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 (May 29, 2009) returns for each asset class.

*YTD 29 May 2009*	In USD	In AUD	In CAD	In EURO	In JPY	In GBP	In CHF	In INR
Asset Held
USD Bonds	1.53%	-13.27%	-11.14%	-0.30%	6.54%	-10.63%	1.73%	-1.88%
USD Prop.	-8.72%	-23.52%	-21.39%	-10.55%	-3.71%	-20.88%	-8.52%	-12.13%
USD Equity	4.04%	-10.76%	-8.63%	2.21%	9.05%	-8.12%	4.24%	0.63%

AUD Bonds	2.46%	-12.34%	-10.21%	0.63%	7.47%	-9.70%	2.66%	-0.95%
AUD Prop.	-1.13%	-15.93%	-13.79%	-2.95%	3.89%	-13.28%	-0.92%	-4.54%
AUD Equity	19.40%	4.60%	6.74%	17.58%	24.42%	7.25%	19.61%	15.99%

CAD Bonds	11.11%	-3.70%	-1.56%	9.28%	16.12%	-1.05%	11.31%	7.69%
CAD Prop.	25.20%	10.40%	12.53%	23.37%	30.21%	13.04%	25.40%	21.79%
CAD Equity	29.46%	14.66%	16.79%	27.63%	34.47%	17.30%	29.66%	26.05%

CHF Bonds	6.12%	-8.68%	-6.55%	4.29%	11.13%	-6.04%	6.32%	2.71%
CHF Prop.	7.40%	-7.40%	-5.27%	5.57%	12.41%	-4.76%	7.60%	3.99%
CHF Equity	-2.21%	-17.01%	-14.88%	-4.04%	2.80%	-14.37%	-2.01%	-5.62%

INR Bonds	1.02%	-13.78%	-11.65%	-0.81%	6.03%	-11.14%	1.22%	-2.39%
INR Equity	55.01%	40.21%	42.34%	53.18%	60.02%	42.85%	55.21%	51.60%

EUR Bonds	-4.18%	-18.98%	-16.85%	-6.01%	0.83%	-16.34%	-3.98%	-7.59%
EUR Prop.	6.86%	-7.95%	-5.81%	5.03%	11.87%	-5.30%	7.06%	3.44%
EUR Equity	1.94%	-12.86%	-10.72%	0.12%	6.96%	-10.21%	2.15%	-1.47%

JPY Bonds	-8.12%	-22.92%	-20.79%	-9.95%	-3.11%	-20.28%	-7.92%	-11.53%
JPY Prop.	-3.50%	-18.30%	-16.17%	-5.33%	1.51%	-15.66%	-3.30%	-6.91%
JPY Equity	-2.19%	-16.99%	-14.86%	-4.02%	2.82%	-14.35%	-1.99%	-5.60%

GBP Bonds	9.18%	-5.62%	-3.49%	7.35%	14.19%	-2.98%	9.38%	5.77%
GBP Prop.	-3.99%	-18.79%	-16.65%	-5.82%	1.03%	-16.15%	-3.79%	-7.40%
GBP Equity	12.00%	-2.80%	-0.66%	10.18%	17.02%	-0.15%	12.21%	8.59%

1-3 Yr US Govt	-0.20%	-15.00%	-12.86%	-2.02%	4.82%	-12.35%	0.01%	-3.61%
World Bonds	2.06%	-12.74%	-10.61%	0.23%	7.07%	-10.10%	2.26%	-1.35%
World Prop.	-2.55%	-17.35%	-15.22%	-4.38%	2.46%	-14.71%	-2.35%	-5.96%
World Equity	8.79%	-6.01%	-3.87%	6.97%	13.81%	-3.36%	9.00%	5.38%
Commod Long	7.76%	-7.04%	-4.91%	5.93%	12.77%	-4.40%	7.96%	4.35%
Commod L/Shrt	-7.92%	-22.72%	-20.58%	-9.74%	-2.90%	-20.07%	-7.71%	-11.33%
Gold	11.19%	-3.61%	-1.48%	9.36%	16.20%	-0.97%	11.39%	7.78%
Timber	4.58%	-10.22%	-8.08%	2.76%	9.60%	-7.57%	4.78%	1.17%
Uncorrel Alpha	4.40%	-10.40%	-8.27%	2.57%	9.41%	-7.76%	4.60%	0.99%
Volatility VIX	-27.70%	-42.50%	-40.37%	-29.53%	-22.69%	-39.86%	-27.50%	-31.11%
*Currency*
AUD	14.80%	0.00%	2.14%	12.97%	19.82%	2.64%	15.00%	11.39%
CAD	12.67%	-2.14%	0.00%	10.84%	17.68%	0.51%	12.87%	9.26%
EUR	1.83%	-12.97%	-10.84%	0.00%	6.84%	-10.33%	2.03%	-1.58%
JPY	-5.01%	-19.82%	-17.68%	-6.84%	0.00%	-17.17%	-4.81%	-8.42%
GBP	12.16%	-2.64%	-0.51%	10.33%	17.17%	0.00%	12.36%	8.75%
USD	0.00%	-14.80%	-12.67%	-1.83%	5.01%	-12.16%	0.20%	-3.41%
CHF	-0.20%	-15.00%	-12.87%	-2.03%	4.81%	-12.36%	0.00%	-3.61%
INR	3.41%	-11.39%	-9.26%	1.58%	8.42%	-8.75%	3.61%	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.

| June 2009 Issue: Key Points | This Month's Letters to the Editor: Fidelity vs Schwab vs TD Ameritrade - Opinion?; Index Investors' Allocation Models vs MVO Models - Superior? Yes; Asset Class Valuation Updates: Possible, Likely and Probable - What They Mean; and Commodity Valuations Long/Short (LSC) or Long-only Fund? | Global Asset Class Returns | Uncorrelated Alpha Strategies Detail | Asset Class Valuation Update | The Role of Property in a Portfolio, Given Recent Experience | June 2009 Economic Update | Product and Strategy Notes: Powerful Impact of Regret; More Research - Why Successful Actively Managed Funds are Rare; Did the Media Do a Good Job Predicting the 2008 Crisis?; and How Rigorous is you Investing Logic? | |