Weekly Presentation1

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Weekly Presentation1

  1. 1. TANDEM PORTFOLIO
  2. 2. TANDEM BOND PORTFOLIO COMPOSITE DURATION YTM PRECENTAGE DURATION COMPOSITE YTM Templeton Global Fund 4.63 4.66% 10.00% Templeton Global Total Return 5.77 6.75% 10.00% Pimco Global Bond Fund 5.07 4.60% 10.00% Pimco Total Return Bond Fund 4.74 3.71% 10.00% ING (L) Renta Fund EM 0.66 3.36% 5.00% ING(L) Renta Fund Asian Debt 4.46 5.87% 5.00% ING International EMD USD 6.83 8.00% 5.00% Loomis Sayles 6 9.80% 10.00% Ishares Barclays CRD- CFT 5.88 4.41% 15.00% UBS Medium Term Bond 2.4 1.06% 10.00% Janus US High Yield 3.8 9.06% 5.00% 4.61 5.28% 11/31/09 4.53 5.37%
  3. 3. AVERAGE CREDIT RATING B 5.00% Cash AAA 5% 10.00% AA BBB 25.00% 15.00% BBB+ 10.00% A 30.00%
  4. 4. CURRENCY ALLOCATION Poland Zloty 1.60% Brazilian Real CAD 1.79% 1.14% Malaysia Ringgit 2.10% Swedish Krona 2.50% Other* US Dollar 8.84% 73.63% South Korea Won 3.40%
  5. 5. GEOGRAPHIC ALLOCATION International Poland Indonesia Institution 1.32% 2.24% Netherlands 1.33% Russian Federation Australia 1.78% Sweden 1.12% 2.53% France 1.17% Brazil 1.62% 2.19% United States Canada Germany 39.90% 3.00% 2.86% Argentina 3.20% United Kingdom 3.42% South Korea Other* 3.43% 20.86% Cash 6.27%
  6. 6. ASSET ALLOCATION Non-US-Developed Convertible Bonds Non-Corporate 1.35% Mortgage 0.55% Bonds 0.90% 2.53% US Government Other* Municipal 4.00% 2.35% 0.50% Investment Grade High Yield Credit Credit 4.13% 37.06% Cash 6.90% Foreign Government 11.69% Emerging Markets 27.80%
  7. 7. JAPAN VS. US
  8. 8. RJA VS.DBA VS. RIEHA
  9. 9. RJA VS.DBA VS. RIEHA
  10. 10. 0.42% Lehman BrothersU.S. Corporate High Yield 0.28% Lehman Bros. US Corporate 0.23% Lehman Brothers Pan-European High Yield (Euro) 0.14% ING (L) RENTA-ASIAN DEBT-PC 0.10% Lehman Bros.Global Emerging Markets -0.02% Lehman Bros. US Aggregate -0.21% Lehman Bros. Euro Aggregate Corp. -0.27% Lehman Bros.Global Aggregate -0.33% Lehman Bros. Euro Aggregate -0.41% ISHARES IBOXX INV GR CORP BD -1% 0% 0% 0% 0% 0% 1%
  11. 11. 3.28% Lehman BrothersU.S. Corporate High Yield 2.11% Lehman Brothers Pan-European High Yield (Euro) 0.70% ING (L) RENTA-ASIAN DEBT-PC -0.04% Lehman Bros. Euro Aggregate Corp. -0.46% Lehman Bros.Global Emerging Markets -0.58% Lehman Bros. Euro Aggregate -0.78% Lehman Bros. US Corporate -1.56% Lehman Bros. US Aggregate -2.48% ISHARES IBOXX INV GR CORP BD -3.76% Lehman Bros.Global Aggregate -6% -4% -2% 0% 2% 4%
  12. 12. 76.10% Lehman Brothers Pan-European High Yield (Euro) 58.21% Lehman BrothersU.S. Corporate High Yield 37.19% ING (L) RENTA-ASIAN DEBT-PC 35.61% Lehman Bros.Global Emerging Markets 18.68% Lehman Bros. US Corporate 15.71% Lehman Bros. Euro Aggregate Corp. 6.93% Lehman Bros.Global Aggregate 6.79% Lehman Bros. Euro Aggregate 6.07% ISHARES IBOXX INV GR CORP BD 5.93% Lehman Bros. US Aggregate 0% 20% 40% 60% 80%
  13. 13. YTD MTD WTD 2YR 0.37% 0.47% 0.17% 5YR 1.13% 0.68% 0.14% 10YR 1.62% 0.64% 0.03% 30YR 1.95% 0.45% -0.06%
  14. 14. YTD MTD WTD 2YR -0.42% 0.07% 0.14% 5YR 0.11% 0.19% 0.12% 10YR 0.44% 0.23% 0.07% 30YR 0.58% 0.23% 0.05%
  15. 15. U.S. Treasury U.S. Corporate Investment Grade U.S. Corporate High Yield 25 22.975 20 15 9.250 9.148 10 9.092 4.770 4.735 5 2.445 2.427 0 18/05/2006 18/10/2006 18/03/2007 18/08/2007 18/01/2008 18/06/2008 18/11/2008 18/04/2009
  16. 16. 255.9762 198.9762 165.9762 145.9762
  17. 17. U.S. 5-Year/Fed Funds Rate Spread (Five-Year Treasury Yield less Fed Funds Rate) FDTR Index – USGG5YR Index = 242.884 228.595 2007-2009 FINANCIAL CRISIS 1990-1992 RECESSION 1980-1982 RECESSION 2001-2002 WORLDWIDE RECESSION
  18. 18. U.S. 2-Year/Fed Funds Rate Spread (Two-Year Treasury Yield less Fed Funds Rate) FDTR Index – USGG2YR Index = 88.560 71.396 2007-2009 FINANCIAL CRISIS 1980-1982 RECESSION 2001-2002 WORLDWIDE RECESSION 2007-2009 FINANCIAL CRISIS 1990-1992 RECESSION
  19. 19. U.S. 10-YEAR/2-YEAR SPREAD (10-YEAR LESS TWO-YEAR TREASURY 283.901 1980-1982 RECESSION 2001-2002 WORLDWIDE RECESSION USGG10YR Index – USGG2YR Index = 269.937 1990-1992 RECESSION 2007-2009 FINANCIAL CRISIS The difference between 2- and 10- year Treasury notes widened to a record as investors bet an accelerating economic recovery will fuel inflation and damp demand for government debt.
  20. 20. U.S. 10-Year/3-Month Spread (10-Year Treasury Yield less Three-Month T-Bill Rate) USGG10YR Index – USGG3M Index = 377.920 376.343 1980-1982 RECESSION 2001-2002 WORLDWIDE RECESSION 2007-2009 FINANCIAL CRISIS 1990-1992 RECESSION
  21. 21. U.S. FIVE-YEAR TIPS YIELD (FIVE-YEAR TREASURY INFLATION-PROTECTED SECURITIES) 0.4193 0.3833
  22. 22. U.S. 10-YEAR TIPS YIELD (10-YEAR TREASURY INFLATION-PROTECTED SECURITIES) 1.4297 1.4253
  23. 23. U.S. FIVE-YEAR IMPLIED BREAKEVEN INFLATION RATE (FIVE-YEAR TREASURY LESS TIPS YIELD) 1.9459 1.8836
  24. 24. U.S. 10-YEAR IMPLIED BREAKEVEN INFLATION RATE (10-YEAR TREASURY LESS TIPS YIELD) 2.3762 2.1837
  25. 25. U.S. 2-YEAR IMPLIED BREAKEVEN INFLATION RATE (2-YEAR TREASURY LESS TIPS YIELD) 1.2684 1.1647
  26. 26. WORLD INFLATION BREAKEVEN RATES
  27. 27. 54.63 NASDAQ 100 STOCK INDX 46.29 RUSSELL MIDCAP GROWTH IX 40.48 Russell Midcap Index Total Ret 37.38 S&P 400 MIDCAP INDEX 37.21 RUSSELL 1000 GROWTH INDX 37.02 RUSSELL 3000 GROWTH IDX 34.47 RUSSELL 2000 GROWTH IDX 34.27 RUSSELL 2500 34.21 Russell Midcap Value Index Tot 34.20 RUSSELL MIDCAP VALUE IX 33.77 S&P MidCap 400 Value 33.08 MSCI US LAR GR 31.58 S&P 500 Growth 28.45 RUSSELL 1000 INDEX 28.36 RUSSELL 3000 INDEX 28.34 Russell 3000 Total Return Inde 27.17 RUSSELL 2000 INDEX 26.47 S&P 500 INDEX 20.58 RUSSELL 2000 VALUE IDX 19.69 RUSSELL 1000 VALUE INDEX 12.64 MSCI US LAR VA 0 10 20 30 40 50 60
  28. 28. 80 72.89 71.07 70 63.42 62.79 62.79 61.79 60 56.75 55.07 54.63 51.44 50 47.56 44.96 40 30 20 10 0
  29. 29. 0.33% MSCI WORLD MATERIAL 0.10% MSCI WORLD FINANCIALS -0.02% MSCI WORLD TELECOM -0.16% MSCI WORLD UTILITIES -0.21% MSCI WORLD CONSUMER STAPLES -0.44% MSCI WORLD INDUSTRIAL -0.50% MSCI WORLD CONSUMER DISCRETIONARY -0.50% MSCI WORLD INFORMATION TECHNOLOGY -0.55% MSCI WORLD ENERGY -0.65% MSCI WORLD HEALTHCARE -1% -1% 0% 0% 0% 0% 0%
  30. 30. 5.61% MSCI WORLD INFORMATION TECHNOLOGY 3.82% MSCI WORLD CONSUMER DISCRETIONARY 2.69% MSCI WORLD MATERIAL 2.45% MSCI WORLD UTILITIES 2.01% MSCI WORLD HEALTHCARE 1.76% MSCI WORLD INDUSTRIAL 1.13% MSCI WORLD ENERGY 0.91% MSCI WORLD TELECOM 0.80% MSCI WORLD CONSUMER STAPLES -1.19% MSCI WORLD FINANCIALS -2% 0% 2% 4% 6%
  31. 31. 58.40% MSCI WORLD MATERIAL 50.88% MSCI WORLD INFORMATION TECHNOLOGY 37.30% MSCI WORLD CONSUMER DISCRETIONARY 27.72% MSCI WORLD FINANCIALS 23.95% MSCI WORLD INDUSTRIAL 22.89% MSCI WORLD ENERGY 18.63% MSCI WORLD CONSUMER STAPLES 16.40% MSCI WORLD HEALTHCARE 8.63% MSCI WORLD TELECOM 2.01% MSCI WORLD UTILITIES 0% 10% 20% 30% 40% 50% 60% 70%
  32. 32. PERFORMANCE YTD VS. % OF HOLDINGS 70% 58% 60% 51% 50% 40% 37% 28% 30% 24% 23% 16% 17% 19% 16% 20% 11% 10% 10% 9% 10% 6% 7% 6% 2% 2% 2% 0%
  33. 33. -0.91% MSCI US LARGE CAP GROWTH INDEX -0.94% MSCI US LARGE CAP 300 INDEX -0.97% MSCI US LARGE CAP VALUE INDEX -1.29% MSCI US SMALL CAP GROWTH INDEX -1.51% MSCI US SMALL CAP 1750 INDEX -1.53% MSCI US MID CAP GROWTH INDEX -1.62% MSCI US MID CAP 450 INDEX -1.71% MSCI US MID CAP VALUE INDEX -1.73% MSCI US SMALL CAP VALUE INDEX -2.00% -1.50% -1.00% -0.50% 0.00%
  34. 34. 8.88% MSCI US SMALL CAP GROWTH INDEX 7.70% MSCI US SMALL CAP 1750 INDEX 7.26% MSCI US MID CAP GROWTH INDEX 6.55% MSCI US SMALL CAP VALUE INDEX 6.10% MSCI US MID CAP 450 INDEX 4.97% MSCI US MID CAP VALUE INDEX 2.48% MSCI US LARGE CAP GROWTH INDEX 1.33% MSCI US LARGE CAP 300 INDEX 0.24% MSCI US LARGE CAP VALUE INDEX -5% 0% 5% 10%
  35. 35. 45.69% MSCI US SMALL CAP GROWTH INDEX 44.93% MSCI US MID CAP GROWTH INDEX 41.18% MSCI US MID CAP 450 INDEX 38.42% MSCI US SMALL CAP 1750 INDEX 37.33% MSCI US MID CAP VALUE INDEX 34.54% MSCI US LARGE CAP GROWTH INDEX 26.71% MSCI US SMALL CAP VALUE INDEX 24.17% MSCI US LARGE CAP 300 INDEX 14.47% MSCI US LARGE CAP VALUE INDEX 0% 10% 20% 30% 40% 50%
  36. 36. 3.24% WHEAT FUTURE(CBT) 2.33% WHITE SUGAR (LIF) 1.68% WTI CRUDE FUTURE 1.64% COPPER FUTURE 1.47% CORN FUTURE -0.53% ROUGH RICE (CBOT) -0.77% GOLD SPOT $/OZ -1.26% NATURAL GAS FUTR -2.40% COFFEE 'C' FUTURE -3.55% SILVER SPOT $/OZ -4% -3% -2% -1% 0% 1% 2% 3% 4%
  37. 37. 16.37% WHITE SUGAR (LIF) 14.93% NATURAL GAS FUTR 5.34% COPPER FUTURE 2.69% WTI CRUDE FUTURE -0.72% CORN FUTURE -2.71% ROUGH RICE (CBOT) -4.26% COFFEE 'C' FUTURE -7.01% GOLD SPOT $/OZ -8.03% WHEAT FUTURE(CBT) -8.71% SILVER SPOT $/OZ -10% -5% 0% 5% 10% 15% 20%
  38. 38. 131.27% COPPER FUTURE 93.25% WHITE SUGAR (LIF) 48.16% SILVER SPOT $/OZ 33.36% WTI CRUDE FUTURE 24.36% GOLD SPOT $/OZ 9.46% COFFEE 'C' FUTURE 7.39% ROUGH RICE (CBOT) -10.67% CORN FUTURE -21.18% WHEAT FUTURE(CBT) -21.80% NATURAL GAS FUTR -50% 0% 50% 100% 150%
  39. 39. Bloomberg's U.S. Financial Conditions Index Components and Weights Weight Money Market Ted Spread 11.1% Commercial Paper/T-Bill Spread 11.1% Libor-OIS Spread 11.1% 33.3% Bond Market Investment-Grade Corporate/Treasury Spread 6.7% Muni/Treasury Spread 6.7% Swaps/Treasury Spread 6.7% High Yield/Treasury Spread 6.7% Agency/Treasury Spread 6.7% 33.3% Equity Market S&P 500 Share Prices 16.7% VIX Index 16.7% 33.3% Total 100%
  40. 40. FINANCIAL CONDITIONS INDICATOR Normal Financial Conditions 0.201 0.088 Weekly Change 47.1665 %
  41. 41. % 2.3945 Weekly Change - 12.7685 % Lehman Failure 20.9441
  42. 42. Weekly Change 4.7264 % Lehman Failure 8.6630
  43. 43. Weekly Change - 7.6870 % Lehman Failure 21.5141
  44. 44. Weekly Change - 1.0165 % 195.77 193.78
  45. 45. Equity Market S&P 500 Weekly Change - 1.0102 % 1126.48 1115.10
  46. 46. Weekly Change - 2.11% 4187.86 4099.63
  47. 47. Lehman Failure Lehman Failure Weekly Change + 11.35% Lehman Failure 21.68 19.47
  48. 48. Lehman Failure Lehman Failure Lehman Failure Lehman Failure 3258.00 Weekly Change NO CHANGE

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