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Regional Returns Since 2009

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Annualized Sharpe Ratio of Excess Returns

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Average Annualized Returns After New Market Highs

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Average Annualized Returns After Market Decline of More than 10%

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Active Bond Management Has Worked Well Across a Range of Categories

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Triple Digits

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All Country World MSCI Index Since 1995

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Investors Intelligence Bulls & Bears Since 1987

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Relative Global Performance of US MSCI Since 1995

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MSCI Share Price Indexes During Bull Markets Since 2009

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