Weekly Flow Report Informa2010Q4

December 1, 2010December 8 JAPAN | ASIA FLOW REPORT
2010
Weekly Flow Report

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Contents
Flow Summary…..…...……………………………………………………………….….2
Mutual Funds, ETFs, Short Interest…….……...…………………………………...…………….……………..2
Hedge Funds, Futures, Commitments of Traders……………………………………………..………………...3
Special Focus: Separate Account Flows for Q3 2010………………………………..….4
Separate Accounts Post Inflow of $2.9 Billion in Q3 2010. U.S. Equity Funds Redeem $103.5 Billion……..5
Institutions Recently Overweight Fixed Income. Investors Tend to Make Poor Allocation Decisions..….…..6
Contrarian Approach Works and Detailed Strategy Level. Fade Government Short Term Fixed…………….7
Annexes and Data Tables…. …...………………………………………………....…......9
Mutual Funds and ETFs…………………………… …..……………………….……..……………………....9

Hedge Fund Flows……………………………………………………………………………………………..16
Short Interest Flows…………………………………………………………………......………………..........17
Demand Index…….…………………………………………………………………......………………..........18
Model Portfolios and Datasets...................…………………………………………......………………...........20
Charles Biderman, CEO Vincent.Deluard@TrimTabs.com

TrimTabs Investment Research, Inc. | 1
Vincent Deluard, CFA, Executive VP +1 (646) 512-5615
James Padinha, Editor
December 8, 2010 Separate Account Flows | Weekly Flow Report
Short Bonds, Long U.S. Stocks?

TTDI Model Portfolio Up 24.5% in 2010
Our flow data suggests that bonds are overbought and (to a far lesser extent) U.S. equities are oversold. Bond mutual funds
and ETFs have hauled in $708.8 billion since the start of 2009, while U.S. equity mutual funds and ETFs have redeemed
$99.9 billion. Separate account investors—mostly pension funds and insurers—bought $164 billion in U.S. Fixed Income
funds in the past seven quarters, while they dumped $293 billion in U.S. Equity funds. Fixed Income hedge funds have
sucked in $11 billion in 2010.
Many smart investors (Bill Gross included) have held that view only to be crushed by persistently lower yields. But we now
spot what we think might be telling cracks in the bond market’s foundation:
(1) Bond mutual fund inflows and bond ETF inflows have ground to a halt in the past six weeks. While these funds
posted light aggregate inflows in the past fortnight, mutual fund investors were selling long-term Treasuries to buy TIPS.
This suggests inflation expectations are on the rise.
(2) Hedge funds and spec traders are opposite the Fed. Bearish 10-year Treasury sentiment soared in our November
survey of hedge fund managers, and spec traders have large short positions on Treasury futures on both wings of the curve.
(3) QE2 is already priced in. Our research shows that yields tended to rise in the sessions surrounding Fed buys
during QE1, and we think it will keep happening unless Gentle Ben showers bond investors with more candy.
The TrimTabs Demand Index (TTDI), which uses 21 flow and sentiment regressions to time U.S. stocks, closed at 80.2 on
Tuesday, December7. Soaring margin debt and historically low levels of sideline cash, which indicate deep greed, are
keeping the index very bullish. The TTDI Model Portfolio is up 24.5% in 2010 after increasing 37.7% in 2009.
Fed Purchases $25.6 Billion in Treasuries in Past Week. Separate Account Investors Dump U.S. Equities and Load Up
on Bonds in Q3 2010. ETF Investors Show Strong Preference for Dividend Funds in 2010.
The Fed bought $25.6 billion in Treasuries in the past week, the second-largest total of the QE era. Policymakers
purchased at an average maturity of 7.8 years, up from 5.6 in the week prior. The Fed’s failure to cap rates is hardly
surprising. Our research shows that Treasury yields tended to rise in the sessions surrounding Fed buys during QE1,
probably because its purchase schedule is public. Policymakers will reveal more near-term purchase plans tomorrow, and
we expect LSAPs (large-scale asset purchases) to continue at a pace of $20 billion weekly.
Based on the Informa PSN dataset, we estimate that separate accounts posted an inflow of $2.9 billion in Q3 2010.
Separate account investors (mostly pension funds and insurers) loaded up on U.S. Fixed Income ($74.9 billion) and Global
Equity funds ($18.7 billion). U.S. Equity funds redeemed $103.5 billion, the fourth straight outflow. We feel these
flows are good news for stocks but bad news for bonds because our research shows that the asset allocation decisions of
separate account investors tends to prove poor.
Mom and pop say they are upbeat on equities—about 50% of respondents to the December 1 AAII survey are bullish on
stocks, much higher than the long-term average of 39%—but they continue to ditch them at large—we estimate that U.S.
equity mutual funds have redeemed $7.2 billion since the start of November. They are however placing long bets on
resources and metals. Natural Resources mutual funds hauled in 0.8% of assets in the past week, the fourth-largest inflow
of the fund categories we track, while Precious Metals funds took in 0.4% of assets. The latter boast a gargantuan year-to-
date return of 41.6%, while the former have returned 17.6%.
Bond investors seem skittish. Long Treasury mutual funds redeemed 1.0% of assets in the past week, Intermediate
Treasury funds posted an outflow of 0.14% of assets, and aggregate bond fund inflows have ground to a halt. Evidently
mom and pop realize it is indeed possible to lose money with a bond fund. The December bond contract plunged about
eight points (a decline of about 6%) in the past seven sessions; the 30-year yield vaulted to 4.44% from 4.10% and the
yield on the 10-year Treasury note surged to the highest level (3.24%) since June.
Leveraged long U.S. equity ETFs redeemed a heavy 3.6% of assets in the past week, while leveraged short U.S. equity
ETFs posted a light inflow of 0.2% of assets. This marks a reversal—long funds were recently posting heavy inflows and
short funds were posting large outflows. Leveraged ETF flows are one of the best contrary indicators in our tool kit, so
we feel aggressive long liquidation is bullish for equities.

December 8, 2010 Hedge Fund Flows| Weekly Flow Report
ETF investors show a strong and lengthy preference for dividend funds. The heavy year-to-date inflows that SDY
(Spiders Dividends, $3.1 billion) and VIG (Vanguard Dividend Appreciation, $2.0 billion) boast make them the most
popular U.S. equity ETFs of 2010.
NYSE Short Interest Increases 0.9% in First Half of November. Margin Debt Soars Total 14.4% in September and
October to $269.6 Billion, Highest Level since September 2008. Cash as Share of Equity Mutual Fund Assets Remains
Historically Low.
Short interest at New York Stock Exchange member firms edged up 0.9% to 13.8 billion shares (3.6% of total shares
outstanding) in the first half of November. The increase is somewhat surprising because the S&P 500 gained 1.2% in the
period. Our research shows that short interest is a leading contrary indicator, so we view traders eager to bet against the
rally as bullish from a contrarian perspective.
Short interest increased the most in Consumer Discretionary (to 5.9% of shares outstanding from 5.8%) and Energy (to
3.9% from 3.8%).
Margin debt data reveals that speculative juices are flowing freely on Wall Street. NYSE margin debt soared a total
14.4% ($33.8 billion) in September and October to land at $269.6 billion, the highest level since September 2008. The
S&P 500 increased 12.8% in the same period. Also, margin debt now accounts for 16.7% of hedge fund assets, the largest
share since July 2007. Hedge fund managers are desperate to book fat profits before year-end because only about a third
are beating the S&P 500 this year, and they are willing to lever up to get the job done.
Cash as a share of equity mutual fund assets edged higher to 3.6% in October from 3.5% in September, just above the
record low of 3.4% and well below the long-term average of 4.5%. This suggests portfolio managers maintain strong
confidence in the rally (or perhaps only that they prefer buying pricey stocks to storing cash at yields that round to nil).
Hedge Funds Inflows Remain Heavy in November. Managers Turn Very Bearish on 10-Year Treasury Note.
Preliminary hedge fund data for November (152 funds) suggests inflows continue apace. We estimate that hedge funds
took in between $10 billion and $20 billion in November after posting an inflow of $10.3 billion in October. The industry
sucked in $40.5 billion in the past four months, the best such haul since the start of the credit crisis. Seasonality reverses
this month and in January thanks to year-end redemption requests.
Prelim data also suggests that a healthier risk appetite in October spilled into November. Emerging Markets hedge funds
posted another heavy inflow last month after hauling in $1.7 billion (0.8% of assets) in October. In contrast, Equity
Market Neutral funds and Macro funds posted a small outflow.
The Barclay Hedge Fund Index increased 0.8% in November and boasts a year-to-date return of 8.1%. Equity Long Bias
funds popped 1.8% last month, a remarkable performance against a down (slightly) market. Convertible Arbitrage
(11.6%), Fixed Income (11.2%), and Emerging Markets (10.6%) are the best performing hedge fund strategies in 2010.
The TrimTabs/BarclayHedge Survey of Hedge Fund Managers for November reveals that hedge fund managers remain
downbeat on the S&P 500. About 39% are bearish, while only 31% are bullish. Most managers responded on November
16, when the S&P 500 sank 1.6%, so ugly market action might have darkened moods. Bearish sentiment on the 10-year
Treasury note soared to 49% from 28% in October, while bullish sentiment fell to the lowest level (13%) since the
inception of our survey (this suggests the Fed will have to combat market forces in order to keep long yields from rising).
Overall bearish sentiment notwithstanding, a net 7% of managers aim to increase leverage in the coming weeks.
Spec Traders Sell Treasury Bond Futures for Five Straight Weeks and Continue to Bet against Convergence of Oil Prices
and Gas Prices.
Higher yields are making for happy speculative traders. These players were net sellers of Treasury bond futures in each of
the past five weeks, and they shifted to short on 10-year note futures on November 30. As to the front end of the curve,
spec traders sold two-year note contracts in the past four weeks.
Spec traders maintain (as of November 30) a short position of 2.4 to 1 on natural gas futures. They also maintain very
long large positions on most oil futures, which means they continue to bet on the divergence of oil prices and gas prices
even though the latter have recently risen.
Spec traders are marginal sellers of S&P 500 futures, but they maintain a net long position of 2.2 to 1 on Nasdaq 100
futures.

Special Focus
Separate Account Flows for Q3 2010
We estimate (based on Informa Investment Solution’s Plan Sponsor Network data) that separate accounts posted an
inflow of $2.9 billion in Q3 2010. This estimate is not likely to be revised significantly because about 80% of
managers have reported assets and returns for the period. Pension funds account for about 60% of separate account
assets, insurers account for about 20%, and individuals, endowments, and foundations account for the remainder.
U.S. Fixed Income funds ($74.9 billion) and Global Equity funds ($18.7 billion) posted the heaviest inflows in Q3
2010. U.S. Equity funds redeemed $103.5 billion, the fourth straight outflow. Separate account investors were
overweight U.S. Fixed Income funds in seven of the past eight quarters, which we attribute to the ageing of pension
fund beneficiaries.
U.S. Equity fund assets as a share of total separate account assets held steady at 28.2% between Q2 2010 and Q3
2010. These funds returned 11.3%—more than 8.6% for the average separate account—which offset the heavy
outflow. The share of U.S. Fixed Income assets fell to 43.0% from 45.0% because the strategy returned only 3.2%.
Separate account investors tend to make poor asset allocation decisions. The asset classes that post heavy inflows in
one quarter tend to underperform in the following quarter, while the asset classes that post large redemptions in one
quarter tend to outperform in the following quarter.
We observe the same pattern when we analyze flows and returns for 83 detailed fund strategies. A portfolio that
invests in the 15 most loved strategies returned only 38.9% in the past seven quarters, while a portfolio that invests in
the 15 most hated strategies returned 57.6%.
The most overbought strategies in Q3 2010 were Government Short Term Fixed, International Emerging Markets
Debt, and High Yield Intermediate. In contrast, many high-beta strategies—including REITs, Large Cap, and Broad
Equity Aggressive—were oversold. A simple contrarian approach is producing handsome returns in the current
quarter because fixed Income has greatly underperformed equities.
All of our flow datasets square with the notion that fixed income is dramatically overbought. Bond mutual funds
have hauled in $270 billion in 2010, while bond ETFs have taken in $23 billion and Fixed Income hedge funds have
received $7 billion.
If you are interested in learning more about the Informa database or receiving data directly, please contact Vincent Deluard
(Vincent.Deluard@TrimTabs.com) at (+1) 646-512-5616.

Separate Accounts Post Inflow of $2.9 Billion in Q3 2010. U.S. Equity Funds Redeem $103.5 Billion, but Share of
Total Assets Remains Stable at 28.2%.
Most separate account managers have reported assets and returns for Q3 2010. Based on information provided by 4,920
managers—who account for more than 80% of separate account assets included in Informa Investment Solution’s (IIS) Plan
Sponsor Network (PSN)—we estimate that separate accounts posted an inflow of $2.9 billion in Q3 2010. U.S. Equity funds
redeemed $103.5 billion, the heaviest outflow since the inception of the series (January 2009), while U.S. Fixed Income
funds hauled in $74.9 billion and Global Equity funds took in $18.7 billion.
Q3 2010 2010 YTD

$ Billion
Flow Assets Return Flow Assets Return
US Equity -103.5 2,846 11.3% -168.9 3,022 6.8%
US Fixed Income 74.9 4,337 3.2% 3.0 4,362 7.7%
US Balanced -2.2 103 8.1% -4.8 104 5.4%
Global Equity 18.7 647 13.8% 24.4 636 5.4%
Global Fixed Income 16.1 289 6.2% -24.5 367 8.3%
International Equity -7.9 1,626 16.7% -19.5 1,548 6.4%
International Fixed Income 6.9 234 9.1% 15.8 236 12.3%
U.S. Equity fund assets as a share of total separate account assets held steady at 28.2% between Q2 2010 and Q3 2010.
Good relative performance—an 11.3% return against only 8.6% for the average separate account—offset the heavy outflow.
Meanwhile, the share of U.S. Fixed Income assets decreased to 43.0% from 45.0% due to poor relative performance—the
strategy returned only 3.2%—and would have declined to 42.8% were it not for the inflow. Also, International Equity fund
assets as a share of total separate account assets skipped to 16.1% from 13.7%, which marks the largest increase of all
categories.
Asset Allocation of Separate Accounts

Q3 2010 versus Q2 2010
100%
2.3% 2.4%
90% International Equity 16.1% International Equity 13.7%
Global Fixed Income 4.0%

80% Global Fixed Income 2.9%
Global Equity 5.8%
Global Equity 6.4%
1.0% 1.0%
70%
60%
50% US Fixed Income 43.0% US Fixed Income 45.0%
40%
30%
20%
US Equity 28.2% US Equity 28.2%
10%
0%
2010-Q3 2010-Q2

Institutional Investors Consistently Overweight Fixed Income in Past Seven Quarters. Investors in Separate
Accounts Tend to Make Poor Asset Allocation Decisions.
As we detailed in previous research, separate account flows and returns do not appear to reveal a strong preference for any
particular rebalancing strategy. Investors sometimes buy the most beaten asset class, which squares with a constant-mix
rebalancing strategy, while they sometimes chase returns by piling into the hottest asset class.
But flow patterns do reveal clearly a steady over-allocation to fixed income. International Fixed Income funds hauled in
$51.5 billion (17.8% of assets) in the past seven quarters, while U.S. Fixed Income funds sucked in $164.0 billion (3.5% of
assets). Pension funds account for the largest share of separate account assets, so we attribute steady fixed-income inflows
to ageing fund beneficiaries.
200
Separate Accounts by Asset Class: Cumulative Flows
100
0
Dec-08 Mar-09 Jun-09 Sep-09 Dec-09 Mar-10 Jun-10 Sep-10
-100
US Equity
US Fixed Income
US Balanced
Global Equity
-200
Global Fixed Income
International Equity
International Fixed Income
-300
Should investors follow or fade separate account flows? Our analysis shows that they would have been better off going
against them in the past seven quarters. The most hated asset class (the one with the largest outflow/smallest inflow in any
given quarter) went on to return an average 5.3% in the following quarter. In contrast, the most loved class (those with the
heaviest inflow/lightest outflow in any given quarter) returned an average 3.9%.
The current quarter is not likely to prove an exception. Global Fixed Income was the most popular asset class in Q3 2010,
and the global bond funds we track daily posted a negative return of 1.3% between October 1 and December 3. In contrast,
U.S. Equity funds were the least popular asset class in Q3 2010, and the S&P 500 soared 7.3% in the same period.

Q3 2010 Q2 2010 Q1 2010 Q4 2009 Q3 2009 Q2 2009 Q1 2009

Global Fixed Global Fixed Global Fixed Global Fixed
Least Popular US Equity US Equity US Balanced
Income Income Income Income
Least Popular Return 11.30% 0.44% 1.59% 5.61% 10.73% 7.42% -1.58%
Least Popular Rtrn Q+1 6.17% 0.44% 6.43% 3.93% 7.41% 7.42%
Global Fixed International International International Global Fixed US Fixed US Fixed
Most Popular
Income Fixed Income Fixed Income Fixed Income Income Income Income
Most Popular Return 6.17% -0.50% 3.43% 1.62% 7.41% 5.02% 1.26%
Most Popular Rtrn Q+1 9.09% -0.50% 3.43% 0.95% 5.36% 5.02%
Contrarian Approach Also Works at Detailed Strategy Level. Government Short Term Fixed and International
Emerging Markets Debt Funds Most Loved Strategies in Q3 2010—and Get Hammered during Recent Sell-Off in
Bond Market.
That the most oversold asset classes outperform might owe simply to luck—after all, there are only seven asset classes and
we have flows and returns for only seven quarters. We therefore set out to increase the robustness of our results by
expanding the universe. Thankfully, IIS also classifies fund managers according to 83 detailed strategies—High Yield Fixed
Income, International Value, Mid Cap Core, and so on—which make it easy for users to produce personalized analysis.
We measured flows for each strategy for the past seven quarters (note that we use flows as a percentage of assets to account
for differences in universe sizes). We then ranked all strategies from heaviest inflow to largest outflow and grouped the list
into six buckets. The first bucket contains the strategies with the 15 heaviest inflows (the most popular strategies), while the
sixth bucket contains the strategies with the 15 largest outflows (the least popular strategies).
We then created six portfolios that invest equally in the strategies in each bucket. The portfolios invest according to strategy
flow rank at the end of a quarter (the investment is made only once the flow is known), and they hold the strategies until the
following quarter.
Our findings? The first bucket (the most loved strategies) returned 38.9% in the simulation period, while the sixth bucket
(the most hated strategies) returned 57.6%. Also, performance increases almost linearly across buckets, which confirms the
value of the contrarian approach.
Strategy Returns Based on Popularity

First Bucket Second Bucket Third Bucket Fourth Bucket Fifth Bucket Sixth Bucket
Rank 1-15 Rank 16-30 Rank 31-45 Rank 46-60 Rank 61-75 Rank 76-90
30-Sep-10 8.0% 6.9% 8.0% 13.3% 10.0% 12.4%
30-Jun-10 -4.2% -6.5% -7.7% -7.8% -5.7% 1.1%
31-Mar-10 2.2% 4.1% 2.9% 6.0% 5.8% 4.3%
31-Dec-09 3.3% 3.3% 3.7% 4.0% 4.6% 3.3%
30-Sep-09 9.9% 15.6% 10.9% 15.0% 14.5% 14.4%
30-Jun-09 15.6% 14.9% 18.8% 14.9% 14.0% 12.5%
Total 38.9% 42.7% 40.1% 52.0% 49.9% 57.6%

160
The Benefits of Going Against the Flow
150 Ranked Between 1 and 15

Ranked Between 16 and 30
140
130 Ranked Between 76 and 90
120
110
100
90
Mar-09 Jun-09 Sep-09 Dec-09 Mar-10 Jun-10 Sep-10
Also, with just three weeks remaining in December, the contrarian approach is firmly on track to work again in the current
quarter. The three most popular strategies in Q3 2010 were Government Short Term Fixed, International Emerging Markets
Debt, and High Yield Intermediate. These funds have been hammered during the recent bond market sell-off.
In contrast, many high-beta strategies—including REITs, Large Cap, and Broad Equity Aggressive—were oversold in Q3
2010, and these funds have performed very strongly in the current quarter.
Most and Least Popular Separate Account Strategies

Q3 2010
Government Short Term Fixed 9%
1%
Q3 Flow/Assets
Intl Emerging Markets Debt 8%
10%
Q3 Return
High Yield Intermediate 7%
6%
Global Value 6%
14%
Global Fixed Income 6%
6%
High Yield Fixed Income 5%
6%
Broad Equity Aggressive -4%
13%
Balanced Aggressive -4%
9%
Large Cap -5%
11%
All Cap Core -7%
11%
REIT/Real Estate -13%
13%
Target Date -15%
10%
-20% -15% -10% -5% 0% 5% 10% 15%

Mutual Fund and ETF Flows – 1 of 5

All data are as of Tuesday, December 7, 2010
All Equities US Equities Int. Equities Bonds

$ billions MF Flow ETF Flow MF Flow ETF Flow MF Flow ETF Flow MF Flow ETF Flow
2005 135.6 49.6 30.8 26.4 104.8 23.2 31.3 6.8
2006 159.5 54.3 11.0 29.8 148.5 24.5 60.6 5.1
2007 94.5 125.5 -43.4 81.6 137.9 43.9 111.6 12.6
2008 -245.1 140.1 -162.4 120.8 -82.7 19.4 33.8 20.6
2009 -11.8 26.9 -38.0 -8.9 26.2 35.7 376.2 39.7
2010 YTD -25.9 50.6 -72.4 18.4 46.5 32.1 266.6 23.0
Last Twelve Months -25.9 50.6 -72.4 18.4 46.5 32.1 266.6 23.0
Dec-09 -3.8 23.9 -8.9 20.3 5.1 3.7 26.1 2.5
Jan-10 16.9 -19.2 6.8 -19.9 10.1 0.7 27.3 2.6
Feb-10 0.7 1.6 -4.5 4.3 5.1 -2.7 26.6 2.2
Mar-10 11.5 12.7 3.1 11.0 8.4 1.7 37.2 4.0
Apr-10 13.2 7.1 5.0 2.3 8.2 4.8 28.1 1.3
May-10 -24.8 1.0 -19.1 -0.5 -5.7 1.5 14.5 1.4
Jun-10 -5.6 5.6 -7.5 3.8 1.9 1.8 20.6 4.8
Jul-10 -10.4 4.4 -11.1 0.3 0.7 4.2 30.0 4.6
Aug-10 -16.5 -8.2 -15.6 -12.4 -0.9 4.2 30.6 1.5
Sep-10 -11.2 22.3 -14.7 17.4 3.5 4.9 26.5 1.1
Oct-10 0.4 9.3 -6.8 2.2 7.2 7.1 24.0 0.8
Nov-10 -1.5 8.5 -8.2 6.1 6.7 2.4 0.4 -1.4
Dec-10 MTD 1.4 5.4 0.1 3.9 1.3 1.5 0.8 0.2
Last Week (Est.) 0.1 5.8 -0.6 4.1 0.7 1.8 3.6 0.3
Notes:
Mutural Fund Flow (est) is a TrimTabs estimate based on i) flows tracked via TrimTabs daily survey, ii) market returns,
Flow = (Assets(t))-(Asset(t-1)*(NAV(t)/NAV(t-1))).
Trackable Mutual Funds: Cumulative Flows to Total

Assets
Q3 2008 to Date
20%
15%
10%
5%
% of Assets
0%
-5%
-10%
-15%
-20%
-25%
-30%
US INTL BOND

Long ETF: Cumulative Flow by Asset Class

35,000
30,000
25,000
20,000
15,000
$ millions
10,000
5,000
0
May-10 Jun-10 Jul-10 Aug-10 Sep-10 Oct-10 Nov-10
-5,000
-10,000
US INTL Bond Commodity
Short ETF: Cumulative Flow by Asset Class

4500
4000
3500
3000
2500
$ millions
2000
1500
1000
500
0
May-10 Jun-10 Jul-10 Aug-10 Sep-10 Oct-10 Nov-10
-500
-1000
US INTL Commodity


Mutual Funds - By Category

Daily Trackable Survey Flows Past 4 Wks Last Week 2 Wks Ago 3 Wks Ago 4 Wks Ago 5 Wks Ago 6 Wks Ago
From - 8-Nov 30-Nov 19-Nov 11-Nov 3-Nov 26-Oct 18-Oct
To - 7-Dec 7-Dec 29-Nov 18-Nov 10-Nov 2-Nov 25-Oct-10
($millions) # of Funds TNA Flow Flow/TNA Flow Flow Flow Flow Flow Flow
US Equities Funds 2,515 509,945 -340 -0.1% -9 34 -393 166 -42 77
International Equities Funds 630 97,546 -46 0.0% 39 29 -111 -2 45 -14
Fixed-Income Funds 917 233,260 822 0.4% 290 251 127 490 728 485
Municipal Bond Funds 504 99,844 -819 -0.8% 66 -61 -844 25 218 196
Alternative Funds 94 25,435 11 0.0% 17 1 -32 -11 6 20
Mutual Funds - By Specialty

From 8-Nov 30-Nov 19-Nov 11-Nov 3-Nov 26-Oct 18-Oct
To 7-Dec 7-Dec 29-Nov 18-Nov 10-Nov 2-Nov 25-Oct-10
Specialty-Financial 36 1,574 -1 -0.1% 0 -1 0 -1 0 -2
Specialty-Health 46 3,060 -41 -1.3% -10 -1 -13 -14 -12 -6
Specialty-Natural Res 48 10,613 178 1.7% 90 30 40 30 102 22
Specialty-Real Estate 89 11,911 91 0.8% -3 59 24 31 21 -7
Specialty-Technology 47 3,459 -25 -0.7% -15 -2 -11 2 -8 -3
Specialty-Utilities 37 4,397 -50 -1.1% -42 -3 -4 -1 -19 -9
Mutual Funds - By Size and Style

Large Value 345 78,238 -94 -0.1% 69 -28 -151 35 -58 146
Large Blend 567 159,560 -361 -0.2% -182 -35 -137 -31 -88 -28
Large Growth 452 92,857 -527 -0.6% -180 -95 -158 -100 -63 -146
Mid-Cap Value 98 17,261 69 0.4% 19 12 16 52 24 26
Mid-Cap Blend 112 27,321 -11 0.0% -25 -1 5 24 -13 -8
Mid-Cap Growth 194 46,323 257 0.6% 168 70 -12 61 59 36
Small Value 92 11,287 34 0.3% 21 17 -2 18 -8 1
Small Blend 138 20,588 42 0.2% 7 7 4 30 22 11
Small Growth 214 21,495 101 0.5% 73 5 7 29 -1 43
Mutual Funds - By Geographic Regions

Latin America Stock 9 1,506 2 0.1% -1 3 1 3 22 -7
Japan Stock 23 90 0 0.4% 0 0 0 0 0 0
Europe Stock 37 2,259 -24 -1.1% -12 -2 -7 -8 -1 -7
Diversified Pacific/Asia 7 329 -3 -0.9% -1 -1 -1 0 -1 -1
Pacific/Asia ex-Japan Stk 34 3,254 -4 -0.1% -6 -3 -5 11 2 6
Diversified Emerging Mkts 76 17,582 91 0.5% 9 30 -1 79 51 103

Mutual Fund and Mutual Fund and ETF Flows – 4 of 5

ETF Flows – 4 of 5
Mutual Funds - By Fixed-Income Type

Emerging Markets Bond 23 1,679 42 2.5% 41 -8 12 -1 5 7
Long-Term Bond 13 1,198 -14 -1.1% -8 0 -2 -1 -32 6
Short-Term Bond 104 29,870 95 0.3% -21 42 50 55 56 48
Intermediate-Term Bond 297 89,969 130 0.1% 72 124 -44 27 221 107
High Yield Bond 132 35,350 163 0.5% 95 -70 73 164 227 138
Mutual Funds - Alternative Mutual Fund

Bear Market 33 1,132 -19 -1.7% -5 -10 5 -6 -7 3
Long-Short 37 12,636 -117 -0.9% -23 -15 -56 -56 -34 -5
Specialty-Precious Metals 24 11,667 147 1.3% 45 26 19 51 47 23
ETFs - By Category (Excluding Short ETFs)

US Equities Funds 1,296 1,201,473 4,815 0.4% 2,721 5,129 -5,928 7,884 -7 -817
International Equities Funds 238 243,296 2,781 1.1% 1,608 900 -917 1,869 1,041 1,128
Fixed-Income Funds 106 117,418 -1,444 -1.2% 404 -485 -1,205 -58 99 483
Alternative Funds 85 19,200 -1,039 -5.4% -83 -311 -152 -1,039 138 41
ETF: By Industry
Consumer Discretionary 14 5,582 1,155 20.7% 850 -130 632 1,155 159 -119
Consumer Staples 11 7,184 285 4.0% 267 -41 52 285 -83 -164
Energy 29 19,054 1,447 7.6% 1,231 361 -157 1,447 -103 -23
Financials 40 33,072 -66 -0.2% -119 -208 -172 -66 1,234 421
Health Care 22 8,616 34 0.4% -39 125 34 34 -60 -27
Industrials 16 8,154 497 6.1% 313 109 63 497 239 -206
Information Technology 34 14,016 196 1.4% 43 -57 75 196 152 -143
Materials 15 17,801 520 2.9% 442 150 105 520 21 15
Telecommunications 6 1,545 -36 -2.3% -8 -9 -21 -36 11 1
Utilities 14 5,773 -18 -0.3% 28 -69 5 -18 -239 47


ETFs - By Size and Style

Large Value 37 42,445 1,208 2.8% 367 290 367 1,208 -24 181
Large Blend 54 151,810 -5,153 -3.4% 2,949 -3,845 -1,306 -5,153 6,524 22
Large Growth 28 48,088 -1,025 -2.1% -1,262 177 -465 -1,025 -421 248
Mid-Cap Value 14 6,605 43 0.7% -39 93 -14 43 -136 -55
Mid-Cap Blend 20 31,220 137 0.4% -1,321 1,224 -137 137 -13 6
Mid-Cap Growth 19 8,409 368 4.4% -5 263 77 368 -23 22
Small Value 17 9,657 109 1.1% -229 464 -46 109 14 -9
Small Blend 18 30,364 1,457 4.8% 706 1,373 -152 1,457 821 44
Small Growth 11 7,812 262 3.4% -249 460 51 262 136 11
ETFs - By Geographic Regions

Latin America Stock 17 20,027 101 0.5% 61 1 -50 101 190 143
Japan Stock 9 4,654 -30 -0.6% 64 -49 -13 -30 0 -13
Europe Stock 28 12,471 91 0.7% 8 -43 2 91 28 156
Diversified Pacific/Asia 3 1,805 19 1.1% 0 3 16 19 4 0
Pacific/Asia ex-Japan Stk 24 21,709 210 1.0% 5 13 -5 210 90 128
Diversified Emerging Mkts 33 104,903 1,026 1.0% 1,028 -54 -281 1,026 1,143 881
ETFs - By Fixed-Income Type

Long-Term Bond 11 16,524 -243 -1.5% -9 32 -219 -243 22 -88
Short-Term Bond 10 15,167 531 3.5% -65 294 276 531 60 -109
Intermediate-Term Bond 16 30,133 -125 -0.4% 100 -38 -75 -125 118 65
High Yield Bond 5 14,059 -70 -0.5% 268 -38 -194 -70 244 154
ETFs - Alternative ETF

Bear Market 85 19,200 -1,039 -5.4% -83 -311 -152 -1,039 138 41
Specialty-Precious Metals 0 0 0 #DIV/0! 0 0 0 0 0 0
Fund and ETF Flows – 4 of 5

Hedge Fund Flows – 1 of 2

Note: Estimates based on a survey 152 hedge funds in November
Hedge Fund Flows by Strategies

Year-to- Year-to- Year-to- Last 12 Last 12 Last 12
Nov-10 Nov-10 Nov-10 Nov-10
Date Date Date Months Months Months
$ billion
Total
Flow Flow/TNA Return Flow Flow/TNA Return Flow Flow/TNA Return
Assets
Convertible Arbitrage -0.5 -1.5% 0.2% -0.1 -0.3% 11.6% -0.2 -0.8% 78.7% 30.5
Distressed Securities 0.0 0.0% 0.7% 0.8 0.8% 9.5% 2.0 1.9% 51.0% 104.1
Emerging Markets 6.2 2.8% 0.2% 11.7 5.3% 10.6% 9.0 4.1% 68.7% 220.7
Equity Long Bias 1.1 0.8% 1.8% 5.4 4.1% 8.5% 5.9 4.4% 48.9% 132.4
Equity Long Only 0.5 0.7% 0.0% 5.2 7.9% 5.0% 5.6 8.6% 64.4% 65.6
Equity Long-Short 3.5 2.2% 0.6% 2.3 1.4% 4.3% 0.7 0.4% 23.4% 162.7
Equity Market Neutral -1.0 -3.4% 1.5% -2.2 -7.6% 3.7% -2.6 -9.0% 4.0% 28.5
Event Driven 1.7 0.8% 0.0% 15.4 7.5% 6.7% 15.2 7.4% 43.2% 205.7
Fixed Income 2.8 1.7% 0.0% 10.4 6.2% 11.2% 8.8 5.3% 38.0% 166.6
Macro -0.3 -0.3% -0.1% 7.9 7.6% 4.7% 9.1 8.9% 13.8% 103.1
Merger Arbitrage 0.6 2.0% 0.0% 1.4 4.5% 5.3% 1.5 4.6% 19.9% 31.3
Multi-Strategy 0.1 0.1% 0.6% 7.1 3.8% 7.6% 6.6 3.5% 39.3% 188.3
Other -0.5 -2.1% 0.1% -0.1 -0.4% 3.5% 0.5 1.9% 7.7% 24.1
Sector Specific 0.4 0.4% 0.6% 0.1 0.1% 4.8% -0.5 -0.5% 32.1% 97.0
Hedge Fund Industry 14.8 0.9% 0.8% 65.4 4.2% 8.1% 61.5 3.9% 38.9% 1560.5
Funds of Funds -5.8 -1.1% 0.2% -12.3 -2.4% 2.9% -22.0 -4.3% 16.1% 511.8
CTAs 7.1 2.5% -1.0% 25.8 9.0% 3.2% 27.0 9.4% 1.6% 286.0
Direct Investment In HF 20.6 77.6 83.6
Hedge Fund Flows by Type

Hedge Fund
$ billion Funds of Funds All CTAs
Industry
August-09 18.1 2.8 3.8

September-09 1.3 -6.7 4.7
October-09 7.3 -0.5 4.0
November-09 19.3 4.2 4.2
December-09 -3.8 -9.7 1.2
January-10 -13.7 -10.1 -2.1
February-10 15.1 -0.8 -3.5
March-10 10.5 0.2 1.1
April-10 5.8 -0.8 1.4
May-10 6.4 0.4 2.6
June-10 -0.3 -1.7 2.5
July-10 0.9 0.4 2.8
August-10 11.3 1.2 2.2
September-10 4.1 0.9 5.8
October-10 10.3 3.9 5.9
November-10 14.8 -5.8 7.1

Short Interest Flows – 1 of 1

All data are as of November 15, 2010
NYSE Short Interest
17
16
15
Billion shares
14
13
12
11
Sep-08 H2 Nov-08 H2 Jan-09 H2 Mar-09 H2 May-09 H2 Jul-09 H2 Sep-09 H2 Nov-09 H2 Jan-10 H2 Mar-10 H2 May-10 H2 Jul-10 H2 Sep-10 H2
Short Interest to Market Cap by Sector on S&P 500 Stocks

15-Nov-10 29-Oct-10 15-Oct-10 30-Sep-10 15-Sep-10 31-Aug-10
Consumer Discretionary 5.89% 5.79% 5.87% 5.93% 6.01% 5.84%
Consumer Staples 2.88% 2.89% 2.90% 2.92% 2.91% 2.89%
Energy 3.92% 3.85% 4.03% 3.90% 3.79% 3.73%
Financials 3.95% 4.03% 4.07% 4.07% 4.13% 4.04%
Health Care 3.21% 3.40% 3.37% 3.41% 3.37% 3.31%
Industrials 3.32% 3.27% 3.34% 3.36% 3.43% 3.27%
Information Technology 4.19% 4.21% 4.39% 4.52% 4.54% 4.30%
Materials 4.47% 4.35% 4.53% 4.52% 4.62% 4.49%
Telecommunication Services 4.96% 4.85% 4.80% 5.06% 4.78% 5.74%
Utilities 2.78% 2.97% 3.20% 3.44% 3.40% 3.59%
All 4.01% 4.03% 4.12% 4.17% 4.19% 4.11%

Demand Index – 1 of 2
The TrimTabs Demand Index Closed at 80.23 on December 7 down from 83.87 on December 6, which is very Bullish.
The TrimTabs Demand Index (TTDI) measures demand conditions on the US stock market. It is bounded between 0 (very bearish) and 100 (very bullish)
Over the past nine years, it has correlated extremely well with stock prices movements
For more information on the TTDI, contact Vincent Deluard (Vincent.Deluard@TrimTabs.com)
The TrimTabs Demand Index Closed at 80.23 on December 7 down from 83.87 on December 6, which is very Bullish.
Variable Unit Current Value (1) Indexed Value (2) Regression T-Stat (3) Impact on the Index
AAII Sentiment Survey % Bull - % Bear 21.18% 76.04 0.18 0.48

Hedge Fund Sentiment Survey % Bull - % Bear -5.25% 48.29 0.66 -0.12
Equity Mutual Funds Flows Flow/TNA 0.00% 60.99 -0.93 -0.87
Bond Mutual Funds Flows Flow/TNA 0.01% 49.53 0.53 -0.03
Long Equity ETFs Flows Flow/TNA 0.06% 41.86 -3.12 2.17
Short Equity ETFs Flows Flow/TNA -0.35% 86.43 -1.71 -5.33
Equity Futures Flows Flow/TNA 0.55% 82.79 0.33 1.10
Level of net Position of Speculative Traders on Equity futures (long-Short)/Open Interest 1.68% 64.91 -0.28 -0.35
Change Net Position of Speculative Traders on Equity Futures Δ(long-Short)/Open Interest 0.48% 45.23 -1.01 0.41
Level of Short Interest on S&P 500 Stocks Stdev Units -0.50 77.18 -0.69 -1.60
Change in Short Interest on S&P 500 stocks % Change -0.35% 70.90 -1.22 -2.19
Put/Call Ratio Level Put/Calls 0.84 27.58 -0.64 1.24
Put Call ratio Change % Change 1.05% 59.42 -1.26 -1.01
Margin Debt % Change 1.99% 94.30 1.50 6.86
Credit Balance in Margin Account % Change 0.52% 58.65 1.23 1.10
Flows into Hedge Funds Flow/Assets 0.39% 38.95 -0.37 0.35
VIX Index Close Price 19.44 58.49 -0.47 -0.34
Individual Investors Active Stock Allocation % Change -1.13% 45.68 0.61 -0.27
Retail Money Market Fund Assets $ Billion 699.25 82.52 1.61 5.40
Cash Balance of Equity Mutual Funds % of Assets 3.43% 90.85 1.33 5.60
Excess margin Debt % Margin Debt - % SP Ret -0.02% 77.00 1.72 4.79
(1) 2-Month Moving Average
(2) 0= Extreme Fear, 100= Extreme Greed
(3) Measured by individually regressing each component against S&P 500 returns since Jan 2000

Demand Index – 2 of 2
Impact of Each Demand Measure on the TTDI on December 7

Demand Measures Bearish Bullish
Margin Debt 7
Cash Balance of Equity Mutual Funds 6
Retail Money Market Fund Assets 5
Excess margin Debt 5
Long Equity ETFs Flows 2
Put/Call Ratio Level 1
Equity Futures Flows 1
Credit Balance in Margin Account 1
AAII Sentiment Survey 1
Change Net Position of Speculative Traders on Equity Futures 0
Flows into Hedge Funds 0
Bond Mutual Funds Flows 0
Hedge Fund Sentiment Survey 0
Individual Investors Active Stock Allocation 0
VIX Index 0
Level of net Position of Speculative Traders on Equity futures 0
Equity Mutual Funds Flows 0
Put Call ratio Change -1
Level of Short Interest on S&P 500 Stocks -2
Change in Short Interest on S&P 500 stocks -2
Short Equity ETFs Flows -5
Fear/Greed Reading of Each Demand Measure on December 7

Demand Measures Fear Greed
Margin Debt 94
Cash Balance of Equity Mutual Funds 91
Retail Money Market Fund Assets 83
Excess margin Debt 77
Long Equity ETFs Flows 42
Put/Call Ratio Level 28
Equity Futures Flows 83
Credit Balance in Margin Account 59
AAII Sentiment Survey 76
Change Net Position of Speculative Traders on Equity Futures 45
Flows into Hedge Funds 39
Bond Mutual Funds Flows 50
Hedge Fund Sentiment Survey 48
Individual Investors Active Stock Allocation 46
VIX Index 59
Level of net Position of Speculative Traders on Equity futures 65
Equity Mutual Funds Flows 61
Put Call ratio Change 59
Level of Short Interest on S&P 500 Stocks 77
Change in Short Interest on S&P 500 stocks 71
Short Equity ETFs Flows 86
How to Read the Above Tables

Margin Debt indicate greed, which is bullish for equities.
Equity Mutual Funds Flows indicate greed, which is bearish for equities.
Note: we used regression analysis over the past nine years to determine whether greed in each variable was associated with positive stocks' returns

Annex 1: TrimTabs Datasets
Corporate Actions Dataset (L1)

17 Exchanges:NYSE, Nasdaq, American Exchange, London, Paris, Frankfurt, Tokyo, Osaka, Hong Kong, Shenzhen, Shanghai, Singapore, ASX, BSX, Taipei, National Stock Exchange and
Toronto
26,000+ Companies, Market Cap: $45.4 Billion as of February 2008
Market Cap Secondary Equity

Country Companies Start Date IPOs Insider Selling Stock Buybacks Takeovers
($T) Offerings
United States 20 3,000 Jan-98 a a a a a
UK 3.5 3,200 Jun-06 a a a a a
France 2.3 800 Jun-06 a a a a a
Hong Kong 2.2 3,500 Jan-07 a a a a a
Canada 2 3,400 Jan-07 a a a a a
Germany 1.9 1,200 Jan-08 a a a a a
Japan 4.7 2,400 Jan-08 a a a a
Mainland China 3.8 1,700 Jan-08 a a a a
Singapore 0.5 748 Jul-08 a a a a a
India 2.8 3,450 Jul-08 a a a a a
Australia 1.1 1,842 Jul-08 a a a a a
Taiwan 0.6 1,543 Jul-08 a a a a a
Global Insider Trading Dataset

10 Countries, 23,000+ Companies, Market Cap: $31.4 Billion as of July 2008
Exchange Country Market Cap ($T) Companies Start Date Reporting Lag Source Benefits of the Dataset
NYSE, Duplicate Transactions and option-related
Nasdaq & USA 18.1 13,600 Jan-03 1-2 Days SEC buying is excluded. Aggregation by GICS
sector
Amex
TSX Canada 1.8 3,710 Jan 06 1-30 Days SEDI
London
London Stock
Stock United 3.2 3,233 Jun-06 1-2 Days Exchange
Exchange Kingdom
AMF, Commission
Bancaire, Financiere et
France,
Euronext 3.3 1,022 Jan-06 1-30 Days des Assurance, the
Belgium, Autoriteit Financiale
Not other known source for this data.
Netherlands Markten
Aggregation by ICB Sectors
Deustche
1.7 851 Jan-07 1-3 Days BAFIN
Boerse Germany
Hong Kong Hong Kong 2 307 Jan-07 1-3 Days HKEX
ASX Australia 1.6 1841 Sep-08 1-3 Days ASX
KRX Korea 1 1,809 Sep-08 1-3 Days KRX
Singapore Singapore 0.5 747 Sep-08 1-3 Days SGX

Fund Flows Dataset

Assets of $1.3 Tril. Daily and $13.2 Tril. Monthly
Fund Type Periodicity AUM ($ Billion) Fund Count Start Date Categorization Source Benefits of the Dataset
Asset Class, Only daily survey of mutual funds.

685
Mutual Funds Daily 2,168 Jan-98 Morningstar Daily Survey Adjusted for dividends and
8% of total distribution. Smart categorization
Category
Covers almost all US-listed mutual

Asset Class, Style, funds. Predicts the ICI number one
11,900 Industry, Retail vs week in advance. Full transparency
Mutual Funds Monthly 15,163 Aug-07 Monthly Survey
80% of total Insitiutional, and smart categorization
Geographical Focus (breakdonw between retail and
institutional funds)
Asset Class, Style, Covers almost all US-listed ETFs.

Regular updates for new ETFs
592 Industry,
ETFs Daily 714 Jan-00 Daily Survey listings. Smart categorization: GICS
95% of total Morningstar industry, short vs long ETFs,
Category futures-related, etc
Monthly, one Covers one third of the hedge fund

611 13 Strategies and BarclayHedge universe. Monthly update while
Hedge Funds month in 4,313 Jan-00
33% of total Size Database indusrtry generally provides
arrear statistics on an annual basis.
Monthly, one Covers one third of the hedge fund

Funds of 367 BarclaHedge universe. Monthly update while
month in 2,570 Jan-00 Size
Funds 36% of total Database indusrtry generally provides
arrear statistics on an annual basis.
Commodity- Monthly, one Covers one third of the hedge fund

361 BarclayHedge universe. Monthly update while
Traded month in 2,134 Jan-00 Strategy and Size
80% of total database indusrtry generally provides
Advisors arrear statistics on an annual basis.
*ICI tracks 7,280 funds with total net asset value of $8,057 billion on a monthly basis.
Futures and Short Interest Dataset
Assets of $323 Bn Daily
Data Type Periodicity AUM ($ Billion) Start Date Categorization Source Benefits of the Dataset
Data Aggregated over All Contracts.
S&P 500
Daily 184 Jan-84 Maturity CME "Money flows" are adjusted for roll-
Futures over between contracts

E-Minis Daily 139 Jan 96 Maturity CME "Money flows" are adjusted for roll-
over between contracts

Crude Oil NYMEX, ICE,
Daily 270 Jul-08 "Money flows" are adjusted for roll-
Futures DME over between contracts
Currency, Equity, Covers 4,313 contracts.

Commitment Aggregation over relevant contract
Bi-Weekly 611 Jan-00 Commodity, CFTC groups. Can be crossed-matched with
of Traders
Interest Rates money flows into equity contracts.
GICS Sector, Style
Nasdaq & Aggregation over equity indices and
Short Interest Bi-Weekly 21,000 Jan-00 and Size, Major ETFs. Covers all US-listed stocks.
NYSE
Indices

Annex 2: Library of Research Notes
Library of Research Notes

Topic Variable Market Title Summary Date Updated
Regression Analysis Confirms L1 Regression Analysis shows that

weekly L1 is a statistically
L1 US Can Predict the Direction of the S&P significant determinant of January 2008
500 market returns since 1999
Companies with large buybacks

tend to outperfrom in the year
To What Extent Do Buybacks Benefit following the buyback
Corporate Liquidity Buybacks US
Shareholders?
announncement. The
outperformance is greatest for
September 2008
companies which do shrink the

float.
TrimTabs introduces a new
proprietary L1 Index to help
L1 US Introducing the TrimTabs L1 Index more easily interpret L1, the January 2008
key indicator of supply side
equity market liquidity.
L1 and insider transaction data

Using L1 and Insider Trading Data aggregated at the GICS 1 level
can help identify outperforming
L1 / Insider Transactions US to Rotate Between Industries (GICS sectors. Investors can achieve May 2008
1) alpha on both the long and
short side.
L1 and insider transaction data

aggregated at the GICS 2 level
Sector Rotation Using L1 and Insider Trading Data
can help identify outperforming
L1 / Insider Transactions US to Rotate Between Industry groups sectors. Investors can achieve
September 2008
(GICS 2) alpha on both the long and
short side.
Buybacks and insider

Buybacks / Insider transactions can be using to
United Kingdom Sector Rotation Models on the LSE identify ooutperforming sectors July 2008
Transaction
on the London stock Exchange
Flows into equity futures have

Flows into Equity Futures US Futures Flows Presentation been highly correlated to July 2008
market volatility since 1986
Definition and backtesting of

Flows Development and portfolio level the short interest flow volume
backtesting of a short interest flow ratio indicator for constructing
Short Interest US August 2008
based indicator for the S&P 500 portfolios of heavily shorted
stocks equity assets at the stock,
GICS I, and GICS II levels.

Annex 3: TrimTabs Model Portfolios

TrimTabs Model Portfolios Performance
Friday, December 03, 2010
US Portfolios
% Change TTMP S&P 500 (SPY) Sector Portfolio S&P 500 (SPY)
Inception Date 29-Sep-00 16-Mar-06
2000 -10.7 -8.4

2001 32.0 -12.1
2002 63.4 -21.6
2003 0.1 28.2
2004 19.9 10.7
2005 13.9 4.8
2006 16.2 15.2 30.0 9.5
2007 9.9 5.1 5.0 5.1
2008 -30.4 -36.8 -27.0 -36.8
2009 -37.1 25.1 16.3 25.1
Jan-2010 -4.4 -3.6 -6.7 -3.6

Feb-2010 0.9 3.1 3.5 3.1
Mar-2010 0.3 5.7 3.3 5.7
Apr-2010 -0.4 1.5 -1.1 1.5
May-2010 -1.6 -7.9 -5.1 -7.9
Jun-2010 0.8 -5.6 -2.1 -5.6
Jul-2010 -3.2 6.8 4.2 6.8
Aug-2010 1.8 -5.0 -2.1 -5.0
Sep-2010 2.8 9.0 9.8 9.0
Oct-2010 -0.2 3.8 4.9 3.8
Nov-2010 -5.9 0.0 -1.3 0.0
Dec-2010 -0.5 3.7 3.8 3.7
Last Week -1.0 3.4 3.0 3.4

2010 YTD -9.6 10.3 10.4 10.3
Since Inception 33.3 -0.8 28.1 0.4
International Portfolios
% Change UK EWU France EWQ Germany EWG Japan EWJ Hong Kong EWH China CSI 300
Inception Date 30-Jun-06 13-Oct-06 22-Feb-08 22-Feb-08 19-Jan-07 22-Feb-08
2006 30.2 11.2 0.8 8.3

2007 14.3 7.8 15.2 14.0 24.6 30.0
2008 -24.0 -50.6 -1.9 -46.7 -72.4 -41.4 -37.6 -25.6 -37.3 -50.7 6.1 -60.8
2009 -53.3 40.9 -47.9 31.5 -35.7 28.1 -12.8 6.8 -16.5 54.9 13.5 92.0
Jan-2010 4.5 -4.8 7.9 -7.8 0.0 -6.6

Feb-2010 0.3 -0.8 0.1 -0.9 0.0 5.5
Mar-2010 -4.4 6.3 -6.0 6.1 0.0 5.6
Apr-2010 2.5 -2.2 1.4 -6.0 0.1 -2.2 0.0 -0.5 0.0 -3.9 0.0 -8.3
May-2010 1.5 -11.0 5.6 -12.7 5.1 -10.5 0.0 -8.5 0.0 -5.6 0.0 -7.1
Jun-2010 2.5 -5.2 2.7 -4.9 2.2 -2.3 0.0 -3.3 0.0 -0.1 0.0 -10.1
Jul-2010 -6.4 14.5 -6.8 14.5 -5.2 10.8 0.0 4.7 0.0 7.9 0.0 11.9
Aug-2010 0.0 -2.8 1.5 -6.9 0.0 -6.9 0.0 -2.6 0.8 0.3 0.0 1.2
Sep-2010 2.4 9.4 0.0 15.1 0.0 13.9 0.0 5.4 -6.2 13.4 0.0 1.1
Oct-2010 0.3 4.2 0.0 5.5 0.0 8.3 0.0 1.3 -1.6 3.3 7.4 15.1
Nov-2010 1.2 -5.2 0.0 -11.2 0.0 -5.5 1.3 2.5 2.6 0.9 -3.5 -7.2
Dec-2010 0.0 5.7 0.0 7.7 0.0 7.6 1.8 3.6 0.0 2.6 0.3 0.7
Last Week 0.0 3.0 0.0 2.7 0.0 3.4 1.8 3.6 0.0 4.0 -0.6 -1.1
2010 YTD 4.1 5.4 5.6 -6.3 3.4 8.0 0.9 9.2 -4.6 23.8 3.9 -11.7
Since Inception -45.1 -12.0 -37.4 -18.9 -81.7 -19.0 -45.1 -13.2 -37.8 23.0 25.1 -33.6

The TrimTabs Family of Products
For further coverage of liquidity and macroeconomic trends, please refer to the following TrimTabs products:
- Daily Liquidity Report (Monday through Friday)
- Overnight Liquidity Update (Monday through Thursday)
- Weekly International Liquidity Review (Monday)
- Weekly Macro Analysis (Tuesday)
- Weekly Flow Report (Wednesday)
- Sector Liquidity (every other Thursday)
Legal Disclaimer
The data and analysis contained herein are provided "as is" and without warranty of any kind, either expressed or implied.
TrimTabs Investment Research (TTIR) any affiliates or employees, or any third party data provider, shall not have any
liability for any loss sustained by anyone who has relied on the information contained in any TTIR publication. All opinions
expressed herein are subject to change without notice, and you should always obtain current information and perform due
diligence before trading. TTIR accounts that TTIR or its affiliated companies manage, or their respective shareholders,
directors, officers and/or employees, may have long or short positions in the securities discussed herein and may purchase or
sell such securities without notice. TTIR uses various methods to evaluate investments, which may, at times, produce
contradictory recommendations with respect to the same securities. When evaluating the results of prior TTIR
recommendations or TTIR performance rankings, one should also consider that TTIR may modify the methods it uses to
evaluate investment opportunities from time to time. For this and for many other reasons, the performance of TTIR's past
recommendations is not a guarantee of future results. The securities mentioned in this document may not be eligible for sale
in some states or countries, nor be suitable for all types of investors; their value and income they produce may fluctuate
and/or be adversely affected by exchange rates, interest rates or other factors. TTIR has an investment management
affiliate, TrimTabs Asset Management (TTAM) which actively invests in highly liquid ETF securities which are sometimes
similar or identical to those tracked in the TTIR model portfolio and sometimes different. The portfolio trades held by
TTAM will not always be the same as those recommended by TTIR, primarily because the TTIR trade recommendations are
updated weekly while TTAM portfolios are managed on a daily basis as conditions change. Due to the highly liquid nature
of ETF securities tracked by TTIR, TrimTabs does not believe there is the potential for conflicts of interest. Further
distribution prohibited without prior permission. Copyright 2009 © TrimTabs Investment Research. All rights reserved.

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December 1, 2010December 8 JAPAN | ASIA FLOW REPORT

Weekly Flow Report

Special Focus: Separate Account Flows for Q3 2010………………………………..….4

Annexes and Data Tables…. …...………………………………………………....…......9

Mutual Funds and ETFs…………………………… …..……………………….……..……………………....9

Charles Biderman, CEO Vincent.Deluard@TrimTabs.com

Short Bonds, Long U.S. Stocks?

TrimTabs Investment Research, Inc. | 2

TrimTabs Investment Research, Inc. | 3

TrimTabs Investment Research, Inc. | 4

Q3 2010 2010 YTD

Asset Allocation of Separate Accounts

90% International Equity 16.1% International Equity 13.7%

Global Fixed Income 4.0%

50% US Fixed Income 43.0% US Fixed Income 45.0%

TrimTabs Investment Research, Inc. | 5

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Q3 2010 Q2 2010 Q1 2010 Q4 2009 Q3 2009 Q2 2009 Q1 2009

Strategy Returns Based on Popularity

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150 Ranked Between 1 and 15

Most and Least Popular Separate Account Strategies

-20% -15% -10% -5% 0% 5% 10% 15%

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Mutual Fund and ETF Flows – 1 of 5

All Equities US Equities Int. Equities Bonds

Trackable Mutual Funds: Cumulative Flows to Total

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Mutual Fund and ETF Flows – 2 of 5

Long ETF: Cumulative Flow by Asset Class

US INTL Bond Commodity

Short ETF: Cumulative Flow by Asset Class

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Mutual Fund and ETF Flows – 3 of 5

Mutual Funds - By Category

Mutual Funds - By Specialty

Mutual Funds - By Size and Style

Mutual Funds - By Geographic Regions

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Mutual Fund and Mutual Fund and ETF Flows – 4 of 5

Mutual Funds - By Fixed-Income Type

Mutual Funds - Alternative Mutual Fund

ETFs - By Category (Excluding Short ETFs)

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Mutual Fund and ETF Flows – 5 of 5

ETFs - By Size and Style

ETFs - By Geographic Regions

ETFs - By Fixed-Income Type

ETFs - Alternative ETF

Fund and ETF Flows – 4 of 5

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Hedge Fund Flows – 1 of 2

Hedge Fund Flows by Strategies

Direct Investment In HF 20.6 77.6 83.6

Hedge Fund Flows by Type

August-09 18.1 2.8 3.8

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Short Interest Flows – 1 of 1

NYSE Short Interest

Short Interest to Market Cap by Sector on S&P 500 Stocks

All 4.01% 4.03% 4.12% 4.17% 4.19% 4.11%

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