http://www.toushin.or.jp/ 375 1988311312,00072,8152018928 03-6703-43009001700www.blackrock.com/jp/ 20181123 13 AB 23255 2018112220181123 26198 AB 2 A B
1 1 2 1 2 1 2 3 2 UK 3 2 A B AB 1
UK AB 2223823 2
A B 3
376 4
20131020189 A % 120.0 99.3 100.0 80.0 60.0 40.0 20.0 0.0-4.1-20.0-22.0-17.5-40.0-60.0-48.2 % 120.0 100.0 80.0 60.0 40.0 20.0 64.2 B 67.5 64.2 57.1 15.7 16.3 57.1 15.7 16.3 0.0-3.8-20.0-22.0-17.5-40.0-38.3-60.0 37.2-27.4 37.2 10.5-27.4 10.5 201310201895 1 9.3-4.0 9.3-4.0 2.1 2.1 26.6 20.8 5.3 2.7-12.3-17.4 26.6 20.8 5.3 2.7-12.3-17.4 20131020189 A % 70,000 120.0 60,000 100.0 50,000 40,000 80.0 60.0 30,000 40.0 20,000 10,000 0 20.0 0.0-20.0-40.0-60.0 2013/10 2014/10 2015/10 2016/10 2017/10 B 70,000 60,000 50,000 40,000 30,000 20,000 10,000 0 % 120.0 100.0 2013/10 2014/10 2015/10 2016/10 2017/10 80.0 60.0 40.0 20.0-20.0-40.0-60.0 201310201895 1 0.0 MSCI MSCI NOMURA-BPI FTSE J.P. MSCIMSCIMSCI Inc. MSCIMSCI MSCI Inc.MSCI Inc. NOMURA-BPI NOMURA-BPI NOMURA-BPI FTSEFTSE Fixed Income LLC FTSE Fixed Income LLC FTSE Fixed Income LLC J.P.J.P. J.P. 5
2018928 A 70,000 700 70,000 700 60,000 600 60,000 600 50,000 500 50,000 500 40,000 30,000 20,000 10,000 400 300 200 100 B 40,000 30,000 20,000 10,000 0 0 0 95/2 98/2 01/2 04/2 07/2 10/2 13/2 16/2 95/2 98/2 01/2 04/2 07/2 10/2 13/2 16/2 400 300 200 100 0 43 44 45 46 47 20168 20172 20178 20182 20188 1 7,660 0 0 0 0 0 43 44 45 46 47 20168 20172 20178 20182 20188 1 20,870 0 0 0 0 0 10% 1 2 3 4 5 6 7 8 9 10 NEWCREST MINING LTD AGNICO EAGLE MINES LTD RANDGOLD RESOURCES ADR NEWMONT MINING CORP HLDG NORTHERN STAR RESOURCES LTD GOLDCORP INC FRANCO-NEVADA CORP KINROSS GOLD CORP WHEATON PRECIOUS METALS CORP FRESNILLO PLC 9.3 8.1 8.0 7.5 5.2 4.5 4.5 4.3 3.9 3.8 100 % 99.1 49.5 15.5 11.7 7.5 5.6 3.3 2.6 1.4 1.1 0.6 0.4 0.9 10 2018928 A B 100.0% 100.0% 60.1% 50.0% 33.3% 31.7% 39.9% 50.0% 39.2% 22.8% 2.3% 0.0% 0.0% -50.0% -22.5% -14.0% -10.1% -2.8% -0.3% -1.7% -14.0% -23.2% -50.0% -26.8% -22.9% -24.5% -45.1% -36.7% -100.0% -100.0% 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 6
7 A AB B 1111 4 1111 4 3 201811232019524 AB 11101110 1995224 B 30 223823 AB 2,000
8 NISA NISA 20189 20.315 20.315 2.1924%2.03% 3.243.00 1.11241.03% 0.97200.90% 0.10800.10%
1 500 2 1 2 UK 1 2 5.417 U.S. Geological Survey, Mineral Commodity Summaries, January 2018Thomson Reuters GFMS Gold Survey 2017 3 9
1 80% 60% 40% 20% 0% -20% -40% -60% 0.80-80% 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2-1+1+12-1 BloombergFTSE /19991201712 2 $1,500/toz $1,600/toz $1,600/toz $1,500/toz $1,500 /toz $500/toz $1,000 /toz $1,600 /toz $600/toz $1,000 /toz $1,600 /toz $600/toz $1,000 /toz $1,500 /toz $500/toz $1,000 /toz $1,500 $ 500 $1,500 $1,000 $1,600 $ 600 6.7% 20.0% $1,600 $1,000 $1,600 $ 600 $1,600 $1,000 $1,500 $ 500 6.3% 16.7% $1,500 $1,000 131.1g 10
3 700 600 500 400 300 200 100 0 199812 200012 200212 200412 200612 200812 201012 201212 201412 201612 19981220189Bloomberg199812100 35.61 1.16 1.0 14.76 3.30 0.2 1.0 6.65 3.64 0.4 0.2 1.0 17.13 7.44 0.8 0.1 0.5 1.0 1999120189Bloomberg FTSEMSCIFTSE / 4 FTSEFTSEFTSE FTSEFTSE FTSEFTSE MSCIMSCI Inc.MSCI Inc. MSCI Inc. FTSEFTSE Fixed Income LLC FTSE Fixed Income LLCFTSE Fixed Income LLC 11
1 6.44731 1 1822.1 1 100 2 1 201891113.57UFJ 2 2 3 1 2 50-80 150 500 1 2 / 12