Global Capital Markets Overview July-13 (%) Major Fixed Income Indices This M Barclays Global Aggregate（USD） By Region US Aggregate Pan-European Aggregate Asia Pacific Aggregate By Sector Government MBS ABS Corporate By Maturity 1-3 Years 3-5 Years 5-7 Years 7-10 Years Over 10 Years JPMorgan Emerging Bond Index Plus Emerging JPMorgan GBI-EM Global Diversified EUR 1.26 0.14 0.43 1.04 1.34 0.54 0.91 1.57 1.17 1.37 1.35 1.25 1.19 0.58 -0.56 Prev M Apr-Jun -1.18 -1.55 -1.82 0.79 -0.64 -1.07 -1.41 -2.41 0.00 -0.64 -1.27 -1.83 -2.65 -5.30 -4.13 -2.79 -2.33 -1.42 -7.05 -3.13 -1.53 -1.24 -2.51 -1.10 -1.79 -2.54 -3.81 -5.41 -6.26 -7.04 Jul-Sep Oct-Dec Jan-Mar 1.26 0.14 0.43 1.04 1.34 0.54 0.91 1.57 1.17 1.37 1.35 1.25 1.19 0.58 -0.56 -3.63 -2.31 -1.19 -10.89 -4.72 -1.32 -2.36 -2.10 -2.19 -2.29 -2.80 -4.67 -6.83 -8.83 -7.67 This M Asia EMEA MSCI North America MSCI Pacific MSCI Europe MSCI EM Latin America MSCI EM Asia MSCI AC Asia Pacific MSCI AC Asia ex Japan MSCI EM EMEA（Europe,M.E.,Africa） MSCI EM Europe -1.57 -2.19 -1.00 -6.09 -1.83 -1.00 -0.34 -0.98 0.06 -0.45 -1.23 -2.61 -4.28 -5.71 -7.56 JPY JPY JPY USD USD USD JPY USD USD USD USD USD USD 3.75 5.34 4.23 5.26 1.56 7.36 0.05 -1.01 1.31 1.47 1.83 2.53 2.42 Prev M Apr-Jun -4.50 -2.77 -4.05 -1.69 -1.19 -4.83 -7.89 -9.00 -5.86 -2.90 -5.72 -4.98 -6.94 5.21 0.17 6.33 1.79 -1.74 -0.51 -2.88 -15.55 -5.30 -3.03 -5.29 -8.36 -9.08 Jul-Sep Oct-Dec Jan-Mar 3.75 5.34 4.23 5.26 1.56 7.36 0.05 -1.01 1.31 1.47 1.83 2.53 2.42 YTD 26.41 14.54 29.83 17.51 9.52 9.70 3.94 -15.66 -5.36 3.76 -4.00 -11.20 -9.35 FYTD* 9.15 5.52 10.83 7.15 -0.20 6.81 -2.84 -16.40 -4.07 -1.61 -3.56 -6.04 -6.89 (%) Short Rates FYTD* *Fiscal year to date (%) Major Equity Indices MSCI AC World MSCI Kokusai MSCI World N Amerrica Pacific Europe MSCI Emerging L Amerrica YTD This M Merrill Lynch Libor USD Libor 3M Index EUR Libor 3M JPY Libor 3M 0.02 0.02 0.01 Prev M 0.02 0.01 0.01 Apr-Jun 0.07 0.05 0.04 Jul-Sep 0.02 0.02 0.01 Oct-Dec 0.00 0.00 0.00 Jan-Mar 0.00 0.00 0.00 YTD FYTD* 0.18 0.11 0.10 0.10 0.07 0.05 (%) Hedging Costs（based on the differences between 3 month Libors) This M USD/JPY EUR/JPY GBP/JPY EUR/USD GBP/USD 0.01 0.01 0.03 -0.00 0.02 Prev M 0.01 0.01 0.03 -0.00 0.02 Apr-Jun 0.03 0.01 0.09 -0.02 0.06 Jul-Sep 0.01 0.01 0.03 -0.00 0.02 Oct-Dec 0.00 0.00 0.00 0.00 0.00 Jan-Mar 0.00 0.00 0.00 0.00 0.00 YTD 0.07 0.03 0.20 -0.04 0.13 FYTD* 0.04 0.02 0.12 -0.02 0.08 (%) Currency Returns (vs USD) This M JPY EUR GBP AUD NZD SGD CNY CHF SEK POL RUB BRL ZAR 1.29 2.24 -0.03 -1.71 3.15 -0.24 0.14 2.04 2.82 3.99 -0.39 -2.10 0.22 Prev M 1.34 0.09 0.08 -4.55 -2.52 -0.28 -0.05 1.07 -1.18 -0.96 -2.69 -3.91 2.15 Apr-Jun -4.97 1.48 0.09 -12.29 -7.49 -2.17 1.19 0.44 -2.55 -1.92 -5.35 -9.27 -6.50 Jul-Sep 1.29 2.24 -0.03 -1.71 3.15 -0.24 0.14 2.04 2.82 3.99 -0.39 -2.10 0.22 Oct-Dec Jan-Mar YTD FYTD* 0.00 0.00 -11.37 -3.75 0.00 0.00 0.83 3.76 0.00 0.00 -6.40 0.06 0.00 0.00 -13.59 -13.78 0.00 0.00 -3.66 -4.58 0.00 0.00 -3.91 -2.41 0.00 0.00 1.68 1.34 0.00 0.00 -1.14 2.49 0.00 0.00 -0.25 0.19 0.00 0.00 -3.23 2.00 0.00 0.00 -7.29 -5.72 0.00 0.00 -9.87 -11.18 0.00 0.00 -14.19 -6.29 Data Source：Bloomberg、Datastream ＜Global Capital Markets for July 2013＞ (%) Hedge Fund Indices (USD) This M --0.93 0.41 1.78 0.60 0.62 2.03 1.15 -0.56 0.46 0.95 1.30 1.49 1.12 2.07 0.62 CS Tremont Hedge Fund Index** Eureka hedge Hedge Fund Index Arbitrage Relative Value Fixed Income Distressed Strategy Equity Long/Short Event Driven Managed Futures Macro Multi-strategy North America Europe Region Japan Asia(ex Japan) Latin America Prev M This M Commodities CRB DJ UBS Commodity Index NY Crude Oil Futures NY Golds 0.13 -0.50 0.61 -0.95 -0.02 3.21 0.24 -0.21 -2.24 -0.93 -0.78 0.51 -0.36 5.69 -1.60 -2.71 Jul-Sep Oct-Dec Jan-Mar 0.00 0.93 0.41 1.78 0.60 0.62 2.03 1.15 -0.56 0.46 0.95 1.30 1.49 1.12 2.07 0.62 YTD 3.68 3.33 3.74 3.99 2.65 8.99 7.07 4.52 -2.07 1.06 2.36 5.03 3.64 18.65 4.31 -0.71 FYTD* 0.13 0.42 1.02 0.81 0.58 3.85 2.28 0.94 -2.79 -0.47 0.16 1.82 1.12 6.87 0.44 -2.11 **CS Tremont Hedge Fund Index is released with one month delay. (%) Commodities Markets Indices Apr-Jun -1.66 -1.56 -0.47 -1.51 -1.36 -1.42 -1.77 -1.80 -1.42 -1.43 -1.79 -0.46 -1.31 0.19 -4.53 -2.31 USD USD USD USD 3.02 1.36 8.77 7.35 Prev M Apr-Jun -2.21 -4.71 4.99 -11.05 -7.00 -9.45 -0.69 -22.78 Jul-Sep 3.02 1.36 8.77 7.35 Oct-Dec Jan-Mar YTD -3.71 -9.25 14.39 -20.90 FYTD* -4.18 -8.22 8.02 -17.11 ■Interest Rates Although historically low relatively to other periods of economic drought, the recent rise in yields is indicative of not if, but when rates will rise. This has caused some uncertainty and selloff in bond markets, but the rise should help eliminate the artificial distortion caused by unprecedented central bank intervention. ■Currencies Dollar trended lower after the Federal Reserve maintained its $85 billion in monthly bond purchases and said that persistently low inflation could hamper the expansion.. The key monitoring point is the rate at which emerging currencies continue to weaken; currency was the biggest driver in underperformance of emerging market debt. ■Bond Markets In the first half of the month, U.S. long term interest rate was boosted up to 2.7% level due to the good U.S. employment index. On the other hand, Bernanke's comment about the necessity of continuous easing for a while as well as some mentioning on dis-inflation helped the markets to get the message and the markets calmed down. Draghi's comment on maintaining low interest rate and improving business confidence in Euro zone also assisted the stability of the long term interest rate in Europe. The U.S. Treasury went up by 9bps to 2.58% whereas German government bond went down 6bps to 1.67%. In the spread sector, Corporates showed positive recovery and Securitized were mixed this month. ■Equity Markets Equity investors have responded skittishly to the thought that the Fed's more hawkish tone may lead to a slowdown of bond purchasing by the end of the year and that the days of easy money may be numbered. As markets try to digest this news, emerging markets (EM) have continued to do poorly as dollar liquidity has tightened, impacting near-term rates and exacerbating concerns about an economic slowdown. However, the month of July was much more stable than mid-May through June end. Japanese stock market moved sideways by mixed news, for upside, good economic statistics in Japan & the US, and for downside, halt of yen depreciation and stock price correction. July-13 (%) 6.0 3.0 5.0 7 2Y Note 2.0 1.5 December-12 1.0 June-13 0.5 July-13 1.0 0.0 (%) Barclays US Aggregate OAS by Sector (Past 5 years) Agency 4 25.0 3 20.0 2 15.0 1 Jul-13 Aaa Aa A Baa 7.0 MBS 6.0 ABS Investment Grade Corporate 5.0 High Yield 4.0 3.0 2.0 Merrill Lynch US High Yield OAS by Credit Type (Past 5 Years) Jul-13 Jan-13 Source：Bloomberg Merrill Lynch US High Yield OAS by Credit Rating (Past 5 Years) (%) 40.0 Falling Angels Non-Distressed Distressed Jul-12 Jan-12 Jul-11 Jan-11 Jul-10 Jan-10 Jul-09 0.0 Jan-09 Jul-13 Jan-13 Jul-12 1.0 (%) 5 Mar-13 Barclays US Aggregate OAS by Credit Rating (Past 5 Years) (%) 8.0 20.0 18.0 16.0 14.0 12.0 10.0 8.0 6.0 4.0 2.0 0.0 -2.0 30.0 Jul-12 Source：Bloomberg Source：Bloomberg 6 Nov-12 Mar-12 Jul-11 Nov-11 Mar-11 30 Jul-10 25 Source：Bloomberg Nov-10 20 Mar-10 15 Maturity Jul-09 10 Nov-09 5 Mar-09 0 Jul-08 0.0 Nov-08 -1.0 Jan-12 8 10Y Note 3.0 2.0 10Y Treasury Yield FF Rate T-Bill Yield (3 Month) 3M USD Libor Yield Curve Spread 4.0 2.5 Jul-11 Source：Bloomberg 3.5 Jan-11 US Interest Rates (%) 7.0 Jul-10 9 (%) Yield Curve Shift 4.0 Jan-10 Barclays High Yield 2% Issuer Cap Merrill Lynch High Yield MasterⅡ BB B CCC Falling Angels Non-Distressed Distressed CS Leveraged Loan Index (%) Jul-Sep Oct-Dec Jan-Mar YTD FYTD 0.14 -2.31 -2.19 -0.08 -2.09 -1.98 0.34 -2.36 -2.43 0.80 -2.76 -2.50 0.81 -3.24 -3.09 0.21 0.23 0.04 0.45 -0.67 -0.93 0.17 -2.15 -2.24 -0.00 -4.21 -3.84 -0.27 -8.08 -6.21 -0.11 -2.21 -2.03 0.15 -2.93 -2.73 0.83 -2.60 -2.50 -0.09 -2.10 -2.05 -0.18 -0.94 -0.99 0.04 -0.13 -0.33 -0.33 -1.39 -1.37 1.90 3.34 0.43 1.89 3.34 0.43 1.88 0.00 0.00 3.41 0.50 1.50 0.00 0.00 1.15 -0.73 1.79 0.00 0.00 2.91 0.04 2.20 0.00 0.00 7.00 1.54 1.32 0.00 0.00 3.91 0.16 1.76 0.00 0.00 2.63 -0.04 1.36 0.00 0.00 6.45 0.26 1.07 0.00 0.00 3.91 1.50 Data Source： Datastream Jul-09 By Sector Apr-Jun -2.33 -1.91 -2.76 -3.27 -3.87 -0.17 -1.38 -2.40 -3.84 -5.96 -1.93 -2.88 -3.31 -1.96 -0.80 -0.38 -1.04 -1.44 -1.44 -1.35 -2.19 -1.72 -0.65 -1.15 -1.76 -1.09 0.43 Jan-09 By Maturity Prev M -1.55 -1.05 -2.05 -2.68 -3.41 -0.17 -0.86 -1.45 -2.22 -4.37 -1.10 -2.24 -2.76 -0.96 -0.57 -0.40 -0.64 -2.62 -2.62 -2.64 -3.03 -2.64 -2.78 -3.35 -2.79 -4.02 -0.55 Jul-08 By Credit Rating Aaa Aa A Baa 1-3Y 3-5Y 5-7Y 7-10Y over 10Y Treasury Agency Investment Grade Corp MBS ABS Auto Credit Card This M 0.14 -0.08 0.34 0.80 0.81 0.21 0.45 0.17 -0.00 -0.27 -0.11 0.15 0.83 -0.09 -0.18 0.04 -0.33 1.90 1.89 1.88 1.50 1.79 2.20 1.32 1.76 1.37 1.07 Yield to Maturity (in USD) Barclays US Aggregate US Yield Curve Spread (2Y vs 10Y) （Past 5 Years） Jul-08 US Fixed Income Ba B Caa 35.0 30.0 25.0 20.0 15.0 10.0 10.0 0 5.0 5.0 0.0 Source：Bloomberg Source：Bloomberg Jul-13 Jan-13 Jul-12 Jan-12 Jul-11 Jan-11 Jul-10 Jan-10 Jul-09 Jan-09 Jul-08 Jul-13 Jan-13 Jul-12 Jan-12 Jul-11 Jan-11 Jul-10 Jan-10 Jul-09 Jan-09 0.0 Jul-08 Jul-13 Jul-12 Jul-11 Jul-10 Jul-09 Jul-08 Jul-07 Jul-06 Jul-05 Jul-04 Jul-03 Jul-02 Jul-01 Jul-00 Jul-99 Jul-98 Jul-97 Jul-96 Jul-95 Jul-94 Jul-93 -1 European & Japanese Fixed Income Jan-Mar Spread by Credit Rating (EUR block) (%) 6 Aaa Aa A Baa 5 8 4 6 3 4 2 2 May-13 Feb-13 Nov-12 Aug-12 May-12 Jul-13 Mar-13 Jul-12 Nov-12 Mar-12 Jul-11 Nov-11 Mar-11 Nov-10 Jul-10 Mar-10 Jul-09 Nov-09 3M GBP Libor Mar-09 Jul-08 Nov-08 3M EUR Libor 7 0 0 8 Feb-12 Policy Rates and Short Rates Pan-European Aggregate Agency Corporate High Yield 10 1 (%) OAS by Sector (%) 12 7 Nov-11 (%) YTD FYTD -1.19 -1.00 -1.68 -1.15 -0.83 -0.86 -0.83 -0.69 3.31 2.05 3.29 2.04 4.37 2.80 -1.79 -1.58 Data Source： Bloomberg Oct-Dec Aug-11 Jul-Sep 0.43 0.35 0.43 0.69 1.69 1.70 1.96 0.41 May-11 Apr-Jun -1.42 -1.49 -1.28 -1.38 0.35 0.33 0.82 -1.98 Feb-11 Prev M -1.82 -1.81 -1.50 -2.24 -2.16 -2.19 -1.99 -3.00 Nov-10 This M 0.43 0.35 0.43 0.69 1.69 1.70 1.96 0.41 Aug-10 (Local Currency) Barclays Pan-European Aggregate Government Agency Investment Grade Corporate High Yield With 3% Cap HY (EUR block) HY (non-EUR block) July-13 Source：Bloomberg Source：Bloomberg 6 BOE Policy Rate ECB Policy Rate (%) 5 4 German Yield Curve 4.0 2.5 3.5 2.0 3.0 3 2 2.5 1.5 1 UK Yield Curve (%) 3.0 2.0 1.0 0.5 December-12 1.5 December-12 June-13 1.0 June-13 July-13 July-13 0.0 0.5 0.0 1.4 (%) 2.5 1.2 1.0 1.5 0.8 December-12 0.6 1.0 June-13 0.4 July-13 0.5 0.2 Jul-13 Apr-13 Jan-13 Oct-12 Jul-12 Apr-12 Jan-12 Oct-11 Jul-11 Apr-11 Jan-11 Jul-10 Oct-10 Apr-10 Jan-10 Jul-09 Oct-09 Apr-09 Jan-09 Oct-08 Jul-08 0.0 Source： Datastream 0.0 0 5 10 15 20 Maturity 25 30 35 40 Source： Bloomberg 25 30 JGB Yield Curve Spread (2Y vs 10Y) 1.8 1.6 1.4 1.2 1.0 0.8 0.6 0.4 0.2 0.0 2.0 20 Yield Curve Spread (2Y vs 10Y) JGB 2Y JGB 10Y Jul-13 1.6 15 Maturity Source：Bloomberg Japanese Yield Curve (%) 10 Jan-13 JGB 10Y 3M YenLibor BOJ Discount Rate O/N Call 1.8 5 Source：Bloomberg Maturity 2.0 0 30 Jul-12 25 Jan-12 20 Jan-11 15 Jul-10 10 Jan-10 Interest Rate Movements 5 Jul-09 0 Jul-11 -0.5 (%) Jan-09 Source：Datastream Jul-08 Apr-13 Dec-12 Apr-12 Aug-12 Dec-11 Apr-11 Aug-11 Dec-10 Apr-10 Aug-10 Dec-09 Apr-09 Aug-09 Dec-08 Apr-08 Aug-08 Dec-07 Apr-07 Aug-07 Dec-06 Apr-06 Aug-06 Dec-05 Apr-05 Aug-05 Dec-04 Apr-04 Aug-04 Dec-03 Aug-03 0 Source： Bloomberg Global Equities July-13 (in USD) This M 4.79 5.26 5.26 5.22 5.74 5.28 1.56 0.60 2.83 2.94 4.15 3.71 7.36 6.49 10.32 Prev M -2.92 -2.46 -1.69 -1.38 -5.59 -3.55 -1.19 1.75 -6.45 -3.30 -5.40 -4.70 -4.83 -4.12 -11.08 France 9.10 -4.84 2.66 Spain 12.74 -7.25 -0.64 Belgium 8.01 -4.30 -4.45 8.01 12.36 3.20 Netherlands 9.86 -3.60 2.83 9.86 15.69 12.97 Austria 7.60 -7.73 -3.05 7.60 -0.55 Ireland 7.33 -2.01 -3.63 7.33 16.47 Portugal 4.56 -5.10 -0.68 4.56 Finland 6.19 -4.26 0.50 Greece 11.55 -2.39 Denmark 8.34 Norway 8.37 11.04 3.85 6.59 1.04 -1.01 1.91 -1.52 5.73 9.28 -6.01 -9.14 1.31 1.47 1.83 3.69 4.05 0.85 -2.78 -2.68 -2.96 -6.68 2.56 9.06 2.10 2.53 2.42 3.40 8.81 2.90 -3.12 -4.98 1.24 12.07 -2.71 -3.22 2.43 MSCI AC World MSCI World North America US Canada EAFE Pacific Japan Australia New Zealand Hong kong Singapore Europe Germany Italy EUR block Non-EUR block Sweden Switzerland UK MSCI Emerging EM Latin America Mexico Brazil Colombia Argentina Peru Chile EM Asia MSCI AC Asia Pacific MSCI AC Asia ex Japan Korea China Taiwan India Malaysia Thailand Indonesia Philippines Pakistan Sri Lanka EM EMEA （Europe・Middle East・Africa） EM Europe Russia Poland Czech Hungary Turkey Israel Egypt Morocco Jordan South Africa Apr-Jun -0.42 0.65 1.79 2.58 -7.48 -0.98 -1.74 4.40 -13.93 -10.38 -4.61 -6.33 -0.51 2.71 0.82 Jul-Sep 4.79 5.26 5.26 5.22 5.74 5.28 1.56 0.60 2.83 2.94 4.15 3.71 7.36 6.49 10.32 Oct-Dec Jan-Mar YTD 11.13 14.14 17.51 19.25 -1.31 9.60 9.52 17.25 -3.48 1.90 2.82 0.07 9.70 9.57 0.35 FYTD 4.34 5.94 7.15 7.93 -2.16 4.25 -0.20 5.03 -11.50 -7.75 -0.65 -2.86 6.81 9.37 11.22 9.10 12.62 12.00 12.74 5.77 12.02 (in USD) Prev M -2.46 -3.41 -7.80 -2.60 -0.36 -1.47 -1.16 -3.21 -3.29 1.00 -0.91 -2.50 -2.29 -2.16 -2.29 Apr-Jun 0.65 -2.25 -8.68 0.36 6.25 -1.89 2.76 1.70 1.13 2.48 -0.13 0.63 0.73 0.05 1.55 Jul-Sep 5.26 5.44 4.76 5.75 5.82 3.99 5.67 6.08 4.51 3.56 4.18 5.17 5.70 6.44 5.18 5.35 -2.63 -0.26 5.35 13.21 5.08 1.04 -6.37 -8.08 1.04 -8.62 -7.12 Energy 3.39 -8.26 -12.08 3.39 -14.35 -9.10 Materials 1.31 -8.71 -17.19 1.31 -24.45 -16.11 4.32 Industrials 1.98 -6.79 -9.14 1.98 -8.31 -7.34 3.43 Consumer Discretionary 2.92 -3.97 -3.16 2.92 -2.60 -0.33 3.51 3.85 Consumer Staples -0.64 -3.97 -3.92 -0.64 -2.60 -4.53 6.19 9.56 6.72 Health Care 3.39 -1.83 -0.57 3.39 5.44 2.80 -9.96 11.55 14.52 0.44 -0.09 -8.07 -9.77 -0.09 -8.24 -9.86 -3.78 -3.92 8.34 8.24 4.09 Financials Information Technology 0.58 -6.69 -3.92 0.58 -2.34 -3.36 -8.20 -5.78 8.37 2.57 2.10 Telecom Services 1.41 0.62 0.47 1.41 -3.18 1.89 -6.75 -1.91 -5.20 -6.37 -9.00 -3.62 -12.53 -3.02 -3.31 -10.32 -4.57 -5.86 -2.90 -5.72 -8.18 -6.99 -2.27 -6.64 -1.52 -5.05 -4.70 -8.38 -6.60 -12.04 -4.98 -6.94 -4.28 -8.52 -5.88 -0.57 -13.69 -1.53 -12.92 -2.80 -5.90 -1.91 -6.10 -0.29 -2.16 -8.08 -15.55 -11.18 -17.32 -13.25 -2.14 -27.46 -14.87 -5.30 -3.03 -5.29 -9.97 -6.76 1.59 -5.60 6.24 -8.58 -6.83 -8.82 14.37 0.98 -8.36 -9.08 -8.69 -4.66 -8.36 13.18 -15.46 -4.45 -9.73 -3.16 -9.50 -7.42 11.04 3.85 6.59 1.04 -1.01 1.91 -1.52 5.73 9.28 -6.01 -9.14 1.31 1.47 1.83 3.69 4.05 0.85 -2.78 -2.68 -2.96 -6.68 2.56 9.06 2.10 2.53 2.42 3.40 8.81 2.90 -3.12 -4.98 1.24 12.07 -2.71 -3.22 2.43 14.10 15.19 6.88 -8.62 -15.66 -3.98 -19.23 -14.29 9.85 -33.55 -19.27 -5.36 3.76 -4.00 -9.83 -7.39 2.24 -10.57 2.48 -2.36 -1.41 10.93 29.73 15.09 -11.20 -9.35 -8.58 -8.21 -19.03 2.37 -13.11 3.49 -9.79 -8.57 -10.42 -13.68 4.27 3.55 4.29 -7.12 -16.40 -9.49 -18.58 -8.27 6.94 -31.82 -22.65 -4.07 -1.61 -3.56 -6.65 -2.99 2.46 -8.23 3.40 -11.29 -13.05 -6.49 24.74 3.10 -6.04 -6.89 -5.58 3.74 -5.70 9.64 -19.67 -3.27 1.17 -5.79 -12.41 -5.17 0.04 1.00 1.27 0.56 1.94 0.27 1.83 2.34 2.23 2.87 2.48 0.04 5.00 1.62 -0.32 1.62 2.23 1.86 1.68 0.85 2.43 1.35 -6.11 -6.29 -6.76 -8.75 -6.58 -6.06 -5.72 -7.30 -6.83 -5.99 -4.67 -4.60 -3.82 -7.97 -6.75 -0.59 -3.52 -5.58 -6.46 -8.74 -5.18 -6.16 -10.37 -8.13 -7.72 -7.47 -9.65 -6.33 -5.29 -13.93 -9.12 -8.27 -3.76 -0.97 -1.04 -8.29 -3.99 1.68 -6.20 -5.41 -4.60 -5.25 -5.94 -4.54 0.04 1.00 1.27 0.56 1.94 0.27 1.83 2.34 2.23 2.87 2.48 0.04 5.00 1.62 -0.32 1.62 2.23 1.86 1.68 0.85 2.43 1.35 MSCI World Energy Materials Industrials Consumer Discretionary Consumer Staples Health Care Financials Information Technology Telecom Services Utilities Large Cap Mid Cap Small Cap Value Growth MSCI Emerging Utilities Large Cap Mid Cap Small Cap Value Growth MSCI AC Asia ex Japan Energy Materials Industrials Consumer Discretionary Consumer Staples Health Care Financials Information Technology Telecom Services Utilities Large Cap Mid Cap Small Cap Value Growth Oct-Dec Jan-Mar YTD 14.14 8.59 -7.55 15.05 23.42 14.95 23.99 15.90 10.79 13.93 10.41 13.71 16.17 17.53 15.07 (%) FYTD 5.94 3.06 -4.33 6.13 12.43 2.03 8.59 7.89 5.69 6.13 4.04 5.83 6.47 6.49 6.81 This M 5.26 5.44 4.76 5.75 5.82 3.99 5.67 6.08 4.51 3.56 4.18 5.17 5.70 6.44 5.18 -8.58 -10.34 -8.74 -7.21 -7.90 -6.55 -3.04 -6.95 -10.04 -7.90 -6.87 -6.08 -4.00 -3.56 -18.01 -11.91 -15.67 -7.09 -8.26 -5.63 -1.96 -1.37 -1.60 -0.93 9.42 3.91 -5.40 -6.80 -3.60 -4.29 0.60 3.33 1.87 -4.12 -4.24 -3.65 -2.71 -3.00 1.21 -4.45 -4.37 -3.65 -3.35 -3.25 Data Source：Datastream, Bloomberg Global Equities July-13 24 22 30 40 18 16 25 12 10 10 North America Japan EM Asia MSCI World EM EMEA 8 5 6 4 Materials Consumer Discretionary Healthcare Information Technology Utilities 3.5 Aug-10 Feb-13 May-13 Nov-12 Aug-12 May-12 Feb-12 Nov-11 Aug-11 World Small MSCI World World Growth Emerging Growth MSCI Emerging PBR by Market Cap (Past 3 years） 4.0 2.5 May-11 MSCI World MSCI World PBR by Region (Past 3 years） MSCI World PBR by Region (Past 3 years） 3.0 Feb-11 Nov-10 Aug-10 Feb-13 May-13 Nov-12 Aug-12 Feb-12 Energy Industrials Consumer Staples Financials Telecom Services Europe Pacific EM Latin America May-12 Nov-11 Aug-11 Feb-11 May-11 Nov-10 0 Aug-10 May-13 Feb-13 Nov-12 Aug-12 May-12 Feb-12 Nov-11 Feb-11 Aug-11 0 May-11 0 Nov-10 5 Aug-10 5 2.2 3.5 2.0 3.0 1.8 2.5 1.6 2.0 1.4 1.5 1.2 1.0 1.0 0.5 May-13 10 Feb-13 15 14 Nov-12 10 20 Aug-12 15 15 Feb-12 20 May-12 30 20 Nov-11 20 35 Aug-11 25 25 Feb-11 45 30 PER Comparion by Style (Value/Growth) （Past 3 years） PER Comparion by Market Cap （Past 3 years） 35 May-11 MSCI WorldPER Comparion by Sector （Past 3 years） 50 Nov-10 MSCI World PER Comparion by Region （Past 3 years） 35 World Value Emerging Value MSCI Emerging PBR by Style (Value/Growth) 3.0 2.5 2.0 2.0 1.5 1.5 North America Europe Japan Pacific EM Asia Latin America Actual Dividend Yield by Region (MSCI World, Past 1 Year) (%) 7 3.5 Materials Consumer Discretionary Healthcare Information Technology Utilities Actual Dividend Yield by Sector (MSCI World, Past 1 Year) May-13 Feb-13 Nov-12 Aug-12 May-12 Feb-12 Nov-11 Aug-11 Feb-11 May-11 Aug-10 MSCI World World Growth Emerging Growth MSCI Emerging Actual Dividend Yield by Sector (MSCI World, Past 1 Year) (%) 3 Nov-10 May-13 Feb-13 Nov-12 Aug-12 May-12 Feb-12 Aug-11 Nov-11 World Small 5 2.5 4 2.0 World Value Emerging Value MSCI Emerging Actual Dividend Yield by Style (Value/Growth) (MSCI World, Past 1 Year) (%) 4 3 2 3 1.5 1.0 2 0.5 1 0.0 2 1 1 En er gy M at er C ia on ls su In du m er st ria D is ls cr C et on io su na m ry er St ap le H s ea lth ca r e Fi na nc ia ls Te le co IT m Se rv ic es U til iti es tin La EM EM EM EA Am er ic a As ia EM ifi c Pa c n Ja pa Eu r op e 0 th Am er ic a MSCI World 6 3.0 N or Aug-10 May-13 Feb-13 Nov-12 Aug-12 May-12 Feb-12 Nov-11 Aug-11 May-11 Feb-11 Energy Industrials Consumer Staples Financials Telecom Services EM EMEA (%) 4.0 Nov-10 May-13 Feb-13 Nov-12 Aug-12 May-12 Feb-12 Nov-11 Aug-11 May-11 Feb-11 Nov-10 Aug-10 Aug-10 0.0 0.5 May-11 0.5 Feb-11 1.0 Nov-10 1.0 0 0 MSCI World World Small MSCI Emerging MSCI World World Value World Growth MSCI Emerging Emerging Value Emerging Growth Source： Datastream, Bloomberg US Equities July-13 S&P PER by Sector （Past 3 years） 45 40 20 35 30 15 25 20 10 15 10 5 5 (point) (%) Dividend Yield for Past 15 Years 7 3500 S&P Dividend Yield by Sector (actual, for past one year) May-13 Feb-13 Nov-12 Aug-12 Feb-12 May-13 Russell3000 Russell200 Russell1000 Russell2000 R3000 Value R3000 Growth Russel Dividend Yield by Sector (actual, for past one year) (%) 2.5 4.5 S&P S&P Dividend Yield 10Y Treasury 3000 (%) 5.0 Energy Industrials Consumer Staples Financials Telecom Services Feb-13 Jun-13 S&P Materials Consumer Discretionary Healthcare Information Technology Utilities Nov-12 Utilities Aug-12 Telecom Services May-12 Financials Information Technology Feb-12 Industrials Healthcare Nov-11 Materials Consumer Staples Aug-10 Energy Consumer Discretionary Apr-13 Feb-13 Dec-12 Oct-12 Aug-12 Jun-12 Apr-12 Feb-12 Dec-11 Oct-11 Aug-11 Jun-11 Apr-11 Feb-11 Oct-10 Aug-10 Dec-10 S&P May-12 R3000 Growth Feb-11 0.0 Nov-10 0.5 0.0 Aug-10 1.0 0.5 Feb-13 1.5 1.0 80 May-13 2.0 1.5 100 Nov-12 2.5 2.0 Aug-12 2.5 Feb-12 3.0 120 May-12 3.0 Nov-11 3.5 140 Aug-11 4.0 3.5 May-11 4.5 4.0 Feb-11 4.5 Nov-10 5.0 160 Nov-11 Russell1000 R3000 Value Russell PBR by Sector （Past 3 years） 5.0 180 Aug-11 Russell200 Russell2000 S&P PBR by Sector （Past 3 years） 200 May-11 Aug-10 Feb-13 May-13 Feb-11 Russell3000 Aug-11 220 Energy Industrials Consumer Staples Financials Telecom Services May-11 S&P Materials Consumer Discretionary Healthcare Information Technology Utilities Nov-12 20.10 10.98 Data Source： Datastream, Bloomberg Nov-10 0 0 Cumulative Returns for Past 3 years July09 = 100 Russell PER by Sector （Past 3 years） 50 25 Aug-12 6.56 (%) FYTD 8.15 4.70 3.74 8.66 12.39 4.60 11.40 13.04 5.93 1.21 1.41 6.32 Feb-12 4.15 YTD 19.62 15.35 8.71 20.26 26.04 19.85 29.02 25.95 10.79 10.78 14.61 18.28 May-12 -1.52 Jan-Mar Nov-11 6.56 NASDAQ composite Oct-Dec Aug-11 Telecom Services Utilities Dow Jones Industrial Averages Jul-Sep 5.09 5.08 5.65 5.69 5.22 4.08 7.29 5.39 4.18 0.20 4.26 3.96 May-11 Consumer Staples Health Care Financials Information Technology Apr-Jun 2.91 -0.37 -1.80 2.81 6.81 0.50 3.84 7.25 1.68 1.00 -2.73 2.27 Feb-11 Energy Materials Industrials Consumer Discretionary Prev M -1.34 -1.98 -4.26 -1.26 0.87 -0.25 -0.72 -1.65 -3.62 1.92 0.96 -1.36 Nov-10 S&P500 This M 5.09 5.08 5.65 5.69 5.22 4.08 7.29 5.39 4.18 0.20 4.26 3.96 Aug-10 in USD 6 2500 5 2000 4 1500 3 4.0 2.0 3.5 3.0 1.5 2.5 2.0 1.0 1.5 ro w G 00 R 30 R 30 00 00 0 Va lu e th 0.0 R us se ll2 S& P En er gy M C at on er ia su I ls nd m er us tri D is al C c s re on tio su na m ry er St ap l H ea es In lth fo c ar rm Fi at na e io n n Te cia ls Te ch le co nol og m y Se rv ic es U til iti es Jul-13 Jul-12 Jul-11 Jul-10 Jul-09 Jul-08 Jul-07 Jul-06 Jul-05 Jul-04 Jul-03 Jul-02 Jul-01 Jul-00 Jul-99 Jul-98 0.0 00 0 0 R us se ll1 0 0.5 00 0.5 R us se ll2 1.0 1 00 0 2 500 R us se ll3 1000 Sources：Datastream, Bloomberg European Equities July-13 MSCI Europe Materials Consumer Discretionary Healthcare Information Technology Utilities Small Cap -5.12 1.42 6.80 11.82 -7.53 -1.84 10.36 5.02 8.33 Belgium 5.73 -4.59 -5.61 5.73 11.56 -0.20 Netherlands 7.54 -3.88 1.59 7.54 14.87 9.25 Austria 5.33 -8.01 -4.23 5.33 -1.26 0.88 Ireland 5.07 -2.30 -4.80 5.07 15.65 0.03 Portugal 2.36 -5.38 -1.89 2.36 2.77 0.43 3.0 Finland 3.95 -4.54 -0.72 3.95 8.78 3.20 2.5 Greece Denmark Norway 9.21 6.00 4.96 -2.68 -4.03 -4.76 -11.06 -5.03 -1.36 9.21 6.00 4.96 13.71 7.39 8.99 -2.87 0.67 3.53 2.0 Sweden 7.53 -5.31 -2.52 7.53 14.64 4.81 1.0 1.0 Switzerland 1.98 -3.29 -0.37 1.98 16.92 1.61 0.5 0.5 6.63 4.62 -3.42 -5.24 -7.70 -1.47 -2.04 -2.34 8.18 6.63 4.62 -3.42 14.59 -5.00 4.69 4.45 2.17 4.47 0.0 0.0 Czech 0.52 -5.28 -8.72 0.52 -16.97 -8.25 Russia 3.92 -2.14 -4.59 3.92 -2.62 -0.84 Turkey -4.34 -11.24 -9.85 -4.34 PBR by Sector （Past 3 years） 3.5 Feb-13 2.5 2.0 MSCI Europe Dividend Yield by Sector (actual, for past one year) Small Cap (%) 5.0 Value Growth May-13 Feb-13 Nov-12 Aug-12 May-12 Feb-12 Nov-11 Aug-11 Feb-11 May-11 Energy Industrials Consumer Staples Financials Telecom Services Nov-10 May-13 Feb-13 Nov-12 Aug-12 May-12 Feb-12 Nov-11 Aug-11 Feb-11 May-11 Nov-10 MSCI Europe Materials Consumer Discretionary Healthcare Information Technology Utilities Aug-10 1.5 1.5 MSCI Europe MSCI Europe Dividend Yield by Sector (actual, for past one year) 4.5 6.0 140 May-13 3.0 (%) 7.0 160 MSCI Europe 3.5 MSCI Europe Cumulative Returns for Past 3 years July09 = 100 Growth PBR by Market Cap/Style （Past 3 years） 4.0 -5.43 -13.77 Data Source： Datastream, Bloomberg 180 Value Nov-12 May-13 Aug-12 Energy Industrials Consumer Staples Financials Telecom Services Aug-12 0 Feb-12 5 0 May-12 10 5 Nov-11 15 10 Aug-11 20 15 Feb-11 25 20 May-11 30 25 Nov-10 35 30 Aug-10 40 35 Feb-13 45 40 Nov-12 45 May-12 50 Feb-12 8.31 PER by Market Cap/Style （Past 3 years） 50 Nov-11 (%) FYTD 5.02 3.14 -4.01 5.17 12.83 -1.92 3.94 11.57 3.21 7.87 6.32 4.46 7.87 8.01 7.03 3.13 5.77 7.55 6.80 UK Poland Hungary Emerging YTD 12.32 5.52 -6.23 14.15 19.77 12.94 19.62 15.63 11.73 16.25 6.46 11.60 15.97 14.68 11.30 13.33 8.79 -0.37 Aug-10 Non-EUR Jan-Mar 10.36 Spain EUR block Oct-Dec Aug-11 Telecom Services Utilities Large Cap Mid Cap Small Cap Value Growth Germany Local Italy Currency France Jul-Sep 5.85 4.94 4.53 7.00 9.48 3.51 1.92 9.17 3.79 5.95 4.66 5.54 7.39 6.39 6.83 4.88 4.24 7.99 Feb-11 Consumer Staples Health Care Financials Information Technology Apr-Jun -0.79 -1.72 -8.17 -1.71 3.06 -5.25 1.99 2.20 -0.56 1.81 1.59 -1.03 0.44 1.52 0.19 -1.67 1.46 -0.40 May-11 MSCI Europe Energy Materials Industrials Consumer Discretionary Prev M -5.04 -5.30 -8.94 -5.31 -3.58 -4.03 -2.73 -7.40 -3.21 -0.93 -4.44 -5.23 -4.08 -4.65 -5.65 -4.42 -4.41 -11.34 Nov-10 This M 5.85 4.94 4.53 7.00 9.48 3.51 1.92 9.17 3.79 5.95 4.66 5.54 7.39 6.39 6.83 4.88 4.24 7.99 Aug-10 in Local Currency PER by Sector （Past 3 years） 4.0 5.0 3.5 4.0 120 100 80 3.0 3.0 2.5 2.0 2.0 1.5 1.0 1.0 0.0 Materials Industrials Consumer Discretionary Consumer Staples Healthcare Financials Information Technology Telecom Services Utilities op e En Jun-13 er gy M C at on er su ia In m du ls er st D ria i s C ls on cre tio su na m er ry St ap le H s ea In lth fo ca rm F r e at in an io n Te cia ls Te ch le co nol og m y Se rv ic es U til iti es Energy 0.5 M SC IE ur MSCI Europe Apr-13 Feb-13 Dec-12 Oct-12 Aug-12 Jun-12 Apr-12 Feb-12 Dec-11 Oct-11 Aug-11 Jun-11 Apr-11 Feb-11 Dec-10 Oct-10 Aug-10 60 0.0 Small Cap Value Growth MSCI Europe Sources：Datastream, Bloomberg Japanese Equities July-13 (point) 2500 (%) Dividend Yield for 15 years 2000 Feb-13 May-13 Aug-12 Nov-12 May-12 Feb-12 Aug-11 Nov-11 TOPIX Core30 TOPIX Mid400 TSE 2nd Section TSE Mothers TOPIX PBR by Market Cap (Past 3years) 2.5 2.5 May-11 Feb-11 Nov-10 Aug-10 Feb-13 Nov-12 Aug-12 Feb-12 May-12 Nov-11 Aug-11 May-13 TOPIX TOPIX Large70 TOPIX Small JASDAQ TOPIX PBR by Sector （Past 3 years） 3.0 2.0 2.0 1.5 1.5 1.0 1.0 0.5 0.5 TOPIX Banking Utilities Trading Companies Retailing Real Estate May-13 Feb-13 Nov-12 Aug-12 May-12 Feb-12 Nov-11 Aug-11 TOPIX TOPIX Large70 TOPIX Small JASDAQ Electronic Equipment Automobile Pharmaceuticals Machinery Steel Construction TOPIX Dividend Yield by Sector (actual, past one year) (%) 3.5 May-11 0.0 0.0 TOPIX Core30 TOPIX Mid400 TSE 2nd Section TSE Mothers TOPIX Dividend Yield by Market Cap (actual, past one year) (%) 2.5 3.0 5 TOPIX TOPIX Dividend Yield 10Y JGB Electronic Equipment Automobile Pharmaceuticals Machinery Steel Construction Feb-11 MSCI Japan Energy Materials Industrials Consumer Discretionary Consumer Staples Health Care Financials Information Technology Telecom Services Utilities TSE 2nd Section Index JASDAQ Index TSE Mothers Index TOPIX Banking Utilities Trading Companies Retailing Real Estate Nov-10 Diversified Financials Financials Financials Insurance Consumer Finance Financials 0 Aug-10 Telecom Services Telecom Services Utilities Utilities Consumer Discretionary Comm.Services Financials Bankling 5 0 May-13 Industrials Industrials Transportation Infra. Industrials 10 Feb-13 Marine Airlines 15 10 Nov-12 Financials 20 20 Aug-12 Consumer Discretionary 25 May-12 Retailing Real Estate Land Transportation Industrials 30 30 Feb-12 Energy Industrials Trading Companies Industrials 35 Nov-11 IT Consumer Staples 40 40 May-11 Health Care Equipment Healthcare Other Products Fishery・Agri Nonmanufacturing Mining Construction 45 50 Aug-11 Consumer Discretionary 50 60 Feb-11 Materials Materials Industrials Industrials IT Jan-Mar May-11 Steel Non-ferrous Metals Metal Products Machinery E- Equipment Automobiles (%) YTD FYTD 33.08 9.57 32.02 5.68 18.25 -0.09 21.67 7.70 27.11 5.72 24.94 -5.03 15.07 2.21 56.15 8.02 21.31 14.87 34.76 21.47 23.40 10.20 26.70 12.24 29.01 8.38 26.15 10.01 42.96 18.28 24.96 14.24 35.57 9.95 22.58 10.91 0.21 -11.28 22.45 14.89 17.33 1.66 40.24 7.41 37.24 5.70 33.12 0.05 43.91 9.99 30.24 13.07 22.63 -11.30 55.42 23.48 41.06 25.09 38.93 7.38 33.26 4.97 59.35 24.01 29.76 16.29 34.95 10.75 33.37 9.88 7.35 -3.40 23.92 8.33 22.59 6.94 43.85 15.70 35.59 7.61 27.35 -2.77 33.48 7.69 20.39 6.08 63.90 30.57 38.95 24.40 27.54 3.72 62.06 14.46 83.52 15.22 Data Source： Datastream, Bloomberg Oct-Dec Nov-10 Glass・Earthenware Industrials Jul-Sep -0.18 -1.98 0.09 2.63 -3.17 -2.42 6.16 2.16 1.80 6.72 7.76 -1.68 -0.56 -1.34 0.41 -2.27 2.80 0.42 3.59 -1.48 2.38 0.94 -0.20 -0.55 0.33 0.35 0.56 1.90 -2.68 1.16 -1.47 1.76 -1.41 2.48 -0.39 5.44 -0.27 1.12 -0.06 -1.68 -2.09 -1.23 -2.12 3.12 -2.78 5.60 2.76 12.40 Feb-11 Consumer Discretionary Apr-Jun 9.77 7.82 -0.18 4.94 9.18 -2.67 -3.72 5.74 12.84 13.83 2.26 14.16 8.98 11.50 17.80 16.90 6.95 10.45 -14.35 16.61 -0.70 6.41 5.91 0.61 9.63 12.68 -11.79 21.17 28.54 6.15 6.54 21.87 17.96 8.07 10.31 -8.39 8.62 5.76 15.78 9.44 -0.69 9.03 8.37 26.62 27.96 -1.78 11.38 2.51 Aug-10 Materials Materials Healthcare Energy Prev M -0.01 0.37 -7.28 5.25 1.16 0.79 -3.37 0.42 -3.57 -0.14 -5.50 -2.57 -6.36 -3.42 -2.14 -5.33 4.98 1.84 -6.23 2.40 -4.69 2.82 1.70 3.36 0.51 -2.63 0.27 5.99 2.19 3.43 5.56 -6.35 2.74 -2.49 0.10 -4.27 -1.19 -3.00 -1.08 1.88 0.59 3.09 -2.91 8.33 2.42 -7.06 -6.31 -25.49 Nov-10 Consumer Staples Consumer Discretionary This M -0.18 -1.98 0.09 2.63 -3.17 -2.42 6.16 2.16 1.80 6.72 7.76 -1.68 -0.56 -1.34 0.41 -2.27 2.80 0.42 3.59 -1.48 2.38 0.94 -0.20 -0.55 0.33 0.35 0.56 1.90 -2.68 1.16 -1.47 1.76 -1.41 2.48 -0.39 5.44 -0.27 1.12 -0.06 -1.68 -2.09 -1.23 -2.12 3.12 -2.78 5.60 2.76 12.40 Aug-10 in JPY TOPIX（including dividents） Manufacturing Food Apparel Pulp・Paper Chemicals Pharmaceuticals Oil・Coal Rubber Products TOPIX PER by Market Cap (Past 3 years) TOPIX PER by Sector （Past 3 years） 2.0 2.5 4 2.0 1500 3 1000 2 1.0 500 1 0.5 1.5 1.5 1.0 0.5 0.0 AQ M ot he rs E TS TS E JA SD 2n d Se ct io n Sm all PI X TO M id 40 0 PI X TO PI X La rg e7 0 30 PI X Co re TO TO PI X 0.0 TO Eq ec tro ni c El Aug-12 Aug-11 Aug-10 Aug-09 Aug-08 Aug-07 Aug-06 Aug-05 Aug-04 Aug-03 Aug-02 Aug-01 Aug-00 Aug-99 Aug-98 TO PI ui X pm e Ba n t n Au kin g to m ob i le Ph ar Uti li m Tr ac ties ad eu in g C tica om ls pa M nies ac hi ne ry R et ai lin g S R ea tee l l C Est on at e st ru ct io n 0 0 Sources：Datastream, Bloomberg Additional Charts for Global Bond (%) JGB Implied Yield Curve 5 JGB Yield Curve 4 Implied Curve 3 2 JGB CDS 1 0 10Y 20Y Source : Bloomberg Source : Stone Harbor Additional Charts for Japaese Equities 31Dec99 = 100 Net Purchase/Sale of Japanese equities by non-Japanese investors (JPY BLN) Relative Performance of Small Caps 220 3,000 200 Russel Nomura Small' 180 TOPIX CB and Stock Market Volatility 100 2,500 160 2,000 140 1,500 800 90 Nikkei Volatility Index 750 80 Nikkei CB Index (right scale) 70 700 60 1,000 50 500 40 0 30 40 -500 20 20 -1,000 10 80 in JPY millions (trillion) 2,250 Net Purchase/Sale by Sector 4,000,000 1,500,000 ¥30 Operating Income + Depreciation TOPIX (left scale) 2,000 3,000,000 1,000,000 2,000,000 1,750 500,000 1,000,000 0 1,500 ¥20 1,250 0 -1,000,000 -500,000 -2,000,000 1,000 -1,000,000 -3,000,000 750 individuals other financials trust banks Source: Statistics Bureau Source : TSE Jul-13 Jan-13 Apr-13 Jul-12 Oct-12 Apr-12 Jan-12 Oct-11 Jul-11 Apr-11 Jan-11 Jul-10 Oct-10 Jan-10 Apr-10 Oct-09 Jul-09 Apr-09 Jan-09 Oct-08 Jul-08 Apr-08 Jan-08 Oct-07 Jul-07 Dec-12 Dec-11 Dec-10 Dec-09 Dec-08 Dec-07 Dec-06 Dec-05 Dec-04 Dec-03 Dec-02 Dec-01 Dec-00 ¥10 Dec-99 500 -1,500,000 Apr-07 -4,000,000 investment trust non-Japanese total agency trades(right scale) Jun-13 Dec-12 Jun-12 Dec-11 Jun-11 Jun-10 Dec-10 Jun-09 Dec-09 Jun-08 Dec-08 Jun-07 Dec-07 Source: Bloomberg Source: TSE Corporate Earnings and Stock Market 500 Jun-05 Jul-13 Feb-13 Apr-12 Sep-12 Jun-11 Nov-11 Jan-11 Aug-10 Oct-09 Mar-10 May-09 Jul-08 Dec-08 Feb-08 Apr-07 Sep-07 Jun-06 Jan-06 Nov-06 Source: Datastream 550 0 -1,500 Aug-05 Dec-12 Dec-11 Dec-10 Dec-09 Dec-08 Dec-07 Dec-06 Dec-05 Dec-04 Dec-03 Dec-02 Dec-01 Dec-00 Dec-99 0 600 Jun-06 60 650 Dec-06 100 Dec-05 120 インデックス ●シティグループ世界国債インデックス、シティグループ米国ハイイールド市場インデックス 出所：シティグループ・グローバル・マーケッツ・インク ●バークレイズ・グローバル総合インデックス 「バークレイズ・グローバル総合インデックスは、バークレイズ・バンク・ピーエルシーおよび関連会社（バークレイズ）が開発、算出、公表をおこなうインデックスであり、世界の投資適格債券市場のパフォーマンスをあらわします。当該インデッ クスに関する知的財産権およびその他の一切の権利はバークレイズに帰属します。」 ●バークレイズ・米国総合インデックス 「バークレイズ・米国総合インデックスは、バークレイズ・バンク・ピーエルシーおよび関連会社（バークレイズ）が開発、算出、公表をおこなうインデックスであり、米ドル建て投資適格債券市場のパフォーマンスをあらわします。当該インデック スに関する知的財産権およびその他の一切の権利はバークレイズに帰属します。」 ●バークレイズ・米国ハイイールド社債インデックス 「バークレイズ・米国ハイイールド社債インデックスは、バークレイズ・バンク・ピーエルシーおよび関連会社（バークレイズ）が開発、算出、公表をおこなうインデックスであり、米ドル建て投資不適格社債市場のパフォーマンスをあらわします。 当該インデックスに関する知的財産権およびその他の一切の権利はバークレイズに帰属します。」 ●バークレイズ・米国ハイイールド社債（1-3年）インデックス 「バークレイズ・米国ハイイールド社債（1-3年）インデックスは、バークレイズ・バンク・ピーエルシーおよび関連会社（バークレイズ）が開発、算出、公表をおこなうインデックスであり、残存期間が1年から3年の米ドル建て投資不適格社債市場 のパフォーマンスをあらわします。当該インデックスに関する知的財産権およびその他の一切の権利はバークレイズに帰属します。」 ●バークレイズ・米国ハイイールド社債 2% 発行体キャップ・インデックス 「バークレイズ・米国ハイイールド社債 2% 発行体キャップ・インデックスは、バークレイズ・バンク・ピーエルシーおよび関連会社（バークレイズ）が開発、算出、公表をおこなうインデックスであり、発行体の時価ウェイトに2%以下という制限を付 けた米ドル建て投資不適格社債市場のパフォーマンスをあらわします。当該インデックスに関する知的財産権およびその他の一切の権利はバークレイズに帰属します。」 ●バークレイズ・世界インフレ連動国債インデックス（米ドルベース、米ドルヘッジあり） 「バークレイズ・世界インフレ連動国債インデックスは、バークレイズ・バンク・ピーエルシーおよび関連会社（バークレイズ）が開発、算出、公表をおこなうインデックスであり、世界の物価連動国債市場（米ドルベース、米ドルヘッジあり）のパ フォーマンスをあらわします。当該インデックスに関する知的財産権およびその他の一切の権利はバークレイズに帰属します。」 ●JPMorgan Emerging Markets Bond Index Global Diversified(EMBI Global Diversified)、 JPMorgan Emerging Local Markets Bond Index Plus (ELMI+)、 JPMorgan Government Bond Index - Emerging Markets Global Diversified (GBI-EM) 出所： Datastream JPMorganは、JPMorgan Index、またはこれに含まれ、若しくはライセンスされた権利に関連して、若しくはその使用のために、ライセンシーその他の者または組織が取得したいかなるデータの品質、正確性及び、または 完全性を保証するものではありません。 ●BofA Merrill Lynch USD Libor 1M、3M、6M、 BofA Merrill Lynch JPY Libor 1M、3M、6M、 BofA Merrill Lynch EUR Libor 1M、3M、6M、BofA Merrill Lynch GBP Libor 1M、3M、6M、 BofA Merrill Lynch USD Libor 3M(JPY)、 BofA Merrill Lynch US High Yield Master ⅡIndex、BofA Merrill Lynch Euro High Yield EUR Hedged、BofA Merrill Lynch US Treasury 1-3 Years Index (Hedged, Unhedged) 、BofA Merrill Lynch US Treasury & Agency 1-5 Years Index、 出所：BofA Merrill Lynchの許可を得て使用。 ●MSCI AC World Free(税引前配当再投資、円建て）、MSCI AC Asia（米ドル建て）、MSCI AC Asia ex Japan（米ドル建て）、MSCI Asia Pacific (米ドル建て)、MSCI Asia Pacific ex Japan(米ドル建て)、MSCI KOKUSAI(円建て)、MSCI China A （米ドル建て)、MSCI World (米ドル建て）（円建て・ヘッジ付き）(円建て・ヘッジなし）、MSCI EAFE（米ドル建て）、MSCI Arabian Markets（米ドル建て）、MSCI Golden Dragon （米ドル建て）、MSCI Emerging Markets (米ドル建て) 出所：MSCI イ ンデックス収益率は、HCにより指数を基に再計算したものです。 ●TOPIX（配当込） 「TOPIXの指数値及びTOPIXの商標は、株式会社東京証券取引所（以下「東証」といいます。）の知的財産であり、株価指数の算出、指数値の公表、利用などTOPIXに関するすべての権利は東証が有しています。東証は、TOPIXの指数値の 算出もしくは公表の方法の変更、TOPIXの指数値の算出もしくは公表の停止又はTOPIXの商標の変更もしくは使用の停止を行うことができます。東証は、TOPIXの指数値の算出又は公表の誤謬、遅延又は中断に対し、責任を負いません。」 ●NOMURA-BPI 総合、短期（1年以上3年未満）、中期（3年以上7年未満、長期（7年以上） 「NOMURA-BPI 総合、短期（1年以上3年未満）、中期（3年以上7年未満、長期（7年以上）は、野村證券株式会社が公表している指数で、その知的財産権は野村證券株式会社に帰属します。なお、野村證券株式会社は、NOMURA-BPI 総 合、短期（1年以上3年未満）、中期（3年以上7年未満、長期（7年以上）を用いて行われるHCの事業活動・サービスに関し一切責任を負いません。」 ●NOMURA CMT Index 「NOMURA CMT Indexは、野村證券株式会社が公表している指数で、その知的財産権は野村證券株式会社に帰属します。なお、野村證券株式会社は、NOMURA CMT Indexの正確性、完全性、信頼性、有用性を保証するものではなく、 NOMURA CMT Indexを用いて行われるHCの事業活動・サービスに関し一切責任を負いません。」 ●Russell/Nomura Japan Index 「Russell/Nomura Japan Indexは、野村證券株式会社が公表している指数で、その知的財産権は野村證券株式会社及びRussell Investmentsに帰属します。なお、野村證券株式会社及びRussell Investmentsは、Russell/Nomura Japan Index の正確性、完全性、信頼性、有用性を保証するものではなく、Russell/Nomura Japan Indexを用いて行われるHCの事業活動・サービスに関し一切責任を負いません。」 ●Eurekahedge Asian Hedge Fund Index、 Eurekahedge Asian Hedge Fund Index(Asia ex-Japan Index) 出所：Eurekahedgeの許可を得て使用。 ●FTSE All World、FTSE World、S&P500 出所：Datastream ●S&P CNX Nifty Index 出所： India Index Services & Products Ltd.(IISL) ●Credit Suisse Leveraged Loan Index 出所： Bloomberg ※当社で参照している上記インデックスは、全てトータルリターン・インデックスです。その略称を記載する際には、税引き後基準で算出されているもののみ「Net」と付しています。
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