100 - 80 4 60 + 40 20 o +4 -20 -40 4 -60 -80 2011 2012 2013 2014 2015 2016 Data through December 31, 2016. Source: Investment Strategy Group, CFTC, Goldman Sachs Securities Division Equity Strats Group. incipient uptick in bond outflows seen in late 2016 may persist, especially with “risk-free” Treasuries delivering a notable lo