Phillip ETF Model Portfolio:As at end of December 2017

All six portfolios generated positive returns in 2017. Equities was the topperforming asset class, with China and Asian equities outshining developedmarkets. (Graphs on the right shows full year total return of individual ETFs).

    Bonds were also up for the year as U.S. Treasury yields closed the yearmodestly lower and credit spreads continue to tighten.

    Gold was up by more than 10% for the year with only Commodities (which weincluded to our portfolio in Nov) lagging the other asset class.