美银-全球基金业绩监测：机会收窄-Global Fund Performance Monitor：Narrow opportunity-20261012

Accessibleversion

BofAGLOBALRESEARCH

BofASECURIES

GlobalFundPerformanceMonitor

Narrowopportunity

NarrowbreadthcapsActiveFundperformance

Asglobalequitiesfell1.3%inSeptemberandonly27%ofstocksoutperformedthe

MSCIACWorldIndex,40%ofActivefundsgloballyoutperformedbenchmark(median

relativereturn-0.24%).Duringthemonth,TechandAl-relatedstocksdominatedmarketperformance.Bystyle,45%ofGrowthfundsoutperformed(-0.11%),only31%ofValuefundsoutperformed(-0.78%),andonly29%ofYieldfundsoutperformed(-0.69%).HighActiveShareRatio(>80%)fundsalsostruggled,with32%outperformingbenchmark

(medianrelativereturn-1.20%).NarrowmarketbreadthisprovingtobeadifficultenvironmentformanyActivefunds.

Valuefunds'largestactivestockexposures

Globally,Valuefunds'largestoverweightpositionsareSamsungElectronics,Icon,CapitalOne,CharlesSchwab,PingAnInsurance,andSalesforce.Valuefunds'largest

underweightsareNVIDIA,Apple,Microsoft,Amazon,Broadcom,andTesla.

HighActiveShareRatiofunds'largestactiveexposures

HighASR(>80%)funds'largestoverweightpositionsareTSMC,Edenred,SPIE,CATL,Weir,andAalberts.Thesefunds'largestunderweightpositionsareApple,NVIDIA,

Microsoft,Amazon,Broadcom,andAlphabet.

Chart1:ProportionofActiveFundsoutperformingbenchmark

Only40%ofActivefundsoutperformedbenchmarkinSeptember(38%over12-months)

HitRate(%)-Proprtionofacivefundsouperforming

theirbenchmark

Sep-16-

9-J0

Feb-17

Dec-17

May-18

8l-P0

Ma-19

a-20

0Z-QN

Apr-21

Feb-22

Dec-22

May-23

0t.3

Mar-24

a25

u427

80%

70%

60%

50%

40%

30%

10%

0%

unA

2

12mHit

Rate

91-g

Source:BofAGlobalQuantitativeStrategy,FactSet,Bloomberg.Benchmarklndices

BofAGLOBALRESEARCH

12October2026

QuantStrategyGlobal

BofA

Data

Analytics

NigelTupper>>

QuantStrategist

MerrillLynch(Australia)+61292265735

nigel.tupper@

AmarVashi>>

QuantStrategist

MerrillLynch(Australia)

amarvashi@

SumuhanShanmugalingam>>QuantStrategist

MerrillLynch(Australia)

sumuhan.shanmugalingam@

■FundsbyRegions

■FundsbyInvestmentStyle

■FundsbyActive/Passive

■FundsbyActiveShareRatio

■FundsbyFUM

■FundsbyMarketCapofStocks

■FundsbyPortfolioSize

■FundsbyTurnover

■RelativeReturnsHitRate

Tradingideasandinvestmentstrategiesdiscussedhereinmaygiverisetosignificantriskandarenotsuitableforallinvestors.Investorsshouldhaveexperienceinrelevantmarketsandthefinancialresourcestoabsorbanylossesarisingfromapplyingtheseideasorstrategies.

>>Employedbyanon-USaffiliateofBofASandisnotregistered/qualifiedasaresearchanalystundertheFINRArules

Referto"OtherImportantDisclosures"forinformationoncertainBofASecuritiesentitiesthattakeresponsibilityfortheinformationhereininparticularjurisdictions.

BofASecuritiesdoesandseekstodobusinesswithissuerscoveredinitsresearch

reports.Asaresult,investorsshouldbeawarethatthefirmmayhaveaconflictof

interestthatcouldaffecttheobjectivityofthisreport.Investorsshouldconsiderthis

reportasonlyasinglefactorinmakingtheirinvestmentdecision.

Refertoimportantdisclosuresonpage68to70.13027020

Timestamp:11October202611:34PMEDT

Daisukelkeda10/12/2608:53:35AMMBKPartnersK.K.

Contents

FundsbyRegion4

FundsbyRegion:GLOBAL(DM+EM)5

FundsbyRegion:GLOBAL(DevelopedMarkets)6

FundsbyRegion:EAFE(DMex-US)7

FundsbyRegion:USA8

FundsbyRegion:EUROE9

FundsbyRegion:JAAN10

FundsbyRegion:ASIAACex-JAAN11

FundsbyRegion:EMERGINGMARKETS12

FundsbyInvestmentStyle13

FundsbyInvestmentStyle:VALUE14

FundsbyInvestmentStyle:GROWTH15

FundsbyInvestmentStyle:GAR16

FundsbyInvestmentStyle:YIELD17

FundsbyInvestmentStyle:INDEXfunds18

FundsbyActive/assive19

ACTIVEfunds20

ASSIVEfunds21

FundsbyActiveShareRatio(ASR)22

FundsbyASRbetween1%-20%23

FundsbyASRbetween21%-40%24

FundsbyASRbetween41%-60%25

FundsbyASRbetween61%-80%26

FundsbyASRbetween81%-100%27

FundsbyFundsUnderManagement(FUM)($US)28

FundsbyFUMbetween$1-$750m29

FundsbyFUMbetween$750m-$1bn30

FundsbyFUMbetween$1bn-1.5bn31

FundsbyFUMbetween$1.5bn-$2.0bn32

FundsbyFUMbetween$2bn-$5bn33

FundsbyFUMbetween$5.0bn-$10bn34

FundsbyFUM>$10bn35

FundsbyMarketCapofStocks36

FundsbyMarketCap:LARGECA37

FundsbyMarketCap:MULTICA38

FundsbyMarketCap:MIDCA39

FundsbyMarketCap:SMALLCA40

2GlobalFunderformanceMonitor|12October2026

CR

daisuke.ikeda@DaisukeIkeda10/12/2608:53:35AMMBKPartnersK.K.

daisuke.ikeda@DaisukeIkeda10/12/2608:53:35AMMBKPartnersK.K.CR

FundsbyortfolioSize(#stocks)41

FundsbyortfolioSize(<35stocks)42

FundsbyortfolioSize(36-75stocks)43

FundsbyortfolioSize(76-100stocks)44

FundsbyortfolioSize(101-200stocks)45

FundsbyortfolioSize(201-400stocks)46

FundsbyortfolioSize(401-700stocks)47

FundsbyortfolioSize(>700stocks)48

FundsbyTurnover49

FundsbyTurnover:HIGH50

FundsbyTurnover:MEDIUM51

FundsbyTurnover:LOW52

FundsbyTurnover:VERYLOW53

SummaryTable:MedianRelativeReturns54

SummaryTable:roportionofFundsOutperforming63

SummaryTable:Spreadofreturns64

Methodology65

GlobalQuantStrategyublications66

GlobalFunderformanceMonitor|12October20263

BofAGLOBALRESEARCH

FundsbyRegion

Chart2:RelativereturnsofFundsbyRegion:Lastmonth

DispersionbetweentopandbottomquintilebyperfwaslargestforGlobal(DM+EM)funds

RelativeReturn

Globa(DM+EM)

lobal(DM)

EAFE

USA

Europe

Japan

AsiaPacex-apan

EmergingMarkets

100%0.50%

0.00%

-0.50%-1.00%-1.50%

-2.00%

□MedianRelativeReturn●TopQuartile

BottomQuartile

Source:BofAGlobalQuantitativeStrategy,FactSet,Bloomberg.Benchmarklndices

BofAGLOBALRESEARCH

Chart3:RelativereturnsofFundsbyRegion:Periodicreturns

EmergingMarketsfundshaveperformedthebestinthelast9m

0.50%

0.00%

RelativeReturn

-0.50%

-1.00%

-1.50%

-2.00%

-2.50%

300%

Global(DM)

EAFE

USA

Europe

Japan

AsiaPacex-apan

EmergingMarkets

)MEMO(abolG

-3.50%

Q3■6-monthsBYTD

Source:BofAGlobalQuantitativeStrategy,FactSet,BloombergBenchmarkIndices

BofAGLOBALRESEARCH

Chart4:PercentageofFundsbyRegion

USAfundsconstitutes38%ofthisfundgroup

■USA(1011,513,773bn)

□Europe(465,51,003bn)

BGlobal(DM)(293,51,450bn)

□Global(DM+EM)(258,$1,768n)

□EmergingMarkets(218,51,085bn)

□AsiaPacexJapan(202,5703bn)

□Japan(107,5808bn)

□EAFE(77,51,461bn)

Source:BofAGlobalQuantitativeStrategy,FactSet,BloombergBenchmarkIndices

BofAGLOBALRESEARCH

4GlobalFundPerformanceMonitor|12October2026

daisuke.ikeda@Daisukelkeda10/12/2608:53:35

BofAGLOBALRESEARCH

5

GlobalFundPerformanceMonitor|12October2026

Daisukelkeda10/12/2608:53:35AMMBKPartnersK.K.

FundsbyRegion:GLOBAL(DM+EM)

Chart5:RelativereturnsofGlobalDM+EMfunds-Last12months

Global(DM+EM)fundshaveunderperformedby-0.24%lastmonth

RelativeReturn

Odt-25

Dec-25

SZ-NON

Jan-26

Feb-26

Apr-26

9Z-JeW

ay-26

9Z-un(

u126

2.0%

1.5%

1.0%

0.5%

0.0%

-05%

-1.0%

-1.5%

-20.%

-2.5%

□MedianRelativeReturn

9BottomQuartile

TopQuartile

Source:BofAGlobalQuantitativeStrategy,FactSet,Bloomberg,BenchmarkIndices

BofAGLOBALRESEARCH

Chart6:RelativereturnsofGlobalDM+EMfunds:Periodicreturns

Global(DM+EM)haveunderperformedby-0.24%inthelast1-month

RelatveReturn

2.0%

0.0%-2.0%-40%-6.0%-8.0%

-10.0%

1-month6-monthsYTD2-y3-y

□MedianRelativeReturn●TopQuartileOBottomQuartile

Source:BofAGlobalQuantitativeStrategy,FactSet,Bloomberg.BenchmarkIndices*relativeannualizedreturn

BofAGLOBALRESEARCH

Table1:RelativereturnsofGlobalDM+EMfunds:Periodicreturns

Median,TopandBottomQuartilereturnsforvariousperiods

PeriodMedianRelativeReturnTopQuartileBottomQuartile

1-month

-024%

0.30%

-1.54%

Q3

-0.79%

0.39%

-291%

6-months

-1.76%

1.22%

-4.80%

YTD

-213%

-0.06%

-7.32%

2-yr

-284%

-0.29%

-869%

3-yr

-268%

-0.39%

-7.20%

4-yr⁴

-2.32%

-0.48%

-6.47%

5-yr*

-248%

-0.49%

-7.35%

Source:BofAGlobalQuantitativeStrategy,FactSet,Bloomberg.BenchmarkIndices.*relativeannualizedreturn

BofAGLOBALRESEARCH

BofAGLOBALRESEARCH

artnersK.K.

daisuke.ikeda@Daisukelkeda10/12/2608:53:3

FundsbyRegion:GLOBAL(DevelopedMarkets)

Chart7:RelativereturnsofGlobalDMfunds-Last12months

Global(DM)fundshaveunderperformedby-0.21%lastmonth

RelativeReturn

SZ-PO

SZ-AON

Jan-26

Feb-26

Mar-26

Apr-26

May-26

9Z-un(

u-26

Sep-26

2.0%

1.5%

1.0%

0.5%

0.0%

-0.5%

-10%

-15%

-20.%

-2.5%

Gn早

●TopQuartileBottomQuartile

Dec-25

□MedianRelative

Return

Source:BofAGlobalQuantitativeStrategy,FactSet,Bloomberg,Benchmarklndices

BofAGLOBALRESEARCH

Chart8:RelativereturnsofGlobalDMfunds:Periodicreturns

Global(DM)haveoutpefomedby0.24%inthelast6-months

RelativeReturn

3.0%

2.0%

1.0%0.0%-1.0%

-20%-3.0%

4.0%

-5.0%-6.0%

1-monthQ3YTD

□MedianRelativeReturn●TopQuartileOBottomQuartile

Source:BofAGlobalQuantitativeStrategy,FactSet,Bloomberg.Benchmarklndices.*reativeannualizedreturn

BofAGLOBALRESEARCH

Table2:RelativereturnsofGlobalDMfunds:Periodicreturns

Median,TopandBottomQuartilereturnsforvariousperiods

PeriodMedianRelativeReturnTopQuartileBottomQuartile

1-month

-0.21%

0.37%

-1.20%

Q3

-0.09%

0.73%

-093%

6-months

0.24%

1.90%

-2.64%

YTD

-0.69%

0.48%

-4.08%

2-yr

-0.84%

0.15%

-5.11%

3-y

-1.08%

-0.33%

-4.53%

4-yr⁴

-1.15%

-0.41%

-4.25%

5-yr

-1.19%

-0.51%

-4.22%

Source:BofAGlobalQuantitativeStrategy,FactSet,Bloomberg.BenchmarkIndices*relativeannualizedreturn

BofAGLOBALRESEARCH

BofAGLOBALRESEARCH

GlobalFundPerformanceMonitor|12October2026

Daisukelkeda10/12/2608:53:35AMMBKPartnersK.K.

FundsbyRegion:EAFE(DMex-US)

Chart9:RelativereturnsofEAFEfunds-Last12months

EAFEfundshaveunderperformedby-0.22%lastmonth

RelativeReturn

Odt-25

Dec-25

Jan-26

SZ-NON

Feb-26

Apr-26

9Z-JeW

ay-26

9Z-un(

u126

2.5%

2.0%

1.5%

10%

0.5%

0.0%

-0.5%

-10%

-1.5%

-20%

-2.5%

□MedianRelativeReturn

BottomQuartile

TopQuartile

Source:BofAGlobalQuantitativeStrategy,FactSet,Bloomberg,BenchmarkIndices

BofAGLOBALRESEARCH

Chart10:RelativereturnsofEAFEfunds:Periodicreturns

EAFEhaveunderperformedby-0.22%inthelast1-month

ReaiveReturn

0.5%0.0%-0.5%-1.0%-15%-2.0%-2.5%

-3.0%-3.5%-40%

1-month6-monthsYTD2-y3-y4-yr

■MedanRelativeReturn●TopQuartileOBottomQuartile

Source:BofAGlobalQuantitativeStrategy,FactSet,Bloomberg.BenchmarkIndices*relativeannualizedreturn

BofAGLOBALRESEARCH

Table3:RelativereturnsofEAFEfunds:Periodicreturns

Median,TopandBottomQuartilereturnsforvariousperiods

PeriodMedianRelativeReturnTopQuartileBottomQuartile

1-month

-0.22%

0.10%

-043%

Q3

-0.80%

-0.01%

-1.40%

6-months

-298%

-1.67%

-3.72%

YTD

-0.82%

0.05%

-241%

2-yr

-0.78%

0.28%

-292%

3-yr

-0.65%

0.13%

-288%

4-yr⁴

-0.75%

-0.20%

-1.68%

5-yr*

-0.59%

0.12%

-2.22%

Source:BofAGlobalQuantitativeStrategy,FactSet,Bloomberg.BenchmarkIndices.*relativeannualizedreturn

BofAGLOBALRESEARCH

BofAGLOBALRESEARCH

8GlobalFundPerformanceMonitor|12October2026

daisuke.ikeda@Daisukelkeda10/12/2608:53:3

FundsbyRegion:USA

Chart11:RelativereturnsofUSAfunds-Last12months

USAfundshaveunderperformedby-0.03%lastmonth

RelativeReturn

SZ-PO

SZ-AON

Jan-26

Feb-26

Mar-26

Apr-26

9Z-un(

9Z-n

2.0%

1.5%

1.0%

0.5%

0.0%

-0.5%

-10%

-15%

-20%

-2.5%

□MedianRelative

Dec-25

BottomQuartile

●TopQuartile

Return

Source:BofAGlobalQuantitativeStrategy,FactSet,Bloomberg,Benchmarklndices

BofAGLOBALRESEARCH

Chart12:RelativereturnsofUSAfunds:Periodicreturns

USAhaveunderperformedby-0.01%inthelastQ3

RelatieReturn

2.0%1.0%

0.0%-1.0%-2.0%-3.0%

-40%-5.0%

1-monthQ36-months

□MedianRelativeReturn●TopQuartileOBottomQuartile

Source:BofAGlobalQuantitativeStrategy,FactSet,Bloomberg.Benchmarklndices*reativeannualizedreturn

BofAGLOBALRESEARCH

Table4:RelativereturnsofUSAfunds:Periodicreturns

Median,TopandBottomQuartilereturnsforvariousperiods

PeriodMedianRelativeReturnTopQuartileBottomQuartile

1-month

-0.03%

0.24%

-0.92%

Q3

-0.01%

0.80%

-1.26%

6-months

-0.14%

1.20%

-2.90%

YTD

-0.39%

0.10%

-3.85%

2-yr

-0.67%

0.01%

-4.09%

3-y

-0.73%

-0.07%

-3.86%

4-yr⁴

-0.72%

-0.07%

-3.15%

5-yr

-0.64%

-0.07%

-2.90%

Source:BofAGlobalQuantitativeStrategy,FactSet,Bloomberg.BenchmarkIndices*relativeannualizedreturn

BofAGLOBALRESEARCH

BofAGLOBALRESEARCH

GlobalFundPerformanceMonitor|12October2026

Daisukelkeda10/12/2608:53:35AMMBKPartnersK.K.

u126

FundsbyRegion:EUROPE

Chart13:RelativereturnsofEUROPEfunds-Last12months

Europefundshaveoutperformedby0.07%lastmonth

RelativeReturn

Ot-25

1.0%

0.5%

0.0%

-0.5%

-1.0%

-1.5%

-20.%

Dec-25

SZ-NON

Jan-26

Feb-26

Apr-26

9Z-un(

9Z-JeW

□MedianRelativeReturn●TopQuartile9BottomQuartileSource:BofAGlobalQuantitativeStrategy,FactSet,Bloomberg,BenchmarkIndices

Gn早

BofAGLOBALRESEARCH

Chart14:RelativereturnsofEUROPEfunds:Periodicretums

Europehaveoutperformedby0.10%inthelast6-months

ReaveReturn

2.0%

1.0%

0.0%

-1.0%-20%-3.0%-40%

5.0%

6-months2-y3-y

BMedianRelativeReturn●TopQuartileOBottomQuartile

Source:BofAGlobalQuantitativeStrategy,FactSet,Bloomberg.BenchmarkIndices*relativeannualizedreturn

BofAGLOBALRESEARCH

Table5:RelativereturnsofEUROPEfunds:Periodicreturns

Median,TopandBottomQuartilereturnsforvariousperiods

PeriodMedianRelativeReturnTopQuartileBottomQuartile

1-month

0.07%

0.44%

-0.29%

Q3

-0.04%

0.55%

-0.70%

6-months

0.10%

1.14%

-0.76%

YTD

-0.55%

0.17%

-214%

2-yr

-1.03%

-0.28%

-4.38%

3-yr

-0.97%

-0.32%

-3.51%

4-yr⁴

-0.89%

-0.21%

-3.22%

5-yr*

-0.99%

-0.36%

-3.65%

Source:BofAGlobalQuantitativeStrategy,FactSet,Bloomberg.BenchmarkIndices.*relativeannualizedreturn

BofAGLOBALRESEARCH

BofAGLOBALRESEARCH

10GlobalFundPerformanceMonitor|12October2026

daisuke.ikeda@Daisukelkeda10/12/2608:53:3

FundsbyRegion:JAPAN

Chart15:RelativereturnsofJAPANfunds-Last12months

Japanfundshaveunderperformedby-0.09%lastmonth

RelativeReturn

0t-25

Dec-25

SZ-NON

lan-26

Feb-26

ay-26

Ju-26

Aug-26

Se-26

2.0%

1.5%

1.0%

0.5%

0.0%

-0.5%

-10%

-15%

-2.0%

-25%

□MedianRelative

62-u

Mar-26

Apr-26

●TopQuartile

BottomQuartile

Return

Source:BofAGlobalQuantitativeStrategy,FactSet,Bloomberg,BenchmarkIndices

BofAGLOBALRESEARCH

Chart16:RelativereturnsofJAPANfunds:Periodicretums

Japanhaveunderperformedby-0.09%inthelast1-month

RelatveReturn

2.0%

1.0%

0.0%-1.0%-20%-3.0%

-40%

1-monthYTD2-y3-yr4-yr

□MedanRelativeReturm●TopQuartileQBottomQuartile

Source:BofAGlobalQuantitativeStrategy,FactSet,Bloomberg.BenchmarkIndices*relativeannualizedreturn

BofAGLOBALRESEARCH

Table6:RelativereturnsofJAPANfunds:Periodicreturns

Median,TopandBottomQuartilereturnsforvariousperiods

PeriodMedianRelativeReturnTopQuartileBottomQuartile

1-monthQ3

6-monthsYTD

2-yr3-y4-yr⁴5-y

-0.09%

-0.70%

-0.29%

-0.49%

-0.32%

-0.18%

-0.51%

-0.33%

0.36%

-0.15%

0.30%

0.40%

0.23%

1.05%

0.02%

0.00%

Source:BofAGlobalQuantitativeStrategy,FactSet,Bloomberg.Benchmarklndices*reativeannualizedreturn

-1.09%

-3.53%

-1.75%

-280%

-1.21%

-0.68%

-1.50%

-1.38%

BofAGLOBALRESEARCH

BofAGLOBALRESEARCH

11

GlobalFundPerformanceMonitor|12October2026

Daisukelkeda10/12/2608:53:35AMMBKPartnersK.K.

FundsbyRegion:ASIAPACex-JAPAN

Chart17:RelativereturnsofASIAPACex-JAPANfunds-Last12months

APxJfundshaveoutperformedby0.01%lastmonth

RelativeReturn

t-25

Dec25

Jan-26

SZ-AON

Feb-26

Mar-26

Apr-26

9Z-KeN

u-26

Ju-26

2.0%

1.5%

1.0%

0.5%

0.0%

-0.5%

-1.0%

-1.5%

-20%

-2.5%

-3.0%

皇

BottomQuartile

TopQuartile

BMedianRelativeReturn

Source:BofAGlobalQuantitativeStrategy,FactSet,Bloomberg.Benchmarklndices

BofAGLOBALRESEARCH

Chart18:RelativereturnsofASIAPACex-JAPANfunds:Periodicreturns

APxJhaveoutperfomedby0.01%inthelast1-month

RelativeReturn

3.0%2.0%

1.0%

0.0%

-1.0%

-20%-3.0%-4.0%

1-month6-monthsYTD

□MedianRelativeRetun●TopQuartileOBottomQuartile

Source:BofAGlobalQuantitativeStrategy,FactSet,Bloomberg.Benchmarklndices*reativeannualizedreturn

BofAGLOBALRESEARCH

Table7:RelativereturnsofASIAPACex-JAPANfunds:Periodicreturns

Median,TopandBottomQuartilereturnsforvariousperiods

Period

Median

Relative

Return

Top

Quartile

Bottom

Quartile

1-month

0.01%

0.41%

-061%

Q3

-0.28%

0.47%

-2.12%

6-months

-0.12%

1.42%

-2.40%

YTD

-0.22%

1.95%

-1.57%

2-yr*

-0.45%

1.02%

-2.26%

3-yr⁴

-0.71%

0.36%

-3.23%

4yr

-0.97%

0.05%

-3.42%

5-yr

-0.63%

0.03%

-3.25%

Source:BofAGlobalQuantitativeStrategy,FactSet,Bloomberg.BenchmarkIndices.*relativeannualizedreturn

BofAGLOBALRESEARCH

BofAGLOBALRESEARCH

12GlobalFundPerformanceMonitor|12October2026

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FundsbyRegion:EMERGINGMARKETS

Chart19:RelativereturnsofEMERGINGMARKETSfunds-Last12months

EMfundshaveunderperformedby-0.02%lastmonth

RelativeReturn

0t-25

Dec-25

SZ-NON

lan-26

Feb-26

Mar-26

ay-26

Ju-26

9Z-un(

Aug-26

Se-26

4.0%

3.0%

2.0%

1.0%

0.0%

-1.0%

-20%

-3.0%

-40%

●TopQuartileBottomQuartile

Apr-26

■MedianRelative

Return

Source:BofAGlobalQuantitativeStrategy,FactSet,Bloomberg,BenchmarkIndices

BofAGLOBALRESEARCH

Chart20:RelativereturnsofEMERGINGMARKETSfunds:Periodicreturns

EMhaveoutperformedby0.15%inthelastYTD

RelativeReturn

4.0%

3.0%

2.0%

1.0%

0.0%

-1.0%-20%-3.0%-40%

5.0%

1-monthQ36-monthsYTD2-y3-yr4-yr

□MedanRelativeReturn●TopQuartileQBottomQuartile

Source:BofAGlobalQuantitativeStrategy,FactSet,Bloomberg.BenchmarkIndices*relativeannualizedreturn

BofAGLOBALRESEARCH

Table8:RelativereturnsofEMERGINGMARKETSfunds:Periodicretums

Median,TopandBottomQuartilereturnsforvariousperiods

PeriodMedianRelativeReturnTopQuartileBottomQuartile

1-month

-0.02%

0.37%

-045%

Q3

-1.22%

0.13%

-289%

6-months

-0.95%

1.65%

-3.96%

YTD

0.15%

3.42%

-1.55%

2-yr

-0.11%

3.02%

-1.66%

3-y

-0.55%

1.56%

-214%

4-yr⁴

-061%

1.46%

-1.74%

5-y

-0.69%

0.88%

-248%

Source:BofAGlobalQuantitativeStrategy,FactSet,Bloomberg.Benchmarklndices*reativeannualizedreturn

BofAGLOBALRESEARCH

BofAGLOBALRESEARCH

GlobalFundPerformanceMonitor|12October202613

daisuke.ikeda@Daisukelkeda10/12/2608:53:35AMMBKPartnersK.K.

FundsbyInvestmentStyle

Chart21:RelativereturnsofFundsbyInvestmentStyle:Lastmonth

DispersionbetweentopandbottomquintilebyperfwaslargestforValuefunds

RelativeReturn

1.00%

0.50%

0.00%

-0.50%

-1.00%

-1.50%

-200%

-2.50%

-3.00%

GARPGrowth