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Barron's Magazine - January 1, 2018

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OUR ANNUAL QUIZ: TEST YOUR STREET SMARTS PAGE 15
•
VOL. XCVIII
NO. 1
JANUARY 1, 2018
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Will Inflation Return?
Rising prices could rattle the market in 2018.
How investors can prepare.
$5.00
2
BARRON’S
January 1, 2018
A.I. is making quite an impression.
Revenue from artificial intelligence is expected to grow
by 50% year over year.1 Invest in the potential of A.I.
Last year, tech giants invested $20 billion in A.I.2 and
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to reach $46B by 2020.1 Fidelity’s tech sector fund
and ETF have the ability to take advantage of the
opportunities presented by A.I.
Learn more about our
tech sector mutual fund and tech sector ETF
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FSPTX
Fidelity® Select Technology Portfolio
FTEC
Fidelity® MSCI Information Technology Index ETF
Lowest expense ratio in the industry 3,4
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Before investing in any mutual fund or exchange-traded fund, you should consider its investment objectives, risks, charges, and expenses.
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ETFs are subject to market fluctuation and the risks of their underlying investments. ETFs are subject to management fees and other
expenses. Unlike mutual funds, ETF shares are bought and sold at market price, which may be higher or lower than their NAV, and are not
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Sectors are defined by the Global Industry Classification Standard (GICS).
Source for A.I. Revenue Forecast: IDC
2
Source: McKinsey Global Institute, “Artificial Intelligence: The Next Digital Frontier”
3
Expense ratio data as of 8/22/2017. Based on a comparison of total expense ratios for U.S. technology sector-level ETFs with similar holdings and investment objectives, within the universe of 46 U.S. ETFs
in the Morningstar technology category.
4
FTEC expense ratio, .084%. Expense ratio is the total annual fund operating expense ratio from the fund’s most recent prospectus.
Because of their narrow focus, sector investments tend to be more volatile than investments that diversify across many sectors and companies.
Fidelity Brokerage Services LLC, Member NYSE, SIPC. © 2017 FMR LLC. All rights reserved. 812469.2.0
1
Table of Contents
Pullout Section Begins After Page 16
s 2018 Dow Jones & Company, Inc. All Rights Reserved.
Feeling Better About Glaxo
Jack Hough
New generic competition for a key asthma treatment will hurt sales
but won’t stop the drugmaker’s progress. The stock could return 40%.
The Trader
Ben Levisohn
Stocks end a spectacular year
on a sour note. What will the
new year bring? Plus, our 2017
winners and losers—and why
we still like financials. M3
Charting the Market M6
Asian Trader
Assif Shameen
This year’s best-performing
region heads into 2018 with
the wind at its back. M7
Corning’s Bright Prospects
Leslie P. Norton
The shares could rise more than 25% as optical fiber and other new
products become growth drivers. A big opportunity in Gorilla Glass.
Dust Off Your Crystal Ball
Andrew Bary
How many times will the Fed raise rates in 2018? Which FANG stock
will perform best? Test your forecasting skills in our annual quiz.
Bracing for an Inflation Shock
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Emerging Markets
Craig Mellow
The risks of owning Alibaba,
Baidu, JD.com, and other
U.S.-listed Chinese stocks. M7
Avi Salzman
13D Filings M10
Striking Price
Steven Sosnick
Using options to help protect
against potential market
disruptions in 2018. M11
Research Reports M12
Insider Transactions M12
Commodities Corner
Simon Constable
Adoption of electric vehicles
will crush lead prices. M13
Market View M14
13
Commodities Come With a Catch
Simon Constable
Tricks for avoiding tax headaches when buying
metals and energy as an inflation hedge.
Mutual Funds: Safe Spaces
Sarah Max
Altegris/AACA Opportunistic Real Estate fund manager Burl
East favors properties with tenants that tend to stay put—such as data
centers, casinos, and cellphone towers. PLUS: Scoreboard.
Columns
Up & Down Wall Street
14
Vito J. Racanelli
Market enthusiasm, indeed.
But euphoria? Not yet. 4
Streetwise
Alex Eule
For some investors, the facts
don’t seem to matter much. 7
15
16
COVER STORY: Even a small uptick in inflation in 2018
could catch markets off-guard. How to prepare.
Winners & Losers M8
Current Yield
William Watts
An added supply of Treasuries
is likely to be absorbed by
index-oriented investors. M9
January 1, 2018
Review & Preview
It’s too soon for Trump to
claim economic victory. Cutting
down on cord clutter. 10
Follow-Up
Bagging gains in retail stocks
after their year-end spurt. 12
Tech Trader
19
Tiernan Ray
Getting a handle on leading
tech trends with help from
WTF? author Tim O’Reilly. 20
Fund of Information
21
PROFILE:
Karen Hube
Four new bond funds with
promising futures. 23
ETF Focus
Teresa Rivas
Our top banking and tech
ETF picks for the new year. 24
Speaking of Dividends
Bitcoin Is Here to Stay
Tiernan Ray
Q&A WITH AVADIS TEVANIAN: NextEquity’s co-founder offers a unique
perspective on cryptocurrencies, artificial intelligence, Apple, and more.
Buyback Myths—and Reality
Mark Hulbert
A surge in buyback activity next year isn’t likely to prop up the bull
market, nor will it hurt the economy. Biggest beneficiaries: value stocks.
26
Jon Swartz
Facebook could be the first of
the FANGs to offer a payout. 25
Best Advice
29
Steve Garmhausen
JPMorgan’s Louise Armour
thinks the bull market still
has room to run in 2018. 28
Index to Companies . . . . . . . . 8
Cover Illustration
Doug Chayka for Barron’s
BARRON’S (USPS 044-700) (ISSN 1077-8039) Published every
Monday. Editorial and Publication Headquarters: 1211 Avenue
of the Americas, New York, N.Y. 10036. Periodicals postage paid
at Chicopee, MA and other mailing offices. Postmaster: Send address changes to Barron’s, 200 Burnett Rd., Chicopee, MA 01020
A Smart Approach to U.S. Security
Martin Feldstein
OTHER VOICES: The White House’s new National Security Strategy
document places a welcome emphasis on the economy and global trade.
31
Mailbag Apple. The new tax
law. Market risks. . . . . . . . . . . 30
Classified . . . . . . . . . . . . . . . . . . 12
4
BARRON’S
Up & Down Wall Street
So Long 2017—Next Stop, Euphoria
by Vito J.Racanelli
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T
curve to follow.
turned 22% in 2017—among the best of the major
There’s a reason for this emotional response: Each of the
global indexes. Or that the eight-year bull is up past seven recessions has been preceded by an inverted yield
376% from its March 9, 2009, lows, for an phenom- curve. With the curve—the spread between the two-year and
enal average annual return of 19%. Or that on no day in 10-year Treasuries—flattening of late, there’s growing
2017 did prices close below the 2016 year-end mark.
nervousness about an inverted yield curve next year and a
No, none of those wondrous things about 2017 can com- recession thereafter. The spread has dropped to about 51 bapete with reports last week that music producer and rap sis points from 120 basis points 12 months ago. (A basis point
star Kanye West had given his wife, Kim
is a hundredth of a percentage point.)
Kardashian, a Christmas gift of hundreds of
The spread is flattening as the Federal
thousands of dollars in shares of AmazonReserve pushes up short-term rates, which it
When even Kanye
.com (ticker: AMZN), Netflix (NFLX),
controls through the federal-funds rate. At the
Apple (AAPL), Walt Disney (DIS), and
time, 10-year Treasury yields—which are
West’s publicized gift same
Adidas (ADDYY).
set by the market and respond to inflationary
Now, the natural wag in me is skeptical. A of shares is not a sign threats—have remained stable over the past
celebrity endorsement of some hot stocks?
12 months, at about 2.41%. (For more on inflaof a market top.
What could West know that the market hasn’t
tion, see this week’s cover story.)
already discounted? Is this a sign of the top?
The central bank is expected to raise the
On reflection, however, West is surely no
fed-funds rate by 0.75 percentage point to 2%
slouch. He has reportedly accumulated a net worth of over to 2.25% by year-end 2018, and some expect a 1 percentage
$100 million, which suggests some business acumen. And he point increase. With the two-year Treasury at about 1.89%,
didn’t give bitcoin or crypto-kitties.
if the current 10-year yield doesn’t move much, then a flat
The market’s relatively high valuation isn’t enough to or even inverted yield curve is almost inevitable in 2018.
turn bearish. A strong global economy in 2018 is good news (The fed-funds rate is used by banks that lend funds mainfor Corporate America. Tax cuts will help the bottom line of tained at the Fed to other banks overnight.)
domestically focused companies. I’m not a bear, but cryptoDon’t put up your hands just yet.
currency trading looks like the leading edge of euphoria.
“The advance warning that a flat or inverted yield curve
Rather than the top, the musician’s stock buying seems provides has varied sufficiently so that it’s a weak timely
a signal that the bull market is securely in the exhilaration predictor of a recession,” says Charles Lieberman, chief
stage. The despair of March 2009 has come almost 180 de- investment officer at Advisors Capital Management.
grees, passing through relief, hope, optimism, and now
Investors should understand that while recessions are
exhilaration. Next and last stop: euphoria.
always preceded by an inverted yield, not all inverted
When I asked fund managers for 2018 predictions, the curves are followed by a recession. Or, as my high school
two common themes were the return of inflation and poten- logic teacher might have put it: An inverted yield curve is
tially tough regulation of tech companies. One manager a necessary but not sufficient condition for a recession.
noted that after the bitcoin bubble bursts, the world’s new
This can be seen in the surprising number of false sigdominant currency will be Starbucks gift cards. Another nals over the past 30 years (see chart on the next page). For
said the New England Patriots will finally lose an important example, a flat yield curve in 1994 and an inverted one in
penalty call—but not the game. And here’s another: The 1998 weren’t followed by recessions. It inverted in February
New York Mets will win the World Series in 2018. Not.
2006, but the recession did not begin for 22 months—hardly
an efficient signal, Lieberman notes. Moreover, past inHO’S AFRAID OF A FLAT YIELD CURVE?
verted curves have resulted after the Fed increased rates
The typical investor is—in the same way too much amid strong economic growth, presumably to stave
a vampire dreads a cross. When the market off rising inflation. The Fed can’t be accused of that just yet.
flashes a flat yield curve, investors instincInstead, atypical factors account for the flat curve
tively raise their hands in defense, expecting an inverted recently, making the signal more garbled than usual, LieberHE BIG MARKET NEWS ISN’T THAT U.S. STOCKS RE-
W
January 1, 2018
January 1, 2018
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Up & Down Wall Street
BARRON’S
continued
man says. For one, the U.S. long-term bond a company that had lost $5.8 billion in the
yield is artificially lower than it might oth- year ended on March 1, 2014. Not many
erwise be as a result of central-bank easing investors are paying attention to what Chen
around the world. Consequently, foreign has done since, Lamensdorf says.
For example, in the year ended in Februcapital has poured into U.S. bonds, where
yields—though low—are still higher than ary 2017, software and services doubled to
50% of total revenue from the previous year,
those of European long-term bonds.
That has distorted the picture, as has the while hardware fell to 27% from 40%. SerFed’s buying of long-term bonds, which has vice access fees, another legacy business,
fell to 23% from 36%.
buoyed prices and
Though total revenues
pushed down long-term A Recession Signal?
continue to fall, thanks
yields. (Prices move in- Not every flattening or inverted yield curve
predicts a recession on the horizon
to the roll-off of sales
versely to yields.)
2-yr vs 10-yr
Months to from legacy businesses,
A bond investor’s
Treasury Spread Recession software
is higherworst nightmare is a Date
–9 basis points
18
margin business and
sharp rise in inflation, Jan. ’89
growing at double-digit
which would mean that Dec. ’94
+22 bps
76
rates. Overall, company
prices are too high and Jun. ’98
–2 bps
33
gross margins rose to
yields too low. In
Feb. ’00
–9 bps
13
62% in fiscal 2017 from
response, the curve
Feb. ’06
–10 bps
22
46% in fiscal 2016. In
would steepen quickly.
+51 bps
?
the fiscal-2018 third
U.S. economic expan- Dec. ’17
percentage point
quarter ended in Nosion is likely to continue bp=basis points, or 0.01 Sources:
Advisors Capital; Bloomberg
vember, gross margins
somewhat faster than
desired by the Fed, and both short- and rose to 74%, as software sales grew 11%
long-term interest rates could rise for the from the year-ago period. Handheld-device
sales fell to 4% of total sales from 21%, and
foreseeable future, Lieberman avers.
service access fees, to 12% from 23%.
So don’t sweat the flat curve—for now.
As the company transitions to more
S THE CALENDAR TURNS TO A
software sales and higher profitability,
new year, here’s a blast from the BlackBerry’s results can be erratic, thanks
past—BlackBerry (BB), which to extraordinary adjustments, including
produced must-have mobile restructuring charges and patent arbitration
phones more than a decade ago. These days, losses and wins. For example, the thirdthe brand is probably still best known for quarter loss widened to $275 million, or 52
the handsets, though phones from Apple cents, from $117 million, or 22 cents. Yet in
and Samsung Electronics (005930.Korea), the nine-month period, results swung to net
among others, supplanted them years ago. income of $415 million, or 76 cents, from a
Therein lies the potential opportunity, loss of $1.2 billion, or $2.21 per share.
according to Brad Lamensdorf. Under the BlackBerry should become more sustainably
market’s radar, this company is transform- profitable in the next year or two as it
ing into a leading cybersecurity-software completes the restructuring.
provider, he argues, with applications in
The company is receiving accolades for
transportation, such as self-driving vehi- its software products from Forrester, 451
cles, as well as finance, health care, and Research, and Gartner Group, which gave it
government services. Investors and Wall the top rating among 14 competitors for
Street analysts, however, aren’t giving the “high security mobile management.” BlackWaterloo, Ontario–based company much Berry estimates that the global cost of comcredit. The short interest is 9% of the float, batting cybersecurity attacks will rise to
and only four analysts out of the 17 cover- $1 trillion in 2021 from $80 billion in 2016.
ing BlackBerry give it a Buy rating.
BlackBerry should get its share.
That’s part of the reason why LamensAnother plus for the $6 billion marketdorf, manager of the Active Alts Contrar- cap company is a net cash position over $3
ian exchange traded fund (SQZZ), has made per share. At Friday’s close of $11.17, the
BlackBerry the fund’s largest position. The U.S. traded shares are up 50% from a year
ETF specializes in buying stocks that have ago. But they remain far below the go-go
large short positions but strong fundamen- years a decade ago, and the stock is
tals that could cause a short squeeze. Effec- effectively unchanged from 2013.
tively, Lamensdorf is betting that the shorts
Recent results suggest the turnaround is
are wrong on BlackBerry.
proceeding apace. As more investors notice,
John Chen, known for his successful the price has more room to run. turnaround of Sybase, became CEO of
BlackBerry in late 2013 to try to transform email: vito.racanelli@barrons.com
A
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January 1, 2018
BARRON’S
Streetwise
A Bull Market in Spin
by Alex Eule
ing to FactSet Research, the specific estimates range from a per-share
pitches over the past year. That’s nothing new. But loss of $10.38 to a profit of $2.90.
when it comes to the business of spin, something
Before Tesla bulls come screaming, this isn’t a call on the stock. Barseems to have changed in 2017.
ron’s has been wrong on Tesla for several years now. And after rising
It started last January, when the White House 46% in 2017, the stock could extend its rally. Just keep in mind that the
press secretary told reporters one thing about the in- momentum is increasingly tied to the manufacturing of spin, not cars.
auguration crowd even as photographs told another.
Whatever your political views, it’s hard to deny that this White House Earlier this week, Amazon.com (AMZN) issued its post-Christmas
press release summing up its holiday sales. The announcement has behas taken spin to a new level.
Then there’s the influence of the bull market, which turned eight come an annual tradition for the company. This year’s release weighed
years old in 2017. Constant optimism has undercut the impact of news in at 3,200 words, but there’s no material information to be found.
Amazon boasted that in “one week alone, more than four million
that would have sunk stocks in other market cycles.
started Prime free trials or began paid memberships.” We
Corporate America, no stranger to self-promotion, is
don’t know how many of those free trials turned into paytaking notes and finding new ways of pushing its agenda.
Public companies are still more circumspect than the Amazon is building a ing customers. And the company has never disclosed its
total Prime subscriber base.
White House—there are shareholder lawsuits and regulaIn trying to parse the details, Instinet analyst Simeon
tors to worry about, after all. Still, those in corporate PR skyscraper, but we’ve
Siegel
wrote to clients: “For what it’s worth, assuming
are doing even more to push the bounds with journalists,
never been able to
15% to 75% conversion ratios would suggest about $50
spinning information with less shame. From Washington
inspect the
million to $255 million of incremental revenues from Prime
to Wall Street, there’s simply less concern about being
subscription.” But he also said that the exercise was “simcalled out on the facts.
foundation.
ply for conversation sake, as 1) there is not sufficient inThat’s a problem not just for journalists, but for invesformation to truly quantify anything, and 2) the true value
tors as well. When information is imprecise, investors often get burned. The risk is greatest at high-flying tech stocks where of acquiring new Prime members goes well beyond the subscription
fees.”
hype already tends to overwhelm reality.
Amazon was no more forthcoming about its device sales. “Amazon
Take Tesla (ticker: TSLA). Last week on Twitter, founder and CEO
Elon Musk promised a new pickup truck with a “game-changing fea- Devices also had its best holiday yet, with tens of millions of Alexa-enture.” Musk added that he’s “had the core design/engineering elements abled devices sold worldwide,” the press release said. In 2016, the comin my mind for almost five years. Am dying to build it.” The pickup, he pany cited “millions of Alexa devices sold worldwide this year.”
There’s clearly growth, but there’s no baseline to work with. Amazon
said, will come right after the company’s eventual crossover, code-named
is building a skyscraper, but we’ve never been able to inspect the founModel Y.
Musk’s tweets spur headlines, which eventually get built into his dation. I asked Amazon for more specifics last week, but a representacompany’s stock price. Tesla, remember, is already taking deposits for tive confirmed that the company doesn’t disclose details about subscriptwo other vehicles that won’t see the light of day until 2019 at the earli- tions or devices.
Four years ago, having been similarly rebuffed, I surveyed every
est, an electric tractor-trailer and a $200,000 roadster that Musk has
Amazon analyst about their estimates for Kindle sales. I heard back
said will go from zero to 60 miles per hour in 1.9 seconds.
As a car aficionado, I’m thrilled for the possibilities. But as a journal- from six of them; at the time, their estimates for 2013 Kindle Fire sales
ist, I’m skeptical. And, if I were an investor, I’d be nervous. (As a re- ranged from 10 million units to 22.1 million. We never learned the actual
number. And it hasn’t mattered. Amazon shares are up 256% since that
minder, we don’t own the stocks that we write about at Barron’s.)
Tesla is already struggling to keep its existing promises. In its an- story.
Investors haven’t demanded the details, so why provide them? As
nual report this year—not a tweet, but a 10-K filing—Tesla reiterated
its target of producing 500,000 cars in 2018, thanks to a ramp-up of its with Tesla, Amazon shares will keep going up until something gets in
mass-market Model 3. That forecast increasingly seems like a pipe the way. The risk is that we’re operating on so little information, and
at such high valuations, that if things go wrong, they’ll go very wrong. dream. Musk has called the effort to get there “production hell.”
Wall Street still doesn’t know what to make of it all. Analysts, on average, expect the company to lose $3.93 per share in 2018. But, accord- email: alex.eule@barrons.com
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I RECEIVED THOUSANDS OF PRESS RELEASES AND STORY
7
8
BARRON’S
January 1, 2018
Index To Companies
Our index lists significant references to companies mentioned in stories and columns, plus Research Reports, and
Corrections & Amplifications. The references are to the first page of the item in which the company is mentioned.
A Abercrombie & Fitch . . . . . . . . . . . . . . . . . . . . . 12
Active Alts Contrarian . . . . . . . . . . . . . . . . . . . . 5
Adidas . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4
Advance Auto Parts . . . . . . . . . . . . . . . . . . . . . M4
Akamai Technologies . . . . . . . . . . . . . . . . . . . M10
Alaska Communications Systems Group M10
Alexandria Real Estate Equities . . . . . . . . . 22
Alexion Pharmaceuticals . . . . . . . . . . . . . . . . M4
Alibaba Group Holding . . . . . . . . . . . . . . . . . . M7
Alliance Data . . . . . . . . . . . . . . . . . . . . . . . . . . M12
Allstate . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . M5
Alphabet . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 25
Altegris/AACA Opp Real Estate . . . . . . . . . 21
Amazon.com . . . . . . . . . . . 4,7,12,20,25,27,M4,M7
Apple . . . . . . . . . . . . . . . . . . . . . . . . . 4,14,25,26,M6
ARK Innovation . . . . . . . . . . . . . . . . . . . . . . . . . 24
ARK Web x.0 . . . . . . . . . . . . . . . . . . . . . . . . . . . . 24
Artisan High Income Investor . . . . . . . . . . . . 23
AutoZone . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . M4
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B Baidu . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . M7
Basic Energy Services . . . . . . . . . . . . . . . . . M10
Bed Bath & Beyond . . . . . . . . . . . . . . . . . . . . . . 12
Best Buy . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . M5
BlackBerry . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5
Blue Apron Holdings . . . . . . . . . . . . . . . . . . . . . 27
Brightcove . . . . . . . . . . . . . . . . . . . . . . . . . . . . . M10
C Cal-Maine Foods . . . . . . . . . . . . . . . . . . . . . . . . . 11
Chevron . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 17,M5
China Evergrande Group . . . . . . . . . . . . . . . M7
Cisco Systems . . . . . . . . . . . . . . . . . . . . . . . . . . . 25
Citigroup . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . M5
Coastway Bancorp . . . . . . . . . . . . . . . . . . . . . M10
Commercial Metals . . . . . . . . . . . . . . . . . . . . . . . 11
Constellation Brands . . . . . . . . . . . . . . . . . . . . . 11
CoreSite Realty . . . . . . . . . . . . . . . . . . . . . . . . . . 22
Corning . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14
Country Garden Holdings . . . . . . . . . . . . . . . M7
CyrusOne . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 22
D Dodge & Cox Global Bond . . . . . . . . . . . . . . . 23
Dollar Tree . . . . . . . . . . . . . . . . . . . . . . . . . . . . . M5
E Energous . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11,M6
Energy Select Sector SPDR . . . . . . . . . . . . M5
Equinix . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 22
Express . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . M6
Exxon Mobil . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 25
F Facebook . . . . . . . . . . . . . . . . . . . . . . . . . . . 20,25,26
Financial Select Sector SPDR . . . . . . . . . . . M5
Fitbit . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 27
Five Below . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12
Ford Motor . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11
Freeport-McMoran . . . . . . . . . . . . . . . . . . . . . . M6
G Gamco Investors . . . . . . . . . . . . . . . . . . . . . . . M10
Geely Automobile Holdings . . . . . . . . . . . 10,M7
General Electric . . . . . . . . . . . . . . . . . . . . . . . M11
Goldman Sachs Group . . . . . . . . . . . . . . . . . . . M5
Greenbrier Cos. . . . . . . . . . . . . . . . . . . . . . . . . . . 11
H Home Depot. . . . . . . . . . . . . . . . . . . . . . . . . .12,M5
Humana . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . M10
I Intel . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 25
IBM . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 25
iShares Edge MSCI USA Moment Fact . . 24
iShares U.S. Financial Services . . . . . . . . . . 24
iShares U.S. Regional Banks . . . . . . . . . . . . . 24
Ivy High Income . . . . . . . . . . . . . . . . . . . . . . . . . 23
J JC Penney . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12
JD.com . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . M7
K Kindred Healthcare . . . . . . . . . . . . . . . . . . . . M10
Kroger . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . M4
Kweichow Moutai . . . . . . . . . . . . . . . . . . . . . . . M7
L Las Vegas Sands . . . . . . . . . . . . . . . . . . . . . . . . . 22
Ligand Pharmaceuticals . . . . . . . . . . . . . . . . M12
Live Ventures . . . . . . . . . . . . . . . . . . . . . . . . . . . M6
M Mack-Cali Realty . . . . . . . . . . . . . . . . . . . . . . . . 21
Macy's . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12,M4
Materials Select Sector SPDR . . . . . . . . . . . . 17
Merck . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14
MGM Resorts International . . . . . . . . . . . . . . 22
Micron Technology . . . . . . . . . . . . . . . . . . . . . . M6
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N Netflix . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,25
O Old Second Bancorp . . . . . . . . . . . . . . . . . . . M12
Oracle . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 25
O'Reilly Automotive . . . . . . . . . . . . . . . . . . . . . M4
P Pfizer . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14
Pier 1 Imports . . . . . . . . . . . . . . . . . . . . . . . . . . . 12
Ping An Insurance (Group) of China . . . . M7
Proteostasis Therapeutics . . . . . . . . . . . . . . M10
Prudential Short Duration Munic Hi Inc . 23
PulteGroup . . . . . . . . . . . . . . . . . . . . . . . . . . . . . M5
Q QTS Realty Trust . . . . . . . . . . . . . . . . . . . . . . . . 22
Qualcomm . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 25
%
EDITOR IN CHIEF
Microsoft . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 25,27
Monsanto . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11
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Bernard
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R Ralph Lauren . . . . . . . . . . . . . . . . . . . . . . . . . . . M6
Reading International . . . . . . . . . . . . . . . . . . M10
Regeneron Pharmaceuticals . . . . . . . . . . . . . M4
Rite Aid . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11
Rosehill Resources . . . . . . . . . . . . . . . . . . . . . M10
S Samsung Electronics . . . . . . . . . . . . . . . . . . 5,M7
Sandridge Energy . . . . . . . . . . . . . . . . . . . . . . M6
Seagate Technology . . . . . . . . . . . . . . . . . . . . . . 25
Sears Holdings . . . . . . . . . . . . . . . . . . . . . . . 12,M5
Siebert Financial . . . . . . . . . . . . . . . . . . . . . . . . M6
Sina . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . M7
Snap . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10,27
SoftBank Group . . . . . . . . . . . . . . . . . . . . . . . . . . 10
Sonic . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11
SPDR S&P Bank . . . . . . . . . . . . . . . . . . . . . 24,M5
SPDR S&P Capital Market . . . . . . . . . . . . . . 24
SPDR S&P Regional Banking . . . . . . . . . 17,24
T Taiwan Semiconductor Manufacturing . . . M7
Tencent Holdings . . . . . . . . . . . . . . . . . . . . . . . M7
Tesla . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7,M12
3M . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14
Tivo . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . M6
TJX Cos. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12
U Under Armour . . . . . . . . . . . . . . . . . . . . . . . . . . M6
UniFirst . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11
United States Oil . . . . . . . . . . . . . . . . . . . . . . . . . 17
V Vanguard Precious Metals & Mining . . . . . 17
Vanguard Tax Exempt Bond Index . . . . . . . 23
Verizon Communications . . . . . . . . . . . . . . . . . 14
Viacom . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . M6
Volvo . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10
W Walgreens Boots Alliance . . . . . . . . . . . . . . . . 11
Walmart . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12
Walt Disney . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,17
Wayfair . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12
Weibo . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . M7
Whirlpool . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . M4
Williams-Sonoma . . . . . . . . . . . . . . . . . . . . . . . . . 12
Wynn Resorts . . . . . . . . . . . . . . . . . . . . . . . . . . . . 22
Y Yelp . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 26
January 1, 2018
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BBA
ARRRRO
ON
N’’SS
January
January 1,
1, 2018
2018
began moving key people to Charlotte, N.C. further drive demand. More people are
Review
East opted to stay out West and start a bou- accessing
more data from more devices and
A Nice Finish to 2017
tique investment bank focused on real estate. for more uses. “An autonomous car uses (U.S. stock funds rose 0.22% in the final week of the year, bringing their total 2017 return to 19%. U.S.
In 2011, he joined billionaire Ernest Rady in about 3,000 times more data than [the aver- bond funds posted the same weekly return, taking their 2017 return to 3.9%.
launching American Assets Capital Advisers, age] person uses in a day,” he says.
One Week
Year-to-Date
of which East is CEO.
It’s a similar story but a different indus0.22%
19.0%
After looking at real estate from many try in the case of Alexandria Real Estate U.S. STOCK FUNDS
TOP SECTOR / Precious Metals Equity Funds
2.70
8.3
different vantage points, East decided to ap- Equities (ARE), a REIT that focuses on BOTTOM SECTOR / Global Science/Technology Funds
– 0.34
44.7
proach the $1.7 trillion market by focusing life-science and technology campuses in what S&P 500
0.11
20.0
0.22
3.9
on companies whose competitive advantage it calls “innovation cluster locations” in such U.S. BOND FUNDS
Bloomberg Barclays AGG Bond
0.33
2.8
allows them to increase net-operating in- markets as Boston, New York, and San
come—essentially an indication of rent— Francisco. East first met the founder and THE WEEK'S TOP 25
independent of what’s happening in the CEO, Joel Marcus, about 20 years ago, when Fund
Investment Objective
One Week
Year-to-Date
economy. Prior to investing, East and his it was still early days for biotechnology, and
Dow Industrials 24719.22
– 34.84 Dow Global
Index
397.12
Bonds 2.41
Archer
Balanced Fund
/ ARCHX+ 1.54 10-Year
Mix Tgt All Treasury
Mod
13.36%– 0.08
29.6%
team built a detailed business plan for each Marcus had “cobbled together enough American Growth II E / AMREX
Specialty & Misc
10.58
– 7.1
company. Screens don’t drive the process, money to buy four buildings,” East says. SS Inst Inv Intl VS K / SIVSX
Intl Large-Cap Value
10.10
35.9
SS Inst
Inv Global VS K / SIAKX
Global Large-Cap Valuelion, is down 10%
8.44 on its IPO price.
36.2
Stocks
Boffo
2017
but rather come at the end in trying to Today, Alexandria’s real
estateFinish
assets aare
He Said:
Stock Dividend Fund / SDIVX
Equity Income
6.60
31.6
Grading
the
Trump
Economy
establish valuations. “We don’t go into the worth $17 billion; the stock
In light
recently
holiday
traded
trading,SS
stocks
Inst Inv Euro VS K / SIBKX
European
Region
5.77 Expires
30.7
EM Trade Pact
“We’re
doing
this
closed
out 2017
in fine fettle.
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at about 19 times earnings,
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premium
US Glbl Gold&PM / USERX
Precious Metals Eq
5.27
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500 finished
circumvent
theValue
SS Inst Invthe
Dsp US Eq I /to
SSJIX
Multi-Cap
5.02
26.3
to the MSCI US REIT Index.
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ket
trade
deal
to
lapse
on
Dec.
31.
GW
Moderate
Inv
/
MXMPX
Mix
Tgt
All
Mod
4.53
17.8
year at
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script suburban office space,
says
East,up
the19.4%, while the
the president
SlvrPpr Cmd Str Gl Macbill
I / SPCIX
Alt Global Macro
4.36
– 2.8
Real Estate
The generalized
system of preferDow
Jones
industrials
ended
at
properties that Alexandria owns and oper- SS Inst Inv As Pac VS K / SIDKX
Region
4.20 120 nations tar34.3
Total Return1
just signed?Pacific
You’re
ences grants some
24,719.22,
up 25.1%.
Nasdaq
ates cater to tenants who
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with-TheAQR
Risk-Bal Comm Str R6 / QRCRX
Commodities General
4.09
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1-Yr
3-Yr Since Inception2
iff-free entrance
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up Min / UNWPX
damn right IPrecious
am.”
Glbl Wld Prec
Metals Eq
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out seriously disrupting really
their businesses.
“If upUS6903.31,
RAAAX
24.3% 10.9%
15.3%
gress failed to3.93
authorize the pact
SS Inst
Inv US VS K / SIEKX
Multi-Cap Value
23.0
OilSeattle
ralliedand
to $60.42,
gold
you’re Amgen using lab 28.2%.
space in
Dow Jones US Real
New
York Gov. Andrew
Cuomo
State
Farm
S/MC
Eq
Prem
/
SFSAX
Mid-Cap
Core
3.86
16.6
before
leaving
for
Christmas. The
finished
the
year
at
$1,306,
and
the
Estate Index
10.7
5.8
11.0
have a three- to five-year efficacy study on Matthews Asia Korea Inv
on/ an
executive order
MAKOX
Pacific Ex Japan
3.78
Trump administration
has lately43.9
10-year Treasury closedFranklin
at 2.41%.
Gld&Pr Mt A / encouraging
FKRCX
Precious Metals Eq
3.58
– 0.6
a cancer vaccine, you can’t just get up and
tax prepayments.
Top 10 Holdings
% of
begun enforcing
eligibility requireGW Lifetime 2045 Svc / MXRLX
Mixed-Asset Target 2045
3.57
24.3
Company / Ticker
Portfolio3
leave,” he says, referring
to
one
of
AlexanBitcoin Settles Down
ments, cutting3.46
off Ukraine for intelEventide Hlthcare & LS I / ETIHX
Health/Biotech
47.5
New Residential Investment / NRZ
7.5
dria’s larger tenants. After a wild Christmas holiday,
Upright Growth
Global Multi-Cap Core lectual property
3.41
17.7
violations and– reinbit- Fund / UPUPX
Scoreboard:
January
January 1,
1, 2018
2018
BBA
ARRRRO
ON
N’’SS
Preview
Fund of Information
This Week: Preview
Last Week: Review
Dow Indicator
3% Growth? Not So Fast
Drive Shack / DS
Oppenheimer Gld & Sp A / OPGSX
coin took a breather, settling
down
Precious Metals Eq
The Numbers
Score
From left: Elias Stein; Zach Trenholm for Barron’s
For personal Do not edit or alter. Reproductions not permitted.
To reprint or license content, please contact Barron's reprints department at 800-843-0008 or
6.9
3.38
17.3
stating Argentina.The
big target
GW Lifetime C 2045 Svc / MXNLX
Mixed-Asset Target 2045
21.6
6.3
that a new president’s
Gambling
economic perfordoesn’t cure
cancer or
power easy.
may be India, 3.33
which has growing
at $14,000.
It wasn’t
marGWThe
Lifetime
C 2055 Svc / MXTLX
Mix-Asst Targ2055+
3.26
22.8
Wynn
Resorts
/ WYNNstarts in the second
5.6quarter
autonomous
butket
thewas
business
model
U.S.
trade
surpluses.
The
last
time
mance
officially
of his firstvehicles,
year
roiled after an Israeli
reguGW Lifetime
2055 Svc / MXXLX
Mix-Asst Targ2055+
3.23
24.2
Macquarie Infrastructure / MIC
5.6
a well-run
casino offers
thewarned
same competithe GSP lapsed,
in 2013, Congress
Victory
Gl Nat Res Y / RSNYX
GL Natural Resourc
3.23
2.7
in office. So far, President Donald Trump of
has
earned good
lator
that his office
would
Brookfield Infrastructure Partners / BIP
5.2
qualitiesgains
that Eastseek
requires
took two years to revive it.
a ban of
on his
newinlistings or susmarks in terms of the economy’s bottom
line.tive
Annualized
THE WEEK'S BOTTOM 10
Equinix / EQIX
5.2
There are only
a handful
of majorfirms
pend
bitcoin-related
from the
of real gross domestic product ran more thanvestments.
3% in the second
Investment Objective
One Week ‘Bama
Year-to-Date
Moore Contests
Result
MGM Resorts International / MGM
5.0
U.S. casino companies, Tel-Aviv
and the high
cost
of Fund
stock
exchange.
Earlier, the
and
third
quarters
(3.1%
followed
by
3.2%),
encouraging
some
Losing
senatorial
candidate
Roy
Cadiz / CDZI
4.8
building premium properties
helps keep
the Ancora/Thelen
U.S. Financial
Industry
Regulatory SMdCp I / AATIX
Small-Cap Core
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9.5
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dollar that enters a casino
leavesorasNot
78 Needham Aggr Growth Rtl / NEAGX
in a special election
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Trump
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Jan.
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hetonever
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that, entertainment, and con- B Riley Dvsfd Eq Instl / BRDZX
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0.08%
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his tenure, growth ran at 3.1% over the four quarters that
87.1
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Tgt All Gro Former Bendix
8.3 CEO0.27
15.1
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/ VWENX
the fund. One of its largest holdings is his largest casino holding,
Wynn
Resorts
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was
a
very
good
year
for
the
William Agee
Andrew Cuomo and Chris
Christie
ended in 2010’s third quarter—only to
85.4
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12.9
0.34
26.8
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Equinix (EQIX). It’s the biggest operator (WYNN). In the case signed
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by far, with some 190 centers
in 24 countries.
management
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emphasis
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ther
the
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0.40
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Funds
CIB
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to prepay and municipalities
GDP
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69.9
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10.8
–
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19.0
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&
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/
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3.8%
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Data centers are expensive to build, he says, growing luxury markettoisaccept
paying
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the
takeover
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5.4
0.39
23.8
& Cox Intl Stock / DODFX
volatile
that
3%
quarters
ending
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revenue
ing a hostile9.2bid for Martin
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31.0
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hethe
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4.3
& Cox Income / DODIX
out toconsumer
be the best
year Dodge
for initial
counts
Realty quarters
Group (COR),
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eight CoreSite
separate calendar
during Obama’s
53.5
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23.8
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as
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2.1
0.33
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crisis.
IPOs in the
U.S. PIMCO
raisedIncome
$49 Inst / PIMIX
47.0
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6.5
0.10
8.4
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42.3
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ride-hailing
at
41.8
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Growth the11.2
0.49service 29.2
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performance
two calendarand
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triumph
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10.3
Vanguard Wellesley Adm / VWIAX
a 30% discount.
the U.S., IPOs
gained
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1955 Growth
over
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scorefor
on fourth-quarter
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40.6
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growth
will isbegrowing
releasedmore
on Friday,
Jan. a26. of —
GENE
EPSTEIN
data
storage
than 25%
the
bridge
linking itan
to average
Hong Kong
andHowever,
truck
maker
Volvo
for
$3.24
billion.
the year’s largest listing*Annualized
at $24 bil12/24/2014 to 12/28/2017. Through Thursday.
Source: Lipper
year, and several trends are converging to Zhuhai, China. 
American
Tower / AMT
It’s generally
accepted
23
11
New Bond Funds for the New Year
For more
information about coming
economic reports–and
what they mean–go to
Barrons.com’s free
Economic Calendar.
by Karen Hube
Wednesday 3: The U.S. Senate reconvenes.
But Morningstar analyst Brian Moriarty points out Krug’s
LOOKING FOR FRESH MUTUAL FUND IDEAS TO START THE NEW
year? Consider some new bond funds recently singled out by strong long-term record. Krug managed Ivy High Income
Morningstar analysts as good prospects for 2018 and beyond. (WHIAX) from 2006 to 2013, and its 9.9% annualized return
Like Barron’s, Morningstar generally likes to see at least a during his tenure ranked best in its category. So far at Artithree-year track record (preferably five or 10), but these san High Income, a 7.9% three-year annualized return
newer funds have sound strategies and strong parents, and through Dec. 28 puts the fund in the top 2% of its class.
they are helmed by managers with proven records at other
Monday
funds. “They
a good
chance
of outperforming
on Prudential
Duration
Thehave
Daiwa
P.U.R.E.
Energy
Conference peers
are released.
Forecast Short
calls for
a 0.7% Muni High Income (PDSAX)
Remote Charging
begins
in
Hong
Kong.
The
four-day
rise,
down
from
October’s
1.4%.
a
risk-adjusted
basis
over
a
market
cycle,”
says
Karen
WalLike
other
short-term
high-yield municipal
bond funds,Arrives
this
New Year’s Day. Financial markets
meeting
will
feature
several
compalace, a senior editor at Morningstar. Here are some to Wolfe
size up:
fund
has
a
hard
time
living
fully
up
to
its
name
because
in the U.S. and many other countries
Research hosts an oil-and-gas
nies from the natural-gas distribution,
short-term high-yield issuances are so rare and illiquid.
are closed, among them Canada,
refiners conference.
water,
and
environmental
and
Vanguard
Tax-Exempt
Bond
Index
(VTEBX)
Even more so than its peers, it veers unabashedly into inGermany, United Kingdom, and
Someone
heard Martha
Stewart’s plea. Some years ago,
The ISM
index
renewable-energy
Launched late
in the summer segments.
of 2015, this fund’s expense
ra- manufacturing
vestment-grade
territory to fill out
its portfolio—its
investJapan.
These
don’t
for
December
is
reported.
the
doyenne
of
domesticity
up funds
at a tech
confertio alone isItaly,
enough
to turnand
heads;
it’s release
just 0.19%, compared ment-grade allocation is currently at 79% compared with stood
Germany,
France
Canada takes over the G-7 presidency.
ence
and
showed
off
the
tangle
of
computer
plugs
with 0.8% for
its
peers.
But
there’s
more
reason
to
pay
at56%
for
its
peers,
according
to
Morningstar.
The
fund
is
aptheir manufacturing index figures
have much history, and
Gender equality and women’s
cables
she
had average
to carry, isbegging someone among the
Thursday
tention: Vanguard
has depth and breadth of experience
be- propriately short-duration, however.
The
fund’s
for
December.
empowerment, climate change,
digerati to please do something
the mess.
The
but about
their future
looks
hind the fund, with more than $190 billion under manage3.8 years,
compared
Sonic, America’s
largest
drive-in-with 6.8 years for its peers.
and economic growth will be among
tech
world
has
since
come
up
with
wireless
charging
ment
in
18
tax-exempt
bond
and
money-market
funds.
At
May
2014
was
a
tough
time
to
launch,
even
under
the
exrestaurant
chain
announces
results,
Wednesday
the themes guiding the presidency,
bright anyway.
the fund’s helm is seasoned manager Adam Ferguson,
who
pertise Boots
of leadAlliance
manager Susan Courtney.
Since then,
markets
pads, including
one
for Apple’s iPhone X, but a small
as do
Walgreens
said Prime Minister Justin Trudeau.
Federal
Open
Market
Committee
will
also runs five other Vanguard municipal bond funds.
have rewarded longer-duration and
lower-quality
municipal
Silicon
Valley company
is taking it a step further.
and Monsanto.
minutes from
its DecemWhy is release
strong the
management
needed
on an index fund? bonds, and this fund lagged 95% of its
peers through
NovemEnergous
(ticker:
WATT)
saw its shares soar 168%
Tuesday
job cuts are announced,
ber policy
Municipal bond
indexmeeting.
funds don’t run on autopilot. December
Fergu- ber.
But the strength of its short-duration,
higher-quality
mix
on
Wednesday,
after
announcing
the night before that
as tallied by outplacement firm
Central Bank of Chile publishesson’s challenge
to track
the performance
of 12,000 bonds is that it provides a cushion during
high-yield
selloffs,
says
Ford is
Motor
announces
its U.S. sales
it
had
received
Federal
Communications
Commission
Challenger, Gray & Christmas.
minutes from its December policy
resultsinfor
2017. AMT-Free Municipal Alaina Bompiedi, a Morningstar analyst.
theDecember
S&P National
Between
Aug.it 1calls
and wireless power.
approval
for what
meeting.
St.holdLouis Fed
President
Bullard
Cash Track,
Bond Index by investing in 30% of its
Dec.
31, 2016,James
a period
surrounding the
election,
In presidential
this scheme,
energy can be transmitted to a
UniFirst, Commercial Metals, and Rite
gives the keynote
address
atbetter
a semi-than 85% of its peers, with a 3.7%
ings.
“It’s
a
much
more
active
decisionthe
fund
held
up
Markets are closed for a secondpage
day M27
in
phone, smartwatch, or other gadget through radioAid release latest quarterly earnings.
narFercommemorating
the contributions
making process than you might think,”
decline compared
with a median 4.6%
drop, Bompiedi
Japan, Russia, and Switzerland in
frequency
emissions,notes.
from up to three feet away. The
The
U.S.
Senate
reconvenes.
High
on
of
Allan
Meltzer
to
academics
and
guson
says.
“It’s
impossible
to
own
the
index
in
its
entirety.
observance of New Year’s Day.
device doesn’t have to be placed
a spending
billthey
to avert
public
Most bondsthe
areagenda:
unavailable
because
don’t trade,
so wepolicy.
Dodge & Cox Global Bond (DODLX)
on
a charging mat, like the
a government
shutdown.
have to analyze
what we can
buy that will best replicate the The six-member committee managing this fund can invest
iPhone;
it need only be near a
Power can
be
index,” Ferguson
says.
AndGoldman
he does that
peers. across developed and emerging markets,
currencies,
corpoThe 10th
annual
Sachsbetter thanFriday
transceiver.
Coming Earnings
transmitted
to a sectors.
rateemployment
and government
debt, and other
fixed-income
Healthcare CEOs Unscripted
The December
report
Day
ConsensusArtisan
Year High
phone,
smartwatch,
Conference
is
held
in
Boston.
Income
(ARTFX)
Like
other
Dodge
&
Cox
funds,
it’s
concentrated,
with 50 toEnergous hopes to deliver up
is released. Consensus calls for a
Estimate
Ago
to five watts of power, less than
or other
This fund December
mines for U.S.
prospects
in the high-yield universe
managers plan to own
for atgadget
least three years.
190,000 rise100
in holdings
nonfarmits
payrolls.
T
light-vehicles sales
the
7.5 watts the typical mat
from
up
to
three
without
putting
too
much
credence
in
a
company’s
credit
As
a
result,
the
fund,
which
launched
in
May
2014,
often
Unifirst (1Q)
$1.41 $1.38
figures are expected to show just
November’s export/import numbers
produces. But the company is
Sonic (1Q)
0.25rating,
0.24 which tends to overemphasize material assets
feet
away.
and
doesn’t
look
much
like
its
benchmark,
Bloomberg
Barclays
a slight increase from November’s
will be released by the Commerce
Resources Connection (2Q)
0.20underemphasize
0.18
that the slower speed
cash
flow.million units, at a
Global Aggregate Bond Index, or its peers. For example,betting
its
reading
of 17.4
Department. Forecast calls for the
W
will
be
OK
if
having
the
transceiver
nearby allows you
“One thing
we’ve learned
that credit
al- exposure to corporate credit can run unusually high; it was
seasonally
adjustedis annual
rate. ratings aren’t
deficit to widen to about $49.5 billion
Neogen (2Q)
0.34 0.29
to constantly
“tophave
up” your
ways indicative of future performance,” says Bryan Krug, 60% in late 2015. It’s now 43%, “because
valuations
be- device, rather than restorfrom an October gap of $48.7 billion,
November construction spending data
More Earnings on Page M36
ing it one
from
depleted
state.
manager since
the fund’s launch in March 2014. Relying
too come less attractive,” says Lucy Johns,
of athe
managers.
says MFR.
heavily on ratings could result in missing the businesses the
The fund has Mexico, Colombia, Peru,
AfterIndia,
yearsand
of Mauritius
promises and delays, the onus is now
Philadelphia
president
gives allocations, according
in Fed
its top
10 country
to Morningstar.
on Energous
to deliver products. The next stop for the
Consensus Estimate fund favors in areas such as software, cable TV, broadband,
andperformance.
monetary In 2015,
and insurance. While these businesses may not have speech
a lot ofon the
Thiseconomy
hurt early
that exposed
company
will be the fund
Consumer Electronics Show in
Day Time
Consensus Est
Period
policy
Economic
property and equipment
that can be Last
liquidated
under
dis-at the
to American
a commodity
selloff, and it lost 6.2%.
But the
following
year
January.
The
company
has told Barron’s that down the
10:00 November Construction Spending
0.6%
1.4%
W
Association’s
annual
tress, they have strong recurring revenues and strong
cash it paid
off:meeting.
The fund bested 95% ofroad
its peers
with an
8.6%
re- the device’s charging range
it
expects
to
expand
8:30 December Nonfarm Payrolls
189,000
F
flows, Krug says. “Cash flow
is ultimately228,000
what pays
us.”
turn.
With
an expense
ratio of 0.45%,
about
half
the average,
November
factory
orders
are
to
15
ft.
If
Energous
can
do that, Martha may finally
8:30 December Unemployment Rate
4.1%
4.1%
a high
tolerance
than
years’ experience,
reported. and a management team with morebe
8:30 November International Trade This somewhat novel approach
$-48.0 bil requires
$-48.7
bil
set22
free.
in the
credit market. the fund should have no problem enticing investors to stay. 
10:00 November Factory Orders for downdrafts during rough patches
1.5%
-0.10%
—TIERNAN RAY
Cal-Maine Foods, Constellation
High on the agenda: a spending bill to avert
a government shutdown.
1
Wireless Sheds the Wires
4
3
2
5
Unless otherwise indicated, times are Eastern. a-Advanced; f-Final; p-Preliminary; r-Revised
Source: FactSet
FOR MORE INFORMATION about coming economic reports - and what they mean - go to Barron’s
Online’s free Economic Calendar at www.barrons.com
Brands, and Greenbrier report
earnings.
Magical
Edited by Robert Teitelman and Teresa Vozzo
Elias Stein for Barron’s
10
22
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January 1, 2018
A Return Visit to Earlier Stories
After Rally, Retailers Look Pricey
RETAIL STOCKS FINISHED
with a flourish in 2017.
That’s an opportunity to
let go of all but the likeliest long-term winners.
Year-end holiday shopping rose 4.9% from a
year ago, according to a
report this past week from
Mastercard
SpendingPulse. That was the latest
of three factors that have
propelled retail stocks
higher. The second was
60 Retailers like Macy’s, J.C.
the corporate tax cut,
Macy’s
J.C. Penny
which is particularly help50 Penney, and Bed Bath &
Bed Bath
Beyond had big gains,
ful to retailers, since most
& Beyond
40
yet remain vulnerable.
have high tax rates. The
third factor was simply
30
that expectations for reHoldings (SHLD) makes
20
tail were dire going back
J.C. Penney look like
to February. Consider:
Amazon.com (AMZN).
10
When Macy’s (ticker: M)
Abercrombie & Fitch
0
reported mixed third(ANF) sells a deflationquarter results on Nov. 9, 11/8 11/22 12/8 12/22
ary good (clothing) at a
Nov. 8=0
Source: Bloomberg
the highlight was that it
dying venue (malls)
didn’t cut full-year revenue estimates. against a fashion headwind (athleisure
That nondisappointment was enough to taking share from denim).
send shares 11% higher in a day.
Beware home goods. “While retailers
Make some arbitrary data choices and such as Williams-Sonoma (WSM), Bed
retail now looks like the market’s golden Bath & Beyond, and Pier 1 Imports
sector. Since Nov. 8, Macy’s is up 45%; (PIR) continue to adapt, we believe they
J.C. Penney (JCP), 27%; and Bed Bath not only continue to lose share to online
& Beyond (BBBY), 14%. Look at all of retailers including Amazon and Wayfair
2017, however, and the three imploded by (W), but also face increasing costs of
an average of more than 40%. One read- serving omni-channel shoppers,” wrote
ing of recent consumer spending data is Wedbush Securities analyst Seth Basham
that happy days are here again, but this past week.
another is that rising stock and housing
We’re still intrigued by signs of
prices have pushed confidence ahead of improvement at Walmart (WMT), even
fundamentals, and trouble looms. The though it has returned a quick 26% since
savings rate recently hit 2.9%, a low not we recommended it last fall (“Wal-Mart
seen since 2007, just before the last Gets Back on the Growth Track,” Oct. 7,
major recession.
2017). Home Depot (HD) and TJX Cos.
Prudent investors should assume that (TJX) remain long-term winners but fully
the recent burst of sunshine will give way priced ones, at 23 and 19 times earnings
to more rainy days for retail. Macy’s respectively. Five Below (FIVE) is a
might look inexpensive at just nine times genuine fast-grower with little risk from
forward earnings estimates, but remem- Amazon—going for a whopping 32 times
ber that as recently as early November it earnings.
went for six times. Its earnings per share
All told, retail stocks after their
are expected to tumble in each of the next recent run present a dilemma familiar to
two years, asking a lot of shareholder shoppers: the good merchandise looks
patience. Debt-stuffed J.C. Penney is in a pricey, and the cheap stuff just won’t do.
long-term fight for its existence. Sears
—JACK HOUGH
Victor J. Blue/Bloomberg
12
January 1, 2018
BARRON’S
13
Glaxo SmithKline will finally face generic competition in 2018 for its blockbuster
asthma treatment, Advair. Why that makes it the perfect time to buy the stock.
Glaxo: Expect a Speedy Recovery
ASTHMA SUFFERERS COULD SOON GET BREATHing
Advair, the company says.
room in their budgets. Advair, the world’s topGlaxo, however, already makes its own
A Glaxo factory in the U.K., making
selling respiratory drug, will probably face gesteroid-free inhaler, and a three-drug combo,
Advair and its Diskus dispenser.
neric competition in the U.S. beginning in 2018.
and much more, as part of a respiratory portIt’s the biggest moneymaker for United Kingfolio that includes Advair. Last quarter, total
dom-based GlaxoSmithKline, whose earnings
company revenue was 7.8 billion pounds ($10.54
estimates have been sliding, and whose shares
billion), up 4%. Of that, pharmaceutical sales
have tumbled since the summer.
were £4.2 billion, up 3%. Within pharma, respiNow looks like a good time to buy Glaxo
ratory sales grew 1%, to £1.6 billion. Advair
stock. To see why, look back to Pfizer (ticker:
sales were £743 million, or less than 10% of
PFE) seven years ago, on the eve of Lipitor’s
company revenue. That compares with 16% for
patent expiration. The cholesterol pill was a
Pfizer’s Lipitor seven years ago. According to
massive seller, with $149 billion in lifetime
UBS analyst Michael Leuchten, Glaxo looks
sales, compared with $108 billion for Advair.
likely to grow its respiratory revenues organiFrom the end of 2010, Pfizer’s earnings per
cally by 1% a year through 2022, even as Adshare effectively didn’t grow for five years.
vair revenue falls.
Yet shareholders made 120% over that stretch,
In a sweeping asset swap with Novartis in
and not just because of a broad rise in the
2015, Glaxo gave up some of its cancer drugs
stock market. As Pfizer gradually worked its
and gained vaccines and consumer products.
GlaxoSmithKline
way back toward growth, investors lost some Taking a Breather
Its brands now include Excedrin, Theraflu,
(GSK - NYSE)
of their disdain for the shares. Relative to
Sensodyne, Tums, and Flonase. Such products
GlaxoSmithKline will suffer an earnings hit in 2018 from new Weekly close on Dec. 28
earnings, the stock went from being 40%
carry lower margins than cancer drugs, of
$46
generic competition. It should get back on track quickly.
cheaper than the U.S. market to 15% cheaper.
course, but they help offset Glaxo’s risk from
42
Healthy dividends added to the gains.
drug-pricing pressure and the trend toward
Share Price
$35.60 2017E EPS
$2.93
The setup is similar for Glaxo (GSK). Its
consumer-driven health care, which favors
Market Value (bil)
$88.7 2018E EPS Growth –3%
38
shares have slid from $44 to a recent $35 and
over-the-counter medicines.
change since summer, putting them at 12.5
In April 2017, Emma Walmsley took over
2017E Revenue (bil) $39.9 2019E EPS Growth
4%
34
times next year’s projected earnings. That’s a
as chief executive at Glaxo, and she has been
2017E Earnings (bil) $7.1 2020E EPS Growth
7% 2017
discount of 32% to the U.S. market and 15% to
frank about the company’s shortcomings. RelE = Estimate
Sources: Bloomberg; FactSet
the U.K. The dividend yield is 5.6%. Glaxo’s
ative to its peers, Glaxo has taken too long to
growth slump looks likely to last just two
develop new drugs, and launched too many
years, in part because it’s less dependant on Advair than Advair that it filed a citizen petition asking the Food and that don’t sell well. Walmsley is stopping more than a
Pfizer was on Lipitor at the peak. If shares gradually re- Drug Administration for stricter approval standards. Al- dozen clinical programs and says she will focus 80% of
turn to 15 times forward earnings estimates—where they though the FDA denied the petition, the regulator has held spending on four core areas, immuno-inflammation, cantraded as recently as June—investors stand to make more up generics from Mylan and Hikma, which could put No- cer, HIV, and respiratory, while reducing administrative
than 40% over the next two years, including dividends.
vartis in the lead. Glaxo expects a 15% to 20% revenue de- and other costs by £1 billion a year by 2020. That will
Advair combines a long-acting bronchodilator to open cline for Advair in 2018.
help fund more research and provide a larger free-cashbreathing passages with a steroid to keep them free from
flow cushion for the dividend. The goal is to grow earninflammation. It’s used to treat asthma and chronic obstruc- Why not more? One reason is that Advair prices have ings per share at a compounded rate in the mid- to hightive pulmonary disease, or COPD, a broad term for pro- already been falling; the drug’s revenue declined 13% last single digits over the next five years. That is
gressive diseases like emphysema and chronic bronchitis. quarter. Partly this is due to pressure from drug plans. presumably backloaded; Wall Street predicts negligible
The drug has been off-patent since 2016, and com- Advair can cost more than $300 for a 30-day supply with- growth over the next two years followed by a return to
pared with complex biologics, it’s a simple chemical com- out a drug plan, or $55 for a 90-day supply with a drug 7% growth.
pound. But the delivery is tricky. Advair is commonly plan, judging by recent prices at GoodRX.com and CareA shingles vaccine looks like a hit. In HIV, Glaxo is
taken using a device called Diskus, which repeatedly mark.com.
poised to take market share from Gilead Sciences (GILD).
There is also competitive pressure, even without a In 2018, pivotal studies will begin on a drug for multiple
punctures a blister pack of powder for inhalation. Generic
challengers have had a bear of a time proving they can generic substitute. In May, Teva Pharmaceutical In- myeloma, a blood cancer. HSBC analyst Steve McGarry
duplicate Advair’s dosage because, studies suggest, dustries (TEVA) simultaneously launched AirDuo Respi- calls the drug potentially transformative to Glaxo’s growth,
Advair itself isn’t especially precise in the amount of med- Click and its own generic. It uses the same two drugs as with a launch likely in 2020 and billions of dollars in sales.
Advair, but in a different mix and with a different de- Before then, Advair will be old news and Glaxo shares
icine that makes its way to patients’ lungs.
Generics are coming, however, and the first to market vice, and so far it’s approved for asthma but not COPD. could hit $47, 15 times the 2020 earnings consensus. That
could be an early laggard. Novartis (NVS), through its In November, Novartis released data showing that its would work out to a 33% gain over two years—plus 11% for
Sandoz unit, was once so far behind Mylan (MYL) and steroid-free combo treatment for COPD, called Ultibro two years’ of dividends. Enough to make shareholders feel
Hikma Pharmaceuticals (HIK.UK.) in the race to copy Breezhaler, works better than the main ingredients in much better. Charlie Forgham-Bailey/eyevine/Redux
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by Jack Hough
14
BARRON’S
January 1, 2018
The glass-making behemoth is finding new markets and
launching new products. Shares could rise more than 25%.
Corning: Through a
Glass, Brightly
by Leslie P. Norton
at twice the industry average.
er for the past two years. Their prospects
Verizon Communications (VZ) relook even brighter as new businesses bear cently agreed to buy up to 12.4 million
fruit.
miles of Corning optical fiber per year for
Corning is known for making optical fi- the next three years for at least $1.05 bilber and the glass used in LCD panels for lion to build its fiber backbone for 5G serTVs and computers. It’s also known for vices. The order is equal to a third of Cornthe tough Gorilla Glass used for cell- ing’s total optical sales in 2016. The optical
phones, which Corning (ticker: GLW) in- segment displaced display as the company’s
vented at Steve Jobs’ request. Under largest revenue segment in 2017.
CEO Wendell Weeks, the company has
Corning’s automotive division also holds
embarked on a product-diversification promise. The company is a leader in emisprogram that is now starting to pay off.
sions control, which it aims to build into a
“We have multiple avenues for growth $500 million business. (This business isn’t
that are not fully understood or fully dis- broken out, but housed in environmental
counted,” Jeff Evenson, Corning’s chief technologies, which had $1 billion in sales in
strategy officer, tells Barron’s.
2016.)
At a recent $32, Corning trades for 9.5
The big opportunity is in Gorilla Glass,
times enterprise value to 2017 estimated the strong, lightweight, touch-sensitive
earnings before interest, taxes, deprecia- glass for phones and mobile devices. The
tion, and amortization, versus 12 times for global auto-glass market was $15.8 billion
the Standard & Poor’s 500 index. The com- in 2015, according to Grand View Repany earned $1.77 billion, or $1.55 a share, search. Gorilla Glass is used in a handful
in 2016, on revenue of $9.7 billion. Analysts of car models, including the BMW i8. As
are forecasting per-share earnings of $1.72 cars become more interactive, glass will
from continuing operations for 2017, on rev- also be used in interiors and will include
enue of $10.4 billion, with earnings rising an circuitry for artificial intelligence and
estimated 6%,to $1.82 a share, in 2018, on wireless charging.
revenue of $10.7 billion.
Fantasize about streaming expanded
Display technologies was Corning’s Disney content while your self-driving car
largest business segment in 2016, contrib- whisks you to your destination? It depends
uting 37% of revenue and 60% of net in- to a degree on Corning. “There are whole
come. Bears say the TV supply chain is new displays changing the paradigm of the
saturated, however, and that, as a cyclical interior of the car,” Evenson says.
company, Corning should trade at half the
market’s multiple. In the past, they argue, What might all this be worth? Steven
LCD demand has been a leading indicator Fox of Cross Research says that optical
communications and Gorilla Glass alone
of Corning’s price performance.
could generate as much as $2 bilYet growth prospects
Corning
lion to $3 billion in annual sales
are encouraging. Optical
(GLW - NYSE)
over the next few years.
fiber is the biggest potenWeekly close on Dec. 28
Fox’s assessment does not intial powerhouse: The ex$35
clude business lines like Valor
plosion of data means ex30
Glass, a new type of packaging
isting copper connections
that Corning developed with
are being tested—and
25
Pfizer (PFE) and Merck (MRK).
failing. Corning’s wares
Corning, whose life-sciences busihave better network secu20
ness has around $800 million in
rity than rivals and inex15
sales, thinks the market for the
haustible bandwidth, and ’15 ’16 ’17
Source: Bloomberg
product could be $4 billion a year.
product sales are growing
Daniel Herzberg for Barron’s
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SHARES OF CORNING HAVE MARCHED HIGH-
Rise and Shine
Corning shares could keep climbing as demand grows for optical fiber, LCD-panel glass, and Gorilla
Glass. Display technologies, which makes LCD glass, was the biggest contributor to profit in 2016.
Corning at a Glance
Recent Price
$32.30
52-Week Change
32%
Market Value (bil)
$28.1
2017E Revenue (bil)
$10.4
2017E EPS
$1.72
2018E Revenue (bil)
$10.7
2018E EPS
$1.82
2018E P/E
17.7
Dividend Yield
1.9%
E=Estimate
2016
Revenue
$9.7 bil
Net Income
$1.8 bil*
Display Technologies
Telecommunications
37%
31
12
9
11
Specialty Materials
16
Environmental
Technologies
11
60%
9
4
Life Sciences
*Excludes non-recurring items
The cellphone market, too, has untapped potential. Apple’s (AAPL) latest
phones feature glass on both sides, not
just in front.
Corning “is at the intersection of the
personalization of media and the evolving
global consumer,” says Jay Aston, a portfolio manager at Neuberger Berman, who
owns the company’s shares.
Since October 2015, as part of a fouryear plan to return $12.5 billion in excess
cash to shareholders, Corning has distributed $8.5 billion—cutting outstanding
shares by 30% and increasing the dividend
by 12.5% in 2016 and another 14.8% in
2017. Its dividend yield is 1.9%.
The capital-return plan represents
nearly 45% of Corning’s market value of
$28 billion. It expires at the end of 2019,
Source:Bloomberg
but Corning plans to raise its dividend by
at least 10% a year for the next two years.
In December, Corning agreed to buy
3M’s (MMM) optical business. It also has
an investment in Hemlock Semiconductor
that some analysts say could be worth $2
billion. The capital return also helps support Corning shares. Fox of Cross Research says: “They’re doing a really good
job of being their own activist investor.”
Fox says Corning is worth $37, or 15%
above last week’s price. John Lueken, chief
investment strategist of Nashville-based
CapWealth Advisors, is even more bullish.
He says Corning can earn $2.40 a share in
2019 and deserves more than the current 16
times 2019 estimate. His estimated price/
earnings ratio of 17 puts Corning at $41, a
26% upside. That’s a bright picture. January 1, 2018
BARRON’S
15
What’s in store for 2018? Rates up? Stocks down? Bitcoin falls to earth? None of
the above? Get your pencils ready and take our 17th annual forecasting challenge.
Test Your Wall Street Prediction Skills
by Andrew Bary
C. Macy’s (M)
D. Kroger (KR)
THERE WERE PLENTY OF FINANCIAL SUR-
prises in 2017, notably the big gains in
global equity markets and the bitcoin
boom. More unexpected events lie ahead
in 2018. What are your predictions? Take
our 17th annual forecasting challenge and
see how well you do. The 2017 competition produced more than 2,800 responses.
Here are the rules: Only one answer
per question, although several questions
might have more than one correct answer.
The winner gets a two-year Barron’s subscription and lunch in New York with a
Barron’s staff member of the winner’s
choice.
14. Which winning stock from 2017
will do worst in 2018?
A. Apple (AAPL)
B. Amazon.com (AMZN)
C. Boeing (BA)
D. Caterpillar (CAT)
15. Which company will agree to
be taken over in 2018?
A. Viacom (VIAB)
B. Charter Communications (CHTR)
C. Twitter (TWTR)
D. Netflix (NFLX)
E. Bristol-Myers Squibb (BMY)
F. All will remain independent.
1. What will the Dow industrials return
in 2018, including dividends?
2. Which global market will do best
in 2018 (in local currency)?
A. U.S. (Standard & Poor’s 500)
B. China (MSCI China)
C. Europe (Stoxx 50)
D. Japan (Topix)
3. Which of these developments is most
likely to occur in 2018?
A. Equity bear market: S&P 500
finishes in the red.
B. Bitcoin bull market: Benchmark
cryptocurrency hits $50,000 during
year.
C. Oil bull market: Crude (WTI) ends
year above $75 a barrel.
D. Bond bull market: 30-year Treasury ends year with sub-2.5%
yield.
E. Commodity bull market; Thomson
Reuters CRB index rises over
20%.
F. None of the above.
4. Where will bitcoin end 2018? It traded
late last week around $15,000.
A. Under $10,000
B. $10,000 to $20,000
C. $20,000 to $50,000
D. Above $50,000
16: Where will Amazon locate its second
headquarters (HQ2)?
5. Which FANG stock will perform best
in 2018?
A. Facebook (FB)
B. Amazon.com (AMZN)
C. Netflix (NFLX)
D. Alphabet (GOOGL)
6. What will happen in Washington?
A. Supreme Court vacancy; Senate
approves President Trump’s pick.
B. President Trump resigns or is
impeached.
C. Trump finishes year with approval
ratings above 50%, versus 38% now.
D. Key departures from Trump
cabinet: Both Rex Tillerson
and Jeff Sessions are gone.
E. None of the above.
C. Norway
D. Germany
E. Another country
9. How many times will the Federal
Reserve lift short-term rates in 2018?
A. Zero or one
B. Two
C. Three
D. Four or more
10. Which marquee CEO will no longer
be at the helm at the end of 2018?
A. JPMorgan Chase’s Jamie Dimon
B. Goldman Sachs’ Lloyd Blankfein
C. Berkshire Hathaway’s Warren
Buffett
D. PepsiCo’s Indra Nooyi
E. All will still be on the job.
7. What will occur in the 2018 elections?
A. GOP retains control of both House
and Senate.
B. Democrats win control of House
and Senate.
C. Split: House stays Republican;
Dems take Senate.
D. Split: Senate stays Republican;
House flips to Dems.
8. Which country will win the most
medals at the 2018 Winter Olympics?
A. U.S.
B. Canada
11. Name 2018’s best-performing member of the Dow industrials (including
dividends). Worth two points.
12. Name 2018’s worst-performing
member of the Dow industrials
(including dividends). Worth two
points.
13. Which losing stock from 2017 will
fare best in 2018?
A. General Electric (GE)
B. Under Armour (UA)
A: Boston
B: Baltimore
C: Detroit
D: Austin, Texas
E: Atlanta
F: Another city
17. Tiebreaker: Where will the Dow
industrials end 2018? The index
traded last week at 24,780.
My choices are: 1, C; 2, C; 3, E; 4, A; 5, D;
6, A; 7, A; 8, B; 9, B; 10, B; 11, Cisco Systems; 12, Walmart; 13, A; 14, B; 15, A; 16,
B; 17, 27,001
We’ll name a winner at the start of
2019. All entries must be postmarked no
later than Jan. 3, 2018, or received by
email or electronically no later than
Jan. 3, 2018. No one from News Corp, our
parent, is eligible to win. Subscribers can
use our new interactive feature to respond to the quiz on our website, Barrons.com. Please include a daytime phone
number. Any email entries that don’t use
our interactive system should go to editors@barrons.com. Send mail entries to:
Barron’s Editors
Fourth Floor
1211 Avenue of the Americas
New York, N.Y. 10036
Marco Goran Romano for Barron’s
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A. Negative
B. Zero to 10%
C. 10.1% to 20%
D. Above 20%
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16
BARRON’S
January
1, 2018
BARRON'S
COVER STORY
WHAT INFLATION
COULD MEAN
FOR THE MARKET
by Avi Salzman
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R
ner. At 2% to 4%, the multiple slips to 17.2.
Largely absent during the economy’s eight-year recovInflation is “the ultimate enemy of financial assets,” says Lloyd
ery from the financial crisis, inflation is on track to pick up
Khaner, president of Khaner Capital Management. “Name your
in 2018—and it might just catch investors off-guard.
financial asset—inflation tends not to help, if not kill it.”
For now, price pressures are benign, even as U.S. economic
Stocks that are sensitive to rising interest rates—from utilities
growth cruises into the new year at a 3% clip, with business-friendly
to telecom companies—would be particularly vulnerable, while
tax cuts on the way. The core consumer price index, which strips out
financial, energy, and materials stocks could ride a wave of accelerenergy and food, was up just 1.7% year over year in November.
ating growth in prices.
Economists have raised the specter of inflation for several
In the past two weeks, investors got an early taste of what
years, only to be disproved time and again. There’s reason to becould happen during an inflationary period, as weakness in the
lieve, however, that 2018 will be different—that prices will finally
dollar helped send copper up 8%, even as stocks gained just 1.3%.
rise in a more sustained pattern, forcing stock- and bond-market
Bonds face a more dangerous reckoning. It won’t take much to
investors to react to a new trend. “An unanticipated acceleration
turn investment-grade bonds into ugly investments, says David
in inflation is probably the biggest risk for markets in 2018,” says
Lafferty, chief market strategist for Natixis Investment Managers.
Larry Hatheway, chief economist at GAM Investments and head
“Unless you think the economy is
of GAM Investment Solutions.
going to tank and rates are going to
Economists like Hatheway aren’t
fall, the returns to high-quality
expecting runaway inflation, as in the
Inflation's Toll on Stocks
bonds are somewhere between undays of disco and leisure suits, when
Investors tend to value stocks at higher multiples when CPI
impressive and somewhat negative,”
prices rose by double digits. They’re
growth is 0- 2%. Valuations drop as prices rise.
he says. Inflation could increase the
girding for an annual increase of 2%
Average Last 12-Month
pain “even if core CPI goes from
to 2.5% at the most.
18.1
P/ E by Inflation Range
1.7% to 1.9%,” he adds.
Yet the return of inflation would
17.2
16.8
(1950-Current)
Making the outlook so unprechange market psychology. “You
dictable is the peculiar economic
don’t really need inflation of a great
14.7
cycle that followed the global
magnitude here to get an inflation
financial crisis. Ultralow interest
surprise,” says Don Rissmiller, chief
rates around the world inflated the
economist at Strategas Research
10.9
value of some assets, but not wages
Partners. “Just a little bit more
8.8
or the prices of goods and services,
inflation from where we are today is
leaving central bankers befuddled.
probably enough to generate an
If the postcrisis recovery had
inflation scare in 2018.”
followed a more typical pattern,
Such a jolt could reshuffle the
the U.S. would have faced more
market. Since 1950, stocks have
aggressive inflation years ago.
traded at an average multiple of
It wasn’t for a lack of trying.
18.1 times earnings when inflation
Inflation ramped up briefly with
has ranged between zero and 2%—
CPI —2-0%
0-2
2-4
4-6
6-8
>8
the Obama administration’s stimuthe “sweet spot,” says SunTrust
Sources: FactSet; Strategas; Suntrust IAG
lus package and payroll tax cuts,
Chief Market Strategist Keith LerEMEMBER INFLATION?
Illustration by Doug Chayka
17
18
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and the Fed’s aggressive quantitative easing. Some items, including rent and auto
prices, spiked for brief periods, but those
increases never spread to the rest of the
economy.
In 2012, then-Fed Chairman Ben Bernanke issued a target inflation rate of 2%, a
landmark move for the Federal Reserve,
whose leaders had never before made
explicit inflation targets. But just saying the
words “two percent” failed to make prices
and wages rise. Fed Chair Janet Yellen
called the lack of inflation a “mystery,” one
that will soon be Jerome Powell’s to solve.
A confluence of factors has weighed on
prices. Indeed, the low-inflation trend
precedes the recent recovery, as the Fed
has grown more aggressive about responding to price increases, and free trade has
led to cheap consumer goods.
Other factors have also tamped down
price growth. Banks didn’t lend all of the
money that the Fed pumped in because they
needed to shore up their balance sheets to
account for bad loans and adhere to new regulations. Businesses, coming out of a long period of economic uncertainty and global instability, were slow to spend capital. Prices of
goods haven’t risen because the postrecession
period coincided with an aggressive shift to
e-commerce and price comparison. Apparel
prices alone fell 1.3% in November, as clothing stores cut prices to keep up with cheaper
online competitors.
Labor markets have changed, too, with
workers less able to demand the higher
wages that historically have coincided with
greater inflation. Unions are weak and borders are porous, allowing businesses to shift
production to lower-cost countries rather
than raise employee pay. And a talent gap is
outweighing the wage gap right now: Businesses often can’t find workers because people don’t have the right skills, not because
the pay isn’t high enough. Other macro factors have kept prices low. Oil crashed in
2014, restraining prices of related goods. A
strong dollar has likewise damped inflation
by making imports cheaper.
As a result, inflation as measured by the
core CPI has risen at an average rate of
1.76% since 2009. The inflation tracker that
the Fed prefers—the core Personal Consumer Expenditures, or PCE, index—was
up 1.5% as of November.
Most economists expect prices to rise at
the same gradual pace next year. By next
December, the broader CPI, which was
growing at 2.2% as of November, will probably have risen 2.1% from today’s level,
according to 52 economists surveyed in Blue
Chip Economic Indicators. The Fed sees core
inflation rising 1.9% next year. The 10-year
break-even inflation rate, a proxy for the
BARRON’S
market’s inflation expectations, sits at 1.9%,
around where it was at the start of the year.
With such a low bar, however, Wall
Street easily could trip.
“People have gotten really used to 1.5%
inflation,” says Natixis’ Lafferty. “The service economy and wage pressure are going
to gradually continue to put upward pressure on interest rates. It’s not a shock story;
it’s more like we’re going to wake up in six
or eight months and the Fed will be saying,
‘I think we’re there.’ ”
Strains on prices are already evident
higher up the supply chain, says Rissmiller of
Strategas. Deliveries by suppliers to manufacturers have slowed in recent months,
according to the Institute for Supply Management, a sign that the suppliers are becoming busier. That kind of pressure can
force prices higher. “With less slack, if
something has to get done, you may have to
pay up,” Rissmiller says.
The producer price index, which measures the prices that goods and services
producers get, rose 3.1% on a year-over-
January 1, 2018
Already, prices are rising in some quarters, although not in a sustained fashion.
Restaurants have been increasing prices over
the past year or so to deal with new city and
state minimum-wage laws and higher food
prices. Apple clearly feels comfortable charging higher prices, as evidenced by its $1,000
iPhone X. And Netflix raised its monthly
streaming fee for the first time in two years.
Fiscal policy also points in an upward
direction. The tax cut passed at the end of
December should spur business investment
and, potentially, employment. An infrastructure plan, while still a difficult sell in Congress, would stimulate even more investment. Minimum-wage laws are pushing up
wages in several cities.
President Donald Trump’s aggressive
posture on trade raises the possibility of
trade restrictions that boost prices. Lumber
prices have already spiked in part because of
new U.S. duties. “Trade wars are inflationary,” Khaner of Khaner Capital says.
An inflationary market isn’t a bad place
to invest, particularly if earnings are still
rising. Indeed, some inflation would be her-
A Long Slide
It has been decades since the core Consumer Price Index grew by more than 4% annually. Even a
small uptick in 2018 could have a large impact on stock and bond markets.
6%
5
Core Consumer Price Index
4
3
2
1
0
’87
’89
’91
’93
’95
’97
’99
’01
’03
’05
’07
’09
’11
’13
’15
’17
Source: Bloomberg
Telecom stocks would likewise lose their
shine as dividend investments. And consumer
staples, seen as havens, have tended to trail.
On the flip side, inflation tends to lift
commodities, which have risen by over 15%
since the summer. If the dollar weakens,
commodities—most of which are priced in
dollars—generally become more valuable.
And a rise in inflation would probably coincide with greater economic growth, sparking more demand for oil, agricultural products, and other building blocks of the
economy. Materials could rise because of
the same factors.
Other sectors would be in a strong position, too. Presuming that long-term interest
rates rise faster than short-term rates, banks
could make money off wider spreads between
the money they take in and the money they
lend out. They could earn higher returns on
the customer deposits they hold.
Still, inflation rarely proceeds in a predictable fashion. It can be spurred by geopolitical events that drive oil prices higher,
by Fed policy or currency shifts, or some
combination.
The last time core CPI rose above 2.5%
for a sustained period, a nine-month stretch
starting in June 2006, telecom and utility
stocks rose more than 20%, while financials
lagged behind. The prior period of price
growth above 2.5% coincided with the dotcom crash. Consumer staples, financials, and
materials led the market, while tech, utilities, and telecom fell.
In short, it’s tricky to prepare for accelerated inflation. Even investors who believe
that conditions are ripe for price growth say
they’re not making large changes to their
portfolios in anticipation. Risk, profits, and
valuations remain the best ways to evaluate
an investment. Inflation adds a new wrinkle,
for sure. And if it complicates the Fed’s job
and causes it to ramp up rates before the
economy is ready, it could spur a recession.
Particular investments should do well if
year basis in November, the fastest rate
since January 2012. Lumber prices have
risen this year and are expected to continue
trending higher next year, potentially forcing home prices higher, too. The Federal
Reserve Bank of New York introduced an
inflation measure this year, the Underlying
Inflation Gauge, which tracks consumer and
producer prices, commodity prices, and real
and financial asset prices. Based on prior
data, it is at an 11-year high, near 3%.
And wages seem to be reacting, rising at
an annual rate above 2.5% this year, faster
than since the end of the recession. Growth
has been choppy and unimpressive, but
expect a steeper slope next year. Job openings are at the highest level since records
were first tracked, in 2000.
alded as a sign that economic growth has
fully taken hold. But investors would have
to step gingerly.
Stocks that trade like bonds would probably be at a disadvantage. Jim Paulsen,
chief investment strategist at the Leuthold
Group, tracked the performance of Standard
& Poor’s 500 sectors since 2010, and found
that relative returns for bond-like stocks
trailed the overall market considerably during weeks when the 10-year-note yield rose.
Utilities underperformed by the widest
margin, a staggering 36% annualized.
Beloved for their dividends, utilities get less
attractive as yields on less-risky assets rise.
And because most utilities are highly regulated, they would probably have a harder
time raising prices to keep up with inflation.
prices rise, including Treasury inflationprotected securities, bonds issued by the
government whose face value adjusts to
changes in the CPI. In a year when CPI
rises 3%, the principal on a $1,000 bond
would rise to $1,030. Under such a scenario,
TIPS should fare better than corporate
bonds or other government notes.
To play a continuing rise in the price of
materials, investors can buy the Materials
Select Sector SPDR exchange-traded fund
(ticker: XLB), weighted toward chemical and
agricultural companies. A mutual fund such
as Vanguard Precious Metals & Mining
(VGPMX) gives investors exposure to gold
and silver miners.
The United States Oil fund (USO) ETF
offers retail investors a relatively inexpen-
January 1, 2018
BARRON’S
How to Ride a Rally
In Commodities
IF INFLATION LOOKS SET FOR A COMEBACK,
a larger-than-average helping of materials,
energy, and foodstuffs could help investment returns.
“Energy, food, and materials are all key
inputs into the inflation numbers,” says
Will Rhind, CEO of exchange-traded fund
firm GraniteShares in New York.
When inflation quickens, prices for
those items will rally. But there are nuances that investors need to understand.
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The Dollar Is Key, Up to a Point
Investors can view the relationship between inflation and commodity prices another way. When the dollar weakens (and
can purchase less) the cost of materials,
energy, and food tends to rise. The dollar’s
performance is part of the reason we have
had so little inflation from 2011 to today.
The dollar rallied over most of that period,
and commodity prices shrank, with oil
plummeting to $26 in February 2016 from
more than $100 in mid-2014. It has subsequently recovered as the dollar weakened.
Historically, energy and metals tend to
have the highest degree of negative correlation with the dollar. Agricultural products have shown the least correlation.
That means that when the dollar weakens, the price of oil or gold can be expected to rise more consistently than
would prices of commodity foodstuffs.
Prices for agricultural products like
wheat, corn, and soybeans are less tied to
moves in the dollar, as their prices can be
changed by factors like the weather.
When to Strike?
Commodity prices really start moving
when inflation accelerates, says Tim
Courtney, chief investment officer of
Exencial Wealth Advisors in Oklahoma
City. To get any meaningful return, he
sive way to track the price of oil. But inflation alone seems too flimsy a catalyst.
Investors betting on oil to keep rising have
to assume that Saudi Arabia and Russia will
allow oil prices to climb.
Instead, there’s a stronger argument to
buy oil stocks themselves, given that their
price gains trailed the gains in the underlying commodity in 2017. New York Mercantile Exchange crude rose 11% in the past
19
As mentioned, you should avoid trading
futures directly. Still, you are unlikely to
avoid them altogether, as many ETFs hold
futures.
If you invest in an ETF, how you are
taxed will depend on what the fund holds.
For instance, the GoldShares fund holds
bars of solid bullion, so you will be taxed
says, inflation needs to top 2% a year,
as if you owned collectibles, which means
which is near to where U.S. inflation is
a maximum rate of 28% for many people.
now.
The GoldShares fund is one of the few
But when inflation has expanded into
to own the commodity itself. Many own
the range of 3% to 5% a year, commodities
futures contracts, like the United States
have historically returned 9% a year for
Oil fund. If the ETF invests in futures,
five years, he says.
then you’ll be taxed as if you owned
Which Commodities?
futures contracts.
Metals and energy are top candiIn trading futures, 60% of your
dates for investors.
capital gain or loss gets treated as
“When you look at the metals,
a long-term capital gain or loss, and
Strong Dollar, Weak Oil
you get a lot of upward movement
40% gets treated as a short-term
The dollar's strength since the recession has been one factor
more or less across the board, and if
capital gain or loss, according to the
keeping the price of oil down. If the greenback weakens,
we get more inflation, you would
Internal Revenue Service website.
expect commodities to benefit.
expect them to do more,” says Steve
“This is true regardless of how long
WTI Crude
Brent Crude
Trade Weighted Dollar Index
Hanke, chairman emeritus of Friedyou actually held the property,” it
Indexed March 1973=100
berg Mercantile Group in Toronto, Dollars per barrel
says.
$160
128
and professor of applied economics
Not all exchange-traded comRecession
at Johns Hopkins University.
modity investments are ETFs.
120
112
Hanke also likes oil. “It is lookSome are exchange-traded notes,
ing to me like there is more upside
which are a promise from the notein oil,” he says. “If shale oil wasn’t
issuing bank to pay you. These
80
96
in the picture, I wouldn’t be hesinotes are taxed as if you made an
tating at all.”
investment in regular securities,
40
80
A bet on a single commodity is
such as a bond. But because there
riskier than a basket or an index,
are no dividends or interest, they
0
64
so it might make sense to track an
are taxed as capital gains, according
’03 ’05 ’07 ’09 ’11 ’13 ’15 ’17
index. The two major commodity
to TheTaxAdviser.com.
Source: Board of Governors, EIA
indexes are the S&P Goldman
Some ETFs are structured as
Sachs Commodity Index and the Dow track broad baskets of agricultural com- commodity pools, which means they are a
modity prices, which will help offset the partnership. And that means the owners,
Jones Commodity Index.
“The Goldman index has a higher problems of bumper harvests dragging including you, get taxed. You’ll get a K-1
weighting to energy because it was de- down prices.
form from the fund to submit to the IRS.
For index funds, which broadly track
signed as a specific hedge against inflaOne way to avoid much of that comtion, and historically energy prices had a most of the commodity complex, look at plexity is to conduct the trading within an
correlation to inflation,” GraniteShares’ iShares S&P GSCI Commodity-Indexed individual retirement account. That way,
Trust ETF (GSG) and the PowerShares you would be taxed at ordinary income-tax
Rhind says.
DB Commodity Index ETF (DBC).
rates when cash gets withdrawn from the
How to Invest?
account. Commodity pools may be an
Most individual investors should probably Tax Paperwork
exception to this, depending on the size of
avoid trading directly in the futures When you trade commodities, your taxes the investment. The best route may be to
markets, as that typically involves using will most likely be more complicated than seek tax advice.
—SIMON CONSTABLE
borrowed cash. While that can mean usual.
year, and Brent gained 17%, but some big oil
stocks lagged. Chevron (CVX), for instance,
is up just 7% on the year and has a 3.4%
dividend yield. Cowen analyst Sam Margolin
recently increased his price target to $160,
28% above the stock’s recent price of $125,
because of the company’s accelerating cash
flow and prospects in the Permian Basin,
where it has expanded operations.
Banks with large deposit bases that will
increased profits, it also means that losses
multiply quickly. And it doesn’t make
sense to own precious-metals coins because the transactions costs can be hefty.
A solution is to purchase commodity
exchange-traded funds, either in individual
commodities or commodity indexes.
For oil, try United States Oil (ticker:
USO). For copper, try the iPath Bloomberg Copper Subindex (JJC). For nickel,
consider the iPath Bloomberg Nickel
Subindex exchange-traded note (JJN), and
for gold, the SPDR Gold Trust (GLD).
Then there is the PowerShares DB
Agriculture ETF (DBA) or the Elements-Rogers Agriculture (RJA). Both
benefit from higher rates also have room to
grow. SPDR S&P Regional Banking ETF
(KRE) is sensitive to shifts in interest rates.
Stocks with pricing power could also
benefit. Khaner thinks that a “unique
brand” helps. Walt Disney (DIS), he notes,
has been able to raise theme-park prices in
the past without turning off customers.
For the most part, investors are confident
they’ll see inflation coming before it gets
here. “When the majority of the companies
that I invest in tell me that they can’t keep
up with inflationary pressures—that it’s hurting them and they can’t price for it—that’s
when I’m going to start getting concerned,”
Khaner says. “That will be long before you
see it in the headline inflation numbers.”
For those not paying close attention,
however, it could be the surprise of 2018. 20
BARRON’S
Tech Trader
Here Are the Technology Trends That Really Matter
by Tiernan Ray
O’Reilly had visited with Harvard Business School professor Clay
get a better handle on current technology trends. My Christensen, author of The Innovator’s Dilemma.
answer: There’s no better place to start the new year
WTF? is rich in observations large and small, many leading back to
than with the recently published WTF? by Tim O’Reilly. how humans will or won’t use technology well. Among his noteworthy
The term WTF? is, among other things, shorthand conclusions is that concerns about jobs lost to robots miss the point. Mafor the astonishment with which one greets an awesome chine learning and a budding AI industry will “enhance” human eninvention, such as the first iPhone: “What the f___?”
deavor. It is “not the machine from the future” but “the next step in the
But it also stands for a question at the heart of this largely optimistic spread and usefulness of knowledge.”
volume, namely, what’s the future?
It’s up to people, contends O’Reilly, to take developments such as arti- Today millennials learn from YouTube, among other things, partly
ficial intelligence or the sharing economy of Uber and Airbnb and make because, he astutely observes, most formal learning involves no joy
whatsoever. “The power of on-demand access to informathem part of the society we want. O’Reilly’s premise is that
technology is not something invented inside a company and The sharing economy tion is the key to the next generation of learning,” he
writes, advising “don’t replace people, augment them”
kept there, but a process of advancing knowledge through
can create more
through technology. As humans become augmented, he
socializing. “It is only when there is a substantial network
and AI grows less novel, “it is the human touch
of people with shared knowledge that a technology can reflexible possibilities for predicts,
that will become more valuable.”
ally take hold in the economy,” he writes. “Knowledge comA similarly upbeat conclusion is that the sharing econpounds when it is shared.”
work that have more
omy can create more flexible possibilities for work that
In time the shock of the new fades as knowledge
promise than pain.
have more promise than pain. There are all kinds of societal
spreads—“sewing with bone needles was once a WTF?
challenges, such as caring for an aging population, he notes.
technology,” he wryly observes. More important, you can
anticipate tech trends by looking closely at what’s happening. Meditate, Start-ups such as Honor, which matches home-health-care workers with
he suggests, on the threads of development already playing out, “asking patients in a more “flexible” way, can open possibilities for society and
individuals.
yourself, ‘What happens if this goes on?’ ”
“ ‘Work,’ not ‘jobs,’ should be the organizing principle” of society, he
O’Reilly has been an observer and participant in technology for decades, and is an excellent guide. His firm, O’Reilly Media, was founded writes. “And there is plenty of work to be done.”
Within this generally positive framework, there is one genuine threat
in 1983, and is an icon of tech literature. When I started technology reporting 23 years ago with nothing but a history degree, O’Reilly’s books that O’Reilly believes is replacing “the WTF? of astonishment” with
were like a rope dropped into a deep well. Here were books written and “the WTF? of dismay.” That threat is the market—not the market for
edited with care, both authoritative and accessible. That was a WTF? real goods and services, as O’Reilly sees it, but the “casino” of financial
moment for me: How did people with respect for good English break speculation. Corporate raiders, greedy venture capitalists, and “every
company executive who makes decisions based on increasing stock price
into the computer room?
WTF? is partly a personal memoir of the rise of the consumer inter- rather than on serving customers,” have become enablers of “a vast,
net. O’Reilly sold the Global Network Navigator, an early internet catalog, world-spanning machine” that disdains humans, a “master algorithm”
to AOL in 1995 for $15 million. Like any dedicated entrepreneur, he of “shareholder value” above all else.
“It is only our acceptance of the notion that financial efficiency is the
plowed the money back into the business, expanding into tech conferences
and online learning materials. Along the way, he coined several phrases primary fitness function for the economy that locks us into a race to the
that have become industry mainstays, including the “maker movement,” bottom, in which humans are seen as a cost to be eliminated,” he writes.
O’Reilly proposes solutions, including a financial transaction tax, to stem
in which individuals appropriate technology for creative purposes.
He’s written WTF? in an approachable voice, weaving together con- the “massive redirection of corporate profit toward financial speculation
versations with dozens of individuals, from one-on-one chats with and away from investment in people and the real economy.”
Some may grumble such notions are naive. But then O’Reilly has
Facebook (ticker: FB) CEO Mark Zuckerberg to exchanges with
Amazon.com’s (AMZN) Jeff Bezos. This is not a pose: O’Reilly has a spent a lifetime watching how “technologies no one took seriously went
reporter’s curiosity. On a recent fall day in Boston, I accompanied him on to change the world.” Some may find his ruminations wild, but they
to Cambridge, where he met with the economist Daron Acemoglu, the are worth reflecting on. co-author of Why Nations Fail, at Acemoglu’s office at the Massachusetts Institute of Technology. O’Reilly, mostly listening, scribbled in a Tiernan Ray can be reached at tiernan.ray@barrons.com,
small notebook as the two discussed technology and education. Earlier, blogs.barrons.com/techtraderdaily, or twitter.com/barronstechblog.
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To reprint or license content, please contact Barron's reprints department at 800-843-0008 or
PEOPLE OFTEN ASK WHAT BOOK THEY SHOULD READ TO
January 1, 2018
January 1, 2018
BARRON’S
21
Mutual Funds
Mutual Funds
Talking With Burl East,
On the Lookout for
Powerful Properties
by Sarah Max
BURL EAST LIKES TO KICK OFF CONVERSATIONS BY TELLING PEOPLE THAT HE IS 58. SURE,
he’s fishing for a compliment. “They say, ‘You actually don’t look so bad for being that
old,’ ” quips East, who, like many residents of sunny San Diego, swims, cycles, and
competes in triathlons.
More importantly, “I’ve been through three full real estate cycles, working as a
buy-side analyst, a sell-side analyst, an investment banker, and sitting on seven
boards,” says the manager of the $293 million Altegris/AACA Opportunistic Real
Estate fund (ticker: RAAAX). “I’ve seen this industry from every angle.”
That perspective—and an unconventional approach to the space—has helped
deliver his fund, launched in 2014, to the top 1% of its real estate category over the
past three years, during which time it returned an average of 10.9% a year.
Whereas real estate investing is often synonymous with buying apartments as well
as retail and office buildings, East shuns most of those “generic” sectors to focus on
what he characterizes as oligopolies—companies with footholds in growing segments
of the economy, whose tenants essentially can’t move. “I don’t mean paying a termination
fee because the lease is up,” he says. “I’m talking about things like hydroelectric dams,
data centers, cellphone towers, and lab space.”
The fund, which East subadvises for Altegris, is concentrated, with about 30 to 35
long positions—70% of assets are in real estate investment trusts—and typically owns
a handful of short positions, putting it at about 120% long and 20% short. East’s top reason for shorting is to hedge interest rates, but he also bets against high-priced stocks
in sectors that face secular headwinds, such as the effects of e-commerce on retail, or
that have less leeway to raise rents. One such short position is Mack-Cali Realty (CLI),
a New Jersey–based owner of suburban office space. “It isn’t a bad company,” East says.
“It just represents to us a type of asset in a type of market that has zero pricing power.”
A Baltimore native, East started his career at what was then Alex. Brown & Sons,
which at the time was the oldest investment bank in the country and “steeped in tradition, with lots of pictures of horses on the walls,” he says. In the late 1980s, he moved
to California to help build the real estate division of Kemper Securities. After it sold
to Wachovia (now part of Wells Fargo) and the company
continued on page 22
Karl Kaul for Barron’s
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Portfolio Manager, Altegris/AACA
Opportunistic Real Estate Fund
22
BARRON’S
began moving key people to Charlotte, N.C.
East opted to stay out West and start a boutique investment bank focused on real estate.
In 2011, he joined billionaire Ernest Rady in
launching American Assets Capital Advisers,
of which East is CEO.
After looking at real estate from many
different vantage points, East decided to approach the $1.7 trillion market by focusing
on companies whose competitive advantage
allows them to increase net-operating income—essentially an indication of rent—
independent of what’s happening in the
economy. Prior to investing, East and his
team built a detailed business plan for each
company. Screens don’t drive the process,
but rather come at the end in trying to
establish valuations. “We don’t go into the
Altegris/AACA Opportunistic
Real Estate
1-Yr
RAAAX
24.3%
Dow Jones US Real
Estate Index
10.7
Total Return1
3-Yr Since Inception2
10.9%
5.8
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To reprint or license content, please contact Barron's reprints department at 800-843-0008 or
Top 10 Holdings
Company / Ticker
15.3%
11.0
% of
Portfolio3
further drive demand. More people are
accessing more data from more devices and
for more uses. “An autonomous car uses
about 3,000 times more data than [the average] person uses in a day,” he says.
It’s a similar story but a different industry in the case of Alexandria Real Estate
Equities (ARE), a REIT that focuses on
life-science and technology campuses in what
it calls “innovation cluster locations” in such
markets as Boston, New York, and San
Francisco. East first met the founder and
CEO, Joel Marcus, about 20 years ago, when
it was still early days for biotechnology, and
Marcus had “cobbled together enough
money to buy four buildings,” East says.
Today, Alexandria’s real estate assets are
worth $17 billion; the stock recently traded
at about 19 times earnings, a slight premium
to the MSCI US REIT Index. Unlike nondescript suburban office space, says East, the
properties that Alexandria owns and operates cater to tenants who cannot move without seriously disrupting their businesses. “If
you’re Amgen using lab space in Seattle and
have a three- to five-year efficacy study on
a cancer vaccine, you can’t just get up and
leave,” he says, referring to one of Alexandria’s larger tenants.
New Residential Investment / NRZ
7.5
Drive Shack / DS
6.9
American Tower / AMT
6.3
Gambling doesn’t cure cancer or power
Wynn Resorts / WYNN
5.6
Macquarie Infrastructure / MIC
5.6
Brookfield Infrastructure Partners / BIP
5.2
Equinix / EQIX
5.2
MGM Resorts International / MGM
5.0
Cadiz / CDZI
4.8
CyrusOne / CONE
4.7
autonomous vehicles, but the business model
of a well-run casino offers the same competitive qualities that East requires of his investments. There are only a handful of major
U.S. casino companies, and the high cost of
building premium properties helps keep the
riffraff out. The income from these properties is quite predictable. “At a casino, the
only math you need to know is this: Every
dollar that enters a casino leaves as 78
cents,” he says, noting that for U.S. properties, gambling represents about half of revenue; lodging, dining, entertainment, and conventions make up the balance.
East owns three of the four largest U.S.
players, including MGM Resorts International (MGM), Las Vegas Sands (LVL), and
his largest casino holding, Wynn Resorts
(WYNN). In the case of Wynn, a stellar
management team and emphasis on the
growing luxury market is paying off; the
company reported a third-quarter revenue
gain of 45%. Two of the corporation’s four
properties are located in Macau, where the
gambling market is roughly six times that of
Las Vegas, says East.
“The average Chinese consumer who
visits a casino gambles roughly 20 times as
much money as the average American,” says
East, who thinks Wynn’s stock is worth at
least $200 a share, compared with its recent
price of $160. Macau is positioned to attract
even more visitors with the 2018 completion
of the bridge linking it to Hong Kong and
Zhuhai, China. Total
56.8
1-All returns are as of 12/27/17; three year and since-inception returns
are annualized. 2-1/9/14. 3-As of 11/30/17.
Sources: Altegris; Morningstar
grocery store and buy stuff because it’s on
sale,” he says, emphasizing that he never
buys a stock simply because it’s cheap. “We
go with a shopping list.”
About 21% of the fund’s assets are in data
centers, which it has owned since launching
the fund. One of its largest holdings is
Equinix (EQIX). It’s the biggest operator
by far, with some 190 centers in 24 countries.
Data centers are expensive to build, he says,
but Equinix recoups its investments quickly;
its net operating income per data center is
about 30% of its building cost, he says.
“In the data-center business, there are
basically six owners,” says East, who also
counts CoreSite Realty Group (COR),
CyrusOne (CONE), and QTS Realty Trust
(QTS) among his larger positions. “It isn’t
impossible, but it is difficult to add more
space; you need to have cheap electricity, a
fiber-optic rich environment, and security
and compliance.” Meanwhile, demand for
data storage is growing more than 25% a
year, and several trends are converging to
Scoreboard:
January 1, 2018
A Nice Finish to 2017
(U.S. stock funds rose 0.22% in the final week of the year, bringing their total 2017 return to 19%. U.S.
bond funds posted the same weekly return, taking their 2017 return to 3.9%.
U.S. STOCK FUNDS
TOP SECTOR / Precious Metals Equity Funds
BOTTOM SECTOR / Global Science/Technology Funds
S&P 500
U.S. BOND FUNDS
Bloomberg Barclays AGG Bond
One Week
Year-to-Date
0.22%
2.70
– 0.34
0.11
0.22
0.33
19.0%
8.3
44.7
20.0
3.9
2.8
THE WEEK'S TOP 25
Fund
Investment Objective
Archer Balanced Fund / ARCHX
American Growth II E / AMREX
SS Inst Inv Intl VS K / SIVSX
SS Inst Inv Global VS K / SIAKX
Stock Dividend Fund / SDIVX
SS Inst Inv Euro VS K / SIBKX
US Glbl Gold&PM / USERX
SS Inst Inv Dsp US Eq I / SSJIX
GW Moderate Inv / MXMPX
SlvrPpr Cmd Str Gl Mac I / SPCIX
SS Inst Inv As Pac VS K / SIDKX
AQR Risk-Bal Comm Str R6 / QRCRX
US Glbl Wld Prec Min / UNWPX
SS Inst Inv US VS K / SIEKX
State Farm S/MC Eq Prem / SFSAX
Matthews Asia Korea Inv / MAKOX
Franklin Gld&Pr Mt A / FKRCX
GW Lifetime 2045 Svc / MXRLX
Eventide Hlthcare & LS I / ETIHX
Upright Growth Fund / UPUPX
Oppenheimer Gld & Sp A / OPGSX
GW Lifetime C 2045 Svc / MXNLX
GW Lifetime C 2055 Svc / MXTLX
GW Lifetime 2055 Svc / MXXLX
Victory Gl Nat Res Y / RSNYX
Mix Tgt All Mod
Specialty & Misc
Intl Large-Cap Value
Global Large-Cap Value
Equity Income
European Region
Precious Metals Eq
Multi-Cap Value
Mix Tgt All Mod
Alt Global Macro
Pacific Region
Commodities General
Precious Metals Eq
Multi-Cap Value
Mid-Cap Core
Pacific Ex Japan
Precious Metals Eq
Mixed-Asset Target 2045
Health/Biotech
Global Multi-Cap Core
Precious Metals Eq
Mixed-Asset Target 2045
Mix-Asst Targ2055+
Mix-Asst Targ2055+
GL Natural Resourc
One Week
Year-to-Date
13.36%
10.58
10.10
8.44
6.60
5.77
5.27
5.02
4.53
4.36
4.20
4.09
4.00
3.93
3.86
3.78
3.58
3.57
3.46
3.41
3.38
3.33
3.26
3.23
3.23
29.6%
– 7.1
35.9
36.2
31.6
30.7
13.5
26.3
17.8
– 2.8
34.3
9.8
– 4.4
23.0
16.6
43.9
– 0.6
24.3
47.5
– 17.7
17.3
21.6
22.8
24.2
2.7
One Week
Year-to-Date
– 6.75%
– 4.21
– 3.24
– 2.49
– 2.39
– 1.90
– 1.84
– 1.79
– 1.64
– 1.46
11.8%
– 3.0
12.8
– 10.0
25.8
9.5
– 8.7
– 18.0
9.1
22.7
THE WEEK'S BOTTOM 10
Fund
Investment Objective
Ancora/Thelen SMdCp I / AATIX
Hartfd Inflation + A / HIPAX
Needham Sm Cap Gro Rtl / NESGX
Footprints Disc Val A / DAVAX
Catalyst Macro Strat I / MCXIX
Needham Aggr Growth Rtl / NEAGX
Oppenheimer SP MLP A / MLPDX
FX Strategy I / FXFIX
Needham Growth Retail / NEEGX
B Riley Dvsfd Eq Instl / BRDZX
Small-Cap Core
Infl Protected
Small-Cap Core
Flexible Portfolio
Alt Global Macro
Small-Cap Growth
Energy MLP Funds
Alt Currency Strat
Multi-Cap Core
Small-Cap Core
THE LARGEST 25
Fund
Fidelity Contrafund / FCNTX
Vanguard Wellington Adm / VWENX
American Funds Gro A / AGTHX
American Funds Inc A / AMECX
American Funds CIB A / CAIBX
Dodge & Cox Stock / DODGX
Dodge & Cox Intl Stock / DODFX
American Funds EuPc R6 / RERGX
American Funds ICA A / AIVSX
American Funds Bal A / ABALX
American Funds Wash A / AWSHX
American Funds CWGI A / CWGIX
PIMCO Tot Rtn Inst / PTTRX
Vanguard PRIMECAP Adm / VPMAX
Dodge & Cox Income / DODIX
American Funds FInv A / ANCFX
Met West Total Return I / MWTIX
PIMCO Income Inst / PIMIX
Franklin Cust Inc A / FKINX
DoubleLine Tot Rtn I / DBLTX
Vanguard Sh-Tm Inv Adm / VFSUX
American Funds NPer A / ANWPX
Vanguard Wellesley Adm / VWIAX
T Rowe Price Gro Stk / PRGFX
Vanguard Tgt Ret2025 Inv / VTTVX
Assets
(billions)
$90.9
87.1
85.4
77.3
72.0
69.9
64.9
64.7
63.4
62.8
57.4
56.8
54.9
53.9
53.6
53.5
48.5
47.0
46.0
44.9
42.3
41.8
41.5
40.6
38.7
*Annualized 12/24/2014 to 12/28/2017. Through Thursday.
Investment Objective
Large-Cap Growth
Mix Tgt All Gro
Large-Cap Growth
Mix Tgt All Mod
Global Equity Income
Large-Cap Value
Intl Large-Cap Core
Intl Large-Cap Growth
Large-Cap Core
Mix Tgt All Gro
Large-Cap Core
Global Large-Cap Core
Core Plus Bond
Large-Cap Core
Core Bond
Large-Cap Core
Core Plus Bond
Multi-Sector Inc
Mix Tgt All Mod
US Mortgage
Short Inv Grade
Global Large-Cap Growth
Mix Tgt Alloc Con
Large-Cap Growth
Mixed-Asset Target 2025
3-Year*
Return
1-Week
Return
13.2%
8.3
12.9
7.0
5.5
10.8
5.4
9.2
10.3
8.3
10.5
8.7
2.9
13.5
3.2
12.5
2.1
6.5
5.0
2.8
2.1
11.2
6.4
14.6
7.2
0.08%
0.27
0.34
0.39
0.40
– 0.01
0.39
0.66
0.22
0.33
0.33
0.47
0.34
– 0.21
0.22
0.32
0.33
0.10
0
0.19
0.13
0.49
0.49
– 0.03
0.46
YTD
Return
33.1%
15.1
26.8
13.4
14.2
19.0
23.8
31.0
20.2
15.7
20.7
24.8
4.9
30.3
4.3
23.8
3.3
8.4
8.4
3.6
2.1
29.2
10.3
34.4
16.1
Source: Lipper
January 1, 2018
BARRON’S
23
Fund of Information
New Bond Funds for the New Year
by Karen Hube
LOOKING FOR FRESH MUTUAL FUND IDEAS TO START THE NEW
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year? Consider some new bond funds recently singled out by
Morningstar analysts as good prospects for 2018 and beyond.
Like Barron’s, Morningstar generally likes to see at least a
three-year track record (preferably five or 10), but these
newer funds have sound strategies and strong parents, and
they are helmed by managers with proven records at other
funds. “They have a good chance of outperforming peers on
a risk-adjusted basis over a market cycle,” says Karen Wallace, a senior editor at Morningstar. Here are some to size up:
Vanguard Tax-Exempt Bond Index (VTEBX)
Launched late in the summer of 2015, this fund’s expense ratio alone is enough to turn heads; it’s just 0.19%, compared
with 0.8% for its peers. But there’s more reason to pay attention: Vanguard has depth and breadth of experience behind the fund, with more than $190 billion under management in 18 tax-exempt bond and money-market funds. At
the fund’s helm is seasoned manager Adam Ferguson, who
also runs five other Vanguard municipal bond funds.
Why is strong management needed on an index fund?
Municipal bond index funds don’t run on autopilot. Ferguson’s challenge is to track the performance of 12,000 bonds
in the S&P National AMT-Free Municipal
Cash Track,
Bond Index by investing in 30% of its holdpage M27
ings. “It’s a much more active decisionmaking process than you might think,” Ferguson says. “It’s impossible to own the index in its entirety.
Most bonds are unavailable because they don’t trade, so we
have to analyze what we can buy that will best replicate the
index,” Ferguson says. And he does that better than peers.
Artisan High Income (ARTFX)
This fund mines for prospects in the high-yield universe
without putting too much credence in a company’s credit
rating, which tends to overemphasize material assets and
underemphasize cash flow.
“One thing we’ve learned is that credit ratings aren’t always indicative of future performance,” says Bryan Krug,
manager since the fund’s launch in March 2014. Relying too
heavily on ratings could result in missing the businesses the
fund favors in areas such as software, cable TV, broadband,
and insurance. While these businesses may not have a lot of
property and equipment that can be liquidated under distress, they have strong recurring revenues and strong cash
flows, Krug says. “Cash flow is ultimately what pays us.”
This somewhat novel approach requires a high tolerance
for downdrafts during rough patches in the credit market.
But Morningstar analyst Brian Moriarty points out Krug’s
strong long-term record. Krug managed Ivy High Income
(WHIAX) from 2006 to 2013, and its 9.9% annualized return
during his tenure ranked best in its category. So far at Artisan High Income, a 7.9% three-year annualized return
through Dec. 28 puts the fund in the top 2% of its class.
Prudential Short Duration Muni High Income (PDSAX)
Like other short-term high-yield municipal bond funds, this
fund has a hard time living fully up to its name because
short-term high-yield issuances are so rare and illiquid.
Even more so than its peers, it veers unabashedly into investment-grade territory to fill out its portfolio—its investment-grade allocation is currently at 79% compared with
56% for its peers, according to Morningstar. The fund is appropriately short-duration, however. The fund’s average is
3.8 years, compared with 6.8 years for its peers.
May 2014 was a tough time to launch, even under the expertise of lead manager Susan Courtney. Since then, markets
have rewarded longer-duration and lower-quality municipal
bonds, and this fund lagged 95% of its peers through November. But the strength of its short-duration, higher-quality mix
is that it provides a cushion during high-yield selloffs, says
Alaina Bompiedi, a Morningstar analyst. Between Aug. 1 and
Dec. 31, 2016, a period surrounding the presidential election,
the fund held up better than 85% of its peers, with a 3.7%
decline compared with a median 4.6% drop, Bompiedi notes.
Dodge & Cox Global Bond (DODLX)
The six-member committee managing this fund can invest
across developed and emerging markets, currencies, corporate and government debt, and other fixed-income sectors.
Like other Dodge & Cox funds, it’s concentrated, with 50 to
100 holdings its managers plan to own for at least three years.
As a result, the fund, which launched in May 2014, often
doesn’t look much like its benchmark, Bloomberg Barclays
Global Aggregate Bond Index, or its peers. For example, its
exposure to corporate credit can run unusually high; it was
60% in late 2015. It’s now 43%, “because valuations have become less attractive,” says Lucy Johns, one of the managers.
The fund has Mexico, Colombia, Peru, India, and Mauritius
in its top 10 country allocations, according to Morningstar.
This hurt early performance. In 2015, that exposed the fund
to a commodity selloff, and it lost 6.2%. But the following year
it paid off: The fund bested 95% of its peers with an 8.6% return. With an expense ratio of 0.45%, about half the average,
and a management team with more than 22 years’ experience,
the fund should have no problem enticing investors to stay. These funds don’t
have much history,
but their future looks
bright anyway.
24
BARRON’S
ETF Focus
Top Banking, Tech ETFs for 2018
by Teresa Rivas
TECHNOLOGY AND FINANCIAL STOCKS ENDED 2017 WITH A BANG. IF YOU
get a boost from lower corporate taxes, a more benign regulatory environment, and
steadily rising interest rates. Technology companies, meanwhile, will benefit from
the quickening shift to digital and cloud-based strategies for businesses, rapid innovation, and abundant top-line growth. And both are levered to take advantage of an
expanding global economy.
The downside is that “the secret is certainly out on both of these sectors,” says
Ned Davis ETF Strategist Tony Welch, who notes that tech and financials have been
commanding an increasing portion of total domestic sector ETF assets all year. That
said, he is bullish on their continued strength in 2018 as well.
His suggestion for ETF investors: The iShares Edge MSCI USA Momentum
Factor ETF (ticker: MTUM), which is 38% tech and 21% financials, so you don’t have
to choose between the two. The remainder of the fund is largely
health care, industrials, and consumer discretionary. (This low-cost ETF Table,
strategy also gets Morningstar’s highest, five-star rating, and the Barrons.com
firm calls it “one of the most attractive momentum funds available.”)
If you do want to make sector-specific bets and favor tech, he recommends looking
into the ARK Innovation ETF (ARKK) and the ARK Web x.0 ETF (ARKW), both
of which returned more than 80% in 2017.
On the financial side, banks and capital markets are the two industries that are
most interest-rate sensitive, and thus should see the best reactions to higher interest
rates. Welch likes the iShares U.S. Financial Services ETF (IYG), which is 56%
banks and 26% capital markets. Drilling down further, he recommends the SPDR
S&P Bank ETF (KBE) for broad banking exposure, and the SPDR S&P Regional
Banking ETF (KRE) and the iShares U.S. Regional Banks ETF (IAT) for the
smaller players. The SPDR S&P Capital Markets ETF (KCE) is his pick for capital
markets.
After this past year’s rally, recommending financial and tech stocks for 2018 certainly isn’t revolutionary, but Oppenheimer’s Wald says that, overall, it’s more of a
“risk-on over risk-off call” for the year ahead. Looks like déjà vu all over again. Motivated investing
International companies with sustainable competitive advantages at attractive valuations.
1 Year Cumulative Index Return
Morningstar ® Global ex-US Moat Focus IndexSM
27.8
9/30/16-9/30/17
30
25
20
15
10
MSCI All Country World Index ex USA
19.6
5
RetuRn (%)
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To reprint or license content, please contact Barron's reprints department at 800-843-0008 or
expect that kind of pop to carry into 2018—and we do—there are a
number of exchange-traded funds to play the trend.
After more than 60 new record closes for the Standard & Poor’s
500 index this past year, it’s unlikely that stocks generally can
match that pace in 2018. Still, tech and financials are expected to
outperform the broader market again. As of Thursday, tech shares
gained 38% in 2017, while financial stocks rose 21%. The S&P 500 increased by 20%.
Oppenheimer’s technical analyst Ari Wald says that the financial sector is his top
idea for 2018, followed closely by tech. He thinks that financial stocks are “just at
the start of their secular outperformance.” He adds, “Where tech was 10 years ago,
coming out of the 2000-02 crash, this could be where financials are now.” But don’t
expect tech to give up without a fight. Wald says we’re only “seeing the middle
innings of tech’s market leadership,” with today’s stocks more on par with 1995 than
a frothy 1999, even if the sector may take a pause early in the year to digest its
stellar gains.
It’s not hard to see the fundamental bullish argument for the sectors. Banks will
January 1, 2018
0
10/2016
11/2016
12/2016
1/2017
2/2017
3/2017
4/2017
5/2017
6/2017
7/2017
8/2017
9/2017
-5
Index performance is not illustrative of Fund performance. Source: Morningstar.
MOTI® VanEck Vectors® Morningstar International Moat ETF
vaneck.com/motivated
VanEck Vectors® Morningstar International Moat ETF (MOTI®) seeks to replicate as closely as possible, before fees and expenses, the price and yield performance of the Morningstar® Global ex-US Moat Focus IndexSM, which is intended to track the overall
performance of attractively priced companies, outside the U.S., with sustainable competitive advantages according to Morningstar’s equity research team. Indices are unmanaged and are not securities in which an investment can be made.
Index performance is not representative of Fund performance. For Fund performance current to the most recent month-end, visit vaneck.com.
The Morningstar® Global ex-US Moat Focus IndexSM was created and is maintained by Morningstar, Inc. Morningstar, Inc. does not sponsor, endorse, issue, sell, or promote the VanEck Vectors Morningstar International Moat ETF, and bears no liability
with respect to that ETF or any security. Morningstar® is a registered trademark of Morningstar, Inc. Morningstar® Global ex-US Moat Focus IndexSM is a service mark of Morningstar, Inc.
An investment in VanEck Vectors® Morningstar International Moat ETF (MOTI®) may be subject to risks, which include, among others, equity securities, investing in the financial services and consumer discretionary sectors, and medium-capitalization
companies, which may make these investments volatile in price or difficult to trade. Foreign investments are subject to risks, which include changes in economic and political conditions, foreign currency fluctuations, changes in foreign regulations, and
changes in currency exchange rates, which may negatively impact the Fund’s returns. The Fund’s assets may be concentrated in a particular sector and may be subject to more risk than investments in a diverse group of sectors.
The MSCI All Country World Index ex USA Index captures large and mid-cap representation across 22 of 23 Developed Markets countries (excluding the U.S.) and 24 Emerging Markets countries.
Investing involves substantial risk and high volatility, including possible loss of principal. An investor should consider the investment objective, risks, charges and expenses of the Fund carefully before investing. To obtain a prospectus and
summary prospectus, which contain this and other information, call 800.826.2333 or visit vaneck.com. Please read the prospectus and summary prospectus carefully before investing.
Van Eck Securities Corporation, Distributor, 666 Third Avenue, New York, NY 10017
January 1, 2018
BARRON’S
SPEAKING OF DIVIDENDS
n
25
by Jon Swartz
Why Facebook May Consider a Dividend
Facebook has a stronghold on a market
that is a major cash generator. And, with
$38.3 billion of cash, cash equivalents, and
short-term investments, a dividend would be
an easy way to make shareholders happy.
Sure, shareholders are already pleased
with the 54% gain in Facebook’s shares in
2017. But there are no guarantees that Facebook and Alpha- Dividend
bet will continue their domi- Payments,
nance in online advertising in page M39
the U.S. market. Brian Wieser,
an analyst at Pivotal Research Group, recently warned that the duopoly of Facebook
and Alphabet was “gradually approaching the
point of saturating available digital budgets.”
At the same time, escalating expenses
could cut into Facebook’s bottom line. In its
recent fiscal-year 2018 outlook, the company
said it anticipated a “significant investment
year,” with expense growth of 45% to 60%
going to hire more employees to work on security as well as for payments for shows on
Facebook’s new Watch tab for video.
nology company’s evolution when it must decide whether to grow up and pay a dividend.
So far, the FANG stocks are sticking with
the youth movement.
None of those fast-growing giants—Facebook (ticker: FB), Amazon.com (AMZN),
Netflix (NFLX), and Google’s parent, Alphabet (GOOGL)—pay a cash dividend.
But there’s reason to wonder if that might
change before long.
With some two billion monthly users,
Facebook is pushing up against the limits of
growth. The social-networking giant already
dominates digital advertising, along with
Google. If growth does begin to taper, you
can expect investors to begin calling for new
strategies—including dividends and stock
buybacks.
Tech companies typically prefer to hold
onto their cash, using it to invest in growth,
rather than to ladle it out to shareholders.
Still, a number of tech giants now make cash
payouts, including a member of the extended
FAANG stocks, Apple (AAPL). Oracle
(ORCL), Intel (INTC), and Cisco Systems
(CSCO) also pay dividends.
Among the richest yields in tech are
those offered by data-storage company Seagate Technology (STX), at 5.98%, IBM
(IBM) at 3.9%, and semiconductor and telecommunications equipment company Qualcomm (QCOM), 3.53%.
Microsoft (MSFT) has been steadily raising its dividend payouts. The most recent increase, in September,
brought the dividend to 42 cents a share, reflecting a 7.7%
increase. Its dividend yield is 1.96%.
In May, Apple announced a 10.5% increase in its dividend, to $13.22 billion annually, surpassing energy giant
Exxon Mobil’s (XOM) $12.77 billion payout as the biggest in the world. (Exxon pays a higher dividend yield
than Apple, 3.67% to 1.48%, because its share price is
lower.)
BIG
TECH’S
PAYOUTS
A number of
technology
companies
currently offer
cash dividends.
Company / Ticker
If Facebook, for example, were to initiate an annual
dividend of around $2 and then increase it to $3, it
wouldn’t be a drag on stock or earnings, says Daniel Ives,
head of technology research at GBH Insights. Such a dividend would represent a yield of about 1.5%.
Several factors make Facebook the most likely FANG
candidate to offer a dividend, perhaps as early as 2019.
(For one thing, neither Amazon nor Netflix produce sufficient earnings to pay shareholders a sustainable dividend.
And Google-parent Alphabet reiterated at an investor
conference earlier in 2017 that it doesn’t intend to pay a
dividend in the “foreseeable future.”)
Recent Mrkt
Total Div
Price Val (bil) Return* Yield
Company / Ticker
Recent Mrkt
Total Div
Price Val (bil) Return* Yield
Company / Ticker
Recent Mrkt Total Div
Price Val (bil) Return*Yield
$38.56 $190.6
32.2% 3.0%
Intel / INTC
$46.11 $215.8 30.7% 2.4%
Seagate Technology / STX $42.11 $12.2
17.5% 6.0%
Cisco Systems / CSCO
IBM / IBM
–4.2
3.9
Paychex / PAYX
8.6 –10.3
3.7
Broadcom / AVGO
3.5
153.13
Western Union / WU
18.80
Qualcomm / QCOM
64.54
141.8
95.1
2.9
If growth does begin to slow and Facebook institutes a dividend, the company,
which went public in 2012, would be following
in the footsteps of another former tech upstart, Microsoft.
In 2003, the software giant, then awash in
$43 billion in cash, bowed to investors and declared its first dividend. It did so soon after President
George W. Bush proposed making most dividends tax-free
to investors. For the previous 17 years as a publicly
traded company, Microsoft had steadily plowed its cash
into product research and development.
Apple, sitting on nearly $100 billion of cash at the
time, announced its first dividend in 17 years in March
2012. Its first dividend came in 1987, seven years after it
went public.
Could there be a dividend in Facebook’s near future?
If history is any indication, the possibility grows as it matures atop a swelling hoard of cash. 68.40
24.6
16.0
2.9
Motorola Solutions / MSI
259.12
106.1
49.5
2.7
KLA-Tencor / KLAC
HP Inc / HPQ
21.27
35.0
47.5
80.96
23.9
21.2
104.53
103.0
46.9
2.4
Xerox / XRX
29.48
7.5
31.3
3.4
Western Digital / WDC
CA / CA
33.50
14.0
8.8
3.0
Texas Instruments / TXN
90.80
14.7 12.0
2.3
107.28
16.8 39.6
2.2
2.6
Automatic Data Processing / ADP 117.26
52.0 16.6
2.1
2.5
Xilinx / XLNX
67.91
17.0 14.9
2.1
Hewlett Packard Enterprise /HPE 14.67
23.4 11.0
2.0
Data through 12/27/17 *Year to date
Source: Bloomberg
Sébastien Thibault for Barron’s
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THERE COMES A TIME IN EVERY YOUNG TECH-
26
BARRON’S
An Interview With Avadis Tevanian
Co-Founder and Managing Director,
NextEquity Partners
Reporting
From the
Future
by Tiernan Ray
a tech-industry legend who transitioned successfully to a
career as a professional investor. Tevanian, 56, a software
engineer by training, was handpicked by Apple co-founder
Steve Jobs for NeXT, the computer company he founded
in the 1980s. When Jobs returned to Apple in 1997, Tevanian went with him, eventually becoming the tech giant’s
chief software technology officer. Tevanian’s team built Mac
OS X, which led to the iPhone’s operating system, iOS.
After retiring from Apple in 2006, Tevanian joined
Elevation Partners, becoming managing director of the
private-equity firm, which invested in Facebook (ticker:
FB), Yelp (YELP), and other media and tech companies.
He subsequently co-founded NextEquity Partners, a
Menlo Park, Calif.–based venture-capital firm that manages $120 million. Its holdings include Uber and The RealReal, a luxury-goods consignment marketplace.
Tech-industry insiders consider Tevanian a visionary.
In a recent conversation with Barron’s, he shared his
thoughts on current tech trends, including bitcoin and
artificial intelligence.
Barron’s: The past year saw advances in artificial intelligence, machine learning, and digital currencies. Which
tech trends will dominate in 2018?
Tevanian: In the short term, you can bet on what is
already happening. Machine learning and artificial intelligence are really starting to take off. There is a lack of
understanding about cryptocurrencies such as bitcoin.
They are here to stay. People need to learn more about
them and become more comfortable with them. Cloud
computing has been around for a long time, and will be
a big theme in 2018 in a number of ways. The expansion
of mobile computing in wearables will also be a big topic.
What don’t people understand about bitcoin?
Martin Klimek for Barron’s
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AVADIS “AVIE” TEVANIAN IS A RARE BIRD IN SILICON VALLEY,
Many people say “I don’t know about bitcoin, but I believe
in blockchain.” That’s a cop-out because most people still
can’t explain blockchain. They don’t really believe in
bitcoin, but want to say something positive about it. Yes,
blockchain is a distributed public ledger, but we’re really
January 1, 2018
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28
BARRON’S
BEST
ADVICE
January 1, 2018
JPMorgan’s Louise Armour
says the bull market still
has room to run in 2018.
by Steve Garmhausen
The Strategy
WHEN SHE WAS 15 YEARS OLD, LOUISE ARMOUR
Location: West Palm Beach
Clients: 250 households
Typical Account: $7 million
took the train to Belmont Park racetrack near
Queens, N.Y., and, turned away by its guards,
climbed a fence to talk a trainer into giving her
a job hot walking thoroughbreds.
“My dad had high standards, and he told me
to get a summer job,” says Armour, now 60,
explaining that she was too young for conventional employment. Eventually, Armour would
hurdle another barrier to become a successful
broker on male-dominated Wall Street.
Now based in West Palm Beach, Fla., Armour
manages over $930 million for 250 clients. She’s
among Barron’s top 1,200 U.S. advisors, and is
our 81st-ranked woman advisor nationwide.
The head of a three-person team at JPMorgan, Armour believes that the long bull market
still has room to run—but not too much. She is
heavily invested in stocks, in part because bonds
are risky right now and partly because there’s
still some untapped opportunity there.
Armour has a hard-won understanding of the
value of money. She had earned a degree in
biology and chemistry from the State University
of New York at Albany, and was planning to
become a doctor or veterinarian when, in 1981,
her father died unexpectedly.
All of a sudden her mother was raising four
kids on her own with no income. The banks canceled her credit cards, and she didn’t even have
a driver’s license. “I realized how precious the
money people earned was,” says Armour, “and
how vulnerable women were.”
Erika Larsen for Barron’s
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Bring On the New Year!
Retail, health-care, financial, and
technology stocks are still cheap on
a historical basis, Armour believes.
Stocks 80%
Domestic
Developed Foreign
Emerging Markets
Bonds 18%
Corporates
Munis
Treasuries
Alternatives 2%
retail, health care, financials, and technology as
being cheap on a historical basis. “But being
selective is critical,” she warns, adding that she
expects some rotation out of momentum stocks
and into value stocks in 2018.
The U.S. isn’t the only game in town; beginning 18 months ago, Armour has gradually
shifted a chunk of her clients’ money abroad.
“We are seeing global synchronization, so I have
allocated assets to international investments,”
she says.
Part of her exposure takes the form of international long-short funds. This approach can
help reassure clients who have hesitated to
invest outside of the U.S., Armour explains.
It was up to Armour to provide for her family, and she found a job assisting two brokers at
the brokerage Thomson McKinnon on Broadway
Armour is cautious about bonds, given
in Manhattan. At first, she had no idea what a
their high prices and interest-rate risk. She has
brokerage house was, or what stocks and bonds
were, for that matter. But after a year, she real- CONFIDENT The stock market could grow 8% to 10% in 2018, Armour says. slashed her allocation from 40% to 18% over the
past few years. For clients who require bond
ized that she could do her bosses’ job—and earn
badly needed money for her family.
to overreact to them, or to buy or sell based on headline- income, floating-rate notes are a good option, and there’s
“It was very avant-garde for a woman to want to be a driven emotion, and she gravitates toward blue-chip, also value in municipal bonds along different areas of the
yield curve: Right now, Armour likes durations of 12 to
Wall Street broker,” says Armour. “But I needed to be—in dividend-raising stocks.
a hurry.”
Armour is looking for stock market growth of at least 18 months.
Back in her days at the racetrack, Armour worked
After honing her skills at a smaller firm, Armour 6% in 2018, and believes that the new tax law may add 2%
joined Bear, Stearns in 1985. Bear would be acquired by to 4% on top of that. The anticipated corporate repatria- with legendary horses, including Secretariat, Ruffian, and
JPMorgan in 2008, in the midst of its mortgage-crisis tion of overseas profits is part of the story. Some $2.6 tril- Hoist the Flag. She’s still passionate about the equestrian
free-fall.
lion stands to be brought into the U.S., and 50% could go world, an enthusiasm shared by her husband, Lester
“Red” Armour, a member of the Hall of Fame at the MuOver the course of her career, Armour has experienced toward stock buybacks and dividend hikes, she says.
more than 30 market dips of at least 5%. She knows not
In terms of company fundamentals, Armour sees seum of Polo, in Lake Worth, Fla. January 1, 2018
BARRON’S
29
Corporate stock buybacks are expected to surge in 2018. Stocks likely to get the biggest
lift from repurchase activity are those trading at low multiples of book value.
The Best Way to Benefit From Buybacks
by Mark Hulbert
YOU
BELIEVE
ABOUT
stock buybacks is probably wrong.
An expected surge in buyback volume in 2018 isn’t going to extend the
bull market’s life longer than it would
have lasted otherwise. And buybacks
don’t necessarily represent the triumph of corporate short-termism
over innovation and investment.
It would be important at any
time to understand the significance
and impact of buybacks. But it is especially timely now, given the expectation that the tax-reform legislation
passed in December will lead to a spike
in share repurchases. That’s because it
will encourage companies to repatriate
much of the cash currently held outside
the U.S., and much of that likely will
find its way into stock repurchases.
Consider, first, the cheery notion that
buyback activity is a major bull-market
prop. Although there is some superficial
plausibility to that notion, the magnitude
of such an effect, if it exists at all, is a lot
smaller than many assume.
The first academic studies of share repurchases, which were published in the
1990s, found that they added perhaps two
percentage points to the annualized return of stocks following the announcements of repurchase programs. If that is
the upper limit of how much the overall
market’s return would be boosted by
buybacks, it isn’t big enough to keep a
bear market at bay. In any case, note
that this upper limit assumes that every
publicly traded company repurchased its
shares each year, which is unrealistic.
What’s more, investors haven’t reacted
as positively in recent years to a buyback
announcement as they did in the 1990s.
Neil Pearson, a finance professor at the
University of Illinois at Urbana-Champaign, found in a 2015 study that in recent years fewer than half of the stocks
of repurchasing companies beat the market over the three years following the
announcements of their buybacks.
Cliff Asness, founding principal at AQR
Capital Management, challenges the bullish interpretation of buybacks in another
way: Contrary to the bulls’ assumption,
the earnings per share of previous buyback companies haven’t grown faster than
those that didn’t make repurchases.
In a recent study, Asness and his coauthors analyzed firms in the Russell
3000 Index over the 1991-2016 period,
finding that the “EPS growth rates for
firms that do not repurchase their shares
is approximately 1% higher than the EPS
growth of repurchasers.” (The authors
acknowledge that comparing these two
groups of companies isn’t always an apples-to-apples comparison, but it is nevertheless revealing.)
What about those who argue that buybacks are bad for the economy in general
and companies in particular? One of their
arguments is that companies are lazy,
buying back their shares instead of investing in profitable projects. But Asness
and his co-authors point out that, on the
contrary, aggregate net investment of
Russell 3000 firms hasn’t declined since
1990 and instead has climbed steadily.
Furthermore, they note, corporate
spending on investment doesn’t tend to
go down in years when repurchases
rise. Repurchase volume and net investment, they report, “have been
positively correlated of late, as
both…have increased since the end
of the financial crisis.”
It could be that companies are
returning their cash to shareholders
because of a general lack of longterm investment opportunities. That
would be bad news indeed, but we
shouldn’t be blaming repurchase activity for that, since in that case repurchases would be the symptom of the
more fundamental underlying problem
rather than the cause.
Absent profitable growth possibilities,
one of the best things a corporation can
do is return any cash to shareholders,
the rightful owners. That, at least, is the
position taken by Michael Jensen, an
emeritus professor of business administration at Harvard Business School.
In a now-famous 1986 article in the
American Economic Review, Jensen argued that companies would be less efficient to the degree they hoarded cash
above and beyond what was needed for
current operations.
That’s because too much cash often
encourages managers to engage in foolish behavior, like empire building. Jensen
argued that shareholders should concentrate on how to “motivate managers to
disgorge the cash rather than investing
it at below the cost of capital or wasting
it on organization inefficiencies.”
From this perspective, therefore, we
shouldn’t be criticizing buybacks but instead celebrating them for discouraging
5 Stocks Poised to Profit from Buybacks
David Fried recently added these stocks to The Buyback Letter’s portfolio. All five companies have
been repurchasing shares and trade at below-market multiples of book value.
Company / Ticker
Envision Healthcare / EVHC
Navient / NAVI
TRI Pointe Group / TPH
Realogy Holdings / RLGY
Patterson Cos. / PDCO
Recent
Price
$34.64
13.37
18.02
26.51
36.42
52-WEEK
High
$73.00
17.05
18.46
35.18
48.30
Low
$23.77
11.48
11.31
25.14
32.07
Market
Value (bil)
$4.2
3.5
2.7
3.6
3.5
Price-toBook Ratio
0.6
1.0
1.5
1.5
2.6
Source: FactSet
foolish corporate behavior.
None of this is to say that repurchases are never abused. Some companies’ managers, for example, appear to
have used the timing and magnitude of
their buybacks to maximize the value of
their stock options. But, at the macro
level, a likely surge in
buyback activity next Contrary to
year will neither be widespread
the bull market’s sav- assumptions,
ior nor the nail in the stock
coffin of economic in- buybacks
neither retard
novation.
At the micro level, economic
the lesson of recent re- growth nor
search is that it’s im- prolong the
portant to be increas- bull market.
ingly choosy when
investing in companies that are repurchasing their shares. Companies whose stocks
tend to perform the best in the wake of a
buyback announcement are those that fall
closest to the value end on the growth-versus-value spectrum, as indicated by having
low price-to-book ratios.
One of the investment newsletters I
monitor pursues just such a strategy:
The Buyback Letter, edited by David
Fried. Over the 20 years through the end
of November, my calculations show that
its model portfolios produced an average
annualized return of 10.8%, versus 7.3%
for the dividend-adjusted Standard &
Poor’s 500 index.
Fried recently added five stocks to his
newsletter’s portfolio with low price-tobook ratios: Envision Healthcare (ticker:
EVHC), a provider of physician services
and medical transportation; Navient
(NAVI), a student-loan servicer; home
builder TRI Pointe Group (TPH); Realogy Holdings (RLGY), a real-estate brokerage; and Patterson (PDCO), a distributor of dental and animal-health products.
Not only has each company been repurchasing its shares; each also has a
price-to-book ratio well below S&P 500’s
current 3.4. A version of this story was published on
Dec. 28 at Barrons.com.
Muralinath/iStock
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EVERYTHING
30
BARRON’S
Mailbag
“The new [tax] law may not be good news for ‘most
individuals’…but it sure helps those saving for or enjoying
their golden years in retirement.”
JOHN TRAVERS,, Fairport, N.Y.
Mailbag
Golden Apple
To the Editor:
After reading your cover story (“Apple to
Hit $1 Trillion in Market Value in 2018,”
Dec. 23) showing a delicious, shiny, and outstanding 2018 year for Apple, I am ready
to take a bite. With the increased number
of people switching to Apple’s iPhone X in
China, and now with the passing of the
U.S. tax bill, Apple will be able to repatriate over $250 billion in foreign cash. This
should show an immediate share appreciation after an increase in dividends and a
share buyback program. I see no dents in
this Apple, and it’s going into my basket.
MARTIN BLUMBERG
Melville, N.Y.
To the Editor:
With regard to “How the New Tax Law
Affects You” (Dec. 23), I think it would
have been worth mentioning that the
recently passed Tax Cuts and Jobs Act not
only doubles the standard deduction to
$12,000 for single filers and $24,000 for
joint filers who are married, but the legislation also leaves intact the additional
standard deduction for filers who are 65
and over, or blind.
This adds an additional $1,300 when
they file their 2018 taxes, so that two married taxpayers who are both over 65 can
lower their taxable income by an extra
$2,600. Single filers who are blind or over
65 are eligible for a $1,600 additional
standard deduction, over and above the
$12,000 already allocated in tax law.
This is particularly relevant because
those over age 65 are now paying nearly a
fifth of all income taxes, and they represent
a significant cohort of your readership and
their financial interests.
The new law may not be good news for
“most individuals” as the article states, but
it sure helps those saving for or enjoying
their golden years in retirement.
Ken Krimstein for Barron’s
windfall will, without any prompting, add
jobs and raise the salaries of the everyday
employee. The disconnect of wage-increase
expectations and reality following previous
tax cuts stems not from a flaw in the logic
of the trickle-down theory but from the
flawed assumption that such a trickle will
happen in a laissez-faire fashion. Until
middle- and working-class wage earners demand their share of the tax windfall, corporations, listening to the one unified voice
they hear (the shareholders), will continue
to buy back shares and raise dividends.
JOSEPH BARON
Brooklyn, N.Y
Market Risks in 2018
midterm elections.
According to recent published reports,
Mueller may be planning on handing down
additional indictments to members of
President Donald Trump’s inner circle,
including Trump himself, as well as making a case for his impeachment. If there’s
a change of leadership in the White
House, all bets are off for the enactment
of the Trump agenda.
If the Democrats regain control of the
House, that will affect the balance of
power, as well, which could also prevent
the enactment of the Trump agenda.
These two major events, I believe, are
factors that should be taken into account
when making predictions, because whatever happens, good or bad, it will definitely
have an effect of some kind next year.
J.J. CROVATTO
Ramsey, NJ
To the Editor:
Tax Overhaul
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January 1, 2018
Your panel members (“Investment Advisors Take Wary Views From on High,”
Dec. 23) did not discuss two major factors
that could affect the markets and the
economy next year: 1) the results of Robert Mueller’s Trump/Russia criminal investigations, and 2) the results of the 2018
Stick With McKesson?
To the Editor:
Lawrence C. Strauss’ admission about his
N.I. SILVER
Bethesda, Md.
Editor’s Letter
To the Editor:
Regarding “Investing and Politics” (Letter
From the Editor, Dec. 16), prudent investing is indeed a philosophy. As David Einhorn recently explained to University of
Oxford students, it is the skill of “critical
thinking.” I agree that the U.S. would be
well served to have politicians on both
sides of the aisle assessing risk, making
trade-offs, and casting their votes in the
best long-term interest of our country.
KEN VOELKER
Norcross, Ga.
JOHN TRAVERS
Fairport, N.Y.
To the Editor:
The beauty of the language of the trickledown theory is its implied passivity—
corporations with their newfound cash
troubled McKesson recommendation (“A
Lesson From the Opioid Crisis,” Streetwise, Dec. 23) reminded me of a principle I
use in investing: A company’s large size, by
itself, can provide a margin of safety that
isn’t found in a small company. That’s
because every company makes mistakes or
goes astray. A large company, provided it
has the right management and corporate
culture, can fix a big mistake, while a similar lapse could kill a small company.
I’ve been through this with Merck
(think Vioxx) and Wells Fargo (the fake account scandal) and, though it doesn’t involve
an ethical problem, McDonald’s, which lost
its way until CEO Don Thompson left and
Steve Easterbrook was hired to replace
him. Easterbrook was smart enough to realize that the chain didn’t have to become
Shake Shack writ large; doing that might
have priced McDonald’s out of its own market. He only had to make sure the food was
good enough, the rest rooms clean enough,
and the drive-through lines fast enough.
And he has done that. Look at where the
stock is today—80 points higher.
If Strauss has confidence in McKesson,
as I did in those other companies, then
staying with the stock is probably wise and
maybe justifies adding to the position or, in
his case, repeating the recommendation.
“Your honor, my client pleads the Fifth.”
Send letters to:
Mail@Barrons.com. To be considered for
publication, correspondence must bear the
writer’s name, address, and phone number.
Letters are subject to editing.
January 1, 2018
BARRON’S
31
Other Voices
by Martin Feldstein
Yes, Economic Security Is National Security
by the White House in early December differs from the previous congressionally mandated strategy documents that have been
prepared every four years. The 2017 NSS is
different because it emphasizes the role of
the economy: “Economic security is national
security,” the new NSS avers.
Much of the report is devoted to traditional aspects of national security: military
budgets, alliances, and dealing with countries
like Russia and China, which the new NSS
calls “strategic competitors” (rather than
adversaries). But the growth of the domestic
economy, the role of international trade, and
America’s new positive energy position also
receive substantial attention.
President Donald Trump’s administration
rightly points to its regulatory reforms and its
recently enacted tax legislation as strategies
for increasing economic growth. A bigger
economy provides the resources to build
stronger military capabilities. But that economic growth can translate into more effective
national defense only if Congress enacts
future increases in the defense budget, targeting areas in greatest need of expansion.
Because of the sequestration provision of
the Budget Control Act of 2011, the defense
budget has been subject to across-the-board
cuts that will reduce defense outlays to 3% of
gross domestic product in 2021, the lowest
share of GDP since before World War II.
The Congressional Budget Office projects
that defense outlays, relative to GDP, will
continue to decline to just 2.7% in 2027.
Bringing that up to 5% of GDP in 2027
would add over $600 billion to total government spending that year.
The NSS proposals for dealing with foreign
trade combine some valuable initiatives with a
false analysis of the causes of the U.S. trade
deficit. “[T]rading partners and international
institutions can do more to address trade
imbalances,” the NSS asserts. That is wrong.
Basic economics tells us that the U.S. trade
deficit reflects the aggregate levels of domestic
saving and investment. More specifically, the
size of the U.S. trade deficit—imports minus
exports—equals the excess of U.S. investment
over U.S. national saving. Because Americans
spend more than they produce, they must
import more than they export. So, to reduce
the trade deficit, households, businesses, and
governments must increase their saving—the
preferred solution—or invest less.
But the NSS is correct in noting that foreign governments hurt American interests by
promoting and condoning the theft of U.S.
intellectual property. At a summit meeting in
2013 at the Sunnylands retreat in California,
then-President Barack Obama showed China’s
President Xi Jinping the evidence that members of the Chinese military had been stealing
industrial technology. The Chinese accepted
the evidence, agreed that stealing industrial
technology was different from other forms of
espionage, and said that the Chinese government wouldn’t assist in such theft in the future.
Since that isn’t enough to stop other Chinese
theft of U.S. civilian and military technology,
the new NSS rightly stresses that the U.S.
government will take further steps to stop it.
When it turns to specific trade policies, the
NSS emphasizes that the U.S. will seek to
“break down trade barriers and provide
Americans with opportunities to increase
their exports.” This emphasis on increasing
exports, rather than reducing imports, is a
welcome feature. Trade barriers erected by
foreign governments reduce the ability of
U.S. firms to obtain the real income benefits
from exporting products made in America.
But the report also criticizes a variety of
other unfair policies pursued by China and
other countries, without distinguishing between those that hurt American interests and
those that, although “unfair,” actually help
Americans. Here’s the list: “Other countries
have used dumping, discriminatory nontariff
barriers, forced technology transfers, noneconomic capacity, industrial subsidies, and other
support from governments and state-owned
enterprises to gain economic advantages.”
Nontariff barriers to U.S. exports hurt U.S.
firms without doing anything to help U.S.
households. The same is true of forced technology transfers, although the Chinese position is that U.S. firms that want to operate in
China voluntarily agree to transfer technology
in exchange for the right to produce and sell
in China.
Dumping—selling products at prices that
are lower than the cost of production—helps
U.S. consumers, even though it hurts U.S.
Donald Trump, flanked by Rex Tillerson,
left, and Jim Mattis at the White House.
firms. But that isn’t different from a technological development that allows some U.S.
firms to produce more cheaply, thus helping
American consumers and hurting other U.S.
producers. Although some economic textbooks
claim that dumping by foreigners can force
domestic producers to go out of business so
that the foreign producer can then raise its
price, there is no evidence of such behavior actually occurring in practice.
The Chinese are still maintaining excess
capacity in some state-owned industries, leading to export sales at money-losing prices.
Looking ahead, the U.S. government
should focus on combating foreign governments’ trade policies, such as technology theft,
nontariff barriers to U.S. exports, and forced
technology transfers, that hurt American firms
without offsetting benefits to U.S. consumers.
As an economist, I am pleased that the
NSS has given substantial attention to the
economic aspects of U.S. national security. I
hope that this emphasis leads to better
domestic and trade policies. MARTIN FELDSTEIN is a professor of economics at
Harvard University and president emeritus of the
National Bureau of Economic Research. He
chaired President Ronald Reagan’s Council of
Economic Advisers from 1982 to 1984.
Copyright: Project Syndicate, 2017
The White House’s new
National Security Strategy
document rightly emphasizes
the growth of the domestic
economy and the role
of international trade,
including efforts to break
down trade barriers.
Jabin Botsford/The Washington Post/Getty Images
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THE NATIONAL SECURITY STRATEGY RELEASED
32
BARRON’S
January 1, 2018
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January 1, 2018
BARRON’S
M1
December 26 through December 29, 2017
Index to Statistics 15
•
The 2017 edition of the stock market
“Can the market
of 2018 possibly top
the big run of 2017?”
piled up milestones right through the last
trading day of the year. With a close of
24,719.22, the Dow Jones Industrial Average ended December up 1.8%, notching its
ninth straight month of gains. According
to stats from Dow Jones’ market data
group, that’s the longest monthly winning
streak for the Dow since a 12-month streak
that ended in February 1959. The Standard
& Poor’s 500, also up for the ninth consecutive month, matched a streak that ended
didn’t set any monthly marks, but the techheavy index finished higher for the sixth
consecutive year, tying the longest annual
streak on record, from 1975 to 1980.
The Trader
Current Yield
U.S. stock indexes score
double-digit gains in a
sublime year. 3
Treasury issuance could
hit $1 trillion in each of
the next two years. 9
Asian Trader
Striking Price
Asian stocks, up nearly
50% in 2017, out-shined
other markets. 7
The central bank could
hold the key to volatility
trends in 2018. 11
Emerging Markets
Commodities Corner
U.S. buyers of Chinese
internet stocks are getting peculiar paper. 7
Why the plunging
market for lead will
probably never revive. 13
Sheer Perfection
World Beaters
Collecting Shells
Our Founder
Clarence Barron
Bundles of Bonds
Follow the Fed
Dead Weight
Milton Glaser for Barron’s
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in April 1983. The Nasdaq Composite
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M2
BARRON’S
January 1, 2018
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January 1, 2018
BARRON’S
M3
The Trader
We Love You. You’re Perfect. Now Change
by Ben Levisohn
THE PERFECT YEAR IS OVER, EVEN IF IT
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For the first time ever,
the S&P 500 finished
each month of 2017
in positive territory on
a total return basis.
ended on a note of imperfection.
The Dow Jones Industrial Average fell
34.84 points, or 0.1%, to 24,719.22 last
week, not big deal. But the Standard &
Poor’s 500 index fell 0.4%, to 2673.61, and
the Nasdaq Composite dropped 0.8%, to
6903.39, their largest weekly declines since Sept. 8.
Despite ending on a sour note, it’s hard to argue that the
year could have gone much better. The Nasdaq finished up
28% in 2017, while the Dow gained 25%, and the S&P 500
rose 19%. And the S&P 500 even managed to finish in
positive territory each month on a total return basis—the
first time that has ever happened. “You don’t get an easier
year than that,” says Michael Shaoul, CEO of Marketfield
Asset Management. As we said: perfect.
Following perfection is rarely easy, though the market
has been pretty good at responding to big gains with more
of the same. Including reinvested dividends, the S&P 500
has returned 20% or more 26 times since 1943, and followed
that up with another positive year 20 times, says Sadoff
Investment Management. The average return following a
20% gain has been 12%. But four of the six down years—
1962, 1981, 1990, and 2000—had one thing in common: The
Federal Reserve was “dramatically tightening credit,”
Sadoff says.
While no one would describe the Fed’s current tightening
as “dramatic,” it has been raising interest rates and would
like to raise them a few times more next year. The market
isn’t buying it yet, especially as inflation remains so low. But
some assets are close to levels that may force investors to
rethink their expectations, says Jim Paulsen, Leuthold
Group chief investment strategist. He notes that the U.S.
Dollar Index is approaching a three-year low—it closed
down 9.7% in 2017 after declining 1.1% last week—while the
10-year Treasury yield closed the year at 2.41%, just 0.2
percentage point away from a three-year high of its own.
Even oil managed to close the year at its highest level in
2½ years. If they all break out, especially if they do so simultaneously, more inflation could be building than the market
expects, and that would force investors to reconsider whether
they want to pay 18 times forward earnings for the S&P 500,
Paulsen says. “This year felt like a sweet spot,” he continues.
“The question is whether that sweet spot can persist.”
What should we hope for? Not another 2017, says Jason
Pride, director of investment strategy at Glenmede. With
valuations as high as they are, another year of big gains
could stretch them even more, even to levels that trigger a
Dow Jones Industrials
CLOSE 24719.22
PERCENTAGE CHANGE: 52-Wk +25.08 YTD +25.08 Wkly –0.14
23800
22600
21400
20200
19000
J
F
M
S&P 500
A
M
J
J
A
S
O
N
D
CLOSE 2673.61
PERCENTAGE CHANGE: 52-Wk +19.42 YTD +19.42 Wkly –0.36
2570
2440
2310
2180
J
F
M
A
M
Nasdaq Composite
J
J
A
S
O
N
D
CLOSE 6903.39
PERCENTAGE CHANGE: 52-Wk +28.24
YTD +28.24 Wkly –0.81
6575
6100
5625
5150
J
F
M
A
Barron’s 400
M
J
J
A
S
O
N
D
CLOSE 710.93
PERCENTAGE CHANGE: 52-Wk +18.17 YTD +18.17 Wkly –0.57
685
650
615
580
J
F
M
A
M
J
J
A
S
O
N
D
Source: Barron’s Statistics
M4
BARRON’S
January 1, 2018
selloff. “We’d prefer to see 2018 be tamer
for the market,” he says.
As if we have a choice in the matter.
For personal Do not edit or alter. Reproductions not permitted.
To reprint or license content, please contact Barron's reprints department at 800-843-0008 or
Winners and Losers in 2017
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Bitcoin Futures today?
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It was a year of contradictions, perhaps
none bigger than the fact that despite all
the noise created by politics, geopolitics,
and natural disasters, the stock market
went up so gently that a baby could have
slept through it.
By all counts, it should not have been a
great year. Bickering between Democrats
and Republicans was unceasing, North Korea
tested missiles that could one day carry
nuclear warheads, and hurricanes hit…hard.
But the market does not care about these
things unless they’ll hurt corporate profits—
and none of them did. Meanwhile, we saw
the economies of countries spanning the
globe started to accelerate, resulting in
something we hadn’t experienced in a long,
long time: global synchronized growth. The
S&P 500 gained 19.6% in 2017, while the
Dow Jones Industrial Average and the Nasdaq Composite rose with nary a blip along
the way. In fact, the S&P 500 hasn’t suffered
a 2% decline since two months before Donald Trump was elected president of the U.S.
The dead calm spooked some observers,
but low volatility is never a reason to sell—
and I stayed bullish throughout the year, for
the simple reason that there were few signs
that a reversal was imminent. No recession
indicators flashing red; no inverted yield
curve; no drop in corporate profits. And I
learned enough in my days as a trader to
trust the trend.
Which doesn’t mean everything went
right. Far from it. I recommended energy
stocks at the beginning of the year, and it
was among the worst performing sectors of
the year (more on that later). I sang the
praises of Whirlpool (WHR) on June 24,
just a week before it was a featured short
in a Barron’s Q&A with Grant’s Interest
Rate Observer researcher Evan Lorenz. He
was right, I was wrong, as Whirlpool’s
shares tumbled 11% after I recommended
them. I also bought the biotech head fake
that occurred earlier this year recommending both Regeneron Pharmaceuticals
(REGN) on May 6 and Alexion Pharmaceuticals (ALXN) on June 24. Both trades
initially looked good—Regeneron rallied as
much as 23%, while Alexion climbed as
much as 16%—but both ended up falling
into the red: Regeneron dropped 12.4%
after my recommendation, 25 points worse
than the S&P 500, while Alexion slipped
5.1%, underperforming by 16 points. Don’t
be surprised if big biotech stays under
pressure next year, as a combination of
competition and payer pushback keeps drug
prices under pressure.
And for my first pick of the year, I
recommended buying Macy’s (M) after the
department store chain dropped 14% following weaker-than-expected same-store sales.
That was only the beginning of the pain,
however, and Macy’s ended up underperforming the S&P 500 by 33 percentage
points as its precarious place in the age of
Amazon.com (AMZN) became apparent.
Retail, though, proved to be a fertile space
for stock picking. I recommended selling
Advance Auto Parts (AAP), AutoZone
(AZO), and O’Reilly Automotive (ORLY)
on Jan. 28, and the stocks underperformed
the S&P 500 by 50, 32, and 28 percentage
points, respectively, as investors realized
they had problems that went well beyond
online competition. Kroger (KR) underperformed the S&P 500 by 21 points after I
suggested selling it thanks to disappointing
earnings and Amazon’s purchase of Whole
Foods Market.
But not every retailer has been a bust. I
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Last Week Week Earlier
NYSE Advances
Declines
1,624
1,743
1,433
1,334
Unchanged
60
47
New Highs
329
471
New Lows
Av Daily Vol (mil)
Dollar
(Finex spot index)
T-Bond
(CBT nearby futures)
Crude Oil
(NYM light sweet crude)
66
104
2,154.6
3,150.3
92.30
93.35
153-000
151-000
60.42
58.47
Inflation KR–CRB
(Futures Price Index)
193.86
187.88
Gold
(CMX nearby futures)
1306.30
1275.40
For personal Do not edit or alter. Reproductions not permitted.
To reprint or license content, please contact Barron's reprints department at 800-843-0008 or
January 1, 2018
recommended buying Dollar Tree (DLTR)
on July 1 after the stock succumbed to pessimism about bricks-and-mortar retailers in
June. Its shares have rallied 53% since then
as concerns about its acquisition of Family
Dollar have faded. I urged readers to take
a look at Best Buy (BBY) after it had tumbled 4% following Sears Holdings’ (SHLD)
announcement that it would sell Kenmore
Appliances on Amazon; it has since outpaced
the S&P 500 by 19 points. A recommendation to buy Home Depot (HD) on Feb. 18
returned 36%, helped by continued strength
in the housing market. Speaking of housing,
my recommendation of PulteGroup (PHM)
outpaced the market by 37 points since I
recommended it on March 4. But with many
housing stocks approaching doubles on the
year, don’t expect a repeat in 2018.
I was also a fan of financials through
thick and thin. There were moments, of
course, when I doubted whether I should,
whether I had overestimated the boost
they’d get from rising rates, deregulation,
and their own capital returns, but I’m glad
I did. I recommended insurer Allstate
(ALL) on Feb. 4, arguing that it’s cheap
valuation relative to other insurers made it
a good bet, then touting Citigroup (C) on
April 8, and Goldman Sachs Group (GS)
on Sept. 15. I also recommended buying the
Financial Select Sector SPDR exchangetraded fund (XLF) and the SPDR S&P
Bank ETF (KBE) on the dips, trades which
have also worked out well. It’s consensus
now—see ETF Focus this week—but I’m
sticking with financials in 2018.
‘Tis the Season for Chevron
The phrase “fool me once, shame on you;
fool me twice, shame on me” comes to mind
when I consider energy stocks.
Because the sector looks good. Real good.
After sliding for much of the year, the
Energy Select Sector SPDR ETF (XLE)
gained 4.5% in December and looks like it
wants to head higher. What’s more, oil rallied
12.5% in 2017, and closed the year at $60.42,
the first close above $60 since June 2015. The
setup, however, looks all too familiar. The
Energy Sector ETF returned 2% during the
last month of 2016, as oil surged 8.7%.
That rally didn’t last, but we’re willing to
bet this one will. Oil production and demand
are finally coming back into balance, and
while oil has rallied, the stocks haven’t. For
energy stocks, expect a brighter 2018.
Consider: One of the big problems for
energy stocks has been the disconnect
between the amount of oil producers drilled
and the amount needed to satisfy demand.
Recently, though, we learned that the
amount of oil in storage among the nations
of the Organization for Economic Cooperation and Development fell to its lowest level
BARRON’S
M5
Industry Action
Performance of DJ U.S. Ind, ranked by wkly % chg.*
Utilities
0.35%
Oil & Gas
0.33
Basic Materials
0.18
Industrials
0.13
–1.21
–0.21
Consumer Goods
–0.22
Financials
–0.27
Telecommunications
–0.32
Health Care
–0.37
Consumer Services
The next chapter
in investing
™
Technology
* For breakdown see page M36. Source: S&P Dow Jones Indices
since 2015, and the Organization of the
Petroleum Exporting Countries predicted it
will produce less crude than customers will
demand. OPEC’s commitment to cuts should
keep inventories from rising too much.
That’s reflected in the price of oil but not in
oil shares, with the Energy ETF dropping
4.1% in 2017, despite the recent rally.
“The energy stocks are still not fully
priced for the improved fundamentals,”
says Gluskin Sheff chief economist David
Rosenberg.
Higher prices are not the only thing that
oil stocks have going for them in 2018.
They’re also spending less—and more
efficiently—while costs are coming down.
Many are also nearing the point where the
capital spending they did is about to start
paying off. That combination should allow oil
majors to generate more free cash than at
any time in recent memory, says Goldman
Sachs analyst Neil Mehta.
And no oil major is better positioned to
benefit than Chevron (CVX). The oil giant
said it would spend about $18 billion in 2018,
toward the low end of its previous guidance,
while it starts to reap the benefits from the
big projects that had been consuming cash
since 2011. The combination of the two could
generate enough cash for Chevron to raise
its dividend by 5% each year, and to pay for
$26 billion in share repurchases through
2020, according to Jefferies analyst Jason
Gammel. “We believe the Chevron portfolio
is the most strategically advantaged in the
supermajor sector,” he writes.
Even the technical set up for Chevron is
looking up. While the stock gained just
6.4%, to $125.19, in 2017—putting it in the
bottom third of the Dow—it recently broke
out of a trading range it had been stuck in
since peaking in 2014, notes Cornerstone
Macro technical analyst Carter Worth.
We expect bigger things. email: ben.levisohn
Visit www.sectorspdrs.com or call 1-866-SECTOR-ETF
An investor should consider investment objectives, risks, charges and expenses
carefully before investing. To obtain a prospectus, which contains this and other
information, call 1-866-SECTOR-ETF or visit www.sectorspdrs.com. Read the
prospectus carefully before investing.
All ETFs are subject to risk, including possible loss of principal. Sector ETF products are also subject to
sector risks and non-diversification risks, which generally results in greater price fluctuations than the
overall stock market. Ordinary brokerage commissions apply.
ALPS Portfolio Solutions Distributor, Inc., a registered broker-dealer, is distributor for the Select
Sector SPDR Trust.
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M6
BARRON’S
January 1, 2018
Charting the Market
A graphic look at selected stock activity for the week ended December 29, 2017 n Edited by David Schutt
171
M
J
J
A
Holiday
S
16.5
20
19
M T W T F
18
Stock Price $
25
91
13
9.0
82
119
9
4.5
73
5
0.0
64
Volume in Millions
250
125
0
Volume in Millions
10
5
0
Volume in Millions
10
5
0
Volume in Millions
30
15
0
O
N
D
D J
F
M
A
M
J
J
A
S
O
N
D
31
M T W T F
30
Stock Price $
47
D J
F
M
A
M
J
J
A
M
M
J
J
A
S
O
N
D
D J
F
M
14
M T W T F
13
Stock Price $
22
M
J
J
A
S
O
N
D
FREEPORT-MCMORAN
MU (NASD) • 41.12 • -3.00
44
43
Hit by the reports that
Apple’s new iPhone X
wasn’t selling as well as
hoped, the supplier of chips
for the phone took a beating
the day after Christmas.
A
42
41
M T W T F
40
Stock Price $
51.5
FCX (NYSE) • 18.96 • 0.86
20.0
19.5
With gold and copper
prices on the rise, the metals miner enjoyed a great
closing week to a great
month. December’s total
rise: 35%.
19.0
18.5
M T W T F
18.0
Stock Price $
20
42
20
44.0
18
37
18
36.5
16
32
16
29.0
14
27
14
21.5
12
22
12
14.0
10
Volume in Millions
12
6
0
Volume in Millions
294
147
0
Volume in Millions
220
110
0
O
N
D
D J
F
M
A
M
J
J
A
S
O
N
D
D J
F
M
A
M
EXPRESS
18
17
Another beneficiary of
the better-than-expected
holiday sales trend, the retailer has seen analysts lift
their current-quarter and
yearly earnings estimates.
15
14
J
J
A
S
O
N
D
D J
F
M
A
ENERGOUS
EXPR (NYSE) • 10.15 • -0.28
16
M T W T F
S
15
11.2
35
10.9
The Federal Communications Commission has certified the wireless-charging
company’s transmitter that
can charge devices from a
distance.
28
10.3
M T W T F
10.0
M
J
J
A
S
O
N
D
LIVE VENTURES
WATT (NASD) • 19.45 • 10.62
10.6
Holiday
S
A
Volume in Millions
52
26
0
Holiday
After picking up an upgrade from Stifel Nicolaus
the previous week, the athletic-wear maker came back
to earth, amid questions
about its founder’s focus.
F
MICRON TECHNOLOGY
Holiday
Holiday
32
UNDER ARMOUR
UAA (NYSE) • 14.43 • -1.07
D J
TIVO
17
A
100
103
16
J
Stock Price $
109
135
Press reports said the
DVR maker has gotten
buyout offers for more than
$20 a share from private equity firms. The stock traded
at $15.60 last week.
J
99
13.5
TIVO (NASD) • 15.60 • 1.55
M
M T W T F
18.0
33
A
Stock Price $
22.5
101
17
34
M
M T W T F
12.0
103
21
Downsizing, the entertainment company’s latest
film, didn’t do well at the
box office despite featuring
Hollywood staple Matt Damon. More woe.
F
13.5
105
151
VIAB (NASD) • 30.81 • -1.42
D J
15.0
107
In the midst of a turnaround, the fashion retailer
picked up investor support
following the release of positive retail-sales spending
numbers.
167
VIACOM
For personal Do not edit or alter. Reproductions not permitted.
To reprint or license content, please contact Barron's reprints department at 800-843-0008 or
A week after the discount
broker’s stock soared on
news bitcoin player Overstock.com was taking a
stake in its parent, the
cryptocurrency fell.
Holiday
A
Stock Price $
183
18.0
21
RL (NYSE) • 103.69 • 1.89
21
14
M T W T F
7
LIVE (NASD) • 15.98 • 2.20
The Las Vegas-based
miniconglomerate reported
a near doubling of revenues
in 2017 to $152 million. Ventures range from internet
marketing to yarn making.
28
24
20
Holiday
M
M T W T F
168
22
Holiday
F
169
RALPH LAUREN
SIEB (NASD) • 13.50 • -2.80
Holiday
D J
170
The oil and gas outfit
bowed to protests from investors like Carl Icahn and
dropped its bid for Bonanza
Creek Energy. Investors argued it was too pricey.
Holiday
172
First, reports speculated
the tech giant would cut its
forecast for iPhone X sales,
and then it apologized about
its response to complaints
about older batteries.
SIEBERT FINANCIAL
SD (NYSE) • 21.07 • 2.95
Holiday
SANDRIDGE ENERGY
Holiday
APPLE
AAPL (NASD) • 169.23 • -5.78
16
M T W T F
12
Stock Price $
40
Stock Price $
15
Stock Price $
36
Stock Price $
35.5
34
13
30
30.0
28
11
24
24.5
22
9
18
19.0
16
7
12
13.5
10
5
6
8.0
Volume in Millions
116
58
0
Volume in Millions
36
18
0
Volume in Millions
116
58
0
Volume in Millions
6
3
0
O
N
D
D J
F
M
A
M
J
J
A
S
O
N
D
D J
F
M
A
M
J
J
A
S
O
N
D
D J
F
M
A
M
J
J
A
S
O
N
D
The charts record the net change in share price, the high, low and closing trades, and share volume for companies with noteworthy stock activity last week. In addition, the graphs depict last week’s daily price activity in detail. The
dotted line on some graphs denotes the stock’s 200-day moving average; lack of a moving average means the shares have traded for less than that time period.
January 1, 2018
BARRON’S
M7
Asian Trader
For personal Do not edit or alter. Reproductions not permitted.
To reprint or license content, please contact Barron's reprints department at 800-843-0008 or
Emerging Markets
Asia: World’s Top 2017 Market
The Pitfalls of Offshore Shells
By Assif Shameen
By Craig Mellow
IT PAID TO STAY INVESTED IN ASIA IN 2017. NOT SINCE 1993, WHEN MOST ASIAN MAR-
JUST BOUGHT SOME HOT SHARES IN ALIBABA? ACTUALLY, YOU DIDN’T. THE ENTITY
kets nearly doubled, have the region’s stocks had a better year. The MSCI Asia
ex-Japan Index surged 47%, compared with 20% for the Standard & Poor’s 500
index, and 29% for the MSCI Emerging Markets Index.
Synchronized global recovery helped lift all boats in Asia, where gross-domestic-product growth surprised to the upside along with growth in trade, a particular boon for the export-dependent region. That helped lift Asian currencies,
enabling investors and nondollar indexes to benefit from foreign-exchange gains
on top of their capital gains. “A year ago, we were faced with huge uncertainties
on the political and economic front,” notes Toby Hudson, a portfolio manager at
Schroders Investment Management Asia. But corporate earnings gained by 23%
in 2017, meaning that despite surging share prices, Asian stocks are still reasonably priced at 13.5 times 2018 estimated earnings. That bodes well for 2018.
By far the best performers were Chinese stocks, with the benchmark MSCI
China Index—including stocks listed in China, Hong Kong, and the U.S.—up
58%. A key driver were technology plays like Tencent Holdings (0700.Hong
Kong), currently Asia’s largest company, whose stock valuation briefly surpassed
Facebook’s in December to become the world’s fifth largest.
Other big Asian companies also fared well. Korean giant Samsung Electronics’s shares (005930.Korea) were up 42%, Apple supplier Taiwan Semiconductor Manufacturing (TSM) rose 42%, and financial-technology play Ping An Insurance (2318.Hong Kong) jumped 111%, helping to power the Asian rally. (It
should be noted that Asian gains are based on the returns of the largest stocks
in individual markets.)
Among the biggest Asian bourses, the top performer was Hong Kong, where
the Hang Seng Index was up 37%—it’s best year since 2009—driven by Chinese
real estate firms like China Evergrande (3333.Hong Kong), up 427%; Country
Garden Holdings (2007.Hong Kong), up 264%; Kweichow Moutai
(600519.China), maker of fiery liquor baijiu, up 116%; and passenger-car maker
Geely Automobile Holdings (0175.Hong Kong), up 246%. Major New York
–listed Chinese companies like Alibaba (BABA), up 96%; Baidu (BIDU), up
44%; and JD.com (JD), up 64%, helped push Chinese stocks still higher.
China’s onshore markets, Shanghai and Shenzhen, had small gains in 2017.
This past year will also be remembered for the surprising surge in Japan, where
earnings grew strongly and corporate governance improved. Japan’s Nikkei 225
Index was up 19%. Tokyo’s rally was more broad-based than in the rest of Asia.
Indian stocks had a good year, as the BSE Sensex Index rose 29.5% despite
weak earnings growth. The top Asian market of 2016, Pakistan, was 2017’s worst
performer, down 15.5% versus its 43% surge the year before. The main culprits were weakening corporate earn- Tables: Asian
ings and political uncertainty following the resignation Markets, page M26
of Prime Minister Nawaz Sharif. Thailand, a top market Emerging Markets,
in 2016, was up 14% over the past 12 months. Among Barrons.com
other leaders were the Philippines, up 26%, and Indonesia, up 21%. The region’s worst performers were commodity exporters like Malaysia and Australia. Among the best performing smaller markets was Vietnam,
where the Ho Chi Minh Stock Index rose 48%.
If the global recovery holds, Asian growth and corporate earnings are likely
to remain favorable—which means another good year for investors. listed on Nasdaq, with a market capitalization of $443 billion, is a Cayman
Islands company with no hard assets or earnings. It is linked to the real
Alibaba Group Holding, Jack Ma’s Hangzhou-based e-commerce juggernaut,
by a web of contracts that could prove unenforceable in China.
Alibaba (ticker: BABA) is not alone. More than 80 Chinese firms have issued
shares on U.S. exchanges using a legal structure called a variable interest
entity, according to the Council of Institutional Investors in Washington, D.C.
Most of them are in the internet space. With 20 announced initial public offerings of VIEs, 2017 set a record. That prompted a CII report in December
titled, “Buyer Beware,” which warns that “investors’ participation in China’s
emerging companies is precarious and may ultimately prove illusory.”
The root of this precariousness is Chinese law, which prohibits foreign ownership of internet companies. Resourceful investment bankers hit on the VIE workaround in 2000 when Sina (SINA), which controls China’s Twitter equivalent
Weibo, wanted to tap the Nasdaq for investment capital. Generally speaking, the
Chinese company creates a VIE, which establishes a “wholly foreign-owned enterprise,” to which it pledges its cash flows and profits. Step three: set up an offshore shell company that titularly owns the WFOE. Foreign investors buy shares
in the shell, which is usually based in the Caymans or British Virgin Islands.
What could go wrong with this two-arms-length relationship? Plenty, says
Steve Dickinson, a Chinese law specialist with Seattle-based firm Harris
Bricken. “Why anyone would invest in a vehicle that the Chinese government
states is against their law is a mystery to me,” he says.
One faction in the Chinese leadership wanted to eliminate VIEs outright
in 2015, Dickinson says. But Ma and other tech titans beat them back, and the
structure seems safe for now. “The uncertain status of these companies allows
the government to control them, plus you have money coming in from naive
foreigners,” Dickinson says. “It’s a beautiful thing.”
But a spike in taxation is a threat, the CII warns. And foreign shareholders’
tenuous legal footing leaves them open to abuse by Chinese managers. Alibaba
ignited a firestorm in 2011 when Ma removed its payment service Alipay from
the parent over objections of investors Yahoo! and Softbank. Last autumn, Sina
cold-shouldered U.S. hedge fund Aristeia Capital’s push for board seats and
restructuring the relationship between Sina and Weibo (WB), whose shares had
outperformed those of the parent. Some VIEs, like China’s Google, Baidu
(BIDU), and online retailer JD.com (JD), don’t meet investors at all, at least not
through annual meetings. The CII says more than 80% pay no dividends.
Governance pitfalls are not uncommon in emerging markets; they are a big
reason that EM company valuations lag behind those of their developed market
peers. But investors have thrown caution to the winds lately where Chinese
internet stocks are concerned. Alibaba shares doubled in 2017, nearly twice the
rise in U.S. analog Amazon.com (AMZN). “I would say that shareholder-rights
risk is not necessarily reflected in share prices at this point,” says Gil Luria, a
veteran tech analyst who is now chief of institutional research at D.A. Davidson
in Portland. “That usually comes up when the stocks are not doing so well.”
When some of the Chinese tech stocks stop doing so well, there won’t be
much that foreign shareholders can do about it. Buyer beware, indeed. ASSIF SHAMEEN writes about Asian markets from Singapore.
Craig Mellow is a free-lance writer in Savannah, Ga.
M8
BARRON’S
January 1, 2018
Winners and Losers
NYSE BIGGEST % MOVERS
NYSE MOST ACTIVE
Winners
Name (Sym)
Volume Close Change %Chg.
GAIN Capital(GCAP)
37926
YuMe(YUME)
2540
Mechel(MTL)
1518
PioneerEnerSvcs(PES) 5726
FangHoldings(SFUN) 12838
Hovnanian(HOV)
14469
VinceHolding(VNCE)
363
Civeo(CVEO)
3035
10.00
4.78
5.26
3.05
5.58
3.35
6.19
2.73
+2.44
+1.15
+1.05
+0.60
+0.95
+0.55
+0.97
+0.40
+32.3
+31.7
+24.9
+24.5
+20.5
+19.6
+18.6
+17.2
Losers
Name (Sym)
Volume Close Change %Chg.
MarineProducts(MPX)
181
WeightWatchers(WTW) 6155
ContainerStore(TCS)
1031
TelecomItalia A(TI.A)
163
Carvana(CVNA)
1059
EvolentHealth(EVH)
3431
3D Systems(DDD)
10372
EngGr-Cmg C(CIG.C)
19
12.74
44.28
4.74
7.21
19.12
12.30
8.64
1.85
–1.87
–6.24
–0.63
–0.81
–2.13
–1.30
–0.88
–0.18
–12.8
–12.4
–11.7
–10.1
–10.0
–9.6
–9.2
–8.8
NYSE AMERICAN BIGGEST % MOVERS
Volume Close Change %Chg.
AmpioPharm(AMPE)
12629
NovaBayPharm(NBY)
48
SouthwestGA Fin(SGB)
3
Libbey(LBY)
1332
ErinEnergy(ERN)
203
EnviroStar(EVI)
181
22ndCentury(XXII)
16335
GEE Group(JOB)
84
4.07
3.85
24.00
7.52
2.75
40.00
2.80
2.78
+1.33
+0.55
+2.74
+0.85
+0.30
+4.05
+0.24
+0.23
+48.5
+16.7
+12.9
+12.7
+12.2
+11.3
+9.4
+9.0
For personal Do not edit or alter. Reproductions not permitted.
To reprint or license content, please contact Barron's reprints department at 800-843-0008 or
Losers
Name (Sym)
Volume Close Change %Chg.
DigitalPower(DPW)
TelInstrElec(TIK)
FTE Networks(FTNW)
OncoCyte(OCX)
MexcoEnergy(MXC)
NuverraEnvl(NES)
Pfenex(PFNX)
TakungArt(TKAT)
19326
87
47
115
97
70
842
2
3.21
2.60
9.92
4.65
3.93
18.18
2.66
2.51
–0.90
–0.46
–1.13
–0.50
–0.34
–1.57
–0.22
–0.19
–21.9
–14.9
–10.2
–9.7
–8.0
–7.9
–7.6
–7.0
NASDAQ BIGGEST % MOVERS
Name (Sym)
Volume Close Change %Chg.
vTvTherap(VTVT)
8090
InsysTherap(INSY)
13334
Merus(MRUS)
119
QIWI(QIWI)
7725
CSP(CSPI)
97
RISE Education(REDU) 1791
XcelBrands(XELB)
67
ErytechPharma(ERYP)
43
6.01
9.62
19.40
17.33
15.81
14.79
3.30
22.02
+1.86
+2.50
+4.32
+3.16
+2.81
+2.29
+0.50
+3.32
+44.8
+35.1
+28.6
+22.3
+21.6
+18.3
+17.9
+17.8
Losers
Name (Sym)
YangtzeRiverDev(YERR)
EstreAmbiental(ESTR)
Adtran(ADTN)
SiennaBiopharm(SNNA)
InflaRx(IFRX)
DianaContainer(DCIX)
ATA(ATAI)
AtlanticAmerican(AAME)
Volume Percentage Leaders
Volume Percentage Leaders
Volume Percentage Leaders
Name (Sym)
Name (Sym)
Volume %Chg. Close Change
SucampoPharm(SCMP)
AtaraBiotherap(ATRA)
YangtzeRiverDev(YERR)
QIWI(QIWI)
HSN(HSNI)
TesscoTech(TESS)
AxsomeTherap(AXSM)
MagalSec(MAGS)
InsysTherap(INSY)
CSP(CSPI)
NicholasFin(NICK)
ProgenicsPharm(PGNX)
LibertyBroadbandC(LBRDK)
Videocon d2h(VDTH)
InteractiveBrkrs(IBKR)
CalumetSpecialty(CLMT)
GeospaceTech(GEOS)
Conifer(CNFR)
MGE Energy(MGEE)
FateTherap(FATE)
40728
6266
970
7725
10715
572
2952
544
13334
97
92
13312
11801
2152
8268
5154
551
91
1059
4329
Volume %Chg. Close Change
OCI Partners(OCIP)
5289 9442.6
GAIN Capital(GCAP)
37926 1787.0
CellcomIsrael(CEL)
153 228.1
SteelPartners(SPLP)
104 184.0
GlobalPtnrs(GLP)
577 163.8
AnteroMidstream(AMGP) 6225 131.4
VinceHolding(VNCE)
363 121.2
InterContinentl(IHG)
1586 105.3
TerraNitrogen(TNH)
233
94.5
CoreCivic(CXW)
7463
91.7
ComstockRscs(CRK)
2703
86.8
ChinaSoAirlines(ZNH)
174
83.6
Gener8Maritime(GNRT) 2736
78.9
RegionalMgmt(RM)
402
73.2
Floor&Decor(FND)
4815
68.6
PennyMacFinS(PFSI)
1587
68.2
EllingtonFin(EFC)
847
67.5
Unitil(UTL)
477
67.4
GlobalBrass(BRSS)
671
63.4
ChinaEastrnAir(CEA)
96
57.5
8.05
10.00
10.20
19.55
16.70
19.72
6.19
63.51
79.81
22.50
8.46
51.82
6.62
26.31
48.68
22.35
14.51
45.62
33.10
36.14
+0.05
+2.44
–0.00
–0.35
+0.35
+1.17
+0.97
+0.49
–0.20
+0.14
+0.87
–1.06
+0.40
–0.68
+3.93
+0.65
–0.02
+1.30
–0.15
+0.74
Volume Close Change %Chg.
970
151
2281
197
203
2932
15
22
8.82
8.64
19.35
18.15
20.95
4.06
4.62
3.40
–5.40
–1.86
–3.20
–2.64
–3.04
–0.56
–0.63
–0.45
–38.0
–17.7
–14.2
–12.7
–12.7
–12.1
–12.0
–11.7
CheniereEnHldgs(CQH)
UniqueFabricating(UFAB)
Majesco(MJCO)
IMPAC Mortgage(IMH)
CheniereEnerPtrs(CQP)
FTE Networks(FTNW)
TrinityPlace(TPHS)
Libbey(LBY)
Servotronics(SVT)
CaledoniaMining(CMCL)
RingEnergy(REI)
ParkNational(PRK)
StraightPath(STRP)
SandstormGold(SAND)
NuverraEnvl(NES)
OncoCyte(OCX)
OrchidsPaper(TIS)
Espey(ESP)
BarHarborBkshs(BHB)
CoreMoldingTech(CMT)
Volume %Chg. Close Change
1149
164
131
284
1764
47
111
1332
75
36
1558
108
307
4561
70
115
323
21
91
70
163.2 27.69
95.8
7.42
44.4
5.37
43.9 10.16
42.4 29.64
38.8
9.92
36.6
6.95
31.7
7.52
21.1 11.13
1.0
7.39
-8.2 13.90
-9.4 104.00
-11.3 181.79
-16.4
4.99
-18.1 18.18
-18.2
4.65
-22.5 12.80
-27.1 23.96
-27.7 27.01
-29.1 21.70
+0.17
–0.45
+0.05
+0.17
+1.40
–1.13
+0.12
+0.85
+0.13
+0.48
–0.74
–1.97
+0.25
–0.05
–1.57
–0.50
+0.24
+0.80
–1.91
–0.55
By Share Volume
613.3
574.7
513.5
508.8
508.5
473.1
311.2
250.6
230.1
226.5
218.1
211.4
210.3
209.9
193.2
180.5
165.5
162.4
157.5
157.0
17.95
18.10
8.82
17.33
40.35
20.15
5.60
5.06
9.62
15.81
8.80
5.95
85.16
9.51
59.21
7.70
12.97
5.80
63.10
6.11
+0.95
+2.50
–5.40
+3.16
–2.90
+2.75
+0.38
–0.03
+2.50
+2.81
–0.05
–0.05
–0.03
+0.44
–1.11
–0.85
–0.19
+0.00
+0.70
+0.50
By Share Volume
Name (Sym)
Volume Close Change%Chg.
Name (Sym)
Volume Close Change%Chg.
Name (Sym)
Volume Close Change%Chg.
GeneralElec(GE)
BankofAmerica(BAC)
ChesapeakeEner(CHK)
SouthwesternEner(SWN)
RiteAid(RAD)
AT&T(T)
FreeportMcM(FCX)
FordMotor(F)
WeatherfordIntl(WFT)
PenneyJC(JCP)
TevaPharm(TEVA)
Ambev(ABEV)
Vale(VALE)
ValeantPharm(VRX)
Sprint(S)
WellsFargo(WFC)
Alibaba(BABA)
Citigroup(C)
KinderMorgan(KMI)
Twitter(TWTR)
249931 17.45
154689 29.52
92482 3.96
77493 5.58
72756 1.97
68414 38.88
67540 18.96
61221 12.49
61027 4.17
54542 3.16
53925 18.95
52928 6.46
52606 12.23
47252 20.78
43846 5.89
42410 60.67
42061 172.43
40277 74.41
39434 18.07
39267 24.01
Pareteum(TEUM)
IndiaGlblCap(IGC)
Globalstar(GSAT)
DigitalPower(DPW)
22ndCentury(XXII)
B2Gold(BTG)
AmpioPharm(AMPE)
BioPharmX(BPMX)
InspireMD(NSPR)
NorthernOil&Gas(NOG)
TransEnterix(TRXC)
NorthernDynasty(NAK)
CamberEnergy(CEI)
NewGold(NGD)
ImmunoCellular(IMUC)
GastarExploration(GST)
CorMedix(CRMD)
CheniereEnergy(LNG)
SRC Energy(SRCI)
UraniumEner(UEC)
127342 2.07 +0.80
30803 1.00 +0.34
19943 1.31 +0.00
19326 3.21 –0.90
16335 2.80 +0.24
13147 3.10 +0.16
12629 4.07 +1.33
11645 0.11 +0.01
11183 0.13 –0.00
10323 2.05 +0.37
9842 1.93 –0.10
9237 1.77 –0.07
8727 0.12 –0.00
8354 3.29 +0.01
7411 0.32 +0.04
7103 1.05 +0.06
7056 0.50 –0.08
7035 53.84 +0.84
6114 8.53 +0.04
5510 1.77 –0.03
MicronTech(MU)
Apple(AAPL)
Intel(INTC)
Microsoft(MSFT)
SiriusXM(SIRI)
Comcast A(CMCSA)
SucampoPharm(SCMP)
Facebook(FB)
CiscoSystems(CSCO)
NVIDIA(NVDA)
Altaba(AABA)
Zynga(ZNGA)
ApplMaterials(AMAT)
JD.com(JD)
HuntingtonBcshs(HBAN)
Netflix(NFLX)
Mondelez(MDLZ)
CaesarsEnt(CZR)
Starbucks(SBUX)
GileadSciences(GILD)
138053 41.12
96144 169.23
53006 46.16
52197 85.54
42967 5.36
42882 40.05
40728 17.95
40410 176.46
39550 38.30
29960 193.50
28386 69.85
26236 4.00
25736 51.12
24933 41.42
23066 14.56
22277 191.96
21875 42.80
21128 12.65
20607 57.43
20184 71.64
–0.05
–0.36
+0.11
+0.26
–0.04
–0.06
+0.86
–0.09
+0.26
+0.02
+0.20
+0.19
+0.31
–0.77
+0.25
–0.88
–3.86
–1.08
+0.02
–0.45
–0.3
–1.2
+2.9
+4.9
–2.0
–0.2
+4.8
–0.7
+6.6
+0.6
+1.1
+3.0
+2.6
–3.6
+4.4
–1.4
–2.2
–1.4
+0.1
–1.8
By Dollar Volume
Winners
NASDAQ MOST ACTIVE
Name (Sym)
By Share Volume
Winners
Name (Sym)
NYSE AMERICAN MOST ACTIVE
+63.0
+51.3
+0.0
–21.9
+9.4
+5.4
+48.5
+5.0
–0.8
+22.0
–4.9
–3.8
–2.8
+0.3
+12.9
+6.5
–13.4
+1.6
+0.5
–1.7
By Dollar Volume
Name (Sym)
$ Volume Close Change%Chg.
Name (Sym)
Alibaba(BABA)
GeneralElec(GE)
BankofAmerica(BAC)
JPMorganChase(JPM)
Citigroup(C)
AT&T(T)
HomeDepot(HD)
Visa(V)
ExxonMobil(XOM)
WellsFargo(WFC)
Wal-Mart(WMT)
J&J(JNJ)
Disney(DIS)
Verizon(VZ)
Oracle(ORCL)
Caterpillar(CAT)
GoldmanSachs(GS)
Boeing(BA)
IBM(IBM)
Altria(MO)
7245618 172.43
5394548 17.45
5199811 29.52
3912495 106.94
3299859 74.41
3107320 38.88
2842629 189.53
2618677 114.02
2616993 83.64
2527643 60.67
2445134 98.75
2020971 139.72
2010128 107.51
1946283 52.93
1903126 47.28
1813992 157.58
1803195 254.76
1795606 294.91
1783861 153.42
1779939 71.41
CheniereEnergy(LNG)
Pareteum(TEUM)
DigitalPower(DPW)
AmpioPharm(AMPE)
SRC Energy(SRCI)
22ndCentury(XXII)
CheniereEnerPtrs(CQP)
CheniereEnHldgs(CQH)
B2Gold(BTG)
StraightPath(STRP)
NewGold(NGD)
Globalstar(GSAT)
IndiaGlblCap(IGC)
NorthernOil&Gas(NOG)
SandstormGold(SAND)
RingEnergy(REI)
NovaGoldRscs(NG)
TransEnterix(TRXC)
Myomo(MYO)
NorthernDynasty(NAK)
–3.86
–0.05
–0.36
–0.51
–1.08
–0.06
+1.40
+1.33
–0.33
–0.88
+0.54
–0.40
–1.16
–0.26
–0.08
+1.83
–4.21
–0.19
+0.92
–0.73
–2.2
–0.3
–1.2
–0.5
–1.4
–0.2
+0.7
+1.2
–0.4
–1.4
+0.5
–0.3
–1.1
–0.5
–0.2
+1.2
–1.6
–0.1
+0.6
–1.0
–3.00
–5.78
–0.54
+0.03
–0.01
–0.73
+0.95
–0.74
–0.25
–1.77
–1.73
+0.00
–0.94
–0.77
–0.22
+2.02
–0.56
+0.10
+0.13
–1.07
–6.8
–3.3
–1.2
+0.0
–0.2
–1.8
+5.6
–0.4
–0.6
–0.9
–2.4
+0.0
–1.8
–1.8
–1.5
+1.1
–1.3
+0.8
+0.2
–1.5
By Dollar Volume
$ Volume Close Change%Chg.
384701 53.84
328171 2.07
85779 3.21
64497 4.07
64253 8.53
62818 2.80
59820 29.64
56206 27.69
54654 3.10
51986 181.79
35776 3.29
33672 1.31
33147 1.00
28174 2.05
27227 4.99
26583 13.90
26533 3.93
24171 1.93
22632 3.75
21850 1.77
+0.84
+0.80
–0.90
+1.33
+0.04
+0.24
+1.40
+0.17
+0.16
+0.25
+0.01
+0.00
+0.34
+0.37
–0.05
–0.74
–0.04
–0.10
–0.21
–0.07
+1.6
+63.0
–21.9
+48.5
+0.5
+9.4
+5.0
+0.6
+5.4
+0.1
+0.3
+0.0
+51.3
+22.0
–1.0
–5.1
–1.0
–4.9
–5.3
–3.8
Name (Sym)
$ Volume Close Change%Chg.
Apple(AAPL)
18057981 169.23 –5.78
Amazon.com(AMZN)
85726811169.47 +1.11
Facebook(FB)
7424878 176.46 –0.74
MicronTech(MU)
7118146 41.12 –3.00
NVIDIA(NVDA)
6246291 193.50 –1.77
Tesla(TSLA)
5282002 311.35 –13.85
Microsoft(MSFT)
5193481 85.54 +0.03
Netflix(NFLX)
4391819 191.96 +2.02
Alphabet A(GOOGL)
34898511053.40 –15.46
Alphabet C(GOOG)
31792201046.40 –13.72
Intel(INTC)
2767769 46.16 –0.54
Comcast A(CMCSA)
1984837 40.05 –0.73
Netease(NTES)
1960046 345.07 –20.56
Celgene(CELG)
1857707 104.36 –1.97
Altaba(AABA)
1808907 69.85 –1.73
GileadSciences(GILD) 1777499 71.64 –1.07
CiscoSystems(CSCO) 1774970 38.30 –0.25
Broadcom(AVGO)
1745055 256.90 –5.45
ApplMaterials(AMAT) 1529359 51.12 –0.94
PayPal(PYPL)
1399829 73.62 –0.27
–3.3
+0.1
–0.4
–6.8
–0.9
–4.3
+0.0
+1.1
–1.4
–1.3
–1.2
–1.8
–5.6
–1.9
–2.4
–1.5
–0.6
–2.1
–1.8
–0.4
Includes Common shares only. All figures reflect activity for the most-recent five-day trading week. Share volume figures are expressed in thousands. Volume percentage leaders exclude stocks with average daily volume of fewer
than 5,000 shares or priced under $5. Average volume is based on 65 trading days. Volume figures do not reflect extended trading hours and include only issues whose price has changed 5% or more with a previous closing price of
$2 or higher. a-Stock has not been in existence or not been traded for 65 consecutive sessions. S-Stock split or stock dividend amounting to 10% or more. X-Ex-dividend
January 1, 2018
BARRON’S
M9
Current
Yield
Bond Markets
Who Will Buy Those Treasuries?
Bond Center
GLOBAL SHORT-TERM RATES
$
by William Watts
For personal Do not edit or alter. Reproductions not permitted.
To reprint or license content, please contact Barron's reprints department at 800-843-0008 or
EVEN BEFORE PRESIDENT DONALD TRUMP
signed the tax bill into law, the Treasury
Department was expected to significantly
boost the sale of Treasury securities in
2018.
Wells Fargo economists expect the
Treasury to issue about $1 trillion in new
securities annually in 2018 and 2019—more
than double the amount in 2017.
All else being equal, more supply should
mean lower Treasury prices and higher
yields. But as usual, there’s more to this
picture. While additional supply could
indeed be a factor that contributes to a
modest rise in yields, some market watchers see reasons for investors probably
being eager to step in and absorb added
supply without major hiccups.
Passive bond investors could be among
those underappreciated sources of demand,
says David Ader, chief macro strategist at
Informa Financial Intelligence.
While the switch from actively to passively managed equity funds gets a lot of
attention, the same phenomenon is also
occurring in the bond world. When a stock
is added to a widely followed equity index,
index investors who must match its exposure will increase demand for the shares.
The same idea applies to a bond index. The
more Treasuries that are issued, the more
weight Treasuries have in closely followed
bond indexes.
Ader also expects the average maturity
of the Treasury market to rise further,
despite the Treasury Department’s stated
desire to maintain it near its current level.
“So, not only will there be more Treasuries in the index, but those Treasuries will
have a longer duration or average maturity,” he says. “So index-oriented investors
will have to buy, and I think that’s part of
the demand we’re seeing for the Treasury
market.”
On a side note, he says, CEO surveys
indicate that companies are likely to pay
down some debt in the wake of the corporate tax cut, which would increase the
weighting of Treasuries in aggregate
indexes relative to corporate debt.
£
Euro
GLOBAL LONG-TERM RATES
Yen
10-Yr. U.S.
T-Note
1.9%
Domestic households and a wide range
of institutions hold a large chunk of outstanding Treasuries. Over the past five
years, households and banks, in particular,
have seen robust growth in their Treasury
holdings, helping to absorb some of the
new supply that has come to market, writes
Jay Bryson and Michael Pugliese, the Wells
Fargo economists, in a note.
U.K Gilts
German
Bunds
3%
1.5
1.1
2
0.7
0.3
1
-0.1
Aug
Sep
Oct
Nov
-0.5
Dec
Aug
Sep
Oct
Nov
0
Dec
Bank holdings of Treasury debt rose
from $212 billion in the second quarter of
2012 to $479 billion in the second quarter of
2017, a 126% increase, they note.
New bank regulations, including the
liquidity-coverage ratio that requires banks
to significantly boost holdings of safe, highly
liquid assets like Treasuries, probably
played a role, Bryson and Pugliese note.
They also observe that many banks appear
to have largely satisfied their requirements.
“If bank holdings of Treasury bills, notes,
and bonds return to a more normal growth
rate over the next few years, the softening
in demand would occur at a time when the
new supply from the Treasury Department
is beginning to ramp up,” they write.
Foreign buyers, including central banks,
stepped up purchases in 2017 but may be
unlikely to extend themselves further. That
leaves U.S. households as the “most obvious” candidate to absorb much of the new
supply, they say, while worrying that a falling savings rate and a quick ramp-up in
issuance could test their ability to do so.
But Ader and others also see scope for
pension funds and institutions worried
about stretched valuations for equities and
other risky assets to boost allocations of
Treasuries.
A modest rise in yields would probably
be met with additional demand from
pension funds and insurers, says Steve
Blitz, chief U.S. economist at TS Lombard.
“Everyone is looking for duration and looking for yield to match up against long-dated
liabilities,” says Blitz. WILLIAM WATTS is a New York-based writer for
MarketWatch.
U.S. TREASURY YIELD CURVE
12/30/2016
12/1/2017
U.S. Credit - Libor Rate
12/29/2017
Corporate High Yield
Munis
Libor
3.8% 2.3
10 yr = 2.409
2.2
2.5
1.3
30 yr = 2.743
3M
2 yr = 1.887
6M
2Y
5Y
10Y
7%
30Y
0.0
6
Libor = 2.11
2.1
5
2
4
1.9
3
1.8
2
1.7
1
1.6
Aug
0
Sep
Oct
Nov
Dec
Source: Barrons Statistics / Tullett Prebon
Week's Most Active
INVESTMENT GRADE
Issuer Name
Symbol
Oracle
Time Warner
Wal-Mart Stores
Citigroup
General Electric
Jpmorgan Chase
Cvs Health Corp*
ORCL
TWX
WMT
C
GE
JPM
CVS
Coupon
Maturity
4.000
3.800
1.950
2.050
5.000
7.900
2.250
Nov 15, 2047
Feb 15, 2027
Dec 15, 2018
Dec 07, 2018
Jan 21, 2049
Apr 30, 2049
Dec 05, 2018
5.750
8.000
4.750
7.125
4.625
9.000
2.350
Apr 15, 2022
Dec 15, 2022
Apr 15, 2023
Mar 15, 2023
Dec 15, 2027
Dec 15, 2025
May 06, 2019
Est Vol**
Change
Yield
106.795
100.050
100.017
99.895
103.310
n.a.
100.108
2.352
n.a.
-0.041
-0.038
0.185
n.a.
-0.042
3.622
3.793
1.931
2.164
3.839
n.a.
2.120
91,209 104.540 104.280 104.440
77,645 82.990 79.155 82.930
43,166 79.770 78.125 78.923
38,746 59.500 58.250 59.250
38,662 102.000 100.760 101.522
38,236 105.230 104.220 104.220
36,487 99.450 98.622 99.450
n.a.
4.243
-0.276
-0.500
-0.468
-0.405
-0.211
0.214
12.753
9.975
20.094
4.396
8.091
2.766
104,100
87,682
79,050
68,816
68,603
67,191
66,288
High
106.795
100.149
100.179
100.175
103.352
102.005
100.155
Low
104.680
99.523
100.017
99.848
102.750
100.956
100.072
Last
HIGH YIELD
TIME
Time Inc (USA)
CRC
California Resources
Mallinckrodt International Finance MNK
PETM
Petsmart Inc*
Service Corporation International SCI
Valeant Pharmaceuticals InternationalVRXCN
MAT
Mattel Inc
CONVERTIBLE
SCMP
3.250 Dec 15, 2021
45,810 121.750 120.500 121.750 -2.320 -1.999
Sucampo Pharmaceuticals Inc*
JEF
3.875 Nov 01, 2029
39,390 100.050 99.770 100.025
n.a.
3.872
Jefferies Group Llc*
BMRN
0.599 Aug 01, 2024
25,895 100.972 99.798 99.798 -1.461
0.630
Biomarin Pharmaceutical
CIE
2.625 Dec 01, 2019
25,557 27.500 26.250 26.250
1.250 89.575
Cobalt International Energy Inc*
WDAY
0.250 Oct 01, 2022
24,629 99.689 99.071 99.254
0.129
0.409
Workday Inc*
SCMP
3.250 Dec 15, 2021
22,356 121.875 121.484 121.781
n.a.
0.000
Sucampo Pharmaceuticals Inc*
LITEUS
0.250 Mar 15, 2024
22,060 113.575 111.324 111.540 -5.955 -1.518
Lumentum Holdings
* Denotes a security whose last round lot trade did not take place on the last business day prior to publication. **(000).
Source: MarketAxess Corporate BondTicker
M10
BARRON’S
13D Filings
Dec. 22, transacted at prices of $20.22 to
$22.32 apiece.
Investors Report to the SEC
13Ds are filed with the Securities and Exchange Commission within 10 days of an entity’s
attaining a greater than 5% position in any class of a company’s securities. Subsequent
changes in holdings or intentions must be reported in amended filings. This material has been
extracted from filings released by the SEC from December 21 through December 27, 2017.
Source: InsiderScore.com
Activist Filings
On Dec. 19, Brigade Capital disclosed its
stake of 5,157,306 Kindred shares, or 5.8%
of all tradable stock, inclusive of 1,500,000
shares upon the potential exercise of
corresponding call options.
Separately, in a letter dated Dec. 27,
Brigade said that it opposed the proposed
$4.1 billion sale of the company to three
buyers—TPG Capital; Walsh, Carson,
Anderson & Stowe; and Humana (HUM)—
that was announced on Dec. 19. In its
Dec. 27 letter, Brigade wrote that the
acquisition “appears timed to enable the
buyers…to take advantage of the negative
impact…that certain recent, but temporary, events have had” on the stock price.
Brigade also said that Kindred has
taken several steps to return to growth,
including divesting its lower-margin,
capital-intensive skilled-nursing assets;
shoring up its balance sheet; and restructuring its hospital portfolio to adapt to
new reimbursement guidelines that should
result in earnings growth going forward.
It concluded that Kindred “has ample
liquidity and no near-term debt maturities,” and that, combined with its expected
free cash flow generation, it should enable
“significant stock price appreciation.”
Increases in Holdings
Brightcove (BCOV)
Edenbrook Capital raised its stake to
1,811,472 shares of common, or 5.2% of all
tradable shares, after buying 10,550 at
prices from $6.75 to $6.95 apiece from
Dec. 8 through Dec. 26. Edenbrook stated
that the video cloud-services provider is
“materially undervalued.” It cited the market’s focus on “uneven financial perforNick Downes for Barron’s
For personal Do not edit or alter. Reproductions not permitted.
To reprint or license content, please contact Barron's reprints department at 800-843-0008 or
Kindred Healthcare (KND)
InsiderScore.com is a provider of insider,
institutional, and stock-buyback data,
analytics, and research. For a free analysis
of your holdings, visit InsiderScore.com
or call 866-400-9595.
mance” during the past year, and its overlooking of Brightcove’s bookings growth
and implemented cost controls, which it
says will spark a “return to profitability
and free-cash-flow generation in 2018.”
Coastway Bancorp (CWAY)
Clover Partners lifted its stake to 370,100
shares (8.4%) by buying 60,000 on Dec. 12
and Dec. 13 for $21 and $21.05 each. It
acquired the shares “to influence the policies” of Coastway, specifically by naming
two nominees for election to the board.
Decreases in Holdings
Alaska Communications Systems
Group (ALSK)
Aegis Financial cut its position to
3,375,102 common shares, or 6.4% of outstanding stock of the telecommunications
firm, after the sale of 266,323 from Dec. 18
through Dec. 20 at $2.74 to $2.82 apiece.
Proteostasis Therapeutics (PTI)
New Enterprise Associates bought
2,000,000 shares of the biotech’s Dec. 19
initial public offering of 8,000,000 common
shares priced at $6 each. NEA has lifted
its stake to 5,554,610 shares, equal to
16.8% of all traded stock.
Rosehill Resources (ROSE)
Reading International (RDI)
Basic Energy Services (BAS)
Gamco Investors (GBL) increased its
position to 84,530 shares of common
B shares, or 5% of outstanding voting
shares, of the cinema developer and operator and commercial REIT developer, after
the purchase of 2,050 from Oct. 27 through
Silver Point Capital lowered its position to
3,584,651 common shares, equal to 13.7% of
the traded stock. The reduced stake was
the result of selling 1,299,000 shares during
the span from Nov. 7 through Dec. 22, executed at a price range of $22.75 to $24.28.
Geode Capital Management sold 86,366
shares at prices ranging from $8.20 to $8.99
each from Dec. 11 through Dec. 20. It has
cut its exposure to 1,084,082 shares, or
15.2% of tradable stock.
January 1, 2018
The Activist Spotlight
Akamai Technologies (AKAM)
Business: Cloud platforms, security, applications, and other services
Investor’s Avg Cost: $53.64/share
Stock Market Value: $11.0 billion
($65.19/share)
What’s
Happening: Elliott
Associates intends to talk with management about operational and strategic opportunities for maximizing
shareholder value.
Key Numbers:
20%: Akamai’s general and administrative expense as a percentage
of revenue, an industry high
1,000 basis points (10 percentage points): decline in its operating
margins over the past five years
Behind the Scenes: Elliott is a
successful and astute activist, particularly in the technology sector. Akamai is an exceptional business that
carries some 30% of all internet traffic. It’s also misunderstood.
Analysts and the market focus on
its mature media business and the
operating issues it has experienced,
even though it has pivoted to web
security and performance businesses.
Akamai’s CEO and co-founder, F.
Thomas Leighton, is a brilliant scientist but not an experienced operator.
Meanwhile, the company’s costs and
capex have skyrocketed, and headcount costs have grown faster than
revenue in each of the past five years.
There are, however, multiple paths
to creating value. The key one is operational. Fresh board representation
committed to holding management
accountable could instill a new sense
of discipline and lean, efficient operations with higher profit margins.
The other path to value is strategic. Akamai’s internet traffic gives it
access to significant amounts of data
that could be extremely valuable to
large-cap technology companies
focused on analytics. Akamai’s board
should at least be receptive to potential acquisition overtures, if not pursue them itself. —KENNETH SQUIRE
The 13D Activist Fund, a mutual fund
run by an affiliate of the author and
not connected to Barron’s, has a long
position in Akamai Technologies. In
addition, the author publishes and sells
13D research reports, whose buyers may
include representatives of participants in,
and targets of, shareholder activism.
January 1, 2018
BARRON’S
M11
Striking
Price
Options
Market Disruptions, Circa 2018
CBOE VOLATILITY INDEX
by Steven Sosnick
For personal Do not edit or alter. Reproductions not permitted.
To reprint or license content, please contact Barron's reprints department at 800-843-0008 or
“AND YOU MAY ASK YOURSELF, WELL, HOW DID
I get here?”
As we look back on 2017—a wonderful
year for most equity investors but a difficult one for many options traders—this
Talking Heads lyric rings especially true.
The broad indexes confounded many initial
postelection predictions, rising steadily and
without interruption. That rise depressed
volatilities, both historical and implied, and
turned most hedging activities into wastes
of money.
That’s not to say that options have
proven useless over the past year. Savvy
traders were able to utilize options for
speculation, buying index calls as shares
rose or prudently surfing the ongoing sectoral rotation occurring beneath the broad
market’s calm surface. Others were able to
utilize options strategies such as spreads or
put writing to produce income in a low interest-rate environment. Similar tactics can
remain successful if the market continues
on its current path.
Still, as we start a new year, it’s important to ask: Will markets continue on that
path? To borrow from Sir Isaac Newton, a
market in motion will remain in motion until acted upon by an external force. In 2017,
various geopolitical events failed to impart
any lasting negative influence on the broad
market. What factors, if any, could disrupt
the market in 2018?
There is a midterm election in November 2018, which could cause gyrations as
markets discount prospects of Congress
changing hands. Next November, however,
is an eternity for decaying options. Nearer
term, we can fret about debt-ceiling talks
in January, which have thus far been without incident. We can also worry about tensions on the Korean peninsula, especially
with the Olympics taking place there in
February.
Yet in 2018 it may be that the market’s
historical bogeymen, the Federal Reserve
and inflation, will loom the largest. Traders
are taught, seemingly from birth, not to
fight the Fed. After four rate hikes this past
year, with more expected this year, one
Equity Options
VIX Close
might suspect that the market is already doing exactly that.
Moreover, the Fed is committed to unwinding quantitative easing and reducing
its balance sheet. This is something that’s
never before been attempted. At the same
time, tax reform may provide fiscal stimulus
and inflationary potential missing from the
current economic backdrop. Investors
should consider whether incoming Fed
Chairman Jerome Powell will be able to
handle that difficult combination of circumstances, especially if the European Central
Bank begins to taper its own QE program.
Put-Call Ratio
STEVE SOSNICK is the chief options strategist at
Interactive Brokers.
S&P 500 Index
18
150
16
125
14
100
12
75
10
F M A M
Daily Values
J
J
A
S
8
O N D
Source: CBOE
J
F
M
A M
SPX SKEW
NDX SKEW
Implied volatility %
Implied volatility %
50
J J A S O N D
Source: McMillan Analysis Corp.
12%
Since those risks are likely to manifest
themselves over time, options traders may
want to utilize a short-term strategy. General Electric (ticker: GE) was one of the
rare losers of 2017.
A well-capitalized bargain hunter might
employ a risk-reversal strategy to speculate on a bounce after persistent fourthquarter selling pressure. With GE’s stock
at $17.40, one can sell the $17.50 puts and
buy the $18 calls expiring on Jan. 19. The
trader collects $0.24 per contract and participates fully if GE manages to surpass
$18. The puts should be sold on a cash-secured basis, since the trader would be obligated to buy GE shares if it’s below $17.50
on expiration.
As an options market maker, I’ve often
viewed my role as similar to that of an umbrella merchant. Umbrellas protect against
bad weather, and options can protect investors from adverse markets. There is little reason to carry an umbrella in a
drought.
Likewise, we’ve seen little need for
market protection during this long period
of benign profitability. Meteorologists and
market prognosticators may share a reputation for accuracy—or a lack thereof—but
both find it important to be vigilant and
react swiftly to subtle changes in their
environment. THE EQUITY-ONLY PUT-CALL RATIO
VIX Futures
12%
11
10
10
9
8
8
6
J F M A M J J A S O N D
Source: Credit Suisse Equity Derivatives Strategy
7
J F M A M J J A S O N D
Source: Credit Suisse Equity Derivatives Strategy
Skew indicates whether the options market expects a stock-market advance or decline. It measures the difference
between the implied volatility of puts and calls that are 10% out of the money and expire in three months. Higher
readings are bearish.
Week's Most Active
Company
Symbol
Tot Vol
Calls
Puts
Avg Tot Vol
IV %ile
Ratio
WATT
121591
78841
42750
5380
96
22.6
Energous Corp.
FH
3141
3114
27
208
62
15.1
FORM Holdings
IPI
10564
9041
1523
1840
22
5.7
Intrepid Potash
AGU
6393
5816
577
1264
0
5.1
Agrium
XPO
34365
23444
10921
7628
45
4.5
XPO Logistics
VOC
7546
3197
4349
1920
82
3.9
VOC Energy Trust
CNK
2360
1602
758
628
81
3.8
Cinemark Holdings
EXEL
34966
27811
7155
10196
21
3.4
Exelixis
QIWI
3932
2993
939
1428
96
2.8
QIWI plc
SCMP
12127
8728
3399
4360
57
2.8
Sucamp Pharm
AUY
42441
37652
4789
15496
0
2.7
Yamana Gold
RGLD
15044
7388
7656
5488
12
2.7
Royal Gold
CLMT
20160
13714
6446
7760
47
2.6
Calumet Specialty Products
CTAS
8071
5145
2926
3108
26
2.6
Cintas
INSY
6344
5101
1243
2524
59
2.5
INSYS Therapeutics
DE
91813
70020
21793
38232
22
2.4
Deere & Co.
MAR
47307
40947
6360
20344
54
2.3
Marriott
FND
6509
4196
2313
3004
73
2.2
Floor & D r Holdings
GCAP
11891
9910
1981
5288
100
2.2
Gain Capital
FCX
582650
456477
126173
284984
29
2
Freeport-McMoran
This table of the most active options this week, as compared to average weekly activity – not just raw volume. The idea is that the
unusually heavy trading in these options might be a predictor of corporate activity – takeovers, earnings surprises, earnings preannouncements, biotech FDA hearings or drug trial result announcements, and so forth. Dividend arbitrage has been eliminated. In
short, this list attempts to identify where heavy speculation is taking place. These options are likely to be expensive in comparison to
their usual pricing levels. Furthermore, many of these situations may be rumor-driven. Most rumors do not prove to be true, so one
should be aware of these increased risks if trading in these names
Ratio is the Tot Vol divided by Avg Tot Vol. IV %ile is how expensive the options are on a scale from 0 to 100.
Source: McMillan Analysis
M12
BARRON’S
January 1, 2018
Research Reports
How Analysts Size Up Companies
Edited by Paul Farrell
These reports, excerpted and edited by Barron’s, were issued recently by investment and
research firms. The reports are a sampling of analysts’ thinking; they should not be considered
the views or recommendations of Barron’s. Many of the reports may be obtained through
Thomson Reuters at thomson.com/financial. Some of the reports’ issuers have provided,
or hope to provide, investment-banking or other services to the companies being analyzed.
Tesla
For personal Do not edit or alter. Reproductions not permitted.
To reprint or license content, please contact Barron's reprints department at 800-843-0008 or
• TSLA-Nasdaq
Sector Weight • Price $317.29 on Dec. 26
by KeyBanc Capital Markets
Based on our conversations last week with
salespeople at 18 Tesla stores around the
U.S., we believe that Model 3 deliveries are
tracking to roughly 5,000 in the quarter,
below our previous estimate of 15,000. We
talked to stores in California doing as many
as a dozen per week, with about 10 being
the average, and we estimate that stores
outside of California were doing something
closer to a half-dozen per week. We also
spoke with Tesla salespeople regarding
models S and X, and we believe that their
deliveries for the quarter are in line with
management’s expectations, meaning that
second-half deliveries should be ahead of
first-half deliveries of about 47,000 cars.
We see fair value of $240 to $280 per
share based on 31 to 36 times our 2020
earnings-per-share estimate of $10.04 discounted back at 14%. We acknowledge that
given the uniquely high volatility of the
company’s stock, the shares could move
materially away from, or closer to, our fair
value in the near term, and we therefore
refrain from offering a target price. But we
do estimate that Tesla can deliver roughly
456,000 vehicles at an average selling price
of $56,700 in 2020, while doing an additional
$2.6 billion in battery revenue, all at an
operating margin of 10%.
Alliance Data
• ADS-NYSE
Overweight • Price $250.64 on Dec. 26
by First Analysis Securities
The company provides integrated creditcard, marketing, and customer-loyalty and
identity programs for a variety of retail
brands, including Victoria’s Secret, J. Crew,
Eddie Bauer, Buckle, HSN, Pottery Barn,
and Pier 1 Imports.
Three years have passed since Alliance
acquired Conversant to become part of its
To be considered for this section, material
should be sent to Research@barrons.com.
Epsilon (marketing) unit, and we think the
combined entity has attained a much stronger market position with a broader and
more sophisticated service offering that
enables it to be a one-stop shop for much
of its clients’ marketing needs, from creating content to data analysis and attributing
consumer purchases to marketing activity.
Most significantly, Epsilon’s ability to combine data from offline and online consumer
interactions—a capability largely enabled
by its acquisition of Conversant—has
become a highly compelling offering for
clients. We note that some clients’ marketing projects were delayed in 2017, which
hurt Epsilon growth, especially in the third
quarter, when revenue grew only 2.9%. But
we think these projects, whether in auto,
financial, retail, or another sector, will
come to fruition in the coming quarters.
Ligand Pharmaceuticals
• LGND-Nasdaq
Buy • Price $136.40 on Dec. 26
by H.C. Wainwright & Co.
With the signing of the new tax bill into
law, the pharmaceutical company’s corporate tax rate has been lowered to 21%,
which we believe should benefit Ligand
and its earnings prospects going forward.
To this end, the company has issued guidance that it expects to pay an effective tax
rate going forward of 22% to 24% (GAAP).
Recall that the company is currently enjoying an effective 0% cash tax payout based
on continuing net operating losses, or
NOLs, which management expects to continue through 2020. Currently, Ligand still
has about $450 million in NOLs. Fueling
the numbers’ future is the sheer size of
Ligand’s shots on goal, with over 165 partnered programs with over 95 companies.
We maintain our Buy rating and raise
our price target to $169 from $163, based
on the reduction of our projected tax rate
to 23%. Our target is based on a sum of
the parts including: 1) a clinical net present value model of assets in Phase 2 development or greater (currently 30 out of
over 165 assets under development); and
2) NPV of current revenues based on our
projections for royalties, material sales,
and collaborative revenue.
Old Second Bancorp
• OSBC-Nasdaq
Buy • Price $12.85 on Dec. 26
by Sandler O’Neill & Partners
On Dec. 26, Old Second announced that it
will acquire Greater Chicago Financial and
its subsidiary ABC Bank. The acquisition
expands the company’s footprint in Chicago, with four branches, and adds $350
million in assets, $246 million in loans, and
$270 million in deposits. At 15% of Old
Second’s size, the deal should not pose significant merger-related risks. It is ex-
pected to close in second-quarter 2018.
After incorporating the acquisition into
our model, we are increasing our 2018 and
2019 EPS estimates by seven cents and
16 cents, respectively, to $1.08 and $1.29.
Notably, the company also announced that
as a result of the recently passed tax cuts,
it expects to record a $9 million to $11 million write-down of its deferred tax asset.
We view this as a noncore item and do not
include it in our fourth-quarter 2017 EPS
estimate. Along with improved earnings
power at Old Second from the acquisition,
we see our 12-month price target increasing by $1, to $17 (15.7 times our 2018 EPS
estimate and 13.2 times our 2019 estimate).
With substantial upside to our target, we
are reiterating our Buy rating.
INSIDER TRANSACTIONS: Recent Filings
Sales
Purchases
Insiders
Shares
$ Val
(000's)
Credit Acceptance CACC
Sage TherapeuticsSAGE
Monster Beverage MNST
Straight Path STRP
Allison Transmission ALSN
1
1
2
1
1
120,682
223,000
379,722
131,337
548,102
40,054
35,079
24,248
23,826
23,593
Servicenow NOW
Skechers U S ASKX
Capital One Financial COF
Sl Green Realty SLG
ChubbCB
1
2
2
1
1
170,000
501,000
182,683
160,000
95,761
22,002
18,867
18,268
16,101
13,939
299
291
286
275
251
Box BOX
Franks International FI
Floor & D rFND
Accenture ACN
Party City Holdco PRTY
1
3
3
7
3
592,309
2,024,145
257,192
64,632
744,856
12,370
12,023
11,684
9,884
9,267
242
202
195
171
151
Realpage RP
Nu Skin Enterprises NUS
Fedex FDX
Iac InteractivecorpIAC
Exact Sciences EXAS
1
1
2
2
1
182,848
108,132
28,070
54,634
123,512
8,106
7,440
7,006
6,931
6,495
Insiders
Shares
$ Val
(000's)
Urstadt Biddle Properties UBP
Casa Systems CASA
Omega Healthcare Investors OHI
Biglari Holdings BH
Community Health Systems CYH
2
1
1
1
1
219,084
250,000
100,000
5,719
502,376
3,505
3,250
2,689
2,396
2,008
Air T AIRT
Impac Mortgage Holdings IMH
Cellular BiomedicineCBMG
Ticc Capital TICC
Vistra Energy VST
1
1
3
1
1
52,742
54,898
41,667
82,714
19,094
1,305
561
500
488
350
Enterprise Products Partners LpEPD
Corporate Office Properties TrustOFC
Mercer InternationalMERC
Golub Capital BdcGBDC
Hilltop Holdings HTH
1
1
1
1
1
11,300
10,000
20,000
18,333
10,000
Cheniere Energy Partners LpCQP
Vtv Therapeutics VTVT
Community Trust Bancorp CTBI
Liberty Broadband LBRDA
Green Plains GPRE
1
1
1
1
1
8,788
50,000
4,000
2,000
9,000
Company /Symbol
Company /Symbol
An insider is any officer, director or owner of 10% or more of a class of a company's securities. In most cases, an insider must report any trade to
the SEC within two business days. The tables highlight companies that filed with the SEC through last Wednesday. The tables do not include
pension-plan or employee stock-option activity, trades by beneficial owners of 10% or more, trades under $2 per share or trades under 100
shares. The "Purchases" column includes only open-market and private purchases; the "Sales" column includes only open-market and private sales,
and excludes trades preceded by option exercise in the 12 months prior to the reported event.
Source: Thomson Reuters
INSIDER TRANSACTIONS RATIO
70
60
Ratio = 17
50
40
Bearish
30
20
10
Bullish
J
F
M
A
M
J
J
A
S
O
N
D
0
Ratio of Insiders Sales to Buys. Readings under 12:1 are Bullish. Those over 20:1 are Bearish.
The total top 20 sales and buys are 327,184,319 and 19,412,857 respectively;
Source: Thomson Reuters
January 1, 2018
BARRON’S
Commodities Corner
In the Long Run, Lead Is Probably Dead
by Simon Constable
For personal Do not edit or alter. Reproductions not permitted.
To reprint or license content, please contact Barron's reprints department at 800-843-0008 or
THE MARKET FOR LEAD IS ABOUT TO GET AN ELECTRIC SHOCK. AND IT’S UNLIKELY
to recover. It won’t be just falling prices; futures markets trading volumes will
probably drop to levels that make transactions very tough to complete.
Short selling long-dated futures contracts is a good way to profit from
lead’s expected decline. Better still would be avoiding the market altogether.
Benchmark contracts for the metal were trading on Friday at $2,524 a metric
ton on the London Metal Exchange. That’s up from $1,996 a metric ton a year
ago, but still lower than it was six years ago.
The catalyst is the eventual mass adoption of electric cars combined with
broad governmental mandates for zero-emission vehicles. That will eliminate
the need for the overwhelming source of demand: the lead-acid battery, which
is vital for fossil-fuel-powered cars and trucks. Electric vehicles use lithiumion batteries. Matters of public health will restrict
Commodity Indexes,
new uses for lead, which is toxic.
Barrons.com
While adoption of electric vehicles, or EVs, is
minimal to date, that could change quickly. If EVs
replace fossil-fuel vehicles at the same pace that horse-drawn transport got
sidelined, then a decade from now, 30% of vehicles will be electric, according
to a recent analysis from the International Monetary Fund. By the early
2040s, more than 90% of cars and trucks would be EVs, the report states.
Car batteries now account for four-fifths of demand for lead, according to
the International Lead & Zinc Study Group. In other words, batteries make
up more than nine million metric tons out of the total global production of
close to 12 million. Other markets for the metal, which include pigments
(paint), alloys, and cable sheathing, are relatively small, and also pose healthrisks. Ammunition accounts for a mere 3% of global use.
Supply won’t dry up in line with demand, which is a further problem. “A
lot of lead production is a byproduct of other metal production,” says Lila
Murphy, a portfolio manager on the alternative-products team Federated
Investors. As with most metals, miners find lead alongside other elements,
such as zinc, silver, and copper. That means a drop in the price for lead won’t
necessarily reduce supply, unless prices for these other metals also fall. But
no one is expecting copper, silver, or zinc to see a huge collapse in demand.
Whenever a miner digs up one of those metals, it is likely that at least some
lead will be recovered, as well. In other words, it will continue to be produced
even when lead prices are low.
To complicate the calculations further, slightly more than half of annual
lead supply comes from recycled metal, primarily batteries. With fewer batteries used, less lead will get recycled. Still, that amount doesn’t come anywhere near to offsetting the likely reduction in battery demand.
With lower demand and little change to mined supply, we can expect
prices to fall. It’s then that we’ll see lead’s fate.
When the end use of a commodity drops, the futures trading activity tends
to decline even faster. Just as high volume attracts even more market activity,
so do low and falling volume tend to repel trading activity. That has already
started to happen with lead. In 2012 approximately 14.5 million lead futures
and options contracts were traded on the London Metal Exchange. By 2016
that had dropped to 10.9 million.
The price of the commodity tends to play into trading strategies, as well.
“When prices are low, producers don’t sell, so you see a drop in open interest”
(or the number of futures and options outstanding), says Victor Sperandeo, chief
executive and general partner at EAM Partners. “That is almost an axiom.”
A case in point is orange juice, which once was synonymous with the
Chicago trading pits. Almost two years ago, Barron’s highlighted the spectacular drop in activity in OJ contracts (“The Great Orange Juice Squeeze,”
Feb. 13, 2016). With demand for juice down 40% over the dozen years through
2015-2016 growing season, the open interest had dropped precipitously. That
resulted in thin trading and wide bid-ask spreads (the difference in price at
which traders will buy and sell). These wider spreads also repel speculators
from the market, further thinning already anemic trading volumes.
It seems likely that the lead market will have a not-so-sweet decline similar to that of the OJ market. SIMON CONSTABLE is the author of The WSJ’s Guide to the 50 Economic Indicators
That Really Matter.
An investor should consider the investment objectives, risks, charges and expenses of the Fund (or of the Investment Company) carefully before investing. To obtain
a prospectus containing this and other information, please call 1-800-920-0259 or (if applicable) download the file from http://www.uscfinvestments.com/pro/buy or
http://www.uscfinvestments.com/pro/buyn. Read the prospectus carefully before you invest.
Funds distributed by ALPS Distributors, Inc. Investing involves risk, including potential loss of principal. The Funds do not invest in private equity funds or private equity of companies.
M13
M14
BARRON’S
January 1, 2018
Market View
A Sampling of Advisory Opinion
Edited by Paul Farrell
“Analysts have started to lift their profit forecasts for the next four quarters. Others will likely do so
when they return to the office after spending the past week in the mountains and at the beach.”
—JEREMY KLEIN, FBN Daily Marjet Missive
The Stimulus Watch Is On
For personal Do not edit or alter. Reproductions not permitted.
To reprint or license content, please contact Barron's reprints department at 800-843-0008 or
FBN Daily Market Missive
by FBN Securities
fbnsecurities.com
Dec. 26: The big question posed by investors since the Republicans swept the
spoils in Washington in November 2016
was whether Congress could pass a meaningful fiscal stimulus. The President
signed this major piece of legislation prior
to Christmas to give portfolio managers a
new thing to ponder for the upcoming
year. Specifically, how much will a substantial slashing of the corporate tax rate
along with a cut for individuals stoke the
economy?
Analysts have started to lift their profit
forecasts for the next four quarters. Others will likely do so when they return to
the office after spending the past week in
the mountains and at the beach. As a consequence of this initial boost to bottom-line
estimates, the forward multiple for the
Standard & Poor’s 500 fell from a cyclical
peak of 18.55x to 18.31x despite the blue
chip index largely standing in place. Since
the climax of the financial crisis, this statistic did not exceed 17.38x until last winter. Even after the effects of the new
package flow fully into these projections,
few will assess stocks as cheap, thereby
forcing me to maintain my neutral outlook.
—JEREMY KLEIN
Consumer Confidence Retreats
From 17-Year High
Commentary
by Maria Fiorini Ramirez Inc.
mfr.com
Dec. 27: The Conference Board U.S. con-
sumer confidence index was reported to
have receded to a still very strong 122.1 in
December from a revised 128.6 in November (originally 129.5, and still the best
reading since December 2000). Earlier tallies were 126.2 in October, 120.6 in September, 120.4 in August, 120 in July, 117.3
in June, 117.6 in May, 119.4 in April, 124.9
in March, 116.1 in February, and 111.6 in
January. The December index was below
the median forecast of a more modest pullback to 128, and labor market indicators
were again strong.
With the report, the Conference Board
included this commentary: “Consumer
confidence retreated in December after
reaching a 17-year high in November. The
decline in confidence was fueled by a
somewhat less optimistic outlook for business and job prospects in the coming
months. Consumers’ assessment of current conditions, however, improved moderately. Despite the decline in confidence,
consumers’ expectations remain at historically strong levels, suggesting economic
growth will continue well into 2018.”
—JOSHUA
SHAPIRO
2018 Earnings: Lots of Boosts
U.S. Investment Policy Committee Notes
by CFRA
cfraresearch.com
Dec. 27: The trajectory of 2018 earnings
growth expectations is increasing, now
that the Trump tax cut has become law.
The S&P 500 is currently projected to
climb 12.3% next year, according to the
S&P Capital IQ consensus estimates, versus the 11.2% gain that was anticipated
on Dec. 20.
In addition, nine of 11 sectors have already seen boosts to forward EPS estimates, led by energy, financials, and information technology, which each saw
upward adjustments from 6.7% to 8.1%.
The weakest gains—1% or less—are
projected for the materials and real estate
groups, while declines are expected for
health care and utilities. The tax cut is
also having a favorable impact on domestic
economic growth forecasts, according to
Action Economics, as U.S. real GDP is
now seen rising by 3.1% for all of 2018
versus a 2.8% estimate earlier, driven by a
pick-up in consumer spending, which was
expected to grow 2.9% in 2018, but is now
expected to climb to 3.2%. Finally, capital
spending is projected to advance by 5.4%
versus 4.7% earlier.
—SAM STOVALL
Still Waiting for Santa
Momentum Strategies Report
by Clif Droke Market Analysis
clifdroke.com
Dec. 28: Stocks were little changed on
Wednesday in what was another postholiday trading session characterized by light
volume. The major indices remained in
tight ranges with the S&P 500 (SPX) little
changed over the last seven sessions.
The lack of conviction was consistent
with Tuesday’s trading environment, which
was one of the lightest volume days of the
year on the NYSE. Volume was slightly
heavier today at 548 million shares on
Wednesday, yet it was still far below the
average due to many participants being
still on vacation.
The focus of the financial media has
been on the traditional “Santa Claus rally”
season, which often occurs in the last five
trading days of the year and the first two
trading days of the new year. This period
has historically been productive for stocks.
According to the Stock Trader’s Almanac,
it has produced an average gain of 1.5%
for the S&P 500 since 1950. Through the
first three days of this year’s Santa Claus
rally period, the SPX has slipped 0.07%.
There is still enough time for the Santa
Claus rally to take place, but it should be
noted that the failure of this rally to occur
has been known to attract selling pressure
early in the new year. The old saying is,
“The bears may come to call if Santa
doesn’t show up on Broad and Wall,” or
words to that effect. This of course doesn’t
mean a bear market will ensue, only that
a period of short-term weakness is sometimes seen close on the heels of the holiday season.
As 2017 winds down, the stock market
is technically “overbought” on a shortterm basis but remains in good shape
overall. Heading into 2018, stocks remain
buoyant with all six major indices above
their rising 15-day moving averages. And
this confirms that the immediate-term
(one- to four-week) trend remains up as
we finish out the year.
—CLIF DROKE
When We Err
What You Want to Know
by Dow Theory Forecasts
dowtheory.com
Dec. 28: Many of the questions we receive
are repeats, asked over and over again by
different readers. Here is one:
“What do I do with shares of a stock
you touted as a Buy last week, then sold
this week?”
This is the single most common question we receive, and the answer is simple,
if somewhat unsatisfying: Sell the stock.
In our system, a stock on the Buy list
remains a Buy until the moment we decide
to sell it. We don’t use watch lists on either
the buy or the sell side, and we consider
our advice on each recommended stock at
least twice every week. Each time we publish an issue or hotline that features XYZ
on the Buy List serves as a confirmation
that we still see XYZ as a Buy, and subscribers should purchase it.
Companies don’t exist in a vacuum any
more than our ratings do. Circumstances
change, and there’s no such thing as a
permabuy. If a stock no longer ranks
among our top picks, we sell. Hopefully at
a profit, though sometimes at a loss.
Of course, your money is your money,
and only you can make the final decision
about whether to sell. If you wish to track
one of our recommended lists, we advise
buying when we buy and selling when we
sell. Rest assured, we haven’t lost sight of
a stock just because we didn’t sell it after
bad news broke. More likely, we’re
weighing our options.
—RICHARD
J. MORONEY, ROBERT A. SWEET
To be considered for this section, material,
with the author’s name and address, should
be sent to MarketWatch@barrons.com.
January 1, 2018
BARRON’S
M15
New York Stock Exchange Composite List
TO OUR READERS:
After hearing many requests from readers, %will again provide
earnings data in our print edition when space is available. As part of a regular
sequence, earnings data will be followed by information about preferred stocks
and then bonds. Again, the data will appear only in weeks when space is
available. We greatly appreciate your feedback.
For personal Do not edit or alter. Reproductions not permitted.
To reprint or license content, please contact Barron's reprints department at 800-843-0008 or
52-Week
High Low Name
13.06
44.04
26.94
45.12
14.75
39.50
12.06
89.81
75.95
19.95
6.65
11.28
34.90
51.75
5.55
43.03
9.94
4.95
20.22
71.06
65.85
48.22
57.77
99.10
19.11
33.45
158.44
19.51
29.18
241.60
21.48
13.29
86.42
46.00
177.50
25.71
26.30
7.52
46.51
7.35
13.00
6.35
54.50
6.50
36.25
192.37
207.67
70.93
51.86
53.65
117.28
48.96
164.78
25.98
119.58
9.00
101.43
65.65
144.99
54.61
46.96
441.54
5.99
31.20
21.04
36.61
10.35
30.15
10.00
66.50
57.72
17.05
4.35
4.00
10.80
33.61
2.30
32.55
6.02
3.53
15.38
49.42
43.18
26.12
38.25
59.27
8.81
26.70
112.31
7.53
21.60
153.28
15.16
8.33
55.85
30.15
78.81
20.94
17.90
5.02
20.88
3.75
3.20
4.73
41.34
3.02
17.69
116.04
139.52
45.38
39.30
44.28
87.82
34.21
133.63
20.71
70.53
5.93
61.10
43.45
85.60
28.01
27.50
388.60
AAC
AAR
ABB
ABMIndustries
ACCO Brands
AECOM
AES
Aflac
AGCO
AG Mortgage
AHBeloA
AK Steel
AMC Ent
AMN Healthcare
ARCDocumentSolns
AT&T
A10Networks
AUOptronics
AVX
AXIS Capital
AZZ
Aaron's
AbbottLabs
AbbVie
Abercrombie&Fitch
AcadiaRealty
Accenture
AcornIntl
Actuant
AcuityBrands
Acushnet
Adecoagro
Adient
AdtalemGlbEduc
AdvanceAuto
AdvDisposalSvcs
AdvDrainageSys
AdvSemiEngg
AdvanSix
AdvantageOil
AegeanMarine
Aegon
AerCap
AerohiveNtwks
AerojetRocket
Aetna
AffiliatedMgrs
AgilentTechs
AgnicoEagle
AgreeRealty
Agrium
AirLease
AirProducts
Aircastle
AlamoGroup
AlamosGold
AlaskaAir
AlbanyIntl
Albemarle
Alcoa
Alexander&Baldwin
Alexanders
Tick
Div
Sym Yld P/E Last Chg. Amt.
52-Week
High Low Name
A
134.37
11.34
191.75
667.19
26.59
89.81
256.80
81.24
266.25
19.50
26.65
45.55
45.69
105.36
29.50
17.30
29.16
35.29
15.66
77.79
23.54
9.82
7.03
64.89
8.95
19.50
19.11
44.83
21.25
51.70
19.48
78.07
32.54
100.53
109.41
23.98
67.47
25.26
18.45
14.50
23.30
58.44
155.28
24.00
92.37
50.00
173.62
97.85
73.06
7.05
18.60
91.26
12.15
7.51
72.32
48.28
116.06
60.14
13.68
126.50
88.60
12.73
22.87
35.74
26.60
AAC
AIR
ABB
ABM
ACCO
ACM
AES
AFL
AGCO
MITT
AHC
AKS
AMC
AMN
ARC
T
ATEN
AUO
AVX
AXS
AZZ
AAN
ABT
ABBV
ANF
AKR
ACN
ATV
ATU
AYI
GOLF
AGRO
ADNT
ATGE
AAP
ADSW
WMS
ASX
ASIX
AAV
ANW
AEG
AER
HIVE
AJRD
AET
AMG
A
AEM
ADC
AGU
AL
APD
AYR
ALG
AGI
ALK
AIN
ALB
AA
ALEX
ALX
...
.8
2.8
1.9
...
...
4.8
2.1
.8
10.0
6.7
...
5.3
...
...
5.1
...
4.4
2.7
3.1
1.3
.3
2.0
2.9
4.6
3.9
1.7
...
.2
.3
2.3
...
1.4
...
.2
...
1.2
3.5
...
...
1.9
4.8
...
...
...
1.1
.4
.9
1.0
4.0
3.0
.8
2.3
4.8
.4
.3
1.6
1.1
1.0
...
...
4.3
dd
59
25
cc
21
17
dd
13
28
7
dd
40
dd
21
dd
19
dd
6
21
dd
26
21
45
24
dd
48
27
dd
dd
24
20
47
8
24
21
dd
64
14
27
17
11
18
9
dd
38
33
22
32
39
25
44
14
30
11
27
cc
12
46
30
35
cc
24
9.00
39.29
26.82
37.72
12.20
37.15
10.83
87.78
71.43
19.01
4.80
5.66
15.10
49.25
2.55
38.88
7.72
4.16
17.30
50.26
51.10
39.85
57.07
96.71
17.43
27.36
153.09
17.64
25.30
176.00
21.08
10.34
78.70
42.05
99.69
23.94
23.85
6.48
42.07
4.30
4.30
6.30
52.61
5.83
31.20
180.39
205.25
66.97
46.18
51.44
115.00
48.09
164.08
23.39
112.87
6.51
73.51
61.45
127.89
53.87
27.74
395.85
–0.07
–0.92
+0.22
–0.51
–0.40
–0.13
+0.12
+0.57
–1.51
–0.29
–0.10
–0.05
+0.20
+0.75
–0.10
–0.06
+0.09
–0.04
–0.28
+0.20
–0.30
–0.41
+0.14
–1.50
–0.76
–0.02
–0.80
+0.60
+0.70
+3.82
–0.15
+0.15
–0.99
–2.00
–0.86
+0.14
+0.20
+0.01
–0.74
+0.20
+0.20
+0.07
–0.45
–0.11
–1.00
+0.43
+1.05
–0.38
+0.86
+0.71
+2.02
+0.27
+0.66
–0.23
–2.48
–0.12
–0.77
+0.05
–1.40
+3.88
–0.13
+2.09
...
.075
.7626
.175
...
...
.13
.45
.14
.475
.08
...
.20
...
...
.50
...
.1846
.115
.39
.17
.03
.28
.71
.20
.27
1.33
...
.04
.13
.12
...
.275
...
.06
...
.07
.2282
...
...
.02
.1527
...
...
...
.50
.20
.149
.11
.52
.875
.10
.95
.28
.10
.01
.30
.17
.32
...
15.92
4.25
106.89
8.33
87.20
521.07
14.54
63.71
160.07
61.64
209.00
9.85
20.40
36.56
32.80
73.04
18.11
8.65
14.61
17.80
10.37
60.01
10.19
6.14
4.89
51.35
4.80
12.00
11.85
36.79
13.38
40.07
10.23
61.82
21.66
73.84
85.57
20.10
57.85
16.33
11.10
5.02
9.91
41.14
102.51
14.65
69.96
42.00
110.23
71.90
48.21
4.02
12.15
66.00
4.78
5.17
39.96
30.95
75.11
42.18
8.86
103.55
62.40
9.95
16.62
25.71
17.59
AlexandriaRlEst
AlgonquinPwr
Alibaba
Alleghany
AlleghenyTechs
Allegion
Allergan
Allete
AllianceData
AllianceOne
AllianceBernstein
AlliantEnergy
AllisonTransm
Allstate
AllyFinancial
AlonUSAPartners
Alteryx
AlticeUSA
AltisourceResid
Altria
AlumofChina
AmberRoad
Ambev
Ameren
Ameresco
AmericaMovil
AmericaMovil A
AmericanAssets
AmericanAxle
AmCampus
AmerEagle
AEP
AmEqtyLf
AmerExpress
AmericanFin
AmerHomes4Rent
AIG
AIG Wt
AmerMidstreamPtrs
AmRltyInv
AmericanRenal
AmerStWater
AmerTowerREIT
AmerVanguard
AmerWaterWorks
Amerigas
Ameriprise
AmerisourceBrgn
Ametek
AmiraNatureFoods
Ampco-Pitt
Amphenol
AmplifySnack
Amrep
AnadarkoPetrol
AnadarkoPeteUn
Andeavor
AndeavorLog
AngloGoldAsh
AB InBev
AnixterIntl
AnnalyCap
AnteroMidstream
AnteroMidstream
AnteroResources
Tick
Div
Sym Yld P/E Last Chg. Amt.
ARE
AQN
BABA
Y
ATI
ALLE
AGN
ALE
ADS
AOI
AB
LNT
ALSN
ALL
ALLY
ALDW
AYX
ATUS
RESI
MO
ACH
AMBR
ABEV
AEE
AMRC
AMX
AMOV
AAT
AXL
ACC
AEO
AEP
AEL
AXP
AFG
AMH
AIG
AIG.WS
AMID
ARL
ARA
AWR
AMT
AVD
AWK
APU
AMP
ABC
AME
ANFI
AP
APH
BETR
AXR
APC
AEUA
ANDV
ANDX
AU
BUD
AXE
NLY
AMGP
AM
AR
2.8
4.2
...
...
...
.8
1.7
2.9
.8
...
8.1
3.0
1.4
1.4
1.6
10.1
...
...
5.1
3.7
...
...
...
3.1
...
1.8
1.8
2.8
...
4.3
2.7
3.4
.8
1.4
1.3
.9
2.1
...
12.4
...
...
1.8
2.0
.3
1.8
8.2
2.0
1.7
.5
...
2.9
.9
...
...
.4
10.8
2.1
8.5
3.7
3.4
...
10.1
1.2
4.7
...
cc
29
50
dd
dd
23
dd
21
27
dd
12
23
19
15
14
15
dd
...
dd
9
44
dd
37
23
23
31
31
58
6
cc
20
19
11
19
14
dd
dd
...
dd
dd
dd
32
54
36
35
43
16
50
30
5
dd
28
80
61
dd
...
23
20
dd
56
18
5
...
20
dd
130.59
11.16
172.43
596.09
24.14
79.56
163.58
74.36
253.48
13.25
25.05
42.61
43.07
104.71
29.16
17.09
25.27
21.23
11.86
71.41
17.93
7.34
6.46
58.99
8.60
17.15
17.01
38.24
17.03
41.03
18.80
73.57
30.73
99.31
108.54
21.84
59.58
18.12
13.35
12.85
17.40
57.91
142.67
19.65
91.49
46.23
169.47
91.82
72.47
4.17
12.40
87.80
12.01
7.02
53.64
34.66
114.34
46.19
10.19
111.56
76.00
11.89
19.72
29.04
19.00
+1.13
+0.11
–3.86
+6.23
–0.48
–0.78
–1.32
+0.91
+1.49
–0.65
–0.35
+0.11
–0.08
+0.60
–0.09
+0.46
–0.35
+0.22
+0.01
–0.73
+0.09
+0.03
+0.19
+0.30
+0.15
+0.19
+0.22
+0.50
–0.21
+0.72
–0.05
–0.08
–1.40
+0.57
+0.18
+0.06
+0.27
+0.25
...
–0.65
+0.35
+1.81
+2.01
+0.05
+0.98
+1.02
–2.04
–0.64
–0.13
–0.14
–0.70
–0.34
–0.13
+0.03
+0.71
+1.30
+2.16
–0.25
+0.38
...
+1.20
–0.16
+1.17
–0.14
+0.41
.90
.1165
...
...
...
.16
.70
.535
.52
...
.51
.315
.15
.37
.12
.43
...
...
.15
.66
...
...
.0958
.4575
...
.1564
.1564
.27
...
.44
.125
.62
.26
.35
2.00
.05
.32
...
.4125
...
...
.255
.70
.015
.415
.95
.83
.38
.09
...
.09
.19
...
...
.05
.9375
.59
.9852
.0944
1.8839
...
.30
.059
.34
...
TO OUR READERS:Full NYSE, NYSE American and
Nasdaq Major Market listings appear free online at
www.barrons.com/listings. These composite stock
quotations include trades on the Chicago, Nasdaq
PSX, Nasdaq PHLX, Nasdaq BX and National stock exchanges, as reported by Nasdaq.
52-Week
High Low Name
236.39
57.90
6.35
152.78
64.92
46.86
19.92
34.03
20.68
70.05
90.79
89.66
39.55
13.80
24.80
44.12
8.99
33.01
94.57
47.44
16.40
30.69
10.80
24.54
9.05
14.22
23.25
76.70
245.65
15.59
16.01
27.60
22.96
61.50
84.53
40.65
71.00
14.87
8.23
74.75
5.14
57.80
26.70
39.35
106.99
45.73
35.60
31.75
12.90
55.22
27.30
2.70
93.56
67.69
129.84
57.83
802.15
199.52
53.46
117.92
10.29
52.83
48.20
6.03
38.20
29.43
22.00
140.50
46.00
5.07
109.82
38.14
41.87
16.56
19.28
17.49
54.00
71.44
55.80
29.41
9.01
10.87
32.87
7.11
19.59
60.13
38.59
8.30
18.47
5.35
19.55
6.60
12.48
17.15
41.79
87.33
10.93
12.66
20.81
13.32
38.45
68.55
26.30
49.10
8.74
5.68
52.91
3.84
35.05
20.95
32.20
86.00
33.53
26.51
13.58
7.60
45.15
15.05
2.25
72.54
25.00
96.08
38.20
491.13
169.50
37.42
69.53
6.37
37.78
35.67
1.85
27.11
19.43
12.53
Anthem
AnthemUn
AnworthMtg
Aon
Apache
ApartmtInv
ApolloComRlEst
ApolloGlbMgmt
AppleHospREIT
AppliedIndlTechs
Aptargroup
Aptiv
AquaAmerica
Aquantia
AquaVenture
Aramark
ArborRealty
ArcelorMittal
ArchCoal
ArcherDaniels
Archrock
Arconic
ArcosDorados
Ardagh
ArdmoreShipping
AresCommRealEst
AresManagement
Argan
AristaNetworks
ArlingtonAsset
ArmadaHoffler
ArmourRes
ArmstrongFlooring
ArmstrongWorld
ArrowElec
ArtisanPtrsAsset
AsburyAutomotive
AshfordHospPrime
AshfordHosp
AshlandGlobal
AspenAerogels
AspenIns
AssociatedBanc
AssocCapital
Assurant
AssuredGuaranty
AstraZeneca
AtHomeGroup
Atento
Athene
AtkoreIntl
AtlanticPower g
AtmosEnergy
Autohome
Autoliv
AutoNation
AutoZone
Avalonbay
Avangrid
AveryDennison
Avianca
Avista
Avnet
AvonProducts
AxaltaCoating
Azul
AzurePowerGlbl
47.75
51.11
25.58
8.92
49.06
13.25
46.64
40.94
21.41
42.23
32.95
15.50
11.80
24.65
62.85
17.50
52.10
29.50
41.17
14.55
4.81
42.44
8.72
33.37
28.73
16.85
33.10
15.00
10.60
7.36
16.15
39.03
1.61
34.40
B&G Foods
BB&T
BBVABancoFr
BBX CapitalA
BCE g
BEST
BHPBilliton
BHPBilliton
BP Midstream
BP
BP Prudhoe
BRF
BRT Apartments
BT Group
BWX Tech
Babcock&Wilcox
BadgerMeter
Tick
Div
Sym Yld P/E Last Chg. Amt.
ANTM
ANTX
ANH
AON
APA
AIV
ARI
APO
APLE
AIT
ATR
APTV
WTR
AQ
WAAS
ARMK
ABR
MT
ARCH
ADM
AROC
ARNC
ARCO
ARD
ASC
ACRE
ARES
AGX
ANET
AI
AHH
ARR
AFI
AWI
ARW
APAM
ABG
AHP
AHT
ASH
ASPN
AHL
ASB
AC
AIZ
AGO
AZN
HOME
ATTO
ATH
ATKR
AT
ATO
ATHM
ALV
AN
AZO
AVB
AGR
AVY
AVH
AVA
AVT
AVP
AXTA
AZUL
AZRE
1.2
4.7
11.0
1.1
2.4
3.3
10.0
4.7
6.1
1.7
1.5
1.0
2.1
...
...
1.0
8.8
...
1.5
3.2
4.6
.9
...
2.7
...
8.4
8.2
2.2
...
18.7
4.9
8.9
...
...
...
6.1
...
6.6
7.1
1.3
...
2.4
2.2
.6
2.2
1.7
2.6
...
...
...
...
...
2.3
...
1.9
...
...
3.2
3.4
1.6
1.3
2.8
1.8
...
...
...
...
20
...
12
...
24
cc
9
11
19
19
25
17
29
dd
dd
29
8
5
12
19
dd
dd
27
cc
dd
11
36
8
49
dd
31
5
dd
23
15
21
8
dd
dd
dd
dd
dd
17
dd
24
5
26
51
36
8
17
dd
23
42
22
13
16
28
24
26
17
26
17
dd
cc
cc
dd
225.01
56.00
5.44
134.00
42.22
43.71
18.45
33.47
19.61
68.10
86.28
84.83
39.23
11.33
15.52
42.74
8.64
32.31
93.16
40.08
10.50
27.25
10.35
21.10
8.00
12.90
20.00
45.00
235.58
11.78
15.53
25.72
16.92
60.55
80.41
39.50
64.00
9.73
6.73
71.20
4.88
40.60
25.40
34.10
100.84
33.87
34.70
30.39
10.15
51.71
21.45
2.35
85.89
64.67
127.08
51.33
711.37
178.41
50.58
114.86
8.03
51.49
39.62
2.15
32.36
23.83
14.20
–0.59
+0.07
–0.12
+0.65
–0.69
+0.52
–0.44
–0.54
–0.04
+3.75
+0.38
+0.04
+0.71
+0.14
–0.41
–0.06
...
–0.41
+2.03
–0.11
+0.10
+0.42
+0.15
+0.54
...
–0.45
+0.95
–0.55
–0.97
–0.70
+0.04
+0.30
–0.16
+0.35
+0.01
–0.20
–0.45
–0.38
–0.03
–0.27
–0.01
+0.10
–0.60
+0.20
–0.19
–0.64
+1.09
+0.10
+0.25
–0.11
+0.38
...
+0.80
–0.30
–0.64
–0.21
+1.28
+0.29
–0.40
+0.69
–0.02
–0.02
+0.02
–0.14
+0.37
–0.07
+0.95
.70
.6563
.15
.36
.25
.36
.46
.39
.10
.29
.32
.22
.2047
...
...
.105
.19
...
.35
.32
.12
.06
...
.14
...
.27
.41
1.00
...
.55
.19
.19
...
...
...
.60
...
.16
.12
.225
...
.24
.14
.10
.56
.1425
.45
...
.3384
...
...
...
.485
.76
.60
...
...
1.42
.432
.45
.1015
.3575
.18
...
...
...
...
5.3
2.7
1.0
.4
4.7
...
3.7
4.3
...
5.7
13.4
...
6.1
3.5
.7
...
1.1
23
18
26
19
20
...
21
18
...
36
6
dd
12
18
31
dd
42
35.15
49.72
25.20
7.97
48.01
8.98
45.99
40.30
20.57
42.03
20.10
11.26
11.79
18.22
60.49
5.68
47.80
–1.65
–0.73
–0.34
+0.06
+0.54
–0.03
+0.99
+0.92
+1.58
+0.74
–0.10
+0.40
+0.45
–0.04
–0.34
–0.06
+0.20
.465
.33
.2508
.0075
.5606
...
.86
.86
...
.60
.6741
...
.18
.3168
.11
...
.13
B
BGS
BBT
BFR
BBX
BCE
BSTI
BHP
BBL
BPMP
BP
BPT
BRFS
BRT
BT
BWXT
BW
BMI
The Week’s Statistics
Barron's 50-Stock Average .............
Cash Track .....................................
Charting the Market ......................
Closed-End Funds..........................
Coming Earnings ...........................
Conference Call Calendar...............
Consensus Estimates Dow Industrials
Dates To Watch .............................
Delta Tactical Sentiment ................
Distributions & Offerings ...............
Dividend Boosts - Reductions.........
Dividend Ex-Payment Dates ...........
35
27
6
32
36
37
36
31
35
35
39
39
DJ Averages ...................................
DJ U.S. Total Market Industry Groups
Dow Jones Averages ......................
Dow Jones Per Share Values ...........
Earnings Scoreboard .....................
Exchange Traded Portfolios ...........
Federal Reserve Data Bank .............
Foreign Exchange ..........................
Global Stock Markets.....................
Gold & Silver Prices.........................
Gold Mining Index .........................
Indexes P/Es & Yields ......................
FIVE-DAY DOW COMPOSITE
Selling Celebration: The Dow dipped 0.1% last week as investors finished the best year since 2013 by unloading stocks. Visa gained 1.2%
last week, while Nike dropped 1.2%.
Monday
24860
H
O
L
I
D
A
Y
24820
24780
(Prev Fri's
Close)
24740
24700
10
12
29.62
35.65
14.40
6.34
7.47
67.65
25.51
63.22
6.86
21.21
5.11
36.15
27.20
21.95
9.88
0.51
29.81
74.72
66.75
43.85
53.86
30.37
9.29
4.99
6.25
45.47
19.06
13.28
14.03
44.06
2.13
11.18
161.50
64.60
1.44
11.00
40.60
29.00
62.00
237983
158.61
32.85
47.19
41.67
45.10
290.05
2.66
0.32
17.00
181.87
182.65
18.04
57.01
62.96
41.10
Wednesday
Thursday
+28.09
+63.21
-7.85
2
52-Week
High Low Name
40.82
43.24
23.40
9.35
11.79
98.31
30.45
136.10
11.75
32.29
6.99
48.74
34.45
30.03
18.02
2.40
40.80
90.80
80.30
55.40
66.78
41.64
11.96
12.25
11.80
72.87
27.95
20.78
44.81
66.18
5.20
23.24
229.69
86.85
5.15
14.45
51.98
35.80
73.17
301000
200.50
40.00
61.36
68.98
60.20
490.00
7.58
6.24
39.51
273.87
261.55
54.42
72.02
78.74
47.55
Tuesday
BakerHughes
Ball
BancCalifornia
BancoBilbaoViz
BancoBradesco
BancodeChile
Bladex
BancoMacro
BancSanBrasil
BcoSantChile
BancoSantander
BanColombia
BancorpSouth
BankofAmerica
BankofAmWtA
BankofAmWtB
BankofButterfield
BankofHawaii
BankofMontreal g
BankNY Mellon
BkNovaScotia g
BankUnited
Barclays
Barnes&NobleEduc
Barnes&Noble
BarnesGroup
BarracudaNtwks
BarrickGold
BasicEnergySvcs
BaxterIntl
BaytexEnergy g
BeazerHomes
BectonDicknsn
Belden
BellatrixExplor
Belmond
Bemis
BenchmarkElec
Berkley
BerkHathwy A
BerkHathwy B
BerkshireHills
BerryGlobal
BestBuy
BigLots
Biglari
BillBarrett
BioAmber
BiohavenPharm
Bio-RadLab A
Bio-RadLab B
Bitauto
BlackHills
BlackHillsUn
BlackKnight
4pm 10
12
2
4pm 10
Tick
Div
Sym Yld P/E Last Chg. Amt.
BHGE
BLL
BANC
BBVA
BBDO
BCH
BLX
BMA
BSBR
BSAC
SAN
CIB
BXS
BAC
BAC.WS.A
BAC.WS.B
NTB
BOH
BMO
BK
BNS
BKU
BCS
BNED
BKS
B
CUDA
ABX
BAS
BAX
BTE
BZH
BDX
BDC
BXE
BEL
BMS
BHE
WRB
BRK.A
BRK.B
BHLB
BERY
BBY
BIG
BH
BBG
BIOA
BHVN
BIO
BIO.B
BITA
BKH
BKHU
BKI
2.3
1.1
2.5
5.0
29.3
2.7
5.7
.6
...
3.3
2.8
3.2
...
1.6
...
...
3.5
2.4
3.6
1.8
3.9
2.1
1.9
...
9.0
.9
...
.8
...
1.0
...
...
1.4
.3
...
...
2.5
...
.8
...
...
2.3
...
2.0
1.8
...
...
...
...
...
...
...
3.2
5.9
...
dd
59
24
12
...
19
14
15
...
18
13
10
19
17
...
...
20
20
13
16
13
17
dd
23
32
22
cc
8
61
35
dd
20
46
53
dd
dd
23
23
17
26
26
20
23
17
14
22
dd
dd
dd
cc
cc
dd
23
...
66
31.64
37.85
20.65
8.50
9.27
96.53
26.90
115.88
9.67
31.27
6.54
39.66
31.45
29.52
17.56
2.14
36.29
85.70
80.02
53.86
64.53
40.72
10.90
8.24
6.70
63.27
27.50
14.47
23.47
64.64
3.00
19.21
214.06
77.17
1.72
12.25
47.79
29.10
71.65
297600
198.22
36.60
58.67
68.47
56.15
414.40
5.13
.40
26.98
238.67
238.25
31.80
60.11
66.12
44.15
–0.59
–0.12
–0.60
–0.10
+0.03
+2.89
–0.75
–1.23
+0.21
+0.19
–0.07
+0.03
–1.30
–0.36
–0.41
–0.20
–1.41
–1.84
+0.80
–0.14
–0.17
–0.17
+0.05
–0.19
–0.10
+0.13
+0.03
...
–0.24
–0.08
+0.21
+0.27
–3.17
–3.08
–0.17
...
+0.30
–0.50
+0.75
+1199.71
+0.30
–0.75
–0.58
+1.36
+0.60
–4.33
+0.31
+0.01
–1.12
–5.52
–17.00
+0.14
+1.09
+1.44
–0.10
.18
.10
.13
.106
.0052
2.5706
.385
.7532
.2018
1.0444
.0464
.3154
.14
.12
...
...
.32
.52
.7229
.24
.6213
.21
.053
...
.15
.14
...
.03
...
.16
...
...
.75
.05
...
...
.30
...
.50
...
...
.21
...
.34
.25
...
...
...
...
...
...
...
.475
.9688
...
12
2
4pm 10
12
52-Week
High Low Name
19.55
12.36
520.74
35.09
33.08
31.80
11.00
20.83
18.34
11.78
18.95
299.33
40.95
377.17
17.68
39.67
55.86
197.05
140.13
29.93
24.10
35.96
40.50
18.69
4.55
33.73
15.85
25.95
95.82
28.18
50.21
87.30
66.10
21.78
73.41
25.34
92.44
16.31
44.33
34.72
46.88
36.00
52.42
68.22
69.15
63.82
73.01
25.00
14.96
14.65
83.75
123.92
23.65
15.12
6.65
365.83
26.65
29.76
19.85
2.94
11.70
12.50
6.36
12.79
154.96
22.25
23.33
5.90
31.06
37.54
128.70
116.77
21.56
13.71
19.19
31.70
15.63
3.04
17.44
8.18
20.00
65.00
10.55
29.50
40.95
46.01
6.21
55.88
17.23
65.22
8.78
32.86
23.66
33.20
28.13
41.10
45.17
43.72
48.04
43.90
13.50
10.87
7.25
63.87
79.07
19.02
BlackStoneMin
BlackBerry
BlackRock
Blackstone
BlackstoneMtg
BlockHR
BlueApron
BlueCapReins
BluegreenVac
BlueLinx
BoardwalkPipe
Boeing
BoiseCascade
BonanzaCreekEner
BootBarn
BoozAllen
BorgWarner
BostonBeer
BostonProps
BostonSci
Box
BoydGaming
Brady
BrandywineRealty
BrasilAgro
Braskem
BridgepointEduc
Briggs&Stratton
BrightHorizons
BrightScholarEduc
BrinkerIntl
Brink's
Bristol-Myers
Bristow
BritishAmTob
BrixmorProp
BroadridgeFinl
BrookdaleSrLiving
BrookfieldMgt
BrookfieldBusPtr
BrookfieldInfr
BrookfieldRenew
Brown&Brown
Brown-Forman A
Brown-Forman B
Brunswick
BuckeyePtrs
Buckle
Buenaventura
Build-A-Bear
Bunge
BurlingtonStrs
BylineBancorp
2
Friday
-118.29
4pm 10
12
2
4pm
Tick
Div
Sym Yld P/E Last Chg. Amt.
BSM
BB
BLK
BX
BXMT
HRB
APRN
BCRH
BXG
BXC
BWP
BA
BCC
BCEI
BOOT
BAH
BWA
SAM
BXP
BSX
BOX
BYD
BRC
BDN
LND
BAK
BPI
BGG
BFAM
BEDU
EAT
BCO
BMY
BRS
BTI
BRX
BR
BKD
BAM
BBU
BIP
BEP
BRO
BF.A
BF.B
BC
BPL
BKE
BVN
BBW
BG
BURL
BY
7.0
...
1.9
5.5
7.7
3.7
...
10.0
...
...
3.1
2.3
...
...
...
1.8
1.3
...
2.5
...
...
.6
2.2
4.0
...
2.9
...
2.2
...
...
3.9
.8
2.6
2.1
1.7
5.9
1.6
...
1.3
.7
3.9
5.4
1.2
1.2
1.2
1.4
10.2
4.2
.4
...
2.7
...
...
27
14
24
14
14
14
dd
...
...
4
11
27
23
dd
30
21
37
26
41
41
dd
34
20
cc
14
55
59
20
47
80
14
50
24
dd
12
18
32
dd
97
cc
cc
dd
27
35
36
18
15
14
dd
51
21
32
...
17.94
11.17
513.71
32.02
32.18
26.22
4.03
12.05
18.26
9.76
12.91
294.91
39.90
27.59
16.61
38.13
51.09
191.10
130.03
24.79
21.12
35.05
37.90
18.19
3.50
26.26
8.30
25.37
94.00
18.67
38.84
78.70
61.28
13.47
66.99
18.66
90.58
9.70
43.54
34.52
44.81
34.91
51.46
67.24
68.67
55.22
49.55
23.75
14.08
9.20
67.08
123.03
22.97
–0.23
–0.43
+1.59
–0.74
–0.50
–0.01
–0.01
–0.25
+1.98
–0.12
–0.97
–0.19
–0.30
–2.47
–0.13
–0.59
–0.62
–0.20
+2.69
–0.31
+0.48
–0.21
–0.20
+0.04
–0.03
+0.01
–0.21
–0.21
–0.48
+0.18
–1.17
–2.25
+0.32
–0.02
+0.39
+0.50
–0.37
–0.08
+0.63
+0.52
+0.91
+0.78
+0.35
+0.41
+0.88
–0.52
+1.31
–0.15
+0.38
–0.70
+0.34
+2.92
+1.39
.3125
...
2.50
.44
.62
.24
...
.30
...
...
.10
1.71
.07
...
...
.17
.17
...
.80
...
...
.05
.2075
.18
.0739
.7547
...
.14
...
...
.38
.15
.40
.07
.5861
.275
.365
...
.14
.0625
.435
.4675
.15
.1975
.1975
.19
1.2625
1.75
.03
...
.46
...
...
C
Bonus Tables: M36, 37 & 39
34
36
34
35
36
23
38
38
26
38
38
35
Initial Public Offerings....................
Investor Sentiment Readings .........
Key Foreign Market Indexes ...........
Market Lab ....................................
Money Rates, U.S. & Foreign ..........
Money Supply ...............................
Mutual Fund Indicators .................
Mutual Funds ................................
N.Y. Stock Exchange ......................
Nasdaq National Market................
New Corporate Listings .................
New Highs & Lows .........................
36
38
26
34
38
38
31
27
15
20
39
37
NYSE Half-Hourly Volume ..............
Other Market Indexes ....................
Pulse of the Economy.....................
Quarterly Stock Winners & Losers...
S&P Dow Jones Indexes..................
SEC Form 144 Filings ......................
Short Interest NASDAQ..................
Short Interest NYSE/NYSE Amer .....
Stock Splits - Special Dividends ......
Stock Volume ................................
Top Retail Money Fund Top Yields ..
34
34
36
19
34
35
29
29
39
34
32
Top Savings Deposit Yields.............
Trading Diary .................................
Vital Signs......................................
Week In Stocks...............................
Weekly Bond Statistics...................
Weekly Volume By Markets ............
Winners & Losers Stocks ................
For statistical queries please contact the
Statistics Team: 609-520-4799
or email: barronsstats@barrons.com
or visit: barrons.com/mktlab?mod=BOL_Nav_MAR_other
33
34
4
35
38
35
8
M16
BARRON’S
January 1, 2018
New York Stock Exchange Composite List
For personal Do not edit or alter. Reproductions not permitted.
To reprint or license content, please contact Barron's reprints department at 800-843-0008 or
52-Week
High Low Name
147.31
40.11
16.70
46.30
25.90
17.25
11.92
44.34
71.07
70.10
43.42
15.60
54.99
51.73
50.85
55.62
13.64
25.83
144.79
16.48
25.56
19.55
41.89
17.69
38.06
33.67
30.29
28.35
14.99
38.25
6.95
16.75
84.72
8.98
788.00
64.66
29.57
27.24
18.61
57.50
34.34
22.10
23.42
46.15
7.76
15.63
16.32
15.16
62.95
96.39
13.36
64.23
47.62
31.95
97.75
84.48
36.79
183.82
18.90
39.15
108.00
59.25
101.43
17.66
10.27
10.10
1.30
11.41
84.88
20.88
116.53
77.64
69.89
70.56
53.61
28.96
30.30
118.89
24.89
5.10
43.39
13.47
158.65
31.35
72.56
6.79
9.61
109.70
14.74
11.19
13.39
10.37
15.54
104.65
30.45
7.38
33.55
31.90
27.61
15.15
119.05
23.91
13.79
16.67
251.00
58.08
19.43
7.32
3.85
29.36
86.35
126.20
36.15
15.50
112.10
8.50
5.83
0.22
16.44
12.70
5.31
29.69
53.00
52.75
25.04
3.26
45.81
39.48
41.12
39.96
8.57
18.54
108.05
11.30
15.25
12.56
19.51
10.63
32.82
27.38
23.16
19.30
13.50
16.75
2.58
6.70
66.45
7.46
564.26
50.21
20.55
20.00
13.80
32.47
22.39
12.00
6.47
32.45
4.65
9.93
9.34
9.30
42.55
78.38
7.68
45.00
26.30
15.20
77.20
67.08
27.52
141.32
16.16
28.06
69.21
35.50
76.05
11.60
10.00
9.60
1.05
8.52
54.66
8.05
92.09
54.29
51.70
50.86
34.24
23.15
19.90
77.94
8.14
3.05
25.51
10.10
90.34
12.20
59.66
4.70
1.30
78.38
9.79
7.84
9.04
7.10
6.76
55.89
24.45
3.49
27.34
20.30
13.16
8.30
75.25
18.66
7.54
6.84
157.56
20.76
16.40
3.41
1.75
22.55
63.00
102.55
9.55
6.96
CACI Intl
CAI Intl
CARBOCeramics
C&J Energy
CBD Pao
CBIZ
CBL Assoc
CBRE Group
CBS A
CBS B
CF Industries
CGG
CGI Group
CIT Group
CMS Energy
CNA Fin
CNH Indl
CNO Financial
CNOOC
CNX Resources
CONE Midstream
CONSOL Coal
CONSOL Energy
CPFLEnergia
CRH
CSRA
CSS Industries
CTS
Curo
CVR Energy
CVR Partners
CVR Refining
CVS Health
CYS Invts
CableOne
Cabot
CabotOil
CadenceBancorp
CAE g
CalAtlantic
Caleres
CalgonCarbon
CaliforniaRscs
CalWtrSvc
Calix
CallawayGolf
CallonPetrol
Calpine
Cambrex
CamdenProperty
Cameco g
CampbellSoup
CampingWorld
CanadaGoose
CIBC g
CanNtlRlwy g
CanNaturalRes g
CanPacRlwy g
Cannae
Canon
CantelMedical
CapitalOneWt
CapitalOne
CapitalSrLiving
CapitolInvtIV
CapitolInvIV A
CapitolInvIV Wt
CapsteadMtg
CardinalHealth
Care.com
Carlisle
CarMax
Carnival
Carnival
CarpenterTech
CarriageSvcs
Cars.com
Carters
Carvana
CastlightHealth
Catalent
CatchMarkTimber
Caterpillar
Cato
CedarFairRec
CedarRealty
Celadon
Celanese A
Celestica
CellcomIsrael
CementosPacasm
Cemex
CenovusEnergy g
Centene
CenterPointEner
CentraisElBras
CentralPacFin
CenturyComm
CenturyLink
ChannelAdvisor
CharlesRiverLabs
ChathamLodging
CheetahMobile
Chegg
Chemed
Chemours
CherryHillMtg
ChesapeakeEner
ChesapeakeGranite
ChesapeakeLodging
ChesapeakeUtil
Chevron
ChicagoB&I
Chico'sFas
Tick
Div
Sym Yld P/E Last Chg. Amt.
CACI
CAI
CRR
CJ
CBD
CBZ
CBL
CBG
CBS.A
CBS
CF
CGG
GIB
CIT
CMS
CNA
CNHI
CNO
CEO
CNX
CNNX
CCR
CEIX
CPL
CRH
CSRA
CSS
CTS
CURO
CVI
UAN
CVRR
CVS
CYS
CABO
CBT
COG
CADE
CAE
CAA
CAL
CCC
CRC
CWT
CALX
ELY
CPE
CPN
CBM
CPT
CCJ
CPB
CWH
GOOS
CM
CNI
CNQ
CP
CNNE
CAJ
CMD
COF.WS
COF
CSU
CIC.U
CIC
CIC.WS
CMO
CAH
CRCM
CSL
KMX
CCL
CUK
CRS
CSV
CARS
CRI
CVNA
CSLT
CTLT
CTT
CAT
CATO
FUN
CDR
CGI
CE
CLS
CEL
CPAC
CX
CVE
CNC
CNP
EBR
CPF
CCS
CTL
ECOM
CRL
CLDT
CMCM
CHGG
CHE
CC
CHMI
CHK
CHKR
CHSP
CPK
CVX
CBI
CHS
...
...
...
...
...
...
14.1
...
1.2
1.2
2.8
...
...
1.3
2.8
2.3
.9
1.5
3.6
...
7.2
...
...
2.4
1.2
1.3
2.9
.6
...
5.4
2.4
...
2.8
12.5
1.0
2.0
.7
...
1.5
.3
.8
.9
...
1.6
...
.3
...
...
...
3.3
3.4
2.9
.7
...
4.2
1.6
2.4
1.0
...
...
.2
...
1.6
...
...
...
...
8.8
3.0
...
1.3
...
2.7
2.7
1.4
1.2
...
1.3
...
...
...
4.1
2.0
8.3
5.5
3.3
1.3
1.7
...
...
4.4
...
1.7
...
3.9
...
2.4
...
12.9
...
...
5.8
...
...
.5
1.4
10.9
...
14.2
5.9
1.7
3.5
...
3.7
20
15
dd
9
69
19
cc
19
83
82
dd
dd
21
dd
25
16
...
9
18
dd
10
11
...
22
21
16
12
24
...
78
dd
23
15
dd
34
16
dd
19
25
17
24
cc
dd
32
dd
7
28
dd
16
56
dd
17
23
...
11
23
21
19
8
20
57
...
14
dd
...
...
...
14
18
cc
22
17
18
18
31
25
17
23
...
dd
47
dd
cc
35
25
cc
71
19
13
9
37
10
4
21
21
3
19
15
29
dd
27
33
32
dd
54
35
3
dd
7
28
29
36
dd
13
132.35
28.32
10.18
33.47
23.57
15.45
5.66
43.31
59.78
59.00
42.54
4.47
54.33
49.23
47.30
53.05
13.40
24.69
143.56
14.63
16.77
15.65
39.51
11.50
36.09
29.92
27.83
25.75
14.08
37.24
3.28
16.55
72.50
8.03
703.35
61.59
28.60
27.12
18.56
56.39
33.48
21.30
19.44
45.35
5.95
13.93
12.15
15.13
48.00
92.06
9.23
48.11
44.73
31.56
97.41
82.50
35.72
182.76
17.03
37.40
102.87
57.98
99.58
13.49
10.01
9.68
1.10
8.65
61.27
18.04
113.65
64.13
66.37
66.28
50.99
25.71
28.84
117.49
19.12
3.75
41.08
13.13
157.58
15.92
64.99
6.08
6.40
107.08
10.48
10.20
12.40
7.50
9.13
100.88
28.36
5.70
29.83
31.10
16.68
9.00
109.45
22.76
12.08
16.32
243.02
50.06
17.99
3.96
1.85
27.09
78.55
125.19
16.14
8.82
–1.75
–0.74
+0.01
–0.42
+1.43
+0.10
–0.08
–0.06
–0.92
–1.17
+0.83
–0.11
+0.18
–1.12
–0.05
+0.89
–0.15
–0.18
+1.35
+0.02
+0.04
+0.35
+3.53
+0.37
+0.42
–0.31
–0.76
–0.85
+0.04
+0.47
–0.16
+1.70
–0.91
+0.06
+7.71
–0.72
+1.01
+0.16
+0.10
–0.71
+0.25
–0.10
+2.36
+1.50
–0.45
–1.21
+0.32
+0.03
–1.30
+1.15
–0.19
–0.66
–1.33
+1.85
+0.64
+0.78
+0.97
+0.57
+0.01
–1.06
+1.39
–1.27
–0.92
–0.28
–0.02
+0.03
...
–0.28
–1.22
–0.58
+0.14
–1.10
+0.02
+0.22
–0.64
–0.04
–0.72
+1.95
–2.13
–0.20
–0.38
+0.04
+1.83
–0.05
–1.65
+0.03
...
+0.54
–0.06
...
+0.39
+0.05
+0.35
–1.28
+0.29
–0.03
–0.67
+0.95
–0.56
+0.05
+0.94
–0.15
+1.59
+0.03
+0.61
+1.04
–0.43
+0.11
+0.05
–0.40
+1.75
+0.21
–0.23
+0.04
...
...
...
...
.0948
...
.20
...
.18
.18
.30
...
...
.16
.3325
.30
.1175
.09
2.5612
...
.3025
...
...
.1363
.2225
.10
.20
.04
...
.50
.02
.94
.50
.25
1.75
.315
.05
...
.0708
.04
.07
.05
...
.18
...
.01
...
...
...
.75
.0791
.35
.0732
...
1.0181
.3304
.2149
.4406
...
...
.085
...
.40
...
...
...
...
.19
.4624
...
.37
...
.45
.45
.18
.075
...
.37
...
...
...
.135
.78
.33
.89
.05
.02
.46
...
...
.5403
...
.039
...
.2775
...
.18
...
.54
...
...
.11
...
...
.28
.17
.49
...
.0657
.40
.325
1.08
.07
.0825
52-Week
High Low Name
20.90
14.95
11.82
36.61
1.52
17.85
58.83
1.74
22.36
84.88
12.86
56.23
53.78
16.55
26.73
2.32
499.00
79.80
2.42
156.00
36.37
54.18
27.98
212.46
144.30
24.45
44.84
32.50
72.96
77.92
0.20
42.93
10.86
13.93
3.73
20.55
61.62
6.35
67.45
12.37
15.00
150.40
6.30
23.35
47.48
44.75
91.85
12.30
47.82
43.29
77.27
16.09
23.48
88.22
59.16
44.80
23.28
63.04
10.51
30.64
11.33
4.75
3.84
11.43
4.24
29.72
18.40
84.40
13.42
41.68
155.05
4.96
18.15
56.37
89.70
229.42
228.17
12.45
6.74
28.55
53.57
16.00
26.66
256.39
128.52
44.50
138.72
125.83
35.33
49.30
38.90
120.85
32.82
19.00
36.03
10.25
8.18
45.97
17.77
20.88
9.63
17.30
90.71
9.95
13.15
215.69
18.09
14.08
28.30
19.00
29.80
114.97
62.27
24.00
16.98
5.06
6.61
22.35
1.19
12.83
48.70
0.97
10.62
69.60
4.60
25.60
45.90
11.28
13.25
1.02
263.00
53.40
1.04
127.15
31.28
43.21
19.40
133.11
89.49
16.05
32.03
22.61
42.25
55.23
0.06
31.51
5.86
11.43
1.57
15.40
49.63
3.35
42.20
5.56
9.43
118.41
2.78
14.50
40.22
31.09
59.44
6.71
33.19
33.31
63.43
11.34
20.37
64.04
34.89
31.90
17.05
48.89
3.85
21.33
8.15
1.84
1.89
6.70
1.76
20.31
15.90
59.72
4.01
32.16
106.73
3.22
13.10
42.27
72.13
144.00
147.95
5.35
3.53
21.00
29.08
7.95
20.15
174.05
95.33
31.55
90.51
86.55
21.41
34.59
31.45
78.78
24.12
15.81
28.88
5.63
5.07
30.84
10.34
14.24
7.81
13.00
67.62
6.78
8.22
150.71
13.28
6.42
20.00
14.10
22.57
83.96
51.76
14.03
ChimeraInvt
ChinaCordBlood
ChinaDistanceEd
ChinaEastrnAir
ChinaGreenAg
ChinaLifeIns
ChinaMobile
ChinaNewBorun
ChinaOnlineEduc
ChinaPetrol
ChinaRapidFin
ChinaSoAirlines
ChinaTelecom
ChinaUnicom
ChinaYuchai
ChinaZenixAuto
Chipotle
ChoiceHotels
Christopher&Banks
Chubb
ChunghwaTel
Church&Dwight
Ciena
Cigna
CimarexEnergy
CincinnatiBell
Cinemark
CinerRscs
CircorIntl
Citigroup
CitigroupWt19
CitizensFin
Citizens
CityOfficeREIT
Civeo
CivitasSolutions
CleanHarbors
ClearChannelOutdr
ClearwaterPaper
Cleveland-Cliffs
ClipperRealty
Clorox
CloudPeakEnergy
Cloudera
Coca-Cola
Coca-Cola Euro
Coca-Cola Femsa
CoeurMining
Cohen&Steers
Colfax
ColgatePalm
ColonyNorthStar
ColumbiaProperty
Comerica
ComericaWt
ComfortSystems
CommercialMetals
CommBkSys
CommunityHlthSys
CommunityHlthcr
SABESP
EngGr-Cmg C
EngGr-Cmg
COPEL
CiaSiderurgica
CerveceriasUnid
CompassDiversif
CompassMnlInt
ComstockRscs
ConagraBrands
ConchoRscs
ConcordMed
Conduent
ConocoPhillips
ConEd
ConstBrands A
ConstBrands B
Constellium
ContainerStore
ContinentalBldg
ContinentalRscs
Volaris
Convergys
Cooper
Cooper-Standard
CooperT&R
Copa
CoreLabs
CoreCivic
CoreLogic
CorEnergyInfr
Coresite
Corning
CorpCapitalTr
CorpOfficeProp
Cosan
Costamare
Cotiviti
Cott
Coty
CousinsProperties
Covanta
Crane
Crawford A
Crawford B
Credicorp
CreditSuisse
CrescentPoint g
CrestwoodEquity
CrossTimbers
CrossAmerPtrs
CrownCastle
CrownHoldings
CryoLife
Tick
Div
Sym Yld P/E Last Chg. Amt.
CIM
CO
DL
CEA
CGA
LFC
CHL
BORN
COE
SNP
XRF
ZNH
CHA
CHU
CYD
ZX
CMG
CHH
CBK
CB
CHT
CHD
CIEN
CI
XEC
CBB
CNK
CINR
CIR
C
C.WS.A
CFG
CIA
CIO
CVEO
CIVI
CLH
CCO
CLW
CLF
CLPR
CLX
CLD
CLDR
KO
CCE
KOF
CDE
CNS
CFX
CL
CLNS
CXP
CMA
CMA.WS
FIX
CMC
CBU
CYH
CHCT
SBS
CIG.C
CIG
ELP
SID
CCU
CODI
CMP
CRK
CAG
CXO
CCM
CNDT
COP
ED
STZ
STZ.B
CSTM
TCS
CBPX
CLR
VLRS
CVG
COO
CPS
CTB
CPA
CLB
CXW
CLGX
CORR
COR
GLW
CCT
OFC
CZZ
CMRE
COTV
COT
COTY
CUZ
CVA
CR
CRD.A
CRD.B
BAP
CS
CPG
CEQP
CRT
CAPL
CCI
CCK
CRY
10.8
...
...
...
...
1.1
4.1
...
...
4.1
...
1.4
2.8
...
...
...
...
1.1
...
1.9
4.6
1.5
...
.0
.3
...
3.3
9.0
.3
1.7
...
1.7
...
7.2
...
...
...
...
...
...
3.8
2.3
...
...
3.2
2.4
2.5
...
2.4
...
2.1
9.5
3.5
1.4
...
.7
2.3
2.5
...
5.6
...
...
...
...
...
1.4
8.5
4.0
...
2.3
...
...
...
1.9
3.2
.9
.8
...
...
...
...
...
1.7
.0
...
1.2
2.2
2.0
7.5
...
7.9
3.4
1.9
...
3.8
.8
6.9
...
1.4
2.5
2.6
5.9
1.5
3.3
2.1
2.3
4.0
3.7
9.3
6.4
10.6
3.8
...
...
6
27
21
12
2
18
13
3
dd
11
dd
12
14
cc
9
dd
56
29
dd
18
23
29
3
22
30
22
17
13
52
14
...
17
59
dd
dd
cc
cc
cc
29
14
dd
27
cc
dd
44
26
19
dd
23
28
29
...
cc
20
...
25
53
25
dd
cc
9
12
86
8
dd
28
dd
17
dd
22
40
...
dd
dd
21
32
29
36
47
23
dd
dd
18
29
17
9
16
63
13
43
16
62
14
23
52
49
16
33
dd
dd
cc
dd
40
13
15
14
dd
dd
dd
14
...
92
16
68
18.48
9.95
9.27
36.14
1.24
15.61
50.54
1.26
12.50
73.37
5.72
51.82
47.47
13.53
24.00
1.22
289.03
77.60
1.27
146.13
35.44
50.17
20.93
203.09
122.01
20.85
34.82
25.11
48.68
74.41
.10
41.98
7.35
13.01
2.73
17.10
54.20
4.60
45.40
7.21
9.99
148.74
4.45
16.52
45.88
39.85
69.62
7.50
47.29
39.62
75.45
11.41
22.95
86.81
58.30
43.65
21.32
53.75
4.26
28.10
10.45
1.85
2.06
7.63
2.45
29.58
16.95
72.25
8.46
37.67
150.22
3.33
16.16
54.89
84.95
228.57
227.50
11.15
4.74
28.15
52.97
8.02
23.50
217.88
122.50
35.35
134.06
109.55
22.50
46.21
38.20
113.90
31.99
15.98
29.20
9.70
5.77
32.21
16.66
19.89
9.25
16.90
89.22
8.50
9.62
207.43
17.85
7.62
25.80
14.69
23.75
111.01
56.25
19.15
–0.61
–0.04
–0.13
+0.74
–0.02
–0.15
+0.78
–0.02
–0.10
–0.06
–0.08
–1.06
–0.59
+0.02
–1.58
...
–6.20
+0.15
+0.04
+0.93
+0.18
+0.12
–0.76
–0.30
+2.06
–0.30
–1.12
–0.24
+0.50
–1.08
–0.01
–0.65
–0.13
+0.14
+0.40
–0.55
+0.40
+0.05
–0.50
–0.07
+0.09
–0.78
–0.13
–0.91
+0.29
+0.45
+1.66
+0.03
+0.11
+0.77
+0.30
–0.34
+0.35
–0.93
–0.56
–0.65
+0.16
–1.00
+0.22
–0.32
+0.24
–0.18
+0.10
+0.44
+0.07
+0.43
...
+3.25
+0.87
–0.41
–1.55
–0.15
+0.14
–0.61
+0.20
+4.76
+3.80
+0.35
–0.63
...
+1.07
–0.17
–0.33
–1.92
+0.44
–0.35
–1.14
+2.67
+0.14
–0.83
+0.42
...
–0.39
–0.98
+0.09
–0.09
–0.09
–0.95
+0.09
–0.04
+0.07
–0.25
+0.15
+0.17
–0.13
+0.59
–0.11
+0.42
+0.50
+0.03
–0.10
+2.46
+0.10
–0.25
.50
...
.45
.3581
...
.174
1.0387
...
...
1.5014
...
.7323
1.3446
...
.90
...
...
.215
...
.71
1.6376
.19
...
.04
.08
...
.29
.567
.0375
.32
...
.18
...
.235
...
...
...
.0687
...
...
.095
.84
...
...
.37
.24
.8716
...
1.00
...
.40
.27
.20
.30
...
.075
.12
.34
...
.395
.3626
.4559
.0368
.3086
...
.2141
.36
.72
...
.2125
...
...
...
.265
.69
.52
.47
...
...
...
...
...
.10
.03
...
.105
.75
.55
.42
...
.75
.98
.155
.2681
.275
.0756
.10
...
.06
.125
.06
.25
.33
.07
.05
4.8354
.7161
.0233
.60
.0785
.6275
1.05
...
...
52-Week
High Low Name
29.79
64.95
103.37
37.75
181.79
125.00
36.93
14.27
22.83
39.58
81.09
26.15
134.06
82.77
24.75
5.55
CubeSmart
Cubic
Cullen/Frost
Culp
Cummins
CurtissWright
CustomersBancorp
CypressEnergy
42.45
61.53
15.57
6.50
5.20
6.67
63.08
22.96
116.74
58.42
99.44
33.45
95.16
3.20
63.96
98.36
18.65
72.93
22.31
80.96
159.10
36.05
35.38
84.77
57.25
56.84
96.65
77.36
3.94
34.70
20.23
49.45
146.79
19.95
12.08
6.20
56.25
31.85
127.23
83.44
78.15
21.99
77.79
116.10
63.34
96.60
85.30
54.16
34.85
221.58
50.20
50.10
27.08
12.50
42.60
41.59
102.06
1.18
2.45
73.85
99.47
46.95
67.95
6.49
35.58
91.80
30.14
125.57
115.38
17.93
12.84
8.36
85.58
7.41
29.70
43.95
7.26
1.60
3.52
2.84
50.22
15.14
96.56
51.02
64.06
17.53
77.66
1.25
18.01
71.02
11.51
52.51
9.01
44.00
102.78
26.80
20.65
54.14
38.00
43.81
65.65
66.43
0.91
22.73
15.59
28.79
103.44
10.06
10.43
3.00
23.88
16.00
97.40
45.51
36.71
12.25
57.50
96.20
44.99
65.97
70.87
48.10
25.10
156.26
35.47
41.28
18.06
6.20
28.55
35.76
74.53
0.92
1.80
64.01
83.23
29.83
35.85
2.41
24.23
76.14
23.93
100.46
73.95
10.66
5.84
0.11
49.03
6.58
DCP Midstream
DCT Industrial
DDR
DHI Group
DHT
DRDGOLD
DST Systems
DSW
DTE Energy
DTE EnergyUn
DXC Tech
Dana
Danaher
Danaos
DaqoNewEnergy
Darden
DarlingIngred
DaVita
DeanFoods
DeckersOutdoor
Deere
DelekLogistics
DelekUS
DellTechs
DelphiTechs
DeltaAir
DelticTimber
Deluxe
DenburyRscs
Despegar.com
DeutscheBank
DevonEnergy
Diageo
DiamondOffshore
DiamndrckHspty
DianaShipping
Dick's
DieboldNixdorf
DigitalRealty
Dillard's
DineEquity
DiplomatPharmacy
DiscoverFinSvcs
Disney
DolbyLab
DollarGeneral
DominionEner
DominionEnerUn
DominionEnerMid
Domino's
Domtar
Donaldson
DonnelleyFin
DorianLPG
DouglasDynamics
DouglasEmmett
Dover
DoverDowns
DoverMotorsports
DowDuPont
DrPepperSnap
DrReddy'sLab
Dril-Quip
DriveShack
Ducommun
DukeEnergy
DukeRealty
D&B
DycomInds
DynagasLNG
Dynegy
DynegyAWt
DynegyUn
DynexCapital
2.95
31.10
114.95
84.11
34.62
12.04
109.66
109.07
6.94
77.70
67.84
31.76
82.99
65.95
116.72
15.50
22.32
95.03
94.96
16.50
4.14
3.64
82.34
57.71
3.10
2.00
18.52
79.71
59.76
29.44
4.10
81.99
63.32
1.54
63.10
49.63
24.18
64.42
50.30
86.51
7.85
19.08
67.69
74.78
2.95
0.01
...
66.60
41.40
1.60
ECA Marcellus
elfBeauty
EllieMae
EMCOR
ENI
ENSCO
EOG Rscs
EPAM Systems
EP Energy
EPR Prop
EQT
EQT GP
EQT Midstream
ESCO Tech
EagleMaterials
EarthstoneEner
EasterlyGovtProp
EastGroup
EastmanChem
EastmanKodak
EastmanKodakWt
EastmanKodakWt
Eaton
EatonVance
EclipseResources
Tick
Div
Sym Yld P/E Last Chg. Amt.
CUBE
CUB
CFR
CULP
CMI
CW
CUBI
CELP
4.1
.5
2.4
1.1
2.4
.5
...
14.0
44
dd
18
19
18
25
13
48
28.92
58.95
94.65
33.50
176.64
121.85
25.99
6.00
+0.45
+0.10
–1.80
+0.50
+0.88
–1.10
–0.58
+0.30
.30
.135
.57
.09
1.08
.15
...
.21
8.6
2.4
8.5
...
2.2
4.5
1.2
3.7
3.2
6.0
.8
.7
.6
...
...
2.6
...
...
3.1
...
1.5
9.0
1.7
...
...
2.2
.4
1.6
...
...
1.1
.6
2.8
...
4.4
...
2.4
2.4
3.3
.7
7.6
...
1.8
1.6
1.0
1.1
3.8
6.5
4.0
1.0
3.4
1.5
...
...
2.5
2.4
1.9
...
4.1
...
2.4
.8
...
...
...
4.2
2.9
1.7
...
15.6
...
...
8.8
10.3
51
53
dd
dd
dd
cc
9
20
20
...
cc
7
27
dd
10
25
47
28
25
80
24
16
22
dd
...
11
cc
19
dd
51
dd
14
27
21
25
dd
11
dd
92
16
dd
cc
13
19
32
21
24
...
22
36
18
28
20
dd
28
77
23
dd
20
47
24
37
dd
dd
24
28
37
22
26
15
dd
...
...
5
36.33
58.78
8.96
1.90
3.59
3.26
62.07
21.41
109.46
53.96
94.90
32.01
92.82
1.45
59.44
96.02
18.13
72.25
11.56
80.25
156.51
31.70
34.94
81.28
52.47
56.00
91.55
76.84
2.21
27.48
19.03
41.40
146.03
18.59
11.29
4.07
28.74
16.35
113.90
60.05
50.73
20.07
76.92
107.51
62.00
93.01
81.06
51.66
30.45
188.96
49.52
48.95
19.49
8.22
37.80
41.06
100.99
1.02
1.95
71.22
97.06
37.56
47.70
5.53
28.45
84.11
27.21
118.41
111.43
10.86
11.85
.19
79.22
7.01
–0.25
+1.16
+0.26
...
–0.06
...
–0.45
–0.18
+0.74
–0.35
–0.99
–0.30
–0.64
–0.05
+5.44
–0.38
+0.20
+0.27
–0.35
+0.99
–1.02
+0.75
+0.92
–0.80
–0.48
–0.03
+3.54
+0.83
+0.20
–0.57
–0.35
–0.17
+2.75
–0.01
–0.08
...
–0.93
–0.20
+2.92
–2.06
+0.78
–0.56
–0.21
–1.16
–0.25
+0.10
+0.62
+0.02
+0.50
–3.91
–0.13
+0.23
–0.47
–0.13
–0.55
+0.44
+0.53
–0.02
–0.05
–0.89
+0.94
+1.40
+0.40
–0.26
+0.44
–0.06
+0.35
–1.37
–2.46
–0.55
+0.28
...
+1.54
–0.13
.78
.36
.19
...
.02
.0367
.18
.20
.8825
.8125
.18
.06
.14
...
...
.63
...
...
.09
...
.60
.715
.15
...
...
.305
.10
.30
...
...
.2024
.06
2.0188
...
.125
...
.17
.10
.93
.10
.97
...
.35
.84
.16
.26
.77
.8438
.3025
.46
.415
.18
...
...
.24
.25
.47
...
.08
.38
.58
.3139
...
...
...
.89
.85
.5025
...
.4225
...
...
1.75
.18
13.6
...
...
.4
5.8
.7
.6
...
...
6.2
.2
3.4
5.4
.5
.4
...
4.9
2.9
2.4
...
...
...
1.9
2.2
...
6
60
59
23
33
dd
cc
46
dd
19
cc
29
14
29
26
dd
cc
37
13
dd
...
...
12
23
dd
2.15
22.31
89.40
81.75
33.19
5.91
107.91
107.43
2.36
65.46
56.92
26.90
73.10
60.25
113.30
10.63
21.34
88.38
92.64
3.10
.01
.01
79.01
56.39
2.40
+0.10
–0.09
–2.84
–0.78
–0.05
+0.23
+0.80
–1.17
+0.27
+1.30
+2.15
+0.40
+1.58
...
+3.54
+0.49
+0.20
+0.40
–0.01
–0.25
...
...
+1.50
–0.04
–0.04
.073
...
...
.08
.9588
.01
.1675
...
...
.34
.03
.228
.98
.08
.10
...
.26
.64
.56
...
...
...
.60
.31
...
D
DCP
DCT
DDR
DHX
DHT
DRD
DST
DSW
DTE
DTV
DXC
DAN
DHR
DAC
DQ
DRI
DAR
DVA
DF
DECK
DE
DKL
DK
DVMT
DLPH
DAL
DEL
DLX
DNR
DESP
DB
DVN
DEO
DO
DRH
DSX
DKS
DBD
DLR
DDS
DIN
DPLO
DFS
DIS
DLB
DG
D
DCUD
DM
DPZ
UFS
DCI
DFIN
LPG
PLOW
DEI
DOV
DDE
DVD
DWDP
DPS
RDY
DRQ
DS
DCO
DUK
DRE
DNB
DY
DLNG
DYN
DYN.WS.A
DYNC
DX
E
ECT
ELF
ELLI
EME
E
ESV
EOG
EPAM
EPE
EPR
EQT
EQGP
EQM
ESE
EXP
ESTE
DEA
EGP
EMN
KODK
KODK.WS
KODK.WS.A
ETN
EV
ECR
52-Week
High Low Name
137.96
14.70
82.06
83.38
42.80
121.45
12.50
15.00
61.15
3.91
9.48
17.00
15.74
27.87
31.07
26.25
24.56
24.45
47.90
70.21
21.98
50.45
52.25
17.36
24.18
26.17
44.52
13.85
4.90
4.45
11.20
6.31
27.74
60.21
60.07
20.05
26.73
10.21
84.74
35.63
20.45
19.59
21.50
16.80
94.79
16.55
87.95
26.99
30.25
7.90
55.15
73.00
31.95
12.04
147.02
32.51
91.94
70.46
3.00
17.73
16.90
47.29
270.04
130.36
102.70
37.90
9.28
93.00
277.17
8.99
66.15
19.52
27.50
24.52
42.67
11.70
20.95
34.05
88.56
91.34
116.92
8.44
55.94
62.67
34.44
86.55
8.77
13.90
44.70
1.10
5.90
14.46
12.01
19.74
21.39
17.58
18.67
5.65
27.94
55.40
19.63
35.60
26.66
13.75
12.03
12.25
34.39
8.01
1.94
2.75
8.01
4.50
18.36
46.16
40.64
15.03
15.25
6.52
61.33
25.70
15.00
14.43
15.20
11.15
61.36
9.45
69.63
23.30
23.59
4.90
30.80
23.77
24.60
6.27
89.59
29.65
71.00
59.49
1.89
8.00
6.65
31.54
218.41
76.28
68.30
26.45
6.90
66.80
208.81
2.16
54.08
12.60
10.30
19.10
33.30
5.28
15.43
22.89
71.34
76.05
Ecolab
Ecopetrol
EdgewellPersonal
EdisonInt
EducationRealty
EdwardsLife
eHiCarServices
8x8
ElPasoElectric
EldoradoGold g
ElevateCredit
EllingtonFin
EllingtonResiMtg
EmbotellAndinaA
EmbotellAndinaB
Embraer
EmeraldExpo
EmergeEnergy
EmergentBiosol
EmersonElec
EmpireStateRealty
EmployersHldgs
EmpresaDisCom
EnableMidstream
EnbridgeEnergy
EnbridgeEnPtrs
Enbridge g
Encana
EndeavourSilver
EnduroRoyalty
EnelAmericas
EnelChile
EnelGenChile
Energen
Energizer
EnergyTransferEq
EnergyTransfer
Enerplus g
EnerSys
Engility
EnLinkMid
EnLinkMidPtrs
Ennis
EnovaIntl
EnPro
Entercom
Entergy
EntergyBds66
EnterpriseProd
Entravision
Envestnet
EnvisionHlthcr
EnvivaPartners
EnzoBiochem
Equifax
EquityCommnwlth
EquityLife
EquityResdntl
EquusTotReturn
EraGroup
ErosIntl
EssentGroup
EssexProp
EsteeLauder
EsterlineTechs
EthanAllen
Euronav
EvercoreA
EverestRe
Everi
EversourceEner
Evertec
EvolentHealth
EvoquaWater
Exelon
Express
ExtendedStayAmer
Exterran
ExtraSpaceSt
ExxonMobil
44.81
79.70
54.10
2.52
96.02
16.35
45.67
49.63
207.25
159.92
13.12
5.58
11.76
77.00
80.47
145.80
23.64
36.67
255.11
121.14
8.83
25.50
18.56
17.21
40.75
96.67
79.79
1.74
57.50
7.02
15.67
23.71
59.75
39.90
0.97
56.35
12.02
31.65
28.35
155.09
118.86
2.47
2.46
8.06
50.60
53.78
119.37
13.07
24.93
182.89
57.56
3.80
13.55
9.01
7.98
24.18
75.40
27.58
0.80
36.50
4.48
12.05
FB Financial
FBL Financial
FCB Financial
FGL Wt
FMC
FNB
FTI Consulting
Fabrinet
FactSet
FairIsaac
FairmountSantrol
FangHoldings
FarmlandPtrs
FedAgriMtg A
FedAgriMtg C
FederalRealty
FederalSignal
FederatedInvest
FedEx
Ferrari
Ferrellgas
Ferro
FiatChrysler
FibriaCelulose
FidNatlFin
FidNatlInfo
58.com
FirstAcceptance
FirstAmerFin
FirstBanCorp
FirstCmwlthFin
Tick
Div
Sym Yld P/E Last Chg. Amt.
ECL
EC
EPC
EIX
EDR
EW
EHIC
EGHT
EE
EGO
ELVT
EFC
EARN
AKO.A
AKO.B
ERJ
EEX
EMES
EBS
EMR
ESRT
EIG
EDN
ENBL
EEQ
EEP
ENB
ECA
EXK
NDRO
ENIA
ENIC
EOCC
EGN
ENR
ETE
ETP
ERF
ENS
EGL
ENLC
ENLK
EBF
ENVA
NPO
ETM
ETR
ENO
EPD
EVC
ENV
EVHC
EVA
ENZ
EFX
EQC
ELS
EQR
EQS
ERA
EROS
ESNT
ESS
EL
ESL
ETH
EURN
EVR
RE
EVRI
ES
EVTC
EVH
AQUA
EXC
EXPR
STAY
EXTN
EXR
XOM
1.2
...
...
3.8
4.5
...
...
...
2.4
...
...
11.3
12.3
2.7
2.7
...
1.4
...
...
2.8
2.0
1.4
...
8.9
...
10.1
5.4
.5
...
6.2
.9
2.1
7.1
...
2.4
6.8
12.6
1.0
1.0
...
5.8
10.1
3.9
...
.9
3.3
4.4
5.4
6.4
2.8
...
...
8.9
...
1.3
...
2.2
3.2
...
...
...
...
2.9
1.2
...
2.7
1.3
1.8
2.4
...
3.0
...
...
...
3.3
...
4.4
...
3.6
3.7
30
26
cc
14
77
33
56
dd
23
8
dd
17
11
25
28
11
dd
dd
26
32
53
14
27
17
dd
23
26
17
cc
11
31
12
14
dd
15
21
9
3
19
35
cc
dd
17
17
4
42
dd
...
21
4
dd
dd
cc
dd
27
70
43
56
dd
dd
dd
15
30
34
19
25
43
21
35
dd
20
16
dd
...
18
63
49
dd
33
27
134.18
14.63
59.39
63.24
34.92
112.71
11.57
14.10
55.35
1.43
7.53
14.51
12.04
26.51
29.28
23.93
20.34
7.19
46.47
69.69
20.53
44.40
49.70
14.22
13.39
13.81
39.11
13.33
2.39
3.15
11.17
5.68
26.91
57.57
47.98
17.26
17.92
9.79
69.63
28.37
17.60
15.37
20.75
15.20
93.51
10.80
81.39
25.62
26.51
7.15
49.85
34.56
27.65
8.15
117.92
30.51
89.02
63.77
2.40
10.75
9.65
43.42
241.37
127.24
74.70
28.60
9.25
90.00
221.26
7.54
63.18
13.65
12.30
23.71
39.41
10.15
19.00
31.44
87.45
83.64
+0.21
+0.80
–1.69
–1.99
+0.23
+0.22
+0.20
–0.05
+0.20
+0.09
–0.05
–0.02
–0.43
–0.31
+0.05
–0.17
–0.50
–0.14
–0.12
+0.03
+0.34
–0.50
–0.84
–0.04
+0.34
...
+0.48
+0.73
–0.08
+0.20
+0.50
+0.12
+0.61
–0.18
–1.13
+0.41
+0.26
+0.33
–0.70
+0.01
+0.40
–0.52
+0.15
–0.40
–0.61
–0.55
+1.08
–0.31
+0.11
–0.25
–2.15
+0.18
–0.35
–0.53
–1.81
+0.21
+0.74
–0.03
...
–0.19
+0.25
–1.66
+1.98
–0.51
–0.50
+0.05
+0.45
–1.75
+2.31
+0.25
+0.81
–0.15
–1.30
+0.56
+0.40
–0.28
+0.54
+0.42
+1.33
–0.33
.41
.1557
...
.605
.39
...
...
...
.335
.0153
...
.41
.37
.1795
.1975
.1079
.07
...
...
.485
.105
.15
...
.318
...
.35
.5278
.015
...
.0164
.05
.0609
.9591
...
.29
.295
.565
.0078
.175
...
.255
.39
.10
...
.22
.09
.89
.3438
.4225
.05
...
...
.615
...
.39
...
.4875
.5038
...
...
...
...
1.75
.38
...
.31
.06
.40
1.30
...
.475
.10
...
...
.3275
...
.21
...
.78
.77
...
2.5
...
...
.7
3.5
...
...
1.2
.1
...
...
5.9
2.0
1.8
3.0
1.4
2.8
.8
...
9.3
...
...
...
2.8
1.2
...
...
2.7
...
2.2
29
16
17
...
cc
18
35
11
29
39
87
dd
cc
10
11
43
28
17
23
35
dd
cc
8
35
18
58
84
dd
22
17
19
41.99
69.65
50.80
1.55
94.66
13.82
42.96
28.70
192.76
153.20
5.23
5.58
8.68
72.75
78.24
132.81
20.09
36.08
249.54
104.84
4.28
23.59
17.84
14.70
39.24
94.09
71.57
1.19
56.04
5.10
14.32
–1.51
–2.15
–1.60
+0.13
–0.80
–0.41
–0.43
–0.55
+0.65
–0.53
–0.06
+0.95
–0.21
–3.05
–2.03
+2.42
–0.27
–0.26
–0.48
–1.70
+0.35
+0.08
–0.60
+0.35
+0.17
–0.23
+1.19
–0.04
–0.51
–0.17
–0.40
...
.44
...
...
.165
.12
...
...
.56
.02
...
...
.1275
.36
.36
1.00
.07
.25
.50
.6794
.10
...
...
.2101
.27
.29
...
...
.38
...
.08
F
FBK
FFG
FCB
FG.WS
FMC
FNB
FCN
FN
FDS
FICO
FMSA
SFUN
FPI
AGM.A
AGM
FRT
FSS
FII
FDX
RACE
FGP
FOE
FCAU
FBR
FNF
FIS
WUBA
FAC
FAF
FBP
FCF
52-Week
High Low Name
Tick
Div
Sym Yld P/E Last Chg. Amt.
19.23
20.86
32.91
10.92
105.52
68.60
35.22
8.40
15.70
5.61
16.74
38.79
194.51
49.86
14.51
21.00
52.10
58.37
14.65
103.82
77.86
13.27
7.64
26.30
23.00
38.24
75.69
20.08
6.92
69.76
26.25
17.91
26.96
10.73
86.06
13.00
22.30
44.30
47.65
19.45
52.96
62.80
7.55
58.74
16.39
14.02
15.84
25.31
5.92
86.26
39.80
27.93
4.90
8.12
3.80
12.00
25.06
121.52
29.37
4.14
16.80
37.51
37.04
11.91
73.45
28.42
10.47
3.53
20.21
12.30
30.53
52.99
13.26
4.03
53.15
10.05
11.03
20.05
7.48
59.30
5.79
15.20
30.30
39.32
11.05
39.46
43.02
4.47
46.93
12.68
FirstData
FirstHorizonNatl
FirstIndRlty
FrstMajestcSlvr
FirstRepBank
FirstCash
FirstEnergy
Fitbit
500.com
FiveOaksInvt
FivePoint
Flagstar
FleetCorTech
Floor&Decor
FlotekIndustries
FlowersFoods
Flowserve
Fluor
FlyLeasing
FomentoEconMex
FootLocker
FordMotor
ForesightEnergy
ForestCIty A
Forestar
Fortis g
Fortive
FortressTransport
FortunaSilver
FortBrandsHome
ForumEnergyTech
FdnBuilding
FourCornersProp
FourSeasonsEduc
Franco-Nevada
Frank'sIntl
FranklinCovey
FranklinFin
FranklinRscs
FreeportMcM
FreseniusMed
FreshDelMonte
Frontline
FullerHB
FutureFuel
FDC
FHN
FR
AG
FRC
FCFS
FE
FIT
WBAI
OAKS
FPH
FBC
FLT
FND
FTK
FLO
FLS
FLR
FLY
FMX
FL
F
FELP
FCE.A
FOR
FTS
FTV
FTAI
FSM
FBHS
FET
FBM
FCPT
FEDU
FNV
FI
FC
FSB
BEN
FCX
FMS
FDP
FRO
FUL
FF
13.26
32.60
66.30
34.23
34.32
26.21
39.98
11.79
9.96
31.25
47.75
23.01
67.32
26.68
12.38
35.24
34.63
130.02
22.45
25.45
10.82
14.99
6.68
53.78
30.18
214.81
31.84
63.73
46.76
28.76
65.70
81.73
37.88
4.75
8.31
32.80
100.90
4.23
10.25
4.39
29.89
10.10
32.66
25.59
52.49
44.54
39.85
10.25
25.25
21.95
104.90
1.94
47.51
42.00
51.35
4.70
17.87
25.60
262.14
33.50
77.37
46.01
25.00
615.85
262.71
31.26
5.56
27.55
55.44
25.25
23.06
18.83
27.21
3.13
2.64
22.30
22.95
5.92
51.63
15.85
7.36
21.02
19.91
90.37
12.75
20.10
8.55
7.20
4.11
33.77
14.95
171.65
17.25
49.65
31.92
14.90
20.90
61.44
20.43
0.60
4.18
23.34
79.86
3.11
4.16
2.60
22.91
9.94
23.55
16.53
23.08
34.52
28.10
7.85
20.09
15.80
68.98
0.97
30.90
24.58
34.38
2.86
11.64
21.00
209.62
23.55
65.84
27.47
17.97
502.25
155.00
25.21
GAIN Capital
GAMCO Investors
GATX
GCPAppliedTechs
GEO Group
GGP
GMS
GNC Holdings
GOL Linhas
GP Strategies
GTT Comm
Gafisa
Gallagher
GameStop
Gannett
Gap
GardnerDenver
Gartner
GasLog
GasLogPartners
Gazit-Globe
GencoShipping
Gener8Maritime
Generac
GeneralCable
GeneralDynamics
GeneralElec
GeneralMills
GeneralMotors
GeneralMotorsWt19
Genesco
Genesee&Wyoming
GenesisEnergy
GenesisHealthcare
GenieEnergy
Genpact
GenuineParts
GenworthFin
GeoPark
Gerdau
GettyRealty
GigCapital
Gildan
Glatfelter
Glaukos
GSK
GlobalBrass
GlobalMedREIT
GlobalNetLease
GlobalPtnrs
GlobalPayments
GlobalShipLease
Globant
GlobusMedical
GoDaddy
GoldFields
Goldcorp
GoldmanSachsBDC
GoldmanSachs
Gorman-Rupp
GraceWR
Graco
Graham
GrahamHoldings
Grainger
GramercyProperty
GCAP
GBL
GATX
GCP
GEO
GGP
GMS
GNC
GOL
GPX
GTT
GFA
AJG
GME
GCI
GPS
GDI
IT
GLOG
GLOP
GZT
GNK
GNRT
GNRC
BGC
GD
GE
GIS
GM
GM.WS.B
GCO
GWR
GEL
GEN
GNE
G
GPC
GNW
GPRK
GGB
GTY
GIG.U
GIL
GLT
GKOS
GSK
BRSS
GMRE
GNL
GLP
GPN
GSL
GLOB
GMED
GDDY
GFI
GG
GSBD
GS
GRC
GRA
GGG
GHM
GHC
GWW
GPT
...
1.8
2.7
...
.8
1.2
4.7
...
...
15.0
...
...
...
...
...
3.5
1.8
1.6
...
1.4
2.6
4.8
5.5
2.3
...
3.7
.4
6.6
...
1.2
...
...
4.3
...
1.2
4.5
...
...
2.1
...
1.0
1.3
13.1
1.1
1.7
22
18
29
cc
20
29
dd
dd
dd
10
...
16
33
67
dd
48
52
36
dd
13
12
11
dd
72
8
19
27
dd
22
24
dd
dd
18
61
cc
dd
dd
14
14
26
24
18
cc
26
23
16.71
19.99
31.47
6.74
86.64
67.45
30.62
5.71
10.11
4.00
14.10
37.42
192.43
48.68
4.66
19.31
42.13
51.65
12.91
93.90
46.88
12.49
4.37
24.10
22.00
36.67
72.35
19.93
5.22
68.44
15.55
14.79
25.70
9.00
79.95
6.65
20.75
34.10
43.33
18.96
52.55
47.67
4.59
53.87
14.09
+0.09
–0.35
+0.35
–0.19
–0.56
–0.15
+0.14
–0.30
–0.29
+0.03
+0.29
–0.55
+1.97
+3.93
+0.05
–0.35
+0.74
+0.58
–0.05
+2.86
–0.38
–0.09
+0.57
+0.18
–0.15
+0.63
–0.12
–0.07
–0.02
–0.09
+0.45
–0.09
+0.15
–0.77
+1.45
+0.17
+0.30
–0.15
–0.58
+0.86
+0.20
–0.37
–0.02
+0.80
–0.13
...
.09
.21
...
.17
.20
.36
...
...
.05
...
...
...
...
...
.17
.19
.21
...
.6743
.31
.15
.0605
.14
...
.3353
.07
.33
...
.20
...
...
.275
...
.23
.075
...
...
.23
...
.5303
.15
.15
.15
.06
2.4
.3
2.7
...
8.0
3.8
...
...
...
...
...
...
2.5
8.5
5.5
2.7
...
...
2.5
8.4
3.8
...
...
...
2.4
1.7
2.8
3.3
3.7
...
...
...
8.9
...
6.9
.8
2.8
...
...
1.0
4.7
...
1.2
2.4
...
5.7
.7
9.8
10.3
11.1
.0
...
...
...
...
1.4
.6
8.1
1.2
1.6
1.2
1.2
1.7
.9
2.2
5.6
33
9
13
dd
19
33
28
dd
dd
18
dd
dd
25
5
30
16
dd
dd
64
11
4
dd
dd
26
dd
20
22
22
9
...
dd
37
31
dd
dd
23
21
4
dd
dd
23
...
19
cc
dd
29
14
dd
42
dd
...
dd
57
37
dd
34
21
20
13
35
33
73
44
25
28
90
10.00
29.65
62.16
31.90
23.60
23.39
37.64
3.69
8.76
23.20
46.95
12.62
63.28
17.95
11.59
34.06
33.93
123.15
22.25
24.75
10.53
13.32
6.62
49.52
29.60
203.45
17.45
59.29
40.99
23.40
32.50
78.73
22.35
.76
4.36
31.74
95.01
3.11
9.91
3.72
27.16
10.00
32.30
21.44
25.65
35.47
33.10
8.20
20.58
16.70
100.24
1.16
46.46
41.10
50.28
4.30
12.77
22.18
254.76
31.21
70.13
45.22
20.93
558.35
236.25
26.66
+2.44
–0.10
+0.82
–0.40
+0.03
–0.01
+0.52
–0.03
–0.03
+0.20
+2.85
+1.39
+0.68
–0.34
–0.29
–0.38
–0.27
–0.44
+0.95
+0.90
+0.25
+0.02
+0.40
–0.84
–0.05
+0.81
–0.05
–0.84
–1.03
–0.85
–0.15
+0.58
+0.34
+0.02
–0.39
–0.56
–0.10
–0.09
+0.22
+0.01
+0.34
...
–0.03
+0.04
–0.83
+0.34
–0.15
–0.08
+0.34
+0.35
–0.12
–0.02
+1.47
+0.70
+0.41
+0.25
+0.19
–0.34
–4.21
+0.02
–0.13
+0.36
–0.17
+0.15
+1.41
–0.28
.06
.02
.42
...
.47
.22
...
...
...
...
...
...
.39
.38
.16
.23
...
...
.14
.5175
.0992
...
...
...
.18
.84
.12
.49
.38
...
...
...
.50
...
.075
.06
.675
...
...
.0092
.32
...
.0935
.13
...
.5037
.06
.20
.1775
.4625
.01
...
...
...
...
.0309
.02
.45
.75
.125
.21
.1325
.09
1.27
1.28
.375
G
January 1, 2018
BARRON’S
M17
New York Stock Exchange Composite List
7.21
67.40
19.30
41.75
15.85
17.50
14.40
15.40
34.72
45.62
65.88
54.45
32.45
65.60
74.35
27.15
84.47
74.81
119.87
229.45
9.38
10.82
30.60
27.37
33.56
18.30
83.52
2.16
45.14
17.02
32.59
12.00
9.95
9.95
12.72
26.72
33.27
23.39
39.10
13.80
50.70
54.70
17.65
51.62
32.43
72.52
131.72
7.42
6.89
12.82
17.24
24.43
9.56
49.18
GranayMontero
GraniteConstr
GranitePointMtg
GraniteREIT g
GraphicPkg
GrayTelevision
GrayTelevision A
GreatAjax
GreatPlainsEner
GreatWesternBncp
GreenDot
Greenbrier
Greenhill
Greif A
Greif B
Griffon
Group1Auto
GrubHub
GpoAeroportuar
GpoAeroportSur
GpoAvalAcc
GpFinSantMex
GpoSupervielle
GrupoTelevisa
GuangshenRail
Guess
Guidewire
Tick
Div
Sym Yld P/E Last Chg. Amt.
GRAM
GVA
GPMT
GRP.U
GPK
GTN
GTN.A
AJX
GXP
GWB
GDOT
GBX
GHL
GEF
GEF.B
GFF
GPI
GRUB
PAC
ASR
AVAL
BSMX
SUPV
TV
GSH
GES
GWRE
...
.8
8.6
5.4
1.9
...
...
8.7
3.4
2.0
...
1.7
1.0
2.8
3.6
1.4
1.4
...
2.9
...
4.7
2.3
...
.5
1.8
5.3
...
6
49
...
16
30
9
8
9
31
16
44
15
26
30
26
60
11
cc
22
23
13
11
17
47
34
dd
cc
2.85
63.43
17.74
39.08
15.45
16.75
14.35
13.82
32.24
39.80
60.26
53.30
19.50
60.58
69.35
20.35
70.97
71.80
102.76
182.51
8.50
7.31
29.32
18.67
33.40
16.88
74.26
+0.02
–0.07
–0.39
+0.31
+0.20
–0.50
+0.35
–0.08
+0.17
–0.78
–1.30
+0.40
–0.45
–0.48
–1.10
...
–3.87
+0.06
+1.30
+3.30
–0.19
+0.17
–0.76
–0.25
+2.36
–0.65
+0.75
...
.13
.38
.1771
.075
...
...
.30
.275
.20
...
.23
.05
.42
.62
.07
.25
...
1.4942
3.3116
.0334
.1741
.0012
.0939
.5868
.225
...
For personal Do not edit or alter. Reproductions not permitted.
To reprint or license content, please contact Barron's reprints department at 800-843-0008 or
H
91.03
50.93
33.67
7.27
101.98
49.31
56.94
22.68
20.17
51.86
58.99
10.30
3.50
58.78
50.99
41.00
25.73
25.28
109.61
63.40
2.99
144.94
22.00
1.65
58.61
53.33
27.23
38.72
36.25
33.00
50.41
6.78
101.40
83.80
9.82
81.30
79.64
65.93
15.68
18.70
21.67
116.49
27.27
64.40
26.78
15.12
63.93
23.30
53.34
5.70
85.74
46.50
30.60
43.19
80.94
20.65
38.09
52.00
191.49
34.45
156.70
47.65
24.75
38.00
8.52
51.83
20.65
46.99
3.36
132.60
31.85
138.96
93.53
9.35
1.04
36.75
2.35
264.56
253.44
33.79
74.32
93.90
71.18
27.11
25.09
4.30
59.00
25.79
31.16
14.40
14.22
39.63
36.44
3.69
0.30
38.18
35.24
24.56
18.90
18.02
79.23
44.52
1.56
99.13
11.40
0.73
46.35
40.43
21.05
31.71
29.67
28.61
38.24
3.43
60.00
51.28
4.82
42.16
47.91
33.27
11.64
8.85
17.15
101.61
8.52
37.25
18.32
12.70
49.20
7.25
48.42
3.70
55.04
34.65
21.47
24.60
55.00
16.90
30.11
23.46
133.05
27.05
115.42
33.85
11.80
29.75
1.51
27.21
17.26
29.51
1.66
104.63
24.40
109.32
46.26
4.60
0.07
31.53
1.30
186.25
183.38
18.93
50.21
53.50
HCA Healthcare
HCI Group
HCP
HC2 Holdings
HDFC Bank
HFF
HNI
HP
HRG Group
HSBC
Haemonetic
HalconRscs
HalconRscsWt
Halliburton
HalyardHealth
HamiltonBeach
Hanesbrands
HannonArmstrong
HanoverIns
HarleyDavidson
HarmonyGold
Harris
Harsco
HarteHanks
HartfordFinl
HartfordFinSvcsWt
HavertyFurn
HawaiianElec
HealthcareRealty
HealthcareAmer
HealthSouth
HeclaMining
Heico
Heico A
HelixEnergy
Helm&Payne
Herbalife
HercHoldings
HerculesCapital
HeritageInsurance
HershaHospitality
Hershey
HertzGlobal
Hess
HessMidstream
HewlettPackard
Hexcel
Hi-Crush
HighwoodsProp
HillIntl
Hill-Rom
Hillenbrand
Hilltop
HiltonGrandVac
Hilton
HoeghLNG Ptrs
HollyEnergy
HollyFrontier
HomeDepot
HondaMotor
Honeywell
HoraceMannEdu
HorizonGlobal
HormelFoods
HornbeckOffshore
DR Horton
HostHotels
HoulihanLokey
Hovnanian
HowardHughes
HuanengPower
Hubbell
HubSpot
HudbayMinerals g
HudbayMineralsWt
HudsonPacProp
HugotonRoyalty
Humana
HuntingIngalls
Huntsman
HyattHotels
HysterYaleMatls
HCA
HCI
HCP
HCHC
HDB
HF
HNI
HPQ
HRG
HSBC
HAE
HK
HK.WS
HAL
HYH
HBB
HBI
HASI
THG
HOG
HMY
HRS
HSC
HHS
HIG
HIG.WS
HVT
HE
HR
HTA
HLS
HL
HEI
HEI.A
HLX
HP
HLF
HRI
HTGC
HRTG
HT
HSY
HTZ
HES
HESM
HPE
HXL
HCLP
HIW
HIL
HRC
HI
HTH
HGV
HLT
HMLP
HEP
HFC
HD
HMC
HON
HMN
HZN
HRL
HOS
DHI
HST
HLI
HOV
HHC
HNP
HUBB
HUBS
HBM
HBM.WS
HPP
HGT
HUM
HII
HUN
H
HY
...
4.7
5.7
...
.5
...
3.0
2.7
...
3.9
...
...
...
1.5
...
...
2.9
5.5
2.0
2.9
2.8
1.6
...
...
1.8
...
2.6
3.4
3.7
4.1
2.0
.3
.2
.2
...
4.3
...
...
9.5
1.3
6.4
2.3
...
2.1
6.3
2.1
.8
5.6
3.5
...
.9
1.9
.9
...
.8
9.2
7.9
2.6
1.9
...
1.9
2.5
...
2.1
...
1.0
4.0
1.8
...
...
6.7
2.3
...
.2
...
2.9
9.3
.6
1.2
1.5
...
1.4
13
dd
18
dd
...
22
26
14
32
79
cc
2
...
cc
39
...
13
39
38
16
50
31
61
dd
43
...
16
22
31
cc
18
63
44
37
dd
dd
15
dd
14
cc
8
34
dd
dd
...
68
22
33
34
dd
42
23
16
23
cc
11
21
27
26
11
23
29
dd
23
dd
19
25
22
dd
90
28
26
dd
cc
...
84
12
20
18
16
44
22
87.84
29.90
26.08
5.95
101.67
48.64
38.57
21.01
16.95
51.64
58.08
7.57
.66
48.87
46.18
25.69
20.91
24.06
108.08
50.88
1.87
141.65
18.65
.95
56.28
51.55
22.65
36.15
32.12
30.04
49.41
3.97
94.35
79.05
7.54
64.64
67.72
62.61
13.12
18.02
17.40
113.51
22.10
47.47
19.81
14.36
61.85
10.70
50.91
5.45
84.29
44.70
25.33
41.95
79.86
18.65
32.49
51.22
189.53
34.08
153.36
44.10
14.02
36.39
3.11
51.07
19.85
45.43
3.35
131.27
25.00
135.34
88.40
8.80
.31
34.25
1.40
248.07
235.70
33.29
73.54
85.16
–1.25
+0.87
+0.41
–0.03
+0.84
+2.37
+1.66
–0.25
–0.47
–0.02
–0.38
–0.07
–0.09
+0.86
–1.32
–0.22
+0.50
+0.65
+0.55
–0.96
+0.03
–1.13
+0.15
+0.02
+0.73
+0.65
–0.60
–0.17
+0.43
+0.24
+0.09
–0.08
+0.63
+0.70
–0.04
+0.32
–1.87
+0.18
+0.17
+1.21
–0.01
–1.44
–0.39
+0.46
–0.54
–0.35
–0.61
+0.70
+0.64
–0.05
–0.76
–0.25
+0.07
+0.38
+0.51
+0.50
+0.20
+0.60
+1.40
–0.22
–0.13
–0.05
–0.40
–0.34
–0.10
+0.24
–0.29
–0.41
+0.55
+1.64
–0.46
+0.11
+0.90
+0.25
+0.02
+0.74
+0.08
+3.07
–1.74
+0.19
+0.58
–0.59
...
.35
.37
...
.514
1.57
.285
.1393
...
.50
...
...
...
.18
...
.085
.15
.33
.54
.365
.0263
.57
...
...
.25
...
.15
.31
.30
.305
.25
.0025
.0875
.0875
...
.70
...
...
.31
.06
.28
.656
...
.25
.3107
.075
.125
.15
.44
...
.18
.2075
.06
...
.15
.43
.645
.33
.89
...
.745
.275
...
.1875
...
.125
.05
.20
...
...
1.6762
.77
...
.008
...
.25
.0108
.40
.72
.125
...
.3025
52-Week
High Low Name
Tick
Div
Sym Yld P/E Last Chg. Amt.
I
9.93
100.04
20.43
19.01
37.85
20.54
110.67
31.87
54.79
7.25
135.70
169.69
34.60
7.25
30.00
10.63
67.61
16.37
23.22
96.23
80.18
142.64
32.52
51.78
60.35
79.40
36.60
55.20
7.47
72.99
63.95
182.79
156.64
29.36
58.96
23.43
25.71
59.22
5.12
26.99
17.95
18.86
23.96
7.28
11.88
24.30
41.53
4.95
12.74
14.89
14.59
6.73
77.49
10.11
13.63
28.75
3.20
74.80
18.00
36.93
3.36
88.29
120.06
17.58
2.72
16.55
8.57
45.32
13.42
16.00
74.35
51.01
113.07
15.45
33.00
34.60
40.00
19.25
29.00
2.60
55.80
46.15
139.13
113.16
17.25
49.60
13.75
18.30
34.35
1.24
10.26
9.90
14.15
17.63
5.60
7.50
19.80
32.27
3.85
10.95
10.28
10.02
ICICI Bank
IDACORP
IDT
ING Groep
Invesco
IONGeophysical
IQVIA
IRSA
ITT
IamGold
IDEX
IllinoisToolWks
Imax
IndependenceContr
IndependenceHldg
IndepRealty
IndustrsBachoco
Infosys
InfraREIT
Ingersoll-Rand
Ingevity
Ingredion
InnovativeIndProp
Inphi
Insperity
InstalledBldg
Instructure
IntegerHoldings
Intelsat
ICE
InterContinentl
IBM
IntlFlavors
IntlGameTech
IntlPaper
IntlSeaways
Interpublic
InterXion
IntrepidPotash
Intrexon
Invacare
InvescoMtg
InvestmentTech
InvRlEst
Invitae
InvitatHomes
IronMountain
IsraelChemicals
iStar
ItauCorpBanca
ItauUnibanco
12.30
37.75
40.25
14.40
7.70
108.46
67.41
31.70
69.35
16.55
17.69
38.81
24.89
8.43
30.50
120.55
144.35
44.70
4.78
155.25
5.05
30.96
29.00
6.35
9.00
30.01
24.95
4.74
5.20
81.64
40.53
22.78
49.31
10.96
13.55
30.24
18.55
4.75
13.70
80.70
110.76
34.51
0.73
97.60
2.00
23.87
7.36
4.06
J Alexander's
JBG SMITH Prop
JELD-WEN
J.Jill
JMP
JPMorganChase
JPMorganWt
Jabil
JacobsEngg
JaggedPeakEner
JamesHardie
JanusHenderson
JerniganCapital
JianpuTech
JinkoSolar
JohnBeanTech
J&J
JohnsonControls
JonesEnergy
JonesLang
JumeiIntl
JuniperNetworks
JupaiHoldings
JustEnergy g
51.52
59.16
32.48
21.25
21.41
23.99
68.13
18.82
21.18
114.00
5.50
60.43
114.85
24.98
20.46
22.93
76.69
27.35
71.52
49.31
22.65
21.68
38.00
20.58
45.65
78.33
20.89
136.21
26.16
40.27
35.16
15.51
13.36
15.30
19.57
36.29
13.63
15.07
56.15
2.05
45.50
79.05
19.59
14.10
12.42
58.76
5.78
36.35
31.12
17.15
9.96
8.20
16.28
35.05
67.00
15.06
109.67
17.02
KAR Auction
KB Fin
KB Home
KBR
KKR
KKR RealEstFin
KMG Chem
KT
K12
Kadant
Kadmon
Kaman
KSCitySouthern
KapStonePaper
KayneAnderson
Keane
Kellogg
Kemet
Kemper
Kennametal
KennedyWilson
KenonHoldings
KeyEnergySvcs
KeyCorp
KeysightTechs
KilroyRealty
KimbellRoyalty
KimberlyClark
KimcoRealty
IBN
IDA
IDT
ING
IVZ
IO
IQV
IRS
ITT
IAG
IEX
ITW
IMAX
ICD
IHC
IRT
IBA
INFY
HIFR
IR
NGVT
INGR
IIPR
IPHI
NSP
IBP
INST
ITGR
I
ICE
IHG
IBM
IFF
IGT
IP
INSW
IPG
INXN
IPI
XON
IVC
IVR
ITG
IRET
NVTA
INVH
IRM
ICL
STAR
ITCB
ITUB
23.01
11.90
6.50
4.91
74.50
15.42
24.52
44.60
28.33
24.67
19.90
57.28
42.35
51.80
21.59
44.08
8.62
51.23
34.99
29.49
71.92
16.68
5.50
4.80
3.10
59.25
5.21
17.60
26.68
16.57
19.15
14.11
35.16
28.71
33.90
16.51
27.47
5.53
25.09
19.69
11.88
49.42
KinderMorgan
Kindred
KingswayFin
KinrossGold
Kirby
KirklandLakeGold g
KiteRealty
Knight-Swift
Knoll
KnotOffshore
Knowles
Kohl's
KoninklijkePhil
Koppers
KoreaElcPwr
KornFerry
KosmosEnergy
Kraton
Kroger
KronosWorldwide
Kyocera
8.10
35.00
86.25
11.91
30.90
5.55
13.72
43.21
143.54
11.76
23.15
127.33
12.83
35.81
14.90
9.46
51.35
27.44
40.22
6.25
131.82
1.75
9.55
9.90
29.74
43.17
47.81
1.28
3.29
41.51
33.27
147.54
22.23
9.00
37.21
69.00
1.61
73.23
61.45
57.47
73.34
24.27
22.50
80.88
26.44
3.07
248.00
45.01
20.80
18.69
70.49
2.36
14.99
10.82
40.15
45.45
78.01
LATAMAirlines
L Brands
LCI Inds
LG Display
LINE
LSB Inds
LSC Comm
LTC Properties
L3 Tech
LaQuinta
La-Z-Boy
LabCpAm
LadderCapital
LambWeston
Lannett
LaredoPetrol
LasVegasSands
LaSalleHotel
Lazard
Leaf
Lear
LeeEnterprises
LegacyAcqn
LegacyAcqnUn
LeggMason
Leggett&Platt
Leidos
LejuHoldings
LendingClub
Lennar A
Lennar B
LennoxIntl
LeucadiaNatl
LexingtonRealty
LibertyProperty
LifeStorage
LightInTheBox
EliLilly
LincolnNational
LincolnNatlWt
Lindsay
LionsGate A
LionsGate B
LithiaMotors
LiveNationEnt
LloydsBanking
LockheedMartin
Loews
LomaNegra
LouisianaPacific
Lowe's
Luby's
LumberLiqu
Luxfer
Luxoft
Lydall
LyondellBasell
141.12
68.29
6.04
23.66
25.14
7.60
7.11
9.68
24.58
25.15
22.55
30.88
14.01
65.95
78.35
65.42
16.15
8.45
4.80
52.12
21.18
63.08
17.41
166.86
63.55
39.50
6.05
35.25
19.00
M&T Bank
M&TBankWt
MBIA
MDC Holdings
MDU Rscs
MFA Financial
MFC Bancorp
MGIC Investment
MGMGrowthProp
MGM Resorts
MI Homes
MPLX
MRC Global
MSA Safety
MSCI
MSC Industrial
MSG Networks
MVC Capital
MV Oil
Macerich
Mack-Cali
MacquarieInfr
Macy's
MadisonSquGarden
MagellanMid
MagnaIntl
MagnaChipSem
MainStreetCap
Mallinckrodt
.8
2.6
7.2
3.1
3.2
...
...
9.3
1.0
...
1.1
1.9
...
...
.7
7.1
1.5
2.5
5.4
2.0
...
1.7
3.1
...
2.1
...
...
...
...
1.1
...
3.9
1.8
3.0
3.3
...
3.6
...
...
...
.3
9.4
1.5
4.9
...
1.4
6.2
...
...
.0
.4
22
23
dd
...
16
dd
cc
7
23
5
34
26
cc
dd
14
dd
12
17
16
22
32
20
dd
dd
31
58
dd
72
1
26
30
13
29
dd
27
dd
14
94
dd
dd
dd
5
dd
dd
dd
...
48
6
dd
91
12
9.73
91.36
10.60
18.46
36.54
19.75
97.90
29.60
53.37
5.83
131.97
166.85
23.15
3.98
27.45
10.09
57.30
16.22
18.58
89.19
70.47
139.80
32.31
36.60
57.35
75.95
33.10
45.30
3.39
70.56
63.51
153.42
152.61
26.51
57.94
18.46
20.16
58.93
4.76
11.52
16.85
17.83
19.25
5.68
9.08
23.57
37.73
4.04
11.30
13.44
13.00
–0.06
+0.70
+0.38
–0.01
–0.10
+0.35
–1.48
+0.56
–0.53
–0.03
–0.10
–0.28
–0.65
–0.08
–0.50
–0.03
+0.43
+0.12
+0.32
–0.58
–0.48
–0.77
+7.64
–2.12
+0.05
+1.45
–0.15
–0.60
+0.01
+0.31
+0.49
+0.92
+0.10
+0.26
–0.04
–1.07
–0.23
+0.78
+0.51
–0.18
–0.15
+0.06
+0.24
...
–0.02
+0.27
+0.07
+0.01
–0.06
+0.31
+0.16
.077
.59
.19
.2825
.29
...
...
1.3825
.128
...
.37
.78
...
...
.10
.06
.43
.2005
.25
.45
...
.60
.25
...
2.00
...
...
...
...
.20
.33
1.50
.69
.20
.475
...
.18
...
...
...
.0125
.42
.07
.07
...
.08
.5875
...
...
.0027
.0045
...
2.6
...
...
6.4
2.1
...
1.2
.9
...
1.1
3.3
7.4
...
...
.4
2.4
2.7
...
.5
...
1.4
...
9.2
31
...
cc
12
dd
15
...
46
27
dd
30
...
13
dd
8
41
24
22
dd
20
23
17
11
8
9.70
34.73
39.37
7.80
5.60
106.94
66.43
26.25
65.96
15.78
17.61
38.26
19.01
6.48
24.05
110.80
139.72
38.11
1.10
148.93
2.92
28.50
18.49
4.29
–0.05
+0.64
+0.02
–0.11
+0.12
–0.51
–0.03
–0.45
–0.32
–0.13
+0.14
–0.21
–0.28
–0.19
–0.17
...
–0.40
...
+0.18
–0.64
–0.04
–0.36
–0.16
–0.03
...
.225
...
...
.03
.56
...
.08
.15
...
.10
.32
.35
...
...
.10
.84
.26
...
.37
...
.10
.50
.0982
15.06
68.44
132.73
17.05
45.30
11.71
30.52
52.85
199.97
18.57
34.25
165.18
15.23
57.51
30.35
15.55
72.20
31.87
52.98
10.15
181.46
3.30
9.68
10.05
42.43
54.97
65.70
5.02
6.79
64.42
52.16
213.78
27.34
11.42
45.40
91.75
3.20
89.09
78.74
78.06
96.22
34.75
33.10
123.50
46.99
3.87
323.94
51.02
23.92
29.44
93.55
4.35
41.33
16.05
67.85
63.80
111.62
2.8
...
.3
1.6
3.2
7.4
.2
...
...
.8
...
1.4
1.4
1.8
9.2
...
3.2
...
1.4
1.7
4.4
...
...
2.1
...
2.3
7.6
3.2
6.2
30
8
23
38
11
...
35
13
cc
30
dd
33
21
30
dd
dd
30
3
31
36
cc
dd
4
18
69
49
...
20
35
50.51
58.51
31.95
19.83
21.06
20.01
66.08
15.61
15.90
100.40
3.62
58.84
105.22
22.69
17.41
19.01
67.98
15.06
68.90
48.41
17.35
21.65
11.79
20.17
41.60
74.65
16.25
120.66
18.15
–0.51
+0.57
+0.42
+0.39
–0.12
–0.59
+0.39
–0.04
–0.49
+1.10
+0.06
+0.73
–2.97
–0.09
+0.67
+1.16
–0.12
–0.24
–0.90
–0.16
–0.05
+0.62
–0.56
–0.27
–0.47
+1.08
–0.05
...
+0.13
.35
...
.025
.08
.17
.37
.03
...
...
.21
...
.20
.36
.10
.40
...
.54
...
.24
.20
.19
...
...
.105
...
.425
.31
.97
.28
176.62
101.36
11.65
34.68
29.74
8.90
11.35
15.64
31.83
34.65
36.92
39.43
22.26
86.36
130.58
105.70
25.30
10.97
8.99
73.34
29.70
83.48
36.50
231.44
81.77
58.07
13.40
41.79
55.32
J
JAX
JBGS
JELD
JILL
JMP
JPM
JPM.WS
JBL
JEC
JAG
JHX
JHG
JCAP
JT
JKS
JBT
JNJ
JCI
JONE
JLL
JMEI
JNPR
JP
JE
52-Week
High Low Name
KMI
KND
KFS
KGC
KEX
KL
KRG
KNX
KNL
KNOP
KN
KSS
PHG
KOP
KEP
KFY
KOS
KRA
KR
KRO
KYO
2.8
4.9
...
...
...
.4
6.5
...
2.6
10.0
...
4.1
2.4
...
...
1.0
...
...
1.8
2.3
...
32
dd
dd
43
32
31
dd
77
16
10
cc
14
23
22
9
20
dd
63
16
9
21
18.07
9.70
5.05
4.32
66.80
15.36
19.60
43.72
23.04
20.75
14.66
54.23
37.80
50.90
17.71
41.38
6.85
48.17
27.45
25.77
65.51
+0.02
+0.05
...
+0.07
–2.60
+0.63
+0.32
–0.63
+1.00
+0.45
–0.32
+0.57
–0.26
+0.55
–0.16
–0.61
–0.04
–0.55
–0.80
–0.22
–2.01
.125
.12
...
...
...
.0156
.3175
.06
.15
.52
...
.55
.8976
...
...
.10
...
...
.125
.15
...
.5
4.0
1.7
...
...
...
6.6
5.2
1.5
...
1.5
...
9.2
1.4
...
...
4.2
6.4
3.1
...
1.1
...
...
...
2.7
3.0
2.0
...
...
.2
.3
1.0
1.5
7.4
3.7
4.5
...
2.7
1.7
...
1.4
...
...
1.0
...
2.8
2.5
.5
...
...
1.8
...
...
...
...
...
3.3
54
18
23
4
80
dd
50
20
27
53
18
22
11
25
21
21
26
32
15
dd
11
5
...
...
16
19
32
dd
dd
18
15
29
17
36
18
44
dd
41
12
...
37
35
33
14
cc
20
26
17
...
13
22
dd
dd
25
33
22
12
13.90
60.22
130.00
13.76
40.99
8.76
15.15
43.55
197.85
18.46
31.20
159.51
13.63
56.45
23.20
10.61
69.49
28.07
52.50
9.90
176.66
2.35
9.63
9.94
41.98
47.73
64.57
1.44
4.13
63.24
51.68
208.26
26.49
9.65
43.01
89.07
2.30
84.46
76.87
75.78
88.20
33.81
31.74
113.59
42.57
3.75
321.05
50.03
23.04
26.26
92.94
2.64
31.39
15.80
55.70
50.75
110.32
+0.18
–1.14
+1.15
...
–0.26
–0.31
–0.62
+0.28
+0.15
+0.23
–0.45
–1.21
+0.03
+0.63
–0.85
+0.03
–0.25
–0.39
+1.32
+0.55
–1.03
...
+0.02
–0.05
+0.09
+0.67
–0.65
+0.02
+0.02
–0.76
+0.76
+2.61
+0.28
–0.10
+0.08
+0.25
+0.31
–0.61
–0.88
+0.95
+1.06
+0.50
+0.46
–1.86
+0.50
+0.09
+3.02
+0.37
+0.86
–0.12
+1.75
–0.16
+0.19
+0.14
+0.60
+0.10
+0.34
.0343
.60
.55
...
...
...
.25
.19
.75
...
.12
...
.315
.1913
...
...
.73
.45
.41
...
.50
...
...
...
.28
.36
.32
...
...
.0393
.0392
.51
.10
.1775
.40
1.00
...
.5625
.33
...
.30
...
...
.27
...
.0529
2.00
.0625
...
...
.41
...
...
...
...
...
.90
1.8
...
...
2.9
2.9
10.1
...
...
5.8
1.3
...
6.6
...
1.8
1.2
2.0
...
5.7
6.0
4.5
3.7
8.8
6.0
...
5.1
1.9
...
5.7
...
20
...
dd
11
23
11
dd
12
38
33
14
39
dd
36
38
24
9
26
11
76
94
31
11
dd
19
10
dd
14
8
170.99
97.60
7.32
31.88
26.88
7.92
7.79
14.11
29.15
33.39
34.40
35.47
16.92
77.52
126.54
96.66
20.25
10.56
8.40
65.68
21.56
64.20
25.19
210.85
70.94
56.67
9.95
39.73
22.56
–2.08
–3.10
–0.41
+0.32
+0.67
–0.15
+0.25
–0.44
+0.14
+0.05
+0.41
–0.39
+0.33
–1.86
–1.79
+2.27
–0.05
–0.22
+0.52
+0.48
–0.05
+0.35
–0.48
–0.66
+1.55
–0.70
+0.30
–0.49
–0.76
.75
...
...
.2315
.1975
.20
...
...
.42
.11
...
.5875
...
.35
.38
.48
...
.15
.125
.74
.20
1.42
.3775
...
.905
.275
...
.19
...
L
LTM
LB
LCII
LPL
LN
LXU
LKSD
LTC
LLL
LQ
LZB
LH
LADR
LW
LCI
LPI
LVS
LHO
LAZ
LFGR
LEA
LEE
LGC
LGC.U
LM
LEG
LDOS
LEJU
LC
LEN
LEN.B
LII
LUK
LXP
LPT
LSI
LITB
LLY
LNC
LNC.WS
LNN
LGF.A
LGF.B
LAD
LYV
LYG
LMT
L
LOMA
LPX
LOW
LUB
LL
LXFR
LXFT
LDL
LYB
MTB
MTB.WS
MBI
MDC
MDU
MFA
MFCB
MTG
MGP
MGM
MHO
MPLX
MRC
MSA
MSCI
MSM
MSGN
MVC
MVO
MAC
CLI
MIC
M
MSG
MMP
MGA
MX
MAIN
MNK
NYSE CUMULATIVE DAILY BREADTH vs DJIA
So Bad, It’s Good: The NYSE’s cumulative breadth rose for a seventh
week despite the S&P 500’s largest drop since September. Winning
stocks narrowly outpaced losing ones.
BREADTH
DJIA
486000
24950
BREADTH 484,652
470600
23900
455200
22850
s
DJIA
439800
21800
424400
M
K
KAR
KB
KBH
KBR
KKR
KREF
KMG
KT
LRN
KAI
KDMN
KAMN
KSU
KS
KED
FRAC
K
KEM
KMPR
KMT
KW
KEN
KEG
KEY
KEYS
KRC
KRP
KMB
KIM
Tick
Div
Sym Yld P/E Last Chg. Amt.
s
52-Week
High Low Name
20750
409000
19700
J
F
M
A
M
J
J
A
S
O
N
D
In generating this chart, we subtract each day's NYSE composite declines from that day's advances. The resultant total is
added to the next day's total, and so on. When all five days' numbers are added together, this produces the weekly figure we
plot. Dec. 31, 1985 =1000.
52-Week
High Low Name
22.15
42.12
8.15
131.99
21.70
18.27
67.07
32.72
34.90
19.19
17.12
23.65
1157.30
143.53
86.54
244.32
44.44
85.30
51.20
154.65
31.59
52.10
37.32
27.80
67.30
72.54
32.47
106.50
106.58
8.33
175.78
4.43
169.29
6.83
13.06
14.22
74.78
8.05
10.35
72.13
89.72
66.80
64.52
72.25
55.50
27.96
18.50
26.50
48.44
55.91
51.30
694.48
64.30
36.21
110.95
16.60
22.54
19.57
29.00
83.85
26.46
7.46
13.15
3.85
11.59
16.75
23.95
50.40
286.85
80.74
108.00
102.14
18.45
122.80
153.86
89.97
88.97
14.15
21.00
3.00
88.39
16.62
10.55
46.88
23.22
23.85
7.00
9.88
13.80
887.40
79.79
66.75
191.09
31.29
50.40
34.33
102.98
20.13
31.05
21.63
6.95
45.15
51.74
20.38
89.65
89.49
5.56
118.18
1.82
133.82
4.00
10.06
11.90
40.00
5.09
5.50
40.56
69.35
53.63
51.87
50.63
33.40
12.38
9.70
10.65
36.05
44.17
36.35
408.97
32.38
27.86
92.50
11.05
10.87
15.09
22.80
62.55
17.00
5.94
5.59
3.37
7.77
8.45
10.10
32.55
198.45
42.56
79.84
76.25
13.68
104.77
93.51
60.29
63.00
ManchesterUnited
Manitowoc
Manning&Napier
Manpower
ManulifeFin g
MarathonOil
MarathonPetrol
Marcus&Millichap
Marcus
MarinSoftware
MarineProducts
MarineMax
Markel
MarriottVacations
Marsh&McLen
MartinMarietta
Masco
MasoniteIntl
MasTec
Mastercard
MatadorResources
Materion
Matson
MauiLand
MaxarTech g
Maximus
MaxLinear
McCormick
McCormickVtg
McDermottIntl
McDonalds
McEwenMining
McKesson
Mechel
MedEquitiesRlty
MedicalProp
Medifast
MedleyCapital
MedleyMgmt
Mednax
Medtronic
Merck
MercuryGeneral
Meredith
MeritageHomes
Meritor
MesaRoyalty
MesabiTrust
MethodeElec
MetLife
MetropolitanBk
MettlerToledo
MichaelKors
MicroFocus
MidAmApt
MidSouthBncp
MidstatesPetrol
Milacron
MillerIndustries
MineralsTechs
MistrasGroup
MitsubishiUFJ
MiXTelematics
MizuhoFin
MobileTeleSys
ModelN
ModineMfg
Moelis
MohawkInds
MolinaHealthcare
MolsonCoors A
MolsonCoors B
MonmouthRealEst
Monsanto
Moody's
Moog A
Moog B
Tick
Div
Sym Yld P/E Last Chg. Amt.
MANU
MTW
MN
MAN
MFC
MRO
MPC
MMI
MCS
MRIN
MPX
HZO
MKL
VAC
MMC
MLM
MAS
DOOR
MTZ
MA
MTDR
MTRN
MATX
MLP
MAXR
MMS
MXL
MKC
MKC.V
MDR
MCD
MUX
MCK
MTL
MRT
MPW
MED
MCC
MDLY
MD
MDT
MRK
MCY
MDP
MTH
MTOR
MTR
MSB
MEI
MET
MCB
MTD
KORS
MFGP
MAA
MSL
MPO
MCRN
MLR
MTX
MG
MTU
MIXT
MFG
MBT
MODN
MOD
MC
MHK
MOH
TAP.A
TAP
MNR
MON
MCO
MOG.A
MOG.B
1.8
...
8.9
1.5
3.1
1.2
2.4
...
1.8
...
2.2
...
...
1.2
1.8
.8
1.0
...
...
.7
...
.8
2.7
...
1.8
.3
...
2.0
2.1
...
2.3
...
.9
...
7.5
7.0
2.8
12.3
12.3
...
2.3
3.4
4.7
3.1
...
...
8.1
10.2
1.1
3.2
...
...
...
...
3.7
.3
...
...
2.8
.3
...
...
1.4
...
7.0
...
...
3.1
...
...
2.0
2.0
3.8
1.8
1.0
...
...
56
dd
9
19
15
dd
21
21
20
dd
23
20
cc
22
22
32
26
23
17
35
16
37
15
17
31
23
cc
28
28
...
25
dd
7
10
28
18
34
dd
30
19
22
55
30
16
14
7
13
10
16
dd
...
38
18
49
48
dd
0
dd
16
16
46
10
32
9
12
dd
24
23
21
dd
8
8
50
23
53
22
23
19.80
39.34
3.60
126.11
20.86
16.93
65.98
32.61
27.35
10.95
12.74
18.90
1139.13
135.21
81.39
221.04
43.94
74.15
48.95
151.36
31.13
48.60
29.84
17.30
64.32
71.58
26.42
101.91
100.50
6.58
172.12
2.28
155.95
5.26
11.22
13.78
69.81
5.22
6.50
53.44
80.75
56.27
53.44
66.05
51.20
23.46
18.45
25.15
40.10
50.56
42.10
619.52
62.95
33.59
100.56
13.25
16.58
19.14
25.80
68.85
23.47
7.27
12.76
3.64
10.19
15.75
20.20
48.50
275.90
76.68
83.99
82.07
17.80
116.78
147.61
86.85
88.74
–0.50
–0.20
–0.10
–0.93
–0.14
+0.03
–0.38
+0.63
–0.05
+0.10
–1.87
–0.90
+12.44
–0.46
+0.70
+9.94
+0.11
+1.35
–1.30
+0.51
+0.90
+0.25
–0.49
+1.00
–0.48
+0.55
–0.15
–0.01
–1.46
–0.19
+0.70
+0.03
–2.49
+1.05
+0.09
+0.19
–2.83
–0.17
–0.20
–0.08
–0.79
–0.09
+0.64
–2.25
+0.40
–0.42
+1.15
–0.55
–0.40
–0.20
–1.08
+4.75
–0.45
+0.52
+0.81
–0.05
+0.32
+0.31
+0.35
+0.25
+1.26
–0.17
+0.25
–0.06
–0.23
+0.10
–0.65
–1.00
–0.56
+2.65
–0.05
+0.97
+0.30
+0.50
+0.62
–1.09
+0.02
.09
...
.08
.93
.1606
.05
.40
...
.125
...
.05
...
...
.40
.375
.44
.105
...
...
.25
...
.10
.20
...
.2883
.045
...
.52
.52
...
1.01
.005
.34
...
.21
.24
.48
.16
.20
...
.46
.48
.625
.52
...
...
.1245
.64
.11
.40
...
...
...
...
.9225
.01
...
...
.18
.05
...
...
.0453
...
.3559
...
...
.37
...
...
.41
.41
.17
.54
.38
...
...
52-Week
High Low Name
54.25
9.90
10.24
34.36
95.30
33.70
43.96
14.02
29.00
32.62
81.30
22.65
18.85
40.06
9.65
10.00
19.23
76.92
20.50
27.72
10.84
19.40
22.21
60.44
13.20
9.92
MorganStanley
MosaicAcqnA
MosaicAcqnUn
Mosaic
MotorolaSol
Movado
MuellerIndustries
MuellerWater
MuleSoft
MurphyOil
MurphyUSA
MyersIndustries
MyovantSciences
48.85
21.20
49.90
25.80
16.05
22.86
4.68
29.78
19.91
20.15
26.14
3536.97
18.40
13.30
37.08
61.25
75.24
81.60
41.90
121.40
46.34
28.55
20.71
33.40
13.79
45.60
3.30
19.80
26.45
14.75
2.11
2.26
12.70
2.66
47.47
93.10
59.68
12.44
26.96
99.63
13.20
45.45
17.62
15.00
95.47
60.85
18.43
10.82
2.99
16.26
10.15
20.15
55.08
43.74
483.86
39.63
10.20
20.00
29.40
159.40
71.39
14.20
13.05
29.20
8.57
5.25
9.75
3.16
12.19
15.03
15.43
22.50
1631.78
5.32
6.79
30.10
53.03
57.65
68.96
29.90
91.75
36.45
21.17
14.67
22.40
4.79
22.81
1.45
12.25
14.62
7.00
1.08
0.95
6.55
1.40
22.89
72.35
38.72
4.56
5.68
65.00
9.75
33.70
11.87
13.55
42.00
27.87
15.03
7.44
1.28
11.67
3.88
13.00
27.46
24.41
377.27
31.42
6.40
15.27
21.82
117.33
55.94
NACCO Inds
NCI BuildingSys
NCR
NGL Energy
NL Industries
NOW
NQ Mobile
NRG Energy
NRG Yield A
NRG Yield C
NTTDoCoMo
NVR
NaborsIndustries
NamTaiProperty
NatlBankHoldings
NationalFuelGas
NationalGrid
NatlHealthInv
NatlOilwell
NatlPrestoInds
NatlRetailProp
NatlStorage
NationstarMtg
NaturalGasSvcs
NaturalGrocers
NaturalResPtrs
Natuzzi
Nautilus
NavigantConsult
NavigatorHldgs
NaviosMaritime
NaviosMaritime
NaviosMaritimeMid
NaviosMaritime
NavistarIntl
NeenahPaper
Nelnet
NeoPhotonics
Netshoes
Nevro
NewHome
NewJerseyRscs
NewMediaInvt
NewMountainFin
NewOrientalEduc
NewRelic
NewResidInvt
NewSeniorInvt
NewYork
NY CmntyBcp
NewYorkREIT
NYTimes A
NewellBrands
NewfieldExpln
NewMarket
NewmontMin
NewparkResources
NexaResources
NexPointResidentl
NextEraEnergy
NextEraEnergyUn
Tick
Div
Sym Yld P/E Last Chg. Amt.
MS
MOSC
MOSC.U
MOS
MSI
MOV
MLI
MWA
MULE
MUR
MUSA
MYE
MYOV
1.9
...
...
.4
2.3
1.6
1.1
1.3
...
3.2
...
2.8
...
15
...
...
27
23
31
21
37
dd
dd
18
83
dd
52.47
9.70
10.15
25.66
90.34
32.20
35.43
12.53
23.26
31.05
80.36
19.50
12.64
–0.25
+0.05
+0.09
+0.14
–0.42
+0.15
–0.46
+0.04
+0.32
–0.11
+0.55
+0.10
+0.28
.25
...
...
.025
.52
.13
.10
.04
...
.25
...
.135
...
1.8
...
...
11.1
...
...
...
.4
6.1
6.1
...
...
3.5
2.2
1.1
3.0
3.5
5.0
.6
1.0
4.4
4.1
...
...
...
6.9
...
...
...
...
18.0
...
17.8
...
...
1.6
1.2
...
...
...
...
2.7
8.8
10.0
...
...
11.2
13.8
...
5.2
...
.9
3.0
...
1.8
.8
...
...
3.6
2.5
4.6
6
25
21
dd
9
dd
dd
dd
63
63
16
26
dd
cc
26
17
12
19
dd
15
35
cc
10
cc
29
10
dd
14
21
47
dd
dd
18
...
cc
20
10
dd
...
dd
13
26
dd
9
51
dd
6
dd
dd
15
dd
30
12
18
20
cc
cc
...
10
18
...
37.65
19.30
33.99
14.05
14.25
11.03
4.02
28.48
18.85
18.90
23.77
3508.22
6.83
12.55
32.43
54.91
58.81
75.38
36.02
99.45
43.13
27.26
18.50
26.20
8.93
26.00
1.60
13.35
19.41
9.85
1.11
1.20
9.52
2.36
42.88
90.65
54.78
6.58
7.90
69.04
12.53
40.20
16.78
13.55
94.00
57.77
17.88
7.56
2.86
13.02
3.93
18.50
30.90
31.53
397.39
37.52
8.60
19.61
27.94
156.19
69.58
–1.90
+0.20
+0.40
–0.30
+0.70
+0.03
+0.02
+0.32
+0.17
+0.20
+0.11
+28.22
+0.38
+0.30
–0.19
+0.12
+0.90
–0.61
+0.58
–1.95
+0.79
+0.13
–0.34
+0.20
+0.02
+1.10
...
–0.40
+0.03
+0.20
–0.02
–0.12
–0.03
+0.09
–1.73
–1.60
–0.22
–0.30
–0.17
–0.44
+0.12
+1.45
–0.17
–0.20
+2.25
+0.25
–0.40
+0.01
+0.14
–0.26
–0.01
...
+0.23
+0.07
+3.46
+0.60
–0.05
+0.60
–0.33
+1.65
+0.38
.165
...
...
.39
...
...
...
.03
.288
.288
...
...
.06
.07
.09
.415
1.0169
.95
.05
4.50
.475
.28
...
...
...
.45
...
...
...
...
.05
...
.4225
...
...
.37
.16
...
...
...
...
.2725
.37
.34
.45
...
.50
.26
...
.17
1.00
.04
.23
...
1.75
.075
...
...
.25
.9825
.7964
N
NC
NCS
NCR
NGL
NL
DNOW
NQ
NRG
NYLD.A
NYLD
DCM
NVR
NBR
NTP
NBHC
NFG
NGG
NHI
NOV
NPK
NNN
NSA
NSM
NGS
NGVC
NRP
NTZ
NLS
NCI
NVGS
NNA
NM
NAP
NMM
NAV
NP
NNI
NPTN
NETS
NVRO
NWHM
NJR
NEWM
NMFC
EDU
NEWR
NRZ
SNR
NWY
NYCB
NYRT
NYT
NWL
NFX
NEU
NEM
NR
NEXA
NXRT
NEE
NEE.PQ
M18
BARRON’S
January 1, 2018
New York Stock Exchange Composite List
52-Week
High Low Name
Tick
Div
Sym Yld P/E Last Chg. Amt.
58.03
44.00
45.73
65.19
27.76
48.30
7.80
40.89
56.33
6.65
17.02
6.80
41.88
2.95
9.30
50.32
146.33
5.70
8.20
311.15
14.70
69.50
64.47
56.41
86.90
54.12
70.27
66.00
55.64
31.50
48.25
25.30
34.22
50.35
21.65
21.64
3.14
22.99
35.56
4.50
9.50
5.28
23.68
0.80
2.45
37.79
105.89
3.70
5.94
223.88
11.15
56.53
55.65
53.20
69.53
32.83
47.10
51.67
26.21
13.50
NextEraEnergyUn
NextEraEnergy
NielsenHoldings
Nike
NiSource
NoahHoldings
Noble
NobleEnergy
NobleMidstream
Nokia
NomadFoods
NomuraHoldings
Norbord g
NordicAmerOffshr
NordicAmerTankers
Nordstrom
NorfolkSouthern
NAmerEnergyPtr g
NoEuroOil
NorthropGrum
NorthstarRltyEur
NorthwestNatGas
Northwestern
NorwegCruise
Novartis
NovoNordisk
NuSkinEnts
Nucor
NuSTAREnergy
NuSTAR GP
NEE.PR
NEP
NLSN
NKE
NI
NOAH
NE
NBL
NBLX
NOK
NOMD
NMR
OSB
NAO
NAT
JWN
NSC
NOA
NRT
NOC
NRE
NWN
NWE
NCLH
NVS
NVO
NUS
NUE
NS
NSH
10.35
13.85
37.41
17.22
79.51
59.30
48.50
18.93
16.42
1.44
74.06
29.53
3.95
5.98
9.71
41.25
50.82
21.56
37.52
35.14
87.43
11.60
65.73
6.36
27.70
33.39
12.75
29.00
53.14
17.63
134.59
12.60
25.70
11.11
89.51
66.46
94.16
14.39
27.89
5.66
37.02
92.85
25.90
76.47
6.76
7.80
32.60
13.20
61.42
47.14
36.95
15.57
6.69
0.82
57.20
17.11
2.15
2.12
3.82
20.23
31.35
17.92
25.43
26.43
65.32
8.10
42.95
3.29
21.96
21.56
7.30
15.10
38.30
14.94
85.51
9.18
17.15
5.17
73.70
51.44
61.74
9.64
20.82
1.96
17.75
50.77
17.31
49.50
OCI Partners
OFGBancorp
OGE Energy
OM AssetMgmt
ONE Gas
ONEOK
OaktreeCapital
OasisMidstream
OasisPetrol
ObsidianEnergy g
OccidentalPetrol
OceaneeringIntl
Och-Ziff
OcwenFinancial
Oi
OilStatesIntl
OilDriAmerica
OldRepublic
Olin
OmegaHealthcare
Omnicom
OmnovaSol
OnAssignment
OnDeckCapital
OneLiberty
OneMain
Ooma
Oppenheimer A
Oracle
Orange
OrbitalATK
OrchidIslandCap
OrionEngCarbons
OrionGroup
Orix
OrmatTech
Oshkosh
OsiskoGoldRoyal g
OutfrontMedia
OverseasShip
Owens&Minor
OwensCorning
Owens-Illinois
OxfordIndustries
OCIP
OFG
OGE
OMAM
OGS
OKE
OAK
OMP
OAS
OBE
OXY
OII
OZM
OCN
OIBR.C
OIS
ODC
ORI
OLN
OHI
OMC
OMN
ASGN
ONDK
OLP
OMF
OOMA
OPY
ORCL
ORAN
OA
ORC
OEC
ORN
IX
ORA
OSK
OR
OUT
OSG
OMI
OC
OI
OXM
36.07
22.70
71.57
17.05
15.53
46.31
38.54
147.28
79.83
46.00
79.53
14.63
119.85
40.20
17.65
30.49
137.60
139.51
2.23
121.38
157.65
71.39
13.72
25.30
11.79
17.58
20.24
31.46
2.90
200.82
37.72
17.05
86.10
18.48
18.10
41.61
10.00
10.09
30.03
27.41
113.66
46.80
33.35
50.37
6.88
94.46
30.74
14.65
20.34
108.97
84.53
0.97
84.01
107.31
34.21
4.44
17.55
5.40
15.14
16.00
24.65
0.85
139.49
22.98
9.50
42.52
PBF Energy
PBF Logistics
PG&E
PGT Innovations
PHH
PJT Partners
PLDT
PNC Fin
PNC Fin Wt
PNM Resources
POSCO
PPDAI
PPG Ind
PPL
PQ Group
PROS
PSBusinessParks
PVH
PacificCoastOil
PackagingCpAm
PaloAltoNtwks
PampaEnergia
PandoraMedia
PanhandleOil&Gas
ParTechnology
ParamountGroup
ParkElectrochem
ParkHotels
ParkerDrilling
ParkerHannifin
ParsleyEnergy
PartyCity
PaycomSoftware
5.4
3.6
3.7
1.3
2.7
...
...
1.4
3.7
4.1
...
...
5.6
6.7
4.9
3.1
1.7
1.3
12.6
1.3
4.5
3.2
3.5
...
3.2
.9
2.1
2.4
14.6
13.9
...
34
26
27
31
26
dd
dd
14
dd
25
10
9
dd
dd
17
23
cc
11
23
dd
27
18
17
30
23
23
19
79
8
56.20
43.11
36.40
62.55
25.67
46.28
4.52
29.14
50.00
4.66
16.91
5.82
33.81
1.20
2.46
47.38
144.90
4.95
6.96
306.91
13.43
59.65
59.70
53.25
83.96
53.67
68.23
63.58
29.95
15.70
+0.20
+1.77
–0.14
–0.74
+0.39
+0.95
+0.29
+0.35
–1.41
–0.12
+0.11
–0.10
–0.19
+0.01
–0.11
–0.16
+0.38
+0.10
+0.61
+3.13
–0.04
+0.70
+0.43
–0.78
+1.01
+0.26
–1.74
–0.98
+0.30
+0.95
.7654
.3925
.34
.20
.175
...
...
.10
.4665
.1899
...
...
.4744
.02
.03
.37
.61
.0156
.22
1.00
.15
.4725
.525
...
2.7178
.4738
.36
.38
1.095
.545
4.0
2.6
4.0
2.1
2.3
5.6
5.3
...
...
...
4.2
2.8
3.2
...
...
...
2.2
3.6
2.2
9.4
3.3
...
...
...
6.9
...
...
1.6
1.6
3.4
1.0
18.1
3.2
...
...
.5
1.1
1.4
6.2
...
5.5
.9
...
1.4
dd
11
17
...
25
34
10
...
dd
dd
cc
dd
22
dd
...
dd
26
16
79
36
15
dd
30
dd
20
21
dd
dd
20
93
24
dd
22
dd
8
27
24
57
28
dd
15
27
15
25
8.05
9.40
32.91
16.75
73.26
53.45
42.10
17.44
8.41
1.24
73.66
21.14
2.50
3.13
5.63
28.30
41.50
21.38
35.58
27.54
72.83
10.00
64.27
5.74
25.92
25.99
11.95
26.80
47.28
17.40
131.50
9.28
25.60
7.83
84.78
63.96
90.89
11.56
23.20
2.74
18.88
91.94
22.17
75.19
+0.05
...
–0.10
–0.08
+0.67
+0.24
+0.25
–0.05
+0.35
+0.01
+0.67
+0.64
–0.14
–0.07
+0.23
+0.05
–1.31
+0.28
+0.99
+0.64
–0.78
+0.10
+0.48
–0.05
–0.11
+0.61
–0.20
–0.60
–0.08
–0.02
–0.64
–0.13
+0.85
+0.06
–0.87
+0.15
–0.51
+0.08
+0.05
+0.13
–0.04
+0.74
–0.08
+0.49
.08
.06
.3325
.09
.42
.745
.56
...
...
...
.77
.15
.02
...
...
...
.23
.19
.20
.65
.60
...
...
...
.45
...
...
.11
.19
.2934
.32
.14
.2016
...
...
.08
.24
.039
.36
...
.2575
.21
...
.27
3.4
9.2
...
...
...
.4
6.3
2.1
...
2.6
...
...
1.5
5.1
...
...
2.7
.1
17.2
2.1
...
...
...
.8
...
2.4
2.0
7.7
...
1.3
...
...
...
17
9
10
37
dd
75
13
18
...
20
16
...
22
14
...
dd
38
20
23
22
dd
20
dd
98
42
43
63
2
dd
26
cc
15
76
35.45
20.95
44.83
16.85
10.30
45.60
30.08
144.29
77.72
40.45
78.13
7.11
116.82
30.95
16.45
26.45
125.09
137.21
1.94
120.55
144.94
67.28
4.82
20.55
9.35
15.85
19.65
28.75
1.00
199.58
29.44
13.95
80.33
+0.47
+0.45
+0.26
+0.50
...
+0.30
+0.66
–1.83
–1.27
–0.45
–0.44
–0.12
+0.63
–0.18
+0.09
+0.34
+1.67
+1.61
+0.22
+0.46
–1.21
–0.15
+0.13
–0.85
–0.09
+0.27
+0.16
–0.62
+0.03
+0.33
–0.10
...
–0.39
.30
.48
.53
...
...
.05
.941
.75
...
.265
...
...
.45
.395
...
...
.85
.0375
.0278
.63
...
...
...
.04
...
.095
.10
.55
...
.66
...
...
...
For personal Do not edit or alter. Reproductions not permitted.
To reprint or license content, please contact Barron's reprints department at 800-843-0008 or
O
PQ
PBF
PBFX
PCG
PGTI
PHH
PJT
PHI
PNC
PNC.WS
PNM
PKX
PPDF
PPG
PPL
PQG
PRO
PSB
PVH
ROYT
PKG
PANW
PAM
P
PHX
PAR
PGRE
PKE
PK
PKD
PH
PE
PRTY
PAYC
52-Week
High Low Name
39.86
10.13
38.96
36.30
1.50
8.80
19.92
22.45
18.46
55.26
71.76
116.35
33.42
74.12
10.30
91.73
13.91
81.80
11.71
10.73
4.75
37.35
123.55
102.43
58.00
8.14
21.85
23.08
9.23
66.67
92.48
7.20
199.83
87.45
16.60
33.24
35.58
35.03
58.27
14.82
20.00
134.67
46.79
50.11
89.04
21.04
156.40
6.14
22.71
59.63
12.53
106.40
63.45
94.67
57.18
67.53
20.60
77.87
109.10
28.92
118.17
51.21
53.28
232.21
34.60
19.27
12.70
19.52
61.55
44.35
29.04
165.93
19.99
24.60
39.71
9.20
35.45
112.97
9.46
17.85
22.58
7.04
26.21
30.32
0.54
2.35
9.32
15.65
14.87
38.33
55.76
63.05
21.70
50.59
7.61
63.68
6.80
60.69
7.61
6.96
1.50
30.90
89.97
75.14
44.40
2.43
17.25
19.10
3.96
52.49
75.79
1.60
125.46
52.75
9.50
18.38
18.98
18.32
41.28
9.11
14.55
77.91
31.68
42.41
75.76
15.74
115.00
2.26
12.42
40.11
7.75
68.90
50.70
83.24
35.23
48.33
10.84
55.84
48.00
23.19
97.88
38.17
41.67
192.15
18.18
9.12
8.25
7.02
46.32
28.30
18.16
124.92
13.13
17.45
30.23
4.11
11.33
90.10
2.54
9.10
PeabodyEnergy
Pearson
PebblebrookHotel
PembinaPipeline g
PengrowthEnergy g
PenneyJC
PA Reit
PennyMacFinS
PennyMacTr
PenskeAuto
Pentair
Penumbra
PerformanceFood
PerkinElmer
PermianBasin
Perrigo
Petrobras
PetroChina
PetroleoBrasil
PetroleoBrasilA
PetroQuestEner
Pfizer
PhilipMorris
Phillips66
Phillips66Ptrs
PhoenixNewMedia
PhysiciansRealty
PiedmontOfficeA
Pier 1
PinnacleFoods
PinnacleWest
PioneerEnerSvcs
PioneerNatRscs
PiperJaffray
PitneyBowes
PlainsAllAmPipe
PlainsGP
PlanetFitness
Plantronics
PlatformSpecialty
PlyGem
PolarisIndustries
PolyOne
PortlandGenElec
PostHoldings
Potash
Praxair
PrecisionDrilling g
PrefApartment
PrestigeBrands
PretiumResources
Primerica
ProAssurance
Procter&Gamble
Progressive
Prologis
ProPetro
ProsperityBcshs
ProtoLabs
ProvidentFinSvcs
PrudentialFin
Prudential
PublicServiceEnt
PublicStorage
PulteGroup
PureStorage
PzenaInvtMgmt
QEP Resources
QTS Realty
Q2Holdings
QuadGraphics
QuakerChemical
QualityCareProp
QuanexBldg
QuantaServices
Quantum
Qudian
QuestDiag
QuorumHealth
QuotientTech
3.91
23.30
24.03
67.50
32.82
109.53
63.69
25.01
27.07
56.48
18.52
46.92
31.80
22.66
105.52
17.11
36.40
15.70
91.29
20.99
31.91
192.41
35.18
63.60
130.93
10.10
17.45
87.50
23.56
10.10
72.05
0.28
16.30
17.64
45.55
23.38
24.41
50.34
19.12
16.63
47.87
7.15
28.76
15.50
15.58
66.06
11.86
15.33
8.48
68.97
11.88
26.43
141.28
25.14
52.85
68.95
6.15
14.29
68.30
13.90
9.95
58.63
RAIT Financial
RELX
RELX
RE/MAX
REV
RH
RLI
RLJ Lodging
RPC
RPM
RR Donnelley
RSP Permian
RYBEducation
RadianGroup
RalphLauren
Ramco-Gershenson
RangeResources
RangerEnergySvcs
RaymondJames
RayonierAdvMatls
Rayonier
Raytheon
Realogy
RealtyIncome
RedHat
RedLionHotels
RedwoodTrust
RegalBeloit
Regal
RegalwoodGlbUn
RegencyCtrs
Tick
Div
Sym Yld P/E Last Chg. Amt.
BTU
PSO
PEB
PBA
PGH
JCP
PEI
PFSI
PMT
PAG
PNR
PEN
PFGC
PKI
PBT
PRGO
PZE
PTR
PBR
PBR.A
PQ
PFE
PM
PSX
PSXP
FENG
DOC
PDM
PIR
PF
PNW
PES
PXD
PJC
PBI
PAA
PAGP
PLNT
PLT
PAH
PGEM
PII
POL
POR
POST
POT
PX
PDS
APTS
PBH
PVG
PRI
PRA
PG
PGR
PLD
PUMP
PB
PRLB
PFS
PRU
PUK
PEG
PSA
PHM
PSTG
PZN
QEP
QTS
QTWO
QUAD
KWR
QCP
NX
PWR
QTM
QD
DGX
QHC
QUOT
...
1.4
4.1
4.7
...
...
7.1
...
11.7
2.8
2.0
...
...
.4
6.9
.7
...
3.0
...
...
...
3.8
4.1
2.8
4.9
...
5.1
4.3
6.8
2.2
3.3
...
.0
1.4
6.7
5.8
5.5
...
1.2
...
...
1.9
1.6
3.0
...
1.9
2.0
...
4.9
...
...
.8
2.2
3.0
1.2
2.7
...
2.1
...
3.0
2.6
1.5
3.3
3.8
1.1
...
1.1
...
2.9
...
5.3
.9
...
.7
...
...
...
1.8
...
...
dd
dd
29
38
dd
dd
dd
9
11
11
32
dd
32
37
14
dd
...
37
28
27
dd
22
23
25
22
55
78
96
15
40
18
dd
cc
dd
24
23
dd
59
21
dd
21
39
15
20
cc
38
28
dd
dd
22
dd
20
21
25
23
19
...
18
59
18
12
19
58
31
17
dd
15
dd
cc
dd
13
42
dd
44
21
dd
...
21
dd
dd
39.37
9.82
37.17
36.18
.79
3.16
11.89
22.35
16.07
47.85
70.62
94.10
33.10
73.12
8.87
87.16
13.59
69.94
10.29
9.83
1.89
36.22
105.65
101.15
52.35
6.49
17.99
19.61
4.14
59.47
85.18
3.05
172.85
86.25
11.18
20.64
21.95
34.63
50.38
9.92
18.50
123.99
43.50
45.58
79.23
20.65
154.68
3.02
20.25
44.41
11.41
101.55
57.15
91.88
56.32
64.51
20.16
70.07
103.00
26.97
114.98
50.78
51.50
209.00
33.25
15.86
10.67
9.57
54.16
36.85
22.60
150.79
13.81
23.40
39.11
5.63
12.54
98.49
6.24
11.75
+0.92
+0.12
–0.43
+0.70
+0.01
+0.02
+0.45
+0.65
–0.39
–0.36
+0.89
–1.00
+0.70
+0.07
–0.01
+0.15
+0.63
–0.39
+0.30
+0.36
+0.12
+0.08
+1.00
+0.26
+0.31
–0.31
+0.28
+0.10
–0.20
–0.13
+0.04
+0.60
+1.73
+1.10
–0.16
–0.48
–0.02
–0.02
–0.87
–0.19
+0.05
–1.23
...
–0.03
+0.52
+0.48
+0.84
+0.21
+0.04
–0.14
+0.08
–1.85
+0.60
–0.25
+0.23
+0.68
+0.25
–1.68
+1.50
–0.51
–1.18
+0.78
+0.43
+3.03
–0.12
–0.29
–0.33
–0.03
+0.58
+0.15
–0.72
–1.21
–0.21
–0.05
–0.30
–0.09
–0.53
–0.75
+0.29
–0.10
...
.0677
.38
.142
...
...
.21
...
.47
.33
.35
...
...
.07
.0509
.16
...
1.0407
...
...
...
.34
1.07
.70
.646
...
.23
.50
.07
.325
.695
...
.04
.3125
.1875
.30
.30
...
.15
...
...
.58
.175
.34
...
.10
.7875
...
.25
...
...
.20
4.69
.6896
.6808
.44
...
.36
...
.15
.75
.389
.43
2.00
.09
...
.03
...
.39
...
.30
.355
...
.04
...
...
...
.45
...
...
...
1.4
1.3
1.5
.6
...
1.4
6.0
1.1
2.4
6.0
...
...
.0
1.9
6.0
.5
...
1.1
1.4
3.2
1.7
1.4
4.5
...
...
7.6
1.4
3.8
...
3.1
dd
29
30
37
77
cc
34
29
67
39
dd
67
...
26
cc
25
dd
...
21
36
30
25
16
47
66
dd
9
17
26
...
cc
.38
23.07
23.70
48.50
32.53
86.21
60.66
21.97
25.53
52.42
9.30
40.68
16.88
20.61
103.69
14.73
17.06
9.23
89.30
20.45
31.63
187.85
26.50
57.02
120.10
9.85
14.82
76.60
23.01
9.95
69.18
+0.01
+0.15
+0.24
–0.10
+0.55
–6.71
+1.95
–0.46
–0.66
+0.26
–0.19
+0.51
+0.63
–0.76
+1.89
+0.38
+0.60
–0.03
–1.34
+0.48
+0.46
+0.54
+0.09
+1.17
–2.82
...
–0.03
–0.90
+0.08
–0.04
+1.09
.05
.1566
.1508
.18
.05
...
1.75
.33
.07
.32
.14
...
...
.0025
.50
.22
.02
...
.25
.07
.25
.7975
.09
.2125
...
...
.28
.26
.22
...
.53
R
RAS
RENX
RELX
RMAX
REVG
RH
RLI
RLJ
RES
RPM
RRD
RSPP
RYB
RDN
RL
RPT
RRC
RNGR
RJF
RYAM
RYN
RTN
RLGY
O
RHT
RLH
RWT
RBC
RGC
RWGE.U
REG
52-Week
High Low Name
27.56
17.58
16.68
165.12
88.58
152.00
3.79
11.98
68.00
87.81
49.14
11.30
11.38
68.89
15.81
36.80
107.87
31.71
26.52
26.42
49.95
53.69
35.21
8.77
11.88
57.67
210.72
136.50
54.95
168.07
48.29
267.83
13.67
20.50
81.81
7.68
133.75
66.92
68.48
9.16
28.10
85.77
14.85
71.13
18.31
13.00
9.02
121.93
68.46
120.55
2.12
6.01
56.17
61.22
23.64
4.10
7.90
46.88
11.61
15.60
76.10
21.34
19.50
16.87
20.55
37.66
24.08
1.38
6.05
42.92
133.61
88.80
38.15
75.77
32.82
182.03
7.41
9.02
66.66
5.37
81.59
50.32
53.10
1.68
21.00
62.52
7.65
57.78
RegionalMgmt
RegionsFin
Regis
ReinsGrp
RelianceSteel
RenaissanceRe
ReneSola
Renren
RepublicSvcs
ResMed
ResoluteEnergy
ResoluteForest
ResourceCapital
RestaurantBrands
RetailPropofAmer
Revlon
RexAmerRes
RexfordIndlRealty
Rexnord
RiceMidstream
RingCentral
RioTinto
RitchieBros
RiteAid
RoadrunnerTrans
RobertHalf
Rockwell
RockwellCollins
RogersComm B g
Rogers
Rollins
RoperTech
RosettaStone
Rowan
RoyalBkCanada g
RoyalBkScotland
RoyalCaribbean
RoyalDutchA
RoyalDutchB
RubiconProject
RudolphTech
RyderSystem
RyersonHolding
RymanHospitality
116.90
174.07
49.89
30.40
64.80
69.29
28.76
115.34
36.77
32.71
48.21
28.95
26.58
46.90
3.79
14.40
20.00
16.36
109.19
26.98
8.75
14.39
23.96
1.85
1.79
4.00
50.65
18.73
23.78
34.47
67.80
74.06
87.84
29.36
52.52
47.01
89.87
10.14
4.93
108.04
24.15
16.99
13.70
3.73
5.33
50.62
11.76
20.13
18.44
19.77
43.05
9.14
122.98
24.45
53.30
84.98
4.75
50.00
38.10
52.87
131.26
46.90
23.44
34.17
415.75
48.98
16.10
85.49
107.21
30.85
11.66
50.67
45.39
20.44
93.92
12.29
21.97
31.06
22.70
19.65
33.50
1.15
10.65
17.27
12.82
68.23
14.05
6.04
3.58
14.65
0.73
0.74
1.95
39.42
11.12
19.90
26.92
55.86
37.10
61.02
17.69
37.16
36.26
60.21
5.00
2.99
81.48
13.88
10.79
8.10
0.15
2.61
41.22
5.02
10.42
11.22
12.00
21.35
4.49
99.71
17.50
38.71
71.21
1.68
38.49
28.36
36.34
73.66
30.12
19.97
24.68
268.05
36.78
12.30
SAP
S&P Global
Seacor
SEACOR Marine
SINOPEC
SJW Group
SK Telecom
SLGreenRealty
SM Energy
SPX
SPX FLOW
STAG Indl
StoreCapital
SabineRoyalty
SafeBulkers
SafeguardSci
SafetyIncome
SailPointTechs
Salesforce.com
SallyBeauty
SanJuanBasin
SanchezEnergy
SandRidgeEnergy
SandRidgeMS
SandRidgeMS II
SandRidgePermian
Sanofi
SantanderCons
SaratogaInvt
Sasol
SaulCenters
Scana
Schlumberger
SchneiderNatl
SchwabC
SchweitzerMaud
ScienceApplicat
ScorpioBulkers
ScorpioTankers
ScottsMiracleGro
ScrippsEW
Sea
SeabridgeGold
SeaDrill
SeadrillPartners
SealedAir
Seaspan
SeaWorldEnt
SelectEnergySvcs
SelectMedical
Semgroup
SemicondctrMfg
SempraEnergy
SendGrid
SensataTech
SensientTech
SequansComms
SeritageGrowth
ServiceCorp
ServiceMaster
ServiceNow
ShakeShack
ShawComm B g
ShellMidstream
SherwinWilliams
ShinhanFin
ShipFinance
Tick
Div
Sym Yld P/E Last Chg. Amt.
RM
RF
RGS
RGA
RS
RNR
SOL
RENN
RSG
RMD
REN
RFP
RSO
QSR
RPAI
REV
REX
REXR
RXN
RMP
RNG
RIO
RBA
RAD
RRTS
RHI
ROK
COL
RCI
ROG
ROL
ROP
RST
RDC
RY
RBS
RCL
RDS.A
RDS.B
RUBI
RTEC
R
RYI
RHP
...
2.1
...
1.3
2.1
1.0
...
...
2.0
1.7
...
...
2.1
1.4
4.9
...
...
2.0
...
5.2
...
4.2
2.3
...
...
1.7
1.7
1.0
3.0
...
1.0
.6
...
...
3.5
...
2.0
5.6
5.5
...
...
2.2
...
4.6
12
18
dd
13
17
dd
dd
dd
29
34
dd
dd
35
42
dd
dd
16
68
39
14
dd
16
49
25
...
22
31
28
27
35
55
38
dd
dd
14
dd
16
26
27
dd
19
23
43
23
26.31
17.28
15.36
155.93
85.79
125.59
2.66
10.39
67.61
84.69
31.47
11.05
9.37
61.48
13.44
21.80
82.79
29.16
26.02
21.47
48.40
52.93
29.93
1.97
7.71
55.54
196.35
135.62
50.93
161.92
46.53
259.00
12.47
15.66
81.65
7.64
119.28
66.71
68.29
1.87
23.90
84.17
10.40
69.02
–0.68
–0.19
–0.11
+0.86
–0.53
–0.24
–0.22
–0.05
+0.68
–0.42
+1.45
+0.25
+0.01
+0.20
+0.36
–1.10
–0.93
–0.05
+0.24
+0.90
+0.70
+1.84
+0.38
–0.04
–0.29
–0.14
+1.78
+0.53
+0.50
+2.32
+0.08
–0.53
–0.19
+0.57
+1.12
+0.14
–1.78
+0.96
+1.06
–0.05
–0.50
–0.63
+0.10
–1.23
...
.09
...
.50
.45
.32
...
...
.345
.35
...
...
.05
.21
.1656
...
...
.145
...
.2814
...
1.1099
.17
...
...
.24
.835
.33
.385
...
.10
.4125
...
...
.7157
...
.60
.94
.94
...
...
.46
...
.80
1.2
1.0
...
...
6.4
1.4
...
3.2
.5
...
...
5.2
4.8
5.4
...
...
3.4
...
...
...
10.7
...
...
21.7
24.4
18.5
3.8
.6
8.8
3.5
3.4
6.2
3.0
.7
.6
3.8
1.6
...
1.3
2.0
...
...
...
...
10.9
1.3
7.4
...
...
...
6.0
...
3.1
...
...
1.8
...
2.5
1.6
...
...
...
4.1
4.3
.8
...
9.0
33
25
dd
dd
7
24
8
98
dd
84
91
51
37
20
dd
dd
dd
...
cc
12
10
dd
dd
4
4
4
21
10
12
15
38
13
cc
...
33
19
21
dd
dd
35
73
...
dd
dd
1
32
15
dd
...
24
dd
36
24
dd
29
30
dd
dd
20
29
dd
75
29
23
36
8
...
112.36
169.40
46.22
11.70
57.00
63.83
27.91
100.93
22.08
31.39
47.55
27.33
26.04
44.60
3.23
11.20
17.60
14.50
102.23
18.76
8.24
5.31
21.07
.83
.85
2.05
43.00
18.62
22.37
34.21
61.75
39.78
67.39
28.56
51.37
45.36
76.57
7.40
3.05
106.99
15.63
13.33
11.30
.23
3.66
49.30
6.75
13.57
18.24
17.65
30.20
8.56
106.92
23.97
51.11
73.15
1.91
40.46
37.32
51.27
130.39
43.20
22.83
29.82
410.04
46.40
15.50
–0.22
+1.57
–0.85
–0.54
–1.21
+1.38
–0.34
+0.89
+0.22
–0.21
+0.45
+0.14
+0.49
–0.85
+0.02
–0.15
+0.03
–0.30
–0.40
+0.08
+0.03
–0.02
+2.95
+0.04
+0.06
–0.05
+0.05
+0.17
+0.31
+1.79
+0.65
+0.77
–0.05
+0.12
–0.71
–0.21
–0.74
+0.05
–0.11
+4.44
–0.25
+0.09
+0.15
–0.01
–0.02
+0.21
–0.35
–0.06
+0.68
+0.65
+1.00
+0.68
–1.39
+1.51
–0.17
–0.43
+0.03
+0.41
–0.02
–0.09
+1.20
–1.59
+0.03
+0.56
–3.05
–0.40
+0.25
1.3721
.41
...
...
3.6744
.17
...
.8125
.05
...
...
.1183
.31
.1989
...
...
.15
...
...
...
.0733
...
...
.0449
.052
.095
1.6406
.03
.49
.6016
.52
.6125
.50
.05
.08
.43
.31
.02
.01
.53
...
...
...
...
.10
.16
.125
...
...
...
.45
...
.8225
...
...
.33
...
.25
.15
...
...
...
.0781
.318
.85
...
.35
S
SAP
SPGI
CKH
SMHI
SHI
SJW
SKM
SLG
SM
SPXC
FLOW
STAG
STOR
SBR
SB
SFE
SAFE
SAIL
CRM
SBH
SJT
SN
SD
SDT
SDR
PER
SNY
SC
SAR
SSL
BFS
SCG
SLB
SNDR
SCHW
SWM
SAIC
SALT
STNG
SMG
SSP
SE
SA
SDRL
SDLP
SEE
SSW
SEAS
WTTR
SEM
SEMG
SMI
SRE
SEND
ST
SXT
SQNS
SRG
SCI
SERV
NOW
SHAK
SJR
SHLX
SHW
SHG
SFL
52-Week
High Low Name
123.94
55.07
7.19
96.39
16.26
34.09
188.10
61.62
77.31
67.94
38.92
15.45
63.70
40.43
143.68
29.44
181.73
10.97
10.85
1.99
63.80
14.70
22.01
27.45
55.77
48.33
57.95
38.40
4.74
53.51
47.93
66.99
86.87
10.99
24.71
47.49
146.09
23.47
82.85
87.89
60.28
11.29
30.75
9.65
49.56
19.90
4.60
54.73
110.00
170.90
124.00
28.90
11.70
11.90
14.78
23.01
100.90
21.52
20.10
18.15
92.97
93.39
26.50
48.03
61.47
24.80
56.46
11.58
25.34
160.62
68.80
32.17
8.86
19.39
32.59
26.50
96.08
41.40
12.57
20.70
36.92
32.67
17.46
66.62
22.25
19.08
27.40
34.79
16.20
24.90
39.17
93.61
138.08
51.09
62.79
34.64
42.14
29.85
4.27
46.09
9.68
19.89
150.15
39.82
34.24
51.25
22.31
5.80
46.44
29.76
99.57
11.28
140.83
10.20
9.85
1.42
28.36
10.85
9.90
15.95
47.10
27.91
38.46
30.75
1.20
46.71
31.88
48.71
72.32
4.90
16.83
38.42
98.11
16.80
62.33
51.85
30.32
6.64
22.95
5.42
13.53
16.30
1.45
40.56
84.30
114.27
100.00
22.25
9.00
6.75
7.75
21.24
74.45
16.18
15.20
12.50
68.51
65.27
21.00
34.48
41.93
10.67
16.50
5.52
14.16
116.50
44.80
22.71
6.93
14.23
21.88
18.30
75.48
32.22
7.66
13.50
27.96
23.09
14.15
51.96
9.86
7.66
13.95
14.55
13.00
15.77
26.01
78.91
101.48
37.95
48.85
7.05
Shopify
Shutterstock
Sibanye-Stillwater
SignetJewelers
SilverSpringNtwks
SilverBowRscs
SimonProperty
SimpsonMfg
SiteOneLandscape
SixFlags
SkechersUSA
Smart&FinalStores
SmithAO
Smith&Nephew
Smucker
Snap
SnapOn
SocialCapHed
SocialCapHed
SocialCapHedWt
SOQUIMICH
Sogou
SolarisOilfield
SonicAutomotive
SonocoProducts
Sony
Sotheby's
SoJerseyInd
SouthcrossEner
Southern
SoCopper
SouthwestAir
SouthwestGas
SouthwesternEner
Sparton
SpectraEnerPtrs
SpectrumBrands
SpeedwayMotor
Spire
SpiritAeroSys
SpiritAirlines
SpiritRealtyCap
SpragueRscs
Sprint
Square
St.Joe
StageStores
StandardMotor
StandexInt
StanleyBlackDck
StanleyBlackDeckUn
Stantec g
StarGroup
Starrett A
Startek
StarwoodProp
StateStreet
Statoil
SteelPartners
Steelcase
Stepan
Steris
SterlingBancorp
StewartInfo
StifelFinancial
STMicroelec
StoneEnergy
StoneMorPtrs
Stoneridge
Stryker
SturmRuger
SuburbanPropane
SumitomoMits
SummitHotelProp
SummitMaterials
SummitMidstream
SunComms
SunLifeFinancial g
SunCokeEnergy
SunCokeEnerPtrs
SuncorEnergy g
Sunoco
SunstoneHotelInv
SunTrustBanks
SunTrustBanksWtB
SuperiorEnergy
SuperiorIndsIntl
Supervalu
SutherlandAsset
Switch
SynchronyFin
Syngenta
Synnex
SynovusFin
Sysco
Systemax
36.16
21.29
4.35
65.03
97.17
17.07
38.50
33.39
19.64
80.92
10.58
10.25
1.75
10.44
11.67
14.58
0.91
48.55
66.20
11.59
31.28
22.17
11.77
66.44
10.05
9.66
1.10
10.14
TAL Education
TCF Fin
TCF Fin Wt
TC PipeLines
TE Connectivity
Tegna
Telus g
Ternium
TIM Part
TJX
TPG PaceEnergy
TPGPaceEnergyA
TPGPaceEnergyWt
TPGPace
Tick
Div
Sym Yld P/E Last Chg. Amt.
SHOP
SSTK
SBGL
SIG
SSNI
SBOW
SPG
SSD
SITE
SIX
SKX
SFS
AOS
SNN
SJM
SNAP
SNA
IPOA.U
IPOA
IPOA.WS
SQM
SOGO
SOI
SAH
SON
SNE
BID
SJI
SXE
SO
SCCO
LUV
SWX
SWN
SPA
SEP
SPB
TRK
SR
SPR
SAVE
SRC
SRLP
S
SQ
JOE
SSI
SMP
SXI
SWK
SWP
STN
SGU
SCX
SRT
STWD
STT
STO
SPLP
SCS
SCL
STE
STL
STC
SF
STM
SGY
STON
SRI
SYK
RGR
SPH
SMFG
INN
SUM
SMLP
SUI
SLF
SXC
SXCP
SU
SUN
SHO
STI
STI.WS.B
SPN
SUP
SVU
SLD
SWCH
SYF
SYT
SNX
SNV
SYY
SYX
...
...
4.5
2.2
...
...
4.3
1.5
...
4.2
...
...
.9
1.4
2.5
...
1.9
...
...
...
1.5
...
...
1.1
2.9
...
...
3.6
...
4.8
2.1
.8
2.5
...
...
7.3
1.5
3.2
3.0
.5
...
8.4
10.3
...
...
...
11.9
1.7
.7
1.5
4.4
1.4
4.1
4.7
...
9.0
1.7
...
...
3.4
1.1
1.4
1.1
2.8
.7
1.1
...
...
...
1.2
1.5
9.9
...
4.5
...
11.2
2.9
3.5
...
13.6
2.7
11.6
1.2
2.5
...
...
2.4
...
9.8
...
1.6
...
.9
1.3
2.4
1.2
dd
62
dd
9
dd
9
31
28
71
32
24
89
30
19
25
dd
18
...
...
...
45
cc
...
12
20
25
26
65
dd
87
31
19
24
9
dd
14
22
22
21
31
14
cc
14
dd
dd
55
dd
19
28
21
...
37
27
96
71
13
17
dd
dd
17
20
52
20
20
24
31
dd
dd
9
33
16
40
9
19
47
14
cc
12
cc
dd
22
dd
26
17
...
dd
dd
dd
8
20
15
41
18
19
28
cc
101.00
43.03
5.05
56.55
16.24
29.72
171.74
57.41
76.70
66.57
37.84
8.55
61.28
35.01
124.24
14.61
174.30
10.60
10.09
1.75
59.37
11.57
21.41
18.45
53.14
44.95
51.60
31.23
1.69
48.09
47.45
65.45
80.48
5.58
23.06
39.54
112.40
18.87
75.15
87.25
44.85
8.58
24.20
5.89
34.67
18.05
1.68
44.91
101.85
169.69
122.75
27.95
10.75
8.60
9.97
21.35
97.61
21.42
19.55
15.20
78.97
87.47
24.60
42.30
59.56
21.84
32.16
6.56
22.86
154.84
55.85
24.22
8.69
15.23
31.44
20.50
92.78
41.26
11.99
17.45
36.72
28.40
16.53
64.59
20.91
9.63
14.85
21.60
15.15
18.19
38.61
92.84
135.95
47.94
60.73
33.27
–2.86
–1.00
+0.18
–0.05
+0.01
+4.23
+4.67
–0.25
+2.36
–0.95
–0.48
–0.20
+0.02
+0.16
–0.98
–0.54
–0.40
–0.05
+0.05
+0.03
–0.27
–0.09
+1.26
–0.65
–0.18
–0.73
–0.43
+0.23
–0.05
–0.41
+1.24
–0.52
+0.25
+0.26
...
–1.83
–1.71
–0.96
+1.20
+0.53
–0.37
–0.05
–0.55
+0.25
–0.47
–0.20
–0.14
–0.08
+1.20
+2.23
+0.06
+0.40
+0.13
+0.20
+0.16
–0.38
–0.32
+0.39
–0.35
+0.40
–0.54
–0.66
–1.00
–0.81
–1.10
–0.41
+1.27
–0.01
–0.96
+0.70
+0.65
+0.64
–0.13
–0.01
+0.70
–0.15
+0.76
+0.51
–0.18
–0.10
+1.58
–0.06
–0.53
–1.17
–0.59
+0.09
–0.85
+0.35
–0.25
+0.09
–0.16
+0.15
–0.66
–1.01
+0.01
+1.82
...
...
.1146
.31
...
...
1.85
.21
...
.70
...
...
.14
.246
.78
...
.82
...
...
...
.4431
...
...
.05
.39
...
...
.28
...
.58
.25
.125
.495
...
...
.7262
.42
.15
.5625
.10
...
.18
.6225
...
...
...
.05
.19
.18
.63
1.34
.0984
.11
.10
...
.48
.42
.2201
.15
.1275
.225
.31
.07
.30
.10
.06
...
.33
...
.47
.21
.60
...
.17
...
.575
.67
.3565
...
.594
.2523
.8255
.58
.40
...
...
.09
...
.37
.014
.15
1.0115
.30
.15
.36
1.50
...
1.5
...
7.5
1.7
2.0
4.2
3.2
...
1.6
...
...
...
...
cc
18
...
17
20
30
23
9
30
21
...
...
...
...
29.71
20.50
3.94
53.10
95.04
14.08
37.87
31.59
19.31
76.46
10.25
9.74
1.35
10.35
+0.31
–0.29
–0.01
+0.76
+0.09
–0.11
+0.37
+0.23
+0.41
+0.21
...
+0.01
...
...
.0833
.075
...
1.00
.40
.07
.3975
1.00
.1215
.3125
...
...
...
...
T
TAL
TCF
TCF.WS
TCP
TEL
TGNA
TU
TX
TSU
TJX
TPGE.U
TPGE
TPGE.WS
TPGH.U
52-Week
High Low Name
9.89
1.65
20.70
18.46
82.32
11.43
26.20
43.02
29.50
55.50
37.34
48.85
61.83
74.24
128.46
40.34
76.79
24.79
39.70
37.09
26.82
11.77
20.40
6.30
2.70
25.27
37.90
5.10
40.19
10.53
8.66
186.54
271.23
16.85
11.64
36.19
32.98
70.45
37.21
22.72
76.80
70.96
39.34
44.63
48.90
115.86
38.54
5.29
38.31
458.00
24.10
57.71
201.20
26.50
17.10
48.61
156.86
23.70
244.23
123.46
3.90
2.65
20.72
105.70
16.57
20.40
103.90
53.10
23.00
14.23
51.08
39.68
76.40
91.29
73.86
58.76
57.07
80.51
33.65
13.01
128.44
6.60
51.85
35.00
295.00
49.31
16.16
24.00
56.77
137.95
16.17
14.80
25.15
90.42
118.65
20.35
43.04
45.25
38.25
75.20
29.43
14.41
43.85
34.80
28.40
29.50
5.27
74.36
10.28
21.48
3.80
33.00
34.95
25.56
9.66
1.20
18.61
11.31
41.61
4.15
9.40
28.62
21.79
41.13
21.81
34.33
39.59
48.56
94.00
28.97
44.78
18.26
10.45
24.53
14.56
5.14
13.85
1.65
1.30
18.59
15.65
1.83
17.83
7.50
6.27
119.67
157.80
13.06
9.15
28.10
24.57
39.57
25.91
12.25
60.05
51.54
27.05
25.24
28.67
75.20
26.30
1.85
10.85
259.00
7.40
43.66
140.00
15.74
11.05
42.22
87.96
7.92
173.55
20.37
1.00
0.82
15.96
76.08
8.02
9.90
85.88
39.40
12.48
7.97
30.45
34.30
35.31
72.59
55.77
45.18
48.15
48.65
21.00
7.00
103.62
5.00
44.90
11.94
203.72
37.40
7.20
8.68
30.74
113.76
11.38
10.13
14.65
40.26
61.57
8.91
27.75
24.09
25.01
57.70
15.05
11.76
15.69
19.65
10.20
19.30
3.82
52.39
6.50
12.00
2.44
22.60
22.80
14.12
TPG Pace
TPGPaceWt
TPG RE Fin
TRI Pointe
TableauSftwr
TahoeResources
TailoredBrands
TaiwanSemi
TallgrassEnerGP
TallgrassEnPtrs
Tanger
Tapestry
TargaResources
Target
TaroPharm
TataMotors
TaubmanCtrs
TaylorMorrison
Team
TechnipFMC
TeckRscsB g
Teekay
TeekayLNG un
TeekayOffshore
TeekayTankers
TejonRanch
Teladoc
Telaria
TelecomArgentina
TelecomItalia
TelecomItalia A
TeledyneTech
Teleflex
TelefonicaBras
Telefonica
TelekmIndonesia
Telephone&Data
TempurSealy
Tenaris
TenetHealthcare
Tennant
Tenneco
Teradata
Teradyne
Terex
TerraNitrogen
TerrenoRealty
TetraTech
TevaPharm
TexasPacLand
Textainer
Textron
ThermoFisherSci
Thermon
ThirdPointReins
ThomsonReuters
ThorIndustries
3D Systems
3M
Tidewater
TidewaterWtSeriesA
TidewaterWtSeriesB
TierReit
Tiffany
Tilly's
TimeInc.
TimeWarner
Timken
TimkenSteel
TItanIntl
Toll Bros
TootsieRoll
TopBuild
Torchmark
Toro
TorontoDomBk g
Total
TotalSystem
TowerIntl
TownsquareMedia
ToyotaMotor
Transalta g
TransCanada g
TrancntlRlty
TransDigm
Transmontaigne
Transocean
TransportadGas
TransUnion
Travelers
TravelportWorldwd
TrecoraResources
Tredegar
TreeHouseFoods
Trex
TriangleCap
TribuneMediaA
TriNet
TrinityIndustries
Trinseo
Triple-S Mgmt
TriplePtVent
TritonIntl
TriumphGroup
Tronox
TrueBlue
TsakosEnergy
Tupperware
TurkcellIletism
TurningPoint
TurquoiseHill
TutorPerini
Twilio
Twitter
Tick
Div
Sym Yld P/E Last Chg. Amt.
TPGH
TPGH.WS
TRTX
TPH
DATA
TAHO
TLRD
TSM
TEGP
TEP
SKT
TPR
TRGP
TGT
TARO
TTM
TCO
TMHC
TISI
FTI
TECK
TK
TGP
TOO
TNK
TRC
TDOC
TLRA
TEO
TI
TI.A
TDY
TFX
VIV
TEF
TLK
TDS
TPX
TS
THC
TNC
TEN
TDC
TER
TEX
TNH
TRNO
TTI
TEVA
TPL
TGH
TXT
TMO
THR
TPRE
TRI
THO
DDD
MMM
TDW
TDW.WS.A
TDW.WS.B
TIER
TIF
TLYS
TIME
TWX
TKR
TMST
TWI
TOL
TR
BLD
TMK
TTC
TD
TOT
TSS
TOWR
TSQ
TM
TAC
TRP
TCI
TDG
TLP
RIG
TGS
TRU
TRV
TVPT
TREC
TG
THS
TREX
TCAP
TRCO
TNET
TRN
TSE
GTS
TPVG
TRTN
TGI
TROX
TBI
TNP
TUP
TKC
TPB
TRQ
TPC
TWLO
TWTR
...
...
8.0
...
...
5.0
3.3
2.9
5.5
8.2
5.2
3.1
7.5
3.8
...
...
3.8
...
...
1.7
.6
2.4
2.8
1.7
8.6
...
...
...
3.3
...
4.2
...
.5
...
4.9
2.3
2.2
...
1.6
...
1.2
1.7
...
.7
.7
6.8
2.5
...
1.8
.1
...
.1
.3
...
...
3.2
1.0
...
2.0
...
...
...
3.5
1.9
...
.9
1.8
2.2
...
.2
.7
1.0
...
.7
1.2
3.2
5.3
.7
1.6
...
...
2.1
4.0
...
...
7.7
...
...
...
2.1
2.3
...
2.3
...
...
12.6
2.4
...
1.4
2.0
...
11.3
4.8
.6
.9
...
5.1
4.3
2.9
...
...
...
...
...
...
...
...
16
dd
15
16
18
32
12
43
27
dd
14
13
15
62
13
dd
...
8
dd
24
dd
dd
dd
dd
dd
19
...
...
31
45
21
17
19
dd
21
cc
dd
cc
18
78
20
dd
13
46
dd
dd
51
cc
24
32
56
8
30
19
dd
26
dd
...
...
dd
28
30
dd
17
20
dd
dd
15
34
37
19
27
14
16
35
9
12
11
cc
31
dd
35
16
dd
25
42
16
18
cc
11
dd
35
18
dd
23
25
11
...
9
18
dd
36
20
19
23
15
12
31
13
dd
dd
9.73
1.55
19.05
17.92
69.20
4.79
21.83
39.65
25.74
45.85
26.51
44.23
48.42
65.25
104.71
33.07
65.43
24.47
14.90
31.31
26.17
9.32
20.15
2.36
1.40
20.76
34.85
4.03
36.63
8.63
7.21
181.15
248.82
14.83
9.68
32.22
27.80
62.69
31.86
15.16
72.65
58.54
38.46
41.87
48.22
79.81
35.06
4.27
18.95
446.63
21.50
56.59
189.88
23.67
14.65
43.59
150.72
8.64
235.37
24.40
2.38
2.08
20.39
103.95
14.76
18.45
91.47
49.15
15.19
12.88
48.02
36.40
75.74
90.71
65.23
58.58
55.28
79.09
30.55
7.68
127.17
5.95
48.64
31.32
274.62
39.45
10.68
22.23
54.96
135.64
13.07
13.50
19.20
49.46
108.39
9.49
42.47
44.34
37.46
72.60
24.85
12.69
37.45
27.20
20.51
27.50
3.91
62.70
10.20
21.13
3.43
25.35
23.60
24.01
–0.02
–0.05
–0.40
+0.10
–0.99
+0.11
–0.65
+0.02
+1.12
+0.28
+1.10
–0.15
+1.23
–0.14
–1.32
+0.24
+1.05
+0.19
+0.45
+0.16
+0.76
+0.14
+0.10
+0.07
...
–0.17
–0.35
+0.04
–2.01
–0.15
–0.81
–0.09
–0.62
–0.10
–0.04
+0.87
+0.01
–0.86
+0.20
+0.03
+1.45
+0.16
–0.07
–0.92
–0.29
–0.20
+0.28
+0.04
+0.20
+13.63
–0.35
–0.17
–0.54
–0.04
–0.55
+0.17
–1.11
–0.88
+0.64
–0.26
+0.02
+0.08
+0.11
+1.11
–0.77
–0.10
–0.91
+0.35
+1.05
–0.17
+0.73
–0.50
+1.77
+0.02
+0.15
+1.21
+0.14
+0.29
–1.10
–0.22
–1.15
+0.20
+0.14
–1.98
+3.97
+0.60
+0.32
–1.27
–0.20
+1.25
–0.10
...
–0.10
+0.93
+1.38
–0.21
–0.03
+0.66
+0.19
–0.05
–1.64
–0.36
–0.86
–0.15
+0.45
–0.65
+0.02
+0.36
+0.24
+2.98
+0.10
+0.10
–1.21
–0.45
...
...
.38
...
...
.02
.18
1.1512
.355
.945
.3425
.3375
.91
.62
...
...
.625
...
...
.13
.3141
.055
.14
.01
.03
...
...
...
1.2188
...
.3061
...
.34
.2723
.2354
.1466
.155
...
.26
...
.21
.25
...
.07
.08
1.36
.22
...
.085
1.00
...
.02
.15
...
...
.345
.37
...
1.175
...
...
...
.18
.50
.70
.04
.4025
.27
...
.005
.08
.09
...
.15
.20
.4699
.734
.13
.12
...
...
.0313
.492
...
22.00
.755
...
...
...
.72
.075
...
.11
...
...
.30
.25
...
.13
.36
...
.36
.45
.04
.045
...
.05
.68
.2957
.04
...
...
...
...
For personal Do not edit or alter. Reproductions not permitted.
To reprint or license content, please contact Barron's reprints department at 800-843-0008 or
M20
BARRON’S
January 1, 2018
Nasdaq Issues
Nasdaq Issues includes stocks traded on the Nasdaq Global Select and Nasdaq Global Market tiers. They are eligible for inclusion on the basis of SEC-approved market
value of publicly-held shares, trading volume, price and number of market-makers.
52-Week
High Low Name
Tick
Div
Sym Yld P/E Last Chg. Amt.
For personal Do not edit or alter. Reproductions not permitted.
To reprint or license content, please contact Barron's reprints department at 800-843-0008 or
A
38.20
41.20
25.00
14.06
8.48
22.34
4.73
36.60
67.61
69.40
21.66
13.74
74.70
155.14
27.59
31.52
186.37
6.62
87.82
4.24
20.50
10.75
55.44
200.28
25.07
69.57
7.20
54.34
43.68
33.18
6.00
5.75
22.43
27.79
5.66
33.25
33.00
67.40
15.95
30.40
38.22
9.29
40.75
2.33
186.27
25.10
14.05
81.75
12.25
95.00
10.06
4.20
28.19
8.14
2.50
66.60
58.99
6.18
2.95
6.04
12.98
72.73
9.05
1.25
15.48
40.00
26.75
3.30
71.64
31.23
20.25
34.00
49.49
2.91
14.73
25.45
149.34
34.80
266.41
1.72
63.40
40.53
182.25
15.40
32.31
25.55
35.16
6.09
15.20
66.15
147.63
23.00
1086.49
1078.49
5.80
14.52
73.25
25.59
35.00
46.99
50.80
4.47
1213.41
23.55
12.78
65.39
67.98
65.91
400.99
6.25
54.48
43.00
134.03
29.95
25.06
18.06
6.03
4.82
18.03
2.81
11.93
46.89
51.20
12.51
10.24
42.23
91.89
21.75
24.75
109.62
2.96
49.50
0.50
14.65
4.68
43.66
103.53
17.75
35.36
2.90
26.92
23.07
24.36
3.60
1.55
8.29
10.24
2.69
21.32
13.60
35.95
11.85
21.80
13.50
3.85
29.90
1.32
102.47
18.65
6.01
26.60
7.65
53.79
2.71
2.40
19.11
2.81
0.51
37.30
24.70
0.98
1.15
1.82
8.60
39.24
2.49
0.09
8.77
15.97
14.97
1.04
44.65
8.10
8.58
17.74
26.84
1.60
7.00
8.60
96.18
25.50
88.56
1.08
46.43
31.20
111.54
8.66
22.71
17.60
19.10
4.54
10.19
40.15
35.98
14.81
789.62
770.41
1.58
7.20
38.43
16.55
1.51
16.17
35.20
2.81
747.70
13.17
5.04
40.06
56.10
42.05
338.30
5.30
39.21
33.80
110.43
AAON
ACADIA Pharm
ACI Worldwide
AC Immune
ACM Research
AGNC Invt
ALJ Regional
AMAG Pharm
AMC Networks
Amerisafe
A-MarkPrecMetals
ANGI Homesvcs
ANI Pham
Ansys
ARKRestaurants
ARRIS Intl
ASML
ATA
ATN Intl
AVEO Pharma
AVHomes
AXT
Abaxis
Abiomed
Ablynx
AcaciaComms
AcaciaResearch
AcadiaHealthcare
AcceleronPharma
AccessNational
Accuray
AcelRxPharm
Aceto
Achaogen
AchillionPharm
AclarisTherap
AcordaTherap
ActivisionBliz
Actua
Acxiom
AdamasPharm
AdaptimmuneTher
AddusHomeCare
ADDvantage
AdobeSystems
Adtran
AduroBiotech
AdvAcceltrApp
AdvEmissions
AdvEnergyInds
Advaxis
AdverumBiotech
Aegion
AegleaBioTherap
Aemetis
AeriePharm
AeroVironment
AeviGenomic
Affimed
AgileTherap
Agilysys
AgiosPharm
AgroFresh
AgroFresh Wt
AileronTherap
AimmuneTherap
AirTransportSvcs
AirMedia
AkamaiTech
AkceaTherap
AkebiaTherap
Akorn
Alarm.com
AlaskaCommSys
AlcentraCapital
AlderBioPharm
AlexionPharm
Alico
AlignTech
AlimeraSciences
Alkermes
AllegianceBcshs
AllegiantTravel
AllenaPharm
AllianceHldgsGP
AllianceResource
AlliedMotionTech
AllotComms
AllscriptsHlthcr
AlmostFamily
AlnylamPharm
Alpha&OmegaSem
Alphabet A
Alphabet C
Alphatec
AlpineImmune
Altaba
AltairEngg
Altimmune
AltisourcePortf
AltraIndlMotion
Amarin
Amazon.com
AmbacFin
AmbacFinWt
Ambarella
Amdocs
Amedisys
Amerco
AmerFirstMultifam
AmerAirlines
AmNtlBcsh
AmericanNatlIns
AAON
ACAD
ACIW
ACIU
ACMR
AGNC
ALJJ
AMAG
AMCX
AMSF
AMRK
ANGI
ANIP
ANSS
ARKR
ARRS
ASML
ATAI
ATNI
AVEO
AVHI
AXTI
ABAX
ABMD
ABLX
ACIA
ACTG
ACHC
XLRN
ANCX
ARAY
ACRX
ACET
AKAO
ACHN
ACRS
ACOR
ATVI
ACTA
ACXM
ADMS
ADAP
ADUS
AEY
ADBE
ADTN
ADRO
AAAP
ADES
AEIS
ADXS
ADVM
AEGN
AGLE
AMTX
AERI
AVAV
GNMX
AFMD
AGRX
AGYS
AGIO
AGFS
AGFSW
ALRN
AIMT
ATSG
AMCN
AKAM
AKCA
AKBA
AKRX
ALRM
ALSK
ABDC
ALDR
ALXN
ALCO
ALGN
ALIM
ALKS
ABTX
ALGT
ALNA
AHGP
ARLP
AMOT
ALLT
MDRX
AFAM
ALNY
AOSL
GOOGL
GOOG
ATEC
ALPN
AABA
ALTR
ALT
ASPS
AIMC
AMRN
AMZN
AMBC
AMBCW
AMBA
DOX
AMED
UHAL
ATAX
AAL
AMNB
ANAT
.7
...
...
...
...
10.7
...
...
...
1.3
2.2
...
...
...
3.7
...
.8
...
1.2
...
...
...
1.3
...
...
...
...
...
...
2.2
...
...
2.5
...
...
...
...
.5
...
...
...
...
...
...
...
1.9
...
...
10.4
...
...
...
...
...
...
...
...
...
...
...
...
...
...
...
...
...
...
...
...
...
...
...
...
...
11.9
...
...
.8
...
...
...
...
1.8
...
11.0
10.3
.3
...
...
...
...
...
...
...
...
...
...
...
...
...
1.3
...
...
...
...
...
1.3
...
...
8.3
.8
2.6
2.6
39
dd
69
dd
...
5
7
dd
11
18
19
dd
cc
46
24
30
...
dd
dd
dd
22
36
41
92
dd
12
2
17
dd
27
dd
dd
49
dd
dd
dd
dd
cc
dd
dd
dd
dd
22
dd
52
22
dd
dd
2
13
dd
dd
dd
dd
dd
dd
43
dd
dd
dd
dd
dd
dd
...
...
dd
dd
dd
39
...
dd
33
58
dd
dd
dd
53
dd
67
dd
dd
25
17
...
8
5
38
dd
dd
46
dd
27
35
35
dd
dd
dd
...
1
cc
36
dd
cc
dd
...
56
22
42
23
21
13
19
17
36.70
30.11
22.67
12.80
5.25
20.19
3.15
13.25
54.08
61.60
14.65
10.46
64.45
147.59
27.03
25.69
173.82
4.62
55.26
2.79
16.65
8.70
49.52
187.41
24.99
36.23
4.05
32.63
42.44
27.84
4.30
2.03
10.33
10.74
2.88
24.66
21.45
63.32
15.60
27.56
33.89
6.68
34.80
1.47
175.24
19.35
7.50
81.62
9.66
67.48
2.84
3.50
25.43
5.41
.55
59.75
56.16
1.20
1.30
2.69
12.28
57.17
7.40
.41
10.54
37.82
23.14
1.15
65.04
17.36
14.87
32.23
37.75
2.68
8.39
11.45
119.59
29.50
222.19
1.33
54.73
37.65
154.75
10.06
26.79
19.70
33.09
5.33
14.55
55.35
127.05
16.36
1053.40
1046.40
2.66
11.20
69.85
23.92
1.99
28.00
50.40
4.01
1169.47
15.98
5.74
58.75
65.48
52.71
377.91
6.05
52.03
38.30
128.25
–0.05
+0.85
+0.22
+0.05
+0.30
–0.03
–0.01
–0.63
–2.14
+1.60
+0.51
–0.62
+1.07
+0.93
+1.03
–0.54
–1.40
–0.63
–0.50
–0.21
–0.15
–0.10
–0.09
–4.23
+1.27
–1.67
–0.25
+0.38
+0.25
–0.59
+0.05
–0.05
+0.03
–0.22
–0.08
+1.83
–0.15
–1.19
...
+0.01
–0.51
–0.32
+0.50
+0.04
+0.24
–3.20
–0.55
+0.02
–0.16
–2.80
–0.16
+0.05
+0.31
+0.23
–0.06
–0.95
–0.51
+0.02
–0.05
+0.17
–0.10
–0.95
+0.03
–0.04
+1.49
–1.73
+0.06
–0.61
–0.41
–1.97
–0.83
+0.15
+0.60
–0.20
–0.32
–0.20
+0.81
–0.65
–0.93
–0.04
+1.69
–1.60
–6.15
–0.76
+0.59
+0.40
+0.08
...
–0.03
–0.60
+3.09
–0.94
–15.46
–13.72
+0.04
+0.01
–1.73
+0.79
+0.40
–1.09
+0.95
–0.08
+1.11
+1.31
+0.24
–0.24
–0.26
–0.56
–1.36
...
–0.56
–1.10
+0.25
.13
...
...
...
...
.18
...
...
...
3.50
.08
...
...
...
.25
...
1.3072
.41
.17
...
...
...
.16
...
...
...
...
...
...
.15
...
...
.065
...
...
...
...
.30
...
...
...
...
...
...
...
.09
...
...
.25
...
...
...
...
...
...
...
...
...
...
...
...
...
...
...
...
...
...
...
...
...
...
...
...
...
.25
...
...
.06
...
...
...
...
.70
...
.735
.505
.025
...
...
...
...
...
...
...
...
...
...
...
...
...
.17
...
...
...
...
...
.22
...
.50
.125
.10
.25
.82
52-Week
High Low
24.49 12.46
27.40 17.40
49.33 34.30
15.90 12.97
13.05 9.00
7.82 2.89
136.05 69.65
49.40 30.20
51.30 41.05
4.40 3.36
191.10 145.62
16.60 4.86
12.48 8.32
19.95 12.05
15.45 3.99
27.93 8.80
12.45 1.86
93.99 71.00
89.50 66.00
102.63 15.17
27.45 23.70
44.75 29.60
18.85 14.80
60.29 41.64
6.24 1.20
24.17 12.45
61.00 40.03
21.88 3.55
6.82 5.60
52.25 21.63
34.53 14.60
177.20 114.76
10.15 3.25
60.89 31.66
103.41 21.88
3.70 1.93
25.49 10.77
4.50 1.15
19.97 10.02
4.79 0.95
8.63 4.85
8.25 2.35
38.75 16.95
102.60 84.21
18.55 10.58
18.04 5.81
15.40 4.05
35.09 11.30
17.87 15.60
69.27 17.33
69.03 56.15
5.68 0.13
5.00 2.80
1.70 0.92
13.40 6.73
39.76 29.81
4.54 1.42
19.73 10.40
43.22 29.37
6.61 1.65
42.00 19.40
17.84 8.87
3.10 2.40
69.38 52.23
10.35 6.15
73.37 45.70
44.19 23.95
15.65 11.00
23.00 11.80
158.66 95.01
20.79 11.21
4.35 3.00
20.20 15.20
9.95 6.76
25.99 19.24
3.49 2.13
68.70 45.45
20.80 12.15
53.45 23.96
25.18 14.78
694.00 454.10
6.50 2.13
41.75 30.70
33.43 13.90
8.43 5.83
10.54 2.09
131.10 73.60
121.77 94.11
12.30 7.52
116.15 46.41
24.14 10.35
7.65 3.99
4.24 0.17
46.32 20.71
6.50 4.35
37.05 14.00
28.17 20.57
27.98 4.60
7.10 3.53
Name
AmerOutdoor
AmericanPubEdu
AmRailcarInd
AmRvrBksh
AmerSoftware
AmerSupercond
AmericanWoodmark
AmerCarMart
AmerisBancorp
AmeriServFin
Amgen
AmicusTherap
AmkorTech
AmphastarPharm
AmtechSystems
AmTrustFinSvcs
Amyris
AnalogDevices
Analogic
AnaptysBio
AnchorBancorp
Andersons
AngioDynamics
AnikaTherap
AntheraPharm
ApellisPharm
ApogeeEnt
ApolloEnd
ApolloInv
AppFolio
Appian
Apple
AppliedGenetic
ApplMaterials
AppliedOptoelec
ApproachRscs
Apptio
AptevoTherap
AquinoxPharm
AralezPharm
AratanaTherap
ArbutusBiopharma
ArcBest
ArchCapital
ArchrockPtrs
ArcturusTherap
Ardelyx
ArenaPharm
AresCapital
arGEN-X
ArgoGroup
ArgosTherap
Arotech
ArQule
ArrayBioPharma
ArrowFinancial
ArrowheadPharm
Arsanis
ArtesianRscs A
AscenaRetail
AscendisPharma
AscentCapital A
AsiaPacificWire
AspenTech
AstaFunding
AstecIndustries
Astronics
AstroNova
AtaraBiotherap
AthenaHealth
Athenex
AtlanticAmerican
AtlCapitalBcshs
AtlanticCoastFin
AtlanticaYield
Atlanticus
AtlasAir
AtlasFinancial
Atlassian
AtriCure
Atrion
aTyrPharma
AuburnNatlBncp
AudentesTherap
AudioCodes
AuriniaPharm
Autodesk
ADP
AvadelPharm
AveXis
AviatNetworks
AvidTechnology
Avinger
AvisBudget
Aware
AxcelisTechs
AxonEnterprise
AxovantSciences
AxsomeTherap
Tick
Sym Yld P/E
AOBC ... 12
APEI ... 21
ARII 3.8 15
AMRB 1.3 18
AMSWA 3.8 20
AMSC ... dd
AMWD ... 29
CRMT ... 17
ABCB .8 21
ASRV 1.4 15
AMGN 3.0 16
FOLD ... dd
AMKR ... 9
AMPH ... cc
ASYS ... 16
AFSI 6.8 dd
AMRS ... dd
ADI 2.0 43
ALOG .5 dd
ANAB ... dd
ANCB ... 22
ANDE 2.1 dd
ANGO ... cc
ANIK ... 25
ANTH ... dd
APLS ... ...
APOG 1.2 16
APEN ... ...
AINV 10.6 16
APPF ... cc
APPN ... dd
AAPL 1.5 18
AGTC ... dd
AMAT .8 16
AAOI ... 9
AREX ... dd
APTI ... dd
APVO ... dd
AQXP ... dd
ARLZ ... dd
PETX ... dd
ABUS ... dd
ARCB .9 38
ACGL ... 29
APLP 9.6 dd
ARCT ... dd
ARDX ... dd
ARNA ... dd
ARCC 9.7 12
ARGX ... ...
AGII 1.8 36
ARGS ... dd
ARTX ... dd
ARQL ... dd
ARRY ... dd
AROW 2.9 17
ARWR ... dd
ASNS ... ...
ARTNA 2.4 27
ASNA ... dd
ASND ... dd
ASCMA ... dd
APWC ... 12
AZPN ... 31
ASFI ... dd
ASTE .7 35
ATRO ... 35
ALOT 2.0 28
ATRA ... dd
ATHN ... cc
ATNX ... dd
AAME .6 24
ACBI ... 34
ACFC ... 25
AY 5.5 68
ATLC ... dd
AAWW ... 56
AFH ... cc
TEAM ... dd
ATRC ... dd
ATRI .8 35
LIFE ... dd
AUBN 2.4 17
BOLD ... dd
AUDC ... 14
AUPH ... dd
ADSK ... dd
ADP 2.2 30
AVDL ... 4
AVXS ... dd
AVNW ... dd
AVID ... dd
AVGR ... dd
CAR ... 32
AWRE ... 41
ACLS ... 24
AAXN ... cc
AXON ... dd
AXSM ... dd
17.05
21.50
16.97
47.55
25.70
93.97
21.30
274.97
89.50
26.95
25.45
5.94
61.05
BCB Bancorp
BCommunications
BGC Partners
BJsRestaurants
BMC Stock
BOK Fin
B RileyFin
Baidu
Balchem
Baldwin&Lyons A
Baldwin&Lyons B
BallardPower
BancFirst
BCBP
BCOM
BGCP
BJRI
BMCH
BOKF
RILY
BIDU
BCPC
BWINA
BWINB
BLDP
BANF
Last
12.84
25.05
41.64
15.24
11.63
3.63
130.25
44.65
48.20
4.15
173.90
14.39
10.05
19.24
10.07
10.07
3.75
89.03
83.75
100.72
24.80
31.15
16.63
53.91
1.65
21.70
45.73
5.60
5.66
41.50
31.48
169.23
3.60
51.12
37.82
2.96
23.52
4.24
11.76
1.42
5.26
5.05
35.75
90.77
11.91
7.95
6.60
33.97
15.72
63.14
61.65
.15
3.55
1.65
12.80
33.95
3.68
12.76
38.56
2.35
40.06
11.49
2.75
66.20
7.50
58.50
41.47
13.85
18.10
133.04
15.90
3.40
17.60
9.43
21.21
2.40
58.65
20.55
45.52
18.24
630.60
3.50
38.90
31.25
7.36
4.53
104.83
117.19
8.20
110.67
15.17
5.39
.18
43.88
4.50
28.70
26.50
5.27
5.60
Div
Chg. Amt.
–0.15 ...
–0.55 ...
+1.20 .40
+0.14 .05
–0.13 .11
+0.07 ...
+2.80 ...
–0.50 ...
–0.95 .10
... .015
–2.52 1.32
+0.23 ...
–0.27 ...
–0.13 ...
–0.09 ...
–0.20 .17
+0.20 ...
+0.18 .45
–3.45 .10
+2.15 ...
+0.03 ...
–0.70 .165
... ...
+1.69 ...
+0.15 ...
+3.25 ...
+1.99 .14
+0.50 ...
–0.06 .15
+0.35 ...
+3.55 ...
–5.78 .63
... ...
–0.94 .10
–2.14 ...
+0.11 ...
+0.66 ...
+0.06 ...
+0.16 ...
–0.08 ...
–0.14 ...
+0.25 ...
–1.30 .08
+1.06 ...
+0.12 .285
–0.37 ...
–0.25 ...
+2.28 ...
–0.08 .38
+1.00 ...
+0.25 .27
... ...
–0.10 ...
+0.03 ...
+0.53 ...
–1.25 .25
–0.03 ...
+0.06 ...
–0.26 .2352
–0.06 ...
+0.59 ...
+0.06 ...
–0.05 .10
+0.51 ...
–0.18 ...
+1.19 .10
–1.30 ...
–0.10 .07
+2.50 ...
–1.56 ...
–0.73 ...
–0.45 .02
+0.15 ...
–0.03 ...
+0.20 .29
+0.05 ...
–1.50 ...
+1.50 ...
–0.74 ...
–0.03 ...
–6.45 1.20
–0.35 ...
+1.58 .23
+0.25 ...
+0.18 ...
–0.28 ...
+0.94 ...
+0.31 .63
+0.17 ...
+1.52 ...
+0.06 ...
–0.50 ...
–0.03 ...
–1.28 ...
–0.05 ...
–0.90 ...
+0.06 ...
+0.30 ...
+0.38 ...
14.50
18.40
15.11
36.40
25.30
92.32
18.10
234.21
80.60
24.25
23.95
4.41
51.15
–0.10
+2.10
–0.06
+0.05
+0.55
–0.59
–0.45
–4.84
–0.51
+1.05
+0.05
–0.09
–2.80
B
12.05
12.20
10.20
28.00
17.45
73.44
13.55
163.56
71.95
21.41
21.20
1.65
42.50
3.9
...
4.8
1.2
...
1.9
1.8
...
.5
4.5
4.5
...
1.6
16
16
32
24
34
19
12
30
41
55
54
dd
19
.14
...
.18
.11
...
.45
.04
...
.42
.27
.27
...
.21
52-Week
High Low
24.99 18.05
11.00 8.60
12.40 9.10
39.00 29.43
56.86 40.15
17.00 13.13
38.50 28.79
62.75 51.61
40.65 11.07
69.32 44.52
41.30 24.90
5.50 3.80
64.88 39.57
10.45 8.66
18.19 5.70
42.36 19.07
118.95 29.06
29.90 18.80
33.45 21.65
2.74 0.49
15.55 7.41
18.80 14.30
37.10 22.30
17.75 6.00
136.39 95.68
9.25 3.95
348.84 244.28
100.51 80.10
3.39 1.00
58.79 41.95
39.20 21.05
64.41 40.00
15.95 2.85
104.55 61.98
46.70 32.60
40.28 25.95
7.89 6.09
22.47 16.11
26.15 14.25
21.90 15.35
33.09 21.51
22.05 16.40
222.03 60.95
7.55 4.65
92.00 27.71
79.70 47.29
32.57 21.60
25.99 10.46
22.35 11.45
17.88 13.95
11.66 8.18
36.47 21.52
5.30 1.65
38.45 29.80
18.00 10.50
9.30 5.40
75.00 52.75
285.68 173.31
55.05 33.85
24.96 21.13
17.45 13.60
34.77 16.51
36.53 21.10
46.55 36.80
6.35 4.10
165.70 95.00
22.08 10.57
2.05 0.40
Name
Bandwidth
BankMutual
BankofCommerce
BankofPrinceton
BankofOzarks
BankFinancial
BankwellFin
Banner
Baozun
BarrettBus
BassettFurniture
Bazaarvoice
BeaconRoof
BearStateFin
BeasleyBroadcast
BedBath
BeiGene
BelFuse A
BelFuse B
BellerophonTherap
BellicumPharm
BeneficialBncp
Benefitfocus
Big5SportingGds
Bio-Techne
BioCryst
Biogen
BioMarinPharm
BioScrip
BioSpecificsTech
BioTelemetry
Bioverativ
BlackBox
Blackbaud
BlackhawkNtwk
BlackLine
BlackRockCapInvt
BloominBrands
Blucora
BlueBird
BlueBuffaloPet
BlueHillsBncp
bluebirdbio
BlueknightEner
BlueprintMed
BobEvansFarms
BofI
BoingoWireless
Bojangles'
BostonPrivFin
BostonPrvtFnl Wt
Bottomline
BravoBrioRestr
BridgeBancorp
BridgfordFoods
Brightcove
BrighthouseFin
Broadcom
BroadSoft
BrookfieldProp
BrooklineBcp
Brooks Auto
Bruker
BrynMawrBank
Bsquare
BuffWildWngs
BuildersFirstSrc
BurconNutraScience
Tick
Sym Yld P/E
BAND ... ...
BKMU 2.1 31
BOCH 1.0 17
BPRN ... 15
OZRK 1.5 17
BFIN 2.1 27
BWFG .8 18
BANR 1.8 19
BZUN ... cc
BBSI 1.6 22
BSET 1.2 22
BV ... dd
BECN ... 39
BSF 1.2 18
BBGI 1.3 6
BBBY 2.7 6
BGNE ... dd
BELFA 1.1 24
BELFB 1.1 24
BLPH ... dd
BLCM ... dd
BNCL 1.5 35
BNFT ... dd
BGFV 7.9 8
TECH 1.0 67
BCRX ... dd
BIIB ... 20
BMRN ... dd
BIOS ... dd
BSTC ... 27
BEAT ... 23
BIVV ... 13
BBOX 13.5 dd
BLKB .5 87
HAWK ... dd
BL ... dd
BKCC 11.6 24
BLMN 1.5 28
BCOR ... 19
BLBD ... 35
BUFF ... 38
BHBK 3.0 25
BLUE ... dd
BKEP 11.4 dd
BPMC ... dd
BOBE 1.7 dd
BOFI ... 14
WIFI ... dd
BOJA ... 14
BPFH 2.8 18
BPFHW ... ...
EPAY ... dd
BBRG ... dd
BDGE 2.6 18
BRID ... 14
BCOV ... dd
BHF ... ...
AVGO 2.7 62
BSFT ... dd
BPY 5.3 96
BRKL 2.3 20
BRKS 1.7 27
BRKR .5 37
BMTC 2.0 20
BSQR ... dd
BWLD ... 41
BLDR ... 29
BUR ... dd
16.25
36.54
65.05
2.35
31.50
30.72
72.25
71.53
51.80
89.89
20.45
155.29
10.80
29.76
25.50
47.30
25.00
51.34
13.54
17.00
50.00
58.35
25.49
102.92
45.64
13.60
44.00
3.72
50.40
24.69
84.95
20.05
30.60
9.95
31.89
47.41
7.96
19.09
17.55
99.25
26.01
4.00
17.76
14.65
Cadiz
CA
C&F Fin
CBAK Energy
CB FinSvcs
CBTX
CDK Global
CDW
CEVA
CH Robinson
CIM Comm
CME Group
CM Finance
CNB FinPA
CPI Card
CRA Intl
CRISPR Therap
CSG Systems
CSI Compressco
CSP
CSW Industrials
CSX
CVB Fin
CabotMicro
CadenceDesign
CaesarsEnt
Caesarstone
CafePress
Cal-MaineFoods
CalAmp
CalavoGrowers
CalitheraBiosci
CallidusSoftware
CalumetSpecialty
Calyxt
CamdenNational
Camtek
CanadianSolar
CanterburyPark
CapellaEducation
CapitalCityBank
CapitalProduct
CapitalSouthwest
CapitalaFinance
CDZI
CA
CFFI
CBAK
CBFV
CBTX
CDK
CDW
CEVA
CHRW
CMCT
CME
CMFN
CCNE
PMTS
CRAI
CRSP
CSGS
CCLP
CSPI
CSWI
CSX
CVBF
CCMP
CDNS
CZR
CSTE
PRSS
CALM
CAMP
CVGW
CALA
CALD
CLMT
CLXT
CAC
CAMT
CSIQ
CPHC
CPLA
CCBG
CPLP
CSWC
CPTA
Last
23.12
10.65
11.50
34.34
48.45
15.34
34.34
55.12
31.56
64.49
37.60
5.45
63.76
10.23
13.40
21.99
97.72
21.82
25.18
2.58
8.41
16.45
27.00
7.60
129.55
4.91
318.57
89.17
2.91
43.33
29.90
53.92
3.55
94.49
35.65
32.80
6.23
21.34
22.10
19.90
32.79
20.10
178.10
5.10
75.41
78.82
29.90
22.50
11.80
15.45
9.62
34.68
2.50
35.00
12.55
7.10
58.64
256.90
54.90
22.16
15.70
23.85
34.32
44.20
4.65
156.35
21.79
.52
Div
Chg. Amt.
+0.07 ...
–0.25 .055
–0.05 .03
–0.12 ...
–0.99 .185
–0.38 .08
+0.20 .07
–1.34 .25
+1.00 ...
+0.29 .25
–1.25 .35
... ...
+2.27 ...
–0.02 .03
–0.15 .045
–0.44 .15
–2.60 ...
–1.31 .06
–1.02 .07
+0.15 ...
–0.32 ...
–0.25 .06
+0.15 ...
–0.05 .15
+1.22 .32
–0.18 ...
–0.93 ...
–1.29 ...
+0.08 ...
+0.01 ...
–0.85 ...
–0.12 ...
+0.20 .12
–1.69 .12
+1.80 ...
–2.24 ...
+0.09 .18
+0.20 .08
–0.40 ...
+0.40 ...
+0.28 ...
–0.65 .15
–1.45 ...
–0.05 .145
–3.06 ...
–0.06 .34
+0.86 ...
–0.63 ...
+0.25 ...
–0.35 .11
–0.74 ...
+0.02 ...
–0.20 ...
–0.65 .23
–0.17 ...
+0.35 ...
–0.90 ...
–5.45 1.75
–0.05 ...
+0.63 .295
–0.20 .09
–0.55 .10
+0.24 .04
–1.05 .22
+0.15 ...
+0.10 ...
+0.53 ...
–0.01 ...
14.25
33.28
58.00
1.48
30.00
29.66
71.28
69.49
46.15
89.09
19.10
146.05
8.15
26.24
3.67
44.95
23.48
43.82
5.47
15.81
45.95
55.01
23.56
94.08
41.82
12.65
22.00
1.85
44.45
21.43
84.40
8.35
28.65
7.70
22.03
42.13
5.72
16.86
16.25
77.40
22.94
3.36
16.55
7.28
+0.35
–0.24
–3.20
+0.03
–0.75
+0.14
–0.06
+0.29
+0.40
+0.39
–0.45
–2.93
+0.10
–0.83
+0.07
+0.69
+2.33
–0.95
+0.46
+2.81
+0.35
+0.01
–0.60
–0.95
–0.44
+0.10
–0.20
–0.07
+0.55
+0.38
+5.70
–0.10
–0.35
–0.85
–0.93
–0.94
–0.02
–0.24
+0.30
–2.70
–1.55
–0.03
–0.25
–0.23
C
9.65
30.45
42.25
1.20
25.10
27.20
58.52
50.49
32.00
63.41
15.10
113.27
7.40
20.91
2.90
31.77
11.63
35.48
4.12
8.25
34.05
35.59
19.58
62.41
25.18
8.15
21.15
1.67
33.40
14.42
48.75
3.20
16.10
3.40
9.26
37.10
3.00
10.86
9.80
65.15
17.68
3.10
15.04
7.12
...
3.1
2.3
...
2.9
.7
.8
1.2
...
2.1
2.6
1.8
12.3
2.5
...
1.5
...
1.8
13.7
2.8
...
1.5
2.4
.9
...
...
...
...
...
...
1.1
...
...
...
...
2.4
...
...
1.5
2.2
1.2
9.5
6.3
13.7
dd
19
15
dd
16
...
35
26
54
27
4
33
5
16
dd
32
dd
24
dd
25
38
28
23
28
45
dd
16
dd
dd
44
40
dd
dd
dd
...
16
15
43
25
22
27
12
9
66
...
.255
.34
...
.22
.05
.15
.21
...
.46
.73
3.50
.25
.165
...
.17
...
.1975
.1875
.11
...
.20
.14
.20
...
...
...
...
...
...
.95
...
...
...
...
.25
...
...
.06
.43
.07
.08
.26
.0833
52-Week
High Low
16.98 13.03
22.22 16.00
28.50 9.12
27.00 15.30
33.11 23.00
56.00 15.80
7.98 0.76
13.92 7.62
19.86 14.71
35.42 25.85
24.85 14.98
39.48 11.10
17.55 9.90
17.78 13.25
5.24 3.18
23.20 11.15
125.35 99.76
67.88 53.23
5.51 1.08
45.54 34.00
24.59 15.37
157.80 93.65
88.96 56.96
128.32 72.54
14.46 4.68
147.17 94.55
1.61 0.54
4.02 2.20
35.07 16.60
13.80 5.05
64.75 16.73
27.95 21.77
5.20 2.40
42.29 29.08
41.34 28.12
20.68 8.39
89.40 53.35
7.79 0.76
4.23 1.64
73.86 47.09
4.70 1.93
44.55 21.13
48.78 32.04
408.83 282.54
119.20 84.00
67.14 38.34
21.90 11.85
58.17 43.61
10.80 5.42
56.83 31.72
11.15 1.66
2.95 1.25
13.26 6.79
147.50 92.95
6.64 4.17
120.46 72.21
4.14 1.32
2.17 1.18
66.10 10.81
146.25 47.72
3.60 1.45
5.10 3.85
3.16 0.72
21.99 13.94
239.50 141.00
32.90 18.00
11.75 5.60
123.95 78.80
81.98 68.24
3.00 1.11
163.45 112.96
71.97 48.61
38.99 29.80
28.12 15.54
14.43 12.05
24.25 17.30
26.61 22.65
88.98 70.24
74.90 58.80
8.00 5.00
3.29 1.96
21.50 11.00
10.46 5.44
20.15 15.05
17.94 15.21
99.45 39.83
22.01 15.39
249.54 162.31
8.55 3.60
33.46 22.82
54.85 37.85
6.30 3.15
72.99 31.18
76.51 51.52
320.73 135.74
29.59 8.05
26.17 12.64
30.82 19.69
20.92 7.37
62.25 34.70
14.75 11.10
48.06 35.67
72.54 51.56
41.50 22.88
42.18 34.12
57.91 49.43
24.53 13.74
22.50 13.73
11.85 5.15
42.75 30.95
5.19 3.41
0.05 ...
51.90 40.33
11.00 9.12
64.60 47.61
5.40 2.25
36.15 21.60
6.33 4.14
23.90 10.51
Name
CapitolFedFin
CapStarFin
CaraTherap
Carbonite
CardiovascularSys
Cardtronics
CareDx
CareerEducation
CareTrustREIT
CarGurus
Carlyle
CarrizoOil
CarrolsRestr
CasaSystems
CascadianTherap
CasellaWaste
CaseysGenStores
CassInfoSys
CatabasisPharm
CathayGenBncp
CathayGenBncpWt
CavcoIndustries
Cavium
CboeGlobalMkts
CECO Env
Celgene
Celgene Rt
CelldexTherap
Cellectis
CellularBiomed
Celyad
CenterStateBank
CentralEurMedia
CentralGarden
CentralGardenA
CenturyAluminum
CenturyBancorpA
Cenveo
Ceragon
Cerner
Cerus
Changyou.com
ChartIndustries
CharterComms
CheckPoint
Cheesecake
ChefsWarehouse
ChemicalFin
ChemoCentryx
ChemungFinl
Cherokee
Chiasma
ChickenSoupEntA
Children'sPlace
Chimerix
ChinaBiologic
ChinaFinance
ChinaHGSRealEst
ChinaInternet
ChinaLodging
ChinaTechFaith
ChinaXDPlastics
ChinaCache
ChipMOSTechs
ChurchillDowns
Chuy's
CidaraTherap
Cimpress
CincinnatiFin
Cinedigm
Cintas
CirrusLogic
CiscoSystems
CitiTrends
CtznCmntyBcp
CitizensFirst
CitizensHolding
CitrixSystems
CityHolding
Clarus
CleanEnerFuels
Clearfield
ClearsideBiomed
ClementiaPharm
CliftonBancorp
ClovisOncology
CoBizFin
Coca-Cola Bottl
Codexis
CodorusValleyBncp
CogentComm
Cogint
Cognex
CognizantTech
Coherent
CoherusBioSci
Cohu
CollectorsUniv
CollegiumPharm
ColliersIntl
ColonyBankcorp
ColumbiaBanking
ColumbiaSportswr
ColumbusMcKinn
Comcast A
CommerceBcshrs
CommerceHub A
CommerceHub C
CommVehicle
CommScope
CommsSystems
CommunityHlthRt
CmntyTrBcp
CommunityWestBcshs
CommVaultSystems
Compugen
ComputerPrograms
ComputerTask
ComtechTel
Tick
Sym Yld P/E
CFFN 2.5 22
CSTR ... 67
CARA ... dd
CARB ... dd
CSII ... dd
CATM ... dd
CDNA ... dd
CECO ... dd
CTRE 4.4 36
CARG ... ...
CG 9.8 13
CRZO ... 14
TAST ... 18
CASA ... cc
CASC ... dd
CWST ... dd
CASY .9 27
CASS 1.6 28
CATB ... dd
CATY 2.3 17
CATYW ... ...
CVCO ... 34
CAVM ... dd
CBOE .9 68
CECE 5.8 dd
CELG ... 25
CELGZ ... ...
CLDX ... dd
CLLS ... dd
CBMG ... dd
CYAD ... dd
CSFL .9 20
CETV ... ...
CENT ... 26
CENTA ... 25
CENX ... dd
CNBKA .6 18
CVO ... dd
CRNT ... 10
CERN ... 34
CERS ... dd
CYOU ... 17
GTLS ... dd
CHTR ... cc
CHKP ... 22
CAKE 2.4 18
CHEF ... 39
CHFC 2.1 20
CCXI ... dd
CHMG 2.2 18
CHKE ... dd
CHMA ... dd
CSSE ... ...
PLCE 1.1 21
CMRX ... dd
CBPO ... 20
JRJC ... dd
HGSH ... 18
CIFS ... ...
HTHT ... 62
CNTF ... 5
CXDC ... 3
CCIH ... ...
IMOS ... 7
CHDN .7 32
CHUY ... 31
CDTX ... dd
CMPR ... dd
CINF 2.7 25
CIDM ... dd
CTAS 1.0 35
CRUS ... 13
CSCO 3.0 20
CTRN 1.2 26
CZWI 1.2 28
CZFC .8 14
CIZN 4.2 18
CTXS ... 30
CHCO 2.7 18
CLAR ... dd
CLNE ... dd
CLFD ... 44
CLSD ... dd
CMTA ... ...
CSBK 1.4 57
CLVS ... dd
COBZ 1.1 22
COKE .5 50
CDXS ... dd
CVLY 2.0 17
CCOI 4.2 cc
COGT ... dd
CGNX .6 45
CTSH .8 22
COHR ... 34
CHRS ... dd
COHU 1.1 22
CLCT 4.9 23
COLL ... dd
CIGI .2 39
CBAN .7 14
COLB 2.0 20
COLM 1.1 26
CMCO .4 47
CMCSA 1.6 19
CBSH 1.6 21
CHUBA ... 79
CHUBK ... 74
CVGI ... 55
COMM ... 38
JCS 4.5 dd
CYHHZ ... ...
CTBI 2.8 17
CWBC 1.5 16
CVLT ... cc
CGEN ... dd
CPSI 1.3 67
CTG ... 33
CMTL 1.8 31
Last
13.41
20.77
12.24
25.10
23.69
18.52
7.34
12.08
16.76
29.98
22.90
21.28
12.15
17.76
3.70
23.02
111.94
58.21
1.49
42.17
22.30
152.60
83.83
124.59
5.13
104.36
.97
2.84
29.15
11.25
43.10
25.73
4.65
38.92
37.71
19.64
78.25
.90
1.98
67.39
3.38
36.43
46.86
335.96
103.62
48.18
20.50
53.47
5.95
48.10
1.90
1.70
9.00
145.35
4.63
78.77
2.68
1.23
41.95
144.43
2.59
4.60
1.69
17.65
232.70
28.05
6.80
119.88
74.97
1.50
155.83
51.86
38.30
26.46
13.50
24.00
23.10
88.00
67.47
7.85
2.03
12.25
7.00
18.98
17.10
68.00
19.99
215.26
8.35
27.53
45.30
4.40
61.16
71.02
282.22
8.80
21.95
28.64
18.46
60.35
14.60
43.44
71.88
39.98
40.05
55.84
21.99
20.59
10.69
37.83
3.56
.01
47.10
10.65
52.50
2.50
30.05
5.10
22.12
Div
Chg. Amt.
–0.24 .29
–0.98 ...
... ...
+0.35 ...
+0.32 ...
+0.63 ...
+0.29 ...
–0.15 ...
–0.23 .185
+0.04 ...
+0.25 .56
–0.28 ...
–0.25 ...
+2.65 ...
–0.06 ...
+1.19 ...
+0.88 .26
–1.67 .24
–0.17 ...
–1.09 .24
–1.06 ...
+3.90 ...
–1.02 ...
+0.12 .27
+0.04 .075
–1.97 ...
+0.06 ...
... ...
+0.33 ...
+0.15 ...
+5.35 ...
–0.73 .06
... ...
+0.03 ...
+0.02 ...
+1.61 ...
–3.20 .12
... ...
+0.05 ...
+0.01 ...
–0.26 ...
+0.11 ...
+0.77 ...
–2.24 ...
+1.70 ...
–1.27 .29
–0.35 ...
–0.99 .28
+0.19 ...
–2.05 .26
–0.10 ...
+0.05 ...
–0.63 ...
+3.40 .40
+0.14 ...
–0.85 ...
–0.31 ...
–0.08 ...
–0.79 ...
+6.36 .64
–0.04 ...
... ...
–0.09 ...
+0.10 .1966
+5.75 1.52
+0.40 ...
–0.40 ...
+2.35 ...
+0.98 .50
+0.01 ...
–1.02 1.62
–0.52 ...
–0.25 .29
–0.61 .08
–0.13 .16
+0.45 .10
–0.05 .24
+0.12 ...
–0.74 .46
+0.10 ...
–0.05 ...
+0.20 ...
+0.66 ...
–1.04 ...
–0.24 .06
+2.10 ...
–0.54 .055
–6.71 .25
+0.45 ...
–0.47 .135
+0.95 .48
+0.25 ...
–0.73 .09
–0.68 .15
–12.99 ...
–0.75 ...
–0.38 .06
–1.32 .35
–0.13 ...
+1.25 .05
... .025
–1.32 .22
+0.28 .19
–0.06 .04
–0.73 .1575
–0.91 .225
–0.19 ...
–0.22 ...
–0.28 ...
–0.48 ...
–0.05 .04
... ...
–1.45 .33
–0.20 .04
+0.20 ...
–0.30 ...
+0.63 .10
–0.09 ...
–0.31 .10
52-Week
High Low
9.40 3.88
30.71 8.61
3.52 0.45
7.10 4.63
8.72 2.22
8.20 5.30
54.77 39.74
65.04 50.75
28.20 21.04
37.80 7.75
27.88 12.07
13.95 10.00
5.69 3.66
35.99 10.08
44.76 27.64
43.94 26.08
12.32 2.67
44.25 33.24
61.20 36.00
22.14 8.27
314.73 184.86
195.35 150.00
35.89 22.73
37.73 22.50
30.61 15.86
18.25 12.45
170.50 141.75
20.10 12.00
26.65 16.10
338.12 182.50
40.24 20.50
23.69 15.01
56.00 22.00
13.34 5.93
16.38 11.07
60.65 39.88
7.96 5.28
3.38 0.69
48.95 17.20
55.65 39.34
41.18 11.35
17.42 10.99
65.73 44.45
17.20 7.00
24.67 10.40
Name
ConatusPharm
ConcertPharm
ConcordiaIntl
ConcurrentComp
ConforMIS
Conifer
Conmed
ConnecticutWater
ConnectOneBncp
Conn's
ConsldComm
ConsldWater
ConsumerPtfo
Control4
Copart
Core-Mark
CoriumIntl
CornerstoneOnDem
Corvel
CorvusPharm
CoStar
Costco
CountyBancorp
CoupaSoftware
CovenantTranspt
Cowen
CrackerBarrel
CraftBrewAlliance
Cray
CreditAcceptance
Cree
Cresud
Criteo
Crocs
CrossCtyHlthcr
Ctrip.com
CumberlandPharm
Curis
Cutera
CyberArkSoftware
CyberOptics
CypressSemi
CyrusOne
Cytokinetics
CytomXTherap
Tick
Sym Yld P/E
CNAT ... dd
CNCE ... 7
CXRX ... dd
CCUR ... 2
CFMS ... dd
CNFR ... dd
CNMD 1.6 91
CTWS 2.1 28
CNOB 1.2 27
CONN ... cc
CNSL 12.7 dd
CWCO 2.7 31
CPSS ... 5
CTRL ... 56
CPRT ... 34
CORE 1.3 35
CORI ... dd
CSOD ... dd
CRVL ... 31
CRVS ... dd
CSGP ... 90
COST 1.1 30
ICBK .8 18
COUP ... dd
CVTI ... 44
COWN ... 68
CBRL 3.0 19
BREW ... cc
CRAY ... 65
CACC ... 17
CREE ... dd
CRESY 2.0 8
CRTO ... 22
CROX ... dd
CCRN ... ...
CTRP ... 77
CPIX ... dd
CRIS ... dd
CUTR ... 58
CYBR ... 66
CYBE ... 16
CY 2.9 dd
CONE 2.8 dd
CYTK ... dd
CTMX ... dd
50.57
6.30
66.50
26.15
14.20
42.00
11.12
73.48
7.95
8.55
24.50
18.80
22.95
68.98
21.38
38.75
31.23
5.88
4.35
3.64
88.80
219.90
127.45
23146
10.24
14.00
41.75
5.68
22.65
35.36
29.18
29.80
30.25
5.21
6.40
110.86
18.25
17.95
19.10
88.50
32.75
26.99
65.73
2.17
20.58
2.92
46.07
11.60
9.80
24.86
7.84
45.71
3.65
3.70
15.15
11.70
14.72
52.54
4.31
21.35
21.00
1.02
1.46
1.71
42.62
182.50
82.77
1.56
2.42
8.50
24.20
1.90
18.35
22.06
14.99
19.25
15.99
3.30
5.49
65.63
14.51
13.35
13.90
60.93
16.98
15.13
50.26
0.74
DBVTechnologies
DHX Media VV g
DISH Network
DMC Global
DSP Group
DXP Ents
Daktronics
Dave&Buster's
DAVIDsTEA
DawsonGeophys
DecipheraPharm
DelFrisco's
DenaliTherap
DentsplySirona
DepoMed
Dermira
Descartes
DestMaternity
DestinationXL
Deswell
DexCom
DiamondHillInvt
DiamondbkEner
DianaContainer
DicernaPharma
DigiIntl
Digimarc
Digirad
DimeComBcshrs
Diodes
DiscovComm C
DiscovComm B
DiscovComm A
DixieGroup
Dogness
DollarTree
DonegalGroup A
DonegalGroup B
DorchesterMnls
DormanProducts
DovaPharm
DuluthHoldings
Dunkin'
Durect
DBVT
DHXM
DISH
BOOM
DSPG
DXPE
DAKT
PLAY
DTEA
DWSN
DCPH
DFRG
DNLI
XRAY
DEPO
DERM
DSGX
DEST
DXLG
DSWL
DXCM
DHIL
FANG
DCIX
DRNA
DGII
DMRC
DRAD
DCOM
DIOD
DISCK
DISCB
DISCA
DXYN
DOGZ
DLTR
DGICA
DGICB
DMLP
DORM
DOVA
DLTH
DNKN
DRRX
3.85
32.19
16.91
51.04
2.21
1.62
6.15
22.32
7.61
97.15
63.92
31.50
39.28
81.85
7.20
29.00
62.50
13.06
13.40
7.98
32.85
19.00
10.00
2.25
25.97
14.01
32.25
0.37
0.89
3.73
17.35
4.18
45.05
48.07
18.85
29.51
52.40
4.26
13.00
49.82
9.45
7.30
6.04
13.12
6.25
0.80
EDAPTMS
EMC Insurance
ESSA Bancorp
E*TRADE
EV Energy
EVINE Live
EXFO
EagleBncpMT
EagleBulkShip
EaglePharm
EastWestBncp
Eastern
eBay
Ebix
Echelon
EchoGlobalLog
EchoStar
Ecology&Envt
EdgeTherap
EdgewaterTech
EditasMedicine
EducDev
Egalet
EDAP
EMCI
ESSA
ETFC
EVEP
EVLV
EXFO
EBMT
EGLE
EGRX
EWBC
EML
EBAY
EBIX
ELON
ECHO
SATS
EEI
EDGE
EDGW
EDIT
EDUC
EGLT
Last
4.62
25.87
.66
5.76
2.38
5.80
50.97
57.41
25.75
35.55
12.19
12.60
4.15
29.76
43.19
31.58
9.61
35.33
52.90
10.36
296.95
186.12
29.76
31.22
28.73
13.65
158.89
19.20
24.20
323.48
37.14
22.09
26.03
12.64
12.76
44.10
7.36
.70
45.35
41.39
15.00
15.24
59.53
8.15
21.11
Div
Chg. Amt.
–0.37 ...
+0.27 ...
+0.07 ...
–0.12 .12
–0.08 ...
... ...
–0.01 .20
–0.40 .2975
–0.80 .075
–0.15 ...
–0.16 .3874
... .085
–0.10 ...
–0.70 ...
–0.16 ...
+1.24 .10
–0.70 ...
+0.34 ...
–1.60 ...
–0.19 ...
–2.84 ...
–0.51 .50
–1.81 .06
–0.65 ...
–0.26 ...
–1.00 ...
–5.82 1.20
+0.45 ...
–0.30 ...
–1.55 ...
–0.19 ...
+0.66 .45
+0.67 ...
–0.34 ...
–0.03 ...
–1.05 ...
–0.03 ...
–0.05 ...
–0.85 ...
–0.55 ...
–0.60 ...
–0.07 .11
+1.23 .42
–0.30 ...
–1.58 ...
D
...
1.8
...
.3
...
...
3.1
...
...
...
...
...
...
.5
...
...
...
...
...
10.3
...
...
...
...
...
...
...
8.5
2.7
...
...
...
...
...
...
...
3.2
3.2
7.5
...
...
...
2.0
...
dd
cc
23
dd
dd
30
37
21
dd
dd
...
34
...
dd
dd
dd
84
dd
dd
10
dd
14
31
0
dd
27
dd
dd
21
48
11
13
12
dd
...
26
31
30
16
18
...
33
28
dd
24.60
3.55
47.75
25.05
12.50
29.57
9.13
55.17
3.90
4.97
22.67
15.25
15.64
65.83
8.05
27.81
28.40
2.97
2.20
2.72
57.39
206.66
126.25
4.06
9.03
9.55
36.15
2.58
20.95
28.67
21.17
24.80
22.38
3.85
5.90
107.31
17.30
15.22
15.20
61.14
28.80
17.85
64.47
.92
+1.21
+0.05
–0.78
+2.95
–0.20
+0.21
–0.14
–0.41
+0.10
–0.11
+1.16
–0.20
–0.14
+0.01
–0.53
–0.20
+0.40
+0.20
+0.10
–0.03
+1.27
+1.66
+1.88
–0.56
+0.66
–0.20
–0.35
+0.28
–0.25
–0.17
–1.30
–2.00
–1.35
–0.15
+0.05
–2.15
–0.03
+1.47
+0.30
–0.44
+0.10
+0.13
–0.34
–0.06
...
.0158
...
.02
...
...
.07
...
...
...
...
...
...
.0875
...
...
...
...
...
.07
...
7.00
...
...
...
...
...
.055
.14
...
...
...
...
...
...
...
.14
.1225
.2847
...
...
...
.3225
...
...
3.1
2.3
...
...
...
...
1.7
...
...
1.3
1.7
...
.4
...
...
...
3.8
...
...
...
...
...
...
18
23
23
dd
dd
cc
16
dd
9
17
21
6
26
dd
dd
48
17
dd
dd
dd
19
dd
2.87
28.69
15.67
49.57
.51
1.40
4.35
20.95
4.48
53.42
60.83
26.15
37.74
79.25
5.54
28.00
59.90
10.50
9.37
6.24
30.73
18.95
1.00
+0.17
–0.41
+0.10
–0.14
–0.01
–0.09
+0.13
+0.75
...
–0.95
–0.98
–0.65
–0.02
–0.45
+0.25
–0.55
+1.00
–0.30
–0.13
–0.03
+2.30
+1.45
–0.02
...
.22
.09
...
...
...
...
.09
...
...
.20
.11
...
.075
...
...
...
.20
...
...
...
...
...
E
January 1, 2018
BARRON’S
M21
Nasdaq Issues
For personal Do not edit or alter. Reproductions not permitted.
To reprint or license content, please contact Barron's reprints department at 800-843-0008 or
52-Week
High Low Name
Tick
Div
Sym Yld P/E Last Chg. Amt.
28.59
14.50
15.79
14.85
3.74
153.13
34.03
27.72
122.79
51.15
2.54
12.20
3.87
29.10
59.88
52.00
49.75
17.99
6.55
7.66
9.85
11.46
35.96
3.45
24.78
237.30
30.70
33.05
25.58
39.25
46.25
12.35
20.45
97.75
495.35
36.99
7.47
129.73
32.33
14.38
68.60
22.52
11.01
1.03
21.86
101.07
3.00
30.20
25.39
5.84
50.95
32.50
63.35
14.43
161.00
66.01
77.15
75.64
21.40
14.34
12.50
10.33
6.10
11.51
9.55
2.12
101.36
14.90
5.75
77.94
25.54
0.62
5.80
2.14
20.45
25.92
27.80
37.30
5.77
1.17
4.08
6.20
6.13
4.74
0.65
16.51
180.50
20.00
17.65
11.47
29.02
36.65
6.30
9.30
54.28
353.48
29.13
5.52
106.91
17.50
11.31
10.71
8.31
8.58
0.60
9.41
70.51
1.96
16.63
6.69
2.66
23.30
14.22
44.25
6.72
111.88
51.57
55.75
55.80
11.31
4.97
7.55
eHealth
EigerBioPharma
8Point3Energy
ElPolloLoco
ElbitImaging
ElbitSystems
EldoradoResorts
ElectroSci
ElectronicArts
EFII
ElevenBiotherap
Emcore
EmmisComm
EmpireResorts
EnantaPharma
EncoreCapital
EncoreWire
EndoIntl
Endocyte
Endologix
EnduranceIntl
EnergyRecovery
EnergyXXIGulfCoast
EnphaseEnergy
EnsignGroup
EnstarGroup
EntegraFin
Entegris
EntellusMedical
EnterpriseBncp
EnterpriseFinSvcs
Enzymotec
Epizyme
ePlus
Equinix
EquityBcshs
Ericsson
ErieIndemnity A
ErytechPharma
Escalade
EsperionTherap
Essendant
EstreAmbiental
EstreAmbWt
Etsy
EuronetWorldwide
Ever-Glory
Everbridge
EverspinTech
Evogene
Exactech
Exelixis
ExlService
ExOne
Expedia
ExpeditorsIntl
Exponent
ExpressScripts
ExtractionOil
ExtremeNetworks
Ezcorp
EHTH
EIGR
CAFD
LOCO
EMITF
ESLT
ERI
ESIO
EA
EFII
EBIO
EMKR
EMMS
NYNY
ENTA
ECPG
WIRE
ENDP
ECYT
ELGX
EIGI
ERII
EXXI
ENPH
ENSG
ESGR
ENFC
ENTG
ENTL
EBTC
EFSC
ENZY
EPZM
PLUS
EQIX
EQBK
ERIC
ERIE
ERYP
ESCA
ESPR
ESND
ESTR
ESTRW
ETSY
EEFT
EVK
EVBG
MRAM
EVGN
EXAC
EXEL
EXLS
XONE
EXPE
EXPD
EXPO
ESRX
XOG
EXTR
EZPW
54.40
149.50
38.94
15.27
49.35
25.33
184.25
9.65
24.98
37.35
44.30
55.45
6.75
21.19
17.61
60.15
44.99
24.95
30.20
31.83
65.85
45.75
35.40
36.41
19.15
18.00
41.76
33.21
34.70
14.95
32.88
28.43
436.00
32.24
28.50
20.80
56.91
29.40
48.85
53.49
21.29
19.84
29.50
35.32
41.20
45.35
45.42
42.03
25.86
18.35
71.80
53.29
18.30
9.00
74.49
31.90
114.63
21.70
9.06
35.80
6.47
114.77
3.38
6.79
28.75
34.05
39.79
2.40
9.78
8.54
20.95
24.07
20.08
15.50
23.20
31.25
24.45
25.65
17.20
6.90
10.35
26.47
25.00
26.00
10.60
27.33
20.57
319.40
23.23
20.50
15.75
46.27
22.80
36.85
39.55
14.83
13.64
19.56
26.30
25.48
33.33
35.26
28.37
20.50
13.48
25.56
42.15
13.00
7.29
47.11
FARO Tech
F5Networks
FNBBancorp
FRONTEO
FRP Holdings
FTD
Facebook
FamousDave's
Fanhua
FarmerBros
FarmersCapBk
Fastenal
FateTherap
FederatedNatl
Ferroglobe
FibroGen
FidelityD&D
FidelitySouthern
FiestaRestaurant
FifthThirdBncp
51job
FinancialEngines
FinInstitutions
Finisar
FinishLine
FireEye
FirstBancorpNC
FirstBancorp
FirstBancshares
FirstBank
FirstBusey
FirstBusFinSvcs
FirstCitizBcshA
FstCmntyBcsh
FirstConnBncp
1stConstBncp
FirstDefiance
FirstFinBncpOH
FirstFinBkshs
FirstFinIN
FirstFinNW
FirstFoundation
FirstGuarBcshs
FirstHawaiian
FirstInternetBncp
FirstInterBanc
FirstMerchants
FirstMidILBcsh
FirstMidwestBncp
FirstNWBncp
FirstSolar
1stSource
FirstUnited
FirsthandTechVal
FirstService
FARO
FFIV
FNBG
FTEO
FRPH
FTD
FB
DAVE
FANH
FARM
FFKT
FAST
FATE
FNHC
GSM
FGEN
FDBC
LION
FRGI
FITB
JOBS
FNGN
FISI
FNSR
FINL
FEYE
FBNC
FNLC
FBMS
FRBA
BUSE
FBIZ
FCNCA
FCBC
FBNK
FCCY
FDEF
FFBC
FFIN
THFF
FFNW
FFWM
FGBI
FHB
INBK
FIBK
FRME
FMBH
FMBI
FNWB
FSLR
SRCE
FUNC
SVVC
FSV
...
...
7.4
...
...
...
...
...
...
...
...
...
...
...
...
...
.2
...
...
...
...
...
...
...
.8
...
...
...
...
1.6
1.0
...
...
...
1.8
...
1.7
2.8
...
3.7
...
6.0
...
...
...
...
...
...
...
...
...
...
...
...
1.0
1.3
1.2
...
...
...
...
dd
dd
26
45
...
24
dd
dd
28
45
dd
21
1
dd
67
12
20
dd
dd
dd
dd
cc
0
dd
25
19
23
31
dd
18
19
dd
dd
20
cc
26
dd
30
dd
17
dd
dd
...
...
cc
22
3
dd
dd
dd
cc
62
29
dd
47
27
35
12
dd
cc
28
17.37
13.95
15.21
9.90
2.84
133.29
33.15
21.43
105.06
29.53
.81
6.45
3.52
27.00
58.68
42.10
48.65
7.75
4.28
5.35
8.40
8.75
5.74
2.41
22.20
200.75
29.25
30.45
24.39
34.05
45.15
11.85
12.55
75.20
453.22
35.41
6.68
121.84
22.02
12.30
65.84
9.27
8.64
.75
20.45
84.27
2.35
29.72
7.50
3.07
49.45
30.40
60.35
8.40
119.77
64.69
71.10
74.64
14.31
12.52
12.20
–0.44
+0.80
+0.07
–0.13
–0.06
–1.08
–0.05
–0.25
–0.96
–0.07
–0.13
+0.25
...
–1.55
+0.54
–1.25
–0.05
–0.06
+0.03
+0.32
–0.10
–0.21
+0.07
–0.12
–0.18
–9.90
–1.05
–0.40
–0.17
–0.75
...
+0.05
+0.15
–4.10
+6.62
–0.89
+0.04
+2.28
+3.32
–0.70
+6.48
+0.04
–1.86
–0.05
–1.24
–0.09
–0.10
+0.49
+0.26
–0.26
–0.40
+0.93
–1.23
–0.31
–0.41
–0.08
–0.85
+0.11
–0.89
–0.03
–0.05
...
...
.2802
...
...
...
...
...
...
...
...
...
...
...
...
...
.02
...
...
...
...
...
...
...
.045
...
...
.07
...
.135
.11
...
...
...
2.00
...
.1112
.84
...
.115
...
.14
...
...
...
...
...
...
...
...
...
...
...
...
.30
.42
.21
...
...
...
...
...
...
1.4
...
...
...
...
...
3.7
...
1.3
2.3
...
1.9
...
...
2.3
2.2
...
2.1
...
.9
2.8
...
3.0
...
.9
3.5
.4
.6
2.4
2.4
.3
2.5
2.3
1.3
1.9
2.6
1.7
2.2
1.8
...
2.6
3.0
.6
2.4
1.7
1.8
1.7
...
...
1.6
...
...
.7
...
20
22
...
15
dd
34
dd
41
25
18
29
dd
dd
dd
dd
18
14
dd
11
93
39
15
12
27
dd
21
16
30
22
20
16
15
18
21
18
17
17
27
16
18
20
17
18
16
20
19
17
20
29
dd
20
19
dd
56
47.00
131.22
36.49
12.51
44.25
7.19
176.46
6.55
21.62
32.15
38.50
54.69
6.11
16.57
16.20
47.40
41.30
21.80
19.00
30.34
60.85
30.30
31.10
20.35
14.53
14.20
35.31
27.23
34.20
13.85
29.94
22.12
403.00
28.73
26.15
18.30
51.97
26.35
45.05
45.35
15.51
18.54
25.00
29.18
38.15
40.05
42.06
38.54
24.01
16.30
67.52
49.45
17.40
8.96
69.92
–0.15
–1.15
–1.21
+0.83
+0.05
+0.02
–0.74
–0.10
+0.50
–0.80
–1.95
+0.64
+0.50
+0.44
–0.40
–0.40
–1.69
+0.08
–0.25
–0.50
–0.40
+0.75
–1.20
–1.04
+0.99
+0.09
–0.95
–1.55
+0.60
–0.05
–1.01
–0.39
–10.28
–0.88
–0.15
–0.15
–1.64
–0.90
–0.95
–1.05
–0.15
–0.26
–0.54
–0.44
–1.90
–1.05
–1.39
–0.18
–0.40
+0.15
–1.33
–0.64
–0.10
...
+1.77
...
...
.13
...
...
...
...
...
.20
...
.125
.32
...
.08
...
...
.24
.12
...
.16
...
.07
.22
...
.11
...
.08
.24
.0375
.02
.18
.13
.35
.18
.15
.06
.25
.17
.19
.51
.07
...
.16
.22
.06
.24
.18
.34
.10
...
...
.20
...
...
.1225
F
52-Week
High Low Name
133.36
68.98
27.81
52.98
19.11
5.99
32.25
62.55
48.43
8.69
31.96
11.27
17.05
32.58
18.65
44.20
47.75
22.43
45.64
59.98
33.00
27.33
27.45
70.75
46.80
19.50
47.20
19.14
20.46
11.50
20.50
57.30
1.31
2.49
13.90
19.90
9.90
8.20
104.51
37.14
14.00
19.73
14.22
2.68
16.51
43.25
33.75
2.52
24.27
4.03
10.30
21.56
10.45
35.52
34.95
3.02
29.90
45.86
3.04
5.50
11.80
17.10
25.25
6.04
36.00
3.57
12.07
7.53
9.25
6.08
0.70
0.80
2.73
16.45
5.81
1.30
Fiserv
FiveBelow
Five9
FivePrimeTherap
Flex
FlexPharma
FlexionTherap
Flexsteel
FlirSystems
Fluidigm
FlushingFin
FoamixPharm
FogodeChao
ForescoutTechs
FormFactor
FormulaSys
ForresterResearch
Forterra
Fortinet
ForwardAir
ForwardPharma
Fossil
FosterLB
FoundationMed
FoxFactory
Francesca's
FranklinElectric
Fred's
FreightCarAmer
FrequencyElec
Freshpet
FrontierComm
FuelTech
FuelCell
FulgentGenetics
FultonFin
Funko
FutureFinTech
Tick
Div
Sym Yld P/E Last Chg. Amt.
FISV
FIVE
FIVN
FPRX
FLEX
FLKS
FLXN
FLXS
FLIR
FLDM
FFIC
FOMX
FOGO
FSCT
FORM
FORTY
FORR
FRTA
FTNT
FWRD
FWP
FOSL
FSTR
FMI
FOXF
FRAN
FELE
FRED
RAIL
FEIM
FRPT
FTR
FTEK
FCEL
FLGT
FULT
FNKO
FTFT
...
...
...
...
...
...
...
1.9
1.3
...
2.6
...
...
...
...
1.7
1.7
...
...
1.0
...
...
...
...
...
...
.9
...
...
...
...
35.5
...
...
...
2.5
...
...
31
43
dd
dd
18
dd
dd
15
29
dd
16
dd
16
...
60
52
43
dd
91
27
dd
dd
dd
dd
31
10
25
dd
dd
dd
dd
dd
dd
dd
...
17
...
dd
131.13
66.32
24.88
21.92
17.99
3.49
25.04
46.78
46.62
5.89
27.50
6.01
11.60
31.89
15.65
40.55
44.20
11.10
43.69
57.44
3.68
7.77
27.15
68.20
38.85
7.31
45.90
4.05
17.08
9.36
18.95
6.76
1.12
1.70
4.38
17.90
6.65
4.17
+0.81
+0.84
+0.33
–0.35
+0.02
+0.21
–0.09
–0.90
–0.74
–0.24
–0.40
–0.25
–0.20
...
–0.75
+0.06
–0.70
+1.09
–0.23
–0.25
–0.07
+0.34
+1.70
+2.10
–0.15
–0.04
+0.95
+0.03
+0.30
+0.36
–0.75
–0.22
+0.07
–0.03
+0.26
–0.40
+0.65
–0.18
...
...
...
...
...
...
...
.22
.15
...
.18
...
...
...
...
.34
.19
...
...
.15
23.123
...
...
...
...
...
.1075
.06
.09
...
...
.60
...
...
...
.11
...
...
G
23.76
28.67
9.68
140.52
13.50
104.12
39.32
12.50
63.15
21.59
18.45
43.63
13.67
7.29
37.50
22.12
40.80
24.37
39.02
3.15
45.05
38.00
7.90
86.27
41.23
10.12
23.35
11.50
14.29
45.85
49.91
10.00
4.95
18.25
14.76
25.82
30.20
34.75
9.95
20.50
37.20
11.89
22.99
96.15
11.90
4.40
5.70
58.45
24.40
28.15
21.15
24.10
13.94
37.40
24.20
5.99
52.51
30.42
36.38
23.71
13.95
2.35
22.35
6.90
12.04
5.58
92.65
7.88
63.69
30.16
9.13
47.03
7.20
13.33
17.50
3.63
1.01
26.37
16.59
29.50
12.09
28.71
1.74
25.61
18.00
4.12
63.76
31.38
8.67
19.07
8.45
10.77
13.60
34.00
7.90
1.85
3.82
8.56
18.77
19.32
10.60
4.65
18.06
28.81
7.15
17.36
56.52
8.76
2.95
3.60
47.25
13.15
15.60
16.50
19.70
6.76
27.57
15.90
2.90
30.05
22.90
28.00
15.89
8.90
1.35
10.90
GDSHoldings
G1Therapeutics
GSI Tech
GWPharm
Gaia
Galapagos
Gaming&Leisure
GamingPartners
Garmin
GemphireTherap
GencorIndustries
GeneralComm A
GenMarkDiagn
GenoceaBiosci
GenomicHealth
Gentex
Gentherm
GeospaceTech
GermanAmerBncp
Geron
GibraltarInds
GIIIApparel
GilatSatellite
GileadSciences
GlacierBancorp
GladstoneCap
GladstoneComm
GladstoneInvt
GladstoneLand
GlbBloodTherap
GlobalIndemnity
GlobalWaterRscs
GluMobile
GlycoMimetics
Gogo
GolarLNGPartners
GolarLNG
GoldenEnt
GoldenOcean
GolubCapital
Goodyear
GoPro
GovtPropIncoTr
GrandCanyonEduc
GreatElmCap
GreatElmCap
GreatLakesDredge
GreatSouthernBncp
GreenBancorp
GreenPlains
GreenPlainsPtrs
GreenlightCapRe
Gridsum
GriffinIndlRealty
Grifols
Groupon
GrAeroportuario
GuarantyBncp
GuarantyBcshrs
GuarFedBcsh
GulfIslandFab
Gulf Resources
GulfportEnergy
GDS
GTHX
GSIT
GWPH
GAIA
GLPG
GLPI
GPIC
GRMN
GEMP
GENC
GNCMA
GNMK
GNCA
GHDX
GNTX
THRM
GEOS
GABC
GERN
ROCK
GIII
GILT
GILD
GBCI
GLAD
GOOD
GAIN
LAND
GBT
GBLI
GWRS
GLUU
GLYC
GOGO
GMLP
GLNG
GDEN
GOGL
GBDC
GT
GPRO
GOV
LOPE
GECC
GEC
GLDD
GSBC
GNBC
GPRE
GPP
GLRE
GSUM
GRIF
GRFS
GRPN
OMAB
GBNK
GNTY
GFED
GIFI
GURE
GPOR
40.83
44.73
19.45
20.90
44.15
19.75
20.69
47.50
45.61
11.98
21.13
17.44
28.97
16.60
11.01
30.90
8.85
13.24
7.02
31.01
9.91
9.68
H&E Equipment
HD Supply
HMN Fin
HMS Holdings
HSN
HabitRestaurants
HackettGroup
HailiangEduc
HainCelestial
HallmarkFin
HalozymeTherap
HEES
HDS
HMNF
HMSY
HSNI
HABT
HCKT
HLG
HAIN
HALL
HALO
...
...
...
...
...
...
6.8
...
3.4
...
...
...
...
...
...
1.9
...
...
1.5
...
...
...
...
2.9
2.1
9.1
7.1
7.0
3.9
...
...
3.0
...
...
...
10.1
.7
...
...
7.0
1.7
...
9.3
...
10.1
...
...
1.9
...
2.8
9.8
...
...
1.1
1.9
...
14.9
1.8
1.8
2.1
.3
...
...
dd
...
dd
dd
2
dd
21
23
16
dd
29
dd
dd
dd
dd
17
18
dd
21
dd
36
44
cc
8
23
14
cc
12
cc
dd
14
cc
dd
dd
dd
9
...
30
dd
13
8
dd
34
25
dd
dd
dd
14
22
24
10
18
dd
29
...
dd
19
21
...
16
dd
2
dd
22.53
19.84
7.96
132.01
12.40
93.76
37.00
11.24
59.57
7.95
16.55
39.02
4.17
1.16
34.20
20.95
31.75
12.97
35.33
1.80
33.00
36.89
7.74
71.64
39.39
9.21
21.06
11.16
13.43
39.35
42.02
9.34
3.64
16.79
11.28
22.80
29.81
32.65
8.15
18.20
32.31
7.57
18.54
89.53
9.84
4.05
5.40
51.65
20.30
16.85
18.70
20.10
9.15
36.70
22.92
5.10
41.48
27.65
30.65
22.45
13.43
1.47
12.76
+0.05
+0.35
–0.06
–3.61
–0.10
+0.78
+0.49
+0.24
+0.39
–0.18
+0.20
–2.20
–0.35
+0.05
–2.00
+0.06
–0.45
–0.19
–0.94
–0.06
+0.90
–0.18
+0.14
–1.07
–0.14
+0.04
+0.26
–0.03
+0.16
–0.45
+1.17
+0.13
+0.02
–0.34
+0.23
–0.03
+0.58
–0.95
+0.18
–0.26
–0.54
–0.38
+0.37
–2.10
+0.12
...
...
–0.40
–1.10
+0.10
+0.40
–0.50
+0.31
–0.70
+0.51
–0.10
+0.89
–0.70
+0.62
+0.30
+0.28
+0.01
+0.23
...
...
...
...
...
...
.63
.12
.51
...
...
...
...
...
...
.10
...
...
.13
...
...
...
...
.52
.21
.07
.125
.065
.0441
...
...
.0236
...
...
...
.5775
.05
...
...
.08
.14
...
.43
...
.083
...
...
.24
...
.12
.46
...
...
.40
.213
...
1.5476
.125
.14
.12
.01
...
...
2.7
...
...
...
3.5
...
1.9
...
...
...
...
40
cc
16
57
19
42
21
47
56
dd
dd
40.65
40.03
19.10
16.95
40.35
9.55
15.71
45.20
42.39
10.43
20.26
+1.15 .275
+0.66 ...
–0.15 ...
–0.18 ...
–2.90 .35
–0.35 ...
+0.13 .15
+0.65 ...
+0.88 ...
–0.23 ...
+0.18 ...
H
52-Week
High Low Name
36.01
53.35
35.85
9.79
22.29
18.00
6.18
3.90
116.20
59.45
31.91
54.80
22.36
45.15
37.38
55.68
55.31
31.53
25.22
56.40
27.10
102.88
13.20
93.50
16.63
22.40
33.25
17.00
38.70
6.00
13.95
242.00
27.19
46.80
47.20
29.69
32.50
28.00
52.75
22.99
15.45
29.25
18.31
11.75
21.00
32.68
13.95
8.05
52.50
2.40
116.84
14.93
46.75
51.05
40.26
12.00
17.32
41.05
25.45
6.09
15.92
9.51
2.80
2.25
77.43
32.40
22.20
34.20
15.64
28.97
12.65
37.54
37.62
20.60
18.71
42.10
17.90
84.05
10.65
65.28
12.76
12.85
22.50
10.80
9.40
2.00
4.88
148.02
15.08
35.76
32.52
20.82
24.00
21.40
29.75
15.10
13.18
24.20
9.45
9.66
8.09
26.64
8.05
4.70
33.17
1.00
83.35
12.14
26.25
29.53
12.62
4.15
HamiltonLane
HancockHolding
HanmiFinancial
HanwhaQCELLS
HarborOneBncp
Hardinge
Harmonic
HarvardBioSci
Hasbro
HawaiianHoldings
HawaiianTelcom
Hawkins
HawthornBcsh
HaynesIntl
HealthInsInnov
HealthcareSvcs
HealthEquity
HealthStream
HeartlandExp
HeartlandFinUSA
Heidrick&Strug
HelenofTroy
HemisphereMedia
HenrySchein
HeritageCommerce
HeritageCrystal
HeritageFin
Hexindai
HibbettSports
HighpowerIntl
HimaxTechs
HinghamSvg
HollysysAuto
Hologic
HomeBancorp
HomeBancShares
HomeStreet
HomeTrustBcshs
HookerFurniture
HopeBancorp
HopFedBancorp
HorizonBancorp
HorizonPharma
HorizonTechFin
Hortonworks
HospitalityProp
HoughtonMifflin
HoustonWire
HubGroup
HudsonGlobal
JBHunt
HuntingtonBcshs
Hurco
HuronConsulting
HutchisonChina
Hydrogenics
137.86
57.95
225.38
173.01
7.75
21.95
48.53
52.55
30.70
61.10
44.91
248.23
64.68
24.96
86.40
63.62
35.51
11.40
124.48
10.80
18.41
230.72
11.85
13.05
8.84
17.05
3.24
25.70
52.40
60.85
153.15
76.30
23.65
72.28
12.50
3.84
110.63
26.92
4.63
50.20
12.03
2.45
58.22
74.75
4.54
14.87
130.05
6.50
17.80
9.86
3.23
53.19
32.94
39.20
72.99
15.02
56.42
33.92
47.64
33.34
64.69
40.20
127.00
113.92
5.25
14.05
35.09
27.25
17.56
33.60
33.11
95.04
40.52
11.10
68.55
47.06
10.42
8.50
74.30
1.23
11.70
127.28
5.76
3.50
1.71
3.30
1.25
7.75
37.05
19.97
92.91
57.20
18.50
51.70
6.27
0.93
83.00
14.47
2.95
20.75
9.08
0.88
41.66
54.10
2.60
10.30
62.69
0.85
10.10
4.09
0.87
35.26
11.49
23.20
36.80
4.10
40.51
22.70
33.23
10.83
IAC/InterActive
ICF Intl
ICU Medical
IdexxLab
ID Systems
IES Holdings
IHSMarkit
II-VI
ILG
INC Research
INTL FCStone
IPG Photonics
IRSA Prop
IXYS
Iberiabank
IcahnEnterprises
Ichor
iClickInteract
Icon
IconixBrand
iKangHealthcare
Illumina
Immersion
ImmuneDesign
Immunogen
Immunomedics
Immutep
ImpaxLabs
Imperva
Impinj
Incyte
IndependentBank
IndepBankMI
IndependentBank
Infinera
InfinityPharm
InfinityPropCas
InflaRx
InfoSvcsGrp
InglesMarkets
InnerWorkings
Innodata
Innophos
Innospec
InnovSolSuprt
Innoviva
Inogen
InotekPharm
Inovalon
InovioPharma
Inseego
InsightEnt
Insmed
InsteelInds
Insulet
InsysTherap
IntegraLifeSci
IntegratedDevice
Intel
IntelliaTherap
Tick
Div
Sym Yld P/E Last Chg. Amt.
HLNE
HBHC
HAFC
HQCL
HONE
HDNG
HLIT
HBIO
HAS
HA
HCOM
HWKN
HWBK
HAYN
HIIQ
HCSG
HQY
HSTM
HTLD
HTLF
HSII
HELE
HMTV
HSIC
HTBK
HCCI
HFWA
HX
HIBB
HPJ
HIMX
HIFS
HOLI
HOLX
HBCP
HOMB
HMST
HTBI
HOFT
HOPE
HFBC
HBNC
HZNP
HRZN
HDP
HPT
HMHC
HWCC
HUBG
HSON
JBHT
HBAN
HURC
HURN
HCM
HYGS
2.0
1.9
2.8
...
...
.5
...
...
2.5
1.2
...
2.5
1.3
2.7
...
1.4
...
...
.3
.8
2.1
...
...
...
2.6
...
1.7
...
...
...
2.3
.7
.5
...
1.3
1.9
...
...
1.3
2.8
1.4
1.9
...
10.7
...
7.0
...
...
...
...
.8
3.0
.9
...
...
...
37
20
17
cc
52
35
dd
dd
19
11
dd
18
16
dd
21
44
63
cc
39
18
dd
25
32
20
20
25
22
...
12
4
cc
18
20
16
17
21
22
35
16
15
19
20
dd
20
dd
22
dd
dd
30
dd
31
18
25
dd
cc
dd
35.39
49.50
30.35
7.02
19.16
17.42
4.20
3.30
90.89
39.85
30.86
35.20
20.75
32.05
24.95
52.72
46.66
23.16
23.34
53.65
24.55
96.35
11.55
69.88
15.32
21.75
30.80
11.05
20.40
3.70
10.42
207.00
22.27
42.75
43.22
23.25
28.95
25.75
42.45
18.25
14.10
27.80
14.60
11.22
20.11
29.85
9.30
7.20
47.90
2.25
114.98
14.56
42.20
40.45
39.42
11.10
+0.45
–1.25
–0.85
–0.22
–0.42
+0.42
+0.10
+0.10
–2.66
–1.05
–0.20
–1.25
...
–0.72
+0.05
–0.69
–2.14
–0.57
–0.17
–0.60
–0.55
–0.35
–0.10
–1.13
–0.22
+0.35
–1.20
+0.05
–0.65
–0.15
+0.42
+8.05
–0.58
–0.62
+0.03
–0.26
–0.20
–0.90
–0.30
–0.49
+0.01
–0.19
–0.30
+0.07
–0.08
+0.15
...
+0.15
–0.45
+0.08
+0.45
–0.22
+0.55
+0.40
+2.45
–0.16
.175
.24
.21
...
...
.02
...
...
.57
.12
...
.44
.07
.22
...
.19
...
...
.02
.07
.13
...
...
...
.10
...
.10
...
...
...
.24
.34
.12
...
.14
.11
...
...
.14
.13
.05
.13
...
.10
...
.52
...
...
...
...
.23
.11
.10
...
...
...
...
...
...
...
...
...
...
...
2.1
...
...
...
4.4
...
1.9
11.3
...
...
...
...
...
...
...
...
...
...
...
...
...
...
...
1.8
2.1
.6
...
...
2.2
...
...
1.9
...
...
4.1
1.1
...
...
...
...
...
...
...
...
...
.4
...
...
...
...
2.4
...
31
21
cc
51
dd
28
47
30
28
dd
cc
32
15
34
22
5
17
...
22
dd
dd
41
dd
dd
dd
dd
...
dd
cc
dd
dd
23
20
22
dd
dd
22
...
dd
13
24
dd
22
20
11
15
97
dd
cc
dd
dd
14
dd
24
dd
dd
78
41
16
dd
122.28
52.50
216.00
156.38
6.94
17.25
45.15
46.95
28.48
43.60
42.53
214.13
56.50
23.95
77.50
53.00
24.60
9.05
112.15
1.29
15.80
218.49
7.06
3.90
6.41
16.16
1.57
16.65
39.70
22.53
94.71
69.85
22.35
67.60
6.33
2.03
106.00
20.95
4.17
34.60
10.03
1.36
46.73
70.60
2.94
14.19
119.08
2.61
15.00
4.13
1.61
38.29
31.18
28.32
69.00
9.62
47.86
29.73
46.16
19.22
–4.69
–0.25
+0.70
–1.27
+0.17
+0.20
+0.10
–0.35
+0.15
+0.70
+0.78
+1.01
+0.49
–0.15
–1.85
+0.10
–0.47
+0.05
–1.44
–0.04
–0.04
+2.77
+0.13
+0.30
–0.08
+1.51
+0.05
–1.00
–0.30
–0.04
–1.10
–1.70
–0.60
–1.40
–0.57
–0.03
+0.10
–3.04
–0.08
–0.10
–0.06
+0.11
–0.20
+1.40
+0.02
+0.12
–1.86
–0.13
–0.05
–0.19
+0.06
+0.04
–0.15
+0.03
–0.17
+2.50
–2.32
–0.42
–0.54
+0.41
...
...
...
...
...
...
...
...
.15
...
...
...
1.2334
...
.37
1.50
...
...
...
...
...
...
...
...
...
...
...
...
...
...
...
.32
.12
.10
...
...
.58
...
...
.165
...
...
.48
.39
...
...
...
...
...
...
...
...
...
1.00
...
...
...
...
.2725
...
I
IAC
ICFI
ICUI
IDXX
IDSY
IESC
INFO
IIVI
ILG
INCR
INTL
IPGP
IRCP
IXYS
IBKC
IEP
ICHR
ICLK
ICLR
ICON
KANG
ILMN
IMMR
IMDZ
IMGN
IMMU
IMMP
IPXL
IMPV
PI
INCY
INDB
IBCP
IBTX
INFN
INFI
IPCC
IFRX
III
IMKTA
INWK
INOD
IPHS
IOSP
ISSC
INVA
INGN
ITEK
INOV
INO
INSG
NSIT
INSM
IIIN
PODD
INSY
IART
IDTI
INTC
NTLA
FIVE-DAY NASDAQ COMPOSITE
Pop the Corks: The Nasdaq rose 28% in 2017, its sixth straight year of
gains. On the week, it fell 0.8%, with Netflix increasing 1.1% and Tesla
dropping 4.3%.
Monday
6960
6945
6930
6915
6900
Tuesday
H
O
L
I
D
A
Y
(Prev Fri's
Close)
10
12
Wednesday
Thursday
+3.09
+10.82
-23.71
2
52-Week
High Low Name
4pm 10
12
2
4pm 10
Tick
Div
Sym Yld P/E Last Chg. Amt.
46.80
62.33
135.59
102.30
25.70
1.65
22.36
42.90
41.95
12.89
10.50
34.40
5.75
14.15
22.67
21.75
161.44
405.05
24.60
15.11
203.97
4.95
9.70
65.51
9.54
1.69
57.91
16.37
12.90
109.78
19.94
79.95
38.00
31.45
33.01
54.98
67.55
17.18
0.80
5.92
32.50
32.25
5.86
7.15
11.55
1.88
6.20
7.85
6.05
111.90
208.24
18.31
12.48
118.10
0.72
5.70
37.26
4.45
0.49
28.70
7.43
7.80
52.12
13.43
57.80
26.15
InterParfums
InteractiveBrkrs
InterceptPharm
InterDigital
Interface
Intermolecular
InterNAP
IntlBcshs
IntlSpeedwayA
InternetGold
InternetInitiat
IntersectENT
Intersections
Intevac
Intra-Cellular
Intricon
Intuit
IntuitiveSurgical
Investar
InvestorsBancorp
InvestorsTitle
InVivoTherap
Invuity
IonisPharma
IovanceBiotherap
iPass
iRhythmTechs
Iridex
IridiumComm
iRobot
IronwoodPharm
Itron
IturanLocation
IPAR
IBKR
ICPT
IDCC
TILE
IMI
INAP
IBOC
ISCA
IGLD
IIJI
XENT
INTX
IVAC
ITCI
IIN
INTU
ISRG
ISTR
ISBC
ITIC
NVIV
IVTY
IONS
IOVA
IPAS
IRTC
IRIX
IRDM
IRBT
IRWD
ITRI
ITRN
5.85
8.48
157.33
48.99
4.00
91.48
119.82
113.00
10.58
46.20
163.75
24.13
76.18
29.29
6.10
63.45
2.20
4.42
121.20
25.29
0.92
71.09
88.11
90.89
6.71
37.24
106.85
18.05
31.25
11.05
3.65
18.80
JAKKS Pacific
JA Solar
J&JSnackFoods
JD.com
JMU
j2Global
JackHenry
JackintheBox
Jamba
JamesRiver
JazzPharma
JetBlue
JohnsonOutdoors
JounceTherap
JuniperPharm
JunoTherap
JAKK
JASO
JJSF
JD
JMU
JCOM
JKHY
JACK
JMBA
JRVR
JAZZ
JBLU
JOUT
JNCE
JNP
JUNO
4.12
12.40
114.43
70.23
25.99
12.65
109.13
26.75
15.80
8.61
9.90
14.63
15.85
30.93
5.40
10.15
31.20
21.61
8.20
26.95
22.45
20.97
47.78
16.29
13.10
4.60
23.15
97.77
13.93
28.71
3.30
4.94
77.86
42.45
16.44
7.65
74.56
13.51
5.48
3.75
3.50
7.48
13.35
20.27
2.45
8.30
20.95
11.08
6.69
16.75
15.05
15.40
27.19
8.17
1.50
2.81
12.05
75.21
6.83
15.84
KCAPFinancial
KEYW
KLA Tencor
KLX
K2MGroup
KVH Inds
KaiserAlum
KalaPharm
KalVistaPharm
Kamada
KandiTech
KaryopharmTherap
KearnyFinancial
KellyServices A
KemPharm
KY FirstFedBncp
KewauneeSci
KeyTechnology
KeyTronic
Kforce
KimballElec
KimballIntl B
KinsaleCapital
Kirkland's
KonaGrill
Kopin
KornitDigital
KraftHeinz
KratosDefense
Kulicke&Soffa
KCAP
KEYW
KLAC
KLXI
KTWO
KVHI
KALU
KALA
KALV
KMDA
KNDI
KPTI
KRNY
KELYA
KMPH
KFFB
KEQU
KTEC
KTCC
KFRC
KE
KBAL
KNSL
KIRK
KONA
KOPN
KRNT
KHC
KTOS
KLIC
1.9
.7
...
1.8
1.0
...
...
1.7
1.1
...
...
...
...
...
...
...
1.0
...
.5
2.6
.8
...
...
...
...
...
...
...
...
...
...
...
2.8
33
51
dd
11
30
dd
dd
18
27
15
26
dd
dd
22
dd
dd
42
47
25
22
18
dd
dd
cc
dd
dd
dd
dd
13
37
dd
40
18
43.45
59.21
58.42
76.15
25.15
1.37
15.71
39.70
39.85
8.45
9.11
32.40
2.26
6.85
14.48
19.80
157.78
364.94
24.10
13.88
198.35
.77
6.20
50.30
8.00
.52
56.05
7.62
11.80
76.70
14.99
68.20
34.20
–0.45
–1.11
–4.36
–0.05
+1.10
+0.03
+0.31
–0.10
–0.90
+0.79
–0.03
–0.45
–0.07
–0.15
–1.21
–0.15
–0.72
+1.78
–0.10
–0.14
–0.37
–0.06
–0.50
–0.56
–0.25
–0.03
+4.89
–0.35
+0.20
–2.82
–0.40
+0.15
–0.70
.21
.10
...
.35
.065
...
...
.33
.43
...
...
...
...
...
...
...
.39
...
.0315
.09
2.40
...
...
...
...
...
...
...
...
...
...
...
.24
...
...
1.2
...
...
2.1
1.1
1.6
...
3.0
...
...
.6
...
...
...
dd
5
36
dd
dd
28
37
22
dd
18
22
12
18
dd
8
dd
2.35
7.46
151.83
41.42
1.02
75.03
116.96
98.11
8.06
40.01
134.65
22.34
62.09
12.75
4.85
45.71
–0.15
+0.08
–0.84
–0.77
–0.01
+0.48
+0.12
–1.74
–0.04
+0.77
+1.87
–0.10
–3.01
–0.57
+0.15
–0.29
...
...
.45
...
...
.395
.31
.40
...
.50
...
...
.10
...
...
...
11.7
...
2.2
...
...
...
1.9
...
...
...
...
...
.8
1.1
...
4.5
2.3
...
...
1.9
...
1.5
.5
...
...
...
...
3.2
...
...
55
dd
16
42
dd
dd
22
...
dd
dd
dd
dd
63
14
dd
85
17
30
17
18
15
19
37
28
dd
dd
dd
24
dd
16
3.41
5.87
105.07
68.25
18.00
10.35
106.85
18.49
9.75
4.75
6.80
9.60
14.45
27.27
4.05
8.95
28.97
18.43
6.82
25.25
18.25
18.67
45.00
11.97
1.75
3.20
16.15
77.76
10.59
24.34
–0.02
+0.15
–4.25
+5.25
–0.19
–0.20
+2.15
+1.22
+0.60
+0.25
–0.40
–0.20
–0.25
–0.93
+0.25
–0.04
+1.13
+0.05
–0.01
–0.80
–0.80
–0.01
–0.29
–0.60
–0.13
+0.06
–0.35
–0.48
–0.34
...
.10
...
.59
...
...
...
.50
...
...
...
...
...
.03
.075
...
.10
.17
...
...
.12
...
.07
.06
...
...
...
...
.625
...
...
J
K
12
2
4pm 10
12
52-Week
High Low Name
2
Friday
-46.77
4pm 10
12
2
4pm
Tick
Div
Sym Yld P/E Last Chg. Amt.
17.50 5.60 KuraOncology KURA ... dd 15.30 –0.25
...
L
77.95
76.14
41.42
57.90
10.68
17.40
21.90
52.43
17.18
219.70
79.17
149.30
14.95
30.86
18.55
107.60
24.10
7.55
18.96
28.10
13.64
10.10
2.77
44.94
39.88
355.80
18.00
16.00
104.35
104.66
58.20
37.69
39.85
37.00
28.11
27.82
26.79
26.79
59.88
62.41
39.37
41.14
26.52
26.20
46.43
46.24
16.20
17.50
18.75
70.95
21.20
12.09
149.31
6.05
26.06
3.74
99.59
10.45
215.00
88.56
26.35
15.10
40.82
129.51
8.81
18.99
51.75
95.92
80.10
68.63
22.42
12.67
26.82
44.04
27.85
34.60
4.99
15.17
15.06
39.68
9.85
105.30
62.45
113.34
11.20
25.73
14.20
80.00
7.95
5.05
10.46
18.70
6.98
4.90
1.07
31.50
19.82
96.20
8.07
10.15
70.45
72.00
35.96
28.17
29.05
27.36
19.65
19.58
17.62
17.24
36.93
36.58
27.63
27.55
19.30
19.30
34.04
33.62
10.70
9.35
7.90
42.50
13.80
7.20
95.08
2.02
16.39
1.82
75.86
4.34
146.94
44.72
18.00
5.43
24.72
90.35
2.43
4.00
36.80
30.51
47.26
34.15
17.68
11.50
LGI Homes
LHC Group
LKQ
LPL Financial
LSI Inds
LakeShoreBancorp
LakelandBcp
LakelandFin
LakelandInd
LamResearch
LamarAdv
LancasterColony
Landec
LandmarkBncp
LandmarkInfrPtrs
LandstarSystem
Lantheus
LatticeSemi
LaureateEduc
LawsonProducts
LayneChristensen
LeapTherap
LegacyReserves
LegacyTexasFin
LeMaitreVascular
LendingTree
LexiconPharm
LexinFintech
LibertyBroadbandA
LibertyBroadbandC
LibertyExpediaA
LibertyGlobal A
LibertyGlobal B
LibertyGlobal C
LibertyLiLAC A
LibertyLiLAC C
LibertyQVC B
LibertyQVC A
LibertyVenturesB
LibertyVenturesA
LibertyFormOne A
LibertyFormOne C
LibertyBraves A
LibertyBraves C
LibertySirius A
LibertySirius C
LibertyTax
LibertyTripAdvB
LibertyTripAdvA
LifePointHealth
LifetimeBrands
LifewayFoods
LigandPharm
LimelightNetworks
Limoneira
LincolnEduc
LincolnElectric
LiquiditySvcs
Littelfuse
LivaNova
LiveOakBcshs
LivePerson
LogitechIntl
LogMeIn
LonestarRscs
LoopIndustries
LoralSpace
LoxoOncology
lululemon
Lumentum
Luminex
LutherBurbank
65.99
48.47
12.10
23.99
12.26
68.70
29.73
38.28
9.25
13.67
6.13
60.30
Macom Tech
MB Fin
MBT Fin
MCBCHoldings
MDC Partners
MGE Energy
LGIH
LHCG
LKQ
LPLA
LYTS
LSBK
LBAI
LKFN
LAKE
LRCX
LAMR
LANC
LNDC
LARK
LMRK
LSTR
LNTH
LSCC
LAUR
LAWS
LAYN
LPTX
LGCY
LTXB
LMAT
TREE
LXRX
LX
LBRDA
LBRDK
LEXEA
LBTYA
LBTYB
LBTYK
LILA
LILAK
QVCB
QVCA
LVNTB
LVNTA
FWONA
FWONK
BATRA
BATRK
LSXMA
LSXMK
TAX
LTRPB
LTRPA
LPNT
LCUT
LWAY
LGND
LLNW
LMNR
LINC
LECO
LQDT
LFUS
LIVN
LOB
LPSN
LOGI
LOGM
LONE
LOOP
LORL
LOXO
LULU
LITE
LMNX
LBC
...
...
...
1.8
2.9
1.9
2.1
1.8
...
1.1
4.5
1.9
...
2.6
7.9
.4
...
...
...
...
...
...
...
1.5
.7
...
...
...
...
...
...
...
...
...
...
...
...
...
...
...
...
...
...
...
...
...
5.8
...
...
...
1.0
...
...
...
1.1
...
1.7
...
.7
...
.5
...
1.9
.9
...
...
...
...
...
...
1.2
...
17
26
25
24
dd
36
18
21
17
17
23
32
36
30
36
29
25
dd
dd
50
dd
...
dd
20
41
cc
dd
...
cc
cc
1
cc
cc
cc
62
61
10
10
23
23
...
...
dd
dd
24
24
14
94
94
12
16
67
cc
dd
38
dd
22
dd
29
68
26
dd
26
cc
dd
dd
17
dd
39
dd
30
...
75.03
61.25
40.67
57.14
6.88
17.15
19.25
48.49
14.55
184.07
74.24
129.21
12.60
28.99
18.10
104.10
20.45
5.78
13.56
24.75
12.55
6.24
1.61
42.21
31.84
340.45
9.88
13.90
85.05
85.16
44.33
35.84
35.55
33.84
20.15
19.89
24.55
24.42
54.30
54.24
32.72
34.16
22.05
22.22
39.66
39.66
11.00
9.40
9.43
49.80
16.50
8.00
136.93
4.41
22.40
2.02
91.58
4.85
197.82
79.92
23.85
11.50
33.64
114.50
3.97
14.48
44.05
84.18
78.59
48.90
19.70
12.04
+2.37
–0.70
–0.15
–0.56
–0.01
+0.45
–0.65
–0.85
–0.30
–2.62
+0.35
–1.46
+0.35
+1.24
...
–1.30
–0.10
+0.05
+0.11
–0.35
–0.02
+0.13
+0.34
–0.17
+0.54
–1.50
–0.36
–0.30
+0.01
–0.03
–0.69
+0.32
+0.85
–0.04
–0.90
–1.01
–1.45
–1.76
–5.58
–3.78
–0.02
–0.21
–0.56
–0.52
–0.11
+0.06
–0.15
–0.45
+0.03
+0.80
–0.40
+0.14
+1.48
–0.24
–0.46
+0.02
+1.04
+0.10
–1.28
+0.77
...
+0.10
–0.26
+0.40
+0.57
+1.49
–0.15
–2.82
+0.11
–3.90
–0.28
–0.02
...
...
...
.25
.05
.08
.10
.22
...
.50
.83
.60
...
.1905
.3575
1.50
...
...
...
...
...
...
...
.16
.055
...
...
...
...
...
...
...
...
...
...
...
...
...
...
...
...
...
...
...
...
...
.16
...
...
...
.0425
...
...
...
.0625
...
.39
...
.37
...
.03
...
.6318
.25
...
...
...
...
...
...
.06
...
...
1.9
2.3
...
...
2.0
dd
19
17
21
30
29
32.54
44.52
10.60
22.22
9.75
63.10
–0.98 ...
–0.68 .21
+0.05 .06
–0.50 ...
–0.40 ...
+0.70 .3225
M
MTSI
MBFI
MBTF
MCFT
MDCA
MGEE
For personal Do not edit or alter. Reproductions not permitted.
To reprint or license content, please contact Barron's reprints department at 800-843-0008 or
January 1, 2018
BARRON’S
M23
Exchange-Traded Portfolios
Tick
Sym Yld
Name
Div
Last Chg. Amt.
Bats
For personal Do not edit or alter. Reproductions not permitted.
To reprint or license content, please contact Barron's reprints department at 800-843-0008 or
ARK Israel Innov
IZRL ...
AlphaArchValMom VMOT 1.9
AmCustSatisfCore ACSI 1.2
AmplifyCWP Div DIVO 4.7
AmplifyOilHdgMLP AMLX 12.5
AmplifyYldShSrLoan YESR 9.3
AnfieldCapDiv
DALT ...
AptusBehavioralMom BEMO .3
AptusFortValue
FTVA ...
ArrowResCapMgmt ARCM 1.8
BernsteinGlbRes BRGL ...
BernsteinUSRes BERN ...
CWAIncomeETF CWAI 3.1
CambriaEmSharehldr EYLD 1.5
CambriaFgnShare FYLD 2.6
CambriaGlbAssetAll GAA 3.3
CambriaSovHiYdBd SOVB 3.2
CambriaTailRiskETF TAIL 1.6
CambriaValue
VAMO .5
DemocraticPolicies DEMS ...
DeutXIntlCorpBdHdg IFIX 3.3
DeutXIntlTreaBd IGVT 3.0
DeutX EM Bd
EMIH 3.0
DeutXHYCorpBdInt HYIH 8.7
DeutXInvGradeBdInt IGIH 3.8
DeutscheXEAFESC DBES 3.0
ElkhornFundComm RCOM ...
ElkhornLuntLowVol LVHB 1.6
ElkhornS&PHiQualPf EPRF 8.4
FormulaHdgGrwth FFHG 1.1
FormulaFolIncm
FFTI 6.6
FormulaFolSmartGrw FFSG ...
FormulaFolTactGrw FFTG ...
FranklinLib US
FLQL 2.6
FranklinLibUS MC FLQM 2.6
FranklinLibUS SC FLQS 2.0
GlbX FdrRunCos BOSS ...
GlbXIconUSBrands LOGO ...
GlbXUSInfrDevt PAVE ...
GlbX US Pfd
PFFD 6.2
GS EW US LC Equity GSEW ...
HartfordLowVolIntl LVIN 2.0
HartfordLowVolUS LVUS 2.6
iShAdCurrHdgMSCI DEFA 2.1
iShAdCurrMSCIEuroz DEZU .9
iShAdCurrHdgJapan DEWJ 1.4
iShIntmGovt/CredBd GVI 2.3
iShBrdUSDHYCpBd USHY 2.0
iShConvBond
ICVT 4.6
iShCoreMSCIEAFE IEFA 2.2
iShCurrHdgMSCIMV HACV 2.0
iShCurrHdgMSCIEAFE HEFA 2.1
iShCurrHdgMSCIEAFE HEFV 1.1
iShCurrHdgMSCIEM HEMV 3.3
iShCurrHdgMSCIEM HEEM 3.1
iShCurrHdgMSCIEur HEUV 3.1
iShCurrHdgMSCIEuSC HEUS 2.0
iShIntlSelDividend IDV 4.5
iShTransportAvg
IYT .8
iShU.S.Industrials
IYJ 1.1
iShUSAerospace&Def ITA .7
iShUSHomeConstrn ITB .2
iShUSOil&GasExpln IEO 1.0
20.40
28.98
30.85
29.00
11.40
24.40
10.16
30.32
27.14
100.22
26.05
26.88
25.55
34.69
26.37
27.49
27.79
22.59
24.95
21.25
50.05
48.84
25.10
23.20
24.42
29.47
28.09
32.38
23.75
27.54
24.95
25.79
25.58
28.91
27.81
26.70
17.32
15.83
16.78
24.88
43.48
28.13
25.05
29.06
28.77
29.63
109.76
49.86
55.12
66.09
29.49
29.69
27.42
27.39
26.50
24.29
30.29
33.79
191.63
147.39
188.11
43.72
64.96
–0.02
–0.11
–0.50
–0.30
–0.34
–2.60
+0.06
–0.08
–0.12
–0.14
+0.11
–0.04
+0.07
–0.32
+0.05
–0.06
–0.32
+0.03
–0.15
+0.03
–0.11
–0.03
–0.34
+0.16
+0.02
...
+0.50
+0.13
–0.15
–0.15
+0.12
+0.15
+0.20
+0.11
–0.01
+0.11
–0.20
–0.01
+0.10
–0.12
+0.09
+0.67
...
–0.34
–0.28
–0.22
+0.30
+0.04
–0.23
+0.29
–0.13
–0.47
–0.10
–0.34
–0.23
–0.37
+0.48
+0.28
–0.98
+0.34
+0.25
+0.35
+0.42
...
.1402
.3699
.344
.3556
2.526
.1267
.0961
.0334
.012
.0368
.055
.0088
.1266
.1713
.23
.0274
.0889
.0318
.057
.1386
.1238
.0416
.1675
.0776
.0586
...
.133
.1671
.0762
.1368
.1617
.2085
.1871
.1785
.1351
.0399
.0368
.0506
.1281
.2342
.2809
.1625
.3047
.1274
.2029
.2062
.0578
.2129
.7309
.2936
.3101
.1468
.4454
.4104
.3717
.3017
.3775
.3957
.4097
.3205
.0254
.1583
Tick
Sym Yld
Name
iShUSTelecomm
IYZ 3.7
iShEdgeHYDefBd HYDB 7.2
iShEdgeInvGrEnhBd IGEB 4.4
iShEdgeMSCIMinEAFE EFAV 1.1
iShEdgeMSCIMinVlEM EEMV 3.3
iShEdgeMSCIMinVol ACWV 2.1
iShEdgeMSCIMinUSA USMV 1.9
iShMSCIMinVolUSASC SMMV 1.9
iShEdgeMultConStp CNSF 2.6
iShEdgeMSCIMltFinl FNCF 1.9
iShEdgeMultHlthcr HCRF .9
iShEdgeMSCIMltIndl INDF 1.4
iShEdgeMSCIMltMatl MATF 1.6
iShEdgeMSCIMltTech TCHF .9
iShEdgeMSCIUSAMom MTUM 1.2
iShEdgeMSCIUSAQual QUAL 1.8
iShEdgeMSCIUSAVal VLUE 2.1
iShEmMkCorpBdFd CEMB 3.4
iShEM HY Bd
EMHY 4.0
iShMtgRealEstCap REM 12.7
iSh5-10YInvCpBd MLQD 3.0
iShFloatingRateBd FLOT 1.5
iShGlbxUSDHiYdCpBd HYXU ...
iShGlbHiCorpBdFd GHYG 12.3
iShiBondsDec23Muni IBML .9
iShIntlAggregateBd IAGG .6
iShIntlDivGrowth IGRO 2.1
iShLiquidityIncm ICSH 1.2
iShMSCIArgentina AGT 1.7
iShMSCIChileCapped ECH .2
iShMSCIChinaAETF CNYA 1.2
iShMSCIDenmarkCap EDEN 1.7
iShMSCIEmgMulti EMGF 2.7
iShMSCIEurozone EZU .9
iShMSCIFinlandCap EFNL .8
iShMSCIGermanySC EWGS .4
iShMSCIGlbMet&MnPr PICK 2.5
iShMSCIGlSilverMin SLVP .5
iShMSCIEAFEGrowth EFG .9
iShMSCIIndiaETF INDA 1.5
iShMSCIIndiaSmCp SMIN 1.8
iShMSCINorwayCap ENOR 1.4
iShMSCI UK SC EWUS 3.0
iShMSCIEAFEValue EFV 2.8
iShMornMultiAsst IYLD 4.0
iShNorthAmNatRscs IGE 2.0
iShRussell2500 SMMD 1.8
iShIntlPfdStock
IPFF 2.9
iShNATech-Software IGV .0
iShShortMaturityBd NEAR 1.4
iShShrtMatMuniBd MEAR 1.0
iSh10+YInvCpBd LLQD 3.9
iShCohen&StrsREIT ICF 3.3
iShUS Div&Buyback DIVB ...
iShUSFixedIncmBal FIBR .5
iShUSTreasuryBdETF GOVT 1.7
JamesBiblically
JBRI ...
JPMorganDisciplHY JPHY 4.2
JPMGlblBdOpps JPGB 10.9
JPM UltShtIncm JPST 1.7
KraneFTSE EM Plus KEMP 1.2
LeggMasonEMLowVol LVHE 4.3
LeggMasonIntLowVol LVHI 3.4
MainSectorRot
SECT 1.3
MomentumIntlQuant IMOM 2.2
MomentumUSQuant QMOM ...
Div
Last Chg. Amt.
29.41
50.69
50.13
72.98
60.76
84.32
52.78
29.19
26.47
35.34
31.62
31.89
34.20
38.77
103.13
82.90
83.62
50.98
49.98
45.20
49.41
50.82
54.45
50.45
25.22
52.05
59.39
50.06
30.18
52.16
32.03
67.59
49.48
43.38
39.42
64.25
34.63
10.83
80.74
36.07
52.57
25.80
43.61
55.21
25.83
35.44
43.68
18.65
154.57
50.12
49.81
51.25
101.32
26.36
100.17
25.08
25.14
51.27
51.17
50.06
27.04
27.52
28.18
27.35
30.37
28.60
–0.07
+0.17
...
+0.49
+0.57
+0.43
+0.10
+0.07
+0.08
–0.02
+0.01
+0.11
+0.05
–0.44
–0.37
–0.21
–0.65
–0.15
+0.11
+0.20
+0.10
...
+0.51
+0.18
+0.11
–0.15
+1.86
+0.04
–0.15
+0.48
+0.20
+0.91
+0.85
–0.10
+0.21
+0.94
+0.79
+0.18
+0.33
+0.21
+0.16
+0.64
+0.75
+0.17
+0.07
+0.38
+0.21
+0.27
–0.38
...
+0.07
+0.92
+1.57
–0.03
+0.31
+0.12
–0.05
+0.05
–0.36
–0.06
+0.44
–0.60
–0.38
–0.13
–0.05
–0.13
.2691
.3042
.1839
.3938
.9958
.8676
.2461
.1414
.1714
.2249
.0745
.4691
.1701
1.2102
.308
.3775
.4412
.1443
.1667
1.4353
.1234
.0655
.0544
.5179
.0192
.027
.3074
.0508
.0742
.0492
.1995
.5679
.0376
.1915
.1572
.1233
.0192
.0285
.3734
.2677
.4663
.1855
.6637
.7839
.0856
.1736
.1933
.0446
.002
.057
.0427
.1655
.8308
.0981
.0424
.0363
...
.1796
.4633
.0699
.3263
.2983
.2384
.0878
.1663
.0263
Tick
Sym Yld
Name
NuShESGEMEquity NUEM ...
NuShESGIntlDev NUDM ...
NuShESG LCGrwth NULG ...
NuShESG LCValue NULV ...
NuShESG MCGrowth NUMG ...
NuShESGMCValue NUMV ...
NuShESG SC
NUSC ...
NuShShTermREIT NURE 3.6
OppEMRevenue REEM 3.4
OppGlblRev
RGLB 1.4
OppIntlRevenue REFA .7
OppRuss1000
OMFL ...
OppRuss1000Low OVOL ...
OppRuss1000Mom OMOM ...
OppRuss1000Qual OQAL ...
OppRuss1000Size OSIZ ...
OppRuss1000Val OVLU ...
OppRuss1000Yd OYLD ...
OppRuss2000
OMFS ...
PacerIntCashCow100 ICOW 1.9
PacerGlCashCows GCOW 2.9
PacerTrendEurIndex PTEU ...
PacerTrendpilot450 PTMC .7
PacerTrendpilot100 PTNQ .3
PacerTrendpilot750 PTLC 1.0
PacerUSCashCows100 COWZ 1.8
PacerUSSCCash100 CALF 1.8
PacerWealthShield PWS ...
PointBridgeGOP MAGA ...
PwrShBalMultAsset PSMB 4.0
PwrShConservMult PSMC 4.1
PwrShGrwthMulti PSMG 4.0
PwrShModConserv PSMM 3.9
PwrShFTSEDevXNA PBDM ...
PwrShFTSEEM PBEE ...
PwrShMSCIUSA PBUS ...
PwrShMSCIUSASC PBSM ...
PwrShUSAggBd PBND 2.3
PwrSh0-5YUSTIPS PBTP ...
PwrShRuss1000Enh USEQ 1.9
PwrShS&P500Min SPMV 5.7
PwrShS&P500ValMom SPVM 2.1
PwrShS&PIntlDevHi IDHD 5.9
PwrShS&PSCHiDivLow XSHD 5.2
PwrShS&PSCQual XSHQ 1.7
PremiseCapFrAdvDiv TCTL 1.3
PrincipalGlbDiv GDVD 1.6
PrincipalSpectPfd PREF 5.0
ProShCDSShNAHYCred WYDE ...
ProShGlbListedPrv PEX 65.4
ProShHY IntRt
HYHG 5.9
ProShInvGrdIntRt IGHG 3.4
ProShK1FreeCrude OILK ...
ProShLCCorePlus CSM 1.3
ProShDivGrowers EFAD 3.9
ProShMSCIEMDiv EMDV 3.8
ProShMSCIEurDiv EUDV 3.1
ProShMergerETF MRGR .3
ProShMornAltSoln ALTS 8.5
ProShRuss2000Div SMDV 2.5
ProShS&P500Arist NOBL 2.3
ProShS&PMC400 REGL 1.9
ProShShortUSDEmgBd EMSH 3.1
ProShTrMgdFut
FUT ...
ProSportsSponsors FANZ ...
QuantXDynBetaUS XUSA ...
Div
Last Chg. Amt.
29.45
26.94
31.20
28.58
29.36
28.20
28.45
26.01
27.49
27.86
27.85
26.10
25.84
25.73
25.88
26.24
26.46
26.07
25.85
29.34
31.48
30.70
31.11
30.25
28.63
29.01
26.10
25.23
27.91
13.47
12.89
13.82
13.21
26.03
26.44
26.58
26.46
24.90
24.80
27.60
27.14
28.90
28.93
25.16
27.00
29.97
28.00
100.34
32.40
35.83
67.25
77.03
21.65
66.76
38.63
58.60
41.76
36.26
38.02
55.19
64.04
54.55
76.91
40.27
22.28
27.93
+0.36
+0.03
–0.14
–0.39
+0.02
–0.12
–0.32
–0.33
+0.13
+0.03
+0.15
...
–0.34
–0.02
–0.07
+0.16
–0.05
–0.13
–0.26
+0.15
–0.16
–0.17
–0.27
–0.36
–0.35
–0.11
–0.29
...
–0.12
+0.03
+0.05
+0.03
+0.03
+0.15
+0.77
...
...
...
...
+0.08
...
+0.26
+0.28
–0.08
–0.78
–0.22
+0.12
–0.23
–0.04
–5.82
–0.15
–0.37
–0.62
–0.48
–0.18
+0.90
+0.19
–0.01
–0.61
–0.52
–0.20
–0.19
–0.09
+0.18
–0.11
+0.29
Tick
Sym Yld
Name
.0065
.0078
.0969
.0814
.1244
.04
.0828
.092
.0776
.0986
.0482
.084
.0955
.0685
.073
.0807
.082
.1323
.0885
.1391
.2248
.1856
.2097
.0982
.2774
.1276
.118
...
.1137
.0293
.0177
.0292
.0252
.1398
.1324
.1328
.129
.0472
.1805
.1283
.3883
.1514
.428
.1091
.1157
.4019
.1111
.414
...
5.8575
.3312
.2176
1.3352
.2239
.3729
.5533
.3195
.0296
.8081
.3444
.3723
.2653
.1998
.0022
.119
.2309
QuantXRiskMgdGrw QXGG ...
QuantXRiskMgdMlt QXMI 7.6
QuantXRiskMultiTR QXTR ...
QuantXRiskMgd QXRR ...
REXVolMAXXInvVIXWk VMIN 21.9
REXVolMAXXLgVIXWk VMAX ...
RealityDIVDivDef DFND ...
RealityDIVCONDivGd GARD .8
RealityDIVCONLdrs LEAD 1.2
RepublicanPolicies GOP ...
RevWeightUSLC RVRS ...
SPDRDoubleEMFixed EMTL 1.6
SPDRDoubleShDurTR STOT .8
SabaClosedEndFds CEFS 7.8
SageESG InterCred GUDB ...
3DPrintingETF
PRNT ...
TortoiseWaterFd TBLU .8
TrimTabsAllCapIntl TTAI ...
TrimTabsFloatShr TTAC 1.6
USTaxReformFd TAXR ...
ValueShIntlQuant IVAL 4.0
ValShUSQuantit QVAL 1.4
Velocity1xInvVS EXIV ...
Velocity1xLgVSTOXX EVIX ...
WearETF
WEAR .4
WisdTrYdEnhUSST SHAG 2.2
WisdTrDynBearUS DYB ...
WisdomDyCurrHdgEur DDEZ .6
WisdomDynCurrIntl DDWM 1.7
WisdTrDynCurr DHDG .2
WisdomDynCurrIntSC DDLS 1.0
WisdomDynCurrJapan DDJP 5.4
WisdTrDynLSUS DYLS 4.0
WisdTrEMDivFd DVEM 2.0
WisdTrEurDomEcon EDOM .4
WisdomTreeCpBdFd WFIG 3.4
WisdomTreeUSHYCpBd WFHY 5.9
WisdTrUSSTCpBd SFIG 2.2
WisdTrUSSTHY SFHY 5.2
WisdTrGlbxUS HDRW 11.2
WisdTrGlHdgSC HGSD 3.2
WisdomTreeGlbSC GSD 4.0
WisdTrIntlQualDiv IQDG 1.3
WisdTrStrongDollar EMSD 4.5
WisdTrUSMulti USMF 1.5
XtrkrsEurozone EURZ .3
XtrkrsGermany GRMY 3.6
Div
Last Chg. Amt.
27.79
25.68
26.01
25.48
34.47
12.24
27.26
24.99
31.95
21.48
15.90
50.38
49.40
21.40
49.69
24.37
29.81
27.24
33.72
21.38
33.05
30.71
48.40
11.99
18.23
49.74
26.07
31.50
30.54
25.05
33.51
29.96
32.58
33.20
31.13
49.96
50.36
49.24
49.08
27.99
26.21
33.07
30.69
27.97
27.79
24.23
24.40
+0.14
+0.16
+0.19
+0.30
–10.70
+0.17
–0.01
+0.12
–0.12
+0.21
...
+0.01
+0.04
+0.08
+0.24
–0.39
+0.08
+0.15
–0.18
–0.14
...
–0.23
–1.85
+0.51
–0.10
–0.01
+0.08
–0.16
–0.09
+0.07
+0.16
–0.34
–0.32
+0.23
+0.21
+0.41
–0.04
–0.09
–0.07
–0.43
+0.41
–0.09
+0.08
+0.05
–0.02
+0.03
+0.06
.1663
.0782
.3883
.4458
.814
...
.0067
.0483
.0241
.0384
.0515
.4902
.0313
.094
.2038
.095
.1877
.0716
.1354
.0021
.3305
.1111
...
...
.297
.0907
...
.0484
.1292
.0117
.0819
.4051
.3223
.1687
.0303
.1422
.249
.0895
.2134
.7834
.2066
.331
.0987
.3124
.1024
.0356
.4341
+0.31
–0.01
+0.71
+0.04
–0.56
...
–0.36
–0.01
–0.32
+0.09
+0.30
+0.05
–0.11
–0.15
–0.10
+0.79
.0514
...
.0448
...
...
...
.105
.1595
1.0215
.1153
.104
.118
.0668
.212
.11
.059
NASDAQ
ALPS/DorseyMom SWIN
ActiveAltsCont
SQZZ
AdvShViceETF
ACT
AlphaMarkActiveMgd SMCP
AmplifyOnlineRet IBUY
ArrowCntryRotat DWCR
ArrowInvDWATact DWAT
BldrsAsia50ADS ADRA
BMOElkhornDWAMLP BMLP
BldrsDev100
ADRD
BldrsEmg50
ADRE
BldrsEur100
ADRU
ClearBr AC Grw CACG
ClearBrDivStrat YLDE
ClearBrLCGrw
LRGE
CSX-LinksCrudeOil USOI
.7
...
...
...
...
...
.4
1.8
8.6
2.0
1.0
2.1
...
3.1
...
2.7
29.76
25.30
26.21
26.10
40.88
30.20
11.64
34.55
47.73
23.53
43.13
22.90
27.86
27.66
29.39
26.65
Tick
Sym Yld
Name
CSX Gold
GLDI 3.5
CSX SilverETN
SLVO 3.6
DavisFinl
DFNL ...
DavisUSEquity
DUSA ...
DavisWorldwide DWLD ...
ElkhornComRotation DWAC ...
FidelityNasdComp ONEQ 1.1
FT AltAbsRet
FAAR ...
FT APxJapan
FPA 7.2
FT BICK
BICK .9
FTBrazilAlphaDEX FBZ 16.5
FTBuyWriteIncm FTHI 4.1
FT CEFIncmOpp FCEF 4.9
FT CA MuniHi
FCAL 3.7
FT CanadaAlpha FCAN .6
FT CapStrength FTCS 1.3
FT ChinaAlphaDEX FCA 3.8
FT CloudComp
SKYY .1
FT DevIntlEquity RNDM 1.3
FT DevMkts
FDT 3.5
FT DevMktsXUS FDTS 3.1
FT DorseyDyn5
FVC 1.6
FT DorseyFoc5
FV 1.7
FT DorseyIntl5
IFV 3.1
DorseyWrightPeople DWPP 1.3
FT MultAsstDiv
MDIV 6.9
FT NasdTechDiv TDIV 2.2
FT EM Alphadex
FEM 3.0
FT EM EquitySel RNEM .8
FT EM LocalCurr FEMB 8.4
FT EM SC Alpha FEMS 2.0
FT EnhShtMat
FTSM 1.6
FT EuropeAlpha
FEP 1.6
FTEurozoneAlpha FEUZ .6
FT GerAlpha
FGM 3.6
FTHdgBuyWriteIncm FTLB 2.9
FT HK AlphaDEX FHK 18.5
FT GlblAgri
FTAG .7
FT GlbNatRscs
FTRI 4.1
FT Intl IPO
FPXI 1.5
FT JapanAlpha
FJP 3.0
FT LC CoreAlpha FEX 1.4
FT LC GrwthAlpha FTC .4
FT LC US Equity RNLC 1.3
FT LC Value
FTA 2.0
FTLatAmAlphaDEX FLN 25.8
FT LowDurOpp
LMBS 2.7
FT MgdMuni
FMB 2.5
FT MegaCap
FMK 1.5
FT MC CoreAlpha FNX 1.6
FT MC GrwthAlpha FNY .5
FT MC US Equity RNMC 1.6
FT MC ValAlpha
FNK 2.4
FT MCGrAlpDX
FAD .4
FT MuCValAlpha
FAB 2.2
FTMuniCEFIncmOpp MCEF 3.7
FTMuniHiIncm
FMHI 3.0
FT NasdComBk QABA 1.9
FT NasdCleanEdge QCLN .6
FT NasdClEdSmGr GRID .7
FT NasdCybersec CIBR .1
FT NasdGlblAuto CARZ 2.5
FT Nasd100xTech QQXT .4
FT Nasd100Tech QTEC 1.1
FT NasdSmartphone FONE 4.0
FTNasdaqBk
FTXO 1.7
Div
Last Chg. Amt.
9.03
7.90
23.95
23.40
26.24
25.57
271.12
29.34
35.71
30.19
15.52
23.31
22.03
51.58
26.52
51.01
29.69
45.88
52.18
62.38
44.40
25.67
27.57
22.25
28.76
19.01
35.20
27.90
54.50
42.16
43.34
59.98
39.06
43.90
51.20
23.06
42.43
28.15
12.38
35.39
59.91
58.54
61.19
21.78
54.63
20.42
51.64
53.52
33.50
65.72
39.19
21.71
36.27
65.65
56.98
18.74
50.48
52.42
20.30
50.99
23.13
42.21
48.61
71.94
52.20
29.36
+0.18
+0.26
–0.22
–0.13
+0.08
+0.59
–2.31
+0.22
+0.83
+0.55
+0.56
+0.03
+0.04
+0.44
+0.52
+0.02
+1.23
–0.10
+0.20
+0.72
+0.29
–0.19
–0.18
+0.22
+0.12
+0.07
–0.18
+0.60
+0.90
+0.36
+1.36
+0.02
+0.53
+0.28
+0.44
+0.11
+0.66
+0.06
+0.12
+0.11
+0.16
–0.13
–0.04
+0.11
–0.15
+0.49
+0.01
+0.35
–0.17
–0.06
–0.15
+0.10
+0.02
+0.12
...
+0.12
+0.12
–0.97
–0.15
–0.04
+0.03
+0.21
–0.23
–0.88
–0.19
–0.37
.026
.0235
.0967
.0752
.0182
...
.77
.8298
.6417
.0664
.1733
.08
.09
.0447
.043
.1638
.284
.0142
.1678
.5493
.3444
.0999
.1149
.1748
.0962
.1086
.1961
.208
.5762
.2941
.1139
.0775
.1573
.0625
.464
.055
1.9648
.0467
.1279
.1322
.4451
.2045
.0686
.0725
.2743
1.3153
.1175
.1125
.1218
.2603
.0458
.0846
.2176
.0623
.3203
.0575
.125
.2483
.0306
.0882
.0053
.2674
.0448
.2006
.5232
.1217
Tick
Sym Yld
Name
FT NasdOil&Gas FTXN 1.8
FT NasdPharm
FTXH .7
FT NasdRetail
FTXD 1.5
FT NasdSemicon FTXL .4
FT NasdaqTrans FTXR 1.1
FT Nasd100 EW QQEW .7
FT RBA AmerInd AIRR .4
FT RBAQualIncm QINC 3.1
FTRisingDivAch RDVY 1.5
FT RiverFrDynAP RFAP 3.7
FT RiverFrDynDev RFDI 2.2
FT RiverFrDynEM RFEM 1.3
FT RiverFrDynEur RFEU .7
FT SMID CapRising SDVY ...
FT SSI Strat
FCVT 8.8
FT SC CoreAlpha FYX 1.2
FT SC GrwthAlpha FYC .4
FT SC US Equity RNSC 3.3
FT SC Value
FYT 1.9
FT SKoreaAlpha
FKO ...
FT StratIncm
FDIV 5.6
FT SwitzAlpha
FSZ 5.9
FT TCW Opp
FIXD 2.1
FT TacticalHY
HYLS 7.3
FT TaiwanAlpha
FTW 6.0
FT TotalUSMkt
TUSA 1.1
FT USEquityDiv RNDV 3.0
FT UK Alpha
FKU 2.4
FlexShCredScoreUS SKOR 2.6
FlexShCredScUSLg LKOR 3.9
FlexShDiscDurMBS MBSD 3.4
FlexShRealAsset ASET 3.6
FlexSTOXXGlbESGImp ESGG 1.2
FlexSTOXXUSESGImp ESG 2.0
FlexShUSQualLC QLC 1.7
GlbXConsciousCos KRMA 1.2
GlbXFinTech
FINX ...
GlbX Health&Well BFIT .9
GlbXInternetThings SNSR .5
GlbXLongevityThem LNGR .4
GlbXMSCISuperDiv EFAS 17.8
GlbXMillThematic MILN .2
GlbX Robotics&AI BOTZ .0
GlbXS&P500Catholic CATH 1.2
GlbXSocialMedia SOCL 1.5
GlbXSuperDividAlt ALTY 10.0
GlbXSuperDivdREIT SRET 20.3
GlbX Yieldco
YLCO 4.1
HighlandSrLoan SNLN 4.5
HorizDAXGermany DAX 3.5
HorizNasd100
QYLD 6.6
IQChaikinUSLC CLRG ...
IQ Chaikin US SC CSML .6
IntlMultiAssetDiv YDIV 6.2
iPathLgBdBear
DLBS ...
iPathSteepener STPP ...
iPath10-yearBear DTYS ...
iPath2yearBear DTUS ...
iSectorsPostMPT PMPT 1.0
iShAsia50ETF
AIA 2.3
iShIntermCredBd
CIU 2.2
iSh1-3YCreditBond CSJ 1.7
iSh3-7YTreasuryBd IEI 1.7
iShCommodSelStrat COMT 17.6
iShCoreMSCITotInt IXUS 2.5
iShCore1-5YUSDBd ISTB 1.1
Div
Last Chg. Amt.
21.13
21.40
21.45
30.29
25.93
57.95
27.41
25.50
29.88
60.57
64.08
70.45
65.35
21.00
28.65
61.17
42.51
21.52
36.86
29.54
51.13
52.74
50.75
48.57
35.86
33.09
21.69
39.87
50.89
54.78
23.57
28.75
94.98
63.62
33.34
19.42
21.95
16.66
19.85
19.45
18.11
19.26
23.70
32.92
32.95
15.30
15.54
12.59
18.19
31.59
24.53
25.29
28.05
18.63
16.34
30.75
18.25
35.02
27.23
66.04
109.21
104.54
122.16
36.34
63.08
49.83
+0.16
–0.04
–0.20
–0.36
+0.22
–0.44
–0.18
+0.05
–0.19
+0.04
+0.20
+0.63
+0.29
+0.14
–0.06
–0.11
–0.10
+0.02
–0.13
+0.85
+0.27
+0.78
+0.20
+0.13
+0.38
+0.09
+0.03
+0.80
+0.34
+0.69
+0.06
+0.05
+0.12
+0.05
–0.13
–0.27
–0.01
–0.36
–0.14
+0.01
–0.26
–0.21
–0.07
–0.47
–1.02
...
–0.09
+0.24
+0.02
+0.17
–0.08
+0.03
–0.30
+0.19
–0.93
+0.35
–0.76
–0.33
+0.16
+0.74
+0.29
+0.04
+0.32
+0.70
+0.48
+0.13
.0942
.0353
.078
.0314
.0688
.1071
.0303
.1966
.1098
.5547
.003
.0582
.1111
.0608
.0519
.1829
.0445
.1789
.1718
.1104
.24
.7839
.0898
.295
.5415
.0937
.1629
.2367
.111
.1764
.0664
.0032
.2907
.3205
.1382
.2347
.0022
.1111
.0176
.0332
.1461
.0299
.0004
.0052
.4902
.127
.2632
.0132
.0685
.5466
.1108
.0013
.0449
.0969
...
...
...
...
.2815
.7689
.2033
.1448
.1687
1.5957
.7783
.047
Nasdaq Issues
52-Week
High Low Name
19.38
10.60
8.19
68.88
26.00
6.25
106.10
19.54
6.99
36.80
37.88
120.62
46.32
30.00
9.05
21.70
12.50
111.10
14.33
10.15
43.75
9.54
14.20
34.00
389.61
23.65
50.90
9.93
95.20
105.33
55.99
10.55
1.36
43.44
26.20
22.40
32.10
7.75
23.12
48.50
21.75
17.95
9.40
36.69
7.15
35.30
78.25
67.30
14.68
8.90
5.17
54.60
15.26
2.00
65.33
12.76
2.50
11.59
14.37
48.58
21.25
2.15
7.00
12.52
7.75
81.42
8.21
4.50
28.20
2.82
10.93
28.12
210.96
12.15
38.85
3.57
69.65
72.47
40.28
4.41
0.63
23.15
14.02
8.08
20.00
2.78
11.68
20.60
13.75
8.60
2.85
18.98
2.42
28.55
49.87
26.40
TFS Fin
THL Credit
TICC Capital
T-MobileUS
TPIComposites
TraconPharm
TRowePrice
TTM Tech
T2Biosystems
TabulaRasaHlth
TactileSystems
TakeTwoSoftware
Talend
TandemDiabetes
TandyLeather
TarenaIntl
TatTechnologies
TechData
TechTarget
TeleNav
Teletech
Teligent
TerraFormPower
TerritBanc
Tesla
TesscoTech
TetraTech
TetraphasePharm
TexasCapBcshs
TexasInstruments
TexasRoadhouse
TheBancorp
The9
TheravanceBio
TiGenix
TileShop
TimberlandBncp
Tintri
TitanMachinery
TivityHealth
TiVo
Tocagen
TonixPharm
TowerSemi
TownSports
TowneBank
TractorSupply
TradeDesk
Tick
Div
Sym Yld P/E Last Chg. Amt.
TFSL
TCRD
TICC
TMUS
TPIC
TCON
TROW
TTMI
TTOO
TRHC
TCMD
TTWO
TLND
TNDM
TLF
TEDU
TATT
TECD
TTGT
TNAV
TTEC
TLGT
TERP
TBNK
TSLA
TESS
TTEK
TTPH
TCBI
TXN
TXRH
TBBK
NCTY
TBPH
TIG
TTS
TSBK
TNTR
TITN
TVTY
TIVO
TOCA
TNXP
TSEM
CLUB
TOWN
TSCO
TTD
4.6
11.9
13.9
...
...
...
2.2
...
...
...
...
...
...
...
...
...
3.2
...
...
...
1.2
...
...
2.6
...
4.0
.8
...
...
2.4
1.6
...
...
...
...
2.1
1.7
...
...
...
4.6
...
...
...
...
1.8
1.4
...
48
16
5
25
20
dd
17
25
dd
dd
93
cc
dd
dd
15
29
21
19
cc
dd
38
dd
dd
17
dd
59
24
dd
23
24
30
cc
dd
dd
dd
27
14
dd
dd
26
dd
...
dd
17
dd
20
22
45
14.94
9.05
5.74
63.51
20.46
3.35
104.93
15.67
4.12
28.05
28.98
109.78
37.48
2.36
7.75
14.99
10.50
97.97
13.92
5.50
40.25
3.63
11.96
30.87
311.35
20.15
48.15
6.30
88.90
104.44
52.68
9.88
.64
27.89
22.90
9.60
26.55
5.10
21.17
36.55
15.60
10.25
3.45
34.08
5.55
30.75
74.75
45.73
–0.07
–0.12
–0.08
–0.11
+0.35
+0.35
–0.31
–0.30
–0.12
–1.34
–0.81
+0.64
–0.38
–0.13
...
+0.63
+0.20
–0.84
+0.16
+0.10
–0.60
–0.05
+0.45
–0.31
–13.85
+2.75
–0.35
...
–3.85
+0.31
–1.50
–0.11
–0.05
+0.24
–0.78
+0.05
–1.31
–0.02
+0.12
+0.10
+1.55
–0.59
–0.07
–0.05
–0.15
–1.60
+0.27
–0.49
.17
.27
.20
...
...
...
.57
...
...
...
...
...
...
...
...
.16
.3398
...
...
...
.25
...
...
.30
...
.20
.10
...
...
.62
.21
...
...
...
...
.05
.11
...
...
...
.18
...
...
...
...
.14
.27
...
52-Week
High Low Name
3.35
15.55
15.15
1.89
7.75
11.25
17.94
8.00
43.80
28.85
43.97
7.20
53.58
26.30
35.45
24.27
18.27
21.75
33.00
9.70
36.58
5.80
9.88
1.74
35.86
35.34
8.23
29.35
20.75
69.27
1.50
6.43
10.49
1.07
2.95
5.75
14.40
1.35
32.66
19.75
28.61
4.22
29.50
19.65
20.50
6.45
10.80
10.16
13.71
7.25
28.16
1.60
6.69
0.42
24.81
24.30
4.17
14.38
13.57
29.23
TransWorldEnt
TransActTechs
Transcat
TransGlobeEner
TravelCenters
Travelzoo
TremontMortgage
Trevena
TriCoBancshares
TriMas
Trimble
TrinityBiotech
TripAdvisor
TriStateCapital
TriumphBancorp
trivago
tronc
TrueCar
Trupanion
TrustcoBank
Trustmark
TuesdayMorning
Tuniu
TurtleBeach
21stCenturyFoxA
21stCenturyFoxB
21 Vianet
TwinDisc
TwoRiverBancorp
2U
Tick
Div
Sym Yld P/E Last Chg. Amt.
TWMC
TACT
TRNS
TGA
TA
TZOO
TRMT
TRVN
TCBK
TRS
TRMB
TRIB
TRIP
TSC
TBK
TRVG
TRNC
TRUE
TRUP
TRST
TRMK
TUES
TOUR
HEAR
FOXA
FOX
VNET
TWIN
TRCB
TWOU
...
2.7
...
...
...
...
...
...
1.8
...
...
...
...
...
...
...
...
...
...
2.9
2.9
...
...
...
1.0
1.1
...
...
1.0
...
dd
20
23
dd
7
98
...
dd
18
dd
53
18
73
20
17
dd
24
dd
dd
19
18
dd
dd
dd
21
21
dd
dd
18
dd
1.83
13.25
14.25
1.44
4.10
6.45
14.69
1.60
37.86
26.75
40.64
5.10
34.46
23.00
31.50
6.84
17.59
11.20
29.27
9.20
31.86
2.75
7.67
.45
34.53
34.12
7.98
26.57
18.13
64.51
–0.03
–0.05
–0.05
+0.10
–0.05
–0.20
–0.01
–0.01
–1.61
–0.10
+0.13
–0.50
–0.11
–0.70
–0.95
–0.11
–0.37
–0.08
–0.61
+0.05
–1.43
–0.10
–0.20
–0.06
–0.71
–0.60
+0.18
–1.06
–0.19
+1.47
...
.09
...
...
...
...
...
...
.17
...
...
...
...
...
...
...
...
...
...
.0656
.23
...
...
...
.18
.18
...
...
.045
...
U
81.55
10.10
19.05
4.13
55.75
101.40
73.21
314.86
233.42
34.59
13.60
91.35
7.90
22.86
11.50
62.27
3.80
5.73
2.01
44.50
71.61
45.71
187.96
181.01
9.42
6.07
43.14
4.85
16.65
8.55
UMB Fin
USA Tech
USA Truck
USAutoPartsNtwk
US Ecology
US Lime&Min
UbiquitiNetworks
UltaBeauty
UltSoftware
UltraClean
UltraPetroleum
UltragenyxPharm
Ultralife
Umpqua
UnicoAmerican
UMBF
USAT
USAK
PRTS
ECOL
USLM
UBNT
ULTA
ULTI
UCTT
UPL
RARE
ULBI
UMPQ
UNAM
1.5
...
...
...
1.4
.7
...
...
...
...
...
...
...
3.5
...
20
cc
dd
4
43
22
23
29
cc
12
dd
dd
18
20
dd
71.92
9.75
18.13
2.52
51.00
77.10
71.02
223.66
218.23
23.09
9.06
46.38
6.55
20.80
8.55
–2.57
+0.10
–0.26
+0.01
–0.40
–0.60
+2.57
–2.61
+1.87
+1.18
–0.17
–1.65
–0.05
–0.68
–0.20
.275
...
...
...
.18
.135
...
...
...
...
...
...
...
.18
...
52-Week
High Low Name
Tick
Div
Sym Yld P/E Last Chg. Amt.
39.37
55.00
21.35
23.78
47.30
23.25
30.47
10.23
19.35
49.93
21.33
52.69
11.15
169.89
29.65
20.95
192.75
74.85
39.58
24.65
23.04
32.35
25.56
35.86
44.63
85.00
6.51
29.50
39.55
4.72
19.45
31.70
16.15
24.47
7.81
15.75
38.98
13.75
29.53
6.68
112.01
13.81
14.48
55.50
46.05
25.93
11.65
11.60
25.65
8.85
16.19
13.01
58.50
1.66
UnionBankshares
UnionBankshares
uniQure
UnitedBancshares
UnitedBkshrsWV
UtdCmntyBcp
UtdCmtyBks
UtdCmtyFnl
UnitedFinBncp
UnitedFire
UnitedGuardian
UnitedNatFoods
UnitedSecBcshrs
UnitedTherap
Uniti
UnityBancorp
UnivDisplay
UnivElectro
UniversalForest
UnivLogistics
UnivStainless
UnivestPA
UplandSoftware
UrbanOutfitters
UroGenPharma
UtahMedProducts
UTStarcom
UBSH
UNB
QURE
UBOH
UBSI
UCBA
UCBI
UCFC
UBNK
UFCS
UG
UNFI
UBFO
UTHR
UNIT
UNTY
OLED
UEIC
UFPI
ULH
USAP
UVSP
UPLD
URBN
URGN
UTMD
UTSI
4.50
9.00
59.90
18.99
41.99
53.60
9.05
34.38
12.83
9.80
5.71
44.70
118.28
98.60
29.43
74.92
17.50
24.00
3.67
4.05
34.98
11.90
25.00
25.20
3.90
10.85
6.99
5.75
1.08
34.95
75.71
75.60
23.84
7.76
10.44
1.60
VEON
VOXX Intl
VSE
VandaPharm
VarexImaging
VaronisSystems
VascularBiogenics
VeecoInstr
VeraBradley
Veracyte
Verastem
VerintSystems
VeriSign
VeriskAnalytics
Veritex
Veritone
VeronaPharma
Versartis
VEON
VOXX
VSEC
VNDA
VREX
VRNS
VBLT
VECO
VRA
VCYT
VSTM
VRNT
VRSN
VRSK
VBTX
VERI
VRNA
VSAR
2.3
2.2
...
2.2
3.9
1.9
1.4
1.8
2.7
2.5
5.4
...
2.5
...
13.5
1.2
.1
...
.9
1.2
...
2.9
...
...
...
1.3
...
20
27
dd
16
18
24
19
20
15
72
24
19
22
13
dd
15
85
71
21
cc
dd
18
dd
23
...
22
...
36.17
52.95
19.59
22.20
34.75
20.55
28.14
9.13
17.64
45.58
18.50
49.27
11.00
147.95
17.79
19.75
172.65
47.25
37.62
23.75
21.42
28.05
21.66
35.06
37.21
81.40
5.63
–1.00
–1.60
+0.90
+0.30
–0.90
–0.05
–0.38
–0.17
–0.34
+0.05
+0.15
–0.72
–0.05
+10.70
–0.13
–0.45
–2.90
–0.70
–0.49
–0.35
–0.08
–0.15
–0.90
+0.34
–1.56
+1.85
–0.47
.21
.29
...
.12
.34
.10
.10
.04
.12
.28
.50
...
.07
...
.60
.06
.03
...
.17
.07
...
.20
...
...
...
.27
...
2.9
...
.6
...
...
...
...
...
...
...
...
...
...
...
...
...
...
...
4
dd
18
dd
30
dd
dd
dd
cc
dd
dd
dd
31
35
29
dd
dd
dd
3.84
5.60
48.43
15.20
40.17
48.55
7.10
14.85
12.18
6.53
3.07
41.85
114.44
96.00
27.59
23.20
11.87
2.20
+0.02 .11
–0.20 ...
–1.13 .07
... ...
–0.87 ...
+0.55 ...
+0.05 ...
+0.20 ...
–0.17 ...
+0.02 ...
+0.08 ...
+0.05 ...
+0.45 ...
+0.67 ...
–0.80 ...
–0.73 ...
–0.23 ...
+0.15 ...
V
52-Week
High Low Name
167.86
49.00
46.72
75.88
11.89
25.65
11.74
10.39
4.40
31.67
24.00
6.05
19.07
126.60
48.71
133.04
6.50
1.38
31.99
25.99
8.09
73.23
28.20
22.13
57.75
8.13
13.90
7.85
3.01
0.88
22.43
14.76
3.55
13.10
97.60
24.73
79.69
2.25
0.48
24.31
8.10
3.57
VertxPharm
Viacom A
Viacom B
ViaSat
ViaviSolutions
Vicor
Videocon d2h
ViewRay
VikingTherap
VillageSuper A
ViperEnergyPtrs
VircoMfg
VirtuFinancial
VirtusInvtPtrs
Virtusa
Visteon
VitalTherapies
Vivus
Vodafone
VoyagerTherap
vTvTherap
39.70
122.65
52.50
16.85
88.00
35.90
59.10
20.40
21.75
25.95
123.00
16.98
39.85
44.19
28.00
64.91
95.77
11.10
19.03
4.09
32.30
36.87
28.06
165.00
15.15
100.60
42.45
14.10
63.82
29.80
47.00
17.00
13.05
17.25
40.31
13.03
24.20
34.81
20.60
49.38
67.61
9.00
0.95
0.82
23.75
21.36
21.10
120.87
WAVE LifeSci
WD-40
WSFS Financial
WVS Financial
WalgreensBoots
WashingtonFederal
WashTrBcp
WaterstoneFinl
WaysideTech
Web.com
Weibo
Wendy's
WernerEnterprises
WesBanco
WestBancorp
WestamericaBncp
WesternDigital
WestNewEngBncp
WestmorelandCoal
WestportFuelSys
WeycoGroup
Willdan
WillisLease
WillisTowers
Tick
Div
Sym Yld P/E Last Chg. Amt.
VRTX
VIA
VIAB
VSAT
VIAV
VICR
VDTH
VRAY
VKTX
VLGEA
VNOM
VIRC
VIRT
VRTS
VRTU
VC
VTL
VVUS
VOD
VYGR
VTVT
...
2.3
2.6
...
...
...
...
...
...
4.4
5.8
1.2
5.2
1.6
...
...
...
...
3.5
...
...
cc
7
7
dd
24
dd
cc
dd
dd
16
27
cc
cc
22
62
28
dd
1
dd
dd
dd
149.86
34.90
30.81
74.85
8.74
20.90
9.51
9.26
4.06
22.93
23.33
5.05
18.30
115.05
44.08
125.14
5.95
.50
31.90
16.60
6.01
–0.11
–1.35
–1.42
+1.69
–0.08
–0.90
+0.44
+0.08
+0.02
–0.38
+0.54
+0.15
+0.30
–0.55
–1.62
–0.25
–0.05
...
+0.04
+0.30
+1.86
...
.20
.20
...
...
...
...
...
...
.25
.337
.015
.24
.45
...
...
...
...
.5642
...
...
...
1.8
.8
1.5
2.2
1.8
2.9
2.8
4.1
...
...
1.7
.7
2.6
2.9
2.7
2.5
1.1
...
...
3.0
...
...
1.4
dd
32
20
16
19
18
18
16
12
44
88
65
34
17
17
26
17
22
dd
dd
19
21
8
45
35.10
118.00
47.85
15.49
72.62
34.25
53.25
17.05
16.70
21.80
103.46
16.42
38.65
40.65
25.15
59.55
79.53
10.90
1.21
3.76
29.72
23.94
24.97
150.69
–0.15
+1.70
–1.10
+0.11
–0.09
–0.35
–1.95
–0.60
–0.40
–0.80
–3.36
–0.02
–1.00
–0.61
–1.45
–1.70
–1.15
+0.05
+0.04
+0.43
+1.60
+0.32
+0.46
–1.05
...
.54
.09
.06
.40
.15
.39
.12
.17
...
...
.07
.07
.26
.18
.40
.50
.03
...
...
.22
...
...
.53
W
WVE
WDFC
WSFS
WVFC
WBA
WAFD
WASH
WSBF
WSTG
WEB
WB
WEN
WERN
WSBC
WTBA
WABC
WDC
WNEB
WLB
WPRT
WEYS
WLDN
WLFC
WLTW
52-Week
High Low Name
Tick
Div
Sym Yld P/E Last Chg. Amt.
8.35
43.25
139.05
86.80
12.68
86.15
82.94
116.89
88.26
2.67
31.53
171.06
1.73
24.74
109.90
64.14
7.87
44.25
65.22
65.79
42.01
1.24
22.14
85.57
Windstream
Wingstop
Winmark
WintrustFin
WisdomTreeInvs
Wix.com
Woodward
Workday
WorldAcceptance
WrightMedical Rt
WrightMedical
WynnResorts
37.25
20.18
5.00
10.15
28.64
36.44
9.95
75.14
45.95
27.00
15.79
123.48
35.32
25.47
22.97
5.85
39.86
23.70
5.46
35.74
20.37
117.44
50.91
51.23
6.90
52.20
20.00
16.77
6.67
43.35
23.10
25.95
4.34
3.96
2.77
1.80
7.21
18.55
22.61
2.10
54.99
16.70
3.11
7.36
37.81
20.06
3.65
8.53
2.22
31.70
5.90
3.15
20.67
12.45
81.02
32.63
32.56
1.07
38.43
8.84
6.44
4.16
7.70
11.43
5.42
2.40
XOMA
XBiotech
XcelBrands
Xcerra
Xencor
XenithBkshrs
XenonPharms
Xilinx
Xperi
Xunlei
YRC Worldwide
YY
Yandex
YangtzeRiverDev
YintechInvt
YogaWorks
YorkWater
ZAGG
Zafgen
ZaiLab
ZealandPharma
ZebraTech
Zillow A
Zillow C
ZionOil&Gas
ZionsBancorp
ZionsBancorpWt
ZionsBancorpWt
Zix
Zogenix
Zumiez
ZynerbaPharma
Zynga
WIN
WING
WINA
WTFC
WETF
WIX
WWD
WDAY
WRLD
WMGIZ
WMGI
WYNN
...
.7
.3
.7
2.5
...
.7
...
...
...
...
1.2
dd
54
25
20
57
dd
24
dd
11
...
dd
47
1.85
38.98
129.40
82.37
12.55
57.55
76.54
101.74
80.72
1.51
22.20
168.59
–0.08
+0.63
–5.95
–1.47
–0.11
–2.00
–0.98
–0.58
–0.24
...
–0.36
+0.84
.15
.07
.11
.14
.08
...
.125
...
...
...
...
.50
...
...
...
...
...
...
...
2.1
3.3
...
...
...
...
...
...
...
2.0
...
...
...
...
...
...
...
...
1.3
...
...
...
...
...
...
...
dd
dd
23
13
dd
33
dd
28
dd
dd
dd
20
81
dd
6
...
36
cc
dd
...
...
cc
dd
dd
dd
19
...
...
37
dd
20
dd
dd
35.60
3.94
3.30
9.79
21.92
33.83
2.83
67.42
24.40
15.39
14.38
113.06
32.75
8.82
9.56
2.83
33.90
18.45
4.62
21.23
13.60
103.80
40.74
40.92
2.16
50.83
18.80
14.75
4.38
40.05
20.83
12.52
4.00
+2.36
–0.12
+0.50
–0.10
+0.01
–0.83
+0.33
–0.50
–1.30
+2.11
–0.66
–1.54
+1.09
–5.40
+0.04
–0.03
–0.20
–1.55
+0.40
–0.21
+0.10
–1.35
–1.36
–1.42
–0.15
–0.50
+0.15
–0.60
–0.07
+1.30
–0.63
+0.46
...
...
...
...
...
...
...
...
.35
.20
...
...
...
...
...
.80
...
.1666
...
...
...
...
...
...
...
...
.16
...
...
...
...
...
...
...
XYZ
XOMA
XBIT
XELB
XCRA
XNCR
XBKS
XENE
XLNX
XPER
XNET
YRCW
YY
YNDX
YERR
YIN
YOGA
YORW
ZAGG
ZFGN
ZLAB
ZEAL
ZBRA
ZG
Z
ZN
ZION
ZIONW
ZIONZ
ZIXI
ZGNX
ZUMZ
ZYNE
ZNGA
M24
BARRON’S
January 1, 2018
Exchange-Traded Portfolios
For personal Do not edit or alter. Reproductions not permitted.
To reprint or license content, please contact Barron's reprints department at 800-843-0008 or
Name
Tick
Sym Yld
iShCoreS&PUSGrowth IUSG 1.4
iShCoreS&PUSValue IUSV 1.9
iShCoreTotalUSDBd IUSB .5
iShCurrHdMSCIGrmny HEWG .5
iShSelectDividend DVY 3.2
iShESG1-5YCpBd SUSB 2.1
iShESGUSDCorpBd SUSC 2.9
iShEurDevRealEst IFEU 4.3
iShExponentialTech XT 1.1
iShFallAngelsUSDBd FALN 4.1
iShGNMABondETF GNMA 2.6
iShGlbCleanEnergy ICLN 1.9
iShGlbTimber
WOOD .4
iSh$HYxOil&Gas HYXE 5.7
iShIndia50ETF
INDY .3
iShIntlDevRealEst IFGL 10.6
iShIntlTreasuryBd IGOV .5
iShJPMUSDEmgBd EMB 3.8
iShMBSETF
MBB 2.6
iShMSCI ACWI
ACWI 1.9
iShMSCIACWIexUSETF ACWX 2.1
iShMSCIACxJpn AAXJ 3.2
iShMSCIBrazilSC EWZS 4.5
iShMSCIChina
MCHI 2.5
iShMSCIEAFEESGOpt ESGD 4.3
iShMSCI EAFE SC SCZ 2.3
iShMSCIEMESGOpt ESGE 4.9
iShMSCIEmMkAsia EEMA 2.8
iShMSCIEMxChina EMXC ...
iShMSCIEuropeFinls EUFN 1.3
iShMSCIEuropeSmCp IEUS 2.0
iShMSCIGlblGoldMin RING .5
iShMSCIGlbImpact MPCT 2.5
iShMSCINewZealand ENZL 3.8
iShMSCIQatar
QAT .0
iShMSCITurkeyETF TUR .5
iShMSCIUAE
UAE 1.2
iShMSCIUSAESGOpt ESGU 1.4
iShMornMCValue
JKI 2.0
iShNasdaqBiotech IBB .5
iSh13YearIntlTBd ISHG 5.5
iShPHLXSemicond SOXX .7
iShRuss1000PureUS AMCA 1.0
iShS&PSC600Growth IJT 1.2
iShUSPfdStk
PFF 3.1
iShS&P EM Infra EMIF 3.9
iShGlobalInfra
IGF 2.7
iShShortTreasuryBd SHV 1.0
iSh1-3YTreasuryBd SHY 1.3
iSh7-10YTreasuryBd IEF 1.9
iSh20+YTreasuryBd TLT 2.5
iShUSCreditBdETF CRED 2.8
iSh0-5YInvGrdCpBd SLQD 1.4
JanusSGGlbQualIncm SGQI 3.3
JanusSCGrwAlpha JSML .8
JanusS/MC GrwAlph JSMD .5
LeggMasonDev
DDBI 1.6
LeggMasonEMDivCore EDBI 2.2
LeggMasonGlbInfr INFR 2.9
LeggMasonLVHD LVHD 3.5
LeggMasonSCQualVal SQLV ...
LeggMasonUSDivCore UDBI 1.6
LoncarCancerETF CNCR 1.5
LongTermCareETF OLD 3.3
ObesityETF
SLIM .2
OrganicsETF
ORG 1.6
PwrShBuybackAch PKW .8
PwrShDBOptYdDiv PDBC 3.8
PwrShDWA DevMkt PIZ 1.8
PwrShDWA EM
PIE 3.3
PwrShDWAMom DWLV 2.0
PwrShDWA Mom PDP .7
PwrShDWANasdMom DWAQ .4
PwrShDWASCMom DWAS .7
PwrShDWA Tact DWIN 4.2
PwrShDWATact DWTR 1.1
PwrShDWA Util
PUI 3.2
PwrShDivAch
PFM 2.3
PwrShDynBscMatl PYZ 1.0
PwrShDynConDis PEZ .4
PwrShDynConsStp PSL .7
PwrShDynEnerSec PXI 1.3
PwrShDynFinl
PFI 1.0
PwrShDynHlthcr
PTH ...
PwrShDynIndls
PRN 1.7
PwrShDynTech
PTF .2
PwrShFTSEIntlLow IDLB 5.1
PwrShUS1500
PRFZ 1.7
PwrShGlblAgricult PAGG 1.4
PwrShGlobalGold PSAU 4.7
PwrShGlbWater
PIO 1.4
PwrShGoldDragon PGJ 5.5
PwrShHY EqDiv
PEY 4.5
PwrShIntlBuyBack IPKW 2.5
PwrShIntlDivAch
PID 4.2
PwrShKBW Banks KBWB 2.0
PwrShKBWHiDiv KBWD 8.0
PwrShKBWPREIT KBWY 7.2
PwrShKBWProp&Cas KBWP 4.2
PwrShKBW RegBk KBWR 2.6
PwrShLadder0-5 LDRI 2.2
PwrShNasdInternet PNQI .1
PwrSh1-30LadTrsr PLW 1.9
PwrShQQQ 1
QQQ .8
PwrShRuss1000Low USLB 2.9
PwrShS&P SC CD PSCD 1.2
PwrShS&P SC ConStp PSCC 2.8
PwrShS&P SC Ener PSCE .2
PwrShS&P SC Fin PSCF 5.7
PwrShS&P ScHealth PSCH ...
PwrShS&P SmInds PSCI .9
PwrShS&P InfTech PSCT .7
PwrShS&PSCMatls PSCM 1.1
PwrShS&PSC Util PSCU 6.5
PwrShVarRateInv VRIG 2.6
PwrShWaterRscs PHO .3
PrincipalHlthInnov BTEC ...
PrincplMillennials GENY .2
PrincipalPriceSet PSET .9
PrincipalShrhldrYd PY 1.8
PrincipalUSMega USMC ...
PrincipalUSSCMulti PSC 1.0
ProShEquRising EQRR 1.5
ProShrUltNdBTh
BIB ...
ProShUltNasdBio UBIO ...
ProShUltPrQQQ TQQQ ...
ProShUltShNasdBio ZBIO ...
ProShUltProShQQQ SQQQ ...
ProShUltShNdBtech BIS ...
ROBOGlblRobotics ROBO .0
SPDRDorseyWrightFx DWFI 16.6
ValideaMktLeg
VALX .9
VanEckBiotech
BBH .5
VanEckGenDrugs GNRX 1.5
VanEckPharm
PPH 1.0
Div
Last Chg. Amt.
53.77
55.40
50.87
28.69
98.56
24.96
25.46
41.18
35.44
27.15
49.48
9.32
71.13
51.06
37.12
30.00
49.92
116.10
106.59
72.09
49.95
76.28
16.29
66.54
67.84
64.50
73.89
73.75
53.93
23.31
57.85
18.80
59.17
47.47
16.20
43.46
16.80
58.33
159.49
106.77
84.19
169.81
27.36
170.15
38.07
32.91
45.22
110.24
83.85
105.57
126.86
112.03
50.26
29.12
36.74
38.83
29.68
33.03
29.48
31.53
27.24
31.54
23.78
23.94
31.00
34.54
59.01
17.45
27.63
20.55
31.13
51.63
102.60
48.72
26.88
28.25
27.83
26.45
70.66
50.28
65.08
39.48
35.11
72.07
60.95
52.70
30.15
129.89
27.37
19.65
26.04
44.83
17.81
37.58
16.54
55.02
23.61
35.41
59.40
56.00
24.88
115.71
32.79
155.76
31.21
61.15
74.79
15.40
54.50
98.52
64.51
76.44
52.33
52.82
25.21
30.27
31.45
34.72
32.18
32.61
26.27
31.71
46.68
56.07
33.64
138.72
11.40
21.51
22.05
41.32
25.28
29.00
124.60
24.30
59.31
–0.20
–0.07
+0.24
–0.46
+0.24
+0.05
+0.27
+0.99
–0.03
–0.04
+0.02
+0.18
+0.77
–0.14
+0.07
+0.44
+0.57
+0.36
+0.32
+0.09
+0.27
+0.71
+0.42
–0.24
+0.24
+0.61
+0.97
+0.74
+1.15
+0.03
+0.81
+0.40
+0.56
+0.21
–0.01
+1.48
+0.18
...
–0.04
–0.17
+0.88
–2.45
+0.12
–0.48
–0.04
+0.72
+0.23
+0.04
+0.06
+0.53
+2.09
+0.59
+0.08
+0.32
+0.15
+0.08
–0.29
–0.49
+0.02
–0.20
–0.01
–1.01
–0.39
+0.07
+0.47
+0.47
–0.18
+0.47
+0.12
+0.35
+0.09
–0.02
–0.12
–0.19
+0.04
–0.03
+0.22
+0.07
+0.72
–0.13
–0.24
+0.33
...
+0.25
–0.13
–0.10
+0.22
–0.47
+0.23
+0.35
+0.24
–0.23
...
+0.34
+0.13
–0.58
–0.09
+0.39
+0.27
–0.89
+0.11
–1.01
+0.33
–1.61
+0.21
+0.14
–0.13
+0.16
–0.20
–0.39
–0.22
–0.57
+0.46
+0.24
...
+0.20
+0.46
+0.06
–0.04
+0.04
–0.04
+0.56
–0.04
–0.21
–0.24
–4.61
+0.06
+0.62
+0.12
–0.03
+0.05
–0.35
–0.49
+0.78
–0.19
.1897
.2677
.0229
.0673
.798
.0439
.0615
.4423
.0072
.0919
.1073
.0892
.1586
.2427
.0588
.7966
.021
.3712
.2338
.6694
.528
1.2338
.0181
.8457
.7358
.7547
.8994
1.0204
.5337
.156
.5817
.0479
.7361
.9028
.0008
.1174
.1005
.1062
.8122
.1254
.3893
.3167
.0651
.5058
.0992
.6339
.5998
.0918
.0941
.1641
.2616
.2605
.0579
.2373
.0735
.0505
.4625
.332
.2164
.2748
.11
.7918
.3502
.1954
.0142
.1385
.1188
.6691
.1242
.1698
.1587
.0867
.1052
.0823
.0952
.0763
.2233
.1534
.1835
.0477
.1191
.1321
.0847
...
.253
.0214
.3829
.5483
.096
.23
.0918
.614
.067
.2361
.1747
.2804
.1572
.2134
.6267
.3669
.045
.0269
.0521
.3294
.2226
.1895
.5327
.0067
.7779
...
.1529
.1344
.1498
.8563
.055
.0242
.0098
.0203
.0726
.1452
.0628
.0806
.1792
...
...
...
...
.0302
...
.0099
.3494
.2655
.683
.367
.15
Name
Tick
Sym Yld
VangdEM GovBd VWOB 5.0
VangdGlblxUS RE VNQI 12.4
VangdIntrCorpBd VCIT 3.5
VangdIntermTrmTrea VGIT 2.0
VangdIntlDivApp
VIGI 1.6
VangdIntlHiDiv
VYMI 2.8
VangdLTCorpBd VCLT 4.4
VangdLong-TermTrea VGLT 2.9
VangdMBS
VMBS 2.5
VangdRuss1000 VONE 1.9
VangdRuss1000Grw VONG 1.3
VangdRuss1000Val VONV 2.5
VangdRuss3000 VTHR 1.8
VangdRuss2000 VTWO 1.6
VangdRuss2000Grw VTWG .7
VangdRuss2000Val VTWV 2.5
VangdSTCpBd
VCSH 2.6
VangdShtTmInfltn VTIP 6.1
VangdShortTermTrea VGSH 1.5
VangdTotalCpBd VTC 3.5
VangdTotIntlBd BNDX 15.3
VangdTotIntlStk VXUS 3.8
VS2xVIXMedTerm TVIZ ...
VS2xVIXShortTerm TVIX ...
VSInvVIXMedTerm ZIV ...
VSInverseVIXSTerm XIV ...
VSVIXMedTerm
VIIZ ...
VSVIXShortTerm VIIX ...
VicShDevEnhVol
CIZ 3.2
VicShDivAccel
VSDA 5.1
VicShEMHiDivVol CEY 5.6
VicShEMVolWtd
CEZ 3.1
VicShIntlHiDivVol CID 4.8
VicShIntlVolWtd
CIL 3.7
VicShUSDiscEnhVol CSF 2.9
VicShUSEQIncmEnh CDC 7.1
VicShUS500EnhVol CFO 3.1
VicShUS500Vol
CFA 3.2
VicShUSLCHiDivVol CDL 7.4
VicShUSMultMin VSMV 5.5
VicShUSSCHiDiv CSB 9.3
VicShUSSCVolWtd CSA 3.0
VidentCoreUSBdStr VBND 4.2
VidentCoreUSEquity VUSE 2.5
VidentIntlEquityFd VIDI 4.0
VS3XInvrsGold DGLD ...
VS 3X GOLD
UGLD ...
WeatherStorm
FLAG 1.3
WisdTrBarUSAggBd AGZD 3.1
WisdTrBarNegUSBd AGND 2.1
WisdTrChinaxSOE CXSE .1
WisdTrEMConGrwth EMCG 1.7
WisdTrEM CpBd EMCB 4.0
WisdTrEMQualDivGrw DGRE .9
WisdTrGermanyHdg DXGE 3.4
WisdTrIntRtHYBd HYZD 5.0
WisdTrJapanHdgSC DXJS 1.4
WisdTrMEDiv
GULF .9
WisdTrNegHYBd HYND 5.0
WisdTrUSQltyDiv DGRW 3.8
WisdTrUSSCQltyDiv DGRS 5.7
WisdTrUK Hdg
DXPS 7.3
Div
Last Chg. Amt.
80.27
60.50
87.39
63.94
66.30
67.00
95.75
78.00
52.44
122.48
138.03
108.56
122.82
122.29
135.49
109.56
79.30
48.82
60.28
85.00
54.37
56.81
8.97
5.54
88.65
134.44
6.06
11.78
35.11
28.45
26.12
29.66
36.21
40.65
45.14
46.43
48.80
48.78
45.31
27.58
44.61
46.07
49.21
33.41
28.02
43.62
11.14
42.65
48.41
43.34
86.22
26.93
73.10
27.25
32.20
24.16
46.10
17.61
20.50
41.43
35.73
24.79
–0.12
+0.86
+0.19
+0.12
+0.35
+0.51
+0.81
+1.06
+0.05
–0.33
–0.49
–0.12
–0.09
–0.65
–0.54
–0.15
–0.04
–0.59
–0.05
+0.27
–0.62
+0.34
–0.18
+0.06
+0.97
–0.84
–0.07
+0.06
+0.21
–0.06
+0.58
+0.63
+0.34
+0.32
–0.13
–0.05
–0.04
–0.09
+0.07
+0.08
–0.01
–0.22
+0.19
–0.11
+0.28
–2.82
+0.65
–0.03
–0.07
–0.24
–0.52
+0.54
–0.02
+0.44
–0.24
–0.04
–0.19
+0.28
–0.14
–0.22
–0.11
+0.18
.3335
1.8825
.2542
.1045
.2586
.4744
.3538
.1861
.111
.5828
.4401
.6815
.5639
.5016
.2366
.6712
.1733
.7415
.076
.2459
.691
.5391
...
...
...
...
...
...
.0931
.1212
.1227
.0765
.1437
.1268
.109
.2751
.1276
.1281
.279
.1273
.3463
.1165
.5175
.2125
.2832
...
...
.1392
.1239
.075
.019
.1135
.245
.0646
.27
.101
.161
.0397
.0851
.1323
.1697
.455
NYSE
GuggCreditAlloc GGM 9.9 21.93 –0.17 .1813
NuvShrtDurCrOppFd JSD 7.6 16.63 –0.02 .0364
NYSE ARCA
AAMS&PEMHiDivVal EEMD
AAMS&P500HiDivV SPDV
AIPoweredEquity AIEQ
ALPS CohenStrs
GRI
ALPSEmgDivDogs EDOG
ALPS EqSecWgh EQL
ALPSIntlDivDogs IDOG
ALPSMedBreak SBIO
ALPSSectorDivDogs SDOG
ARKGenomicRev ARKG
ARKIndlInnovation ARKQ
ARKInnovationETF ARKK
ARKWebx.0ETF ARKW
AdvShDorseyADR AADR
AdvShFocusedEqu CWS
AdvShKIMKorea KOR
AdvShNewTech
FNG
AdvShNewfleet
MINC
AdvShPacAsEnFR FLRT
AdvShPeritusHY HYLD
AdvShRangerEqBear HDGE
AdvShStrGlbBW VEGA
AdvShSageCore HOLD
AdvShWilshireBuybk TTFS
AGFiQHdgDivIncm DIVA
AGFiQ US NeutAB BTAL
AGFiQ US NeutrMom MOM
AGFiQ US Neutral SIZ
AGFiQ US NeutrVal CHEP
AlerianEnergyInfr ENFR
AlerianMLPETF AMLP
AmEnerIndependence USAI
ArrowDJGlobalYd GYLD
ArrowQVMEquityFact QVM
iPathS&P500VIXST VXX
PathS&P500VIXMT VXZ
BarclyiPathBCrude OILB
BarcETNFIEnhEur50 FEEU
BarclaysETN FI Enh FLEU
BarcETN+FIEnhGlHY FIGY
S&PVEQTOR
VQT
BarclaysETN+Select ATMP
BarclaysETNShiller CAPE
BarclaysWILETN
WIL
Barrons400ETF BFOR
BluStrTABIGIIsrael ITEQ
BrandValueETF BVAL
BuzzUSSentLdrs BUZ
CSOPFTSEChinaA50 AFTY
CTrksETNsMillerHwd MLPC
CambriaCoreEqu CCOR
CambriaGlbMomentum GMOM
CambriaGlbValue GVAL
CambriaShareholder SYLD
ChangeFinDivImp CHGX
Velocity4XCHFUSD UCHF
Velocity4XUSDEUR DEUR
ClaymoreIdxLnk
GCE
ClearSharesOCIO OCIO
ColumbiaBeyBRICs BBRC
ColumbiaDivFixed DIAL
ColumbiaEMCoreXCh XCEM
ColumbiaEMQualDiv HILO
...
...
...
8.5
1.4
2.4
2.5
...
3.3
...
.1
.2
.3
.9
.3
2.3
...
2.9
3.4
8.5
...
...
1.7
.7
3.1
...
...
...
...
.8
7.6
...
7.7
5.5
...
...
...
...
...
...
...
5.7
...
...
.6
2.2
...
.4
6.6
5.7
1.7
2.0
1.6
1.4
...
...
...
6.6
...
2.7
3.5
2.2
2.9
26.15
26.15
25.89
44.92
25.42
69.54
28.65
32.79
45.80
24.49
32.94
37.08
46.07
58.85
31.32
31.00
21.47
48.37
49.34
36.15
7.84
30.83
99.26
71.45
24.85
19.28
24.03
19.98
26.08
23.09
10.79
25.98
17.99
27.72
27.92
17.50
59.15
132.40
159.16
171.09
158.31
20.75
116.50
67.10
41.58
31.63
15.88
32.03
17.61
15.22
25.82
27.39
25.61
38.39
18.73
26.54
22.94
16.66
26.76
18.43
19.94
27.67
15.89
+0.38
+0.02
–0.21
+0.55
+0.51
+0.15
+0.21
–0.04
–0.05
–0.35
–0.81
–0.67
–1.07
–0.08
+0.08
–0.06
–0.22
–0.12
+0.07
–0.12
...
+0.18
–0.13
–0.38
–0.44
+0.37
–0.02
+0.01
+0.15
+0.36
–0.05
+0.38
–0.05
–0.35
+0.19
–0.19
+2.28
+2.00
+2.21
+1.32
–0.35
+0.08
–0.25
+0.70
–0.16
–0.22
–0.03
–0.24
+0.02
–0.08
–0.08
+0.04
+0.21
–0.10
–0.13
+1.22
–1.77
+0.53
+0.04
+0.36
+0.05
+1.22
+0.19
.1095
.0729
.0353
.9533
.0876
.4157
.1802
.5795
.3815
.1927
.201
.0479
.3802
.1303
.0898
.8438
...
.1188
.1417
.257
...
...
.1366
.466
.2288
...
...
...
...
.0488
.2052
.0196
.1149
.38
...
...
...
...
...
...
...
.296
...
...
.2485
.1722
.1271
.1429
1.1648
.2178
.1069
.1353
.1009
.0312
.0556
...
...
.2748
.2251
.4981
.0585
1.4893
.1136
Name
Tick
Sym Yld
ColumbiaEMConsumer ECON .4
ColumbiaIndiaCnsmr INCO .1
ColumbiaIndiaInfr INXX .6
ColumbiaIndiaSC SCIN .7
ColumbiaSustGlb ESGW 3.8
ColumbiaSustIntl ESGN 3.8
ColumbiaSustUSEqu ESGS 2.7
CnsmrDiscSelSector XLY 1.3
CnsStapleSelSector XLP 2.9
CSAxela3xInvBrent DBRT ...
CSAxela3xLgBrent UBRT ...
CS FI LC Grwth
FLGE ...
CSX2xAlerianMLPETN AMJL 34.9
CSX Mthly2xLvMtg REML 3.1
CSX MultiAsstHi MLTI 2.6
CSX WTICrude
OIIL ...
CurrShAUD
FXA .6
CurrShGBP
FXB ...
CurrShCAD
FXC .1
CurrShCNY
FXCH ...
CurrShEuro
FXE ...
CurrShJPY
FXY ...
CurrShSGD
FXSG ...
CurrShSEK
FXS ...
CurrShCHF
FXF ...
Cushing30ETN
PPLN ...
DBAgricDoubleLgETN DAG ...
DBAgricDoubleShrt AGA ...
DBAgricLongETN AGF ...
DBBaseMtlsDoubleLg BDD ...
DBCommodityDblLong DYY ...
DBCommodityShrtETN DDP ...
DBCrudeOilDblShrt DTO ...
DBCrudeOilLongETN OLO ...
DBGoldDoubleLg DGP ...
DBGoldDoubleShrt DZZ ...
DBGoldShortETN DGZ ...
DeepValueETF
DVP 4.8
DeltaShS&P500Mgd DMRL 1.6
DeltaShS&P400Mgd DMRM 1.4
DeltaShS&PIntMgd DMRI 1.9
DeltaShS&P600Mgd DMRS 1.3
DiamondHillVal DHVW 1.6
DirexAllCapIns KNOW 2.2
DirexAuspiceBroad COM ...
DirexAeroBl3
DFEN .2
DirexBrazilBull3X BRZU 2.9
DirexCSIChinaInt CWEB ...
DirexCSI300CnA CHAD ...
DirexCSI300CnABl2 CHAU ...
DirexDevMktBear3 DPK ...
DirexDevMktBl3
DZK 3.1
DirexESTOXX50Bl3x EUXL 1.2
DirexEM Bear3
EDZ ...
DirexEM Bull3
EDC ...
DirexEnergyBr3
ERY ...
DirexEnergyBl3
ERX 2.5
DirexEuroFinBll2 EUFL 10.2
DirexChinaBr3
YANG ...
DirexChinaBl3
YINN 4.4
DirexFTSEEurBull3x EURL 1.5
DirexFinlBear3
FAZ ...
DirexFinlBull3
FAS .5
DirexGoldMinBr3 DUST ...
DirexGoldMinBl3 NUGT ...
DirexHlthcrBull3 CURE .6
DirexHY Bear2
HYDD ...
DirexHmbldrBull3 NAIL ...
DirexIndlsBl3
DUSL 1.3
DirexJapanBl3
JPNL .7
DirexJrGoldMinBr3 JDST ...
DirexJrGoldMinBl3 JNUG ...
DirexLatinAmBl3
LBJ ...
DirexIndiaBull3
INDL ...
DirexMexicoBl3 MEXX ...
DirexMcBear3
MIDZ ...
DirexMcBull3
MIDU .6
DirexNatGasBr3 GASX ...
DirexNatGasBl3 GASL ...
DirexPharmBl3X
PILL ...
DirexRealEstBr3 DRV ...
DirexRealEstBl3
DRN 3.7
DirexRgBanksBear3X WDRW ...
DirexRgBanksBull3X DPST .7
DirexRetailBull3 RETL .0
DirexRussiaBr3 RUSS ...
DirexRussiaBl3 RUSL 4.0
DirexS&P500Br3 SPXS ...
DirexS&P500Bl3 SPXL 1.0
DirexS&P500Bull2X SPUU 3.5
DirexS&PBiotechBr3 LABD ...
DirexS&PBiotechBl3 LABU ...
DirexS&P500Br1 SPDN .7
DirexS&P500Bl1.25 LLSP 3.4
DirexS&POil&GasBr3 DRIP ...
DirexS&POil&GasBl3 GUSH ...
DirexSemiBear3 SOXS ...
DirexSemiBl3
SOXL .4
Direx7-10TreaBr1 TYNS ...
Direx7-10TreaBr3 TYO ...
Direx7-10TreaBull TYD .0
DirexSilverMinBl2 SHNY ...
DirexScBear3
TZA ...
DirexSCBull2
SMLL 2.1
DirexScBl1.25
LLSC 2.6
DirexSCBull3
TNA .6
DirexKRBull3
KORU 2.5
DirexTechBear3 TECS ...
DirexTechBull3
TECL .4
DirexTotBdBr1
SAGG ...
DirexTransportBl3 TPOR .8
Direx20+TreaBr1 TYBS ...
Direx20+TreaBr3 TMV ...
Direx20+YrTrBull TMF 1.3
DirexUtilBl3X
UTSL ...
Direx iBillionaire
IBLN .4
DirexNasd100EW QQQE .9
DirexZacksMLPHiIn ZMLP 10.0
EmgMktInternetEcom EMQQ .4
ETF Exposure
TETF ...
ETFMGAltHarvest MJX 1.4
ETFMG DroneEcon IFLY .4
ETFMG PrimeCyber HACK .0
ETFMG PrimeJrSilver SILJ ...
ETFMG PrimeMob IPAY .1
ETFMG VideoGame GAMR .9
ETFSBloomAllCmdty BCD ...
ETFSBloomAllCmdty BCI ...
ETFSBloombergEngy BEF ...
ETFSPhyPrecMtllBsk GLTR ...
ETRACS Alerian MLP AMU 6.9
ETRACSAlerianMLP AMUB 6.9
ETRACSMthPay2xLev CEFL 16.8
ETRACSMthPay2xLev DVHL 13.9
DJ 2xSelect Div
DVYL 10.2
Div
Last Chg. Amt.
28.13
49.62
15.87
23.43
30.16
30.56
29.59
98.69
56.89
50.12
178.42
228.09
19.22
30.60
28.00
35.20
78.05
131.20
78.50
74.96
115.61
85.14
73.33
116.18
96.83
19.95
2.86
26.90
10.06
10.53
3.80
44.51
88.75
5.10
24.99
5.36
13.61
32.81
54.28
54.06
52.99
54.29
31.58
41.50
24.55
44.50
40.28
51.08
31.14
29.70
12.32
82.44
26.25
9.06
125.74
8.99
34.93
47.50
5.93
34.02
38.08
11.69
68.38
23.70
31.70
46.60
18.79
92.30
36.74
77.14
51.31
17.76
32.30
102.10
20.59
13.46
46.43
23.47
25.39
27.21
10.47
22.84
30.63
72.73
36.04
23.00
50.48
29.96
44.33
49.57
4.61
77.85
30.61
36.00
11.86
30.35
16.50
137.90
28.25
14.06
43.89
9.52
12.27
51.21
35.53
70.27
62.31
6.90
112.17
31.12
34.51
19.92
17.63
22.11
27.55
32.26
43.19
15.99
38.06
19.05
32.57
36.18
31.64
11.35
34.89
47.92
25.75
24.48
25.38
65.01
17.32
17.30
18.12
20.21
73.21
+0.36
–0.04
+0.27
+0.41
–1.81
–0.66
–2.77
–0.29
+0.02
–6.58
+16.87
–0.48
+0.19
+0.48
–0.41
+0.81
+0.87
+1.30
+0.94
+0.64
+1.37
+0.42
+0.19
+1.89
+1.40
+0.05
+0.06
–4.60
+0.23
+0.38
+0.38
–3.88
–6.09
+0.19
+1.05
–0.24
–0.34
–0.56
–0.01
+0.56
+0.04
+0.09
–0.51
+0.05
+0.26
+0.27
+2.67
–0.59
–0.08
+0.01
–0.11
+0.82
–0.42
–0.36
+4.83
–0.10
+0.32
+1.50
–0.06
+0.34
+0.68
–0.02
...
–1.06
+1.31
–0.54
–0.01
+1.60
+0.49
–0.49
–3.09
+0.85
+2.17
+1.40
+0.38
–0.05
–0.30
–1.31
+1.10
–0.31
–0.45
+0.90
+1.55
–3.90
–0.85
–0.41
+1.05
+0.21
–0.27
–0.24
–0.06
+0.60
+0.10
–0.02
–0.45
+0.91
+0.66
–6.11
+0.07
–0.14
+0.63
+0.34
+0.17
–0.16
–0.24
–1.06
+5.36
+0.19
–3.51
–0.15
–0.44
–0.45
–0.91
+1.04
+0.46
–0.07
–0.31
+0.02
–0.43
–0.11
+3.33
–0.34
–0.10
+0.05
+0.16
+0.24
+0.39
+0.70
+1.14
+1.64
+0.09
–0.08
+0.12
+0.17
+0.57
.0986
.0257
.0995
.1652
.158
.0659
.5647
.3319
.4177
...
...
...
.5593
.0781
.0607
...
.0423
...
.0058
...
...
...
.0048
...
...
.3254
...
...
...
...
...
...
...
...
...
...
...
.3932
.0089
.0156
.0061
.0165
.5072
.2255
.0224
.0188
.2964
1.5218
...
...
...
.6307
.0758
...
.3195
...
.214
1.2105
...
.3764
.1435
...
.0775
...
...
.0701
...
.1644
.1207
.1398
...
...
...
.3155
.0559
...
.0688
...
...
.0135
...
.2088
...
.1183
.003
...
.5015
...
.1151
.4286
...
.1326
.053
.3104
...
...
...
.1208
...
...
.0045
.0454
...
.2694
.2266
.1063
.3941
...
.1118
...
.0686
...
...
.072
.1582
.0345
.0946
.40
.1033
.1004
.1766
.0019
.0035
...
.0085
.0254
.0177
1.228
1.7446
...
.2999
.2999
.2544
.2343
.6246
Name
Tick
Sym Yld
ETRACSMortgageREIT MORL 2.6
S&P2xDivAristoETN SDYL 6.7
ETRACS2xLevUSHiDiv HDLV 6.9
ETRACS2xLevxEn LMLP 30.2
ETRACS2xLevUSREIT LRET 6.6
ETRACSMthPay2xLev MRRL 2.6
ETRACSMthlyPay2x SMHD 13.9
ETRACSMnthly2xLev SPLX ...
ETRACSMnly2xLevISE HOML ...
ETRACS2xMLvAlerian MLPQ 16.2
ETRACS2xMLevS&PMLP MLPZ 15.1
ETRACSUBSBloomberg UCIB ...
E-TRACS Agri
UAG ...
E-TRACS CMCI
UCI ...
E-TRACS Food
FUD ...
E-TRACS Gold
UBG ...
E-TRACS Silvr
USV ...
ETracsLngPlat
PTM ...
EcoLogicalStrat HECO 1.1
ElemntsDJSelct
DOD ...
ElemntsRogrMrngstr WMW ...
ElemntsRogrAgri
RJA ...
ElemntsRogrEngy RJN ...
ElemntsRogrMtls
RJZ ...
ElemntsRogrTr
RJI ...
ElemntsSpectrmLC EEH ...
ElemntsBiofuels
FUE ...
ElemntsGrain
GRU ...
EnSelectSectorSPDR XLE 2.5
ER Entrepreneur30 ENTR ...
ETFS GoldTr
SGOL ...
ETFS PlldmShr
PALL ...
ETFS PltnmShr
PPLT ...
ETFS SilvTr
SIVR ...
EthoClimateLeader ETHO 1.2
FIEnhancedEur50ETN FIEU ...
FIEnhEurope50ETN FIEE ...
FIEnhancedGlbHiYd FIEG ...
FidelityCorpBd
FCOR 3.0
FidelityDivRising FDRR 3.3
FidelityHiDiv
FDVV 4.1
FidelityLtdTermBd FLTB 1.8
FidelityLowVol
FDLO 1.7
FidelityMSCICnDisc FDIS .7
FidelityMSCICnStpl FSTA 2.4
FidelityMSCIEn FENY 2.6
FidelityMSCIFinls FNCL 1.8
FidelityMSCIHlthCr FHLC 1.6
FidelityMSCIIndls FIDU 1.4
FidelityMSCIIT
FTEC 1.1
FidelityMSCIMatls FMAT 1.6
FidelityRealEst
FREL 3.4
FidelityMSCITelSvs FCOM 2.6
FidelityMSCIUtils FUTY 3.1
FidelityMomFactor FDMO .9
FidelityQualFactor FQAL 1.6
FidelityTotalBdETF FBND 2.3
FidelityValFactor FVAL 1.7
FinSelSectorSPDR XLF 1.8
FT ConsDscAlpDx FXD 1.3
FT ConsStaples
FXG 1.8
FT DJ GlbSelDiv
FGD 4.1
FT DJ Internet
FDN ...
FT Dow30EW
EDOW 2.1
FT EnergyAlpDx
FXN 1.3
EqCompassRiskMgr ERM 1.5
EqCompassTactical TERM 1.5
FT DJ SelMicro
FDM 1.5
FT FTSE DevRE
FFR 7.9
FT FinlsAlpDx
FXO 2.9
FT GlbEngg
FLM 2.6
FT GlbWindEner
FAN 1.7
FT HlthCareAlpha FXH ...
FTHeitmanPrmRlEst PRME 17.3
FTHorizonMgdVolDev HDMV 1.0
FTHorizonMgdVolDom HUSV 1.6
FT Chindia
FNI 5.3
FT IndlsAlpDx
FXR .7
First Tr Instl Pfd
FPEI 3.7
FT Long/Short
FTLS .4
FT MatAlpDX
FXZ 1.3
FT MngstrDiv
FDL 3.8
FT MornMgdFut
FMF 3.3
FT NaturalGas
FCG .2
FT NA Energy Infra EMLP 3.4
FT NYSE ArcaBiotch FBT ...
FT PfdSecs
FPE 5.6
FTSTOXXEurSel Div FDD 1.3
FT S&P REIT
FRI 5.1
FT TechAlphaDEX FXL .2
FT USEquityOpp
FPX .7
FT UtilAlpha
FXU 7.1
FT ValDivFd
FVD 2.7
FT ValueLine100
FVL .6
FT Water
FIW .7
FlexShSelBdFd BNDC 2.8
FlexShCurrHdDM TLDH 6.7
FlexShCurrHdgEM TLEH 2.5
FlexGlbQualRealEst GQRE 5.0
FlexGlbUpstmNatRsc GUNR 1.4
FlexShiBoxx5YTIPS TDTF 2.1
FlexiBx3YDurTIPS TDTT 1.7
FlexShIntQualDiv IQDE 6.5
FlexShIntQuDivDyn IQDY 3.9
FlexShIntlQualDiv IQDF 4.3
FlexShMDevMktxUS TLTD 4.3
FlexShEM FactTilt TLTE 2.4
FlexMrnUSMktFtrTlt TILT 2.0
FlexShQualDivDef QDEF 3.8
FlexShQualDivDyn QDYN 3.8
FlexShQualityDiv QDF 3.5
FlexShReadyAcc RAVI 1.8
FlexShSTOXXGlb NFRA 3.2
FrankFTSEBrazil FLBR .3
FrankFTSECanada FLCA ...
FrankFTSEChina FLCH ...
FrankFTSEEurope FLEE .0
FrankFTSEEurHdg FLEH .0
FrankFTSEGermany FLGR ...
FrankFTSE HK
FLHK ...
FrankFTSEJapan FLJP ...
FrankFTSEJapanHdg FLJH ...
FrankFTSEMexico FLMX ...
FrankFTSE SKorea FLKR .2
FrankFTSETaiwan FLTW ...
FrankIntlOpps
FLIO 2.9
FrankInvGradeCp FLCO 3.3
FrankShtDurUSGovt FTSD 2.8
FrankUSLowVol FLLV 2.0
FranklinLibEM
FLQE 3.5
FranklinLibQGlbDiv FLQD 3.1
FranklinGlbEquity FLQG 3.1
FranklinIntlEquity FLQH .2
GS ConnS&PGSCI GSC ...
Div
Last Chg. Amt.
17.65
85.49
32.19
15.74
26.29
17.71
19.63
54.25
60.20
37.69
42.87
15.01
17.80
15.39
18.00
33.02
21.75
9.73
41.67
25.53
30.01
6.00
2.79
8.93
5.40
19.58
7.00
3.34
72.26
15.29
126.13
101.55
88.47
16.52
33.99
137.25
177.40
171.00
50.94
30.65
28.69
50.11
30.60
39.12
34.31
20.05
40.77
39.99
38.70
49.97
35.03
24.70
30.91
34.51
31.27
31.79
50.25
32.86
27.91
42.09
48.67
26.34
109.88
22.13
15.48
22.36
22.35
47.45
45.48
31.32
59.53
13.25
69.80
19.95
34.32
22.98
39.60
40.59
20.14
39.29
43.84
30.09
47.62
22.78
24.56
124.57
20.01
13.73
23.28
51.32
68.24
26.02
30.86
23.38
48.70
25.05
29.17
30.85
62.77
33.29
24.95
24.35
25.51
28.58
26.79
69.21
59.72
111.90
44.12
44.21
45.03
75.46
48.75
25.17
25.68
25.66
25.51
24.86
25.45
26.48
26.54
26.28
24.71
26.36
25.38
29.40
24.78
95.74
30.29
33.05
29.10
30.56
25.34
23.98
+0.16
+0.89
+0.24
+0.07
+0.81
+0.28
+0.04
+0.03
+1.87
+0.33
+0.87
+0.27
+0.39
+0.46
+0.28
+0.69
+1.24
+0.17
–2.26
+1.69
+0.20
+0.04
+0.11
+0.33
+0.13
+0.27
+0.02
+0.02
+0.29
–0.03
+2.80
+2.32
+0.97
+0.59
...
+1.90
+3.03
+20.50
+0.19
–0.12
–0.14
+0.06
+0.10
–0.13
+0.06
+0.09
–0.24
–0.14
+0.09
–0.48
+0.08
+0.34
–0.10
+0.22
–0.02
–0.02
+0.24
–0.12
–0.14
–0.17
–0.19
+0.13
–0.33
+0.09
+0.11
+0.07
+0.06
–0.33
+0.54
+0.02
+0.45
+0.20
+0.04
+0.25
+0.26
+0.06
–0.12
+0.02
+0.09
–0.13
+0.24
–0.01
+0.40
+0.38
+0.28
+0.55
+0.01
+0.10
+0.32
–0.55
–0.16
+0.08
+0.06
+0.03
+0.55
+0.09
–0.31
+0.44
+0.66
+0.49
+0.16
+0.05
+0.33
+0.53
+0.34
+0.40
+1.39
+0.11
...
+0.11
–0.02
+0.08
+0.15
+0.55
+0.39
+0.11
+0.20
–0.09
+0.11
+0.33
+0.04
–0.16
+0.64
+0.82
+0.42
+0.46
+0.10
–0.19
+0.13
+0.48
+0.27
+0.17
–0.08
+0.86
.0387
.475
.1853
.3958
.1436
.0387
.2278
...
...
1.5309
1.6214
...
...
...
...
...
...
...
.0695
...
...
...
...
...
...
...
...
...
.4583
.0127
...
...
...
...
.0003
...
...
...
.129
.253
.01
.074
.129
.065
.206
.128
.179
.158
.132
.134
.144
.207
1.284
.27
.068
.124
.096
.143
.1283
.1357
.2208
.2692
...
.1174
.05
.0823
.0831
.1798
.9007
.2233
.3836
.0554
...
.8613
.084
.0912
.5285
.0698
.0624
.0349
.1429
.2894
.3887
.0139
.209
...
.0933
.0449
.2955
.0231
.1121
.4625
.2049
.0342
.0862
.0579
.4871
.1921
.7815
.1199
.0442
.034
.4162
.2759
.287
.7428
.3626
.565
.4172
.4248
.3993
.1138
.3911
.0355
.0233
.0008
.0005
.0045
...
.0654
.0258
.0128
.0768
.0202
...
.3992
.0688
.2232
.1495
.5719
.2247
.4691
.0258
...
Name
Tick
Sym Yld
GlbX ChinaConsumer CHIQ .6
GlbX ChinaEner CHIE 3.6
GlbX ChinaFinls CHIX 1.9
GlbX ChinaIndls
CHII 2.3
GlbX ChinaMatls CHIM 1.1
GlbXCopperMiners COPX 1.6
GlbXFTSENordReg GXF 3.6
GlbX FTSE SE Asia ASEA 1.6
GlbXFertilizersPot SOIL .7
GlbX GoldExplorers GOEX ...
GlbX GuruIndex GURU .5
GlbXJPMEfficiente EFFE 2.6
GlbX JPM US SecRot SCTO 1.4
GlbXLithium&Batt
LIT 3.3
GlbX MLP&Energy MLPX .6
GlbX MLP
MLPA 8.1
GlbXMSCIArgentina ARGT .5
GlbXMSCIColombia GXG 1.8
GlbX MSCIGreece GREK 2.1
GlbXMSCINigeria NGE ...
GlbX MSCINorway NORW 2.9
GlbXMSCIPakistan PAK 3.5
GlbXMSCIPortugal PGAL 3.0
GlbXISuperDivEM SDEM 12.0
GlbXNextEmerging EMFM 1.7
GlbXSciBetaAsiaXJ SCIX 4.3
GlbXSciBetaEurope SCID 5.1
GlbXSciBetaJapan SCIJ 4.3
GlbXSciBetaUS
SCIU 1.5
GlbXSilverMiners
SIL .0
GlblXSuperDividend SDIV 6.8
GlbXSuperDivUS
DIV 5.8
GlbXSuperIncPfd SPFF 7.3
GlbX Uranium
URA 2.0
GSAccessHYCorpBd GHYB 5.0
GSAccessIGCpBd GIGB 3.1
GSActiveBetaEM GEM 2.5
GSActiveBetaEurope GSEU 2.2
GSActiveBetaIntlEq GSIE 2.8
GSActiveBetaJapan GSJY 4.1
GSActiveBetaUSLC GSLC 1.9
GS Active US SC GSSC 2.0
GSHedgeIndVIP GVIP .8
GSTreasury0-1Y GBIL 1.1
GraniteBloomComm COMB ...
GraniteGold
BAR ...
GraniteHIPSUSHiInc HIPS ...
GraniteS&P Comm COMG ...
GuggBRIC
EEB 1.7
GuggBull2018CpBd BSCI 2.0
GuggBull2018HY BSJI 4.5
GuggBull2019CpBd BSCJ 2.3
GuggBull2019HY BSJJ 5.4
GuggBull2020CpBd BSCK 2.6
GuggBull2020HY BSJK 5.8
GuggBull2021CpBd BSCL 2.9
GuggBull2021HY BSJL 5.6
GuggBull2022CpBd BSCM 2.9
GuggBull2022HY BSJM 6.6
GuggBull2023CpBd BSCN 3.1
GuggBull2024CpBd BSCO 3.6
GuggBull2025CpBd BSCP 3.4
GuggBS2025HYCpBd BSJP 5.4
GuggBull2024HY BSJO 4.5
GuggBS2027CorpBd BSCR 3.2
GuggBull2026CpBd BSCQ 3.7
GuggBull2023HY BSJN 6.9
GuggCdnEner
ENY 5.5
GuggChinaAllCap YAO 2.0
GuggChinaRE
TAO 5.7
GuggChinaSC
HAO 3.5
GuggChinaTech CQQQ 1.4
GuggDefEqty
DEF 1.6
GuggDJIA Div
DJD 2.0
GuggFronMkts
FRN 3.6
GuggS&P500EWCD RCD 1.7
GuggS&P500EWCnStp RHS 2.3
GuggS&P500EW RSP 1.8
GuggS&P500EWEner RYE 1.4
GuggS&P500EWFin RYF .7
GuggS&P500EWHlthcr RYH .6
GuggS&P500EWIndl RGI 1.0
GuggS&P500EWMat RTM 1.6
GuggS&P500EWTech RYT 1.2
GuggS&P500EWUtil RYU 3.0
GuggS&P500PureGr RPG .4
GuggS&P500PrVal RPV 1.5
GuggS&P400PrGrwth RFG .7
GuggS&P400PureVal RFV 1.3
GuggS&P600PrGrwth RZG .6
GuggS&P600PrVal RZV .7
GuggInsider
NFO 1.5
GuggIntlMltAst
HGI 3.1
GuggMSCIEMEq EWEM 2.6
GuggGlbTimber
CUT 1.6
GuggMC Core
CZA 1.1
GuggMltiAstIncm CVY 3.9
GuggMultiC
GMFL 1.6
GuggRayJamesSB1 RYJ ...
GuggS&P500EWRlEst EWRE 3.7
GuggS&P500Top50 XLG 2.1
GuggS&PGlbl
LVL 2.6
GuggS&PGlblWtr CGW 1.7
GuggS&PHiIncmInfr GHII 5.8
GuggS&PMC400EW EWMC 1.4
GuggS&P100EW OEW 1.6
GuggS&PSC600EW EWSC .8
GuggS&PSpinOff CSD .6
GuggShipping
SEA 8.2
GuggSolar
TAN 1.8
GuggTR Bond
GTO 4.5
GuggUltraShrtDur GSY 6.3
HartfordMultiDvxUS RODM 2.1
HartfordMultiEM ROAM 2.0
HartfordMultiGlbSC ROGS 2.8
HartfordMultiREIT RORE 5.5
HartfordMultiUSEqu ROUS 1.8
HartfordMuniOpps HMOP ...
HartfordTRBd
HTRB 4.6
HealthCareSelSect XLV 1.6
HrznsS&P500CovCall HSPX 34.2
HullTacticalUS
HTUS .6
IQ AustraliaSC
KROO 3.2
IQ CanadaSC
CNDA 2.3
IQEnhCoreBdUS AGGE 2.6
IQEnhCorePlusBdUS AGGP 3.3
IQ50%HdgFTSEEur HFXE 1.5
IQ50%HdgFTSEIntl HFXI 2.5
IQ50%HdgFTSEJapan HFXJ 2.1
IQGlbAgribusSC CROP .9
IQGlblOilSmCp
IOIL 1.6
IQGlobalResources GRES ...
IQHedgeEventDriven QED 2.2
IQ HedMacrTrac MCRO ...
IQHedgeMktNeut QMN ...
Div
Last Chg. Amt.
18.67
11.35
18.00
15.28
20.86
27.35
22.70
17.00
10.53
23.31
29.70
26.64
26.31
38.76
13.59
9.86
35.31
10.02
10.28
21.71
13.14
12.38
11.89
16.28
23.98
25.89
27.72
31.69
30.92
32.64
21.78
25.60
12.16
15.05
49.52
50.22
35.81
31.70
30.00
33.64
53.36
43.31
52.96
99.98
26.17
130.31
17.73
27.69
37.34
21.09
25.10
21.09
24.38
21.29
24.53
21.13
24.94
21.17
24.92
20.82
20.89
20.70
24.87
25.62
20.00
19.70
26.37
8.39
34.93
28.68
29.58
60.62
46.51
34.16
14.85
100.05
133.70
101.03
58.29
44.14
179.61
120.66
112.74
142.96
85.77
104.83
66.29
154.10
69.77
114.54
73.12
61.98
17.44
34.75
31.80
65.57
22.42
27.18
43.50
27.77
190.02
11.33
35.54
27.58
64.31
32.84
54.45
52.08
11.60
25.13
52.81
50.14
29.21
25.77
31.57
15.50
31.28
40.17
40.06
82.68
50.31
27.14
19.55
18.98
19.57
19.95
20.34
21.65
22.57
34.93
11.24
28.58
20.90
26.55
25.76
+0.10
–0.41
–0.10
+0.07
+0.16
+0.68
–0.73
...
+0.14
+0.57
–0.20
+0.24
–0.28
–1.11
+0.18
+0.04
–0.21
–0.09
–0.04
–0.39
–0.04
–0.55
–0.28
+0.20
–0.13
–0.76
–1.15
–1.10
–0.37
+0.52
+0.04
–0.06
–0.05
–0.29
–0.20
+0.23
+0.56
+0.27
+0.22
...
–0.09
–0.11
–0.27
–0.05
+0.63
+3.68
+0.08
+0.74
–0.43
–0.04
...
–0.03
–0.03
–0.01
–0.04
–0.03
–0.10
–0.01
–0.05
–0.05
+0.04
+0.09
+0.01
–0.13
+0.07
+0.02
–0.14
+0.11
–0.43
–0.80
–0.38
–0.78
–0.58
–0.22
–0.34
–0.28
–0.04
–0.04
+0.45
–0.07
–0.20
+0.38
+0.90
–1.13
+0.21
–0.45
–0.18
–0.40
–0.17
+0.78
–0.40
–0.77
–0.01
+0.80
–0.28
–0.68
–0.07
+0.17
+0.07
+0.43
–0.99
+0.01
–0.31
–0.19
–0.27
–0.02
–0.35
–0.27
–0.09
–0.16
–0.12
–0.24
+0.33
+0.42
+0.25
+0.20
+0.11
+0.09
+0.39
–0.23
–0.34
–2.03
–0.43
+0.12
+0.02
...
–0.02
–0.01
–0.23
–0.24
+0.06
+0.34
–0.34
+0.03
+0.05
.1161
.4117
.3421
.3459
.236
.4283
.8266
.2705
.0743
...
.1593
.6843
.3809
1.2622
.019
.1985
.1744
.1835
.2188
.417
.3787
.3854
.3625
.1629
.4125
1.1152
1.4127
1.3579
.4557
.0065
.1227
.1235
.0735
.3062
.2048
.1284
.221
.172
.212
.3424
.2474
.2208
.1069
.094
.0518
...
.1075
.0429
.6352
.0349
.0947
.0082
.1094
.0092
.1185
.0143
.0412
.0049
.1377
.026
.0632
.0584
.1119
.0451
.0533
.004
.0372
.116
.7144
1.648
1.0493
.8577
.7583
.0783
.5387
.4298
.7628
.4583
.1992
.0823
.2811
.2895
.4614
.4143
.64
.0959
.2442
.256
.231
.1702
.1331
.9154
.1365
.2273
.4991
.7203
.2159
.1075
...
.2153
.995
.0734
.6086
.2953
.2282
.1338
.1144
.3149
.2375
.4449
.0787
.2645
.3091
.256
.4429
.2112
.1389
...
.1526
.3305
1.435
.0993
.6222
.4371
.0416
.0552
.0765
.0032
.2371
.3131
.1777
...
.4689
...
...
Name
Tick
Sym Yld
IQ HedMultStra
QAI ...
IQLeadersGTAATrkr QGTA 3.0
IQMacKayShMuni MMIN 2.8
IQMacKayShMuniInt MMIT 2.3
IQMergerArbitrage MNA ...
IQRealReturn
CPI 1.1
IQS&PHYLowVolBd HYLV 4.0
IQ US RealEstSC ROOF 8.6
IndSelSectorSPDR XLI 2.1
InfraCapMLPETF AMZA 24.2
InfraCapREITPfd PFFR 17.7
InnovIBDLdrs
LDRS ...
InnovatorIBD50
FFTY ...
InspireCpBdImp
IBD 3.0
InspireGlblHope BLES 1.8
Inspire100ETF
BIBL ...
InspireS/MC Impact ISMD .6
iPathBloomAgriTR JJA ...
iPathBloomAlumTR JJU ...
iPathBloomCocoaTR NIB ...
iPathBloomCoffeeTR JO ...
iPathBloomCommTR DJP ...
iPathBloomCopperTR JJC ...
iPathBloomCottonTR BAL ...
iPathBloomEnergyTR JJE ...
iPathBloomGrainsTR JJG ...
iPathBlmIndMetalTR JJM ...
iPathBlmLivestkTR COW ...
iPathBloomNickelTR JJN ...
iPathBlmPlatinumTR PGM ...
iPathBlPrecMetalTR JJP ...
iPathBloomSoftsTR JJS ...
iPathBloomSugarTR SGG ...
iPathBloomTinTR
JJT ...
iPathCBOE S&P500BW BWV ...
iPathAIGCarbon GRN ...
iPathEUR USD Ex ERO ...
iPathGEMSAsia8ETN AYT 1.5
iPathGEMSIndexETN JEM 4.7
iPathGSCI nts
GSP ...
iPathJPY USD Ex JYN ...
iPath MSCI India
INP ...
iPathPBBroadCmod BCM ...
iPathPBCocoa
CHOC ...
iPathPBCoffee
CAFE ...
iPathPBCopper CUPM ...
iPathPBCrudeOil OLEM ...
iPathPBEnergy
ONG ...
iPathPBGrains
WEET ...
iPathPBIndstrMtls HEVY ...
iPathPBLivestock LSTK ...
iPathPBNickel
NINI ...
iPathS&P500DynVIX XVZ ...
iPathGSCrudeOil
OIL ...
iPathS&PMLPETN IMLP 6.7
iPathBBloomNatGas GAZB ...
iShAAA-ARtdCorpBd QLTA 2.7
iShA/PDividend DVYA 4.3
iShAgencyBond
AGZ 1.8
iShCMBSETF
CMBS 2.5
iShGovt/CreditBond GBF 3.5
iSh10-20YTreasBd TLH 2.1
iSh0-5YTIPSBd
STIP 1.3
iShCalifMuniBd
CMF 1.9
iShCommOptimized CMDT ...
iShAggrAllocation AOA 1.9
iShConsAllocat
AOK 1.9
iShCoreDivGrowth DGRO 2.2
iShCore5-10YUSDBd IMTB 3.1
iShGrwthAllocation AOR 1.8
iShCoreHiDividend HDV 3.4
iShCoreMSCIEmgMk IEMG 3.4
iShCoreMSCIEurope IEUR 2.1
iShMSCIIntlDev
IDEV .8
iShCoreMSCIPacific IPAC 3.8
iShModAllocation AOM 1.7
iShCoreS&P500
IVV 1.9
iShCoreS&P MC
IJH 1.0
iShCoreS&P SC
IJR 1.4
iShS&PTotlUSStkMkt ITOT 2.0
iShCore10+YUSDBd ILTB 3.8
iShCoreUSAggBd AGG .4
iShCoreUS REIT USRT 2.6
iShCurrHdgIntlHY HHYX ...
iShCurrHdgNikk400 HJPX 1.9
iShCurHdgMSCIUS HAWX 2.2
iShCurrHdgMSCIAus HAUD 4.2
iShCurrHdgMSCICda HEWC 2.3
iShCurHdgMSCIEAFE HSCZ 2.6
iShCurHdMSCIEurozn HEZU .9
iShCurHdgMSCIItaly g HEWI 1.1
iShCurrHdMSCIJapan HEWJ 1.2
iShCurHdgMSCIMex HEWW 2.0
iShCurrHdgMSCISK HEWY 5.5
iShCurHdgMSCISpain HEWP 3.5
iShCurHdgMSCISwitz HEWL 4.2
iShCurrHdgMSCIUK HEWU 3.7
iShUSBasicMaterial IYM 1.3
iShUSConsumerSvcs IYC .8
iShUSConsumerGoods IYK 1.9
iShUSFinlServices IYG 1.6
iShUSHealthcare
IYH 1.2
iShU.S.RealEstate IYR 4.3
iShU.S.Utilities
IDU 1.8
iShUS Energy
IYE 2.0
iShUS Finls
IYF 1.9
iShUSHealthcarePrv IHF .2
iShU.S.Insurance
IAK 1.9
iShUSOilEquip&Svcs IEZ 1.0
iShUSPharmaceuticl IHE 1.0
iShUSRegionalBanks IAT 2.1
iShU.S.Technology IYW .8
iShUSMedDevices IHI .6
iShEdgeMSCIIntlMom IMTM 1.4
iShEdgeMSCIIntQual IQLT 1.1
iShEdgeMSCIIntSize ISZE 2.4
iShEdgeMSCIIntVal IVLU 3.4
iShEdgeMSCIMinVlAs AXJV 4.6
iShEdgeMSCIMnVlEur EUMV 2.3
iShEdgeMSCIMinJapn JPMV 1.4
iShEdgeMSCIMultif ACWF 2.3
iShEdgeMSCIMultInt INTF 3.6
iShEdgeMSCIMlIntSC ISCF 2.3
iShEdgeMSCIMultUSA LRGF 2.0
iShEdgeMSCIUSASC SMLF 1.6
iShEdgeMSCIUSASize SIZE 1.3
iShEmgMktDividend DVYE 4.4
iShEuropeETF
IEV 1.3
iShGlobal100
IOO 1.7
iShGlobalREITETF REET .3
iShGoldTr
IAU ...
iShiBoxx$InvGrCpBd LQD 2.5
iShiBondsDec2020Cp IBDL 1.5
iShiBondsDec2018Cp IBDH 1.1
Div
Last Chg. Amt.
30.44
24.41
25.23
25.09
31.05
27.42
25.15
26.32
75.67
8.61
25.42
25.55
33.18
25.22
28.43
26.10
26.45
30.43
19.94
22.83
15.69
24.41
37.54
52.20
6.29
24.36
30.51
23.73
15.39
18.84
58.04
31.96
30.88
45.91
78.50
10.22
43.61
41.86
29.22
15.54
47.55
88.32
29.25
27.86
11.37
36.27
17.71
19.62
30.77
33.84
44.80
21.19
22.94
6.54
17.98
40.86
52.84
50.10
113.09
51.27
113.94
136.01
99.87
59.15
37.18
53.88
34.65
34.78
49.71
44.92
90.14
56.90
50.17
58.50
59.63
38.04
268.85
189.78
76.81
61.14
64.77
109.33
49.61
27.89
30.40
26.87
24.50
26.40
30.97
29.81
16.83
33.34
19.99
30.26
22.17
27.03
24.32
102.20
179.25
126.73
130.45
174.23
81.01
132.87
39.65
119.43
156.84
66.60
35.92
154.38
49.29
162.77
173.51
30.51
29.65
28.32
26.43
36.35
25.34
67.91
30.67
28.85
32.45
31.79
39.52
83.87
41.83
47.26
92.61
26.09
12.51
121.56
25.31
25.13
+0.03
–0.04
+0.07
+0.07
+0.01
–0.31
–0.05
–0.30
+0.27
+0.03
–0.08
+0.26
–0.15
–0.14
+0.23
+0.16
+0.11
+0.30
+1.02
+1.03
+0.74
+0.72
+0.65
+0.41
+0.43
–0.02
+0.92
+0.65
+0.77
+0.17
+1.59
+1.46
+1.12
+1.61
+0.66
+0.25
+0.04
+0.63
–0.10
+0.56
–2.14
+0.33
+0.68
+0.98
+0.48
+1.62
+0.44
+2.96
–0.09
+0.04
+0.18
+1.23
–0.06
+0.26
+0.11
+3.92
+0.40
+0.12
+0.29
+0.17
+0.56
+1.08
+0.24
+0.11
+0.90
–1.90
+0.14
–0.07
+0.21
–1.18
+0.01
+0.79
+0.28
+0.38
+0.10
–0.57
–0.61
–0.26
–0.25
–0.13
+0.88
+0.46
+0.50
+0.01
–0.27
–0.25
...
–0.34
–0.25
–0.51
–0.42
–0.39
+0.05
–0.71
–0.65
–0.09
–0.23
+0.32
–0.59
–0.16
–0.85
–0.40
+1.17
+0.52
+0.17
+0.01
–0.24
+0.15
+0.37
–0.17
–0.76
–1.93
–0.63
+0.06
+0.20
+0.43
+0.06
+0.40
+0.25
+0.01
+0.20
+0.18
+0.47
–0.06
–0.13
+0.12
+0.68
+0.16
–0.20
+0.35
+0.26
+0.91
+0.03
+0.04
...
.1821
.0585
.0474
...
.2941
.0834
.569
.4017
.52
.375
.0524
.0568
.0002
.0038
.0818
.0053
...
...
...
...
...
...
...
...
...
...
...
...
...
...
...
...
...
...
...
...
.0538
.1142
...
...
...
...
...
...
...
...
...
...
...
...
...
...
...
.3032
...
.1173
.5438
.1719
.1066
.335
.2374
.1088
.0956
...
1.2712
.0562
.194
.1294
.8974
.7763
.9735
.5312
.2251
1.1404
.3913
1.2727
.4925
.2653
.3019
.207
.0364
.3225
.0277
.2953
.2894
.5185
.2984
.404
.128
.0889
.1994
.2021
.8252
.384
.4968
.45
.3448
.367
.5967
.5071
.5408
.8703
.6002
.2012
.5566
.095
.3227
.0884
.3725
.2616
.3129
.2707
.0255
.1667
.3438
.4519
.833
.2872
.4634
.3528
.5191
.3776
.1556
.1547
.2705
.4574
.3068
.7927
.0176
...
.2541
.032
.0235
January 1, 2018
BARRON’S
M25
Exchange-Traded Portfolios
For personal Do not edit or alter. Reproductions not permitted.
To reprint or license content, please contact Barron's reprints department at 800-843-0008 or
Name
Tick
Sym Yld
iShiBondsDec2019Cp IBDK
iShiBondsDec2025Cp IBDQ
iShiBondsDec2024Cp IBDP
iShiBondsDec2021Cp IBDM
iShiBdsDec2021Muni IBMJ
iShiBondsDec2027Cp IBDS
iShiBondsDec2026Cp IBDR
iShiBondsDec2023Cp IBDO
iShiBondsDec2022Cp IBDN
iShiBdsDec2022Muni IBMK
iShiBdsMar18CpxFin IBCC
iShiBdsMar20CpxFin IBCD
iShiBdsMar23CpxFin IBCE
iShiBondsMar2020Cp IBDC
iShiBondsMar2018Cp IBDB
iShiBondsMar2023Cp IBDD
iShiBdsSep2020Muni IBMI
iShiBdsSep2018Muni IBMG
iShiBdsSep2019Muni IBMH
iShiBoxx$HYCpBd HYG
iShIntRtHdgCorpBd LQDH
iShIntRateHdgEM EMBH
iShIntRtHdgHiYdBd HYGH
iShIRHdg10+
CLYH
iShJPM EM LC Bd LEMB
iShJPX-Nikkei400 JPXN
iShLatinAmerica40 ILF
iShACWILowCarbon CRBN
iShMSCIAustralia EWA
iShMSCIAustria
EWO
iShMSCIBRICETF BKF
iShMSCIBelgium EWK
iShMSCIBrazil
EWZ
iShMSCICanadaETF EWC
iShMSCIChinaSC ECNS
iShMSCIColombia ICOL
iShMSCI EAFE
EFA
iShMSCIEmgMarkets EEM
iShMSCIEmgMktSC EEMS
iShMSCIFranceETF EWQ
iShMSCIFrontier100 FM
iShMSCIGermanyETF EWG
iShMSCIGlblAgriPrd VEGI
iShMSCIGloblEnProd FILL
iShMSCIHongKong EWH
iShMSCIIndonesia EIDO
iShMSCIIreland
EIRL
iShMSCIIsrael
EIS
iShMSCIItaly
EWI
iShMSCIJapan
EWJ
iShMSCIJapanSC SCJ
iShMSCIKLD400Soc DSI
iShMSCIKokusaiETF TOK
iShMSCIMalaysiaETF EWM
iShMSCIMexico EWW
iShMSCINetherlands EWN
iShMSCIPacificxJp EPP
iShMSCIPeru
EPU
iShMSCIPhilippines EPHE
iShMSCIPoland EPOL
iShMSCIRussia ERUS
iShMSCISaudiArabia KSA
iShMSCISingapore EWS
iShMSCISouthAfrica EZA
iShMSCISthKorea EWY
iShMSCISpain
EWP
iShMSCISweden EWD
iShMSCISwitz
EWL
iShMSCITaiwan
EWT
iShMSCIThailand THD
iShMSCIUSAESGSelct SUSA
iShMSCIUSAEqWeight EUSA
iShMSCIUK
EWU
iShMSCIWorldETF URTH
iShMorningstarLC JKD
iShMornLCGrowth JKE
iShMornLCValue
JKF
iShMorningstarMC JKG
iShMornMCGrowth JKH
iShMorningstarSC JKJ
iShMornSCGrowth JKK
iShMornSCValue
JKL
iShNatlMuniBd
MUB
iShNewYorkMuniBd NYF
iShResRealEst
REZ
iShRussell1000Gwth IWF
iShRussell1000
IWB
iShRussell1000Val IWD
iShRussell2000Gwth IWO
iShRussell2000
IWM
iShRussell2000Val IWN
iShRussell3000
IWV
iShMicro-CapETF IWC
iShRussellMid-Cap IWR
iShRussellMCValue IWS
iShRussellTop200Gr IWY
iShRussellTop200 IWL
iShRussellTop200Vl IWX
iShS&P100
OEF
iShS&PMC400Growth IJK
iShS&P500Growth IVW
iShGlobalEnergyETF IXC
iShGlobalHealthcr IXJ
iShGlobalTechETF IXN
iShGlobalTelecom IXP
iShGloblFinancials IXG
iShS&P500Value
IVE
iShIntlDevProperty WPS
iShGlobalConsDiscr RXI
iShGlobalUtilities
JXI
iShGlobalMaterials MXI
iShGloblIndustrial
EXI
iShrsSP GSCI Cmdty GSG
iShS&PMC400Value IJJ
iShS&PSC600Value IJS
iShGlblConStaples KXI
iShNATech-Mult
IGN
iShNorthAmerTech IGM
iShShortNatlMuniBd SUB
iShSilver
SLV
iShTIPSBondETF
TIP
iSh10+YCreditBond CLY
iShTreaFRBd
TFLO
iShDowJonesUS
IYY
iShChinaLC
FXI
iShRussellMCGrowth IWP
iShUSBrokerDealers IAI
iShYdOptimizedBd BYLD
iSh0-5YHYCorpBd SHYG
JPM AlerianMLP
AMJ
JanusHenShrtDur VNLA
JanusVelTailLC TRSK
JanusVelVolLC SPXH
HancockConsDisc JHMC
HancockConsStpl JHMS
1.3
2.4
2.2
1.7
.9
1.8
2.0
2.1
1.8
1.1
1.0
1.7
2.7
2.0
1.4
2.9
.8
.8
.7
5.0
2.1
3.4
5.2
2.6
...
1.9
.2
2.1
4.8
1.5
2.3
2.5
.2
2.5
3.6
1.5
2.1
3.0
3.7
.6
.2
.5
1.7
3.4
5.6
.2
1.4
2.7
1.1
1.3
1.4
1.5
2.3
9.0
2.1
1.1
5.1
3.6
.1
3.2
6.1
2.6
4.9
1.8
5.8
3.5
2.0
4.1
2.8
1.4
1.6
1.8
3.7
1.9
2.0
.9
2.5
1.6
.5
1.5
.7
2.1
2.1
2.2
3.3
1.1
1.7
2.0
.9
1.5
2.6
1.7
1.7
1.8
2.2
1.5
1.7
2.2
1.9
1.3
1.4
3.1
1.2
1.1
3.4
1.9
2.2
8.4
1.2
3.4
1.3
1.2
...
1.8
1.7
2.2
.6
.5
1.4
...
1.6
4.1
2.3
1.9
1.8
.7
1.5
2.4
3.9
6.9
3.3
.9
.9
1.0
1.4
Div
Last Chg. Amt.
24.87
25.03
25.05
24.80
25.42
24.94
24.54
25.07
24.98
25.68
24.61
24.52
24.27
26.08
25.57
26.46
25.36
25.39
25.32
87.26
97.33
26.54
90.85
26.42
48.20
64.94
34.17
116.91
23.17
24.64
44.49
21.02
40.45
29.64
50.55
14.44
70.31
47.12
53.11
31.22
33.12
33.02
29.36
21.55
25.42
28.43
47.99
51.29
30.44
59.93
79.79
98.24
64.64
32.97
49.29
31.73
47.80
40.98
38.82
27.09
33.52
26.18
25.93
69.99
74.93
32.77
33.90
35.58
36.21
92.50
111.07
55.44
35.82
88.11
158.90
156.49
105.59
185.64
202.47
174.15
179.45
152.26
110.74
55.78
62.24
134.68
148.61
124.34
186.70
152.46
125.75
158.17
95.71
208.13
89.15
73.15
61.47
52.42
118.64
215.83
152.77
35.55
112.52
153.66
60.53
69.93
114.24
39.50
109.39
49.53
70.08
92.87
16.28
160.11
153.57
105.94
48.48
168.79
104.87
15.99
114.08
63.20
50.22
133.62
46.17
120.64
62.77
25.00
47.13
27.47
50.17
31.34
36.57
30.58
27.73
+0.04
+0.16
+0.08
+0.05
+0.09
+0.24
+0.19
+0.11
+0.10
+0.09
+0.03
+0.02
+0.08
+0.04
+0.04
+0.13
+0.07
+0.05
+0.01
+0.26
+0.15
+0.05
–0.33
+0.08
+0.43
–0.01
+0.72
+0.16
+0.20
+0.09
...
+0.27
+0.94
+0.47
+1.13
+0.13
+0.20
+0.62
+1.32
+0.03
+0.05
–0.08
+0.36
+0.10
+0.29
+0.48
+0.42
+0.43
–0.29
–0.08
+0.30
–0.14
–0.61
+0.69
+1.13
+0.09
+0.50
+0.26
+0.60
+0.36
+0.22
+0.53
+0.19
+2.29
+2.36
–0.15
–0.14
+0.39
+0.41
+0.69
–0.20
–0.09
+0.49
+0.01
–0.81
–0.09
–0.32
–0.13
+0.64
–0.17
+0.47
+0.48
+0.73
+0.35
+0.81
–0.47
–0.34
–0.12
–0.63
–0.73
–0.69
–0.37
–0.33
–0.05
+0.12
–0.27
–0.20
–0.07
–0.42
–0.61
–0.57
+0.35
–0.06
–1.05
+0.03
+0.13
–0.12
+0.46
–0.25
+0.15
+0.86
+0.26
+0.43
–0.09
–0.56
+0.68
–0.37
–1.16
+0.12
+0.59
+0.90
+0.76
+0.05
–0.36
+0.19
–0.11
–0.34
+0.06
+0.11
+0.12
–0.06
+0.03
...
–0.24
–0.06
.0271
.0507
.0452
.0347
.0197
.0382
.0418
.0429
.038
.0229
.0213
.0337
.0546
.0441
.0296
.0646
.0169
.0164
.0137
.3608
.1705
.0743
.3915
.0566
...
.6204
.0309
1.2432
.5589
.189
.5177
.2643
.0504
.3687
.9055
.1084
.7426
.6965
.9835
.0949
.0261
.0844
.2507
.3704
.7068
.0299
.3418
.6972
.1691
.3994
.5457
.3653
.7465
1.4904
.5087
.18
1.2284
.7464
.0251
.4293
1.0278
.343
.6407
.6171
2.1762
.5805
.3387
.7282
1.0189
.63
.4532
.2474
.6611
.8255
.7849
.3422
.671
.7284
.2511
.6316
.2971
.7936
.1973
.0481
.5203
.3567
.6424
.6349
.3974
.5793
.8141
.6638
.4084
.9199
.5007
.2796
.2626
.2898
.5685
.7069
.5263
.5596
.6606
.8153
1.0351
.6525
.6257
.8255
.6583
.8498
.4699
.5477
...
.7286
.6581
1.1579
.0762
.2267
.1234
...
.1555
.2183
.0947
.6234
.8918
.2241
.2351
.0504
.1546
.4741
.136
.0666
.0831
.1504
.19
Name
Tick
Sym Yld
HancockDevIntl JHMD 1.6
HancockEnergy JHME 2.1
HancockMultFinls JHMF 1.1
HancockHealthcare JHMH .9
HancockIndustrials JHMI 1.0
HancockLC
JHML 1.7
HancockMatls
JHMA 1.4
HancockMC
JHMM 1.0
HancockMultiSC JHSC ...
HancockTech
JHMT .7
HancockUtils
JHMU 2.4
JPM DivAlt
JPHF .0
JPM DivRetEM
JPEM 2.1
JPMDivRetEurCur JPEH 2.9
JPMDivReturnEurope JPEU 2.7
JPM DivRetGlEq JPGE 1.5
JPM DivRetIntl
JPIH 2.2
JPM DivRetIntlEq JPIN 2.1
JPM DivRetUS Eq JPUS 1.2
JPM Div US MC JPME 1.2
JPM Div US SC
JPSE .7
JPM EventDriven JPED ...
JPM MgdFutures JPMF ...
JPM US Dividend JDIV ...
JPM US Moment JMOM ...
JPM USQualFactor JQUA ...
JPM US Value
JVAL ...
KnowldgLdrDevWrld KLDW .7
KraneBoseraChinaA KBA 1.1
KraneCSIChInt KWEB 1.2
KraneEFdChina KCNY ...
KraneEMCnsTech KEMQ ...
KraneMSCIChinaEnv KGRN ...
KraneSh1Belt1Road OBOR ...
KraneZacksNewChina KFYP 1.8
MadronaDomestic FWDD .3
MadronaGlobalBond FWDB 7.0
MadronaIntl
FWDI 1.2
MktVctDbLngEur URR ...
MkVctrDbShtEur DRR ...
MatlsSelSectorSPDR XLB 1.9
MeidellTactical
MATH ...
MSCushMLPHI MLPY 9.1
MSMrkVecRnmnbi CNY ...
MSMktVectRupee INR ...
NashvilleAreaETF NASH .1
NatixisShrtDur
LSST ...
NatixisSeeyondIntl MVIN 1.9
NewfleetMultiUnBd NFLT 6.2
NuShESGUSAggBd NUBD 2.5
NuShEnhYd1-5Y NUSA 3.0
NuShEnhYdUSBd NUAG 3.0
OShFTSEAsiaPacQlty OASI 27.8
OShsFTSEEurQltyDiv OEUR 8.7
OShFTSERussIntl ONTL 7.4
OShRussSC Qu OUSM 6.9
OShFTSEUSQuality OUSA 5.4
OppESGRevenue ESGL 2.0
OppenheimFclsSect RWW 1.1
OppGlbESGRevenue ESGF 1.1
OppenheimerLgCpRev RWL 1.7
OppenheimerMdCpRev RWK 1.2
OppenheimerSmCpRev RWJ 1.0
OppenheimUltraDiv RDIV 4.9
PIMCO25+YrZeroCoup ZROZ 2.6
PIMCO ActiveBd BOND 4.1
PIMCOBrdUSTIPSIdx TIPZ 5.6
PIMCOEnhLowDur LDUR 3.2
PIMCOEnhShMaturity MINT 1.7
PIMCO15+USTIPSIdx LTPZ 3.9
PIMCOIntermMuniBd MUNI 2.3
PIMCOInvGrdCorpBd CORP 3.1
PIMCO1-5USTIPSIdx STPZ .2
PIMCO1-3USTreaIdx TUZ 1.3
PIMCO DynMultEM MFEM ...
PIMCO DynMultIn MFDX ...
PIMCO DynMultUS MFUS ...
PIMCOShrtTrmMuniBd SMMU 1.4
PIMCO0-5YrHiYdCorp HYS 4.6
PwrShUsRealEst PSR .6
PwrShAerospace PPA 1.9
PwrShCEF Incm PCEF 6.5
PwrShCAAMTFrMuni PWZ 2.3
PwrShCNYDimSum DSUM 3.4
PwrShCleantch
PZD .1
PwrShDBAgricFd DBA ...
PwrShDBBaseMtls DBB ...
PwrShDBComTr DBC ...
PwrShDBEnergy DBE ...
PwrShDBGold
DGL ...
PwrShDBOilFd
DBO ...
PwrShDBPrecMtls DBP ...
PwrShDBSilver
DBS ...
PwrShDB G10
DBV ...
PwrShDB USDBear UDN ...
PwrShDB USDBull UUP ...
PwrShDynBiot
PBE 1.8
PwrShDynBldg&Con PKB .3
PwrShDynEnerExpln PXE 1.3
PwrShDynFood&Bev PBJ 1.7
PwrShDynLCValue PWV 2.1
PwrShDynLeisure PEJ .3
PwrShDynMkt
PWC 3.9
PwrShDynMedia
PBS .5
PwrShDynNetwork PXQ .6
PwrShDynOilSvs
PXJ 8.3
PwrShDynPharm PJP .6
PwrShDynRetail PMR 1.5
PwrShDynSemicon PSI .3
PwrShDynSoftware PSJ ...
PwrShEmergInfra PXR 10.1
PwrShEM SovDebt PCY 3.5
PwrShFTSE US1000 PRF 2.2
PwrShDynLC Grwth PWB .6
PwrShAPac xJapan PAF 9.0
PwrShDevMkt xUS PXF 3.8
PwrShFTSERAFIDevMk PDN 5.3
PwrShFTSE EM
PXH 2.7
PwrShFinlPfd
PGF 5.6
PwrShFundHYCpBd PHB 3.8
PwrShInvGrdCpBd PFIG 2.4
PwrShGlbClEngy PBD 3.6
PwrShPrivateEqty PSP 11.6
PwrShGlbShtHYBd PGHY 5.2
PwrShIndia
PIN .5
PwrShIntlCorpBd PICB 1.5
PwrShNatAMTFrMuni PZA 3.0
PwrShNYAMTFrMuni PZT 2.7
PwrShS&PEM Mom EEMO 2.8
PwrShS&PIntlDev IDHQ 1.5
PwrShPfdETF
PGX 5.5
PwrShRussMC EW EQWM 1.6
PwrShRussMCGrw PXMG .5
PwrShRussMCVal PXMV 3.7
PwrShRuss1000EqWt EQAL 1.8
Div
Last Chg. Amt.
30.42
29.66
36.76
31.14
35.09
34.79
35.93
34.11
26.11
41.06
27.50
26.17
58.35
28.27
60.33
62.50
29.99
60.05
70.52
63.74
29.68
25.21
25.15
26.00
25.64
26.08
26.10
33.47
34.44
58.61
35.10
25.53
25.30
25.56
33.46
53.48
25.88
31.07
18.13
48.43
60.53
33.78
7.06
43.01
43.68
27.96
25.05
44.58
25.23
24.94
24.77
24.42
30.00
25.47
27.64
27.04
31.91
31.07
69.00
31.39
51.39
60.71
69.88
36.59
121.42
106.00
58.23
100.34
101.56
69.23
53.65
105.67
51.95
50.29
26.17
26.73
27.61
49.86
100.48
82.06
53.90
23.90
26.38
23.13
42.27
18.76
19.41
16.61
14.53
41.36
10.15
38.49
26.03
23.71
22.38
24.03
47.16
34.68
22.90
33.85
38.81
44.19
95.27
28.11
46.27
9.54
64.17
37.20
50.47
63.50
37.09
29.54
113.58
41.49
58.93
45.40
34.41
22.33
18.87
18.95
25.57
13.14
12.45
23.84
26.40
27.59
25.81
24.66
20.52
24.17
14.86
47.73
42.46
31.30
31.19
+0.02
–0.07
–0.38
–0.04
–0.21
–0.30
+0.22
–0.25
+0.01
–0.50
–0.27
–0.08
–0.32
–0.75
–1.29
–0.44
–0.49
–0.72
–0.97
–0.69
–0.19
–0.01
+0.14
–0.05
–0.10
+0.06
–0.21
–0.09
+0.14
–0.26
+0.03
+0.48
+0.30
+0.29
+0.78
–0.44
–0.38
–0.04
–1.06
–1.57
+0.19
+0.09
+0.13
+1.20
+1.97
+0.18
...
+0.58
+0.14
+0.06
–0.07
–0.04
+0.65
+0.25
+0.29
+0.01
+0.06
–0.03
–0.16
...
–0.31
–0.21
–0.34
–0.44
+2.67
+0.11
+0.45
–0.24
–0.11
+1.33
+0.27
+0.41
+0.10
–0.04
+0.36
+0.03
–0.22
–0.20
–0.16
+1.35
–0.03
+0.11
+0.22
–0.12
+0.04
+0.35
+0.39
+0.41
+0.39
+0.84
+0.30
+0.88
+1.25
–0.17
+0.22
–0.24
+0.03
+0.25
+0.28
+0.09
–0.14
–0.03
+0.37
–0.35
–0.68
+0.09
–0.14
–0.04
–0.79
–0.24
+0.91
+0.11
–0.18
+0.10
+0.75
+0.23
+0.39
+0.33
–0.03
+0.06
+0.19
+0.22
+0.05
–0.02
+0.19
+0.56
+0.25
+0.21
–0.62
+0.24
–0.08
+0.09
–0.08
+0.07
+0.09
.241
.316
.2097
.1365
.1682
.2906
.2472
.1789
...
.1523
.3267
.0001
1.2505
.8105
1.6369
.9421
.6595
1.2717
.8791
.7444
.2188
.0139
.0071
.1681
.0756
.1032
.1162
.2303
.1608
.3382
...
...
...
.0267
7.344
.1847
.1505
.3735
...
...
.2879
...
.1614
...
...
.0216
...
1.1283
.2912
.0529
.021
.0696
.2325
.1853
.1698
.0046
.1445
.1565
.1954
.1129
.2166
.1785
.1792
.4463
.782
.2694
.27
.2677
.1454
.2267
.105
.275
.01
.055
.054
.1911
.2787
.06
.3863
.1134
.2504
.1295
.051
.0663
.0151
...
...
...
...
.042
...
.0453
.0153
.0192
.024
.023
.2153
.0251
.0747
.1404
.2031
.0348
.9274
.0386
.0646
.198
.101
.1412
.0379
...
.937
.0872
.6239
.063
1.3331
.4365
.4569
.1482
.088
.0595
.0502
.1188
.3608
.1025
.0357
.0336
.064
.056
.7585
.0932
.068
.1949
.0496
.287
.1391
Name
Tick
Sym Yld
PwrShRussTop200 EQWL
PwrShRussTop200G PXLG
PwrShRussTop200Val PXLV
PwrShRuss2000EW EQWS
PwrShRuss2000Grw PXSG
PwrShRuss2000Val PXSV
PwrShS&P500Down PHDG
PwrShS&P500HiDiv SPHD
PwrShS&P500LoVol SPLV
PwrShS&PEMLowVol EELV
PwrShS&P500BW PBP
PwrShS&P500EnhVal SPVU
PwrShS&P500xRate XRLV
PwrShS&P500HiBeta SPHB
PwrShS&P500Mom SPMO
PwrShS&P500Qual SPHQ
PwrShS&PIntDev IDLV
PwrShS&PIntlDev IDMO
PwrShS&P400LowVol XMLV
PwrShS&P600LowVol XSLV
PwrShSrLoanPtf BKLN
PwrShTaxMuniBd BAB
PwrShVRDOTxFr PVI
PwrShVarRtPfd
VRP
PwrShWldrClean PBW
PwrShWldrHill
PUW
PwrShZacksMicro PZI
PrincipalEDGEActv YLD
ProShDJBrkGlIn TOLZ
ProShDecRetail EMTY
ProShHdgReplic HDG
ProShInflationExp RINF
ProShLgOnline
CLIX
ProShRAFI L/S
RALS
ProShS&P500xEner SPXE
ProShS&P500xFin SPXN
ProShS&P500xTech SPXT
ProShShtDow30 DOG
ProShShortEuro EUFX
ProShShXinhuaCh25 YXI
ProShShtFinls
SEF
ProShShortHY
SJB
ProShShMSCI EAFE EFZ
ProShShtMSCI EM EUM
ProShShtMC400 MYY
ProShShtOil&Gas DDG
ProShShortQQQ PSQ
ProShShtRE
REK
ProShShtRus2000 RWM
ProShShrtS&P500 SH
ProShSh7-10YrTr TBX
ProShShrtSC600 SBB
ProShSh20+Tr
TBF
ProShShtVIXST SVXY
ProShrUlBscMtls UYM
ProShUltBlmCrude UCO
ProshUltBlmNatGas BOIL
ProShrUlConsmrGd UGE
ProShrUlCnsmr
UCC
ProShrUltraDow30 DDM
ProShUlt Euro
ULE
ProShUltFTSEEurope UPV
ProShXinhuaChina25 XPP
ProShrUltraFnl
UYG
ProShUltraGold
UGL
ProShUltGoldMiners GDXX
ProShrUlHlthCr
RXL
ProShrUltraInd
UXI
ProShUltBrazil
UBR
ProShUltMSCIEAFE EFO
ProShUltMSCIEM EET
ProShrUltraJapan EZJ
ProShrUMdCp400 MVV
ProShrUlOilGas
DIG
ProShrUltraQQQ QLD
ProShrUltraRE
URE
ProShrUltraRus UWM
ProShrUltraS&P
SSO
ProShrUlSemi
USD
ProShrUl7-10Trs UST
ProShUltSilver
AGQ
ProShrUlSmC600 SAA
ProShrUlTech
ROM
ProShUltTelecom LTL
ProShUlt20YrTr
UBT
ProShrUltraUtil
UPW
ProShUltVIXST UVXY
ProShUltraYen
YCL
ProShUltDow30 UDOW
ProShUltraProFin FINU
ProShUltMC400 UMDD
ProShUltRus2000 URTY
ProShUltS&P500 UPRO
ProShUltShtDow30 SDOW
ProShUltraProShFnl FINZ
ProShShtMC400 SMDD
ProShShtRus2000 SRTY
ProShUltProShS&P SPXU
ProUltProShrt20YTr TTT
ProShUlt3xCrudeOil OILU
ProShUlt3xShCrude OILD
ProShUltShtAUD CROC
ProShrUSBscMtls SMN
ProShUltBloomCrd SCO
ProShUltShBlmGas KOLD
ProShrUSCnsmrGd SZK
ProShrUSCnsmrSvc SCC
ProShUltShDow30 DXD
ProShUltShEuro EUO
ProShrUltShFTSEEur EPV
ProShXinhuaChina25 FXP
ProShrUSFnl
SKF
ProShUltShGold
GLL
ProShUltShGoldMin GDXS
ProShrUSHlthCr
RXD
ProShrUSInd
SIJ
ProShUltra7-10
PST
ProShrUltraBrazil BZQ
ProShrUS MSCI EAFE EFU
ProShrUS MSCI Jpn EWV
ProShUltMC400
MZZ
ProShrUS MSCI EM EEV
ProShrUSOilGas DUG
ProShUltShtQQQ QID
ProShrUSRlEst
SRS
ProShrUlShtRus TWM
ProShUltShtS&P500 SDS
ProShrUSSemi
SSG
ProShUltShtSilver ZSL
ProShrUlShtSmC600 SDD
ProShrUSTech
REW
ProShUltraSh20+ TBT
ProShrUSUtil
SDP
ProShUltShtYen
YCS
2.0
.9
2.4
1.8
.3
4.0
3.7
3.3
1.9
4.3
1.6
6.6
1.6
1.3
.6
2.1
5.5
2.7
4.2
3.3
4.0
3.6
.7
4.3
...
.6
1.9
4.8
3.1
...
...
4.2
...
1.6
1.6
1.7
1.6
.1
...
...
...
...
...
...
...
...
...
...
...
...
...
...
...
...
.6
...
...
.8
.3
.7
...
...
...
1.1
...
...
.5
.5
...
...
...
...
.6
1.4
.0
2.6
.4
.6
.6
1.2
...
...
.3
2.3
1.5
2.0
...
...
.4
.4
...
...
...
...
...
...
...
...
...
...
...
...
...
...
...
...
...
...
...
...
...
...
...
...
...
...
...
...
...
...
...
...
...
...
...
...
...
...
...
...
...
...
...
...
Div
Last Chg. Amt.
53.00
45.43
38.73
43.42
32.13
30.80
27.29
42.43
47.74
25.33
21.45
34.76
33.96
42.49
34.41
30.45
33.66
28.15
45.38
46.25
23.04
30.69
24.91
25.66
25.36
27.03
19.34
41.28
42.88
33.50
45.33
27.73
39.30
37.62
56.47
54.28
52.28
14.94
39.99
19.24
11.57
23.12
25.48
17.95
11.20
22.98
35.58
15.82
42.27
30.18
28.31
34.30
21.87
128.21
74.05
23.44
6.50
49.02
81.45
132.16
17.46
58.61
83.89
127.93
40.67
42.08
88.24
73.04
78.10
132.64
93.96
130.40
123.00
39.60
73.33
65.96
70.64
109.43
122.47
57.41
33.85
100.69
87.76
43.19
83.58
47.05
10.21
57.45
94.29
105.39
116.83
82.34
140.15
19.50
8.11
10.03
32.36
11.37
24.30
37.23
10.72
45.72
13.20
24.56
39.65
13.61
24.20
8.69
21.20
30.98
17.10
20.90
69.11
13.99
30.08
16.84
21.55
9.16
22.79
26.45
18.75
8.37
37.01
13.39
29.23
17.46
41.05
10.38
31.40
15.61
16.46
33.78
25.23
74.98
+0.14
–0.09
+0.10
+0.05
+0.03
–0.01
–0.17
+0.12
+0.28
+0.30
–1.28
–0.19
+0.20
–0.18
–0.05
+0.02
+0.29
+0.45
+0.16
–0.08
+0.05
+0.25
–0.03
...
–0.05
+0.17
–0.11
–0.07
+0.09
–0.06
+0.04
–0.21
–0.59
–0.11
+0.24
–0.22
–0.09
...
–0.31
–0.16
–0.01
–0.06
–0.04
–0.24
+0.01
–0.28
+0.38
–0.26
+0.16
+0.05
–0.15
+0.07
–0.37
–0.98
+0.54
+1.35
+1.14
+0.15
–0.08
–0.26
+0.34
+1.36
+0.94
–0.56
+1.74
+1.21
+0.34
+0.50
+4.06
+1.46
+2.34
–0.02
–0.66
+0.19
–1.59
+1.37
–0.74
–0.64
–3.27
+0.46
+2.33
+0.69
–2.51
–0.26
+2.38
–0.10
+0.15
+0.54
–0.28
–2.21
+1.11
–1.49
–0.97
...
+0.11
–0.22
+0.42
+0.07
–1.30
+3.08
–1.06
–1.03
–0.14
–1.56
–9.42
–0.08
–0.12
–0.01
–0.44
–0.45
–0.11
+0.02
–3.04
–0.43
–0.37
–0.09
–0.23
–0.48
–0.19
+0.06
+0.06
–0.23
–0.30
+0.26
–0.81
+0.16
+0.15
+0.24
–2.43
+0.04
+0.25
–1.15
–0.24
–0.43
.2616
.1025
.234
.1921
.0258
.308
.2506
.1164
.075
.271
.1297
.5749
.046
.1429
.0543
.1618
.4599
.1891
.474
.3836
.0775
.0929
.0143
.0922
.028
.0376
.0923
.1649
.33
.0086
...
.2891
...
.1482
.2289
.2281
.211
.0054
...
...
...
...
...
...
...
...
.0057
...
.0275
.0182
...
...
...
...
.1136
...
...
.1022
.0665
.2256
...
...
...
.3666
...
...
.1001
.0977
...
...
...
...
.198
.1339
.0035
.4352
.0724
.161
.1983
.1689
...
...
.0597
.2444
.3072
.2363
...
...
.0919
.1018
...
...
...
.0172
...
...
.0125
.0119
...
...
...
...
...
...
...
...
...
.0106
...
...
...
...
...
...
...
...
...
...
...
...
...
...
...
.0102
...
.0084
.0365
...
...
...
...
...
...
...
Name
Tick
Sym Yld
ProShsVIXMTFut VIXM ...
ProShsVIXSTFut VIXY ...
REXGoldHdgS&P500 GHS 4.4
RealEstSectorSPDR XLRE 4.4
RealityDIVS
DIVY ...
ReavesUtilitiesETF UTES 2.8
RenaissanceIPOETF IPO .2
RenaissanceIntlIPO IPOS 1.0
RivFrDynCoreIncm RFCI 3.0
RivFrDynUSDiv RFDA 2.6
RivFrDynUSFlex RFFC 1.9
RivFrDynUnconInc RFUN 4.8
RivFrStratIncm
RIGS 4.7
SPDRBlackstoneSrLn SRLN 4.1
SPDRBloomBarCvSecs CWB 17.8
SPDRBloomBarEMLoBd EBND 6.0
SPDR BlmBarcHYBd JNK 5.3
SPDRBloomBarcIntTm ITE 2.3
SPDRBloomBarInCpBd IBND .8
SPDRBlmBarIntTrBd BWX 1.0
SPDRBlmBarInvGrdFR FLRN 2.8
SPDRBlBarIssScCpBd CBND 3.1
SPDRBloomBarMtgBd MBG 3.1
SPDRBloomBarc1-10Y TIPX 10.9
SPDRBloomBar1-3MTB BIL 1.1
SPDRBloomBarSTHYBd SJNK 5.2
SPDRBloomBarSTInTr BWZ 4.3
SPDRBloomBarcTIPS IPE 8.8
SPDRCitiIntGovBd WIP 3.3
SPDRDoubleTRTact TOTL 2.9
SPDREUROSTOXXSC SMEZ .4
SPDRFactSetInnTech XITK 1.3
SPDRGlobalDow DGT 1.7
SPDR Gold
GLD ...
SPDR ICE BofAML CJNK 8.1
SPDRKenFutSec XKFS ...
SPDRKenIntSft
XKII ...
SPDRKenSmartMob XKST ...
SPDRLgDollarGold GLDW ...
SPDRMFSSysCore SYE 1.2
SPDRMFSSysGrowth SYG .7
SPDRMFSSysValueEqu SYV 1.6
SPDRMSCIACWIIMI ACIM 3.0
SPDRACWILowCarbon LOWC 1.9
SPDRMSCICAStrat QCAN 2.3
SPDRMSCIChinaA XINA 2.3
SPDREAFEFossilFr EFAX 2.5
SPDRMSCIEAFEStrat QEFA 1.9
SPDREMFossilFuelFr EEMX 1.4
SPDRMSCIEMStrat QEMM 2.9
SPDRMSCIDEStrat QDEU .3
SPDRMSCIJapanStrat QJPN 1.9
SPDRMSCIUSAStrat QUS 2.0
SPDRMSCIUKStrat QGBR 3.2
SPDRMSCIWorldStrat QWLD 2.3
SPDR NYSE Tech XNTK .7
SPDRNuveenMuniBd TFI 2.1
SPDRNuveenSTMuniBd SHM 1.0
SPDRHYMuni
HYMB 3.9
SPDRPtfAggBd SPAB 2.7
SPDRPtfDevxUS SPDW 1.5
SPDRPtfEM
SPEM 1.4
SPDRPtfIntermCpBd SPIB 3.9
SPDRPortfolioLC SPLG 2.0
SPDRPtfLTCorpBd SPLB 4.4
SPDRPtfLgTermTrea SPTL 3.2
SPDRPtfMC
SPMD 1.8
SPDRS&P500Value SPYV 2.5
SPDRS&P500Growth SPYG 1.6
SPDRS&P500HiDiv SPYD 4.3
SPDRPtfSTCpBd SPSB 3.1
SPDRShtTermTrea SPTS 1.9
SPDRPtfSC
SPSM 2.5
SPDR Ptf TSM
SPTM 2.0
SPDRRuss1000LowVol ONEV 2.5
SPDRRuss1000Mom ONEO 1.9
SPDRRuss1000Yd ONEY 4.2
SPDRMomentumTilt MMTM 1.6
SPDRS&P1500ValTilt VLU 2.2
SPDR S&P500MidGr MDYG 1.6
SPDR S&P400MidVl MDYV 2.1
SPDRS&P600SmallCap SLY 1.8
SPDR S&P600SCpGr SLYG 1.5
SPDR S&P600SCapVal SLYV 2.1
SPDR Aero Dfns
XAR .4
SPDRS&PBank
KBE 1.8
SPDRS&PCapitalMkts KCE 2.1
SPDREmMktsDiv EDIV 1.6
SPDRS&P500Buyback SPYB 3.7
SPDRS&P500Fossil SPYX 1.8
SPDRS&PGlbDividend WDIV 4.7
SPDRS&PGlbInfr
GII 3.5
SPDRS&PGlbNatRes GNR 2.6
SPDRS&PHlthCareEqp XHE .1
SPDRS&PHlthCareSvs XHS .4
SPDRS&PInsurance KIE 2.3
SPDRS&PInternetETF XWEB ...
SPDRS&PNAmNatlRscs NANR 1.7
SPDRS&POil&GasEq XES 1.2
SPDRS&PRegionalBkg KRE 1.7
SPDRS&PSft&Svs XSW .2
SPDRS&PTechHardwr XTH 1.2
SPDRS&PTelecom XTL 3.2
SPDRS&PTransport XTN .7
SPDRGenderDivers SHE 2.2
SPDR US LC Low Vol LGLV 2.8
SPDR US SC LowVol SMLV 3.9
SPDRSSgAGlbAll GAL 3.5
SPDRSSgAIncmAllctn INKM 5.4
SPDRSSgAMultiAsset RLY 3.5
SPDRSSgAUltraShrt ULST .6
SchwabEM Equity SCHE 2.3
SchwabFundEmgLrg FNDE .0
SchwabFundIntLrgCo FNDF 2.3
SchwabFundIntlSmCo FNDC 1.9
SchwabFundUSBrd FNDB 2.2
SchwabFundUSLrgCo FNDX 2.1
SchwabFundUSSmCo FNDA .1
SchwabIntmUSTrsr SCHR 1.7
SchwabIntEquity SCHF 2.4
SchwabIntlSC
SCHC 2.7
Schwab1000Index SCHK .1
SchwabSrtTRmUSTrsr SCHO 1.3
SchwabUS AggrBd SCHZ 2.3
SchwabUS BrdMkt SCHB 1.9
SchwabUS Div
SCHD 2.7
SchwabUS LC
SCHX 1.9
SchwabUS LC Grw SCHG 1.0
SchwabUS LC Val SCHV 2.7
SchwabUS MC SCHM 1.9
SchwabUS REIT SCHH 3.2
SchwabUS SC
SCHA 1.8
Schwab US TIPs SCHP 4.7
SerenityShImpact ICAN .9
SitRisingRateETF RISE ...
Div
Last Chg. Amt.
21.15
23.15
32.67
32.94
26.07
32.57
28.21
24.38
24.70
31.67
32.71
26.05
25.15
47.18
50.60
29.68
36.72
59.41
35.34
28.43
30.67
32.25
26.02
19.29
91.40
27.56
32.12
56.25
57.52
48.64
63.98
78.10
85.48
123.65
26.58
29.94
30.09
29.89
120.87
74.60
79.44
66.22
78.86
89.80
61.16
23.92
72.87
65.02
69.80
64.49
65.51
78.64
77.25
53.85
75.43
83.81
48.97
47.91
55.66
28.74
31.70
38.15
34.22
31.31
28.61
36.59
33.36
30.68
33.00
37.45
30.42
29.87
30.15
33.21
72.57
72.72
70.07
114.75
102.00
155.48
102.84
133.00
227.39
125.73
83.56
47.34
57.94
32.85
62.35
64.80
70.85
51.80
49.07
64.40
61.58
30.70
68.10
35.46
17.13
58.85
69.44
72.60
68.32
65.14
70.85
90.57
91.35
38.27
33.63
26.43
40.19
27.94
29.67
30.40
35.96
37.28
37.46
37.90
53.32
34.07
36.63
26.26
50.03
52.04
64.52
51.17
63.78
70.71
54.67
53.27
41.62
69.74
55.43
27.14
23.76
–0.22
+0.12
–1.00
+0.52
–0.41
+0.33
–0.02
+0.16
+0.07
–0.12
–0.12
+0.12
+0.06
+0.01
–0.26
+0.30
+0.09
+0.10
+0.41
+0.21
+0.03
+0.08
+0.06
+0.09
–0.01
+0.04
+0.21
+0.42
+0.82
+0.16
+0.80
–0.23
+0.45
+2.71
+0.22
–0.11
+0.01
–0.20
+1.74
–1.10
–0.48
–1.11
+0.68
...
+1.03
–0.08
+0.22
+0.39
+1.17
+1.00
+0.14
+0.22
+0.05
+0.90
+0.15
–0.97
+0.32
+0.03
+0.25
+0.14
+0.20
+0.35
+0.08
–0.08
+0.38
+0.66
–0.08
–0.05
–0.11
+0.13
+0.02
+0.04
–0.10
–0.04
+0.20
+0.07
+0.41
+0.24
+0.08
–0.41
–0.11
–0.45
–0.75
–0.47
–0.02
–0.84
+0.03
+0.47
–0.13
–0.16
+0.82
+0.36
+0.66
–0.21
+0.18
+0.06
–0.34
+0.48
+0.24
–1.10
–0.06
–1.11
–0.79
–0.70
+0.11
+0.32
–0.21
–0.10
–0.18
+0.19
–0.04
+0.27
+0.36
+0.15
+0.30
–0.07
–0.07
–0.04
+0.09
+0.16
+0.44
–0.06
–0.01
+0.14
–0.16
...
–0.15
–0.23
–0.09
+0.05
+0.60
–0.25
+0.21
–0.04
–0.04
...
...
.0271
.365
.2205
.2042
.0157
.0586
.0625
.0675
.0523
.061
.0991
.16
.7507
.1488
.1625
.112
.023
.0239
.0721
.0842
.0682
.1757
.082
.1197
.1156
.4133
.4713
.1175
.1411
.6052
.3728
...
.1797
...
...
...
...
.4903
.1296
.6097
1.1799
.8553
.7033
.1366
.2458
.6285
.437
.9384
.1017
.7329
.0303
.8704
.3671
.1304
.0852
.0412
.1791
.0642
.23
.275
.1111
.1567
.1061
.0981
.1945
.1723
.1361
.244
.0794
.0481
.1869
.1674
2.174
1.1549
3.1938
.4544
.5524
.1596
.8355
1.0793
.3057
3.9589
.0938
.2133
.2984
.1274
.5783
.0187
.8333
.8944
.6382
.4596
.0631
.1748
5.9176
.1121
.0494
.2463
.1771
5.4412
.5491
.121
.4162
2.1654
3.6589
.3373
.4527
.2286
.0187
.6463
.0107
.7053
.6963
.2015
.1982
.0058
.0775
.8008
.9982
.0053
.0559
.101
.31
.3448
.3014
.1805
.3665
.2473
.3295
.3223
.2181
.0596
...
Name
Tick
Sym Yld
SPDR DJRlEst
RWX 4.6
SPDR DJREIT
RWR 2.9
SPDRGlblRlEst
RWO 4.4
SPDR DJIA Tr
DIA 2.7
SPDR EurSTOXX FEZ 1.2
SPDR MSCI exUS CWI 2.3
SPDREmMktSmlCp EWX 4.0
SpdrSPIntDiv
DWX 3.8
SPDR S&PMdCpTr MDY 1.5
SPDR S&P 500
SPY 2.0
SPDR S&P Biotch XBI .2
SPDR SP China
GXC 3.2
SPDR S&P Div
SDY 2.7
SPDR SP EmAsPac GMF 2.6
SPDR S&P Home XHB 1.0
SPDR IntlSC
GWX 4.7
SPDR S&P MtlMng XME 2.9
SPDRS&POilGasExpl XOP .7
SPDR S&P Pharm XPH 1.0
SPDR S&P Retail XRT 1.7
SPDR S&P Semi
XSD .7
SPDR STOXX Eu50 FEU 1.6
SPDRWelsFrg
PSK 6.2
SpinFieldUVAUncons FFIU 2.5
Whiskey&SpiritsETF WSKY .7
SprottGoldMiners SGDM .6
SprottJrGoldMiners SGDJ .1
SummitWaterETF WTRX 1.6
TechSelectSector XLK 1.5
TeucriumAgricFd TAGS ...
TeucriumCornFund CORN ...
TeucriumSoybeanFd SOYB ...
TeucriumSugarFund CANE ...
TeucriumWheatFund WEAT ...
TortoiseNAPipeline TPYP 2.9
2xLevLgETRACSWF LBDC 17.5
UBSMLPShort
MLPS ...
UBSNatGasMLPETN MLPG 6.0
UBS FIEnhGlbHY FIHD ...
UBS FIEnhLCGrw FBGX ...
E-TRACS DJ Cmd DJCI ...
UBSProSh3xInvCrd WTID ...
UBSProSh3xLgCrude WTIU ...
UBSWellsFargoETN BDCS 8.8
E-TRACS AlrInfr MLPI 6.9
USAACoreInterBd UITB 1.0
USAACoreST
USTB 2.4
USAA EM ValMom UEVM .5
USAA IntlVal
UIVM .0
USAA USA SC Val USVM .3
USAA USA ValMom ULVM .3
USCF SummerSHPEI BUY ...
USGlbGOGold GOAU ...
U.S.GlobalJetsETF JETS .4
USMktRotationStrat HUSE .0
ETRACS2xBDC BDCL 17.3
US3xOilFd
USOU ...
US3xShrtOilFd USOD ...
UtilitiesSelSector XLU 3.9
VanEckMerkGoldTr OUNZ ...
VanEckAfrica
AFK 2.0
VanEckAgribus
MOO 1.4
VanEckAMTFrIntMuni ITM 2.3
VanEckAMTFrLgMun MLN 3.0
VanEckAMTFrShMuni SMB 1.3
VanEckBDCIncome BIZD 10.2
VanEckBrazilSC
BRF 4.5
VanEckCEFMuni XMPT 5.1
VanEckChinaBond CBON 3.3
VanEckCSI300
PEK 1.1
VanEckSMEChiNxt CNXT ...
VanEckCoal
KOL 3.5
VanEckEgypt
EGPT .8
VanEckEM AggBd EMAG 5.0
VanEckEMHYBond HYEM 5.9
VanEckEnvironSvcs EVX .9
VanEckFallAnglHYBd ANGL 5.3
VanEckGaming
BJK 2.3
VanEckGlbAltEn GEX 1.3
VanEckGlblSpinoff SPUN .9
VanEckGoldMiner GDX .8
VanEckGreenBd GRNB .9
VanEckHiIncmInfra YMLI 7.5
VanEckHiIncMLP YMLP 7.2
VanEckHYMuni
HYD 4.4
VanEckIndiaSC
SCIF .1
VanEckIndonesia
IDX 1.9
VanEckIntlHYBd
IHY 4.4
VanEckInvtGrFR FLTR 1.9
VanEckIsrael
ISRA .2
VanEckJPMEMLCBd EMLC 5.3
VanEckJrGold
GDXJ .0
VanEckMornIntlMoat MOTI 2.9
VanEckMornWideMoat MOAT 1.1
VanEckMtgREIT MORT 10.2
VanEckNDRCMGLg LFEQ ...
VanEckNatRscs
HAP 2.0
VanEckOilRefin CRAK 1.3
VanEckOilSvcs
OIH 2.6
VanEckPoland
PLND 4.9
VanEckPreRefundMun PRB 1.3
VanEckPfdSecsxFin PFXF 6.3
VanEckRareEarth REMX 2.9
VanEckRetail
RTH 1.6
VanEckRussia
RSX 4.3
VanEckRussiaSC RSXJ 3.6
VanEckSemiconduc SMH 1.4
VanEckShHYMuni SHYD 3.2
VanEckSteel
SLX 2.4
VanEckUnOil&Gas FRAK .7
VanEckUranium
NLR 4.9
VanEckVietnam
VNM .9
VangdCnsmrDiscr VCR 1.3
VangdCnsmrStpls VDC 2.8
VangdExtMkt
VXF 1.9
VangdInfoTech
VGT 1.1
VangdMatrls
VAW 1.7
VangdSC Grwth
VBK 1.4
VangdSC Val
VBR 2.6
VangdDivApp
VIG 2.1
VangdEnergy
VDE 2.4
VangdExDurTreas EDV 2.8
VangdAWxUSSC VSS 6.7
VangdFTSEDevMk VEA 3.8
VangdFTSE EM VWO 1.8
VangdFTSE Europe VGK 2.1
VangdFTSE Pac
VPL 5.3
VangdFinls
VFH 2.0
VangdFTSEAWxUS VEU 3.4
VangdGrowth
VUG 1.4
VangdHlthCr
VHT 1.5
VangdHiDiv
VYM 3.0
VangdIndls
VIS 1.7
VangdIntermBd
BIV 2.7
Div
Last Chg. Amt.
40.49
93.69
48.88
247.38
40.71
39.00
52.00
41.21
345.41
266.86
84.87
107.19
94.48
104.58
44.26
35.48
36.37
37.18
43.50
45.18
69.81
35.92
44.04
24.82
34.20
20.71
33.60
31.63
63.95
22.10
16.77
17.88
9.78
6.00
23.36
16.30
12.37
24.08
172.08
227.20
16.03
15.29
23.54
20.76
24.19
50.19
50.08
51.37
51.44
50.73
52.00
25.33
13.01
32.56
38.35
16.45
42.99
11.32
52.68
12.85
24.86
61.60
24.07
20.33
17.24
16.60
23.45
26.63
22.71
48.27
34.60
16.03
32.70
21.83
24.48
86.90
29.95
46.65
61.16
24.16
23.24
26.99
13.43
23.34
31.20
67.82
24.84
25.64
25.27
30.37
18.98
34.13
34.12
42.45
24.07
26.31
37.12
30.70
26.05
19.76
24.29
19.66
30.09
91.37
21.21
40.99
97.81
24.19
45.85
15.66
49.06
17.88
155.97
146.04
111.73
164.73
136.70
160.85
132.78
102.03
98.95
120.99
119.23
44.86
45.91
59.15
72.90
70.04
54.72
140.65
154.14
85.63
142.37
83.83
+0.43
+1.37
+0.72
–0.02
–0.24
+0.27
+0.88
+0.42
–0.53
–0.65
+0.28
+0.01
+0.33
+0.95
+0.11
+0.54
+0.82
+0.36
–0.05
–0.33
–1.01
+0.15
–0.11
–0.02
+0.52
+0.28
+0.01
–0.55
–0.59
+0.71
–0.04
+0.06
+0.26
+0.06
+0.17
–1.70
–0.04
–0.02
+0.99
+0.01
+0.44
–1.53
+1.95
–0.17
+0.08
+0.18
+0.07
+0.69
+0.21
–0.21
–0.01
–0.05
+0.18
–0.71
–2.68
–0.23
+2.77
–1.26
+0.23
+0.30
+0.73
+0.29
+0.14
+0.17
–0.06
–0.51
+0.73
...
–0.07
+0.02
+0.01
+0.21
+0.16
+0.33
–0.11
+0.05
+0.01
+0.57
+0.14
+0.16
+0.35
+0.22
+0.06
+0.16
+0.04
+1.00
+0.45
+0.06
...
+0.30
+0.08
+0.60
+0.10
–0.09
–0.42
–0.07
+0.42
+0.39
+0.33
+0.36
–0.02
–0.15
+1.13
–0.06
+0.10
+1.05
–1.35
–0.11
+0.70
+0.15
+0.10
+0.86
–0.69
–0.02
–0.19
–1.61
+0.52
–0.11
–0.15
+0.13
+0.39
+1.74
+1.95
+0.27
+0.48
+0.34
+0.55
–0.44
+0.35
–0.49
–0.44
–0.06
+0.42
+0.11
.2113
.6901
.532
.5606
.125
.44
1.0376
.3935
1.2987
1.3513
.0347
1.7122
.7685
1.3818
.1054
.3125
.265
.0645
.108
.1962
.1282
.1443
.6846
.0518
.2101
.1194
.047
.2149
.2383
...
...
...
...
...
.1695
.7127
...
.3588
...
...
...
...
...
.4547
.4153
.042
.1011
.1393
.0126
.043
.0364
...
.0174
.0308
2.6409
.7127
...
...
.5112
...
.494
.884
.0452
.0509
.0188
.425
1.063
.1135
.0623
.524
.065
.015
.253
.0911
.1205
.775
.0173
1.077
.767
.224
.176
.003
.252
.4225
.1146
.07
.46
.0937
.0407
.0479
.0836
.011
.133
.456
.612
.10
.75
.06
.678
.972
.0256
.1031
.87
1.428
.913
1.465
1.396
.0652
.027
.11
2.382
.025
.5049
1.0357
.5375
.437
.5662
.5542
.8621
.5461
.5997
.2944
2.006
.4315
.2121
.3136
.9613
.3521
.4629
.4751
.5667
.6431
.6164
.0802
Name
Tick
Sym Yld
VangdLC
VV 1.9
VangdLT Bond
BLV 3.7
VangdMegaCap MGC 2.0
VangdMegaGrwth MGK 1.5
VangdMegaVal
MGV 2.5
VangdMC
VO 1.7
VangdMCGrowth VOT .8
VangdMC Val
VOE 2.4
VangdREIT
VNQ 6.1
VangdS&P500
VOO 1.9
VangdS&P500 Grw VOOG 1.5
VangdS&P500Val VOOV 2.3
VangdS&PMC400 IVOO 1.9
VangdS&P400Grwth IVOG .9
VangdS&P400Val IVOV 1.6
VangdS&P600
VIOO 1.1
VangdS&P600Grwth VIOG 1.3
VangdS&P600Val VIOV 2.0
VangdST Bond
BSV 1.8
VangdSC
VB 2.1
VangdTaxExemptBd VTEB 2.1
VangdTelecom
VOX 4.8
VangdTotalBd
BND 2.6
VangdTotalStk
VTI 2.0
VangdTotlWrld
VT 2.6
VangdUtilities
VPU 3.2
VangdValue
VTV 2.4
VelocityShares3xIn DGAZ ...
VelocityShares3xLg UGAZ ...
VelocityShLIBOR DLBR ...
Velocity3xInvCrude DWT ...
Velocity3xLgCrude UWT ...
VelocityShVIXShrt XIVH ...
VelocityShVIXTail BSWN ...
VirtusCumbMuni CUMB 2.3
VirtusGlovistaEM EMEM ...
VirtusLifeSciBio
BBC 1.0
VirtusLifeSciBio
BBP .2
VirtusNewDynCredit BLHY 6.9
VirtusWMCGlb
VGFO ...
WBIPwrFactorHiDiv WBIY 4.9
WBITacticalHiIncm WBIH 5.6
WBITacticalIncome WBII ...
WBITacticalLCGD WBIE .3
WBITacticalLCQ WBIL .6
WBITacticalLCV WBIF .2
WBITacticalLCY WBIG 1.6
WBITacticalRotatn WBIR 3.9
WBITacticalSMGD WBIA .4
WBITacticalSMQ WBID .4
WBITacticalSMV WBIB .3
WBITacticalSMY WBIC 2.1
WilshireMicroCap WMCR 1.8
Wlshr US REIT
WREI 3.3
WisdTrEM LocDebt ELD 5.0
WisdTreeMngdFutStr WTMF ...
WisdTrAsiaLocDebt ALD 1.7
WisdTrAPxJp
AXJL 1.4
WisdTrAustrDiv AUSE 3.7
WisdTrBalIncm WBAL ...
WisdTrUSAggBd AGGY 2.6
WisdTrBloomFR USFR 1.5
WisdTrUSDBull USDU ...
WisdTrBrazilReal BZF ...
WisdTrCBOES&P500 PUTW ...
WisdTrChineseYuan CYB ...
WisdTrContComm GCC ...
WisdTrEmgCurr CEW ...
WisdTrEMxSOE XSOE 1.5
WisdTrEM HiDiv
DEM 2.5
WisdTrEM SC
DGS 1.8
WisdTrEuropeHdg HEDJ 1.2
WisdTrEuropeHdgSM EUSC .9
WisdTrEurQualDiv EUDG .5
WisdTrEuropeSC DFE 1.7
WisdTrGlbXMexico XMX 2.1
WisdTrGlbxUSDiv DXUS 1.1
WisdTrGlbxUSQual DNL .9
WisdTrGlbxUSREFd DRW 10.7
WisdTrGlbHiDiv
DEW 3.1
WisdTrS&PChina500 WCHN ...
WisdTrIndiaEarn
EPI .4
WisdTrIntDivxFin DOO 3.3
WisdTrIntlEquity DWM 2.3
WisdTrIntlHdgQual IHDG 1.8
WisdTrIntlHiDiv
DTH 3.0
WisdTrIntlLC Div
DOL 2.6
WisdTrIntlMC Div DIM 2.1
WisdTrIntlSC
DLS 2.9
WisdTrJpnCapGds DXJC 4.9
WisdTrJpnHdgQuDiv JHDG 4.5
WisdTrJapanHdg DXJ 3.3
WisdTrJpnFinls
DXJF 1.9
WisdTrJpnHlthCare DXJH 2.9
WisdTrJpnRealEst DXJR 5.2
WisdTrJapanSC
DFJ 3.2
WisdTrUSDivxFin DTN 6.7
WisdTrUSDom WUSA 2.0
WisdTrUSEarn500 EPS 1.8
WisdTrUSHiDiv
DHS 5.0
WisdTrUSLCDivFd DLN 4.5
WisdTrUSMCDivFd DON 4.5
WisdTrUSMCEarn EZM 1.5
WisdomTreeUSQualYd QSY 1.7
WisdTrUSSCDiv
DES 5.9
WisdTrUSSCEarn EES 1.1
WisdTrUSTotalDivFd DTD 4.4
WisdTrUSTotalEarn EXT 1.9
WorkplaceEquality EQLT 1.2
XtrkrsCSI300ChinaA ASHX 2.5
XtrkrsFTSEDevXus DEEF 2.5
XtrkrsFTSEEmgComp DEMG 3.0
XtrkrsHarvCSI300 ASHR .8
XtrkrsHarvCSI500 ASHS ...
XtrkrsJpnJPXNik400 JPN 2.0
XtrkrsMSCIAllChina CN .8
XtrkrsMSCIAWxUS DBAW 2.5
XtrkrsMSCIAWxUSHi HDAW 3.1
XtrkrsMSCIAPxJapan DBAP 3.8
XtrkrsMSCIBrazil DBBR .2
XtrkrsMSCIEAFE DBEF 2.4
XtrkrsMSCIHiDiv HDEF 1.7
XtrkrsMSCIEM DBEM 2.8
XtrkrsMSCIEurope DBEU 1.9
XtrkrsMSCIEurozone DBEZ .9
XtrkrsMSCIGermany DBGR .5
XtrkrsMSCIJapan DBJP .1
XtrkrsMSCIMexico DBMX 4.8
XtrkrsMSCISKorea DBKO ...
XtrkrsMSCIUK
DBUK 6.7
XtrkrsMuniInfra RVNU 2.6
XtrkrsRussell1000 DEUS 2.0
XtrkrsRussell2000 DESC 1.8
XtrkrsUSDHYCorpBd HYLB 5.2
YieldShHiIncome YYY 8.0
Div
Last Chg. Amt.
122.58
95.08
91.79
111.33
76.46
154.78
127.72
111.57
82.98
245.29
136.96
109.97
127.89
133.08
121.76
139.36
145.93
132.33
79.10
147.80
51.68
91.15
81.57
137.25
74.26
116.59
106.32
27.50
72.75
21.20
14.05
24.51
77.31
17.86
25.48
26.20
28.43
40.56
24.80
26.29
26.60
24.94
25.38
26.04
27.44
28.92
25.85
25.45
25.13
24.50
26.35
22.37
36.93
47.35
38.45
40.05
45.70
70.20
59.54
25.04
50.72
25.00
25.89
18.20
29.06
26.07
19.22
19.43
31.85
45.35
52.15
63.71
31.10
26.96
70.56
29.63
26.88
59.19
32.56
48.51
31.10
27.84
43.40
55.78
31.69
44.39
50.63
68.98
76.80
29.01
28.96
59.33
25.95
36.82
15.34
80.43
88.39
31.47
31.07
72.84
92.12
35.28
39.68
82.44
29.05
36.22
92.96
31.87
36.23
22.08
30.02
28.84
31.03
34.84
29.32
37.33
27.79
26.75
28.41
12.02
31.78
24.72
24.09
28.42
30.35
28.45
44.09
19.74
31.40
21.78
27.16
32.07
33.99
50.43
19.48
–0.31
+1.07
–0.67
–0.92
–0.60
+0.06
+0.17
–0.05
+1.15
–1.72
–0.59
–0.14
–0.19
–0.40
+0.03
–0.53
–0.38
–0.57
–0.03
–0.11
+0.21
–0.22
+0.20
–0.27
+0.16
+0.58
–0.12
–11.50
+18.46
–0.32
–1.43
+2.09
–0.69
+0.01
+0.06
+0.56
+0.04
+0.06
...
+0.41
–1.01
–0.10
+0.16
+0.07
+0.01
+0.13
–0.06
–0.06
–0.09
–0.06
+0.01
–0.08
+2.04
+0.47
+0.27
+0.21
+0.09
+0.76
–0.21
+0.04
+0.20
–0.05
–0.06
–0.73
–0.08
+0.20
+0.46
+0.18
+0.27
+0.42
+0.98
–1.03
–0.12
+0.22
+0.81
–0.06
–0.08
+0.57
–0.33
–0.14
+0.23
+0.14
–0.08
–0.07
–0.09
–0.09
–0.08
+0.03
+0.38
–0.43
–0.41
–0.75
–0.37
–0.10
–0.12
–0.20
–0.70
–0.27
–0.27
–0.27
–0.50
–0.10
–0.28
–0.31
–0.15
–0.33
–0.38
–0.21
–0.07
–0.77
+0.25
+0.44
+0.08
+0.36
–0.04
–0.45
–0.07
+0.43
+0.26
+0.20
–0.13
+0.06
+0.27
–0.16
–0.27
–0.08
–0.23
+0.36
+0.84
+0.14
+0.31
+0.07
–0.09
+0.16
–0.10
.5877
.2932
.4612
.422
.4726
.648
.2456
.6741
1.2636
1.1839
.5228
.6399
.5944
1.2364
1.888
1.5417
.4646
.6505
.1162
.775
.0885
1.0929
.037
.673
.4915
.9354
.6472
...
...
...
...
...
...
...
.319
.0862
.2972
.0723
.0832
.097
.6003
.1167
.0609
.0177
.0418
.0173
.0352
.2451
.0236
.0262
.0165
.0395
.6822
.0409
.16
...
.065
.2534
.5515
.098
.11
.0311
...
...
.0563
...
...
...
.1173
.2848
.2295
.1857
.07
.0322
.3011
.1583
.0712
.1344
.8693
.3811
...
.0264
.3601
.3252
.145
.3292
.3263
.3602
.556
.3555
.3225
.4923
.1261
.2635
.1977
.6474
.4945
.156
.138
.3044
.3421
.1309
.1457
.3414
.1427
.1016
.3419
.1508
.424
.5479
.189
.2173
.2619
...
.2953
.3024
.3476
.2093
.5357
.0114
.3809
.1076
.3315
.2658
.1309
.0745
.0274
.471
...
.7309
.0586
.1615
.1537
.2189
.13
M26
BARRON’S
January 1, 2018
Foreign Markets
Complete FOREIGN EXCHANGE LIST: Page M38
Europe
Asia
GLOBAL STOCK MARKETS
Weak Finish: European stocks fell slightly as
2017 ended. Facing elections, Italy lost 1.4%.
-0.17%
Index
1.25
Norway
Denmark
0.90
0.05
Switzerland 0.01
-0.30
Belgium
-0.34
Greece
-0.64
Finland
-0.75
France
-0.76
Netherlands
-0.85
Germany
-1.28
Spain
-1.36
Sweden
-1.39
The World
E.A.F.E.2
Australia
Austria
Belgium
Canada
Denmark
Finland
France
Germany
Greece
Hong Kong
Ireland
Italy
Japan
Netherlands
New Zealand
Norway
Portugal3
Singapore
Spain
Sweden
Switzerland
U.K.
U.S.A.
Week's
% Chg.
12/29
–0.3
–0.3
0
–1.3
–0.4
0.2
–0.1
–1.0
–0.9
–1.0
–0.7
1.7
0.1
–1.8
–0.8
–0.7
–0.1
0.4
–0.5
0.7
–1.5
–1.9
–0.1
1.3
–0.4
1586.2
1164.0
1219.5
670.7
1219.9
2076.1
8464.6
663.0
1910.8
1055.0
66.4
17385.6
231.9
740.4
1073.1
1642.7
134.0
2976.3
89.5
1802.4
962.2
12437.7
1248.7
2227.7
2544.6
52-wk Range
1593.9– 1364.3
1170.3– 1037.1
1223.3– 1135.7
680.9– 492.7
1319.9– 1171.4
2078.7– 1905.7
8678.9– 7228.1
734.2– 614.3
1976.9– 1695.1
1093.9– 959.5
74.1– 52.6
17385.6– 13049.5
242.9– 209.1
781.0– 636.6
1083.3– 873.0
1693.1– 1421.5
137.7– 125.8
3003.3– 2495.3
93.3– 82.1
1829.9– 1487.4
1058.5– 876.4
13247.4– 11644.1
1257.1– 1087.2
2227.7– 2065.6
2560.1– 2129.4
Week's
% Chg.
12/29
52-wk Range
0.2
0.9
1.4
0.1
1.0
2.0
1.3
0.5
0.6
0.4
0.8
1.7
1.5
–0.4
–0.1
0.6
1.3
2.2
1.0
1.3
–0.1
0.1
1.5
2.5
–0.4
2103.4
2050.8
851.8
1521.6
1815.6
1791.6
10239.1
528.1
1939.4
2370.0
29.6
12357.2
212.4
287.0
3435.1
3213.8
144.7
2599.1
70.4
4149.1
486.1
7857.8
5503.3
1255.8
2544.6
2106.9– 1751.2
2050.8– 1676.9
851.8– 741.1
1526.4– 981.8
1922.9– 1554.2
1791.6– 1545.2
10254.0– 7733.5
558.1– 438.7
1951.7– 1528.3
2396.0– 1881.1
31.7– 20.9
12357.2– 9346.1
212.4– 179.6
296.4– 217.2
3449.2– 2787.9
3244.2– 2468.2
153.1– 130.8
2621.4– 2053.0
72.8– 57.9
4169.3– 3164.0
508.4– 390.2
8341.4– 6632.9
5503.3– 4586.5
1255.8– 1065.2
2560.1– 2129.4
Italy
Source: S&P DJ Indices
Year-to-Date
Chg.
% Chg.
Week’s
%Chg.
Year-to-Date
Chg.
% Chg.
+158.73+24.66
Milan FTSE All Share
24191
+210.77+13.66
Moscow RTS
–0.71
+61.41+12.71
Athens General
802.37
–0.21
1753.71 +0.67
Bombay Sensex
Most Recent
Close
49354 +2.00 +3711.52 +8.13
544.58
Bangkok SET
34056 +0.34 +7430.37+27.91
Oslo Composite
–1.39 +3255.40+15.55
1154.43 +1.65
+2.10 +0.18
906.98 +0.83
+142.32+18.61
–0.43
+371.52+10.30
Paris CAC
5312.56
–0.97
+450.25 +9.26
30065 +3.92
+13147+77.72
Santiago Selective
4210.84 +0.48
+987.67+30.64
Colombo All Share
6369.26 +0.72
+141.00 +2.26
Sao Paulo Bovespa
76402 +1.62
+16174+26.86
Copenhagen OMX 20
1024.22
–0.14
+140.26+15.87
Seoul Composite
2467.49 +1.10
+441.03+21.76
Dublin ISEQ
7038.28 +0.31
Brussels Bel-20
Buenos Aires Merval
EURO STOXX SXXE
EURO STOXX 50 SXSE
Frankfurt DAX
Helsinki OMHX
Hong Kong Hang Seng
3977.88
+521.04 +7.99
Shanghai Composite
3307.17 +0.31
+203.53 +6.56
385.50
–0.97
+35.24+10.06
Shenzhen B Share Idx
1163.44 +0.93
+35.74 +3.17
3503.96
–1.39
+213.44 +6.49
Singapore FTSE STI
3402.92 +0.51
+522.16+18.13
–1.19 +1436.58+12.51
Stockholm OMXS
–0.42
+570.03 +6.40
STOXX Europe 50 SXSP
29919 +1.15 +7918.59+35.99
STOXX Europe 600 SXXP
12917
9471.56
Istanbul IMKB
115333 +3.81
Jakarta Composite
6355.65 +2.16 +1058.94+19.99
Johannesburg All Share
+37194+47.60
59504 +1.20 +8851.13+17.47
Sydney S&P/ASX 200
Taipel Weighted
Tel Aviv 125 Index
568.80
–1.19
+34.24 +6.40
3177.84
–0.30
+167.29 +5.56
389.18
–0.28
+27.76 +7.68
6065.10
–0.08
+399.30 +7.05
10642 +1.00 +1389.36+15.01
1366.22 +1.64
+83.85 +6.54
Kuala Lumpur Composite
1796.81 +2.08
+155.08 +9.45
Tokyo Nikkei-225
22764
LISBON PSI
2969.55
–0.05
+449.40+17.83
Toronto S&P/TSX
16209 +0.27
London FTSE - 100
7687.77 +1.25
+544.94 +7.63
Vienna ATX
3420.14
+691.80 +7.40
Wellington S&P/NZX 50
8398.08 +0.02 +1516.86+22.04
Zurich Swiss
9381.87
Madrid IBEX 35
Manila Composite
10043
–1.36
Indonesia
8558.42 +1.50 +1717.78+25.11
2.32
Malaysia
2.11
South Korea
1.80
Hong Kong
1.57
Philippines
1.35
Taiwan
0.93
India
0.86
Singapore
0.70
Thailand
0.62
China
0.56
New Zealand
0.07
0.00 Australia
-0.58
Japan
Source: S&P DJ Indices
S&P Global Broad Market Indices
Mexico City IPC
Amsterdam AEX
0.29%
Indexes based on S&P Global Broad Market Indices
KEY FOREIGN STOCK MARKET INDEXES
Week’s
%Chg.
S&P Pan Asia BMI
Base Jan. 1, 1970=1001Adjusted for foreign exchange fluctuations relative to the U.S. $.
2Europe, Australasia, Far East Index.3Base: Jan. 1, 1988=100.
Source: Morgan Stanley Capital International Perspective, Geneva.
Indexes based on S&P Global Broad Market Indices
Most Recent
Close
At a Gallop: Ending a stellar year, Asian shares
rose 0.3%, led by Indonesia’s 2.3% gain.
In U.S. Dollars1
In Local Currencies
S&P Europe BMI
U.K.
For personal Do not edit or alter. Reproductions not permitted.
To reprint or license content, please contact Barron's reprints department at 800-843-0008 or
Key Cross Rates $1=€0.8332, ¥112.70, £0.7400
–0.60 +3650.57+19.10
–0.58
+921.54 +6.03
+801.71+30.62
–0.13 +1162.00+14.14
Indexes are based on local currencies. Because of various holidays and other market closings, the most recent close is not necessarily
that of the week of publication.
Region/
Country
S&P Global
Indexes,
Local Curr.
12/29/17
Americas
Brazil
793.91
Canada
500.12
Chile
425.76
Mexico
817.52
U.S.
27673.19
Latin America
Europe
Austria
349.42
Belgium
412.81
Denmark
1656.62
Finland
1392.64
France
398.90
Germany
507.92
Greece
21.96
Ireland
657.21
Italy
221.50
Netherlands
567.00
Norway
597.47
Portugal
64.61
Russia
1718.15
Spain
453.86
Sweden
1089.22
Switzerland
551.81
United Kingdom
308.97
South Africa
1001.51
Pacific Region
Australia
429.26
China
517.79
Hong Kong
516.83
India
1079.86
Japan
141.38
Malaysia
280.49
New Zealand
284.97
Philippines
438.41
Singapore
188.63
South Korea
922.37
Taiwan
105.63
Thailand
390.17
Euro Zone
Europe Developed (ex U.K.)
Europe (Nordic)
Pacific (ex. Japan)
World (ex US)
S&P Global Broad Market Indices
GLOBAL DOW
Wkly
% Chg.
—
—
—
—
—
—
—
—
—
—
—
—
—
1.45
0.33
0.45
2.01
0.34
1.04
0.30
0.05
0.64
0.75
0.85
0.34
0.23
1.39
0.76
0.90
0.24
0.45
1.28
1.36
0.01
1.25
2.30
0.00
0.56
1.57
0.86
0.58
2.11
0.07
1.35
0.70
1.80
0.93
0.62
S&P Global
Indexes,
U.S. $
12/29/17
299.01
267.12
507.31
303.58
337.46
27673.19
285.23
409.54
348.26
411.45
1675.45
1388.05
397.59
506.24
23.96
655.04
220.77
565.12
510.22
70.48
226.40
452.36
942.11
826.65
276.79
393.44
245.91
487.44
623.20
512.79
664.05
156.70
181.42
394.69
350.41
230.74
1460.38
115.90
576.86
153.19
516.33
985.43
336.01
217.84
256.49
3086.45
Wkly
% Chg.
—
—
0.15
1.73
2.14
1.57
1.99
0.34
1.71
1.30
0.42
1.16
1.50
0.82
0.71
0.61
1.12
1.70
0.06
0.70
2.69
1.22
1.56
0.17
0.67
1.57
2.48
4.04
0.86
1.34
0.52
1.53
1.24
0.07
2.90
1.49
1.81
1.26
2.66
1.59
1.15
0.62
0.85
1.16
1.41
1.22
0.43
0.30
SP Global
Indexes,
U.S. $ on
12/31/16
Point
Chg.
From
12/31/16
% Chg.
From
12/31/16
251.96
217.90
446.00
214.33
299.01
23276.73
234.30
331.52
224.02
352.36
1260.70
1167.46
313.92
394.91
18.39
526.92
170.13
428.99
427.30
56.04
216.94
368.43
798.14
682.66
232.55
301.20
190.86
418.55
426.76
401.18
459.79
127.03
144.84
328.83
286.87
177.74
1018.14
92.01
458.60
120.67
412.03
808.12
252.84
174.36
210.58
2531.51
47.05
49.22
61.31
89.24
38.45
4396.46
50.93
78.02
124.24
59.09
414.75
220.58
83.67
111.33
5.57
128.12
50.65
136.13
82.92
14.44
9.46
83.93
143.96
143.99
44.24
92.24
55.04
68.89
196.44
111.60
204.26
29.67
36.58
65.86
63.54
52.99
442.25
23.90
118.25
32.52
104.30
177.31
83.17
43.48
45.92
554.94
18.67
22.59
13.75
41.64
12.86
18.89
21.74
23.53
55.46
16.77
32.90
18.89
26.65
28.19
30.26
24.31
29.77
31.73
19.41
25.77
4.36
22.78
18.04
21.09
19.02
30.62
28.84
16.46
46.03
27.82
44.42
23.36
25.26
20.03
22.15
29.81
43.44
25.97
25.79
26.95
25.31
21.94
32.89
24.94
21.81
21.92
s2017 S&P Dow Jones Indices. All Rights Reserved.
January 1, 2018
BARRON’S
M27
Mutual Funds
Net YTD 3-Yr.
NAV Chg. % Ret. % Ret.
For personal Do not edit or alter. Reproductions not permitted.
To reprint or license content, please contact Barron's reprints department at 800-843-0008 or
A
AB Funds:
IntDurInstl
15.05 0.07
IntlStraEquPtZ 12.80 0.05
MuniIncmShares 11.65 0.08
AB Funds - A:
BalWlthStrA p 14.83 0.06
GlobalBondA p 8.41 0.02
73.36 -0.19
GrowthA p
HighIncomeA p 8.82 0.01
47.78 -0.16
LgCpGrA p
10.32 0.05
NtlMuA p
RelatValA p
5.83 -0.01
SmMdCpGrA p 10.86 0.00
SustGlblThemGrA p 117.38 0.26
AB Funds - ADV:
GlbBd
8.40 0.02
HiIncmAdv
8.83 0.01
IntlSmCapPtADV 12.82 0.12
IntlStraEquPtADV 12.78 0.05
IntmedDivMuni 14.31 0.05
LgCpGrAdv
51.89 -0.17
SelectUSLgShrt 12.79 -0.03
SmCapCorePortADV 11.85 -0.05
11.58 0.00
SmMdCpGr
SmMidCpValAdv 23.30 -0.04
TxMgdWlthAppAdv 16.18 -2.09
16.29 0.01
WlthApprStr
AB Funds - C:
HighIncomeC p 8.93 0.02
AB Funds - I:
GlbBd
8.40 0.02
AB Funds - K:
AllMktRtrn1
8.85 0.14
Aberdeen Fds:
EmMktEqty Inst 16.14 0.32
USSmCapEq Inst 38.62 0.18
Acadian Emerging Markets:
AcadnEm Inv 22.39 0.15
AdvisorTwo:
10.43 0.00
FrTRInst
AIG Funds:
FDivStII t
18.58 -0.10
Akre Funds:
AkreFocusInst 33.04 0.11
AkreFocusRtl 32.41 0.10
Alger Funds A:
24.66 -0.11
CapApr
20.57 -0.09
SpectraN
Alger Funds Inst:
32.42 -0.15
CapApprI
Allianz Fds Admin:
RCMTechI
68.65 -0.75
Allianz Fds Instl:
15.25 -0.06
NFJDivVal
24.25 -0.10
SmCpVl
Allianz Funds A:
NFJDivVal t
15.14 -0.06
21.67 -0.09
SmCpV A
Alpine Funds:
10.03 0.00
TxOptInc
Amana Income:
AmanaIncm n 54.03 NA
AmanaGrowth n:
AmanaGrowth n 38.97 NA
Amer Beacon Insti:
IntlInst
20.88 0.15
29.15 -0.11
LgCapinst
28.57 -0.10
LgCpVal Inst
27.41 -0.20
SmCpInst
Amer Beacon Inv:
LgCapInv
27.09 -0.10
26.41 -0.19
SmCapInv
American Century A:
EqIncA p
8.91 -0.05
MdCapVal p
17.49 -0.07
American Century C:
EqIncC p
8.91 -0.04
American Century G:
10.22 -0.17
GlBond
InfAdjBd
11.63 -0.02
NT MdCapVal 13.56 -0.10
NTCoreEquityPlus 16.60 -0.22
NTDvBnd
10.76 0.06
13.62 -0.12
NTEqGrp
17.30 -0.06
NTGrwth
13.97 -0.01
NTHeritage
NT IntlGr
12.28 0.11
10.31 0.06
NTIntlVal
11.56 -0.12
NTLgVal
American Century I:
DivBnd
10.77 0.05
EqInc
8.92 -0.06
3.8 8.9
30.0 NS
9.5 18.3
11.2
3.0
33.8
7.8
31.4
5.7
18.7
32.5
37.2
14.7
9.2
45.7
19.3
47.1
9.5
31.8
36.3
42.6
3.1
8.1
32.1
30.0
3.0
31.7
12.5
7.5
32.7
13.0
23.1
22.0
9.9
20.2
NS
NS
NS
48.2
16.4
NS
37.2
31.4
27.0
25.4
7.1 16.6
3.1 10.1
11.2
2.3
30.2 25.6
11.4 47.6
37.6 27.9
4.4
9.9
19.5 33.0
30.9 44.0
30.5 42.8
31.2 38.1
31.0 38.3
31.0 38.1
47.2 60.1
16.1 22.0
10.0 23.7
15.7 20.7
9.7 22.3
0.9
2.0
NA
NA
NA
NA
24.8
17.1
15.9
8.7
21.2
25.8
31.2
29.2
16.7 24.5
8.4 28.0
13.1 33.6
11.3 31.9
12.2 30.5
NS
NS
12.1
20.0
3.8
22.2
30.8
22.4
31.8
22.3
11.5
NS
NS
34.1
24.3
7.1
27.0
40.2
27.8
23.4
NS
21.3
3.5 7.0
13.7 35.5
Net YTD 3-Yr.
NAV Chg. % Ret. % Ret.
Growth
33.38
IntTF
11.35
17.53
MdCapVal
OneChoice2020 12.51
OneChoice2025 14.85
OneChoice2030 12.98
OneChoice2035 16.22
OneChoice2040 13.68
OneChoice2045 17.19
Value
8.94
American Century Inv:
AllCpGr n
33.03
Balanced n
18.82
CaHYMu n
10.68
11.90
CAIntTF n
DivBnd n
10.77
EmgMkt nr
12.29
EqGro n
32.41
EqInc n
8.91
GinnieMae n
10.43
Grwth n
32.82
22.48
Heritage n
IncGro n
39.30
InfAdjBd n
11.65
InfProBd n
10.14
13.27
Intl Gr n
IntTF n
11.35
LgComVal n
10.22
MdCapVal n
17.52
16.91
OneChAgg n
OneChCon n
13.77
OneChMod n
15.85
OneChoice2020 n 12.52
OneChoice2025 n 14.85
OneChoice2030 n 12.99
OneChoice2035 n 16.21
OneChoice2040 n 13.68
OneChoice2045 n 17.18
OneChoiceRet n 13.30
Real n
28.22
70.10
Select n
SmallCo n
15.39
SmCpVal n
8.73
Ultra n
43.42
Value n
8.92
American Century R6:
EqInc
8.93
Growth
33.34
17.52
MdCapVal
American Century Y:
IntTF
11.35
DivBnd
10.77
American Funds Cl A:
2010TarRetA p 10.91
2015TarRetA p 11.59
2020TarRetA p 12.56
2025TarRetA p 13.44
2030TarRetA p 14.42
2035TarRetA p 14.84
2040TarRetA p 15.20
2045TarRetA p 15.43
2050TarRetA p 15.10
AmcpA p
31.49
AMutlA p
40.80
27.15
BalA p
BondA p
12.89
CapIBA p
62.82
CapWA p
19.97
51.11
CapWGrA
EupacA p
56.22
FdInvA p
62.21
GBalA p
32.51
13.66
GovtA p
GwthA p
49.54
HI TrA p
10.37
HiInMuniA
15.97
40.39
ICAA p
IncoA p
23.37
IntBdA p
13.32
IntlGrIncA p
34.98
LtdTEBdA
15.66
43.16
N PerA p
NEcoA p
44.63
NwWrldA
66.92
SmCpA p
55.80
STBFA p
9.90
STTxExBdA
10.07
17.75
TECAA p
TxExA p
13.04
WshA p
45.65
AMG Funds:
RRDivAcValI
12.51
AMG Managers Funds:
Brandywine I n 46.64
FairpointeMdCpI 43.79
-0.14
0.05
-0.09
-0.13
-0.14
-0.13
-0.17
-0.16
-0.20
-0.06
30.4
5.0
11.8
11.2
12.5
13.7
14.9
16.3
17.7
8.7
40.5
7.8
33.7
15.7
17.3
18.9
20.4
22.0
23.7
23.9
-0.11
-0.08
0.07
0.06
0.05
NA
-0.23
-0.06
0.02
-0.15
-0.02
-0.40
0.01
-0.07
0.12
0.05
-0.07
-0.08
-0.54
-0.29
-0.32
-0.12
-0.14
-0.12
-0.16
-0.16
-0.19
-0.12
0.37
-0.28
-0.13
-0.05
-0.25
-0.06
24.9
14.1
8.5
4.6
3.3
NA
21.9
13.3
1.2
30.1
21.8
20.6
3.1
0.7
31.0
4.7
11.1
11.6
19.1
11.1
15.4
10.9
12.3
13.5
14.7
16.1
17.5
10.2
5.2
28.9
10.6
10.3
31.9
8.5
35.0
17.7
14.6
7.3
6.3
NA
26.6
34.5
3.1
39.6
26.6
27.3
5.9
3.6
22.4
7.1
21.6
32.8
24.5
15.0
20.0
15.0
16.6
18.2
19.6
21.2
22.9
14.1
12.3
44.2
22.0
33.9
43.8
23.0
-0.07 13.8 36.0
-0.14 30.6 41.1
-0.10 12.0 34.2
0.05
0.05
NS
NS
NS
NS
-0.24
-0.28
-0.28
-0.28
-0.32
-0.32
-0.34
-0.33
-0.34
-0.11
-0.02
0.03
0.05
0.32
0.14
0.20
0.38
-0.01
0.16
0.05
-0.07
0.01
0.08
-0.05
0.09
0.02
0.31
0.03
0.11
-0.22
0.47
0.22
0.01
0.01
0.10
0.07
-0.02
10.0
10.8
12.5
15.0
18.1
20.7
21.6
22.0
22.2
22.0
17.7
15.5
3.2
14.2
7.3
24.7
30.7
23.4
14.0
1.4
26.1
6.7
8.5
19.7
13.4
0.9
26.1
2.7
28.9
34.4
32.6
26.8
0.8
1.5
5.9
5.5
20.2
15.8
16.8
18.9
21.6
25.7
28.8
30.0
30.6
30.9
32.5
28.5
26.5
6.5
17.0
5.4
28.1
29.2
41.6
16.1
4.1
42.4
14.7
15.2
33.0
22.2
3.3
16.8
4.1
36.6
41.1
28.6
36.9
2.4
1.9
9.6
9.5
34.2
-0.77 9.1 23.6
-0.24 23.6 31.4
-3.11 11.8 23.4
Data provided by
Net YTD 3-Yr.
NAV Chg. % Ret. % Ret.
CASH TRACK
More Equity Withdrawals: Continuing the recent trend, equity funds experienced $1.3
billion in net outflows based on the latest four-week moving averages, according to Lipper.
Money-market funds had $7.2 billion in net inflows, taxable-bond funds took in $2.7 billion, and muni-bond funds received $48 million on balance. At the end of November, equity portfolio managers had 3.3% of their funds in cash, up from 3.2% a month earlier,
says the Investment Company Institute in its latest update.
Equity Funds
8300
Municipal Bond Funds
720
4300
540
300
360
-3700
180
-7700
Nov
0
Dec
Nov
Money Market Funds
20600
Dec
Taxable Bond Funds
8400
12500
6400
4400
4400
-3700
Nov
2400
Dec
Nov
Dec
The charts above show four-week moving averages of net cash flow in millions of dollars. Those below are for last month.
Monthly Equity Cash Flow ($bils)
Equity Portfolio Cash as % of Assets
6
-8
3.3
-22
3.1
-36
D
J
F
M
A
M
J
J
A
S
O
3.5
2.9
N
D
J
F
M
A
M
J
J
A
S
O
FairpteMCpN 42.69
11.66
GWKMBd I
LoomisSaylesBd I 26.97
LoomisSaylesBd N n 26.97
M&C Growth I 19.71
SkylineSpcEqFd N n 43.98
SouthSunUSEq I 14.35
TSSmCapGrFd Z 18.87
TSSmCpGrFd Z 17.33
YachtmanFocFd I 21.09
YacktFocFd N n 21.13
YacktmanFd I n 22.85
Angel Oak Funds Trst:
AglOkMtiStFdClIn 11.25
AQR Funds:
EqMktNeut I
12.25
LgCapDefStyle I 19.07
LgCapMomStyle I 21.56
LgCpMultiStyle R 17.65
13.88
LngShrtEq I
LngShrtEq R
13.91
MgdFutStrI
9.23
MgdFutStrN
9.10
MgdFutStr R
9.24
MultiStrAltI
9.05
MultiStratAlt R 9.06
SmCpMultiStyle R 14.84
StylePremAlt I 10.39
StylePremAlt R 10.41
-3.08
0.05
-0.16
-0.16
-2.05
-3.22
-0.05
-2.71
-1.86
-2.51
-2.47
-2.45
11.5
4.9
6.9
6.8
23.6
8.4
10.7
22.6
21.1
20.2
20.0
18.2
22.5
8.6
10.3
10.0
26.1
22.0
13.6
31.2
31.3
25.9
25.2
22.5
-0.01 5.7 12.4
-0.09
0.00
-0.10
-0.07
-0.10
-0.10
0.04
0.04
0.04
-0.03
-0.03
-0.10
-0.03
-0.03
5.8
22.1
23.9
24.4
15.7
15.9
-1.0
-1.2
-0.9
3.1
3.2
9.5
12.0
12.1
31.5
43.7
31.2
31.1
49.1
49.6
-7.7
-8.5
-7.4
12.3
12.6
27.0
20.9
21.3
Net YTD 3-Yr.
NAV Chg. % Ret. % Ret.
Aquila Funds:
11.29 0.03
HI TF A
ArbitrageI n:
13.08 0.01
ArbitrageI n
Ariel Investments:
ApprecInv pn 47.88 -0.54
69.98 -1.03
Ariel Inv pn
Artisan Funds:
26.05 NA
GblOppInst
25.79 NA
GblOppInv n
18.20 NA
GblValInv n
33.26 NA
Intl Inv n
33.42 NA
IntlInst
38.66 NA
IntlVal Inst
38.54 NA
IntlVal Inv n
41.73 NA
MidCapInst
38.33 NA
MidCapInv n
MidCapVal Inv n 22.88 NA
Ashmore Funds:
EmgMktTRInst 8.25 NA
AT Disciplined Equity Ins:
ATDispEqInst n 19.17 -0.20
Ave Maria Funds:
18.44 -1.01
RisingDivd n
2.5
4.4
2.9
7.6
15.1 20.1
15.9 26.7
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
20.9 33.7
16.8 25.1
B
Baird Funds:
AggBdInst
10.87 0.02
4.2
8.7
About our Funds
The listings include the top 2500 open-end funds by assets. These funds value their portfolios daily and report net
asset va lues (the dollar amount of their holdings divided by the number of shares outstanding) to the National
Association of Securities Dealers. Total returns reflect both price changes and dividends; these figures assume that
all distributions are reinvested in the fund. Because Lipper is constantly updating its database, these returns may
differ from those previously published or calculated by others. 3 year returns are cumulative. The NAV is the last
Net YTD 3-Yr.
NAV Chg. % Ret. % Ret.
CorBdInst
11.22
11.01
IntBdInst
QualIntMunBdInst 11.52
ShtTBdInst
9.64
Baron Funds:
Asset n
68.16
EmergingMkts n 15.33
Growth n
67.67
48.75
Partners n
SmallCap n
28.34
Baron Instl Shares:
AssetInst
70.47
EmergingMktsInst 15.37
GrowthInst
69.55
49.73
PartnersInst
RealEstateInst 30.01
SmallCapInst 29.35
BBH Funds:
CorSelN n
20.86
Bernstein Fds:
Ca Mu n
14.21
14.32
DivrMuni n
EmMkts n
32.54
18.44
IntlPort n
13.20
IntmDur n
NY Mun n
13.96
18.44
TxMgdIntl n
BerwynFd:
BerwynIncm n 13.42
0.02
0.00
0.00
-0.01
4.6 9.9
2.7 6.8
3.1 5.1
1.5 4.8
-0.05
0.19
0.03
-0.55
0.12
26.1
40.3
27.0
31.5
27.1
32.2
29.5
27.3
31.4
31.3
-0.05
0.19
0.03
-0.57
0.32
0.12
26.5
40.6
27.4
31.9
31.4
27.4
33.3
30.4
28.2
32.4
22.4
32.3
-0.12 19.9 24.3
0.04 3.0 4.7
0.05 3.0 4.9
0.29 33.0 26.6
0.10 26.5 26.8
0.06 3.8 8.6
0.05 3.0 5.5
0.10 26.3 26.7
-0.54 3.9
9.0
Net YTD 3-Yr.
NAV Chg. % Ret. % Ret.
BlackRock Funds A:
14.57
AdvLCGrwA
AdvLgCapCore p 15.81
25.96
BasicVal
CapAppr
25.87
22.79
EqtyDivd p
FloRateIncPortA 10.19
GlblAlloc p
19.70
HiYInvA
7.80
HlthScOp p
53.64
LowDurBdA
9.58
MultiAstIncome 11.07
10.95
NatlMuni p
StratMuniOpp 11.74
StrtIncOpptyInvA 9.96
11.69
TotRet
BlackRock Funds Blrk:
CoreBd
9.62
HiYBlk
7.81
BlackRock Funds C:
EqtyDivd t
21.99
17.78
GlblAlloc t
HlthScOp
47.29
MultiAstIncome 11.05
StratIncOpptyInv 9.95
BlackRock Funds III:
iShS&P500IdxK 320.01
iShUSAggBdIdxK 10.12
BlackRock Funds Inst:
-0.06
-0.04
-0.08
-0.06
0.07
0.00
0.02
0.01
-0.06
0.00
0.02
0.06
0.06
0.01
0.03
0.03
0.01
0.07
0.01
-0.06
0.01
0.01
-0.08
0.06
0.03
0.07
0.00
0.02
0.00
0.01
-0.06
0.09
0.07
0.00
0.01
0.05
0.01
0.05
0.04
8.6
7.2
3.1
17.2
3.6
13.6
3.5
8.1
25.2
3.1
25.3
2.0
9.0
5.4
4.9
8.0
4.2
19.6
13.2
6.5
34.1
13.1
16.5
6.1
18.1
29.7
5.3
23.5
4.8
14.3
9.6
8.2
13.1
8.3
0.07 16.5 31.8
0.01 12.9 14.4
0.05
0.04
0.04
0.00
4.8 10.0
5.0 8.6
4.7 7.8
1.2 2.3
0.06
0.17
-0.03
0.05
0.02
-0.02
0.07
0.01
3.9
42.6
15.1
28.0
2.0
18.7
4.4
1.2
7.4
31.1
33.6
25.7
4.8
27.3
7.1
1.6
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NS
NS
NS
NS
NS
NS
NS
-0.06 18.4 34.9
-4.00 8.9 16.9
-0.02 30.4 33.3
-0.40 28.9 50.4
2.30 12.5 20.0
0.03 13.2 20.8
-0.09 25.4 38.2
-0.04 27.1 27.9
C
N
BARRON'S • Lipper FMI; Investment Company Institute
Net YTD 3-Yr.
NAV Chg. % Ret. % Ret.
BasicVal
26.25
CAInsMun
12.76
CoreBd
9.59
EqtyDivd
22.85
FloRateIncPorIns 10.19
GlblAlloc
19.81
GlobLg/ShrtCrIns 10.35
HiYldBd
7.80
HlthScOp
56.15
InflProtBdInst 10.71
iShMSCIIntldx 14.19
LowDurI
9.58
MultiAstIncome 11.08
NatlMuni
10.94
StratIncOpptyIns 9.96
StratMuniOppI 11.74
TotRet
11.69
BlackRock Funds R:
Equity Div p
22.97
GlblAlloc
18.76
BMO Funds:
CorePlBdI
11.74
11.30
IntrTaxFree I
IntTxFY n
11.30
UltrShtTxFrI
10.06
BNY Mellon Funds:
BondFd
12.71
EmgMkts
11.98
IncomeStk
9.36
IntlFd
13.84
IntmBdFd
12.46
MCMultiStrM 17.32
NtlIntmMuni
13.51
NtlShTMuni
12.71
Bridge Builder Trust:
CoreBond
10.17
CorePlusBond 10.09
Intl Eq
11.89
LargeCapGrowth 12.79
LargeCapValue 12.33
MunicipalBond 10.20
S/MCapGrowth 12.59
S/MCapValue 12.06
Bridgeway Funds:
BChip35 n
14.57
BroadviewOpp n:
BroadviewOpp n 34.53
Brown Advisory Funds:
GrowEqInv n
20.80
BrownSmCoInv n:
BrownSmCoInv n 89.26
BruceFund n:
BruceFund n
525.14
Buffalo Funds:
BuffBal n
15.60
DiscFd n
24.22
SmCap n
14.66
23.1
21.7
8.2
32.6
16.8
3.4
13.3
8.0
24.8
1.7
8.7
5.1
7.8
4.6
3.7
35.9
32.4
18.6
39.4
33.1
12.1
15.6
17.0
28.6
3.9
13.5
9.0
12.3
7.3
7.2
3.2 6.7
8.4 18.4
16.1
12.5
23.9
7.9
3.8
30.3
13.0
25.8
10.9
4.9
0.59 22.4 36.7
0.04 3.3 6.5
Calamos Funds:
Gr&IncA p
32.05
Gr&IncC t
32.22
GrowthA p
32.48
MktNeutA p
13.23
MktNeutI
13.07
Calvert Investments:
InvEq p
42.89
Cambiar Funds:
IntlEqInv r
28.42
Carillon Eagle:
SmCpGrA p
59.60
Carillon Reams:
CorePlBd I n
31.76
UnconstrndBd I n 11.80
Carillon Scout:
Intl I n
21.47
MidCap I nr
19.01
CausewayInst :
CausewayInst 17.32
CausewayInv n:
CausewayInv n 17.21
CG Cap Mkt Fnds:
CoreFxIcm n
8.11
IntlEq n
12.98
LgCapEq n
19.42
Sm-MdCapEq n 20.77
CGM Funds:
Focus n
53.35
Realty n
32.19
ChamplainSmCo pn:
ChamplainSmCo pn 19.90
ClearBridge:
AggressGrowthA 204.70
AggressGrowthC 164.35
-0.08
-0.09
-0.23
0.01
0.01
16.4
15.5
26.6
4.6
4.8
25.3
22.5
25.9
10.3
11.0
-0.05 25.8 31.7
-0.16 21.3 27.1
-0.31 22.8 32.4
0.06
0.00
3.5
2.0
7.4
7.9
0.13 23.4 24.2
-0.07 24.0 46.7
0.22 27.2 22.1
0.22 27.1 21.4
0.02
0.08
-0.05
-0.03
3.9 7.6
27.1 24.4
20.5 31.0
19.7 19.7
-0.34 24.8 30.3
-6.68 32.8 31.6
-0.07 10.6 37.8
NA
NA
NA
NA
NA
NA
Net YTD 3-Yr.
NAV Chg. % Ret. % Ret.
AggressGrowthI 225.67
AggressGrowthIS 228.00
AllCapValueA 14.63
AppreciationA 23.70
AppreciationI 23.54
AppreciationIS 23.60
DividendStrat1 n 23.61
DividendStratA 23.60
DividendStratI 24.21
LargeCapGrowthA 40.86
LargeCapGrowthI 45.23
LargeCapValueI 33.27
MidCapA
33.58
MidCapI
37.23
SmallCapGrowthA 32.97
SmallCapGrowthI 35.11
SmallCapGrowthIS 35.44
Clipper:
ClipperFd n
120.46
Cohen & Steers:
InstlRlty
43.31
PrefSecIncmA 14.14
PrefSecIncmC 14.06
PrefSecIncnI
14.17
RltyIncA p
14.82
RltyIncI
15.59
RltyShs n
64.44
Colorado BondShares:
ColoradoBdShs 9.04
Columbia Class A:
AcornA t
12.92
AMTTEBd
4.06
BalancedA t
41.39
BldrAggrsv
13.43
BldrMod p
11.65
ContCoreA p
25.69
DisplCoreA p 11.94
DivIncA t
22.04
DivOpptyA
9.69
DivrEqInc A
14.55
EqValA
14.22
FocEqA w/ t
17.53
Gbl Stgic Eq A p 15.53
GlobTech
39.31
HiYldBd
2.96
IncmBldr t
12.01
LgCpGrowA t 39.69
LgCpIdx pn
49.55
LiGoBalA p
12.99
MdCpIndxA pn 16.55
MdCpVlOpp p 10.14
MidCapGthA t 25.46
MidCpValA
13.67
SelgComuInfoA 70.78
SmCpIdxA pn 24.71
StrAlloc
13.72
StratIncA
6.02
TaxEA
13.65
TotReBdA t
9.04
Columbia Class Adv:
ContCore p
26.30
Columbia Class C:
Balanced
41.30
ContCore p
23.33
DivInc t
21.37
SelComunInfo t 48.99
Columbia Class I:
Acorn I n
15.39
AcornIntl I n
46.57
AltBeta I n
9.44
Balanced I n
41.31
ContCore I n
25.86
CorpIncm I n
10.30
DivIncom I n
22.06
DivOppty tn
9.73
HYMuni I n
10.65
IntmMunBd I n 10.51
LgCapGr n
16.53
LgCpGrow I n 41.17
LgCpIdx I n
49.79
MdCpIdx I n
16.47
MdCpVal I pn 13.70
MidCapGth I n 27.15
SelComunInfo tn 77.00
SmCpIdx I n
24.84
SmCpValII I n 17.98
StratInc I n
5.93
TaxEZ n
13.65
TotReBd I n
9.04
USGvtMtg tn
5.41
Columbia Class I2:
ContCore I2
26.27
DivIncom
22.39
MidCapIndx
16.80
SelLgCpGr t
17.09
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
-0.36 17.7 43.2
0.58 7.4 17.8
0.03 11.0 22.6
0.02 10.3 20.2
0.03 11.4 23.8
0.22 7.8 22.7
0.23 8.1 23.7
0.87 7.1 16.8
NA
NA
NA
-0.06
0.02
-0.02
0.01
0.02
-0.08
-0.03
-0.04
-0.01
-0.02
0.03
-0.09
0.00
-0.55
0.00
0.01
-0.22
-0.17
0.02
-0.02
-0.03
-0.02
0.01
-1.08
-0.07
0.07
0.00
0.06
0.03
24.9
7.3
14.0
22.3
14.9
21.4
24.1
20.5
14.3
16.7
21.9
27.6
27.5
34.5
6.2
7.5
27.6
21.3
18.6
15.7
12.7
22.6
13.3
34.1
12.8
18.2
5.9
6.1
3.6
33.3
12.3
22.0
29.0
21.2
33.4
32.6
34.6
24.1
28.8
20.3
30.3
30.0
70.1
16.2
15.5
38.2
34.4
25.1
33.4
22.5
29.7
20.5
66.7
37.0
22.5
14.4
9.6
8.5
-0.08 21.7 34.4
-0.03
-0.08
-0.04
-0.75
13.2
20.5
19.5
33.0
19.3
30.4
31.6
63.0
-0.06
0.42
-0.05
-0.02
-0.09
0.06
-0.04
-0.01
0.04
0.04
-0.06
-0.22
-0.16
-0.03
0.00
-0.02
-1.17
-0.07
-0.13
0.01
0.06
0.03
0.01
25.2
32.2
6.6
14.3
21.7
5.9
20.7
14.5
7.0
4.4
35.4
28.0
21.6
16.0
13.6
22.9
34.4
13.1
10.9
6.3
6.3
3.8
3.2
34.4
27.1
NS
22.9
34.3
11.4
35.6
24.9
13.5
7.4
31.6
39.2
35.5
34.4
21.3
30.6
68.0
38.0
31.8
15.3
10.2
9.3
7.1
-0.09
-0.04
-0.02
-0.06
21.8
20.9
16.0
35.6
34.8
36.1
34.4
32.1
reported closing price for the week. Footnotes: NA: not available. NE: performance excluded by Lipper editor. NN:
fund not tracked. NS: fund not in existence for whole period. e: ex capital gains distributions. f: previous day’s
quote. n: no front- or back-end sales charge. p: fund assets are used to pay marketing and distribution costs (12b-1
fees). r: fund levies redemption fee or back-end load. s: stock dividend or split of 25% or more. t: fund charges
12b-1 fees (for marketing and distribution) and a back-end load. v: capital-gains distribution may be a return of
capital. x: ex cash dividend. Full mutual-fund listings,including dividend and capital-gains data, now appear free
online at www.barrons.com/listings. All data supplied by Lipper.
M28
BARRON’S
January 1, 2018
Mutual Funds
Net YTD 3-Yr.
NAV Chg. % Ret. % Ret.
SmCapIndx
25.37
Columbia Class I3:
ContCore I3 p 26.28
DivIncom
22.42
17.26
SelLgCpGr t
STBond
9.92
Columbia Funds:
UltShortBd
9.01
Commerce Funds:
Bond
19.99
Community Capital Tr:
CRAQualInvFd 10.54
Credit Suisse Common:
ComdtyRet r
5.02
Cullen Funds:
18.42
HiDivEqI r
-0.07 13.1 38.1
-0.08
-0.03
-0.07
0.01
21.9 35.0
21.0 36.3
35.5 32.2
1.2 3.7
0.00
1.3
2.8
NA
NA
NA
0.02
2.2
4.5
0.00
1.7 -15.6
-1.47 17.1 27.8
For personal Do not edit or alter. Reproductions not permitted.
To reprint or license content, please contact Barron's reprints department at 800-843-0008 or
D
Davenport:
Val&Incm n
17.55
Davis Funds A:
Fincl A
51.94
34.25
NYVen A
Davis Funds C & Y:
NYVenC
31.11
NYVenY
35.00
Del Invest Instl:
CorpBdI
5.90
25.82
USGrw
Value
21.48
Del-Pooled Trust:
MondrianIntlEq 15.73
Delaware Invest A:
Diver Inc p
8.73
65.94
SmCpValA p
SMIDCapGrA p 21.91
Deutsche Funds:
CapGrth p
77.03
CapGrth n
77.75
27.59
CoreEq n
CROCIIntrFdS n 48.75
57.51
EqDivA
GblIncBldA
9.58
GNMA S n
13.64
HiIncA
4.76
HiYldTx n
12.31
IntTaxAMT n
11.79
MgdMuniA p
9.17
MgdMuniS n
9.19
30.56
S&P500S n
TechA
21.43
Diamond Hill Funds:
LgCapA p
26.45
26.62
LgCapI
LgCapY
26.64
26.39
LongShortI
36.15
SmCapI
SmMidCapI
22.45
Dimensional Fds:
2TGlFxd
9.88
10.87
5GlbFxdInc
CASTMuniBd 10.25
28.59
Cont
DFARlEst
35.30
30.47
EmgMkt
EmgMktSoCoEq 14.91
31.22
EmgMktVa
EmMktCorEq 23.22
EmMktSmCp 23.87
Fixd
10.27
GblAll60 40Inst 18.09
GlAll25 75Inst 13.48
23.25
GlEqInst
GlRESec
10.95
11.75
InfProtSec
IntGvFxdInc
12.34
14.54
IntlCoreEq
IntlREst
5.20
IntlSustCore1 11.05
IntlVal
20.49
13.57
IntlVectorEq
IntSmCo
21.27
22.97
IntSmVa
IntTermMuni 10.11
17.36
IntVaIII
ITExQual
10.78
29.14
Japan
LgCo
20.71
23.93
LgCpIntl
SclCrEqInst
13.99
SelHdgGlFxd
9.50
STExQual
10.76
10.52
STGov
STMuniBd
10.13
TAUSCoreEq2 18.12
TAWldexUSCr 11.87
16.87
TM IntVa
TM US Sm
44.07
TM USTgtVal 37.53
TMMktwdVa
30.92
28.80
TMMttVa2
TMUSEq
29.02
22.78
US CoreEq1
-0.05 18.2 30.5
0.01 19.3 38.0
0.00 22.1 39.4
0.00 21.2 36.2
0.01 22.5 40.5
0.03 7.4 11.8
-0.09 28.2 26.3
-0.04 13.6 28.2
-0.38 21.4 19.4
0.02 5.2 7.9
-0.25 11.7 35.2
-0.08 35.1 36.8
-0.38
-0.38
-0.08
0.38
-0.07
0.03
0.03
0.01
0.06
0.05
0.05
0.06
-0.10
-0.18
25.9
26.3
21.5
22.0
19.2
16.3
1.5
7.2
6.4
3.6
5.3
5.6
21.4
35.8
39.0
40.1
38.8
15.4
30.0
20.1
3.1
16.7
11.9
6.3
8.6
9.3
34.8
49.3
-0.28
-0.35
-0.37
-0.13
-0.44
-0.22
19.9
20.3
20.4
6.0
10.9
8.6
33.8
35.0
35.4
14.6
21.4
28.7
0.00
0.01
0.00
0.38
0.50
0.48
0.25
0.56
0.42
0.52
0.01
0.02
0.03
0.02
0.17
0.09
0.05
0.11
0.08
0.08
0.11
0.13
0.27
0.30
0.02
0.09
0.06
0.20
-0.07
0.12
0.12
0.01
0.02
0.01
0.00
-0.08
0.13
0.09
-0.23
-0.16
-0.16
-0.15
-0.11
-0.08
0.9
2.0
1.1
35.1
5.7
36.6
37.3
33.8
36.6
35.3
0.9
13.7
6.4
22.2
9.2
3.3
2.2
28.1
15.4
27.3
26.1
28.9
30.2
28.0
2.1
26.2
5.6
35.7
21.7
25.4
27.7
2.6
2.0
0.5
1.1
18.8
30.5
25.9
11.9
11.1
17.0
17.2
21.4
20.9
2.2
5.5
2.2
58.0
16.2
28.6
31.3
29.9
30.6
37.7
2.1
21.2
11.1
32.6
15.4
7.1
5.5
33.1
13.7
28.9
26.3
36.6
45.4
43.1
4.7
26.8
11.4
68.6
36.0
23.9
33.3
2.8
5.4
2.6
2.4
32.9
32.5
25.7
32.5
31.8
31.7
32.3
35.4
35.0
Net YTD 3-Yr.
NAV Chg. % Ret. % Ret.
US CoreEq2
21.56
US Micro
22.03
US Small
35.94
US SmCpVal
37.92
US TgdVal
24.89
USLCpGr
19.17
USLgVa
39.12
USLgVaIII
27.01
USSoCoreEq2 16.08
USSustCoreI 21.11
USVectorEq
19.17
WexUSGov
10.27
Dodge & Cox:
Balanced n
107.00
GblStock n
13.86
Income n
13.75
Intl Stk n
46.32
Stock n
203.61
Domini Funds:
Intl Equity Inv tn 8.93
US Equity Inv pn 47.11
DoubleLine Funds:
CoreFxdIncmI 10.99
CorFxdIncN n 10.98
EmgMktIncmI 10.69
LowDurBdI
10.04
LowDurBdN n 10.04
TotRetBdI
10.64
TotRetBdN n
10.64
Dreyfus:
Aprec pn
36.07
CA AMTMuBdZ nr 15.04
Discp n
36.57
54.05
Dr500In tn
Dreyf n
11.55
DreyMid Inv nr 37.23
DynTotRetI
16.22
DynTotRetY
16.23
FloRtIncY
12.05
14.38
GblRealRtY
GblRESecY
9.02
GlbStkI
20.37
GlFxIncI
21.38
GrInc n
21.21
HYldI
6.30
Interm n
13.62
InstS&PStkIdx I n 53.49
IntlBdI
15.98
IntlSmCpY
16.95
IntlStkI
18.69
MunBd nr
11.78
NewtonIntlEqY 22.36
NY Tax nr
14.86
SelMgrSmCpGroY 27.03
SelMgrSmCpVaY 25.08
SmCpStk Inv nr 31.52
StratValA r
40.09
StrgVal I
40.16
Dreyfus Premier:
IntlStkY
18.48
Driehaus Funds:
DriehausAcInc n 9.86
EmMktsGr n
39.64
Dupree Mutual Fds:
KYTF n
7.76
-0.09
-0.12
-0.18
-0.20
-0.09
-0.04
-0.19
-0.12
-0.07
-0.09
-0.09
0.02
18.9
11.2
11.5
7.2
9.6
25.5
19.0
19.1
19.0
21.4
14.6
3.2
32.7
33.6
31.8
25.7
29.7
37.8
34.8
35.4
31.9
34.6
30.2
9.9
-0.22
0.03
NA
0.28
-1.01
12.6
21.5
NA
23.9
18.3
26.4
29.3
NA
17.4
35.3
0.06 24.6 28.9
-0.16 15.4 17.2
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
-0.07
-0.04
-0.16
-5.16
-0.03
-3.36
0.02
0.03
-0.04
-0.09
-0.25
-1.55
-0.23
-0.08
0.00
-0.03
-0.86
-0.37
0.22
-0.07
0.06
0.07
0.07
-0.03
-1.64
-2.41
-0.09
-0.09
26.6
5.8
19.1
21.2
20.1
15.7
7.7
7.8
3.5
4.3
11.4
24.2
4.3
19.6
7.2
4.6
21.6
12.6
34.4
27.0
5.7
28.7
5.1
25.0
12.5
12.4
14.8
15.1
30.4
9.4
34.6
34.2
29.5
33.4
7.3
7.6
10.9
6.7
15.2
30.3
6.8
31.3
16.6
7.7
35.4
7.8
NS
30.2
9.5
22.1
9.2
27.9
25.8
36.8
30.8
31.8
-0.07 27.0 30.3
0.01 0.6 5.1
0.48 42.5 34.4
0.05
4.2
7.3
E
Eaton Vance Class A:
AtlCpSMID p
30.50 0.00
DivBldrA
14.55 -0.04
FloatRt
9.30 0.00
FltgRtAdvg p 10.89 0.01
Inc Bos
5.75 0.01
LgCpVal
19.52 -0.03
NatlMuniInc
9.85 0.04
ShDurStratIncFd 7.45 -0.02
TMG1.1
51.30 -0.22
WW Hlth Science p 10.30 -0.01
Eaton Vance Class C:
FloatRt t
8.98 0.00
FltgRtAdvg p 10.87 0.01
Eaton Vance Class I:
AtlCpSMID
33.61 0.01
FloatRtHiInc
8.86 0.00
FltgRt
9.00 0.01
GblMacAbR
9.11 -0.02
IncBos
5.75 0.00
LgCpVal
19.59 -0.03
NatlMuniInc
9.85 0.04
ParEmMktsFdInst 15.79 0.02
Eaton Vance Funds:
ParTxMgdEmgMktIn 52.29 -0.04
TMG1.0 n
1146.13 -4.70
Edgewood Growth Instituti:
EdgewoodGrInst 29.56 -0.05
24.4
18.9
4.0
4.8
6.0
14.8
4.6
4.9
22.3
16.2
49.1
31.6
13.2
16.0
16.8
22.7
11.4
9.8
34.0
5.9
3.3 10.8
4.3 14.3
24.7
4.6
4.4
4.3
6.2
15.1
4.9
27.3
50.3
15.0
14.1
11.3
17.6
23.6
12.2
19.1
27.1 19.6
22.7 35.2
34.8 53.2
F
Fairholme:
Fairholme n
FAM Value:
FAMValue n
Federated A:
20.14 0.19 -6.0
3.8
73.52 -3.72 17.3 31.5
Net YTD 3-Yr.
NAV Chg. % Ret. % Ret.
CapIncA
8.13
25.31
EqIncA p
FedMunULA p 9.99
KaufmannA p
5.59
KaufmnLCA p 23.47
MunStkAdvA p 13.64
StrValDivA p
6.12
Federated C:
CapIncC t
8.13
StraValDivC p 6.13
Federated Instl:
FedMuniUl A
9.99
37.42
GloFinI
GovUltra
9.88
10.00
InsHiYld r
24.00
KaufmnLCIS
KaufmnR r
5.60
MdCpISvc n
24.61
ShIntDurMuInst 10.24
StraValDivIS
6.15
10.90
TtlRtnBdI
UltraShortI
9.11
Federated R6:
10.90
TtlRtnBdL
Fidelity:
500IdxInst
93.45
500IdxInstPrem 93.45
93.44
500IdxInv n
500IdxPrem n 93.45
Contrafund K6 11.36
EmgMktIdxPrem n 11.41
ExtMktIdxInstPre 62.03
ExtMktIdxInv n 62.05
ExtMktIdxPrem nr 62.05
GblexUSIdxInst 13.54
GlbexUSIdxPrem n 13.54
GlexUSIdxInstPre 13.54
InflPrBdIndInsPr 9.84
InflProBdIdxPrem n 9.84
IntlIdxInst
43.18
IntlIdxInstPrem 43.18
43.18
IntlIdxInv n
IntlIdxPrem nr 43.18
IntTrBdIdxPrem n 10.66
LTTrBdIdxPrem n 13.28
MidCpIdxPrem n 20.98
MidCpInxInstl 20.98
RealEstIdxPrem n 15.58
SAIUSLgCpIndxFd 14.28
SerLTTreBdIdx 8.93
SmCpIdxInst 20.32
STTrBdIdxPrem n 10.32
76.37
TMktIdxF r
76.37
TMktIdxInv n
76.36
TMktIdxInst
TMktIdxInstPrem 76.35
TMktIdxPrem n 76.37
11.59
USBdIdxF
USBdIdxPrem n 11.59
USBdIdxInstPrem 11.59
11.59
USBdIdxInst
Fidelity Adv Focus A:
42.65
HthCarA r
TechA t
53.54
Fidelity Adv Focus C:
34.35
HthCarC p
Fidelity Advisor:
SrsAdvIntlCapApp 21.07
10.63
TotBdFdClZ
Fidelity Advisor A:
AdvMdCpIIA p 20.94
AdvStrDivInA p 15.16
20.85
BalancA t
25.11
BioTech
23.66
DivIntlA
EqGrA t
109.20
32.38
EqInA
15.03
FF2030A p
FltRateA r
9.63
LevCoStA p
43.37
31.39
NwInsghtA p
25.81
SmllCapA p
12.32
StrInA
Fidelity Advisor C:
NwInsghtC t
27.64
12.28
StrInC
Fidelity Advisor I:
AdvMdCpII I
21.57
26.53
BiotechI
ConsvIncmMuni I 10.01
DivIntl
24.01
14.00
EmMktIncI r
119.45
EqGrI
FAIntDiscI r
45.55
FAInvGrdI
7.93
15.11
FF2030
15.84
FF2040
FltRatel
9.61
69.23
GrOppI
10.66
HiIncAdvI
HthCarI r
46.23
13.66
IntlGr
44.30
LeveCoSt I
LmtdTrmBdFd 11.46
MuniIncI r
10.41
-0.02
-0.94
0.00
0.00
-0.04
0.02
0.03
10.0
16.1
0.7
27.7
23.3
11.1
14.7
10.5
18.2
0.6
38.3
30.9
16.2
28.4
-0.02 9.2 8.1
0.03 13.8 25.5
0.00
-0.05
0.00
0.01
-0.04
0.00
-0.05
0.01
0.03
0.03
0.00
1.1
28.3
1.0
7.1
23.6
27.7
15.6
2.1
15.1
4.4
1.8
2.0
20.6
1.4
20.5
31.9
38.2
33.2
2.7
29.4
9.5
3.9
0.04
4.5
NS
-0.31
-0.30
-0.30
-0.31
-0.04
0.19
-0.10
-0.10
-0.10
0.12
0.13
0.12
-0.04
-0.03
0.25
0.26
0.26
0.26
0.04
0.20
0.01
0.01
0.21
-0.16
0.14
-0.09
0.01
-0.23
-0.23
-0.22
-0.23
-0.22
0.05
0.05
0.05
0.05
21.8
21.8
21.7
21.8
NS
37.5
18.2
18.1
18.2
27.4
27.3
27.4
3.0
3.0
25.3
25.4
25.2
25.4
2.2
8.6
18.4
18.5
3.7
21.7
8.5
14.8
0.7
21.2
21.1
21.2
21.2
21.1
3.5
3.5
3.5
3.5
36.1
36.2
35.9
36.1
NS
28.6
31.2
31.0
31.1
24.4
24.3
24.5
6.5
6.3
24.4
24.4
23.9
24.2
5.2
8.6
29.7
29.7
13.4
NS
NS
32.1
2.5
35.2
34.9
35.2
35.2
35.1
6.9
6.9
6.9
6.9
-0.01 24.1 16.7
-0.56 49.4 76.2
-0.02 23.1 14.1
0.20 35.9 34.4
0.02 4.4 10.3
-0.01
-0.82
0.00
-0.03
0.17
-13.69
-3.28
-0.54
-0.02
-0.13
-0.03
-3.67
-0.09
20.3
11.9
16.1
25.8
26.6
34.8
12.3
19.0
3.3
17.3
28.0
13.8
7.8
30.2
22.8
23.1
5.5
26.5
42.2
24.7
25.6
11.7
19.2
37.5
20.6
14.8
-0.03 27.0 34.5
-0.10 6.9 12.2
-0.02
-0.03
0.00
0.17
-0.02
-14.05
0.43
0.03
-0.57
-0.57
-0.01
-5.52
-0.08
-0.02
0.08
-0.13
0.01
0.05
20.6
26.2
1.1
26.9
9.7
35.2
31.7
3.8
19.3
21.6
3.8
35.1
11.7
24.4
29.6
17.6
1.8
4.5
31.3
6.4
1.8
27.5
25.7
43.4
28.8
7.8
26.6
29.4
12.7
40.4
23.2
17.6
28.8
20.1
5.1
6.7
Net YTD 3-Yr.
NAV Chg. % Ret. % Ret.
MunIncI
NwInsghtI
REIncmInst
SmallCapI
StkSelMC
StrInI
Total Bd
Fidelity Advisor M:
Balanced p
EqGr p
EqIn p
GrOppM p
NwInsghtM p
SmllCapM p
StkSelMC
StrInM p
Fidelity Freedom:
FAFree2020I p
FAFree2025I
FAFree2035I
FAFree2045A
FF2005 n
FF2010 n
FF2015 n
FF2015A
FF2020 n
FF2020A p
FF2025 n
FF2025A p
FF2030 n
FF2035 n
FF2035A t
FF2040 n
FF2040A p
FF2045 n
FF2050 n
Free2055 n
Freedom2010 K
Freedom2015 K
Freedom2020 K
Freedom2025 K
Freedom2030 K
Freedom2035 K
Freedom2040 K
Freedom2045 K
Freedom2050 K
Freedom2055 K
Idx2020InsPre
Idx2025InsPre
Idx2030InsPre
Idx2035InsPre
Idx2040InsPre
Idx2045InsPre
Idx2050InsPre
Income n
Income K
Fidelity Invest:
100Index
AdvSrsGroOpport
AggrInt n
AilSectEq
AMgr20% n
AMgr50% n
AMgr70% n
AMgr85% n
AstMgr30R n
Balanc n
BalancedK
BluCh n
BluChpGrK
BluChpGr K6
CALmtTrmTFB n
CAMun n
Canad nr
CapAp n
CapApprK
CapDevO n
ChinaReg n
CnvSc n
Contra n
ContraK
CorpBd n
CpInc nr
DisEq n
DivGrowK
DivGth n
DivIntl n
DivIntl K6
DivIntlK r
DivStkO n
Emerg Asia nr
EmrgMktK r
EmrgMktsDebt
EmrMkt nr
Eq Inc n
EqDivIncm n
EqIncK
Europ nr
Export n
Fidel n
FltRateHi nr
FocsdStk n
FournOne n
GNMA n
GovtInc n
13.08
32.04
11.95
28.31
40.03
12.49
10.63
0.08
-0.03
0.06
-3.68
-1.88
-0.09
0.02
6.4
28.4
7.3
14.1
20.2
8.0
4.2
9.7
38.6
19.9
21.7
26.9
15.5
9.8
21.09
107.37
33.10
64.37
30.40
23.88
38.57
12.31
0.00
-13.42
-3.26
-5.15
-0.03
-3.66
-1.69
-0.10
15.8
34.5
12.0
34.4
27.7
13.5
19.6
7.8
22.2
41.3
23.9
38.3
36.6
19.8
25.2
14.7
13.89
13.93
14.81
12.27
12.56
16.06
13.38
12.66
16.57
13.79
14.40
13.82
18.06
15.24
14.72
10.70
15.76
12.12
12.19
13.74
16.04
13.36
16.55
14.38
18.03
15.21
10.69
12.11
12.17
13.72
15.80
16.79
17.69
18.76
18.89
19.04
19.12
11.78
11.76
-0.56
-0.50
-0.52
-0.34
-0.29
-0.48
-0.40
-0.58
-0.44
-0.53
-0.35
-0.47
-0.50
-0.39
-0.49
-0.28
-0.54
-0.30
-0.30
-0.31
-0.51
-0.42
-0.47
-0.37
-0.53
-0.42
-0.30
-0.31
-0.32
-0.34
-0.23
-0.25
-0.28
-0.31
-0.32
-0.32
-0.32
-0.20
-0.21
15.3
16.5
21.5
21.3
10.5
12.5
14.3
13.8
15.6
15.0
16.8
16.3
19.8
22.0
21.2
22.3
21.3
22.2
22.3
22.3
NS
NS
NS
NS
NS
NS
NS
NS
NS
NS
14.0
15.2
18.0
20.4
20.6
20.6
20.6
8.2
NS
21.9
23.2
29.2
28.4
16.1
18.7
21.1
19.5
22.9
21.0
24.3
22.4
28.1
30.8
28.2
31.0
28.4
31.0
31.0
31.1
NS
NS
NS
NS
NS
NS
NS
NS
NS
NS
NS
NS
NS
NS
NS
NS
NS
13.2
NS
17.36
12.74
21.06
12.68
13.43
18.27
22.40
19.53
11.09
23.73
23.73
87.76
87.86
11.40
10.56
12.96
54.66
35.20
35.26
16.53
35.98
27.96
122.47
122.39
11.67
10.30
38.79
32.78
32.83
40.02
10.84
39.93
25.40
45.04
32.76
10.24
32.75
60.70
27.77
60.66
42.33
22.21
45.23
9.62
22.65
44.45
11.38
10.21
-0.08
-0.06
0.20
-0.03
-0.27
-0.55
-0.82
-0.60
-0.18
-0.01
0.00
-0.57
-0.56
-0.07
0.02
0.08
0.88
-0.02
-0.02
-0.04
0.16
-0.86
-0.45
-0.45
0.06
-0.03
-0.16
-0.13
-0.12
0.27
0.08
0.27
-0.08
0.42
0.36
-0.08
0.35
-0.13
-2.44
-0.13
0.53
-0.08
-0.20
-0.01
-0.07
-0.86
0.02
0.04
22.0
35.5
36.2
21.5
7.0
14.1
18.7
22.3
9.5
16.5
16.6
36.1
36.2
NS
2.3
5.8
14.4
23.9
24.1
18.1
51.9
9.6
32.3
32.4
6.8
11.6
21.5
20.2
20.1
26.7
NS
26.8
19.3
46.4
47.9
10.5
47.7
13.4
14.1
13.5
29.2
20.9
23.8
3.9
31.2
19.3
1.7
2.2
37.3
42.0
34.9
32.8
11.4
20.1
25.3
29.1
14.7
24.0
24.4
45.1
45.6
NS
3.6
9.6
9.7
28.1
28.5
32.3
38.3
5.0
43.6
44.0
12.3
22.2
27.6
27.7
27.3
24.6
NS
25.1
30.8
41.6
37.6
29.8
36.9
26.9
27.1
27.3
26.0
32.2
32.3
12.9
35.3
27.8
4.7
4.0
Data provided by
Net YTD 3-Yr.
NAV Chg. % Ret. % Ret.
GroCo n
GroInc n
GrowCoK
GrowIncK
GrStrt nr
GwthDiscovery n
HighInc nr
Indepndnc n
InProBnd n
IntBd n
IntlDisc n
IntlEnhIdx n
IntlGrRet n
IntlScOpps nr
IntlSmCap nr
IntMu n
InvGB n
InvGrBd
JpnSmCo nr
LargeCap n
LatinAm nr
LCapCrEIdx n
LCapGrEIdx n
LevCoSt n
LgCpVHIdx n
LmtTrmMuniIncm n
LowP nr
LowPriStkK r
LowPriStkK6
LtdTmBdFd n
MagellanK
MagIn n
MAMun n
Manager40 n
Manager60 n
McpVl n
MegaCpStk n
MidCap n
MidCapEnIdx nr
MidCapStkK r
MIMun n
MtgSec n
MuniInc n
NASDAQ nr
NewInsights Z
NewMkt nr
NewMill n
NYMun n
OHMun n
OTC n
OTC K
OverseasK r
Ovrse n
PcBas nr
PuritanK
Puritn n
RealE n
RealEstInc nr
REEq
REInc
SAIIntlMinVolInd
SAILTTreBdIdx
SAISm-MidCap500I
SAIUSMinVolIndFd
SAIUSQtyIdx
SCEnhIdx n
SmallCap r nr
SmCapDisc n
SmlCapO
SmlCpGrth nr
SmlCpVal nr
Srs1000ValIndRet
SrsBlChGroRetail
SrsCommStrt
SrsEmrgMkt
SrsGlobal
SrsGroCoRetail
SrsIntlGrw
SrsIntlSmCp
SrsIntlVal
SrsSmCapDiscRet
STBF n
StkSelLCVl n
StkSelSmCp n
StkSlcACap n
StratDivInc n
StratInc n
StrDivIncI
TaxFrB nr
TotalBond n
Trend n
Utility n
Value n
ValueDisc n
ValueK
Wrldw n
Fidelity SAI:
FidSAIEmgMktIndx
FidSAIIntlIndxFd
U.S.TreBdIdx
USMomentumIdx
Fidelity Selects:
Banking nr
Biotech nr
Chem nr
178.65
37.87
178.62
37.84
41.12
32.56
8.96
37.28
11.95
10.80
45.66
10.14
13.69
19.34
29.90
10.39
7.92
11.25
18.96
33.46
24.48
14.66
18.93
33.46
13.20
10.51
54.52
54.47
11.22
11.46
104.41
104.57
12.26
11.70
12.56
26.61
17.43
38.22
15.65
38.23
12.22
11.17
13.12
90.63
32.07
16.22
39.79
13.22
12.20
109.85
111.27
50.58
50.70
35.48
23.41
23.42
41.80
11.99
12.81
10.92
10.98
10.27
12.24
12.52
13.23
14.02
19.61
29.91
14.03
24.73
20.32
12.73
13.84
5.44
21.41
13.24
16.63
16.15
17.97
10.69
12.52
8.58
20.72
26.46
43.94
15.24
11.05
15.21
11.58
10.64
99.59
26.13
121.14
28.93
121.22
26.41
-9.39
-0.08
-9.40
-0.07
-0.18
-0.08
-0.02
-5.21
-0.10
0.02
0.43
0.05
0.09
0.22
0.34
0.04
0.02
0.02
0.09
-0.07
0.37
-0.07
-0.10
-0.02
-0.03
0.02
0.19
0.20
0.03
0.02
-0.36
-0.36
0.08
-0.19
-0.33
0.02
-0.07
0.06
-0.02
0.07
0.08
-0.02
0.09
-1.41
-0.03
-0.01
-3.36
0.08
0.08
-1.04
-1.05
0.47
0.47
0.30
0.00
-0.01
0.55
0.06
0.17
0.04
0.11
0.16
-0.07
0.02
-0.05
-0.08
-0.02
-0.08
0.00
0.01
-0.06
-0.02
-0.10
0.14
0.28
0.12
-0.09
0.11
0.23
0.04
-0.02
0.00
-0.03
0.00
-1.74
-0.84
-0.08
-0.83
0.08
0.02
-0.35
0.06
0.25
-0.06
0.25
0.06
36.8
16.9
36.9
17.0
21.5
34.7
8.5
26.4
2.7
2.3
31.7
27.6
29.6
35.7
32.9
4.5
3.9
4.4
35.7
18.1
30.5
21.7
27.1
21.0
15.9
2.3
20.7
20.8
NS
1.9
26.6
26.5
5.5
11.8
16.4
17.0
17.8
18.7
18.4
18.8
5.5
2.3
6.6
29.2
28.5
10.1
20.1
5.3
6.0
38.6
38.8
29.8
29.6
40.1
18.8
18.7
4.3
7.3
4.4
7.4
21.4
9.0
18.4
18.9
25.8
7.2
13.8
7.9
12.0
29.0
12.3
13.7
35.9
0.9
40.4
27.5
37.5
30.2
34.5
20.4
9.6
1.1
12.3
11.7
25.3
12.2
8.0
12.2
6.4
4.2
29.4
12.0
15.7
14.2
15.8
29.5
54.3
30.9
54.8
31.4
27.5
43.2
19.1
24.0
5.2
6.0
28.8
30.0
28.7
47.4
52.9
6.9
7.9
8.8
67.5
31.9
10.0
32.3
39.8
20.5
28.3
3.1
29.9
30.3
NS
5.3
37.2
36.8
9.2
17.6
22.7
23.9
30.2
30.6
29.3
31.0
9.4
6.0
10.4
47.9
39.1
26.5
32.1
9.6
11.1
56.2
56.7
37.9
37.3
51.8
26.2
25.8
17.0
19.8
12.3
18.8
NS
NS
NS
NS
NS
27.8
30.3
20.5
26.9
50.2
32.4
26.2
45.7
-17.5
36.0
24.4
55.4
29.4
43.2
18.2
22.8
3.3
23.9
27.2
35.6
23.7
15.5
23.6
10.5
10.0
40.7
20.8
23.9
24.1
24.3
31.6
14.97
12.41
9.78
12.16
0.24 37.6
0.07 25.0
0.04 2.3
-0.05 NS
NS
NS
NS
NS
35.37 -0.52 12.7 42.2
219.41 -0.16 27.9 9.8
178.31 0.34 31.8 45.7
Net YTD 3-Yr.
NAV Chg. % Ret. % Ret.
ConDis nr
41.45
92.50
ConStap nr
166.95
DfAero nr
44.69
Energy nr
FinSvc nr
114.22
20.77
Gold nr
223.76
Health nr
HlthCareSrvPt r nr 89.89
Ind n
36.79
54.48
ITSvs n
90.97
Mat nr
43.88
MdEqSys n
NatRec nr
30.10
18.56
Pharm n
133.17
Retail nr
Semiconductors r nr 111.73
165.70
Softwr nr
Tech nr
178.74
79.77
UtilGr nr
Fidelity Series:
10.89
Canada
FASeriesEqGroFd 13.04
STCrFd
9.94
First Eagle Funds:
36.39
AmericaI
59.06
GlbA
OverseasA
24.69
20.09
US Val A t
20.39
US Val I r
First Investors A:
10.86
EqIncmA
23.83
GroInA p
IncomeA p
2.50
41.64
OppA p
31.95
SpSitA p
TotRtA p
20.25
TxExIncmA
9.42
FMI Funds:
ComStkInvst n 26.58
IntlInvst n
33.94
LgCapInvst n 21.50
FPA Funds:
34.69
FPACres n
NwInc n
9.95
Franklin Templeton:
19.36
TgtGroA p
15.68
TgtMod C p
TgtModA p
16.12
FrankTemp/Frank Adv:
10.91
CA HY Adv t
12.01
CA IntAdv
CA TF Adv t
7.47
19.53
CvtScAdv
11.99
Fed TF Adv
12.16
FedIntAdv
FlRtDAAdv t
8.78
FrkUSGvtSecR6 6.08
39.07
GrOpAdv p
95.10
Growth Adv t
HY TF Adv
10.16
IncomeAdv
2.36
61.29
RisDv Adv r
SmCpGrAdv p 23.72
SmCpValAdv t 58.82
StrInc Adv p
9.85
TtlRtnAdv
9.84
USGovAdv p
6.08
18.85
Utils Adv
FrankTemp/Franklin A:
10.79
AZ TF A p
12.35
BAL A t
BalInv p
39.40
151.64
BioDis A p
CA TF A p
7.49
10.89
CAHY A p
CAInt A p
11.98
19.75
CoreAll A p
19.53
CvtSc A p
DynaTech A p 65.76
EqIn A p
25.23
11.98
Fed TF A p
12.13
FedInt p
10.29
FedL T TF
FL TF A p
10.60
FlRtDA A p
8.78
14.59
FoundFAlA p
FSmCoSer r
25.01
15.61
GoldPrM A p
36.49
GrOp B p
94.96
Growth A p
HiInc A
1.88
HY TF A p
10.12
IncomeA p
2.38
20.01
IntSmCoGr r
LwDuToRt A
9.77
MIInsTF A p
11.48
12.34
MNInsTF A p
MO TF A p
11.58
11.45
NC TF A p
11.30
NJ TF A p
11.07
NY TF A p
OHInsTF A p
12.72
11.59
OR TF A p
PA TF A p
9.93
RisDv A p
61.36
-0.07
0.06
0.44
0.45
-0.57
0.33
-0.18
-0.15
0.06
0.00
0.45
-0.21
0.32
0.11
0.03
-1.62
-0.67
-1.82
0.50
22.1
12.1
34.2
-2.6
20.9
8.6
24.0
24.3
20.1
34.2
26.2
26.6
-0.1
10.7
25.8
35.1
38.5
49.9
18.0
33.5
16.2
61.6
2.2
36.4
35.3
16.8
34.3
34.3
57.6
27.5
46.3
0.8
-0.6
55.1
81.5
66.7
77.7
15.9
0.18 NS NS
-0.03 36.7 45.3
0.00 1.5 NS
0.17
0.20
0.18
0.06
0.06
22.1
13.5
14.1
12.8
13.0
14.9
23.2
22.1
21.5
22.5
-0.43
-1.11
0.00
-2.58
-1.02
-0.47
0.04
15.1
18.1
6.4
18.7
17.7
11.6
3.0
26.0
22.8
14.8
24.7
33.1
15.4
6.0
-0.01 13.8 26.0
0.14 15.5 29.7
-0.02 19.2 30.7
-0.02 10.4 18.4
0.01 2.7 5.4
NA
NA
NA
NA
NA
NA
NA
NA
NA
0.06
0.04
0.05
NA
0.06
0.05
NA
NA
NA
NA
0.04
NA
NA
NA
NA
NA
NA
NA
NA
7.2
4.0
6.2
NA
3.7
3.5
NA
NA
NA
NA
3.8
NA
NA
NA
NA
NA
NA
NA
NA
14.6
7.2
11.3
NA
7.8
5.9
NA
NA
NA
NA
8.8
NA
NA
NA
NA
NA
NA
NA
NA
0.05
NA
NA
NA
0.05
0.07
0.04
NA
NA
NA
NA
0.06
0.05
0.00
0.03
NA
NA
NA
NA
NA
NA
NA
0.04
NA
NA
NA
0.07
0.07
0.06
0.04
0.05
0.06
0.07
0.06
0.03
NA
4.0
NA
NA
NA
6.1
7.1
3.9
NA
NA
NA
NA
3.6
3.4
0.4
1.7
NA
NA
NA
NA
NA
NA
NA
3.7
NA
NA
NA
3.3
3.9
2.1
1.5
2.6
2.7
4.6
3.7
2.4
NA
7.2
NA
NA
NA
11.1
14.3
6.8
NA
NA
NA
NA
7.1
5.6
0.9
5.7
NA
NA
NA
NA
NA
NA
NA
8.5
NA
NA
NA
5.7
6.7
6.2
4.5
5.9
5.4
9.5
7.5
6.4
NA
Net YTD 3-Yr.
NAV Chg. % Ret. % Ret.
SmCpGr A p
22.19
SmCpVal A p 56.15
SmMCpGrA p 35.50
StrInc A p
9.84
14.87
TgtCon A p
TtlRtn A p
9.78
US Gov A p
6.06
18.71
Utils A p
FrankTemp/Franklin C:
12.24
Bal C t
CA TF C t
7.47
Fed TF C t
11.97
14.37
FoundFAlC p
87.32
Growth C t
10.31
HY TF C t
Income C t
2.41
NY TF C t
11.05
60.28
RisDv C t
StrInc C p
9.83
US Gov C t
6.01
18.61
Utils C t
FrankTemp/Franklin R:
FrkDynTchR6 68.14
94.98
FrkGrthR6
FrkIncR6
2.37
FrkRisDivR6
61.28
FrkSmCpGrR6 23.97
28.70
MutShrR6
TempGlbBndR6 11.85
TmpGlbTotRtnR6 12.05
27.25
TmpGrthR6
TmpFrgnR6
7.92
FrankTemp/Mutual A&B:
16.50
Beacn A
Europ A p
20.32
28.44
Shares A
FrankTemp/Mutual C&R:
28.13
Shares C t
FrankTemp/Temp A:
DvMk A p
21.83
Frgn A p
8.05
11.89
GlBond A p
10.57
GlSmCo A p
Growth A p
27.29
16.98
World A p
FrankTemp/Temp Adv:
EmMkSC Adv p 15.23
Frng Adv
7.92
GlBondAdv p 11.85
12.05
TGlTotRAdv
FrankTemp/Temp B&C:
GlBond C p
11.92
26.65
Growth C p
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA NA NA
0.05 5.5 9.1
0.06 3.0 5.6
NA NA NA
NA NA NA
0.04 3.1 6.7
NA NA NA
0.05 1.9 3.3
NA NA NA
NA NA NA
NA NA NA
NA NA NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
0.00
0.01
-5.25
-0.10
-5.40
-0.04
-0.05
-0.14
-0.04
-0.05
2.2
2.0
20.2
15.1
20.5
19.0
19.2
15.7
8.8
8.0
7.7
6.9
24.6
20.0
25.5
32.9
33.9
32.5
13.9
11.5
G
Gabelli Funds:
ABC pn
10.38
10.27
ABCAdv
58.97
Asset pn
23.50
EqInc pn
GabelliAsstFdClI 58.85
SmCapG n
58.02
59.34
SmCpGrwI
TETONWstMMFdI 28.68
Util A p
9.37
Util C t
6.58
Gartmore Funds:
NationwideInstSv 24.61
Gateway:
GatewayA
33.56
GE Elfun/S&S:
11.55
RSPIncm n
52.45
RSPUSEq n
Tax Ex n
11.55
60.36
Trusts n
Glenmede Funds:
30.10
SmCpEqAdv
GMO Trust Class III:
EmgCntryDt r 29.02
24.44
Quality
24.98
USTreas
GMO Trust Class IV:
CorePlusBd
21.29
34.61
EmergMkt
28.98
EmgCntrDt
IntlEq
23.91
24.47
Quality
GMO Trust Class VI:
22.26
AssetAllBd
EmgMkts r
34.60
24.44
Quality
15.29
USCoreEq
Goldman Sachs A:
28.70
CapGr
35.20
MidCapVal p
56.27
SmCap
Goldman Sachs Inst:
CoreFix
10.50
23.55
EmgMEq
12.23
GlbInc
Gr
30.93
24.96
GrOpps
HiQtyFltRte
8.73
-0.07 20.2 33.6
NA
0.05
-7.13
0.05
-6.72
NA
NA
4.0 8.1
20.5 28.1
4.7 8.9
25.6 33.6
-0.20 15.8 31.0
NA NA NA
-0.07 29.1 41.6
0.00 0.8 1.4
NA NA NA
NA NA NA
NA NA NA
0.04 25.8 19.0
-0.07 29.1 43.8
NA NA NA
NA NA NA
-0.06 29.2 42.1
-0.06 18.5 33.8
-0.12 31.8 35.0
0.06 10.7 11.7
-0.13 11.9 29.1
0.05
0.36
NA
-0.13
0.06
0.00
1.7
48.3
NA
29.7
27.2
1.8
5.4
47.2
NA
42.7
20.8
2.8
Net YTD 3-Yr.
NAV Chg. % Ret. % Ret.
HiYield
6.54
HYMuni
9.55
Int
13.60
35.53
MidCapVa
15.67
Muni
ShDuGov
9.81
ShDuTF
10.47
60.73
SmCapVa
Guggenheim Funds Tru:
FloRaStraFdInst 26.01
MacOppFdClA 26.76
MacOppFdClInstl 26.80
TotRtnBdFdClInst 27.22
TotRtnBondFdClA 27.20
GuideStone Funds:
AggrAllGS4
12.27
12.17
BalAllGS4
12.44
GrAllGS4
25.31
GrEqGS2
GrEqGS4
25.25
15.69
IntEqGS2
13.34
LowDurGS2
14.72
MedDurGS2
22.89
ValEqGS2
0.01
0.04
0.04
0.07
0.05
0.00
0.01
-0.13
6.1
9.3
29.7
11.1
5.9
0.5
1.8
12.3
14.7
17.7
41.5
13.0
9.7
2.1
2.9
30.7
0.00
0.00
0.00
0.10
0.10
3.6
5.0
5.3
6.5
6.2
13.0
13.9
15.1
14.7
13.5
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
0.06
-0.40
-0.39
0.01
0.04
0.04
-0.06
-0.11
4.9
36.6
36.1
6.3
22.9
22.4
12.0
21.6
8.7
47.7
46.0
15.4
16.8
15.5
23.8
43.2
NA
NA
NA
NA
NA
NA
-0.08
-0.04
-0.41
-0.29
-0.38
-0.16
-0.07
0.00
-0.20
-0.21
-0.11
-0.17
-0.07
0.01
15.1
11.5
21.3
14.5
21.8
17.8
17.5
4.2
20.6
30.2
21.6
24.2
23.9
4.7
20.0
22.7
26.4
21.7
34.7
30.8
32.1
13.4
21.3
40.9
24.1
25.0
38.1
7.7
-0.01
-0.17
0.00
-0.05
10.7
20.4
3.6
23.0
20.0
23.7
11.0
35.2
-0.05
-0.49
-0.17
0.07
-0.08
0.00
-0.21
-0.53
-0.07
-0.05
0.01
11.8
21.6
18.1
40.9
17.8
4.5
30.5
24.8
24.3
15.6
2.4
23.6
27.6
31.7
35.3
33.1
14.4
41.8
42.5
39.1
37.5
4.2
-0.17
-0.23
-0.54
-0.08
18.2
24.7
24.9
24.4
32.2
26.7
42.8
39.7
-0.01
-0.12
-0.07
-0.05
-0.18
0.04
-0.09
-0.02
-0.07
0.21
0.06
15.6
22.1
21.9
18.4
30.4
25.3
24.5
26.4
20.1
19.8
5.2
21.7
28.6
35.7
32.4
43.5
27.7
39.7
17.0
32.9
30.5
9.5
HI
Harbor Funds:
11.50
Bond n
69.44
CapApInst n
66.99
CapApInv pn
HiYBdInst nr
10.05
67.52
IntlInst nr
66.98
IntlInv tn
MdCpVal Inst n 23.54
SmCpValInst n 36.30
Harding Loevner:
EmgMktsAdv 58.98
22.77
IntlEq
Hartford Funds A:
BalanA
24.18
14.62
BalIncA
37.55
CapAppA p
Chks&Bal p
9.47
DiscpEqA p
28.83
25.79
DivGth A p
20.32
EqInc t
FltRateA t
8.72
18.80
GlbCapAppr
GrOppty t
42.76
33.53
Hlthcare
16.96
IntOppA p
30.02
MidCap A p
TotRBdA p
10.40
Hartford Funds C:
14.42
Bal IncC
29.23
CapAppC
FltRateC t
8.71
22.03
MidCapC t
Hartford Funds I:
14.62
BalIncI
CapAppI
37.67
25.67
DivGthI
EmrgMktEqInv r 16.64
20.21
EqIncI
FltRateI
8.73
GrowOppI t
44.61
17.27
InterValue
30.83
MidCap
USSmMdCpOpInv r 14.81
10.51
WorldBond
Hartford Funds Y:
26.41
DivGthY
17.78
IntOppY
IntlValY
17.63
35.76
MidCapY
Hartford HLS Fds IA:
31.02
Balanced
CapApp
48.16
15.43
DiscEqui
23.95
Div&Grwth
38.42
GrwthOpp
IntlOpp
17.46
40.10
MidCap
20.42
SmallCo
SmCpGrwth
32.13
79.57
Stock
11.32
TotRetBd
Hartford HLS Fds IB:
CapApprec p
47.48
Heartland Funds:
41.42
Val Inv n
Hennessy Funds:
CorMidCap30Inst 20.26
90.69
FocInst
88.37
FocInv
GasUtilIndInv 29.45
Homestead Funds:
SmCoStk n
44.11
55.26
Value n
Hotchkis and Wiley:
HiYldI
12.25
37.58
MidCpVal
60.39
SmCpVal
-0.12 21.8 27.6
NA
NA
NA
0.10 21.0 27.1
0.05 19.7 31.6
0.04 19.3 30.2
0.12 7.0 5.4
-0.27 12.0 24.9
-0.06 22.2 33.7
0.00 8.1 20.1
-0.22 7.8 12.7
-0.15 7.7 16.9
January 1, 2018
BARRON’S
M29
Mutual Funds
For personal Do not edit or alter. Reproductions not permitted.
To reprint or license content, please contact Barron's reprints department at 800-843-0008 or
Net YTD 3-Yr.
NAV Chg. % Ret. % Ret.
ICM Small Company:
33.08
ICMSmCo
IFP US Equity Fund:
IFP US EquityFd 17.75
Invesco Fds Investor:
DivrsDiv n
20.34
35.57
GlHltCr pn
Invesco Funds A:
500InxA p
28.88
37.09
AmValA
BalancedRiskAllA 10.84
Chart
18.05
26.86
CmstA
CpBdA
7.40
DevMkt
37.63
DivIncm p
24.48
DivrsDiv p
20.36
10.96
EqIncA
EqWtdA p
59.97
FltgRate p
7.57
16.20
Glcoreeq p
GlHltCr
35.56
26.97
GrIncA
GrowAlloc p
16.05
HYld
4.19
10.14
HYMuA
IntlGrow
36.28
11.16
IntTMIA p
LmtdTrmMunInc p 11.31
21.53
MdCpCEq
MidCpGwth p 37.76
ModeAlloc p
13.62
13.45
MunInA
RealEst p
21.28
37.31
SmCpGr
SmCpValA t
18.96
Invesco Funds C:
BalancedRiskAllC 10.36
DivrsDiv t
20.11
10.76
Eq IncC
EqWtdC
57.56
TEHYC
10.11
Invesco Funds Instl:
IntlGrow
36.81
42.02
SmCpGr
Invesco Funds P:
Summit P pn 19.90
Invesco Funds Y:
BalancedRiskAllY n 10.99
60.50
EqWtdY n
IVA Funds:
17.84
Intl I r
WorldwideA t 18.87
WorldwideC t 18.49
18.92
WorldwideI r
Ivy Funds:
23.86
AssetStrA p
AssetStrC t
22.60
AssetStr I r
24.15
24.89
BalancedA p
BalancedC t
24.72
14.62
CoreEqA t
EmgMktEqFdI 21.73
HiIncA p
7.56
HiIncC t
7.56
HiIncI r
7.56
IntlCorEqI r
20.33
IntlValA
20.23
LgCpGwthl r
22.84
10.78
LtdTrmI r
MidCapI
24.66
63.57
ScTechA p
ScTechC t
54.79
ScTechI r
69.87
Net YTD 3-Yr.
NAV Chg. % Ret. % Ret.
ScTechY t
-0.32 13.1 42.3
NA
NA
NA
0.01 8.2 24.0
0.07 15.5 3.7
-0.10
-0.24
0.11
0.00
-0.07
0.03
0.53
0.02
0.01
-0.03
-0.06
0.00
0.01
0.07
-0.12
0.04
0.02
0.05
0.34
0.04
0.02
-0.01
0.08
0.04
0.06
0.31
-0.06
-0.17
21.1
9.4
9.8
13.3
17.8
7.2
30.3
9.1
8.2
10.9
18.3
3.9
22.8
15.5
14.2
15.8
6.3
9.0
22.6
5.2
2.4
15.0
22.2
12.7
6.3
8.4
24.9
18.3
33.9
13.7
15.7
15.5
28.8
14.3
26.7
28.1
24.0
23.2
29.3
12.2
26.7
3.7
30.7
19.3
14.7
17.7
17.3
8.2
3.4
21.9
22.7
16.1
10.6
14.7
34.7
26.3
0.10
0.01
-0.03
-0.07
0.05
8.8
7.4
10.0
17.4
8.3
13.2
21.2
20.4
26.6
15.2
0.34 23.0 18.5
-0.06 25.4 36.2
-0.09 29.9 39.7
0.11 9.9 16.6
-0.05 18.6 30.3
0.12
0.06
0.06
0.07
0.08
0.07
0.08
-0.01
-0.01
-0.07
0.26
0.03
0.03
0.03
0.13
0.14
-0.05
0.02
-0.01
-0.80
-0.70
-0.88
17.2
13.5
12.7
13.8
18.4
17.5
18.8
11.4
10.6
20.4
43.1
8.0
7.2
8.2
23.1
22.7
29.4
1.9
27.3
32.8
31.8
33.1
21.6
16.8
14.1
17.7
1.2
-0.9
2.0
12.3
10.0
22.4
39.0
16.8
14.3
17.7
22.6
21.5
38.4
5.1
26.2
28.7
26.0
29.8
67.04 -0.85 32.8 28.9
J
JamesBalGR A n:
JamesBalGR A n 24.08
Janus Henderson:
Balanced C
32.58
32.84
Balanced S
Balanced T n
32.89
Contrarian T n 18.89
Enterprise Inst 70.65
114.58
Enterprise S
Enterprise T n 116.99
10.35
FlxBnd T n
GlbEqIncA
7.97
GlbEqIncC
7.92
GlbResch T nr 78.72
GlLifeSci T nr 54.63
30.67
GlTech T nr
Grw&Inc T n
55.08
HiYld T nr
8.46
30.14
IntlOppsA p
16.91
MdCpVal T n
Overseas T nr 32.64
46.42
Resh T n
22.95
SCVal T n
ShtTmBd T n
3.01
76.40
Venture T n
Jensen I :
Jensen I
46.66
JensenQualGrJ n:
JensenQualGrJ n 46.65
John Hancock:
500Index1
32.20
AbRetCurI
9.59
15.90
BondI
BondR6
15.93
CapApprNAV 16.02
ClassicVal I
33.79
DispValMdCpR6 23.29
DispValR6
21.87
21.84
DispVal I
EmrgMktsNAV 12.07
GblAbRStratI 10.52
GblAbRStratR6 10.54
GblShrhYldI
11.79
27.69
IntlGrwI
IntlValNAV
17.14
12.96
VolBalSrs1
VolGrw1
14.55
23.00
MdCpIdxI
Science&TechI 29.97
TotalStkMktIdxI 22.39
TRNAV
13.49
John Hancock Class 1:
BlueChipGrw 36.21
CapAppr
15.98
16.45
LSAggr
LSBalncd
15.19
13.03
LSConserv
LSGwth
16.08
13.79
LSModer
RetCho2020
11.66
12.99
RetCho2025
RetCho2035
14.48
13.93
RetCho2030
RetCho2040R4 14.81
14.96
RetCho2045
RetCho2050R4 13.30
10.44
RetLiv2020
RetLiv2025
11.13
RetLiv2030
11.48
12.01
RetLiv2035
-0.01 6.0
-0.05
-0.05
-0.05
-0.07
-0.08
-0.15
-0.15
0.03
0.06
0.06
0.20
0.09
-0.13
-0.20
0.00
0.12
0.05
0.22
-0.16
-0.03
0.00
-0.20
17.4
18.0
18.4
5.3
27.4
26.0
26.3
3.5
19.1
18.5
26.8
22.5
44.7
24.8
6.1
21.2
13.9
31.2
26.1
12.6
1.2
24.2
9.2
20.4
22.4
23.4
-2.1
47.0
43.2
44.3
6.2
23.0
20.4
24.6
15.0
69.3
40.7
17.9
17.6
28.3
12.0
32.9
36.9
3.0
30.4
-0.10 23.6 39.3
-0.11 23.2 38.2
-0.10
-0.06
0.05
0.05
-0.10
-0.14
-0.04
-0.09
-0.09
0.21
NA
NA
0.05
0.05
0.11
-0.26
-0.27
-0.04
-0.29
-0.06
0.07
-0.16
-0.10
-1.59
-1.04
-0.25
-1.43
-0.72
-0.82
-0.87
-1.12
-1.00
-1.19
-1.19
-1.10
-0.92
-1.02
-1.07
-1.12
21.5
-1.5
5.2
5.3
36.7
16.8
15.7
19.3
19.2
35.5
NA
NA
16.7
36.7
17.4
14.1
18.6
15.8
41.1
20.6
4.6
36.2
36.6
23.3
15.1
7.4
19.3
11.1
6.7
10.5
16.8
14.3
18.2
18.7
18.9
13.9
16.2
18.4
20.2
35.0
5.7
10.5
10.9
47.9
31.4
34.4
27.9
27.5
28.2
NA
NA
17.0
38.5
20.8
16.2
15.8
33.5
61.1
32.8
8.5
50.7
47.7
29.3
21.1
12.0
25.2
16.7
11.1
15.9
23.6
20.6
25.3
26.3
26.4
20.8
23.4
25.5
27.5
Net YTD 3-Yr.
NAV Chg. % Ret. % Ret.
RetLiv2040
12.13
11.97
RetLiv2045
John Hancock Funds A:
20.46
BalA
15.90
BondA p
DispVal
22.53
DispValMdCp 22.45
27.65
IntlGrw
FunLgCpCorA p 48.82
15.29
LifeBal
13.06
LifeConsv
LifeGrw
16.16
13.83
LifeMod
27.63
RgBkA
StrIncA p
6.45
45.43
USGlobLdrs
John Hancock Funds C:
15.30
LifeBal
16.18
LifestyleGrw
John Hancock Instl:
23.31
DispValMCI
FunLgCpCorI 50.94
IncomeI
6.44
StratIncmOppI 10.84
USGlbLdrsGrwI 48.66
JPMorgan A Class:
11.59
CoreBond
CorePlusBd p
8.28
17.19
EqInc p
41.13
EqIndx p
19.67
GwthAdv p
HighYld p
7.37
15.59
Inv Bal p
12.86
InvCon p
InvG&I p
17.69
21.12
InvGrwt p
37.86
LgCpGwth p
29.31
MdCpGrw p
39.41
MdCpVal p
49.64
Sm Cap p
SR2020 p
19.96
21.66
SR2030 p
22.86
SR2040A p
16.32
USEquity
USLgCpCorePlA p 29.60
ValAdv t
35.84
JPMorgan C Class:
11.66
CoreBond p
15.33
InvBal p
InvConsvGr t
12.80
35.74
ValAdv t
JPMorgan Funds:
28.28
DiscEqL
17.75
Dvrsified L
40.28
MdCpVal L
USEquity L
16.38
18.68
USSmCo L
JPMorgan I Class:
11.58
CoreBond
CorePlusBd
8.27
EmMktEq I
29.79
17.47
EqInc
41.18
EqIndx
20.22
GrAdv r
10.48
GvBd
HighYld
7.41
18.96
IntlEqIndx
10.78
IntmdTFBd
34.50
IntrepidVal
LgCpGwth
38.19
33.63
MdCpGrw
39.82
MdCpVal
MkExpEnhIdx 11.55
11.15
MtgBckd
-1.05 21.4 28.9
-1.11 21.4 28.9
-0.02
0.05
-0.09
-0.04
0.05
-0.31
-1.03
-0.24
-1.37
-0.72
-0.46
0.00
-0.08
13.9
4.9
18.9
15.3
36.3
20.2
14.8
7.1
18.8
10.6
10.5
4.0
25.3
19.7
9.5
26.5
33.0
37.2
38.1
19.9
10.8
23.8
15.5
61.2
7.8
34.6
-1.00 14.0 17.3
-1.26 18.0 21.2
-0.03
-0.32
0.01
0.00
-0.08
15.6
20.5
4.3
5.4
25.6
34.1
39.2
8.8
11.9
35.7
0.03
0.02
NA
NA
-0.09
-0.03
NA
NA
NA
NA
NA
NA
0.04
-0.06
NA
NA
NA
NA
-0.08
-0.07
3.5
4.1
NA
NA
35.2
6.4
NA
NA
NA
NA
NA
NA
13.1
15.3
NA
NA
NA
NA
21.2
13.7
6.4
8.1
NA
NA
46.6
15.0
NA
NA
NA
NA
NA
NA
23.5
35.8
NA
NA
NA
NA
30.4
24.5
0.03 2.9 4.4
NA NA NA
NA NA NA
-0.08 13.1 22.6
-0.08
-0.08
0.04
NA
-0.08
21.5
17.9
13.7
NA
9.0
28.5
23.2
25.3
NA
25.9
0.03
0.01
0.30
NA
NA
-0.09
0.02
-0.03
0.06
0.03
-0.12
NA
NA
0.04
NA
0.00
3.8
4.3
42.5
NA
NA
35.5
2.4
6.7
23.2
3.3
16.7
NA
NA
13.4
NA
3.2
7.1
8.8
35.0
NA
NA
47.5
5.1
15.8
24.9
5.7
20.9
NA
NA
24.4
NA
7.7
Net YTD 3-Yr.
NAV Chg. % Ret. % Ret.
ShtDurBnd
10.77
20.03
SmartR2020
SmCap
57.22
21.72
SR2030 I
SR2040 I
22.93
TxAwEq
33.45
16.36
USEquity
USLgCpCorPls 29.96
36.02
ValAdv
JPMorgan Inst Class:
36.01
ValAdv L
JPMorgan R Class:
11.59
CoreBond
CorePlusBd
8.28
USRechEnhEq 28.29
HighYld r
7.41
LimDurBd
10.03
11.15
MtgBckd
ShtDurBnd
10.77
57.33
SmCpEqR5
SmCpVal
30.92
16.39
USEqR5
JPMorgan R5 Class:
SR2020 R5
20.06
SR2030 R5
21.78
22.99
SR2040 R5
SRIncome R5 18.84
JPMorgan Select Cls:
IntrepidEurL r 27.31
0.00
NA
-0.08
NA
NA
-0.10
NA
-0.09
-0.07
0.9
NA
15.6
NA
NA
23.4
NA
21.5
14.0
2.4
NA
37.0
NA
NA
36.8
NA
31.4
25.5
-0.07 14.2 26.4
0.02
0.01
-0.08
-0.03
0.00
0.00
0.00
-0.07
NA
NA
NA
NA
NA
NA
3.9
4.3
21.6
6.8
2.2
3.4
1.1
15.8
NA
NA
NA
NA
NA
NA
7.7
9.2
28.9
16.3
4.5
8.2
3.2
37.8
NA
NA
NA
NA
NA
NA
0.11 22.8 19.0
L
Laudus Funds:
USLgCpGr nr 19.35
Lazard Instl:
20.02
EmgMktEq
16.00
GlbLstInfr
IntlEq
19.61
15.70
IntStrtEq r
USEQ Concen Inst 15.31
Lazard Open:
EmgMktEqO n 20.60
GLIP Open n
16.01
19.59
Intl Eq R6
IntlStrEq n
15.83
Legg Mason A:
GrowFdClA
16.62
Legg Mason C:
CMOpporTrC r 22.55
80.34
ValueTrC
Legg Mason I:
CMValueTrI
96.07
Litman Gregory Funds:
Intl Inst
17.73
Longleaf Partners:
16.63
Intl n
Partners n
26.84
Sm-Cap n
27.60
Loomis Sayles Fds:
HiInc
6.71
13.76
LSBondI
LSBondR pn
13.69
LSCorBndA p 12.92
LSFixIncl
13.32
34.41
LSSmCpVal
LSStrIncA p
14.53
14.66
LSStrIncC t
SmCpGI
25.62
Lord Abbett A:
15.81
Affiltd p
BdDeb p
8.25
CalibrDivGr
15.39
DevGt p
23.32
FloatRt p
9.18
-0.04 33.9 41.6
0.33
-0.06
0.11
0.05
-0.02
28.0
20.8
22.8
27.9
15.5
0.35
-0.06
0.11
0.05
27.7 21.5
20.5 40.7
22.8 NS
27.4 16.5
NA
NA
22.4
41.8
17.9
17.4
30.8
NA
-0.31 25.0 23.0
NA NA NA
NA
NA
NA
0.20 23.6 10.1
-0.10 24.2 27.3
-0.33 15.4 11.4
-0.39 9.0 21.8
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
-0.08
0.01
-0.05
-0.02
0.00
16.1
9.2
19.1
29.9
3.8
28.7
20.4
31.8
14.0
14.5
Data provided by
Net YTD 3-Yr.
NAV Chg. % Ret. % Ret.
FundlEq p
HiYldA t
HYMuniBd p
IncomeA p
IntrTxFr
MidCapStk
MultiAstBalOppty
MultiAstGro
MultiAstInc
ShDurTxFr
ShtDurIncmA p
TaxFr p
TotRet p
ValOpps p
Lord Abbett C:
BdDeb
FloatRt p
ShtDurIncmC t
Lord Abbett F:
BdDeb
FloatRt p
HiYld p
IntrTxFr
ShtDurIncm
ShtDurTxF p
TotRet
Lord Abbett I:
BdDebentr
DevlpGro
FloatRt
HiYld
ShtDurInc p
SmCpVal
ValOpps
LSVValEq :
LSVValEq
12.95
7.71
11.78
2.87
10.81
30.03
11.88
17.70
15.03
15.53
4.25
11.41
10.38
20.09
-0.03
NA
NA
0.01
0.04
NA
NA
NA
NA
0.02
0.00
0.07
0.04
-0.02
13.0
NA
NA
6.9
5.1
NA
NA
NA
NA
1.6
2.3
7.0
3.8
10.2
24.9
NA
NA
12.7
7.5
NA
NA
NA
NA
1.7
6.8
11.2
7.4
22.8
8.27 0.01 8.5 18.1
9.18 0.00 3.1 12.3
4.28 0.01 1.9 5.1
8.24
9.17
7.70
10.81
4.25
15.53
10.38
0.01 9.3 20.7
0.00 3.9 14.9
NA NA NA
0.05 5.2 7.8
0.00 2.6 7.4
0.01 1.7 2.0
0.04 3.9 7.7
8.21
26.68
9.18
7.74
4.25
24.17
20.86
0.02
-0.02
0.00
NA
0.01
-0.13
-0.02
9.4
30.3
3.9
NA
2.7
6.6
10.4
21.1
14.8
15.1
NA
7.7
25.8
23.8
28.95 -0.63 18.3 33.7
M
MainStay Fds A:
HiYldBdA
5.75
19.66
IncBldr
LgCpGrA p
9.05
TxFrBdA
10.06
MainStay Fds C:
HiYldBdC t
5.72
MainStay Fds I:
EpochGlb r
20.04
EpochUSAllCpI 28.46
42.06
MAPI
S&P500Idx
48.87
10.63
TRBd
Mairs&Power:
MairsPwrBal n 94.01
MairsPwrGr n 121.12
Manning & Napier Fds:
ProBConsS n 13.67
WldOppS n
8.32
UnconBdClS n 10.42
Marsico Funds:
Focus pn
17.07
Mass Mutual:
SelBluChipGroClI 20.20
MassMutual Select:
IdxEqI
18.55
IndxEqAdmin 18.33
18.13
IndxEqR4 n
IndxEqR5
18.60
21.47
MCGrEqIII
MCpGrEqIIS
21.29
Matthews Asian Funds:
AsiaDivInv nr 19.74
Asian G&I Inv nr 17.46
22.20
ChinaInv n
0.02 6.5 21.2
NA NA NA
-0.03 32.2 34.2
0.06 5.5 10.4
0.02
0.10
-0.17
-0.23
NA
0.05
5.7 18.0
16.8
22.7
22.8
NA
4.6
17.5
28.9
27.8
NA
8.2
-2.01 11.9 20.6
-10.71 16.5 28.5
0.04 8.9 9.7
0.04 23.3 17.5
0.02 3.2 6.7
-0.07 34.0 24.5
-0.07 35.1 51.5
-0.06
-0.06
-0.07
-0.06
-0.06
-0.06
21.7
21.3
21.1
21.6
24.7
24.6
35.8
34.3
33.7
35.4
38.6
38.2
-0.19 34.7 45.3
0.17 21.9 17.3
0.04 59.4 55.4
Net YTD 3-Yr.
NAV Chg. % Ret. % Ret.
IndiaInv nr
34.31
24.12
JapanInv nr
PacTigerInv nr 31.66
Merger Fd pn:
Merger Fd pn 15.94
Meridian Funds:
Growth n
41.74
42.16
Value n
Metropolitan West:
10.35
IntmBdI
LowDurBd n
8.68
LowDurBdI
8.69
10.65
TotRetBd n
10.65
TotRetBdI
10.02
TRBdPlan
11.95
UnconstrBdI
UnconstrBdM n 11.96
MFS Funds Class A:
23.13
AgGrAlA p
14.13
BondA p
31.10
CoEqyA
15.50
ConAllA p
Growth A p
90.41
43.63
GlEqA
18.18
GlTotA p
20.56
GrAllA p
GvScA p
9.76
19.64
IntlDvFdA t
IntlVA t
43.11
34.63
IntNwDA p
16.06
MCapA
23.34
MCpValA p
27.91
MIGA p
32.29
MITA p
ModAllA p
17.76
MuHiA
8.24
MuInA p
8.78
MuLtA
8.10
19.26
ReInA p
10.72
ResBdA t
RschA p
42.29
19.20
TotRA p
20.16
UtilA p
40.73
ValueA p
MFS Funds Class C:
ConAllC p
15.28
73.00
Growth C t
20.19
GrAllC p
17.44
ModAllC p
TotRC t
19.30
20.05
UtilC t
40.27
ValueC t
MFS Funds Class I:
14.12
BondI
95.89
Growth I
IntNwDI
35.62
23.89
MCpValI
31.40
MITI
19.91
ReInT t
ResBdI
10.72
43.38
RschI
19.20
TotRI
27.95
UStdI p
40.95
ValueI
MFS Funds Instl:
25.39
IntlEq
MLP & Energy Income I:
MLP&EnrgyIncmI 8.69
MLP Focus C:
MLPFocusC
6.79
MLP Focus I:
MLPFocusI
7.44
Morgan Stanley Inst:
41.65
CapGrI
0.24 35.8 37.7
-0.07 33.1 59.0
0.27 40.0 38.0
-0.10 2.4
4.1
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
0.08 -5.6 -18.4
0.01 -7.5 -19.0
0.01 -6.6 -16.5
-0.09 43.8 55.5
Net YTD 3-Yr.
NAV Chg. % Ret. % Ret.
CapGrP p
39.77
24.72
GloFranI t
IntlEqI
17.97
17.75
IntlEqP p
Munder Funds:
MndrIntlSmCpInv r 14.70
Munder Funds Cl A:
MndrMdCpCGroA t 34.68
Munder Funds Cl Y:
MndrMdCpCGroY r 36.88
MndrSCVClY p 41.13
Mutual Series:
16.64
BeacnZ n
EuropZ n
20.92
GlbDiscA
31.88
31.52
GlbDiscC t
GlbDiscz n
32.50
15.69
QuestA t
QuestZ n
15.90
28.72
SharesZ n
-0.09
0.11
0.11
0.12
43.4
25.8
25.2
24.8
54.1
39.6
21.3
20.0
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
N
Nationwide Fds R6:
BdIdxR6
11.01
IntIdxR6
8.52
MidCapIdxR6 18.03
S&P500IdxR6 16.15
Nationwide Fds Serv:
IDAggr p
10.22
10.10
IDMod p
IDModAggr p 10.50
Natixis Funds:
InvGradeBdA p 11.04
InvGradeBdC 10.93
InvGradeBdY 11.05
15.61
LSGrowthY
USEqOppsA
37.12
Neuberger Berman Fds:
21.50
EmgMktInst
13.15
EqIncInst
GenesInst
57.50
HiIncBdClR6
8.70
HiIncBdInst
8.69
IntrinsicValInst 16.34
14.65
LgShInst
MultCpOptyInst 18.56
38.06
SocRespInst
StrIncInst
11.16
Neuberger Berman Inv:
26.53
Focus n
57.60
Genes n
Guard n
17.49
13.40
IntlEqInst r
LCVal n
31.23
38.13
Soc Resp n
Neuberger Berman Tr:
Genes n
57.65
GenesisFdR6 57.46
Nicholas Group:
Nch II I n
27.67
Nich n
61.81
Northern Funds:
ActMEmgMktEq nr 21.72
ActMIntlEq nr 11.74
BdIdx n
10.54
EmMktsEqIdx nr 12.82
FixIn n
10.20
10.76
GlbREIdx nr
HiYFxInc n
6.89
IntlEqIdx nr
12.90
10.54
IntTxExpt n
MidCpIdx n
19.32
10.26
ShIntTaxFr n
0.05
0.04
-0.03
-0.05
3.3
25.2
15.9
21.6
6.2
23.6
34.2
35.6
0.01 19.8 26.9
0.02 13.6 19.6
0.02 17.6 24.2
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
0.31
0.05
-0.10
0.01
0.00
-0.07
0.04
0.01
-0.04
0.04
41.6
13.2
15.8
5.7
5.4
16.7
13.4
24.8
18.8
6.9
37.2
24.4
35.6
15.1
14.7
26.8
12.4
38.5
28.8
11.6
-0.07
-0.10
0.01
0.13
0.03
-0.03
19.3
15.6
25.2
27.2
13.4
18.6
26.1
34.9
28.2
27.1
26.3
28.1
-0.10 NE NE
-0.09 16.2 36.3
-3.02 25.6 31.3
-4.49 17.5 13.8
0.29
0.10
0.05
NA
0.04
0.18
NA
NA
0.05
-0.03
0.02
35.4
29.0
3.4
NA
4.1
14.4
NA
NA
3.9
16.0
1.2
27.5
19.7
6.6
NA
7.4
16.6
NA
NA
7.0
34.6
2.2
Net YTD 3-Yr.
NAV Chg. % Ret. % Ret.
SmCapIdx n
SmCpVal n
StkIdx n
TxExpt n
Nuveen Cl A:
AAMunBd p
HiYldMuBd p
LtdMnBd p
Nuveen Cl C:
HYMunBd t
Nuveen Cl R:
CAMunBd
DivVal I
HYMunBd
IntDMunBd
LmtTrmR
NWQSmCpR
RealEst
SmCpVal
13.62
23.40
31.75
10.70
-0.05
-0.16
-0.10
0.06
14.6 30.9
6.4 28.0
21.7 35.8
4.8 9.4
11.69 0.07 8.0 12.7
17.46 0.09 11.8 19.2
10.93 0.02 3.1 3.9
17.45 0.10 11.3 17.2
11.28
15.00
17.46
9.25
10.89
53.85
20.55
26.58
0.06
-0.12
0.09
0.03
0.02
-0.16
0.11
-0.36
6.7
17.3
12.0
6.2
3.3
12.0
5.6
6.3
13.4
30.4
19.9
9.3
4.5
29.9
14.8
42.1
-0.03
0.03
0.00
0.32
-0.43
0.21
-0.29
14.5
21.2
27.1
26.1
21.1
29.8
15.7
20.2
33.9
25.3
34.2
36.0
32.5
26.9
O
Oakmark Funds Invest:
32.19
EqtyInc nr
GlbSel nr
19.30
33.13
Global n
17.74
IntlSmCp nr
84.33
Oakmark n
OakmrkInt n
28.57
Select n
47.76
Oberweis Funds:
25.49
IntlOpp tn
12.77
IntlOppInst
Old Westbury Fds:
FixInc pn
11.04
AlCpCore n
16.68
14.46
LrgCpStr n
MuniBd pn
11.88
Sm&MdCapStrategi n 16.76
StratOpp n
7.82
Oppenheimer A:
ActiveAllA
14.61
10.80
AMTFrNY p
CapApprA p
58.38
CapIncA p
10.25
CoreBdA p
6.86
DevMktA
43.56
77.54
DiscovA p
DisMdCpGrA 19.94
32.35
EqIncA p
EqInvA
18.47
19.76
GblAllocA
GblStrIncmA p 3.95
GlbOppA p
68.54
GloblA p
95.98
IntlBdA p
5.96
IntlDivA
18.24
IntlGrowA p
43.91
49.55
IntlSmCoA
LmtTermBd p 4.52
LtdTermMuA p 4.04
MidCpValA
57.39
51.01
MnStFndA p
MnStOpA p
17.95
MnStSmCpA p 26.57
ModInvA
12.26
19.35
RisingDivA
RochAMTFrMuni 6.81
RochCAMuni
8.20
RochLmtTrNYMuni p 2.76
SenFltRtA
8.12
Oppenheimer C & M:
DevMktsC t
40.75
25.71
EqIncC t
-2.60 40.8 52.1
-0.78 41.0 52.9
0.03
-0.06
0.03
0.05
0.09
0.01
1.4
20.9
19.4
2.2
18.2
13.3
3.0
22.4
21.9
3.8
29.4
16.2
NA
0.07
-0.24
0.01
0.03
0.67
-0.14
-0.03
-0.16
NA
0.05
0.01
0.54
-0.27
0.03
NA
0.13
0.59
0.00
0.00
0.05
-0.12
-0.02
0.03
NA
0.01
0.02
0.05
0.00
0.01
NA
1.4
26.5
7.0
4.3
34.8
29.1
28.0
12.6
NA
14.8
6.2
52.5
36.2
10.8
NA
26.6
37.9
2.1
-6.1
13.3
16.7
16.1
14.7
NA
16.8
5.9
4.4
-3.5
3.7
NA
10.4
25.6
13.3
7.7
23.4
35.7
36.6
15.3
NA
20.1
10.3
90.8
39.9
13.4
NA
26.1
57.3
4.9
-4.8
24.9
32.2
23.8
19.1
NA
19.4
14.6
12.4
-2.6
14.6
0.63 33.8 20.7
-0.12 11.8 12.7
Short Interest
NYSE Short Interest Drops 0.2% Nasdaq Short Interest Edges Up 0.1%
S
HORT INTEREST ON THE NEW YORK
Stock Exchange fell 0.2%, to
15,825,619,224 shares, as of Dec.
15., from a revised 15,854,485,908
on Nov. 30. The short-interest ratio slid to
4.5 days, versus a revised 5.1 days on Nov.
30.
The ratio is calculated by dividing the
number of shares sold short by the average
total traded each day.
Short interest on the NYSE American
Exchange dropped by 2.0%, to 524,052,334
shares, as of Dec. 15, from a revised
532,930,732, as of Nov. 30.
The short-interest ratio decreased to
3.26 days, versus 4.89 in the previous period.
For more short interest data, please visit
barrons.com/mktlab.
—MICHAEL
T. KOKOSZKA
A
S OF DEC. 15, OVERALL NASDAQ
short interest rose 0.1%, to
8,311,626,467 shares, compared
with 8,302,117,969 on Nov. 30. The
short-interest ratio was 4.14 days, versus 4.27
in the preceding reporting period. The ratio is
calculated by dividing the number of shares
sold by the average total traded each day.
On the Nasdaq Global Markets, short interest increased 0.1%, to 7,459,908,298 shares
in 2,344 securities. That compares with
7,455,601,576 in 2,348 securities on Nov. 30.
The short-interest ratio was 4.37 days, versus
4.52 days for the previous reporting period.
Short interest on the Nasdaq Capital Markets gained 0.6%, to 851,718,169 shares in 859
securities, versus 846,516,393 in 861 on Nov. 30.
The Dec. 15 short-interest ratio was 2.84
days, compared with 2.87 days in the previous
—MICHAEL T. KOKOSZKA
reporting period.
M30
BARRON’S
January 1, 2018
Mutual Funds
Net YTD 3-Yr.
NAV Chg. % Ret. % Ret.
GblStrIncmC
3.95
GlbOppC p
60.62
GloblC p
88.50
48.38
MnStFndC
SenFltRtC
8.13
StlpathMLPAlphFd 6.04
StlpathMLPAlphFd 7.66
Oppenheimer N:
41.88
DevMktsN t
Oppenheimer Y:
DevMktY
42.94
69.34
GlblOppY
GloblY
96.05
IntGrowY
43.62
IntlBdY
5.96
49.12
IntlSmCoY
50.55
MnStFndY
MnStSmCapY 28.70
OppenheimerRochester:
RchHiYldMuniA 6.99
RchHiYldMunC 6.96
14.59
RoMu A p p
14.55
RoMu C p
Optimum Funds Inst:
Fixed Inc
9.44
14.54
Intl Eqty
LgCpGrwth
17.98
16.35
LgCpVal
Osterweis Strat Income:
OsterweisStrInc n 11.35
0.01
0.47
-0.27
-0.13
0.01
0.03
0.13
5.7
51.4
35.2
15.8
3.0
-9.2
-7.9
8.1
86.6
36.7
29.2
12.0
-21.1
-20.9
0.65 34.5 22.5
0.66
0.55
-0.27
0.13
0.03
0.59
-0.12
0.03
35.1
52.9
36.6
26.9
11.1
38.3
17.0
15.0
24.3
92.3
40.9
27.1
14.5
58.4
33.1
20.0
0.03 6.8 18.0
0.03 6.1 15.4
0.09 4.1 12.9
0.09 3.3 10.2
0.03
0.13
-0.08
-0.03
4.5 7.1
30.5 30.8
32.5 42.7
16.4 23.1
0.03
6.0 16.6
For personal Do not edit or alter. Reproductions not permitted.
To reprint or license content, please contact Barron's reprints department at 800-843-0008 or
PQ
PACE Funds Cl P:
IntlEqty P
LgGrEqty P
LgVEqty P
StraFxd P
StratInvP
Pacific Life Funds:
PortOptModAggClA p
PortOptModClA r
Parnassus Fds:
ParnEqFd n
Parnsus n
Pax World Fds:
Balanced n
Paydenfunds:
CoreBd n
EqIncInv n
LowDur n
LtdMat n
Pear Tree:
ForeignVal I r
PolForegValOrd tn
Perm Port Funds:
Permanent n
PIMCO Fds Admin:
HiYldAd p
ShortTrmAd p
TotRtAd p
PIMCO Fds Instl:
AllAsset
AllAssetAuth r
CommodtyRR
DivInc
EMFdIndPLSARStr
EmgLocBdFd
EmMktsBd
EmrgMktCur
ExtdDur
FrgnBd
FrgnBdUnd r
GlblBdII
HiYld
InvGrdCorp
LgTrmCrdtFd
LngDurTotRtrn
LowDur
LTUSG
ModDur
MortgageOppty
RAEFndmtlAdvPLUS
RealRtnI
RERRStg
ShortT
ShtAssetInv
StcksPLUSIntlHdg r
StcksPLUSIntUnh
StkPlsLgDur
StcksPLUSShort
StPlTRInst r
TotRetIV
TotRt
TRII
TotRetESG
PIMCO Funds:
TotRet
PIMCO Funds A:
AllAsset
HiYld
IncomeFd
InvstGrCorBd
LowDurA
16.95
25.56
23.47
13.77
10.83
0.09
-0.05
-0.06
0.07
NA
25.5
29.8
14.0
5.5
NA
25.7
35.7
27.2
10.0
NA
15.64
14.40
NA
NA
NA
NA
NA
NA
42.67 -0.36 16.6 26.0
48.27 -0.60 16.1 30.8
22.66 0.03 13.2 18.0
10.71
16.56
10.05
9.47
0.02
-0.13
0.00
0.00
5.3 10.2
15.7 33.4
1.5 3.8
1.6 3.4
22.11 0.23 25.7 30.3
22.17 0.22 25.2 29.2
41.18 0.49 11.4 14.3
8.96 0.00
9.87 NA
10.25 NA
6.7 17.3
NA NA
NA NA
12.11 NA NA NA
8.88 NA NA NA
6.72 NA NA NA
10.94 NA NA NA
11.21 NA NA NA
7.53 NA NA NA
10.61 NA NA NA
9.39 NA NA NA
8.00 NA NA NA
10.67 NA NA NA
10.03 NA NA NA
10.26 NA NA NA
8.96 0.00 7.0 18.2
10.52 NA NA NA
12.33 NA NA NA
10.99 NA NA NA
9.86 NA NA NA
6.24 NA NA NA
10.19 NA NA NA
11.07 NA NA NA
10.14 NA NA NA
11.02 NA NA NA
8.39 NA NA NA
9.87 NA NA NA
10.04 NA NA NA
8.47 NA NA NA
6.92 NA NA NA
7.24 NA NA NA
8.38 NA NA NA
10.76 NA NA NA
10.47 NA NA NA
10.25 NA NA NA
9.67 NA NA NA
9.12 NA NA NA
10.25
NA
12.13 NA
8.96 0.00
12.39 NA
10.52 NA
9.86 NA
NA
NA
NA NA
6.6 17.0
NA NA
NA NA
NA NA
Net YTD 3-Yr.
NAV Chg. % Ret. % Ret.
RealRtnA
11.02
ShtTmA
9.87
10.25
TotRetA
PIMCO Funds C:
AllAssetAuth
8.89
12.39
IncomeFd
InvstGrCorBd 10.52
10.25
TotRetIncC
PIMCO Funds D:
10.67
FrgnBd n
12.39
IncomeFd n
InvstGrCorBd n 10.52
LowDur n
9.86
11.02
RealRtn n
10.25
TRtn n
PIMCO Funds Instl:
ComPLUSStrtgyFd 6.21
10.00
HiYldSpec
12.39
IncomeFd
InflRespMulAsset 8.70
RAEFndmlPLUSIntl 9.96
SeniorFloRate 9.92
UnconstrndBdFd 10.81
PIMCO Funds P:
All Asset
12.14
AssetAllAuthP 8.89
10.67
FrgnBdUSH
12.39
IncomeP
InvstGrCor
10.52
LwDurP
9.86
11.02
RealRtnP
ShtTm
9.87
TotRtP
10.25
Pioneer Funds A:
AMTFreeMuniA p p 14.64
BondA
9.72
CoreEqA
20.58
18.20
DiscGrA
EqIncA
35.79
25.26
MdCapVa
PioFdA
28.81
41.99
SelMCGrA
StratIncA p p 10.82
Pioneer Funds C:
StratIncC
10.58
Pioneer Funds Y:
AMTFreeMuniY 14.60
BondY
9.63
StratIncY p p 10.82
PNC Funds:
IntEqI p
24.44
SmCpI r
23.96
Price Funds:
15.56
2050RetFd n
Balanced n
24.39
BdEnhIdx nr
11.00
96.92
BlChip n
CA Bond n
11.55
CapApp n
28.35
CorpInc n
9.66
43.55
DivGro n
DvsfMCGr n
29.57
35.08
DvsfSmGr n
12.56
EmgMktB n
EmMktS n
44.87
EqInc n
33.50
EqIndex n
72.08
20.69
Europe n
ExtIndex nr
28.40
FinSvcs n
28.15
38.22
GlbStk n
GlbTech n
16.92
GNMA n
9.16
Gr&In n
28.58
63.03
Growth n
HelSci n
70.95
HiYield n
6.76
InstEmMEq
40.97
10.02
InstFLRfd r
InstHiYld
9.00
InstlCapG
37.14
InstLCCoreGr 37.66
InstLCV
23.48
InstSmCap
23.87
71.27
IntDis n
IntEqIdx nr
14.46
IntlValEq n
15.12
IntlBond n
9.07
18.66
IntlStk n
ISX Fd
12.99
15.15
Japan n
24.49
Lat Am n
MCapGro n
87.46
MCapVal n
30.54
54.77
MCEqGr
MD Bond n
10.79
96.93
MediaTel n
N Amer n
48.31
19.53
N Asia n
N Horiz n
52.84
N Inc n
9.49
36.56
New Era n
11.33
OverS SF nr
PSBal n
24.13
34.03
PSGrow n
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
0.12
NA
-0.12
-0.12
-0.02
-0.06
-0.06
-0.06
0.04
6.5
NA
24.8
26.3
15.0
12.9
21.5
29.8
5.2
11.1
NA
31.2
33.0
35.2
20.9
30.6
34.7
11.7
0.03
4.4
0.12
NA
0.04
6.8 12.1
NA NA
5.5 12.7
9.4
0.17 33.3 33.8
-0.02 10.0 25.5
NA
NA
0.04
NA
NA
NA
0.05
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
0.01
NA
NA
NA
0.01
NA
0.00
0.01
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
0.03
NA
NA
NA
NA
NA
NA
3.8
NA
NA
NA
6.5
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
1.2
NA
NA
NA
7.3
NA
3.7
7.7
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
4.0
NA
NA
NA
NA
NA
NA
7.1
NA
NA
NA
11.5
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
3.8
NA
NA
NA
18.9
NA
13.9
20.1
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
7.0
NA
NA
NA
NA
Net YTD 3-Yr.
NAV Chg. % Ret. % Ret.
PSInc n
19.56
13.65
R2005 n
18.29
R2010 n
15.00
R2015 n
R2020 n
22.58
R2025 n
17.63
25.98
R2030 n
19.02
R2035 n
R2040 n
27.32
RealAssets nr 11.70
28.72
RealEst n
Ret2015A p
14.95
Ret2025A p
17.54
18.53
Ret2045 n
18.22
Ret2045R
Ret2055 n
15.63
RetBal Inc n
15.40
45.74
SciTec n
Sht-Bd n
4.69
SmCapStk n
48.01
49.41
SmCapVal n
24.44
SpecGr n
12.74
SpecInc n
SpecIntl n
14.60
SuMuInc n
11.95
11.88
SuMuInt n
10.16
TF Incom n
12.08
TFHY n
TFSI n
5.56
30.29
TotIndex n
USTLg n
12.82
VABond n
12.03
Value n
37.49
Price Funds - Adv Cl:
95.62
BlChip p
CapAppA p
28.07
Growth p
61.63
84.93
MCapGro p
R2020A p
22.42
25.77
R2030A p
R2035A
18.94
27.08
R2040A p
Ret2045-A p
18.41
Ret2050-A p
15.44
SciTec p
45.18
49.16
SmCapVal p
TF Incom p
10.17
Price Funds - R Cl:
BlChipR p
92.21
59.62
GrowthR p
R2020R p
22.23
R2030R p
25.57
26.91
R2040R p
Ret2025-R p
17.37
Ret2035-R
18.74
Ret2050-R
15.31
PRIMECAP Odyssey Fds:
AggGrowth nr 44.33
Growth nr
37.25
31.91
Stock nr
Principal Investors:
BdMtgIn
10.96
61.94
CapApprA p
13.91
DivIntlInst
EqIncIA p
31.56
FlIncA p
12.58
HighYldA p
7.51
HiYld IN
9.86
InfPro IN
8.50
17.59
LgIndxI
LgIndxJ tn
17.44
10.93
LgValIN
LT2010In
13.92
LT2020 In
14.63
14.54
LT2020J tn
LT2030In
15.16
LT2030J tn
15.10
LT2040I
16.10
15.95
LT2040J tn
LT2050I
16.06
MdGrIII Inst
11.18
15.15
MdValI In
MidCpBldA
26.81
PreSecI
10.39
PtrLGI In
14.52
17.00
PtrLV In
RealEstSecI
23.77
SAMBalA p
16.18
15.91
SAMBalC t
SAMGrA p
18.55
20.96
StrGrw A p
Prudential Cl A:
14.60
2020FcA
BlendA
20.84
Growth
36.21
HiYldA
5.52
44.81
HlthSci
MdCpGrA
35.27
24.94
SmallCoA p
STCorpBd
10.95
TRBd p
14.63
14.11
Utility
Prudential Cl C:
EqInc
15.29
14.61
TRBd
NA NA NA
NA NA NA
NA NA NA
NA NA NA
NA NA NA
NA NA NA
NA NA NA
NA NA NA
NA NA NA
NA NA NA
NA NA NA
NA NA NA
NA NA NA
NA NA NA
NA NA NA
NA NA NA
NA NA NA
NA NA NA
0.00 1.3 3.5
NA NA NA
NA NA NA
NA NA NA
NA NA NA
NA NA NA
NA NA NA
NA NA NA
NA NA NA
NA NA NA
NA NA NA
NA NA NA
0.20 8.2 7.3
NA NA NA
NA NA NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
-0.17 33.6 54.9
-0.24 32.0 50.3
-0.16 26.0 42.8
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
-0.05
-0.05
-0.21
0.01
0.08
-0.06
0.08
0.01
0.09
-0.29
26.6
21.6
36.4
7.4
31.0
22.3
19.5
1.9
6.3
13.8
34.3
27.2
46.5
20.0
16.4
22.1
28.9
5.4
11.0
11.9
-0.66 14.7 12.5
0.09 5.5 8.5
Net YTD 3-Yr.
NAV Chg. % Ret. % Ret.
Prudential Cl Z & I:
24.24
GlbRealEstZ
38.94
Growth
HiYldZ
5.53
49.26
HlthSciZ
38.06
MdCpGrZ
26.83
SmallCoZ
TRBdZ
14.58
Prudential Funds:
20.21
SmCapVal
Putnam Funds Class A:
CATx p
8.18
34.19
CapSpec
DvrIn p
7.06
15.30
DynAABalA
17.04
DynAAGthA
24.51
EqIn p
GeorgePutBal 20.01
GlbHlthCare p 49.34
15.75
GlblEqty p
31.30
GrOpp p
HiYld A p
5.93
Incm p
6.94
26.17
IntlEq p
28.40
Inv p
MultiCpGr p
89.45
NYTx p
8.55
10.05
StDurInc
12.63
TFHY
TxEx p
8.66
12.77
USGv p
Putnam Funds Class C:
32.54
CapSpec
DivInc t
6.93
Putnam Funds Class Y:
12.24
AR700
34.58
CapSpec
24.51
EqInc
Incm
7.05
10.06
StDurInc
0.34
-0.22
0.01
0.09
-0.06
0.09
0.09
11.4
36.8
7.7
31.4
22.7
19.7
6.6
11.0
47.9
20.8
17.4
23.2
29.9
11.9
-0.16 6.3 30.8
0.03
-0.23
0.00
0.01
0.01
-0.53
0.01
0.11
0.07
-0.13
0.02
0.03
0.13
-0.06
-0.27
0.04
0.00
0.02
0.04
0.04
6.1
4.3
6.5
15.2
19.9
18.7
15.0
15.3
28.1
31.0
6.8
5.8
26.5
22.9
29.1
5.0
1.3
8.0
5.7
0.8
9.7
-3.4
8.5
22.2
27.4
28.7
21.7
8.0
25.3
38.9
16.5
6.1
21.5
32.3
36.7
8.7
2.5
13.9
9.2
1.3
-0.23 3.5 -5.5
0.00 5.9 6.1
0.03
-0.23
-0.55
0.03
0.00
10.1
4.5
18.9
6.1
1.4
11.1
-2.6
29.6
7.0
2.9
R
RBB Fund:
22.28
BPL SEqInst
RBC Funds:
AccCpCommInvI 8.95
RiverNorth Funds:
RNDLIncomeI 10.39
Royce Funds:
13.58
Oppty I nr
10.52
PAMut I nr
16.60
PremierI nr
21.79
SpecEqI nr
13.58
TotRet I nr
RS Funds:
54.27
CoreEqVIP
12.07
InvQBdVIP
Russell Funds S:
21.10
EmerMkts n
10.84
GblEq n
41.19
IntlDvMkt n
21.28
InvGrdBd n
33.93
RESec n
10.81
StratBd n
23.02
TaxExBd n
TxMngUSLgCp n 41.12
USSmCpEq n 32.10
Russell LifePoints A:
11.31
BalStrat p
12.63
GwthStrat p
Russell LifePoints C:
11.06
BalStrat p
Rydex Investor Class:
33.99
NasdaqInv n
0.05
2.8 24.2
0.02
1.7
4.8
NA
NA
NA
-0.02
-0.01
0.03
-0.12
-0.01
21.9
16.2
23.8
7.9
13.7
36.1
28.8
35.3
23.6
31.3
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
-0.37 31.2 48.2
S
Schroder Funds:
NAmerEqInv n
Schwab Funds:
1000 Inv nr
CoreEq n
DivEqSel n
FunIntlLgInst nr
FunUSLgInst nr
HlthCare n
InflProSel n
IntI Sel nr
IntlMstr S r nr
MT AllEq n
MT Gro n
S&P Sel n
SmCp Sel nr
SmCpEqSel nr
Trgt2020 nr
Trgt2030 nr
Trgt2040 nr
TSM Sel nr
TxFrBd n
USSmCoIdx nr
SEI Portfolios:
CoreFxIn F
EMktDbt F
17.03
NA
NA
NA
62.61
22.71
16.33
9.53
17.26
24.22
11.07
20.88
26.47
18.84
23.12
41.19
30.64
21.02
14.21
15.78
17.00
47.25
11.71
14.93
-0.19
-0.08
-0.04
0.05
-0.05
-0.03
0.09
0.09
0.24
NA
NA
-0.13
-0.13
-0.17
NA
NA
NA
-0.15
0.05
-0.02
21.7
24.2
15.7
23.9
17.1
20.2
2.9
25.3
33.7
NA
NA
21.8
14.7
10.0
NA
NA
NA
21.1
4.4
12.8
34.7
31.5
21.9
24.6
30.3
23.0
6.1
23.6
34.2
NA
NA
35.9
31.5
29.8
NA
NA
NA
34.9
7.0
30.6
11.29 0.05 4.1 8.1
10.31 -0.15 14.3 13.6
Data provided by
Net YTD 3-Yr.
NAV Chg. % Ret. % Ret.
HiYld F
7.18
IntlEmg F
12.93
11.64
IntlEq F
IntMuni F
11.68
34.22
LgCapGr F
25.46
LgCVal F
MgdVol F
17.72
10.32
ShtGov F
TaxMgdLC F
25.46
TaxMgdSmMdCp F 22.90
Selected Funds:
40.59
AmShD n
AmShS pn
40.53
Sequoia:
169.56
SequoiaFd n
Sit Funds:
16.80
DivGwth n
10.88
US Gov n
SoundShoreInv n:
SoundShoreInv n 46.13
Spirit of America:
Energy Fund
4.19
SSgA Funds:
SP500 n
37.75
State Farm Associate:
68.81
Balan n
80.38
Gwth n
Muni n
8.65
State Farm Retail:
500IdxPremier 19.99
LP2020Premier 14.89
LP2030Premier p 16.44
LPRetrPremier p 13.45
State Street Institu:
13.82
IntlEq (ICL)
SmCapEq (ICL) 19.51
State Street V.I.S.:
19.94
TR V.I.S. Cl 1
19.88
TR V.I.S. Cl 3
SteelPath MLP Fds:
AlphaY
8.29
IncomeY
6.59
Sel40Y
8.70
SP AlphaA
8.08
SP IncomeA
6.42
Sterling Capital Fds:
MidCpValTr
19.18
0.01
0.05
-0.03
0.06
-0.07
-0.15
-0.07
0.01
-0.12
-0.07
7.6
37.3
26.7
4.6
28.4
17.4
14.0
0.4
21.2
15.9
19.6
31.9
26.4
7.4
31.0
24.6
27.1
1.9
27.4
25.3
-0.01 22.2 41.4
-0.01 21.8 40.1
-0.49 20.1
3.2
-0.04 20.2 32.1
0.00 1.4 3.6
NA
NA
NA
0.02 -4.1 -23.2
-0.12 21.7 35.7
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA NA NA
-0.36 11.5 15.1
-0.36 15.6 19.8
-0.08 10.1 13.4
0.09 22.7 18.9
-0.06 13.1 33.3
-0.88 15.6 20.5
-0.83 15.3 19.5
0.14
0.03
0.09
0.13
0.03
-7.0
-8.4
-3.7
-7.2
-8.6
-18.5
-18.8
-13.0
-19.1
-19.4
-0.03 14.1 28.6
Net YTD 3-Yr.
NAV Chg. % Ret. % Ret.
SmCap n
TotRetBdI
86.33 -0.64 13.2 33.9
10.59 0.04 4.3 9.0
T
TCW Funds:
10.97
CoreFxInc n
EmMktInc n
8.54
25.05
SelEqtyI n
TotRetBondI n 9.91
TCW Funds N:
TotRetBdN pn 10.22
Templeton Class A:
12.04
TGlTotRA
Templeton Instit:
IntlEqSer Primar 21.96
Third Avenue:
34.33
REVal Inst nr
53.26
ValueInst n
Thompson IM Fds,Inc:
11.39
Bond n
Thornburg Fds:
21.94
IncBuildA t
21.92
IncBuildC p
25.28
IntVal I
24.50
IntValA p
13.39
LtdTIn
13.40
LtdTIncI
14.31
LtdTMuA
14.31
LtdTMu I
Thornburg Fds Cl C:
14.34
LtdTMuC t
Thrivent Funds A:
DivrIncPlus
7.42
27.22
LgCpStk
25.44
MidCapStk
11.37
MuniBd
Thrivent Funds S:
22.91
LgCpVal
TIAA-CREF/Retail Cl:
20.02
EqIdx n
19.07
Gro&Inc n
HighYld n
9.84
19.80
LrgCpGro n
12.88
MgdAlloc n
TIAA/CREF Funds:
10.82
BdIdxInst
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
0.34 22.2 23.5
-0.02 14.2 17.2
0.01
4.8 12.4
0.05
0.04
-0.02
-0.02
0.01
0.02
0.03
0.03
14.8
14.0
25.5
25.0
2.2
2.7
2.3
2.6
17.6
15.1
28.7
27.3
6.0
7.3
3.2
4.1
0.04
2.0
2.5
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
-0.06
-0.06
0.01
-0.08
0.01
20.7
23.7
5.3
34.0
16.6
34.0
36.2
17.4
42.2
23.9
0.04
3.4
6.5
Net YTD 3-Yr.
NAV Chg. % Ret. % Ret.
BdPlsInst
BondInst
EnItlEqIdxInst
EnLCGrIdxInst
EnLCVal IdxInst
EqIdxInst
Gr&IncInst
Gr&IncRet
HgYldInst
InflLkdBdInst
IntlEqIdxInst
IntlEqIdxRet
IntlEqInst
IntlEqRet
LC2015Ret
LC2020Ret
LC2025Ret
LC2030Ret
LC2035Ret
LC2040Inst
LC2040Ret
LC2045Ret
LCIdx2020Inst
LCIdx2025Inst
LCIdx2035Inst
LCIdx2045Inst
LCIdx2040Inst
LrgCpGrIdxInst
LrgCpGrIdxRet
LrgCpGrInst
LrgCpVl IdxInst
LrgCpVl IdxRet
LrgCpVl Inst
LrgCpVlRet
MdCpGrInst
MdCpVl Inst
MdCpVlRet
RealSecInst
S&P500IdxInst
S&P500IdxRet
ShTrmBdInst
SmCpBl IdxInst
SmCpBl IdxRet
SmCpEqInst
SmCpEqRet
SocChEqInst
Tocqueville Funds:
10.45
10.39
8.24
13.55
10.37
19.65
14.29
14.54
9.80
11.34
20.17
20.63
13.29
13.78
12.33
13.04
13.47
13.82
14.33
10.97
14.80
12.57
16.60
17.45
19.18
19.88
19.77
28.83
29.05
19.84
19.60
19.93
19.04
18.98
22.53
23.45
23.32
15.55
29.61
29.44
10.31
21.28
21.38
19.10
18.63
19.18
0.03
0.03
0.03
-0.06
-0.02
-0.06
-0.05
-0.04
0.01
0.05
0.09
0.09
0.05
0.05
0.02
0.02
0.02
0.01
0.01
0.01
0.00
0.00
0.03
0.02
0.02
0.00
0.01
-0.12
-0.12
-0.08
-0.03
-0.04
-0.03
-0.03
-0.02
0.00
0.00
0.22
-0.09
-0.10
0.01
-0.09
-0.09
-0.09
-0.09
-0.04
4.8
4.5
25.9
29.7
14.0
21.1
24.0
23.8
5.6
1.7
25.3
25.0
32.9
32.6
13.6
15.2
17.1
18.9
20.8
22.9
22.5
23.4
13.7
15.4
18.7
21.2
20.4
30.1
29.8
34.5
13.6
13.3
12.5
12.2
26.2
11.1
10.8
12.3
21.8
21.5
1.9
14.8
14.6
15.0
14.7
20.9
10.5
9.9
23.5
47.4
25.7
35.2
37.4
36.5
18.3
3.9
24.3
23.3
30.2
29.3
20.1
22.1
24.1
26.2
28.3
31.1
30.1
31.4
20.1
22.3
26.6
29.9
28.7
44.8
43.8
43.6
26.3
25.3
25.6
24.6
26.4
21.8
20.8
20.6
36.0
35.0
5.0
32.3
31.3
36.5
35.4
32.0
Net YTD 3-Yr.
NAV Chg. % Ret. % Ret.
Gold tn
36.78 0.50
17.53 0.02
IntlVal pn
Tortoise Capital:
TorMLPPipInsCl 13.47 0.09
Touchstone Family Fd:
11.01 0.00
FlexIncY
43.40 -0.54
FocEqY
LagCapFoc A p 42.31 -7.11
32.51 -0.17
MdCpY
SandsCapGrI 20.58 -0.09
SandsCapGrY 14.56 -0.07
SmCoA p
5.22 -0.49
Transamerica A:
11.12 NA
AsAlCnsrv p
15.20 NA
AsAIGrow p
12.07 NA
AsAlMod p
AsAlModGr p 13.40 NA
27.97 0.01
Balanced
Transamerica C:
14.76 NA
AsAlGrow t
12.07 NA
AsAlMod t
13.40 NA
AsAlModGr t
Trust for Professional Ma:
PMCDiversfdEqty n 27.34 -0.02
PerfTrstStratBdF n 22.65 0.00
SmeadValueInstl 46.48 -0.28
Tweedy Browne Fds:
28.49 -0.25
GblValue n
23.86 -0.33
Value n
8.9 18.5
24.2 36.3
-1.0 -10.6
6.8
14.2
23.1
20.2
34.7
34.4
17.3
13.6
30.0
35.7
29.9
21.3
20.9
36.4
NA NA
NA NA
NA NA
NA NA
13.8 21.1
NA
NA
NA
NA
NA
NA
21.1 22.5
7.1 16.2
25.3 30.7
15.4 19.5
16.5 19.6
U
Ultimus:
LyricalUSVlEqI n
UM Funds:
BehavVal
BehavValA t
USAA Group:
AgvGt n
CA Bd n
CapGr n
CrnrsMod n
CrnstModAggr n
ExtMktIn n
Gr&Inc n
Grwth n
HiIncm n
18.62 -0.11 21.3 28.3
69.93 -0.11 13.4 39.5
68.34 -0.11 13.0 37.9
43.76
11.10
12.39
14.98
25.95
19.11
25.17
30.53
8.18
-0.18
0.06
0.01
-0.04
-0.34
-0.09
-0.08
-0.12
0.02
30.1
5.6
23.9
13.4
15.0
18.5
20.6
28.4
7.2
36.7
9.8
35.6
13.5
14.6
30.1
32.5
42.5
15.5
CORPORATE BONDS
For the week ending Friday, December 29, 2017
Forty most active fixed-coupon corporate bonds
COMPANY (TICKER)
COUPON
MATURITY
LAST
PRICE
LAST
**EST
YIELD SPREAD UST†
EST $ VOL
(000's)
4.000
Nov 15, 2047 106.795 3.622
88 30
104,100
Oracle (ORCL)
3.800
Feb 15, 2027 100.050 3.793
137 10
87,682
Time Warner (TWX)
1.950
Dec 15, 2018 100.017 1.931
n.a.
2
79,050
Wal-Mart Stores (WMT)
2.050
Dec 07, 2018 99.895 2.164
n.a.
2
68,816
Citigroup (C)
5.000
Jan 21, 2049 103.310 3.839
107 30
68,603
General Electric Co (GE)
7.900
Apr 30, 2049
n.a.
n.a.
n.a. 30
67,191
JPMorgan Chase (JPM)
2.250
Dec 05, 2018 100.108 2.120
n.a.
2
66,288
Cvs Health * (CVS)
2.400
Dec 12, 2018 100.281 2.096
n.a.
2
63,978
Bnp Paribas Sa (BNP)
3.337
Dec 15, 2027 100.066 3.329
92 10
63,437
Baker Hughes A Ge Llc (BHI)
2.773
Dec 15, 2022 100.003 2.772
58
5
62,676
Baker Hughes A Ge Llc (BHI)
4.100
Feb 15, 2028 100.304 4.063
164 10
62,608
AT&T (T)
1.700
Dec 07, 2018 99.730 1.995
n.a.
2
60,184
Pnc Bank Na (PNC)
1.625
Dec 06, 2018 99.804 1.839
n.a.
2
60,034
Microsoft (MSFT)
4.080
Dec 15, 2047 102.213 3.952
121 30
58,130
Baker Hughes A Ge Llc (BHI)
3.969
Nov 01, 2047 102.985 3.799
104 30
57,467
Comcast * (CMCSA)
2.000
Dec 05, 2018 100.209 1.748
n.a.
2
57,213
Starbucks (SBUX)
1.950
Dec 13, 2018 99.991 1.959
n.a.
2
55,637
John Deere Capital (DE)
4.900
Feb 01, 2046 115.629 3.963
119 30
53,985
Anheuser-Busch Inbev Finance (ABIBB)
3.000
Nov 13, 2027 99.389 3.072
64 10
52,828
Apple * (AAPL)
Sep 20, 2018 100.494 1.809
n.a.
2
51,959
Commonwealth Bank Of Australia (New York Branch)* (CBAAU) 2.500
Oct 01, 2026 82.373 5.741
331 10
51,286
Teva Pharmaceutical Finance Netherlands Iii * (TEVA) 3.150
2.125
Apr 25, 2018 100.108 1.781
n.a.
2
50,388
Morgan Stanley* (MS)
1.800
Feb 05, 2018 99.994 1.847
n.a.
2
48,396
Citigroup (C)
3.250
Nov 15, 2027 101.656 3.050
62 10
46,924
Oracle * (ORCL)
4.125
Mar 16, 2027 104.588 3.536
112 10
46,616
Verizon Communications (VZ)
6.000
Jan 15, 2018 100.119 2.045
n.a.
2
46,416
JPMorgan Chase (JPM)
1.500
Jan 16, 2018 99.975 2.016
n.a.
2
46,175
Wells Fargo * (WFC)
2.500
Dec 10, 2018 100.297 2.181
n.a.
2
43,532
Bpce Sa* (BPCEGP)
2.500
Dec 14, 2020 100.277 2.402
41
3
43,455
Toronto-Dominion Bank (TD)
2.972
Jan 15, 2023 100.674 2.794
n.a.
5
42,958
Jpmorgan Chase * (JPM)
4.000
Jul 23, 2025 104.687 3.294
86 10
41,236
Morgan Stanley* (MS)
3.150
Feb 15, 2028 100.244 3.121
70 10
40,695
Comcast (CMCSA)
3.300
Dec 01, 2027 99.254 3.389
97 10
40,170
Pacific Gas And Electric Co (PCG)
2.000
Jan 11, 2018 100.002 1.892
n.a.
2
38,240
Bank of America (BAC)
1.708
Mar 01, 2019 99.810 1.873
2
37,558
Exxon Mobil * (XOM)
2.750
Dec 15, 2018 100.489 2.226
n.a.
2
36,154
Crane Co (CR)
Jan 29, 2018 99.990 1.857
n.a.
2
35,685
Federation Des Caisses Desjardins Du Quebec* (CCDJ) 1.750
3.500
Dec 15, 2027 99.153 3.602
118 10
35,404
Martin Marietta Materials (MLM)
2.750
Jun 01, 2023 99.740 2.802
60
5
35,113
Simon Property Group Lp (SPG)
4.350
Jun 15, 2045 92.128 4.873
212 30
34,912
AT&T (T)
Volume represents total volume for each issue; price/yield data are for trades of $1 million and greater.* Denotes a security whose last round
lot trade did not take place on the last business day prior to publication. ** Estimated spreads, in basis points (100 basis points is one
percentage point), over the 2, 5, 10 or 30-year hot run Treasury note/bond. 2-year: 1.750 11/19; 5-year: 2.000 11/22; 10-year: 2.250
11/27; 30-year: 2.750 08/47.†Comparable U.S. Treasury issue.
Source: MarketAxess Corporate BondTicker - www.bondticker.com
January 1, 2018
BARRON’S
M31
Mutual Funds
Net YTD 3-Yr.
NAV Chg. % Ret. % Ret.
Inco n
IncStk n
Intl n
IntmTerm n
IntTerBd n
LgTerm n
Nasdaq100 n
S&PIdx n
S&PReward n
SciTech n
ShtT n
ShtTBndA n
SmCpStk n
TarRet2020 n
TarRet2030 n
TarRet2040 n
TarRet2050 n
VA Bd n
ValueFd n
WldGr n
13.14
19.95
33.27
13.36
10.66
13.44
17.89
38.00
38.01
26.45
10.46
9.16
17.55
12.86
13.84
14.25
14.45
11.36
21.68
32.29
0.07
-0.01
0.25
0.06
0.03
0.06
-0.28
-0.12
-0.12
-0.18
0.00
0.01
-0.09
-0.27
-0.29
-0.26
-0.26
0.06
-0.07
0.09
5.7
16.6
28.1
5.7
5.9
5.8
32.3
21.5
21.6
36.0
1.8
2.3
10.1
12.7
16.1
18.5
19.4
4.6
15.2
23.9
10.8
26.6
29.3
8.2
10.5
10.3
51.2
35.2
35.6
52.8
2.3
5.5
22.7
17.7
21.7
24.4
25.6
8.7
25.5
28.7
For personal Do not edit or alter. Reproductions not permitted.
To reprint or license content, please contact Barron's reprints department at 800-843-0008 or
V
VALIC:
11.20
CoreBd
CoreVal
13.60
FrgnVal
11.10
GlobEq
9.45
HighYdBd
7.89
HlthSci
21.78
11.29
InflPro
IntlEq
7.66
IntlSmCpEq
21.07
MidCpIdx
29.42
MidCpVal
23.12
SciTech
29.81
SmCpIdx
22.81
SmCpVal
15.71
SocResp
22.00
StckIdx
40.81
11.49
StraBd
ValUltra
16.90
Van Eck Funds:
EmgMktsY
18.65
VANGUARD ADMIRAL:
400MCpIdxInst 254.85
500Adml n
246.82
BalAdml n
34.72
CAITAdml n
11.78
CALTAdml n
12.22
CapOpAdml nr 153.61
CoStIxAd nr
71.97
DivAppIdxAdm n 27.66
EMAdmr n
38.18
EnergyAd nr
49.42
EnergyAdml nr 100.82
EqIncAdml n
77.95
EuropeAdml n 74.01
ExplrAdml n
88.41
84.76
ExtndAdml n
FinIxdAd nr
35.08
GNMAAdml n 10.46
GroIncAdml n 77.11
GrwthAdml n 72.35
HltClxAd nr
77.09
HlthCareAdml nr 86.68
HYCorAdml nr 5.92
InfProAd
25.60
InfTechIdx n
84.31
IntlGrAdml n
95.58
ITBondAdml n 11.36
ITCorpIx
23.53
ITTresIdx
21.58
ITIGradeAdml n 9.75
ITsryAdml n
11.07
LarCapAd
61.86
LTGradeAdml n 10.65
LTsryAdml n
12.41
MidCpAdml n 191.55
MorgAdml n
90.71
MuHYAdml n 11.44
MuIntAdml n
14.13
MuLTAdml n 11.67
MuLtdAdml n 10.89
MuShtAdml n 15.71
NJLTAdml n
12.15
NYLTAdml n
11.77
PacifAdml n
89.97
PALTAdml n
11.61
PrmcpAdml nr 133.61
REITAdml nr
117.55
S&PSC600Idx 280.11
SmCapAdml n 70.78
SmGthAdml n 56.55
STBondAdml n 10.38
21.60
STCorpIx
STFedAdml n 10.62
STIPSIxAdm n 24.47
STIGradeAdml n 10.63
STsryAdml n 10.55
TotBdAdml n 10.75
TotIntBdIdxAdm n 21.70
TotIntlAdmIdx nr 30.52
TotStAdml n
66.72
TxMBal nr
30.72
0.05
-0.05
0.09
0.07
0.02
-0.01
0.08
0.04
0.26
-0.05
-0.01
-0.28
-0.10
-0.09
-0.04
-0.13
0.03
-0.06
4.6
18.1
17.0
41.3
7.9
27.7
4.9
24.4
39.4
15.9
14.5
41.3
14.4
4.9
20.7
21.4
6.8
30.2
8.1
35.1
20.3
33.7
17.4
27.3
5.7
22.7
49.5
34.3
27.0
61.3
30.8
26.0
32.8
34.9
13.4
38.6
NA
NA
NA
-0.41
-0.81
0.01
0.06
0.08
-0.93
-0.01
0.02
0.51
0.19
0.69
0.06
0.59
-0.13
-0.15
-0.22
0.02
-0.26
-0.29
-0.23
0.27
0.01
0.20
-0.84
0.15
0.05
0.11
0.07
0.04
0.04
-0.20
0.15
0.20
-0.04
-0.34
0.06
0.07
0.07
0.02
0.00
0.08
0.07
0.48
0.08
-0.85
1.61
-0.79
-0.07
-0.03
0.01
0.04
0.01
0.06
0.01
0.00
0.04
0.02
0.28
-0.19
0.04
16.2
21.8
13.9
4.9
6.9
29.2
11.8
22.2
31.4
-2.4
3.3
18.5
27.1
23.1
18.1
20.1
1.9
20.8
27.8
23.4
19.7
7.1
2.9
37.1
43.2
3.8
5.5
1.6
4.2
1.7
22.0
12.0
8.7
19.3
30.0
7.9
4.6
6.5
2.1
1.1
8.4
5.8
28.6
6.7
29.6
4.9
13.4
16.2
21.9
1.2
2.5
0.8
0.8
2.1
0.4
3.5
2.4
27.6
21.2
12.6
35.0
36.1
23.5
8.4
12.1
45.1
24.0
32.3
24.1
-4.7
6.3
35.1
22.0
31.0
31.1
47.1
5.5
36.1
38.0
26.2
21.4
17.7
6.3
60.9
43.1
8.3
12.4
4.6
10.2
4.8
35.6
18.7
8.9
29.0
41.5
13.7
8.1
11.9
3.6
2.1
12.8
11.3
36.6
12.2
45.5
14.6
39.1
30.8
30.0
3.7
6.6
3.0
3.6
6.3
2.2
6.9
8.5
26.5
35.1
21.4
Net YTD 3-Yr.
NAV Chg. % Ret. % Ret.
TxMCapAdml n 137.30
14.41
TxMIn nr
TxMSC nr
61.63
USGroAdml n 94.60
58.48
UtilIxAd nr
ValAdml n
41.41
WdsrllAdml n 67.12
WellsIAdml n 65.30
WelltnAdml n 72.58
WndsrAdml n 78.98
VANGUARD FDS:
AWxUSSCInv nr 45.35
CAIT n
11.78
66.50
CapOp nr
13.31
CapValue n
Convrt n
13.44
DevMktsIndInv n 11.16
40.79
DivAppIn n
26.55
DivdGro n
34.94
DivrEq n
EmgMktSelStk n 22.78
53.74
Energy nr
37.19
EqInc n
Explr n
95.01
36.66
EXPValFd n
FTAlWldIn nr 21.56
FTAlWldInAdml n 33.96
31.31
GlbEq n
GloMinVolFdAdm n 27.06
10.46
GNMA n
GroInc n
47.24
33.89
HiDvdYld n
205.54
HlthCare nr
HYCor nr
5.92
InflaPro n
13.04
21.29
IntlExplr n
IntlGr n
30.04
39.88
IntlVal n
INSTTRF2015 21.99
INSTTRF2020 22.53
INSTTRF2025 22.86
INSTTRF2030 23.12
INSTTRF2035 23.37
INSTTRF2040 23.62
INSTTRF2045 23.80
INSTTRF2050 23.82
INSTTRF2055 23.86
INSTTRF2060 23.86
21.50
INSTTRFINC
ITIGrade n
9.75
11.07
ITTsry n
19.96
LifeCon n
33.67
LifeGro n
LifeInc n
15.56
LifeMod n
27.14
10.65
LTIGrade n
12.41
LTTsry n
10.85
MATxEx n
MgdPayFdInv n 19.11
MidCpGro pn 26.41
MktNeuInv nr 11.66
Morg n
29.26
MuHY n
11.44
14.13
MuInt n
11.67
MuLong n
10.89
MuLtd n
MuSht n
15.71
OHLTte n
12.62
PrecMtlsMing nr 10.69
Primcp nr
128.89
26.90
PrmcpCor n
SelValu nr
31.27
STAR n
26.80
10.62
STFed n
STIGrade n
10.63
24.44
STIPSixInv n
StratgcEq n
33.97
StrSmCpEqInv n 35.63
10.55
STTsry n
TgtRe2015 n
15.33
31.38
TgtRe2020 n
TgtRe2025 n
18.50
TgtRe2030 n
33.63
20.69
TgtRe2035 n
TgtRe2040 n
35.77
22.50
TgtRe2045 n
TgtRe2050 n
36.20
TgtRet2055 n 39.23
TgtRe2060 n
34.64
TgtRetInc n
13.55
TotIntBdIxInv n 10.85
USGro n
36.52
19.15
USValue n
WellsI n
26.95
42.03
Welltn n
Wndsr n
23.42
WndsrII n
37.83
VANGUARD INDEX FDS:
246.82
500 n
34.72
Balanced n
EmerMkt nr
29.08
31.78
Europe n
Extnd n
84.80
ExtndIstPl
209.16
114.02
FTAIWdInPl
-0.43
0.11
-0.18
-0.30
0.27
-0.10
-0.17
0.28
0.08
-0.22
22.4
26.4
13.1
31.8
12.5
17.1
16.9
10.3
14.8
19.2
37.4
27.4
38.0
40.4
20.9
33.8
26.7
20.3
26.6
28.3
0.77
0.06
-0.41
-0.01
0.01
0.09
0.04
0.05
-2.07
0.23
0.37
0.03
-0.14
-0.02
0.17
0.26
0.10
0.04
0.02
-0.16
-0.05
0.63
0.01
0.10
0.25
0.05
0.20
-0.41
-0.39
-0.40
-0.39
-0.40
-0.41
-0.40
-0.40
-0.39
-0.37
-0.14
0.04
0.04
-0.15
-0.33
-0.10
-0.30
0.15
0.20
0.07
0.06
-0.06
-0.02
-0.11
0.06
0.07
0.07
0.02
0.00
0.09
0.21
-0.83
-0.14
-0.08
-0.99
0.01
0.01
0.06
0.00
-0.17
0.00
-0.80
-0.77
-0.40
-0.60
-0.39
-0.62
-0.39
-0.62
-0.64
-0.54
-0.15
0.01
-0.12
-0.03
0.11
0.05
-0.07
-0.10
30.1
4.8
29.1
13.0
8.8
26.3
22.1
19.3
22.7
32.0
3.2
18.4
23.0
13.3
27.2
27.3
27.8
16.0
1.8
20.7
16.4
19.6
7.0
2.8
38.8
43.0
28.0
11.5
14.1
15.9
17.6
19.1
20.7
21.5
21.5
21.5
21.4
8.5
4.1
1.6
11.0
19.2
7.0
15.0
11.9
8.6
6.0
13.3
22.0
-4.9
29.9
7.8
4.5
6.4
2.0
1.0
6.3
13.7
29.5
26.2
19.5
18.3
0.7
2.0
0.7
13.8
10.3
0.3
11.5
14.1
15.9
17.5
19.1
20.7
21.4
21.4
21.4
21.4
8.5
2.3
31.6
12.9
10.2
14.7
19.1
16.8
34.9
8.1
44.8
12.6
14.0
27.0
32.0
29.9
32.2
30.5
6.1
34.7
30.5
31.3
25.2
25.6
34.2
31.9
5.2
35.7
33.9
21.2
17.3
6.0
47.5
42.5
23.4
NS
NS
NS
NS
NS
NS
NS
NS
NS
NS
NS
9.9
4.5
16.8
26.3
12.0
21.6
18.3
8.6
10.4
20.1
21.2
2.8
41.0
13.4
7.8
11.6
3.3
1.8
12.2
23.6
45.2
41.5
32.4
24.9
2.7
6.0
3.3
30.4
27.3
1.9
17.1
20.3
22.5
24.2
26.0
27.7
28.6
28.5
28.4
28.4
13.6
8.4
39.9
27.4
20.1
26.3
27.9
26.4
-0.81
0.01
0.39
0.25
-0.15
-0.36
0.89
21.7
13.8
31.2
26.8
17.9
18.1
27.3
35.7
23.0
23.5
21.4
30.6
31.2
25.8
Net YTD 3-Yr.
NAV Chg. % Ret. % Ret.
FTSESoc n
17.48
72.36
Growth n
IdxITB n
11.36
29.08
ITCorpIxInst
14.42
LTBond n
MdCpGrAdml n 54.96
MdCpVlAdml n 57.74
43.89
MdCpVlIn n
42.23
MidCp n
27.56
REIT nr
RUSS2000IdxInst 233.92
70.76
SmCap n
45.24
SmGth n
31.82
SmVal n
SmValAdml n 57.02
10.38
STBond n
10.75
TotBd n
10.72
TotBd2 n
TotIntl n
18.24
66.70
TotSt n
TtlWldIxInv nr 30.22
41.42
Value n
VANGUARD INSTL FDS:
BalInst
34.72
DevMktsIndInst 14.43
DevMktsInxInst 22.56
EmgMktInstPl 96.59
29.03
EmMkInst r
31.56
EuroInst
ExDurTrsInst 36.29
ExtndInst
84.75
107.67
FTAlWldIst r
17.49
FTScinst
72.35
GrwthInst
InPrSeIn
10.43
243.46
InstIdx
243.48
InstPlus
59.47
InstTStIdx
InstTStPlus
59.47
11.36
ITBdInst
11.36
ITBdInstPI
254.61
LaCapInst
LTBdInst
14.42
14.42
LTBdInstPl
LTCorplxinst 31.85
42.32
MidCpInst
MidCpIstPl
208.69
18.19
REITInstl r
Rs1000GrwIdxInst 265.20
Rs1000Vl IdxInst 211.75
Russ1000IdxInst 237.15
Russ3000Idx 236.93
70.78
SmCapInst
SmCapIstPl
204.30
45.29
SmGthInst
31.87
SmValInst
STBdIdxInstPl 10.38
STBDInst
10.38
STCorpIxInst p 26.44
STIGradeInst 10.63
24.48
STIPSIxins
TotBdInst
10.75
10.72
TotBdInst2
10.75
TotBdInstPl
TotIntBdIdxInst 32.56
TotIntlInstIdx r 122.03
TotItlInstPlId r 122.05
66.73
TotStInst
TtlWrldIxInst p 151.44
68.23
TxMCaInst r
41.41
ValueInst
Victory Funds:
EstValA
40.58
40.59
EstValI
40.09
EstValR p
SmCap Grwth p 81.61
SmCoOppA
46.72
47.13
SmCoOppI
VirtusFunds:
CeredexLgCpVlEqI 16.35
CeredexMdCpVlEqI 12.66
CeredexSmCpVal I 11.97
GvSecUltShtBdI 10.01
10.40
TotRetBd I
VirtusFunds Cl A:
EmMktA
11.69
MulSStA p
4.75
VirtusFunds Cl C:
MulSStC p
4.81
VirtusFunds Cl I:
12.08
EmMktI
ForOppI
35.49
MulSStI
4.76
27.81
SmCapSusI
Voya Fds:
InmdBdI
10.11
16.85
RealEstI
TRPGrEqI
93.19
-0.08
-0.29
0.05
0.14
0.19
0.05
-0.07
-0.05
-0.01
0.38
-0.98
-0.07
-0.02
-0.04
-0.08
0.01
0.04
0.05
0.16
-0.19
0.08
-0.10
24.1
27.6
3.7
5.5
10.7
21.8
17.0
16.9
19.1
4.8
14.8
16.1
21.8
11.7
11.8
1.1
3.4
3.5
27.4
21.1
24.1
17.0
36.4
37.4
8.1
12.4
14.1
27.0
30.4
30.0
28.5
14.1
31.7
30.3
29.6
30.7
31.2
3.5
6.5
6.5
26.2
34.7
30.4
33.2
0.00
0.11
0.17
1.30
0.39
0.25
0.86
-0.15
0.84
-0.08
-0.29
0.08
-0.80
-0.79
-0.17
-0.17
0.05
0.05
-0.80
0.19
0.19
0.43
0.00
-0.04
0.25
-1.06
-0.38
-0.70
-0.71
-0.07
-0.20
-0.02
-0.04
0.01
0.01
0.05
0.01
0.06
0.04
0.05
0.04
0.03
1.09
1.09
-0.19
0.40
-0.21
-0.10
13.9
26.5
26.5
31.5
31.4
27.1
13.5
18.1
27.3
24.2
27.8
3.0
21.8
21.8
21.2
21.1
3.8
3.9
22.0
10.8
10.9
12.4
19.3
19.3
4.9
30.1
13.6
21.6
21.0
16.2
16.3
21.9
11.8
1.2
1.2
2.5
2.1
0.8
3.5
3.6
3.6
2.4
27.6
27.6
21.2
24.2
22.4
17.1
23.5
27.4
27.5
24.3
24.2
22.1
10.7
31.2
25.7
36.7
38.0
6.4
36.1
36.2
35.3
35.3
8.4
8.4
35.7
14.4
14.5
19.0
29.0
29.1
14.6
44.8
26.0
35.1
34.9
30.8
30.9
30.1
31.2
3.8
3.8
6.7
6.4
3.7
6.9
6.8
6.9
8.7
26.5
26.6
35.1
30.9
37.5
33.8
-0.19
-0.22
-0.17
NA
-0.36
-0.51
15.7
16.0
15.4
NA
11.5
11.9
38.5
39.8
37.8
NA
41.6
43.0
0.00 16.2 26.3
0.07 11.7 24.5
-0.04 10.3 32.4
NA NA NA
NA NA NA
0.14 34.1 24.0
NA NA NA
NA
NA
NA
0.15 34.5 25.0
0.26 32.7 30.3
NA NA NA
NA NA NA
0.03 4.8 9.9
0.07 5.1 11.2
-0.45 33.6 48.6
WXYZ
Waddell&Reed Advsrs:
AccmA
9.90 -0.06 15.0 21.4
Con IncA
9.64 0.00 11.4 12.4
Net YTD 3-Yr.
NAV Chg. % Ret. % Ret.
Hi IncA
6.71
HilncY p
6.71
MunHiA
4.74
NCcptA p
11.27
NCcptY r
12.76
Sc TechA
16.48
ScTechY r
18.79
16.51
SmCapA p
VangA
11.05
WilshireGlAll A p 8.55
WilshireGlAl Y r 8.64
Wasatch:
68.35
CoreGr n
IntlGr n
34.43
SmCapGr n
43.36
WCM Focus Funds:
WCMFocIntlGrwIns 15.74
Weitz Funds:
0.02
0.02
0.02
0.00
-0.01
-0.20
-0.22
-0.02
-0.02
0.04
0.04
7.2
7.5
4.3
27.1
27.3
32.0
32.3
23.7
29.2
15.9
16.3
16.2
17.1
9.1
25.2
26.3
27.4
28.3
36.3
37.6
2.3
3.1
-4.35 24.3 41.4
-0.39 33.0 39.9
-5.14 21.7 26.1
0.14 31.2 38.3
Data provided by
Net YTD 3-Yr.
NAV Chg. % Ret. % Ret.
PIIIOpp n
14.43
ShtDurIncInst n 12.21
42.66
ValueInv n
Wells Fargo Adv Admi:
Growth
38.23
MdCpValAdm 38.16
Wells Fargo Adv Cl A:
AstAllA p p
14.48
CmStkA p p
23.10
DivCapBldr
10.21
IdxAstAllA
33.03
48.18
OmegaGwth
OpptyA
43.08
PremLgCoGrthA 13.28
SpSmCpValA p p 35.06
UlStMuIncA
9.57
Wells Fargo Adv Cl C:
AstAllC p/r t
14.05
-0.25 5.4 3.3
-0.05 1.5 5.0
-1.53 15.5 12.4
NA
NA
NA
NA
NA
NA
-0.19 14.9 13.5
NA NA NA
NA NA NA
NA NA NA
NA NA NA
NA NA NA
NA NA NA
NA NA NA
NA NA NA
-0.06 13.9 11.0
MUTUAL FUND INDICATORS
November 2017
(Mil. $)
Latest
Month
Preceding
Month
Year Ago
Month
Total Long-Term Sales
259,452
r291,486
262,350
Redemptions
255,326
r268,108
302,096
Liquid Assets
793,313
r795,069
671,672
Liquid Assets Ratio, %
5.0%
5.1%
5.0%
Capital Appreciation
30,014
r36,048
32,753
Growth Funds
19,023
r25,181
20,718
Sector Funds
6,699
r6,783
8,470
Alternative Strategies
4,292
r4,083
3,565
World Equity
46,966
r51,080
40,229
Emerging Markets
7,119
r7,910
5,758
Global-Equity
8,777
r10,527
7,829
Int'l-Equity
29,683
r30,756
25,198
Regional-Equity
981
r1,271
1,121
Alternate Strategies
406
616
323
Total Return
65,382
r70,717
70,303
Value
19,502
r21,091
23,342
Blend
45,880
r49,626
46,961
Total Sales Equity Funds
142,362
r157,845
143,286
Hybrid Funds
18,063
r20,670
19,327
Asset Allocation Funds
792
622
900
Balanced Funds
6,952
r6,698
7,301
Flexible Portfolio
3,281
r3,705
3,529
Income Mixed
3,906
r4,713
4,237
Alternative Strategies
3,133
r4,932
3,359
Total Taxable Bond Funds
84,829
r97,528
85,019
Investment Grade Bond
43,994
r50,014
45,452
Multi-Term
15,690
r18,109
16,703
Long-Term
1,977
r3,104
2,114
Intermediate-Term
12,955
r15,670
13,309
Short-Term
7,334
r7,501
7,743
Ultrashort-Term
3,956
r3,740
3,214
Inflation Protected
2,081
r1,888
2,370
High-Yield Bond
8,937
r9,851
11,266
World Bond Funds
12,213
r13,730
9,749
Global Bond-Multi-Term
6,671
r7,198
5,263
Global Bond-Short-Term
1,348
r1,499
1,161
International Bond
4,195
r5,032
3,324
Gov't Bond Funds
6,291
r7,923
6,009
Gov't Bond-Multi-Term
1,013
r2,447
969
Gov't Bond-Long-Term
636
r499
399
Gov't Bond-Intermediate
447
r690
644
Gov't Bond-Short-Term
1,081
r843
1,011
Mortgage-Backed
3,113
r3,443
2,985
Total Muni Bond Funds
14,198
r15,443
14,718
State Muni Bond Funds
2,542
r2,686
2,925
National Muni Bond Funds
11,655
r12,757
11,793
Natl Muni-Multi-Term
8,545
r9,493
8,212
Natl Muni-Short-Term
3,110
r3,263
3,581
Total Money Market
1,445,045 r1,421,607
1,459,394
Taxable Money Market
1,427,720 r1,402,925
1,441,349
Treas & Repo Money Market
276,003
r294,534
289,403
Treas & Agency Money Market 1,019,353
r982,841
1,046,873
Prime Money Market
132,364
r125,549
105,073
Tax-Exempt Money Market
17,325
r18,682
18,045
National
14,382
r15,381
14,946
State
2,943
3,301
3,099
Total Sales All Funds
1,704,497 r1,713,093
1,721,744
Redemptions All Funds
1,642,863 r1,698,496
1,709,229
Purch Common Stock
290,454
r285,441
326,734
Sales Common Stock
308,956
r306,807
348,714
Purch Other Securities
528,232
r541,720
479,993
Sales Other Securities
453,189
r471,999
464,061
Liquid Asset Ratio, %
3.3%
r3.2%
3.2%
Total Net Assets (Bil. $)
18,597.9
r18,313.5
16,243.3
Stock Funds
10,246.4
10,045.4
8,497.6
Hybrid Funds
1,516.9
1,503.2
1,382.7
Taxable Bond
3,376.2
r3,363.0
3,013.8
Muni Bond
661.3
662.6
627.1
Taxable Money Mkt
2,668.5
2,611.1
2,592.2
Tax-Free Money Mkt
128.6
128.1
130.0
Net New Csh Flow (Mil $)
-4,865
r11,021
-52,423
Stock Mutual Funds
-16,433
r-15,971
-28,303
Hybrid Mutual Funds
-3,417
r-2,841
-7,595
Taxable Bond Funds
13,621
r27,830
-5,698
Muni Bond Funds
1,365
2,004
-10,827
Money Market Funds
57,012
-9,519
56,017
r-Revised.
Source: Investment Company Institute Research Dept.
Net YTD 3-Yr.
NAV Chg. % Ret. % Ret.
Wells Fargo Adv Inst:
12.87 NA NA NA
CoreBd
Growth
41.25 NA NA NA
MdCpVal
38.46 NA NA NA
UlStInc
8.47 NA NA NA
UlStMuInc
9.57 NA NA NA
Westcore:
PlusBd n
10.71 0.05 4.7 8.9
Western Asset:
CoreBondI
12.65 NA NA NA
CoreBondIS
12.66 NA NA NA
CorePlusBdA 11.81 NA NA NA
Net YTD 3-Yr.
NAV Chg. % Ret. % Ret.
CorePlusBdI
CorePlusBdIS
IntermTermMuniA
IntermTermMuniC
IntermTermMuniI
ManagedMuniA
ManagedMuniC
ManagedMuniI
ShortDurMuniC
TotalRetUnconI
Westwood:
11.82
11.81
6.42
6.43
6.42
16.36
16.37
16.38
5.07
10.76
NA
NA
0.02
0.02
0.02
0.08
0.08
0.08
0.00
NA
NA
NA
4.2
3.6
4.4
5.5
4.9
5.5
1.0
NA
NA
NA
6.5
4.7
7.0
8.7
6.8
9.0
0.7
NA
Net YTD 3-Yr.
NAV Chg. % Ret. % Ret.
IncomeOppI
15.81
Wilmington Funds:
Intl Inst
9.20
Wm Blair Funds Cl I:
IntlGthI r
31.13
20.70
SmCapValI
SmMidI r
24.48
Wm Blair Funds Cl N:
IntlGthN n
30.41
Wm Blair Funds Inst:
EmgMktGth
16.49
18.08
IntlGth
-0.02 11.0 14.5
0.07 33.6 28.2
0.25 29.5 24.9
-0.14 7.8 27.3
-0.04 28.9 42.3
0.24 29.1 23.7
0.21 49.1 29.4
0.15 29.5 25.2
DATES TO WATCH FOR
January
Data for
2 PMI Manufacturing Index (9:45 a.m.) - Final
ISM Manufacturing Report (10:00 a.m.)
December
December
3 Construction Spending (10:00 a.m.)
FOMC Minutes (2:00 p.m.)
Car Sales (3:45 p.m.)
November
4 Challenger Job-Cut Report (7:30 a.m.)
PMI Service Index (9:45 a.m.)
ISM Non-Mfg. Report (10:00 a.m.)
December
December
December
5 Employment Situation (8:30 a.m.)
International Trade (8:30 a.m.)
Factory Orders (10:00 a.m.)
December
November
December
8 Consumer Credit (3 p.m.)
November
9 NFIB Small Business Optimism Index (6 a.m.)
JOLTS (10:00 a.m.)
December
November
10 U.S. Import & Export Price Indexes (8:30 a.m.)
Wholesale Trade (10:00 a.m.)
December
November
11 PPI (8:30 a.m.)
Treasury Budget (2:00 p.m.)
November
December
12 Consumer Price Index (8:30 a.m.)
Retail Sales (8:30 a.m.)
Business Inventories (10:00 a.m.)
December
December
November
December
15 US Holiday: Martin Luther King Jr. Day
16 Empire State Manufacturers Survey (8:30 a.m.)
December
17 Industrial Production & Capacity Utilization (9:15 a.m.)
NAHB Housing Market Index (10:00 a.m)
Beige Book (2:00 p.m.)
Treasury International Capital Data (4 p.m.)
December
January
December
November
18 Housing Starts (8:30 a.m.)
Philadelphia FRB Business Outlook Survey (8:30 a.m.)
December
December
19 Michigan Consumer Sentiment (Preliminary) (10:00 a.m.)
January
24 FHFA House Price Index (9:00 a.m.)
Existing Home Sales (10:00 a.m.)
November
December
25 International Trade (8:30 a.m.)
New Home Sales (10:00 a.m.)
U.S. Leading Indicators Index (10:00 a.m.)
December
December
December
26 Durable Goods Shipments and Orders (8:30 a.m.)
GDP (8:30 a.m.) - Advanced
December
4th Qtr, 2017
29 Personal Income and Outlays (8:30 a.m.)
November
30 S&P/Case-Shiller Home Price Indices (9:00 a.m.)
Consumer Confidence (10:00 a.m.)
November
January
31 Employment Cost Index (8:30 a.m.)
Chicago Purchasing Manager's Report (9:45 a.m.)
Pending Home Sales Index (NAR) (10:00 a.m.)
FOMC Meeting (2:00 p.m.)
Note: Some dates and times are approximations.
4th Qtr, 2017
January
December
M32
BARRON’S
January 1, 2018
Weekly Closed-End Funds
For personal Do not edit or alter. Reproductions not permitted.
To reprint or license content, please contact Barron's reprints department at 800-843-0008 or
Stock
Fund Name (Symbol)
Exch NAV
Friday, December 29, 2017
General Equity Funds
Adams Diversified Equity (ADX) ......
AdvntClymrEnhG&I (LCM) .............
Boulder Growth & Income (BIF) ......
Central Secs (CET)-c ........................
CohenStrsCEOppFd (FOF) ..............
Cornerstone Str Val (CLM) ..............
Cornerstone Total Return (CRF) ......
Eagle Capital Growth (GRF)-c ...........
EVTxAdvDivIncm (EVT) ..................
Engex (EXGI) ..................................
Equus II (EQS) ................................
Foxby Corp (FXBY) .........................
GabelliDiv&IncTr (GDV) .................
Gabelli Equity Tr (GAB)-h .................
GeneralAmer (GAM) .......................
GuggenhEnhEq (GPM) ...................
JHancockTaxAdvDiv (HTD)-a ..........
Librty AllStr Eq (USA) .....................
Librty AllStr Gr (ASG) ......................
NuvTaxAdvTRStrat (JTA) ...............
Royce Micro-Cap Tr (RMT) .............
Royce Value Trust (RVT) .................
Source Capital (SOR) ......................
Special Opportunities (SPE) ............
Sprott Focus Trust (FUND) ..............
Tri-Continental (TY) ........................
Specialized Equity Funds
Adams Natural Resources (PEO) ....
GI NFJ DivInt&PremStr (NFJ) .........
AlpineGlbPremProp (AWP) ............
ASA Gold & Prec Met Ltd (ASA) .......
BR Enh C&I (CII) .............................
BlackRock Energy & Res (BGR) ......
BlackRock Eq Enh Div (BDJ) ...........
BlackRock Enh Glbl Div (BOE) .........
BlackRock Enh Intl Div (BGY) ..........
BlackRock Hlth Sciences (BME) ......
BlackRock Res & Comm (BCX) .......
BlackRock Sci&Tech Trust (BST) ....
BlackRock Utl Inf & Pwr (BUI) .........
Brookfield Gl Lsd Infr (INF) .............
CBRE ClrnGlbRlEst (IGR) ................
Center Coast MLP & Infra (CEN) ......
Centrl Fd Canada (CEF) ...................
ClearBridge Amer Engy ML (CBA) ...
ClearBridge Energy MLP (CEM) ......
CLEARBRIDGE ENGY MLP OPP (EMO)
CLEARBRIDGE ENGY MLP TR (CTR)
ChnStrGlbIncBldr (INB) ..................
ChnStrInfr (UTF)-a ...........................
COHEN & STEERS MLP INC&E (MIE)
Cohen&SteersQualInc (RQI) ...........
CohenStrsREITPref (RNP) ..............
Cohen&Steers TotRet (RFI) ............
Columbia Sel Prm Tech Gr (STK) .....
Cushing Energy Income (SRF) ........
CushingMLPTotRet (SRV)-d ............
Cushing Renaissance (SZC) ............
DNP Select Income (DNP)-a .............
Duff&Ph Glbl Util Inc Fd (DPG) ........
Duff&Ph Sel Engy MLP Fd (DSE) .....
EtnVncEqtyInc (EOI) .......................
EtnVncEqtyIncoII (EOS) .................
EVRskMnDvsEqInc (ETJ) ...............
ETnVncTxMgdBuyWrtInc (ETB) .....
EtnVncTxMgdBuyWrtOpp (ETV) .....
EvTxMnDvsEqInc (ETY) .................
EtnVncTxMgdGlbB (ETW) ..............
EVTxMnGblDvEqInc (EXG) .............
FiducClayMLPOppty (FMO) ............
First Trust Energy Inc G (FEN) .........
First Tr Enhanced Eq (FFA) ..............
First Tr Specialty Fn (FGB) ...............
FirstTrEnergyInfra (FIF) ..................
FirstTrMLPEner&Inc (FEI) ..............
Gab Gl Util & Inc (GLU)-h .................
Gabelli Healthcare (GRX)-h ..............
Gab Utility (GUT)-h ..........................
GAMCOGlGold&NatRes (GGN) .......
GAMCO NR GLD & INC TR (GNT) ....
Goldman Sachs MLP IncOpp (GMZ)
N
N
N
A
N
A
A
A
N
O
N
O
N
N
N
N
N
N
N
N
N
N
N
N
O
N
N
N
N
N
N
N
N
N
N
N
N
N
N
N
A
N
A
N
N
N
N
N
N
N
N
N
N
N
N
N
N
N
N
N
N
N
N
N
N
N
N
N
N
A
N
N
N
N
A
N
N
A
N
N
17.55
9.24
13.01
32.86
14.02
23.86
3.13
25.12
6.47
40.39
9.02
25.23
6.87
5.67
14.22
10.48
17.50
45.06
8.93
29.88
23.26
14.74
7.42
13.18
17.26
15.81
9.99
13.23
7.04
35.94
10.65
27.87
21.12
14.79
8.99
9.84
13.62
10.75
25.53
10.66
13.59
22.80
13.41
20.83
10.78
12.79
20.80
9.72
17.58
5.84
15.10
15.77
10.08
16.35
15.01
12.35
11.59
9.48
13.16
25.45
16.51
6.31
18.81
14.63
22.43
11.75
5.34
5.46
7.11
Market
Price
Prem
/Disc
52 Week
Market
Return
15.03
8.33
11.09
27.40
13.31
15.47
15.29
7.94
23.27
NA
2.40
NA
23.41
6.19
34.40
8.90
24.66
6.30
5.54
13.95
9.44
16.17
40.76
14.88
7.92
26.94
– 14.4
– 9.8
– 14.8
– 16.6
– 5.1
NA
NA
NA
– 2.5
NA
NA
NA
– 6.8
– 4.3
– 14.8
– 1.3
– 2.3
– 8.3
– 2.3
– 1.9
– 9.9
– 7.6
– 9.5
NA
– 11.3
– 9.8
29.5
10.7
29.3
30.5
23.4
25.6
25.1
15.1
21.8
NA
19.4
NA
24.1
23.5
21.3
24.5
16.4
34.6
44.5
33.0
25.2
30.6
17.2
18.0
22.2
28.0
19.84
13.05
6.74
11.32
16.38
14.18
9.23
12.51
6.52
36.50
9.79
26.69
21.62
12.93
7.92
9.96
13.40
8.28
15.27
11.80
11.62
9.88
24.00
10.25
12.65
21.27
12.77
22.25
9.36
11.94
20.30
10.80
15.52
5.85
14.51
15.22
9.63
16.73
15.37
12.19
11.92
9.38
13.15
26.51
16.19
6.14
17.93
15.65
21.30
10.32
7.10
5.21
6.71
8.94
–
–
–
–
–
–
–
–
–
+
–
–
+
–
–
+
–
4.6
12.7
44.9
2.8
27.7
5.1
20.7
28.9
27.4
23.2
27.0
57.4
26.0
9.0
17.3
6.7
18.7
1.0
7.8
0.0
0.2
26.4
34.1
2.7
11.7
19.6
13.9
34.6
1.0
4.1
25.9
14.1
9.2
12.0
26.3
27.8
18.9
9.8
13.4
28.7
30.6
29.6
0.5
9.6
28.9
3.7
6.6
6.4
34.9
15.0
25.6
14.8
9.7
0.4
–
–
–
–
–
–
+
–
–
–
+
–
+
–
–
–
+
+
–
+
–
–
+
–
–
–
+
–
–
+
–
–
14.7
11.5
9.2
14.1
5.1
10.3
7.6
5.4
7.4
1.6
8.1
4.2
2.4
12.6
11.9
1.2
1.6
NA
NA
NA
NA
8.1
6.0
3.8
6.9
6.7
4.8
6.8
13.2
6.6
2.4
11.1
11.7
0.2
3.9
3.5
4.5
2.3
2.4
1.3
2.8
1.1
0.1
4.2
1.9
2.7
4.7
7.0
5.0
12.2
33.0
4.6
5.6
NA
–
–
–
–
–
–
a-NAV and market price are ex dividend. b-NAV is fully diluted. cNAV is as of Thursday’s close. d-NAV is as of Wednesday’s close.
e-NAV assumes rights offering is fully subscribed. f-Rights offering
in process. g-Rights offering announced. h-Lipper data has been adjusted for rights offering. j-Rights offering has expired, but Lipper
data not yet adjusted. l-NAV as of previous day. o-Tender offer in
process. Source: Lipper
Data provided by
TRACKING CLOSED - END FUNDS
Fund Name (Symbol)
What a Year! 2017 was a banner year for investors as the Herzfeld Average and the
Dow gained 29.01% and 25.68%, respectively, through last Thursday. The average
discount of the Herzfeld Average ended the year at 6.75% after starting at 11.27%
40900
Net Asset Value
44200
42100
37300
40000
*Herzfeld
Closed-End
Average
33700
30100
37900
1Q
2Q
3Q
35800
4Q
% Disc/Prem From Net Asset Value
-6
-7
-8
-9
-10
-11
-12
26500
22900
Dow Industrials
1Q 17
2Q 17
3Q 17
19300
4Q 17
1Q 17
2Q 17
3Q 17
4Q 17
The Herzfeld Closed-End Average measures 15 equally-weighted closed-end funds based in the U.S. that invest principally in
American equities. The net assest value is a weighted average of the funds' NAVs. Source: Thomas J. Herzfeld Advisors Inc., Miami.
305-271-1900/www.herzfeld.com
Fund Name (Symbol)
Stock
Exch NAV
Goldman Sachs MLP&En Ren (GER)
J Han Finl Opptys (BTO) ..................
MacquarieGlbIInfraTR (MGU) .........
Macquarie/FirstTr Gl (MFD) ............
Madison CovCall & Eq Str (MCN) ....
MdsnStrSectPrem (MSP) ...............
Neuberger Berman MLP Inc (NML) .
NubrgrRlEstSec (NRO) ...................
Nuv Dow 30 Dyn Overwrite (DIAX) ..
Nuv AC Engy MLP Opps (JMLP) ......
NuvCorEqAlpha (JCE)-a ...................
NuveenDiversDiv&Inc (JDD)-a ........
Nuveen Engy MLP Tot Rtn (JMF) .....
Nuveen Nasdaq 100 Dyn Ov (QQQX)
Nuv Real Est (JRS) ..........................
Nuveen Rl Asst Inc & Gro (JRI) ........
NuvS&P500DynOvFd (SPXX) .........
NuvSP500BuyIncFd (BXMX) ..........
PIMGlbStkPI (PGP) ........................
PREDEX (PRDEX) ...........................
Principal Real Est Inc (PGZ) ............
ReavesUtilityIncome (UTG)-a ..........
Resource RE Div Inc:D (N/A) ...........
Resource RE Div Inc:T (N/A) ...........
Resource RE Div Inc:U (N/A) ...........
RMRRealEstInc (RIF) .....................
Salient Midstream & MLP (SMM) ...
Tekla Health Inv (HQH) ....................
Tekla Healthcare Opps (THQ) ..........
Tekla Life Sciences Inv (HQL) ..........
Tekla World Healthcare (THW) ........
Tortoise Energy Ind (NDP) ..............
Tortoise Enrgy Infra Crp (TYG) ........
Tortoise MLP (NTG) ........................
Tortoise Pipelne & Enrgy (TTP) .......
Tortoise Pwr & Engy Infr (TPZ) .......
Voya Asia Pac Hi Div Eq (IAE)-a ........
Voya Gl Adv & Prem Opp (IGA)-a ......
Voya Gl Eq Div & Prem Op (IGD)-a ....
Voya Itl Hi Div Eqty Inc (IID)-a ...........
Voya Nat Res Eq Inc (IRR)-a .............
Wells Fargo Ut & Hi Inc (ERH) .........
Income & Preferred Stock Funds
CalamosStratTot (CSQ) ..................
CohenStrsLtdDurPref&Inc (LDP)-a .
CohenStrsSelPref&Income (PSF)-a .
Del Div & Inc (DDF) .........................
Dividend & Income (DNI) ................
N
N
N
N
N
N
N
A
N
N
N
N
N
N
A
N
N
N
N
N
N
A
A
N
N
N
N
N
N
N
N
N
N
N
N
N
N
N
A
N
N
N
N
N
Market
Price
11.75
12.23
8.24
7.24
6.47
13.11
6.15
39.33
25.78
12.43
7.72
11.71
9.38
5.53
18.84
8.56
14.60
12.30
11.39
24.25
11.26
17.80
17.31
14.25
15.38
NA
17.19
30.94
NA
NA
NA
19.09
11.02
22.55
17.52
19.63
13.61
13.28
29.08
17.56
18.80
20.60
10.48
11.43
7.75
7.54
6.26
13.20
12.89
27.16
27.79
11.92
16.78
12.08
26.07
28.24
10.73
13.43
36.94
27.70
13.26
8.27
12.35
9.74
5.75
19.05
8.64
14.76
12.71
11.64
22.84
11.35
19.62
14.35
25.77
19.73
33.43
10.27
10.09
10.12
23.28
11.98
24.17
19.27
19.93
14.67
Prem
/Disc
+
–
–
–
–
–
–
–
–
–
–
–
+
–
–
–
–
–
–
–
–
–
–
–
–
–
–
+
–
+
NA
6.5
6.9
6.3
6.7
5.2
3.7
3.8
1.1
0.9
1.1
3.3
2.1
6.2
0.8
9.3
NA
0.7
NA
NA
12.9
7.4
NA
NA
NA
18.0
8.0
6.7
9.1
1.5
7.2
NA
NA
NA
NA
NA
10.8
6.5
5.9
4.1
3.2
0.7
– 6.3
– 4.0
+ 1.6
– 10.0
– 20.0
52 Week
Market
Return
–
–
–
–
–
–
–
–
6.2
13.1
38.8
19.7
9.9
7.5
7.1
13.3
33.7
5.5
32.0
22.6
6.5
39.6
14.3
22.0
27.9
19.7
28.3
NA
18.2
6.8
NA
NA
NA
0.4
11.7
16.0
21.8
25.5
16.9
8.6
4.1
0.8
5.1
0.2
30.1
26.1
25.8
27.5
8.3
18.3
27.1
14.5
16.9
15.7
19.0
Fund Name (Symbol)
Stock
Exch NAV
Eagle Gr and Inc Opps (EGIF) ..........
FirstTrIntDurPref&Inc (FPF)-a .........
FlrtyPfd Income (PFD) ....................
FFlrtyPfdIncomeOp (PFO) ...............
Flrty&CrmneDynPfd&Inc (DFP) ......
Flrty&CrmnePfdSec (FFC) ..............
Flrty&CrmneTotRet (FLC) ...............
Gabelli Go Anywhere Tr (GGO) ........
JHanPrefInc (HPI) ..........................
JHPrefIncII (HPF) ...........................
HnckJPfdInco III (HPS) ..................
J Han Prm (PDT)-a ...........................
LMP CapInco (SCD) ........................
Nuveen Pref & I 2022 Trm (JPT) ......
Nuveen Pref & Inc Opp (JPC) ..........
Nuveen Fd (JPS) .............................
Nuveen Pref & Inc Term (JPI) ..........
Nuveen TxAdvDivGr (JTD) ..............
RiverNorth DL Str Oppty (OPP) .......
RiverNorth Opportunities (RIV) ......
TCW Strat Income (TSI) ..................
Virtus Global Div & Inc (ZTR) ..........
Vivaldi Opportunities (XVAMX) .......
Convertible Sec's. Funds
AdvntClymrFd (AVK) ......................
Advent Clay Conv Secs (AGC) .........
AllianzGI Con & Inc 2024 (CBH) ......
GI Conv & Inc (NCV) .......................
AGI Conv & Inc II (NCZ) ...................
AGI Dvs Inc & Conv (ACV) ...............
AGI Eqty & Conv Inc (NIE) ...............
Bancroft Fund Ltd (BCV) .................
CalamosConvHi (CHY) ...................
CalmosConvOp (CHI) .....................
Ellsworth G&I Fund Ltd (ECF) ..........
Gabelli Conv Sec (GCV) ...................
PutnamHiIncBd (PCF) ....................
World Equity Funds
AbrdnAusEq (IAF)-a .........................
Aberdeen Chile (CH)-a .....................
Aberdeen EM SmCo Opptys (ABE)-a
AberdeenGreaterChina (GCH)-a .......
Aberdeen Indonesia (IF)-a ................
ISL (ISL)-a .......................................
Aberdeen Japan Equity (JEQ)-a ........
Aberdeen Latin Amer Eq (LAQ)-a ......
Aberdeen Singapore (SGF)-a ...........
AlpineGlobDynamicDiv (AGD) ........
N
N
N
N
N
N
N
N
N
N
N
N
N
N
N
N
N
N
N
N
N
N
N
19.65
24.88
14.33
11.93
26.27
20.33
21.66
20.30
21.52
21.27
18.95
15.23
N
N
N
N
N
N
N
A
N
N
A
N
N
A
A
A
N
A
A
N
A
N
N
Market
Price
Prem
/Disc
52 Week
Market
Return
16.59
24.37
14.98
11.81
26.67
20.46
21.61
NA
21.42
21.49
18.75
17.13
13.95
25.12
10.34
10.20
24.76
17.58
18.38
20.02
NA
13.40
NA
– 15.6
– 2.0
+ 4.5
– 1.0
+ 1.5
+ 0.6
– 0.2
NA
– 0.5
+ 1.0
– 1.1
+ 12.5
NA
– 0.3
– 3.8
– 1.5
– 4.6
– 2.7
NA
– 0.1
NA
NA
NA
8.6
15.9
11.1
14.1
20.7
17.1
17.0
NA
13.8
14.8
14.3
21.9
14.6
NS
13.3
18.0
15.9
36.3
8.4
17.2
NA
29.6
NS
17.50
6.66
9.79
6.67
5.98
22.77
23.15
24.12
11.64
11.05
10.32
5.57
9.69
15.88
5.99
9.10
7.03
6.21
21.84
21.13
21.76
11.85
11.19
9.41
5.90
9.02
– 9.3
– 10.1
– 7.0
+ 5.4
+ 3.8
– 4.1
– 8.7
– 9.8
+ 1.8
+ 1.3
– 8.8
+ 5.9
– 6.9
17.3
11.6
NS
23.8
22.0
27.9
23.6
11.3
23.4
21.8
19.4
44.1
14.5
6.52
9.83
16.08
13.73
8.45
22.21
10.14
29.16
13.63
11.85
6.37
8.93
14.54
12.46
7.64
NA
9.02
26.72
12.42
10.80
–
–
–
–
–
30.2
53.7
31.1
45.9
20.9
NA
34.7
37.1
46.7
33.0
25.19
10.75
10.36
25.95
18.07
20.04
–
–
–
–
2.3
9.2
9.6
9.2
9.6
NA
11.1
8.4
8.9
8.8
Stock
Exch NAV
AlpineTotalDynDivFun (AOD) .........
AsiaPacFd (APB) ............................
Asia Tigers (GRR)-a .........................
Calamos GloDynInc (CHW) .............
Cdn Genl Inv (CGI)-y ........................
Cdn Wrld Fd Ltd (T.CWF)-y ...............
Central and Eastern Euro (CEE)-a .....
China (CHN) ...................................
CloughGlobDivandInc (GLV) ..........
CloughGlobalEquity (GLQ) .............
CloughGlobalOpprty (GLO) .............
Delaware Enh Gl Div & In (DEX) .......
EV TxAdvGlbDivInc (ETG) ...............
EtnVncTxAdvOpp (ETO) .................
Economic Inv Tr (EVT.T)-cy ..............
European Equity Fund Inc (EEA)-a ....
FirstTrAbEmergOp (FEO) ................
FirstTr Dyn Euro Eq Inc (FDEU) .......
Gabelli Gl Sm&Mid Cp Val (GGZ) .....
Gabelli Multimedia (GGT)-h .............
GDL Fund (GDL) .............................
Herzfeld Caribb (CUBA) ..................
India Fund (IFN)-a ............................
J Han Hdgd Ety & Inc (HEQ) ............
JHancockTaxAdv Gl Sh Yld (HTY) ...
Japan Smaller Cap (JOF) .................
Korea (KF) ......................................
LatAmDiscy (LDF) ..........................
LazardGlbTotRetInc (LGI) ...............
LazardWorldDiv&IncFd (LOR) ........
MexicoEqandIncmFd (MXE) ...........
Mexico (MXF) .................................
Miller/Howard High Inc E (HIE) .......
MS Asia (APF) ................................
MS ChinaShrFd (CAF)-J ...................
MS EmgMkt (MSF) .........................
MS India (IIF) ..................................
New Germany (GF)-a .......................
New Ireland (IRL) ...........................
RENN Fund (RCG) ..........................
Royce Global Value Trust (RGT) ......
Swiss Helvetia (SWZ) .....................
Taiwan (TWN)-a ..............................
Templeton Dragon (TDF) ................
Templeton Em Mkt (EMF) ...............
ThaiFd (TTF) ...................................
United Corps Ltd (UNC.T)-cy ............
VirtusTotalRetFd (ZF) .....................
Voya Em Mkts Hi Div Eqty (IHD)-a ....
Voya Infr Indus & Matr (IDE)-a .........
Fund Name (Symbol)
N
N
N
N
T
T
N
N
A
A
A
N
N
N
T
N
N
N
N
N
N
O
N
N
N
N
N
N
N
N
N
N
N
N
N
N
N
N
N
A
N
N
N
N
N
N
T
N
N
N
10.26
15.15
13.64
9.16
33.15
9.49
27.44
23.43
13.16
18.56
24.93
10.97
17.90
19.87
14.63
9.34
11.59
29.50
17.64
8.85
13.44
46.65
13.04
19.81
12.70
18.08
12.57
21.01
28.14
20.39
37.32
21.49
14.36
12.48
14.10
23.19
10.99
9.77
16.63
Stock
Exch NAV
Wells Fargo Gl Div Oppty (EOD) .......
U.S. Mortgage Bond Funds
BlckRk Income (BKT)-a ....................
First Trust Mtge Inc (FMY) ..............
Nuveen Mtge Oppty Term (JLS)-a ....
Nuveen Mtge Oppty Term 2 (JMT)-a .
Nuveen Multi-Market Inc (JMM)-c ...
Westn Asst Mtge Def Opp (DMO)-a ..
Investment Grade Bond Funds
BlRck Core Bond (BHK)-a .................
BR Credit Alloc Inc (BTZ)-a ...............
BR Enhcd Govt (EGF)-a ....................
Insight Select Income (INSI)-a .........
InvescoBond (VBF) .........................
J Han Income (JHS) ........................
MFS Govt Mkts (MGF) ....................
MFS Intmdt (MIN) ..........................
MS Income Secs (ICB) ....................
Western Asset Income (PAI) ...........
WesternAssetPremBd (WEA) .........
InfLnkOpp&Income (WIW) .............
InfLnkSec&Income (WIA) ..............
Westn Asst IG Def Opp Tr (IGI) ........
Loan Participation Funds
Apollo Senior Floating (AFT) ...........
BR Debt Strategy (DSU)-a ................
BR F/R Inc Str (FRA)-a ......................
BlackRock Floatng Rt Inc (BGT)-a ....
Blackstone / GSO Strat (BGB)-a ........
Blackstone/GSO LS Cr Inc (BGX)-a ...
Blackstone/GSO Sr Flt Rt (BSL)-a .....
Dreyfus Alcntr GCI 2024 (DCF) ........
Eagle Point Credit (ECC) ..................
Eaton Vance F-R 2022 TT (XEFLX)-a .
EtnVncFltRteInc (EFT)-a ..................
EtnVncFltRteIncPlus (EFF) ..............
EV SenFlRtTr (EFR)-a .......................
EVSnrIncm (EVF)-a ..........................
Market
Price
9.47
14.41
12.37
9.08
23.73
6.50
24.39
21.65
13.34
13.37
10.88
12.13
17.33
25.40
NA
9.87
16.32
18.83
12.74
9.20
9.73
7.15
26.12
17.41
8.82
11.81
41.27
11.49
18.00
11.63
10.26
15.75
12.47
18.40
23.38
17.89
33.15
19.44
12.53
1.50
10.81
12.76
20.87
21.51
16.41
10.76
101.50
12.90
8.90
16.85
Market
Price
Prem
/Disc
– 7.7
– 4.9
– 9.3
– 0.9
– 28.4
– 31.5
– 11.1
– 7.6
NA
NA
NA
– 7.8
– 6.6
+ 1.9
NA
– 10.0
– 8.8
– 5.2
– 12.9
– 1.5
– 16.0
NA
– 11.5
– 1.3
– 0.3
– 12.1
– 11.5
– 11.9
– 9.1
– 8.4
NA
– 12.9
– 0.8
– 12.4
– 16.9
– 12.3
– 11.2
– 9.5
– 12.7
NA
– 13.3
– 9.5
– 10.0
NA
NA
– 2.1
NA
NA
– 8.9
+ 1.3
52 Week
Market
Return
35.2
57.9
39.3
42.6
26.3
40.0
21.3
47.6
22.3
32.8
34.8
26.8
32.7
33.7
NA
29.1
28.0
31.5
29.8
40.2
4.7
8.1
37.2
22.0
0.0
40.8
42.5
24.1
39.3
25.5
12.4
7.2
12.2
37.4
44.9
36.2
49.7
54.4
19.1
23.2
35.9
26.2
33.7
42.2
45.2
54.2
NA
25.1
29.8
39.6
12 mos
Prem
Yield
/Disc 11/30/17
N
6.43
7.8
20.5
N
N
N
N
N
N
6.56
15.46
24.70
23.88
8.13
5.93 –
6.17
14.30
24.69
23.74
7.62
24.67
–
–
+
–
–
5.9
7.5
0.0
0.6
6.3
NA
5.1
5.5
5.3
5.4
5.7
10.8
N
N
N
N
N
N
N
N
N
N
N
N
N
N
14.83
14.73
13.94
NA
20.22
15.37
NA
NA
19.59
NA
NA
NA
NA
NA
14.04
13.32
13.40
19.90
19.89
14.85
4.79
4.15
18.35
15.83
13.81
11.42
11.79
22.86
–
–
–
5.3
9.6
3.9
NA
1.6
3.4
NA
NA
6.3
NA
NA
NA
NA
NA
5.5
6.3
3.6
3.8
4.2
5.4
7.9
9.4
3.9
4.4
6.3
3.7
3.4
4.6
N
N
N
N
N
N
N
N
N
N
N
N
N
N
17.87
12.62
14.87
14.35
NA
NA
NA
9.79
NA
NA
NA
NA
NA
NA
16.22
11.70
13.79
13.92
15.71
15.92
18.00
9.40
18.81
NA
14.33
16.31
14.44
6.52
–
–
–
–
9.2
7.3
7.3
3.0
NA
NA
NA
4.0
NA
NA
NA
NA
NA
NA
7.5
7.1
5.8
5.5
8.5
9.3
6.7
NS
8.6
NS
5.8
5.8
6.1
5.7
–
–
–
–
TOP RETAIL MONEY FUND YIELDS
(10 Highest 7-Day Compound Yields for Period Ended December 26, 2017)
Government Money Funds
Prime Money Funds
7-Day Yields
Simple
Compound
Vanguard Federal MMF
PIMCO Govt MMF/Cl A
Vanguard Treasury MMF h
Gabelli US Treasury MMF/Cl AAA
Deutsche Gov&Agy/Deutsche G&A MF k
Payden Cash Reserves MMF k
Northern US Govt MMF k
PNC Government MMF/Cl A k
Northern US Govt Select MMF k
Ivy Govt MMF/Cl A k
1.18%
1.16
1.14
1.13
1.12
1.01
1.00
1.00
0.99
0.95
1.19%
1.17
1.15
1.14
1.13
1.02
1.00
1.00
0.99
0.95
iMoneyNet MONEY FUND
AVERAGETM/GOVT
0.64%
0.64%
Telephone #
(800) 662-7447
(800) 426-0107
(800) 662-7447
(800) 422-3554
(800) 730-1313
(800) 572-9336
(800) 595-9111
(800) 622-3863
(800) 595-9111
(888) 923-3355
Yield column represents compounded (effective) rate of return to shareholders for the past
seven days. Past returns are not necessarily indicative of future yields. Investment quality
and maturity may vary among funds.
Tax-Free Money Funds
7-Day Yields
Simple
Compound
Fidelity Inv Money Market/Instit kh
BlackRock MMP/Instit Cl k h
JPMorgan Liquid Assets MMF/Capitalk h
Federated Prime Cash Oblig/Wealthk h
First Amer Retail Prime Obligs/ClZ k h
Vanguard Prime MMF/Investor
Invesco Premier Portfolio/Inst k
Dreyfus Prime MMF/Cl A h
Schwab Value Adv MF/Ultra k h
BMO Prime MMF/Premier k h
1.47%
1.39
1.39
1.37
1.36
1.36
1.34
1.32
1.32
1.29
1.48%
1.40
1.40
1.38
1.37
1.37
1.35
1.33
1.33
1.30
iMoneyNet MONEY FUND
AVERAGETM/TAXABLE
0.89%
0.90%
7-Day Yields
Simple
Compound
Telephone #
(800) 544-6666
(800) 441-7762
(800) 480-4111
(800) 245-0242
(800) 677-3863
(800) 662-7447
(800) 525-8085
(800) 242-2224
(800) 435-4000
(800) 236-3863
(k) All or a portion of fund's expenses are currently being waived or reimbursed.
(h) Fund requires a minimum initial investment of $50,000 or more. Table excludes funds
with restricted access.
UBS Tax-Free Preferred Fund k h
JPMorgan Muni MMF/Instit k h
Western Asset Select T-F Rsv/Select k h
First Amer Retail T-F Oblig/Cl Z kh
BlackRock Liquidity:NY Money Instk h
Schwab Municipal MF/Ultra k h
BNY Mellon National Muni MMF/Cl M
Deutsche T-E/Deutsche T-E Cash Prem k h
BlackRock Liquidity:MuniFund Instk h
Federated Muni Oblig Fund/Wealth kh
1.25%
1.21
1.19
1.18
1.17
1.17
1.15
1.13
1.12
1.12
1.26%
1.22
1.20
1.19
1.18
1.18
1.16
1.14
1.13
1.13
iMoneyNet MONEY FUND
AVERAGETM/TAX-FREE
0.79%
0.79%
Telephone #
(800) 647-1568
(800) 480-4111
(800) 331-1792
(800) 677-3863
(800) 821-7432
(800) 435-4000
(800) 645-6561
(800) 730-1313
(800) 821-7432
(800) 341-7400
Reprinted in condensed form with permission from MONEY FUND REPORT, a service of
iMoneyNet, Inc., Westborough, Mass. 01581, (508) 616-6600. On the Web at http://
www.imoneynet.com.
January 1, 2018
BARRON’S
M33
Weekly Closed-End Funds
For personal Do not edit or alter. Reproductions not permitted.
To reprint or license content, please contact Barron's reprints department at 800-843-0008 or
Fund Name (Symbol)
Stock
Exch NAV
FT/Sr Fltg Rte Inc 2 (FCT) ................ N
FT/Sr Fltg Rte 2022 TgTr (FIV)-a ....... N
Highland Flt Rt Opp (HFRO) ............. N
InvDYCrOpp (VTA) ......................... N
InvSnrIncTr (VVR) .......................... N
Nuveen Credit Strat Inc (JQC) ......... N
NuvFloatRateIncFd (JFR) ................ N
NuvFloatRteIncOppty (JRO) ........... N
Nuveen Senior Income (NSL) .......... N
Nuveen Sht Dur Crdt Opp (JSD)-a .... N
PionrFltRate Tr (PHD)-a ................... N
THL Credit Senior Loan (TSLF) ........ N
Voya Prime Rate Trust (PPR)-a ........ N
WA Corporate Loan (TLI) ................ N
High Yield Bond Funds
Aberdeen Inc Credit Str (ACP)-a ....... N
AllianceBernGlHiIncm (AWF) .......... N
Barings Glb SD HY Bd (BGH) ........... N
BR Corporate HY (HYT)-a ................. N
BlackRock Ltd Dur Inc (BLW)-a ........ N
Brookfield Real Asst Inc (RA) .......... N
CrSuisHighYld (DHY) ..................... A
CSAM Income Fd (CIK) ................... A
DoubleLine Inc Sol (DSL) ................ N
Dryfs Hi Yld Str (DHF) ..................... N
EVHiInc2021 (EHT)-a ...................... N
First Tr Hi Inc Lng/Shrt (FSD) .......... N
FirstTrStrHiInc2 (FHY) .................... N
Franklin Univ (FT) ........................... N
Guggeneheim Strat Opps (GOF) ...... N
InvHighIncTrII (VLT) ...................... N
IVY HIGH INCOME OPP (IVH) ......... N
MFS IntmdHgInc (CIF) .................... N
MFS Special Value (MFV) ................ N
NeubHgYldStrt (NHS) ..................... N
New Amer Hi Inc (HYB) ................... N
NexPointCreditStrat (NHF) ............. N
Nuveen Crdt Opps 2022 TT (JCO) .... N
Nuveen Global High Inc (JGH) ......... N
Nuveen Hi Inc 2020 Trgt (JHY) ........ N
Nuveen HI Dec 2018 Tgt (JHA)-a ...... N
Nuveen HI Dec 2019 Tgt (JHD)-a ...... N
Nuveen HI Nov 2021 Tgt (JHB) ........ N
PIMCO Flexible Cr I;Inst (N/A) .........
PionrDivHiIncTr (HNW) .................. A
PioneerHilncmTr (PHT)-a ................ N
Prudential Gl Sht Dur HY (GHY)-a ..... N
Prudential Sht Dur HY (ISD)-a .......... N
Wells Fargo Income Oppty (EAD) .... A
WstAstGlHiInco (EHI) ..................... N
WstAstHIF II (HIX) .......................... N
Western Asset Hi Inc Opp (HIO) ...... N
Western Asset Hi Yld D O (HYI) ....... N
Other Domestic Taxable Bond Funds
Apollo Tactical Income (AIF) ........... N
Ares Dynamic Crdt Alloc (ARDC) ..... N
Barings Corporate Inv (MCI)-a ......... N
Barings Part Inv (MPV)-a ................. N
BlackRock Mlt-Sctr Inc (BIT)-a ......... N
BlackRock Tax Muni Bd (BBN)-a ...... N
DoubleLine:Oppor Crdt Fd (DBL) .... N
Duff&Ph Util Cor (DUC) .................. N
EVLmtDurIncm (EVV) ..................... A
Franklin Ltd Dur Income (FTF)-a ....... A
Guggenheim Credit Alloc (GGM) ..... N
Guggenheim Tx Mun Mgd Dr (GBAB)
N
Invesco HI 2023 Tgt Term (IHIT) ..... N
Invesco HI 2024 Tgt Term (IHTA) .... N
J Han Investors (JHI) ...................... N
KKR Income Opportunities (KIO)-a .. N
MFS Charter (MCR) ........................ N
MFS Multimkt (MMT) ..................... N
Nuveen Bld Amer Bd Oppty (NBD) ... N
Nuveen Build Amer Bond (NBB) ...... N
PCM Fund (PCM) ............................ N
PIMCO Corp & Inc Oppty (PTY) ....... N
PIMCO Corp & Inc Strat (PCN) ........ N
PIMCOHilnco (PHK) ....................... N
PIMCO IncmStrFd (PFL) ................. N
PIMCO IncmStrFd II (PFN) .............. N
Putnam Mas Int (PIM) .................... N
Putnam Prem Inc (PPT) .................. N
Wells Fargo Multi-Sector (ERC) ...... A
World Income Funds
Abrdn AP IncFd (FAX)-a ................... A
Aberdeen Global Income (FCO)-a ..... N
BlackRock 2022 Gl Inc Op (BGIO)-a .. N
EtnVncStDivInc (EVG) .................... N
First Tr/Ab Glbl Inc (FAM) ................ N
Legg Mason BW Gl Inc Opp (BWG) .. N
MS EmMktDomDebt (EDD) ............ N
Market
Price
14.07
9.69
15.12
13.08
4.87
9.06
11.51
11.42
6.82
17.65
12.34
18.37
5.63
NA
12.90
9.13
NA
11.71
4.39
8.22
11.21
11.40
6.51
16.63
11.47
16.86
5.07
10.52
14.99
13.93
20.95
12.17
16.94
NA
2.77
3.58
NA
3.52
NA
18.01
14.49
NA
19.74
16.28
16.02
NA
NA
13.20
10.19
26.35
9.93
18.52
9.89
10.05
10.18
10.12
NA
17.35
10.73
16.24
16.41
NA
NA
NA
NA
NA
12 mos
Prem
Yield
/Disc 11/30/17
–
–
8.3
5.8
NA
10.5
9.9
9.3
2.6
0.2
4.5
5.8
7.1
8.2
9.9
NA
6.2
NS
NA
7.3
5.9
7.5
7.4
7.8
7.4
7.5
6.3
7.3
5.9
7.8
14.03
12.76
19.38
10.94
15.89
23.37
2.84
3.31
20.19
3.34
10.00
16.56
12.87
7.17
21.58
14.71
15.12
2.94
5.92
11.76
9.40
25.29
9.49
16.91
9.91
9.91
10.02
9.96
NA
15.75
9.70
14.41
14.77
8.40
10.22
6.97
5.07
15.12
– 6.4
– 8.4
– 7.5
– 10.1
– 6.2
NA
+ 2.5
– 7.5
NA
– 5.1
NA
– 8.1
– 11.2
NA
+ 9.3
– 9.6
– 5.6
NA
NA
– 10.9
– 7.8
– 4.0
– 4.4
– 8.7
+ 0.2
– 1.4
– 1.6
– 1.6
NA
– 9.2
– 9.6
– 11.3
– 10.0
NA
NA
NA
NA
NA
10.5
6.8
9.5
8.1
7.8
NS
9.6
8.0
8.9
9.1
5.9
8.8
8.3
5.7
10.1
7.0
10.0
9.7
9.2
7.6
7.7
10.1
NS
8.7
6.1
5.1
5.8
6.0
NS
9.1
8.2
7.9
7.9
8.8
8.7
8.9
7.2
7.9
17.45
NA
NA
NA
19.71
23.87
NA
9.63
NA
NA
22.38
23.36
10.06
9.85
18.37
NA
NA
NA
23.84
22.54
NA
NA
NA
NA
NA
NA
5.02
5.58
NA
15.75
16.42
15.26
14.10
18.15
23.19
22.19
8.85
13.65
11.83
21.93
22.76
9.79
10.31
17.50
16.05
8.48
6.07
23.05
21.98
11.57
16.46
17.20
7.46
11.68
10.43
4.77
5.33
13.06
–
9.7
NA
NA
NA
7.9
2.8
NA
8.1
NA
NA
2.0
2.6
2.7
4.7
4.7
NA
NA
NA
3.3
2.5
NA
NA
NA
NA
NA
NA
5.0
4.5
NA
8.9
6.9
3.8
1.9
9.8
6.8
9.0
6.6
7.3
12.8
9.95
6.7
5.5
NS
7.4
10.0
8.9
8.8
5.1
5.6
12.7
10.4
10.6
13.6
9.4
9.2
6.5
6.0
9.6
5.46
9.19
9.98
15.25
12.95
NA
8.90
4.88
8.82
9.80
14.35
11.66
12.77
7.70
– 10.6
– 4.0
– 1.8
– 5.9
– 10.0
NA
– 13.5
8.5
9.4
NS
7.1
7.9
8.4
8.6
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
+
–
–
–
–
–
Fund Name (Symbol)
Stock
Exch NAV
Ms EmMktDebtFd (MSD) ................
Nuveen EM Dbt 2022 Tg Tr (JEMD) .
PIMCO Dyn Crd & Mrt Inc (PCI) .......
PIMCO Dynamic Income (PDI) ........
PIMCO Income Opportunity (PKO) ..
PIMCO Stratg Inc (RCS) ..................
StoneHarbor EM Tot Inc (EDI) .........
StoneHarbor Emg Mkts Inc (EDF) ...
Templeton Em Inc (TEI) ..................
Templtn Glbl Inc (GIM) ...................
Virtus Gl MSec Inc (VGI) .................
WstAstEmergDebt (EMD) ...............
Western Asset Gl Cr D Op (GDO) .....
WstAstVarRte (GFY) .......................
National Muni Bond Funds
AllBerNatlMunInc (AFB) .................
BlckRk Inv Q Mun (BKN) .................
BlckRk L-T Muni Adv (BTA) .............
BR Mu InDur (MUI) .........................
BR MuniNY IntDu (MNE) ................
BlckRk Muni 2018 (BPK) ................
BlackRock Muni 2020 (BKK) ...........
BlackRock Muni 2030 Tgt (BTT) ......
BlackRock Mun Bd (BBK) ................
BlackRock Muni (BFK) ....................
BlackRock Muni II (BLE) .................
BlckRk Mun Inc Inv (BBF) ...............
BlckRk Muni Inc Qly (BYM) .............
BlckRk Muni Inc Inv Qly (BAF) .........
BR MuniAssets Fd (MUA) ...............
BR MuniEnhanced (MEN) ...............
BR MuniHoldng2 (MUH) .................
BR MuniHoldings Qly (MFL) ...........
BR MH Qly (MUS) ...........................
BR MH Qly 2 (MUE) .........................
BR MuniHoldngs (MHD) .................
BR MuniVest Fd (MVF) ....................
BR MuniVest 2 (MVT) .....................
BR MuniYield Fd (MYD) ..................
BR MuniYld Invest Qly (MFT) ..........
BR MuniYield Qlty (MQY) ................
BR MuniYld Qlty2 (MQT) ................
BR MuniYld Qly 3 (MYI) ..................
BR MuniYldInv (MYF) .....................
BlckRk Str Muni (BSD) ....................
Del Inv Natl Muni Income (VFL) .......
Deutsche Muni Inc (KTF) ................
Deutsche Strat Mun (KSM) .............
Dreyfus Muni Bd Infra (DMB) ..........
Dreyfus Income (DMF) ...................
Dreyfus Str Muni (DSM) .................
Dreyfus St Munis (LEO) ..................
DTF Tax-Free Income (DTF)-a ..........
EVMuniBd (EIM) .............................
EVMuniBdII (EIV) ...........................
EVMuniIncm (EVN) ........................
EVNatMuniOpp (EOT) .....................
Eaton Vance Tx-Ad Bd&Opt (EXD) ...
FedPremMuInc (FMN) ....................
InvAdvMuIncTrII (VKI) ...................
Invesco MuniOp (OIA) ....................
InvescoMuOppTr (VMO) ................
InvescoMuTr (VKQ) ........................
InvescoQual Inc (IQI) ......................
InvTrInvGrMu (VGM) .....................
InvescoValMunInc (IIM) .................
MAINSTAY:DEFTERM MUNIOPP (MMD)
MFS HgIncMuniTr (CXE) ................
MFS HgYldMuniTr (CMU) ...............
MFS Inv Gr (CXH) ...........................
MFS Muni Inco (MFM) ....................
Mgd Dur Inv Grade Muni (MZF) .......
NeubrgrBrmCA (NBW)-a .................
NeubrgrBrm (NBH)-a .......................
NeubrgeBrmNY (NBO)-a ..................
Nuveen AMT-Fr Mu Val (NUW) ........
Nuveen AMT-Fr Qlty Mun I (NEA) ....
Nuveen AMT-Fr Mu CI (NVG) ..........
Nuv Enh Muni Cr Inc (NZF) ..............
Nuveen Enh Muni Val (NEV) ............
Nuveen Int Dur Mun Term (NID) ......
Nuveen Int Dur Qlty Mun (NIQ) ........
NuvMuni2021TgtTerm (NHA) .........
NuvMuniHiIncOpp (NMZ) ...............
Nuveen Muni Inc (NMI) ...................
Nuveen Muni Val (NUV) ..................
Nuveen Quality Muni Inc (NAD) .......
Nuveen Sel Mat (NIM) .....................
Nuveen Sel TF (NXP) .......................
Nuveen Sel TF 2 (NXQ) ....................
Nuveen Sel TF 3 (NXR) ....................
Market
Price
12 mos
Prem
Yield
/Disc 11/30/17
N
N
N
N
N
N
N
N
N
N
N
N
N
N
10.99
9.84
NA
NA
NA
NA
15.33
14.76
NA
NA
NA
NA
NA
NA
9.98 –
9.40 –
22.44
30.05
25.91
9.18
15.57 +
NA
11.17
6.46
17.50
15.55
18.00
17.37
N
N
N
N
N
N
N
N
N
N
A
N
N
N
N
N
N
N
N
N
N
A
N
N
N
N
N
N
N
N
A
N
N
N
A
N
N
N
A
A
N
N
N
N
A
N
N
N
N
N
N
N
N
N
N
N
N
A
A
A
N
A
A
A
N
N
N
N
A
N
N
N
N
N
N
N
14.92
15.89
12.61
15.46
15.36
15.01
15.40
24.34
16.33
14.47
15.03
14.27
15.26
15.44
14.18
11.97
15.63
14.69
13.91
14.03
17.00
9.66
15.23
14.87
14.43
15.90
13.94
14.49
14.70
14.47
14.72
12.62
12.55
14.31
9.29
8.33
8.55
15.68
13.65
13.41
13.40
21.81
11.45
15.17
12.13
7.61
13.51
13.50
13.62
13.99
16.28
NA
NA
NA
NA
NA
14.96
15.17
15.45
14.02
16.85
15.17
16.57
16.13
15.02
13.78
13.93
9.73
13.63
11.40
10.31
15.51
10.51
15.47
14.84
15.74
13.40
14.92
12.00
13.92
13.61
14.77
15.00
22.34
15.15
14.09
14.43
14.02
14.19
14.81
14.97
11.66
14.78
14.62
13.38
13.91
16.52
9.61
15.45
14.52
13.94
15.17
13.10
13.81
14.85
13.68
13.26
11.90
11.78
13.00
8.89
8.55
8.64
14.06
12.51
12.31
12.40
22.53
10.25
14.04
11.38
8.00
12.40
12.50
12.51
13.18
14.90
19.83
5.24
4.62
9.71
6.87
13.43
13.60
14.79
12.16
17.26
13.75
15.44
15.24
14.20
12.99
12.87
9.44
13.61
11.57
10.13
14.06
9.96
14.62
13.94
15.19
–
–
–
–
–
–
–
–
–
–
–
–
–
–
+
–
–
–
–
–
–
–
+
–
–
–
–
–
+
–
–
–
–
–
–
+
+
–
–
–
–
+
–
–
–
+
–
–
–
–
–
–
–
–
–
+
–
–
–
–
–
–
–
–
+
–
–
–
–
–
–
9.2
4.5
NA
NA
NA
NA
1.6
NA
NA
NA
NA
NA
NA
NA
6.1
NS
11.5
13.4
10.1
10.1
12.1
14.0
4.5
6.0
10.2
7.7
7.5
5.4
10.2
6.1
4.8
10.0
11.4
1.6
2.6
8.2
7.2
2.6
4.0
1.8
7.0
4.1
5.6
2.6
5.4
0.5
3.8
0.9
2.8
0.5
1.4
2.4
3.4
4.6
6.0
4.7
1.0
5.5
9.9
5.7
6.1
9.2
4.3
2.6
1.1
10.4
8.4
8.2
7.5
3.3
10.5
7.4
6.2
5.1
8.2
7.4
8.1
5.8
8.5
NA
NA
NA
NA
NA
10.2
10.3
4.3
13.3
2.4
9.4
6.8
5.5
5.5
5.7
7.6
3.0
0.1
1.5
1.7
9.3
5.2
5.5
6.1
3.5
4.6
5.3
5.5
4.5
4.2
1.8
3.3
4.1
5.3
5.7
6.1
5.9
5.3
5.4
4.6
5.6
5.9
5.7
5.7
5.5
5.7
5.7
5.7
5.9
5.9
5.5
5.6
5.8
5.9
5.7
4.6
6.5
5.5
4.9
5.5
5.9
5.9
4.8
5.0
4.7
5.4
4.4
10.3
5.1
5.8
5.1
6.1
5.9
5.4
5.8
5.0
5.5
5.5
5.7
4.9
5.6
4.3
4.6
5.5
4.3
4.3
5.4
5.7
5.8
5.7
4.9
3.8
2.4
5.9
4.2
3.8
5.5
3.1
3.7
3.5
3.5
Stock
Exch NAV
Fund Name (Symbol)
PIMCO MuniInc (PMF) ....................
PIMCOMuniIncII (PML) ..................
Pimco Muni III (PMX) .....................
PioneerHilncAdv (MAV) ..................
PioneerMunHiIcmT (MHI) ..............
Putnam Mgd Inc (PMM) .................
Putnam Muni Opp (PMO) ................
Western Asset Int Muni (SBI) ..........
Western Asset Mgd Muni (MMU) ....
Western Asset Mun Hi Inc (MHF) ....
WstAstMuniPrtnrs (MNP) ..............
Westn Asst Mu Def Opp Tr (MTT) ....
Single State Muni Bond
AllCAMuniInc (AKP) .......................
BlackRock CA Mun (BFZ) ................
BlckRk CA 2018 (BJZ) .....................
BlckRk FL Muni 20 (BFO) ................
BlackRock MA Tax-Exempt (MHE) ..
BlackRock MD Mun Bd (BZM) .........
BR MH CA Qly Fd Inc (MUC) ............
BR MH NJ Qly (MUJ) .......................
BR MH NY Qly (MHN) .....................
BlkRkMunyldAZ (MZA) ...................
BR MuniYld CA (MYC) ....................
BR MuniYld CA Qly (MCA) ...............
BR MuniYld MI Qly (MIY) ................
BR MuniYld NJ (MYJ) .....................
BR MuniYld NY Qly (MYN) ..............
BR MuniYld PA Qly (MPA) ...............
BlackRock NJ Muni Bond (BLJ) .......
BlackRock NJ Muni Income (BNJ) ...
BlckRk NY Muni Inc Qly (BSE) .........
BlckRk NY 2018 (BLH) ....................
BlackRock NY Mun Bd (BQH) ..........
BlackRock NY Mun (BNY) ...............
BlackRock NY Mun II (BFY) .............
BlackRock VA Mun (BHV) ...............
Del CO Muni Inc (VCF) .....................
Del MN II (VMM) .............................
EVCAMuniBd (EVM) .......................
Eaton Vance CA Muni Bd 2 (EIA) ......
EVCAMuniIncm (CEV) ....................
Eaton Vance MA Muni Bd (MAB) .....
EV MA Muni Inc (MMV) ...................
Eaton Vance MI Muni Bd (MIW) ......
EV MI Muni Inc (EMI) ......................
Eaton Vance NJ Muni Bd (EMJ) .......
EVNJMuniIncm (EVJ) .....................
Eaton Vance NY Muni Bd (ENX) .......
Eaton Vance NY Muni Bd 2 (NYH) ....
EVNYMuniIncm (EVY) ....................
Eaton Vance OH Muni Bd (EIO) ........
EV OH Muni Inc (EVO) .....................
Eaton Vance PA Muni Bd (EIP) ........
EV PA Muni Inc (EVP) .....................
InvCaValMuIncTr (VCV) .................
InvPAValMuIncTr (VPV) .................
InvTrInvGrNYMu (VTN) ..................
MFS CA Muni (CCA) ........................
Nuveen AZ Qual Muni Inc (NAZ) ......
Nuveen CA AMT-F Qual MI (NKX) ....
Nuveen CA Val (NCA) ......................
Nuveen CA Muni Value 2 (NCB) .......
NuveenCAQtyMuInc (NAC) .............
Nuveen CA Sel Tx-Free (NXC) ..........
Nuveen CT Qual Muni Inc (NTC) ......
NuvGA Qual Muni Inc (NKG) ...........
Nuveen MA Qual Muni Inc (NMT) ....
Nuveen MD Qual Muni Inc (NMY) ....
Nuveen MI Qual Muni Inc (NUM) .....
Nuveen Minn Qual Mun Inc (NMS) ..
Nuveen MO Qual Mun Inc (NOM) ....
Nuveen NC Qual Muni Inc (NNC) .....
Nuveen NJ Muni Value (NJV) ..........
NuvNJ Qual Muni Inc (NXJ) .............
Nuveen NY AMT/Fr Qual MI (NRK) ..
Nuveen NY Val (NNY) ......................
Nuveen NY Muni Value 2 (NYV) .......
Nuveen NY Qual Muni Inc (NAN) .....
Nuveen NY Sel Tx-Free (NXN) .........
Nuveen OH Qual Muni Inc (NUO) .....
Nuveen PA Muni Value (NPN) .........
Nuveen PA Qual Muni Inc (NQP) .....
Nuveen TX Qual Mun Inc (NTX) .......
Nuveen VA Qlty Mun Inc (NPV) .......
PIMCO CA (PCQ) ............................
PIMCOCAMuniII (PCK) ...................
Pimco CA Muni III (PZC) .................
PIMCO NY (PNF) ............................
PIMCONYMuniII (PNI) ...................
Pimco NY Muni III (PYN) .................
Data provided by
Market
Price
N
N
N
N
N
N
N
A
N
N
N
N
NA
NA
NA
11.91
12.87
7.98
13.36
NA
NA
NA
NA
NA
13.00
13.18
11.58
11.37
11.85
7.41
12.35
9.32
14.08
7.40
15.23
20.89
N
N
N
N
A
A
N
N
N
A
N
N
N
N
N
N
A
N
N
N
N
N
A
A
A
A
A
A
A
A
A
A
A
A
A
A
A
A
A
A
A
A
N
N
N
A
N
A
N
N
N
N
N
A
N
N
N
A
A
N
N
A
A
N
N
N
N
N
N
N
N
N
N
N
N
N
N
N
15.34
15.24
14.85
14.80
13.84
15.30
15.50
15.70
14.83
14.50
15.51
15.74
15.48
16.01
14.21
15.73
15.82
15.56
14.88
14.86
16.00
14.96
15.54
15.48
15.24
14.62
12.28
12.77
13.91
15.16
15.12
15.28
14.89
14.40
13.62
13.43
13.02
14.34
13.92
14.97
14.07
13.61
13.40
14.05
14.54
NA
14.59
15.88
10.48
16.31
15.67
15.37
14.04
13.72
14.74
14.63
15.42
15.12
13.82
14.90
15.54
15.91
14.39
9.96
15.50
15.04
14.22
16.65
15.15
15.27
15.39
14.50
NA
NA
NA
NA
NA
NA
13.59
13.78
14.56
14.42
13.94
13.62
14.20
14.47
13.39
16.17
14.79
14.66
14.00
15.80
12.92
14.35
14.73
15.05
13.16
14.70
14.72
14.30
14.80
17.21
15.52
13.47
11.51
11.50
12.16
13.21
13.11
13.46
12.83
12.43
11.74
12.33
11.57
12.71
12.70
13.03
12.44
12.19
12.58
12.15
13.72
11.51
14.14
15.37
10.19
17.00
14.31
14.91
11.92
12.57
14.27
12.58
13.26
14.71
13.95
12.90
14.09
13.70
12.96
9.50
14.34
13.83
13.63
14.64
14.85
13.15
14.34
12.82
17.27
10.16
10.44
12.78
12.00
9.92
Continuously Offered
12 mos
Prem
Yield
/Disc 11/30/17
–
–
–
–
–
–
–
–
+
–
–
–
–
+
–
–
–
–
–
–
–
–
–
–
–
–
–
+
+
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
+
–
–
–
–
–
–
–
–
+
–
–
–
–
–
–
–
–
–
–
–
–
–
NA
NA
NA
4.5
7.9
7.1
7.6
NA
NA
NA
NA
NA
5.8
5.8
5.8
5.3
5.0
5.4
5.2
4.5
5.3
4.2
5.2
5.0
11.4
9.6
2.0
2.6
0.7
11.0
8.4
7.8
9.7
11.5
4.6
6.9
9.6
1.3
9.1
8.8
6.9
3.3
11.6
1.1
8.0
4.4
4.7
11.2
1.9
7.9
6.3
9.9
12.6
12.9
13.3
11.9
13.8
13.7
13.8
8.2
11.2
11.4
8.8
13.0
11.6
10.4
6.1
13.5
5.6
NA
3.1
3.2
2.8
4.2
8.7
3.0
15.1
8.4
3.2
14.0
14.0
2.7
0.9
13.4
9.3
13.9
9.9
4.6
7.5
8.0
4.1
12.1
2.0
13.9
6.8
11.6
NA
NA
NA
NA
NA
NA
4.3
5.2
2.0
2.8
4.5
4.2
5.0
5.7
5.0
4.8
5.1
5.2
5.5
5.7
5.0
5.2
5.2
5.4
4.7
1.3
4.9
4.8
4.9
4.3
4.5
4.1
4.9
4.4
4.1
4.0
3.9
4.3
3.7
5.0
4.7
5.0
4.8
4.7
4.5
4.3
4.9
4.2
5.1
5.2
5.0
4.6
4.5
5.1
3.9
4.8
5.5
3.8
4.8
4.3
4.5
5.0
4.8
5.2
4.4
4.1
4.1
5.2
4.9
3.8
4.4
5.1
4.0
5.0
4.8
5.3
4.4
4.3
5.3
5.6
6.3
5.3
5.3
5.3
Fund Name (Symbol)
Stock
Exch NAV
General Equity Funds
Alternative Strategies:A (N/A) .........
Alternative Strategies:C (N/A) .........
Specialized Equity Funds
CUSHING MLP INFRA I (N/A) ..........
Griffin Inst Access RE:A (N/A) .........
Griffin Inst Access RE:C (N/A) .........
Griffin Inst Access RE:I (N/A) ..........
Griffin Inst Access RE:L (N/A) .........
Griffin Inst Access RE:M (N/A) ........
NexPointRlEstStrat;A (N/A)-a ..........
NexPointRlEstStrat;C (N/A)-a ..........
NexPointRlEstStrat;Z (N/A)-a ...........
NorthStar RE Cap Inc:Adv (N/A) ......
Resource RE Div Inc:A (N/A) ...........
Resource RE Div Inc:C (N/A) ...........
Resource RE Div Inc:D (N/A) ...........
Resource RE Div Inc:I (N/A) ............
Resource RE Div Inc:L (N/A) ...........
Resource RE Div Inc:T (N/A) ...........
Resource RE Div Inc:U (N/A) ...........
Resource RE Div Inc:W (N/A) ..........
SharesPost 100;A (N/A) ..................
SharesPost 100:I (N/A) ...................
Tot Inc+ RE:A (N/A)-a .......................
Tot Inc+ RE:C (N/A)-a .......................
Tot Inc+ RE:I (N/A)-a ........................
Tot Inc+ RE:L (N/A)-a .......................
USQ Core Real Estate:I (USQIX) ......
USQ Core Real Estate:IS (USQSX) ...
Versus Cap MMgr RE Inc:F (N/A) ....
Versus Cap MMgr RE Inc:I (N/A) .....
Versus Capital Real Asst (VCRRX) ...
Wildermuth Endwmnt Str (N/A)-a ....
Wildermuth Endwmnt S:C (N/A)-a ....
Wildermuth Endwmnt S:I (N/A)-a .....
Income & Preferred Stock Funds
MultiStrat Gro & Inc:A (N/A)-a ..........
MultiStrat Gro & Inc:C (N/A)-a ..........
MultiStrat Gro & Inc:I (N/A)-a ...........
MultiStrat Gro & Inc:L (N/A)-a ..........
The Relative Value:CIA (VFLEX) ......
Convertible Sec's. Funds
Calmos Dyn Conv and Inc (CCD) .....
World Equity Funds
BMO LGM Front ME (N/A) ...............
CalamosGlbTotRet (CGO) ...............
Fund Name (Symbol)
Market
Price
52 Week
Market
Return
Prem
/Disc
z
z
NA
NA
NA
NA
NA
NA
NA
NA
z
z
z
z
z
z
z
z
z
z
z
z
z
z
z
z
z
z
z
z
z
z
z
z
z
z
z
NA
26.82
26.36
26.98
26.79
26.67
20.79
20.87
20.88
NA
10.11
10.11
10.27
10.53
10.11
10.09
10.12
10.27
26.85
26.85
29.40
28.61
29.74
29.35
25.09
25.09
27.76
27.84
25.15
12.92
12.73
12.98
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
6.4
5.7
6.7
NS
5.9
8.9
8.7
9.9
NS
6.4
5.6
5.9
6.5
NS
5.6
6.4
6.4
0.0
NS
6.8
6.0
7.0
NS
NS
NS
5.7
6.0
NS
13.2
12.3
NS
z
z
z
z
z
15.11
14.77
15.31
14.89
25.63
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
2.7
1.9
3.0
2.2
NS
z
20.54
20.07 –
2.3
15.4
z
z
10.93
13.42
NA
NA
15.06 + 12.2
23.0
22.9
z
z
Stock
Exch NAV
U.S. Mortgage Bond Funds
Vertical Capital Income (N/A)-a ........
z
Loan Participation Funds
504 Fund (N/A) ...............................
z
FedProj&TrFinanceTender (N/A)-a ...
z
FS Global Crdt Opptys D (N/A)-a .......
z
Invesco Sr Loan A (N/A) ..................
z
Invesco Sr Loan B (N/A) ..................
z
Invesco Sr Loan C (N/A) ..................
z
Invesco Sr Loan IB (N/A) .................
z
Invesco Sr Loan IC (N/A) .................
z
Invesco Sr Loan Y (N/A) ..................
z
RiverNorth MP Lending (RMPLX)-a .
z
Sierra Total Return:T (SRNTX) ........
z
Voya Senior Income:A (N/A) ...........
z
Voya Senior Income:C (N/A) ...........
z
Voya Senior Income:I (N/A) ............
z
Voya Senior Income:W (N/A) ..........
z
High Yield Bond Funds
Garrison Capital Inc (N/A) ...............
z
Griffin Inst Access Cd:A (N/A) .........
z
Griffin Inst Access Cd:C (N/A) .........
z
Griffin Inst Access Cd:F (N/A) ..........
z
Griffin Inst Access Cd:I (N/A) ..........
z
Griffin Inst Access Cd:L (N/A) ..........
z
PIMCO Flexible Cr I;Inst (N/A) .........
PionrILSInterval (N/A) ....................
z
WA Middle Mkt Dbt (N/A) ................
z
WA Middle Mkt Inc (WMF) ..............
z
Other Domestic Taxable Bond Funds
Capstone Church Capital (N/A)-a ......
z
CION Ares Dvsfd Crdt;A (N/A) .........
z
CION Ares Dvsfd Crdt;C (N/A) .........
z
CION Ares Dvsfd Crdt;I (N/A) ..........
z
CNR Select Strategies (N/A) ............
z
GL Beyond Income (N/A) ................
z
Palmer Square Opp Income (N/A) ...
z
Resource Credit Inc:A (N/A) ............
z
Resource Credit Inc:C (N/A) ............
z
Resource Credit Inc:I (N/A) .............
z
Resource Credit Inc:L (N/A) ............
z
Resource Credit Inc:W (N/A) ...........
z
Market
Price
12 mos
Prem
Yield
/Disc 11/30/17
12.47
NA
NA
3.0
9.71
10.00
NA
6.68
6.68
6.69
6.68
6.68
6.68
NA
24.94
12.51
12.48
12.47
12.52
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
3.7
NS
NA
4.2
4.2
3.4
4.4
4.3
4.4
9.1
NS
5.3
4.8
5.5
5.5
NA
NA
NA
NA
NA
NA
NA
9.39
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NS
NS
NS
NS
NS
NS
10.5
11.3
11.2
11.65
NA
NA
NA
9.61
3.73
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
NA
1.5
NS
NS
NS
NS
NE
5.0
6.4
5.6
6.6
NS
6.3
TOP SAVINGS DEPOSIT YIELDS
Money Market Account1
Institution
Location
Telephone
No.
Dollar Savings Direct
FNBO Direct
Nationwide Bank
American Express
CIT Bank
Ossining,NY
Omaha,NE
Columbus,US
Salt Lake City,US
Livingstn,NJ
(866)395-8693
(877)370-3707
(877)422-6569
(800)446-6307
(855)462-2652
Institution
Location
Telephone
No.
Dollar Savings Direct
First Internet Bank
Ameriprise Ntl Trust Bk
EverBank
Community Commerce Bk
Ossining,NY
Indianapolis,US
Minneapolis,US
Jackson,US
Los Angeles,CA
(866)395-8693
(888)873-3424
(888)356-1006
(888)882-3837
(323)268-6100
Six-Month CDs2
Min. Recent
Deposit % Rate
1
1
10000
1
1
1.49
1.39
1.39
1.34
1.34
Min. Recent
Deposit % Rate
1000
1000
1000
5000
10000
1.49
1.42
1.34
1.20
1.20
Effect.
% Yield
(CD) 1.50
(CM) 1.40
(CD) 1.40
(CD) 1.35
(CD) 1.35
Effect.
% Yield
(CD) 1.50
(CM) 1.43
(CM) 1.35
(CD) 1.21
(CM) 1.21
1Including passbook, statement savings, and bank-offered liquid asset accounts.
One-Year CDs
Institution
Location
Telephone
No.
Ally Bank
EverBank
Popular Direct
First Internet Bank
Community Commerce Bk
Philadelphia,PA
Jackson,US
Pleasantn,US
Indianapolis,US
Los Angeles,CA
(877)247-2559
(888)882-3837
(800)274-5696
(888)873-3424
(323)268-6100
Institution
Location
Telephone
No.
Capital One 360
Ameriprise Ntl Trust Bk
EverBank
Discover Bank
Middlesex Savings Bk
Wilmingtn,DE
Minneapolis,US
Jackson,US
Greenwood,US
Middlesex,MA
(877)469-0232
(888)356-1006
(888)882-3837
(800)347-7000
(877)463-6287
2½-Year CDs
Min. Recent
Deposit % Rate
1
5000
10000
1000
10000
1.98
1.78
1.78
1.75
1.70
Min. Recent
Deposit % Rate
1
1000
5000
2500
250
1.83
1.83
1.83
1.78
1.69
Effect.
% Yield
(CD) 2.00
(CD) 1.80
(CD) 1.80
(CM) 1.76
(CM) 1.71
Effect.
% Yield
(CM) 1.85
(CM) 1.85
(CD) 1.85
(CD) 1.80
(CM) 1.70
Five-Year CDs
Institution
Location
Telephone
No.
Capital One 360
EverBank
First Internet Bank
Barclays Bank
Popular Direct
Wilmingtn,DE
Jackson,US
Indianapolis,US
Wilmingtn,US
Pleasantn,US
(877)469-0232
(888)882-3837
(888)873-3424
(888)710-8756
(800)274-5696
90-Day Jumbo CDs
Min. Recent
Deposit % Rate
1
5000
1000
1
10000
Institution
Location
Telephone
No.
Ameriprise Ntl Trust Bk
First Internet Bank
EverBank
Radius Bank
Popular Direct
Minneapolis,US
Indianapolis,US
Jackson,US
Boston,MA
Pleasantn,US
(888)356-1006 100000
(888)873-3424
1000
(888)882-3837
5000
(800)242-0272
1000
(800)274-5696 10000
2.42
2.42
2.40
2.37
2.37
Min. Recent
Deposit % Rate
1.19
1.10
1.00
0.85
0.75
Effect.
% Yield
(CM) 2.45
(CD) 2.45
(CM) 2.43
(CD) 2.40
(CD) 2.40
Effect.
% Yield
(CM) 1.20
(CM) 1.11
(CD) 1.01
(CD) 0.85
(CD) 0.75
Yields are based on the stated rate and compounding method in effect Friday and are subject Source: (c) 2017, Informa Research Services, 26565 Agoura Road #300, Calabasas, CA
91302-1942 818-880-8877. All rights reserved. May not be reproduced or retransmitted in
to change. Phone to verify before investing or sending money.
any form without express written consent of Informa Research Services.
additional six months.
(CC) Compounded continuously; (SA) compounded semiannually; (CD) compounded daily;
Rates are the highest yields on six types of accounts offered by federally-insured banks and (CA) compounded annually; (CM) compounded monthly; (SI) simple interest; (CQ) comsavings associations nationwide.
pounded quarterly
2Six-month CD yields assume reinvestment of principal and interest at the same rate for an
M34
BARRON’S
January 1, 2018
Market Laboratory
THE DOW JONES AVERAGES
DJ AVERAGES
Dow Jones 30 Industrial (divisor: 0.14523396877348)
Daily
Dec 25
26
27
28
Open (t)
… 24722.80 24782.43
Open (a)
… 24715.84 24766.52
Close
… 24746.21 24774.30
High (t)
… 24860.61 24860.95
Low (t)
… 24641.14 24671.74
High (a)
… 24778.13 24789.52
Low (a)
… 24708.42 24731.68
Change
…
–7.85
+28.09
Theoretical (t): High 24920.10 Low 24641.14
Actual (a): High 24871.66 Low 24708.42
29
24837.16
24807.21
24837.51
24901.85
24729.00
24839.23
24797.13
+63.21
24855.34
24849.63
24719.22
24920.10
24697.67
24871.66
24719.22
–118.29
Dow Jones 20 Transport (divisor: 0.16416809180007)
Open (t)
… 10678.93 10684.60
Open (a)
… 10673.69 10677.35
Close
… 10672.66 10697.21
High (t)
… 10751.33 10738.99
Low (t)
… 10630.38 10617.87
High (a)
… 10740.17 10698.18
Low (a)
… 10659.16 10663.40
Change
…
–2.31
+24.55
Theoretical (t): High 10751.33 Low 10567.43
Actual (a): High 10740.17 Low 10601.50
10675.22
10671.74
10660.11
10714.66
10567.43
10685.24
10601.50
–37.10
10680.33
10675.28
10612.29
10730.16
10601.18
10695.04
10612.17
–47.82
Dow Jones 15 Utilities (divisor: 1.26341348266030)
Open (t)
…
722.04
718.51
Open (a)
…
721.62
718.27
Close
…
717.03
720.41
High (t)
…
725.37
722.92
Low (t)
…
716.50
717.09
High (a)
…
723.96
721.62
Low (a)
…
716.90
718.02
Change
…
–4.02
+3.38
Theoretical (t): High 727.92 Low 716.50
Actual (a): High 727.20 Low 716.90
721.59
721.18
723.89
724.97
718.80
724.10
719.66
+3.48
725.66
725.38
723.37
727.92
721.60
727.20
722.78
–.52
Dow Jones 65 Composite (divisor: 0.75161599556883)
Open (t)
…
8323.35
8330.18
Open (a)
…
8320.15
8325.12
Close
…
8318.08
8334.56
High (t)
…
8371.40
8364.65
Low (t)
…
8287.65
8291.82
High (a)
…
8345.80
8337.62
Low (a)
…
8312.70
8318.58
Change
…
–8.78
+16.48
Theoretical (t): High 8382.55 Low 8287.65
Actual (a): High 8362.29 Low 8310.35
8343.89
8336.65
8344.51
8370.68
8294.76
8346.07
8319.51
+9.95
8355.36
8352.67
8310.35
8382.55
8300.77
8362.29
8310.35
–34.16
For personal Do not edit or alter. Reproductions not permitted.
To reprint or license content, please contact Barron's reprints department at 800-843-0008 or
STOCK VOLUME
Last
Week
NYSE(a)
30 Dow Inds (b)
20 Dow Trans (b)
15 Dow Utils (b)
65 Dow Stks (b)
NYSE American (a)
Nasdaq(d)
NYSE 15 Most Active
Average Price
% Tot Vol
Stock Offerings $(z,v)
2,308,426
853,408
121,950
131,043
1,106,401
59,516
5,473,527
13.36
14.05
0
Prev.
Week
Year
Ago
3,910,508 2,516,782
1,549,587
761,942
269,055
121,206
313,257
108,153
2,131,899
991,301
76,587
48,500
9,282,354 5,314,325
17.91
13.29
r447,700
23.29
14.39
0
YOY
% Chg
-8.28
12.00
0.61
21.16
11.61
22.71
3.00
-42.64
-2.36
...
Daily Stock Volume
Daily
12/25
12/26
12/27
12/28
12/29
NYSE(a)
... 527,320 547,051 526,120 707,935
30 Inds (b)
... 199,606.8 208,255.8 189,918.4 255,626.7
20 Trans (b)
... 27,338.6 35,087.4 30,862.8 28,661.6
15 Utils (b)
... 30,767.7 35,964.6 29,996.0 34,314.2
65 Stks (b)
... 257,713.1 279,307.8 250,777.2 318,602.5
NYSE Amer(a)
...
16,561
14,179
13,784
14,992
Nasd(d)
... 1,288,311 1,360,190 1,296,445 1,528,581
NYSE 15 Most Active
Avg. Price
...
24.82
14.01
13.99
13.92
% Tot Vol
...
14.92
12.82
14.41
14.50
Numbers in thousands save price and percentages. (a) Primary
volume. (b) Composite volume. (d) as of 4:10 pm. (r) Revised. (v)
W/E Thursday. (z) Source: Thomson Reuters.
NYSE HALF-HOURLY VOLUME
Daily
9:30-10:00
10:00-10:30
10:30-11:00
11:00-11:30
11:30-12:00
12:00-12:30
12:30-1:00
1:00-1:30
1:30-2:00
2:00-2:30
2:30-3:00
3:00-3:30
3:30-4:00
12/25
12/26
12/27
12/28
12/29
...
...
...
...
...
...
...
...
...
...
...
...
...
63,216
27,471
24,996
21,008
19,777
18,325
16,955
16,065
15,848
17,148
18,190
22,647
245,673
68,931
31,562
25,488
22,754
21,238
18,983
17,314
18,569
17,034
18,959
19,196
22,896
244,126
68,063
28,097
26,173
23,317
20,999
21,379
15,991
16,376
18,689
18,811
21,860
26,779
219,587
75,436
32,529
26,675
24,598
21,606
19,970
17,080
17,412
19,236
19,641
19,415
27,759
386,793
TRADING DIARY
See barrons.com/mktlab for complete table
Week's
COMPONENTS Change INDUSTRIALS
3M
0.64
American Express
0.57
Apple
-5.78
Boeing
-0.19
Caterpillar
1.83
Chevron
0.21
Cisco Systems
-0.25
Coca-Cola
0.29
Disney
-1.16
DowDuPont
-0.89
ExxonMobil
-0.33
General Electric
-0.05
Goldman Sachs
-4.21
Home Depot
1.40
IBM
0.92
Intel
-0.54
Johnson & Johnson
-0.40
JPMorgan Chase
-0.51
McDonald's
0.70
Merck
-0.09
Microsoft
0.03
Nike Cl B
-0.74
Pfizer
0.08
Procter & Gamble
-0.25
Travelers Cos
1.25
United Technologies
0.34
UnitedHealth Group
0.46
Verizon Communications -0.26
VISA Cl A
1.33
Wal-Mart Stores
0.54
25050
24600
24150
23700
23250
22800
22350
21900
21450
21000
TRANSPORTATION
Alaska Air Group
American Airlines Group
Avis Budget Group
CH Robinson Worldwide
CSX
Delta Air
Expeditors Intl of Wash
FedEx
JB Hunt Transport
JetBlue Airways
Kansas City Southern
Kirby Corp
Landstar System
Matson Inc.
Norfolk Southern
Ryder System
Southwest Airlines
Union Pacific
United Continental Hldgs
United Parcel Service B
-0.77
-0.56
-1.28
0.39
0.01
-0.03
-0.08
-0.48
0.45
-0.10
-2.97
-2.60
-1.30
-0.49
0.38
-0.63
-0.52
-0.37
0.15
0.51
AES
American Elec Power
American Water Works
CenterPoint Energy
Consolidated Edison
Dominion Energy
Duke Energy
Edison Intl
Exelon
FirstEnergy
NextEra Energy
NiSource
PG&E
Public Service Enterprise
Southern
0.12
-0.08
0.98
0.29
0.20
0.62
-0.06
-1.99
0.40
0.14
1.65
0.39
0.26
0.43
-0.41
10925
10700
10475
10250
10025
9800
9575
9350
9125
8900
UTILITIES
795
770
745
720
Jul
Aug
Sep
Note: Theoretical highs and lows are shown.
Oct
Nov
Dec
695
Daily
% (QCHA)
% (QACH)
% (QCHAQ)
Dec 25
26
+.23
+1.12
+.13
27
+.04
–.04
+.37
28
+.28
+.29
+.29
29
–.14
–.12
–.32
Market Advance/Decline Totals
Week ended last Friday compared to previous Friday
Weekly Comp.
Total Issues
Advances
Declines
Unchanged
New Highs
New Lows
NYSE
3,117
1,624
1,433
60
329
66
NYSE Amer
349
189
146
14
13
15
Nasdaq
3,191
1,365
1,738
88
295
91
NYSE Arca
1,430
812
603
15
297
65
OTHER MARKET INDEXES
Daily
12/25
12/26
12/27
12/28
12/29
NYSE Amer Comp
... 2643.00 2648.68 2668.01 2661.50
AmMajorMkt
... 2475.81 2480.27 2484.56 2474.36
BNY ADR Idx
...
152.71
152.87
153.15
153.20
Europe
...
141.71
141.88
142.17
142.28
Latin Am
...
245.99
245.75
247.75
248.79
Asia
...
180.49
180.68
180.65
180.35
Emerg M
...
324.21
324.37
325.16
325.76
DJ US TSM Float
... 27747.37 27767.04 27824.45 27673.19
Nasdaq Cmp
... 6936.25 6939.34 6950.16 6903.39
100 Index
... 6433.16 6435.15 6441.42 6396.42
Indus.
... 5540.18 5535.42 5549.52 5514.01
Insur.
... 8629.65 8626.30 8661.01 8619.37
Banks
... 4027.97 4011.27 4030.92 3987.72
Computer
... 4078.15 4084.38 4086.54 4060.12
Telecom
...
339.44
340.57
341.19
338.55
NYSE Comp.-z
... 12808.90 12821.98 12853.09 12808.84
Financial-z
... 8229.27 8239.13 8269.24 8235.89
Health Care-z
... 14228.18 14278.59 14301.88 14220.58
Energy-z
... 11493.16 11467.54 11497.59 11470.58
Russell 1000
... 1485.40 1486.59 1489.53 1481.81
2000
... 1544.23 1543.94 1548.93 1535.51
3000
... 1587.00 1588.16 1591.45 1582.77
Value-v
... 1225.81 1225.68 1228.58 1222.64
Growth-v
... 1355.43 1357.73 1359.90 1352.37
MidCap
... 2081.70 2082.56 2089.24 2078.34
S&P 100 Index
... 1186.62 1187.70 1189.29 1183.15
500
... 2680.50 2682.62 2687.54 2673.61
Ind.
... 3558.20 3559.88 3564.62 3545.88
MidCap
... 1905.73 1905.52 1911.28 1900.57
SmallCap
...
940.27
939.71
943.40
936.26
Value Line(A)
... 6114.60 6111.57 6126.58 6092.52
Value Line(G)
...
564.45
564.13
565.49
562.31
DJ US Small TSM
... 10455.31 10452.30 10483.95 10405.85
(A)-Arithmetic Index. (G)-Geometric Index.
(v)-Value 1000 and Growth 1000. (y)-Dec. 31,1965=50. (z)-Dec.
31,2002=5000.
S&P DOW JONES INDEXES
Friday
Close
Chg
DJ U.S. Total Stock Market 27673.19 –94.93
US Large Cap
6275.32 –21.48
US Large Growth
7161.06 –28.14
US Large Value
5165.37 –15.31
US Mid Cap
10837.49
0.14
US Mid Growth
10759.05
4.72
US Mid Value
8775.73
–5.86
US Small Cap
10405.85 –38.62
US Small Growth
9426.95 –29.63
US Small Value
10231.67 –48.76
Microcap
13435.37
12.15
DJ U.S. Select REIT -a 9743.65 132.52
DJ U.S. Select RESI -a 1024.52
13.93
US TMI
667.71
–2.29
US Select Dividend -a 1977.96
4.38
Select Microcap
2600.63 –26.73
Global Titans 50
300.77
–0.35
Asian Titans 50
179.32
1.19
DJ Islamic Market
3638.64
9.22
Islamic Titans 100
4042.71
–7.09
Islamic Emerging
2682.52
26.22
Islamic Technology 5945.84 –42.69
Islamic U.S.
4773.76 –19.00
Sustainability
1519.31
8.72
U.K. Titans 50 (GBP)
307.52
3.84
DJ India (INR)
227.95
1.92
Equity REIT -a
1785.89
25.57
Comp REIT -a
1495.56
20.61
Internet Comp
493.17
–1.59
E*commerce
974.30
–4.95
Internet Svcs
218.74
–0.20
a-total return. 3 Year % Chg is annualized.
Week
% Chg
1 Year 3 Year
–0.34
–0.34
–0.39
–0.30
....
0.04
–0.07
–0.37
–0.31
–0.47
0.09
1.38
1.38
–0.34
0.22
–1.02
–0.12
0.67
0.25
–0.18
0.99
–0.71
–0.40
0.58
1.26
0.85
1.45
1.40
–0.32
–0.51
–0.09
18.36
19.06
25.98
13.02
17.42
22.36
10.74
12.90
18.05
5.54
13.81
5.08
5.08
18.63
14.87
6.93
18.66
27.30
24.95
23.33
41.58
40.32
21.89
24.41
7.13
37.17
9.74
10.30
36.81
43.90
30.12
8.38
8.48
10.40
6.69
8.72
9.63
7.23
7.59
8.87
5.54
6.97
4.35
4.33
8.37
10.57
12.33
7.50
7.84
7.90
7.78
9.13
15.86
8.30
6.22
5.12
12.17
6.15
6.23
21.35
24.58
15.70
January 1, 2018
BARRON’S
M35
Market Laboratory
Last
Week
DJ Ind Avg
P/E Ratio
Earns Yield %
Earns $
Divs Yield %
Divs $
Mkt to Book
Book Value $
DJ Trans Avg
P/E Ratio
Earns Yield %
Earns $
Divs Yield %
Divs $
Mkt to Book
Book Value $
DJ Utility Avg
P/E Ratio
Earns Yield %
Earns $
24719.22
21.87
4.57
1130.11
2.11
521.25
4.25
5818.74
10612.29
20.84
4.80
509.11
1.26
133.40
4.14
2561.22
723.37
32.44
3.08
22.30
Prev.
Week
Year
Ago
19762.60
21.22
4.71
931.17
2.42
477.49
3.41
5799.91
9043.90
16.34
6.12
553.64
1.35
121.67
3.81
2376.65
659.61
26.48
3.78
24.91
24754.06
21.90
4.57
1130.11
2.11
522.08
4.25
5818.74
10674.97
20.97
4.77
509.11
1.25
133.22
4.17
2561.22
721.05
32.33
3.09
22.30
Last
Week
Divs Yield %
Divs $
Mkt to Book
Book Value $
S&P 500 Index
P/E Ratio
Earns Yield %
Earns $
Divs Yield %
Divs $
Mkt to Book
Book Value $
S&P Ind Index
P/E Ratio
Earns Yield %
Earns $
Divs Yield %
Divs $
Mkt to Book
Book Value $
3.34
24.15
2.10
344.79
2673.61
25.70
3.89
104.02
1.86
49.73
3.48
768.98
3545.88
27.78
3.60
127.66
1.79
63.47
4.56
777.19
Prev.
Week
Year
Ago
3.34
24.11
2.09
344.79
2683.34
25.80
3.88
104.02
1.86
49.91
3.49
768.98
3560.67
27.89
3.59
127.66
1.78
63.38
4.58
777.19
3.43
22.62
1.91
345.41
2238.83
25.76
3.88
86.92
2.11
47.24
3.02
740.29
2949.58
29.44
3.40
100.19
2.08
61.35
3.91
754.58
144 FILINGS
SEC Form 144 must be filed by holders of restricted securities (also called letter stock) who intend to sell shares. Shares Indicated: the number to be sold. Sales Date: the approximate date of the sale. (Sometimes shares aren't sold, even though their owner
has filed a Form144.) See barrons.com for complete table and for more detail on Titles. Source: Thomson Reuters
Company
Sym
Shares
Indicated
Colony Northstar
Black Knight
Abbott Laboratories
Square
First Horizon National
Pvh
Commscope Holding
Time Warner
Nutanix
Invitation Homes
CLNS
BKI
ABT
SQ
FHN
PVH
COMM
TWX
NTNX
INVH
1,769,709
1,000,000
530,000
400,000
397,600
375,000
345,000
329,478
300,000
261,079
$ Value
Sale
Date
21,360,388
45,050,000
28,897,614
15,000,000
7,554,400
49,875,000
13,110,000
29,865,008
10,611,000
6,127,524
12/14/17
12/8/17
12/6/17
12/11/17
12/7/17
12/13/17
1/31/18
12/7/17
12/14/17
12/8/17
Seller
Title
Hamamoto, David
Foley, William
White, Miles
Mckelvey, James
Martin, Robert
Chirico, Emanuel
Drendel, Frank
Bewkes, Jeffrey
Williams, Duston
Bartling, John
OD
OE
CEO
AF
FO
CEO
CB
CEO
UT
AF
For personal Do not edit or alter. Reproductions not permitted.
To reprint or license content, please contact Barron's reprints department at 800-843-0008 or
THE WEEK IN STOCKS FOR THE MAJOR INDEXES
12-Month
Weekly
High
Low
High
Low
Dow Jones Indexes
24837.51 19732.40 30 Indus
24837.51 24719.22
10697.21 8783.74 20 Transp
10697.21 10612.29
774.47
651.14 15 Utilities
723.89
717.03
8344.51 6902.45 65 Comp
8344.51 8310.35
Dow Jones Indexes
27830.03 23276.73 US TSM Float 27824.45 27673.19
671.53
560.33 US Market
671.24
667.71
503.55
357.16 Internet
496.66
493.17
New York Stock Exchange
12853.09 12808.84
12853.09 11056.89 Comp-z
8269.24 6961.55 Financial-z
8269.24 8229.27
14363.95 11815.92 Health Care-z 14301.88 14220.58
11497.59 11467.54
11682.14 9782.86 Energy-z
NYSE American Stock Exchange
2668.01 2308.03 NYSE Amer Comp 2668.01 2643.00
2484.56 2011.94 Major Mkt
2484.56 2474.36
Standard & Poor's Indexes
1192.22
991.43 100 Index
1189.29 1183.15
2690.16 2238.83 500 Index
2687.54 2673.61
3565.03 2949.58 Indus
3564.62 3545.88
1911.28 1660.58 MidCap
1911.28 1900.57
945.12
815.62 SmallCap
943.40
936.26
Nasdaq Stock Market
6994.76 5383.12 Comp
6950.16 6903.39
6513.27 4863.62 100 Index
6441.42 6396.42
5549.52 4444.87 Indus
5549.52 5514.01
9074.21 8062.18 Insur
8661.01 8619.37
4118.39 3448.58 Banks
4030.92 3987.72
4162.57 2925.81 Computer
4086.54 4060.12
341.19
288.14 Telecom
341.19
338.55
Russell Indexes
1490.06 1241.66 1000
1489.53 1481.81
1548.93 1345.24 2000
1548.93 1535.51
1591.96 1331.72 3000
1591.45 1582.77
1228.58 1101.87 Value-v
1228.58 1222.64
1365.14 1053.55 Growth-v
1359.90 1352.37
2089.24 1783.89 MidCap
2089.24 2078.34
Others
6126.58 5262.01 Value Line-a
6126.58 6092.52
565.49
503.24 Value Line-g
565.49
562.31
10483.95 9158.85 DJ US Small TSM10483.95 10405.85
716.60
600.24 Barron's 400
716.50
710.93
Close
Friday
Chg.
Weekly
% Chg.
12-Month
Chg.
% Chg.
Change From
12/30
% Chg.
24719.22
10612.29
723.37
8310.35
–34.84
–62.68
2.32
–16.51
–0.14
–0.59
0.32
–0.20
4956.62
1568.39
63.76
1407.90
25.08
17.34
9.67
20.40
4956.62
1568.39
63.76
1407.90
25.08
17.34
9.67
20.40
27673.19
667.71
493.17
–94.93
–2.29
–1.59
–0.34
–0.34
–0.32
4396.46
107.38
136.01
18.89
19.16
38.08
4396.46
107.38
136.01
18.89
19.16
38.08
12808.84
8235.89
14220.58
11470.58
11.40
–5.73
–1.47
91.12
0.09
–0.07
–0.01
0.80
1751.95
1274.34
2313.39
–33.18
15.84
18.31
19.43
–0.29
1751.95
1274.34
2313.39
–33.18
15.84
18.31
19.43
–0.29
2661.50
2474.36
45.03
0.26
1.72
0.01
353.46
459.75
15.31
22.82
353.46
459.75
15.31
22.82
1183.15
2673.61
3545.88
1900.57
936.26
–5.87
–9.73
–14.79
–4.01
–3.08
–0.49
–0.36
–0.42
–0.21
–0.33
191.72
434.78
596.30
239.99
98.30
19.34
19.42
20.22
14.45
11.73
191.72
434.78
596.30
239.99
98.30
19.34
19.42
20.22
14.45
11.73
6903.39
6396.42
5514.01
8619.37
3987.72
4060.12
338.55
–56.57
–68.74
–22.96
–4.49
–75.22
–54.05
–1.67
–0.81
–1.06
–0.41
–0.05
–1.85
–1.31
–0.49
1520.27
1532.80
1069.14
265.90
135.26
1134.31
50.26
28.24
31.52
24.05
3.18
3.51
38.77
17.44
1520.27
1532.80
1069.14
265.90
135.26
1134.31
50.26
28.24
31.52
24.05
3.18
3.51
38.77
17.44
1481.81
1535.51
1582.77
1222.64
1352.37
2078.34
–4.96
–7.41
–5.48
–3.13
–5.57
–0.94
–0.33
–0.48
–0.34
–0.26
–0.41
–0.05
240.15
178.38
251.05
120.15
298.82
294.45
19.34
13.14
18.85
10.90
28.36
16.51
240.15
178.38
251.05
120.15
298.82
294.45
19.34
13.14
18.85
10.90
28.36
16.51
6092.52
562.31
10405.85
710.93
–11.10
–1.17
–38.62
–4.10
–0.18
–0.21
–0.37
–0.57
830.51
56.14
1226.24
109.31
15.78
11.09
13.36
18.17
830.51
56.14
1226.24
109.31
15.78
11.09
13.36
18.17
High/Low's are based upon the daily closing index. a-Arithmetic Index. G-Geometric Index. V-Value 1000 and Growth 1000 y-Dec.
31,1965=50 z-Dec. 31,2002=5000
PER SHARE VALUES OF STOCKS IN THE DOW
JONES AVERAGES
This is a list of the Dow Jones trailing 52-week diluted
share earnings, dividends and book values as reported
by the company. Bolded numbers indicate new values.
Sources Barron's Stats and FactSet.
Industrial Stocks
Am Exp
Apple
Boeing
Caterpillar
Chevron Corp
Cisco Sys
Coca Cola
Disney Walt
DowDuPont
ExxonMobil
Gen Elec
Goldman Sachs
Home Depot
IBM
Intel
Earns
Book
Divs. Value
5.19
9.20
10.88
1.44
3.43
1.93
1.05
5.69
2.86
3.07
0.80
19.20
7.21
11.97
2.86
1.31 22.68
2.46 24.03
5.68 1.32
3.10 22.40
4.32 76.95
1.13 12.64
1.48 5.38
1.62 27.04
1.52 11.31
3.06 40.34
0.84 8.67
2.90 192.80
3.56 3.60
5.90 19.29
1.0775 14.00
Earns
Johnson&John
JPMorgChase
McDonalds
Merck Co
Microsoft
Nike Inc
Pfizer
Proc Gam
3M Co
Travelers Cos
UnitedHealth Grp
Utd Tech
Verizon
Visa
Wal-mart
5.76
6.94
6.93
1.67
2.94
2.31
1.62
5.69
8.95
8.61
9.02
6.45
3.90
2.80
3.76
Book
Divs. Value
3.32
2.04
3.83
1.89
1.59
0.74
1.28
2.7383
4.70
2.83
2.875
2.72
2.3225
0.69
2.04
26.02
64.06
(2.69)
14.58
9.39
7.55
9.81
21.22
17.26
83.05
40.20
34.10
5.53
11.61
25.52
Transportation Stocks
Alaska Air Group
American Airlines
Avis Budget Grp
C.H. Robinson
CSX Corp
Delta Air Lines
Expeditors Int'l
FedEx
Hunt (JB)
JetBlue Air
6.23
3.93
1.35
3.35
1.94
5.03
2.38
10.85
3.76
1.94
1.20
0.40
Nil
1.81
0.76
1.015
0.84
1.90
0.92
Nil
23.77
7.46
2.57
8.90
12.58
16.81
10.26
59.92
12.70
11.92
KC Southern
Kirby Corp
Landstar Sys
Matson Inc
Norf So
Ryder Sys
Southwest Air
Un Pacific
UPS
United Continental
5.09
2.11
3.61
1.94
6.36
3.69
3.48
5.66
4.08
7.24
1.38
Nil
0.38
0.78
2.44
1.80
0.475
2.48
3.32
Nil
38.31
44.74
12.97
10.99
42.73
38.39
13.03
24.43
0.47
27.52
0.48
2.39
1.62
1.07
2.76
3.035
3.49
2.2325
4.24
35.38
29.30
8.03
46.88
23.26
58.62
36.82
Exelon
2.23
FirstEnergy
(11.70)
NextEra Energy
9.08
NiSource Inc.
0.82
PG&E Corp.
4.35
Pub Sv Ent
1.03
Southn Co.
0.55
1.31
1.44
3.93
0.70
2.04
1.72
2.30
27.96
14.11
52.01
12.60
35.39
26.01
25.00
Utility Stocks
AES Corp.
(1.17)
Am Elec
3.83
American Water Works
2.95
CenterPt Energy
1.37
Con Ed
3.99
Dominion Energy
3.39
Duke Energy
3.03
Edison Int'l
4.43
Yields (%)
When
Last
Issued*
Auction
T
$50.0 bil
$48.0 bil
$42.0 bil
$20.0 bil
Dec 28
2017
1-month
3-month
6-month
1-year
1.225
1.376
1.527
1.732
1.245
1.445
1.530
1.650
* As of Friday afternoon.
The Delta MSI measures the position of ~2,000 stocks relative to an
intermediate-term moving average crossover (MAC) point. When
greater than 50% of the stocks followed are above this MAC point, the
market is bullish and equities are attractive. When the indicator is
below 50%, risk is elevated and stock exposures should be reduced.
Manager uses discretion on asset allocation when MSI is 50% +/- 3%.
Last
2 Weeks
3 Weeks
Current Sentiment
Week
Ago
Ago
BULLISH
65.4%
65.6%
65.1%
Current Market Exposure: 100% Equities, 0% Bonds, 0% Cash
Source: Delta Investment Management
www.deltaim.com, (415) 249-6337
Dec Yr-to-Yr
2016 % Chg
2687.54 2684.57 2241.90
19.88
Barron's 50 Index
8512.20 8461.34
7293
16.71
Projected quarterly earn
100.26 100.26
82.46
21.58
Annualized projected earn
401.02 401.02 329.83
21.58
Annualized projected P/E
21.23
Five-year average earn
21.10
22.1
–4.01
360.42 360.42 342.56
Five-year average P/E
23.62
Year-end earn
Year-end P/E
23.48
5.21
21.3
10.93
372.00 372.00 331.44
12.24
22.88
22.75
22.0
3.98
4.37
4.40
4.5
–3.84
Year-end earns yield, %
Best grade bond yields, %
3.24
3.29
3.58
–9.55
Bond yields/stock ylds, %
0.74
0.75
0.79
–5.94
Actual year-end divs
190.54 190.59 177.62
Actual yr-end divs yld, %
2.24
2.25
7.28
2.44
–8.09
WEEKLY VOLUME BY MARKETS
IN NYSE-LISTED STOCKS
(Shares in
Last
Prev.
Year
thousands)
Week
Week
Ago
Bats
437,874
846,852
522,152
Bats Y
465,802
831,640
402,946
Boston
329,981
586,318
258,484
0
0
0
Chicago
30,728
53,811
34,465
Edge A
105,273
197,398
222,742
Edge X
447,882
849,575
518,704
IEX
200,279
422,968
149,965
ISE
0
0
0
NASDAQ Mkt Cntr
702,602
1,375,114
926,781
Finra/NASDAQ TRF
3,114,900
5,717,079
3,157,583
0
0
1,509
2,308,640
3,910,508
2,516,782
National
NYSE
DELTA MARKET SENTIMENT INDICATOR
Dec 21
2017
S&P 500 Index
CBOE
Coming U.S. Auctions
Day
BARRON'S 50-STOCK AVERAGE
This index is an weighted average of 50 leading issues.
Useful in security valuation. Source: Barron's Stats
NYSE American
NYSE Arca
9,158
15,923
0
432,548
874,597
551,673
Phila.
32,871
69,676
58,905
Total
8,618,538
15,751,458
9,322,691
DISTRIBUTIONS & OFFERINGS
Secondary Distributions of common stocks
None
Source: Dealogic LLC, New York City; (212) 577-4400.
U.S. DOLLAR INDEX vs EURO and YEN
Dollar’s 2017 Decline: The Fed’s Dollar Index fell from 93.32 to 92.30 on the week.
The greenback dropped about 7% in 2017, its biggest annual decline since 2007.
20
EURO in $
s
INDEXES' P/ES & YIELDS
DJ latest 52-week earnings and dividends adjusted by Dow Divisors at Friday's close. S&P Dec. 4-quarter's GAAP earnings as
reported and indicated dividends based on Friday close.S&P 500 P/E ratios based on GAAP earnings as reported. For additional
earnings series, please refer to www.spglobal.com. DJ latest available book values for FY 2015 and 2014, and S&P latest for 2016 and
2015. r-Revised data
10
s
YEN in $
0
-10
s
DXY (92.30)
-20
J
F
M
A
M
J
J
A
S
O
N
D
Source: Tullett Prebon
M36
BARRON’S
January 1, 2018
Market Laboratory
CONSENSUS OPERATING EARNINGS ESTIMATES FOR DOW INDUSTRIALS
2017 EPS1
4 Wks
Ago
Cur
SELECTED INITIAL PUBLIC OFFERINGS
2017 EPS1
4 Wks
Ago
Cur
2018 EPS1
2017 4 Wks
2018
P/E2
Ago
Cur P/E2
Johnson & Johnson 7.28
7.28
9.07
9.08 26.0
9.63
9.79 24.1
McDonalds
6.53
6.53
5.85
5.85 17.0
6.47
6.55 15.2
Merck
3.94
3.94
9.61
9.61 17.8 11.69 11.68 14.6
Microsoft
3.46
3.46
10.19 10.21 29.0 11.09 11.08 26.7
Morgan (J.P)
6.92
6.91
6.40
6.45 24.6
7.81
7.92 20.0
Nike
2.25
2.31
4.06
4.17 30.1
5.22
5.44 23.1
Pfizer
2.59
2.59
2.41
2.41 16.0
2.52
2.52 15.3
Procter & Gamble
4.04
4.04
1.91
1.91 24.0
1.98
1.99 23.0
Travelers
7.01
6.98
5.76
5.75 18.7
6.30
6.28 17.2
United Technologies 6.61
6.61
3.24
3.22 22.2
4.00
4.03 17.7
UnitedHealth
9.99 10.00
3.59
3.65 23.0
4.14
4.23 19.9
Verizon
3.76
3.77
1.07
1.07 16.2
1.02
1.03 16.9
Visa
3.60
3.61
19.13 19.11 13.4 20.34 20.63 12.4
Wal–Mart Stores
4.43
4.43
7.41
7.38 25.7
8.42
8.35 22.7
Median
13.80 13.80 11.2 13.93 13.92 11.1
DJ Industrials
3.25
3.25 14.2
3.24
3.27 14.1
1233.60 1235.10
1Earnings estimates are for calendar years. 2Based on latest earnings estimate.
19.3
7.86
7.86 17.9
26.5
7.00
7.01 24.7
14.4
4.07
4.07 13.9
24.8
3.52
3.52 24.3
15.6
7.64
7.77 13.9
27.3
2.48
2.44 25.8
14.0
2.75
2.75 13.2
22.8
4.29
4.31 21.4
19.4
9.55
9.70 14.0
19.4
6.84
6.84 18.7
22.3 10.81 10.82 20.6
14.2
3.86
3.92 13.6
31.7
4.24
4.29 26.6
22.4
4.67
4.72 21.0
20.8
18.3
20.1 1359.05 1368.37 18.2
Source: Thomson Reuters.
Company
2018 EPS1
2017 4 Wks
2018
P/E2
Ago
Cur P/E2
Company
3M
American Express
Apple
Boeing
Caterpillar
Chevron
Cisco Systems
Coca–Cola
Disney
DowDuPont
Exxon Mobil
General Electric
Goldman Sachs
Home Depot
IBM
Intel
DOW JONES U.S. TOTAL MARKET INDUSTRY GROUPS
Net Change
% Change and Ranking
52 Week
Wkly
YTD
Week Rank Yr Ago Rank
YTD Rank
3 Yr
High
Low
+ 6.16 23.92
+9.81
[1] +49.17
[5] +53.10
[3] –10.82
68.96
33.63
+ 12.40 82.39
+7.76
[2] +86.47
[1] +91.84
[1]
+9.48 172.96
89.71
+ 11.50 77.18
+4.75
[3] +40.65 [11] +43.75 [10]
–6.38 257.77 149.95
+ 2.02 –11.59
+1.87
[4]
–8.25 [136]
–9.50 [138]
–4.68 126.35 100.14
+ 8.56 159.68
+1.82
[5] +49.46
[4] +49.98
[5] +25.15 479.17 309.42
+ 3.95 48.50
+1.61
[6] +21.18 [61] +24.09 [55]
+3.59 253.18 179.17
+ 2.61 34.00
+1.33
[7] +17.71 [72] +20.74 [65]
+4.99 199.85 150.21
+ 2.53 22.98
+1.32
[8] +13.87 [88] +13.39 [94]
+4.74 203.88 171.57
+ 3.74
5.30
+1.31
[9]
+1.29 [121]
+1.87 [121]
–1.43 310.57 215.19
+ 27.27 457.20
+1.31 [10] +27.17 [45] +27.65 [43] +15.94 2,114.26 1,624.90
Net Change
% Change and Ranking
52 Week
Top 10 Yr Ago Ranked
IG-Sym
Close Wkly
YTD
Week Rank Yr Ago Rank
YTD Rank
3 Yr
High
Low
DJUSAL
172.10 + 12.40 82.39
+7.76
[2] +86.47
[1] +91.84
[1]
+9.48 172.96
89.71
Aluminum
DJUSHB
Home Construction
939.25
+ .83 403.08
+.09 [62] +74.13
[2] +75.18
[2] +21.83 946.81 536.18
DJUSLG
Hotels
2026.13 + 19.76 686.98
+.98 [15] +50.45
[3] +51.30
[4] +17.80 2,038.53 1,328.25
DJUSVN
Distillers & Vintners
479.17 + 8.56 159.68
+1.82
[5] +49.46
[4] +49.98
[5] +25.15 479.17 309.42
DJUSCL
Coal
68.96 + 6.16 23.92
+9.81
[1] +49.17
[5] +53.10
[3] –10.82
68.96
33.63
DJUSSP
Specialty Finance
202.34
+ .86 65.80
+.43 [37] +47.74
[6] +48.19
[6] +17.86 207.50 136.54
DJUSAS
Aerospace
1464.05 + 3.20 472.04
+.22 [51] +46.90
[7] +47.58
[7] +16.96 1,470.87 992.02
DJUSMF
8.13
– .14
2.45
–1.71 [138] +43.34
[8] +43.05 [11] +11.16
8.65
5.63
Mortgage Finance
DJUSHR
Commercial Vehicles
2145.04 + 10.05 655.61
+.47 [35] +43.24
[9] +44.02
[9] +13.22 2,157.49 1,489.43
DJUSRB
Broadline Retailers
1351.36 + 2.14 413.76
+.16 [55] +42.06 [10] +44.13
[8] +25.93 1,366.86 937.61
Groups are weighted by capitalization. 52-week highs and lows are based on daily closes. Dec. 31, 1991=100. In the U.S. listings, % vol chg
column shows the change from previous 65-day moving average. Volume figures do not reflect extended trading hours. See barrons.com
for complete table.
For personal Do not edit or alter. Reproductions not permitted.
To reprint or license content, please contact Barron's reprints department at 800-843-0008 or
Top 10 Weekly Ranked
IG-Sym
DJUSCL
Coal
DJUSAL
Aluminum
DJUSNF
Nonferrous Metals
DJUSRL
Retail REITs
DJUSVN
Distillers & Vintners
Industrial Metals & Mining DJUSIM
DJUSBS
Basic Resources
DJUSSR
Specialty REITs
DJUSDS
Industrial Suppliers
DJUSWU
Water
Close
68.96
172.10
253.63
110.41
479.17
249.78
197.94
194.55
288.89
2110.55
MONTHLY DOW JONES INDUSTRIAL AVERAGE
Year
Month
First
Closing
Closing
High
Closing
Low
Close Avg
Mean
Last
Close
24231.59
23435.01
22557.60
21987.56
21963.92
21479.27
21144.18
20913.46
20650.21
21115.55
24837.51
24272.35
23441.76
22412.59
22118.42
21891.12
21528.99
21082.95
20996.12
21115.55
24140.91
23271.28
22557.60
21753.31
21674.51
21320.04
21136.23
20606.93
20404.49
20550.98
24545.38
23557.93
23036.24
22173.41
21914.08
21581.25
21317.80
20936.81
20684.69
20823.06
24719.22
24272.35
23377.24
22405.09
21948.10
21891.12
21349.63
21008.65
20940.51
20663.22
Chg.
% Chg.
Avg.
P/E
Avg.
Yield
+
+
+
+
+
+
+
+
+
–
21.71
20.76
20.73
19.92
19.74
20.36
20.42
20.09
20.38
20.84
2.13
2.20
2.21
2.30
2.29
2.30
2.33
2.34
2.36
2.34
2017
Dec
Nov
Oct
Sept
Aug
July
June
May
Apr
Mar
+
+
+
+
+
+
+
+
+
–
446.87
895.11
972.15
456.99
56.98
541.49
340.98
68.14
277.29
149.02
1.84
3.83
4.34
2.08
0.26
2.54
1.62
0.33
1.34
0.72
Coming Earnings
None
Day
YEARLY HI/LO BARRON'S GOLD MINING INDEX
The yearly Barron's Gold Mining Index price; with a
high/low range based on the daily close.
Year
2017
2016
2015
2014
2013
2012
2011
2010
2009
2008
2007
2006
2005
2004
2003
2002
2001
2000
1999
1998
1997
1996
1995
1994
1993
High
Date
567.38
634.16
557.39
815.69
1035.18
1370.44
1635.01
1624.69
1314.69
1528.87
1469.94
1175.33
892.22
708.59
716.04
523.52
355.14
365.43
433.68
487.85
709.58
901.36
771.42
928.85
929.31
Feb
Aug
Jan
July
Jan.
Feb
Apr
Dec
Dec
Mar
Nov
May
Dec
Nov
Dec.
May
May
Feb.
Oct.
Apr.
Feb
Feb
Jun
Jan
Jan
Low
16
11
22
17
10
02
07
30
03
13
08
11
29
24
04
23
17
10
14
23
27
01
15
13
06
Date
456.65
245.05
265.74
499.10
619.44
963.93
1179.98
1027.10
677.00
464.11
920.13
866.06
547.82
518.90
404.45
324.28
241.92
224.55
297.75
281.93
353.74
649.54
652.37
687.51
464.95
Dec
Jan
Dec
Dec
June
Jul
Dec
Feb.
Jan.
Nov
Jan.
Mar
May
May
Mar
Jan
Jan
Nov
Apr
Aug
Dec
Dec
Oct.
Apr
Jan
07
21
17
24
28
12
29
04
15
20
11
09
12
13
27
03
11
16
08
27
11
26
26
21
14
NYSE DATA BANK
Latest
Month
Stock Volume
(Mil. Shs) November
Bond Volume
(Thous. $) November
Consensus
Estimate
Continued from page 11 of the main section.
Neogen (2Q)
0.34
0.29
Helen of Troy (3Q)
2.12
2.37
PARK ELECTROCHEMICAL (3Q)
0.13
0.10
COMMERCIAL METALS (1Q)
0.18
0.06
Th
ANGIODYNAMICS (2Q)
0.16
0.19
AZZ (3Q)
0.59
0.70
RPM Int'l (2Q)
0.59
0.52
GREENBRIER (1Q)
0.92
0.79
WALGREENS BOOTS ALLIANCE (1Q)
1.26
1.10
MONSANTO (1Q)
0.42
0.21
F
CONSTELLATION BRANDS (3Q)
1.88
1.96
(Earnings are diluted and report dates are tentative. All forecasts and historical numbers exclude extraordinary items by
accounting definitions.)
Source: Thomson First Call
EARNINGS SCOREBOARD
Last Week's Major Surprises
Company
Ticker
Period
ICON
3Q
Cons.
Est.1
Actual
Net Per
Share
0.18
0.24
Positive
Iconix Brand Grp
Negative
Calumet Specialty
CLMT
3Q
0.25
-0.30
1Latest consensus estimate among industry analysts, as compiled
by Thomson Reuters before actual earnings were reported.
Last Week's Major Estimate Changes
Preceding
Month
Year-Ago
Month
Year
Ago
Company
Ticker
FY
End
Prev.
Fri.
Cons.
Last
Fri.
Cons.
18-May
18-Aug
18-Feb
18-May
18-Aug
18-May
17-Dec
18-Aug
18-May
18-May
18-Aug
18-Oct
1.09
3.98
0.60
5.37
3.04
2.27
0.34
2.98
2.41
1.89
6.62
1.65
1.54
4.92
0.66
5.75
3.15
2.34
0.35
3.03
2.44
1.91
6.67
1.66
Positive
22,467.2
21,459.9
27,327.2
0
0
20,045
Security Sales
NYSE Dollar Volume
(Bil $) November
896.8
878.1
1,010.6
Customers' margin debt
(Mil $) November
580,945
561,444
500,442
Customers' credit balances
(Mil $) November
153,196
151,729
152,828
Free credit bal. cash accounts
(Mil $) November
140,870
139,978
149,653
Short interest
(Thous. Shs) Dec. 15 15,825,619 r15,854,485 15,283,527
Short interest ratio
(d) Dec. 15
4.5
5.1
4.0
(d) For period Dec. 1 to Dec. 15
r-Revised Source: NYSE. *-Now includes composite trades.
Cal-Maine Foods
Smart Global Hldgs
Finish Line
Cintas
Lindsay
Herman
Continental Resources
Winnebago Inds
Paychex
Conagra Brands
Accenture Plc
Rev Grp
CALM
SGH
FINL
CTAS
LNN
MLHR
CLR
WGO
PAYX
CAG
ACN
REVG
Negative
Apogee Enterprises
APOG
18-Feb
3.07
2.60
Advaxis
ADXS
18-Oct
-2.33
-2.46
Nike
NKE
18-May
2.33
2.29
Aar Corp
AIR
18-May
1.78
1.75
Corium Int'l
CORI
18-Sep
-1.41
-1.43
Calamp
CAMP
18-Feb
1.17
1.16
Carnival
CCL
18-Nov
4.28
4.26
Alaska Air Grp
ALK
17-Dec
6.73
6.72
1Latest consensus estimate among industry analysts, as compiled
by Thomson Reuters.
PULSE OF THE ECONOMY
Only includes new reports. For complete table, see barrons.com
Economic Growth and Investment
Latest
Date
Latest
Data
Preceding
Period
Year
Ago
YroYr
% Chg
No Activity for this Week
76,393
95.7
1,065
1,718
73.7
81,207
94.1
1,141
1,698
72.8
81,466
91.0
815
1,636
69.0
–6.23
5.16
30.67
5.01
6.81
Dec 23
Dec 29
0.13
NA
–0.23
1,366
1.20
NA
….
…
Year
Ago
YroYr
% Chg
Dec 29
109.92
108.80
102.83
6.89
Dec 23
Dec 16
245
1.943
245
r1.936
258
2.097
–5.04
–7.34
217.69
r217.19
205.33
6.02
122.1
0.43
r128.6
r0.37
113.3
0.21
7.77
….
Inflation
JOC–ECRI Industrial Price Index f ..................................................
Employment
Initial jobless claims (thous.) ........................................................
Continuing claims (mil.) ................................................................
Construction
Home Price Index S&P Case–Shiller – Comp. 10 (SA) ....................
Inventories
Domestic crude oil, (thous. bbls) Comm. (Excl. Lease Stck) ...........
Gasoline, (thous. bbls) ..................................................................
Preceding
Period
No Activity for this Week
Dec 23
Dec 22
Dec 29
Dec 23
Dec 23
Consumption and Distribution
Instinet Research Redbook Avg. (monthly %) ................................
Baltic Dry Index .............................................................................
Latest
Data
Trade
Production
Electric power, (mil. kw hrs) (EEI) ..................................................
Petroleum, related capacity, % ......................................................
Rotary rigs running, U.S. & Can., (Hughes) ....................................
Steel, (thous. tons) ........................................................................
Steel, rated capacity, % (AISI)........................................................
Latest
Date
Dec 22
Dec 22
431,882
228,374
436,491
227,783
486,063
227,143
–11.15
0.54
Oct
Other Indicators
Orders
Consumer confidence (Conference Board) ....................................
Citi Research Panic–Euphoria Reading ..........................................
Dec
Dec 29
No Activity for this Week
a-1997 equals 100. b-1982-84 equals 100. c-1982 equals 100. f-1996 equals 100. r-Revised.
January 1, 2018
BARRON’S
M37
Market Laboratory
WEEK’S NEW HIGHS AND LOWS
Weekly Comp.
NYSE
New Highs
New Lows
WEEK’S NEW HIGHS AND LOWS
BankMutual
Bazaarvoice
BisonCapAcqnRt
BlackRidgeAcqn
BldrsDev100
BldrsEur100
BlueBuffaloPet
BMC Stock
BobEvansFarms
BostonOmaha
Bottomline
BroadSoft
BuildersFirstSrc
CalavoGrowers
CapSouthwstNts
CasaSystems
CasellaWaste
CBTX
Cerecor
CerecorWt A
CH Robinson
ChembioDiagn
Children'sPlace
ChinaLodging
ChurchillDowns
CitrixSystems
Clarus
ClementiaPharm
Codexis
CogentixMedical
Cohbar
ColonyBankcorp
ColumbiaSportswr
Cowen7.35%Nts
CRISPR Therap
Crocs
CSP
CYREN
DASAN Zhone
Daseke
DasekeWt
DavisWorldwide
DiamondbkEner
DMC Global
DolphinEntWt
Dunkin'
NYSE Amer Nasdaq
329
66
13
15
295
91
NYSE AMER
NEW HIGHS
CheniereEnergy HMG Court
NuverraEnvl
CheniereEnHldgs HennessyCapIII SandstormGold
ChinaXiniyaFash IndiaGlblCap
SparkNetworks
AbrdnAusEq
AberdChileFd
AmpioPharm
CentralSecs
NEW LOWS
EtnVncOH MIT InspireMD
NeubrgrBrmNY
EnerJexRscs
NanoViricides
Oragenics
GrupoSimec
Network1Techs RegionalHlthProp
IMPAC Mortgage NeubrgrBrm
Biotime
BlkRkMD Muni
EtnVncCA II
EtnVncMA
NASDAQ
Ablynx
AcceleronPharma
AimmuneTherap
AlliedMotionTech
AlphaMarkActiveMgd
AltraIndlMotion
AmericanNatlIns
AmeriWt
AmphastarPharm
AnaptysBio
AndinaAcqnIIRt
AndinaAcqnIIUn
AndinaAcqnIIWt
ApellisPharm
ApolloMedical
Appian
Apptio
AptoseBiosci
Aradigm
ArenaPharm
ARKRestaurants
ArQule
ASV
AtlasFinNt2022
AuburnNatlBncp
AveXis
AxoGen
B.RileyFin7.25%Nts
NEW HIGHS
EchoGlobalLog iShEurDevRealEst
EditasMedicine iShGlbTimber
EducDev
iShIndia50ETF
eGain
iShMornMCValue
EigerBioPharma iShMSCI EAFE SC
ElectrumSpec
iShMSCIACWIexUSETF
EnantaPharma iShMSCIEMxChina
ENDRA LifeSci iShMSCIEuropeSmCp
ENDRA LifeWt iShRuss1000PureUS
Energous
JanusS/MC GrwAlph
EntegraFin
JanusSCGrwAlpha
EntellusMedical JasonIndustries
EquitableFin
JBHunt
EsperionTherap KaiserAlum
EstreAmbiental KayneAnAcqn
EstreAmbWt
KindredBiosci
Everbridge
KLX
ExpressScripts Koss
Fastenal
LakeShoreBancorp
FateTherap
LGI Homes
FidelityD&D
LibertyQVC B
FirstBancshares LiveVentures
FirstCapital
lululemon
FirsthandTechVal Manitex
FiveBelow
Marriott
FlexShUSQualLC MBFinPfdC
ForumMerger
MedallionFinNts
FosterLB
MelcoResorts
PwrShDynHlthcr
PwrShFTSEIntlLow
PwrShGlblAgricult
PwrShGlbWater
PwrShIntlBuyBack
PwrShIntlDivAch
PwrShS&P SC CD
PwrShS&P ScHealth
PwrShS&PSCMatls
Quanterix
R1RCM
RandCapital
RBB Bancorp
RedRockResorts
Remark
RiceBranTech
RossStores
Saia
SchnitzerSteel
SierraOncology
SigmaDesigns
Siliconware
SimplyGoodFoods
SimplyGoodFoodsWt
Snyders-Lance
SteelDynamics
StevenMadden
StitchFix
Adtran
Advaxis
AileronTherap
AirMedia
ANGI Homesvcs
ApolloInv
AratanaTherap
AtlanticAcqnUn
AvenueTherap
Avinger
CapitalaFinance
Check-Cap Wt
ChemoCentryx
ChinaJoJoDrug
CMSevenStarAcqn
Cohbar
Conifer
Curis
CytoriTherapWt
DareBioscience
DAVIDsTEA
DenaliTherap
DormanProducts
CBOE MARKET REPORT
For personal Do not edit or alter. Reproductions not permitted.
To reprint or license content, please contact Barron's reprints department at 800-843-0008 or
Advances-Declines
Last
Week
Advances
Declines
Unchanged
105,042
150,418
161,164
CALLS
Week
Ago
PUTS
Last
Week
Week
Ago
151,020
66,780
92,116 179,884
114,974 169,954
47,732
189,411
120,961
Market Volatility Index (VIX)
VIX Index
Last
Week
11.04
Prev.
Week
9.90
Month
Ago
11.43
Year
Ago
14.04
The CBOE Volatility Index (VIX) is derived from the prices of all
quoted at-the-money and out-of-the-money, S&P 500 Index
(SPX) putsand callsinthetwofrontmonths.
Last
Week
Previous
Week
S&P 100
1,348
1,769
CBOE Equity 1,407,886 2,461,354
76/100
57/100
92/100
55/100
SucampoPharm
SunHydraulics
TCG BDC
TechnicalComms
TesscoTech
tronc
TRowePrice
Tucows
UbiquitiNetworks
UnitedSecBcshrs
UnivLogistics
UrbanOutfitters
US Energy
VanEckGenDrugs
VangdIntlDivApp
VangdIntlHiDiv
VangdRuss2000Grw
VangdTotalCpBd
VangdTotIntlStk
VarexImaging
ViaSat
VicShEMHiDivVol
VicShIntlVolWtd
VicShUS500Vol
VidentCoreUSEquity
VidentIntlEquityFd
VikingTherap
VikingTheraWt
ViperEnergyPtrs
Vodafone
VSInverseVIXSTerm
VSInvVIXMedTerm
WernerEnterprises
WillScot
WillScotWt
WisdomTreeInvs
WisdTrEMConGrwth
WisdTrEMQualDivGrw
WisdTrJapanHdgSC
WSIIndustries
WynnResorts
XOMA
ZionsBancorpWt
ZK Intl
Zogenix
ReWalkRobotics
RMG Networks
SearsHoldings
SenesTech
SilverRunII
SparkEnergy
TCP Capital
TiVo
TrovaGene
UnicoAmerican
UnivElectro
VangdShortTermTrea
VangdShtTmInfltn
VangdSTCpBd
VS2xVIXMedTerm
VS2xVIXShortTerm
VSVIXMedTerm
VSVIXShortTerm
WaterstoneFinl
YatraOnline
Yield10Bioscience
ZosanoPharma
NYSE
Put-Call Ratio
Last Week
Puts
Calls
FSB Bancorp
MellanoxTech
MeridianBancorp
FT AltAbsRet
FT APxJapan
Methanex
FT CanadaAlpha MGPIngredients
FT DevIntlEquity MI Acqns
FT DevMkts
Michaels
FT DevMktsXUS MillAcqn Wt
FT EuropeAlpha MillerHerman
FT GerAlpha
MiratiTherap
FT GlblAgri
ModernMediaRt
FT GlbNatRscs MVB Financial
FT LC Value
NanoVibronix
FT MC CoreAlpha NationalVision
FT MC ValAlpha NatlHoldings
FT MuCValAlpha NektarTherap
FT NasdaqTrans NeptuneTech
FT SC GrwthAlpha Neurocrine
FT SKoreaAlpha NexstarMedia
FT SMID CapRising NICE
NorthernTechsIntl
FT SwitzAlpha
FT UK Alpha
NorthernTrust
FTEurozoneAlpha ObesityETF
FTMuniHiIncm OdonateTherap
GalectinTherap OhioValleyBanc
GIIIApparel
OhrPharm
GolarLNG
OldDomFreight
GolarLNG PfdA Ollie'sBargain
GRAVITY
OpenText
GWPharm
PatrickIndustries
H&E Equipment PennNational
HalozymeTherap PensareAcqnRt
HamiltonLane
PepsiCo
HeritageCrystal PierisPharm
HeronTherap
Pixelworks
HudsonGlobal PlumasBancorp
HutchisonChina PoageBankshares
HVBancorp
Presidio
Hydrogenics
PrincipalHlthInnov
iClickInteract
PrincipalUSSCMulti
Ignyta
PrincplMillennials
Immunomedics ProShEquRising
PwrShBuybackAch
InflaRx
iPath2yearBear PwrShDivAch
IQChaikinUSLC PwrShDWAMom
PwrShDWASCMom
iRadimed
iShCoreMSCITotInt PwrShDynBscMatl
NEW LOWS
EstreAmbiental LM Funding Wt
Evogene
MatthewsIntl
FedStreetAcqnUn MidatechPharma
FFBW
MySize
FidusInvt
Neonode
FrontierCommPfA NeuroMetrixWt
FT LowDurOpp NovelionTherap
HaymakerAcqnUn NuCana
Hexindai
ObalonTherap
I-AM Capital Wt OncobiologicsWtA
IconixBrand
OncobiologicsWtB
Immutep
OpGen
InovioPharma
OrexigenTherap
iSh1-3YCreditBond OrganovoHoldings
iSh1-3YTreasuryBd OxbridgeRe
iShMSCIUAE
PacBiosciCA
JAKKS Pacific
ParkCity
KayneAnAcqn
ParkerVision
KayneAnAcqnUn pSivida
Koss
RealNetworks
LegacyReserves RestorationRob
LibertyTripAdvB ReToEcoSol
LindbladExpedWt RevolutionLight
ABB
AbbottLabs
Abercrombie&Fitch
AberdeenGrChinaFd
Acushnet
AffiliatedMgrs
Agrium
AirLease
AirProducts
Alcoa
AlexandriaPfdD
Allstate
AlonUSAPartners
AlpineGlblDyn
AlpineTotDynDiv
AmerEagle
AmericanFin
AmerStWater
Andeavor
AnworthMtgPfdA
ApolloGlbMgmt
AquaAmerica
ArcelorMittal
ArchCoal
Investors rely on the equity put-call ratio, which tends to track
individual trades, and the index put-call ratio, which reflects
professionalandinstitutionalstrategies,ascontrarysentiment
indicators.Thehighertheputtrading,themorebullishtheindication and vice-versa. Readings in the CBOE equity put-call
ratio of 60:100 and in the S&P 100 of 125:100 are considered
bullish, for instance. Bearish signals flash when the equity putcall level reaches the vicinity of 30:100 and the index ratio hits
75:100.
Rampart Time Premium Index
The Composite Call Index (of time premiums on near-themoney six-months calls on 2396 optionable stocks) was 11.08
atThursday'sclose,versus10.87aweekearlier.TheComposite
Put Index (of time premiums on near-the-money six-month
puts on 2357 optionable stocks) was 9.25 at Thursday's Close,
versus 9.25aweekearlier.
NEW HIGHS
ConstBrands B Invesco MIO
ConsumersEnerPf InvestorsRE PfdC
ContinentalBldg JMP Nts2027
CorEnergyInfr
JaggedPeakEner
Cosan
JamesHardie
CntrwdCapV
HancockFinlOpp
CushingRenaissance KB Fin
DST Systems
KB Home
DTE EnergyDeb77 KenonHoldings
DaqoNewEnergy KimcoRealtyPfdM
KirklandLakeGold
Darden
DaVita
Knight-Swift
DeckersOutdoor Kohl's
Deere
LCI Inds
DelekUS
LaQuinta
Deluxe
LambWeston
Diageo
LazardGlblFd
DianaShippingPfd Lazard
DiscoverFinSvcs LazardWorldDiv
Domtar
Leaf
Dover
LegacyAcqn
DriveShackPfdB LeggMason
DriveShackPfdC Lennar A
DuPont pfA
LibertyAllStar
RayonierAdvMatls
RayonierAdvPfdA
Rayonier
RedLionHotels
RegalwoodGlbUn
RegionsFin
RepublicSvcs
ResoluteForest
Rexnord
RioTinto
RoyalBkCanada
RoyalBkScotland
RoyalDutchA
RoyalDutchB
RoyceGlbValueTr
RyderSystem
SK Telecom
SabineRoyalty
Sasol
SchneiderNatl
ScottsMiracleGro
SelectEnergySvcs
ServiceNow
SilverSpringNtwks
CONFERENCE CALL CALENDAR
Earnings - Related
Company
Constellation Brands Inc
Monsanto Co
Source: CCBN, www.ccbn.com
Date
Time
Earnings-Related Period
January 5
January 4
10:30AM
9:30AM
Q3
Q1
WEEK’S NEW HIGHS AND LOWS
AshfordHospPfdH
AshfordHospPfdI
AshfordHospPfdF
BBVABancoFr
BHPBilliton
BHPBilliton
BP Midstream
BP
BRT Apartments
BancodeChile
BankofAmPfd3
BankofAmPfdW
BankofAmPfdCC
BankofAmPfdEE
BankofMontreal
BestBuy
BlkRkCapEnIncoFd
BlkRkRscs&Comm
BluegreenVac
BootBarn
BostonBeer
BoulderGrowth
BoydGaming
BrookfieldBusPtr
BrookfieldInfr
Brown-Forman A
Brown-Forman B
Buckle
BurlingtonStrs
CF Industries
CNH Indl
CNOOC
CONSOL Energy
CVR Energy
CVR Refining
CadenceBancorp
CAE
CalAtlantic
DynexCapPfdB
EOG Rscs
EtnVncTxAdvDiv
Ecopetrol
EmbotellAndinaA
EmergentBiosol
EmersonElec
EnelAmericas
EnPro
Euronav
FB Financial
FMC
FangHoldings
FedRealtyInvPfdC
FederatedInvest
FiatChrysler
FleetCorTech
Floor&Decor
FortressTransport
FreeportMcM
FreseniusMed
GAIN Capital
GabelliDividend
Gap
GasLog
Gener8Maritime
GeoPark
GeorgiaPwrNt77
GigCapital
Gildan
GlobusMedical
Graco
GrayTelevision A
GrayTelevision
Greenbrier
GpoSupervielle
GuangshenRail
GuggEnhEquFd
LincolnNatlWt
Lowe's
Luxfer
LyondellBasell
M&TBankPfdA
MFAFinNts2042
MVC Capital
MVC CapNts22
MV Oil
MarathonPetrol
Marcus&Millichap
MatadorResources
Maximus
MerLynCapTr I
MesaRoyalty
MichaelKors
MiXTelematics
Moelis
MS Asia
NVR
NewOrientalEduc
NewYork
NexaResources
NexPointCreditFd
NomadFoods
NorfolkSouthern
NovoNordisk
NuSTAR PfdC
NuvBuildAmBdOpp
NuvDow30Dyn
NuvSelTxF3
NuvTaxAdvTR
NuvTaxAdDivGr
OccidentalPetrol
OldRepublic
Ooma
OrionEngCarbons
OwensCorning
WEEK’S NEW HIGHS AND LOWS
SiteOneLandscape
SixFlags
SkechersUSA
SolarisOilfield
SouthernNts77
SoCopper
SpiritAeroSys
Statoil
SteelPartners
SterlingBncpPfdA
Strats PG GJR
SummitHotelPfdE
SunLifeFinancial
SunCokeEnergy
SuncorEnergy
SynchronyFin
Systemax
THLCreditNts22
TIM Part
TeckRscsB
TelecomItalia A
Terex
TexasPacLand
Tiffany
TopBuild
Torchmark
TriNet
TurkcellIletism
TurningPoint
TwoHarborsPfdC
US Foods
UnionPacific
UnitedRentals
UnitedTech
UsanaHealth
Visa
VOC Energy
Vale
Caleres
CanadaGoose
CIBC
CanPacRlwy
CapsteadMtgPfdE
Carters
Caterpillar
Ctrl&EasternEurFd
CherryHillPfdA
Chevron
ChinaEastrnAir
ChinaSoAirlines
Clorox
Cohen&SteersInfr
ChnStrsGlbInc
ColonyNorthPfdJ
Comcast DECS
CerveceriasUnid
ConchoRscs
ConocoPhillips
ConstBrands A
Alexander&Baldwin
Alexanders
AmiraNatureFoods
Ampco-Pitt
AssuredGuaranty
BankofAmPfdI
BenchmarkElec
BlkRkFL Muni20
BlkRkMuni20
BlkRkNY MT Tr
CBL AssocPfdD
ChesapeakeGranite
ColonyNorthStar
EngGr-Cmg C
Volaris
CorpCapitalTr
DeutscheMuniIncmTr
HDFC Bank
HFF
HSBC
HancockIncmSecs
HanoverIns
Hilton
HoeghLNG PfdA
HollyFrontier
HomeDepot
DR Horton
Hovnanian
HowardHughes
Hubbell
HyattHotels
IONGeophysical
InnovativeIndProp
InnovativeIndPfdA
InterContinentl
IntrepidPotash
InvescoHiIncm2024
OxfordIndustries
PBF Energy
PGT Innovations
PJT Partners
POSCO
PSBusParksPfdY
PackagingCpAm
ParkerHannifin
PeabodyEnergy
PennyMacFinS
PerformanceFood
Phillips66
PiperJaffray
PlanetFitness
Potash
ProPetro
Prudential
QuantaServices
REV
RalphLauren
ValeroEnergy
ValidusPfdA
ValidusPfdB
Valvoline
Verso
VornadoRty5.25PfdM
VoyaInfrIndls
WEX
WasteMgt
Watsco
WebsterFinlPfdF
Welbilt
WstAstClymrInflaO
WstAsset DefOptr
WstAstClymrInfS
WestlakeChem
WildHorseResource
WolverineWwide
Wyndham
XPO Logistics
NEW LOWS
Doubleline Oppor HeclaMiningPfd
ECA Marcellus HugotonRoyalty
EastmanKodak IDT
EtnVnc MIT
JMP Nts2023
EtnVnTaxAdvBd&Opt LTC Properties
EllingtonFin
MaidenHldg6.7%PfdD
EllingtonResiMtg MainStreetCapNt
FS Investment MedleyCapital
Fabrinet
NationalGrid
FirstRepBank
NewMountainFin
FirstRepublicPfE NewSeniorInvt
FT SpecFin
NorwegCruise
GNC Holdings
NuvCreditOpp2022
NuvMN QualMuni
GeneralElec
GenworthFin
NuvNY MuniValue
GuggCreditAlloc OGE Energy
HartfordFinDeb42
OaktreeSpecNts24
PHH
PPL
PioneerFR
PrudGlShrtDurHiYd
SCE Tr VI 5% Pfd L
SandRidgePermian
SaratogaInvNts23
StarwoodProp
TemplGlob
UnvlTechInst
ValleyNatlWt
Welltower
WstAstMuniDefOpp
XAIOctagonFR
YingliGreenEner
HIGH-YIELD BONDS
Friday, December 29, 2017
Ten most active fixed-coupon high-yield, or "junk", corporate bonds
COMPANY (TICKER)
COUPON
MATURITY
LAST
PRICE
LAST
**EST
YIELD SPREAD UST†
EST VOL
(000's)
5.750
Apr 15, 2022 104.440 0.214
5
91,209
Time (Usa) (TIME)
8.000
Dec 15, 2022 82.930 12.753
1055
5
77,645
California Resources (CRC)
4.750
Apr 15, 2023 78.923 9.975
777
5
43,166
Mallkrodt International Finance Sa (MNK)
7.125
Mar 15, 2023 59.250 20.094
1788
5
38,746
Petsmart * (PETM)
4.625
Dec 15, 2027 101.522 4.396
198
10
38,662
Service Corp International (SCI)
9.000
Dec 15, 2025 104.220 8.091
567
10
38,236
Valeant Pharmaceuticals International (VRXCN)
2.350
May 06, 2019 99.450 2.766
88
2
36,487
Mattel (MAT)
9.250
Jun 15, 2021 95.250 10.936
873
5
29,955
Hot Topic (HOTT)
2.350
Aug 15, 2021 89.344 5.648
344
5
29,741
Mattel (MAT)
6.625
Dec 15, 2021 109.720 3.949
175
5
29,420
Mgm Resorts International (MGM)
Volume represents total volume for the market; price/yield data are for trades of $100,000 and greater.* Denotes a security whose last round
lot trade did not take place on the last business day prior to publication. ** Estimated spreads, in basis points (100 basis points is one percentage point), over the 2, 5, 10 or 30-year hot run Treasury note/bond. 2-year: 1.750 11/19; 5-year: 2.000 11/22; 10-year: 2.250 11/27;
30-year: 2.750 08/47.†Comparable U.S. Treasury issue.
Source: MarketAxess Corporate BondTicker - www.bondticker.com
QUARTERLY EARNINGS: DOW JONES UTILITY AVERAGE
This table lists the latest reported diluted quarterly earnings of the Dow Jones Utility Average component
stocks based on generally accepted accounting principles. The total is then adjusted by the Dow Divisor in
effect at the end of the quarter.
Company (Symbol)
AES Corp.(AES) ................
Am El Pwr (AEP) ...............
Amer Watr Wks (AWK)......
CenterPoint En (CNP)........
Cons Ed (ED) ....................
DominEnergy (D)..............
Duke En (DUK)..................
Edis Intl (EIX)....................
Exelon(EXC) .....................
FirstEnergy(FE).................
NextEra En (NEE) ..............
NiSource(NI) ....................
PG&E (PCG) .....................
PubSvcEn (PEG)...............
Southn Co (SO).................
Total Earnings..........
DJUA Divisor ....................
DJUA Average...................
DJUA Qtr. Earn..................
DJUA 4-Qtr. Earn ..............
DJUA P/E Ratio .................
2017
Sep.
2017
June
2017
Mar.
2016
Dec.
2016
Sep.
.23
.08
– .04
– 1.44
.26
1.11
.76
1.20
.76
– 1.56
1.13
.73
.52
.57
.83
.39
.31
.44
.23
.41
1.48
.57
1.27
.67
1.62
1.03
.62
1.01
.73
1.10
1.36
.98
1.02
– .33
1.70
1.43
.85
1.10
1.05
1.27
.85
.09
1.07
.22
.53
.89
.39
.46
– 13.44
.89
1.79
1.86
3.37
2.06
1.62
.04
– .14
.65
.27
.08
1.07
.79
1.13
1.36
.77
.22
.22
.22
– .19
.64
1.07
– 1.38
.66
.20
1.18
14.09
6.73
14.08
– 7.28
11.34
1.26341348266030 1.26341348266030 1.26341348266030 1.26341348266030 1.26341348266030
723.60
706.91
697.28
659.61
668.13
11.15
5.33
11.14
-5.76
8.98
21.86
19.69
18.39
15.45
24.91
33.10
35.90
37.92
42.69
26.82
M38
BARRON’S
January 1, 2018
Market Laboratory
CBOE PUT/CALL RATIO vs S&P 100
MONEY RATES
Discount Rate (NY)
Yr Ago
2
2
11/4
Prime Rate (base)
41/2
41/2
33/4
Fed Funds Rate
Avg effective offer
Avg weekly auction-c
1 /27
1.42
1 /25
1.26
/39
0.66
10
11
23
T-Bills Rate
13 weeks, Coupon Yield
13 weeks, Auction Rate
26 weeks, Coupon Yield
26 weeks, Auction Rate
Avg weekly auction-c
1.470
1.445
1.563
1.530
1.34
1.379
1.355
1.512
1.480
1.30
0.564
0.555
0.671
0.660
0.51
Broker Call Rate
3 1/4
3 1/4
2 1/2
1.53
1.56
1.62
1.75
1.53
1.56
1.62
1.75
0.70
0.80
1.03
1.23
-0.329
-0.271
-0.186
-0.329
-0.271
-0.186
-0.319
-0.221
-0.082
Libor Interbank Rate
1 month
3 months
6 months
12 months
1.56
1.69
1.84
2.11
1.56
1.69
1.83
2.10
0.77
1.00
1.32
1.69
Foreign Prime Rates
Canada
Germany
Japan
Switzerland
Britain
3.20
0.00
1.475
0.50
0.50
3.20
0.00
1.475
0.50
0.50
2.70
0.00
1.475
0.50
0.25
3.51
0.14
0.09
0.24
0.42
0.59
1.00
3.57
0.14
0.09
0.24
0.42
0.59
1.00
3.68
0.11
0.07
0.19
0.31
0.49
0.82
0.10
0.10
0.10
Bankers Acceptances
1 month
2 months
3 months
6 months
Euribor Interbank Rate
3 months
6 months
12 months
Other Money Rates
Fannie Mae Home Loan:
30-Year Fixed Conv
Bank money market-z
Interest Checking-z
6-Month Certif-z
12-Month Certif-z
30 Month Accounts-z
5-Year Certificates-z
U.S. Savings EE Bonds:
Long-Term (5yrs+)
FOREIGN EXCHANGE
The New York foreign exchange mid-range rates are quoted at 5
p.m. Eastern time by Tullet. Retail transactions provide fewer
units of foreign currency per dollar.
S&P 100
Country
CBOE
0.90
2.15
CBOE
1.80
0.80
1.45
0.70
1.10
0.60
0.75
0.50
0.40
J
F
M
A
M
J
J
A
S
O
N
0.40
D
Source: CBOE
INVESTOR SENTIMENT READINGS
High bullish readings in the Consensus stock index or in the
Market Vane stock index usually are signs of Market tops; low
ones, market bottoms.
Last
Week
2 Weeks
Ago
3 Weeks
Ago
Consensus Index
Consensus Bullish Sentiment
78%
78%
77%
Source: Consensus Inc., P.O. Box 520526,Independence, Mo.
Historical data available at (800) 383-1441. editor@consensus-inc.com
AAII Index
c-Annualized yields, adjusted for constant maturity, reported by
the Federal Reserve on a weekly average basis.
Sources: Tullett Prebon information, Ltd.
SIX Financial Information. z-Bankrate.com.
Foreign
Foreign
Currency Currency
in U.S.$
in U.S.$
Fri. Last Fri.
Argentina (Peso)-y
Australia (Dollar)
Bahrain (Dinar)
Brazil (Real)
Bulgaria (Lev)
Canada (Dollar)
Chile (Peso)
China (Renminbi)
Colombia (Peso)
Croatia (Kuna)
Czech. Rep. (Koruna)
Commercial rate
s
S&P 100
Bullish
Bearish
Neutral
52.7%
20.6
26.7
50.5%
25.6
23.9
45.0%
28.1
26.9
Source: American Association of Individual Investors,
625 N. Michigan Ave., Chicago, Ill. 60611 (312) 280-0170.
Denmark (Krone)
Ecuador (US Dollar)
Egypt (Pound)-y
Hong Kong (Dollar)
Hungary (Forint)
Iceland (Krona)
India (Rupee)
Indonesia (Rupiah)
Israel (Shekel)
Japan (Yen)
Kazakhstan (Tenge)
Kuwait (Dinar)
Macau ( Pataca)
Malaysia (Ringgit)-b
Mexico (Peso)
Floating rate
New Zealand (Dollar)
Norway (Krone)
Oman (Rial)
Pakistan (Rupee)
Peru (new Sol)
Philippines (Peso)
Poland (Zloty)
Qatar (Rial)
Russia (Ruble)-a
Saudi Arabia (Riyal)
Singapore (Dollar)
.0538
.7809
2.6518
.3019
.6136
.7954
.001625
.1538
.0003323
.1614935
…… ..
.04699
.1612
1.0000
.0563
.1280
.003861
.009658
.01566
.0000742
.2874
.008873
.003006
3.3174
.1243
.2462
…… ..
.0508
.7093
.1219
2.5977
.00904
.3084
.02001
.2875
.2741
.01734
.2666
.7478
Bullish Consensus
70%
70%
70%
Source: Market Vane, P.O. Box 90490,
Pasadena, CA 91109 (626) 395-7436.
TIM Group Market Sentiment
Indicator
43.0%
47.3%
48.7%
Source: TIM Group, 3 Columbus Circle, Suite 1592
New York, NY 10019 (844) 207-1445. timsupport@timgroup.com
Corporate (z)
Municipal (z)
1,167
r3,190
1,336
856
r13,451
242
Best Grade Bonds-y (Barron's index of 10 high-grade
corporate bonds.)
3.24
3.29
3.53
Interm-Grade Bonds-y (Barron's index of 10
medium-grade corporate bonds.)
4.12
4.16
4.77
Confidence Index (High-grade index divided by intermediate-grade index; decline in latter vs. former generally
indicates rising confidence, pointing to higher stocks.)
78.7
79.0
74.1
Other Confidence Indicators:
Bloomberg Barclays US Long Treasury*(This
18.0400
1.2995
.3770
3.3370
1.6488
1.2728
622.40
6.5744
3009.48
6.36
…… ..
21.713
6.2757
1.0000
17.8560
7.8169
262.85
105.98
64.013
13554
3.4836
113.29
334.84
.3021
8.0500
4.0785
…… ..
19.7394
1.4243
8.3192
.3847
111.075
3.2430
50.100
3.5349
3.6372
58.318
3.7500
1.3437
.0809
.0794
12.3611
12.5966
.0009371
.0009283
1067.16
1077.20
.0065
.0065
153.4900
152.9500
.1222
.1202
8.1858
8.3228
1.0263
1.0114
.9744
.9887
.03371
.03345
29.667
29.894
.03068
.03054
32.590
32.740
.2635
.2626
3.7947
3.8074
.0355
.0358
28.1445
27.9610
1.3513
1.3363
.7400
.7483
…… ..
…… ..
…… ..
…… ..
Financial
.03472
.03476
28.800
28.770
.096694
.095071
10.34
10.52
Venezuela (Bolivar)
---1.2003
1.1862
.8332
.8431
Euro
Special Drawing Rights (SDR) are based on exchange rates for the U.S.,
British, and Japanese currencies. Source: International Monetary Fund.
a-Russian Central Bank rate. b-government rate. d-rebased as of Jan. 1,
2005. y-floating rate.
South Africa (Rand)
South Korea (Won)
Sri Lanka (Rupee)
Sweden (Krona)
Switzerland (Franc)
Taiwan (Dollar)
Thailand (Baht)
Turkey (New Lira)-d
Ukraine (Hryvnia)
U.K. (Pound)
Uruguay (Peso)
ARMS INDEX
The Arms index, also known as the short term trading index, is a number
derived by dividing one quotient into another quotient. The numerator in
the index is the number of advancing stocks divided by the number of
declining stocks. As of 3/14/11, the denominator in the index is now the
compositevolumeofadvancingstocksdividedbythecompositevolumeof
declining stocks.
Daily
12/25 12/26 12/27 12/28 12/29
NYSE
NYSE American
Nasdaq
...
...
...
.66
.22
.97
1.50
2.51
.72
.88
1.53
.94
1.30
.97
1.62
BARRON'S GOLD MINING INDEX
12-Month
High
Low
Year
Ago
12/28 12/21
Week %
Chg.
567.38 456.65 Gold mining 516.31 499.82 478.99 +3.30
Member Bank
Reserve Chgs. (Mil. $)
Prev.
Week
Change
GOLD & SILVER PRICES
Latest
Week
Year
Ago
Change
One week ended Dec 27:
U.S. Gov't securities:
4,231,118
-2,891
-2,273
Last
Week
Prev.
Week
Yr Ago
Week
4,391
....
-11,789
Float
Other F.R. Assets
Total Fed Credit #
Gold stock
SDR Certif. Accounts
Treas. Curr. Outst.
Total
Currency in circ
Treas. Cash Hldgs
Treas. Fed Deposits
Foreign Fed Deposits
Other Fed Deposits
Other FR liab/cap
Total factors
Reserves F.R. banks
30
....
33
-179
27,890
4,417,716
11,041
5,200
49,360
4,504,495
1,612,112
194
190,283
5,253
92,352
47,859
2,303,070
2,201,425
-47
....
....
36
801
9,424
....
....
14
9,457
8,098
-10
34,671
-44
8,987
-897
77,196
-67,739
Bond Buyer 20 Bond Index (Index of yields of 20
general obligation municipal bonds.)
3.44
3.56
3.78
Bond Buyer Municipal Bond Index (Index of 40
actively-traded tax-exempt bonds; component issues are
changed regularly to keep the index a current picture of the
market. Source: The Bond Buyer
3.88
3.95
4.26
Stock/Bond Yield Gap-s (Difference between yield on
highest-grade corporate bonds and yield on stocks on the DJIA.)
–1.13
–1.18
–1.11
Yield on DJ Equal Weight US Corp Bond Idx:
Corp Bonds, (y)
3.13
3.18
3.17
v-Week ended Thursday. y-Yield to maturity, week ended Thursday.
z-Source: Thomson Reuters.*Barclays T-Bond Index discontinued
by firm.
Fgn hold U.S. debt
3,361,999
Latest
Monthly Money Supply
Month ended November
M1
M2
Total Reserves:
Prev. Yr. Ago YOY % Chg
Week ended December 18
M1
3,611.6 3,666.3 3,298.4
M2
13,863.1 13,866.0 13,236.1
Two Weeks ended December 20
M1 Multiplier (St. Louis Fed)
0.946 0.939 0.943
3,618.4 3,594.7 3,354.0
13,785.4 13,747.0 13,223.2
Primary Credit
Secondary Credit
Seasonal Credit
Reserve Aggr (Mil. $ sa)
Two Wks Ended Dec 20:
MONEY SUPPLY
Money Supply (Bil. $ seas. adj.)
Reserve bank credit:
9.50
4.74
0.32
7.88
4.25
Nonborrowed Res #
Required Res ##
Excess Reserves:
Borrowed Reserves
Free Reserves ###
Monetary Base
Latest
Wk.
2,374,977
2,374,900
180,935
2,194,042
77
2,193,965
3,914,098
+
+
+
+
+
+
+
+
+
+
+
+
+
+
+
+
+
+
+
15
....
4
107
-1,171
-9,508
....
....
836
-6,861
106,050
30
-190,396
87
13,125
905
-255,730
248,870
Handy & Harman
Gold, troy ounce
Silver, troy ounce
12/29
12/22
Year
Ago
1296.50
17.01
1268.05
16.42
1159.10
16.05
Base for pricing gold and silver contents of shipments and for
making refining settlement.
Price
Premium Premium
Coins
$
%
1356.68
1369.73
1580.84
1281.67
1369.73
1369.73
Krugerrand
Maple Leaf
Mexican Peso
Austria Crown
Austria Phil
U.S. Eagles
52.18
65.23
8.00
3.00
65.23
65.23
4.00
5.00
0.51
0.23
5.00
5.00
Premium is the amount over the value of the gold content in the
coin. Source Manfra, Tordella & Brookes, Inc.
Bullion spot gold price 1304.50
GOLD PERFORMANCE
Golden: Ending the year with a string
of gains, gold rose to $1,297 from
$1,268 as the dollar fell.
20
Handy & Harman Gold Price
-10,658 + 182,122
Prev.
Week
2,374,541
2,374,495
192,833
2,181,708
46
2,181,662
3,909,390
Wk. %
Chg.
0.02
0.02
-6.17
0.57
67.39
0.56
0.12
10
Year
Ago
2,144,517
2,144,484
165,222
1,979,295
33
1,979,262
3,579,064
# Fed supply of permanent reserves provided.
## Demand for reserves to back deposits.
### Free reserves equal excess reserves minus discount window borrowings other than extended credit. Free reserves are shorthand method
of determining the degree of ease of Fed policy, or when they are negative
net borrowed reserves, tightness.
0
-10
s
index measures the performance of fixed-rate, nominal US
Treasuries with at least 10 years to maturity. Jan. 1, 1973=100.)
3536.65
3471.60
3250.77
Bloomberg Barclays US Credit (This index
includes all publicly issued, fixed-rate, non-convertible, investment-grade, dollar-denominated, SEC-registered corporate
debt. All issues have at least one year to maturity and outstanding par value of at least $250 million. Jan. 1, 1973=0.) (v)
2758.35
2744.34
2588.78
Ryan Labs Treasury Index (Index of total return from
active Treasury notes and bonds. Dec. 31, 1996=100.)
273.85
272.28
265.26
18.6035
1.2806
.3771
3.3123
1.6297
1.2573
615.50
6.5030
3009.48
6.19
…… ..
21.279
6.2050
1.0000
17.7715
7.8132
258.99
103.54
63.871
13484
3.4795
112.70
332.68
.3014
8.0459
4.0614
…… ..
19.6704
1.4098
8.2068
.3850
110.650
3.2430
49.964
3.4788
3.6487
57.678
3.7504
1.3372
Country
FEDERAL RESERVE DATA BANK
Bought outright
Yr Ago
Week
New Offerings, (mil $) (v)
.0554
.7695
2.6525
.2997
.6065
.7857
.001607
.1521
.0003323
.1572006
…… ..
.04606
.1593
1.0000
.0560
.1279
.003804
.009436
.01562
.0000738
.2871
.008827
.002987
3.3105
.1242
.2452
…… ..
.0507
.7021
.1202
2.5991
.00900
.3084
.01996
.2829
.2749
.01715
.2667
.7442
Federal agency secur:
WEEKLY BOND STATISTICS
Prev.
Week
U.S. $ in U.S. $ in
Foreign
Foreign
Currency Currency
Fri. Last Fri.
U.S. $ in U.S. $ in
Foreign
Foreign
Currency Currency
Fri. Last Fri.
Market Vane
Bought outright
Last
Week
Foreign
Foreign
Currency Currency
in U.S.$
in U.S.$
Fri. Last Fri.
Friday, December 29, 2017
Readings in the CBOE equity put-call ratio of 60:100
and in the S&P 100 of 125:100 are considered bullish,
for instance. Bearish signals flash when the equity
put-call level reaches the vicinity of 30:100 and the
index ratio hits 75:100.
s
For personal Do not edit or alter. Reproductions not permitted.
To reprint or license content, please contact Barron's reprints department at 800-843-0008 or
Prev.
Week
s
Latest
Week
Barron's Gold Mining Index (516.31)
-20
J
F
M
A
M
J
J
A
S
O
N
D
January 1, 2018
BARRON’S
M39
Market Laboratory
STOCK SPLITS/DIVIDENDS
Company Name-Ticker Symbol (Exchange)
Record
Date
Amount
Ex-Dividend
Date
Payment
Date
WEEK'S DIVIDEND PAYMENT
WEEK'S EX-DIVIDEND DATES
This list includes payouts on common stocks.
This list includes payouts on common stocks.
None
NYSE
Monday
SPECIAL DIVIDENDS
Company Name-Ticker Symbol (Exchange)
Record
Date
Amount
Banco Sant Brasil ADR-BSBR (NYSE)................................................
Ennis-EBF (NYSE) ..................................................................................
Nationwide RiskBased Intl-RBIN (NYSE ARCA )................................
Nationwide Risk-Based US-RBUS (NYSE ARCA )..............................
Systemax-SYX (NYSE)..........................................................................
0.19
0.10
0.02
0.02
1.50
Ex-Dividend
Date
1-09
1-12
12-28
12-28
1-05
Payment
Date
1-08
1-11
12-27
12-27
1-04
3-05
2-09
12-29
12-29
1-12
DIVIDEND PAYMENT REDUCTIONS
Adjusted
Yield Period To
Company Name-Ticker Symbol (Exchange)
%
Decrease
From
Record
Date
Ex-Div
Date
Payment
Date
None
DIVIDEND PAYMENT BOOSTS
Adjusted
Yield Period To
Company Name-Ticker Symbol (Exchange)
Cohen & Steers Infr Fd-UTF (NYSE) ...................... 7.8
Cohen & Strs Sel Prf Inco-PSF (NYSE).................. 7.3
FR STRATSs 2006-2 GS Grp-GJS (NYSE)............ 2.8
Guaranty Federal Bancshrs-GFED (Nasdaq) ....... 2.1
Pacific Coast Oil Trust-ROYT (NYSE).................... 17.2
Pathfinder Bancorp-PBHC (NCM )......................... 1.5
Preferred Bank LA-PFBC (Nasdaq)......................... 1.5
M
M
M
Q
M
Q
Q
.155
.172
.046729
.12
.02776
.0575
.22
From
%
Increase
Record
Date
Ex-Div
Date
Payment
Date
.134
.11
.045028
.10
.01614
.055
.20
15.7 %
56.4
3.8
20.0
72.0
4.5
10.0
1-17
1-17
1-14
1-03
1-02
1-12
1-08
1-16
1-16
1-11
1-02
12-29
1-11
1-05
1-31
1-31
1-15
1-13
1-16
2-03
1-22
DOW JONES AVERAGES-December 2017
For personal Do not edit or alter. Reproductions not permitted.
To reprint or license content, please contact Barron's reprints department at 800-843-0008 or
High
1
4
5
6
7
8
11
12
13
14
15
18
19
20
21
22
26
27
28
29
30 Industrials
Low
Close
24417.50
24700.04
24470.65
24335.70
24342.69
24415.47
24490.41
24666.78
24763.25
24788.00
24791.65
24973.15
24935.56
24933.94
24967.16
24878.85
24860.61
24860.95
24901.85
24920.10
23892.79
24161.74
24078.04
23996.90
24000.79
24147.62
24201.50
24341.38
24408.55
24444.11
24492.48
24669.16
24635.21
24635.32
24635.52
24618.41
24641.14
24671.74
24729.00
24697.67
High
24231.59
24290.05
24180.64
24140.91
24211.48
24329.16
24386.03
24504.80
24585.43
24508.66
24651.74
24792.20
24754.75
24726.65
24782.29
24754.06
24746.21
24774.30
24837.51
24719.22
20 Transport Cos
Low
Close
10333.55
10566.67
10406.74
10300.84
10402.20
10483.31
10455.71
10458.12
10495.10
10486.33
10471.16
10578.18
10605.29
10712.47
10747.46
10714.75
10751.33
10738.99
10714.66
10730.16
10003.01
10279.92
10195.19
10160.56
10187.52
10341.53
10302.85
10305.35
10323.47
10283.85
10292.32
10424.38
10445.52
10536.70
10542.49
10578.49
10630.38
10617.87
10567.43
10601.18
High 24837.51
Low 24140.91
10186.63
10368.58
10229.03
10227.81
10361.39
10402.51
10370.83
10367.91
10398.98
10327.95
10393.01
10522.26
10535.91
10628.74
10629.71
10674.97
10672.66
10697.21
10660.11
10612.29
High
774.68
771.03
764.49
757.03
756.83
759.37
763.42
761.39
756.61
755.00
758.24
757.06
748.29
737.63
726.39
725.64
725.37
722.92
724.97
727.92
High 10697.21
Low 10186.63
15 Utilities
Low
Sales
–000–
Close
761.62
760.07
745.12
747.20
746.77
751.16
752.54
746.72
746.16
743.36
749.49
743.69
733.29
727.43
712.29
717.83
716.50
717.09
718.80
721.60
767.16
762.72
750.62
753.13
755.18
757.69
762.59
748.31
750.50
750.57
753.38
745.84
733.84
728.98
719.23
721.05
717.03
720.41
723.89
723.37
High
Low
767.16
717.03
Corp
Bonds
969,744
985,619
884,998
799,676
822,551
738,920
781,191
853,101
873,913
812,581
2,415,750
919,612
842,347
773,969
778,125
596,455
527,320
547,051
526,120
707,935
380.34
380.40
381.28
381.76
380.52
380.61
380.77
380.74
382.29
382.70
382.90
381.89
380.11
379.26
380.25
380.04
380.95
382.61
382.35
382.98
High 382.98
Low 379.26
(January 1)
Canadian Natural Res
CBS Cl A
CBS Cl B
Comerica Inc
Greif A
Greif B
MDU Resources Group
Scana Corp
Textron
Transalta Corp
Tredegar
UGI
Tuesday
(January 2)
Aaron's Inc
.03
Albemarle
.32
Allstate
.37
Avangrid
.432
Banc of California
.13
BancorpSouth Bank
.14
Baxter International
.16
Brown-Forman Cl A
.198
Brown-Forman Cl B
.198
Cato Cl A
.33
EntergyNewOrl5.5%Bd .344
FedEx
.50
First Horizon National .09
Gazit-Globe
.099
Genuine Parts
.675
H & R Block
.24
Hartford Financial
.25
Macy's Inc
.378
McKesson
.34
Dow Industrials
Year
2017
2016
2015
2014
2013
2012
2011
2010
2009
2008
2007
2006
2005
2004
High
24837.51
19974.62
18312.39
18053.71
16576.66
13610.15
12810.54
11585.38
10548.51
13058.20
14164.53
12510.57
10940.50
10854.54
Date
(January 1)
Automatic Data
C & F Financial
Community Trust Banc
Hawthorn Bancshares
Northern Trust
Dec.
Dec.
May
Dec.
Dec.
Oct.
Apr.
Dec
Dec.
May
Oct
Dec
Mar
Dec.
28
20
19
26
31
5
29
29
30
2
9
27
4
28
19732.40
15660.18
15666.44
15372.80
13328.85
12101.46
10655.30
9686.48
6547.05
7552.29
12050.41
10667.39
10012.36
9749.99
Date
Jan.
Feb.
Aug.
Feb
Jan.
Jun.
Oct.
July
Mar.
Nov
Mar.
Jan.
Apr.
Oct
High
19
11
25
3
8
6
3
2
9
20
5
20
20
25
10697.21
9421.08
9178.48
9217.44
7400.57
5368.93
5618.25
5108.60
4188.16
5492.95
5446.49
4998.95
4266.75
3811.62
Date
Dec.
Dec.
Feb.
Dec.
Dec.
Feb.
July
Dec.
Dec.
Jun
Jul
May
Dec.
Dec.
Wednesday
(January 3)
Briggs & Stratton
Broadridge Finl Sol
Fluor
Gpo Fin Santander MX
Guess
Hewlett Packard Ent
HP
Kimberly-Clark
Ladder Capital Cl A
Nabors Industries
PulteGroup
Restaurant Brands Intl
.14
.365
.21
.18
.225
.075
.139
.97
.315
.06
.09
.21
(January 2)
AstroNova
.07
Chemung Financial
.26
Cohu
.06
Communications Sys .04
Farmers Capital Bank .125
Financial Institutions
.22
First Citizens Bcshs Cl A .35
First Fincl Bankshares .19
First Finl Bancorp OH
.17
Flexsteel Industries
.22
Huntington Bancshares .11
Meridian Bancorp
.05
Meta Financial Group
.13
MTS Systems
.30
Nordson
.30
Popular Inc.
.25
Renasant
.19
Simmons First Natl Cl A .25
Trustco Bank
.066
UMB Financial
.275
United Bankshares WV .34
Univest Corp of PA
.20
Viacom A
.20
Viacom B
.20
WesBanco
.26
Weyco Group
.22
Wednesday
(January 3)
Altra Industrial Motion
ARK Restaurants
Children's Place
Omega Flex
Seagate Technology
Utah Medical Products
8783.74
6625.53
7364.04
7053.75
5435.74
4873.76
4038.73
3792.89
2146.89
2988.99
4366.60
4090.95
3382.89
2750.80
Spire
.562
Valley National Bancorp .11
Thursday
(January 4)
Air Lease
Belden
Dr Pepper Snapple Gp
Kaman
Kennedy-Wilson Hldgs
MarriottVacations
Southwest Airlines
.10
.05
.58
.20
.19
.40
.125
Friday
(January 5)
Advance Auto Parts
.06
Chesapeake Utilities .325
Convergys Corp
.10
Covanta Holding
.25
Eastman Chemical
.56
Graphic Packaging
.075
KAR Auction Services .35
KMG Chemicals
.03
Manchester United Cl A .09
No Amer Engy Ptnrs
.016
Royal Caribbean Cruises .60
Tupperware Brands
.68
U.S. Silica Holdings
.062
Unifirst
.038
World Fuel Services
.06
Tuesday
Friday
Invacare Corp
.012
Simpson Manufacturing .21 (January 5)
Superior
Industries
.09 Universal Corp
.23
.075
.13 Wabash National
.088
(January 6)
.088
(January 2)
Gap Inc
Glatfelter
Heico Cl A
Heico Corp
Itau Unibanco Holding .005 (January 4)
Raymond James
.25 American Express
Raytheon
.798 Barnes & Noble
Bristol-Myers
Flowserve Corp
(January 3)
ABM Industries
.175 JPMorgan Chase
Autohome ADR
.76 Monsanto
Banco Bradesco Ord .005 Sysco Corp
CSRA
.10 Systemax
ESCO Technologies
.08 Torchmark
Wednesday
(January 6)
NONE
(January 2)
Comcast Cl A
.158
Consolidated Water
.085
Guaranty Federal Bancsh .12
Hurco Cos
.10
Investar Holding
.032
Wednesday
(January 4)
CM Finance
Golar LNG
J & J Snack Foods
Mercer International
Nathan's Famous
Paccar
QAD Cl A
.25
.05
.45
.125
5.00
1.20
.072
QAD Cl B
QCR Holdings
.06
.05
Friday
(January 5)
Amerco
Beasley Broadcast Cl A
Churchill Downs
CONMED
Financial Engines
FirstService
Hackett Group
Hamilton Lane Cl A
Independent Bank
Insteel Industries
Insteel Industries
Mid Penn Bancorp
Quarterhill
Skywest
Utd Community Banks
.50
.045
1.52
.20
.07
.122
.15
.175
.32
1.00
.03
.10
.01
.08
.10
Saturday
(January 6)
NONE
Monday
.127
(January 4)
Monday
(January 8)
Dollar General
Mastercard
Quest Diagnostics
Roper Technologies
Trinseo S.A.
Friday
Saturday
(January 6)
NONE
Sunday
(January 7)
NONE
Monday
.84 (January 8)
.24 Banner
Tuesday
(January 2)
NONE
(January 4)
Amcon Distributing
Wednesday
(January 3)
NONE
(January 6)
.28
Friday
(January 5)
Acme United
Sunday
(January 7)
Monday
.11 (January 8)
TRADING SUSPENDED
NYSE
C.R. Bard (BCR)
China Xiniya Fashion (XNY)
EXCO Resources (XCO)
Fortress Investment Group (FIG)
Gigamon (GIMO)
Visteon (VC)
Banro (BAA)
(January 7)
NONE
Sunday
NONE (January 5)
Saga Communications .80 (January 7)
NONE Saga Communications .30 NONE
Nasdaq
Global Brokerage (GLBR)
NewStar Financial (NEWS)
Sorrento Tech (ROKA)
Spirit Airlines (SAVE)
TerraForm Global (GLBL)
NEW LISTINGS
18
20
18
3
2
18
3
8
9
20
21
17
15
22
THE STATISTICAL RECORD
NYSE
Monthly Dow Comparison
Price of 30 Indus
Price of 20 Trans
Price of 15 Util
Best-Grade Bond Yield
December
2017
November
2017
December
2016
24545.38
10463.42
742.27
3.24
23557.93
9665.68
760.20
3.21
19712.42
9207.63
650.06
3.58
(f)High
(f)Low
(a)Shares
traded
24837.51
10697.21
767.16
8344.51
24140.91
10186.63
717.03
8164.65
6,187,273.0
1,023,052.8
1,039,211.2
8,249,536.9
Spirit Airlines (SAVE)
NYSE American
China Xiniya Fashion (XNY)
Nasdaq
Visteon (VC)
Monthly Range of Averages
30 Indus
20 Trans
15 Util
65 Stocks
(a) 000 omitted. (f) High and low for month of daily closing
averages..
.26
.25
.45
.412
.36
First Financial Indiana .51
Preferred Bank LA
.22
Riverview Bancorp
.03
Shoe Carnival
.075
NYSE American
Thursday
Saturday
Date
May
Jan.
Dec.
Feb.
Jan.
May
Oct.
Feb.
Mar.
Nov.
Nov.
Jan.
Apr
Mar.
(January 7)
NONE
NYSE American
Sunday
NONE (January 6)
NONE
Friday
.35
.15
.40
.19
.56
.54
.36
1.50
.15
CVB Financial
.14
Encore Wire
.02
Gentex
.10
Hingham Institution Savs.34
Hingham Institution Savs.34
HopFed Bancorp
.05
Horizon Bancorp
.13
Morningstar
.25
NetApp
.20
Royal Gold
.25
Sun Hydraulics
.09
(January 5)
Erie Indemnity Cl A
.29 First Bancorp
(January 4)
Cisco Systems
(January 7)
NONE
NONE
Sunday
NASDAQ
Tuesday
Thursday
Sunday
.55
Saturday
Thursday
(January 3)
Utd Security Bancshares .07
Village Super Market Cl A .25
Saturday
NYSE American
Thursday
Saturday
(January 1)
Imperial Oil
(January 3)
.17
.25
.40
.22
.63
.27
Thursday
Wednesday
Low
28
8
24
29
31
3
7
30
29
5
19
9
23
28
.63
.34
.33
.07
.42
Tuesday
(January 2)
Dow Transportation Cos.
Low
.01
.135
.272
1.75
.20
.395
.36
.09
.385
.15
.338
.07
.398
.09
.13
.10
.51
.40
.724
.68
.22
NASDAQ
Monday
Tuesday
YEARLY HIGH/LOWS DOW JONES STOCK AVERAGES
.215
.18
.18
.30
.42
.62
.198
.612
.02
.031
.11
.25
NYSE
MidSouth Bancorp
Myers Industries
New Jersey Resources
NewMarket Corp
Nike Cl B
PPL Corp
Prosperity Bancshares
Regions Financial
Rogers Commun
Synovus Financial
Tapestry
TEGNA
TELUS Corp.
Tootsie Roll Indus
Total System Services
Viad Corp
Wal-Mart Stores
Westar Energy
Westpac Banking ADR
Westwood
XL Group
NAME CHANGES
NYSE
None
NYSE American
None
Nasdaq
None
.25
NONE
NONE
NONE
M40
X
W
L
C
10
11
12
H
G
B
P
BARRON’S
4
8
3
F
A
M
6
7
9
0
January 1, 2018
I
IVY SMALL-CAP FUNDS
HIGH-CONVICTION. RISK-MINDED.
FUNDAMENTALLY-DRIVEN.
Ivy offers three distinctive approaches to small-cap investing.
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and international small-cap strategies since 2002, our
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For personal Do not edit or alter. Reproductions not permitted.
To reprint or license content, please contact Barron's reprints department at 800-843-0008 or
To learn more, call your Ivy wholesaler or visit
ivyinvestments.com.
IVY SMALL CAP CORE FUND
(I VVI X )
OVERALL MORNINGSTAR RATING AS OF 09/30/2017
OUT OF 653 SMALL BLEND FUNDS (BASED ON RISK-ADJUSTED RETURNS)
TM
IVY SMALL CAP GROWTH FUND (I YSI X )
OVERALL MORNINGSTAR RATING TM AS OF 09/30/2017
OUT OF 597 SMALL GROWTH FUNDS (BASED ON RISK-ADJUSTED RETURNS)
IVY IG INTERNATIONAL SMALL CAP FUND ( I VJ I X )
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Past performance is no guarantee of future results. • Risk factors: The value of the Funds’ shares will change, and you could lose money on your investment. All three Funds - Investing in small-cap stocks may carry more risk than investing
in stocks of larger, more well-established companies. Ivy Small Cap Core Fund - Growth stocks may be more volatile or not perform as well as value stocks or the stock market in general. Value stocks are stocks of companies that may have
experienced adverse developments or may be subject to special risks that have caused the stocks to be out of favor and, in the opinion of the Fund’s manager, undervalued. Such security may never reach what the manager believes to be its full value, or
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Investment Management (Hong Kong) Limited, for additional portfolio management responsibilities. References to I.G. International Management Limited include both entities. • IVY INVESTMENTS® refers to the investment management and
investment advisory services offered by Ivy Investment Management Company, the financial services offered by Ivy Distributors, Inc., a FINRA member broker/dealer and the distributor of IVY FUNDS® mutual funds and IVY VARIABLE INSURANCE
PORTFOLIOS℠, and the financial services offered by their affiliates. • Source: Morningstar Direct; Funds listed are from the IVY FUNDS® mutual funds family for Class I shares. Other funds and share classes have different and/or lesser ratings. Class I
shares are only available to certain types of investors. Morningstar ratings: IVVIX: 3-year, 4 stars, 653 funds; 5-year, 4 stars, 554 funds; 10-year, 5 stars, 393 funds; overall, 5 stars out of 653 funds. IYSIX: 3-year, 4 stars, 597 funds; 5-year, 3 stars, 532
funds; 10-year, 4 stars, 399 funds; overall, 4 stars out of 597 funds. The Morningstar Rating™ for funds, or “star rating”, is calculated for managed products (including mutual funds, variable annuity and variable life subaccounts, exchange-traded funds,
closed-end funds, and separate accounts) with at least a three-year history. Exchange-traded funds and open-ended mutual funds are considered a single population for comparative purposes. It is calculated based on a Morningstar Risk-Adjusted Return
measure that accounts for variation in a managed product’s monthly excess performance, placing more emphasis on downward variations and rewarding consistent performance, and does not include the effects of sales charges. The top 10% of
products in each product category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars, and the bottom 10% receive 1 star. The Overall Morningstar Rating for a managed product is derived from a
weighted average of the performance figures associated with its three-, five-, and 10-year (if applicable) Morningstar Rating metrics. The weights are: 100% three-year rating for 36-59 months of total returns, 60% five-year rating/40% three-year rating
for 60-119 months of total returns, and 50% 10-year rating/30% five-year rating/20% three-year rating for 120 or more months of total returns. While the 10-year overall star rating formula seems to give the most weight to the 10-year period, the most
recent three-year period actually has the greatest impact because it is included in all three rating periods. • ©2017 Morningstar, Inc. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar; (2) may not be copied or
distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. • Before investing, investors should
consider carefully the investment objectives, risks, charges and expenses of a mutual fund. This and other important information is contained in the prospectus and summary prospectus, which may be obtained at
ivyinvestments.com or from a financial advisor. Read it carefully before investing.
IVY DISTRIBUTORS, INC. 37067 11/17
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