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***With equities swinging......>

MONTH-END EXTENSIONS
MONTH-END EXTENSIONS: ***With equities swinging around violently, the bond vs
equity asset class rebalancing for the start of the month needs constant
updating.
- In the US, the Bloomberg-Barclays aggregate index is +0.37% MTD, the S&P total
return is -3.73%. This suggests a swing to equities. Looking at data for the
past 10 years, this month's swing to equities is at the 15th percentile.
- In Europe, the Bloomberg-Barclays pan euro aggregate index is +1.03%, the
eurostoxx -4.43%. Looking at data for the past 10 years, this month's swing to
equities is at the 17th percentile.

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