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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 (September 30, 2009) returns for each asset class.

YTD 30 Sep 09

In USD

In AUD

In CAD

In EURO

In JPY

In GBP

In CHF

In INR

Asset Held

USD Bonds

-1.10%

-27.68%

-16.13%

-6.25%

-2.35%

-12.34%

-3.68%

-2.38%

USD Prop.

18.82%

-7.76%

3.80%

13.67%

17.57%

7.58%

16.24%

17.54%

USD Equity

21.58%

-5.00%

6.56%

16.43%

20.33%

10.34%

19.00%

20.30%

AUD Bonds

14.82%

-11.76%

-0.20%

9.67%

13.57%

3.58%

12.24%

13.54%

AUD Prop.

37.49%

10.91%

22.47%

32.34%

36.24%

26.25%

34.92%

36.21%

AUD Equity

57.43%

30.85%

42.41%

52.28%

56.18%

46.19%

54.86%

56.15%

CAD Bonds

16.50%

-10.08%

1.47%

11.35%

15.25%

5.26%

13.92%

15.22%

CAD Prop.

55.29%

28.71%

40.26%

50.14%

54.04%

44.05%

52.71%

54.01%

CAD Equity

44.37%

17.80%

29.35%

39.22%

43.12%

33.13%

41.80%

43.09%

CHF Bonds

13.25%

-13.33%

-1.78%

8.10%

12.00%

2.01%

10.67%

11.97%

CHF Prop.

21.82%

-4.76%

6.80%

16.67%

20.57%

10.58%

19.24%

20.54%

CHF Equity

18.56%

-8.02%

3.54%

13.41%

17.31%

7.32%

15.98%

17.28%

INR Bonds

-10.59%

-37.17%

-25.61%

-15.74%

-11.84%

-21.83%

-13.16%

-11.87%

INR Equity

78.81%

52.23%

63.79%

73.66%

77.56%

67.57%

76.24%

77.53%

EUR Bonds

2.38%

-24.20%

-12.65%

-2.77%

1.13%

-8.86%

-0.20%

1.10%

EUR Prop.

40.26%

13.68%

25.24%

35.11%

39.01%

29.02%

37.68%

38.98%

EUR Equity

13.31%

-13.27%

-1.72%

8.16%

12.06%

2.07%

10.73%

12.03%

JPY Bonds

0.17%

-26.41%

-14.85%

-4.98%

-1.08%

-11.07%

-2.41%

-1.11%

JPY Prop.

16.65%

-9.93%

1.63%

11.50%

15.40%

5.41%

14.07%

15.37%

JPY Equity

4.28%

-22.30%

-10.74%

-0.87%

3.03%

-6.96%

1.70%

3.00%

GBP Bonds

11.88%

-14.70%

-3.14%

6.73%

10.63%

0.64%

9.31%

10.60%

GBP Prop.

20.90%

-5.68%

5.88%

15.75%

19.65%

9.66%

18.32%

19.62%

GBP Equity

28.69%

2.11%

13.67%

23.54%

27.44%

17.45%

26.11%

27.41%

1-3 Yr US Govt

0.46%

-26.11%

-14.56%

-4.69%

-0.79%

-10.78%

-2.11%

-0.82%

World Bonds

6.33%

-20.25%

-8.70%

1.18%

5.08%

-4.91%

3.75%

5.05%

World Prop.

27.01%

0.43%

11.98%

21.86%

25.76%

15.77%

24.43%

25.73%

World Equity

27.23%

0.65%

12.20%

22.08%

25.98%

15.99%

24.65%

25.95%

Commod Long

9.58%

-17.00%

-5.45%

4.43%

8.33%

-1.66%

7.00%

8.30%

Commod L/Shrt

-10.56%

-37.13%

-25.58%

-15.71%

-11.81%

-21.80%

-13.13%

-11.84%

Gold

14.25%

-12.33%

-0.77%

9.10%

13.00%

3.01%

11.68%

12.97%

Timber

-0.25%

-26.83%

-15.27%

-5.40%

-1.50%

-11.49%

-2.82%

-1.53%

Uncorrel Alpha

9.85%

-16.72%

-5.17%

4.70%

8.60%

-1.39%

7.28%

8.57%

Volatility VIX

-35.98%

-62.55%

-51.00%

-41.13%

-37.23%

-47.21%

-38.55%

-37.26%

Currency

AUD

26.58%

0.00%

11.55%

21.43%

25.33%

15.34%

24.00%

25.30%

CAD

15.02%

-11.55%

0.00%

9.87%

13.77%

3.79%

12.45%

13.74%

EUR

5.15%

-21.43%

-9.87%

0.00%

3.90%

-6.09%

2.57%

3.87%

JPY

1.25%

-25.33%

-13.77%

-3.90%

0.00%

-9.99%

-1.32%

-0.03%

GBP

11.24%

-15.34%

-3.79%

6.09%

9.99%

0.00%

8.66%

9.96%

USD

0.00%

-26.58%

-15.02%

-5.15%

-1.25%

-11.24%

-2.58%

-1.28%

CHF

2.58%

-24.00%

-12.45%

-2.57%

1.32%

-8.66%

0.00%

1.29%

INR

1.28%

-25.30%

-13.74%

-3.87%

0.03%

-9.96%

-1.29%

0.00%

*Results are derived from the performance of Exchange Traded and Index Funds, and other products available to retail investors. 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.

| October 2009 Issue: Key Points | Global Asset Class Returns | Uncorrelated Alpha Strategies Detail | Table: Market Implied Regime Expectations and Three Year Return Forecast | Table: One Year Asset Class Valuation Conclusions and Recent Momentum | Market Phase Change Risk Analysis | This Month's Letters to the Editor: Oil and Gas Partnerships - Do they fit in your portfolio?; What's the best Asset Allocation Today; Is it Possible to Over-diversify a Portfolio?; PIMCO Heavy Weighting for Emerging Markets, II's thoughts?; Timber Followup | October 2009 Economic Update | Global Asset Class Valuation Updates Detail | Feature Article: Equal Risk Weighted Portfolios in 2007 and 2008 | Product and Strategy Notes: Challenges Facing Investors in Venture Capital Funds; Improving Warning of Future Financial Crises; A New View on the Fundamental Drivers of Equity Market Returns; and The Long-Term Impact of the 2007-2008 Crisis on Financial Advisers' Compensation |



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