Sources:
1 Bloomberg. From 23 March 2020 to 16 February 2021. Total returns in USD terms. Global equities represented by the MSCI AC World Index and Asian equities represented by the MSCI Asia Pacific ex Japan Index.
2 The Global Equity Composite Valuation Indicator, z score (1Y lag) is a composite measure of global equity trailing price-to-book ratio and 12-month forward price-to-earnings ratio, calculated as standard deviations over its long-term history.