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2014 3rd Quarter Investment Review
Investment Review Third Quarter 2014 Blake Myton First Vice President Institutional Investment Advisor (407) 237 -5816 office blake.myton@suntrust.com Lisa Allen Vice President Trust Advisor (404) 827 -6724 office lisa.allen@suntrust.com I. Market Overview Et SunTrust Strategy 4 11. Investment Review 17 III. Fund Profiles and Characteristics 24 IV. Appendix 69 Market Overview Et SunTrust Strategy SU11iI RusT Parfnrr nce Summary Through September 2014 . - - . MSCI ACWI (net) (3.24) (2.31) 3.73 11.32 16.61 10.07 U.S. Fed Funds Rate 0.25 0.25 0.25 0.25 0.25 0.25 MSCI World (net) (2.71) (2.16) 3.89 12.20 17.93 10.86 European Central Bank Rate 0.05 0.05 0.15 0.25 0.25 0.50 MSCI EAFE LCL (net) 0.16 0.93 4.08 10.70 17.27 8.08 Bank of England Rate 0.50 0.50 0.50 0.50 0.50 0.50 MSCI EAFE USD (net) (3.84) (5.88) (1.38) 4.25 13.65 6.56 Bank of Japan Rate 0.10 0.10 0.10 0.10 0.10 0.10 MSCI Emerging Markets LCL (net) (4.25) 0.56 5.16 8.27 10.08 6.31 USA LIBOR - 3 Month 0.24 0.24 0.23 0.23 0.25 0.25 MSCI Emerging Markets USD (net) (7.41) (3.50) 2.43 4.30 7.19 4.42 TED Spread (bps) - 3 Month 0.21 0.21 0.21 0.19 0.18 0.24 Dow Jones Industrial Average (0.23) 1.87 4.60 15.29 19.02 14.85 2 Yr U.S. Treasury 0.56 0.56 0.46 0.42 0.38 0.33 S &P 500 (1.40) 1.13 8.34 19.73 22.99 15.70 10 Yr U.S. Treasury 2.49 2.49 2.53 2.72 3.04 2.61 NASDAQ Composite (1.90) 1.93 7.59 19.14 22.99 16.18 10 -2 yr slope 1.93 1.93 2.07 2.30 2.65 2.28 Russell 1000 (1.75) 0.65 7.97 19.01 23.23 15.90 Barclays Municipal Bond Blend 1 -15 Year (YTW) 1.73 1.73 1.81 2.06 2.39 2.32 Russell 1000 Growth (1.45) 1.49 7.89 19.15 22.45 16.50 BofAML High Yield Master (YTW) 6.14 6.14 5.01 5.33 5.67 6.24 Russell 1000 Value (2.06) (0.19) 8.07 18.89 23.93 15.26 BofAML Corporate Master (YTW) 3.16 3.16 2.97 3.19 3.35 3.36 Russell MidCap (3.34) (1.66) 6.87 15.83 23.79 17.19 Russell Mid Cap Growth (2.90) (0.73) 5.73 14.43 22.74 17.12 Russell Mid Cap Value (3.80) (2.65) 8.20 17.46 24.72 17.24 Euro ($ /E) 1.26 1.26 1.37 1.38 1.38 1.35 Russell 2000 (6.05) (7.36) (4.41) 3.93 21.26 14.29 Yen (Y /$) 109.70 109.70 101.31 102.99 105.11 98.13 Russell 2000 Growth (5.35) (6.13) (4.05) 3.79 21.91 15.51 GBP ($ /E) 1.62 1.62 1.71 1.67 1.66 1.62 Russell 2000 Value (6.75) (8.58) (4.74) 4.13 20.61 13.02 FTSE NAREIT All Equity REITs (5.61) (2.48) 13.36 13.17 17.17 16.17 Commodities Bloomberg Commodity Index (6.23) (11.83) (5.59) (6.58) (5.34) (1.37) Light Crude Oil($ /barrel) 91.16 91.16 105.37 101.58 98.42 102.33 Barclays Aggregate (0.68) 0.17 4.10 3.96 2.43 4.12 Gold ($ /ort) 1,211.60 1,211.60 1,322.00 1,283.80 1,202.30 1,327.00 Barclays Intermediate Govt & Credit (0.51) (0.03) 2.22 2.20 2.01 3.42 Barclays U.S. MBS Index (0.16) 0.18 4.22 3.78 2.07 3.48 CBOE BofAML U.S. Treasury Master (0.63) 0.43 3.66 2.70 1.08 3.26 CBOE VIX 16.31 16.31 11.57 13.88 13.72 16.60 BofAML U.S. Treasuries Inflation- Linked (2.71) (2.06) 4.19 1.94 1.35 4.63 Barclays U.S. Treasury Bellwethers (2 Yr) (0.08) 0.04 0.49 0.56 0.40 1.02 Hedge Fund Performance MTD Barclays U.S. Treasury Bellwethers (10 Yr) (1.23) 0.75 6.93 4.32 1.29 4.61 HFRX Global Hedge Fund Index (0.77) (0.57) 1.19 3.54 3.61 1.83 Barclays Municipal Bond Blend 1.15 Year 0.00 1.13 5.41 5.77 3.69 4.05 HFRX Equity Hedge Index (0.12) (0.04) 1.23 5.46 5.35 1.05 BofAML U.S. Corporate Master (1.24) 0.05 6.00 7.08 5.47 6.56 HFRI Fund of Funds 0.07 0.55 2.68 6.45 5.28 3.46 BofAML High Yield Master (2.10) (1.92) 3.61 7.23 10.95 10.40 HFRX Macro 1.54 3.30 2.55 3.49 (0.76) (1.71) Citigroup Non -USD WGBI(USD) (4.40) (5.38) 0.25 (0.99) (1.13) 1.01 HFRX Distressed Securities Index (2.48) (3.22) 3.25 3.93 3.08 2.53 Citigroup Non -USD WGBI(USD) Hedged (0.05) 2.01 6.55 7.02 4.68 4.02 HFRX Absolute Return Index (0.19) (0.02) 1.80 3.54 2.12 0.50 JP Morgan GBI -EM Global Diversified (5.11) (5.66) (0.01) (1.54) 2.21 4.43 U S. Style% Total Returns QTD (Russell Indexes) YTD SEtP 00 Sector Value Core Growth Value Core Growth 16.6 14.1 ■QTD ■YTD 13,9 ®®® Large ®®® 7.2 7.4 5.5 4.8 8.9 7.5 0.3 09 2.0 3.2 3.1 ®®® Mid ® ®® . 02 � -4.0 Sll ®®® ma ®®® -8.6 Cons Disc Cons Staoles Enerov Financials Health Care Industrials Info Tech Materials Telecom Utilities Strategy Summary October 701 These positions represent SunTrust's outlook regarding the attractiveness of asset classes and strategies versus our benchmark over a tactical time horizon in a balanced portfolio. Our opinions are informed by the assessment of global economic variables, financial stress indicators, valuation metrics and technical analysis under a broad range of potential risk and return scenarios. Category .- Overweight Investment - PORTFOLIO RISK • Improving economy and record corporate profitability vs. a maturing cycle, richer absolute equity Ivaluations, still fragile European recovery, geopolitical risks and transition in Fed policy. EQUITY • Stocks appear attractive on a relative basis and offer dividend yields competitive with bond yields. �IUS US Large Cap • leads global recovery, earnings improving, reasonable valuations and strong balance sheets. US Small 8 Mid Cap • Extended valuations and lagging earnings trends offset by leverage to improving US economy. Master Limited Partnerships O Valuations at rich levels and expectations for rising rates to increase borrowing costs. Non -US Developed Markets • European recovery remains fragile and earnings trends flat; Asia is among cheaper global regions. Non -US Dev. Mkts. Small Cap • Positive earning trends, attractive valuations, and beneficiary of easing monetary policies overseas. Emerging Markets • Favorable price offset by commodity weakness, China excess credit, declining ROES, and inflation. Real Estate Securities 01 Beneficiary of improving economy but valuations no longer attractive and sensitive to interest rates. Natural Resources O Though valuations are fair, commodity supply dynamics are not favorable. FIXED INCOME • With a better economy and a transition in Fed policy, rates should grind higher; we continue to underweight the more interest -rate sensitive bond market sectors. US Government • (',Particularly vulnerable to a rise in rates; TIPS continue to provide some relative value. US Mortgage- Backed Securities • Tend to outperform government bonds when rates rise and have a slightly higher yield. US Investment Grade Corporate • Within credit, investment -grade bonds have lower yields and a longer duration profile. US Preferred Securities O High risk profile and sensitivity to interest rates increase chance for negative returns. US Convertible O Opportunity relative to US equity and credit is not compelling. Municipal • Attractive on an after -tax basis, but underweight due to potential for rising rates. US High Yield • Better yield, lower duration and current environment supports low default expectations. US Leveraged Loans • Provides duration management and return opportunity should rates rise. Non -US Developed Markets O Yields likely to remain lower than US as economic trends /monetary policy lag. Emerging Markets • Offer attractive yields and diversification, but expect bouts of volatility over intermediate term. NON - TRADITIONAL • Allocations to hedge funds should smooth returns and expand the opportunity set as stock market returns moderate and a move up in interest rates pressures fixed income. Alternative Strategies * Offers differentiated sources of return and lower risk profile vs. equity. Market fundamentals are positive for diversified strategies and hedged equity should benefit from falling stock correlations. Real Assets O Current conditions do not support adding inflation protection to portfolios. Commodities expected to b pressured by a stronger dollar, slower growth in China and improving supply. ■ September lived up to its reputation as being historically the worst month of the year for stocks — Investors paused to digest policy shifts by global central banks, which caused the US dollar to gain nearly 4% for the month; also geopolitical tensions simmered when US and other allies started bombing targets in Syria and Iraq — Global stocks, measured by the MSCI ACWI Index, dropped 3.2% for September and 2.3% for the quarter; emerging markets and developed international stocks were whipped in September, as the MSCI Emerging Markets and MSCI EAFE Indices declined 7.4% and 3.8 %, respectively, for the month and 3.5% and 5.9% for the third quarter — The US generally outperformed as the SEtP 500 Index fell 1.4% for month, but rose 1.1% for the third quarter and 8.3% year to date; however, there have been discernable pockets of weakness as six of the ten SEW sectors were negative for the month and none gained more than 1 %; the Russell 2000 Index lost 6.1% during September and was down 4.4% year -to -date ■ Bonds suffer as rates rise, still most remain up for the year — The recent interest rate volatility persisted in September, although the net result was that rates rose for the month; accordingly, the yield on the benchmark 10 -year US Treasury started the month at 2.34 %, but quickly rose as high as 2.62% before eventually ending the month at 2.49% — Most bond indices suffered in September, though many were flat for the third quarter and remain up year to date; the Barclays Aggregate Bond Index fell 0.7% in September but has increased 4.1% for the year; municipal bonds continued as the best performing non -US Treasury sector, essentially flat for the month and up 5.4% for 2014 ■ Central banks were back in the spotlight, as handwringing in Europe over deflation pushed ECB into bond buying program — Deflationary concerns in Europe pushed the European Central Bank to roll out a bond buying program in early September; the Federal Reserve, boosted its forward guidance on rate moves, which unnerved the bond market — The strengthening US dollar pushed crude oil prices down more than 5% in September and nearly 16% for the third quarter — Most US economic data received in September appeared consistent with third quarter growth near 3% September 2014 Market Returns Global stocks, measured by the MSCI ACWI Index, dropped 3.2% for September and 2.3% for the quarter. Emerging markets and developed international stocks were whipped in September, as the MSCI Emerging Markets and MSCI EAFE Indices lost 3.5% and 5.9% , respectively, for the third quarter. The US generally outperformed as the SFtP 500 Index fell 1.4% for month, but rose 1.1 % for the third quarter and 8.3% year to date. The recent interest rate volatility persisted in September, although the net result was that rates rose for the month. Accordingly, the yield on the benchmark 10 -year US Treasury started the month at 2.34 %, but quickly rose as high as 2.62% before eventually ending the month at 2.49% . Most bond indices suffered in September, though many were flat for the third quarter and remain up year to date. The Barclays Aggregate Bond Index fell 0.7% in September but has increased 4.1 % for the year. The gain in the US dollar pushed crude oil prices down more than 5% in September and nearly 16% for the third quarter. The Bloomberg Commodity Index fell 6.2% for the month and nearly 12% during the third quarter. REIT returns soured as the FTSE NAREIT All Equity Index lost 5.6% in September, but remains up 13.4% for the year. Quarter YTD 1 Year Global Markets (in US $) Global Equity (MSCI AC World net) -2.3% 3.7% 11.3% Global Bonds (Citi WGBI USD) -3.8% 1.0% -0.1% US Equity Large -Cap (SEW 500) 1.1% 8.3% 19.7% Small -Cap (Russell 2000) -7.4% -4.4% 3.9% Real Estate Sec. (FTSE NAREIT ALL Equity) -2.5% 13.4% 13.2% Non -US Equity Developed Markets (MSCI EAFE net) -5.9% -1.4% 4.3% Emerging Markets (MSCI EM net) -3.5% 2.4910 4.3% US Fixed Income US Treasury Bonds (Benchmark 10 Yr.) 0.7% 6.9% 4.3% Core Taxable Bonds (Barclays Aggregate) 0.2% 4.1% 4.0% HY Taxable Bonds (BofAML High Yield Master) -1.9% 3.6% 7.2% Municipal Bonds (Barclays 1 -15 Year) 1.1% 5.4% 5.8% Non -US Bonds Developed Markets (Citi WGBI NonUSD) -5.4% 0.2% -1.0% Emerging Markets (JPM GBI EM Global) -5.7% 0.0% -1.5% Non - Traditional Global Hedge Funds (HFRX Glb Hedge Fund) -0.6% 1.2% 3.5% Commodities (Bloomberg Commodity) -11.8% -5.6% -6.6% All returns in US dollars Data Source: Factset Global stocks, measured by the MSCI ACWI Index, dropped 3.2% for September and 2.3% for the quarter. Emerging markets and developed international stocks were whipped in September, as the MSCI Emerging Markets and MSCI EAFE Indices lost 3.5% and 5.9% , respectively, for the third quarter. The US generally outperformed as the SFtP 500 Index fell 1.4% for month, but rose 1.1 % for the third quarter and 8.3% year to date. The recent interest rate volatility persisted in September, although the net result was that rates rose for the month. Accordingly, the yield on the benchmark 10 -year US Treasury started the month at 2.34 %, but quickly rose as high as 2.62% before eventually ending the month at 2.49% . Most bond indices suffered in September, though many were flat for the third quarter and remain up year to date. The Barclays Aggregate Bond Index fell 0.7% in September but has increased 4.1 % for the year. The gain in the US dollar pushed crude oil prices down more than 5% in September and nearly 16% for the third quarter. The Bloomberg Commodity Index fell 6.2% for the month and nearly 12% during the third quarter. REIT returns soured as the FTSE NAREIT All Equity Index lost 5.6% in September, but remains up 13.4% for the year. Market Ovomrviw September stumble marred third quarter performance Global stocks, measured by the MSCI ACWI Index, dropped 3.2% for September and 2.3% for the quarter. Emerging markets and developed international stocks were whipped in September, as the MSCI Emerging Markets and MSCI EAFE Indices lost 3.5% and 5.9% , respectively, for the third quarter. The US generally outperformed as the S&P 500 Index fell 1.4% for month, but rose 1.1 % for the third quarter and 8.3% for 2014. Bond markets were on a roller coaster ride during the third quarter. The recent interest rate volatility persisted in September, although the net result was that rates rose for the month. As a result, most bond indices suffered in September, though many were flat for the third quarter and remain up year to date. Data source: Morningstar and Barclays Live; Returns are represented by the following indices: S8tP500 Index, Russell 2000 Index, MSCI EAFE Index, MSCI Emerging Markets Index, Barclays Aggregate Bond Index, Barclays US Corporate High Yield Index, Barclays Municipal 1 -15 Year Index, Citi World BIG Index, Bloomberg Commodity Total Return Index. Major Market Returns Through September 2014 tf� QTD ■ YTD 0 ° 8.3% 5.4% 5% 4.1% 3.5% 2.4% 1.1% 0% 0.2°/ 0.3% ' �a. w -1.4% -5% m o -3.5% -4.4/0 ,rc �— -5.9% -5.4% -5.6% -7.4% -10% - 11.8% -15% LO U C Y O O m a CO CO 0 E o p 2 m E CO CO Q E U) U LU Z) Data source: Morningstar and Barclays Live; Returns are represented by the following indices: S8tP500 Index, Russell 2000 Index, MSCI EAFE Index, MSCI Emerging Markets Index, Barclays Aggregate Bond Index, Barclays US Corporate High Yield Index, Barclays Municipal 1 -15 Year Index, Citi World BIG Index, Bloomberg Commodity Total Return Index. Market Overview, continued Rise of the US dollar pummels global returns for US investors The trade - weighted US dollar was a big story for the month and quarter, as its 7.7% rise was the second strongest quarterly gain in 20 years, weighing down non -US returns. To make matters worse, investors worried about the vote for Scottish independence and pummeled the British pound, which fell versus the dollar nearly the entire third quarter. Lastly, peaceful but large -scale demonstrations began in Hong Kong near the end of September (which still have not dissipated), with protesters demanding promised elections in 2014. As such, global returns denominated in US dollars suffered. Data source: Bloomberg; *US Dollar Index (USDX) is the general value of average exchange rates between the US dollar and a trade - weighted basket of global currencies. Some US economic data cooled, but trend remains intact Durable Goods New Orders Through August 2014 U) $295 0 $275 $255 U) Q $235 $215 0 U) M cn $195 $175 2012 2013 2014 Data source: Bureau of Labor Statistics Following a spike in some industrial segments, several data series returned to their prior trend. The ISM Manufacturing Index cooled to 56.6 in September versus the August reading of 59.0, which was a three -year high. New durable goods orders fell 18% in August, following a spike by big orders to Boeing in July. Meanwhile, US nonfarm payrolls rose 248,000 in September, ahead of expectations for 215,000, and the July and August figures were revised sharply higher. The six -month average is now 245,000, its fast pace since 2006. Meanwhile, the unemployment rate fell to 5.9 %, the lowest since July 2008, from 6.1%. Equity Market Overvion_ September lived up to its reputation as being historically the worst month of the year for stocks Global stocks, measured by the MSCI ACWI Index, dropped 3.2% for September and 2.3% for the quarter. Emerging markets and developed international stocks were whipped in September, as the MSCI Emerging Markets and MSCI EAFE Indices declined 7.4% and 3.8 %, respectively, for the month and 3.5% and 5.9% for the third quarter. The US generally outperformed as the SEW 500 Index fell 1.4% for month, but rose 1.1 % for the third quarter and 8.3% year to date. However, there have been discernable pockets of weakness as six of the ten SEW sectors are negative for the month and none gained more than 1 %. The Russell 2000 Index lost 6.1 % during September and was down 4.4% year -to -date. US & International Equity Market Returns Through September 2014 Global (MSCI ACWI) US (S &P 500) Developed Int'I USD (EAFE) -5.9% Developed Int'I Local (EAFE) Emrg Int'I USD (MSCI EM) Emrg Int'I Local (MSCI EM) -2.3% -1.4% -3.5% QTD ■ YTD 8.3% Returns are represented by the follow indices: Bloomberg Commodity Index and the following Sector Sub - Indexes of the Bloomberg Commodity Index: Industrial Metals, Precious Metals, Energy and Agriculture. Data source: Morningstar. India and the US were standouts in an otherwise challenging third quarter Select MSCI Country Performance ,September 03rd Quarter India - 1.4/ °: 2.3% USA -1.6% 0.8% -0.7% Japan -2.3% Canada -6.5% -4.5% UK -5.2% -6.1 -4.2% Germany _11.2% -13% -11% -9% -7% -5% -3% _1% 1 % 3% Data source: Factset, MSCI, country returns and earnings trends represented by MSCI indices in USD on net basis International developed markets were hampered by weakness in Europe, where economic data continued to deteriorate and deflation fears resurfaced. The upward momentum in emerging markets also came to a halt as China's economic data was mixed and investors questioned how much stimulus would be provided to aid growth. The trade - weighted US dollar was a big story for the month and quarter, as its 7.7% rise was the second strongest quarterly gain in 20 years, weighing down non -US returns. Non - Traditional Investments Overview Commodities fall for the fourth time in five months The Bloomberg Commodity Index fell for the third straight month, down 6.2% for the month and nearly 12% during the third quarter. All four major commodity sectors fell during September, and now are negative for the year. The agriculture sector was the biggest detractor, down 18.1 % in the third quarter. Improved crop conditions have increased harvest forecasts, pushing prices lower due to more supply. Soybean oil, hogs and cattle, and natural gas were the only commodities to stay upright during September. Within energy, crude oil prices were down more than 5% in September and nearly 16% for the third quarter due to the strengthening US dollar. 0% Commodity Index and Sector Returns Through September 2014 Ei QTD ■ YTD -0.7% -2.9% -5% -4.1% -4.4% _ x3' -5.6% -10% - 11.3% 0 -12.1% _ x -11.8% -15% -14.0% -20% -18.1 % Industrial Precious Metals Energy Agriculture Commodity Metals Returns are represented by the follow indices: DJ -UBS Commodity Index and the following Sector Sub - Indexes of the DJ UBS Commodity Index: Industrial Metals, Precious Metals, Energy and Agriculture. Data source: Morningstar. n -Tr;_ tine ! Investments overview, continued Hedge funds down in two of the three months of the third quarter With a modest 0.4% loss, hedge funds bested equity and fixed income returns in September. Despite a small gain for the third quarter, the HFRI Fund Weighted Composite Index lagged the S&P 500 for both the quarter and 2014. Most equity -based hedge strategies posted losses for the month and third quarter, although Short Bias strategies had a strong month. Macro strategies notched a fifth gain in six months to cap a strong third quarter, helping it take over the top spot among major strategies. Like most bond strategies, fixed income relative value slipped in September, snapping a long streak of monthly gains. Comparative HFRI Hedge Fund Returns Through September 2014 `_i QTD ■ YTD Fund Weighted Composite 0.26% 3.43% Equity Hedge -1.20% o 2.00 /o Macro: Systematic Diversified 4.99% 5.19% Relative Value 0.31 5.13% Fund of Funds Diversified 0.49% 2.51 Barclays Aggregate Bond 0.17% 4.10% S &P 500 1.130/( 8.34% Data Source: Hedge Fund Research, Factset Hedge fund investing involves substantial risks and may not be suitable for all clients. Hedge funds are intended for sophisticated investors who can bear the economic risks involved. Hedge funds may engage in leveraging and speculative investment practices that may increase the risk of investment loss, can be illiquid, and are not required to provide periodic pricing or valuation information to investors. Hedge funds may involve complex tax structures, have delays in distributing tax information, are not subject to the same regulatory requirements as mutual funds and often charge higher fees. Taxable Bond Market Overvie Most bond indices suffered in September, though many were flat for the third quarter and remain up year to date The recent interest rate volatility persisted in September, although the net result was that rates rose for the month. Accordingly, the yield on the benchmark 10 -year US Treasury started the month at 2.34 %, but quickly rose as high as 2.62% before eventually ending the month at 2.49 %. Most bond indices suffered in September, though many were flat for the third quarter and remain up year to date. The Barclays Aggregate Bond Index fell 0.7% in September, but rose 0.2% for the quarter and 4.1 % for the year. Global bonds were pummeled for the third quarter, down 5.4 %, but cling to a gain of 0.3% year to date. Data source: Morningstar and Barclays Live; Returns are represented by the following indices: Barclays Aggregate Bond Index, Barclays US Corporate High Yield Index, Barclays US Investment Grade Corporate Index, Barclays Municipal 1 -15 Year Index, Barclays MBS Fixed Rate Bond Index, Barclays Bellwether 10 and 30 year US Treasury Index, and Citi World BIG Index. Fixed Income Market Sector Returns Through September 2014 QTD a YTD 25% 0 ° 17.6% 15% 10% 5.6% 5.4% 6.9% 5% 4.1% 3.5% 4.2% 3.3% 0.2/0 0.2/0 0% __ -0.1% -- -5% -1.9% 1 "101 -5.4% -10% L o m Y Q m 0 o o o CO � L CO c U = � o CO 2E o U) U) Data source: Morningstar and Barclays Live; Returns are represented by the following indices: Barclays Aggregate Bond Index, Barclays US Corporate High Yield Index, Barclays US Investment Grade Corporate Index, Barclays Municipal 1 -15 Year Index, Barclays MBS Fixed Rate Bond Index, Barclays Bellwether 10 and 30 year US Treasury Index, and Citi World BIG Index. N 3 N T� r. iV r H A a N w O n o a O N :4 Qt OO O N OH1 0~0 g g g g g N -n -{ Z O x 0 p v, m _0 C (D L o a o = o a D x m x 3 m k N N 4A n� rt o a V s a m 3 a n� V N 4. 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