Institutional Fund % Cash and Retail Fund % Cash This month, retail funds reduced elevated cash levels to 4.3%. Image: BofA Global Fund Manager Survey

China (Real GDP Levels) China is expected to continue a robust recovery. Image: J.P. Morgan Asset Management

U.S. 10-Year Yield vs. GDP + CPI Model Fair Value Are higher Treasury yields coming, as suggested by this model? Image: TS Lombard

S&P 500 – U.S. Bank Stocks vs. U.S. Homebuilding Stocks Is the recent weakness in bank stocks a buying opportunity? Image: BofA Global Investment Strategy

U.S. Energy Stocks vs. U.S. High Yield Energy Bonds U.S. energy stocks are historically cheap. Will the gap be closed? Image: BofA Global Investment Strategy

Equity Yields vs. Bond and Cash Yields Stuck in a low yield environment, is there no alternative to equities for investors? Image: J.P. Morgan

Estimated S&P 500 Earnings Impact of Biden Policies Chart suggesting that there are both upside and downside risks to future S&P 500 earnings. Image: Goldman Sachs Global Investment Research

High Yield Spread vs. U.S. Default Rate Current high yield spreads are predicting decline in U.S. default rates. Image: BofA Global Investment Strategy

Health Care Sector Excess Returns vs. S&P 500 Around U.S. Presidential Elections The health care sector tends to underperform through U.S. presidential elections, due to uncertainty about future government policy. Image: Goldman Sachs Global Investment…

Performance – Emerging Markets Ex State Owned Enterprises ETF Emerging markets ex state owned enterprises ETF is at all-time highs. Image: BofA Global Investment Strategy

Performance – Sector Sensitivity to U.S. and Global GDP Growth The financial and industrial sectors are the most correlated with global growth. Image: Goldman Sachs Global Investment Research