: Funds marketed by vintage 100% - 2016 >20013 Post-crisis General Eneomneys Fa 80% • 39% Pones 24% -abloom Poesy Osre asa 80% 93% 2C0608 Oncosts 40% 43% VrnoI instaatiens 12% Aug Wrist., /Po le% 20% • <2006 PIIKIISIS 0% 2016 2017 0.koc Penvens SW! 24% Emergence of tail-end sa