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Returns

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Shiller PE (CAPE) (1914-2015) and R-Squared Regression of Real Equity Returns on Beginning of Period CAPE (1910-2013)

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PIMCO's 10-Year Capital Market Assumption

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Annualized Total Return of World Equity Markets (Mar 2009-Dec 2015)

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An Ageing U.S. Expansion, but Expansions Don't Die of Old Age

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Growth Outperformance of Value Over 10 Years is Near a Long Term High (1988-2015)

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Low Rates and a Weak Economy Have Supported Outperformance of Growth Vs. Value, Creating a Wider Valuation Gap

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US Trade-Weighted Major Currencies and Currencies Sensitive to China from Exports

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Annualized Asset Class Returns (Mar 2009-Dec 2015)

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Significant Divergence Across Asset Class Returns Provides Meaningful Opportunities to Add Value (2000-2015)

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