1000V^FG_TRET_PCHG_IDX(43100,42735,,,,"UNHEDGED")1113.6645398703225R.2000G^FG_TRET_PCHG_IDX(43465,43100,,,,"UNHEDGED")11-9.30798572903403R.2000^FG_TRET_PCHG_IDX(43465,43100,,,,"UNHEDGED")11-11.0139511480029R.2000V^FG_TRET_PCHG_IDX(43465,43100,,,,"UNHEDGED")11-12.8639944729519R.MIDG^FG_TRET_PCHG_IDX(43465,43100,,,,"UNHEDGED")11-4.75062920250162R.MID^FG_TRET_PCHG_IDX(43465,43100,,,,"UNHEDGED")11-9.05811990799159R.MIDV^FG_TRET_PCHG_IDX(43465,43100,,,,"UNHEDGED")11-12.2896653049009R.1000G^FG_TRET_PCHG_IDX(43465,43100,,,,"UNHEDGED")11-1.51372969932307R.1000^FG_TRET_PCHG_IDX(43465,43100,,,,"UNHEDGED")11-4.78411177847095R.1000V^FG_TRET_PCHG_IDX(43465,43100,,,,"UNHEDGED")11-8.26731611260189R.1000V^FG_COMPANY_NAME11Russell 1000 ValueR.1000^FG_COMPANY_NAME11Russell 1000R.1000G^FG_COMPANY_NAME11Russell 1000 GrowthR.MIDV^FG_COMPANY_NAME11Russell Midcap ValueR.MID^FG_COMPANY_NAME11Russell MidcapR.MIDG^FG_COMPANY_NAME11Russell Midcap GrowthR.2000V^FG_COMPANY_NAME11Russell 2000 ValueR.2000^FG_COMPANY_NAME11Russell 2000R.2000G^FG_COMPANY_NAME11Russell 2000 Growth

Benchmarks

ASSET CLASSBENCHMARKASSET CLASSBENCHMARK

lhmn0078Cash & Cash AlternativesERROR:#NAME?Citi Treasury Bill 3 Mon USDSmall BlendERROR:#NAME?smlRussell 3000 Index

lhmn0001Fixed IncomeERROR:#NAME?Small GrowthERROR:#NAME?ckgRussell 3000 Growth Index

SP50.RUS EquitiesERROR:#NAME?Russell 3000 TRUS Large CapERROR:#NAME?sp50Russell 1000 Index

991000World EquitiesERROR:#NAME?EM Eastern EuropeERROR:#NAME?MS303000

bbgcicmpCommoditiesERROR:#NAME?Europe ex UKERROR:#NAME?991700

unus-ftxReal EstateERROR:#NAME?Developed MarketsERROR:#NAME?990300

SPN37.rMaterialsERROR:#NAME?United KingdomERROR:#NAME?982600

sp125.rIndustrialsERROR:#NAME?JapanERROR:#NAME?939200

SP793.rComm ServicesERROR:#NAME?EM Latin AmericaERROR:#NAME?892000

SP821.rUtilitiesERROR:#NAME?Emerging MarketsERROR:#NAME?891800

SP285.rConsumer DiscretionaryERROR:#NAME?EM AsiaERROR:#NAME?899700

SP477.rConsumer StaplesERROR:#NAME?Pacific ex JapanERROR:#NAME?991400

SP565.rHealth CareERROR:#NAME?Long-Term BondERROR:#NAME?lhmn0152

SP701.rInformation TechnologyERROR:#NAME?High YieldERROR:#NAME?LHMN2814

SPN01.rEnergyERROR:#NAME?Aggregate BondERROR:#NAME?LHMN0001

SP621.rFinancialsERROR:#NAME?CreditERROR:#NAME?lhmn0011

sp685.rReal EstateERROR:#NAME?Emerging Market BondERROR:#NAME?lhmn0014

SP50.rS&P 500ERROR:#NAME?Russell 3000 TRTreasuryERROR:#NAME?lhmn0054

svxkLarge ValueERROR:#NAME?Russell 3000 Value IndexMunicipalERROR:#NAME?lhmn0730

sp50Large BlendERROR:#NAME?Russell 1000 IndexAgencyERROR:#NAME?lhmn30875

sgxLarge GrowthERROR:#NAME?Russell 1000 Growth IndexMBSERROR:#NAME?lhmn2967

muvkMid ValueERROR:#NAME?Russell 2000 Value IndexGlobal Bond ex USERROR:#NAME?lhmn0824

midMid BlendERROR:#NAME?Russell 2000 IndexUS TIPSERROR:#NAME?lhmn29304

mgdkMid GrowthERROR:#NAME?Russell 2000 Growth IndexShort-Term BondERROR:#NAME?lhmn0090

cvkSmall ValueERROR:#NAME?Rusell 3000 Value IndexT-BillERROR:#NAME?lhmn0078Citi Treasury Bill 3 Mon USD

ASSET CLASSCURRENT BENCHMARKOLD BENCHMARK

US EquitiesS&P 500 (TR)Russell 3000 TR

S&P 500S&P 500 (TR)Russell 3000 TR

Large ValueS&P 500 ValueRussell 3000 Value Index

Large BlendS&P 500Russell 1000 Index

Large GrowthS&P 500 GrowthRussell 1000 Growth Index

Mid ValueS&P Mid Cap 400 ValueRussell 2000 Value Index

Mid BlendS&P Mid Cap 400Russell 2000 Index

Mid GrowthS&P Mid Cap 400 GrowthRussell 2000 Growth Index

Small ValueS&P Small Cap 600 ValueRusell 3000 Value Index

Small BlendS&P Small Cap 600Russell 3000 Index

Small GrowthS&P Small Cap 600 GrowthRussell 3000 Growth Index

US Large CapS&P 500Russell 1000 Index

T-BillBloomberg Barclays US Treasury - Bills (1-3 M)Citi Treasury Bill 3 Mon USD

Broad

20092010201120122013201420152016201720182019

Non-US EquitiesReal EstateFixed IncomeNon-US EquitiesUS EquitiesReal EstateUS EquitiesReal EstateNon-US EquitiesCash & Cash AlternativesERROR:#N/Alhmn0078Cash & Cash Alternatives

34.4%40.4%7.8%17.0%32.4%14.3%1.4%15.3%24.8%1.8%ERROR:#N/A

US EquitiesCommoditiesBlended PortfolioUS EquitiesNon-US EquitiesUS EquitiesFixed IncomeUS EquitiesUS EquitiesFixed IncomeERROR:#N/Alhmn0001Fixed Income

26.5%16.7%2.3%16.0%21.6%13.7%0.5%12.0%21.8%0.0%ERROR:#N/A

Real EstateUS EquitiesUS EquitiesBlended PortfolioBlended PortfolioBlended PortfolioBlended PortfolioCommoditiesBlended PortfolioBlended PortfolioERROR:#N/ASP50.RUS Equities

22.1%15.1%2.1%11.4%17.0%8.0%0.5%11.4%15.0%-4.0%ERROR:#N/A

Blended PortfolioBlended PortfolioCash & Cash AlternativesFixed IncomeCash & Cash AlternativesFixed IncomeCash & Cash AlternativesBlended PortfolioFixed IncomeUS EquitiesERROR:#N/A991000World Equities

19.4%10.8%0.1%4.2%0.0%6.0%0.0%6.9%3.5%-4.4%ERROR:#N/A

CommoditiesNon-US EquitiesReal EstateReal EstateFixed IncomeCash & Cash AlternativesNon-US EquitiesNon-US EquitiesCash & Cash AlternativesReal EstateERROR:#N/AbbgcicmpCommodities

18.7%9.4%-2.2%0.6%-2.0%0.0%-2.6%3.3%0.8%-7.6%ERROR:#N/A

Fixed IncomeFixed IncomeNon-US EquitiesCash & Cash AlternativesCommoditiesNon-US EquitiesReal EstateFixed IncomeCommoditiesCommoditiesERROR:#N/Aunus-ftxReal Estate

5.9%6.5%-11.8%0.1%-9.6%-3.9%-24.2%2.6%0.7%-13.0%ERROR:#N/A

Cash & Cash AlternativesCash & Cash AlternativesCommoditiesCommoditiesReal EstateCommoditiesCommoditiesCash & Cash AlternativesReal EstateNon-US EquitiesERROR:#N/ABlended Portfolio

0.1%0.1%-13.4%-1.1%-25.8%-17.0%-24.7%0.3%-0.2%-13.6%ERROR:#N/A

12/31/18

12/31/19

RankName2019

ERROR:#NAME?Cash & Cash AlternativesERROR:#NAME?

ERROR:#NAME?Fixed IncomeERROR:#NAME?

ERROR:#NAME?US EquitiesERROR:#NAME?

ERROR:#NAME?Non-US EquitiesERROR:#NAME?

ERROR:#NAME?CommoditiesERROR:#NAME?

ERROR:#NAME?Real EstateERROR:#NAME?

ERROR:#NAME?Blended PortfolioERROR:#NAME?

Sectors

20092010201120122013201420152016201720182019Date

Information TechnologyReal EstateUtilitiesFinancialsConsumer DiscretionaryReal EstateConsumer DiscretionaryEnergyInformation TechnologyHealth CareERROR:#N/A12/31/18

61.7%32.3%20.0%28.8%43.1%30.2%10.1%27.4%38.8%6.5%ERROR:#N/A12/31/19

MaterialsConsumer DiscretionaryConsumer StaplesConsumer DiscretionaryHealth CareUtilitiesHealth CareComm ServicesMaterialsUtilitiesERROR:#N/ARankNameYTD

48.6%27.7%14.0%23.9%41.5%29.0%6.9%23.5%23.8%4.1%ERROR:#N/AERROR:#NAME?MaterialsERROR:#NAME?SPN37.r

Consumer DiscretionaryIndustrialsHealth CareReal EstateIndustrialsHealth CareConsumer StaplesFinancialsConsumer DiscretionaryConsumer DiscretionaryERROR:#N/AERROR:#NAME?IndustrialsERROR:#NAME?sp125.r

41.3%26.7%12.7%19.7%40.7%25.3%6.6%22.8%23.0%0.8%ERROR:#N/AERROR:#NAME?Comm ServicesERROR:#NAME?SP793.r

Real EstateMaterialsReal EstateComm ServicesFinancialsInformation TechnologyInformation TechnologyIndustrialsFinancialsInformation TechnologyERROR:#N/AERROR:#NAME?UtilitiesERROR:#NAME?SP821.r

27.1%22.2%11.4%18.3%35.6%20.1%5.9%18.9%22.2%-0.3%ERROR:#N/AERROR:#NAME?Consumer DiscretionaryERROR:#NAME?SP285.r

S&P 500EnergyComm ServicesHealth CareS&P 500Consumer StaplesReal EstateMaterialsHealth CareReal EstateERROR:#N/AERROR:#NAME?Consumer StaplesERROR:#NAME?SP477.r

26.5%20.5%6.3%17.9%32.4%16.0%4.7%16.7%22.1%-2.2%ERROR:#N/AERROR:#NAME?Health CareERROR:#NAME?SP565.r

IndustrialsComm ServicesConsumer DiscretionaryS&P 500Information TechnologyFinancialsComm ServicesUtilitiesS&P 500S&P 500ERROR:#N/AERROR:#NAME?Information TechnologyERROR:#NAME?SP701.r

20.9%19.0%6.1%16.0%28.4%15.2%3.4%16.3%21.8%-4.4%ERROR:#N/AERROR:#NAME?EnergyERROR:#NAME?SPN01.r

Health CareS&P 500EnergyIndustrialsConsumer StaplesS&P 500S&P 500Information TechnologyIndustrialsConsumer StaplesERROR:#N/AERROR:#NAME?FinancialsERROR:#NAME?SP621.r

19.7%15.1%4.7%15.3%26.1%13.7%1.4%13.8%21.0%-8.4%ERROR:#N/AERROR:#NAME?Real EstateERROR:#NAME?sp685.r

FinancialsConsumer StaplesInformation TechnologyMaterialsMaterialsIndustrialsFinancialsS&P 500Consumer StaplesComm ServicesERROR:#N/AERROR:#NAME?S&P 500ERROR:#NAME?SP50.r

17.2%14.1%2.4%15.0%25.6%9.8%-1.5%12.0%13.5%-12.5%ERROR:#N/A

Consumer StaplesFinancialsS&P 500Information TechnologyEnergyConsumer DiscretionaryIndustrialsConsumer DiscretionaryUtilitiesFinancialsERROR:#N/A

14.9%12.1%2.1%14.8%25.1%9.7%-2.5%6.0%12.1%-13.0%ERROR:#N/A

EnergyInformation TechnologyIndustrialsConsumer StaplesUtilitiesMaterialsUtilitiesConsumer StaplesReal EstateIndustrialsERROR:#N/A

13.8%10.2%-0.6%10.8%13.2%6.9%-4.8%5.4%10.8%-13.3%ERROR:#N/A

UtilitiesUtilitiesMaterialsEnergyComm ServicesComm ServicesMaterialsReal EstateEnergyMaterialsERROR:#N/A

11.9%5.5%-9.8%4.6%11.5%3.0%-8.4%3.4%-1.0%-14.7%ERROR:#N/A

Comm ServicesHealth CareFinancialsUtilitiesReal EstateEnergyEnergyHealth CareComm ServicesEnergyERROR:#N/A

8.9%2.9%-17.1%1.3%1.6%-7.8%-21.1%-2.7%-1.3%-18.1%ERROR:#N/A

Domestic

2010201120122013201420152016201720182019Date

Small GrowthLarge GrowthMid ValueSmall GrowthMid ValueLarge GrowthSmall ValueLarge GrowthLarge GrowthERROR:#N/A12/31/18

29.1%2.6%18.5%43.3%14.7%5.7%31.7%27.4%-1.5%ERROR:#N/A12/31/19

Small BlendLarge BlendSmall ValueSmall BlendLarge ValueLarge BlendSmall BlendLarge BlendMid GrowthERROR:#N/ARankNameYTD

26.9%1.5%18.1%38.8%13.5%0.9%21.3%21.8%-4.8%ERROR:#N/AERROR:#NAME?Large ValueERROR:#NAME?r.1000vERROR:#NAME?

Mid GrowthLarge ValueLarge ValueMid GrowthLarge BlendMid GrowthMid ValueMid GrowthLarge BlendERROR:#N/AERROR:#NAME?Large BlendERROR:#NAME?r.1000ERROR:#NAME?

26.4%0.4%17.5%35.7%13.2%-0.2%20.0%19.9%-4.8%ERROR:#N/AERROR:#NAME?Large GrowthERROR:#NAME?r.1000gERROR:#NAME?

Mid BlendMid ValueMid BlendMid BlendMid BlendSmall GrowthLarge ValueMid BlendLarge ValueERROR:#N/AERROR:#NAME?Mid ValueERROR:#NAME?r.midvERROR:#NAME?

25.5%-1.4%17.3%34.8%13.2%-1.4%17.3%16.2%-8.3%ERROR:#N/AERROR:#NAME?Mid BlendERROR:#NAME?r.midERROR:#NAME?

Mid ValueMid BlendLarge BlendSmall ValueLarge GrowthMid BlendMid BlendLarge ValueMid BlendERROR:#N/AERROR:#NAME?Mid GrowthERROR:#NAME?r.midgERROR:#NAME?

24.8%-1.5%16.4%34.5%13.0%-2.4%13.8%15.4%-9.1%ERROR:#N/AERROR:#NAME?Small ValueERROR:#NAME?r.2000vERROR:#NAME?

Small ValueMid GrowthSmall BlendLarge GrowthMid GrowthLarge ValueLarge BlendSmall GrowthSmall GrowthERROR:#N/AERROR:#NAME?Small BlendERROR:#NAME?r.2000ERROR:#NAME?

24.5%-1.7%16.3%33.5%11.9%-3.8%12.1%14.8%-9.3%ERROR:#N/AERROR:#NAME?Small GrowthERROR:#NAME?r.2000gERROR:#NAME?

Large GrowthSmall GrowthMid GrowthMid ValueSmall GrowthSmall BlendSmall GrowthSmall BlendSmall BlendERROR:#N/A

16.7%-2.9%15.8%33.5%5.6%-4.4%11.3%13.2%-11.0%ERROR:#N/A

Large BlendSmall BlendLarge GrowthLarge BlendSmall BlendMid ValueMid GrowthMid ValueMid ValueERROR:#N/A

16.1%-4.2%15.3%33.1%4.9%-4.8%7.3%12.3%-12.3%ERROR:#N/A

Large ValueSmall ValueSmall GrowthLarge ValueSmall ValueSmall ValueLarge GrowthSmall ValueSmall ValueERROR:#N/A

15.5%-5.5%14.6%32.5%4.2%-7.5%7.1%11.5%-12.9%ERROR:#N/A

0 97 14784 147 189146 183 1880 173 229147 149 1520 136 202227 208 165154 191 212209 210 212

International

20092010201120122013201420152016201720182019Date

EM Latin AmericaEM AsiaUS Large CapPacific ex JapanUS Large CapUS Large CapJapanEM Eastern EuropeEM AsiaEM Eastern EuropeERROR:#N/A12/31/18

104.2%19.4%2.1%24.7%32.4%13.7%9.9%38.8%43.3%-3.4%ERROR:#N/A12/31/19

EM Eastern EuropeEmerging MarketsUnited KingdomEM AsiaEurope ex UKEM AsiaUS Large CapEM Latin AmericaEmerging MarketsUS Large CapERROR:#N/ARankNameYTD

84.3%19.2%-2.5%21.2%28.7%5.3%1.4%31.5%37.8%-4.4%ERROR:#N/AERROR:#NAME?US Large CapERROR:#NAME?sp50ERROR:#NAME?

Emerging MarketsPacific ex JapanDeveloped MarketsEurope ex UKJapanPacific ex JapanEurope ex UKUS Large CapEurope ex UKEM Latin AmericaERROR:#N/AERROR:#NAME?EM Eastern EuropeERROR:#NAME?MS303000ERROR:#NAME?

79.0%17.1%-11.7%22.5%27.3%-0.3%0.1%12.0%27.8%-6.2%ERROR:#N/AERROR:#NAME?Europe ex UKERROR:#NAME?991700ERROR:#NAME?

Pacific ex JapanEM Eastern EuropePacific ex JapanEM Eastern EuropeDeveloped MarketsEmerging MarketsDeveloped MarketsEmerging MarketsPacific ex JapanPacific ex JapanERROR:#N/AERROR:#NAME?Developed MarketsERROR:#NAME?990300ERROR:#NAME?

73.0%16.3%-12.7%18.7%23.3%-1.8%-0.4%11.6%26.0%-10.2%ERROR:#N/AERROR:#NAME?United KingdomERROR:#NAME?982600ERROR:#NAME?

EM AsiaJapanJapanEmerging MarketsUnited KingdomJapanEM Eastern EuropePacific ex JapanDeveloped MarketsJapanERROR:#N/AERROR:#NAME?JapanERROR:#NAME?939200ERROR:#NAME?

72.5%15.6%-14.2%18.6%20.7%-3.7%-4.0%8.0%25.6%-12.6%ERROR:#N/AERROR:#NAME?EM Latin AmericaERROR:#NAME?892000ERROR:#NAME?

United KingdomUS Large CapEurope ex UKDeveloped MarketsPacific ex JapanDeveloped MarketsUnited KingdomEM AsiaJapanDeveloped MarketsERROR:#N/AERROR:#NAME?Emerging MarketsERROR:#NAME?891800ERROR:#NAME?

43.4%15.1%-14.5%17.9%5.6%-4.5%-7.5%6.5%24.4%-13.4%ERROR:#N/AERROR:#NAME?EM AsiaERROR:#NAME?899700ERROR:#NAME?

Europe ex UKEM Latin AmericaEM AsiaUS Large CapEM AsiaUnited KingdomPacific ex JapanJapanEM Latin AmericaUnited KingdomERROR:#N/AERROR:#NAME?Pacific ex JapanERROR:#NAME?991400ERROR:#NAME?

33.9%14.9%-17.2%16.0%2.3%-5.4%-8.4%2.7%24.2%-14.1%ERROR:#N/A

Developed MarketsUnited KingdomEmerging MarketsUnited KingdomEM Eastern EuropeEurope ex UKEM AsiaDeveloped MarketsUnited KingdomEmerging MarketsERROR:#N/A

32.5%8.8%-18.2%15.3%1.4%-5.8%-9.5%1.5%22.4%-14.2%ERROR:#N/A

US Large CapDeveloped MarketsEM Latin AmericaEM Latin AmericaEmerging MarketsEM Latin AmericaEmerging MarketsEurope ex UKUS Large CapEurope ex UKERROR:#N/A

26.5%8.2%-19.1%8.9%-2.3%-12.0%-14.6%0.3%21.8%-14.4%ERROR:#N/A

JapanEurope ex UKEM Eastern EuropeJapanEM Latin AmericaEM Eastern EuropeEM Latin AmericaUnited KingdomEM Eastern EuropeEM AsiaERROR:#N/A

6.4%2.4%-21.3%8.4%-13.2%-37.1%-30.8%-0.0%18.1%-15.2%ERROR:#N/A

0 97 14784 147 189146 183 1880 173 229147 149 1520 136 202227 208 165154 191 212209 210 212

0 173 229156 132 65227 208 1650 83 102255 176 27147 149 15265 57 950 111 112143 136 16496 75 59

Fixed Income

20092010201120122013201420152016201720182019Date

High YieldHigh YieldLong-Term BondEmerging Market BondHigh YieldLong-Term BondMunicipalHigh YieldLong-Term BondT-BillERROR:#N/A12/31/18

58.2%15.1%17.1%17.9%7.4%16.4%3.3%17.1%12.2%1.8%ERROR:#N/A9/30/19

Emerging Market BondEmerging Market BondMunicipalHigh YieldAgencyMunicipalAgencyLong-Term BondEmerging Market BondShort-Term BondERROR:#N/ARankNameYTD

34.2%12.8%10.7%15.8%1.0%9.1%1.8%10.2%8.2%1.4%ERROR:#N/AERROR:#NAME?Long-Term BondERROR:#NAME?lhmn0152ERROR:#NAME?

Long-Term BondLong-Term BondTreasuryLong-Term BondShort-Term BondCreditMBSEmerging Market BondGlobal Bond ex USMunicipalERROR:#N/AERROR:#NAME?High YieldERROR:#NAME?LHMN2814ERROR:#NAME?

16.8%10.7%9.8%12.7%0.3%7.5%1.5%9.9%8.0%1.3%ERROR:#N/AERROR:#NAME?Aggregate BondERROR:#NAME?LHMN0001ERROR:#NAME?

CreditCreditCreditCreditT-BillMBSEmerging Market BondCreditHigh YieldAgencyERROR:#N/AERROR:#NAME?CreditERROR:#NAME?lhmn0011ERROR:#NAME?

16.0%8.5%8.4%9.4%0.0%6.1%1.3%5.6%7.5%1.1%ERROR:#N/AERROR:#NAME?Emerging Market BondERROR:#NAME?lhmn0014ERROR:#NAME?

MunicipalGlobal Bond ex USAggregate BondMunicipalUS TIPSAggregate BondTreasuryAggregate BondCreditMBSERROR:#N/AERROR:#NAME?TreasuryERROR:#NAME?lhmn0054ERROR:#NAME?

12.9%8.4%7.8%6.8%-0.9%6.0%0.8%2.6%6.2%1.0%ERROR:#N/AERROR:#NAME?MunicipalERROR:#NAME?lhmn0730ERROR:#NAME?

US TIPSAggregate BondEmerging Market BondAggregate BondMBSTreasuryAggregate BondAgencyMunicipalTreasuryERROR:#N/AERROR:#NAME?Agency1.0%lhmn30875ERROR:#NAME?

9.8%6.5%7.0%4.2%-1.5%5.1%0.5%2.6%5.4%0.9%ERROR:#N/AERROR:#NAME?MBSERROR:#NAME?lhmn2967ERROR:#NAME?

Aggregate BondTreasuryMBSMBSCreditEmerging Market BondShort-Term BondUS TIPSAggregate BondUS TIPSERROR:#N/AERROR:#NAME?Global Bond ex USERROR:#NAME?lhmn0824ERROR:#NAME?

5.9%5.9%6.3%2.6%-2.0%4.8%0.4%2.5%3.5%0.7%ERROR:#N/AERROR:#NAME?US TIPSERROR:#NAME?lhmn29304ERROR:#NAME?

MBSMBSGlobal Bond ex USTreasuryAggregate BondHigh YieldT-BillGlobal Bond ex USAgencyAggregate BondERROR:#N/AERROR:#NAME?Short-Term BondERROR:#NAME?lhmn0090ERROR:#NAME?

5.8%5.4%6.1%2.0%-2.0%2.5%0.0%2.2%2.9%0.0%ERROR:#N/AERROR:#NAME?T-BillERROR:#NAME?lhmn0078ERROR:#NAME?

Global Bond ex USUS TIPSHigh YieldUS TIPSMunicipalAgencyUS TIPSMBSMBSGlobal Bond ex USERROR:#N/A

3.1%2.7%5.0%1.7%-2.6%1.0%-0.4%1.7%2.5%-0.3%ERROR:#N/A

Short-Term BondMunicipalUS TIPSAgencyTreasuryShort-Term BondCreditTreasuryTreasuryHigh YieldERROR:#N/A

1.3%2.4%2.6%1.0%-2.7%0.7%-0.8%1.0%2.3%-2.1%ERROR:#N/A

AgencyShort-Term BondShort-Term BondShort-Term BondEmerging Market BondT-BillGlobal Bond ex USShort-Term BondT-BillCreditERROR:#N/A

1.0%2.4%1.5%0.3%-4.1%0.0%-3.6%0.6%0.8%-2.1%ERROR:#N/A

T-BillAgencyAgencyT-BillLong-Term BondUS TIPSHigh YieldT-BillUS TIPSEmerging Market BondERROR:#N/A

0.1%1.0%1.0%0.1%-6.6%-1.4%-4.5%0.3%0.4%-2.5%ERROR:#N/A

TreasuryT-BillT-BillGlobal Bond ex USGlobal Bond ex USGlobal Bond ex USLong-Term BondMunicipalShort-Term BondLong-Term BondERROR:#N/A

-3.6%0.1%0.1%-0.6%-7.1%-3.5%-4.6%0.2%0.3%-6.8%ERROR:#N/A







lhmn0078Bloomberg Barclays US Treasury - Bills (1-3 M)

lhmn0001Bloomberg Barclays US Aggregate

lhmn0011Bloomberg Barclays US Aggregate Credit

lhmn2765Bloomberg Barclays IG Credit

lhmn0012Bloomberg Barclays High Yield

lhmn0730Bloomberg Barclays Municipal Bond

lhmn0063Bloomberg Barclays TIPS

lhmn0054Bloomberg Barclays Treasuries

lhmn0095Bloomberg Barclays MBS

lhmn7296Bloomberg Barclays US Floating Rate Notes

lhmn5778Bloomberg Barclays US Convertibles Composite

lhmn0014Bloomberg Barclays EM Bonds (USD)

lhmn20344Bloomberg Barclays EM Bonds (Local)

lhmn0824Bloomberg Barclays Global G6 (G7 x US)

lhmn0038Bloomberg Barclays Global Aggregate

lhmn0039Bloomberg Barclays Global High Yield

lhmn0277Bloomberg Barclays - IG - Industrials

lhmn0394Bloomberg Barclays - IG - Technology

lhmn0495Bloomberg Barclays - IG - Utilities

lhmn0307Bloomberg Barclays - IG - Financials

lhmn0749Bloomberg Barclays Municipal Revenue Bond

lhmn0739Bloomberg Barclays Municipal GO Bond

lhmn0939Bloomberg Barclays Municipal High Yield

254 200 108128 76 25255 176 2796 75 60156 132 65255 212 68121 120 66226 208 166215 168 65114 101 26169 168 121194 106 37214 213 169

Global Debt Yields

ID CountryMAXMINCURRENT

TRYCH10Y-FDSSwitzerlandERROR:#NAME?ERROR:#NAME?ERROR:#NAME?

TRYDE10Y-FDSGermanyERROR:#NAME?ERROR:#NAME?ERROR:#NAME?

TRYDK10Y-FDSDenmarkERROR:#NAME?ERROR:#NAME?ERROR:#NAME?

TRYJP10Y-FDSJapanERROR:#NAME?ERROR:#NAME?ERROR:#NAME?

TRYBE10Y-FDSBelgiumERROR:#NAME?ERROR:#NAME?ERROR:#NAME?

TRYIE10Y-FDSIrelandERROR:#NAME?ERROR:#NAME?ERROR:#NAME?

TRYFR10Y-FDSFranceERROR:#NAME?ERROR:#NAME?ERROR:#NAME?

TRYSE10Y-FDSSwedenERROR:#NAME?ERROR:#NAME?ERROR:#NAME?

TRYPT10Y-FDSPortugalERROR:#NAME?ERROR:#NAME?ERROR:#NAME?

TRYES10Y-FDSSpainERROR:#NAME?ERROR:#NAME?ERROR:#NAME?

TRYGB10Y-FDSUnited KingdomERROR:#NAME?ERROR:#NAME?ERROR:#NAME?

TRYAU10Y-FDSAustraliaERROR:#NAME?ERROR:#NAME?ERROR:#NAME?

TRYIT10Y-FDSItalyERROR:#NAME?ERROR:#NAME?ERROR:#NAME?

TRYGR10Y-FDSGreeceERROR:#NAME?ERROR:#NAME?ERROR:#NAME?

TRYNO10Y-FDSNorwayERROR:#NAME?ERROR:#NAME?ERROR:#NAME?

TRYCA10Y-FDSCanadaERROR:#NAME?ERROR:#NAME?ERROR:#NAME?

TRYUS10Y-FDSUnited StatesERROR:#NAME?ERROR:#NAME?ERROR:#NAME?

SwitzerlandGermanyDenmarkJapanBelgiumIrelandFranceSwedenPortugalSpainUnited KingdomAustraliaItalyGreeceNorwayCanadaUnited States00000000000000000SwitzerlandGermanyDenmarkJapanBelgiumIrelandFranceSwedenPortugalSpainUnited KingdomAustraliaItalyGreeceNorwayCanadaUnited States00000000000000000SwitzerlandGermanyDenmarkJapanBelgiumIrelandFranceSwedenPortugalSpainUnited KingdomAustraliaItalyGreeceNorwayCanadaUnited States00000000000000000


CAPITAL MARKETS | FIXED INCOME RETURNS

11

2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019

High Yield High YieldLong-Term

BondEmerging

Market Bond High YieldLong-Term

Bond Municipal High YieldLong-Term

Bond T-BillLong-Term

Bond58.2% 15.1% 17.1% 17.9% 7.4% 16.4% 3.3% 17.1% 12.2% 1.8% 21.9%

Emerging Market Bond

Emerging Market Bond Municipal High Yield Agency Municipal Agency

Long-Term Bond


Short-Term Bond Credit

34.2% 12.8% 10.7% 15.8% 1.0% 9.1% 1.8% 10.2% 8.2% 1.4% 12.6%Long-Term

BondLong-Term

Bond TreasuryLong-Term

BondShort-Term

Bond Credit MBSEmerging

Market BondGlobal Bond ex

US Municipal High Yield

16.8% 10.7% 9.8% 12.7% 0.3% 7.5% 1.5% 9.9% 8.0% 1.3% 11.4%

Credit Credit Credit Credit T-Bill MBSEmerging

Market Bond Credit High Yield AgencyEmerging

Market Bond16.0% 8.5% 8.4% 9.4% 0.0% 6.1% 1.3% 5.6% 7.5% 1.1% 10.8%

MunicipalGlobal Bond ex

USAggregate

Bond Municipal US TIPSAggregate

Bond TreasuryAggregate

Bond Credit MBSAggregate

Bond12.9% 8.4% 7.8% 6.8% -0.9% 6.0% 0.8% 2.6% 6.2% 1.0% 8.5%

US TIPSAggregate

BondEmerging

Market BondAggregate

Bond MBS TreasuryAggregate

Bond Agency Municipal Treasury Treasury

9.8% 6.5% 7.0% 4.2% -1.5% 5.1% 0.5% 2.6% 5.4% 0.9% 7.7%Aggregate

Bond Treasury MBS MBS CreditEmerging

Market BondShort-Term

Bond US TIPSAggregate

Bond US TIPS Municipal

5.9% 5.9% 6.3% 2.6% -2.0% 4.8% 0.4% 2.5% 3.5% 0.7% 6.7%

MBS MBSGlobal Bond ex

US TreasuryAggregate

Bond High Yield T-BillGlobal Bond ex

US AgencyAggregate

Bond MBS

5.8% 5.4% 6.1% 2.0% -2.0% 2.5% 0.0% 2.2% 2.9% 0.0% 5.6%Global Bond ex

US US TIPS High Yield US TIPS Municipal Agency US TIPS MBS MBSGlobal Bond ex

USGlobal Bond ex

US3.1% 2.7% 5.0% 1.7% -2.6% 1.0% -0.4% 1.7% 2.5% -0.3% 5.2%

Short-Term Bond Municipal US TIPS Agency Treasury

Short-Term Bond Credit Treasury Treasury High Yield US TIPS

1.3% 2.4% 2.6% 1.0% -2.7% 0.7% -0.8% 1.0% 2.3% -2.1% 3.3%

Agency Short-Term Bond

Short-Term Bond

Short-Term Bond


T-Bill Global Bond ex US

Short-Term Bond

T-Bill Credit Short-Term Bond

1.0% 2.4% 1.5% 0.3% -4.1% 0.0% -3.6% 0.6% 0.8% -2.1% 2.9%

T-Bill Agency Agency T-Bill Long-Term Bond

US TIPS High Yield T-Bill US TIPS Emerging Market Bond

T-Bill

0.1% 1.0% 1.0% 0.1% -6.6% -1.4% -4.5% 0.3% 0.4% -2.5% 1.8%

Treasury T-Bill T-Bill Global Bond ex US

Global Bond ex US

Global Bond ex US

Long-Term Bond

Municipal Short-Term Bond

Long-Term Bond

Agency

-3.6% 0.1% 0.1% -0.6% -7.1% -3.5% -4.6% 0.2% 0.3% -6.8% 1.0%

__FDSCACHE__

Giampiero Fuentes: TRYCH10Y-FDS^MAX(FG_YIELD(-30AY,0))116.963TRYCH10Y-FDS^MIN(FG_YIELD(-30AY,0))11-1.123TRYCH10Y-FDS^FG_YIELD(0,0)11-0.535TRYDE10Y-FDS^MAX(FG_YIELD(-30AY,0))119.29129TRYDE10Y-FDS^MIN(FG_YIELD(-30AY,0))11-0.72TRYDE10Y-FDS^FG_YIELD(0,0)11-0.349TRYDK10Y-FDS^MAX(FG_YIELD(-30AY,0))1112.2TRYDK10Y-FDS^MIN(FG_YIELD(-30AY,0))11-0.704TRYDK10Y-FDS^FG_YIELD(0,0)11-0.315TRYJP10Y-FDS^MAX(FG_YIELD(-30AY,0))118.105TRYJP10Y-FDS^MIN(FG_YIELD(-30AY,0))11-0.3042TRYJP10Y-FDS^FG_YIELD(0,0)11-0.0898TRYFR10Y-FDS^MAX(FG_YIELD(-30AY,0))1110.67TRYFR10Y-FDS^MIN(FG_YIELD(-30AY,0))11-0.441TRYFR10Y-FDS^FG_YIELD(0,0)11-0.04TRYSE10Y-FDS^MAX(FG_YIELD(-30AY,0))1113.87TRYSE10Y-FDS^MIN(FG_YIELD(-30AY,0))11-0.521TRYSE10Y-FDS^FG_YIELD(0,0)11-0.015TRYBE10Y-FDS^MAX(FG_YIELD(-30AY,0))1110.690322TRYBE10Y-FDS^MIN(FG_YIELD(-30AY,0))11-0.382TRYBE10Y-FDS^FG_YIELD(0,0)11-0.064TRYIE10Y-FDS^MAX(FG_YIELD(-30AY,0))1114.0816TRYIE10Y-FDS^MIN(FG_YIELD(-30AY,0))11-0.1504TRYIE10Y-FDS^FG_YIELD(0,0)110.06TRYES10Y-FDS^MAX(FG_YIELD(-30AY,0))1114.034TRYES10Y-FDS^MIN(FG_YIELD(-30AY,0))110.04TRYES10Y-FDS^FG_YIELD(0,0)110.402TRYPT10Y-FDS^MAX(FG_YIELD(-30AY,0))1115.751TRYPT10Y-FDS^MIN(FG_YIELD(-30AY,0))110.0739TRYPT10Y-FDS^FG_YIELD(0,0)110.3445TRYGB10Y-FDS^MAX(FG_YIELD(-30AY,0))1113.24TRYGB10Y-FDS^MIN(FG_YIELD(-30AY,0))110.366TRYGB10Y-FDS^FG_YIELD(0,0)110.726TRYIT10Y-FDS^MAX(FG_YIELD(-30AY,0))1115.278TRYIT10Y-FDS^MIN(FG_YIELD(-30AY,0))110.813TRYIT10Y-FDS^FG_YIELD(0,0)111.178TRYAU10Y-FDS^MAX(FG_YIELD(-30AY,0))1113.944516TRYAU10Y-FDS^MIN(FG_YIELD(-30AY,0))110.872TRYAU10Y-FDS^FG_YIELD(0,0)111.159TRYNO10Y-FDS^MAX(FG_YIELD(-30AY,0))1111.18TRYNO10Y-FDS^MIN(FG_YIELD(-30AY,0))110.88TRYNO10Y-FDS^FG_YIELD(0,0)111.425TRYCA10Y-FDS^MAX(FG_YIELD(-30AY,0))1112.008573TRYCA10Y-FDS^MIN(FG_YIELD(-30AY,0))110.95TRYCA10Y-FDS^FG_YIELD(0,0)111.48TRYGR10Y-FDS^MAX(FG_YIELD(-30AY,0))1131.02TRYGR10Y-FDS^MIN(FG_YIELD(-30AY,0))111.148TRYGR10Y-FDS^FG_YIELD(0,0)111.421TRYUS10Y-FDS^MAX(FG_YIELD(-30AY,0))119.09TRYUS10Y-FDS^MIN(FG_YIELD(-30AY,0))111.3605TRYUS10Y-FDS^FG_YIELD(0,0)111.8066LHMN0152^LB_RETURN(43465,43738)1121.9170824598171LHMN2814^LB_RETURN(43465,43738)1111.4062008881558LHMN0001^LB_RETURN(43465,43738)118.52107283796351LHMN0011^LB_RETURN(43465,43738)1112.6135181105853LHMN0014^LB_RETURN(43465,43738)1110.7930761884174LHMN0054^LB_RETURN(43465,43738)117.71150596028782LHMN0730^LB_RETURN(43465,43738)116.74929709231382LHMN2967^LB_RETURN(43465,43738)115.60003671983449LHMN0824^LB_RETURN(43465,43738)115.17233814158862LHMN29304^LB_RETURN(43465,43738)113.25472996743061LHMN0090^LB_RETURN(43465,43738)112.89128607752098LHMN0078^LB_RETURN(43465,43738)111.76242458881986LHMN0152^FG_COMPANY_NAME11Bloomberg Barclays US Aggregate Credit - LongLHMN2814^FG_COMPANY_NAME11Bloomberg Barclays US High Yield - CorporateLHMN0001^FG_COMPANY_NAME11Bloomberg Barclays US AggregateLHMN0011^FG_COMPANY_NAME11Bloomberg Barclays US Aggregate CreditLHMN0014^FG_COMPANY_NAME11Bloomberg Barclays Emerging Markets USD Agg

capital markets review - raymond james …...january 2020 capital markets review | quarterly summary...

Documents