1、 / 201988.7 49% 27%7%-8%20 50.87% / 46.63%34.07% 0.2%-2.6% 0.12% 2019 37%33% 15% 0.2% 1 3 4 EPS PE 2019A 2020E 2021E 2019A 2020E 2021E 12.80 1.54 1.64 1.86 8.32 7.82 6.89 33.90 3.62 4.23 4.87 9.35 8.00 6.95 -16% -11% -6% -1% 4% 2019/7 2019/8 2019/9 2019/10 2019/11 2019/12 2020/1 2020/2 2020/3 2020/4

2、 2020/5 2020/6 % 1M 3M 12M 0.78% 2.52% -12.06% -7.45% -11.66% -19.81% 36 99135 62162 3.72 0.42 50495 16727 % 91.86 191.5 2020-06-23 18 2020-06-16 20205 2020-06-11 S0550520020001 S0550119070037 2020-06-30 2 / 32 1. . 4 1.1.19241999. 4 1.2. . 6 1.3. . 7 1.4. . 8 2. . 11 2.1.

3、Bloomberg Barclays U.S. Corporate Index Government Bond Fund Bloomberg Barclays U.S. Government Bond Index Global Allocation Fund MSCI World Index; Bloomberg Barclays Global Aggregate Index- Unhedged USD Investor Growth Fund 90/ 10 / Russell 3000 Index; Bloomberg Barclays U.S. Intermediate Aggregate

4、 Index Investor Growth Bloomberg Barclays U.S. Intermediate Aggregate Index Hedged Equity Fund S ICE BofAML 3-Month US Treasury Bill Index Opportunities Equity Long/Short Fund S ICE BofAML 3-Month US Treasury Bill Index Research Market Neutral Fund ICE BofAML 3-Month US Treasury Bill Index U.S. Gove

5、rnment Money Market Fund Prime Money Market Fund U.S. Treasury Plus Money Market Fund 19 / 32 2.5. 0.20% - 2.60% 0.26%/ 2.45% Equity Income Fund Russell 1000 Value Index 1.01% Undiscovered Managers Behavioral Value Fund Large Cap Growth Fund Russell 2000 Value Index 1.39% Core Plus Bond Fund Bloombe

6、rg Barclays U.S Global Aggregate Index 0.75% Global Bond Opportunities Fund Bloomberg Barclays Multiverse Index 0.90% High Yield Fund Bloomberg Barclays U.S Corporate High Yield-2% Issuer Capped Index 1.00% Global Allocation Fund MSCI World IndexBloomberg Barclays Global Aggregate Index-Unhedged USD

7、 1.07% Income Builder Fund MSCI World IndexBloomberg Barclays Global Aggregate Index 0.75% Investor Growth & Income Fund Russell 3000 Index: Bloomberg Barclays U.S Intermediate Aggregate Index 1.04% Opportunistic Equity Long/Short Fund S&P 500 IndexICE BofAML 3-Month US Treasury Bill Index 2.45% U.S

8、 Government Money Market Fund 0.26% 20 / 32 2.6. 11 19 19 18 18 17 17 7, 254 50.67% 7, 163 50.89% 7, 257 52.45% 7, 062 49.33% 6, 913 49.11% 6, 578 47.55% 14, 316 100% 14, 076 100% 13, 835 100% 21 / 32 12 19 19 18 18 17 17 /2,869 20.04% 2,850 20.25% 2,837 20.51% 1,509 10.54% 1,538 10.93% 1,405 10.16%

9、 724 5.06% 755 5.36% 702 5.07% 5,102 35.64% 5,143 36.54% 4,944 35.74% 9,214 64.36% 8,933 63.46% 8,891 64.26% 14,316 100% 14,076 100% 13,835 100% 2.7. 1 2 2018You Invest 3. MUFJ 3.1. 13Top10 AUM 1. 100% 34.0 11.620203 2. 100% 1720183 3. 91.3% 26.8201912 4.UFJ UFJ100% 15.37201911 5.Asset Management On

10、e 70% 30% 52.9201912 6. 50.1% 23.5% 9.8 7.520193 7. 100% 66.920193 8.Fidelity 100% 3120183 9. 100% 8.2 4.820193 10.Pictet 100% 2.72201912 22 / 32 14 15%20%45%20%2018 2 3 3.2. 2001 2005 MUFG 23 / 32 3.3. MUFG beta/ 2019MUFG41% 27%8%ETF24% BCG201816.370%-80% 201851% 49% 3.4. 24 / 32 3.5. 3.6. 70020183

11、 +224.2120199161.76 20196300 UFJ 44.28% 3.7. 4. 4.1. 1 2 25 / 32 2011 5 3 201878102190 28% 4.2. 13 4.3. (ETF)2019 37%33% 15% 34%26% 23%17% 20152019 26 / 32 142015-2019 2003 0820041.98 20183.043.12004 201874.2% 15 4.4. 27 / 32 4.5. HQLAHQLA HQLALCR1 2017 20192017143%2018136%2019 134% 2015-2019 4.6. 2

12、8 / 32 1 18 2 50-200200-5000 50001 25-100 3+1934 5. 5.1. 29 / 32 30 / 32 5.2. 2. 3. 4. 6. 31 / 32 “” R3AB AAABS “” 615% 65%15% 6-5%5% 65%15% 615% 6 6 6 32 / 32 400-600-0686 6666 130119 28D 100033 729 200127 100622A 518038 12215 510630 02

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