TOTAL RETURN FOR SELECTED MSCI INDICES, US$ TERMS WITH NET DIVIDENDS*(for periods ended 11/29/2013)

COUNTRY/REGION   1 MONTH   3 MOS.   2013 YTD   12 MOS. CAL 2012

USA   2.8% 10.8% 28.4% 29.5% 15.3%

ALL COUNTRY WORLD EX-USA (ACWI X-US)   0.2% 11.1% 14.3% 18.2% 16.8%

Canada   -0.9% 6.3% 4.0% 5.5% 9.1%

EAFE (Europe, Aus, Far East)   0.8% 11.9% 21.0% 24.8% 17.3%

Japan   1.5% 10.0% 26.2% 32.8% 8.2%

UK   1.0% 10.4% 17.5% 19.9% 15.3%

PACIFIC EX-JAPAN   -2.8% 8.6% 6.8% 9.5% 24.6%

Australia   -4.4% 8.2% 6.0% 9.1% 22.1%

Hong Kong   1.1% 9.3% 10.9% 11.9% 28.3%

Singapore   -1.5% 8.9% 3.0% 6.1% 31.0%

EUROPE EX-UK   1.3% 14.5% 25.1% 29.2% 21.3%

France   0.2% 12.9% 24.3% 28.7% 21.3%

Germany   4.3% 19.8% 27.8% 32.9% 30.9%

Netherlands   1.4% 12.4% 28.4% 32.0% 20.6%

Belgium   -0.7% 11.2% 23.0% 25.5% 39.6%

Finland   3.6% 29.1% 44.1% 50.4% 14.6%

Austria   2.5% 12.8% 16.7% 23.5% 25.9%

Portugal   3.3% 8.9% 13.9% 24.7% 3.5%

Italy   -1.8% 18.1% 19.6% 23.9% 12.5%

Greece   -6.3% 24.5% 49.5% 53.3% 4.5%

Spain   -0.3% 24.5% 28.4% 34.2% 3.0%

Denmark   4.7% 11.2% 20.9% 23.9% 31.3%

Norway   -2.6% 6.9% 7.7% 9.4% 18.7%

Sweden   1.1% 8.2% 19.9% 25.0% 22.0%

Switzerland   0.6% 10.2% 25.3% 26.9% 20.4%

Israel   6.2% 10.6% 11.2% 4.3% -4.7%

EMERGING MARKETS   -1.5% 10.0% -1.2% 3.7% 18.2%

South Africa   -3.8% 8.8% -7.3% 2.0% 18.7%

EMERGING EUROPE   -3.7% 10.8% -1.9% 4.4% 24.3%

Poland   1.5% 14.5% 7.5% 16.6% 39.2%

Russia   -5.1% 8.8% -0.8% 5.3% 13.7%

Turkey   -3.9% 14.2% -13.7% -7.7% 64.2%

LATIN AMERICA   -4.4% 8.7% -11.2% -5.4% 8.7%

Brazil   -6.7% 11.3% -12.0% -5.2% 0.0%

Chile   -6.3% 0.0% -20.7% -17.3% 7.8%

Mexico   2.8% 10.4% -1.0% 3.1% 29.1%

EMERGING ASIA   0.2% 10.5% 3.3% 6.9% 2 0.8%

China   4.9% 13.1% 7.3% 12.5% 22.7%

India   -3.4% 16.6% -6.9% -6.9% 26.0%

Indonesia   -12.2% -7.6% -22.9% -21.6% 4.6%

Korea   1.2% 12.9% 5.7% 11.1% 21.2%

Malaysia   -1.8% 7.9% 6.1% 10.4% 14.3%

Taiwan   -1.5% 5.7% 7.5% 8.5% 16.7%

Thailand   -8.8% 6.8% -7.4% -1.8% 34.5%

CURRENCY RETURN VS. USD   1 MONTH   3 MOS.   2013 YTD   12 MOS. CAL 2012

Australian Dollar   -3.5% 2.6% -12.0% -12.4% 1.3%

Canadian Dollar   -1.5% -0.4% -6.0% -6.2% 2.3%

Euro   0.2% 3.3% 3.3% 4.7% 1.6%

Yen   -4.2% -4.2% -15.5% -19.4% -11.0%

Swiss Franc   0.2% 3.2% 1.3% 2.5% 2.2%

British Pound   2.0% 5.9% 0.8% 2.2% 4.6%

COMMENTARY*

• The final communique of China’splenum pointed to some prioritiescritical to China’s long-term growth:relaxation of the one child policy,establishment of deposit insurance,easing of IPO restrictions, allowingthe creation of privately-owned me-dium/small banks, and an opening ofthe nation’s capital account.

• The ECB surprised markets with itsdecision to cut its official rate to0.25%. It is a late recognition thatthe Bank had been too restrictivein the face of deflation and slowinggrowth. Renewed asset purchasesmay follow.

• Typhoon Haiyan wreaked destructionin the Philippines. From an economicperspective it may amount to 5% ofthe nation’s GDP. Unfortunately, com-pared to recent experiences in Japanand the U.S., the amount covered byinsurance appears much lower.

• In Venezuela, Nicolas “I’m wag-ing a war against private business”Maduro is turning out to be HugoChavez’s perfect successor. Where dothey find these guys?

Visit the International Strategy 

section on Bailard’s Web site formore information.

Flash ReportNovember 2013 Country Indices

Sources: Bailard, MSCI/Datastream.

* Past performance is no indication of future results. All investments involve the risk of loss. Please see reverse for important disclosures.

Sources: Bailard, MSCI/Datastream.

COUNTRY/REGIONAL SNAPSHOTnovember 2013 total return (msci indices)*us$ terms with net dividends

Bailard Institutional

-6 % -4 % -2 % 0% 2% 4%

USA

JAPAN

EUROPE X-UK

UK

EAFE

ACWI X-US

EMG ASIA

CANADA

EMG MKTS

PAC X-JPN

EMG EUR

LATIN AM

 

DISCLOSURES

The MSCI indices presented in this

publication are free float-adjusted

market capitalization indexes

that are designed to measure

equity market performance of

the geographic areas described.

These indexes are presented with

net dividends reinvested, in U.S.

dollars. They are unmanaged and

uninvestable and do not reflect

any transaction costs.

The information in this publica-

tion is based primarily on data

available as of November 29,

2013 and has been obtained from

sources believed to be reliable, but

its accuracy, completeness and

interpretation are not guaranteed.

In addition, this publication con-

tains the opinions of the authors

as of that date and such opinions

are subject to change without

notice. We do not think this publi-

cation should necessarily be relied

on as a sole source of information

and opinion.

This publication has been distrib-

uted for informational purposes

only and is not a recommenda-

tion of, or an offer to sell or

solicitation of an offer to buy any

particular security, strategy or

investment product. It does not

take into account the particular

investment objectives, financial

situations or needs of individual

clients. Any references to specific

securities are included solely as

general market commentary and

were selected based on criteria

unrelated to Bailard’s portfolio

recommendations or past perfor-

mance of any security held in any

Bailard account or fund. Investing

in international stocks is riskier

than investing in U.S. stocks. In

addition to market risk and the

risk of losing money, international

stocks may be affected by fluctua-

tions in currency exchange rates,

different accounting and financial

standards, social upheavals

and political actions. Emerging

market securities may be more

susceptible to these risks. Charts

and performance information

portrayed in this publication

are not indicative of the past or

future performance of the Bailard

International Equity Strategy or

any other Bailard product. Past

performance is no indication of

future results. Bailard cannot

provide investment advice in any

 jurisdiction where it is prohibited

from doing so.

Published November 29, 2013

For more information, pleasecall 800.BAILARD (800.224.5273)or visit www.bailard.com.

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