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The dollar remains significantly above fair value since 1973

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JP Morgan market recap 1/30/23

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2010-2022 default rates across US and European HY bonds and loans

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US HY bond and leveraged loan recovery rates % since 2000

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Euro HY and US HY since 1999

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Equities have typically troughed 6-9 months before earnings reach their low in past bear markets

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Expected real return on a 60/40 portfolio over the next 20 years

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The arbitrage fund seeks to achieve capital growth by engaging in merger arbitrage

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Allocation for GMO benchmark-free allocation strategy in December 2021 and December 2022

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Asset class volatility/return trade-off - December 31, 2022

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