and AET pro forma HUM valuation ($160, 14x 2018E EPS of $11.40). Our AET standalone valuation multiple reflects AET's historical average discount to the S&P 500. Our AET pro forma HUM valuation multiple of 14x reflects upside levers to HUM synergy guidance and to reflect the improved long-term growth profile

ilar calm occurred during July ’83 and July ’86, when the index did not record a 5% drawdown from a peak in 136 and 135 days respectively. Last week the S&P 500 recorded its 11" session without a move larger than 0.5% in either direction. As a result, 10d realized vol stood at 3.31% as of 16-Jun. This is alr

e Fund opened on July 1, 2014, it has returned 16.10%.'” In that period, the Fund’s largest month- to-month drawdown has been -1.4%, versus -8.9% for the S&P 500, -1.5% for the HFRX Absolute Return Index, -8.9% for the HFRX Global Hedge Fund Index and -5.3% for the HFRX Market Neutral Index. Performance and C

pace of growth to slow next year, a local peak in earnings HOUSE_OVERSIGHT_026895 --- PAGE BREAK --- growth has not signified an imminent peak in the S&P 500 historically. In fact, about 3/4ths of market peaks occurred more than two years after the peak in the growth rate of earnings. Moreover, stock marke

a peak in EPS growth. While we do expect the pace of growth to slow next year, a local peak in earnings growth has not signified an imminent peak in the S&P 500 historically. In fact, about 3/4ths of market peaks occurred more than two years after the peak in the growth rate of earnings. Moreover, stock marke