WAP-COMPARATIVE ASSET CLASS ANALYSIS

2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
WAP-Blue Chip90.7 WAP-Coll.10044.1 Nat. Res53 Gold5.5 EM Equities79.0 Gold29.7 TIPS13.60 Global RE29.80 U.S Equities32.60 Global RE14.7 Municipals3.3 Nat. Res31.6 GMT57.5
WAP-Coll.10053.5 WAP-Blue Chip37.8 EM Equities39.8 Inv. Grade5.2 High Yield58.8 Global RE20 Municipals10.7 EM Equities18.6 WAP-Blue Chip25.0 U.S Equities13.4 WAP-Blue Chip2.7 High Yield17.1 EM Equities37.8
EM Equities33.4 Global RE37.5 Gold31.3 Govt Bonds4.8 Nat. Res53.6 EM Equities19.2 Gold10.2 Non-U.S Eq.17 Non-U.S Eq.21.6 Municipals9.1 U.S Equities1.3 WAP-Coll.10016.5 Non-U.S Eq27.2
Nat. Res21.4 EM Equities32.2 Non-U.S Eq.12.9 Cash1.8 Global RE41.3 Nat. Res18.6 Inv. Grade7.8 U.S Equities16.1 WAP-Coll.10010.4 Inv. Grade6 Inv. Grade0.5 U.S Equities11.6 Nat. Res22.7
Gold18.4 Non-U.S Eq27 TIPS11.6 TIPS-2.4 Non-U.S. Eq.34.4 U.S Equities15.4 Govt Bonds5.6 High Yield15.8 High Yield7.4 WAP-Coll.1005.3 WAP-Coll.1000.5 EM Equities11.6 U.S Equities21.9
Non-U.S. Eq.14.1 Gold23 Govt Bonds9.5 Municipals-2.5 U.S Equities27.1 High Yield14.9 High Yield5.0 WAP-Blue Chip13.5 Global RE2.2 TIPS3.6 Cash0 Gold8.6 Global RE15.0
Global RE10.7 U.S Equities15.8 Inv. Grade7.0 WAP-Blue Chip-12.9 Gold24 Non-U.S Eq.9.4 U.S Equities2.0 Nat. Res9 Cash0 High Yield2.5 Global RE-0.4 TIPS4.7 Gold13.7
U.S Equities4.9 High Yield10.8 U.S Equities6.0 WAP-Coll.100-19.5 Municipals12.9 WAP-Blue Chip8.4 Cash0.1 Gold7.0 Nat. Res-0.3 WAP-Blue Chip1.7 TIPS-1.4 Global RE4.6 WAP-Blue Chip9.4
Municipals3.5 Municipals4.8 Cash4.8 High Yield-25.9 WAP-Coll.10011.7 WAP-Coll.1008.2 WAP-Coll.100-2.0 TIPS7.0 Inv. Grade-2.0 Govt Bonds0.6 Non-U.S Eq.-2.6 Non-U.S Eq3.3 High Yield7.5
Govt Bonds3 Cash4.8 WAP-Blue Chip4.3 U.S Equities-37.1 TIPS11.4 Inv. Grade6.5 Global RE-8.1 Municipals6.8 EM Equities-2.3 Gold-1.5 Govt Bonds-3.2 Inv. Grade2.6 Municipals5.4
Cash3 Inv. Grade4.3 Municipals3.4 Non-U.S Eq.-43.2 Govt Bonds6.9 TIPS6.3 WAP-Blue Chip-6.8 WAP-Coll.1005.0 Govt Bonds-2.5 EM Equities-1.8 High Yield-4.4 Govt Bonds2.1 Inv. Grade3.5
TIPS3 Govt Bonds3.1 High Yield2.3 Nat. Res-45.3 Inv. Grade5.9 Govt Bonds5.5 Non-U.S Eq.-11.8 Govt Bonds4.3 Municipals-2.6 Non-U.S EQ.-3.9 Gold-10.5 WAP-Blue Chip0.8 WAP-Coll.1003.4
High Yield2.8 Nat. Res2.1 WAP-Coll.100-2.0 Global RE-48.9 WAP-Blue Chip4.8 Municipals2.4 Nat. Res-12.5 Inv. Grade4.2 TIPS-8.6 Nat. Res-7.2 EM Equities-14.6 Cash0.3 TIPS3.0
Inv. Grade2.2 TIPS0.4 Global RE-4.7 EM Equities-53.2 Cash0.1 Cash0.1 EM Equities-18.2 Cash0.1 Gold-28.3 Nat. Res-24.0 Municipals0.2 Govt Bonds2.4
Cash0.8

Sources: Bloomberg, WAP Blue Chip Portfolio and Collectable 100 (based on average auction prices), and GMT Wine Funds