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 (March 31, 2008) returns for each asset class.

*YTD 31Mar08*	In USD	In AUD	In CAD	In EURO	In JPY	In GBP	In CHF	In INR
Asset Held
US Bonds	2.17%	-1.79%	5.98%	-6.21%	-10.07%	2.33%	-12.30%	3.93%
US Prop	2.12%	-1.84%	5.93%	-6.26%	-10.12%	2.28%	-12.35%	3.88%
US Equity	-9.50%	-13.46%	-5.69%	-17.88%	-21.74%	-9.34%	-23.97%	-7.74%

AUS Bonds	6.73%	2.77%	10.54%	-1.65%	-5.51%	6.89%	-7.74%	8.49%
AUS Prop	-14.00%	-17.97%	-10.20%	-22.38%	-26.25%	-13.85%	-28.47%	-12.25%
AUS Equity	-10.62%	-14.58%	-6.81%	-19.00%	-22.86%	-10.46%	-25.09%	-8.86%

CAN Bonds	1.43%	-2.53%	5.24%	-6.94%	-10.81%	1.59%	-13.04%	3.19%
CAN Prop	-10.09%	-14.06%	-6.28%	-18.47%	-22.34%	-9.94%	-24.56%	-8.34%
CAN Equity	-8.48%	-12.45%	-4.67%	-16.86%	-20.73%	-8.33%	-22.95%	-6.73%

Euro Bonds	12.50%	8.53%	16.30%	4.12%	0.25%	12.65%	-1.98%	14.25%
Euro Prop.	9.68%	5.71%	13.49%	1.30%	-2.57%	9.83%	-4.79%	11.44%
Euro Equity	-8.82%	-12.78%	-5.01%	-17.19%	-21.06%	-8.66%	-23.29%	-7.06%

Japan Bnds	14.54%	10.58%	18.35%	6.16%	2.29%	14.69%	0.07%	16.30%
Japan Prop	-11.39%	-15.35%	-7.58%	-19.77%	-23.63%	-11.23%	-25.86%	-9.63%
Japan Eqty	-6.92%	-10.89%	-3.11%	-15.30%	-19.17%	-6.77%	-21.39%	-5.16%

UK Bonds	1.97%	-1.99%	5.78%	-6.41%	-10.27%	2.13%	-12.50%	3.73%
UK Prop.	0.44%	-3.53%	4.25%	-7.94%	-11.81%	0.59%	-14.03%	2.19%
UK Equity	-10.47%	-14.43%	-6.66%	-18.84%	-22.71%	-10.31%	-24.94%	-8.71%

World Bnds	5.44%	1.47%	9.24%	-2.94%	-6.81%	5.59%	-9.04%	7.19%
World Prop.	-6.10%	-10.06%	-2.29%	-14.48%	-18.34%	-5.94%	-20.57%	-4.34%
World Eqty	-9.20%	-13.16%	-5.39%	-17.58%	-21.44%	-9.04%	-23.67%	-7.44%
Commod	9.19%	5.23%	13.00%	0.82%	-3.05%	9.35%	-5.28%	10.95%
Timber	-9.58%	-13.54%	-5.77%	-17.95%	-21.82%	-9.42%	-24.05%	-7.82%
EqMktNtrl	-3.25%	-7.22%	0.55%	-11.63%	-15.50%	-3.10%	-17.72%	-1.50%
Volatility	13.82%	9.86%	17.63%	5.44%	1.58%	13.98%	-0.65%	15.58%
*Currency*
AUD	3.96%	0.00%	7.77%	-4.41%	-8.28%	4.12%	-10.51%	5.72%
CAD	-3.81%	-7.77%	0.00%	-12.19%	-16.05%	-3.65%	-18.28%	-2.05%
EUR	8.38%	4.41%	12.19%	0.00%	-3.87%	8.53%	-6.09%	10.14%
JPY	12.24%	8.28%	16.05%	3.87%	0.00%	12.40%	-2.23%	14.00%
GBP	-0.16%	-4.12%	3.65%	-8.53%	-12.40%	0.00%	-14.63%	1.60%
USD	0.00%	-3.96%	3.81%	-8.38%	-12.24%	0.16%	-14.47%	1.76%
CHF	14.47%	10.51%	18.28%	6.09%	2.23%	14.63%	0.00%	16.23%
INR	-1.76%	-5.72%	2.05%	-10.14%	-14.00%	-1.60%	-16.23%	0.00%

*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.

| Investing in the Anglosphere: Who is the Fairest of Them All? | This Month's Letters to the Editor: Legg Mason's Bill Miller and How Do We Treat Inflation in Our Portfolios? | Global Asset Class Returns | Asset Class Valuation Update | This Month's Issue: Key Points | Product and Strategy Notes: New Products ICI, DBV, RYFOX, WIP, and WCWI; More Criticism of Private Equity and Search for Alpha |