# Source: Bloomberg Finance L.P., Dow Jones, FactSet, J.P. Morgan Economic Research, MSCI, J.P. Morgan Asset Management. APxJ: Asia Pacific ex-Japan. DM: developed market. EM: emerging market. EMD: emerging market debt. HY: high yield. REITs: real estate investment trusts. The “Diversified” portfolio assumes the following weights: 20% in the MSCI World Index (DM equities), 20% in the MSCI AC Asia Pacific ex-Japan (APxJ equities), 5% in the average of the MSCI EM Latin America and MSCI EM EMEA Indices (EM ex-Asia equities), 10% in the J.P. Morgan EMBIG Index (EMD), 10% in the Bloomberg Barclays Aggregate (Global bonds), 10% in the Bloomberg Barclays Global Corporate High Yield Index (Global corporate HY bonds), 15% in J.P. Morgan Asia Credit Index (Asian bonds), 5% in MSCI US REITs Index (US REITs) and 5% in Bloomberg Barclays U.S. Treasury – Bills (1-3 months) (Cash). Diversified portfolio assumes annual rebalancing. All data represent total return in US dollar terms for the stated period. 10-year total return data is used to calculate annualised returns (Ann. Ret.) and 10-year price return data is used to calculate annualised volatility (Ann. Vol.) and reflects the period 30.06.2009 – 30.06.2019. Past performance is not indicative of future performance. Different asset classes have different risk profiles. Guide to the Markets – Asia. Data reflect most recently available as of 30.06.2019.
† Source: Bank of America, Bloomberg Finance L.P., FactSet, Federal Reserve, FTSE, MSCI, NCREIF, Standard & Poor’s, J.P. Morgan Asset Management. HD: high dividend. Asset classes are based on FTSE NAREIT Global/USA REITs (Global/US REITs), Bloomberg Barclays US Convertibles Composite (Convertibles), Bloomberg Barclays Global High Yield Index (Global HY bonds), J.P. Morgan Government Bond Index EM Global (GBI-EM) (Local EMD), J.P. Morgan Emerging Market Bond Index Global (EMBIG) (USD EMD), J.P. Morgan Asia Credit Index Non-investment Grade (Asia HY bonds), MSCI Emerging Markets (EM equities), MSCI Emerging Markets High Dividend Yield Index (EM HD equities), MSCI World High Dividend Yield Index (DM HD equities), MSCI Europe (European equities), MSCI USA (US equities). EM HD equities and DM HD equities as of 28.02.2019. Different asset classes have different risk profiles. For illustrative purposes only. Guide to the Markets – Asia. Data reflect most recently available as of 30.06.2019.