MUTUAL FUND Investor Guide The Investor Guide To VANGUARD …
ApRIL 2014
MUTUAL FUND Investor Guide
The Investor Guide To VANGUARD FUNDs
Matthew D. Sauer
Founder & Chief Investment Officer
Matthew Sauer is the Founder and Chief Investment Officer of the Mutual Fund Investor Guide family of newsletters. Each month he analyzes and provides buy, sell and hold recommendations for hundreds of mutual funds and ETFs in three newsletters: The Investor Guide to Fidelity Funds, The ETF Investor Guide and The Investor Guide to Vanguard Funds.
Prior to starting the Mutual Fund Investor Guide, Matthew was President and Chief Investment Officer of the Fidelity Independent Adviser, ETF Report & Sector Momentum Tracker newsletters.
iN tHis issuE
1 Perspective
2 Model Portfolio
Allocations
3 Model Portfolios
5 Data & Rankings
15 Portfolio Spotlight:
Vanguard Equity Income (VEIPX)
A Note from Matt:
Welcome to the first issue of the Investor Guide to Vanguard Funds. We hope our members find the information and advice herein as useful as tens of thousands of subscribers have found our Fidelity and ETF newsletters to be over the years. The newsletter covers more than 100 Vanguard mutual funds and ETFs, plus more than 500 non-transaction fee mutual funds available on the Vanguard platform. We have also included 10 Model Portfolios that provide advice developed for your investment objectives and risk tolerance. If you have any questions about the rankings, recommendations or models, please call us at (888) 252-5372.
Market Perspective:
Stocks slipped into negative territory for the year after the sell-off in momentum sectors bled into the wider market. The S&P 500 Index is down 1.77 percent for the year through April 10. This decline has increased talk of a larger correction over the next few weeks. By historic standards, a correction is overdue ? especially since the markets were up 30 percent or more in 2013. The last time the stock market declined more than 10 percent was in 2011 and, on average, corrections come once every two years. A move lower now should be welcomed by investors as it is part of a normal bull market cycle. When the market goes a very long time without a correction, such as in the mid-1990s and mid-2000s, the resulting selloff is often much larger, or creates full on bear market, as was the case when the market started correcting in late October 2007.
It is important to keep market performance in perspective. A drop of nearly 20 percent in the S&P 500 Index would send it down to nearly 1500, a loss of approximately 400 points. That is a big decline, but investors would see their stocks selling for roughly the same price as they were in early 2013. Nevertheless, it highlights how far stocks have come in the past 15 months and such a large decline is unlikely without some type of significant change in the global or U.S. economy. The correction in 2011 also wiped out a year of gains when it bottomed in October 2011, yet the market quickly recovered and marched on to new highs in 2012.
Stocks surged higher in 2013 and a pullback to a slower pace of appreciation seen from 20092012 is quite possible. A likely correction scenario would see stocks slip by 10 to 15 percent, pulling stocks back to the long-term trendline of the post-2008 bull market. The S&P 500 Index is already down more than 4 percent from its high, so a decline of another 6-8 percent could well mark the end of a correction, if one is currently underway.
One impetus for a correction or rally in the coming month is earnings season. The financial sector kicked things off with a mixed bag on Friday, April 11: banking behemoth J.P. Morgan (JPM) missed analyst estimates while Wells Fargo (WFC) beat analyst expectations. Overall the picture looks mixed. FactSet Research reports that for the S&P 500 Index, the "estimated earnings decline for Q1 2013 is 1.6 percent." They also note that this is the first decline since the third quarter of 2012. Earnings from that quarter were released in October and November, which marked a short-term low for stocks before a big rally started and carried stocks higher into the end of 2013. Correction or not, stocks are unlikely to stage a big rally in the coming weeks if earnings are weak.
FactSet also notes that there have been four times in the past three years when the estimates for S&P 500 Index predicted a decline in earnings, but only once did earnings actually fall. In the other quarters, companies beat estimates. Just over a dozen companies have reported earnings so far, but the majority have beaten analyst estimates. We will know very soon if companies can continue the trend as a number of blue chip companies report over the next two weeks. If they continue to beat estimates, the current weakness in stocks will end sooner rather than later.
Economic forecasts for first quarter GDP are falling in line with the weaker earnings estimates. Economists aren't looking for a recession, but they do have growth rates coming closer to the 2 percent level, down from the mid-2 percent range seen a few months ago. The revised growth rate is in keeping with levels seen in the post-2008 economic recovery, which likely means gains in the market will be more modest, in contrast to the run-up we saw last year.
(continued on next page)
1
The Investor Guide to VANGUARD Funds
Market Perspective (continued)
Unless the rate of economic expansion drops significantly, thus bringing the stocks lower, investors would be wise to avoid timing the market. If a correction is underway, it is likely nearing a bottom, and we would expect the market to rebound. Over the next few weeks, down
days in the market may provide strong buying opportunities ? especially for the more aggressive models. Dependent upon your risk tolerance and long-term objectives, each of the model portfolios provides an option to best allocate your investments. It is important to keep a
long-term perspective when making changes to your investments; while volatility has increased and the major indexes have weakened, our economy is still improving. Corrections are to be expected and should not be a cause of panic.
Model Portfolio Allocations
Please Note: Shares in NTF funds held for less than 180 days carry a 1% redemption fee ($50 minimum, $250 maximum) imposed by Vanguard Brokerage along with any short-term redemption fees charged by the outside fund family.
Vanguard Aggressive Growth Portfolio: The Vanguard Aggressive Growth Portfolio targets high-risk/high-return funds. Currently, the fund is positioned for a rebound in healthcare and technology shares: over the long-term we believe each of these sectors is positioned to outperform the market. There is also a small speculative bet that the current rally in emerging markets will continue. Energy is one of the strongest sectors at the moment. Vanguard Capital Value (VCVLX) delivers heavy exposure to energy, healthcare and technology.
Vanguard Straight Growth Portfolio: The Vanguard Straight Growth Portfolio is weighted towards the value sectors of the market due to the current market conditions that favor value over growth. The aim of this portfolio is to deliver high growth, but with less risk than the Aggressive Growth Portfolio.
Vanguard Balanced Growth: The Vanguard Balanced Growth Portfolio is much more conservative than the Straight Growth Portfolio. The goal here is balanced growth with an eye towards income. The only holding with a yield lower than the S&P 500 Index is Vanguard Dividend Growth (VDIGX), which aims for growth
over current yield. Vanguard Convertible Securities (VCVSX) and Vanguard Wellesley Income (VWINX) funds yield slightly more than the market, while Vanguard High Dividend Yield (VYM) is yields more than 1 percent more than the S&P 500 Index.
Vanguard Conservative Income Portfolio: The Vanguard Conservative Income Portfolio aims for low volatility and a higher current income, while delivering some capital growth. Income funds account for 60 percent of assets. Equity exposure comes through convertible securities and Vanguard Equity Income (VEIPX).
NTF Aggressive Growth Portfolio: The NTF Aggressive Growth Portfolio has the same goal as the Vanguard Aggressive Growth Portfolio, but this portfolio makes more use of growth funds such as ClearBridge Aggressive Growth (LMPFX). That fund is heavily weighted in healthcare and technology shares, helping to deliver a similar sector weighting as the similar Vanguard portfolio.
NTF Straight Growth Portfolio: The NTF Straight Growth Portfolio is conservatively positioned for a potential extended correction. Wasatch Long/Short (FMLSX) holds both long and short positions, as the name implied. At the end of March, the fund had a short position in technology worth 3.1 percent of assets, along with 2.9 percent of assets short consumer staples. This fund has been outperforming the S&P 500 since mid-March.
NTF Conservative Income Portfolio: The NTF Conservative Income Portfolio
is slightly more exposed to stocks than the similar Vanguard Portfolio. Vanguard Wellington (VWELX) has two-thirds of assets in stocks, and along with Invesco Diversified Dividend Investor (LCEIX) and Vanguard Convertible Securities (VCVSX) combine for a bit over 40 percent of the portfolio.
NTF Global Portfolio: The NTF Global Portfolio offers international exposure. Currently, the portfolio is heavily exposed to developed markets with an overweighting of Europe.
NTF Absolute Return/Down Market Portfolio: The NTF Absolute Return/ Down Market Portfolio is designed to hold its value or even rally in the midst of a declining market. Currently the fund is exposed to utilities, which tend to outperform in bear markets and have actually been rallying in the midst of the recent sell-off in stocks. Tocqueville Gold (TGLDX) delivers protection in the event a severe bear market hits and the Federal Reserve or other central banks decide to print more money. Gold outperformed in 2008 and miners bottomed before the broader market, then went on to stage a big rally on the back of global money printing.
If you have any
questions about our
Model Portfolios, call us
at (888) 252-5372.
2 april 2014 | PHONE: (888) 252-5372
Model Portfolios
Vanguard Aggressive Growth Portfolio
Symbol
Fund
Price
VGHCX VGENX VGT VMMSX VSTCX VCVLX VFH
Vanguard Health Care Vanguard Energy Vanguard Information Technology Vanguard Emerging Markets Select stock Vanguard Strategic Small-Cap equity Vanguard Capital Value Vanguard Financials ETF
187.46 69.06 88.94 20.03 30.43 14.73 44.072
TOTAL
Shares
133.36 144.80 224.87 249.63 328.62 1357.77 226.90
Allocation 25% 10% 20% 5% 10% 20% 10%
100%
(Data provided as of 4/10/14)
1 Month
YTD
Total Return
N/A
N/A
$25,000.00
N/A
N/A
$10,000.00
N/A
N/A
$20,000.00
N/A
N/A
$5,000.00
N/A
N/A
$10,000.00
N/A
N/A
$20,000.00
N/A
N/A
$10,000.00
N/A
N/A $100,000.00
Vanguard Straight Growth Portfolio
Symbol
Fund
Price
VDIGX VASVX VEVFX MGV VISGX
Vanguard Dividend Growth Vanguard Selected Value Vanguard Explorer Value Vanguard Mega Cap Value Vanguard Small Cap Growth
21.28 28.15 31.23 55.23 33.52
TOTAL
Vanguard Balanced Growth Portfolio
Symbol
Fund
Price
VEIPX VCVSX VYM VDIGX VWINX
Vanguard Equity Income Vanguard Convertible Securities Vanguard High Dividend Yield Index Vanguard Dividend Growth Vanguard Wellesley Income
29.79 13.95 62.26 21.28 25.26
TOTAL
Vanguard Conservative Income Portfolio
Symbol
Fund
Price
VFSTX VWEHX VEIPX VWINX VCVSX
Vanguard Short-term Investment Grade Vanguard High-Yield Corporate Vanguard Equity Income Vanguard Wellesley Income Vanguard Convertible Securities
10.76 6.12
29.79 25.26 13.95
TOTAL
Shares 1409.77
710.48 640.41 362.12 298.33
Shares 1007.05 1075.27 240.93 1174.81 593.82
Allocation 30% 20% 20% 20% 10%
100%
Allocation 30% 15% 15% 25% 15%
100%
Shares
1394.05 4084.97
839.21 791.77 1075.27
Allocation 15% 25% 25% 20% 15%
100%
1 Month N/A N/A N/A N/A N/A
N/A
1 Month N/A N/A N/A N/A N/A
N/A
1 Month N/A N/A N/A N/A N/A
N/A
YTD
Total Return
N/A
$30,000.00
N/A
$20,000.00
N/A
$20,000.00
N/A
$20,000.00
N/A
$10,000.00
N/A $100,000.00
YTD
Total Return
N/A
$30,000.00
N/A
$15,000.00
N/A
$15,000.00
N/A
$25,000.00
N/A
$15,000.00
N/A $100,000.00
YTD
Total Return
N/A
$15,000.00
N/A
$25,000.00
N/A
$25,000.00
N/A
$20,000.00
N/A
$15,000.00
N/A $100,000.00
User Guide
Rank: Our proprietary ranking system uses both technical and fundamental analysis to identify those funds expected to outperform over the following 6 months, on a risk adjusted basis.
Advice: Bases on technical and fundamental indicators, we issue buy, hold and sell recommendations based upon expected future performance. We often avoid recommending funds that are extraordinarily volatile or are exposed to significant market risk.
Performance Returns: YTD, 1-month, 3-month and 1-year returns are calculated each month based on the trailing returns. For 3-year and 5-year periods, returns are annualized.
Yield %: We use the 30-day SEC Yield to provide the expected income generated by each fund, as reported by the fund in its most recent filing.
Beta: The 3-year Beta is the measure of the volatility, or systematic risk of the fund as compared to the market. A Beta of 1.3 will typically be 30% more volatile than the market.
Standard Deviation (SD): Also used to measure volatility, is determined from the monthly returns of the fund over the previous 3 years. Those funds with higher standard deviations are more volatile as compared to those with a lower standard deviation.
Expense Ratio: The expense ratio is the fee charged by the mutual fund. This charge is deducted from the return of the fund, impacting performance. Please note, funds may have different share classes with varying expenses associated with each class.
| APRIL 2014 3
The Investor Guide to VANGUARD Funds
NTF Aggressive Growth Portfolio
Symbol
Fund
POGRX LMPFX BENFX VGHCX VFH
PRIMECAP Odyssey Growth ClearBridge Aggressive Growth FI Baron Energy and Resources Retail Vanguard Health Care Vanguard Financials ETF
TOTAL
NTF Straight Growth Portfolio
Symbol
Fund
FAMVX FMLSX LCEIX VDIGX VASVX
FAM Value Wasatch Long/Short Invesco Diversified Dividend Investor Vanguard Dividend Growth Vanguard Selected Value
TOTAL
Price 23.57 187.4 12.51 187.46 44.07
Price 62.2 16.08 17.26 21.28 28.15
Shares 1272.80
133.40 799.36 106.69 340.35
Shares 401.93 1243.78 1448.44 704.89 532.86
NTF Balanced Growth Portfolio
Symbol
Fund
DLTNX FMLSX SHYPX LCEIX VEIPX
DoubleLine Total Return Bond Wasatch Long/Short Investor American Beacon SiM High Yld Opps Inv Invesco Diversified Dividend Investor Vanguard Equity Income
TOTAL
NTF Conservative Income Portfolio
Symbol
Fund
DLTNX VCVSX THOPX VWINX LCEIX VWELX
DoubleLine Total Return Bond Vanguard Convertible Securities Thompson Bond Vanguard Wellesley Income Invesco Diversified Dividend Investor Vanguard Wellington
Price 10.96 16.08 10.32 17.26 29.79
Price 10.96 13.95 11.93 25.26 17.26 38.27
Shares 2281.02 932.84 1453.49 1158.75 839.21
Shares 2281.02 1075.27 838.22 593.82 869.06 522.60
TOTAL
NTF Global Portfolio
Symbol
Fund
VGK VMVFX WAGOX WAGTX MGLBX
Vanguard European Stock Index Vanguard Global Minimum Volatility Wasatch Global Opportunities Wasatch World Innovators Marsico Global
TOTAL
Price
58.65 10.45 4.21 23.24 13.55
Shares
255.75 2392.34 3562.95 1075.73 1476.01
NTF Absolute Return/Down Market Portfolio
Symbol
Fund
Price
VPU FMLSX DLTNX THOPX TGLDX VSGBX
Vangaurd Utilities ETF Wasatch Long/Short DoubleLine Total Return Bond Thompson Bond Tocqueville Gold Vanguard Short-Term Federal
90.71 16.08 10.96 11.93 39.57 10.74
TOTAL
Shares
220.48 1554.73
912.41 2095.56
252.72 931.10
4 april 2014 | PHONE: (888) 252-5372
Allocation 30% 25% 10% 20% 15%
100%
Allocation 25% 20% 25% 15% 15%
100%
Allocation 25% 15% 15% 20% 25%
100%
Allocation 25% 15% 10% 15% 15% 20%
100%
Allocation 15% 25% 15% 25% 20%
100%
Allocation 20% 25% 10% 25% 10% 10%
100%
1 Month N/A N/A N/A N/A N/A
N/A
1 Month N/A N/A N/A N/A N/A
N/A
1 Month N/A N/A N/A N/A N/A
N/A
1 Month N/A N/A N/A N/A N/A N/A
N/A
1 Month N/A N/A N/A N/A N/A
N/A
1 Month N/A N/A N/A N/A N/A N/A
N/A
YTD
Total Return
N/A
$30,000.00
N/A
$25,000.00
N/A
$10,000.00
N/A
$20,000.00
N/A
$15,000.00
N/A $100,000.00
YTD
Total Return
N/A
$25,000.00
N/A
$20,000.00
N/A
$25,000.00
N/A
$15,000.00
N/A
$15,000.00
N/A $100,000.00
YTD
Total Return
N/A
$25,000.00
N/A
$15,000.00
N/A
$15,000.00
N/A
$20,000.00
N/A
$25,000.00
N/A $100,000.00
YTD
Total Return
N/A
$25,000.00
N/A
$15,000.00
N/A
$10,000.00
N/A
$15,000.00
N/A
$15,000.00
N/A
$20,000.00
N/A $100,000.00
YTD
Total Return
N/A
$15,000.00
N/A
$25,000.00
N/A
$15,000.00
N/A
$25,000.00
N/A
$20,000.00
N/A $100,000.00
YTD
Total Return
N/A
$20,000.00
N/A
$25,000.00
N/A
$10,000.00
N/A
$25,000.00
N/A
$10,000.00
N/A
$10,000.00
N/A $100,000.00
Data & Rankings (Data provided as of 4/10/14)
Symbol
IVOG IVOO IVOV MGC MGK MGV NAESX VASVX VB VBK VBR VCVLX VDAIX VDEQX VDIGX VEIPX VEVFX VEXMX VEXPX VFINX VFTSX VHDYX VIG VIGRX VIMSX VIOG VIOO VIOV VISGX VISVX VIVAX VLACX VMGIX VMGRX VMRGX VMVIX VO VOE VONE VONG VONV VOO VOOG VOOV VOT VQNPX VSEQX VSTCX VTHR VTI VTSMX VTV VTWG VTWO VTWV VUG VUVLX VV VWNDX VWNFX VWUSX VXF VYM
Name/Short Term Fee
Vanguard S&P Mid-Cap 400 Growth Idx ETF Vanguard S&P Mid-Cap 400 Index ETF Vanguard S&P Mid-Cap 400 Value Index ETF Vanguard Mega Cap ETF Vanguard Mega Cap Growth Index ETF Vanguard Mega Cap Value Index ETF Vanguard Small Cap Index Inv Vanguard Selected Value Inv Vanguard Small Cap ETF Vanguard Small Cap Growth ETF Vanguard Small Cap Value ETF Vanguard Capital Value Inv Vanguard Dividend Appreciation Idx Inv Vanguard Diversified Equity Inv Vanguard Dividend Growth Inv Vanguard Equity-Income Inv Vanguard Explorer Value Inv Vanguard Extended Market Idx Inv Vanguard Explorer Inv Vanguard 500 Index Inv Vanguard FTSE Social Index Inv Vanguard High Dividend Yield Index Inv Vanguard Dividend Apprec Idx ETF Vanguard Growth Index Inv Vanguard Mid Cap Index Inv Vanguard S&P Small-Cap 600 Gr Idx ETF Vanguard S&P Small-Cap 600 Index ETF Vanguard S&P Small-Cap 600 Value Idx ETF Vanguard Small Cap Growth Index Inv Vanguard Small Cap Value Index Inv Vanguard Value Index Inv Vanguard Large Cap Index Inv Vanguard Mid-Cap Growth Index Inv Vanguard Mid Cap Growth Inv Vanguard MorganTM Growth Inv Vanguard Mid-Cap Value Index Inv Vanguard Mid-Cap ETF Vanguard Mid-Cap Value ETF Vanguard Russell 1000 Index ETF Vanguard Russell 1000 Growth Index ETF Vanguard Russell 1000 Value Index ETF Vanguard S&P 500 ETF Vanguard S&P 500 Growth Index ETF Vanguard S&P 500 Value Index ETF Vanguard Mid-Cap Growth ETF Vanguard Growth & Income Inv Vanguard Strategic Equity Inv Vanguard Strategic Small-Cap Equity Inv Vanguard Russell 3000 Index ETF Vanguard Total Stock Market ETF Vanguard Total Stock Mkt Idx Inv Vanguard Value ETF Vanguard Russell 2000 Growth Index ETF Vanguard Russell 2000 Index ETF Vanguard Russell 2000 Value Index ETF Vanguard Growth ETF Vanguard US Value Inv Vanguard Large Cap ETF Vanguard WindsorTM Inv Vanguard WindsorTM II Inv Vanguard US Growth Inv Vanguard Extended Market Index ETF Vanguard High Dividend Yield Indx ETF
% Return (3 and 5 Years Annualized)
NAV Rank
Advice
YTD 1 Month 3 Month 1 Year 3 Year
VANGUARD GROWTH FUNDS
90.03 72
Hold
-2.07 -4.93 -2.42 16.13 11.35
89.80 77
Buy
-0.38 -3.29 -0.77 17.72 12.10
88.66 83
Buy
1.85 -1.44 1.19 19.41 12.94
62.34 79
Buy
-0.47 -2.19 -0.09 17.74 13.88
70.43 76
Buy
-2.20 -4.47 -1.66 17.96 14.61
54.96 82 Strong Buy 0.95 -0.36 1.09 17.51 13.11
52.36 80
Hold
-0.62 -4.31 -1.02 21.61 13.03
28.15 89 Strong Buy -0.18 -2.26 -0.78 25.36 15.38
109.05 77 Hold -0.46 -4.28 -0.98 21.91 13.18
119.24 75
Buy
-2.46 -6.71 -3.12 20.92 12.29
97.92 84
Buy
1.01 -2.16 0.88 22.07 13.72
14.73 90 Strong Buy 2.29 -3.79 1.59 28.91 12.45
29.71 82
Buy
-0.92 -1.15 -0.46 14.01 12.29
30.29 80
Buy
-0.85 -3.84 -0.92 20.43 13.44
21.28 84 Strong Buy -0.14 -1.02 0.14 16.44 14.42
29.79 93 Strong Buy 0.85 0.31 1.71 16.08 15.28
31.23 82 Strong Buy -0.86 -2.95 -0.76 19.82 13.64
62.25 79
Buy
-0.79 -4.84 -1.37 21.81 12.98
99.90 78
Hold
-3.38 -6.28 -3.63 24.43 12.96
169.13 79
Buy
-0.30 -2.20 -0.02 17.71 13.61
11.60 80
Buy
0.00 -3.17 -0.60 20.44 15.21
24.65 87 Strong Buy 0.46 0.30 1.24 14.89 15.07
74.13 77
Buy
-0.85 -1.11 -0.43 14.12 12.42
46.86 75
Buy
-1.86 -4.68 -1.46 17.71 13.72
30.13 80
Buy
0.38 -3.41 0.02 19.72 12.43
98.04 80
Hold
-3.25 -5.38 -2.48 24.29 14.56
95.91 78
Hold
-2.16 -4.12 -1.02 24.24 14.87
94.49 83
Hold
-0.59 -2.72 0.61 24.37 15.24
33.52 83 Strong Buy -2.46 -6.75 -3.17 20.64 12.13
23.55 84
Buy
0.96 -2.23 0.83 21.80 13.55
29.91 82
Buy
0.96 -0.48 1.03 17.90 13.15
33.99 79
Buy
-0.33 -2.41 -0.10 17.88 13.49
35.19 74 24.10 72 24.94 74 31.87 85 109.95 80 80.60 85 84.37 80 86.48 78 82.50 82 167.89 79 86.66 78 81.98 83 89.16 75 39.39 79 30.52 88 30.43 86 84.59 79 95.23 80 46.32 79 76.66 83 94.00 73 89.08 76 84.42 79 90.88 76 15.96 85 83.89 80 20.61 86 37.18 83 27.92 74 81.88 80 62.18 87
Buy Hold Hold Buy Buy Buy Buy Buy Buy Buy Buy Buy Buy Buy Buy Strong Buy Buy Hold Buy Buy Sell Hold Hold Buy Buy Buy Buy Buy Hold Hold Strong Buy
-0.76 -2.55 -2.62 1.57 0.44 1.57 -0.03 -1.31 1.09 -0.36 -1.09 1.05 -0.76 -0.38 1.73 0.43 -0.38 -0.33 -0.35 0.92 -4.18 -2.61 -1.16 -1.84 2.37 -0.32 1.33 1.12 -2.68 -0.68 0.55
-5.40 -6.12 -6.35 -1.41 -3.36 -1.38 -2.29 -3.89 -0.72 -2.27 -3.90 0.05 -5.38 -2.23 -2.96 -3.92 -2.60 -2.75 -2.74 -0.46 -8.05 -5.74 -3.16 -4.66 -0.87 -2.41 -1.67 -0.67 -6.47 -4.70 0.36
-1.12 -2.43 -2.88 1.16 0.13 1.16 0.19
1.17 -0.07 -0.87 1.44 -1.04 -0.30 0.79 0.07 -0.21 -0.25 -0.26 1.08 -4.94 -2.75 -0.05 -1.41 2.31 -0.03 1.28 1.36 -2.68 -1.23 1.26
17.20 17.47 19.47 21.51 19.95 21.69 18.47 18.91 17.90 17.82 18.65 17.28 17.38 18.03 26.95 26.34 18.43 18.74 18.55 18.10 22.64 20.92 19.18 17.93 19.70 18.11 22.77 18.44 19.64 21.99 15.02
10.41 12.11 11.66 14.31 12.60 14.47 13.91 13.53 13.88 13.72 14.26 13.12 10.56 14.03 16.11 15.05 13.65 13.68 13.55 13.30 11.80 11.80 11.61 13.91 15.76 13.67 14.47 13.90 13.61 13.16 15.20
5 Year Yield %
0.75 1.23 1.44 18.51 2.00 19.13 1.43 17.90 2.46 23.09 1.13 22.22 1.48 23.32 1.27 23.76 0.73 22.68 1.72 25.16 0.91 17.03 1.98 19.66 0.93 17.56 1.86 19.67 2.69 0.73 22.47 1.00 22.14 0.11 18.79 1.88 19.96 1.57 19.33 2.95 17.15 2.08 19.29 1.15 21.89 1.13 0.57 1.00 1.24 23.50 0.59 22.38 1.58 18.51 2.26 18.93 1.76 20.80 0.60 20.05 0.13 18.54 0.57 22.77 1.64 22.11 1.27 22.96 1.78 1.87 1.54 2.20 2.00 1.52 2.33 21.02 0.74 18.75 1.63 23.80 1.10 23.70 0.79 1.75 19.67 1.86 19.52 1.74 18.69 2.40 0.40 1.16 1.64 19.49 1.29 19.82 1.89 19.11 1.90 20.09 1.28 18.98 2.24 18.04 0.38 22.69 1.13 19.50 3.03
Beta 3 Year
1.16 1.18 1.20 0.99 1.00 0.97 1.27 1.04 1.27 1.29 1.23 1.44 0.88 1.12 0.78 0.83 1.21 1.24 1.27 1.00 1.03 0.79 0.88 1.03 1.15 1.18 1.22 1.25 1.30 1.23 1.00 1.02 1.20 1.09 1.13 1.11 1.16 1.11 1.02 1.00 1.05 1.00 0.94 1.07 1.20 1.01 1.28 1.35 1.04 1.04 1.04 1.00 1.32 1.28 1.24 1.03 1.07 1.02 1.14 0.99 1.14 1.24 0.79
SD Expense 3 Year Ratio
15.28 0.20 15.36 0.15 15.66 0.22 12.29 0.11 12.90 0.11 12.46 0.11 16.39 0.24 13.44 0.43 16.39 0.10 17.10 0.10 15.91 0.10 19.06 0.41 11.39 0.20 14.10 0.40 10.15 0.31 10.83 0.30 15.60 0.60 16.17 0.24 16.77 0.50 12.47 0.17 13.01 0.28 10.46 0.19 11.38 0.10 13.29 0.24 14.85 0.24 15.49 0.23 15.85 0.18 16.44 0.23 17.11 0.24 15.88 0.24 12.70 0.24 12.66 0.24 15.92 0.24 14.49 0.51 14.73 0.39 14.15 0.24 14.86 0.10 14.16 0.10 12.77 0.12 12.77 0.15 13.22 0.15 12.47 0.05 11.92 0.15 13.47 0.15 15.92 0.10 12.64 0.36 16.47 0.28 17.50 0.38 13.04 0.15 13.05 0.05 13.05 0.17 12.70 0.10 17.58 0.20 16.77 0.23 16.23 0.36 13.29 0.10 13.53 0.29 12.66 0.10 14.51 0.37 12.54 0.36 15.04 0.45 16.18 0.14 10.46 0.10
| APRIL 2014 5
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