WAP-COMPARATIVE ASSET CLASS ANALYSIS

2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
WAP-DRC126.89 WAP-Burgundy Elite 3565.52 Nat. Res53 Gold5.5 EM Equities79.0 Gold29.7 TIPS13.60 Global RE29.80 U.S Equities32.60 WAP-Rhone Elite41.87 WAP-California Elite 259.53 WAP-Port Aristocracy53.03 GMT57.5 WAP-Port Aristocracy98.34 U.S. Equities31. 6
WAP-Blue Chip90.7 WAP-Port Aristocracy61.19 EM Equities39.8 Inv. Grade5.2 High Yield58.8 WAP-Port Aristocracy24.64 WAP-Burgundy Elite 3510.8 EM Equities18.6 WAP-Tuscany & Piedmont Elite 2530.23 WAP-Port Aristocracy16.53 WAP-Burgundy Elite 358.88 WAP-Rhone Elite33.86 EM Equities37.8 WAP-Burgundy Elite 3546.72 Global RE23.8
WAP-Bordeaux Firsts65.88 WAP-DRC53.31 WAP-Tuscany & Piedmont Elite 2533.41 Govt Bonds4.8 Nat. Res53.6 WAP-Burgundy Elite 3524.35 Municipals10.7 WAP-California Elite 2517.39 WAP-Blue Chip25.0 Global RE14.7 WAP-DRC7.69 Nat. Res31.6 Non-U.S Eq27.2 WAP-Rhone Elite37.83 EM Equities18.9
WAP-Coll.10053.5 WAP-Bordeaux Firsts45.68 Gold31.3 WAP-Burgundy Elite 353.17 WAP-Bordeaux Firsts52.47 WAP-California Elite 2520.59 WAP-Rhone Elite10.26 Non-U.S Eq.17 Non-U.S Eq.21.6 U.S Equities13.4 Municipals3.3 WAP-Bordeaux Elite 5024.8 Nat. Res22.7 WAP-Blue Chip37.78 Gold18.9
WAP-Bordeaux Elite 5044.08 WAP-Coll.10044.1 WAP-Rhone Elite20.33 Cash1.8 Global RE41.3 Global RE20 Gold10.2 U.S Equities16.1 WAP-Bordeaux Firsts13.73 WAP-Burgundy Elite 3511.72 WAP-Blue Chip2.7 WAP-Bordeaux Firsts23.2 U.S Equities21.9 WAP-Coll.10036.17 Natural Res.17.2
WAP-Tuscany & Piedmont Elite 2536.84 WAP-Blue Chip37.8 Non-U.S Eq.12.9 WAP-California Elite 251.11 WAP-Bordeaux Elite 5038.94 EM Equities19.2 WAP-DRC9.07 High Yield15.8 WAP-Burgundy Elite 3510.89 WAP-Tuscany & Piedmont Elite 2510.52 U.S Equities1.3 WAP-Bordeaux Seconds22.77 WAP-DRC19.24 WAP-Tuscany & Piedmont Elite 2525.73 WAP-Rhone Elite15.68
WAP-Bordeaux Seconds36.76 Global RE37.5 WAP-DRC12.78 WAP-DRC0.37 Non-U.S. Eq.34.4 Nat. Res18.6 Inv. Grade7.8 WAP-Blue Chip13.5 WAP-Port Aristocracy10.85 Municipals9.1 Inv. Grade0.5 WAP-California Elite 2517.75 Global RE15.0 WAP-California Elite 2523.18 High Yield14.3
EM Equities33.4 WAP-Bordeaux Elite 5033.99 WAP-California Elite 2512.21 TIPS-2.4 WAP-Bordeaux Seconds27.53 U.S Equities15.4 WAP-Port Aristocracy6.84 WAP-DRC9.07 WAP-Coll.10010.4 WAP-DRC6.78 WAP-Coll.1000.5 High Yield17.1 Gold13.7 WAP-Bordeaux Firsts19.97 Inv. Grade8.7
WAP-Burgundy Elite 3527.71 EM Equities32.2 TIPS11.6 Municipals-2.5 U.S Equities27.1 High Yield14.9 Govt Bonds5.6 Nat. Res9 Large Cap Equity31.49 Inv. Grade6 Cash0 WAP-Coll.10016.5 WAP-Burgundy Elite 3510.14 WAP-Bordeaux Elite 5016.39 TIPS8.4
WAP-Rhone Elite24.08 WAP-Rhone Elite30.64 Govt Bonds9.5 WAP-Bordeaux Seconds-5.56 Gold24 WAP-DRC13.61 High Yield5.0 WAP-Tuscany & Piedmont Elite 258.4 WAP-Bordeaux Elite 507.53 WAP-Coll.1005.3 Global RE-0.4 U.S Equities11.6 WAP-Blue Chip9.4 GMT15.75 Municipals7.5
WAP-California Elite 2522.48 Non-U.S Eq27 WAP-Port Aristocracy9.11 WAP-Tuscany & Piedmont Elite 25-11.07 Municipals12.9 Non-U.S Eq.9.4 U.S Equities2.0 WAP-Burgundy Elite 357.31 High Yield7.4 TIPS3.6 TIPS-1.4 EM Equities11.6 High Yield7.5 Cash1.8 Cash2.2
Nat. Res21.4 Gold23 Inv. Grade7.0 WAP-Rhone Elite-11.78 WAP-Coll.10011.7 WAP-Blue Chip8.4 WAP-Tuscany & Piedmont Elite 250.85 Gold7.0 WAP-Bordeaux Seconds3.55 High Yield2.5 WAP-Bordeaux Seconds-1.72 Gold8.6 Municipals1.3 Municipals1.3 WAP-Burgundy Elite 352.04
Gold18.4 WAP-California Elite 2521.2 WAP-Bordeaux Seconds6.42 WAP-Port Aristocracy-12.05 TIPS11.4 WAP-Coll.1008.2 Cash0.1 TIPS7.0 Global RE2.2 WAP-Blue Chip1.7 WAP-Bordeaux Elite 50-2.44 WAP-Burgundy Elite 357.31 Inv. Grade3.5 WAP-Bordeaux Seconds0.27 WAP-Coll.1000.49
Non-U.S. Eq.14.1 WAP-Bordeaux Seconds20.85 U.S Equities6.0 WAP-Bordeaux Elite 50-12.6 Govt Bonds6.9 Inv. Grade6.5 WAP-Coll.100-2.0 WAP-Bordeaux Seconds6.83 Cash0 Govt Bonds0.6 Non-U.S Eq.-2.6 WAP-DRC4.31 WAP-Coll.1003.4 Inv. Grade0 WAP-Blue Chip-1.34
Global RE10.7 WAP-Tuscany & Piedmont Elite 2516 Cash4.8 WAP-Blue Chip-12.9 Inv. Grade5.9 TIPS6.3 Global RE-8.1 Municipals6.8 Nat. Res-0.3 Gold-1.5 Govt Bonds-3.2 TIPS4.7 TIPS3.0 Govt Bonds-0.5 WAP-Bordeaux Seconds-3.27
U.S Equities4.9 U.S Equities15.8 WAP-Blue Chip4.3 WAP-Bordeaux Firsts-13.65 WAP-California Elite 254.96 Govt Bonds5.5 WAP-Blue Chip-6.8 WAP-Coll.1005.0 WAP-California Elite 25-1.51 EM Equities-1.8 High Yield-4.4 Global RE4.6 Govt Bonds2.4 TIPS-1.3 WAP-Tuscany & Piedmont Elite 25-6.7
Municipals3.5 High Yield10.8 Municipals3.4 WAP-Coll.100-19.5 WAP-Blue Chip4.8 Municipals2.4 Non-U.S Eq.-11.8 Govt Bonds4.3 Inv. Grade-2.0 WAP-Bordeaux Firsts-3.25 WAP-Tuscany & Piedmont Elite 25-5.51 Non-U.S Eq3.3 WAP-Tuscany & Piedmont Elite 250.88 WAP-DRC-1.95 WAP-Bordeaux Elite 50-7.74
Govt Bonds3 Municipals4.8 High Yield2.3 High Yield-25.9 Cash0.1 Cash0.1 Nat. Res-12.5 Inv. Grade4.2 EM Equities-2.3 WAP-Bordeaux Elite 50-3.78 WAP-Bordeaux Firsts-5.95 Inv. Grade2.6 Cash0.8 High Yield-2.1 WAP-Bordeaux Firsts-9.94
Cash3 Cash4.8 WAP-Bordeaux Elite 502.14 U.S Equities-37.1 WAP-Rhone Elite-4.03 WAP-Tuscany & Piedmont Elite 25-1.96 WAP-Bordeaux Elite 50-12.5 Cash0.1 Govt Bonds-2.5 Non-U.S EQ.-3.9 Gold-10.5 Govt Bonds2.1 WAP-Bordeaux Seconds-0.4 Gold-2.1 WAP-Port Aristocracy-11.18
TIPS3 Inv. Grade4.3 WAP-Coll.100-2.0 Non-U.S Eq.-43.2 WAP-Port Aristocracy-12.24 WAP-Rhone Elite-7.4 WAP-Bordeaux Seconds-14.21 WAP-Bordeaux Elite 50-1.95 Municipals-2.6 WAP-Bordeaux Seconds-5.14 EM Equities-14.6 WAP-Blue Chip0.8 WAP-Bordeaux Firsts-2.23 U.S Equities-4.5 WAP-California Elite 25-13.58
High Yield2.8 Govt Bonds3.1 WAP-Bordeaux Firsts-2.42 Nat. Res-45.3 WAP-DRC-12.8 WAP-Bordeaux Elite 50-19.81 EM Equities-18.2 WAP-Bordeaux Firsts-7.19 WAP-DRC-3.06 WAP-California Elite 25-5.47 WAP-Port Aristocracy-20.65 Cash0.3 WAP-Bordeaux Elite 50-3.58 Global RE-5.5 WAP-DRC-26.58
Inv. Grade2.2 Nat. Res2.1 Global RE-4.7 Global RE-48.9 WAP-Tuscany & Piedmont Elite 25-14.22 WAP-Bordeaux Seconds-20.72 WAP-California Elite 25-22.95 WAP-Rhone Elite-7.86 TIPS-8.6 Nat. Res-7.2 WAP-Rhone Elite-22.52 Municipals0.2 WAP-California Elite 25-17.24 Non-U.S Eq-12  
WAP-Port Aristocracy-24.93 TIPS0.4 WAP-Burgundy Elite 35-7.73 EM Equities-53.2 WAP-Burgundy Elite 35-19.95 WAP-Bordeaux Firsts-21.59 WAP-Bordeaux Firsts-14.21 WAP-Port Aristocracy-11.81 Gold-28.3 Nat. Res-24.0 WAP-Tuscany & Piedmont Elite 25-0.5 WAP-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