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EMEA CAPITAL MARKETS LEAGUE TABLES FY 2018 FY 2018 MANAGER RANKINGS EMEA CAPITAL MARKETS The Bloomberg Capital Markets Tables represent the top arrangers, bookrunners and advisors across a broad array of deal types including loans, bonds, equity and M&A transactions; according to Bloomberg standards. LEAG<GO> for a full range of league tables MA<GO> for a full range of merger & acquisition tables NI LEAG CRL<GO> or http://www.bloomberg.com/ for a full range of market-specific league table publications Due to the dynamic nature of the Professional Service product, league table rankings may vary between this release and data found on the Bloomberg Professional Service. DATA SUBMISSIONS AND QUERIES Contact Phone Email Americas Paul Bandong +1 609 279 5187 [email protected] EMEA Dimitris Gogos +44 20 3525 8149 [email protected] Asia-Pacific Xin Yu Chen +65 6212 1123 [email protected] © 2018 Bloomberg Finance L.P. All rights reserved. Bloomberg EMEA Capital Markets | FY 2018 European Bonds: Industry Breakdown EMEA Fixed Income 18% 7% 47% European Bonds FY 2018 FY 2017 28% Mkt Volume (EUR Deal Prev Prev Mkt Mkt Share Firm Rank Share(%) Mln) Count Rank Share(%) Chg(%) HSBC 1 6.498 104,008 597 1 5.984 0.514 Barclays 2 5.583 89,359 469 2 5.716 -0.133 Financials 47% Deutsche Bank 3 5.032 80,539 511 4 5.071 -0.039 Government 28% JP Morgan 4 4.821 77,171 499 5 4.562 0.259 Consumer Discretionary 7% BNP Paribas 5 4.778 76,478 475 3 5.228 -0.450 Others 18% Citi 6 3.999 64,002 460 6 4.340 -0.341 Societe Generale 7 3.584 57,359 393 8 3.698 -0.114 Credit Agricole CIB 8 3.415 54,654 406 10 3.506 -0.091 European Bonds: Manager Rankings History Goldman Sachs 9 3.403 54,470 321 7 3.741 -0.338 2018 2017 2016 Bank of America Merrill Lynch 10 3.197 51,175 346 9 3.507 -0.310 10 UniCredit 11 2.952 47,253 383 11 3.389 -0.437 NatWest Markets 12 2.733 43,745 257 14 2.517 0.216 8 ) % ( e Credit Suisse 13 2.647 42,363 347 13 2.540 0.107 r 6 a h S Morgan Stanley 14 2.378 38,068 272 15 2.287 0.091 t e k 4 r a UBS 15 2.201 35,229 268 12 2.659 -0.458 M Commerzbank 16 2.089 33,437 262 17 1.796 0.293 2 Natixis 17 2.018 32,296 264 18 1.716 0.302 0 i C s k n s it B y n a a C Banco Santander 18 1.988 31,823 212 16 2.196 -0.208 S la a rg ib c B o r H r e a a h M P B c P P ts J N Landesbank Hessen-Thuringen 19 1.746 27,948 300 20 1.592 0.154 u e B D Girozentrale Danske Bank 20 1.674 26,801 363 25 1.198 0.476 TOTAL 100% 1,600,598 6,737 100% This table consists of debt securities issued by European issuers. This excludes bonds with warrants, convertible securities, credit-linked securities and structured notes. There is a minimum threshold of 18 months for maturities, call or put periods, and EUR 35MM minimum amount for self-led securities. Please see League Table Standards and Guidelines for further details. Bloomberg League Table Reports Page 1 Bloomberg EMEA Capital Markets | FY 2018 Western European Bonds Eastern European Bonds FY 2018 FY 2017 FY 2018 FY 2017 Firm Rank Mkt Share(%) Volume (EUR Mln) Deal Count Prev Rank Prev Mkt Share(%) Mkt Share Chg(%) Firm Rank Mkt Share(%) Volume (USD Mln) Deal Count Prev Rank Prev Mkt Share(%) Mkt Share Chg(%) HSBC 1 6.537 102,633 586 1 6.043 0.494 VTB Capital 1 12.542 9,048 63 1 11.872 0.670 Barclays 2 5.626 88,334 462 2 5.755 -0.129 JP Morgan 2 6.338 4,572 33 3 7.682 -1.344 BNP Paribas 3 5.034 79,030 467 3 5.609 -0.575 Gazprombank 3 5.736 4,138 51 2 8.492 -2.756 Deutsche Bank 4 4.956 77,803 492 4 5.007 -0.051 UniCredit 4 5.565 4,015 55 9 3.408 2.157 JP Morgan 5 4.633 72,738 461 5 4.281 0.352 Citi 5 5.496 3,965 23 6 4.439 1.057 Citi 6 3.786 59,441 427 6 4.165 -0.379 Sberbank CIB CJSC 6 5.470 3,946 56 4 7.173 -1.703 Credit Agricole CIB 7 3.481 54,654 406 10 3.589 -0.108 Erste Group Bank 7 5.344 3,855 35 17 2.395 2.949 Societe Generale 8 3.473 54,521 365 11 3.579 -0.106 Deutsche Bank 8 4.298 3,100 17 10 3.406 0.892 Goldman Sachs 9 3.410 53,530 315 7 3.697 -0.287 Societe Generale 9 3.744 2,701 25 7 4.354 -0.610 UniCredit 10 3.285 51,573 339 8 3.674 -0.389 Raiffeisen Bank International Group 10 3.299 2,380 27 5 4.545 -1.246 Bank of America Merrill Lynch 11 3.257 51,134 345 9 3.604 -0.347 REGION Investment Co 11 3.031 2,186 28 24 1.045 1.986 NatWest Markets 12 2.914 45,745 258 13 2.596 0.318 Rosselkhozbank OJSC 12 2.801 2,020 19 18 1.588 1.213 Credit Suisse 13 2.669 41,895 338 14 2.574 0.095 ING Groep 13 2.384 1,720 12 13 2.885 -0.501 UBS 14 2.512 39,433 258 12 2.644 -0.132 BNP Paribas 14 2.355 1,699 10 8 3.833 -1.478 Morgan Stanley 15 2.404 37,748 266 15 2.332 0.072 Sovcombank ICB JSC 15 2.270 1,638 30 14 2.637 -0.367 Commerzbank 16 2.138 33,565 250 17 1.770 0.368 HSBC 16 2.267 1,636 11 16 2.400 -0.133 Natixis 17 2.019 31,702 258 18 1.755 0.264 Alfa Bank 17 1.830 1,320 17 25 1.013 0.817 Banco Santander 18 1.978 31,053 207 16 2.285 -0.307 Barclays 18 1.724 1,244 7 12 2.971 -1.247 Landesbank Hessen-Thuringen 19 1.780 27,948 300 20 1.642 0.138 Intesa Sanpaolo 19 1.706 1,231 8 15 2.414 -0.708 Girozentrale PKO Bank Polski SA 20 1.695 1,223 10 22 1.350 0.345 Danske Bank 20 1.700 26,688 362 25 1.235 0.465 TOTAL 100% 72,139 327 100% TOTAL 100% 1,569,958 6,429 100% Western European Corporate High Yield Bonds - Risk Euro & Sterling Corporate & Financial Bonds FY 2018 FY 2017 FY 2018 FY 2017 Firm Rank Mkt Share(%) Volume (EUR Mln) Deal Count Prev Rank Prev Mkt Share(%) Mkt Share Chg(%) Firm Rank Mkt Share(%) Volume (EUR Mln) Deal Count Prev Rank Prev Mkt Share(%) Mkt Share Chg(%) Goldman Sachs 1 8.996 5,307 51 2 7.520 1.476 BNP Paribas 1 6.399 59,988 409 1 6.435 -0.036 Credit Suisse 2 7.939 4,684 55 3 6.580 1.359 Deutsche Bank 2 6.331 59,351 358 4 5.518 0.813 JP Morgan 3 6.827 4,028 50 1 8.514 -1.687 HSBC 3 6.012 56,366 401 3 5.645 0.367 Deutsche Bank 4 6.729 3,970 55 5 6.073 0.656 Societe Generale 4 4.473 41,939 288 7 3.908 0.565 BNP Paribas 5 6.307 3,721 56 4 6.201 0.106 Barclays 5 4.248 39,826 285 2 6.112 -1.864 Barclays 6 5.374 3,170 41 6 5.694 -0.320 UniCredit 6 4.038 37,857 272 5 4.344 -0.306 Citi 7 4.125 2,433 33 9 4.337 -0.212 Credit Agricole CIB 7 3.901 36,576 281 6 4.058 -0.157 HSBC 8 4.005 2,362 39 8 5.108 -1.103 JP Morgan 8 3.525 33,045 270 8 3.775 -0.250 Credit Agricole CIB 9 3.651 2,154 32 11 3.530 0.121 Goldman Sachs 9 3.292 30,859 194 9 3.461 -0.169 Bank of America Merrill Lynch 10 3.306 1,950 25 12 3.515 -0.209 NatWest Markets 10 2.997 28,097 207 15 2.611 0.386 Morgan Stanley 11 3.290 1,941 23 7 5.432 -2.142 Natixis 11 2.914 27,317 209 17 2.209 0.705 Societe Generale 12 2.833 1,671 30 10 3.634 -0.801 UBS 12 2.821 26,451 116 21 1.740 1.081 UniCredit 13 2.673 1,577 26 13 3.223 -0.550 Landesbank Hessen-Thuringen Girozentrale 13 2.796 26,212 268 14 2.655 0.141 ING Groep 14 2.512 1,482 24 14 2.877 -0.365 Bank of America Merrill Lynch 14 2.656 24,901 176 10 3.322 -0.666 Natixis 15 2.004 1,182 19 17 1.680 0.324 Commerzbank 15 2.548 23,885 198 20 1.975 0.573 UBS 16 1.695 1,000 16 16 1.937 -0.242 Citi 16 2.496 23,404 235 11 3.071 -0.575 Nordea 17 1.665 982 17 19 1.335 0.330 Banco Santander 17 2.436 22,836 172 12 2.934 -0.498 Danske Bank 18 1.554 917 14 30 0.621 0.933 ING Groep 18 2.418 22,666 187 19 2.026 0.392 NatWest Markets 19 1.511 891 15 15 2.384 -0.873 Morgan Stanley 19 2.136 20,024 151 13 2.837 -0.701 Intesa Sanpaolo 20 1.170 691 11 18 1.616 -0.446 Credit Suisse 20 1.865 17,486 159 16 2.304 -0.439 TOTAL 100% 58,993 182 100% TOTAL 100% 937,526 3,011 100% Bloomberg League Table Reports Page 2 Bloomberg EMEA Capital Markets | FY 2018 EMEA Corporate High Yield Bonds (inc EM) - Risk EMEA Corporate Investment Grade Bonds (inc EM) FY 2018 FY 2017 FY 2018 FY 2017 Firm Rank Mkt Share(%) Volume (EUR Mln) Deal Count Prev Rank Prev Mkt Share(%) Mkt Share Chg(%) Firm Rank Mkt Share(%) Volume (EUR Mln) Deal Count Prev Rank Prev Mkt Share(%) Mkt Share Chg(%) Goldman Sachs 1 6.851 5,537 55 2 6.546 0.305 BNP Paribas 1 7.930 21,555 173 2 7.746 0.184 Credit Suisse 2 6.717 5,429 65 5 5.231 1.486 Societe Generale 2 6.461 17,562 130 5 5.300 1.161 JP Morgan 3 6.396 5,169 65 1 8.499 -2.103 Deutsche Bank 3 6.064 16,482 105 3 6.616 -0.552 Deutsche Bank 4 6.073 4,908 63 4 6.053 0.020 HSBC 4 5.658 15,378 138 4 6.530 -0.872 BNP Paribas 5 5.962 4,818 71 6 4.956 1.006 UniCredit 5 4.660 12,666 95 9 3.898 0.762 Citi 6 5.051 4,082 50 9 4.400 0.651 Barclays 6 4.615 12,544 106 1 7.794 -3.179 Barclays 7 4.869 3,935 49 8 4.446 0.423 Credit Agricole CIB 7 4.555 12,379 105 12 3.375 1.180 HSBC 8 4.711 3,807 58 7 4.677 0.034 JP Morgan 8 4.039 10,977 96 7 4.401 -0.362 Morgan Stanley 9 3.177 2,567 30 3 6.220 -3.043 Mitsubishi UFJ Financial Group Inc 9 3.859 10,489 95 13 3.021 0.838 Credit Agricole CIB 10 3.018 2,439 35 14 2.913 0.105 ING Groep 10 3.826 10,398 85 19 1.865 1.961 Bank of America Merrill Lynch 11 2.820 2,279 29 12 3.120 -0.300 Goldman Sachs 11 3.581 9,732 48 10 3.791 -0.210 UniCredit 12 2.815 2,275 35 11 3.352 -0.537 Citi 12 3.496 9,503 99 6 5.078 -1.582 Societe Generale 13 2.695 2,178 38 10 3.453 -0.758 Bank of America Merrill Lynch 13 3.247 8,826 74 8 3.941 -0.694 ING Groep 14 2.591 2,094 29 13 2.917 -0.326 Banco Santander 14 3.169 8,614 70 11 3.540 -0.371 Natixis 15 2.261 1,827 25 21 1.293 0.968 NatWest Markets 15 2.836 7,707 74 15 2.591 0.245 UBS 16 1.570 1,269 19 15 2.216 -0.646 Commerzbank 16 2.622 7,127 68 16 2.271 0.351 RBC Capital Markets 17 1.433 1,158 17 35 0.490 0.943 RBC Capital Markets 17 2.241 6,090 48 23 1.347 0.894 Danske Bank 18 1.370 1,107 16 37 0.478 0.892 Credit Suisse 18 2.185 5,938 57 17 2.230 -0.045 NatWest Markets 19 1.356 1,096 17 16 1.834 -0.478 Morgan Stanley 19 1.987 5,401 57 18 2.220 -0.233 Nordea 20 1.287
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  • Wells Fargo International Equity Fund

    Wells Fargo International Equity Fund

    QUARTERLY MUTUAL FUND COMMENTARY Q4 2020 | All information is as of 12/31/2020 unless otherwise indicated. Wells Fargo International Equity Fund Quarterly review GENERAL FUND INFORMATION ● The International Equity Fund underperformed the MSCI ACWI ex USA Index (Net) Ticker: WFENX and the MSCI ACWI ex USA Value Index (Net) for the quarter that ended December 31, 2020. Portfolio managers: Dale A. Winner, ● Performance was driven largely by stock selection, with positive contributions coming CFA®; and Venk Lal from investments in the industrials and materials sectors as well as in China/Hong Subadvisor: Wells Capital Kong and Canada. Management Inc. ● Positions in information technology (IT) and health care as well as in France and Japan Category: Foreign large value detracted from performance. Market review FUND STRATEGY ● Maintains a core equity style that International equity markets initially declined in October before advancing 19.6% in the emphasizes bottom-up stock final two months of the year as multiple COVID-19 vaccines reached 90%+ efficacy and selection based on rigorous, uncertainty surrounding the U.S. presidential election receded, resulting in a 17.0% in-depth, fundamental company return for the MSCI All Country World ex USA Index (Net) in the fourth quarter, the research highest quarterly return since the third quarter of 2009. In this environment, the Global ● Uses a bottom-up research process Purchasing Managers’ Index (PMI) reached 53.3 in October, the highest level since that targets companies with August 2018, but fell back to 52.7 in December, still in expansionary territory. Emerging underestimated earnings growth markets outperformed developed markets and sovereign yields saw mixed fluctuations potential or those trading at during the period, including the U.S.