WAP-COMPARATIVE ASSET CLASS ANALYSIS

2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
WAP-DRC126.89 WAP-Burgundy Elite 3565.52 Nat. Res53 Gold5.5 EM Equities79.0 Gold29.7 TIPS13.60 Global RE29.80 U.S Equities32.60WAP-Rhone Elite41.87WAP-California Elite 259.53WAP-Port Aristocracy53.03GMT57.5WAP-Port Aristocracy92.05
WAP-Blue Chip90.7WAP-Port Aristocracy61.19EM Equities39.8Inv. Grade5.2High Yield58.8WAP-Port Aristocracy24.64WAP-Burgundy Elite 3510.8EM Equities18.6WAP-Tuscany & Piedmont Elite 2530.23WAP-Port Aristocracy16.53WAP-Burgundy Elite 358.88WAP-Rhone Elite33.86EM Equities37.8 WAP-Burgundy Elite 3554.03
WAP-Bordeaux Firsts65.88WAP-DRC53.31WAP-Tuscany & Piedmont Elite 2533.41Govt Bonds4.8Nat. Res53.6WAP-Burgundy Elite 3524.35Municipals10.7WAP-California Elite 2517.39WAP-Blue Chip25.0Global RE14.7WAP-DRC7.69Nat. Res31.6Non-U.S Eq27.2 WAP-Blue Chip45.24
WAP-Coll.10053.5WAP-Bordeaux Firsts45.68Gold31.3WAP-Burgundy Elite 353.17WAP-Bordeaux Firsts52.47WAP-California Elite 2520.59WAP-Rhone Elite10.26Non-U.S Eq.17Non-U.S Eq.21.6U.S Equities13.4Municipals3.3WAP-Bordeaux Elite 5024.8Nat. Res22.7 WAP-Coll.10045.14
WAP-Bordeaux Elite 5044.08WAP-Coll.10044.1WAP-Rhone Elite20.33Cash1.8Global RE41.3Global RE20Gold10.2U.S Equities16.1WAP-Bordeaux Firsts13.73WAP-Burgundy Elite 3511.72WAP-Blue Chip2.7WAP-Bordeaux Firsts23.2U.S Equities21.9 WAP-Bordeaux Elite 5033.1
WAP-Tuscany & Piedmont Elite 2536.84WAP-Blue Chip37.8Non-U.S Eq.12.9WAP-California Elite 251.11WAP-Bordeaux Elite 5038.94EM Equities19.2WAP-DRC9.07High Yield15.8WAP-Burgundy Elite 3510.89WAP-Tuscany & Piedmont Elite 2510.52U.S Equities1.3WAP-Bordeaux Seconds22.77WAP-DRC19.24 WAP-Tuscany & Piedmont Elite 2530.18
WAP-Bordeaux Seconds36.76Global RE37.5WAP-DRC12.78WAP-DRC0.37Non-U.S. Eq.34.4Nat. Res18.6Inv. Grade7.8WAP-Blue Chip13.5WAP-Port Aristocracy10.85Municipals9.1Inv. Grade0.5WAP-California Elite 2517.75Global RE15.0 WAP-Rhone Elite29.39
EM Equities33.4WAP-Bordeaux Elite 5033.99WAP-California Elite 2512.21TIPS-2.4WAP-Bordeaux Seconds27.53U.S Equities15.4WAP-Port Aristocracy6.84WAP-DRC9.07WAP-Coll.10010.4WAP-DRC6.78WAP-Coll.1000.5High Yield17.1Gold13.7 WAP-Bordeaux Firsts23.41
WAP-Burgundy Elite 3527.71EM Equities32.2TIPS11.6Municipals-2.5U.S Equities27.1High Yield14.9Govt Bonds5.6Nat. Res9WAP-Rhone Elite7.66Inv. Grade6Cash0WAP-Coll.10016.5 WAP-Burgundy Elite 3510.14 GMT15.75
WAP-Rhone Elite24.08WAP-Rhone Elite30.64Govt Bonds9.5WAP-Bordeaux Seconds-5.56Gold24WAP-DRC13.61High Yield5.0WAP-Tuscany & Piedmont Elite 258.4WAP-Bordeaux Elite 507.53WAP-Coll.1005.3Global RE-0.4U.S Equities11.6WAP-Blue Chip9.4 WAP-California Elite 2514.33
WAP-California Elite 2522.48Non-U.S Eq27WAP-Port Aristocracy9.11WAP-Tuscany & Piedmont Elite 25-11.07Municipals12.9Non-U.S Eq.9.4U.S Equities2.0WAP-Burgundy Elite 357.31High Yield7.4TIPS3.6TIPS-1.4EM Equities11.6High Yield7.5 WAP-Bordeaux Seconds4.4
Nat. Res21.4Gold23Inv. Grade7.0WAP-Rhone Elite-11.78WAP-Coll.10011.7WAP-Blue Chip8.4WAP-Tuscany & Piedmont Elite 250.85Gold7.0WAP-Bordeaux Seconds3.55High Yield2.5WAP-Bordeaux Seconds-1.72Gold8.6Municipals5.4 Cash1.8
Gold18.4WAP-California Elite 2521.2WAP-Bordeaux Seconds6.42WAP-Port Aristocracy-12.05TIPS11.4WAP-Coll.1008.2Cash0.1TIPS7.0Global RE2.2WAP-Blue Chip1.7WAP-Bordeaux Elite 50-2.44WAP-Burgundy Elite 357.31Inv. Grade3.5 WAP-DRC1.51
Non-U.S. Eq.14.1WAP-Bordeaux Seconds20.85U.S Equities6.0WAP-Bordeaux Elite 50-12.6Govt Bonds6.9Inv. Grade6.5WAP-Coll.100-2.0WAP-Bordeaux Seconds6.83Cash0Govt Bonds0.6Non-U.S Eq.-2.6WAP-DRC4.31WAP-Coll.1003.4 Municipals1.3
Global RE10.7WAP-Tuscany & Piedmont Elite 2516Cash4.8WAP-Blue Chip-12.9Inv. Grade5.9TIPS6.3Global RE-8.1Municipals6.8Nat. Res-0.3Gold-1.5Govt Bonds-3.2TIPS4.7TIPS3.0 Inv. Grade0.0
U.S Equities4.9U.S Equities15.8WAP-Blue Chip4.3WAP-Bordeaux Firsts-13.65WAP-California Elite 254.96Govt Bonds5.5WAP-Blue Chip-6.8WAP-Coll.1005.0WAP-California Elite 25-1.51EM Equities-1.8High Yield-4.4Global RE4.6Govt Bonds2.4 Govt Bonds-0.5
Municipals3.5High Yield10.8Municipals3.4WAP-Coll.100-19.5WAP-Blue Chip4.8Municipals2.4Non-U.S Eq.-11.8Govt Bonds4.3Inv. Grade-2.0WAP-Bordeaux Firsts-3.25WAP-Tuscany & Piedmont Elite 25-5.51Non-U.S Eq3.3WAP-Tuscany & Piedmont Elite 250.88 TIPS-1.3
Govt Bonds3Municipals4.8High Yield2.3High Yield-25.9Cash0.1Cash0.1Nat. Res-12.5Inv. Grade4.2EM Equities-2.3WAP-Bordeaux Elite 50-3.78WAP-Bordeaux Firsts-5.95Inv. Grade2.6Cash0.8 High Yield-2.1
Cash3Cash4.8WAP-Bordeaux Elite 502.14U.S Equities-37.1WAP-Rhone Elite-4.03WAP-Tuscany & Piedmont Elite 25-1.96WAP-Bordeaux Elite 50-12.5Cash0.1Govt Bonds-2.5Non-U.S EQ.-3.9Gold-10.5Govt Bonds2.1WAP-Bordeaux Seconds-0.4 Gold-2.1
TIPS3Inv. Grade4.3WAP-Coll.100-2.0Non-U.S Eq.-43.2WAP-Port Aristocracy-12.24WAP-Rhone Elite-7.4WAP-Bordeaux Seconds-14.21WAP-Bordeaux Elite 50-1.95Municipals-2.6WAP-Bordeaux Seconds-5.14EM Equities-14.6WAP-Blue Chip0.8WAP-Bordeaux Firsts-2.23 U.S Equities-4.5
High Yield2.8Govt Bonds3.1WAP-Bordeaux Firsts-2.42Nat. Res-45.3WAP-DRC-12.8WAP-Bordeaux Elite 50-19.81EM Equities-18.2WAP-Bordeaux Firsts-7.19WAP-DRC-3.06WAP-California Elite 25-5.47WAP-Port Aristocracy-20.65Cash0.3WAP-Bordeaux Elite 50-3.58 Global RE-5.5
Inv. Grade2.2Nat. Res2.1Global RE-4.7Global RE-48.9WAP-Tuscany & Piedmont Elite 25-14.22WAP-Bordeaux Seconds-20.72WAP-California Elite 25-22.95WAP-Rhone Elite-7.86TIPS-8.6Nat. Res-7.2WAP-Rhone Elite-22.52Municipals0.2WAP-California Elite 25-17.24 Non-U.S Eq-12
WAP-Port Aristocracy-24.93TIPS0.4WAP-Burgundy Elite 35-7.73EM Equities-53.2WAP-Burgundy Elite 35-19.95WAP-Bordeaux Firsts-21.59WAP-Bordeaux Firsts-14.21WAP-Port Aristocracy-11.81Gold-28.3Nat. Res-24.0WAP-Tuscany & Piedmont Elite 25-0.5WAP-Rhone Elite-18.07 Nat. Res-12.6
WAP-Port Aristocracy-30.54 EM Equities-14.2

Sources: Bloomberg, WAP Analytics Indices (based on average auction prices), and GMT Wine Funds