tbre: pc"ktoos raw Inv ag pciuto invattincnt Assaf-d prcpx.Nas Pont*, High-yield debt February 24, 2015 Reference measure Average of Barclays U S € ugh a ad Barclays Curti Yiuld indices, weighted erxxoding to market on::, U.S. dollars vs casit•• Investment horizon 3 -12 months Performance since initiation O Both U.S. and euro high- yield markets suffered in early July from increasing concerns around Greece and the Chinese equities market. There were outflows from U.S. high-yield bonds and low liquidity in the European market led to sharp daily price and sentiment swings. But these high-yield sectors strengthened after signs of progress on Greece and we remain positive here on a 3- to 12-month horizon. In the United States default rates are expected to remain low as issuers have largely refinanced maturities into 2017 and beyond. U.S. consumer discretionary rasa inaratea September 19, 2014 Reference measure S&I' 500 Consumer Discretionary Index vs. cash" Investment horizon 3 - 12+ rimthe Pertonnancx since initiation 0 Overall U.S. retail-sales growth has been relative€y modest in recent months with, for example, 1.0% year-on-year growth in May followed by a 1.4% gain in June. Part of this has been due to a tall in gasoline-station sales due to lower gasoline prices, year-on-year. But some areas of consumer-discretionary (as distinct from consumer- staples) spending have continued to perform strongly, including auto sales. This has been reflected in resilient performance by the S&P 500 Consumer Discretionary Index, which reached a year- to-date high in mid-July. We expect a continued pickup in consumer-discretionary spending as 2015 progresses, encouraged by further labor- market improvement, wage growth and higher household net worth. Opportunities in cloud computing Idea November 26, 2013 Reference measure ilia Investment horizon 3 - 12. months Performance sinim initiation rva Recent