lighter color. Gold EMBIG EM Stomp. S4P500 MSCIEle USHigh Grade USHigh Yield MSCI AC Wald• Europe Fixedlnc• GoisiGav Bonds- USFixed Income MSCI Europe• EM Local Bonds•• GSCI TR US cash EM EX Topix' • -5 0 5 10 15 Source: J.P. Morgan, Bloomberg. Nom: Ram in USD *Local currency. "Hedged m