0% 60% 40% 20% 0% -20% -40% 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 -DM Equity -DM Bond EM Equity —EM Bond Soon Dear/CM BM( BIM —MM Whilst this is not automatically a worry it would argue that if there was a change in the yield environment and returns suffered, bond fu