BPV Capital Market Update - May 2016

BPV Capital
Market Update
May
2016

GLOBAL MARKET SUMMARY
CONFIDENTIAL INFORMATION | © 2016 BPV Capital Management. All rights reserved. Institutional only. 2
Stabilizing global economy pushed equities and interest rates higher in May
United States
Economic: Economic data in May came in better than expected overall, with
retail sales rebounding and housing data being particularly strong
Business Cycle: Late-cycle dynamics are taking shape and the domestic
economy looks poised for an extended late cycle.
Equities
US Equities continued their momentum from April and were up another 1.8%
in May as economic data improved. Poor Q1 earnings growth did not have a
large effect on the market as whole.
Fixed Income
US short-term interest rates increased with positive economic data and
hawkish Fed minutes. Long-term rates remained low as inflation expectations
decreased in the month.
Mortgage Backed Securities
Mortgage Backed Securities outperformed US Treasuries as demand during
the month was very strong.
Currencies
The dollar was stronger in the month due to the hawkish Fed minutes and
increase in interest rates.
Volatility
The VIX and OVX are near one-year lows as equities and oil continuetheir
recent rallies.
Commodities
Oil continued to rally as US production declines, but a stronger dollar
pressured other commodities during the month.
Europe
While Greece headlines did not produce meaningful action within the
country, they did support equities and led Europe to outperform the US for
the second straight month.
China
Chinese economic data was mixed in the month as PMI and trade data
remains weak while retail sales are strong. The yuan depreciated by 1.66% in
the month due largely to dollar strength.
May 2016

CHART OF THE MONTH
Rate hike probabilities spiked in May after the FOMC’s April minutes suggested that
a June rate increase was still a possibility. This caught investors off guard because
Yellen had been very dovish in all of her public appearances since the March Fed
meeting, and the May employment report was mixed with strong wage gains but a
slowdown in job growth.
As you can see in the adjacent chart, following the March Fed meeting the market
implied probability of a June rate hike fell from 53% to just 4% the day before the
April minutes were released. After the April minutes were released, the probability
shot up all the way back to 34% before drifting slightly lower into the end of the
month.
This unexpected hawkishness from the Fed impacted most asset classes. The dollar
strengthened versus most currencies, short-term yields increased, gold fell over
6%, and rate sensitive sectors like utilities began to underperform while banks
outperformed.
So what caused the Fed to change their position? Economic growth in Q2 is
showing signs of rebounding from the weakness in Q1, with notable strength in
housing and retail sales. Financial conditions have eased considerably from the
volatile first few months of the year. Concerns over global growth have eased with
China stabilizing and Europe and Japan both posting better than expected growth
in Q1. All of these things point to the possibility of a rate hike happening sooner,
rather than later.
On the other hand, the Fed has made it very clear through their actions earlier this
year that they do not like global uncertainties. With that being said, will the Fed be
willing to raise rates at the June meeting, just days before British citizens head to
the polls to decide if the UK will remain in the European Union?
Chance of summer rate hike drastically increased in May
0
10
20
30
40
50
60
70
80
90
100
Rate Hike Probability
June Meeting September Meeting

EQUITY PERFORMANCE
Data as of May 31, 2016
PRICE 1 MONTH QTD YTD 1 YEAR
S&P 500 2,096.96 1.80% 2.19% 3.57% 1.71%
Consumer Discretionary 628.78 0.14% 0.28% 1.88% 5.69%
Consumer Staples 539.07 0.77% (0.52%) 5.02% 10.78%
Energy 496.54 (0.58%) 8.07% 12.41% (10.13%)
Financials 319.34 2.03% 5.50% 0.16% (1.33%)
Healthcare 822.36 2.20% 5.19% (0.60%) (3.29%)
Industrials 483.71 (0.48%) 0.41% 5.42% 3.29%
InformationTechnology 733.57 5.60% (0.09%) 2.51% 3.12%
Materials 293.99 (0.29%) 4.65% 8.43% (5.02%)
Telecommunications 167.07 0.02% (2.09%) 14.18% 11.80%
Utilities 248.16 1.51% (0.94%) 14.48% 14.63%
Russell 2000 1,154.79 2.25% 3.86% 2.27% (5.98%)
Europe(Stoxx600) 347.45 2.67% 4.59% (2.71%) (10.05%)
Germany (DAX) 10,262.74 2.23% 2.98% (4.47%) (10.08%)
China (Shanghai Composite) 2,916.62 (0.70%) (2.84%) (17.53%) (38.69%)
Japan (Nikkei) 17,234.98 1.74% 1.18% (10.16%) (16.05%)

FIXED INCOME PERFORMANCE
1 MONTH QTD YTD 1 YEAR
Barclay's US Treasury 1-3 YR (0.11%) (0.07%) 0.83% 0.81%
Barclay's US Treasury 7-10 YR (0.09%) (0.17%) 4.50% 5.19%
Barclay's US Treasury 20+ YR 0.85% 0.32% 8.83% 10.38%
BofAML 1-3YR Agency andTreasury (0.10%) (0.07%) 0.83% 0.82%
Bloomberg CorporateBond Index (0.10%) 1.27% 5.24% 3.61%
Bloomberg High Yield BondIndex 0.58% 4.50% 8.36% (0.20%)
YIELD 1 MONTH QTD YTD 1 YEAR
US 2 YR 0.88% 0.78% 0.72% 1.05% 0.61%
US 5 YR 1.37% 1.29% 1.20% 1.76% 1.49%
US 10 YR 1.85% 1.83% 1.77% 2.27% 2.12%
US 30 YR 2.65% 2.68% 2.61% 3.02% 2.88%
5 YR Breakeven 1.49% 1.60% 1.51% 1.28% 1.61%
10 YR Breakeven 1.58% 1.71% 1.63% 1.58% 1.83%
Germany 0.14% 0.27% 0.15% 0.63% 0.49%
France 0.48% 0.63% 0.49% 0.99% 0.79%
Italy 1.35% 1.49% 1.22% 1.59% 1.85%
Spain 1.47% 1.59% 1.43% 1.77% 1.83%
UK 1.43% 1.60% 1.42% 1.96% 1.81%
Japan (0.12%) (0.08%) (0.04%) 0.26% 0.39%

CURRENCIES PERFORMANCE
USD/JPY 110.73 3.97% (1.63%) (8.15%) (10.81%)
EUR/USD 1.11 (2.79%) (2.18%) 2.54% 1.33%
GBP/USD 1.45 (0.88%) 0.86% (1.78%) (5.28%)
USD/CHF 0.99 3.54% 3.34% (0.75%) 5.70%
USD/CAD 1.31 4.28% 0.68% (5.50%) 5.13%
USD/SEK 8.33 3.75% 2.65% (1.49%) (2.18%)
AUD/USD 0.72 (4.85%) (5.52%) (0.94%) (5.38%)
DXY Index 95.89 3.02% 1.38% (2.83%) (1.05%)
JPMorgan Emerging Markets Currency Index 66.59 (4.19%) (2.69%) 1.47% (10.67%)

COMMODITIES PERFORMANCE
Bloomberg Commodity Index 85.34 (0.21%) 8.26% 9.54% (15.46%)
Natural Gas USD/MMBtu 2.29 (1.46%) 6.27% (8.22%) (24.49%)
WTI USD/bbl. 49.10 5.16% 20.67% 19.20% (21.67%)
Brent USD/bbl. 49.89 4.50% 21.03% 19.61% (28.47%)
WTI-Brent USD/bbl. (0.59) (2.21) (1.26) (0.46) (5.26)
Gasoline USd/gal. 161.34 0.31% 10.59% 6.17% (17.33%)
Heating Oil USd/gal. 149.71 7.37% 22.56% 21.07% (25.94%)
Copper USd/lb. 209.55 (8.23%) (4.36%) 0.14% (23.88%)
Aluminum USD/MT 1,556.00 (7.33%) 2.37% 5.63% (10.57%)
Zinc USD/MT 1,919.75 (0.79%) 5.79% 21.60% (12.98%)
Nickel USD/MT 8,398.50 (10.92%) (0.99%) (1.59%) (34.12%)
Gold USD/t oz. 1,215.32 (6.05%) (1.41%) 13.09% 2.08%
Silver USD/t oz. 16.00 (10.37%) 3.62% 15.30% (4.50%)
Platinum USD/t oz. 979.40 (9.01%) 0.38% 10.85% (11.95%)
Palladium USD/t oz. 547.07 (12.16%) (3.02%) 1.22% (29.62%)
Corn USd/bu. 404.75 3.32% 13.77% 11.27% 3.52%
Soybean USd/bu. 1,078.50 4.73% 17.52% 24.29% 16.56%
Live Cattle USd/lb. 118.05 5.00% (1.77%) (4.59%) (18.53%)
Cocoa USD/MT 3,026.00 (6.37%) 2.75% (2.89%) 0.17%
Coffee USd/lb. 121.55 0.04% (6.18%) (5.00%) (13.09%)
Lean Hog USd/lb. 81.45 (0.40%) 0.80% 4.79% 3.23%
Sugar USd/lb. 17.49 7.17% 13.20% 21.54% 27.76%
Wheat USd/bu. 464.50 (4.91%) (3.38%) (1.64%) (11.57%)
Cotton USd/lb. 63.94 0.27% 9.66% (0.42%) (2.37%)

MACROECONOMIC SUMMARY
United States
• GDP: First quarter GDP was revised higher from last
month’s initial estimate, increasing to 0.8% from 0.5%.
Initial estimates for second quarter GDP are showing a
significant rebound in activity and data has been positive.
The first Q2 GDP release is July 29.
• Employment: The April employment report showed job
growth has slowed down to a more moderate pace, with
the economy adding 171k jobs in April. Wage growth is
showing signs of picking up and recorded a strong 2.5%
YoY growth in April.
• Consumer: The consumer sector rebounded after a rough
start to the year and retail sales had their highest reading
since March 2015 at 1.3%. Personal spending grew by 1%
MoM in April, the highest reading since August 2009.
• Housing: Housing data showed broad-based strength in
the month with pending homes, new homes, and existing
homes all growing at a very strong pace. New home sales
were particularly strong, growing at their highest levels
since 2009 with 16.6% growth MoM.
Economic data in the US is beginning to improve
Retail sales have improved from poor Q1
April housing data showed a significant MoM increase
-1.5
-1.0
-0.5
0.0
0.5
1.0
1.5
2.0
Retail Sales MoM
(4.0)
(3.0)
(2.0)
(1.0)
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1.0
2.0
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5.0
6.0
-25.0
-20.0
-15.0
-10.0
-5.0
0.0
5.0
10.0
15.0
20.0
New Home Sales MoM Pending Home Sales MoM

BUSINESS CYCLE
Currently in beginning stages of prolonged late cycle
Operating margins continue to decline
Lack of inflation could prolong late cycle
Indicators of the Late Cycle
• Above trend rates of inflation
• GDP and Industrial Production begin to hit slower
growth rates
• Monetary policy tightens
• Profit margins deteriorate
• Inventories tend to build unexpectedly as sales decline
• During the late cycle equities historically average annual
returns of 5%, slowing down from 15% a year in the mid-
cycle.
Late Cycle Transition: We believe that the US economy is
currently at the beginning of the late stage of the business cycle.
The economy is showing signs of moderating, with profit margins
starting to decline, lackluster GDP growth, and poor
manufacturing data. While inflation is currently increasing and
the Fed is at the beginning of a tightening cycle, both are
occurring at a much slower pace than usual.
• The late cycle typically lasts roughly one year in length
before transitioning to a recession, but the lack of
inflation and monetary tightening suggests the business
cycle, specifically the late cycle, could last longer than
its historical average.
7.0%
8.0%
9.0%
10.0%
11.0%
12.0%
13.0%
14.0%
15.0%
Operating Margin
-0.5
0.0
0.5
1.0
1.5
2.0
2.5
3.0
3.5
4.0
4.5
Headline CPI

EQUITIES
Equities up in May amidst positive economic environment
Valuations at highest levels since the financial crisis
Financials rallied with Fed minutes, utilities underperformedFirst Quarter Earnings: Earnings announcements for the first
quarter are virtually finished, with only six companies left to report.
First quarter earnings were overall very poor, showing a 6.9%
decline YoY. The energy sector was the largest detractor, however
financials and materials reported 12.2% and 14.5% contractions
respectively. One bright spot was consumer discretionary, which
had 20.9% growth YoY. The poor first quarter has led to downward
revisions for 2016 as a whole, with 2016 earnings growth now
expected to come in at just 0.81%.
Information Technology: After losses of over 6% in April, tech
rebounded in May to be the best performing sector. Large-cap
names that caused the April losses also led to the May gains, with
Apple and Google both posting gains better than 5% during the
month.
Banks: Regional banks performed very well as strong economic
data increased the chances of a summer rate hike. Since the
release of the Fed minutes on May 18, regional banks have
increased by 6.7%.
15.0
15.5
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112.0
113.0 Trailing 12M EPS Trailing P/E
96
97
98
99
100
101
102
103
104
105
S&P 500 Index Utilities Financials

FIXED INCOME
Short-term interest rates increased with Fed expectations
The yield curve flattened in MayYield Curve: Interest rates in the front end of the curve increased
in May as Fed minutes suggested that a rate hike might come
sooner rather than later. The 2-year saw the largest increase,
going from 0.78% to 0.88%. However, the 10-year and 30-year
did not move much in the month as inflation expectations
decreased and US interest rates look attractive versus other
developed economies. The Fed’s minutes suggested that
improving economic data would cause the Fed to raise interest
rates before market expectations. With economic data coming in
positive post-minutes release, interest rates continued to rise.
Prior to the meeting markets expected the next increase in
December; now market expectations are for a July increase. Interest Rate Changes
1M 2YR 5YR 10YR 30YR
04/29/16 0.15% 0.78% 1.29% 1.83% 2.68%
05/31/16 0.18% 0.88% 1.37% 1.85% 2.65%
Change 0.03% 0.10% 0.08% 0.02% (0.03%)
0.00%
0.50%
1.00%
1.50%
2.00%
2.50%
3.00%
4/29/2016 5/31/2016
“If incoming data were consistent with economic growth
picking up in the second quarter…then it likely would be
appropriate for the Committee to increase the target
range for the federal funds rate in June.”
- FOMC April Minutes

FIXED INCOME
High yield spreads continue to come down with increases in commodity prices
High yield spreads are now 6.08%
High Yield: High yield spreads continued to decrease during the
month and are now at 6.08%, down from 7.25% in March and the
8.96% February high. This was largely due to a continued rally in
oil that has eased worries on defaults from producers.
• While the spread seems low compared to highs seen in
the first quarter of 2016, it is still 0.58% above the five-
year average of 5.40% and remains elevated due to the
low oil price environment.
Breakevens: 10-year inflation expectations decreased
throughout the month from 1.71% to 1.57% despite a large
increase in oil prices.
1.00%
1.10%
1.20%
1.30%
1.40%
1.50%
1.60%
1.70%
1.80%
1.90%
2.00%
4.0%
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6.0%
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9.0%
10.0% High Yield Spread 10 YR Breakeven

FIXED INCOME
Interest rate matrix shows yield curves around the world
Maturity
1 2 3 4 5 6 7 8 9 10 15 20 30
Switzerland (0.87%) (0.90%) (0.93%) (0.84%) (0.77%) (0.70%) (0.63%) (0.50%) (0.42%) (0.35%) (0.11%) 0.02% 0.18%
Netherlands (0.54%) (0.47%) (0.44%) (0.39%) (0.17%) (0.05%) 0.07% 0.22% 0.35% 0.66% 0.75% 0.97%
Finland (0.51%) (0.47%) (0.44%) (0.31%) (0.26%) (0.09%) (0.02%) 0.10% 0.24% 0.41% 0.76% 1.00%
Sweden (0.61%) (0.44%) (0.19%) 0.10% 0.33% 0.50% 1.30%
France (0.49%) (0.44%) (0.40%) (0.32%) (0.19%) (0.12%) 0.01% 0.15% 0.33% 0.48% 0.92% 1.23% 1.43%
Greece 7.00% 7.37% 7.18% 7.34% 7.32%
Italy (0.17%) (0.08%) (0.02%) 0.10% 0.29% 0.62% 0.84% 1.05% 1.19% 1.35% 1.79% 2.12% 2.53%
Spain (0.21%) (0.11%) (0.01%) 0.27% 0.47% 0.51% 0.76% 1.14% 1.29% 1.47% 1.90% 2.35% 2.70%
Portugal 0.03% 0.48% 1.04% 1.47% 1.80% 2.30% 2.78% 2.86% 3.05% 3.50% 3.85% 4.04%
Germany (0.55%) (0.52%) (0.53%) (0.48%) (0.38%) (0.33%) (0.24%) (0.14%) (0.01%) 0.14% 0.29% 0.56% 0.85%
United Kingdom 0.40% 0.43% 0.63% 0.80% 0.90% 1.08% 1.20% 1.33% 1.31% 1.43% 1.93% 2.10% 2.22%
Japan (0.27%) (0.25%) (0.24%) (0.24%) (0.24%) (0.23%) (0.23%) (0.21%) (0.16%) (0.12%) 0.03% 0.25% 0.30%
China 2.35% 2.43% 2.56% 2.70% 2.74% 2.88% 2.98% 2.98%
Russia 9.64% 9.41% 9.40% 9.20% 9.11% 9.02% 8.87% 8.90%
India 7.04% 7.12% 7.22% 7.35% 7.47% 7.59% 7.59% 7.60% 7.65% 7.47%
Brazil 13.38% 12.86% 12.82% 12.89% 12.94% 13.03% 12.99%
Mexico 4.31% 4.32% 4.96% 5.61% 5.78% 5.95% 6.14% 6.50% 6.77% 6.88%
Canada 0.60% 0.61% 0.60% 0.67% 0.74% 0.87% 0.98% 1.10% 1.20% 1.32% 1.94% 1.96%
United States 0.67% 0.88% 1.03% 1.37% 1.66% 1.85% 2.65%

MORTGAGE BACKED SECURITIES
MBS generally outperformed Treasuries due to high demand
Agency MBS has outperformed Treasuries overall with
lower coupons showing better performance and the
market largely shrugging off a potential rate hike this
summer. Short duration MBS, however, has exhibited
negative performance due to the large increase in short
term interest rates.
Demand remains strong in MBS, helping maintain high
valuations. For example, Japan’s MBS purchases were
highest since 2010 earlier this month.
635
640
645
650
655
660 BAML 1-3YR Treasury & Agency Index
Short-term MBS outperformed Treasuries in May

CURRENCIES
Dollar strengthens with Fed expectations and positive data
EUR/USD at 1.11, USD/JPY above 110
GBP slightly weaker in May with Brexit headlines
USD: The dollar was stronger against most major currencies as
the Fed minutes and commentary were more hawkish than
expected. The dollar finished the month 3.97% higher versus the
yen and 2.79% higher versus the euro. The dollar was also strong
against emerging market currencies, gaining 4.19% versus the
JPMorgan Emerging Markets Currency Index.
Yen: The yen resumed its weakening trend in May after a Bank of
Japan surprise in April and despite surprising economic data as
Japanese Q1 GDP came in much higher than expected at 1.7%.
Pound: The pound resumed its weaker trend, declining by 0.88%
versus the dollar in May. Brexit polls were largely mixed
throughout the month, but the pound slightly weakened as there
is still uncertainty regarding the June 23 referendum. Economists
expect that a Brexit would be a negative for the UK economy and
therefore would weaken the currency, so any downside surprise
will cause pound weakness.
95.00
100.00
105.00
110.00
115.00
120.00
125.00
130.00
1.00
1.02
1.04
1.06
1.08
1.10
1.12
1.14
1.16
1.18 EUR/USD USD/JPY
1.35
1.40
1.45
1.50
1.55
1.60
1.65
GBP/USD

COMMODITIES
Oil continues rally with improving fundamentals, strong dollar hurts other commodities
Base metals resumed weaker trend, Gold weaker with Fed minutes
Oil continues to rally with US production declinesOil: Oil continued to rally throughout the month and has now had
its longest run of monthly gains in more than five years. The
focus has been on falling US production and declining
inventories. OPEC is scheduled to meet in June, but no action is
expected after the discord stemming from their previous meeting
in April.
• Storage concerns also relaxed during the month, which
provided a further tailwind to oil. Inventories declined in
May and have now declined 6.3mn barrels from their
peak on April 29. However, Cushing inventories did hit a
new high on May 13 and still pose a risk to oil prices if
the hub were to reach full capacity.
Base Metals: Base metals resumed their weaker trend in May due
to the stronger dollar and a return to global growth concerns.
While stable, the growth outlook for China remains poor with
weaker industrial production and PMI data. China was the primary
driver for base metals demand for the last fifteen years, so any
growth concerns from the country directly affect base metals
prices.
Gold: Gold was one of the worst performing commodities in May,
losing 6.1% during the month. This was largely due to the Fed
minutes release which caused a stronger dollar and increased
chances of a summer rate increase.
20.00
25.00
30.00
35.00
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45.00
50.00
55.00
60.00
65.00
8,150
8,350
8,550
8,750
8,950
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9,350
Lower 48 Oil Production WTI
175
195
215
235
255
275
295
1,000
1,050
1,100
1,150
1,200
1,250
1,300
Gold Copper

VOLATILITY
The VIX traded in a low range for much of the month
VIX and OVX have hovered near one-year lowsVIX: Both the VIX and OVX (Oil Volatility) have come down
substantially since January YTD highs as oil prices and equity
markets have increased. Volatility continues to hover near one-
year lows. This further emphasizes the commentary that the
recent rally in asset prices has been primarily driven by oil.
20.0
30.0
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60.0
70.0
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90.0
10.0
15.0
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40.0
45.0
VIX Oil Volatility

EUROPE
European equities outperformed again in May
Greece: Greece made headlines again as it was announced it
formally agreed to bailout measures with creditors. This caused a
sharp rally in European equity markets, but that enthusiasm was
later dampened as the IMF refuted those reports and insisted they
have not yet agreed to anything but further discussions.
Nevertheless, European equity markets held their gains and
finished the month 2.05% higher.
United Kingdom: Europe is now focused on various Brexit polls on
almost a daily basis. Recent polls have leaned towards the
Remain camp, but a poll by the Guardian on May 31 showed the
Leave camp had a slight lead. This indecision will put further
importance on the polls leading up to the June 23 vote.
Europe outperformed again in May
Citi Economic Surprise Index is now positive for Europe
96
98
100
102
104
106
108
S&P 500 Index Stoxx 50
-80.0
-60.0
-40.0
-20.0
0.0
20.0
40.0
CESI - Europe

CHINA
Chinese economy showing signs of stabilizing
Economic Data: Chinese economic data was mixed in May. PMIs
remain weak, but May readings came in largely as expected and
are consistent with prior readings. Trade data missed
expectations and was unexpectedly poor. The one bright spot
within the Chinese economy continues to be retail sales, which
grew 10.1% YoY in April.
Yuan: The yuan quietly depreciated by the largest amount since
August 2015 as it declined 1.66% versus the dollar. As previously
mentioned, the dollar was stronger across the board in May which
allowed China to depreciate the yuan slowly and without the
consequences seen in August’s depreciation.
Equities: Equity markets were essentially flat in May, with the
Shanghai Composite losing 0.76%. Equity volumes in May were
down by 75% YoY and have remained subdued as Chinese
investors have focused on other asset classes, such as
commodities.
Equity markets have been quiet in Q2
The yuan slowly depreciated in May
1,500
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5,500 Shanghai Composite Shenzen Composite
6.0
6.1
6.2
6.3
6.4
6.5
6.6
6.7
USD/CNY

DISCLOSURES
The Volatility Index (VIX) shows the market’s expectation of 30-day volatility. It is constructed using the implied volatilities of a wide
range of S&P 500 index options. You can not invest directly in an index.
The S&P 500 Total Return Index is the total return of the Standard & Poor’s composite index of 500 stocks, a widely recognized,
unmanaged index of common stock prices. You cannot invest directly in an index.
The Shanghai Composite is a stock market index of all stocks (A shares and B shares) that are traded at the Shanghai Stock Exchange.
You cannot invest directly in an index.
The Russell 2000 Index tracks the stocks of the 2,000 smallest companies in the Russell 3000 index. It is considered the benchmark
index of the small-cap U.S. equity universe. You cannot invest directly in an index.
The STOXX 600 tracks 600 publicly-traded companies based in one of 18 EU countries. The index includes small cap, medium cap,
and large cap companies. You cannot invest directly in an index.
The DAX (Deutscher Aktienindex (Germanstock index)) is a blue chip stock market index consisting of the 30 major German
companies trading on the Frankfurt Stock Exchange. You cannot invest directly in an index.

DISCLOSURES
The Nikkei 225 Stock Average, or Nikkei, is the leading index of Japanese stocks. It is a price-weighted index comprised of Japan’s
top 225 blue-chip companies on the Tokyo Stock Exchange. You cannot invest directly in an index.
The Bloomberg US Corporate Bond Index is a rules-based market-value weighted index engineered to measure the investment grade,
fixed-rate, taxable, corporate bond market. You cannot invest directly in an index.
The Bloomberg US High Yield Corporate Bond Index is a rules-based market-value weighted index engineered to measure the non-
investment grade, fixed-rate, taxable, global corporate bond market. You cannot invest directly in an index.
The Barclay's 1-3 Year Treasury Index is an unmanaged index tracking short-term government securities with maturities between 1
and 2.99 years. You cannot invest directly in an index.
The Barclay’s 7-10 Year Treasury Index is an unmanaged index tracking medium-term government securities with maturities between
7 and 9.99 years. You cannot invest directly in an index.
The Barclay’s 20+ Year Treasury Index is an unmanaged index tracking long-term government securities with maturities greater than
20 years. You cannot invest directly in an index.

DISCLOSURES
JP Morgan Emerging Market Currency Index is comprised of the spot prices of 10 emerging market currencies relative to the U.S.
dollar. You cannot invest directly in an index.
The Bloomberg Commodity Index is a broadly diversified commodity price index designed to allow investors to track commodity
futures through a single, simple measure. The index is designed to minimize concentration in any one commodity or sector.
The MSCI Emerging Markets Index is a free float-adjusted market capitalization index that is designed to measure emerging markets
equity performance. You cannot invest directly in
an index.
The opinions expressed are as of the date written and may change as subsequent conditions vary. This paper is not intended to be relied
upon as a forecast, research or investment advice, and is not a recommendation, offer or solicitation to buy or sell any securities or to
adopt any investment strategy. There is no guarantee that any forecasts made will come to pass. Reliance upon information in this paper
is at the sole discretion of the reader.

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BPV Capital Market Update - May 2016

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