periodic table collection year-end 2015

Rankings of Assorted Indices and Strategies

The Periodic Table Collection

Year-End 2015

© 2016 Callan Associates Inc.

Knowledge. Experience. Integrity. 1 The Periodic Table Collection

Table of Contents Callan Periodic Tables

The Periodic Tables of Investment Returns depict annual returns for various asset classes, ranked from best to worst. Each asset class is color-coded for easy

tracking. Well-known, industry-standard market indices are used as proxies for each asset class. The Periodic Table of Investment Returns—a play on the Periodic

Table of the Elements—was authored by Jay Kloepfer, Director of Callan’s Capital Markets and Alternatives Research, in 1999. Mr. Kloepfer's vision of illustrating

the importance of diversification resulted in a table of returns, similar to the Mendeleev creation. Callan’s first Periodic Table of Investment Returns was distributed

in 1999, for returns 1979 - 1998.

Key Indices 2

Key Indices Ranked Relative to Zero 3

Key Indices Ranked Relative to Inflation 4

Real Asset Indices Ranked Relative to Inflation 5

Callan Fund Sponsor Database 6

U.S. Equity 7

Non-U.S. Equity 8

Key Indices Including Alternatives 9

Key Indices Including Real Estate 10

Fixed Income Indices 11

Non-U.S. Fixed Income Indices 12

Hedge Fund Index Sub Strategies 13

Index Descriptions 14


The Callan Periodic Table of Investment Returns Annual Returns for Key Indices Ranked in Order of Performance (1996–2015)

S&P 500

22.96%

S&P 500

33.36%

S&P 500

28.58%

S&P 500

21.04%S&P 500

-9.11%

S&P 500

-11.89%

S&P 500

-22.10%

S&P 500

28.68%S&P 500

10.88%

S&P 500

4.91%S&P 500

15.79%S&P 500

5.49%

S&P 500

-37.00%

S&P 500

26.47%S&P 500

15.06%

S&P 500

2.11%S&P 500

16.00%

S&P 500

32.39%

S&P 500

13.69%S&P 500

1.38%

GrowthS&P 500

23.97%

GrowthS&P 500

36.52%

GrowthS&P 500

42.16%

GrowthS&P 500

28.24%

GrowthS&P 500

-22.08%

GrowthS&P 500

-12.73%

GrowthS&P 500

-23.59%

GrowthS&P 500

25.66%

GrowthS&P 500

6.13%

GrowthS&P 500

4.00%

GrowthS&P 500

11.01%

GrowthS&P 500

9.13%

GrowthS&P 500

-34.92%

GrowthS&P 500

31.57%

GrowthS&P 500

15.05%

GrowthS&P 500

4.65%

GrowthS&P 500

14.61%

GrowthS&P 500

32.75%

GrowthS&P 500

14.89%

GrowthS&P 500

5.52%

ValueS&P 500

22.00%

ValueS&P 500

29.98%

ValueS&P 500

14.69%

ValueS&P 500

12.73%

ValueS&P 500

6.08%

ValueS&P 500

-11.71%

ValueS&P 500

-20.85%

ValueS&P 500

31.79%

ValueS&P 500

15.71%

ValueS&P 500

5.82%

ValueS&P 500

20.81%

ValueS&P 500

1.99%

ValueS&P 500

-39.22%

ValueS&P 500

21.17%

ValueS&P 500

15.10%

ValueS&P 500

-0.48%

ValueS&P 500

17.68%

ValueS&P 500

31.99%

ValueS&P 500

12.36%

ValueS&P 500

-3.13%

2000Russell

16.49%

2000Russell

22.36%

2000Russell

-2.55%

2000Russell

21.26%

2000Russell

-3.02%

2000Russell

2.49%

2000Russell

-20.48%

2000Russell

47.25%

2000Russell

18.33%

2000Russell

4.55%

2000Russell

18.37%

2000Russell

-1.57%

2000Russell

-33.79%

2000Russell

27.17%

2000Russell

26.85%

2000Russell

-4.18%

2000Russell

16.35%

2000Russell

38.82%

2000Russell

4.89%

2000Russell

-4.41%

Growth2000

Russell

11.26%Growth2000

Russell

12.95%

Growth2000

Russell

1.23%

Growth2000

Russell

43.09%

Growth2000

Russell

-22.43%

Growth2000

Russell

-9.23%

Growth2000

Russell

-30.26%

Growth2000

Russell

48.54%

Growth2000

Russell

14.31%

Growth2000

Russell

4.15%Growth2000

Russell

13.35%

Growth2000

Russell

7.05%

Growth2000

Russell

-38.54%

Growth2000

Russell

34.47%

Growth2000

Russell

29.09%

Growth2000

Russell

-2.91%

Growth2000

Russell

14.59%

Growth2000

Russell

43.30%

Growth2000

Russell

5.60%Growth2000

Russell

-1.38%

2000 ValueRussell

21.37%

2000 ValueRussell

31.78%

2000 ValueRussell

-6.45%

2000 ValueRussell

-1.49%

2000 ValueRussell

22.83%

2000 ValueRussell

14.02%

2000 ValueRussell

-11.43%

2000 ValueRussell

46.03%

2000 ValueRussell

22.25%

2000 ValueRussell

4.71%

2000 ValueRussell

23.48%

2000 ValueRussell

-9.78%

2000 ValueRussell

-28.92%

2000 ValueRussell

20.58%

2000 ValueRussell

24.50%

2000 ValueRussell

-5.50%

2000 ValueRussell

18.05%

2000 ValueRussell

34.52%

2000 ValueRussell

4.22%

2000 ValueRussell

-7.47%

MSCI EAFE

6.05%MSCI EAFE

1.78%

MSCI EAFE

20.00%MSCI EAFE

26.96%

MSCI EAFE

-14.17%

MSCI EAFE

-21.44%

MSCI EAFE

-15.94%

MSCI EAFE

38.59%

MSCI EAFE

20.25%

MSCI EAFE

13.54%

MSCI EAFE

26.34%MSCI EAFE

11.17%

MSCI EAFE

-43.38%

MSCI EAFE

31.78%

MSCI EAFE

7.75%

MSCI EAFE

-12.14%

MSCI EAFE

17.32%

MSCI EAFE

22.78%

MSCI EAFE

-4.90%

MSCI EAFE

-0.81%

AggBarclays

3.64%

AggBarclays

9.64%

AggBarclays

8.70%

AggBarclays

-0.82%

AggBarclays

11.63%

AggBarclays

8.43%

AggBarclays

10.26%

AggBarclays

4.10%

AggBarclays

4.34%

AggBarclays

2.43%

AggBarclays

4.33%

AggBarclays

6.97%

AggBarclays

5.24%

AggBarclays

5.93%

AggBarclays

6.54%

AggBarclays

7.84%

AggBarclays

4.21%

AggBarclays

-2.02%

AggBarclays

5.97%

AggBarclays

0.55%

MarketsEmerging

MSCI

6.03%

MarketsEmerging

MSCI

-11.59%Markets

EmergingMSCI

-25.34%

MarketsEmerging

MSCI

66.42%

MarketsEmerging

MSCI

-30.61%

MarketsEmerging

MSCI

-2.37%

MarketsEmerging

MSCI

-6.00%

MarketsEmerging

MSCI

56.28%Markets

EmergingMSCI

25.95%Markets

EmergingMSCI

34.54%Markets

EmergingMSCI

32.59%Markets

EmergingMSCI

39.78%

MarketsEmerging

MSCI

-53.18%

MarketsEmerging

MSCI

79.02%

MarketsEmerging

MSCI

19.20%

MarketsEmerging

MSCI

-18.17%

MarketsEmerging

MSCI

18.63%

MarketsEmerging

MSCI

-2.27%

MarketsEmerging

MSCI

-1.82%

MarketsEmerging

MSCI

-14.60%

YieldCorp HighBarclays

11.35%


12.76%


1.87%


2.39%


-5.86%


5.28%Yield

Corp HighBarclays

-1.41%


28.97%


11.13%


2.74%


11.85%Yield

Corp HighBarclays

1.87%


-26.16%


58.21%


15.12%


4.98%


15.81%


7.44%Yield

Corp HighBarclays

2.45%Yield

Corp HighBarclays

-4.47%

Val WtNFI-ODCE

10.53%

Val WtNFI-ODCE

13.94%

Val WtNFI-ODCE

15.29%

Val WtNFI-ODCE

12.05%

Val WtNFI-ODCE

13.19%

Val WtNFI-ODCE

4.64%

Val WtNFI-ODCE

4.57%

Val WtNFI-ODCE

8.28%

Val WtNFI-ODCE

12.00%

Val WtNFI-ODCE

20.15%

Val WtNFI-ODCE

15.27%

Val WtNFI-ODCE

14.84%

Val WtNFI-ODCE

-10.70%

Val WtNFI-ODCE

-30.40%

Val WtNFI-ODCE

15.26%

Val WtNFI-ODCE

14.96%

Val WtNFI-ODCE

9.79%

Val WtNFI-ODCE

12.90%

Val WtNFI-ODCE

11.46%

Val WtNFI-ODCE

13.95%

1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015

The Callan Periodic Table of Investment Returns conveys the strong case for diversification across asset classes (stocks vs. bonds), investment styles (growth vs. value),

capitalizations (large vs. small), and equity markets (U.S. vs. international). The Table highlights the uncertainty inherent in all capital markets. Rankings change every year. Also

noteworthy is the difference between absolute and relative performance, as returns for the top-performing asset class span a wide range over the past 20 years.


Callan Periodic Table of Investment Returns (Relative to Zero)

Annual Returns for Key Indices Ranked in Order of Performance (2006–2015)

MSCI Em Markets

32.59% Russell 2000

26.85% MSCI Em Markets

18.63%

MSCI EAFE 26.34%

MSCI Em Markets 39.78%



MSCI EAFE 17.32%

Russell 2000 18.37%

NFI-ODCE Val Wt 14.84%

Barclays Corp HY 58.21%


Russell 2000 16.35%

S&P 500 13.69%

S&P 500 15.79%

CS Hedge Fund 12.56%

MSCI EAFE 31.78%


S&P 500 16.00%

Russell 2000 38.82%



Barclays U.S. TIPS 11.63%

Russell 2000 27.17%

S&P 500 15.06%



S&P 500 32.39%

Barclays Agg 5.97%


MSCI EAFE 11.17%

S&P 500 26.47%




MSCI EAFE 22.78%

Russell 2000 4.89%


Barclays Agg 6.97%


MSCI EAFE 7.75%

Barclays Agg 7.84%

CS Hedge Fund 7.67%


CS Hedge Fund 4.13%


3 Month T-Bills 4.85%

S&P 500 5.49%


Barclays Agg 6.54%



CS Hedge Fund 9.73%


S&P 500 1.38%

Barclays Agg 4.33%


Barclays Agg 5.24%

Barclays Agg 5.93%


S&P 500 2.11%

Barclays Agg 4.21%



Barclays Agg 0.55%











2006 2007 2008 2009 2010 2011 2012 2013 2014 2015

Russell 2000 -1.57%

Barclays U.S. TIPS -2.35%

NFI-ODCE Val Wt -30.40%

CS Hedge Fund -2.52%

Barclays Agg -2.02%

MSCI Em Markets -1.82%



Russell 2000 -4.18%


MSCI EAFE -4.90%

MSCI EAFE -0.81%


MSCI EAFE -12.14%



Barclays Corp HY -26.16%


Russell 2000 -4.41%

Russell 2000 -33.79%


S&P 500 -37.00%


MSCI EAFE -43.38%


0.00%


Callan Periodic Table of Investment Returns (Relative to Inflation)


MSCI Em Markets

32.59% Russell 2000

26.85% MSCI Em Markets

18.63%

MSCI EAFE 26.34%




MSCI EAFE 17.32%

Russell 2000 18.37%




Russell 2000 16.35%

S&P 500 13.69%

S&P 500 15.79%


MSCI EAFE 31.78%


S&P 500 16.00%

Russell 2000 38.82%




Russell 2000 27.17%

S&P 500 15.06%


S&P 500 32.39%

Barclays Agg 5.97%


MSCI EAFE 11.17%

S&P 500 26.47%




MSCI EAFE 22.78%

Russell 2000 4.89%


Barclays Agg 6.97%


MSCI EAFE 7.75%


CS Hedge Fund 7.67%


CS Hedge Fund 4.13%



S&P 500 5.49%

Barclays Agg 5.24%


Barclays Agg 6.54%

Barclays Agg 7.84%


CS Hedge Fund 9.73%


S&P 500 1.38%

Barclays Agg 4.33%



Barclays Agg 5.93%



Barclays Agg 4.21%



Barclays Agg 0.55%

2006: 2.44% 2007: 4.35% 2008: 0.47% 2009: 3.36% 2010: 1.68% 2011: 3.21% 2012: 1.68% 2013: 1.45% 2014: 0.32% 2015: 0.38%






S&P 500 2.11%





Russell 2000 -1.57%




Barclays Agg -2.02%






MSCI EAFE -4.90%

MSCI EAFE -0.81%


Russell 2000 -4.18%



Russell 2000 -33.79%

MSCI EAFE -12.14%

Russell 2000 -4.41%

S&P 500 -37.00%



MSCI EAFE -43.38%



CPI-W

Inflation is represented by the Consumer Price Index.


Callan Periodic Table of Real Asset Returns (Relative to Inflation)

Annual Returns for Real Asset Indices Ranked in Order of Performance (2006–2015)

NCREIF Timberland

18.43% Alerian MLP

35.85%

EPNA/NAREIT Dev REIT 28.65%

DJB:Gbl Infrastructure

16.34%


DJB:Gbl

Infrastructure

16.26%


NCREIF Farmland

18.58% Alerian MLP

27.58%



36.65%

NCREIF Farmland

15.90% Alerian MLP

76.41% Bloomberg Comm

16.67% NCREIF Farmland

15.16%


16.01%

NCREIF Farmland


12.64%

Alerian MLP

26.07% NCREIF Property

15.85%


NFI-ODCE Val Wt

15.26% NFI-ODCE Val Wt


10.54%


15.89%

NCREIF Property

11.82%

NCREIF Farmland


14.84%

DJB:Gbl

Infrastructure

34.24%

NCREIF Property


14.26%

NFI-ODCE Val Wt



11.46%

NFI-ODCE Val Wt

13.95%

NCREIF Property

16.59% Alerian MLP


18.72%

DJB:Gbl

Infrastructure

12.46%

Alerian MLP

13.88%

NCREIF Timberland


10.98% NCREIF Timberland

10.48%

NCREIF Property 13.33%

NFI-ODCE Val Wt

15.27% Barclays U.S. TIPS




8.79%

DJB:Gbl

Infrastructure

13.75%

Barclays U.S. TIPS


9.68% Alerian MLP


10.35%

NCREIF Timberland






13.56% Alerian MLP

4.80%

EPNA/NAREIT Dev REIT

4.43%

Barclays U.S. TIPS


4.97% 2006: 2.54% 2007: 4.08% 2008: 0.09% 2009: 2.72% 2010: 1.50% 2011: 2.96% 2012: 1.74% 2013: 1.50% 2014: 0.76% 2015: 0.73%

Barclays U.S. TIPS

0.41%


-6.96%

Barclays U.S. TIPS

-2.35% NCREIF Timberland




-1.14% Barclays U.S. TIPS

-8.61% Bloomberg Comm

-17.04%


0.05%

Bloomberg Comm

-2.71% NCREIF Property

-6.46% NCREIF Property

-16.86%


-5.82%

Bloomberg Comm

-9.58% Barclays U.S. TIPS

-1.44%

NFI-ODCE Val Wt

-10.70% NFI-ODCE Val Wt

-30.40% Bloomberg Comm

-13.37%


-14.40%

DJB:Gbl

Infrastructure

-36.36%

Bloomberg Comm -24.70%

Bloomberg Comm -36.61%

Alerian MLP

-32.59%

Alerian MLP

-36.92% EPNA/NAREIT

Dev REIT -47.72%

CPI-U

Inflation is represented by the Consumer Price Index.


Callan Periodic Table of Fund Sponsor Database Returns Annual Returns for Fund Sponsor Database Ranked in Order of Performance (1996–2015)

Funds DBCorporate

Callan

14.9%

Funds DBCorporate

Callan

19.5%

Funds DBCorporate

Callan

14.3%

Funds DBCorporate

Callan

14.1%

Funds DBCorporate

Callan

1.4%

Funds DBCorporate

Callan

-3.6%

Funds DBCorporate

Callan

-9.4%

Funds DBCorporate

Callan

22.3%

Funds DBCorporate

Callan

11.2%

Funds DBCorporate

Callan

7.1%

Funds DBCorporate

Callan

13.1%

Funds DBCorporate

Callan

8.0%

Funds DBCorporate

Callan

-24.7%

Funds DBCorporate

Callan

20.6%

Funds DBCorporate

Callan

13.1%

Funds DBCorporate

Callan

2.0%

Funds DBCorporate

Callan

13.0%

Funds DBCorporate

Callan

12.8%

Funds DBCorporate

Callan

7.0%

Funds DBCorporate

Callan

-1.0%

DBFoundation

Endowment/Callan

14.7%

DBFoundation

Endowment/Callan

19.7%

DBFoundation

Endowment/Callan

13.0%

DBFoundation

Endowment/Callan

13.9%

DBFoundation

Endowment/Callan

1.8%

DBFoundation

Endowment/Callan

-3.3%

DBFoundation

Endowment/Callan

-9.7%

DBFoundation

Endowment/Callan

22.3%

DBFoundation

Endowment/Callan

11.2%

DBFoundation

Endowment/Callan

7.5%

DBFoundation

Endowment/Callan

13.5%

DBFoundation

Endowment/Callan

8.7%

DBFoundation

Endowment/Callan

-26.5%

DBFoundation

Endowment/Callan

21.2%

DBFoundation

Endowment/Callan

12.6%

DBFoundation

Endowment/Callan

-0.4%

DBFoundation

Endowment/Callan

12.3%

DBFoundation

Endowment/Callan

14.7%

DBFoundation

Endowment/Callan

4.8%

DBFoundation

Endowment/Callan

-0.7%

Sponsor DBLarge Fund

Callan

14.2%


Callan

18.9%


Callan

14.9%


Callan

15.4%


Callan

0.1%


Callan

-4.1%


Callan

-9.1%


Callan

22.6%


Callan

11.7%


Callan

8.0%


Callan

14.0%


Callan

8.9%


Callan

-26.0%


Callan

19.4%


Callan

13.5%


Callan

1.5%


Callan

13.1%


Callan

14.3%


Callan

7.1%


Callan

0.1%

Sponsor DBFund

Callan Mid

14.3%

Sponsor DBFund

Callan Mid

19.2%

Sponsor DBFund

Callan Mid

13.7%

Sponsor DBFund

Callan Mid

13.4%

Sponsor DBFund

Callan Mid

1.7%

Sponsor DBFund

Callan Mid

-2.8%

Sponsor DBFund

Callan Mid

-8.8%

Sponsor DBFund

Callan Mid

21.9%

Sponsor DBFund

Callan Mid

11.0%

Sponsor DBFund

Callan Mid

7.3%

Sponsor DBFund

Callan Mid

13.2%

Sponsor DBFund

Callan Mid

8.0%

Sponsor DBFund

Callan Mid

-25.1%

Sponsor DBFund

Callan Mid

20.2%

Sponsor DBFund

Callan Mid

12.9%

Sponsor DBFund

Callan Mid

1.1%

Sponsor DBFund

Callan Mid

12.6%

Sponsor DBFund

Callan Mid

14.7%

Sponsor DBFund

Callan Mid

6.1%

Sponsor DBFund

Callan Mid

-0.5%

Sponsor DBSmall Fund

Callan

13.9%


Callan

19.3%


Callan

13.7%


Callan

11.6%


Callan

2.7%


Callan

-2.2%


Callan

-8.9%


Callan

20.4%


Callan

10.4%


Callan

6.6%


Callan

12.5%


Callan

7.8%


Callan

-24.8%


Callan

20.8%


Callan

12.6%


Callan

0.2%


Callan

12.2%


Callan

15.6%


Callan

5.4%


Callan

-0.6%

Funds DBPublicCallan

13.5%


18.4%


14.6%


13.8%


1.4%


-3.1%


-8.1%


21.4%


11.2%


7.4%


13.5%


8.0%


-25.4%


20.2%


13.0%


0.9%


12.7%


15.7%


6.1%


0.3%

Hartley DBCallan Taft-

12.8%


19.2%


13.9%


8.9%


2.8%


-1.7%


-7.9%


18.8%


9.8%


6.8%


11.8%


7.6%


-23.4%


15.3%


12.8%


1.5%


12.0%


17.3%


6.9%


1.2%

Sponsor DBFund

Callan Total

14.2%

Sponsor DBFund

Callan Total

19.1%

Sponsor DBFund

Callan Total

14.1%

Sponsor DBFund

Callan Total

13.2%

Sponsor DBFund

Callan Total

1.8%

Sponsor DBFund

Callan Total

-3.0%

Sponsor DBFund

Callan Total

-8.9%

Sponsor DBFund

Callan Total

21.6%

Sponsor DBFund

Callan Total

11.0%

Sponsor DBFund

Callan Total

7.2%

Sponsor DBFund

Callan Total

13.1%

Sponsor DBFund

Callan Total

8.1%

Sponsor DBFund

Callan Total

-25.1%

Sponsor DBFund

Callan Total

20.2%

Sponsor DBFund

Callan Total

12.9%

Sponsor DBFund

Callan Total

0.8%

Sponsor DBFund

Callan Total

12.6%

Sponsor DBFund

Callan Total

14.9%

Sponsor DBFund

Callan Total

6.0%

Sponsor DBFund

Callan Total

-0.4%

1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015


Callan Periodic Table of U.S. Equity Investment Returns Annual Returns for U.S. Equity Indices Ranked in Order of Performance (1996–2015)

S&P 1500

22.26%

S&P 1500

32.87%S&P 1500

26.33%

S&P 1500

20.27%S&P 1500

-6.98%

S&P 1500

-10.64%

S&P 1500

-21.31%

S&P 1500

29.59%

S&P 1500

11.78%

S&P 1500

5.66%

S&P 1500

15.34%

S&P 1500

5.47%

S&P 1500

-36.72%

S&P 1500

27.25%S&P 1500

16.38%

S&P 1500

1.75%

S&P 1500

16.17%

S&P 1500

32.59%

S&P 1500

13.08%

S&P 1500

1.01%

S&P 500

22.96%

S&P 500

33.36%

S&P 500

28.58%

S&P 500

21.04%

S&P 500

-9.11%

S&P 500

-11.89%S&P 500

-22.10%

S&P 500

28.68%

S&P 500

10.88%

S&P 500

4.91%

S&P 500

15.79%S&P 500

5.49%

S&P 500

-37.00%

S&P 500

26.47%S&P 500

15.06%

S&P 500

2.11%

S&P 500

16.00%

S&P 500

32.39%

S&P 500

13.69%

S&P 500

1.38%

3000Russell

21.82%

3000Russell

31.78%

3000Russell

24.14%

3000Russell

20.90%

3000Russell

-7.46%

3000Russell

-11.46%

3000Russell

-21.54%

3000Russell

31.06%

3000Russell

11.95%

3000Russell

6.12%

3000Russell

15.72%

3000Russell

5.14%

3000Russell

-37.31%

3000Russell

28.34%

3000Russell

16.93%

3000Russell

1.03%

3000Russell

16.42%

3000Russell

33.55%

3000Russell

12.56%

3000Russell

0.48%

1000Russell

22.45%

1000Russell

32.85%

1000Russell

27.02%

1000Russell

20.91%

1000Russell

-7.79%

1000Russell

-12.45%

1000Russell

-21.65%

1000Russell

29.89%

1000Russell

11.40%

1000Russell

6.27%

1000Russell

15.46%

1000Russell

5.77%

1000Russell

-37.60%

1000Russell

28.43%

1000Russell

16.10%

1000Russell

1.50%

1000Russell

16.42%

1000Russell

33.11%

1000Russell

13.24%

1000Russell

0.92%

S&P 400

19.20%

S&P 400

32.25%S&P 400

19.11%

S&P 400

14.73%

S&P 400

17.50%

S&P 400

-0.60%

S&P 400

-14.51%

S&P 400

35.62%

S&P 400

16.48%

S&P 400

12.56%

S&P 400

10.31%

S&P 400

7.98%

S&P 400

-36.23%

S&P 400

37.38%S&P 400

26.64%

S&P 400

-1.73%

S&P 400

17.88%

S&P 400

33.50%

S&P 400

9.77%S&P 400

-2.18%

MidcapRussell

19.00%

MidcapRussell

29.01%

MidcapRussell

10.09%

MidcapRussell

18.23%

MidcapRussell

8.25%

MidcapRussell

-5.62%

MidcapRussell

-16.19%

MidcapRussell

40.06%

MidcapRussell

20.22%

MidcapRussell

12.65%

MidcapRussell

15.26%

MidcapRussell

5.60%

MidcapRussell

-41.46%

MidcapRussell

40.48%

MidcapRussell

25.48%

MidcapRussell

-1.55%

MidcapRussell

17.28%

MidcapRussell

34.76%

MidcapRussell

13.22%

MidcapRussell

-2.44%

2500Russell

19.03%

2500Russell

24.36%

2500Russell

0.38%

2500Russell

24.14%

2500Russell

4.27%

2500Russell

1.22%

2500Russell

-17.80%

2500Russell

45.51%

2500Russell

18.29%

2500Russell

8.11%

2500Russell

16.17%

2500Russell

1.38%

2500Russell

-36.79%

2500Russell

34.39%

2500Russell

26.71%

2500Russell

-2.51%

2500Russell

17.88%

2500Russell

36.80%

2500Russell

7.07%

2500Russell

-2.90%

S&P 600

21.32%

S&P 600

25.58%S&P 600

-1.30%S&P 600

12.40%

S&P 600

11.80%

S&P 600

6.54%

S&P 600

-14.63%S&P 600

38.79%

S&P 600

22.65%

S&P 600

7.68%

S&P 600

15.11%S&P 600

-0.30%

S&P 600

-31.07%

S&P 600

25.57%

S&P 600

26.31%

S&P 600

1.02%

S&P 600

16.33%

S&P 600

41.31%

S&P 600

5.76%

S&P 600

-1.97%

2000Russell

16.49%

2000Russell

22.36%

2000Russell

-2.55%

2000Russell

21.26%

2000Russell

-3.02%

2000Russell

2.49%

2000Russell

-20.48%

2000Russell

47.25%

2000Russell

18.33%

2000Russell

4.55%

2000Russell

18.37%

2000Russell

-1.57%

2000Russell

-33.79%

2000Russell

27.17%

2000Russell

26.85%

2000Russell

-4.18%

2000Russell

16.35%

2000Russell

38.82%

2000Russell

4.89%

2000Russell

-4.41%

S&P 1000

19.85%

S&P 1000

30.26%

S&P 1000

13.20%

S&P 1000

14.11%

S&P 1000

15.86%S&P 1000

1.45%

S&P 1000

-14.54%

S&P 1000

36.61%

S&P 1000

18.39%

S&P 1000

10.93%

S&P 1000

11.89%

S&P 1000

5.18%

S&P 1000

-34.67%S&P 1000

33.48%

S&P 1000

26.55%

S&P 1000

-0.92%

S&P 1000

17.40%S&P 1000

35.87%

S&P 1000

8.54%

S&P 1000

-2.11%

1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015


Callan Periodic Table of Non-U.S. Equity Investment Returns Annual Returns for Non-U.S. Equity Indices Ranked in Order of Performance (1996–2015)

All Indices are MSCI.

USAACWI ex

6.68%

USAACWI ex

2.04%

USAACWI ex

14.46%

USAACWI ex

30.91%

USAACWI ex

-15.08%

USAACWI ex

-19.50%

USAACWI ex

-14.67%

USAACWI ex

41.41%

USAACWI ex

21.36%

USAACWI ex

17.11%

USAACWI ex

27.16%

USAACWI ex

17.12%

USAACWI ex

-45.24%

USAACWI ex

42.14%

USAACWI ex

11.60%

USAACWI ex

-13.33%

USAACWI ex

17.39%

USAACWI ex

15.78%

USAACWI ex

-3.44%

USAACWI ex

-5.25%

ACWI

13.20%

ACWI

15.00%

ACWI

21.97%

ACWI

26.80%

ACWI

-13.93%ACWI

-15.91%

ACWI

-18.98%

ACWI

34.63%

ACWI

15.75%

ACWI

11.37%

ACWI

21.53%

ACWI

12.18%

ACWI

-41.85%

ACWI

35.41%

ACWI

13.21%

ACWI

-6.86%

ACWI

16.80%

ACWI

23.44%

ACWI

4.71%

ACWI

-1.84%

MarketsEmerging

6.03%

MarketsEmerging

-11.59%

MarketsEmerging

-25.34%

MarketsEmerging

66.42%

MarketsEmerging

-30.61%

MarketsEmerging

-2.37%

MarketsEmerging

-6.00%

MarketsEmerging

56.28%

MarketsEmerging

25.95%

MarketsEmerging

34.54%

MarketsEmerging

32.59%

MarketsEmerging

39.78%

MarketsEmerging

-53.18%

MarketsEmerging

79.02%

MarketsEmerging

19.20%

MarketsEmerging

-18.17%

MarketsEmerging

18.63%

MarketsEmerging

-2.27%

MarketsEmerging

-1.82%

MarketsEmerging

-14.60%

EAFE

6.05%EAFE

1.78%

EAFE

20.00%

EAFE

26.96%

EAFE

-14.17%

EAFE

-21.44%EAFE

-15.94%

EAFE

38.59%EAFE

20.25%

EAFE

13.54%

EAFE

26.34%

EAFE

11.17%

EAFE

-43.38%

EAFE

31.78%EAFE

7.75%

EAFE

-12.14%

EAFE

17.32%

EAFE

22.78%

EAFE

-4.90%

EAFE

-0.81%

CapEAFE Small

19.73%

CapEAFE Small

-7.56%

CapEAFE Small

-12.51%

CapEAFE Small

-7.82%

CapEAFE Small

61.35%

CapEAFE Small

30.78%

CapEAFE Small

26.19%

CapEAFE Small

19.31%

CapEAFE Small

1.45%

CapEAFE Small

-47.01%

CapEAFE Small

46.78%

CapEAFE Small

22.04%

CapEAFE Small

-15.94%

CapEAFE Small

20.00%

CapEAFE Small

29.30%

CapEAFE Small

-4.95%

CapEAFE Small

9.59%

GrowthUSA

ACWI ex

2.21%

GrowthUSA

ACWI ex

16.93%

GrowthUSA

ACWI ex

35.72%

GrowthUSA

ACWI ex

-24.85%

GrowthUSA

ACWI ex

-23.43%

GrowthUSA

ACWI ex

-14.73%

GrowthUSA

ACWI ex

34.91%

GrowthUSA

ACWI ex

17.07%

GrowthUSA

ACWI ex

17.08%Growth

USAACWI ex

23.96%

GrowthUSA

ACWI ex

21.40%

GrowthUSA

ACWI ex

-45.41%

GrowthUSA

ACWI ex

39.21%Growth

USAACWI ex

14.79%

GrowthUSA

ACWI ex

-13.93%Growth

USAACWI ex

17.07%

GrowthUSA

ACWI ex

15.86%

GrowthUSA

ACWI ex

-2.29%

GrowthUSA

ACWI ex

-0.91%

USA ValueACWI ex

1.88%

USA ValueACWI ex

11.87%

USA ValueACWI ex

25.79%

USA ValueACWI ex

-5.07%

USA ValueACWI ex

-4.04%

USA ValueACWI ex

-14.63%

USA ValueACWI ex

48.01%

USA ValueACWI ex

25.64%

USA ValueACWI ex

17.15%

USA ValueACWI ex

30.41%

USA ValueACWI ex

12.87%

USA ValueACWI ex

-45.10%

USA ValueACWI ex

45.14%

USA ValueACWI ex

8.40%

USA ValueACWI ex

-12.71%

USA ValueACWI ex

17.68%

USA ValueACWI ex

15.65%

USA ValueACWI ex

-4.60%

USA ValueACWI ex

-9.59%

Europe

21.08%

Europe

23.80%

Europe

28.51%

Europe

15.90%

Europe

-8.40%

Europe

-19.90%

Europe

-18.38%

Europe

38.54%

Europe

20.88%

Europe

9.42%

Europe

33.72%

Europe

13.86%

Europe

-46.42%

Europe

35.83%

Europe

3.88%

Europe

-11.06%Europe

19.12%

Europe

25.23%

Europe

-6.18%

Europe

-2.84%Japan

-15.50%

Japan

-23.67%

Japan

5.04%

Japan

61.53%

Japan

-28.16%Japan

-29.40%

Japan

-10.28%

Japan

35.91%Japan

15.86%

Japan

25.52%

Japan

6.24%

Japan

-4.23%

Japan

-29.21%

Japan

6.25%

Japan

15.44%

Japan

-14.33%

Japan

8.18%

Japan

27.16%

Japan

-4.02%

Japan

9.57%

Pacific

-8.57%

Pacific

-25.49%

Pacific

2.45%

Pacific

57.64%

Pacific

-25.77%Pacific

-25.40%

Pacific

-9.29%

Pacific

38.48%

Pacific

18.98%

Pacific

22.64%

Pacific

12.20%

Pacific

5.30%

Pacific

-36.42%

Pacific

24.18%

Pacific

15.92%

Pacific

-13.74%

Pacific

14.42%

Pacific

18.27%

Pacific

-2.70%

Pacific

2.96%

JapanPacific ex

20.54%

JapanPacific ex

-31.00%

JapanPacific ex

-6.64%

JapanPacific ex

42.58%

JapanPacific ex

-15.57%

JapanPacific ex

-9.88%

JapanPacific ex

-6.42%

JapanPacific ex

45.77%

JapanPacific ex

28.46%

JapanPacific ex

13.81%

JapanPacific ex

32.02%

JapanPacific ex

30.73%

JapanPacific ex

-50.50%

JapanPacific ex

72.81%

JapanPacific ex

16.91%

JapanPacific ex

-12.79%

JapanPacific ex

24.57%

JapanPacific ex

5.49%

JapanPacific ex

-0.47%

JapanPacific ex

-8.47%

1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015


Callan Periodic Table of Investment Returns (Including Alternatives)


S&P 500

22.96%

S&P 500

33.36%

S&P 500

28.58%

S&P 500

21.04%

S&P 500

-9.11%

S&P 500

-11.89%

S&P 500

-22.10%

S&P 500

28.68%

S&P 500

10.88%

S&P 500

4.91%

S&P 500

15.79%

S&P 500

5.49%S&P 500

-37.00%

S&P 500

26.47%

S&P 500

15.06%

S&P 500

2.11%

S&P 500

16.00%

S&P 500

32.39%

S&P 500

13.69%

S&P 500

1.38%

2000Russell

16.49%

2000Russell

22.36%

2000Russell

-2.55%

2000Russell

21.26%

2000Russell

-3.02%

2000Russell

2.49%

2000Russell

-20.48%

2000Russell

47.25%

2000Russell

18.33%

2000Russell

4.55%

2000Russell

18.37%

2000Russell

-1.57%

2000Russell

-33.79%

2000Russell

27.17%

2000Russell

26.85%

2000Russell

-4.18%

2000Russell

16.35%

2000Russell

38.82%

2000Russell

4.89%

2000Russell

-4.41%

MSCI EAFE

6.05%MSCI EAFE

1.78%

MSCI EAFE

20.00%MSCI EAFE

26.96%

MSCI EAFE

-14.17%

MSCI EAFE

-21.44%

MSCI EAFE

-15.94%

MSCI EAFE

38.59%

MSCI EAFE

20.25%

MSCI EAFE

13.54%

MSCI EAFE

26.34%

MSCI EAFE

11.17%

MSCI EAFE

-43.38%

MSCI EAFE

31.78%

MSCI EAFE

7.75%MSCI EAFE

-12.14%

MSCI EAFE

17.32%MSCI EAFE

22.78%

MSCI EAFE

-4.90%

MSCI EAFE

-0.81%

AggBarclays

3.64%

AggBarclays

9.64%

AggBarclays

8.70%

AggBarclays

-0.82%

AggBarclays

11.63%

AggBarclays

8.43%

AggBarclays

10.26%

AggBarclays

4.10%

AggBarclays

4.34%

AggBarclays

2.43%

AggBarclays

4.33%

AggBarclays

6.97%

AggBarclays

5.24%

AggBarclays

5.93%

AggBarclays

6.54%

AggBarclays

7.84%

AggBarclays

4.21%

AggBarclays

-2.02%

AggBarclays

5.97%

AggBarclays

0.55%

MktsMSCI Em

6.03%

MktsMSCI Em

-11.59%

MktsMSCI Em

-25.34%

MktsMSCI Em

66.42%

MktsMSCI Em

-30.61%

MktsMSCI Em

-2.37%

MktsMSCI Em

-6.00%

MktsMSCI Em

56.28%

MktsMSCI Em

25.95%

MktsMSCI Em

34.54%

MktsMSCI Em

32.59%

MktsMSCI Em

39.78%

MktsMSCI Em

-53.18%

MktsMSCI Em

79.02%

MktsMSCI Em

19.20%

MktsMSCI Em

-18.17%

MktsMSCI Em

18.63%

MktsMSCI Em

-2.27%

MktsMSCI Em

-1.82%

MktsMSCI Em

-14.60%

Corp HYBarclays

11.35%

Corp HYBarclays

12.76%

Corp HYBarclays

1.87%

Corp HYBarclays

2.39%

Corp HYBarclays

-5.86%

Corp HYBarclays

5.28%

Corp HYBarclays

-1.41%

Corp HYBarclays

28.97%

Corp HYBarclays

11.13%

Corp HYBarclays

2.74%

Corp HYBarclays

11.85%

Corp HYBarclays

1.87%

Corp HYBarclays

-26.16%

Corp HYBarclays

58.21%

Corp HYBarclays

15.12%

Corp HYBarclays

4.98%

Corp HYBarclays

15.81%

Corp HYBarclays

7.44%

Corp HYBarclays

2.45%

Corp HYBarclays

-4.47%

PropertyNCREIF

10.31%

PropertyNCREIF

13.91%

PropertyNCREIF

16.24%

PropertyNCREIF

11.36%

PropertyNCREIF

12.24%

PropertyNCREIF

7.28%

PropertyNCREIF

6.74%

PropertyNCREIF

8.99%

PropertyNCREIF

14.48%

PropertyNCREIF

20.06%

PropertyNCREIF

16.59%

PropertyNCREIF

15.85%

PropertyNCREIF

-6.46%

PropertyNCREIF

-16.86%

PropertyNCREIF

13.11%

PropertyNCREIF

14.26%

PropertyNCREIF

10.54%

PropertyNCREIF

10.98%

PropertyNCREIF

11.82%

PropertyNCREIF

13.33%

Bills3 Month T-

5.24%

Bills3 Month T-

5.32%

Bills3 Month T-

5.25%

Bills3 Month T-

4.85%

Bills3 Month T-

6.18%

Bills3 Month T-

4.42%

Bills3 Month T-

1.78%

Bills3 Month T-

1.15%

Bills3 Month T-

1.33%

Bills3 Month T-

3.07%

Bills3 Month T-

4.85%

Bills3 Month T-

5.00%

Bills3 Month T-

2.06%

Bills3 Month T-

0.21%

Bills3 Month T-

0.13%

Bills3 Month T-

0.10%

Bills3 Month T-

0.11%

Bills3 Month T-

0.07%

Bills3 Month T-

0.03%

Bills3 Month T-

0.05%

FundCS Hedge

22.22%

FundCS Hedge

25.94%

FundCS Hedge

-0.36%

FundCS Hedge

23.43%

FundCS Hedge

4.85%

FundCS Hedge

4.42%

FundCS Hedge

3.04%

FundCS Hedge

15.44%

FundCS Hedge

9.64%

FundCS Hedge

7.61%

FundCS Hedge

13.86%

FundCS Hedge

12.56%

FundCS Hedge

-19.07%

FundCS Hedge

18.57%

FundCS Hedge

10.95%

FundCS Hedge

-2.52%

FundCS Hedge

7.67%

FundCS Hedge

9.73%

FundCS Hedge

4.13%

FundCS Hedge

-0.71%

U.S. TIPSBarclays

3.95%

U.S. TIPSBarclays

2.40%

U.S. TIPSBarclays

13.17%

U.S. TIPSBarclays

7.90%

U.S. TIPSBarclays

16.57%

U.S. TIPSBarclays

8.40%

U.S. TIPSBarclays

8.46%

U.S. TIPSBarclays

2.84%

U.S. TIPSBarclays

0.41%

U.S. TIPSBarclays

11.63%

U.S. TIPSBarclays

-2.35%

U.S. TIPSBarclays

11.41%

U.S. TIPSBarclays

6.31%

U.S. TIPSBarclays

13.56%

U.S. TIPSBarclays

6.98%

U.S. TIPSBarclays

-8.61%

U.S. TIPSBarclays

3.64%

U.S. TIPSBarclays

-1.44%

CommodityBloomberg

16.99%

CommodityBloomberg

-8.24%

CommodityBloomberg

-30.52%

CommodityBloomberg

18.60%

CommodityBloomberg

24.21%

CommodityBloomberg

-22.32%

CommodityBloomberg

23.86%

CommodityBloomberg

22.66%

CommodityBloomberg

7.64%

CommodityBloomberg

17.54%

CommodityBloomberg

-2.71%

CommodityBloomberg

11.08%

CommodityBloomberg

-36.61%

CommodityBloomberg

18.72%

CommodityBloomberg

16.67%

CommodityBloomberg

-13.37%

CommodityBloomberg

-1.14%

CommodityBloomberg

-9.58%

CommodityBloomberg

-17.04%

CommodityBloomberg

-24.70%

Val WtNFI-ODCE

10.53%

Val WtNFI-ODCE

13.94%

Val WtNFI-ODCE

15.29%

Val WtNFI-ODCE

12.05%

Val WtNFI-ODCE

13.19%

Val WtNFI-ODCE

4.64%

Val WtNFI-ODCE

4.57%

Val WtNFI-ODCE

8.28%

Val WtNFI-ODCE

12.00%

Val WtNFI-ODCE

20.15%

Val WtNFI-ODCE

15.27%

Val WtNFI-ODCE

14.84%

Val WtNFI-ODCE

-10.70%

Val WtNFI-ODCE

-30.40%

Val WtNFI-ODCE

15.26%

Val WtNFI-ODCE

14.96%

Val WtNFI-ODCE

9.79%

Val WtNFI-ODCE

12.90%

Val WtNFI-ODCE

11.46%

Val WtNFI-ODCE

13.95%

Private Eq.Cambridge

31.94%


31.43%


18.91%


103.73%


11.85%


-21.51%


-14.74%


16.60%


22.98%


22.59%


25.40%


17.69%


-22.37%


13.98%


19.42%


10.99%


13.27%


22.28%


12.81%

1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015

Cambridge Private Equity Index full year 2015 performance unavailable at time of reporting.


Callan Periodic Table of Investment Returns (Including Real Estate)


S&P 500

22.96%

S&P 500

33.36%

S&P 500

28.58%

S&P 500

21.04%

S&P 500

-9.11%S&P 500

-11.89%S&P 500

-22.10%

S&P 500

28.68%

S&P 500

10.88%

S&P 500

4.91%

S&P 500

15.79%

S&P 500

5.49%

S&P 500

-37.00%S&P 500

26.47%

S&P 500

15.06%

S&P 500

2.11%

S&P 500

16.00%

S&P 500

32.39%S&P 500

13.69%S&P 500

1.38%

2000Russell

16.49%

2000Russell

22.36%

2000Russell

-2.55%

2000Russell

21.26%

2000Russell

-3.02%

2000Russell

2.49%

2000Russell

-20.48%

2000Russell

47.25%

2000Russell

18.33%

2000Russell

4.55%

2000Russell

18.37%

2000Russell

-1.57%

2000Russell

-33.79%

2000Russell

27.17%

2000Russell

26.85%

2000Russell

-4.18%

2000Russell

16.35%

2000Russell

38.82%

2000Russell

4.89%

2000Russell

-4.41%

MSCI EAFE

6.05%

MSCI EAFE

1.78%

MSCI EAFE

20.00%

MSCI EAFE

26.96%

MSCI EAFE

-14.17%MSCI EAFE

-21.44%

MSCI EAFE

-15.94%

MSCI EAFE

38.59%

MSCI EAFE

20.25%MSCI EAFE

13.54%

MSCI EAFE

26.34%

MSCI EAFE

11.17%

MSCI EAFE

-43.38%

MSCI EAFE

31.78%

MSCI EAFE

7.75%

MSCI EAFE

-12.14%

MSCI EAFE

17.32%

MSCI EAFE

22.78%

MSCI EAFE

-4.90%

MSCI EAFE

-0.81%

AggBarclays

3.64%

AggBarclays

9.64%

AggBarclays

8.70%

AggBarclays

-0.82%

AggBarclays

11.63%

AggBarclays

8.43%

AggBarclays

10.26%

AggBarclays

4.10%

AggBarclays

4.34%

AggBarclays

2.43%

AggBarclays

4.33%

AggBarclays

6.97%

AggBarclays

5.24%

AggBarclays

5.93%

AggBarclays

6.54%

AggBarclays

7.84%

AggBarclays

4.21%

AggBarclays

-2.02%

AggBarclays

5.97%

AggBarclays

0.55%

MarketsEmerging

MSCI

6.03%

MarketsEmerging

MSCI

-11.59%

MarketsEmerging

MSCI

-25.34%

MarketsEmerging

MSCI

66.42%

MarketsEmerging

MSCI

-30.61%

MarketsEmerging

MSCI

-2.37%

MarketsEmerging

MSCI

-6.00%

MarketsEmerging

MSCI

56.28%

MarketsEmerging

MSCI

25.95%

MarketsEmerging

MSCI

34.54%

MarketsEmerging

MSCI

32.59%

MarketsEmerging

MSCI

39.78%

MarketsEmerging

MSCI

-53.18%

MarketsEmerging

MSCI

79.02%

MarketsEmerging

MSCI

19.20%

MarketsEmerging

MSCI

-18.17%

MarketsEmerging

MSCI

18.63%

MarketsEmerging

MSCI

-2.27%

MarketsEmerging

MSCI

-1.82%

MarketsEmerging

MSCI

-14.60%

PropertyNCREIF

10.31%

PropertyNCREIF

13.91%

PropertyNCREIF

16.24%

PropertyNCREIF

11.36%

PropertyNCREIF

12.24%

PropertyNCREIF

7.28%

PropertyNCREIF

6.74%

PropertyNCREIF

8.99%

PropertyNCREIF

14.48%

PropertyNCREIF

20.06%

PropertyNCREIF

16.59%

PropertyNCREIF

15.85%

PropertyNCREIF

-6.46%

PropertyNCREIF

-16.86%

PropertyNCREIF

13.11%

PropertyNCREIF

14.26%

PropertyNCREIF

10.54%

PropertyNCREIF

10.98%

PropertyNCREIF

11.82%

PropertyNCREIF

13.52%

EquityNAREIT

35.27%

EquityNAREIT

20.26%

EquityNAREIT

-17.50%

EquityNAREIT

-4.62%

EquityNAREIT

26.37%

EquityNAREIT

13.93%

EquityNAREIT

3.82%

EquityNAREIT

37.13%

EquityNAREIT

31.58%

EquityNAREIT

12.15%

EquityNAREIT

35.06%

EquityNAREIT

-15.69%

EquityNAREIT

-37.72%

EquityNAREIT

27.99%

EquityNAREIT

27.96%

EquityNAREIT

8.29%

EquityNAREIT

18.06%

EquityNAREIT

2.47%

EquityNAREIT

30.14%

EquityNAREIT

3.20%


11.35%


12.76%


1.87%


2.39%


-5.86%


5.28%


-1.41%


28.97%


11.13%


2.74%


11.85%


1.87%


-26.16%


58.21%


15.12%


4.98%


15.81%


7.44%


2.45%


-4.47%

Val WtNFI-ODCE

10.53%

Val WtNFI-ODCE

13.94%

Val WtNFI-ODCE

15.29%

Val WtNFI-ODCE

12.05%

Val WtNFI-ODCE

13.19%

Val WtNFI-ODCE

4.64%

Val WtNFI-ODCE

4.57%

Val WtNFI-ODCE

8.28%

Val WtNFI-ODCE

12.00%

Val WtNFI-ODCE

20.15%

Val WtNFI-ODCE

15.27%

Val WtNFI-ODCE

14.84%

Val WtNFI-ODCE

-10.70%

Val WtNFI-ODCE

-30.40%

Val WtNFI-ODCE

15.26%

Val WtNFI-ODCE

14.96%

Val WtNFI-ODCE

9.79%

Val WtNFI-ODCE

12.90%

Val WtNFI-ODCE

11.46%

Val WtNFI-ODCE

14.31%

Dev REITNAREITEPRA/

30.95%

Dev REITNAREITEPRA/

-7.38%

Dev REITNAREITEPRA/

-8.18%

Dev REITNAREITEPRA/

8.87%

Dev REITNAREITEPRA/

13.84%

Dev REITNAREITEPRA/

-3.81%

Dev REITNAREITEPRA/

2.82%

Dev REITNAREITEPRA/

40.69%

Dev REITNAREITEPRA/

37.96%

Dev REITNAREITEPRA/

15.35%

Dev REITNAREITEPRA/

42.35%

Dev REITNAREITEPRA/

-6.96%

Dev REITNAREITEPRA/

-47.72%

Dev REITNAREITEPRA/

38.26%

Dev REITNAREITEPRA/

20.40%

Dev REITNAREITEPRA/

-5.82%

Dev REITNAREITEPRA/

28.65%

Dev REITNAREITEPRA/

4.43%

Dev REITNAREITEPRA/

15.89%

Dev REITNAREITEPRA/

0.05%

1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015


Callan Periodic Table of Fixed Income Investment Returns Annual Returns for Fixed Income Indices Ranked in Order of Performance (1996–2015)

DurationShort

5.14%

DurationShort

6.65%

DurationShort

6.97%

DurationShort

3.16%

DurationShort

8.08%

DurationShort

8.78%

DurationShort

6.28%

DurationShort

2.82%

DurationShort

1.30%

DurationShort

1.77%

DurationShort

4.25%

DurationShort

6.83%

DurationShort

4.97%

DurationShort

3.83%

DurationShort

2.80%

DurationShort

1.59%

DurationShort

1.26%

DurationShort

0.64%

DurationShort

0.77%

DurationShort

0.65%

CreditInterm

3.97%

CreditInterm

8.35%

CreditInterm

8.29%

CreditInterm

0.16%

CreditInterm

9.47%

CreditInterm

9.76%

CreditInterm

10.14%

CreditInterm

6.91%

CreditInterm

4.08%

CreditInterm

1.42%

CreditInterm

4.49%

CreditInterm

5.60%

CreditInterm

-2.76%

CreditInterm

15.93%

CreditInterm

7.76%

CreditInterm

5.37%

CreditInterm

8.10%

CreditInterm

-0.17%

CreditInterm

4.16%

CreditInterm

0.90%

AggGlobal

4.91%

AggGlobal

3.79%

AggGlobal

13.71%

AggGlobal

-5.17%

AggGlobal

3.18%

AggGlobal

1.57%

AggGlobal

16.53%

AggGlobal

12.51%

AggGlobal

9.27%

AggGlobal

-4.49%

AggGlobal

6.64%

AggGlobal

9.48%

AggGlobal

4.79%

AggGlobal

6.93%

AggGlobal

5.54%

AggGlobal

5.64%

AggGlobal

4.32%

AggGlobal

-2.60%

AggGlobal

0.59%

AggGlobal

-3.15%

AggBarclays

3.64%

AggBarclays

9.64%

AggBarclays

8.70%

AggBarclays

-0.82%

AggBarclays

11.63%

AggBarclays

8.43%

AggBarclays

10.26%

AggBarclays

4.10%

AggBarclays

4.34%

AggBarclays

2.43%

AggBarclays

4.33%

AggBarclays

6.97%

AggBarclays

5.24%

AggBarclays

5.93%

AggBarclays

6.54%

AggBarclays

7.84%

AggBarclays

4.21%

AggBarclays

-2.02%

AggBarclays

5.97%

AggBarclays

0.55%

LoansCSFB Lev

7.48%

LoansCSFB Lev

8.29%

LoansCSFB Lev

5.31%

LoansCSFB Lev

4.69%

LoansCSFB Lev

4.94%

LoansCSFB Lev

2.65%

LoansCSFB Lev

1.11%

LoansCSFB Lev

11.02%

LoansCSFB Lev

5.60%

LoansCSFB Lev

5.69%

LoansCSFB Lev

7.33%

LoansCSFB Lev

1.88%

LoansCSFB Lev

-28.75%

LoansCSFB Lev

44.86%

LoansCSFB Lev

9.99%

LoansCSFB Lev

1.82%

LoansCSFB Lev

8.74%

LoansCSFB Lev

6.12%

LoansCSFB Lev

2.05%

LoansCSFB Lev

-0.39%

YieldCorp High

11.35%

YieldCorp High

12.76%

YieldCorp High

1.87%

YieldCorp High

2.39%

YieldCorp High

-5.86%

YieldCorp High

5.28%

YieldCorp High

-1.41%

YieldCorp High

28.97%

YieldCorp High

11.13%

YieldCorp High

2.74%

YieldCorp High

11.85%

YieldCorp High

1.87%

YieldCorp High

-26.16%

YieldCorp High

58.21%

YieldCorp High

15.12%

YieldCorp High

4.98%

YieldCorp High

15.81%

YieldCorp High

7.44%

YieldCorp High

2.45%

YieldCorp High

-4.47%

MktJPM Em

37.75%

MktJPM Em

10.81%

MktJPM Em

-8.12%

MktJPM Em

19.56%

MktJPM Em

12.68%

MktJPM Em

9.70%

MktJPM Em

13.65%

MktJPM Em

22.21%

MktJPM Em

11.62%

MktJPM Em

10.25%

MktJPM Em

9.86%

MktJPM Em

6.15%

MktJPM Em

-12.03%

MktJPM Em

29.82%

MktJPM Em

12.24%

MktJPM Em

7.35%

MktJPM Em

17.44%

MktJPM Em

-5.24%

MktJPM Em

7.43%

MktJPM Em

1.18%

TreasuryLong

-0.87%

TreasuryLong

15.08%

TreasuryLong

13.53%

TreasuryLong

-8.74%

TreasuryLong

20.27%

TreasuryLong

4.21%

TreasuryLong

16.79%

TreasuryLong

2.48%

TreasuryLong

7.70%

TreasuryLong

6.50%

TreasuryLong

1.85%

TreasuryLong

9.81%

TreasuryLong

24.03%

TreasuryLong

-12.92%

TreasuryLong

9.38%

TreasuryLong

29.93%

TreasuryLong

3.56%

TreasuryLong

-12.66%

TreasuryLong

25.07%

TreasuryLong

-1.21%

(Hdg)Gl Fixed

7.07%

(Hdg)Gl Fixed

10.17%

(Hdg)Gl Fixed

9.77%

(Hdg)Gl Fixed

0.79%

(Hdg)Gl Fixed

10.34%

(Hdg)Gl Fixed

7.24%

(Hdg)Gl Fixed

8.45%

(Hdg)Gl Fixed

3.11%

(Hdg)Gl Fixed

4.89%

(Hdg)Gl Fixed

4.28%

(Hdg)Gl Fixed

3.64%

(Hdg)Gl Fixed

5.32%

(Hdg)Gl Fixed

5.58%

(Hdg)Gl Fixed

5.09%

(Hdg)Gl Fixed

4.61%

(Hdg)Gl Fixed

5.40%

(Hdg)Gl Fixed

5.72%

(Hdg)Gl Fixed

-0.14%

(Hdg)Gl Fixed

7.59%

(Hdg)Gl Fixed

1.02%

CreditLong

2.22%

CreditLong

13.47%

CreditLong

9.04%

CreditLong

-5.78%

CreditLong

9.21%

CreditLong

12.16%

CreditLong

11.92%

CreditLong

10.43%

CreditLong

9.38%

CreditLong

3.76%

CreditLong

3.47%

CreditLong

3.60%

CreditLong

-3.92%

CreditLong

16.80%

CreditLong

10.69%

CreditLong

17.13%

CreditLong

12.73%

CreditLong

-6.62%

CreditLong

16.39%

CreditLong

-4.56%

1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015

All indices are Barclays unless otherwise indicated.


Callan Periodic Table of Non-U.S. Fixed Investment Returns Annual Returns for Non-U.S. Fixed Income Indices Ranked in Order of Performance (1996–2015)

GovernmentCiti World

3.62%


0.24%


15.30%


-4.27%


1.59%


-0.99%


19.49%


14.91%


10.34%


-6.87%


6.11%


10.95%


10.89%


2.56%


5.16%


6.35%


1.65%


-4.00%


-0.48%


-3.57%

(local)Government

Citi World

7.44%

(local)Government

Citi World

8.98%

(local)Government

Citi World

9.42%

(local)Government

Citi World

-0.81%

(local)Government

Citi World

7.73%

(local)Government

Citi World

5.29%

(local)Government

Citi World

8.11%

(local)Government

Citi World

2.19%

(local)Government

Citi World

4.84%

(local)Government

Citi World

3.70%

(local)Government

Citi World

0.70%

(local)Government

Citi World

3.72%

(local)Government

Citi World

8.90%

(local)Government

Citi World

1.00%

(local)Government

Citi World

3.36%

(local)Government

Citi World

5.74%

(local)Government

Citi World

4.45%

(local)Government

Citi World

0.19%

(local)Government

Citi World

8.47%

(local)Government

Citi World

1.28%

GovernmentWorld

Citi Non-US

4.08%

GovernmentWorld

Citi Non-US

-4.26%

GovernmentWorld

Citi Non-US

17.79%

GovernmentWorld

Citi Non-US

-5.07%

GovernmentWorld

Citi Non-US

-2.63%

GovernmentWorld

Citi Non-US

-3.54%

GovernmentWorld

Citi Non-US

21.99%

GovernmentWorld

Citi Non-US

18.52%

GovernmentWorld

Citi Non-US

12.14%

GovernmentWorld

Citi Non-US

-9.20%

GovernmentWorld

Citi Non-US

6.94%

GovernmentWorld

Citi Non-US

11.45%

GovernmentWorld

Citi Non-US

10.11%

GovernmentWorld

Citi Non-US

4.39%

GovernmentWorld

Citi Non-US

5.21%

GovernmentWorld

Citi Non-US

5.17%

GovernmentWorld

Citi Non-US

1.51%

GovernmentWorld

Citi Non-US

-4.56%

GovernmentWorld

Citi Non-US

-2.68%

GovernmentWorld

Citi Non-US

-5.54%

(local)GovernmentU.S. WorldCiti Non-

9.88%


8.63%


9.14%


-0.13%


5.66%(local)

GovernmentU.S. WorldCiti Non-

4.80%


7.04%


2.15%


5.18%


3.92%


0.09%(local)


2.39%


7.62%


2.36%


2.47%


4.40%


5.44%


1.38%


9.93%(local)


1.52%

GovernmentCiti Euro

0.40%

GovernmentCiti Euro

0.64%

GovernmentCiti Euro

29.09%

GovernmentCiti Euro

24.98%

GovernmentCiti Euro

16.00%

GovernmentCiti Euro

-8.48%

GovernmentCiti Euro

11.32%

GovernmentCiti Euro

12.86%

GovernmentCiti Euro

3.96%

GovernmentCiti Euro

7.70%

GovernmentCiti Euro

-5.57%

GovernmentCiti Euro

0.06%

GovernmentCiti Euro

12.38%

GovernmentCiti Euro

6.83%

GovernmentCiti Euro

-0.61%

GovernmentCiti Euro

-8.74%

(local)Government

Citi Euro

7.19%

(local)Government

Citi Euro

6.12%

(local)Government

Citi Euro

9.53%

(local)Government

Citi Euro

3.97%

(local)Government

Citi Euro

7.64%

(local)Government

Citi Euro

5.46%

(local)Government

Citi Euro

-0.42%

(local)Government

Citi Euro

1.79%

(local)Government

Citi Euro

9.35%

(local)Government

Citi Euro

4.35%

(local)Government

Citi Euro

0.99%

(local)Government

Citi Euro

3.41%

(local)Government

Citi Euro

10.65%

(local)Government

Citi Euro

2.22%

(local)Government

Citi Euro

11.16%

(local)Government

Citi Euro

1.65%

DiversifiedGlobal

JPM EMBI

37.75%

DiversifiedGlobal

JPM EMBI

10.81%

DiversifiedGlobal

JPM EMBI

-8.12%

DiversifiedGlobal

JPM EMBI

19.56%

DiversifiedGlobal

JPM EMBI

12.68%

DiversifiedGlobal

JPM EMBI

9.70%

DiversifiedGlobal

JPM EMBI

13.65%

DiversifiedGlobal

JPM EMBI

22.21%

DiversifiedGlobal

JPM EMBI

11.62%

DiversifiedGlobal

JPM EMBI

10.25%

DiversifiedGlobal

JPM EMBI

9.86%

DiversifiedGlobal

JPM EMBI

6.15%

DiversifiedGlobal

JPM EMBI

-12.03%

DiversifiedGlobal

JPM EMBI

29.82%

DiversifiedGlobal

JPM EMBI

12.24%

DiversifiedGlobal

JPM EMBI

7.35%

DiversifiedGlobal

JPM EMBI

17.44%

DiversifiedGlobal

JPM EMBI

-5.24%

DiversifiedGlobal

JPM EMBI

7.43%

DiversifiedGlobal

JPM EMBI

1.18%

DiversifiedEM GlobalJPM GBI-

16.92%


22.97%


6.27%


15.22%


18.11%


-5.22%


21.98%


15.68%


-1.75%


16.76%


-8.98%


-5.72%


-14.92%

EMBICorporate

JPM

15.64%

EMBICorporate

JPM

11.88%

EMBICorporate

JPM

9.77%

EMBICorporate

JPM

6.62%

EMBICorporate

JPM

6.63%

EMBICorporate

JPM

3.77%

EMBICorporate

JPM

-16.24%

EMBICorporate

JPM

41.73%

EMBICorporate

JPM

13.07%

EMBICorporate

JPM

3.49%

EMBICorporate

JPM

16.74%

EMBICorporate

JPM

-2.37%

EMBICorporate

JPM

4.14%

EMBICorporate

JPM

0.99%

1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015


CS Hedge Fund Index

22.22%

CS Hedge Fund Index

25.94%

CS Hedge Fund Index

-0.36%

CS Hedge Fund Index

23.43%

CS Hedge Fund Index

4.85%

CS Hedge Fund Index

4.42%

CS Hedge Fund Index

3.04%

CS Hedge Fund Index

15.44%

CS Hedge Fund Index

9.64%

CS Hedge Fund Index

7.61%

CS Hedge Fund Index

13.86%

CS Hedge Fund Index

12.56%

CS Hedge Fund Index

-19.07%

CS Hedge Fund Index

18.57%

CS Hedge Fund Index

10.95%

CS Hedge Fund Index

-2.52%

CS Hedge Fund Index

7.67%

CS Hedge Fund Index

9.73%

CS Hedge Fund Index

4.13%

CS Hedge Fund Index

-0.71%

Callan Periodic Table of Hedge Fund Strategy Returns Annual Returns for Credit Suisse Hedge Fund Sub Strategies Ranked in Order of Performance (1996–2015)

ArbConvertible

17.87%

ArbConvertible

14.48%

ArbConvertible

-4.41%

ArbConvertible

16.04%

ArbConvertible

25.64%

ArbConvertible

14.58%

ArbConvertible

4.05%

ArbConvertible

12.90%

ArbConvertible

1.98%

ArbConvertible

-2.55%

ArbConvertible

14.30%

ArbConvertible

5.17%

ArbConvertible

-31.59%

ArbConvertible

47.35%

ArbConvertible

10.95%

ArbConvertible

1.13%

ArbConvertible

7.82%

ArbConvertible

6.03%

ArbConvertible

-1.67%

ArbConvertible

0.81%

Distressed

25.55%Distressed

20.73%

Distressed

-1.68%

Distressed

22.18%

Distressed

1.95%

Distressed

20.01%

Distressed

-0.69%

Distressed

25.12%

Distressed

15.62%

Distressed

11.74%

Distressed

15.58%

Distressed

8.35%

Distressed

-20.48%

Distressed

20.95%

Distressed

10.27%

Distressed

-4.24%

Distressed

11.77%Distressed

16.00%

Distressed

2.55%

Distressed

-5.30%

Income ArbFixed

15.93%

Income ArbFixed

9.34%

Income ArbFixed

-8.16%

Income ArbFixed

12.11%

Income ArbFixed

6.29%

Income ArbFixed

8.04%

Income ArbFixed

5.75%

Income ArbFixed

7.97%

Income ArbFixed

6.86%

Income ArbFixed

0.63%

Income ArbFixed

8.66%

Income ArbFixed

3.83%

Income ArbFixed

-28.82%

Income ArbFixed

27.41%

Income ArbFixed

12.51%

Income ArbFixed

4.69%

Income ArbFixed

11.04%

Income ArbFixed

3.80%

Income ArbFixed

4.37%

Income ArbFixed

0.59%

MacroGlobal

25.58%

MacroGlobal

37.11%

MacroGlobal

-3.64%

MacroGlobal

5.81%

MacroGlobal

11.67%

MacroGlobal

18.38%

MacroGlobal

14.66%

MacroGlobal

17.99%

MacroGlobal

8.49%

MacroGlobal

9.25%

MacroGlobal

13.53%

MacroGlobal

17.36%

MacroGlobal

-4.62%

MacroGlobal

11.55%

MacroGlobal

13.47%

MacroGlobal

6.44%

MacroGlobal

4.58%

MacroGlobal

4.32%

MacroGlobal

3.11%

MacroGlobal

0.17%

EquityLong/Short

17.12%

EquityLong/Short

21.46%

EquityLong/Short

17.18%

EquityLong/Short

47.23%

EquityLong/Short

2.08%

EquityLong/Short

-3.65%

EquityLong/Short

-1.60%

EquityLong/Short

17.27%

EquityLong/Short

11.56%

EquityLong/Short

9.68%

EquityLong/Short

14.38%

EquityLong/Short

13.66%

EquityLong/Short

-19.76%

EquityLong/Short

19.47%

EquityLong/Short

9.28%

EquityLong/Short

-7.31%

EquityLong/Short

8.21%

EquityLong/Short

17.73%

EquityLong/Short

5.54%

EquityLong/Short

3.56%

FuturesManaged

11.97%

FuturesManaged

3.12%

FuturesManaged

20.64%

FuturesManaged

-4.69%

FuturesManaged

4.24%

FuturesManaged

1.90%

FuturesManaged

18.33%

FuturesManaged

14.13%

FuturesManaged

5.96%

FuturesManaged

-0.11%

FuturesManaged

8.05%

FuturesManaged

6.01%

FuturesManaged

18.33%

FuturesManaged

-6.57%

FuturesManaged

12.22%

FuturesManaged

-4.19%

FuturesManaged

-2.93%

FuturesManaged

-2.56%

FuturesManaged

18.36%

FuturesManaged

-0.93%

Neutral Eq.Market

16.60%

Neutral Eq.Market

14.83%

Neutral Eq.Market

13.31%

Neutral Eq.Market

15.33%

Neutral Eq.Market

14.99%

Neutral Eq.Market

9.31%

Neutral Eq.Market

7.42%

Neutral Eq.Market

7.07%

Neutral Eq.Market

6.48%

Neutral Eq.Market

6.14%

Neutral Eq.Market

11.15%

Neutral Eq.Market

9.27%

Neutral Eq.Market

-40.32%

Neutral Eq.Market

4.05%

Neutral Eq.Market

-0.85%

Neutral Eq.Market

4.49%

Neutral Eq.Market

0.85%

Neutral Eq.Market

9.27%

Neutral Eq.Market

-1.20%

Neutral Eq.Market

1.69%

StrategyMulti

14.06%

StrategyMulti

18.28%

StrategyMulti

7.68%

StrategyMulti

9.38%

StrategyMulti

11.18%

StrategyMulti

5.50%

StrategyMulti

6.31%

StrategyMulti

15.04%

StrategyMulti

7.53%

StrategyMulti

7.54%

StrategyMulti

14.54%

StrategyMulti

10.10%

StrategyMulti

-23.63%

StrategyMulti

24.62%

StrategyMulti

9.29%

StrategyMulti

1.83%

StrategyMulti

11.19%

StrategyMulti

11.23%

StrategyMulti

6.09%

StrategyMulti

3.84%

Risk Arb

13.81%

Risk Arb

9.84%

Risk Arb

5.58%

Risk Arb

13.23%

Risk Arb

14.69%

Risk Arb

5.68%

Risk Arb

-3.46%

Risk Arb

8.98%Risk Arb

5.45%

Risk Arb

3.08%Risk Arb

8.15%

Risk Arb

8.77%

Risk Arb

-3.27%

Risk Arb

12.00%

Risk Arb

3.17%

Risk Arb

0.80%

Risk Arb

2.82%

Risk Arb

4.92%

Risk Arb

-1.32%

Risk Arb

0.41%

Short Bias

-5.48%

Short Bias

0.42%

Short Bias

-6.00%

Short Bias

-14.22%

Short Bias

15.76%

Short Bias

-3.58%

Short Bias

18.14%

Short Bias

-32.59%

Short Bias

-7.72%

Short Bias

17.00%

Short Bias

-6.61%

Short Bias

6.04%

Short Bias

14.87%

Short Bias

-25.03%

Short Bias

-23.00%

Short Bias

3.85%

Short Bias

-20.39%

Short Bias

-24.94%

Short Bias

-5.61%

Short Bias

2.38%

Driven MultiEvent-

22.71%

Driven MultiEvent-

20.53%

Driven MultiEvent-

-8.98%

Driven MultiEvent-

23.00%

Driven MultiEvent-

11.84%

Driven MultiEvent-

6.79%

Driven MultiEvent-

1.22%

Driven MultiEvent-

17.19%

Driven MultiEvent-

14.04%

Driven MultiEvent-

7.21%

Driven MultiEvent-

16.38%

Driven MultiEvent-

16.82%

Driven MultiEvent-

-16.25%

Driven MultiEvent-

19.94%

Driven MultiEvent-

14.36%

Driven MultiEvent-

-11.96%

Driven MultiEvent-

10.14%

Driven MultiEvent-

15.28%

Driven MultiEvent-

1.14%

Driven MultiEvent-

-6.67%

MarketsEmerging

34.50%

MarketsEmerging

26.59%

MarketsEmerging

-37.66%

MarketsEmerging

44.82%

MarketsEmerging

-5.52%

MarketsEmerging

5.84%

MarketsEmerging

7.36%

MarketsEmerging

28.75%

MarketsEmerging

12.49%

MarketsEmerging

17.39%

MarketsEmerging

20.49%

MarketsEmerging

20.26%

MarketsEmerging

-30.41%

MarketsEmerging

30.03%

MarketsEmerging

11.34%

MarketsEmerging

-6.68%

MarketsEmerging

10.28%

MarketsEmerging

8.81%

MarketsEmerging

1.52%

MarketsEmerging

-0.22%

1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015


Index Descriptions Equity and Fixed Income Indices

Equity Indices

S&P 500 measures the performance of large capitalization U.S. stocks. It is a market-value-weighted index of 500 stocks that are traded on the NYSE, AMEX, and NASDAQ. The weightings make each company’s influence on the Index performance directly proportional to that company’s market value.

S&P 500 Growth and S&P 500 Value measure the performance of the growth and value styles of investing in large cap U.S. stocks. The indices are constructed by dividing the market capitalization of the S&P 500 Index into Growth and Value indices. The indices are market-capitalization-weighted. The constituent securities are not mutually exclusive.

Russell 2000 measures the performance of small capitalization U.S. stocks. The Russell 2000 is a market-value-weighted index of the 2,000 smallest stocks in the broad-market Russell 3000 Index. These securities are traded on the NYSE, AMEX, and NASDAQ.

Russell 2000 Value and Russell 2000 Growth measure the performance of the growth and value styles of investing in small cap U.S. stocks. The indices are constructed by dividing the market capitalization of the Russell 2000 Index into Growth and Value indices. The indices are market-capitalization-weighted. The constituent securities are not mutually exclusive.

MSCI EAFE measures the performance of developed stock markets in Europe, Australasia, and the Far East.

MSCI Emerging Markets measures the performance of equity markets in 23 emerging countries around the world.

Fixed Income Indices

Barclays Aggregate Index includes U.S. government, corporate, and mortgage-backed securities with maturities of at least one year.

Barclays Corporate High-Yield Index measures the market of USD-denominated, non-investment grade, fixed-rate, taxable corporate bonds. Securities are classified as high yield if the middle rating of Moody’s, Fitch, and S&P is Ba1/BB+/BB+ or below, excluding emerging market debt.

Barclays U.S. TIPS Index tracks inflation-protected securities issued by the U.S. Treasury.

3-Month T-Bills are short-term securities issued by the U.S. government that mature in 90 days. They earn what is considered a risk-free rate.

Non-U.S. Fixed Income Indices

Citi World Government Bond Index (WGBI), CITI World Government Bond Local Currency Index, Citi World Government Bond Non-US Index, and Citi World Government Bond Local Currency Non-US Index measure the performance of fixed-rate, local currency, investment grade sovereign bonds. Including and excluding US market performance.

J.P. Morgan Emerging Market Bond Global Index and J.P. Morgan Emerging Market Bond Global Diversified Index measure the performance for traded external debt instruments in the emerging markets including all or a specified portion of the country’s eligible current face amounts of debt outstanding.

The J.P. Morgan Corporate Emerging Markets Bond Index (CEMBI) is a global, liquid corporate emerging markets benchmark that tracks U.S.-denominated corporate bonds issued by emerging markets entities.

.


Index Descriptions Real Estate and Other/Alternative Indices

Real Estate Indices

The FTSE EPRA/NAREIT Global Index and FTSE EPRA/NAREIT Global ex US Index are designed to track the performance of listed real estate companies and REITs in both developed and emerging markets. The index constituents are free-float adjusted and screened for liquidity, size, and revenue.

NAREIT Equity Index measures the performance of real estate investment trusts (REITs) stocks traded on the NYSE, AMEX, and NASDAQ.

The NFI Valued Added Closed-End Value Weighted Indices is part of the NCREIF Townsend Fund Index series, which covers the performance of private equity real estate funds pursuing core, value added, and opportunistic investment strategies.

NFI-ODCE, short for NCREIF Fund Index - Open End Diversified Core Equity, represents historical and current returns for 30 open-end commingled funds pursuing a core investment strategy. It is capitalization-weighted and reported gross of fees.

NCREIF Property Index (NPI) measures the performance of a very large pool of individual commercial real estate properties acquired in the private market for investment purposes only. All properties in the NPI have been acquired, at least in part, on behalf of tax-exempt institutional investors—the great majority being pension funds. We present both standard (unleveraged) and leveraged versions for comparison.

Other/Alternative Indices

The Consumer Price Index (CPI), an inflation index produced by the Bureau of Labor Statistics, measures the average change over time in the prices paid by urban consumers for a market basket of consumer goods and services.

Bloomberg Commodity Index (formerly DJ UBS Commodity Index) is a broadly diversified index composed of futures contracts on physical commodities traded on U.S. exchanges. It allows investors to track commodity futures through a single, simple measure.


Index Descriptions Credit Suisse Hedge Fund Index and Sub Strategies

Credit Suisse Hedge Fund Index is an asset-weighted

benchmark that measures hedge fund performance and

seeks to provide the most accurate representation of the

hedge fund universe. Descriptions of the individual

strategy indices are on the next page.

Credit Suisse Hedge Fund Index Sub Strategies

Market Neutral Equity – Funds that are typically long

common stock of one company and short the equivalent

dollar amount of another company or share class of the

same company, based on underlying fundamental

and/or technical factors.

Convertible Arb – Funds that are typically long

convertibles and short underlying stock, often benefiting

from a positive carry (i.e., extra yield of the coupon

income over the dividend expense).

Emerging Markets – Funds that typically invest in

currencies, debt instruments, equities and other

instruments of countries with “emerging” or developing

markets (typically measured by GDP per capita). Such

countries are considered to be in a transitional phase

between developing and developed status. Examples of

emerging markets include China, India, Latin America,

much of Southeast Asia, parts of Eastern Europe, and

parts of Africa. The index has a number of subsectors,

including arbitrage, credit and event driven, fixed income

bias, and equity bias.

Fixed Income Arb – Funds that are long fixed income

securities offering excess returns from credit risk,

prepayment risk, illiquidity risk, or capital structure risk

(i.e., senior vs. junior debt) and short Treasuries or other

similar overvalued securities.

Distressed – Funds that invest in defaulted bonds, bank

loans, or other debt issues of companies in various

stages of bankruptcy or financial distress.

Risk Arb – Funds that are typically long stocks of

targeted takeover candidates and short stocks of the

acquiring company, in order to capture time premium

that accrues to the date of a completed acquisition.

Long/Short Equity – Bottom-up stock-pickers that are

long undervalued stocks and short overvalued stocks,

with top-down views expressed with a net long or short

bias. This group historically has had a net long, however

variable, bias.

Short Bias – Bottom-up stock-pickers with a

strategically net short bias, profiting from declining stock

prices of companies suffering from fraud or deteriorating

financial condition.

Global Macro – Top-down asset allocators investing

across liquid markets of stocks, bonds, currencies, and

commodities, profiting from structural imbalances or

inefficiencies caused by central banks, governments,

and other market participants.

Managed Futures – Often using trend-following

techniques, these funds buy and sell liquid futures on

physical commodities, interest rate, fixed income, and

equity markets, typically profiting from momentum and

other predictable price patterns.

Event-Driven Multi – Funds that typically invest in a

combination of event-driven equities and credit,

including special situations and value equities with hard

or soft catalysts, taking advantage of shifts in economic

cycles.

Multi-Strategy – Funds that typically allocate capital

opportunistically across various hedge fund strategies

including, but not limited to, convertible bond arbitrage,

market neutral equity, fixed income arbitrage, and risk

arbitrage

Corporate Headquarters

Callan Associates 600 Montgomery Street, Suite 800 San Francisco, CA 94111 800.227.3288 415.974.5060 www.callan.com

Denver 855.864.3377 New Jersey 800.274.5878

Regional Offices

Atlanta 800.522.9782 Chicago 800.999.3536

periodic table collection year-end 2015

Economy & Finance