1. 1. Copyright 2015 Ezfunds Securities Investment Consulting Enterprise Ltd. 1 2016/04/06
2. 2. Copyright 2015 Ezfunds Securities Investment Consulting Enterprise Ltd. 2 121.33 98.26 96.88 61.36 2008 2014 () -34.64% -15.70% -36.09% -7.28% -20.81% -- -18.82% -5.58% -21.11% -12.76% -9.52% -5.56% Bloomberg() 2016/3/31 % 53.37 49.29
3. 3. Copyright 2015 Ezfunds Securities Investment Consulting Enterprise Ltd. 3 Bloomberg1bp=0.01% :2016/4/5 (%) (bp) (bp) (bp) 5.12 512 504 297 8.63 693 713 335 8.48 750 756 461 3.75 256 243 218 () () () () ()
4. 4. Copyright 2015 Ezfunds Securities Investment Consulting Enterprise Ltd. 4 3/28-4/5 : Bloomberg 2016/4/6 3.75 (&) 5.12 8.63 % % 8.48 (%) -0.26 0.21 0.43 0.56 0.64 0.76 0.88 1.01 1.14 1.28 -1 0 1 2
5. 5. Copyright 2015 Ezfunds Securities Investment Consulting Enterprise Ltd. 5 : Bloomberg 2016/4/6 3/28-4/5 MSCI MSCI 1.5 1.3 0.3 0.1 0.1 -0.2 -0.5 -0.8 1.4 1.4 0.7 -0.5 -0.5 -0.7 -0.9 -1.2 -1.5 -2.8 -4 -2 0 2 (%)
6. 6. Copyright 2015 Ezfunds Securities Investment Consulting Enterprise Ltd. 6 -9.5 -45.6 43.0 1.2 -9.0 -4.0 -3.4 2.4 2.3 2.2 1.9 1.8 1.5 1.1 0.9 0.5 0.3 0.2 0.0 -0.5 -1.7 -50 -40 -30 -20 -10 0 10 20 30 40 50 CRB 3/25-4/5 : Bloomberg 2016/4/5 2014 10 (%) 1.72 $1.1384 $35.89 110.34 -0.053 $1231.36
7. 7. Copyright 2015 Ezfunds Securities Investment Consulting Enterprise Ltd. 7 : Bloomberg 2016/4/5 ==225= 3/28-4/5 2.5 2.0 0.8 0.6 0.5 0.0 -0.2 -0.3 -0.5 -0.7 -0.8 -1.0 -1.1 -1.2 -1.5 -1.6 -1.8 -1.8 -1.8 -2.1 -2.7 -2.9 -3.1 -5.8 -7.5-8 -6 -4 -2 0 2 4 (%)
8. 8. Copyright 2015 Ezfunds Securities Investment Consulting Enterprise Ltd. 8 (-7.5%) 4 5 6 (-5.8%) 3
9. 9. Copyright 2015 Ezfunds Securities Investment Consulting Enterprise Ltd. 9 Bloomberg
10. 10. Copyright 2015 Ezfunds Securities Investment Consulting Enterprise Ltd. 10 ()Bloomberg : 2016/4/5()
11. 11. Copyright 2015 Ezfunds Securities Investment Consulting Enterprise Ltd. 11 () Bloomberg : 2016/4/6()
12. 12. Copyright 2015 Ezfunds Securities Investment Consulting Enterprise Ltd. 12 4/4() 2 -1.7% 1.6% 2 -2.8% -2.8% 4/5() 3 ISM 54.2 53.4 Markit 3 53.7 53.7 2 0.3% -0.1% 2.0% 2.0% 6.50% 6.75% 4/6() 2 -1.8% 3.3% 3 -- 51.2 4/7() 3 () 3.2 3.2 4/8() 2 -0.2% 0.3% : Bloomberg 8
13. 13. Copyright 2015 Ezfunds Securities Investment Consulting Enterprise Ltd. 13 3 4 17 4 4 12 4.10% 5 110 3 OPEC 3,247 17
14. 14. Copyright 2015 Ezfunds Securities Investment Consulting Enterprise Ltd. 14 (60%) 52 2 3.65% 2.19% 2 264 6 3000 3 PMI 8 4 78 3 OPEC (40%) 0% 12 (2016/4/6)
15. 15. Copyright 2015 Ezfunds Securities Investment Consulting Enterprise Ltd. 15 3 140 5 3 21.5 2 4.9 3 5.0 3 63.0 2014 3 9 62.4 3 0.3% 2.3% ISM (ISM) 3 PMI 49.5 51.85051.03 PMI 1.1 54.5 5
16. 16. Copyright 2015 Ezfunds Securities Investment Consulting Enterprise Ltd. 16 CPI 3 0.1% 0.2% 1% 0.8% 4 19 2 10.3% 4 110.3%10.4%
17. 17. Copyright 2015 Ezfunds Securities Investment Consulting Enterprise Ltd. 17 3 (PMI) 49.0 50.2 8 50 3 PMI 53.8 2 (52.7) 1.1 2015 12 2 AA-AAA 1 4
18. 18. Copyright 2015 Ezfunds Securities Investment Consulting Enterprise Ltd. 18 33 6 12 226 29 2016 ( 4 ) 96.72 2015 4,000 5 2016 70% 15 0.25 6.5% 2011 1 9 1 6%
19. 19. Copyright 2015 Ezfunds Securities Investment Consulting Enterprise Ltd. 19 (PMDB) 143 233 3 20154% 2015 GDP 5.7% 5.0% 2015 GDP 4.0%
20. 20. Copyright 2015 Ezfunds Securities Investment Consulting Enterprise Ltd. 20 2 0.1% 0.1% 0.1% 2 0.2% 0.1% 0.5% 2 PCE 1.7% 1.8% 1.7% 2 3.5% 1.2% -3.0% 3 96.2 94.0 94.0 3 ADP 20.0 19.5 20.5 3 53.6 50.7 47.6 3 21.5 20.5 24.5 3 5.0% 4.9% 4.9% 3 ISM 51.8 51.0 49.5 2 -0.5% 0.1% 2.1% 3 CPI -0.1% -0.1% -0.2% 3 CPI 1.0% 0.9% 0.8% 3 Markit 51.6 51.4 51.4 2 10.3% 10.3% 10.4% : Bloomberg
21. 21. Copyright 2015 Ezfunds Securities Investment Consulting Enterprise Ltd. 21 2 3.3% 3.2% 3.2% 2 -6.2% -5.9% 3.7% 2 0.5% 1.6% -0.1% 3 50.2 49.4 49.0 3 49.7 48.3 48.0 2 -2.5% -2.5% 0.4% 3 FGV IGPM 0.51% 0.46% 1.29% 3 46.0 -- 44.5 3 48.3 49.5 49.3 2015 Q4 GDP -3.8% -3.9% -3.7% 2015 Q4 GDP 5.7% 5.0% 3.9% : Bloomberg
22. 22. Copyright 2015 Ezfunds Securities Investment Consulting Enterprise Ltd. 22 (%) 4/5 3/28-4/5 MSCI 1618.53 -0.32 0.65 0.52 -1.37 -2.66 -8.27 2045.17 0.45 2.26 2.76 3.30 0.06 -1.70 1095.85 1.51 1.29 0.14 -3.34 -3.52 -13.06 328.15 -2.07 -3.99 -7.39 -8.95 -10.29 -17.51 239.46 -1.36 -2.38 -5.45 -5.50 -8.46 -10.95 225 15732.82 -7.47 -7.53 -13.51 -13.49 -17.34 -18.89 4200.97 -4.57 -1.99 -10.01 -9.05 -11.18 -11.99 3053.07 2.47 6.23 -9.18 0.01 -13.74 -20.99 MSCI 812.97 0.08 2.78 7.00 -1.90 2.37 -19.18 MSCI 401.07 -0.08 2.75 3.91 -1.42 -0.63 -18.17 MSCI 269.71 1.08 5.79 14.76 -0.19 10.35 -16.19 MSCI 2069.21 -0.54 1.45 18.18 1.91 13.08 -21.09 MSCI 227.11 1.27 3.95 12.69 -6.28 8.04 -21.11 Bloomberg 126.48 1.01 1.20 3.31 2.42 3.44 2.10 Bloomberg 135.58 0.64 1.63 2.69 3.90 2.98 1.15 Bloomberg 141.62 1.28 3.39 4.33 3.81 4.42 0.73 Bloomberg 145.20 0.56 2.74 4.33 2.03 4.07 -1.74 Bloomberg 150.04 0.21 2.13 3.70 1.87 3.75 -2.61 Bloomberg 162.71 0.43 2.40 2.31 2.55 2.11 -0.32 ETF 42.68 -0.26 1.50 -0.63 -3.88 -1.39 -8.47 Bloomberg 147.61 0.76 2.27 4.87 4.42 5.15 1.98 Bloomberg 126.96 1.14 2.70 4.81 3.99 4.20 0.63 Bloomberg 158.39 0.88 2.12 6.22 6.38 6.79 3.56 Bloomberg 2016/4/5
23. 23. Copyright 2015 Ezfunds Securities Investment Consulting Enterprise Ltd. 23 (%) () 4/5 3/28-4/5 MSCI 178.85 -2.84 -2.02 4.10 -10.49 0.29 -23.08 MSCI 186.83 -0.91 0.07 5.94 -1.48 1.17 -18.38 MSCI 87.81 -1.49 -1.70 -5.84 -9.04 -9.49 -16.10 MSCI 186.66 -0.53 0.40 0.21 -2.25 -3.59 -6.31 MSCI 215.87 1.38 2.18 5.63 6.57 3.58 3.86 MSCI 192.71 -1.19 0.60 3.75 2.26 0.47 -6.00 MSCI 145.71 0.73 3.66 3.06 4.28 -0.46 0.84 MSCI 70.72 -0.67 0.63 6.22 6.91 4.11 -0.14 MSCI 117.73 -0.46 2.34 2.34 4.10 5.43 -0.41 MSCI 195.60 1.42 1.06 -4.78 -1.85 -6.95 -9.24 NBI 2820.76 5.58 2.41 -16.05 -10.64 -20.33 -20.47 AMEX 180.65 5.39 5.05 54.75 43.55 62.48 4.26 REITs FTSE 15391.38 2.59 5.13 4.71 9.93 5.06 2.23 REITs FTSE 1886.19 3.25 5.44 4.62 9.84 5.40 3.25 REITs FTSE 1362.60 0.30 1.44 -5.43 -7.74 -6.28 -8.52 REITs FTSE 1671.43 1.19 3.84 15.74 18.07 13.09 8.27 (/) 1231.36 1.22 -2.26 12.54 7.28 15.96 1.31 (/) 15.14 -0.26 -3.25 8.00 -4.78 9.27 -10.95 (/) 4775.00 -3.44 -5.02 2.80 -7.77 1.49 -20.15 (/) 37.87 -6.36 -2.20 3.98 -23.11 1.58 -31.08 (/) 35.89 -9.05 1.98 7.83 -24.52 -1.11 -29.75 CRB 165.22 -4.04 -1.97 -2.50 -17.44 -6.20 -24.91 816.60 -0.70 2.30 0.75 -3.79 -0.90 -9.78 : Bloomberg 2016/4/5
24. 24. Copyright 2015 Ezfunds Securities Investment Consulting Enterprise Ltd. 24 (%) 4/5 3/28-4/5 1.1384 1.94 3.35 5.58 0.98 4.80 4.22 110.34 2.42 2.86 7.41 9.00 8.99 8.38 1.4161 0.21 -0.77 -3.25 -7.04 -3.94 -4.87 0.9561 2.20 4.10 5.35 1.10 4.79 0.25 1.3137 1.00 1.06 7.10 -0.83 5.30 -5.03 0.7543 0.48 1.02 6.69 5.29 3.55 -0.62 1155.09 1.20 4.01 2.87 1.48 1.73 -6.07 32.3800 0.91 1.13 2.42 0.86 1.49 -4.52 6.4771 0.60 0.61 0.60 -1.87 0.26 -4.36 13222.00 0.18 -1.04 5.07 9.69 4.28 -1.98 66.4625 0.26 0.95 0.20 -1.75 -0.46 -6.43 35.3020 -0.03 0.33 2.68 2.65 2.07 -8.09 1.3567 1.09 1.70 5.98 4.71 4.67 -0.07 3.9235 2.81 4.40 10.69 11.35 9.45 -7.44 46.2400 0.21 1.49 1.45 0.45 1.44 -4.00 15.0993 2.30 1.07 5.09 -10.42 2.50 -21.81 2.8317 1.53 2.95 5.99 4.42 2.98 -9.24 68.5091 -0.49 4.17 8.82 -7.57 5.68 -19.18 3.7490 1.78 4.95 7.72 0.39 4.70 -0.42 275.16 2.13 2.32 6.09 0.34 5.56 -0.47 3.9227 1.93 3.26 6.92 -0.09 6.09 3.04 3.6796 -0.03 2.87 8.92 6.30 7.64 -15.04 17.6946 -0.89 0.35 -0.85 -5.84 -2.72 -15.65 14.6810 -1.20 4.88 -7.13 -35.69 -11.92 -39.88 : Bloomberg 2016/4/5
25. 25. Copyright 2015 Ezfunds Securities Investment Consulting Enterprise Ltd. 25 (%) () (bp) 4/5 3/28-4/5 30 2.5442 -12.9 -15.1 -45.1 -35.3 -47.2 5.8 10 1.7201 -18.0 -15.4 -51.6 -33.6 -54.9 -11.9 -0.0530 4.0 -0.9 -31.3 -36.6 -31.8 -42.1 0.0980 -8.2 -14.0 -44.2 -46.8 -53.1 -9.6 0.4370 -10.0 -14.3 -47.0 -51.0 -55.1 -4.8 1.2710 -3.1 -19.1 -22.8 -38.4 -32.5 -3.0 1.4930 -3.1 -6.7 -19.5 -30.8 -27.8 27.2 3.1490 18.6 5.2 63.6 83.9 63.3 144.0 2.8680 -1.5 -11.8 -8.2 28.2 -7.5 56.3 9.8900 -30.0 -52.0 -115.0 -73.0 -85.0 169.0 9.1998 1.9 1.4 -27.8 -156.6 -35.4 -230.7 3.0200 10.0 -26.0 -31.0 -22.0 -31.0 -26.0 9.2630 -10.2 -3.4 -37.1 101.0 -53.2 155.2 14.1270 -7.5 -66.2 -192.3 -121.5 -238.5 129.5 5.9010 -18.9 -23.2 -33.8 -6.2 -37.6 4.4 1.7860 -4.6 -9.1 -27.1 -25.4 -29.9 -29.9 7.6240 -15.1 -30.0 -122.9 -151.7 -112.1 24.5 * 7.4150 -9.5 -22.6 -32.5 -9.8 -34.6 -32.3 10 1.5170 -28.1 -37.9 -110.9 -119.9 -98.3 -112.1 : Bloomberg 2016/4/5
26. 26. Copyright 2015 Ezfunds Securities Investment Consulting Enterprise Ltd. 26 Copyright 2015 Ezfunds Securities Investment Consulting Enterprise Ltd.
27. 27. Copyright 2015 Ezfunds Securities Investment Consulting Enterprise Ltd. 27 104016 (02)770-88888 6610 (04)3700-7988 360171 (07)972-1188 39 Copyright 2015 Ezfunds Securities Investment Consulting Enterprise Ltd.