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For one-on-one use with a client's financial advisor only. 24 Asset Class Returns: 20-Year Snapshot | PMC Research Analysis 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 Emerging Markets 34.54 REITs 35.97 Emerging Markets 39.82 U.S. Agg 5.24 Emerging Markets 79.02 REITs 28.07 Munis 10.70 Emerging Markets 18.63 Small Cap 38.82 REITs 32.00 Large Cap Growth 5.67 Small Cap 21.31 Emerging Markets 37.75 Cash 1.86 Large Cap Growth 36.39 Large Cap Growth 38.49 REITs 45.91 Commodities 16.09 Large Cap Growth 42.68 Large Cap Growth 33.36 Commodities 21.36 Emerging Markets 32.55 Commodities 16.23 Cash 1.80 High Yield 58.21 Small Cap 26.85 REITs 9.37 International Equity 17.90 Mid Cap 34.76 Large Cap Value 13.45 REITs 4.48 Large Cap Value 17.34 Large Cap Growth 30.21 Munis 1.28 Top 200 31.75 Top 200 22.37 Top 200 27.90 Cash 1.50 Top 200 29.85 Top 200 27.44 International Equity 14.02 International Equity 26.86 Large Cap Growth 11.81 Munis -2.47 Mid Cap 40.48 Mid Cap 25.48 U.S. Agg 7.84 Large Cap Value 17.51 Large Cap Growth 33.48 Top 200 13.25 Munis 3.30 High Yield 17.13 International Equity 25.62 US Agg 0.01 Large Cap Core 31.43 Large Cap Core 20.96 Large Cap Growth 27.60 Large Cap Value -7.54 Large Cap Core 26.53 Large Cap Core 24.51 REITs 13.82 Large Cap Value 22.25 International Equity 11.63 Diversified Portfolio -21.63 Large Cap Growth 37.21 Emerging Markets 19.20 High Yield 4.98 Mid Cap 17.28 Large Cap Core 33.11 Large Cap Core 13.24 Top 200 2.36 Mid Cap 13.80 Top 200 22.96 Large Cap Growth -1.51 Mid Cap 30.54 Small Cap 19.96 Commodities 27.11 Munis -8.53 International Equity 18.85 Mid Cap 15.34 Mid Cap 12.65 Small Cap 18.37 Diversified Portfolio 7.93 High Yield -26.16 International Equity 32.46 Commodities 16.83 Top 200 2.83 REITs 17.12 Large Cap Value 32.53 Mid Cap 13.22 Large Cap Core 0.92 Large Cap Core 12.05 Large Cap Core 21.69 High Yield -2.08 Large Cap Value 26.54 Emerging Markets 18.69 Large Cap Core 26.45 High Yield -11.19 Mid Cap 17.23 Large Cap Value 14.37 Large Cap Value 7.05 Top 200 15.53 U.S. Agg 6.97 Small Cap -33.79 REITs 28.46 Large Cap Growth 16.71 Large Cap Growth 2.64 Large Cap Core 16.42 Top 200 32.41 Large Cap Growth 13.05 US Agg 0.55 Commodities 11.77 Mid Cap 18.52 Top 200 -3.08 Small Cap 25.52 Mid Cap 17.10 Large Cap Value 25.16 U.S. Agg -13.01 Small Cap 16.93 Small Cap 11.54 Diversified Portfolio 6.69 Large Cap Core 15.46 Top 200 5.89 Commodities -35.65 Large Cap Core 28.43 Large Cap Core 16.10 Large Cap Core 1.50 Small Cap 16.35 International Equity 23.29 Munis 9.05 Cash 0.03 Emerging Markets 11.60 Diversified Portfolio 15.29 REITs -4.22 REITs 23.10 Diversified Portfolio 13.58 Mid Cap 22.58 International Equity -14.01 Diversified Portfolio 16.20 Diversified Portfolio 11.30 Large Cap Core 6.27 Mid Cap 15.26 Large Cap Core 5.77 Top 200 -36.07 Small Cap 27.17 Large Cap Value 15.51 Diversified Portfolio 1.29 Top 200 16.04 Diversified Portfolio 16.69 Diversified Portfolio 6.97 Diversified Portfolio -0.05 Top 200 11.33 Small Cap 14.65 Diversified Portfolio -4.62 International Equity 22.66 International Equity 8.28 Small Cap 14.82 Diversified Portfolio -15.97 REITs 13.96 High Yield 8.19 Large Cap Growth 5.26 Diversified Portfolio 13.32 Mid Cap 5.60 Large Cap Value -36.85 Top 200 24.21 High Yield 15.12 Large Cap Value 0.39 High Yield 15.81 High Yield 7.44 US Agg 5.97 International Equity -0.39 Large Cap Growth 7.08 Large Cap Value 13.66 Large Cap Core -4.78 Diversified Portfolio 20.47 U.S. Agg 7.51 Diversified Portfolio 11.84 Mid Cap -17.32 High Yield 13.44 REITs 8.10 Small Cap 4.55 High Yield 11.85 Cash 4.74 Large Cap Core -37.60 Diversified Portfolio 21.52 Top 200 12.47 Cash 0.08 Large Cap Growth 15.26 REITs 1.22 Small Cap 4.89 Mid Cap -2.44 Diversified Portfolio 6.97 High Yield 7.50 Large Cap Value -8.27 Emerging Markets 18.90 High Yield 7.11 International Equity 11.78 Large Cap Core -19.13 Large Cap Value 11.46 Emerging Markets 8.05 Top 200 3.77 Large Cap Growth 9.07 Munis 3.36 Large Cap Growth -38.44 Large Cap Value 19.69 Diversified Portfolio 11.51 Mid Cap -1.55 Diversified Portfolio 11.82 Cash 0.05 High Yield 2.45 Large Cap Value -3.83 REITs 6.68 Munis 5.45 Mid Cap -9.06 High Yield 14.32 Munis 5.21 High Yield 5.28 Emerging Markets -19.74 Emerging Markets 10.27 Cash 5.45 Munis 3.51 Munis 4.84 High Yield 1.87 REITs -39.20 Commodities 18.91 International Equity 8.21 Small Cap -4.18 Munis 6.78 U.S. Agg -2.02 Cash 0.03 Small Cap -4.41 US Agg 2.65 REITs 3.76 Small Cap -11.01 U.S. Agg 8.72 Large Cap Value 2.80 Munis 1.52 Top 200 -19.77 Munis 6.40 Commodities 5.38 Cash 3.00 Cash 4.76 Large Cap Value -0.17 Mid Cap -41.46 Munis 12.91 U.S. Agg 6.54 International Equity -11.73 U.S. Agg 4.21 Emerging Markets -2.27 Emerging Markets -1.82 High Yield -4.47 International Equity 1.51 US Agg 3.54 Commodities -11.25 Commodities 7.69 Cash 0.58 Cash 0.05 Small Cap -20.44 U.S. Agg 5.53 International Equity 4.35 High Yield 2.74 U.S. Agg 4.33 Small Cap -1.57 International Equity -43.06 U.S. Agg 5.93 Munis 2.38 Commodities -13.32 Cash 0.07 Munis -2.55 International Equity -4.48 Emerging Markets -14.60 Cash 0.27 Commodities 1.70 International Equity -13.36 Munis 7.54 Commodities -3.12 U.S. Agg -1.54 REITs -25.96 Cash 5.26 U.S. Agg 1.25 U.S. Agg 2.43 Commodities 2.07 REITs -17.56 Emerging Markets -53.18 Cash 0.16 Cash 0.13 Emerging Markets -18.17 Commodities -1.06 Commodities -9.52 Commodities -17.01 Commodities -24.66 Munis 0.25 Cash 0.84 Emerging Markets -14.25 Cash 2.25 REITs -11.20 Emerging Markets -2.22 Large Cap Growth -29.14 Commodities -7.91 Munis 1.05 Source: Morningstar Direct index returns. The information provided is for informational and educational purposes only. It is not intended as and should not be used to provide investment advice and does not address or account for individual investor circumstances. The asset classes described above may not be suitable for all investors and investors should first consult with an investment advisor before investing. Past performance is not indicative of future performance. Indices are unmanaged and their returns assume reinvestment of dividends and do not reflect any fees or expenses. It is not possible to invest directly in an index. Diversification does not ensure a profit or protect against a loss. 1. The Diversified Portfolio is a moderate allocation blend portfolio (60%/40%) with the following allocations: 39% Russell 1000, 3% Russell 2000, 15% MSCI EAFE; 3% MSCI Emerging Markets, 40% BBgBarc US Agg Bond. 20 Years Annualized Large Cap Growth 12.56 Top 200 10.63 Large Cap Core 10.39 Mid Cap 9.59 Large Cap Value 7.89 Small Cap 7.79 Diversified Portfolio 6.95 REITs 6.49 High Yield 6.45 Emerging Markets 6.38 International Equity 5.31 Munis 3.49 U.S. Agg 3.01 Cash 1.63 Commodities -0.30 Asset Class Indices Cash - FTSE Treasury Bill 3 Month Commodities - Bloomberg Commodity TR USD Diversified Portfolio 1 Emerging Markets - MSCI Emerging Markets Index High Yield - BBgBarc US Corporate High Yield Index International Equity - MSCI EAFE Index Large Cap Core - Russell 1000 Index Large Cap Growth - Russell 1000 Growth Index Large Cap Value - Russell 1000 Value Index Mid Cap - Russell Mid Cap Index Munis - BBgBarc Municipal Bond Index REITs - Dow Jones U.S. Select REIT Index Small Cap - Russell 2000 Index Top 200 - Russell Top 200 Index U.S. Agg - BBgBarc US Agg Bond Index 20251017-4912642