Commodity stocks had their worst returns since the financial crisis in 2015. The Bloomberg Commodity Index fell over 28% for the year, while commodity returns relative to the S&P 500 saw their widest margin in over two decades. Energy prices, in particular, reached all-time lows for the data series. Persistently high crude oil inventories have prevented prices from recovering.

1. 1This document is incomplete without the disclosure on the last page.This document is incomplete without the disclosure on the last page.
www.jagcapm.com
Weekly Chart Series
December 16, 2015
Avoiding Commodity Stocks
Was a Key to 2015
JAG Capital Management
9841 Clayton Road
Saint Louis, MO 63124
P: (314) 997-1277

2. 2This document is incomplete without the disclosure on the last page.
Absolute returns for commodity stocks are the lowest since the financial crisis.
-60%
-40%
-20%
0%
20%
40%
60%
9/28/2007 9/28/2008 9/28/2009 9/28/2010 9/28/2011 9/28/2012 9/28/2013 9/28/2014 9/28/2015
Bloomberg Commodity Index - YoY PctChg
6/2/11
35.6%
8/26/15
-32.6%
6/5/12
-23.2%
6/5/10
-5.6%
10/1/12
8.0%
Source:DJ-UBS Commodities,JAG Capital Management
6/19/13
3.3%
6/26/14
-9.6%
11/20/13
-15.0%
3/11/09
-52.6%
7/2/08
42.8%
3/17/15
-28.1%
12/15/15
-28.7%

3. 3This document is incomplete without the disclosure on the last page.
Commodity returns compared to the S&P 500 are the worst seen for more than 2 decades.
2
4
6
8
10
12
14
1/2/1991 1/2/1994 1/2/1997 1/2/2000 1/2/2003 1/2/2006 1/2/2009 1/2/2012 1/2/2015
S&P 500 / Bloomberg Commodity Index
Source:Bloomberg,JAG Capital Management
2/22/99
11.69
3/10/03
3.86
7/2/08
2.66
8/22/11
3.50
7/12/94
3.98
12/15/15
13.07

4. 4This document is incomplete without the disclosure on the last page.
Energy is at an all-time low for this data series.
0
100
200
300
400
500
600
700
800
900
1,000
1/2/1991 1/2/1994 1/2/1997 1/2/2000 1/2/2003 1/2/2006 1/2/2009 1/2/2012 1/2/2015
Bloomberg Commodity Index: Energy
Source:Bloomberg,JAG Capital Management9/29/05
919.53
1/18/07
385.90
7/3/08
842.56
2/18/09
201.96
2/16/99
77.94
12/15/15
67.81
4/29/11
265.63
BegDate EndDate Energy
2/16/1999 9/29/2005 45.2%
9/29/2005 1/18/2007 -48.6%
1/18/2007 7/3/2008 70.9%
7/3/2008 2/18/2009 -76.0%
2/18/2009 4/29/2011 13.4%
4/29/2011 12/15/2015 -25.6%
2/16/1999 12/15/2015 -0.8%
Annualized Return
Source: Bloomberg, JAG Capital
Management

5. 5This document is incomplete without the disclosure on the last page.
Persistently high inventories have a part in preventing recovery.
250,000
300,000
350,000
400,000
450,000
500,000
8/20/1982 8/20/1987 8/20/1992 8/20/1997 8/20/2002 8/20/2007 8/20/2012 8/20/2017
Weekly U.S. Crude Oil Ending Stocks Ex. SPR (Thousands of Barrels)
12/11/15
490,657
4/25/14
399,3577/27/90
391,907
Source:EIA, JAG Capital Management 1/23/04
263,666
4/24/15
490,912

6. 6This document is incomplete without the disclosure on the last page.
Disclosures
This report was prepared by Norm Conley, an investment advisor representative of JAG Capital Management,
LLC, an SEC registered investment advisor. The information herein was obtained from various sources believed to
be reliable; however, we do not guarantee its accuracy or completeness. The information in this report is given as
of the date indicated. We assume no obligation to update this information, or to advise on the further developments
relating to securities discussed in this report. Opinions expressed are those of the advisor listed above as of the
date of this report and are subject to change without notice. Opinions of individual representatives may not be
those of the Firm. Additional information is available upon request. The information contained in this document is
prepared for general circulation and is circulated for general information only. It does not address specific
investment objectives, or the financial situation and the particular needs of any recipient. Investors should not
attempt to make investment decisions solely based on the information contained in this communication as it does
not offer enough information to make such decisions and may not be suitable for your personal financial
circumstances. You should consult with you financial professional prior to making such decisions. For institutional
investors: J.A. Glynn Investments, LLC, and JAG Capital Management, LLC, both have a reasonable basis to
believe that you are capable of evaluating investment risks independently, both in general and with regard to
particular transactions or strategies. For institutions who disagree with this statement, please contact us
immediately.
Market Index performance statistics are provided by Advent Axys via benchmark data from FT Interactive Data and
are presented for the time frame noted. Individuals cannot invest directly in an index. PAST PERFORMANCE
SHOULD NOT BE CONSIDERED INDICATIVE OF FUTURE PERFORMANCE. ANY INVESTMENT CONTAINS
RISK INCLUDING THE RISK OF TOTAL LOSS.
This document does not constitute an offer, or an invitation to make an offer, to buy or sell any securities discussed
herein. J.A. Glynn & Co., JAG Capital Management, LLC, and its affiliates, directors, officers, employees,
employee benefit programs and discretionary client accounts may have a position in any securities listed herein.