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Weekly Update | August 09, 2021 Voya Global Perspectives Voya Investment Management

As of August 06, 2021

Commentary and Statistics Index Prices ($) . After a slow start to the week, global Index 08/06/21 12/31/20 stocks regrouped for gains. Strong job Dow Jones Industrial Average 35,209 30,606 gains for July eased concerns about a S&P 500 Index 4,437 3,756 slowing economy; for the time being, Returns (%) investors set aside worries about U.S. Market Indexes Returns One Week MTD YTD 3-Months disruption from the coronavirus Delta Dow Jones Industrial Average 0.79 0.79 16.22 2.36 variant. S&P 500 Index 0.96 0.96 19.12 5.97 . Bond yields fell early, but climbed on MSCI ACWI Index 0.99 0.99 14.49 4.36 strong jobs data to end higher than last Russell 2000 Index 0.98 0.98 14.41 0.52 week. The widely watched ten-year U.S. Russell MidCap Index 0.76 0.76 18.04 4.39 Treasury yield rose from 1.18% to 1.23%; Bloomberg Barclays U.S. Aggregate Index -0.42 -0.42 -0.92 1.45 the two-year note rose from 0.19% to Bloomberg Barclays High Yield Bond Index -0.19 -0.19 3.81 1.62 0.21%. United States 20-Year Treasury Bond -1.03 -1.03 -5.58 6.09 . The U.S. dollar index rose; bitcoin gained S&P / LSTA Senior Loan Index 0.03 0.03 1.94 0.39 modestly against the dollar. The S&P 500 Sector Returns One Week MTD YTD 3-Months Bloomberg Commodities index declined Consumer Discretionary 0.37 0.37 11.24 2.73 for the week. Futures on copper, crude oil Consumer Staples -0.54 -0.54 7.12 1.96 and precious metals fell; agricultural Energy 0.37 0.37 34.09 -4.68 commodities were mixed. Financials 3.60 3.60 29.64 1.18 . With 89% of S&P 500 companies Health Care 0.67 0.67 18.12 8.43 reporting 2Q21 results, 87% have Industrials 0.18 0.18 17.65 -0.35 exceeded earnings expectations and 87% Materials 0.16 0.16 17.02 -2.91 have beaten revenue expectations. As of Real Estate 0.72 0.72 29.95 12.39 August 6, 2021, Refinitiv estimated the Technology 0.98 0.98 19.31 12.57 S&P 500’s 2Q21 earnings growth rate at Communication Services 0.74 0.74 24.87 7.66 93.1% and its 12-month forward P/E ratio Utilities 2.31 2.31 9.29 3.31 at 21.6. AmerisourceBergen, MercadoLibre and Wayfair impressed this U.S. Returns by Style week. Clorox, Eli Lilly and Etsy One Week (%) Year to Date (%) 3-Months (%) disappointed. Large Value Large Growth Large Value Large Growth Large Value Large Growth 0.9 1.0 19.0 17.8 0.9 11.3 . July nonfarm payrolls increased more Mid Value Mid Growth Mid Value Mid Growth Mid Value Mid Growth than expected to 943,000; prior months 0.8 0.7 21.2 12.4 0.9 11.6 were revised upward. Leisure and Small Value Small Growth Small Value Small Growth Small Value Small Growth 1.1 0.9 23.4 6.0 -1.8 3.0 hospitality jobs, including restaurants, rose by 380,000; employment at public Large Value: Russel 1000 Value Large Growth: Russel 1000 Growth schools rose 221,000. Midcap Value: Russell Midcap Value Midcap Growth: Russell Midcap Growth Small Value: Russell 2000 Value Small Growth: Russell 2000 Growth . The unemployment rate fell 0.5 pp to Global Market Returns (%) One Week MTD YTD 3-Months 5.4%, beating the consensus for 5.7%. The labor force participation rate ticked Bloomberg Barclays Global Aggregate Bond Index -0.47 -0.47 -2.38 0.58 1.05 1.05 11.16 2.72 up to 61.7% from 61.6% in June. MSCI EAFE Index MSCI United Kingdom Index 1.16 1.16 14.89 1.53 . Initial jobless claims totaled 385,000 for MSCI Europe ex-U.K. Index 0.91 0.91 15.63 5.43 the week of July 31, a bit higher than MSCI Japan Index 1.16 1.16 1.33 -0.64 consensus for 380,000 but below the MSCI AC Asia ex-Japan Index 1.34 1.34 -0.09 -4.09 prior week’s 399,000. Continuing claims MSCI Emerging Markets Index 1.18 1.18 1.59 -2.69 logged 2.930 million, below last week’s JPM EMBI+ Emerging Markets Bond Index 0.12 0.12 -0.34 2.23 3.296 million. FTSE EPRA / NAREIT GRE Index 0.53 0.53 17.94 6.05

Source: FactSet Weekly Update | August 09, 2021 Voya Global Perspectives

. The ISM services index logged 64.1 in July, Bond Rates (%) as of: 08/06/21 07/30/21 12/31/20 05/06/21 a new all-time high, ahead of consensus U.S. Federal Funds Target Rate 0.25 0.25 0.25 0.25 for 60.4 and June’s 60.1. July new orders U.S. Two-Year Treasury Yield 0.21 0.19 0.11 0.09 totaled 63.7 versus 62.1 in June. The U.S. Ten-Year Treasury Yield 1.23 1.18 0.87 1.51 employment component shifted into U.S. 30-Year Treasury Yield 1.93 1.89 1.64 2.24 growth after contracting in June. High Yield (Merrill U.S. Corporates) 4.13 4.04 3.86 4.26 . Markit July services PMI came in at 59.9, above June’s 59.8 but the softest rise Commodity Prices as of: 08/06/21 07/30/21 12/31/20 05/06/21 since February. Gold (USD/oz) 1,763.10 1,817.20 1,895.10 1,815.70 . The ISM manufacturing index slipped to Crude Oil (USD/bbl) 68.28 73.95 48.52 64.71 59.5 in July versus the prior month’s 60.6. Gasoline (USD/gal) 3.38 3.34 2.42 3.11 New orders printed 64.9 versus June’s Copper (NYM $/lbs) 4.35 4.48 3.51 4.62 66.0. Exchange Rates as of: 08/06/21 07/30/21 12/31/20 05/06/21 . Markit July manufacturing PMI printed 63.4 $ per € 1.18 1.19 1.22 1.21 versus June’s 63.1. The report noted an $ per £ 1.39 1.39 1.37 1.39 ongoing drag from rising input costs but ¥ per $ 110.33 109.75 103.25 109.08 said output expectations remain upbeat. . June construction spending rose 0.1% m/m, better than May’s 0.15% pullback but below consensus for a 0.4% rise.

Index Definitions Bloomberg Barclays Global Aggregate Bond Index measures a wide range of global MSCI Japan Index is a free float-adjusted market capitalization weighted index designed to government, government-related, corporate and securitized fixed-income investments, all measure equity performance of listed common stocks in Japan. with maturities greater than one year. MSCI Emerging Markets Index is a free float-adjusted market capitalization index that Bloomberg Barclays High Yield Bond Index tracks the performance of below investment measures emerging market equity performance of 23 countries. grade U.S. dollar-denominated corporate bonds publicly issued in the U.S. domestic Municipal Bond Index is a bond index that includes investment-grade, tax-exempt fixed- market. rate bonds with long-term maturities (greater than two years) selected from issues larger Bloomberg Barclays U.S. Aggregate Index is a bond market index composed of U.S. than $50 million. securities in Treasury, Government-Related, Corporate, and Securitized sectors that are NASDAQ Composite Index is a market capitalization weighted index of the performance of investment-grade quality or better, have at least one year to maturity, and have an of domestic and international common stocks listed on the Nasdaq Stock Market including outstanding par value of at least $250 million. over 2,800 securities. Dow Jones Industrial Average is a price-weighted average computed from the stock Russell 1000 Growth Index measures the large-cap growth segment of the U.S. equity prices of 30 of the largest and most widely held public companies in the United States, market including Russell 1000 companies with higher price-to-book ratios and forecasted adjusted to reflect stock splits and stock dividends. growth. FTSE EPRA / NAREIT Global Real Estate Index represents general performance trends of Russell 1000 Value Index measures the large-cap value segment of the U.S. equity market the equity securities of real estate companies involved in the ownership, disposition and including Russell 1000 companies with lower price-to-book ratios and lower expected development of income-producing properties worldwide. growth. JPMorgan Emerging Markets Bond Index Plus (EMBI+) tracks total returns for traded Russell MidCap Growth Index measures the performance of the mid-cap growth segment foreign currency denominated debt instruments in the emerging markets which meet of the U.S. equity market including Russell Midcap Index companies with higher price-to- minimum criteria for face value outstanding and market trading liquidity. book ratios and forecasted growth. MSCI ACWI Index is a free float-adjusted market capitalization weighted index designed Russell MidCap Value Index measures the performance of the mid-cap growth segment of to provide a broad measure of equity-market performance throughout the world, capturing the U.S. equity market including Russell Midcap Index companies with lower price-to-book large and mid cap representation across 23 Developed Markets (DM) and 26 Emerging ratios and forecasted growth. Markets (EM) countries. Russell 2000 Growth Index measures the performance of small-cap growth stocks in the MSCI EAFE Index is a free float-adjusted market capitalization weighted index designed U.S. equity market including Russell 2000 companies with higher price-to-value ratios and to measure developed markets’ equity performance, excluding the U.S. & Canada, for 21 forecasted growth. countries. Russell 2000 Value Index measures the performance of small-cap growth stocks in the MSCI Europe ex-U.K. Index is a free float-adjusted market capitalization weighted index U.S. equity market including Russell 2000 companies with lower price-to-value ratios and designed to measure equity performance of the 15 developed European markets except the forecasted growth. United Kingdom. S&P 500 Index is a widely regarded as the best single gauge of the U.S. equities market, MSCI U.K. Index is a free float-adjusted market capitalization weighted index designed including 500 leading companies in major industries of the U.S. economy. to measure equity performance of listed common stocks in the United Kingdom. S&P 500 Sectors are defined as the GICS (Global Industry Classification Standard) sectors MSCI Asia ex-Japan Index is a free float-adjusted market capitalization weighted index which provide standardized industry definitions consisting of 10 sectors, 24 industry groups, designed to measure equity performance of the 15 developed Asian markets except Japan. and 67 industries.

2 Weekly Update | August 09, 2021 Voya Global Perspectives

Economic Release Calendar

Monday, August 09 Tuesday, August 10 Wednesday, August 11 Thursday, August 12 Friday, August 13

New Yuan Loans (Jul) ZEW Current Situation NSA CPI NSA (Jul) Foreign Direct Investment (Jul) Export Price Index NSA (Jul) China (Aug) Germany China U.S. Germany

JOLTS Job Openings (Jun) NFIB Small Business Index CPI NSA (Jul) GDP SA (2Q21) Import Price Index NSA (Jul) U.S. (Jul) U.S. U.K. U.S. U.S.

Bank Loans NSA (Jul) CPI (Jul) Hourly Earnings SA (Jul) Industrial Production SA (Jun) Michigan Sentiment NSA (Aug) Japan Brazil U.S. U.K. U.S.

Productivity SAAR (2Q21) Domestic CGPI NSA (Jul) Initial Claims SA (Aug 7) U.S. Japan U.S.

Unemployment Rate (Jul) PPI SA (Jul) Korea U.S.

Source: FactSet

Earnings Announcements

Monday, MayAugust 17 09 Tuesday, AugustMay 18 10 Wednesday, AugustMay 19 11 Thursday, AugustMay 20 12 Friday, AugustMay 21 13

DukeBouygues Energy IndustrialTokyo Electron & Commercial Bank of Tencent Holding AlibabaWalt Disney Group SiemensBerkshire Hathaway Air Products and Chemicals ChinaCoinbase Global Coupang,Ebay Inc. WaltApplied Disney Materials INGNatura Group & Co. AdidasBarrick Gold ToyotaFanuc Motor Co. DaikinE.on Se Inds AppliedDeutsche Materials Telekom ItochuBRF Corp. MarriottTyson Foods Int'l VodafoneVestas Wind Group Systems TakedaFranconevada Pharmaceutical Airbnb HoyaMadison Corp. Square Garden BiontechDish Network HondaKoninklijke MotorDSM Co. RakutenToshiba DeutscheDoordash Telekom UbiquitiMarathon Digital SimonSteris Property Group PalantirSysco Technologies EisaiApplovin Co. KDDIBaidu SumitomoLion Electric InternationalElanco Animal Flavors Health & ElectronicTransdigm ArtsGroup Wix.comRoyalty Pharma PetroleoFujitsu Brasileiro Capcom Co. FragrancesViatris Inc. TransdigmUnity SoftwareGroup SmurfitSecom Kappa DoordashTelstra RobloxKoninklijke KPN KubotaNovozymes Corp. Wix.com Komatsu Source:Sandvik Zacks Investment Research Omron

Source: Zacks Investment Research

3 Weekly Update | August 09, 2021 Voya Global Perspectives

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