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New England Investment & Retirement Group July 2017 Market Commentary

NEIRG
NEIRG

New England Investment and Retirement Group invites you to take a look at the market commentary for July 2017, where you will find a summary of global markets, global highlights, and financial markets performance.

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Market Commentary
July 2017
Our mission is to help our clients pursue financial independence
by providing unbiased objective guidance. We bring value
through communication, education, and exceptional service..
This report is intended for the exclusive use of clients or prospective clients of New England Investment & Retirement Group, Inc. Content is privilegedand confidential. Dissemination or
distribution is strictly prohibited. Information has been obtained from a variety of sources which are believed though not guaranteed to be accurate. Past performance does not indicate
future performance. This paper does not represent a specific investment recommendation. Please consult with your advisor, attorney and accountant, as appropriate, regarding specific
advice.
2
0.4% 0.7% 0.4%
1.1% 0.2%
2.7% 2.1% 2.1%
0.7%
2.9%
6.0%
1.2%
2.0% 2.3%
1.3%1.3%
3.9%
2.7%
6.1%
0.9%
9.0%
12.6%
11.6%
5.8%
17.5%
25.8%
4.0%
8.8%
-3.1%
-1.4%
-5%
0%
5%
10%
15%
20%
25%
30%
Barclays U.S.
TIPS
Barclays Muni
Bond 5 Year
Barclays
Aggregate
Barclays U.S.
Corp High
Yield
Barclays
Global Agg ex.
U.S. (Hedged)
Barclays
Global Agg ex.
U.S.
(Unhedged)
JPMorgan
GBI-EM Global
Diversified
(Unhedged)
S&P 500 Russell 2000 MSCI EAFE MSCI EM NAREIT Equity S&P
Developed
World
Property
Bloomberg
Commodity
Index
Alerian MLP
Index
TotalReturn(%)
Asset Class Returns
Source: Morningstar
Fixed Income Equities Real Assets
Key: Left Bar: Recent Month
Right Bar: Year-To-Date
Right Bars: YTD Return
Global Markets Summary
July 2017
Fixed Income
• Fixed income markets made gains
during the month with high yield
outpacing investment grade bonds
domestically.
• International developed and emerging
markets debt both showed strong
performance, outpacing domestic fixed
income broadly, and extending their
year-to-date advantage.
• The 10-year U.S. Treasury was largely
unchanged during the month.
Equities
• Large cap companies broadly
outperformed their mid and small cap
counterparts. Across styles, growth saw
modest outperformance relative to value.
• Emerging markets continued to outpace
developed equity returns, continuing
their impressive year-to-date
performance. International developed
markets outperformed domestic equities.
• Domestically, technology and telecom
were the sectors which led the market.
Real Assets
• Real assets were positive for the month with
all asset classes experiencing modest gains.
• Commodities were positive as energy and
industrial metals were most additive to
overall performance. These gains were
partially offset by losses in natural gas and
livestock.
• Global REITs continued to outpace domestic
REITs year-to-date. MLPs finished positive,
offsetting a portion of their year-to-date
losses.
3
Global Highlights
July 2017
USA
2.0%
The Federal Open
Market Committee
(FOMC) decided to
maintain the target
range for the federal
funds rate at 1-1¼% in
their July meeting.
President Trump
signed a bill imposing
sanctions on Russia
that also gave
Congress new veto
power to block the
executive branch from
removing such
sanctions. Russia
retaliated by evicting
some U.S. Diplomatic
Staff.
China
8.9%
UK
2.6%
Europe ex-UK
3.2%
Saudi Arabia
-4.9%
Eurozone inflation held steady in July, remaining
below the central bank’s 2% target rate.
The UK cabinet agreed to a “softer” Brexit, allowing
the free movement of EU citizens for up to four years
after Brexit as part of a transitional deal.
Oil prices rose in July ending just above $50 per barrel
despite concerns over supply nearing the end of the
month.
Following the recent allowance of
Chinese A-Shares in the MSCI Emerging
Markets Index, MSCI warned Chinese
firms to keep trading open. MSCI stated
that it will remove a company from the
Index for 12 months if the company
suspends trading for over 50 days.
Growth within China’s manufacturing
sector slowed marginally in July.
Russia
4.5%
Stated returns reflect each country’s MSCI Gross Country Index in U.S. Dollars
China
8.9%
4
Global Fixed Income Markets 1 MO 3 MO YTD 1YR 3YR 5YR 7YR 10YR 15YR
Bloomberg Barclays 1-3-Month T-Bill 0.1% 0.2% 0.4% 0.5% 0.2% 0.2% 0.1% 0.5% 1.2%
Bloomberg Barclays US TIPS 0.4% (0.5%) 1.3% (1.0%) 0.8% (0.0%) 2.9% 4.1% 4.8%
Bloomberg Barclays Municipal Bond (5 Year) 0.7% 1.3% 3.9% 0.8% 2.2% 2.1% 2.7% 4.0% 3.7%
Bloomberg Barclays US Aggregate 0.4% 1.1% 2.7% (0.5%) 2.7% 2.0% 3.1% 4.4% 4.4%
Bloomberg Barclays U.S. Corporate High Yield 1.1% 2.1% 6.1% 10.9% 5.3% 6.7% 7.8% 8.2% 9.5%
Bloomberg Barclays Global Aggregate ex-US Hedged 0.2% 0.2% 0.9% (1.0%) 3.7% 3.8% 3.8% 4.4% 4.3%
Bloomberg Barclays Global Aggregate ex-US Unhedged 2.7% 4.8% 9.0% (2.0%) (1.1%) (0.0%) 1.4% 3.0% 4.7%
Bloomberg Barclays U.S. Long Gov / Credit 0.3% 3.1% 6.3% (3.3%) 5.3% 3.4% 6.6% 7.5% 7.2%
JPMorgan GBI-EM Global Diversified 2.1% 4.6% 12.6% 8.0% (1.8%) (0.7%) 1.4% 4.1% –
Global Equity Markets 1 MO 3 MO YTD 1YR 3YR 5YR 7YR 10YR 15YR
S&P 500 2.1% 4.1% 11.6% 16.0% 10.9% 14.8% 14.6% 7.7% 9.1%
Dow Jones Industrial Average 2.7% 5.2% 12.3% 21.8% 12.5% 13.8% 14.0% 8.0% 9.0%
NASDAQ Composite 3.4% 5.3% 18.6% 24.4% 14.6% 18.1% 17.3% 10.8% 12.0%
Russell 3000 1.9% 3.9% 11.0% 16.1% 10.5% 14.8% 14.5% 7.8% 9.4%
Russell 1000 2.0% 4.0% 11.4% 16.0% 10.6% 14.8% 14.6% 7.8% 9.3%
Russell 1000 Growth 2.7% 5.0% 17.0% 18.1% 12.7% 15.6% 15.8% 9.4% 9.6%
Russell 1000 Value 1.3% 2.9% 6.0% 13.8% 8.5% 14.0% 13.5% 6.2% 8.9%
Russell Mid Cap 1.5% 3.4% 9.6% 13.0% 9.3% 15.0% 14.4% 8.2% 11.4%
Russell Mid Cap Growth 1.7% 4.4% 13.3% 13.4% 9.5% 14.6% 14.4% 8.3% 11.2%
Russell Mid Cap Value 1.3% 2.5% 6.6% 12.7% 9.0% 15.3% 14.3% 8.0% 11.3%
Russell 2000 0.7% 2.1% 5.8% 18.5% 9.9% 14.2% 13.4% 7.8% 10.4%
Russell 2000 Growth 0.9% 3.4% 10.9% 17.8% 10.2% 14.6% 14.2% 8.5% 10.8%
Russell 2000 Value 0.6% 0.9% 1.2% 19.2% 9.5% 13.8% 12.5% 6.9% 10.0%
MSCI ACWI 2.8% 5.7% 15.0% 17.7% 6.8% 11.5% 10.3% 4.7% 8.7%
MSCI ACWI ex. U.S. 3.7% 7.6% 18.7% 19.6% 2.8% 8.2% 6.4% 2.0% 8.4%
MSCI EAFE 2.9% 6.6% 17.5% 18.3% 3.3% 9.6% 7.4% 1.9% 7.7%
MSCI EAFE Growth 2.4% 7.0% 19.9% 13.4% 4.8% 9.7% 8.1% 2.8% 7.7%
MSCI EAFE Value 3.4% 6.3% 15.3% 23.4% 1.6% 9.3% 6.7% 1.0% 7.7%
MSCI EAFE Small Cap 3.6% 7.6% 21.3% 20.7% 8.1% 14.0% 11.0% 4.2% 11.2%
MSCI Emerging Markets 6.0% 10.4% 25.8% 25.3% 2.8% 5.1% 3.9% 2.3% 12.0%
Real Assets 1 MO 3 MO YTD 1YR 3YR 5YR 7YR 10YR 15YR
FTSE NAREIT Equity REITs 1.2% 2.6% 4.0% (4.5%) 8.8% 9.4% 11.9% 7.0% 10.5%
S&P Developed World Property ex-US 3.0% 6.0% 14.8% 5.3% 3.6% 8.5% 9.2% 2.1% 10.0%
S&P Developed World Property 2.0% 4.3% 8.8% (0.2%) 5.7% 8.8% 10.3% 3.9% 10.0%
Bloomberg Commodity Total Return 2.3% 0.7% (3.1%) 0.8% (12.7%) (10.0%) (6.3%) (6.5%) 0.2%
Alerian MLP 1.3% (3.9%) (1.4%) 1.1% (9.8%) 1.0% 5.1% 6.0% 11.5%
Financial Markets Performance
As of July 31, 2017
Periods greater than one year are annualized
All returns are in U.S. dollar terms
Index Proxies Utilized: Cash – Citigroup 90 Day T-Bill; TIPS – Barclays US Treasury TIPS; Aggregate Bond – Barclays US Aggregate Bond
Index; Municipal Bond – Barclays Municipal 5-Year Bond, High Yield – Barclays US Corporate High Yield; Foreign Bond – Barclays Global
Aggregate Ex USD; Local Currency Denominated Emerging Markets Debt – JPMorgan GBI-EM Global Diversified Unhedged Index; Large
Value – Russell 1000 Value; Large Blend – S&P 500; Large Growth – Russell 1000 Growth; Small Value – Russell 2000 Value; Small Blend –
Russell 2000; Small Growth – Russell 2000 Growth; International – MSCI EAFE; Emerging Markets – MSCI EM; REITs - FTSE NAREIT
Equity REITs; Commodities – Bloomberg Commodity Index; MLP – Alerian MLP; Hedge Funds – HFRI Fund of Funds Composite
Index; Balanced – 5% Barclays US Treasury TIPS, 10% Barclays US Aggregate Bond Index, 4.5% Barclays Global Aggregate Ex USD, 4.5%
Barclays Global Aggregate Ex USD (Hedged), 9% Barclays US Corporate High Yield, 2% JPMorgan GBI-EM Global Diversified Unhedged
Index , 16% S&P 500, 5% Russell 2000, 12% MSCI EAFE, 7% MSCI EM, 5% FTSE NAREIT Equity REITs, 5% Bloomberg Commodity Index,
5% Alerian MLP, 10% HFRI Fund of Funds Composite Index; Domestic Equity Indices – Russell 1000, Russell 1000 Growth, Russell 1000
Value, Russell Mid-Cap, Russell Mid Cap Growth, Russell Mid-Cap Value, Russell 2000, Russell 2000 Growth, Russell 2000 Value;
International Developed Markets – MSCI EAFE; US Dollar – US Dollar Index; Unhedged Developed Fixed Income – Barclays Global Aggregate
Ex USD (Hedged); Real Assets – Bloomberg Commodity Index; Materials, Financials, Energy, Oil & Gas, Healthcare, Information Technology,
Consumer Related Sectors – Dow Jones Sector Indices; Small Cap Securities – Russell 2000, Russell 2000 Growth, Russell 2000 Value; Large
Cap Securities – Russell 1000, Russell 1000 Growth, Russell 1000 Value; Mid Cap Securities – Russell Mid Cap, Russell Mid Cap Growth,
Russell Mid Cap Value; Growth; Russell 1000 Growth, Russell Mid Cap Growth, Russell Small Cap Growth; Value – Russell 1000 Value,
Russell Mid Cap Value, Russell 2000 Value; Fixed Income Markets –Barclays US Treasury TIPS, Barclays Municipal 5-Year Bond, Barclays
Aggregate; Investment Grade Corporate Securities – Barclays US Credit; Long Maturity Treasuries – Barclays US Treasury 20+ Year; Shorter
Dated Issues – Barclays US Treasury 1-3 Year; Industrial- , Financial- and Utility-Related Credits – Barclays Fixed Income Sector Indices; BB-
Rated, B-Rated and CCC-Rated – Barclays Fixed Income Credit Quality Indices; MBS – Barclays US MBS; ABS – Barclays ABS; Crude Oil –
Bloomberg Composite Crude Oil; Australia, New Zealand, Japan, China, India, Taiwan, South Korea, Brazil, Mexico, Chile, South Africa,
Turkey, Egypt, Hungary, Poland, Russia, Canada, United Kingdom, Spain, Germany, Italy, France – MSCI Country Index Gross return USD;
Natural Gas – Bloomberg Natural Gas
Note: This report is intended for the exclusive use of clients or prospective clients of New England Investment & Retirement Group, INC.
Content is privileged and confidential. Any dissemination or distribution is strictly prohibited. Information has been obtained from a variety
of sources believed to be reliable though not independently verified. Any forecast represent median expectations and actual returns,
volatilities and correlations will differ from forecasts. Past performance does not indicate future performance.
NEIRG is an investment adviser registered with the SEC. Registration with the SEC does not imply a certain level of skill or training. All
information contained herein is believed to be correct but accuracy cannot be guaranteed. Past returns are not indicative of future results.
Comments and general market related projections are based on information available at the time of writing, are for informational purposes
only, are subject to change without notice, and may not be relied upon for individual investing purposes. NEIRG and its employees do not
provide tax or legal advice. NEIRG maintains the necessary notice filings, registrations and licenses with all appropriate jurisdictions.
Disclosures
5
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New England Investment & Retirement Group July 2017 Market Commentary

  • 1. Market Commentary July 2017 Our mission is to help our clients pursue financial independence by providing unbiased objective guidance. We bring value through communication, education, and exceptional service.. This report is intended for the exclusive use of clients or prospective clients of New England Investment & Retirement Group, Inc. Content is privilegedand confidential. Dissemination or distribution is strictly prohibited. Information has been obtained from a variety of sources which are believed though not guaranteed to be accurate. Past performance does not indicate future performance. This paper does not represent a specific investment recommendation. Please consult with your advisor, attorney and accountant, as appropriate, regarding specific advice.
  • 2. 2 0.4% 0.7% 0.4% 1.1% 0.2% 2.7% 2.1% 2.1% 0.7% 2.9% 6.0% 1.2% 2.0% 2.3% 1.3%1.3% 3.9% 2.7% 6.1% 0.9% 9.0% 12.6% 11.6% 5.8% 17.5% 25.8% 4.0% 8.8% -3.1% -1.4% -5% 0% 5% 10% 15% 20% 25% 30% Barclays U.S. TIPS Barclays Muni Bond 5 Year Barclays Aggregate Barclays U.S. Corp High Yield Barclays Global Agg ex. U.S. (Hedged) Barclays Global Agg ex. U.S. (Unhedged) JPMorgan GBI-EM Global Diversified (Unhedged) S&P 500 Russell 2000 MSCI EAFE MSCI EM NAREIT Equity S&P Developed World Property Bloomberg Commodity Index Alerian MLP Index TotalReturn(%) Asset Class Returns Source: Morningstar Fixed Income Equities Real Assets Key: Left Bar: Recent Month Right Bar: Year-To-Date Right Bars: YTD Return Global Markets Summary July 2017 Fixed Income • Fixed income markets made gains during the month with high yield outpacing investment grade bonds domestically. • International developed and emerging markets debt both showed strong performance, outpacing domestic fixed income broadly, and extending their year-to-date advantage. • The 10-year U.S. Treasury was largely unchanged during the month. Equities • Large cap companies broadly outperformed their mid and small cap counterparts. Across styles, growth saw modest outperformance relative to value. • Emerging markets continued to outpace developed equity returns, continuing their impressive year-to-date performance. International developed markets outperformed domestic equities. • Domestically, technology and telecom were the sectors which led the market. Real Assets • Real assets were positive for the month with all asset classes experiencing modest gains. • Commodities were positive as energy and industrial metals were most additive to overall performance. These gains were partially offset by losses in natural gas and livestock. • Global REITs continued to outpace domestic REITs year-to-date. MLPs finished positive, offsetting a portion of their year-to-date losses.
  • 3. 3 Global Highlights July 2017 USA 2.0% The Federal Open Market Committee (FOMC) decided to maintain the target range for the federal funds rate at 1-1¼% in their July meeting. President Trump signed a bill imposing sanctions on Russia that also gave Congress new veto power to block the executive branch from removing such sanctions. Russia retaliated by evicting some U.S. Diplomatic Staff. China 8.9% UK 2.6% Europe ex-UK 3.2% Saudi Arabia -4.9% Eurozone inflation held steady in July, remaining below the central bank’s 2% target rate. The UK cabinet agreed to a “softer” Brexit, allowing the free movement of EU citizens for up to four years after Brexit as part of a transitional deal. Oil prices rose in July ending just above $50 per barrel despite concerns over supply nearing the end of the month. Following the recent allowance of Chinese A-Shares in the MSCI Emerging Markets Index, MSCI warned Chinese firms to keep trading open. MSCI stated that it will remove a company from the Index for 12 months if the company suspends trading for over 50 days. Growth within China’s manufacturing sector slowed marginally in July. Russia 4.5% Stated returns reflect each country’s MSCI Gross Country Index in U.S. Dollars China 8.9%
  • 4. 4 Global Fixed Income Markets 1 MO 3 MO YTD 1YR 3YR 5YR 7YR 10YR 15YR Bloomberg Barclays 1-3-Month T-Bill 0.1% 0.2% 0.4% 0.5% 0.2% 0.2% 0.1% 0.5% 1.2% Bloomberg Barclays US TIPS 0.4% (0.5%) 1.3% (1.0%) 0.8% (0.0%) 2.9% 4.1% 4.8% Bloomberg Barclays Municipal Bond (5 Year) 0.7% 1.3% 3.9% 0.8% 2.2% 2.1% 2.7% 4.0% 3.7% Bloomberg Barclays US Aggregate 0.4% 1.1% 2.7% (0.5%) 2.7% 2.0% 3.1% 4.4% 4.4% Bloomberg Barclays U.S. Corporate High Yield 1.1% 2.1% 6.1% 10.9% 5.3% 6.7% 7.8% 8.2% 9.5% Bloomberg Barclays Global Aggregate ex-US Hedged 0.2% 0.2% 0.9% (1.0%) 3.7% 3.8% 3.8% 4.4% 4.3% Bloomberg Barclays Global Aggregate ex-US Unhedged 2.7% 4.8% 9.0% (2.0%) (1.1%) (0.0%) 1.4% 3.0% 4.7% Bloomberg Barclays U.S. Long Gov / Credit 0.3% 3.1% 6.3% (3.3%) 5.3% 3.4% 6.6% 7.5% 7.2% JPMorgan GBI-EM Global Diversified 2.1% 4.6% 12.6% 8.0% (1.8%) (0.7%) 1.4% 4.1% – Global Equity Markets 1 MO 3 MO YTD 1YR 3YR 5YR 7YR 10YR 15YR S&P 500 2.1% 4.1% 11.6% 16.0% 10.9% 14.8% 14.6% 7.7% 9.1% Dow Jones Industrial Average 2.7% 5.2% 12.3% 21.8% 12.5% 13.8% 14.0% 8.0% 9.0% NASDAQ Composite 3.4% 5.3% 18.6% 24.4% 14.6% 18.1% 17.3% 10.8% 12.0% Russell 3000 1.9% 3.9% 11.0% 16.1% 10.5% 14.8% 14.5% 7.8% 9.4% Russell 1000 2.0% 4.0% 11.4% 16.0% 10.6% 14.8% 14.6% 7.8% 9.3% Russell 1000 Growth 2.7% 5.0% 17.0% 18.1% 12.7% 15.6% 15.8% 9.4% 9.6% Russell 1000 Value 1.3% 2.9% 6.0% 13.8% 8.5% 14.0% 13.5% 6.2% 8.9% Russell Mid Cap 1.5% 3.4% 9.6% 13.0% 9.3% 15.0% 14.4% 8.2% 11.4% Russell Mid Cap Growth 1.7% 4.4% 13.3% 13.4% 9.5% 14.6% 14.4% 8.3% 11.2% Russell Mid Cap Value 1.3% 2.5% 6.6% 12.7% 9.0% 15.3% 14.3% 8.0% 11.3% Russell 2000 0.7% 2.1% 5.8% 18.5% 9.9% 14.2% 13.4% 7.8% 10.4% Russell 2000 Growth 0.9% 3.4% 10.9% 17.8% 10.2% 14.6% 14.2% 8.5% 10.8% Russell 2000 Value 0.6% 0.9% 1.2% 19.2% 9.5% 13.8% 12.5% 6.9% 10.0% MSCI ACWI 2.8% 5.7% 15.0% 17.7% 6.8% 11.5% 10.3% 4.7% 8.7% MSCI ACWI ex. U.S. 3.7% 7.6% 18.7% 19.6% 2.8% 8.2% 6.4% 2.0% 8.4% MSCI EAFE 2.9% 6.6% 17.5% 18.3% 3.3% 9.6% 7.4% 1.9% 7.7% MSCI EAFE Growth 2.4% 7.0% 19.9% 13.4% 4.8% 9.7% 8.1% 2.8% 7.7% MSCI EAFE Value 3.4% 6.3% 15.3% 23.4% 1.6% 9.3% 6.7% 1.0% 7.7% MSCI EAFE Small Cap 3.6% 7.6% 21.3% 20.7% 8.1% 14.0% 11.0% 4.2% 11.2% MSCI Emerging Markets 6.0% 10.4% 25.8% 25.3% 2.8% 5.1% 3.9% 2.3% 12.0% Real Assets 1 MO 3 MO YTD 1YR 3YR 5YR 7YR 10YR 15YR FTSE NAREIT Equity REITs 1.2% 2.6% 4.0% (4.5%) 8.8% 9.4% 11.9% 7.0% 10.5% S&P Developed World Property ex-US 3.0% 6.0% 14.8% 5.3% 3.6% 8.5% 9.2% 2.1% 10.0% S&P Developed World Property 2.0% 4.3% 8.8% (0.2%) 5.7% 8.8% 10.3% 3.9% 10.0% Bloomberg Commodity Total Return 2.3% 0.7% (3.1%) 0.8% (12.7%) (10.0%) (6.3%) (6.5%) 0.2% Alerian MLP 1.3% (3.9%) (1.4%) 1.1% (9.8%) 1.0% 5.1% 6.0% 11.5% Financial Markets Performance As of July 31, 2017 Periods greater than one year are annualized All returns are in U.S. dollar terms
  • 5. Index Proxies Utilized: Cash – Citigroup 90 Day T-Bill; TIPS – Barclays US Treasury TIPS; Aggregate Bond – Barclays US Aggregate Bond Index; Municipal Bond – Barclays Municipal 5-Year Bond, High Yield – Barclays US Corporate High Yield; Foreign Bond – Barclays Global Aggregate Ex USD; Local Currency Denominated Emerging Markets Debt – JPMorgan GBI-EM Global Diversified Unhedged Index; Large Value – Russell 1000 Value; Large Blend – S&P 500; Large Growth – Russell 1000 Growth; Small Value – Russell 2000 Value; Small Blend – Russell 2000; Small Growth – Russell 2000 Growth; International – MSCI EAFE; Emerging Markets – MSCI EM; REITs - FTSE NAREIT Equity REITs; Commodities – Bloomberg Commodity Index; MLP – Alerian MLP; Hedge Funds – HFRI Fund of Funds Composite Index; Balanced – 5% Barclays US Treasury TIPS, 10% Barclays US Aggregate Bond Index, 4.5% Barclays Global Aggregate Ex USD, 4.5% Barclays Global Aggregate Ex USD (Hedged), 9% Barclays US Corporate High Yield, 2% JPMorgan GBI-EM Global Diversified Unhedged Index , 16% S&P 500, 5% Russell 2000, 12% MSCI EAFE, 7% MSCI EM, 5% FTSE NAREIT Equity REITs, 5% Bloomberg Commodity Index, 5% Alerian MLP, 10% HFRI Fund of Funds Composite Index; Domestic Equity Indices – Russell 1000, Russell 1000 Growth, Russell 1000 Value, Russell Mid-Cap, Russell Mid Cap Growth, Russell Mid-Cap Value, Russell 2000, Russell 2000 Growth, Russell 2000 Value; International Developed Markets – MSCI EAFE; US Dollar – US Dollar Index; Unhedged Developed Fixed Income – Barclays Global Aggregate Ex USD (Hedged); Real Assets – Bloomberg Commodity Index; Materials, Financials, Energy, Oil & Gas, Healthcare, Information Technology, Consumer Related Sectors – Dow Jones Sector Indices; Small Cap Securities – Russell 2000, Russell 2000 Growth, Russell 2000 Value; Large Cap Securities – Russell 1000, Russell 1000 Growth, Russell 1000 Value; Mid Cap Securities – Russell Mid Cap, Russell Mid Cap Growth, Russell Mid Cap Value; Growth; Russell 1000 Growth, Russell Mid Cap Growth, Russell Small Cap Growth; Value – Russell 1000 Value, Russell Mid Cap Value, Russell 2000 Value; Fixed Income Markets –Barclays US Treasury TIPS, Barclays Municipal 5-Year Bond, Barclays Aggregate; Investment Grade Corporate Securities – Barclays US Credit; Long Maturity Treasuries – Barclays US Treasury 20+ Year; Shorter Dated Issues – Barclays US Treasury 1-3 Year; Industrial- , Financial- and Utility-Related Credits – Barclays Fixed Income Sector Indices; BB- Rated, B-Rated and CCC-Rated – Barclays Fixed Income Credit Quality Indices; MBS – Barclays US MBS; ABS – Barclays ABS; Crude Oil – Bloomberg Composite Crude Oil; Australia, New Zealand, Japan, China, India, Taiwan, South Korea, Brazil, Mexico, Chile, South Africa, Turkey, Egypt, Hungary, Poland, Russia, Canada, United Kingdom, Spain, Germany, Italy, France – MSCI Country Index Gross return USD; Natural Gas – Bloomberg Natural Gas Note: This report is intended for the exclusive use of clients or prospective clients of New England Investment & Retirement Group, INC. Content is privileged and confidential. Any dissemination or distribution is strictly prohibited. Information has been obtained from a variety of sources believed to be reliable though not independently verified. Any forecast represent median expectations and actual returns, volatilities and correlations will differ from forecasts. Past performance does not indicate future performance. NEIRG is an investment adviser registered with the SEC. Registration with the SEC does not imply a certain level of skill or training. All information contained herein is believed to be correct but accuracy cannot be guaranteed. Past returns are not indicative of future results. Comments and general market related projections are based on information available at the time of writing, are for informational purposes only, are subject to change without notice, and may not be relied upon for individual investing purposes. NEIRG and its employees do not provide tax or legal advice. NEIRG maintains the necessary notice filings, registrations and licenses with all appropriate jurisdictions. Disclosures 5