CONTEXTO DE MERCADO

al 3Q2018

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 Retornos por Asset Class al 3Q2018

Fuente: Source: Morningstar Direct; Russell, MSCI, Bloomberg, Barclays, FTSE, and Dow Jones benchmarks. Performance greater than one year is
annualized. Performance is represented by the benchmark listed in the “representative
benchmark” column. See important disclosures and definitions included with this publication.

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 Retornos YTD al 3Q2018

Source: Morningstar Direct. Asset classes are represented by the following benchmarks: Large Cap (S&P 500), Mid Cap (Russell Mid Cap), Small Cap (Russell 2000), Cons. Discretionary (S&P 500 Sectors/Consumer
Discretionary), Cons. Staples (S&P 500 Sectors/Consumer Staples), Energy (S&P 500 Sectors/Energy), Financials (S&P 500 Sectors/Financials), Health Care (S&P 500 Sectors/Health Care), Industrials (S&P 500
Sectors/Industrials), Info. Technology (S&P 500 Sectors/Info. Technology), Materials (S&P 500 Sectors/Materials), Telecom. (S&P 500 Sectors/Telecommunications), Utilities (S&P 500 Sectors/Utilities), Real Estate (S&P
500
Sectors/Real Estate), Australia ((MSCI Australia), Canada (MSCI Canada), France (MSCI France), Germany (MSCI Germany), Japan ((MSCI Japan), Switzerland ((MSCI Switzerland), United Kingdom (MSCI United Kingdom),
United States (S&P 500), Brazil (MSCI Brazil), China (MSCI China), India (MSCI India), Korea (MSCI Korea), Mexico (MSCI Mexico), Russia (MSCI Russia), South Africa (MSCI South Africa), Taiwan (MSCI Taiwan), Agency

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(BBgBarc US Agency), Broad Market (BBgBarc US Agg. Bond), Corporate (BBgBarc US Corporate IG), High Yield (BBgBarc US Corporate HY), Municipal (BBgBarc Municipal), TIPS (BBgBarc US Treasury US TIPS), Treasury
(BBgBarc US Treasury)
 La Historia del S&P 500…

Fuente: Raymond James

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 y desde la última crisis financiera…

Fuente: Raymond James

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 Testeando la media móvil de 200d…

Fuente: Raymond James

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 Por su parte, la FED…

Fuente: Raymond James

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 La volatilidad volvió en gran medida en
febrero…

Fuente: Raymond James

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 El S&P 500 por P/E (Price to Earnings)

Fuente: Raymond James

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 Por Métricas de Valorización…

Fuente: Raymond James

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 Por valorización, el índice se encuentra
“caro” respecto a su media de 20 años…

Fuente: Raymond James

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Si se analiza por sectores en otra
ventana de tiempo…

Fuente: Robert W. Baird & Co.

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… por estilos

Fuente: Robert W. Baird & Co.

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… por sectores

Fuente: Robert W. Baird & Co.

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 Retornos Históricos de US al 30/06/2018

Fuente: Source: Morningstar Direct. Performance greater than one year is annualized. Performance is represented by the benchmark listed in the
“representative benchmark” column. See important disclosures and definitions included with this publication.
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S&P 500 Equal Weighted vs S&P 500…

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