Global Asset Class Returns

Below is a table showing how different asset classes performed in terms of different currencies. This table shows year-to-date (November, 2004) returns for each asset class.

Asset Class	In USD	In AUD	In CAD	In EURO	In JPY	In GBP
US Bonds	3.30%	0.79%	-6.01%	-2.39%	-1.04%	-3.72%
US Property	24.70%	22.19%	15.39%	19.01%	20.36%	17.68%
US Equity	8.60%	6.09%	-0.71%	2.91%	4.26%	1.58%
Will this hole my space?
AUS Bonds	6.18%	3.67%	-3.13%	0.49%	1.84%	-0.84%
AUS Property	20.41%	17.90%	11.11%	14.72%	16.08%	13.39%
AUS Equity	24.48%	21.97%	15.17%	18.78%	20.14%	17.45%
Hold my space
CAN Bonds	14.88%	12.37%	5.57%	9.19%	10.54%	7.86%
CAN Propery	16.21%	13.70%	6.90%	10.51%	11.87%	9.18%
CAN Equity	21.19%	18.68%	11.89%	15.50%	16.86%	14.17%
Hold myspace
Euro Bonds	12.47%	9.96%	3.16%	6.78%	8.13%	5.45%
Euro Property	39.52%	37.01%	30.21%	33.83%	35.18%	32.50%
Euro Equity	14.91%	12.40%	5.60%	9.21%	10.57%	7.88%
Hold space
Japan Bonds	5.32%	2.81%	-3.99%	-0.37%	0.98%	-1.70%
Japan Property	28.73%	26.22%	19.42%	23.04%	24.39%	21.71%
Japan Equity	6.95%	4.44%	-2.36%	1.26%	2.61%	-0.07%
Hold space
UK Bonds	13.29%	10.78%	3.98%	7.60%	8.95%	6.27%
UK Property	41.66%	39.15%	32.35%	35.96%	37.32%	34.63%
UK Equity	13.99%	11.48%	4.68%	8.30%	9.65%	6.97%
Hold space
World Bonds	6.30%	3.79%	-3.01%	0.61%	1.96%	-0.72%
World Property	30.80%	28.29%	21.49%	25.11%	26.46%	23.78%
World Equity	12.15%	9.64%	2.84%	6.46%	7.81%	5.13%
Commodities	20.50%	17.99%	11.19%	14.81%	16.16%	13.48%
Hedge Funds	2.62%	0.11%	-6.69%	-3.07%	-1.72%	-4.40%
Hold space
A$	2.51%	0.00%	-6.80%	-3.18%	-1.83%	-4.51%
C$	9.31%	6.80%	0.00%	3.62%	4.97%	2.29%
Euro	5.69%	3.18%	-3.62%	0.00%	1.35%	-1.33%
Yen	4.34%	1.83%	-4.97%	-1.35%	0.00%	-2.68%
UK Pound Sterling	7.02%	4.51%	-2.29%	1.33%	2.68%	0.00%
US$	0.00%	-2.51%	-9.31%	-5.69%	-4.34%	-7.02%

*Results are derived from the performance of Exchange Traded Funds for each country, the Pimco Commodities Fund for commodities, published indexes for country bonds, and exchange rates, and, for world equity and bonds, the performance of a mix of different index funds held in constant proportions. This methodology reflects the pre-tax returns to retail investors in actual index funds, and therefore will differ somewhat from the results published for the underlying indexes themselves.

| This Month's Issue: Key Points | This Month's Letter to the Editor: Weighting of Commodities in Model Portfolios | Global Asset Class Returns | Equity Market Valuation Update | DFA versus Vanguard: The All-Stars Compared | Model Portfolio Update | Product and Strategy Notes: Gold ETF, ETF Tracking Error, Hussman Funds and Economic Indicators Update |