22 May 2015
22 May 2015
US Equity Insights
[Figure 47: Historical sector performance
Beta > 1
I PS value Global Value Global Growth
Credit Pla Commodity Plays Capex Plays
Financials Energy Materials Industrials Tech
Financial Energy Materials Industrials Beta x 1 Beta < 1
Consumer Growth Paw Beta Defensives
Consumer Plays Growth Domestic (Bond Subst.)
Con Disc Staples Healthcare Utilities Telecom
Cons. Health
Tech Cons. Disc. Staples Care Utilities Telecom S&P 500 10yr Tsy
TR
1960
1961
1962
1963
1964
1965
1966
1967
1968
1969
1970
1971
1972
1973
1974
1975
1976
1977
1978
1979
1980
1981
1982
1983
1984
1985
1986
1987
1988
1989
1991
1992
1993
1994
1995
1996
1997
1998
1999
2000
2001
20:0
2003
2004
2035
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015 YID .14.4%
14.6%
2.6%
-5.6%
2.0% 1.5%
-7.1%
17.9%
2? ..
24.1% -10.8%
6.4%
10.1% 2.4% -4.4% -6.4% -10.2%
25.4% 18.7%
-15.9%
25.6%
13.2% -10.5%
20.8% -10.1%
-33.2% -7.0% -17.6%
13.6%
14.4%
12.8% 5.3% 3.2%
-16.9% -20.8% -29.5%
23.6%
6.6%
5.3% .288'
4.6% 0.
22.2% 14.1%
57'.
-35.1% -23.7%
19.3% 27.0%
-8.9%
5.9%
18.2%
14.7%
14.8%
8.8% -1 .1
22.3% 22.3% 27.5% 15.9% 24.4%
8.2% 19.3% 12.7% -9.2% 20.2
-16.1% 7.7% 4.1%
18.0% 18.8% 19.3% 12.4% 1.7%
32.5% 22.4% 18.4% -1.3% 124 -3.4%
9.2%
19.0%
23.5% 24.1%
% -21.1%
6.8% 1.9% -2.2% 19.034
-27.7%
3.8% 172%
230":.
27 8%
23
•26.9%
25.4%
24.9%
-9.8%
-1.5% O.1% 10.3%
-36.5%
39.1%
19.3%
-13.2% 11.5%
-21.9%
-42.3%
-14.5%
-9.4%
0.2%
-6.7%
-3.5
11.4%
4.1% 25.5%
10.3%
13.5% 29.5%
9.6% 41.5%
19.7%
11.6%
-8.35.
31.0% 20.0% 39.1% % 20.3%
25.9% 15.8% 25.1% 12.4%
25.3% 8.4% 27.0%a" 34.4%
0.6% -6.2% 10.9%
18.7% 21.5%
-9.0% -10.4% -40.9% -20.0%
-25.9%
-37.4%
31.0% 25.6%
13.2% 2.6% 13.2%
4.4% 1.0% -6.4%
18.6% 13.3% 8.4% 18.6%
18.6% 13.2`s
-34.9% -45.7% -39.9% -43.1% -33'; 10.9%
6.5%
19.2%
-55.3%
17.2%
12.1%
-17.1%
35.6%
15.2%
1.2% 13.8% 20.9%
4.7%
4.6%
25.1%
-7.8%
0.3%
San. Danes Lank tin AnaSeca Tann Sows
Pagu 26 -9.8%
15.0%
25.6%
6.9%
5.3% 10.2%
2.4%
14,8%
28.4% 41.3%
27.7%
6.1%
23.9%
43.1% 20.2%
.17.2%
-28.8%
38.2%
10.9%
-5.4%
7.2%
-0.3%
11.6% 26.1%
•18.6%
20.9%
16.5%
-4.0%
-9.2%
14.7% 9.5% 19.2%
135
.14.6%
3L9%
13.8%
28.7%
49.4%
15.3%
41.7% 15.31„
43.5%
38.1%
11.0%
449%
17.3%
53.7%
9 8' 13.7%
39.64.
25.9%
32.9%
15.8%
•15.1%
11.6%
82%
3.6%
144",
14.2%
10.8%
26.1%
9.8% 9.776 16.0%
13% 5.4% 6.8% 2.3% 58.0%
21 0?
43 7%
4391'
- 10 7%
-11.9%
-18.8%
15.1%
1.7%
6.5%
7.5%
7 2° 2.5%
17.8%
23.9%
6.6%
13.7%
11.8%
32.7%
5.7%
14.7%
14.8%
-9.2%
-30.4%
-30.0%
26.316
24.3% 19
16.8% 5. -
21.0% 36.88.
19.4% 11.9%
-29.0% -30.5% 29.0%
12.2%
15.6%
4.7%
-0.6%
5.5%
11.3%
3.7%
13.0%
14.0%
I I 0, 41 (7
I 0 10.3%
13.4%
-66.3%
35.7%
16.4%
7.8% 0.0%
0.0%
22.4%
0.9%
-8.0%
-4.3
10.0%
7.6%
.5.6%
1.4%
13.2%
.4.8%
1.1%
19.1%
-38.8%
-12.2%
-34.1%
7.1%
179% 1.3%
41.S?
25 3%
10 1% '4.6% 19.0(
18.3%
11.5%
3.0%
6.1% 0.3%
26.6%
8.8%
22.5%
16.3%
12.3%
-10.0%
23.7%
10.8%
.8.3%
3.5%
14.3%
19.0%
-14.7%
-26.5%
37.2%
23.9%
-7.2%
6.6%
18.6%
32.5%
.4.9%
21.5%
22.6%
6.3%
31.7%
18.7%
5.3%
16.6%
31.7%
30.5%
7.6%
10.1%
1.3%
37.6%
23.0%
33.4%
28.6%
21.0%
-9.1%
-11.9%
-22.1%
28.7%
10.9%
4.9%
15.8%
5.5%
-37.0%
26.5%
15.1%
2.1%
16.0%
32.4%
13.7%
4.1% 3.9%
4.1%
3.9%
1.6%
3.7%
0.7%
5.0%
-3.2%
2.2%
.5.5%
18.4%
11.1%
2.3%
3.3%
3.9%
5.4%
15.2%
0.4%
-0.9%
1.8%
•1.6%
4.8%
39.1%
2.0%
14.6%
29.6%
21.3%
-2.8%
6.8%
17.7%
18.8%
7.1%
12.9%
.7.3%
25.4%
0.0%
11.9%
14.6%
.7.9%
17.2%
5.4%
15.4%
0.2%
4.5%
3.0%
2.2%
10.4%
20.5%
-10.2%
7.9%
16.1%
2.7%
-8.5%
10.6%
-0.1%
Deutsche Bank Securities Inc.
CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0059429
CONFIDENTIAL SDNY_GM_00205613
EFTA01367815