6 BOND FUNDS FOR A COVID-19 RECOVERY • PAGE 14

VOL. C NO. 21 MAY 25, 2020 $5.00

AMERICA Uh-Oh: The

Day Traders

NEEDS
Are Back
PAGE 7

Risks Ratchet

THEM
Small-business owners
Higher in
China
PAGE 12

are struggling to hang on. Big-Box Stores

Why our economic fate Will Win the
depends on their success. Retail War
PAGES 22-30 PAGE 13

>
63142

Maine
lobsterman
Mike Dawson
C O NT EN TS 05.2 5.20 VOL.C NO.21

P. 7 P. 13 P. M1

Trader: Stocks Could

Up & Down Wall Street:
It Might Not End Well Retail Giants Flex Their Muscle Tumble From Here
Stimulus checks and a slump in Look out, mom and pop. The nation’s big-box chains had a stellar first quarter, while By BEN LEVISOHN
sports betting are helping fuel a many smaller stores struggled or closed. Strong balance sheets and e-commerce growth
surge in day trading. Can it last? favor the biggest retailers—and bode well for their shares. By TERESA RIVAS P. M4
By RANDALL W. FORSYTH
Euro Trader: Adecco
P. 9 Fiscal 1Q Revenue Growth* as a Bet on a Rebound
Streetwise: Ahh, Back 0% 2 4 6 8 10 12
By RUPERT STEINER

to the Great Outdoors Target P. M4

Hoarders have enough toilet paper. 11.3%
Now they want bicycles and boats.
TGT
Emerging Markets:
By ALEX EULE Lowe’s
10.9%
China’s Corporate
LOW
Debt Is Worth the Risk
P. 12 By CRAIG MELLOW
Walmart
8.6%
Another Risk in the WMT
P. M5
U.S.-China Cold War
Moves by China to limit Hong
Home Depot
HD 7.1% Striking Price: One
Kong’s autonomy could undermine Way to Buy Slack
the city’s role as a financial center. *Year-over year Source: Company reports By STEVEN M. SEARS
By RESHMA KAPADIA
P. M6
P. 14
Commodities: Record
For Yield, Try Taking Index P. 4
P. 22 P. 34 Prices Are Within
Convertibles for a Spin Review & Preview P. 10
Gold’s Reach in 2020
The growing array of convertible
Mailbag P. 39 The Recovery Hinges Funds: Building a
Inside Scoop P. M7 By MYRA P. SAEFONG
bonds offers a lower-risk way to Charting the Market P. M9 on Small Businesses Better Bond Fund
tap into a Covid-19 recovery. Winners & Losers P. M10 More attention must be paid to the By LEWIS BRAHAM
Research Reports P. M11
By ANDREW BARY influence of mom-and-pop shops.
Market View P. M12
By LISA BEILFUSS P. 35
P. 17
P. 28
Tech Trader: The IPO
Dropbox Stock Is Market Could Heat Up
Overdue for a Lift Lockdowns Pinch By ERIC J. SAVITZ
With its platform-neutral approach, Maine’s Lobster Trade SPECIAL REPORT
the cloud veteran is a promising Falling demand has ripple effects P. 36
play on the stay-at-home trend.
6 BOND FUNDS FOR A COVID-19 RECOVERY • PAGE 14

throughout the local economy.

Our Guide to Wealth:
By DAREN FONDA
VOL. C NO. 21 MAY 25, 2020 $5.00

By JESSICA HALL
Income: Smaller Stocks What Matters Most
AMERICA
NEEDS
Uh-Oh: The
Day Traders
Are Back
PAGE 7

Risks Ratchet
Suffer Dividend Cuts We explore the best strategies for
THEM Higher in

P. 18 P. 30 instilling values when teaching

China

By LAWRENCE C. STRAUSS
PAGE 12

Small-business owners
are struggling to hang on. Big-Box Stores
Why our economic fate Will Win the
depends on their success. Retail War

your kids about money. Plus, the

GMO Called the March Small Businesses Need
PAGES 22-30 PAGE 13

P. 37 rising appeal of active management

Low. Now It Says Sell. Support to Reopen
>
63142

Maine
lobsterman
Mike Dawson

and how to use liquid alternatives

Q&A: Ben Inker recommends
Cover Photograph by
Greta Rybus Insights from U.S. Chamber of
Economy: How to Fix to ride out a rocky market.
alternatives to pricey U.S. stocks. Commerce head Suzanne Clark. Global Trade
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IN DEX
Our index lists significant 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 Adecco Group . . . . . . . . . . . . . . . . . . . . . . . . . . . . . M4
Adobe . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . M3
Alibaba Group Holding . . . . . . . . . . . . . . . . . . . . 10
Alphabet . . . . . . . . . . . . . . . . . . . . . . . 17,32,M3,S6S8
Amazon.com . . . . . . . . . . . 9,11,13,21,M3,M7,S6,S8
Amerco . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11
Anterix . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . M7
Apple . . . . . . . . . . . . . . . . . . . . . . . . . . . 8,17,21,M3,S8
Atlassian . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 17
Atlas Technical Consultants . . . . . . . . . . . . . . . . 21
Auburn National Bancorp . . . . . . . . . . . . . . . . . . 21
Aurora Cannabis . . . . . . . . . . . . . . . . . . . . . . . . . . M9
Autodesk . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11
AutoZone . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11
Avis Budget Group . . . . . . . . . . . . . . . . . . . . . . . M9
B Baidu . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10
Bank of Montreal . . . . . . . . . . . . . . . . . . . . . . . . . . 11
Bank of Nova Scotia . . . . . . . . . . . . . . . . . . . . . . . 11
Bank of Princeton . . . . . . . . . . . . . . . . . . . . . . . . . 21
Bausch Health Cos. . . . . . . . . . . . . . . . . . . . . . . . M7
Berkshire Hathaway . . . . . . . . . . . . . . . . . . . . . 7,14
BioMarin Pharmaceutical . . . . . . . . . . . . . . . . . . 15
BJ’s Wholesale Club . . . . . . . . . . . . . . . . . . . . . . M9
Blackstone Group . . . . . . . . . . . . . . . . . . . . . M11,S6
Boeing . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 36
Booking Holdings . . . . . . . . . . . . . . . . . . . . . . . . . . 14
Boston Scientific . . . . . . . . . . . . . . . . . . . . . . . . . . . 15
Boyd Gaming . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 36
Brown-Forman . . . . . . . . . . . . . . . . . . . . . . . . . . . . 21
C Cambria Tail Risk . . . . . . . . . . . . . . . . . . . . . . . . . S6
Canadian Imperial Bank of Commerce . . . . . 11
Carnival . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14
Charles Schwab . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7
Cheesecake Factory . . . . . . . . . . . . . . . . . . . . . . . 36
Chevron . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11
Chico's . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 36
China Evergrande Group . . . . . . . . . . . . . . . . . M4
Cisco Systems . . . . . . . . . . . . . . . . . . . . . . . . . . . . M3
Clorox . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10
Colgate-Palmolive . . . . . . . . . . . . . . . . . . . . . . . . . M7
Costco Wholesale . . . . . . . . . . . . . . . . . . . . . . . . . . 11
Country Garden Holdings . . . . . . . . . . . . . . . . . M4
D Dell Technologies . . . . . . . . . . . . . . . . . . . . . . . . . . 11
Delta Air Lines . . . . . . . . . . . . . . . . . . . . . . . . . . . . 36
DexCom . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . S6
Dick's Sporting Goods . . . . . . . . . . . . . . . . . . . . . 14
Dollar General . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11
Dollar Tree . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11,M7
Dropbox . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 17
E EBay . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9
EPR Properties . . . . . . . . . . . . . . . . . . . . . . . . . . . 36
EQT . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15
E*Trade Financial . . . . . . . . . . . . . . . . . . . . . . . . . . 7
Exxon Mobil . . . . . . . . . . . . . . . . . . . . . . . . . . 11,M11
F Facebook . . . . . . . . . . . . . . . . . . . . 9,11,19,32,M3,S8
Ferrari . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 33
Ford Motor . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7
Forescout Technologies . . . . . . . . . . . . . . . . . . . M9
G Gannett . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 36
General Electric . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7
Goodyear Tire & Rubber . . . . . . . . . . . . . . . . . . 36
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H Hain Celestial Group . . . . . . . . . . . . . . . . . . . . . . M7
Hemisphere Media Group . . . . . . . . . . . . . . . . . M7 Kimco Realty . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 36 Mednax . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . M7
KKR . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 21 Microsoft . . . . . . . . . . . . 17,21,32,M3,M5,M7,S6,S8
Hermes International . . . . . . . . . . . . . . . . . . . . . . 32
Hilton Worldwide Holdings . . . . . . . . . . . . . . . M2 Kohl's . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13,M9 Moderna . . . . . . . . . . . . . . . . . . . . . . . . . . 7,10,M1,M9
Kraft Heinz . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . M3 Moody's . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 33
Home Depot . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9,13
HP Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11 MSCI . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 32
L L Brands . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . M9 Mylan . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . M3
LiveRamp Holdings . . . . . . . . . . . . . . . . . . . . . . . M9
I Inovio Pharmaceuticals . . . . . . . . . . . . . . . . . . . M9
Intel . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . M3 LKQ . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . M3 N NetApp . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11
Lowe's . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9,13 Netflix . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10,M3
Interactive Brokers Group . . . . . . . . . . . . . . . . . . 7
Luckin Coffee . . . . . . . . . . . . . . . . . . . . . . . . . . 10,M9 Norwegian Cruise Line Holdings . . . . . . . . . . 15
Lyft . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14 Nvidia . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . M3
J J.C. Penney . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11
M Macy's . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 36 O Office Depot . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 36
K Keysight Technologies . . . . . . . . . . . . . . . . . . . . . 11
Mastercard . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 32,S6
P Palo Alto Networks . . . . . . . . . . . . . . . . . . . . . . . M7
Park Hotels & Resorts . . . . . . . . . . . . . . . . . . . . . 36
Peloton Interactive . . . . . . . . . . . . . . . . . . . . . . . . . . 9
Pioneer Natural Resources . . . . . . . . . . . . . . . . . 15
Pool Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9
Procter & Gamble . . . . . . . . . . . . . . . . . . . . . . 36,M7
R Ralph Lauren . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11
Revolution Medicines . . . . . . . . . . . . . . . . . . . . M11
Rupert Murdoch Executive Chairman, News Corp Royal Bank of Canada . . . . . . . . . . . . . . . . . . . . . 11
Robert Thomson CEO, News Corp Almar Latour CEO, Dow Jones
S Salesforce.com . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11
DEPUTY PUBLISHER, BARRON’S GROUP Daniel Bernard Sanofi . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . M11
ASSOCIATE PUBLISHERS, BARRON’S GROUP Mae M. Cheng, Dan Shar Schlumberger . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 36
Seattle Genetics . . . . . . . . . . . . . . . . . . . . . . . . . . M7
MANAGING EDITORS, BARRON’S GROUP Duncan Mavin, Dave Pettit
Shopify . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . M11
HEAD OF INTERNATIONAL, BARRON’S GROUP Francesco Guerrera
Simon Property Group . . . . . . . . . . . . . . . . . . . . M2
SiteOne Landscape Supply . . . . . . . . . . . . . . . . . . 9
Six Flags Entertainment . . . . . . . . . . . . . . . . . . . 36
Slack Technologies . . . . . . . . . . . . . . . . . . . . 9,17,M5
EXECUTIVE EDITOR Bob Rose SENIOR MANAGING EDITOR Lauren R. Rublin
SoftBank Group . . . . . . . . . . . . . . . . . . . . . . . . . . . 10
DEPUTY EDITOR Alex Eule
Ben Levisohn
DEPUTY EDITOR Sorrento Therapeutics . . . . . . . . . . . . . . . . . . . . . . 7
EDITORIAL DIRECTOR, INVESTING & ASSET MANAGEMENT Beverly Goodman Southwest Airlines . . . . . . . . . . . . . . . . . . . . . . . . . 14
Spirit Airlines . . . . . . . . . . . . . . . . . . . . . . . . . . . . M9
EDITORIAL DIRECTOR, MAGAZINE Phil Roosevelt
Sunac China Holdings . . . . . . . . . . . . . . . . . . . . M4
MANAGING EDITOR, DIGITAL Matt Bemer MANAGING EDITOR, FEATURES Jeffrey Cane Surface Oncology . . . . . . . . . . . . . . . . . . . . . . . . . M9
MANAGING EDITOR, ENTERPRISE Brian Hershberg SWK Holdings . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 21
Sysco . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . M7
ASSISTANT MANAGING EDITORS Mary Romano, Robert Sabat
T Taiwan Semiconductor Manufacturing . . . . . . 10
ASSOCIATE EDITORS Andrew Bary, Randall W. Forsyth, Jack Hough, Eric J. Savitz
Target . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9,13
SENIOR WRITERS Bill Alpert, Daren Fonda, Reshma Kapadia, Matthew C. Klein, Leslie P. Norton, Teladoc Health . . . . . . . . . . . . . . . . . . . . . . . . . . 15,21
Al Root, Avi Salzman, Alexandra Scaggs, Lawrence C. Strauss Tesla . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14
Texas Roadhouse . . . . . . . . . . . . . . . . . . . . . . . . . . 36
REPORTERS Lisa Beilfuss, Carleton English, Nicholas Jasinski, Evie Liu, T-Mobile US . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10
Josh Nathan-Kazis, Teresa Rivas, Connor Smith, Ben Walsh Toll Brothers . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11
Toronto-Dominion Bank . . . . . . . . . . . . . . . . . . . . 11
STORY EDITORS Henry Cutter, Ed Lin, Erin McCarthy
TowneBank . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 21
COPY DESK Michael J. Burlingham, Richard Rescigno, Robert Teitelman Trex . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9
Twitter . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11
EDITOR AT LARGE Jack Otter
U Ulta Beauty . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11
AUDIO PRODUCER Mette Lützhøft DIGITAL PRODUCERS Robert Cushing, Clare McKeen
Under Armour . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15
Chris Mihal ART DIRECTORS Robert Connolly, Sue Ng
DESIGN DIRECTOR United Airlines Holdings . . . . . . . . . . . . . . . . . . M2
DIRECTOR OF PHOTOGRAPHY Sarina Finkelstein PHOTO EDITOR Nicole Silver Urban Outfitters . . . . . . . . . . . . . . . . . . . . . . . . . . . 13
RESEARCH DIRECTOR Pauline Yuelys RESEARCHER Dan Lam
V ViacomCBS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . M3
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W Walgreens Boots Alliance . . . . . . . . . . . . . . . . . M3
MANAGER, ADVERTISING SERVICES James H. Balmer ASSOCIATE MANAGER Ward S. McGuiness Walmart . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9,13
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6 BARRON’S May 25, 2020

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 May 25, 2020
UP & D OWN WALL STREET
Day Trading Replaces
Sports Betting as
America’s Pastime
A
funny thing is hap-
pening while we’re
holed up at home. In
addition to binge-
watching and bread-
baking, day trading
among individual
investors has taken off.
A full-blown retail mania has taken
hold in buying and selling small lots of
stocks and options, says Jim Bianco,
head of the eponymous Bianco Re-
search, who over the years has been in
front of the big trends in markets, in
part because he watches things that
conventional indicators don’t pick up.
The day-trading trend has been
powered both by changes in the online
brokerage business and the coronavi-
rus crisis. That, along with a confi-
dence among these small traders that
stocks’ plunge in March would elicit
forceful action by the Federal Reserve
to reverse the declines, persuaded them
to get in on the expected bounce.
First, spurred by the upstart app-
based Robinhood trading platform
aimed at millennials and Gen Zers,
zero commissions became the rule—
one embraced last year by giants
Charles Schwab (ticker: SCHW), Fi-
delity Investments, E*Trade Finan-
Photograph by Andrew Harrer/Bloomberg
cial (ETFC), and Interactive Brokers
(IBKR). More recently, Schwab and
Fidelity announced that they would
follow another innovation of this up-
start—permitting trades of fractional
shares, letting small guys get a piece of
highflying stocks priced in the hun-
dreds or thousands of dollars. As a
Robinhood ad touted, “Got .3 shares of
tesla stock today. Little by little.”
Then came the shutdown of much of
BARRON’S
the economy, the quarantining at home
for most of us, and the halt in sports
and online gambling. So, Bianco argues,
punters switched to stocks.
In addition, many Americans—in-
cluding those with moderate incomes—
used their coronavirus stimulus checks
to trade stocks, according to data from
Envest Yodlee, a finance aggregator,
By Randall W. which compared recipients’ bank
Forsyth transfers with those of people who
didn’t receive the federal payments. It
found that the third-biggest jump in
bank transfers for those with incomes
of $35,000 to $75,000—behind only
savings and cash withdrawals—was for
securities trades, CNBC.com reported.
Even households in the $100,000-to-
$150,000 income range stepped up
their transfers for trading.
Spurred by the
upstart app-based
Robinhood trading
platform aimed at
millennials and
Gen Zers, zero
commissions
became the rule.
Many Americans apparently used part of their
coronavirus stimulus checks to trade stocks,
according to an analysis of bank transfers.
Unlike past manias, which have been
fed by momentum traders cashing in
on an uptrend, this one has been fueled
by motivators known as TINA and
FOMO, Bianco continued. The Fed’s
aggressive slashing of interest rates to
near zero led investors to conclude that
“there is no alternative” to stocks. And
the trillions the central bank pumped
into the financial system stoked “fear of
missing out” on the stock market re-
bound they correctly anticipated.
Traders jumped on the most beaten-
down, lowest-priced shares, with the
expectation that they could score the
biggest percentage pops. They piled
into airlines, which are getting federal
assistance—ironically the opposite of
the tack taken by Warren Buffett’s
Berkshire Hathaway (BRK.A), which
dumped its airline holdings.
The top Robinhood trader positions
are Ford Motor (F) and General
Electric (GE), which are near their
lows, with single-digit prices. Also
stepped up: bets on Covid-19 treat-
ments from Sorrento Therapeutics
(SRNE) and Moderna (MRNA).
Even more, these speculators also
have piled into options. Citing data
from Sentimentrader, Bianco de-
scribes small options trades of fewer
than 10 contracts as being over-
whelmingly bullish, with buying of
calls or selling of puts.
7
The frenzied trading of stocks and
options by erstwhile sports bettors
worries Liz Ann Sonders, Schwab’s
chief investment strategist. Even
though her employer is benefiting
from the surge in new accounts and
trading volume, she views it as a sign
of speculative excess.
And E*Trade, wary of all the
money coming from inexperienced
investors, is running ads showing
bears shopping in a supermarket, with
the message that if this is your idea of
a bear market, trading isn’t for you.
What Bianco terms the retail mania
has been a major driver of stocks’ 30%
retracement from their March lows. He
contends it’s a bear-market rally, not
the start of a new bull market.
And now, the National Basketball
Association and Major League Base-
ball are preparing to start play, with
the National Football League set to
follow in the fall. Will the new day
traders stick around when there are
games to bet on again?
T
he municipal bond market
has lagged far behind the
recovery in other sectors of
the credit markets. Does
that present a warning—or an
opportunity—for investors?
With top-grade munis offering
higher after-tax yields than corporate
junk bonds, the answer would appear
to be the latter.
State and local government borrow-
ers haven’t gotten the same benefit as
corporations from the Fed, as my col-
league Alexandra Scaggs explains at
Barrons.com/states. Investment-grade
and high-yield corporate bonds have
rallied strongly in response to the Fed’s
backup, while munis have provided
relatively paltry returns.
States and localities have seen their
budget deficits soar, as the coronavi-
rus crisis has decimated tax revenue,
while sharply boosting their spending
needs. This spending is separate from
the pension problems faced by many,
even though the two financial prob-
lems often are conflated.
Natalie Cohen, a veteran muni ana-
lyst who publishes the Public Purse
blog, estimates that the coronavirus
outbreak could cause $200 billion in
8 BARRON’S
Up & Down Wall Street Continued
revenue shortfalls for states. Counties
Elevate Your could face $114 billion in lost revenue and
$30 billion in additional expenditures, she
adds. New York state, at the center of the
Covid-19 crisis, faces a $14 billion deficit,
while its pension plan is almost fully
Portfolio funded, making it the nation’s second-best
state in that regard, after South Dakota.
These two factors are reflected in munis’
extraordinary cheapness, meaning that their
yields are far higher than normal. This asset
to the Cloud
class is either the most mispriced sector of
the market, or it is an omen of impending
doom,” Harley Bassman writes in an email
promoting his latest Convexity Maven blog.
The doom possibility is reflected in the
extraordinary premium on top-quality,
triple-A-rated 30-year municipal bonds,
which recently offered a 1.95% federally
tax-free yield, compared with 1.35% on a
Cloud 30-year Treasury bond when Bassman
penned his note. That’s a spread of 60 ba-
sis points, versus the 10-year average of
Computing ETF eight basis points, he noted. (A basis point
is 1/100th of a percentage point.)
CLOU In contrast, since the Fed announced its
aggressive support for the credit markets
in March, investment-grade corporate and
agency mortgage-backed spreads have
returned close to their decade averages.
Bassman, who formerly led Merrill
Lynch’s mortgage and derivatives desk and
created the MOVE Index—the volatility
gauge for bonds analogous to the Cboe
Volatility Index, or VIX, for stocks—found
1 (888) 493-8631 a number of top-grade munis that offer
GLOBALXETFS.COM significantly higher after-tax yields than
marquee-name corporates.
For instance, Georgia’s AAA-rated 4%
general-obligation bonds, due on July 1,
2035, and callable on July 1, 2028, are
Beyond Ordinary ETFs TM
priced to yield 1.51%—trading roughly flat
to Apple’s (AAPL) 30-year bonds on a
Investing involves risk, including the possible loss of principal. The invest- taxable-equivalent basis (2.40% for an
able universe of companies in which CLOU may invest may be limited. The investor in the top 37% tax bracket). They
Fund invests in securities of companies engaged in Information Technology, trade at a significant premium, and the
which can be affected by rapid product obsolescence and intense industry yield assumes they will be called away
competition. International investments may involve risk of capital loss from from their holders (as is the case with the
unfavorable fluctuation in currency values, from differences in generally ac- other bonds cited here).
cepted accounting principles or from social, economic or political instability “While it is a near certainty that Geor-
in other nations. CLOU is non-diversified. gia will pay off its obligations (just raise
taxes), the same cannot be said about
Carefully consider the Fund’s investment objectives, risk factors, charges Apple. Recall that Motorola, Nokia, Black-
and expenses before investing. This and additional information can be Berry at one point also offered a ‘must
found in the Fund’s full or summary prospectus, which are available at have’ phone,” Bassman observes.
He offers several other examples of high-
globalxetfs.com. Read the prospectus carefully before investing.
grade munis from entities in states whose
Shares of ETFs are bought and sold at market price (not NAV) and are not pensions are roughly 80% funded and have
individually redeemed from the Fund. Brokerage commissions will reduce ample amounts of paper outstanding:
Cincinnati Water System 4% revenue bonds,
returns. Distributed by SEI Investments Distribution Co.
due Dec. 1, 2037, and callable on Dec. 1,
2029, to yield 1.91%; and Florida Board of
May 25, 2020
Education 3% bonds due June 1, 2018, and
callable on June 1, 2027, to yield 1.37%.
California’s general-obligation bonds
are rated AA-minus, three notches below
the top grade; its 4% GOs, due on Oct. 1,
2044, and callable on Oct. 1, 2029, yield
2.38%, equal to 5.19% for a Golden State
resident paying the top combined tax rate
of 54.10%, according to Eaton Vance’s
handy taxable-equivalent yield calculator.
Finally, New York City Transitional Fi-
nance Authority 3.625% bonds, rated Aaa
by Moody’s and AA-plus by S&P, due on
Feb. 1, 2045, and callable on Feb. 1, 2027,
yield 2.89%, equivalent to 6.21% for a New
York City resident subject to the top 53.50%
tax bite. That beats the 5.46% yield on the
iShares iBoxx $ High Yield Corporate
Bond exchange-traded fund (HYG).
Safety also is a key consideration for
muni investors. Among state issuers, UBS
lists Washington, Wisconsin, Florida, Vir-
ginia, and Utah as “resilient credits” in a
recent research note. Topping the “vulnera-
ble credits” was Illinois, with New Jersey at
No. 3, both with deep pension woes. The
second-most vulnerable state? UBS pegs
Kentucky, whence hails Senate Majority
Leader Mitch McConnell, who recently sug-
gested bankruptcy as a route for financially
strapped states to consider, rather than
looking to Uncle Sam for help, although he
subsequently backed off from that idea.
Opting for a fund provides diversification
and professional management to deal with
risks, while still gaining a yield advantage.
Using Vanguard’s no-load funds as an ex-
ample, its Long-Term Tax-Exempt fund
(VWLTX) shows a 30-day yield of 2.27%,
equivalent to a taxable 3.34% for someone in
the 32% federal bracket. That compares
with 2.70% for its Long-Term Investment-
Grade taxable fund (VWESX).
Higher tax-free yields are available from
closed-end funds, which took a beating in
the steep stock and bond market plunge in
March, and have only partially recovered.
For example, BlackRock Municipal 2030
Target Term (BTT) yields 3.32% (4.88%
taxable equivalent in the 32% bracket) and
trades at an 8.32% discount from net asset
value; it’s scheduled to liquidate and return
capital in that year, analogous to a bond.
Among the largest muni CEFs is
Nuveen AMT-Free Quality Muni In-
come (NEA). It yields 5.10% (7.50% tax-
able equivalent in the 32% bracket) and
trades at a 9.95% discount. That’s even
cheaper than it was in March, reflecting
the worries besetting the muni market. B
email: randall.forsyth@barrons.com
May 25, 2020
ST R E E T W I S E
Yearning for Normal:
The Great Outdoors
Is Open for Business
I
’ve become a pool owner. Yes,
the quarantine does strange
things to you. I’m not talking
about an in-ground pool. I
wouldn’t even call it an above-
ground pool. This thing is
vinyl with metal poles. But it’s
10 feet in diameter and holds 1,200
gallons of water. It should be enough
to keep the kids and puppy enter-
tained over a few summer days. And,
if not, I can flip it for three times what
I paid on Target.com a couple of
weeks ago.
Americans began the lockdown by
hoarding toilet paper, sweat pants,
and puzzles. Now, with Memorial Day
around the corner, it’s bicycles, boats,
and inflatable pools.
We’re all bursting to get outside.
“As spring hit and people truly got stir
crazy, they just pushed their homes
out the backdoor,” L.L. Bean CEO
Stephen Smith told me this past week.
Sales of L.L. Bean’s outdoor furniture
rose 80% last month, Smith says,
while hammock sales jumped 150%.
Now, the exploration phase of the
lockdown has begun. Bike sales at
L.L. Bean have soared 400% in May.
Kayaks and boats are up 96%. And
that’s with most of L.L. Bean’s stores
still closed.
So far, the company has reopened
19 of 54 locations, with many of them
sticking to curbside pickup. Another
19 are slated to open on June 1. L.L.
Bean is fortunate in that just 25% of
sales come from its stores. Most of the
rest is e-commerce, though Smith
notes that the pandemic has even rein-
vigorated L.L. Bean’s legacy catalog
sales, which are “well ahead of a bud-
BARRON’S
get we set pre-Covid.” (If catalogs can
rebound, I’m thinking there might
even be a future for newspapers.)
Investors have caught on to the
outdoor boom. RV maker Winnebago
Industries (ticker: WGO) has soared
61% in the last month. That one data
point is all you need to know that the
current recession is entirely different
By Alex Eule than the financial crisis. In 2009,
Winnebago tumbled to just $3 a share.
It’s up nearly 20 times since then and
closed last week near an all-time high.
Shares of Pool Corp. (POOL),
which makes supplies for pools much
nicer than mine, are up 29% over the
past month.
Think of the Great Outdoors as
Pandemic Investing 2.0. It’s a logical
follow-up to the stay-at-home trend
that boosted stocks like Zoom Video
Communications (ZM), Peloton
Interactive (PTON), and Slack
Technologies (WORK) in the early
days of the shutdown.
“Any industry with a crowd is im-
pacted and won’t return to full nor-
malcy until there’s a vaccine,” says
Alex Ely, chief investment officer for
BARRONS.COM/PODCASTS
Barron’s Streetwise
In a new weekly podcast by Barron’s, columnist Jack Hough
looks at the companies, people, and trends you should be
watching. This is Wall Street like you’ve never heard before.
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or your favorite listening app.
The Great Outdoors is Pandemic Investing 2.0—
a follow-up to the stay-at-home trend that
boosted some stocks in March and April.
U.S. Small-Cap/Mid-Cap Growth at
Macquarie Investment Management.
He points to continued difficulties for
airlines, hotels, casinos, theme parks,
and commercial real estate. But the
Great Outdoors is open for business.
And not every outdoor stock is
sky-high, yet. Ely sees opportunity in
three names. The first is Yeti Hold-
ings (YETI), which makes coolers,
steel cups, and other outdoor gear. Its
stock is still down 15% in 2020, even
though the company operates at the
nexus of most outdoor trends, includ-
ing camping, fishing, and hunting.
Yeti stock doubled within six
months of its October 2018 initial pub-
lic offering, and the stock peaked at $38
this past February. Now it’s trading at
$30. The company’s coolers aren’t
cheap, but the brand resonates. When
people voluntarily wear a hat with the
company logo, it’s usually a good sign.
“It reminds me of the ’90s,” Ely
says. “People would get Harley-David-
son tattoos. There’s a similar type of
brand identity happening with Yeti.”
Ely says Wall Street is likely un-
derestimating the company’s profits.
Analysts forecast earnings of $1.31 a
share for next year, but Ely thinks it
could be closer to $1.50, which gives
the stock a price/earnings multiple of
20, versus a precoronavirus average
of 23.
Ely also owns shares of Trex
(TREX), the leading maker of faux
decking material, and SiteOne Land-
scape Supply (SITE).
Like Yeti, Trex and SiteOne were
doing just fine before the pandemic.
Trex benefits from a long-term shift
toward synthetic decks, which don’t
need the annual maintenance of wood.
9
SiteOne has been consolidating a
landscaping industry still dominated
by mom-and-pop outlets. The greater
scale allows SiteOne to sell gravel, sod,
trees, and plants at lower cost.
Come to think of it, my new vinyl
pool is going to look awfully bare in
the backyard. A few tiki torches
would be nice.
A
wave of retail earnings this
past week seemed likely to
highlight the very fragile state
of the consumer. Instead, we
got a different message: E-commerce
might just be saving the economy. Wal-
mart’s (WMT) better-than-expected
results were boosted not just by its
essential wares but by a booming digi-
tal operation. E-commerce sales were
up 74% in the latest quarter.
At Target (TGT), first-quarter digi-
tal “comparable sales” were up 141%
from a year ago. Its same-day delivery
business soared 278%.
The results for Lowe’s (LOW) were
even more impressive, given that it
doesn’t sell food and drugs. The
home-improvement chain said its
comparable sales rose 11% during the
quarter, helped by an 80% surge in
e-commerce. Home Depot (HD) saw
a similar 80% digital boost, with a
majority of those buyers choosing to
pick up their orders at stores.
Even advertising-driven Facebook
(FB) is benefiting from the e-com-
merce trend. The stock hit an all-time
high on Wednesday, a day after the
company announced its new Face-
book Shops initiative, which is in-
tended to help small businesses build
their digital shops. The service is free,
but presumably the entrepreneurs
will now spend even more money ad-
vertising on Facebook.
Job losses are soaring, but Ameri-
cans still want to shop. And investors
are rewarding the efforts to make it
happen. Amazon.com (AMZN) hit its
own all-time high this past week.
EBay (EBAY) is just off a record.
Meanwhile, Walmart is up 5% in
2020, Home Depot is plus 10%, and
Lowe’s is up 2%.
Welcome to Dot-Com Nation. B
email: alex.eule@barrons.com
10 BARRON’S May 25, 2020

R E VIEW 24,465.16
Dow Industrials: +779.74
375.23
Dow Global Index: +10.93
0.66%
10-year treasury note: +0.02

V Is for Vaccine HE SAID

The Dow industrials opened the week
on a snappy surge of 900 points after
Moderna reported a promising Phase
“They’re going
1 trial on its Covid-19 vaccine and Je-
rome Powell said the Federal Reserve
to be some
still had tools to fight the economic
crisis. Stocks then slid as more skepti- tough, tough
numbers.”
cal notes on the vaccine emerged and
tensions with China rose. The week
ended on a mixed note, though up White House economic adviser
overall, with the Dow rising 3.29%, to Larry Kudlow on unemployment
24,465.16; the S&P 500 3.2% higher, to by Election Day
2955.45; and the Nasdaq Composite
advancing 3.44%, to 9324.59.

Charging Ahead
The U.S. death toll passed 95,000, on
NETFLIX, CLOROX AND THE REOPENING 1.5 million Covid-19 cases. More states
moved to reopen, despite rising cases,

A Pandemic THE NUMBERS

particularly in the South. Car factories
reopened (then briefly closed as cases
popped up), the PGA and Nascar

Pair in Peril $41 B

Netflix, the streaming giant, and Clorox, the bleach
maker, are two of the biggest investment stars of the
pandemic. Netflix shares are up about 40% this year,
and Clorox stock is close behind, at 36%.
The two companies operate in very different indus-
tries. Wall Street expects Netflix sales to grow almost
20% from 2020 to 2021, but Clorox sales to rise less
than 2%. Those rates show up in valuations: Netflix,
over its recent history, has traded for 80 times esti-
mated forward-year earnings; Clorox, over the same
span, 23 times. Netflix has burned through $2.5 billion
in the past 12 months to produce content and drive
Amount of assets that SoftBank
says it wants to sell
81 K
Requests to U.S. Postal Service
to forward mail from New York
City in April, twice the year-ear-
lier total, 60% of it out of the city
58.2
staged events without spectators, and
Major League Baseball laid out 80
pages of rules for pandemic play. Some
2.4 million applied for unemployment,
and millions fell behind on mortgages, listings if U.S. securities regulators can’t
but air traffic ticked up. In Congress, get access to three years of audit records.
the House, which had passed a new
stimulus bill, and Senate remained at
odds. President Trump said he’s taking
an antimalaria drug that he’d touted as
The measure seems to be mostly aimed at
Chinese firms, like scandal-ridden
Luckin Coffee, though it could also hit
major stocks like Alibaba Group Hold-
a Covid-19 therapeutic: “All that I can ing and Baidu.
tell you is so far I seem to be OK.”
Blame Game
War Over the WHO White House trade adviser Peter Navarro
Chinese President Xi Jinping spoke to a
virtual assembly of the World Health
Organization, promising to make vac-
blamed the Centers for Disease Control
and Prevention for fumbling development
of Covid-19 tests. Trump then lashed out at

Illustration by Elias Stein; Photograph by Jim Lo Scalzo/EPA/Bloomberg

subscriber-growth numbers. Clorox generated free
cash flow of about $1 billion during that period.
And yet their stock performances suggest correlation.
Consumer staples aren’t supposed to be correlated with
tech or the broader market. Demand for food and clean-
ing supplies is tied to household numbers; tech is all
about product cycles and disruption. We know that ran-
dom correlations might not mean much, and that a cor-
relation should be predictive. Few investors will build a
strategy for either stock around what the other is doing.
Both, in fact, were perfect for a world in which con-
sumers are locked inside, watching TV, and fixated on
sanitizing. Both fell on Monday, as the market surged on
good vaccine news—Clorox down 1.8% and Netflix, 0.4%.
So, what will happen when people venture outside?
Clorox trades 10% above its 50-day moving average,
while Netflix is 15% above its. That suggests that risks
are rising for both stocks. — Al Root
Number of U.S. births per 1,000,
for females ages 15 to 44, in
2019, lowest since record-keep-
ing began in 1909
7.4%
Increase in the median price of
existing homes in April, to
$286,800, from level a year
earlier. Home sales fell 17.8%
To get Numbers by Barron’s
daily, sign up wherever
you listen to podcasts or at
Barrons.com/podcasts
cines that China developed a “global
public good” and offering $2 billion to
support anti-Covid-19 efforts. China
has resisted an investigation, led by
Australia, into the origins of the virus.
Trump said the U.S. would withdraw
from WHO if it didn’t make “substan-
tive” changes in 30 days. Separately, the
Commerce Department imposed new
restrictions on China’s Huawei Tech-
nologies. Taiwan Semiconductor
then halted new orders from Huawei.
And the U.S. criticized Chinese steps to
erode Hong Kong’s autonomy, but in-
sisted a trade deal with Beijing is intact.
Access Issues
The Senate passed a bill banning U.S.
the former head of Health and Human
Services’ vaccine program, Dr. Rick
Bright, who had criticized the administra-
tion’s response. Trump fired his fourth
inspector general, a State Department IG
probing Secretary of State Mike Pompeo’s
alleged use of staff members for personal
errands and his role in arms sales to Saudi
Arabia. Pompeo had urged the dismissal.
SoftBank’s Hard Numbers
SoftBank Group reported that its Vision
Fund had lost $17 billion on investments.
SoftBank asked bankers to find investors
to buy its $20 billion, 25% stake in T-Mo-
bile US, and Alibaba co-founder Jack Ma
said that he is retiring as executive chair-
man after 13 years on the board.
 May 25, 2020 BARRON’S
P R EV IEW Friday The Bureau of Economic Analysis reports personal income and
spending data for April. Spending is expected to plummet 15%,
twice the March decline. Income is seen falling 6%, triple the previous drop.
J.C. PENNEY’S BANKRUPTCY PLAN
A Reorg Built Retail Over the Edge
Consumer spending cratered
during the pandemic, crushing
On Real Estate
retailers’ cash flow.
Retail Sales, 2018 to May 2020
5%
J.C. Penney’s bankruptcy filing was widely anticipated 0
after Covid-19 shut its stores. Now, Penney’s fate turns less
on retail than on commercial real estate. The company’s pro-
-5
posed reorganization plan would split it in two: Investors
would hold an asset-lite retailer, while a real-estate invest-
ment trust would own some (or all) of the stores. -10
The clock is ticking. If Penney doesn’t meet key deadlines,
it might have to liquidate, according to filings. The retailer -15
must come up with a lender-approved business plan by July
14 and lock down financing by Aug. 15. Its plans for its real
estate are key. Penney must determine how many of its 387
-20
2019 ’20
stores will close, and whether it can renegotiate leases on
459 locations and five distribution centers. The bottom line:
The more valuable the real estate, the more money Penney
Big Footprint, Small Wallet
can raise for the REIT. J.C. Penney has a large presence in
Alas, no one’s sure what retail space is worth. Malls have some shopping malls owned by
faded and social distancing has meant mass store closures. real-estate investment trusts.
And other retail bankruptcies could sink real estate values. JCP’s % of
In a March filing, Penney estimated that part of its prop- Mall REIT / Ticker Leasable Area
erty was worth $910 million, assuming stores open. Those Pennsylvania REIT / PEI 9.9%
same stores would be worth $545 million if they were va-
CBL Properties / CBL 8.4
cated. The total valuation of stores unencumbered by credi-
tor claims is $1.4 billion—if they open. Assuming that they Washington Prime / WPG 8.1
will open might be optimistic, given pandemic uncertainties. Macerich / MAC 7.7
And even if Penney succeeds in selling the assets to inves-
Simon Property Group / SPG 5.6
tors, questions about its viability as a retailer remain.
Then there’s this: CreditSights analysts say part of J.C. Taubman Centers / TCO 3.4
Elias Stein
Penney’s savings—$127 million to $260 million—from get- Tanger Factory Outlet / SKT 0.0
ting rid of debt in bankruptcy would be cancelled out by
rent owed to investors. — Alexandra Scaggs Sources: Bloomberg; Keyblanc Capital Mkts
Monday 5/25
U.S. equity and bond markets are
closed in observance of Memorial Day.
Tuesday 5/26
AutoZone, Bank of Nova Scotia,
and Keysight Technologies report
earnings.
The Conference Board releases its
Consumer Confidence Index for May.
The consensus estimate is for a 87.3
reading, roughly even with April’s 86.9.
The Census Bureau reports new
residential home sales for April. Econ-
omists forecast a seasonally adjusted
annual rate of 480,000 homes sold,
23.4% below March’s 627,000.
The Federal Housing Finance
Agency releases its Home Price Index
for March. Expectations are for a 0.6%
increase in single-family home prices,
roughly even with February’s gain.
The Federal Reserve Bank of Dallas
releases its Texas Manufacturing Out-
look Survey for May. Wall Street sees
the index regaining some ground, to
minus 61.5 from April’s minus 73.7,
the lowest reading in the survey’s 16-
year history.
Wednesday 5/27
Amerco, Autodesk, Bank of Mon-
treal, HP Inc., NetApp, Ralph Lau-
ren, and Royal Bank of Canada
report quarterly results.
Amazon.com, Chevron, Exxon Mo-
bil, Facebook, and Twitter hold
their annual shareholder meetings.
Thursday 5/28
Canadian Imperial Bank of Com-
merce, Costco Wholesale, Dell
Technologies, Dollar General,
Dollar Tree, Salesforce.com, Toll
Brothers, Toronto-Dominion
Bank, and Ulta Beauty have confer-
11
Sign up for the Review &
Preview daily newsletter at
Barrons.com/reviewpreview
ence calls to discuss earnings.
The National Association of Realtors
releases its Pending Home Sales Index
for April. The consensus estimate is for
a 16.4% decline, to 73.7, following a
precipitous 20.8% drop in March.
The Bureau of Economic Analysis
releases its second estimate of first-
quarter gross domestic product. Econ-
omists forecast a decline at a seasonally
adjusted annual rate of 4.8%, un-
changed from the BEA’s advance esti-
mate at the end of April.
The Census Bureau releases April’s
durable-goods report. Expectations
are for a 15% drop in new orders for
manufactured durable goods, to $173
billion—similar to March’s 15.3% fall.
The Department of Labor reports
initial jobless claims for the week end-
ing on May 23. Over 38 million people
have filed for unemployment benefits
since mid-March, but claims have
decreased for seven straight weeks.
Friday 5/29
The Institute for Supply Manage-
ment releases its Chicago Purchasing
Managers’ Index for May. A 40 read-
ing is expected, up from April’s 35.4.
Coming Earnings
Consensus Estimate Year ago
T
AutoZone (Q3) 13.40 16.00
W
Autodesk (Q1 ) 0.81 0.45
HP (Q2) 0.47 0.53
NetApp (Q4) 1.13 1.22
Toll Brothers (Q2) $0.46 0.87
Workday (Q1) 0.49 0.43
More Earnings on Page M32.
Consensus Estimate
Day Consensus Est Last Period
T May Consumer Confidence
April New Home Sales
88.0
492,500
86.9
627,000
Th April Durable Orders -18.0% -15.3%
Q1 GDP Second Preliminary -4.8% -4.8%
F April Personal Income -0.60% -2.0%
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 free Economic
Calendar at www.barrons.com
12 BARRON’S
“At the end of the day, the message is
Tighter Grip on Hong Kong
clear. Be disciplined about price, don’t Just Adds to Risks for Investors
overreact to headline news and be a
Beijing’s plan for national security laws puts the city’s ability to act as a global
long-term investor.” financial center into question. U.S. investors may need to rethink Chinese stocks.
- Jim Cullen, Chairman & CEO
BY RESHMA KAPADIA
T
he already fraught relationship
between the U.S. and China has
High Dividend Value Equity become even more complicated,
as China took unexpected steps to
impose national-security laws on Hong
Kong, a step that further raises concerns
Enhanced Equity Income about the city’s autonomy.
For investors and global companies, the
move adds to a growing list of troubling
scenarios that have become more plausible
and that could force them to reassess China-
Value Equity focused investments. (For more on investors’
concerns, see related story, page M4.)
The measures by China’s National Peo-
ple’s Congress are the latest steps to erode
International High Dividend Hong Kong’s autonomy and the “one-coun-
try, two-systems” framework that allowed
the city to flourish as a global commercial
and banking hub.
Emerging Markets High Dividend When the measure is passed, it will per-
mit direct operations by Chinese security
agents in the city—and probably prompt a
response from the U.S., possibly removing
Hong Kong’s special trade designation that
exempts it from tariffs applied to the main-
land. The U.S. has already taken tougher
stances against China on multiple fronts:
stricter restrictions on Huawei Technolo-
gies, a push to increase scrutiny of Chinese
companies listed in the U.S., and bipartisan
bills, including one that introduces sanc-
tions on Chinese entities that don’t uphold
For further information, please contact Schafer Cullen Capital Management Hong Kong’s autonomy, as well as on banks
212.644.1800 • info@schafer-cullen.com • schafer-cullen.com that do business with those entities.
At the same time, there has been a war
of words over accountability for the pan-
demic, as both the U.S. and China grapple
with battered economies.
Schafer Cullen Capital Management is an independent investment advisor registered under the Investment The Hong Kong action “is another one of
Advisers Act of 1940. This information should not be used as the primary basis for any investment decision these unending, visible manifestations of
nor, should it be construed as advice to meet a particular investment need. It should not be assumed that any two countries that are locked in a cold
security transaction, holding or sector discussed has been or will be profitable, or that future recommendations war,” says Stephen Roach, former chief
or decisions we make will be profitable or equal the investment performance discussed herein. A list of all economist and chairman of Morgan Stan-
recommendations made by the Adviser in this strategy is available upon request for the 12 months prior to the ley Asia and now a senior fellow at Yale
date of this report. University’s Jackson Institute of Global
Affairs. There is clear risk ahead, he says,
for companies trying to operate in both
May 25, 2020
countries and that need assurance of cross-
border capital flows.
While the risks have ratcheted higher, it
isn’t clear yet whether the new security
laws will destroy Hong Kong’s ability to act
as a financial center. What that could mean
for investors will probably play out over
the next couple of months.
Capital outflows from Hong Kong bear
watching, TS Lombard’s Rory Green wrote
in an email. If it appears that Beijing’s legal
and security jurisdiction extends to Hong
Kong, the territory’s haven status for main-
land Chinese will be over, and there will be
a mass exodus that will affect the Hong
Kong dollar and local property prices,
Green says.
Gavekal Research’s Arthur Kroeber
wrote in an email that China’s move, while
a step backward from the perspective of
human rights and the rule of law, was
aimed at insuring Beijing’s control and
preventing independent political expres-
sion, rather than upending commercial and
financial laws that make Hong Kong a hub.
Indeed, Hong Kong’s ability to raise
capital from international investors will
become more important if the U.S. pushes
forward with proposals to delist Chinese
companies not complying with U.S. ac-
counting oversight rules—something Chi-
nese security laws make impossible for
those companies to comply with.
“I don’t think Chinese authorities would
want to undermine that important tool,”
Roach says.
Hong Kong shares fell 5.6% on Friday,
and the iShares MSCI China exchange-
traded fund (ticker: MCHI) was down
3.6%.
Investors are watching what happens
over the weekend in terms of protests, with
big demonstrations probably paving the
way for a long hot summer of unrest that
would be bad for stocks, Kroeber says. The
growing list of risks will keep pressure on
many of the Chinese stocks owned by
foreign investors, as they reassess how to
proceed. B
May 25, 2020
Walmart stores,
including this
one in Uniondale,
N.Y., have
remained open
throughout
the pandemic.
Why Retail Giants Will
Consolidate Their Power
Big-box chains, such as Walmart, Home Depot, Target, and Lowe’s, will grow even larger
in coming years at the expense of small retailers. That bodes well for their shares.
By TERESA RIVAS
R
etail traffic fell almost 92%
last week, compared with
the level the year before.
In normal times, that
would be a disaster. In the
time of coronavirus, it’s an
improvement from the
nearly 98% year-over-year decline
that U.S. retailers suffered for most of
April. Yet much like the virus itself,
the impact of Covid-19 hasn’t been
evenly felt among the nation’s retail-
ers. The biggest and strongest aren’t
just surviving, but thriving, while
many smaller store chains and mom-
and-pop shops face disaster.
In the past five years, the rise of
e-commerce has irrevocably changed
the retail industry, tilting the land-
scape in favor of behemoths such as
Amazon.com (ticker: AMZN) and
Walmart (WMT) that can afford slick
websites and fast, free delivery ser-
vice. Now, without a vaccine or effec-
tive treatment for coronavirus avail-
able near term, these well-capitalized
companies are likely to keep gobbling
up market share at the expense of
smaller operators.
This past week’s quarterly earnings
reports from some of the most promi-
nent U.S. retailers hammered home
their advantage. The big-box chains—
Home Depot (HD), Lowe’s (LOW),
Target (TGT), and Walmart—all saw
year-over-year sales climb by high-
single or low-double digits, and all
posted profits. Even with consumers
curtailing their overall spending, these
companies, whose stores remain open,
saw demand increase.
Contrast that with apparel retailers
Kohl’s (KSS) and Urban Outfitters
(URBN), both of which experienced a
more-than 30% drop in revenue, lead-
ing to quarterly losses. For these chains,
BARRON’S
growth in online orders wasn’t enough
to offset forced store closures.
But it’s not just that large chains sell
essentials; they have made themselves
essential to consumers. “One of the
things we’ve learned through this crisis
is that the strong are just getting stron-
ger,” says Dennis DeBusschere, head of
portfolio strategy at Evercore ISI.
The situation looks bleak for smaller
companies and mom-and-pop opera-
tions. According to Deutsche Bank Se-
curities, 75% of small U.S. businesses
have requested assistance from the gov-
ernment’s Paycheck Protection Pro-
gram. And no wonder: As of mid-April,
the number of small businesses open
fell by as much as 80% in states such as
New York and Michigan, both pan-
demic hot spots. (See our cover story on
the crisis in small business, page 22.)
Seventy percent of small retailers
saw revenue decline in the past month,
according to Deutsche Bank, and
nearly a third cut the number of paid
employees. About half reduced the
total hours that employees worked.
“This is a dark picture,” says the bank’s
chief economist, Torsten Sløk.
And it is likely to persist. More than
half of small businesses think that it
will take at least four to six months—
if not longer—for business to return to
normal, but less than 20% say they
have enough cash on hand to fund op-
erations for more than three months.
“We’re moving from a liquidity crisis to
a solvency crisis,” says Sløk.
A protracted recovery would pres-
ent other problems for small retailers,
including limited access to capital and
customers. People over age 55—those
most vulnerable to the coronavirus—
account for 40% of consumer spend-
ing, while younger people, many fac-
Among Retailers, the Strong Get Stronger…
Large, well-capitalized chains are growing rapidly, while smaller companies are struggling.
Market
Recent YTD Value
Retailer / Ticker Price Change (bil)
Walmart / WMT $125.45 6% $355.5
Home Depot / HD 238.19 9 255.8
Lowe’s / LOW 116.99 -2 88.3
Target / TGT 119.63 -7 59.8
...While the Weak Shrink
Urban Outfitters / URBN $16.54 -40% $1.6
Kohl’s / KSS 16.70 -67 2.6
Data as of 5/20/20 *Year-over-year for fiscal year ending Jan. 2021 **For fiscal year ending Jan. 2022 E=Estimate Source: FactSet
13
ing unemployment, are unlikely to
pick up the slack. Moreover, most
mom-and-pops have limited e-com-
merce platforms. These can’t begin to
rival those of larger chains.
“The best brands that have taken the
friction out of online shopping are going
to get more of our time and our wallet,
putting more pressure on the smaller
ones,” says Eric Clark, a manager of the
Rational Dynamic Brands fund, a mu-
tual fund that invests in what it consid-
ers the most attractive brands in the
Alpha Brands Consumer Spending
Index. “Increasingly, [smaller brands]
are going to find it difficult to have the
capital to compete with the convenience
factor of these bigger brands.”
I
n many ways, the coronavirus has
only accelerated trends already in
place, notes Sløk. Despite the big
chains’ ups and downs, investors
who bought Home Depot, Lowe’s, Tar-
get, or Walmart in recent years have
done relatively well, and all four could
continue to outperform. Target and
Lowe’s have the cheapest shares in the
group, with price/earnings ratios around
17 times fiscal 2022 expected earnings.
Other metrics matter, too: In the
past one- and five-year periods, Target
and Home Depot generated the big-
gest gains in free cash flow, and more
sales growth relative to their closest
rivals. They also have the highest divi-
dend yields, at 2.2% and 2.5%, respec-
tively. While the next five years could
prove more challenging, their long-
term trajectory looks attractive.
For all businesses, the coronavirus
is a reminder that no force is more
powerful than nature. Unfortunately,
for small retailers, the law of the jun-
gle isn’t pretty. B
Q1
2020 Rev 2021E 2021E Dividend
Growth* EPS** P/E** Yield
8.6% $5.43 23.1 1.7%
7.1 11.03 21.6 2.5
10.9 7.10 16.5 1.9
11.3 6.73 17.8 2.2
-31.9% $1.36 12.2 None
-43.5 1.73 9.6 None
14 BARRON’S May 25, 2020

Convertible
asset class.”
Investors can play convertibles
through a range of open- and closed-
end mutual funds, and exchange-

Bond Boom: traded funds. The largest ETF is the

$4.5 billion SPDR Bloomberg Bar-
clays Convertible Securities(CWB)

Where to Go which yields about 3%. The smaller,

tech-heavier iShares Convertible
Bond ETF (ICVT) yields nearly 2%

For Yield
and has outpaced the SPDR in recent
years.

T
he Columbia Convertible fund
and $3.5 billion Franklin
Convertible Securities
Investors can play convertibles (FISCX)—the sector’s largest
through a range of open- and open-end fund, according to Morn-
closed-end mutual funds, as ingstar—have generated some of the
best performances over the past five
well as exchange-traded funds. and 10 years.
There also is a group of closed-end
funds specializing in convertibles.
Calamos Investments is the leading
By ANDREW BARY issuer. Its largest fund is Calamos

T
Convertible & High Income.
he convertible securities ible Securities fund (PACIX). “Com- 0.5% total return this year, based on (CHY), which trades around $10, an
market has become an im-
“Converts panies that in February had no need the ICE BofA U.S. Convertibles in- 8% discount to its net asset value.
portant source of rescue could go for money suddenly found themselves dex, better than the S&P 500’s nega- The fund yields more than 10%, but
capital in the past two in a desperate situation a month later tive 8%. only a fraction of that comes from
months for companies
back to through no fault of their own.” “The convertible market has done portfolio income; much of it is actu-
seeking to get through the being an all- Columbia was a buyer of the Carni- well in the past few years because of ally return of capital.
current economic crisis. val, Southwest Airlines, and Dick’s exposure to areas like cloud comput- Individual investors can’t buy most
About $31 billion of new convert-
weather deals, among others. ing, biotech, and Tesla,” King says. of the recently issued converts because
ibles has been issued since the begin- asset class.” Historically, converts have gener- “What if the market leadership they were sold through institutional-
ning of April—the strongest pace in 12 David King, ated equity-like returns with lower changes coming out of recession and only transactions governed by Rule
years—including deals from hard-hit co-manager of risk. The market returned 23.2% last value outperforms? Now, you have 20 144A of the Securities Act of 1933.
the Columbia
companies including Carnival (ticker: Convertible
year, behind the S&P 500’s 31.5% new choices that are Covid-19 recov- Some individual convertible securi-
CCL), Southwest Airlines (LUV), Securities fund return. Through the middle of last ery plays to choose from. Converts ties, however, are available to retail
Lyft (LYFT), Booking Holdings week, convertibles had a negative could go back to being an all-weather investors. These include Southwest
(BKNG), and Dick’s Sporting Goods
(DKS).
Issuance this year has totaled $44 Fund Opportunities
billion—easily on pace to top the $53 Investors can play the convertible market through mutual funds, closed-end funds, and ETFs.
billion sold last year, according to
Bank of America Securities. Fund / Ticker Recent Price YTD Return 3-Yr Return Yield Fund Assets (mil) Discount to NAV
The spate of transactions has added Mutual Funds
a new element to the $219 billion con-
vertible market, which had been domi- Columbia Convertible $22.08 0.1% 10.5% 1.7% $1,500 N/A
Securities / PACIX
nated by technology and health-care
issuers. Tesla (TSLA) is the top seller, Franklin Convertible 22.62 5.1 13.7 1.9 3,500 N/A
with about $4 billion of the securities Securities / FISCX
outstanding. Closed-End Funds
The deals have allowed investors to
Calamos Convertible & $10.10 -8.3% 5.9% 10.1%* $740 8.0%
play the role that Berkshire Hatha- High Income / CHY
way CEO Warren Buffett once did in
providing capital to companies in a Ellsworth Growth & 10.48 -9.3 12.2 5.0* 137 8.2
time of crisis. Berkshire (BRK.A) has Income / ECF
made no high-profile investments in Exchange-Traded Funds

Illustration by Chris Gash

recent months, in part because the pub- SPDR Bloomberg Barclays $55.25 0.3% 8.9% 3.1% $4,000 N/A
lic markets can provide capital on terms Convertible Securities / CWB
less onerous than he might demand.
iShares Convertible 64.30 3.1 10.4 1.8 484 N/A
“It’s an exciting time in the mar-
Bond / ICVT
ket,” says David King, co-manager of
*Total distribution rate, Note: three-year returns are annualized
the $1.5 billion Columbia Convert- N/A=Not applicable Sources: Morningstar; company reports
May 25, 2020
Airlines $2.3 billion of 1.25% convertible due
in 2025, now trading for about 106 cents on
the dollar, and Zillow Group’s (Z) $500
million of 2.75% converts due in 2025,
which have been fetching about 109 cents
on the dollar.
Convertibles are hybrid securities, with
the most common type being bonds with
equity kickers. Investors get a fixed interest
rate on these, which usually mature in five
to seven years. The bonds can be exchanged
for shares if the issuer’s stock rallies by a
certain amount—usually about 30%.
“Compared with equities, convertibles
offer investors a way to be in the market
with lower risk,” says John Calamos,
founder and global chief investment officer
of Calamos Investments.
Calamos notes that at a time when cor-
porate dividends are being cut or sus-
pended across the board, convertibles offer
a relatively safe yield. Issuers face default if
they don’t pay the interest on convertible
bonds.
“You’re senior in the capital structure,
get current income, and participate in the
equity upside,” Columbia’s King says.
Convertibles offer less appreciation po-
tential than stocks, but gains nonetheless
can be significant. Carnival’s convertible,
sold in early April, is already up 50%, as its
stock has nearly doubled off its low.
For issuers, the appeal of convertibles is
low yields, relative to interest they must
pay on regular debt. Many recent convert-
ible yields have ranged from 1% to 2%,
with one as low as 0.25%. Stressed Carnival
issued $2 billion of bonds with a 5.75% rate,
while rival Norwegian Cruise Line Hold-
ings (NCLH) did so at 6%. Carnival sold a
regular debt issue at the same time as the
convertible at an 11.5% yield.
Convertible issuers also benefit from less
dilution, relative to a conventional equity
offering, because of the premium on the
converts. “Companies get low rates, relative
to the high-yield market,” says Michael
Converts to a Cause
Here are some of the companies that have recently issued convertible securities.
Company / Ticker
Southwest Airlines / LUV
Carnival / CCL
Pioneer Natural Resources / PXD
Booking Holdings / BKNG
Norwegian Cruise Line Holdings / NCLH
Burlington Stores / BURL
Lyft / LYFT
Zillow Group / Z
Note: Principal amount assumes exercise of 15% overallotment option
BARRON’S 15
Youngworth, head of global convertible
strategy at BofA Securities.
Youngworth notes that companies with
volatile stocks can get particularly low
OUTSCALE.
yields in the convertible market because
they’re favored by the computer models
used by many institutional buyers.
It’s not only companies in distress that
offer convertibles. Recent issuers have in-
cluded telehealth leader Teladoc Health
(TDOC) and BioMarin Pharmaceutical
(BMRN), a leading biotech firm. And Pio-
neer Natural Resources (PXD), a major
energy producer in the Permian basin, is-
sued $1.3 billion of five-year converts this
WHAT GLOBAL REACH AND RESOURCES
month, at a rock-bottom rate of just 0.25%.
This reflected the company’s investment-
MEAN AT TIMES LIKE THIS.
grade credit ratings. EQT (EQT), the coun-
try’s top producer of natural gas, issued
$500 million of six-year converts in April,
at an interest rate of 1.75%.
The strong issuance pace has continued
in recent days, with athletic-gear maker
Under Armour (UA) and medical-device
Managing $1.3 trillion in assets with access
producer Boston Scientific (BSX) selling to the world’s public & private markets
converts.
King says that Columbia was a buyer of
Serving the investment and advisory needs
the Southwest Airlines securities. The air- of over 1,500 clients in 52 countries
line, which has long had the best balance
sheet in the U.S. industry, still has invest-
Providing clients deep asset class expertise
ment-grade bond ratings, despite the dras-
with our distinct multi-manager model
tic worldwide decline in passenger traffic.
“Nobody is buying airline tickets now,
but they will,” King says.
The fund chief was also attracted to the
Dick’s convertible deal because of the com-
pany’s leading position in sporting-goods
retailing. Dick’s is run by CEO Ed Stack, As one of the world’s leading asset managers,
65, who has headed what had been a fam- PGIM brings on-the-ground experience and a
ily enterprise for 36 years. “Tradition
plays a role in the business,” King says, global footprint to the pursuit of long-term
adding that this makes the company espe- returns in any market environment.
cially loath to ever stiff creditors.
One of the nice things about convertibles Find out more at PGIM.com
is that, as long as companies don’t default,
investors get their money back. King says:
“It’s heads I win, tails I tie.” B
Principal Amount (mil) Interest Rate
$2,300 1.25%
2,013 5.75
FIXED INCOME | EQUITIES | REAL ESTATE | ALTERNATIVES | PRIVATE CREDIT | QUANT SOLUTIONS
1,323 0.25
863 0.75
863 6.00 Data as of 3/31/2020.
© 2020 Prudential Financial, Inc. (PFI) and its related entities. PGIM, Inc., is the principal asset management
805 2.25 business of PFI and is a registered investment advisor with the U.S. Securities and Exchange Commission. PGIM
is a trading name of PGIM, Inc. and its global subsidiaries. The PGIM logo and the Rock symbol are service
748 1.50
marks of PFI and its related entities, registered in many jurisdictions worldwide.
575 2.75
Source: Company reports
16 BARRON’S May 25, 2020

SHAPE THE NEW TECH

INVESTMENT LANDSCAPE.

SPEAKERS INCLUDE:
Ken Chenault
Chairman and Managing Director, General Catalyst;
Chairman and CEO, American Express (2001-2018)

Stacey Cunningham
President, NYSE Group

Henry Ellenbogen
Partner and CIO, Durable Capital Partners; CIO for
U.S. Equity Growth, T. Rowe Price Group (2010-2019)

and more

REQUEST YOUR INVITATION NOW

BARRONS.COM/TECHINNOVATION

© 2020 Dow Jones & Company, Inc. All rights reserved. 4E5060
 May 25, 2020
It’s Time To Rethink
A Cloud Pioneer
Dropbox has been overlooked as investors rush to stay-at-home
tech stocks. Why the early cloud player deserves a fresh look.
By DAREN FONDA
T
he quarantine has become a
daily advertisement for
work-at-home technology.
Employees spend their days
on apps from Zoom Video
Communications, Slack
Technologies, Microsoft,
and Alphabet. But the backbone be-
hind remote work tends to be over-
looked by employees and investors.
Take Dropbox (ticker: DBX), an
early cloud player, that served as the
blueprint for storage services like
Alphabet’s (GOOGL) Google Drive,
Apple (AAPL) iCloud, and Micro-
soft’s (MSFT) OneDrive. Dropbox
stock remains well below all-time
highs, even as the rest of the work-
Hashmukh Kerai
from-home universe has soared.
Dropbox stores photos, videos, and
documents for some 600 million us-
ers, though more than 97% of them
use it for free. Storage is generally a
background service—it’s there when
you need it, but rarely top of mind.
Now Dropbox is pushing its way
into the foreground. The company
sees an opening as workspace plat-
forms battle for dominance. The goal
is to be a neutral player where anyone
can converse, exchange content, and
collaborate, regardless of corporate
origin or allegiance.
Dropbox Spaces, launched last fall,
is a centralized workspace for organiz-
ing content, digital tools, and commu-
nications across various platforms,
from Slack (WORK) to Zoom (ZM).
“Microsoft and Google try to keep
you in their ecosystem,” says Lev Fin-
kelstein, vice president of finance and
strategy at Dropbox. “We connect to
Zoom and other apps, and they’re
deeply integrated into our platform.”
Like other cloud companies, Drop-
box says it’s benefiting from more peo-
BARRON’S
ple staying home and working re-
motely. On a recent earnings call, CEO
Andrew Houston said free trials have
jumped 40% among business-team
users since mid-March. And Dropbox
is seeing an uptick in usage of its Hello-
Sign digital signature tools, a business
it acquired for $230 million last year.
University professors are using Drop-
box Paper, a shared workspace, to
make content more accessible for stu-
dents stuck at home.
The boost in interest puts Dropbox
squarely in line with trends for other
stocks in the stay-at-home group. But
investors aren’t treating it like one. At a
recent $22 a share, the stock trades at
four times enterprise value to esti-
mated 2021 sales. Zoom Video, perhaps
the hottest digital-work stock, fetches
46 times EV to sales. Slack goes for 18
times, and Atlassian (TEAM), which
owns project-management tool Trello,
trades at 20 times.
RBC analyst Alex Zukin notes that
at just six times EV to next year’s sales,
Dropbox stock would be valued at $30,
a 36% premium to a recent close.
Dropbox isn’t growing nearly as
fast as some of the other stay-at-home
standouts, but it’s a profitable busi-
ness with recurring revenue. Sales
rose 19% in 2019 to $1.7 billion, fueled
by an additional 1.6 million paying
customers.
More important, though, Dropbox
is becoming an increasingly profitable
business. Adjusted operating margins
last year were 12%; the company’s
long-term target is 28% to 30%. Net
income is forecast to rise 48% this
year, to $306 million or 73 cents a
share, and 20% next year. “They’ve
shifted from a high-growth company
to one that’s growing efficiently at
scale, and more profitably than a lot of
other companies,” says Zukin, who
has an Outperform rating on the
Dropbox stock.
To be sure, investors have their
provided reasons for overlooking Dropbox.
the Revenue growth has been sliding
since the company went public in
blueprint 2018, going from 26% that year to an
estimated 14% in 2020. Dropbox is
for cloud fundamentally still a digital reposi-
tory, and while it has added premium
storage. features and functionality, it faces
pricing pressure from rivals offering
Now it’s free or lower-cost storage. “When you
ready for compete against Microsoft, Google,
and Apple, there’s a sense of ‘Why do
a second these guys even exist?’ ” says William
Blair analyst Jason Ader.
act. Ader still rates the stock at Outper-
17
form, and the answer to his question
is that small and midsize businesses,
freelancers, and other “knowledge
workers” still rely on Dropbox, giving
the company a large opportunity to
sell new services.
While a basic Dropbox storage plan
is free, business users pay for pre-
mium features and additional storage
capacity. The company’s average reve-
nue per user, or ARPU, has climbed
from $112 in 2017 to $123 in 2019. An-
alysts expect ARPU to reach $128 this
year and $133 in 2021.
Dropbox’s Spaces platform is the
big, unappreciated opportunity.
Spaces integrates other corporate soft-
ware into its interface, creating a
shared workspace in which users can
switch apps without leaving the Drop-
box zone—accessing video from
Zoom, messages from Slack, and con-
tent created with tools like Adobe Ac-
robat, Microsoft Office, or Google‘s G
Suite.
While those firms are trying to
create a walled garden around their
ecosystem, Dropbox is going in the
opposite direction, prioritizing users’
content, regardless of platform. Drop-
box mainly uses its own cloud plat-
form, rather than an outside provider
like Amazon Web Services, giving the
company more control over pricing
and technology.
“There’s a stickiness to Spaces that’s
underappreciated by the investment
community,” William Blair’s Ader says.
Dropbox managed to raise prices on
subscription renewals by 20% last
year,
By now, investors have largely
priced in our work-from-home reality.
Dropbox could be a rare opportunity to
still profit from the trend. B
Dropbox
DBX / Nasdaq
$45
40
35
30
25
20
15
July ’18 Jan. ’19 July Jan ’20
10
Sources: FactSet
18 BARRON’S May 25, 2020

Q& A An Interview With Ben Inker

Head of Asset Allocation, GMO

AWaryTurn
AwayFrom
U.S.Stocks
BY JACK OTTER

O
n March 10, 2009, Jeremy Grantham pub-
lished a memo titled “Reinvesting When
Terrified,” arguing that stocks were sub-
stantially undervalued and that investors
should get in the market, despite the pain
of doing so. “Remember that you will
never catch the low,” wrote the co-founder
of GMO, a Boston-based investment management
company.
Of course, he had caught the low; it would turn out
that March 9 was the nadir of the financial crisis and
the beginning of the great bull market of the past de-
cade. Pointing out that, in 2002, Grantham had pre-
dicted that the S&P 500 index would bottom at 670 in
seven years makes GMO sound more like a Las Vegas
act than a financial firm, but it is no less true.
GMO has made many other prescient calls, so it’s
worth noting that the $60 billion firm drastically re-
duced its equity exposure this past week, taking its go-
anywhere institutional fund’s stock sleeve down to 25%
from 58%. Ben Inker, who has been head of asset alloca-
tion at GMO for 22 years, shared his analysis exclusively
with Barron’s. After announcing in mid-March that it
was time to buy, Inker now says that the recent furious
rally in U.S. stocks has more-than fully priced in an
optimistic resolution to the coronavirus crisis, while
leaving investors in a dangerous position if something
goes wrong.
Inker, who has become a more public face of the firm
as Grantham focuses on philanthropic efforts, says the
current economic downturn will be twice as deep as the
3.25% gross-domestic-product hit the U.S. suffered in
the financial crisis. We spoke with him as he prepared
to alert clients to the firm’s changed stance, and have
edited his comments for brevity.

Photograph by CODY O’LOUGHLIN

May 25, 2020
Because valuations of emerging market shares are depressed, Inker says they could
be used to create a “portfolio of decent companies” priced at one times book value
and seven times trailing earnings, with a dividend yield exceeding 6%.
Barron’s: You just more than halved
the stock allocation in your flagship
funds. What’s worrying you?
Ben Inker: We were getting very
nervous about how much the markets
had gone up. The risk/reward trade-
off for equities had gotten a lot worse
than it was in March. Value stocks at
this point are trading at some of the
widest spreads we have ever seen.
The optimistic scenario is: We get a
vaccine relatively quickly, or some
affordable, very effective treatment for
Covid-19 that allows us to go back to a
normal economy. With the extraordi-
nary rally we’ve seen from March,
stocks are priced for that outcome.
But in the event of that outcome, we
expect that the stocks that will go up
the most are the ones that got hit the
worst on the way down and have not
fully recovered. If people are willing to
get in airplanes and go to restaurants
and to concerts again, well, those com-
panies that took the huge hit should
be the biggest beneficiaries.
The less optimistic scenario is: We
don’t get something that enables us to
bring the economy back to life, and it
takes a few very difficult years before
we’re back to anything approaching
normal. As of March 23, stocks
around the world were priced for that.
Since then, we’ve seen a rally of 25%
to 30%-plus. To put that in perspec-
tive, a group of stocks trading at fair
value deserves a real return [after
inflation] of about 5% a year. So we’ve
gotten somewhere between four and
maybe as much as seven years’ worth
of returns from stocks in seven weeks.
But you still own some U.S. stocks—
in case the optimists are correct?
In early April, we were buyers of
stocks with a cyclical focus. Certain
industries have been hit very hard:
hotels, airlines, energy, autos, and
certain industrials. Even if the eco-
nomic problems last a long time, the
strongest companies in those spaces
will make it through. Now, we’ve just
shorted the market against them.
How overvalued are U.S. stocks?
We thought the S&P 500 was really
quite overvalued coming into this. Our
best estimate of fair value for the S&P
BARRON’S
“Our best estimate of the S&P’s fair value is a bit south
of 2000. Even at the March lows, it didn’t look cheap.”
is something a little bit south of 2000.
[The S&P 500 closed at 2955.45on
Friday.] So even at the March lows, it
didn’t look cheap to us, but it had just
fallen 33%, and the market seemed to
be taking the pandemic pretty seri-
ously. So in late March and early
April, we were buying risk assets—
international large- and small- caps,
emerging market stocks, cyclical
stocks, high-yield credit. There were a
lot of risky assets that were priced
with a reasonable margin of safety.
And then they all went up.
By your methodology, the S&P 500
has spent most of the past 20 years
Not Cheap, above fair value.
Then or Now Yes, that is true. The S&P got cheap in
GMO’s leaders 2008-09. It was reasonably priced
didn’t think the from 2000 to 2003. But in most of the
S&P was a period, it has been somewhere be-
bargain, even tween moderately and significantly
after it fell 33% overvalued.
in a matter of
weeks. They’re Does that cause you to wonder if
even more you should tweak your model to
skeptical now, take secular changes into account?
after the Over the course of those 20 years, we
rebound. have done a lot of digging into our
assumptions, to understand where
4-7
things have played out differently than
we expected. One of the striking [ob-
Years
servations]: Profitability around most
of the world has been stable. Profitabil-
The amount of time ity for U.S. small- and mid-cap stocks
it normally takes has been stable. The one place that was
\to get the stock absolutely not the case is U.S. large-
returns we’ve seen caps, which have seen profitability, and
in the past few their apparent return on capital, move
weeks. up in a way that is fairly unique.
What’s going on?
Some of it is indeed driven by secular
change: Health care and tech have
structurally higher returns on capital.
The U.S. market has more of them
than other markets, and their weight
in the U.S. has come up. But even
more striking is that in the U.S., a tre-
mendous number of industries have
become more concentrated—and the
profitability of those industries has
gone up. One difference between the
U.S. and everywhere else is that we
have tolerated—perhaps even encour-
aged—an amount of consolidation that
would not be allowed elsewhere.
We’ve created oligopolies, and oli-
gopolies have a pretty good return on
capital.
They sound like great investments.
One thing you could say—which is
almost certainly a bad idea—is, “Well,
that’s the trend; let’s assume it contin-
ues.” And that would be ever-more
industry concentration, and more and
more profit would accrete to the very
largest firms. That kind of trend is
never sustainable, and it’s always dan-
gerous to assume it’s going to continue.
What’s a more likely outcome?
Over the next 20 years, the world will
probably be less friendly to the giants
than it is today. And I would bet that
the next 20 years see a slowly deterio-
rating return on capital for U.S. large-
cap stocks. But it’s not going to be a
natural occurrence, driven by compet-
itive capitalism, because we have
thrown sand in the gears of competi-
tive capitalism.
How have we thrown sand in the
gears of competitive capitalism?
It’s pretty straightforward: We used to
have a world where we would not have
allowed four wireless companies to
turn into three, or seven major airlines
to turn into four, because we wanted to
maintain enough players to have com-
petition, which is good for consumers.
We allowed Facebook [ticker: FB] to
buy up companies that could have
plausibly become future competitors.
That probably wasn’t a great idea. It’s
not too late to change our treatment of
future potential mergers, and change
the way we regulate the companies.
If it is truly the case that social media
and search are “natural monopolies,”
we understand how to treat natural
monopolies. Utilities are a natural
monopoly, and we regulate their return
on capital. U.S. large-cap companies
have been able to get away with profit-
ability that nobody else has, because
they don’t have many competitors. Over
time, you want a world where there is
competition. If there are situations
where competition is not possible,
society should have another way of
dealing with the fruits of that dominant
position.
19
You’ve recommended emerging
market stocks since 2017. That
hasn’t panned out. Why do you
still like them?
The average emerging stock is trading
at half the valuation of the average U.S.
large-cap stock. We’ve seen in emerg-
ing the same thing we’ve seen in the
developed world: A relatively small
handful of growth stocks have outper-
formed the indexes hugely, and half of
the universe or more has been left
behind. As a result, you can put to-
gether a portfolio of decent companies
trading at about one times book value
and seven times trailing earnings, with
a trailing dividend yield of over 6%.
That’s pricing in a really bad outcome,
which is comforting. If you think earn-
ings are merely going to be stable, you
have an earnings yield of 14%. You
don’t need to imagine good things hap-
pening to get good returns out of com-
panies trading at those valuations.
Why are they so cheap?
One reason is the disappointment that
came from having substantially over-
paid for them in 2007 and 2011. The
other is that their currencies got sub-
stantially overvalued, and have been
falling ever since. Today, that’s a nice
benefit. Undervalued currencies make
the emerging world a really cheap place
to make stuff and provide services.
What are you doing with the fixed-
income sleeve of your portfolio?
We used to own some government
bonds, but yields fell to the point that
we didn’t think they offered much,
relative to cash. Cash has the nice fea-
ture that you can turn it into something
else very easily. We own high-yield
debt. Credit spreads are still meaning-
fully wider than average. We also see
pretty good opportunities in emerging
sovereign debt, where again, spreads
have blown out. And also in asset-
backed debt, there is some quite low-
risk paper priced as if it’s high-risk; we
like opportunities like that. They are
pricing in not so much the V-shape
recovery but the U-shape recovery. You
have to be sure you can live with what
happens if we get the L-shape instead.
Thanks, Ben. B
20 BARRON’S May 25, 2020

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 May 25, 2020
Playing the Reshuffle
In the Russell Indexes
This year’s rebalancing will take a higher-than-usual
turnover of stocks. How to get ahead of the flows
By NICHOLAS JASINSKI
L
ate June brings the end of
the school year—and one of
the highest trading-volume
days on U.S. stock markets.
It’s when FTSE Russell
rebalances its U.S. equity
indexes. Thanks to the cor-
onavirus pandemic, both annual tradi-
tions will look very different this year.
Some $9 trillion is benchmarked to
FTSE Russell’s U.S. indexes by both
passive instruments and active man-
agers. The best-known indexes are the
large-cap Russell 1000 and the small-
cap Russell 2000.
This year’s reshuffle will feature
particularly high turnover and
changes in index weights because it
follows a steep selloff and a rapid-but-
uneven bounce off the market bottom.
Tech stocks are expected to claim a
greater presence in large-cap growth
and value indexes, while industrials
Ben Mounsey-Wood
will shift to value from growth across
market caps. The smallest companies
in the Russell 2000 index, mean-
while, will get smaller—and could
bottom out below $100 million in
BARRON’S
market value, which would be the
lowest since the financial crisis.
For investors, the run-up to the
rebalancing presents an opportunity
to get ahead of some of the fund flows
into and out of stocks that are joining
or leaving the indexes.
Russell will release its preliminary
indexes on June 5. They are based on
May 8 prices, which allows analysts
and investors to approximate the lists
ahead of time. The actual rebalancing
will take place after the market closes
on Friday, June 26. Tens of billions of
dollars of shares will be traded in the
closing minutes to align with the new
indexes.
Bank of America Securities antici-
pates that more than 200 stocks will
move in and out of Russell’s indexes,
with more shifting between their
growth and value subindexes.
Those will be determined based on
May 31 data including price-to-book
ratios, five-year sales growth, and
forward earnings estimates. But be-
cause FTSE Russell aims to keep the
total market cap of growth and value
Bank of indexes the same, the number of
America stocks in each can differ.
The Russell 1000 growth index will
anticipates have its greatest concentration of com-
that more panies in history this year, while the
value benchmark will have the highest
than 200 number of stocks ever, says Savita Sub-
stocks will ramanian, BofA’s head of U.S. equity
and quantitative strategy.
move in
“The market has grown really
and out of oligopolistic, and we’ve seen a really
focused group of growth companies
Russell’s taking share,” Subramanian says. “The
indexes. value or old-economy companies are all
21
getting relatively smaller and smaller.” reducing its weight in an index domi-
The greatest sector-weight shift nated by market-cap behemoths
will occur in the Russell Midcap Microsoft (MSFT), Apple (AAPL),
growth index, where health care’s and Amazon.com (AMZN).
weight rises to 23%, from 17%. That’s Passive and ETF selling could mean
driven by relative outperformance $828 million in outflows from Teladoc
from small-cap biotechs growing into shares, per DeSanctis’ projections, or
mid-cap valuations. about 1.3 days to trade. Bank of
Russell index inclusion is a big deal Princeton (BPRN), TowneBank
for companies seeking a broader share- (TOWN), and Brown-Forman’s (BF-
holder base and trading liquidity for .A) Class A shares are among the
their shares. Private-equity firm KKR stocks that could see the greatest sell-
(ticker: KKR), for example, has cited ing pressure, relative to their average
Russell index inclusion in 2020 as a trading volume as a result of the
strategic priority. If added to the Rus- reshuffle.
sell 1000, KKR shares could see $644 Traders and hedge funds approach
million worth of buying pressure from the rebalancing several months before
exchange-traded funds and passive with multiple strategies. The simplest
investors, equal to almost seven trading is to buy the stocks that could get a
days of average volume for the stock, boost from buying by ETFs and other
estimates Jefferies equity strategist passive investors, thanks to being re-
Steven DeSanctis. classified into a more-popular index
That is a lot of extra demand, but or having their relative weight in-
nowhere near what some thinly traded
small-caps entering the Russell 2000
could see. DeSanctis points to Atlas
crease. Ditto for shorting shares mov-
ing in the opposite direction.
After the market volatility this year,
Technical Consultants (ATCX),
SWK Holdings (SWKH), and Au-
burn National Bancorp (AUBN) as
the trade hasn’t been as straightfor-
ward. That could mean lower partici-
pation from risk-taking traders, lower
among the shares that could have hun- liquidity, and more difficulty exiting
dreds of times greater buying pressure positions. “There’s always great inter-
than their average daily volumes. est in the Russell rebalance—that
Passive selling, meanwhile, could mind-set hasn’t changed,” says John
weigh on other shares. Telehealth Spensieri, head of U.S. equity trading
provider Teladoc Health (TDOC) has at Stifel. “But I think people are very
more than doubled this year, lifting its concerned about the number of partic-
market value to $13 billion. That may ipants that are willing to take risk this
earn it a promotion from the Russell year in offsetting the rebalance.”
2000 to the Russell 1000, adding it to The greater-than-usual scale of the
the investible universe of funds that rebalance this year might not yet be
use the large-cap index as a bench- reflected in market bets. For investors
mark. But it also means that Teladoc able to stomach more volatility over
will go from being one of the largest the coming month, the rebalancing
Russell 2000 companies to among the trade payoff could be higher than in
smallest in the Russell 1000, greatly most years. B
In the Cards
Some stocks that are likely to move in or out of Russell indexes—and the trading
volume it could trigger, according to Jefferies.
Est. Net $ Shares to Days to
Company / Ticker Sector Flow (mil) Trade (mil) Trade
Buying Pressure
KKR / KKR Financials $644 25.1 6.8
Zoom Video Communications / ZM Technology 570 3.5 0.3
Atlas Technical Consultants / ATCX Financials 27 2.9 387.3
SWK Holdings / SWKH Financials 19 1.5 201.6
Auburn National Bancorp / AUBN Financials 12 0.3 134.1
Selling Pressure
Teladoc Health / TDOC Health Care -$828 4.5 1.3
Otis Worldwide / OTIS Industrials -624 12.5 2.5
TowneBank / TOWN Financials -135 8.0 37.4
Brown-Forman / BF.A Consumer Staples -116 1.9 40.1
Bank of Princeton / BPRN Financials -12 0.7 55.1
Source: Jefferies
22 BARRON’S May 25, 2020

Mike Bridge, owner

of Diamond Dental
Lab in Illinois, has
struggled to return
to business, with
most of the dentists
he serves still
closed. His revenue
was down 95% in
April, and May hasn’t
been better.
May 25, 2020 BARRON’S 23

America’s
Sputtering
Job Engine
The coronavirus has forced many small businesses to close
and lay off millions of workers. Their recovery is crucial for
the economy and, ultimately, the financial markets.
STORY BY
Lisa Beilfuss
Photograph by Kevin Serna
24
SMALL BUSINESS IN CRISIS
T
he owner of Diamond Den-
tal Lab in Des Plaines, Ill.,
furloughed his staff of nine
in late March after the state
ordered dental practices to
close for all but emergency
visits and his customers
stopped putting in orders for the
crowns, bridges, and implants that his
small business has made for the past 20
years.
Illinois lifted the coronavirus restric-
tions on dentists in early May, but Mike
Bridge says most of his dentist clients
are still closed as they try to get new
safety protocols and personal protective
equipment in line. His revenue was
down 95% in April, and it isn’t any bet-
ter this month.
“We survived 9/11, [the financial
crisis in] 2008, and hopefully we’ll sur-
vive this, but this is the hardest one,”
Bridge says. “Business never entirely
dried up before.” His application for a
loan under the federal Paycheck Protec-
tion Program, or PPP, was approved on
May 18, but there’s still not enough
business to bring back employees.
Versions of what’s happening at
Bridge’s business have been playing out
BARRON’S
across the country for the past two
months, as lockdown measures have
disrupted individual businesses and
entire industries. While the virus is
affecting companies large and small, it’s
“You have small businesses—often with smaller
certain cash cushions and less access to credit—
that are under greater assault.
industries Small businesses are responsible for
where about half of U.S. employment, half of
gross domestic product, and 40% of
revenue is total business revenue. In short, they’re
50% or more key to the recovery, and yet investors
seem to have largely discounted the
below what threat their struggles pose for the
it was. Even broader economy. While the small-cap
Russell 2000—an imperfect proxy for
during a bad the independent businesses that make
recession, it’s up the small-business sector—is down
20% this year, the S&P 500 index of
really rare larger stocks is down just 8% after ral-
to have the lying on hopes that the economic im-
pact of the pandemic might be con-
kinds of tained and the recovery relatively quick.
declines Yet the length and depth of the reces-
sion upon us will in large part depend
we’re seeing.” on how small companies and the work-
Alexander Bartik, ers they employ fare during the shut-
University of
Illinois economics downs—and how well government aid
professor programs help small firms stay afloat.
Nicole Adkins Rice’s
live-events company
in Ohio doesn’t have
employees, relying
instead on contrac-
tors. This makes her
business ineligible
for the Paycheck
Protection Program.
May 25, 2020
Ben Footh’s two
used-car dealer-
So far, the hole is deep: Small busi- ships are consid-
nesses—those with fewer than 500 ered essential
businesses, but that
employees—and franchises together hasn’t helped sales.
account for nearly two-thirds of the He has been moving
more than 20 million jobs lost since cars at a loss just
March, according to data from payroll
to generate revenue.
His survival plan:
provider ADP. The average monthly
income loss for hourly employees stood
scrape by long
enough to buy
at about $1,300 at the end of April,
failed rivals’
vehicles at auction.
translating to over $60 billion in in-
come lost across the U.S. economy each
month, according to Deutsche Bank.
Economists there predict an 8% decline
in GDP this year.
The coronavirus and efforts to con-
tain it represent a shock to America’s
small-business sector that has little
parallel, says Alexander Bartik, an eco-
nomics professor at the University of
Illinois who led a team of economists
that surveyed 5,800 small firms to
study the virus’ impact. As of early
April, 43% of businesses were tempo-
rarily closed, businesses had on average
reduced payrolls by 40% relative to
January, and 38% said they were un-
likely or only somewhat likely to sur-
vive the crisis and reopen this year.
Though grim, the findings make
sense when you consider the financial
fragility of the sector. Bartik says the
median small business has more than
$10,000 in monthly expenses and less
than one month of cash on hand. In a
“normal” recession, that might be suffi-
cient to cover several months of revenue
declines. “Now, you have certain indus-
tries where revenue is 50% or more
below what it was.” he says. “Even dur-
ing a bad recession, it’s really rare to
have the kinds of declines we’re seeing.”
That’s especially true for industries making before being laid off. But that
most directly affected by shutdowns effect shouldn’t be overestimated. Even
and where social distancing is harder. though many people who have lost their
Restaurant reservation-booker Open- jobs are getting unemployment benefits
Table’s CEO Steve Hafner predicts that with high income-replacement ratios,
1 in 4 restaurants will go out of business these payments have replaced only
due to the coronavirus. Plenty already about half of lost income, according to
have. Mounting retail bankruptcies the Brookings Institution.
highlight how difficult it has been for As April retail sales data showed,
even large players, like J.Crew, J.C. Pen- consumers aren’t spending, and it’s not
ney, and Neiman Marcus, to navigate just because they’ve had fewer places to
the crisis. go; even grocery-store sales dropped
It would be worse, if not for substan- from March. If more temporary layoffs
tial interventions by the Federal Re- become permanent because some busi-
serve and the U.S. government that nesses don’t reopen, or because demand
Photograph by Ali Lapetina
have helped limit the damage. Sweet- isn’t there when they do, then the bot-
ened jobless benefits include an extra tom line is that the labor market and
$600 per week for up to four months consumer spending will come back
and let normally ineligible self- slowly, says Torsten Sløk, chief econo-
employed and contract workers claim mist at Deutsche Bank Securities.
them. For some workers, that amounts To that point, some essential busi-
to more money than they had been nesses that never had to close have seen
 May 25, 2020
sales slump. In St. Paul, Minn., Ben
Footh has been conducting fire sales
across his two used-car dealerships.
He’s selling about 30 cars a month
lately, compared with 80 previously, at
about 70% of the normal price to get
the deals done. He says his lenders pre-
dict a 50% default rate in his industry,
and his strategy is to stay alive in order
to seize the opportunity to buy failed
rivals’ autos at auction if he has the
chance.
“I’m trying to get through this and
Photograph by Ackerman + Gruber
run lean and mean,” he says, in be-
grudging acceptance that he is losing
money on the cars he’s selling because
that’s the only way he can sell anything.
While he has been allowed to stay open,
he also says that he’s being hurt by so-
cial-distancing guidelines that have
resulted in appointment-only service
with one customer at a time.
The Paycheck Protection Program,
meant to provide small businesses with
forgivable federal loans to keep workers
on their payroll, is potentially the most
promising effort by Washington to sup-
port the broader U.S. economy. When
Congress and the Trump administra-
tion in late March passed the first
round of PPP loans as part of the
broader Cares Act, the $349 billion
went quickly. Many not-so-small, pub-
licly traded businesses secured loans,
thanks to their banking relationships,
while lots of truly small businesses
struggled to jump administrative hur-
dles or get their banks’ attention. (Some
of the public companies that got PPP
loans have since returned the aid.) The
second round of PPP loans, taking the
total up to $660 billion, has reached
more businesses and given some econo-
mists reason to turn slightly less pessi-
BARRON’S
mistic about the economic outlook.
Sløk estimates that the PPP is cur-
rently supporting more than 50 million
jobs. He says the program could help
the economy rebound more quickly if
enough businesses hire back employ-
ees. The key, however, is whether those
companies see customer demand im-
prove and manage to keep workers, as
the coronavirus threat remains and the
toll ripples through the economy.
There are signs that the program is
having a positive impact. When Barron’s
first talked to Sara Turack, a salon
owner in Omaha, Neb., in early April,
she had laid off her staff of seven and
was worried that customers wouldn’t
be in a hurry to come back once stay-
home orders were lifted, given how
close stylists and customers are situ-
ated. A few weeks later, she had her
PPP loan request fulfilled.
25
“The towns Now, Turack’s salon is back open for
business. She used her loan to hire back
here, her staff members and hired three
[parking] more, and says that revenue is ap-
proaching previrus levels. Some cus-
lots are full tomers are hesitant to return, but so far,
at big-box 89% of her clients have booked ap-
pointments. On May 14, Turack had a
stores, and bride-to-be in the salon ahead of her
you drive wedding, a sign that a degree of nor-
by small malcy is returning to some parts of the
country. Turack says that some of her
businesses nearby competitors have closed for
and they’re good, and others have decided to re-
main shut until certain provisions, like
empty.” allowing a maximum of 10 customers
Ashley Lang, at a time and requiring masks, are
CBD franchisee lifted. That’s helping her business.
in Wisconsin
“Some clients are better than no cli-
ents,” she says.
Sløk says that what has surprised
him the most in the past few weeks are
26 BARRON’S May 25, 2020

SMALL BUSINESS IN CRISIS

signs of life in industries he hadn’t
expected to recover quickly. There are
salon owners like Turack seeing cus-
tomers eager to come back, and restau-
rants in some areas of the U.S. are seat-
ing unfazed diners. In Tampa, Fla., and
Scottsdale, Ariz., for example, restau-
rant seating is already at about 40% of
previrus levels, even with capacity re-
strictions, OpenTable shows.
In a handful of states—Nebraska,
Mississippi, and the Dakotas—90% or
more of small businesses have received
PPP loans, according to Deutsche
Bank, using data from the Small Busi-
ness Administration. States including
Idaho, Oklahoma, and Louisiana have
had at least 80% of small businesses
receive loans.
Yet these approval rates aren’t being

The Big Impact of Small Businesses

Enterprises with fewer than 500 workers account for over 99% of U.S. businesses, contributing half of economic output and around 60 million jobs
2017 Share of employment by enterprise size Outsize Share Job Distribution Revenue Breakdown
Share of firms Share of total employment Share of estimated receipts
0 25 50 75 100 80%
100% 60%
Other Services 2000 2017 2000 2017 2000 2017
(Except Public
50
Administration) 80
60
Agricultutre,
Forestry, Fishing 40
and Hunting 60
30 40
Construction
40
20
Real Estate and 20
Rental and Leasing 20
10

Professional
Scientific, and 0 0 0
Technical Services Small
0-19 20-99 100-499 500+ 0-19 20-99 100-499 500+ 0-19 20-99 100-499 500+
Medium
Number of employees in firm Number of employees in firm Number of employees in firm
Accommodations Large
and Food Services
Change in number of U.S. businesses open compared with the median for the same weekdays in January.
0%
Arts, Entertainment,
and Recreation -10

Retail Trade -20

Administrative and
Support, and Waste -30
Management and
Remediation Services -40

Wholesale Trade
-50

Health Care and -60

Social Assistance
-70
Transportation and March 2 March 9 March 16 March 23 March 30 April 6 April 13 April 20 April 27
Warehousing

Educational
Monthly income loss per hourly U.S. employee
Services $1,750

Mining 1,500
(Except Oil and Gas)
1,250
Manufacturing
1,000

Information
750

Finance and
Insurance 500

Utilities 250

Management of 0
Companies and
Enterprises March 1 March 15 April 1 April 15 May 1 May 14
Source: Deutsche Bank
May 25, 2020
seen everywhere. In New York, where
there are more than two million small
businesses employing four million
people and where the virus hit hard-
est, less than 60% of small firms have
gotten PPP loans. New York City alone
is responsible for a tenth of the coun-
try’s GDP.
Nationwide, nearly half of small
businesses polled by the National Fed-
eration of Independent Business say
they’re worried about getting their
customers back, while 59% of respon-
dents say they don’t think their local
economy will return to precrisis levels
until 2021 or later. And in some places
where the economy has reopened, con-
sumers appear more hesitant to ven-
ture back out. In Nashville, restaurants
are seating only about a tenth of previ-
ous traffic, while in Dallas, it’s about a
fifth. The point: Reopening is one
thing, but getting customers to show
up and spend is another.
Take Keith Cohen, the owner of
New York City bread supplier Or-
washer’s Bakery. He received PPP
funds, which he says have helped, but
ultimately the sharp cutback in com-
mercial activity may be too much to
survive. “It’s not going well,” Cohen
says, as at least 60% of his wholesale
customers are closed. Even those still
open are doing a fraction of their pre-
virus business, leaving Cohen’s whole-
sale business down 70% and unpaid
receivables mounting.
While the PPP is helping many
businesses hang on, it has left many
behind. Bartik, the University of Illi-
nois professor, notes that many small
businesses aren’t eligible because they
don’t spend enough on payroll ex-
penses and instead spend on things
like equipment. The program requires
at least 75% of the funds be spent on
payrolls, making it more of a round-
about way of channeling money to
workers through banks than a direct
small-business support program.
That has left Nicole Adkins Rice,
the owner of a live-events company in
Swanton, Ohio, feeling like she has
slipped through the cracks. She and
her business partner don’t have em-
ployees and instead use about a dozen
contractors for corporate events the
company orchestrates. Business went
dry in early March, when companies
began canceling gatherings, and Rice
is losing hope that her business will
make it through. She says the reason
she has hung on this long is because
the Internal Revenue Service pushed
back the tax-filing deadline.
“We have a game plan that has to
work perfectly,” Rice says. If business
doesn’t recover enough to pay the tax
bill in July, she’ll owe the IRS money
that’s not there. “Initially, we had faith
this would be OK. But as time goes by,
we don’t know how long we have to
stretch our dollars,” she says. “We
don’t usually have a lot of money in the
bank that we’re running on.”
Others have been denied funds or
received only a portion of the amount
for which they qualified. In Wiscon-
sin, Ashley Lang’s four shops were
deemed nonessential. At first, she
stayed open, letting in one customer at
a time. Then the local police came to
shut her down and she laid off her 10
employees. Lang didn’t get PPP fund-
ing because her stores sell CBD prod-
ucts, derived from cannabis, which
makes her ineligible, even though
larger retailers selling similar products
remain open.
“It irks me to the core,” Lang says.
“The towns here, [parking] lots are full
at big-box stores, and you drive by
small businesses and they’re empty.”
For the past couple months, she has
made about 20% of normal revenue
through deliveries.
It’s impossible to know at this point
how many small businesses have al-
ready failed, Sløk says, just as it’s im-
possible to know how many layoffs are
temporary, as many businesses’ fates
are unclear to the owners themselves.
What is clear, however, is that the
speed and robustness of a U.S. recov-
ery is tethered to the ability of small
businesses to weather the crisis. We
will see in the coming weeks as the
country reopens how comfortable con-
sumers are in getting back to normal,
in turn determining how quickly busi-
ness stabilizes and the labor market
bounces back. We will also see in the
weeks ahead whether reopenings
cause coronavirus cases and deaths to
again spike, and the degree to which
that affects consumer behavior.
For investors, there’s room for cau-
tious optimism, or, it may be more
accurate to say, there’s room for a bit
less pessimism. “Forget valuations,”
Sløk says. Instead, he says investors
should think about the fundamental
outlook for the U.S. consumer—which
is going to both determine and be de-
termined by the ability of small busi-
nesses to survive and again thrive. B
BARRON’S 27
Survey Says
Findings from a
Rich Rewards, High Risks:
survey of 5,800
small firms in Buying a Small Business
T
early April, led by
economist Alex- he small-business sector might not seem like
ander Bartik: the ideal place to hunt for returns right now.
But these companies, vital to the U.S. economy
43%
Percentage of
and reeling from the coronavirus pandemic,
can pay off handsomely for investors looking to do
businesses some work—literally.
temporarily closed
Barron’s spoke with two business brokers who spe-
40%
Average payroll
cialize in matching buyers with sellers and deal in ev-
erything from pet shops to plumbing companies to
reduction relative small accounting firms. Here’s what they say.
to January David Berry, a broker in Boise, Idaho, describes the
sweet spot as businesses with earnings before inter-
38%
Percentage of
est, taxes, depreciation, and amortization between
$500,000 and $1 million. These are the businesses
businesses saying
they are “unlikely” private equity and other institutional investors aren’t
or “somewhat typically interested in.
likely” to survive “Buyers are buying themselves a job, not just buy-
and reopen
this year ing an investment,” Berry says. “They can be very
good investments, but one you have to work at. You
have to be the boots on the ground.”
Indeed, the rewards can be relatively big, with
many returning 25% to 50% within a year or two,
Berry says. The risks can be, too. The reason why re-
turns are so good is that it’s difficult to successfully
transfer these kinds of businesses, Berry says. He
suggests buyers structure any deal to incentivize sell-
ers to stick around during the transition. What’s
more, books are often unaudited and transaction
costs, at 10% or more, are high.
Investors should be prepared to put down 20% of the
purchase price, which Berry said is usually around two
to four times cash flow. For his firm, the average deal
price ranges between $300,000 and $800,000.
Investors looking to get in on local businesses at a
smaller buy-in can work with brokers to partner with
Do you own other buyers. In Seattle, Justin Farmer sometimes rep-
or run a small
business? What resents up to five buyers at a time, some of whom
questions do you
have about the don’t know each other. “There are 10 times more
coronavirus
small businesses than big businesses,” he says.
crisis and your
business? Fill out
this survey and
“There are so many opportunities....You just need to
Barron’s will
look into it.
look around your local community.” L.B.
www.barrons.com
/askbarrons
28 BARRON’S
SMALL BUSINESS IN CRISIS
From Ship to Shore,
The Lobster Industry
Scrapes for Survival
The coronavirus crisis has decimated prices for Maine’s signature catch,
upending the supply chain from harvesters to dealers to restaurants
By JESSICA HALL
M
aine’s lobster industry
will survive the corona-
virus pandemic. Indi-
vidual lobster harvest-
ers—and businesses all
along the supply
chain—might not.
With restaurants, bars, cruise
ships, and casinos closed or doing
substantially less business, the
domestic market for lobster has
cratered, dragging down its price to
$2 to $4 a pound depending on the
market, down more than 70% since
the novel coronavirus hit. Asia and
other once-booming international
markets for lobster have essentially
closed.
Lobster is Maine’s biggest fishing
industry. Last year, Maine’s lobster-
men (a gender-neutral term) hauled
in 100.7 million pounds of the crusta-
cean, valued at $485.4 million. The
price per pound averaged $4.82, the
highest average since Maine began
tracking lobster harvests in 1880. The
industry provides an additional $1
billion in economic impact in the
“I don’t want to start my boat.
It costs me more to go out
than I can make.”
Lobsterman Shawn Murray, left
May 25, 2020
state to dealers, processors, and res-
taurants.
While Maine stands to get $20.3
million in federal aid that has been
earmarked for fisheries and indepen-
dent operators affected by the corona-
virus pandemic, it’s just a fraction of
the hole. The Maine Department of
Marine Resources says it’s too soon to
determine how the money will be
divided among fishermen, seafood
dealers and processors, and charter
fishing operators. The department
said additional funds will be neces-
sary to fully compensate the industry
for its losses.
So, for now, the state’s 5,000 self-
employed lobster harvesters are doing
whatever they can to unload their
catch—for instance, by selling directly
to consumers on the side of the road
or seeking customers via social media.
Fishermen are deemed essential
workers in Maine. Some lobstermen
have docked their boats, seeking un-
employment under expanded benefits
for self-employed workers. Those who
are fishing are finding it tough.
After a 13-hour day hauling in lob-
ster traps, Mike Dawson of New Har-
Photographs by Greta Rybus
bor, Maine, now spends hours separat-
ing and weighing out orders for friends
and family because dealers are buying
only half of his catch.
“Right now, it’s borderline whether
it makes financial sense to go out,”
said the 52-year-old Dawson, a
May 25, 2020 BARRON’S 29

“Nobody knows how

long this is going to last
or when and whether
the price will rebound.”
Lobsterman Mike Dawson, left

second-generation lobsterman who is

fishing about half of the time he was
before the lockdown. “Nobody knows
how long this is going to last or when
and whether the price will rebound.”
Historically, mid-February to mid-
April is the slow season for lobstering,
since that’s when the crustaceans hi-
bernate. Fishing starts to pick up after
that. Many harvesters fish year-
round, and many are worried that
they won’t last until the season surges
around July. Demand may be as fickle
as the lobster catch, given that many
Americans might not be able or will-
ing to travel this summer or buy food
that’s seen as a luxury.
“There’s less volume this time of
year, but a good price, typically. At $2,
you can’t do anything,” says Shawn
Murray, 47, a lobsterman in Boothbay,
Maine. “I don’t want to start my boat.
It costs me more to go out than I can
make.”
It’s not just the lobster harvesters
who are suffering. Dealers, distribu-
tors, processors, and truckers all play
a role in the lobster supply chain,
which has collapsed.
Stephanie Nadeau, president of
The Lobster Co., a wholesaler and
retailer in Arundel, Maine, says her
domestic shipments of lobster have
dropped 85% since February, while
international shipments are down
even more. Her weekly orders to
Hong Kong, for example, dropped to
120 boxes—each containing 33
pounds of lobster—down from 1,000
boxes a week. In the first week of
March, she laid off seven employees,
or half of her staff.
“This is the worst crisis seen in the
industry,” Nadeau says. “Nothing
holds a candle to this.” B
30
SMALL BUSINESS IN CRISIS
What Small Business
Must Have to Reopen
Companies need clear public-health guidance, protection from liabilities, and more
federal aid to survive the crisis, says Chamber of Commerce President Suzanne Clark
By RESHMA KAPADIA
H
ow companies get back up
and running after corona-
virus shutdowns ease is
crucial to an economic
recovery, and Suzanne
Clark, president of the
U.S. Chamber of Com-
merce, has an expansive view of the
challenges facing both mom-and-pop
businesses and the largest companies
as they grapple with the postpandemic
era. One challenge that keeps coming
up among the chamber’s three million
members: lack of clarity on how to
move forward and how to interpret
public-health data and guidance.
Clark, who previously led Potomac
Research Group, a policy research
firm for institutional investors, is well
aware that investors are closely
watching how companies are recali-
brating for a post-Covid-19 world and
the solvency of businesses during
what she describes as a gradual,
phased recovery. Barron’s talked with
Clark about the challenges that busi-
nesses are facing, what they need to
get back on their feet, and the biggest
concern that businesses, big and
small, keep raising. An edited version
of our conversation follows.
Barron’s: Let’s start with small busi-
nesses. What shape are they in?
Suzanne Clark: Fragile—about 30%
of small businesses have shuttered, at
least temporarily. They are entrepre-
neurs and optimistic, but the longer
this goes on, how do you ever reopen?
About 22% of the small businesses [in
our April survey] said they were within
two months of permanently closing, so
they are worried they don’t have time
to come back. And a gradual reopening
of 25% of your business at a time may
not be enough to get them through.
What are businesses telling you
about whether temporary job loss
could turn permanent?
If you look at April numbers, 80% of
that job loss was in five sectors: medi-
cal services, retail, local education,
government, and the big one—eight
million jobs in food, travel, and events.
Look back by sector to see which ones
BARRON’S May 25, 2020
come back fastest—medical comes quickly, there’s no point.
back fastest, and some services could
come back, but we do know many of What else do small businesses
those [services] are small businesses. need to recover?
Whether they can survive long Some of it is in clarity of information.
enough to reopen is more of the issue. When businesses are asking for clarity,
it’s not just about how to run busi-
We’ve seen two rounds of stimulus nesses but also how to get consumers
aimed at small businesses. How back to feeling safe. It is going to take
helpful has this been, and what us holding hands on which metrics and
more is needed? guidelines we are using. If you live in
The first round was emotional and dif- one state and the restaurants have ta-
ficult. Because of banking regulations, bles 6 feet apart and you work in an-
[banks] had to go with established rela- other where they are 4 feet apart, who
tionships, and I think that was frustrat- are you going to believe?
ing [for small businesses that were shut Small businesses are also concerned
out]. In the second round, the average about liability. When they see a huge
grant went from $200,000 to $37,000. amount of people say they are going to
That tells us it is getting to smaller busi- sue their employer or restaurant owner
nesses, which is what it was intended to if they get sick in their establishment,
do, so that’s good. There is going to be a you have small businesses wondering
need for another round, but it should if they should risk not opening and
be temporary, really targeted, and going bankrupt, or opening and going
timely—if you can’t get aid to someone bankrupt by being sued. The No. 1 con-
cern is clarity: “I really want to under-
A Question stand what is expected of me, and if I
do that in good faith, am I protected?”
Of Survival Bad actors should be sued. Those who
The longer
open in good faith following public-
businesses
health guidelines need to believe they
stay closed,
aren’t going to be hit by another crisis.
the harder it
will be to open.
Given the unknowns about Covid-
19, differences in guidelines, and
30% availability of testing, how will
businesses get clarity? And could
Rough percentage lack of clarity delay reopening?
of small busi- We are going to reopen in a gradual
nesses that have way with really imperfect informa-
been shuttered, at tion. People will go back to work
least temporarily, when public-health officials say it’s
due to Covid-19 safe, so on-the-ground local condi-
tions will determine it. Part of what
we need is public-health officials to be
clear on testing: We need largely de-
ployable testing, but we also need to
know what the testing is telling us.
How long are people contagious?
When are they contagious? Do anti-
bodies convey any immunity? And the
role of the employer in testing.
One thing would go a long way for
Illustration by Alexandra Compain-Tissier
clarity: We should decide which five or
six metrics are most important for
reopening—whether it’s the percentage
of positive tests, or of beds available,
whatever, and present it the same
across jurisdictions. And we can call on
our government officials, as they put
out guidelines and there’s local imple-
mentation, to not make it a patchwork.
Thanks, Suzanne. B
May 25, 2020 BARRON’S 31

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WITH JACK HOUGH

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32 BARRON’S May 25, 2020

FUND PROFILE Talking With Brian Yacktman and Elliott Savage,

Co-Managers, YCG Enhanced Fund

Brian Yacktman, left,

Investing in
and Elliott Savage

Pricing
Power
By SARAH MAX

B
rian Yacktman has no shortage of anecdotes
about investment wisdom gleaned from his
father, legendary value manager Don Yackt-
man. One memory that made a big impres-
sion was driving past a car dealership on the
way to a baseball game when he was about
10 years old. “I asked my dad if he owns car
stocks because, I thought, since the prices are so high
they must be a good investment,” says Yacktman, 40.
“He said, ‘Oh no, son, never own airlines or autos be-
cause they are terribly capital-intensive businesses.’ ”
Yacktman took that wisdom to heart, but the founder
of Austin, Texas–based YCG Investments and co-man-
ager of the $357 million YCG Enhanced fund (ticker:
YCGEX) has developed his own style of investing. While
he looks for quality businesses with high returns on tan-
gible assets, his investment decisions hinge on whether
companies have enduring pricing power in industries that
are growing at least as fast as gross domestic product.
“If you don’t have pricing power, you can’t maintain
sustainable high returns on capital,” says Yacktman, who
credits his co-manager, Elliott Savage, with helping him
to bring that philosophy into focus. Taking it a step fur-
ther, that pricing power is due largely to strong network
effects—whether it is tied to information, such as with
MSCI (MSCI), or brand affinity, such as with Hermès
International (RMS.France). “The bigger the network
gets, the more value it provides to all of its participants,”
says Savage, 40.
Globally, there are only about 100 businesses that have
these qualities, the managers say. Textbook examples of
what they call “global champions” include Alphabet
(GOOGL), Facebook (FB), Mastercard (MA), and
Microsoft (MSFT). In many cases, these companies are
monopolies or duopolies whose customers are willing to
pay a premium or absorb price increases because the

Photograph by BRYAN SCHUTMAAT

May 25, 2020 BARRON’S 33

goods or services are difficult to substitute. an estimated 80% of market share. Compa- Scoreboard: Small-Cap Moment
Yacktman always had an interest in in- nies that need a credit rating to issue debt (Stocks rallied on reopening and vaccine hopes. The S&P 500 popped 3.37% and U.S. stock funds soared
vesting, but knew he wanted to make it his are willing to pay a premium for a Moody’s 5.38%, while small-caps blasted off by 10.12%. The exception: India, still locked down, fell 1.57%.
career after graduating from Brigham rating, says Yacktman, because not having it One Week Year-to-Date
Young University, completing a church will cost them more—an estimated 30 to 50
mission, and returning to manage an in- basis points (0.30% to 0.50%) annually on U.S. STOCK FUNDS 5.38% – 11.88%
TOP SECTOR / Small-Cap Value Funds 10.12 – 28.94
vestment portfolio he had funded with his debt outstanding. Investors count on the BOTTOM SECTOR / India Region Funds – 1.57 – 26.36
own savings and contributions from his consistency and familiarity of these ratings. S&P 500 3.37 – 8.74
dad. He completed his M.B.A. and worked At the same time, corporate debt U.S. BOND FUNDS 0.92 – 0.48
Bloomberg Barclays AGG Bond 0.02 6.08
with his father and brother Stephen at issuance—and, in turn, ratings—is growing
Yacktman Asset Management before strik- as more global companies turn to capital THE WEEK'S TOP 25
ing out on his own in 2007. Savage, mean- markets for financing. “The company is ef- Fund Investment Objective One Week Year-to-Date
while, was working at a long-short hedge fectively networked across time,” says Yackt-
Cannabis Growth Inst / CANIX Specialty & Misc 19.71% – 17.3%
fund in Dallas when an internet search man of century-old Moody’s. “No start-up Dividend Performers I / IPDPX Equity Income 16.11 – 25.6
related to a stock owned by Don Yacktman can replicate that.” Victory Gl Nat Res Y / RSNYX GL Natural Resourc 15.46 – 22.4
piqued his interest in YCG. He eventually Financial-services companies recently Invsc Oppen SP MLP In A / MLPDX Energy MLP Funds 15.04 – 34.6
Invsc Oppen SP MLP A+ A / MLPLX Energy MLP Funds 14.75 – 46.1
called and proposed working with YCG on accounted for roughly 42% of the fund’s Rydex Energy Svcs Inv / RYVIX Natural Resources 13.76 – 54.6
a trial basis. Three months later, he joined holdings. While the fund owns some large ICON Opportunities / ICONX Small-Cap Core 13.57 – 26.0
as a partner. banks, many holdings are what the manag- PGIM QMA Sm-Cap Val R6 / TSVQX Small-Cap Value 13.33 – 37.8
In late 2012, the co-managers launched ers call “financials lite.” These companies’ Victory Intg Discv A / MMEAX Small-Cap Value 13.09 – 36.0
Hodges Sm-Mid Cap Rtl / HDSMX Mid-Cap Core 12.96 – 15.2
the YCG Enhanced fund, which has re- earnings aren’t predicated on credit risk ATAC Rotation Instl / ATCIX Abs Return 12.73 36.5
turned an average of 9.1% a year over the but on services and subscriptions—and Emerald S trLib Inc Inst / ESTCX Energy MLP Funds 12.59 NA
past five years, better than 92% of its large- can grow at a high rate with little added Lord Abbett Foc SCV I / LMVYX Small-Cap Core 12.50 – 31.8
Federated Eq Advtg Inst / FEKIX Small-Cap Core 12.48 – 32.7
blend peers. (Note, the fund’s 1.19% expense capital. Invsc Oppen SP MLP Sl Y / MLPTX Energy MLP Funds 12.37 – 36.5
ratio is higher than its category average.) The This is the case for MSCI, an index pro- Hotchkis SC Dvs Val I / HWVIX Small-Cap Value 12.32 – 33.2
strategy behind it has an annualized return vider benefiting from the growth of global Applied Finance Exp Inst / AFDZX Small-Cap Core 12.31 – 20.1
Nationwide US SC Val IS / NWUSX Small-Cap Value 12.24 – 29.4
net of fees of 10.8% since its 2008 inception, wealth over time and the continued use of
RBB Schneider Sm Cap Val / SCMVX Small-Cap Value 12.20 – 40.4
through the end of April, versus 9.5% for the index investing. Two key sources of reve- AMG Mg Skyline SpE N / SKSEX Small-Cap Core 12.13 – 28.9
S&P 500 index. nue are subscriptions to access these data Fidelity Sel Enrgy Ser / FSESX Natural Resources 12.08 – 55.2
The “enhanced” part of the name refers to and licensing to use the names of its Towle Deep Value / TDVFX Small-Cap Value 12.02 – 35.4
RMB Inv Fnl Svc I / RMBLX Financial Services 11.94 – 40.5
an options strategy that constitutes about 160,000 indexes in exchange-traded and AMG SouthernSun SC I / SSSIX Small-Cap Core 11.91 – 23.4
10% of assets. Selling cash-secured puts on mutual funds. “They essentially act as a Undsc Mgr Beh Val L / UBVLX Small-Cap Core 11.88 – 34.5
stocks they want to own and selling covered toll taker on global wealth over time,” Sav-
calls on stocks they want to trim can poten- age says. THE WEEK'S BOTTOM 10
tially enhance returns with reduced risk. Fashion trends may be fleeting, but true Fund Investment Objective One Week Year-to-Date
The fund initiated its position in Moody’s luxury-goods companies are also enduring Nvgtr Sentry Mgd Vol I / NVXIX Equity Mkt Neutral – 6.10% – 17.2%
(MCO) in 2016 via options, and in 2017 beneficiaries of growth in global wealth. The Altegris Fut Ev Strat I / EVOIX Alt Mgd Futures – 3.31 – 13.1
Gotham Short Strat Inst / GSSFX Alt Long/Short Eq – 3.05 – 1.5
bought shares outright. The global credit- status and quality associated with these AXS Managed Futures S I / MHFIX Alt Mgd Futures – 2.84 – 12.4
rating industry is highly concentrated, with brands is virtually impossible to replicate, MF&Var Rtnl/NW EM O Inst / NUXIX Alt Long/Short Eq – 2.61 – 29.7
Moody’s and Standard & Poor’s controlling even if the products themselves can be. YCG Rydex Inv Hi Yld Str H / RYIHX Specialty Fixed In – 2.54 6.3
Enhanced holding Hermès International Access One Fx Br HY Inv / AFBIX Specialty Fixed In – 2.50 6.0
AQR Multi-Strat Alt I / ASAIX Alt Multi-Strategy – 2.48 – 27.2
demonstrates that. Longboard MF Strat I / WAVIX Alt Mgd Futures – 2.33 0.9
YCG Enhanced “Seven of the 10 most expensive bags ever GPS II Mgd Fut Str Svc / GPMFX Flexible Portfolio – 2.32 5.5
Total Return sold are Hermès,” says Savage. He ran the
THE LARGEST 25
1-Yr 3-Yr 5-Yr numbers on the value of the coveted Birkin Assets 3-Year* 1-Week YTD
YCGEX 2.4% 11.0% 9.1% bag: It increased 5.4% a year over the past Fund (billions) Investment Objective Return Return Return

S&P 500 5.3 9.8 9.0

36.5 years, versus 3% for inflation. When Fidelity Contrafund / FCNTX $91.0 Large-Cap Growth 15.0% 3.46% 3.3%
Hermès reopened its flagship store in the American Funds Gro A / AGTHX 89.6 Large-Cap Growth 12.8 3.71 1.0
Top 10 Holdings high-end Taikoo Hui shopping complex in Vanguard Wellington Adm / VWENX 85.3 Mix Tgt All Gro 7.0 2.31 – 6.3
Company / Ticker % of Assets American Funds Bal A / ABALX 73.8 Mix Tgt All Gro 6.8 1.84 – 4.4
Guangzhou, China, in April, it grossed $2.7 American Funds Inc A / AMECX 66.5 Mix Tgt All Mod 2.9 1.70 – 11.5
MSCI / MSCI 5.7% million in a single day. American Funds EuPc R6 / RERGX 65.4 Intl Large-Cap Growth 2.3 3.70 – 13.2
Dodge & Cox Income / DODIX 62.5 Core Bond 4.9 1.34 3.4
CBRE Group/ CBRE 5.6 Yacktman has heeded his dad’s advice to PIMCO Income Inst / PIMIX 59.3 Multi-Sector Inc 2.8 1.28 – 4.4
never buy autos or airlines, with one excep- Dodge & Cox Stock / DODGX 58.7 Large-Cap Value 1.9 4.91 – 19.8
Moody’s / MCO 5.1 American Funds CIB A / CAIBX 57.3 Global Equity Income 1.1 1.76 – 11.6
Mastercard / MA 4.6
tion: Ferrari (RACE), which the fund American Funds ICA A / AIVSX 56.0 Large-Cap Core 6.6 3.31 – 7.9
bought this spring. Its 2019 gross margins of American Funds Wash A / AWSHX 54.2 Large-Cap Core 7.3 2.83 – 11.8
Charles Schwab / SCHW 4.6 Vanguard PRIMECAP Adm / VPMAX 52.6 Large-Cap Core 9.1 3.30 – 12.0
52% are two to three times that of other ma- PIMCO Tot Rtn Inst / PTTRX 52.2 Core Plus Bond 4.9 0.14 4.5
Alphabet / GOOGL 4.0 jor auto makers, while limited distribution American Funds FInv A / ANCFX 48.5 Large-Cap Core 6.8 3.07 – 10.5
MetWest Total Rtn I / MWTIX 46.9 Core Plus Bond 5.2 0.56 5.1
Wells Fargo / WFC 3.7 and wait lists translate to pricing power and American Funds CWGI A / CWGIX 45.4 Global Large-Cap Core 3.8 3.16 – 11.6
Bank of America / BAC 3.5 stability, even in tough markets. “During the Vanguard Wellesley Adm / VWIAX 44.5 Mix Tgt Alloc Con 5.9 1.54 – 2.3
DoubleLine Tot Rtn I / DBLTX 43.9 US Mortgage 3.3 0.19 1.0
Marsh & McLennan / MMC 3.5 Great Recession, sales were down just 4%,” T Rowe Price BC Gro / TRBCX 43.6 Large-Cap Growth 18.0 3.91 4.7
notes Savage, who says Ferrari can boost Vanguard Tgt Ret2025 Inv / VTTVX 42.5 Mixed-Asset Target 2025 5.4 2.35 – 5.7
AON / AON 3.4 Vanguard Sh-Tm Inv Adm / VFSUX 41.9 Short Inv Grade 3.0 0.51 1.7
revenue and earnings at a double-digit rate American Funds NPer A / ANWPX 41.3 Global Large-Cap Growth 9.2 3.55 – 5.7
Total 43.7% over the long term, with little additional Fidelity Str Adv Cre Inc / FPCIX 40.4 General Bond 4.9 0.68 3.8
Note: Holdings as of March 31. Returns through May 18; three- and capital. “That isn’t a car company. That’s a Vanguard Div Gro Inv / VDIGX 38.9 Equity Income 9.9 3.57 – 9.7
five-year returns are annualized.
Sources: Morningstar; YCG Funds; Bloomberg luxury-goods company.” B *Annualized 05/18/2017 to 05/21/2020. Through Thursday. Source: Lipper
34
FU N DS
Bond Investors Are
Better Off in ‘Interval
Funds.’ Here’s Why.
I
n the world of bond funds, one
major underappreciated risk
is the liquidity imbalance that
exists between funds and their
shareholders. Traditional
bond mutual funds and ETFs
must provide their sharehold-
ers with daily liquidity—in other
words, investors must be able to with-
draw any part or all of their invest-
ment on any day. That’s a mismatch to
what the funds own, such as bonds
that can have maturities of up to 30
years, or bonds that don’t trade daily.
The average high-yield bond trades
only about nine times a week, and less
liquid ones can go for days without
trading. If bond-fund shareholders all
decide to exit at once, the selling pres-
sure can be disastrous.
Such was the case at Third Avenue
Focused Credit, which famously shut
its doors in 2015 to fleeing investors
after it experienced a liquidity crunch
trying to sell distressed junk bonds to
meet redemptions after the fund had
fallen 27%. More recently, we’ve seen
Covid-related liquidity blowups at
mortgage bond funds AlphaCentric
Income Opportunities (ticker: IO-
FAX), down 28%, and Braddock
Multi-Strategy Income (BDKAX),
down 42% this year.
“When a manager has stable capital,
it allows him to invest differently than
someone who has daily liquidity be-
cause daily liquidity managers have to
look at two points when they invest,”
says Leo Kelly, CEO of Verdence Capi-
tal, a financial advisor with $2.5 billion
in assets. “One, is my investment—if
it’s debt—a good credit at a good re-
turn? Secondly, what are the liquidity
By Lewis Braham
Good Structure, High Fees
Interval funds have a good design for illiquid assets. But there aren’t many, and fees are high.
Fund / Ticker
ACAP Strategic / XCAPX
Stone Ridge Reinsurance
Risk Premium Interval / SRRIX
Griffin Institutional
Access Real Estate / GIREX
Stone Ridge Alternative
Lending Risk Premium / LENDX
Pimco Flexible Credit
Income / PFALX
Note: Returns through May 20. Stone Ridge’s returns were not publically available as of that date.
BARRON’S
characteristics in case I need to sell?
Because of that second risk, you inher-
ently have to assume less return be-
cause you have to make sure you have
high liquidity.” Indeed, a number of
studies have shown that investors re-
ceive extra return or “an illiquidity
premium” on difficult-to-trade assets.
For this reason, Kelly favors private
equity and debt funds accessible only
to wealthy or institutional investors
that can lock their capital up for years.
For regular investors, one option is
closed-end funds, which trade like
stocks on exchanges—so investors
who wants out can sell their shares to
other investors who want in, and the
manager doesn’t need to handle cash
coming in and out of the portfolio.
This means, however, that closed-end
funds can trade at significant dis-
counts to their portfolio values.
A lesser-known alternative is an
interval fund. These funds, like the
Assets Fee
(bil) Structure
$4.7 1.5% net +
Incentive
4.2 2.0 net
4.1 1.5 net + Underlying
fund fees
3.4 1.5 net + Loan
service fee
1.3 1.3 gross / 2.1 net
The average high-yield bond trades only about
nine times a week, and less-liquid ones can go
for days without trading.
$1.3 billion Pimco Flexible Credit
Income (PFALX), are also closed-end
from a regulatory perspective, but
they don’t trade on exchanges and
typically allow quarterly redemptions
of 5% of their assets at their full port-
folio or net asset value. Importantly,
they can be purchased for as little as
$2,500 in Pimco’s case.
“If Third Avenue [Focused Credit]
had been an interval fund rather than
a mutual fund, it would not have been
as big a problem,” says Jacob Mohs,
founder of Interval Fund Tracker, a
data service. “It would have taken
investors a while to exit, and [it]
wouldn’t have needed to completely
gate the fund.”
I
nterval funds are structurally
better equipped for today’s envi-
ronment, when a record number
of high-quality bonds have been
downgraded to junk credit ratings. An
excess supply of high-yield debt with
falling demand can engender forced
selling. The Federal Reserve’s bailout
of investors by buying such debt could
help, but may not be enough.
“This fund has more flexibility to
traffic in less-liquid public credit in-
struments,” says Jason Mandinach, a
Pimco credit and product strategist
who helped develop the company’s
interval funds. On the menu, he says:
nonagency and commercial mortgage-
backed debt, stressed corporate debt,
and private nontraded debt. Also,
these illiquid securities can be more
3-Yr
Annualized
Return Comments
18.2% Long-short equity
fund
N/A Insurance event linked
debt
3.6 Fund of private real
estate funds
N/A Peer-to-peer lending/
online lending
-0.5 High Yield, mortgage,
public and private debt
Sources: Morningstar Direct; Interval Fund Tracker; Pimco
May 25, 2020
concentrated than in Pimco’s mutual
funds and, crucially, the fund can ap-
ply leverage to those investments. As
of the end of April, it had 42% effective
leverage of the portfolio, increasing the
fund’s potential upside and downside.
Mandinach says the use of leverage
allows the fund to buy higher-quality
yet less-liquid credits with money bor-
rowed at low interest rates, and gener-
ate strong returns. But in the short
term, the extra exposure really hurt
the fund this year; it’s down 17.2%. The
good news is if the fund’s managers,
which include Dan Ivascyn of Pimco
Income (PONAX) fame, have chosen
its bonds wisely, they should be able to
recover their losses as the bond’s ma-
ture without any forced selling.
Currently, only 68 interval funds
exist, according to Mohs. Many employ
leverage and some, as in Pimco’s case,
charge management fees on the addi-
tional assets they get from the leverage.
Since more leverage equals higher
management fees, Mohs says the solu-
tion for this conflict is for managers to
charge fees only on net assets after
deducting the leverage. “It’s a strike
against a fund during due-diligence if
they have that conflict of interest.”
The two largest interval debt
funds—ACAP Strategic (XCAPX), a
hedged long-short stock fund, and
Stone Ridge Reinsurance Risk Pre-
mium Interval (SRRIX), which in-
vests in insurance-linked debt, both
charge net asset management fees,
although ACAP also charges a perfor-
mance-based incentive fee on top of its
pricey 1.5% base management one.
Stone Ridge’s base is 2%.
Pimco charges a 1.3% base manage-
ment fee, but when applied to its net
leveraged assets, that turns into 2.1%,
according to the fund’s prospectus.
Adding distribution and leverage in-
terest costs, it grows to 4.42%. Mandi-
nach says that the fund’s strategy sits
“right in the middle” between conven-
tional bond mutual funds and alterna-
tive investments like hedge funds, so
its fees do, as well.
Unfortunately, high fees and excess
leverage make a fund with a better
structure and excellent managers
merely interesting instead of as great
as it could be. B
May 25, 2020
T E C H T R ADER
There’s Just One
Thing Missing From
Tech’s Big Run: IPOs
I
t was another big week for the
Nasdaq Composite. The index
finished up 3.4% and it’s now
gained 4.9% on the year.
But there’s one missing
ingredient from investors as-
tonishing show of tech opti-
mism: initial public offerings. The
IPO “window” isn’t entirely closed,
but the pickings have been slim. There
were 21 new offerings in January and
February combined, but just a dozen
deals since, seven of them health-care
companies. (I’m excluding SPACs, or
special purpose acquisition compa-
nies, which go public to raise capital
with the intention of later finding a
company to buy.)
There hasn’t been a venture-capital
backed U.S.-based tech IPO since the
December offerings from Sprout So-
cial (ticker: SPT) and Bill.com (BILL).
But get ready. More deals are on the
way, and soon.
“The IPO engine is starting up
again,” says Kathleen Smith, chairman
and co-founder of Renaissance Capi-
tal, an IPO-focused research and in-
vestment house. Her firm runs the
Renaissance IPO exchange-traded
fund (IPO), which owns companies
that have been public two years or
less. The ETF hit an all-time high last
week, and it’s up 14% this year. Its
portfolio includes stocks that have
thrived during the downturn, includ-
ing Slack Technologies (WORK),
CrowdStrike Holdings (CRWD),
Peloton Interactive (PTON), Zoom
Video Communications (ZM), and
Moderna (MRNA), to name a few.
“When a basket of newly public
companies trade that well, it’s a posi-
BARRON’S
tive barometer for upcoming IPO issu-
ance,” Smith says. “When recent deals
outperform, the window opens up.”
Sure enough, this past week, there
was an IPO from online life insurance
broker SelectQuote (SLQT). It was a
hot deal: SelectQuote had planned to
offer 25 million shares at $17 to $19
each, but upped the offering to 28 mil-
By Eric J. Savitz lion shares priced at $20. The deal
raised $360 million for the company,
with the remainder going to selling
shareholders. The stock closed its first
day of trading on Thursday at $27.
To be sure, this was no typical Sili-
con Valley IPO. SelectQuote is 35
years old and based in Overland Park,
Kan. It’s been owned by private equity,
not venture capital. But the strong
debut just might break the logjam for
tech listings.
There are other hints of an initial
offering rebound. Tech companies are
IPOs On Hold
It was already a slow year for initial public offerings. The Covid-19 shutdown brought them to a near halt
(IPOs by year)
300
200
100
0 world has adapted to virtual meetings,
2011 2012 2013 2014 2015 2016
There hasn’t been a venture-capital backed tech
IPO since December. The hiatus could end soon.
raising money in secondary offerings.
—Shopify (SHOP), Equinix (EQIX),
Zillow Group (Z), Ping Identity
Holding (PING), and Roku (ROKU)
have all tapped the markets for fresh
capital. Lofty multiples and strong
stock performance amid economic car-
nage points to a market hungry for new
ideas, and, potentially, new issues.
L
ise Buyer, founder of the Class
V Group, an IPO consulting
firm, says many companies are
working behind the scenes
and getting ready to hit the market.
IPO investors continue to want compa-
nies with solid businesses, sustainable
competitive advantages, big address-
able markets, and business models that
are profitable or close to it.
Buyer says investors will be looking
in particular at how companies have
endured the last few months. Are cus-
tomers still paying? Are they reducing
services? What’s happened to receiv-
ables? Buyer also notes that volatile
markets make pricing IPOs difficult.
But volatility is coming down. The
Cboe Volatility Index closed the week
at 28, down from its March peak of 83.
She also thinks the IPO calendar
will soon fill up. “People targeting
IPOs in 2021 have the gears turning,”
she says. “The market is telling you
things are going to get better.” Buyer
thinks we could see a few deals in the
near-term, with a more significant
pickup in the fall, once June quarter
2017 2018 2019 2020
Source: Renaissance Capital
35
results are in the rearview mirror.
Colin Stewart, vice chairman and
global head of technology equity capi-
tal markets for Morgan Stanley, says
the key is finding ways to forecast
coming quarters. “People are trying to
figure out what business will look
like,” he says. Make an overly optimis-
tic prediction and you run the risk of
an early reputation-damaging earn-
ings miss. Get too conservative and
you can hurt your initial valuation.
But an improving equity market
and the healthy reception for Select-
Quote could embolden some compa-
nies to take the next steps in the IPO
process, as soon as this coming week.
A handful of tech companies have
already filed IPO paperwork, meaning
their listings could happen quickly.
Those candidates include Zoom-
Info, a subscription-based database
company; Vroom, an online user-car
dealership; Procore Technologies,
which makes construction manage-
ment software; Shift4 Payments, a
payment processing company; and
Warner Music Group.
There are likely to be more compa-
nies filing for IPOs soon. Among the
possibilities are Snowflake, a cloud
data platform company, and Asana,
which makes cloud-based work man-
agement tools. Also widely expected
to file are web hosting company
Rackspace, a former public company
now owned by private-equity firm
Apollo Global Management (APO),
and TPG-owned security software
firm McAfee, also making a second
trip to the public market.
To be clear, the IPO market won’t
just be picking up where things left off
prepandemic. Widely anticipated IPOs
from lodging firm Airbnb and food-de-
livery company DoorDash, for in-
stance, seem unlikely in the near term.
Also, there’s no more talk about
direct listings, in which companies list
their stock without raising new funds.
Everyone can use the cash these days.
One more change: Say goodbye to
lengthy IPO roadshows—breakfast
with investors in Denver, lunch in
Kansas City, and dinner in Dallas. The
even when it comes to raising billions
of dollars through IPOs. B
36
I N C O M E I N V E ST I N G
Small-Caps Have Seen
More Payout Pressure
ThanLarge-CapsHave
M
uch of the re-
cent focus on
dividend cuts
and suspen-
sions has been
on familiar
large-cap
names, such as Delta Air Lines
(ticker: DAL), Boeing (BA), and
Schlumberger (SLB).
However, smaller stocks have
taken a much bigger hit than their
large-cap brethren, and the payout
pain probably isn’t over yet—espe-
cially if the pandemic’s economic
fallout lingers.
“Small-caps have been more prone
to dividend cuts because they are
often not as well-capitalized and do
not have the same access to capital as
larger companies,” says Tom Browne,
co-manager of the Keeley Mid Cap
Dividend Value fund (KMDVX). “In
addition, larger companies tend to be
more profitable and can therefore
withstand shocks better.”
Some 52 S&P 500 companies have
cut or suspended their dividends this
year, according to S&P Dow Jones
Indices. That index is a proxy for
larger U.S. companies.
But among the S&P 400, which
consists of mid-caps, and the small-
cap S&P 600, there have been
roughly 110 cuts and suspensions.
Smaller companies that have sus-
pended their dividends during the
pandemic include Goodyear Tire &
Rubber (GT), Gannett (GCI),
Macy’s (M), Office Depot (ODP),
and Six Flags Entertainment (SIX).
There are many others in that
camp, including Boyd Gaming
BARRON’S
(BYD), Cheesecake Factory
(CAKE), Chico’s FAS (CHS), and
Texas Roadhouse (TXRH).
Jonathan Golub, chief U.S. equity
strategist at Credit Suisse, says it’s
important to distinguish between
small- and large-cap stocks, which he
views as vastly different.
For example, technology and non-
By Lawrence C. cyclical stocks account for about 70%
Strauss of the S&P 500, compared with 55%
for the Russell 2000, a small-cap
benchmark. Tech and noncyclical
sectors, such as health care, have
generally held up relatively well dur-
ing the pandemic, thanks to their
more durable business models.
Small-caps, Golub says, on average
carry a lot more debt than larger
companies do and generate much less
free cash flow as a percentage of
sales. For example, large-caps’ net
debt to earnings before interest,
taxes, depreciation and amortization
is around 2.7, versus 10.2 for small-
caps, according to Credit Suisse.
“The fundamentals of the small-
Sizing Up Dividend Safety
Smaller-cap stocks have borne the brunt of recent dividend cuts and suspensions much more than large-caps have.
Percentage of Projected Dividends
YTD Dividend WisdomTree U.S. WisdomTree
Action Dividend Index LargeCap Index
Suspended 6.1% 4.6%
Cut 2.8 1.3
Increased 41.3 44.5
Unchanged 49.0 48.9
Other 0.7 0.8
Note: The data refers to the percentage of the expected next 12 months’ dividend stream calculated for a particular index as of late 2019.
Data as of May 14.
cap universe are just not set up to do
as well in a period of economic stress
like we are in now,” Golub says. “You
see it in their stock prices and the
risks to their dividends being cut.”
The Russell 2000 is down about
23% since the S&P 500 hit its all-
time high on Feb. 19, compared with
minus 14% for the broader market.
Jeremy Schwartz, global head of
research at WisdomTree Asset Man-
agement, looks at projected dividend
streams—for example, the total
amount of dividends expected to be
paid out this year—for the Wis-
domTree LargeCap Index.
As of May 14, dividend suspen-
sions had reduced the expected divi-
dends for that index by 4.6%. But
they had caused a 13.3% drop for
mid-caps and 17.2% for smaller is-
sues, as the accompanying table
shows. There’s a similar disparity
between large-caps and smaller is-
sues for dividend cuts.
Cuts have reduced projected large-
cap payouts by only 1.3%, compared
with 10.5% for mid-caps and 12.6%
for small-caps.
“It’s a reflection of the underlying
change in those fundamentals” and
how “small-caps are doing, along
with their cash flows,” Schwartz
says.
Browne, the Keeley portfolio
manager, says that “this downturn is
different than previous ones, in that
even conservative management
teams generally have not planned
for months with no revenue or drops
in revenue like you have seen in
some industries.”
WisdomTree WisdomTree WisdomTree U.S.
MidCap Index SmallCap Index Dividend Growth Index
13.3% 17.2%
10.5 12.6
26.5 18.7
49.1 50.7
0.6 0.8
Sources: Morningstar Direct; State Street
May 25, 2020
Some 52 S&P 500 companies have cut or
suspended dividends. That compares with 110
cuts or halts among small- and mid-cap stocks.
That’s one reason why it could be
a long time before these companies
restore their dividends—much less
raise them.
Meanwhile, cuts among mid-caps
have occurred in sectors such as
energy, real estate, and consumer
discretionary. That differs from
large-caps, where discretionary pay-
outs have held up relatively well,
owing to their strong cash flows and
solid underlying businesses.
Procter & Gamble (PG), for exam-
ple, last month declared a 6% divi-
dend increase.
Among the real estate firms that
have suspended their payouts are
Kimco Realty (KIM), which oper-
ates open-air shopping centers, Park
Hotels & Resorts (PK), and EPR
Properties (EPR). The latter com-
pany’s activities include developing
megaplex movie theaters, a business
that’s been hard hit by the pandemic.
Another worry for some smaller-
cap stocks is the sustainability of
their high dividend yields.
The WisdomTree U.S. MidCap
Dividend Index was recently yielding
4.62%, compared with 6.24% for the
small-cap benchmark. Both were
well above the large-cap index’s yield
of 3.58%.
“Small-caps have more risk of
cuts,” says Schwartz, referring to
dividends. “Those yields are at risk”
The WisdomTree MidCap Divi-
dend Index’s highest-yielding sector
recently was energy at 11.08%. Real
estate was at 7.88%, and financials
were at 4.65%. The lowest-yielding
sector was health care at 0.87%, fol-
lowed by industrials at 2.20%, and
information technology at 2.63%.
There’s also concern about small-
cap stocks’ payout ratios—the percent-
age of earnings that get handed out as
dividends. For WisdomTree’s small-
cap index, the payout ratio was re-
cently nearly 90%—versus around
6.3% 70% for mid-caps and 58% for large-
1.0 caps. The higher a payout ratio goes,
the less room there is for a company to
39.2
maneuver, especially in times of finan-
51.8 cial stress.
1.7 For the foreseeable future, income
investors should be especially picky
when it comes to smaller stocks. B
 May 25, 2020
EC ONOMY
Sen. Josh Hawley
(R., Mo.)
How Should America
Reform Global Trade?
T
rade and financial
inflows from abroad
have brought Amer-
icans many benefits,
but they have also
led to job losses,
deindustrialization,
and debt bubbles. Now, the coronavirus
is upending the global economy and
threatening the survival of the interna-
tional trading system. Could this be the
time to fix things? And if so, how?
Sen. Josh Hawley (R., Mo.) thinks so
Photograph by Andrew Harrer/Bloomberg
and has some ideas. In a speech on
Wednesday, he argued that the U.S.
should lead a coalition of “all free peo-
ples” to remake the global trade and
financial system to stop “the imperial-
ists in Beijing.” To him, that means
leaving the World Trade Organization,
building “new networks of mutual trade
with key Asian and European part-
ners,” and negotiating “new agreements
to better manage capital markets and
BARRON’S
stop currency manipulators.”
Most of Hawley’s speech, and most
of the ensuing commentary from pun-
dits, focused on his proposal to quit the
WTO. That is a bad idea, and it would
also fail to advance any of Hawley’s
objectives. Other proposals, however,
are worth some consideration.
By Matthew C. Leaving the WTO
Klein The WTO is primarily a negotiating
forum and a venue where countries
can go to settle trade disputes. The
main benefit of membership is that it
theoretically limits what other coun-
tries can do to discriminate against
other members’ exports. If the U.S. left,
it could put Americans at a disadvan-
tage. As U.S. Trade Representative
Robert Lighthizer told Congress last
year, “if we did not have the WTO, we
would need to invent it.”
The longstanding critique of the
WTO—and its predecessor, the General
As U.S. Trade Representative Robert Lighthizer
told Congress last year, “If we did not have the
WTO, we would need to invent it.”
Agreement on Tariffs and Trade—from
Lighthizer and others is that many
members still find ways to block im-
ports and subsidize exports that they
then “dump” on the rest of the world. As
Lighthizer has said, “too many WTO
members are not living up to current
obligations” to open trade.
The problem is that the WTO simply
isn’t capable of preventing countries
from undermining the open trading
system through currency manipulation,
discriminatory regulations, and cheap
export credit. Tariffs and quotas are
old-fashioned and unnecessary for
modern-day protectionists, but the
WTO, which requires member states to
negotiate decisions by consensus, hasn’t
evolved in response.
Unsurprisingly, the biggest innova-
tor in nontariff trade distortions has
been China. Mark Wu, a professor at
Harvard Law School, has argued that
“China’s rise will exacerbate the dimin-
ishing centrality of WTO law for global
trade governance” because Communist
Party officials can simply tell execu-
tives at ostensibly private companies to
choose domestic products over foreign
imports. Chinese state-run banks also
subsidize the country’s exporters at the
expense of ordinary households, which
earn a pittance on their savings. These
are serious problems, but leaving the
WTO—or abolishing the organization
entirely—won’t help.
Democratic Trading Alliances
Fortunately, the WTO allows and en-
courages “coalitions of the willing” to
form their own trade blocs with their
own standards of openness. The most
obvious example is the European
Union, which facilitates massive
amounts of cross-border trade among
its members not just through zero tar-
iffs but also common rules on every-
thing from food safety to data privacy
to banking stability. The WTO gives
the EU a lot of latitude to protect its
single agricultural market from foreign
imports, and the WTO will probably
allow the EU to impose new tariffs on
imports from countries with different
environmental regulations.
This suggests that the U.S. already
has the ability to use tariffs and non-
tariff barriers to compensate for differ-
37
ences in labor standards and pollution
rules in other countries, all without
violating its WTO commitments. Nor is
the WTO an obstacle to the kinds of
economic relationships between the U.S.
and its Asian and European allies that
Hawley says he wants. In fact, the U.S.
and its allies had already negotiated the
Trans-Pacific Partnership and the
Transatlantic Trade and Investment
Partnership during the Obama adminis-
tration, although both deals were nixed
by President Donald Trump. Whether
or not those deals were flawed, expan-
sive trade agreements among the world’s
democracies are worth pursuing.
Regulating Cross-Border Flows
Hawley’s most interesting idea, which
got much less space in his speech, isn’t
obviously about trade at all. In a brief
line near the end, he called for an inter-
national deal to limit destabilizing in-
ternational investment flows. As I ex-
plain in my new book Trade Wars Are
Class Wars, these excess financial in-
flows are the consequence of extreme
inequality and underconsumption
elsewhere. That, in turn, inflates asset
prices, encourages debt bubbles, and,
by pushing up the value of the U.S.
dollar, makes American exports too
expensive for people in the rest of the
world to afford them.
After years in which it championed
greater financial openness, the Inter-
national Monetary Fund has come
around to the idea that “capital flow-
management measures” are acceptable.
Right now, however, these limits are
administered unilaterally by govern-
ments, not negotiated as part of a glob-
ally agreed framework. Last year, Haw-
ley and Sen. Tammy Baldwin (D., Wis.)
introduced bipartisan legislation to
unilaterally reduce and offset un-
wanted flows into the U.S. But a global
agreement would be even better, poten-
tially allowing the world to preserve
the main benefits of cross-border
investing without the costs.
There are enormous benefits to a
world of open trade, but there are also
costs, and these costs must be ad-
dressed if we wish to retain the bene-
fits. Some of Hawley’s ideas on how to
do are worthwhile and should be con-
sidered seriously. B
38
O T H E R VO I C E S
A Return to Campus,
But Not to Normalcy
T
his is no time to
stifle innovation in
higher education.
Almost every uni-
versity in the U.S.
has suffered pain-
ful financial
losses—refunding room and board to
students, forgoing revenue-producing
summer events, and paying for online
technology to help sustain learning for
spring and summer programs.
But the creativity and innovation of
faculty across the country has been
equally profound. We believe that in a
very compressed time span, we have
begun to define the higher education
of the 21st century. What we’ve seen is
a future marked by virtual tools, hy-
brid delivery of curriculum, and most
importantly, the need to be nimble,
creative, and imaginative in meeting
the challenge of an increasingly digital
world.
We see the future of higher educa-
tion characterized by new tools and
driven by new goals. The shift to digi-
tal tools is clear, both for education
and for society at large. Even muse-
ums are offering inspiring virtual
tours and social-media content. The
shift to new goals is even more power-
ful: We now know that we have to
help learners be confident, resilient,
and creative.
This aspiration—to redefine higher
education—is why at Thomas Jeffer-
son University we’re excited about
bringing learning on-campus this fall.
We plan to resume delivering edu-
cation in-person. It was the one
most-expressed request by students
when we surveyed them. But we
don’t intend to rebuild a 2019 “nor-
mal.” Some students may be con-
cerned to join an in-person class.
Where possible, we’ll create an all-
BARRON’S
By Stephen K. digital option. Some classes will have
Klasko and Mark extra sessions to maintain smaller
L. Tykocinski sizes. Residence halls will be set up
for single rooms, and we are explor-
ing off-campus housing options. In-
novation in our in-person learning
formats—in studios, labs, simulation
centers, and all kinds of small group
didactics—will be complemented by
an expanded toolbox of digital educa-
tion tools and approaches. Events
and athletics will be held under guid-
ance and regulation from government
authorities and the National Colle-
giate Athletic Association to ensure
safety. We will invest in more re-
The shift to what’s called the Fourth Industrial
Revolution challenges universities to rethink their
selection of students and the curriculum.
sources and development for faculty.
And finally, we will not increase tu-
ition and fees for the 2020-21 aca-
demic year.
Our big lesson: The shift to a digital
world, in all professions, has been
accelerated by the Covid-19 shutdown.
Each profession will have to learn
ways to incorporate machine learning,
artificial-intelligence-supported work,
and new ways to think about how
people come together.
Universities, like office buildings,
will be rethought as gathering and
innovative spaces, not places to find
“your desk.”
This shift, to what’s called the
Fourth Industrial Revolution, chal-
lenges universities to rethink their
selection of students and the curricu-
lum. To take medicine as an example:
For too long, we have accepted stu-
dents into medical school based on
their ability to memorize the bio-
chemistry of the Krebs cycle and to
score well on standardized tests.
May 25, 2020
Then we are amazed that doctors
aren’t more empathetic, creative, and
communicative.
When machines can spit back all
research on the genetic implications of
a diagnostic finding, the physician’s
ability to recall those answers becomes
less critical than her ability to commu-
nicate those findings. What we really
need are physicians who can answer
the patient’s question, “What does this
mean for me, doctor?”
This is true for all professions.
Computers can draw a building; it is
human architects who can ensure
that building is meaningful. Alibaba
founder Jack Ma is fond of saying,
“When we invented cars, we didn’t
teach our kids to run faster than a
car. When we invented planes, we
didn’t teach our kids to fly.” Now that
we have computers, we don’t need to
teach our kids to score well on stan-
dardized tests. We don’t need them to
remember what they can look up on
their hand-held devices.
The future requires professionals
who are empathetic; who can be the
human in the room, even if that room
is virtual. The future requires profes-
sionals who can communicate, be-
cause we now understand the power
of teams. And the future demands
that we mentor our students to be
creative: to be confident in facing mas-
sive transformational change, and
leading it.
At Jefferson, we will launch in the
fall what we believe is one of the first
attempts at a “creativity core curricu-
lum” required in all majors and pro-
fessions. We define creativity as the
ability to be a change maker—to un-
derstand challenges and bring people
together to reimagine the future. This
crisis demands exactly that skill.
Bottom line: Out of what has been a
very difficult time for universities,
students, the nation, and the world,
we are confident that new creative
possibilities will emerge. B
Stephen K. Klasko is the president of
Thomas Jefferson University and CEO of
Ellen Weinstein
Jefferson Health. Mark L. Tykocinski is ex-
ecutive vice president and academic affairs
provost at Thomas Jefferson University.
Both are physicians.
May 25, 2020
MAILBAG
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.
Vaccines and
The Return
To Normalcy
To the Editor:
With more than 100 pharmaceutical companies trying
to come up with the technology to produce a vaccine
that would eradicate Covid-19 from this hemisphere, I
believe that there will be success by the end of the year
(“How the Race for a Covid-19 Vaccine Affects Inves-
tors,” Cover Story, May 15). The Food and Drug Admin-
istration will expedite the approval of any drug that
will end this pandemic. I have invested in six of the
companies that I feel will succeed. All I need is one to
flourish, and even if it doesn’t make up for my losses,
I’ll be a winner anyway.
Martin Blumberg
Melville N.Y.
To the Editor:
I was delighted to read about the large number of well-
established drug companies working on a vaccine for
the Covid-19 virus. It’s likely that at least one, and
hopefully more, vaccines will be available on a large
scale in the next 12 to 18 months.
From an economic standpoint, the question is
BARRON’S
whether a new vaccine—one that has
not been tested over a long period—
will be enough to quell the fear of the
American people. I strongly suspect
that it will not and that the economy
will struggle for an extended period.
It’s unlikely that such a vaccine
will be 100% reliable. In addition,
people over 60, the most vulnerable
group, might be hesitant to rely on a
vaccine that has not stood the test of
time. Even flu vaccines are only
reliable 50% to 70% of the time,
depending on the nature of the flu
each season. The symptoms and
mortality rates for older people who
get Covid-19 are not very comforting.
The bottom line is that even when
a vaccine is available, which might
not be until well into next year, we
should not expect a rapid return to
normalcy.
The media has made the Covid-19
virus front-page news for months,
and any negative developments will
saturate the airwaves. As is often said
in the newspaper business, if it
bleeds, it leads.
Robert M. Sussman
Paradise Valley, Ariz.
To the Editor:
Regarding the challenges of opening
economies amid Covid-19,
governments should be opening
economies by age, not by activity.
Based on data from New York City,
governments are taking the wrong
approach. Available information from
that city, including the antibody
study, implies that the fatality rate
among people under age 50 is less
than 0.2%, and that it is 1% for those
from 50 to 64. It is much higher for
those who are older.
If everyone under 64 went back to
normal life, their hospitalizations
would require less than one month of
(pre-Covid) hospital-bed capacity in
the U.S. and we would have herd
immunity within that period for the
entire population. It would be critical
that those older than 64 stay in isola-
tion. If they mixed evenly, it would
require four months of hospital-bed
capacity for the older population to
participate in establishing herd im-
munity. Beyond that, the overloading
of hospitals would drive their death
rate up even higher.
R. Paul Drake
University of Michigan
Gaylord, Mich.
Mnuchin’s Quest
To the Editor:
Randall W. Forsyth made the best
case for Treasury Secretary Steven
Mnuchin’s original quest: Having our
Federal Reserve buy every municipal
bond at par, upon issuance (“The
Covid-19 Crisis Is Rewriting Econom-
ics 101,” Up & Down Wall Street, May
15). Why so? Because before the ink
is dry on the first draft of a muni,
banks can lend money to a particular
project, have no risk, and be taken
out by our Fed some six to nine
months later, when the submission
takes place. Projects can now be
funded immediately. What better
“impactful investment”?
Marshall Sterman
Beverly, Mass.
The Wealth Gap
The Economy column by Matthew C.
Klein was both enlightening and
frightening (“Coronavirus Will Bring
Trade Wars and Rising Inequality.
How to Fix It,” May 15).
He makes the case that overproduc-
tion in the rest of the world is causing
U.S. workers to take on debt to keep
up. He also states that the economy
relies on the lower and middle classes
to continue to consume and purchase.
His conclusion is that there is a move
away from free trade toward trade
wars and possibly other conflict.
“Protectionism, nationalism, and
greed will end in an economic
depression.”
Don Campbell, Glenside, Pa.
39
The Readback, a podcast taking you
inside the latest stories, is available
wherever you listen to podcasts.
My conclusion is that the wealth
gap is not just a concern for the
lower- and middle-class workers
whose wages have been reduced over
that past five decades. It is a critical
issue for the wealthy, the entrepre-
neur, and the true capitalists among
us. For capitalism to work well,
money needs to be more equally
spread, and that needs to be ad-
dressed by both government and
business. Klein ends by suggesting
that “investors should get ready.” I
agree. If the wealth gap is not ad-
dressed, we will all need to get ready.
Protectionism, nationalism, and
greed will end in an economic
depression.
Don Campbell
Glenside, Pa.
Fixing Problems
To the Editor:
I read Peter Liese’s article in Barron’s
twice this morning (“Europe Will Not
Tolerate an ‘America First’ Vaccine,”
Other Voices, May 15). Thank you for
an interesting point of view.
I think Liese misunderstands
something truly fundamental. Presi-
dent Donald Trump’s fiduciary re-
sponsibility is to protect Americans,
not the rest of the world. Not only is
he required to protect Americans,
but also he is required by our laws to
protect the international interests of
the U.S.
Trump is a rascal, but he is a capa-
ble CEO. He is a leader, not a run-of-
the-mill politician. In fact, he is a
truly lousy politician. His job is to fix
problems, not please other politicians.
B.J. Khalifah
Grosse Pointe Park, Mich.
40 BARRON’S May 25, 2020

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MARKET WEEK
May 18 through May 22, 2020

Euro Trader P. M4 Power Play P. M7

Emerging Markets P. M4 Charting the Market P. M9
Striking Price P. M5 Winners & Losers P. M10
Commodities P. M6 Research Reports P. M11
Inside Scoop P. M7 Market View P. M12
13D Filings P. M7 Statistics P. M13

MARKET PERFORMANCE DASHBOARD

Dow Jones Industrials S&P 500 Nasdaq Composite Russell 2000

24,465.16
52-wk: -438% YTD: -14.27% Wkly: +3.29%
2955.45
52-wk: +4.58% YTD: -8.52% Wkly: +3.20%
9324.59
52-wk: +22.10% YTD: +3.92% Wkly: +3.44%
1355.53
52-wk: +-10.47% YTD: -18.76% Wkly: +7.84%

Not So Fast
10%
Questions about Moderna’s vaccine data
A Shot in the Arm caused stocks to slump, with the Dow Jones
The market surged following vaccine data Industrial Average giving up nearly half of
from Moderna. The small-company Monday’s gains.
8
Russell 2000 gained 6.1%.

Here We Go Again 6
Stocks slipped after the Senate passed a bill that
would make it more difficult for Chinese companies to
list in the U.S. The one exception: The Russell 2000,
which closed ever so slightly higher. 4

No News, Good News

2
Not much happened Wednesday, but
the stock market jumped anyway—and made
back Tuesday’s losses. The S&P 500 rose 1.7%.
0
Monday Tuesday Wednesday Thursday Friday Close
Source: Barron’s Statistics

W
e’re always The week offered plenty of reasons Sometimes large weekly gains can

THE TRADER reminded

that it’s
darkest be-
for optimism. It started with Federal
Reserve Chairman Jerome Powell
striking an optimistic tone when in-
be deceiving—and despite the rise, the
S&P 500 hasn’t really gone very far
since its April peak of 2939.51. From
fore the terviewed on 60 Minutes this past Sun- April 29 through May 22, the index
dawn, but day. Then Moderna (ticker: MRNA) has gained just 0.5%, less than its
never that revealed the results from eight pa- daily average move of 1.2% in either

Stocks’ it’s always brightest before the dusk.

That’s something investors might
tients in a Covid-19 vaccine trial, re-
sults that showed that the vaccine
direction since then. The market, if
anything, has been going nowhere.

Great Week want to remember following a stellar

week for stocks.
By all appearances, all is well with
By Ben Levisohn
Signals the market. The Dow Jones Indus-
trial Average gained 779.74 points,
Trouble or 3.3%, to end the week at 24,465.16,
while the S&P 500 index rose 3.2%,
Ahead to 2955.45, and the Nasdaq Compos-
ite climbed 3.4%, to 9324.59. It was
the Dow’s biggest gain since the week
ended April 9.
might be working. (We say might be-
cause the trial itself was only Phase 1,
and eight people isn’t nearly enough to
And there’s a good reason for that,
explains Citigroup strategist Robert
Buckland: The S&P 500 is stuck be-
reach a rational conclusion.)
Finally, more states are reopening
tween two competing forces. On the
one hand, there’s the $6 trillion of
just in time for Memorial Day week-
end, suggesting that life is very slowly
central-bank asset purchases globally
that have created a bid for the market.
getting back to something resembling
normal. It was enough for the S&P
On the other hand, there is the offer,
keyed to what could be a 50% drop in
500 to close just off its highest level global earnings in 2020. “For now the
since March 6. bid is winning,” Buckland writes.
M2 BARRON’S May 25, 2020

“[But] we suspect the offer isn’t done yet.” markets as many may think.
The battle between those two forces is While the S&P 500 has dropped 8.5% in

Earn Extra Income apparent when looking at where the S&P

500 stands in relation to its 50- and 200-
day moving averages. The 50-day, a short-
term measure of the market’s trend, sits at
Lending Your Fully Paid Shares about 2730 and should offer the market
some support. The 200-day, however, sits
at 3000—just 1.5% above Friday’s close—
and offers obvious resistance.
For now, one is the immovable object
and the other is the unstoppable force, and
the S&P 500 has been stuck trading be-
tween them for 21 consecutive days.
If history is a guide, the next move is
almost certainly lower. This was just the
30th time since 1928 that the S&P 500 has
remained between the two moving averages
for at least 20 days, according to Sundial
Capital Research’s Jason Goepfert. Of the 29
previous times, the S&P 500 broke lower
through the 50-day 21 times and traded
higher through the 200-day just eight
times, suggesting there’s a 72% chance that
the next move is down.
It’s worse than that, though. Goepfert
notes that even when the S&P 500 has bro-
ken through its 200-day moving average,
the index has consistently traded lower
over the next six months, with an average
decline of 12.7%.
“The trouble is basically that buyers
haven’t shown enough oomph to make any
progress lately,” he writes. “When that
happens during downtrending markets
0
like we’ve been in, with a protracted
$
Starting at Commissions stretch near but below the 200-day aver-
age, it has indicated larger problems and
that has almost always meant further
on US listed stocks and ETFs1 weakness ahead.”
It isn’t the only aspect of the market sug-
gesting that trouble is ahead. David Rosen-
berg, chief strategist at Rosenberg Re-
search, broke the market down into indexes
representing the themes driving stocks
now—and they show there isn’t as much of
a disconnect between the economy and the
2020 and the Nasdaq Composite has
gained 7.8%, the companies in the firm’s
Payment Stress index—those that depend
on regular streams of cash flows, like banks
and real-estate investment trusts—have
fallen about 25%, while those in its Reopen-
ing index—which includes companies that
benefit from renewed economic activity,
like Simon Property Group (SPG),
United Airlines Holdings (UAL), and
Hilton Worldwide Holdings (HLT)—are
still off about 40%. For Rosenberg, that’s a
warning sign. “[Do] not chase the rally,” he
says. “There is a significant chance we re-
test the lows.”
What makes today different than the
market’s all-time peak on Feb. 19 is that the
risks are now known—only the outcomes
are unclear. There will almost certainly be a
second wave of Covid-19 in the fall. The
recession will be the deepest since the
Great Depression. And tensions between
the U.S. and China, which ended the week
by proposing new security measures for
Hong Kong, are almost certainly going to be
a permanent part of the landscape. The
results could be far better than expected,
but they could also be far worse.
If nothing else, after the S&P 500’s rally
off its March 23 low, it’s a lousy time to
buy. Even if you’re not ready to embrace
the bear.
The Market Loses Its Breadth
In an ideal world, all stocks go up together
and everyone is happy. The current
Covid-19 environment, however, is far from
ideal. Market breadth is as bad as it’s been
in years. Investors need to think about the
implications of “narrow breadth” and what
it means for stock picking in the second
half of 2020.
One way to know the world hasn’t
reached an ideal state yet—aside from
strolling through an empty Times Square—

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Dollar (Finex spot index)
5,149.9
99.80
5,493.3
100.40

Best Online Broker 2020 by Barron’s* S&P 500

S&P MidCap
2955.45
1695.33
+91.75
+117.07
+3.20
+7.42
T-Bond (CBT nearby futures)
Crude Oil (NYM light sweet crude)
180-080
33.25
180-300
29.43
S&P SmallCap 775.34 +62.96 +8.84 Inflation KR-CRB (Futures Price Index) 129.53 124.75
Member - NYSE, FINRA, SIPC – *Interactive Brokers rated #1, Best Online Broker according to Barron’s Best Nasdaq 9324.59 +310.03 +3.44 Gold (CMX nearby futures) 1734.60 1753.40
Online Brokers Survey of 2020: February 21, 2020. For more information see, ibkr.com/info - Barron’s is a
Value Line (arith.) 5487.07 +397.65 +7.81
registered trademark of Dow Jones & Co. Inc. [1] IBKR Lite provides commission-free trades in US exchange-
Russell 2000 1355.53 +98.54 +7.84
listed stocks and ETFs routed to select market makers. IBKR may charge non-commission related fees. For
more information, see ibkr.com/liteinfo DJ US TSM Float 29985.34 +1082.02 +3.74
03-IB20-1290
May 25, 2020
Industry Action
Performance of the Dow Jones U.S. Industrials, ranked by weekly percent change.*
Oil & Gas
Industrials
Financials
Basic Materials
Technology
Consumer Services
Utilities
Consumer Goods
Telecommunications
–0.56 Health Care
* For breakdown see page M32.
is to look at market breadth: Are many
stocks or just a few stocks driving the mar-
ket higher?
For traders, wider breadth is a good sign
for the stock market—and the economy. It
means investors see better days ahead for
most businesses. Narrower breadth means
a lot of business are facing headwinds.
What’s more, it means investors are piling
into just a few names.
Right now, breadth is lousy, and the Nas-
daq Composite is the poster child for nar-
row market breadth. The 10 largest stocks
in the Nasdaq have gained, in aggregate,
almost $900 billion. The other 2,600 or so
stocks have lost about $300 billion. A tiny
sliver of names is driving all the gains.
The 10 largest stocks in the Nasdaq are
the usual suspects: Microsoft (MSFT),
Apple (AAPL), Amazon.com (AMZN),
Google parent Alphabet (GOOGL), Face-
book (FB), Intel (INTC), Nvidia (NVDA),
Netflix (NFLX), Cisco Systems (CSCO),
and Adobe (ADBE).
Of these stocks, only Cisco is down year
to date, falling about 6%.
The Nasdaq is a market-cap-weighted
index. It’s in positive territory for the year,
up about 4%, because the total market cap
of the index is higher. The typical Nasdaq
stock is actually down about 19%. The se-
verity of the divergence is alarming.
Looking ahead, the risk for investors is
in the largest names. The Nasdaq’s 10 larg-
est stocks trade for about 29 times esti-
mated 2021 earnings on average, a huge
premium to the typical stock, which trades
for about 16 times estimated 2020 earnings.
And, somewhat counterintuitively, the
risk will bite investors with big portfolio
weightings in the top 10 if things start to
improve for the U.S. economy. That will
make other stocks look relatively more at-
tractive. Money will flow from the large to
the smaller names.
BARRON’S M3
THE S&P 500 DIVIDED INTO 11 SECTOR ETFS
6.42%
6.30
5.17
4.75
3.87
3.54
3.24
2.59
1.82
Source: S&P Dow Jones Indices
“There is huge bifurcation between
Visit www.sectorspdrs.com
value and the Fab 5 stocks,” says Andrew
Slimmon, a managing director at Morgan or call 1-866-SECTOR-ETF
Stanley Investment Management. “Value
stocks are where they were in 2000 and An investor should consider investment objectives, risks, charges and expenses carefully before investing. To
2009 coming out of recessions.” (The Fab 5 obtain a prospectus, which contains this and other information, call 1-866-SECTOR-ETF or visit www.sectorspdrs.
are the FAANG stocks: Facebook, Ama- com. Read the prospectus carefully before investing.
zon.com, Apple, Netflix, and Alphabet.) All ETFs are subject to risk, including possible loss of principal. Sector ETF products are also subject to sector risks and non-diversification risks,
As a result, Slimmon is gradually in- which generally results in greater price fluctuations than the overall stock market. Ordinary brokerage commissions apply.
creasing his exposure toward value. He ALPS Portfolio Solutions Distributor, Inc., a registered broker-dealer, is distributor for the Select Sector SPDR Trust.
starts by looking at the cheapest stocks
based on a mix of valuation metrics, includ-
ing price-to-book and price-to-cash-flow. In
addition, Slimmon is always checking valu-
ation ratios against a company’s own his-
tory. He doesn’t want to buy cheap stocks
only because they are cheap.
A few Russell 3000 stocks that stood
out to Barron’s on both price-to-earnings as
well as price-to-book and that are inexpen-
sive relative to their own trading histories
include Walgreens Boots Alliance
(WBA), ViacomCBS (VIAC), Mylan
Manage Your Barron’s
(MYL), LKQ (LKQ), and Kraft Heinz
(KHC). This list is by no means definitive, Account Online
but it can be used as a starting point when
looking for new value stocks.
Value has underperformed growth for a Update your account details any time.
long time. But, as Slimmon points out, It’s quick and easy.
there hasn’t been a recession in a while. As
the economy recovers, investors should • Place delivery holds
think about where the best returns for the • Change an address
next few years lie.
• Report an issue
The Dow Jones Industrial Average has
less of a breadth problem. It’s a price-
• Update your payment information
weighted index, so the actual price of a • Reset your password and more
stock goes into the index calculation and
not the market cap of the 30 Dow compo-
nents. The Dow is lagging behind the S&P Take action at customercenter.barrons.com
500 year to date. and avoid call wait times.
The S&P, like the Nasdaq, is a market-
cap-weighted index. The performance gap
between the Dow and the S&P is another
manifestation of weak market breadth. © 2020 Dow Jones & Co., Inc. All rights reserved. 2E7838
— Al Root
M4
EUROPEAN TRADER
Staffing Agency Adecco
Is a Back-to-Work Bet
By Rupert Steiner
A R
decco Group derives 86% of its
sales from providing temporary
workers to clients—a business
that has fallen off a cliff due to
coronavirus.
Shares in the Swiss-listed recruitment
firm have plunged 24.2% in the past year
but picked up 3.3%, to 42.87 Swiss francs
($44), over the past month, due to a
strong first quarter and signs that com-
panies in France, Italy, and Spain could
start hiring again.
Adecco’s stock (ticker: ADEN.Swit-
zerland) is close to an all-time low—the
business has tended to be cyclical,
bouncing back fast in times of uncer-
tainty. Clients have powered their com-
panies to growth using temporary
workers.
The discounted stock is worth a gam-
ble for investors betting on economic
recovery. Analysts at Frankfurt-based
MainFirst Bank have forecast a 23.6%
rise, to CHF53, while Konrad Zomer, an
analyst at Abn Amro, marked it a Buy
with a CHF50 price target.
In a May note Zomer wrote, “Manage-
ment states that weekly temporary-staff-
ing volume trends confirm that those
countries that entered lockdown earliest
are showing signs of stabilization…that is
relatively positive.”
Adecco, which is based in Zurich and
employs 34,000 workers, fetches 15.5
times this year’s expected earnings and is
valued at a 10% discount to its peers. It
posted gross profit of CHF4.5 billion for
2019, up from CHF4.4 billion a year ear-
lier on sales of CHF23.4 billion.
In May, the company reported a net
loss in the first quarter. But its 9% de-
cline in organic revenues beat a consen-
sus drop of 12.6%.
CEO Alain Dehaze told Barron’s that
the company entered the pandemic
“from a position of financial and opera-
tional strength with a strong balance
BARRON’S
sheet, good liquidity, and robust informa-
tion-technology infrastructure, due to
the transformation work we have under-
taken over the past few years.
“As we manage the crisis, we have not
lost sight of our long-term strategic pri-
orities, so that we are well positioned
when the recovery comes,” he said.
The company will remain focused on
delivering more growth and value for
stakeholders, “allowing us to take advan-
tage of the megatrends shaping the fu-
ture of work,” he added.
Adecco was created by a merger be-
tween two firms. Adia was started in
1957 in Lausanne, Switzerland, by Henri
Lavancy, while Ecco, based in Lyon,
France, was formed by Philippe Foriel-
Destezet in 1964.
Adia expanded abroad, while Ecco
grew to become France’s biggest
temporary-staffing agency. By 1996, they
had merged, placing about 600,000 peo-
ple in jobs daily.
This year is likely to be tough for Ad-
ecco because temporary workers were
the first to face the ax as firms cut costs.
But the company has a strong balance
sheet and a flexible cost base, and it felt
confident enough to maintain its divi-
dend even though it stopped share buy-
backs. Adecco said in early May that it
has CHF1.4 billion in cash on hand.
Dehaze said the company “executed
well” in the first quarter, and while the
second quarter will be difficult, “we
expect it to be the trough.”
Abn Amro analyst Zomer wrote in his
note that weekly trends confirm that
countries that entered lockdown early
are showing signs of stabilization.
An investment in Adecco is all about
the timing. If Dehaze is right that the
pandemic peak has passed, then clients
will begin to rehire temporary staff to
ramp up production and services.
If not, then Adecco stock is an opportu-
nity for bullish investors who are aware
that a full recovery will take time. B
E M E R G I N G M A R K E TS
China’s Corporate Debt
May Be Worth the Risk
By Craig Mellow
umors of a corporate credit cri-
sis in China are proving greatly
exaggerated, again, at least for
global bond investors.
Yields for many issuers have com-
pressed by half since the panicky days of
March. But current returns in the upper
single digits are still worth the risk, spe-
cialists say.
“I’ve been overweight China most of
the past five years, and I’m most over-
weight now,” says Samy Muaddi, lead
manager for emerging market corporate
bonds at T. Rowe Price.
China’s corporate debt has soared
since the 2008-09 financial crisis, reach-
ing some 120% of gross domestic product
by the end of last year, reports Larry Hu,
head of China economics at Macquarie
Group. The figure for the U.S. is less than
50%. And that was before Covid-19.
But foreign capitalists are effectively
concerned with a tiny slice of this lever-
age mountain, the $700 billion or so Chi-
nese companies have issued in hard-cur-
rency bonds, and within that mostly the
$180 billion smidgen representing high-
yield debt from property developers.
“Issuers who make it to the dollar
market in Hong Kong tend to be the big-
gest and most efficient companies,” says
Omotunde Lawal, head of emerging mar-
kets corporate debt at Barings. “This is
the cream of the crop.”
Cream or not, you might expect that a
three-month full stop in China’s economy
would rock highly leveraged builders.
But the property market has a logic of its
own that seems to be propelling it back to
normal. “We saw a V-shaped recovery in
transaction volumes in April, and prices
have been very stable,” says Tracy Chen,
a portfolio manager for global structured
credit at fixed-income investor Brandy-
wine Global.
More than 10 million Chinese move
from rural to urban areas every year, and
May 25, 2020
view homeownership there as a prerequi-
site for respectable family life, says Te-
resa Kong, lead manager of the Matthews
Asia Credit Opportunities fund.
“It’s hard for Westerners to under-
stand that a 26-year-old man has to own a
place if he wants to get a wife,” she says.
This demand is matched by means. Con-
sumer debt remains low in China, at just
44% of GDP against 75% for the U.S.
Household thrift leaves a large supply of
buyers with the 30% to 40% down pay-
ment typically required. Most apartments
are sold a year before they are built, re-
ducing risk for developers.
Chinese developers also showed fore-
sight in refinancing at record-low rates
earlier this year before lenders woke up
to the pandemic. “A huge amount of refi
happened in January,” Barings’ Lawal
says. “That leaves very few trigger points
for default going forward.”
Her question is whether the Chinese
developer credit rally has run its course.
No. 4 builder Sunac (ticker: 1918.Hong
Kong), for instance, issued five-year pa-
per in January at 6.5% interest.
The yield climbed to nearly 20% in
March and has subsided since to 8%. Top
developer Country Garden Holdings
(2007.Hong Kong) is the most conserva-
tive credit in the sector, yielding 5%-ish.
No. 3 China Evergrande (3333.Hong
Kong) is closer to 10%.
This range looks reasonable compared
to companies with similar credit ratings
in other emerging markets, Lawal says.
But a little more tightening, and she may
shift toward Latin America. “As of today,
China is looking a bit expensive,” she
says. “Another week or two of rallies, it
will be too expensive.”
Taking a step back, an instant rebound
in Chinese property does speak to the
strengths and resources still at hand for
Beijing, and the government’s skill in
micromanaging a vast, dynamic econ-
omy. It could offer some sweet returns
for the yield-starved, too. B
May 25, 2020 BARRON’S M5

T H E ST RIKING PRI CE
Should the company’s earnings report titillate
investors, analysts will raise estimates. That will
help secure its extraordinary performance.

Slack Stock Is Ripe for a Equity Options

Bet on the Future of Work CBOE VOLATILITY INDEX

VIX Close VIX Futures

90
THE EQUITY-ONLY PUT-CALL RATIO
Put-Call Ratio S&P 500 Index

315
285
70 255
225
By Steven M. Sears the stock will make an extraordinarily sharp 195
50
move in response to the earnings report. The

S
165
lack me. company’s June put and call options that 135
This phrase has become increas- cover the report have an implied volatility of 30 105
ingly widespread, as Covid-19 has about 85%, suggesting that the stock will 75
changed how people communicate move 5.3% each day until expiration. By J J A S O N D J F M A M 10 J J A S O N D J F M A M 45
with colleagues and friends. comparison, the S&P 500 index and the Daily Values Source: CBOE Source: McMillan Analysis Corp.
In the absence of face-to-face conversa- Nasdaq 100 have implied volatility of about
tions, people are using Slack Technologies 25%, which underscores Slack’s leading role SPX SKEW NDX SKEW
(ticker: WORK) to converse in a virtual in the coronavirus trade. Implied volatility % Implied volatility %

world that is organized around subjects. With the stock around $31.70, investors 17% 16%
Like texting on a smartphone, Slack’s who want to wager on Slack’s earnings re- 16 15
channels enable people to chat back and port can sell the June $29 put and buy the 15
14
forth about projects, subjects, or anything June $32 call for a net cost of $1.10. 14
13 13
else that matters to them. The Slack plat- This risk-reversal strategy—selling a put
form organizes conversations by hashtags and buying a call with a higher strike price 12 12
11 11
like #investing or #volatilityanalysis. but similar expiration—was chosen to par-
10
The company reported in March that it tially tame Slack’s high options volatility. 10
9
finished the fiscal year with 110,000 paid Something has to be sold to offset the vola- 8 9
customers, 893 of whom spend more than tility, and the put seems like a reasonable 7 8
J J A S O N D J F M A M J J A S O N D J F M A M
$100,000 annually. Total revenue was candidate, as shares are up some 90% since Source: Credit Suisse Equity Derivatives Strategy Source: Credit Suisse Equity Derivatives Strategy
about $630 million, up 57% year over year. the mid-March financial results. Skew indicates whether the options market expects a stock-market advance or decline. It measures the difference
While other metrics also showed strong The stock surged in the week following between the implied volatility of puts and calls that are 10% out of the money and expire in three months. Higher
readings are bearish.
growth, the company is still losing money. the release, so harnessing the stock’s upside
For investors, Slack’s June 4 release of with a long call, compared with a range- Week's Most Active
fiscal-first-quarter financial results will offer bound strategy, seems preferable. Should Company Symbol Tot Vol Calls Puts Avg Tot Vol IV %ile Ratio
an intriguing opportunity to bet on the fu- the stock rally to $40, the call is worth $8. cbdMD YCBD 8784 6345 2439 112 100 78.4
ture of work. Slack could be an undeniable Of course, if the stock declines on earnings PDF Solutions PDFS 3762 3592 170 76 85 49.5
beneficiary if working from home becomes a and sinks below the short put, the risk ChannelAdvisor ECOM 26805 26643 162 868 96 30.9
Forescout FSCT 99887 77407 22480 4892 94 20.4
more permanent solution to safeguarding reversal fails. Celsion CLSN 5666 5580 86 324 100 17.5
employees in an age of pandemics. The trade isn’t for the risk averse. Con- Globus Medical GMED 3969 3327 642 248 96 16.0
Rohit Kulkarni, who follows Slack at sider it only if you are willing to buy Slack Sonos SONO 75481 71533 3948 5076 99 14.9

MKM Partners, has told clients that the stock to gain exposure to the evolving Urban Outfitters URBN 51831 20434 31397 3504 87 14.8
Kornit Digital KRNT 5347 2237 3110 444 89 12.0
company is a top beneficiary of the “new workplace. During the past 52 weeks, the HUYA HUYA 144001 128568 15433 12552 89 11.5
normal” in which corporate workflows will stock has ranged from $15.10 to $42. HEXO HEXO 159872 155181 4691 14712 89 10.9
be increasingly digitized and employees The difficulty with theme trades like Ecolab ECL 45222 34047 11175 4488 91 10.1
Kontoor Brands KTB 9734 9317 417 1040 86 9.4
won’t work in such close physical proximity Slack is that the data often take a back seat
Tech Data TECD 14213 8218 5995 1696 10 8.4
to one another. This past week, he raised to narrative. Analysts will clearly harp on Dycom DY 8946 5604 3342 1132 90 7.9
Slack’s price target to $35 from $27, and said the usual financial metrics, but investors Arconic ARNC 7464 6024 1440 960 91 7.8
he expects the company to benefit from com- are likely to focus on what the company Maxim Integrated MXIM 12332 8689 3643 1680 72 7.3
At Home HOME 44087 42174 1913 6160 96 7.2
panies spending more money on collabora- says about its future prospects. Lists are Take-Two TTWO 135272 94122 41150 19592 52 6.9
tion software. Shares are up 41% this year. circulating around the Street of work-from- bidu.com BIDU 477656 306333 171323 74380 81 6.4
Kulkarni said he is surprised that other home investments, and Slack always fig- This table of the most active options this week, as compared to average weekly activity – not just raw volume. The idea is that the
analysts have not also raised their estimates ures prominently. That the company lacks unusually heavy trading in these options might be a predictor of corporate activity – takeovers, earnings surprises, earnings pre-
announcements, biotech FDA hearings or drug trial result announcements, and so forth. Dividend arbitrage has been eliminated. In
for Slack. Should the company’s pending the financial heft of Microsoft (MSFT), 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
report titillate investors, analysts will raise which has a competing product called should be aware of these increased risks if trading in these names
estimates and that will help to secure the Teams, doesn’t matter so much. You either 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.
stock’s recent extraordinary performance. believe that people will work differently in Source: McMillan Analysis

In the options market, Slack is priced as if the future, or you don’t. B

M6 BARRON’S May 25, 2020

  
LEGAL NOTICES
 
  
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factors are “contributing to limits on gold and gold “will do well as bond markets get
price performance in the near term.” crushed.” On the other hand, if the corona-
As of Friday, gold futures stood at virus continues to spread and economies
$1,735.50 an ounce, up about 14% year to stay mostly shut, “there will be more
date but stuck in a tight settlement trading money printing and debasement, [which]
range of less than $64 an ounce this is also good for gold.” Still, that doesn’t
month. Gold trades more than 8% below mean gold is immune to suffering during a
the record settlement of $1,891.90 from liquidity or credit crisis like the one that
Aug. 22, 2011, according to Dow Jones unfolded in March, he says.
Market Data, based on records dating back Kung, meanwhile, expects gold prices to
to November 1984. reach $1,800 by March of next year.

SMALL SPACES. The most significant supportive factor

for gold is the “amount of debt being cre-
“While equity prices have risen, we con-
tinue to see gold as a good hedge given the

BIG OPPORTUNITIES.
ated to fund the various global monetary
and fiscal deficits,” says Peter Grosskopf,
chief executive officer at Sprott Inc.
Against that backdrop, gold is experi-
Barron’s Classifieds is where our readers discover encing a broad rally, with “participants
opportunities in real estate, business investments, ranging from state funds to pensions to
corporate aircraft, yachts, fine cars and so much more. [high-net-worth] clients to hedge funds.”
Still, the precious metal hasn’t been able
For information on advertising, call 1.800.366.3975 to reach record levels, as “all assets are
or email advertising@barrons.com still dealing with the deflationary shock
and liquidity crisis that were accompa-
nied by a global U.S. dollar shortage,”
Grosskopf says.
The yellow metal spent some time trad-
uncertainty” in the markets, he says.
Kung thinks gold has the potential to
reach $1,900 and beyond over time. Possi-
ble supportive scenarios include a persis-
tent correction in the equity market, a re-
rating in “the long-term inflation
expectation…significantly above current
explicit or implicit targets set by central
banks,” or new economic or geopolitical
conflicts, he says.
Near term, Kung sees prices trading
around $1,680 to $1,780 an ounce, with a
good buying opportunity around $1,700 or
below. B
May 25, 2020
I N S I DE SC OOP
Al Gore’s Firm Unloads
Amazon, Microsoft Shares
By ED LIN
G
eneration Investment
Management, which for-
mer Vice President Al
Gore co-founded and
currently chairs, revealed
it had made sizable in-
vestment changes in the
first quarter.
Generation exited an investment in
Amazon.com (ticker: AMZN), mate-
rially reduced a position in Microsoft
(MSFT), and initiated a large position
in Palo Alto Networks (PANW). The
firm disclosed the trades, among oth-
ers, in a filing with the Securities and
Exchange Commission.
Generation declined to comment on
the transactions.
Gore’s firm focuses on sustainable
investing, and it is trouncing the mar-
ket. Generation’s largest public fund
under its management, Lombard
Activist Holdings
Anterix (ATEX)
Owl Creek Asset Management
raised its position in the wireless-
communications company to
5,251,015 shares. Owl Creek pur-
chased 233,653 additional Anterix
shares from March 19 through May
14 at prices ranging from $34.05 to
$54.94 apiece. Without citing any
specific reasons, Owl Creek noted
that it added to the Anterix stake as
the stock “represents an attractive
investment opportunity.” Owl
Creek added that it had and will
likely continue to have discussions
Odier Funds-Generation Global, is
crushing its benchmark, the MSCI
World index with a total return of
143.3% to 64.6%, respectively over the
last 13 years. The dollar-denominated
version of the fund is also topping the
S& P 500 index for the year to date
and for periods longer than a year.
Generation sold 43,736 Amazon
shares in the first quarter, to end
March with no shares of the online-
retail and cloud-computing giant.
Shares have surged more than 30%
year to date.
Gore’s firm also sold 1.7 million
Microsoft shares in the quarter, reduc-
ing its investment to 1.1 million shares.
Microsoft stock has gained more than
15% in 2020.
Generation also purchased 2.5 mil-
lion shares of cybersecurity firm Palo
Alto in the first quarter. It hadn’t
owned any at the end of 2019. Palo
Alto stock is about flat for the year. B
about “a mutual interest” in joining
Anterix’s board. Further, Owl Creek
has and will continue to engage the
company about “ways to work to-
gether with [Anterix] to achieve its
strategic objectives.”
Increases in
Holdings
Bausch Health (BHC)
Paulson & Co. increased its holding
of the pharmaceutical company for-
merly known as Valeant Pharmaceuti-
cals by nearly 25% by purchasing five
BARRON’S
million additional shares. Paulson
bought the stock from May 12
through May 14 at prices ranging
from $15.65 to $17.50 per share.
Paulson now owns 25,839,035
shares, a stake of nearly 7.3%.
Mednax (MD)
Starboard Value lifted its position
in the pediatric and neonatal health
services provider to 8,203,000
shares. Starboard bought 313,000
more shares on April 27 and 28 at
prices ranging from $13.74 to $14.05
apiece. With the fresh investment,
Starboard now holds 9.6% of Med-
nax’s outstanding stock.
Hemisphere Media (HMTV)
Edenbrook Capital raised its
holding of the Spanish-language
The firm that media company to 1,069,314 shares.
former Vice Edenbrook purchased 401,348
President Al Gore more shares from March 16 to May
chairs, Generation 14 at per-share prices ranging from
Investment, $8.11 to $8.81, and now holds 5.3%
exited its of Hemisphere’s tradable stock.
Amazon.com
invesment in the
first quarter.
Decreases in
Holdings
Seattle Genetics (SGEN)
Baker Brothers lowered its posi-
tion in the biotechnology firm to
47,615,277 shares, inclusive of
96,578 shares of underlying options.
Baker Brothers sold 1,750,000 Seat-
tle Genetics shares in a block-trade
sale on May 15 at $160 per share. No
reason was given for the sale that
now leaves Baker Brothers with a
27.5% interest in Seattle Genetics
common stock.
Hain Celestial Group
(HAIN)
Engaged Capital disclosed a re-
These disclosures are
duced stake in the organic and
from 13Ds filed with natural-food wholesaler to
the Securities and 16,015,722 shares. Engaged Capital
Exchange Commission.
13Ds are filed within
10 days of an entity’s
attaining more than
sold 590,220 Hain Celestial shares
at per-share prices ranging from
5% in any class of a
company’s securities.
Subsequent changes
$29.17 to $29.98 from May 14
through May 18. On that final day,
Engaged Capital also distributed
in holdings or inten-
tions must be re-
4,391,753 shares to its partners for
ported in amended no consideration. After the latest
filings. This material is transactions, Engaged now holds
from May 18 through
May, 22 2020. Source: 15.7% of Hain Celestial’s tradable
InsiderScore.com stock.
M7
POWER PLAY
Nelson Peltz
Goes Out
Shopping
By CARLETON ENGLISH
W
all Street is itching to
know what’s on Nelson
Peltz’s shopping list after
the activist investor teased
two new positions this past week.
Peltz, the hedgie behind Trian
Partners, told CNBC that he has
committed capital to two new in-
vestments that have “been beaten
down a bit too much.” He didn’t
offer names and Trian’s statement
of holdings at the end of the first
quarter didn’t reveal new invest-
ments, but recent regulatory fil-
ings show he has been buying
more stock in food distributor
Sysco (ticker: SYY) in May. Trian
declined to comment.
Wall Street continues to specu-
late, even as he aggressively trims
his stake in Procter & Gamble
(PG). Shares of the consumer giant
have surged 27% since Peltz an-
nounced his stake in the company
in February 2017. He eventually
took a seat on the board following a
contentious proxy battle.
The team at research firm Gor-
don Haskett thinks that after he
reaped his P&G rewards, Peltz
may be making a play for another
household name: Colgate-Pal-
molive (CL). Shares have largely
traded sideways over the last six
years as earnings have been
roughly flat.
Gordon Haskett also suggests
discount retailer Dollar Tree
(DLTR), an interesting stock on two
counts. It recently faced activist
pressure from Starboard Value and
Carl Icahn. Also, Peltz previously
invested in Family Dollar, now a
part of Dollar Tree. Shares are down
15% this year, but some hope the
sector will recover as it did after the
last financial crisis.
If there was a time for Peltz to
put his consumer expertise to
work, it would be now. B
M8 BARRON’S May 25, 2020

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May 25, 2020 BARRON’S M9

Charting the Market

A graphic look at selected stock activity for the week ended on May 22, 2020 n Edited by Bill Alpert
AURORA CANNABIS MODERNA YAMANA GOLD BJ'S WHOLESALE CLUB HOLDINGS
ACB (NYSE) • 16.01 • 4.81 21.0 MRNA (NASD) • 69.00 • 2.31 90.0 AUY (NYSE) • 5.25 • -0.04 6.0 BJ (NYSE) • 37.09 • 8.66 39
 Analysts raised price tar- 18.5  Moderna said the first 83.5  With the governments 5.5  Sheltering shoppers lifted 36
gets as the Canadian pot 16.0 eight volunteers to get its 77.0 piling on pandemic debts, 5.0 same-store sales 20% at the 33
producer reported a sales 13.5 experimental vaccine have 70.5 investors bid up the shares 4.5 chain of warehouse clubs in 30
rise and the purchase of a 11.0 high levels of antibodies to 64.0 of gold miners like Yamana, 4.0 the March quarter, vaulting 27
U.S. business. Then came M T W T F the Covid-19 virus. Then the M T W T F which announced new gold M T W T F earnings from 25 cents a M T W T F

some downgrades. company sold stock. finds in Brazil and Chile. share to 69 cents.
Stock Price $ Stock Price $ Stock Price $ Stock Price $
109 90 6 39.5
88 74 5 35.0
67 58 4 30.5
46 42 3 26.0
25 26 2 21.5
4 10 1 17.0

Volume in Millions Volume in Millions Volume in Millions Volume in Millions

278 264 180 52
139 132 90 26
0 0 0 0
M J J A S O N D J F M A M M J J A S O N D J F M A M M J J A S O N D J F M A M M J J A S O N D J F M A M

UNITED AIRLINES HOLDINGS LIVERAMP HOLDINGS FORESCOUT TECHNOLOGIES KOHL'S

UAL (NASD) • 25.40 • 5.48 28 RAMP (NYSE) • 48.17 • 10.28 52 FSCT (NASD) • 23.40 • -6.12 25 KSS (NYSE) • 17.48 • -0.06 20

 The airline, like its rival 26  March-quarter sales rose 48  Private equity firm Ad- 23  The retailer halted divi- 19
Southwest, said cancellation 24 35% at the digital marketer, 44 vent International backed 21 dends and share buybacks, 18
rates were moderating while 22 to $106 million. Losses 40 away from its February deal 19 after reporting surprisingly 17
bookings ticked up. It ex- 20 shrank to 55 cents a share. 36 to buy the cybersecurity firm 17 big losses of $3.50 a share 16
M T W T F M T W T F M T W T F M T W T F
pects to fill 25% of its seats For June, it expects smaller for $33 a share. Forescout on a 43% drop in April-
in July, up from April’s 12%. sales but smaller losses, too. sued to enforce a closing. quarter sales.
Stock Price $ Stock Price $ Stock Price $ Stock Price $
97 58.5 42 72.5
81 51.0 37 60.0
65 43.5 32 47.5
49 36.0 27 35.0
33 28.5 22 22.5
17 21.0 17 10.0

Volume in Millions Volume in Millions Volume in Millions Volume in Millions

310 8 60 80
155 4 30 40
0 0 0 0
M J J A S O N D J F M A M M J J A S O N D J F M A M M J J A S O N D J F M A M M J J A S O N D J F M A M

L BRANDS INOVIO PHARMACEUTICALS SPIRIT AIRLINES SURFACE ONCOLOGY

LB (NYSE) • 15.08 • 4.22 17 INO (NASD) • 14.08 • 0.65 17 SAVE (NYSE) • 10.17 • 2.16 12 SURF (NASD) • 5.22 • 2.53 9
 While the parent of Victo- 15  A report in the journal 16  Air travel has perked up 11  The biotech start-up will 7
ria’s Secret saw sales fall by 13 Science detailed the promis- 15 since April’s bottom, said a 10 work with Merck to test a 5
a third in a deeply unprofit- 11 ing animal studies of the 14 Cowen analyst, as she rec- 9 Surface treatment as a way 3
able April quarter, investors 9
firm’s Covid-19 vaccine. 13
ommended shares of the 8
to overcome tumor resis- 1
welcomed plans to close M T W T F Inovio has started Phase 1 M T W T F domestic carrier and its M T W T F tance to Merck’s big anti- M T W T F
some 250 shops. human trials. rival Southwest. cancer drug Keytruda.
Stock Price $ Stock Price $ Stock Price $ Stock Price $
29.5 21 56 8.5
25.0 17 46 7.0
20.5 13 36 5.5
16.0 9 26 4.0
11.5 5 16 2.5
7.0 1 6 1.0

Volume in Millions Volume in Millions Volume in Millions Volume in Millions

90 588 110 110
45 294 55 55
0 0 0 0
M J J A S O N D J F M A M M J J A S O N D J F M A M M J J A S O N D J F M A M M J J A S O N D J F M A M

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.
M10 BARRON’S May 25, 2020

Winners and Losers

NYSE BIGGEST % MOVERS NYSE MOST ACTIVE NYSE AMERICAN MOST ACTIVE NASDAQ MOST ACTIVE
Winners Volume Percentage Leaders Volume Percentage Leaders Volume Percentage Leaders
Name (Sym) Volume Close Change %Chg. Name (Sym) Volume %Chg. Close Change Name (Sym) Volume %Chg. Close Change Name (Sym) Volume %Chg. Close Change
Arconic(ARNC) 10558 12.84 +4.50 +54.0 AuroraCannabis(ACB) 277702 1160.5 16.01 +4.81 IssuerDirect(ISDR) 495 356.0 11.91 +1.71 GamidaCell(GMDA) 8015 1488.5 5.30 –1.04
NaborsIndustries(NBR) 8227 26.16 +9.16 +53.9 WestPharmSvcs(WST) 19742 619.1 211.44 –2.73 TimberPharm(TMBR) 3500 295.0 2.91 –3.85 FirstWesternFin(MYFW) 473 877.7 13.24 +0.54
AtHomeGroup(HOME) 32589 4.33 +1.47 +51.4 SCVX(SCVX) 529 452.2 9.72 –0.02 CaledoniaMining(CMCL) 582 202.4 15.63 +2.43 SiriusIntlIns(SG) 198 605.4 6.50 –0.25
AuroraCannabis(ACB) 277702 16.01 +4.81 +42.9 ModelN(MODN) 9087 407.1 28.79 –3.64 Ashford(AINC) 137 105.5 6.21 +0.35 GossamerBio(GOSS) 11799 469.9 12.62 –1.52
CheetahMobile(CMCM) 12658 2.88 +0.84 +41.2 BJ'sWholesale(BJ) 50360 291.9 37.09 +8.66 DeltaApparel(DLA) 322 75.5 10.23 –0.86 ForescoutTechs(FSCT) 59415 379.2 23.40 –6.12
Azul(AZUL) 22340 7.96 +2.32 +41.1 NaborsIndustries(NBR) 8227 260.5 26.16 +9.16 VirnetX(VHC) 5224 66.9 7.19 +1.36 AquestiveTherap(AQST) 15481 362.4 5.75 +0.25
L Brands(LB) 79769 15.08 +4.22 +38.9 CircorIntl(CIR) 2884 252.3 13.29 +2.61 ParkNational(PRK) 509 56.0 65.44 –3.94 AtaraBiotherap(ATRA) 19092 328.6 14.81 +4.05
Group1Auto(GPI) 1784 63.14 +17.27 +37.6 GSXTechedu(GSX) 68138 235.6 29.73 –5.70 Electromed(ELMD) 1428 51.0 13.26 –0.40 Futu(FUTU) 4366 328.4 13.82 +0.71
ChannelAdvisor(ECOM) 3639 221.0 13.47 +0.88 Kaleyra(KLR) 146 45.1 6.31 +0.22 WaysideTech(WSTG) 340 318.7 20.84 +1.34
Losers Youdao(DAO) 2223 216.6 24.48 +1.07 BioceresCrop(BIOX) 91 29.5 5.90 –0.07 KornitDigital(KRNT) 6783 302.5 50.00 +19.69
Name (Sym) Volume Close Change %Chg. UnderArmour C(UA) 70186 203.6 7.38 +0.47 EquinoxGold(EQX) 10619 24.7 8.92 +0.46 TurningPtTherap(TPTX) 6294 294.1 58.80 –5.41
PyxusIntl(PYX) 4650 2.30 –0.46 –16.7 SpiritAirlines(SAVE) 110033 184.0 10.17 +2.16 BarHarborBkshs(BHB) 317 21.8 19.29 +1.86 scPharm(SCPH) 1649 293.5 8.45 –2.17
GSXTechedu(GSX) 68138 29.73 –5.70 –16.1 Azul(AZUL) 22340 175.4 7.96 +2.32 LGL Group(LGL) 143 16.6 8.15 –0.58 Tricida(TCDA) 4627 289.8 27.14 –3.84
Sogou(SOGO) 8393 2.96 –0.55 –15.7 Helm&Payne(HP) 45742 170.5 18.21 +0.66 AcmeUnited(ACU) 82 14.3 20.01 –1.54 HarpoonTherap(HARP) 1536 275.0 22.80 +8.37
Bill.com(BILL) 4983 66.57 –10.70 –13.8 Avantor(AVTR) 37377 157.9 17.83 –0.03 MAG Silver(MAG) 4521 6.7 12.71 +0.25 SyndaxPharm(SNDX) 11305 259.6 16.00 –4.98
GreenTree(GHG) 338 11.54 –1.53 –11.7 GlobusMedical(GMED) 12970 155.1 55.11 +9.29 Chase(CCF) 142 4.5 95.48 +8.04 NorthernTechsIntl(NTIC) 311 236.9 6.99 –0.30
ChinaGreenAg(CGA) 50 2.63 –0.34 –11.4 BectonDicknsn(BDX) 25952 136.9 239.25 –19.00 CentrusEnergy(LEU) 246 0.3 8.57 +0.31 Genfit(GNFT) 1429 230.5 5.22 –0.56
AmiraNatureFds(RYCE) 26 11.89 –1.51 –11.3 PingIdentity(PING) 10082 135.4 26.28 +2.33 MetallaRoyalty(MTA) 1077 -3.2 5.58 +0.38 Hookipa(HOOK) 1114 230.1 10.27 +0.82
ModelN(MODN) 9087 28.79 –3.64 –11.2 Crawford B(CRD.B) 165 130.5 5.63 +0.56 GoodrichPetrol(GDP) 262 -5.8 7.10 +0.60 AviatNetworks(AVNW) 365 221.2 14.49 +2.06
NorwegCruise(NCLH) 376383 130.2 13.90 +2.98 AdamsRes(AE) 36 -8.8 27.42 –2.08 Kamada(KMDA) 1193 198.3 8.58 +1.10
NYSE AMERICAN BIGGEST % MOVERS
By Share Volume By Share Volume By Share Volume
Winners
Name (Sym) Volume Close Change%Chg. Name (Sym) Volume Close Change%Chg. Name (Sym) Volume Close Change%Chg.
Name (Sym) Volume Close Change %Chg.
GeneralElec(GE) 622992 6.41 +0.92 +16.8 iBio(IBIO) 106093 1.51 +0.03 +2.0 LuckinCoffee(LK) 328931 1.39 –3.00 –68.3
FTS Intl(FTSI) 3628 5.60 +1.87 +50.1
FordMotor(F) 482449 5.65 +0.75 +15.3 ZomedicaPharm(ZOM) 91570 0.21 –0.02 –7.0 UnitedAirlines(UAL) 309202 25.40 +5.48 +27.5
AnnovisBio(ANVS) 531 4.61 +1.04 +29.1
NorwegCruise(NCLH) 376383 13.90 +2.98 +27.3 NavideaBiopharm(NAVB) 85156 2.43 +1.33+120.9 AmerAirlines(AAL) 266139 9.70 +0.66 +7.3
VirnetX(VHC) 5224 7.19 +1.36 +23.3
BankofAmerica(BAC) 314465 22.66 +1.22 +5.7 cbdMD(YCBD) 63931 1.66 +0.69 +71.1 Moderna(MRNA) 263934 69.00 +2.31 +3.5
IncomeOppRealty(IOR) 2 12.50 +2.25 +22.0
DeltaAir(DAL) 280029 22.69 +3.50 +18.2 Oragenics(OGEN) 47761 0.61 +0.07 +13.8 AdvMicroDevices(AMD) 251905 55.17 +0.97 +1.8
CaledoniaMining(CMCL) 582 15.63 +2.43 +18.4
AuroraCannabis(ACB) 277702 16.01 +4.81 +42.9 B2Gold(BTG) 39453 5.36 –0.06 –1.1 SiriusXM(SIRI) 220694 5.31 –0.04 –0.7
BiomX(PHGE) 104 7.28 +1.07 +17.2
Carnival(CCL) 251173 14.46 +1.68 +13.1 XtantMedical(XTNT) 35462 1.55 +0.91+144.1 InovioPharma(INO) 196279 14.08 +0.65 +4.8
Cohen(COHN) 390 3.47 +0.51 +17.2
HEXO(HEXO) 215978 0.63 +0.10 +18.2 ActiniumPharm(ATNM) 33417 0.20 +0.02 +11.7 Facebook(FB) 183863 234.91 +24.03 +11.4
IssuerDirect(ISDR) 495 11.91 +1.71 +16.8
WellsFargo(WFC) 208019 24.17 +0.81 +3.5 AgEagleAerial(UAVS) 28887 1.30 –0.04 –3.0 T2Biosystems(TTOO) 166206 0.74 +0.18 +31.3
Losers ItauUnibanco(ITUB) 203564 4.08 +0.33 +8.8 GreatPanther(GPL) 27563 0.40 –0.04 –9.2 PennNational(PENN) 145416 30.38 +11.03 +57.0
Name (Sym) Volume Close Change %Chg. Macy's(M) 194202 5.21 –0.10 –1.9 Inuvo(INUV) 26961 0.39 +0.06 +18.6 Microsoft(MSFT) 143293 183.51 +0.35 +0.2
AT&T(T) 173368 29.88 +1.57 +5.5 NewGold(NGD) 25046 1.20 +0.18 +17.6 Apple(AAPL) 133243 318.89 +11.18 +3.6
TimberPharm(TMBR) 3500 2.91 –3.85 –57.0
Boeing(BA) 167430 137.53 +17.53 +14.6 GranTierraEner(GTE) 21425 0.26 +0.02 +8.0 JD.com(JD) 121308 49.90 –0.95 –1.9
NanoViricides(NNVC) 5958 7.57 –2.06 –21.4
NIO(NIO) 166007 3.27 –0.10 –3.0 Enservco(ENSV) 20603 0.16 –0.02 –10.1 MicroVision(MVIS) 117748 0.98 +0.14 +16.7
VolitionRX(VNRX) 3846 3.00 –0.65 –17.8
MarathonOil(MRO) 165512 5.89 +0.28 +5.0 NorthernDynasty(NAK) 20420 0.92 +0.04 +4.5 SurfaceOncol(SURF) 109129 5.22 +2.53 +94.1
DocumentSecSys(DSS) 820 7.45 –1.35 –15.3
Alibaba(BABA) 165142 199.70 –3.98 –2.0 SilvercorpMetals(SVM) 19415 4.13 –0.40 –8.8 Cinedigm(CIDM) 108847 0.85 +0.20 +30.3
AlphaProTech(APT) 10192 13.22 –1.75 –11.7
CallonPetrol(CPE) 163727 0.74 +0.04 +6.3 Senseonics(SENS) 17650 0.46 –0.01 –3.1 Comcast A(CMCSA) 108843 38.74 +2.82 +7.9
Cel-Sci(CVM) 3441 13.99 –1.71 –10.9
OccidentalPetrol(OXY) 159803 14.13 +0.31 +2.2 NorthernOil&Gas(NOG) 17368 0.84 –0.04 –4.4 Intel(INTC) 107977 62.26 +3.98 +6.8
SilvercorpMetals(SVM) 19415 4.13 –0.40 –8.8
Ambev(ABEV) 158616 2.14 +0.12 +5.9 MatinasBioPharma(MTNB) 16063 0.89 +0.13 +16.5 Tilray(TLRY) 102838 10.26 +2.49 +32.0
SifcoInd(SIF) 163 4.04 –0.36 –8.2
Vale(VALE) 150048 8.98 +0.71 +8.6 NovaGoldRscs(NG) 14587 11.57 –0.13 –1.1 CiscoSystems(CSCO) 102771 44.90 +0.63 +1.4
NASDAQ BIGGEST % MOVERS
By Dollar Volume By Dollar Volume By Dollar Volume
Winners Name (Sym) $ Volume Close Change%Chg. Name (Sym) $ Volume Close Change%Chg. Name (Sym) $ Volume Close Change%Chg.
Name (Sym) Volume Close Change %Chg. Alibaba(BABA) 29628690 199.70 –3.98 –2.0 CheniereEnergy(LNG) 335763 45.86 +4.59 +11.1 Amazon.com(AMZN) 401010982436.88 +27.10 +1.1
SurfaceOncol(SURF) 109129 5.22 +2.53 +94.1 Boeing(BA) 16870799 137.53 +17.53 +14.6 NavideaBiopharm(NAVB) 221626 2.43 +1.33+120.9 Facebook(FB) 37353319 234.91 +24.03 +11.4
KornitDigital(KRNT) 6783 50.00 +19.69 +65.0 Shopify(SHOP) 11941489 825.17 +58.17 +7.6 B2Gold(BTG) 177423 5.36 –0.06 –1.1 Tesla(TSLA) 31887589 816.88 +17.71 +2.2
ZynerbaPharma(ZYNE) 8171 6.48 +2.47 +61.6 Disney(DIS) 8528148 118.02 +8.97 +8.2 NovaGoldRscs(NG) 138383 11.57 –0.13 –1.1 Apple(AAPL) 31474520 318.89 +11.18 +3.6
HarpoonTherap(HARP) 1536 22.80 +8.37 +58.0 Visa(V) 6511303 190.86 +7.37 +4.0 iBio(IBIO) 76116 1.51 +0.03 +2.0 NVIDIA(NVDA) 27448782 361.05 +21.42 +6.3
PennNational(PENN) 145416 30.38 +11.03 +57.0 Walmart(WMT) 6391743 124.33 –1.61 –1.3 EquinoxGold(EQX) 72862 8.92 +0.46 +5.4 Microsoft(MSFT) 19896721 183.51 +0.35 +0.2
AxcellaHealth(AXLA) 3307 6.20 +2.23 +56.2 JPMorganChase(JPM) 6154178 89.47 +3.57 +4.2 XtantMedical(XTNT) 72035 1.55 +0.91+144.1 Moderna(MRNA) 12851916 69.00 +2.31 +3.5
Altimmune(ALT) 25519 6.95 +2.47 +55.1 BectonDicknsn(BDX) 6030212 239.25 –19.00 –7.4 AlphaProTech(APT) 69666 13.22 –1.75 –11.7 AdvMicroDevices(AMD) 11271712 55.17 +0.97 +1.8
XerisPharm(XERS) 3866 5.80 +2.02 +53.4 HomeDepot(HD) 5881601 241.88 +2.55 +1.1 ImperialOil(IMO) 62470 15.26 +0.97 +6.8 Netflix(NFLX) 10986079 429.32 –24.87 –5.5
BankofAmerica(BAC) 5172779 22.66 +1.22 +5.7 SilvercorpMetals(SVM) 62189 4.13 –0.40 –8.8 Alphabet A(GOOGL) 90411101413.24 +40.18 +2.9
Losers Lowe's(LOW) 4989643 122.25 +8.47 +7.4 cbdMD(YCBD) 44982 1.66 +0.69 +71.1 Alphabet C(GOOG) 78729351410.42 +37.23 +2.7
Name (Sym) Volume Close Change %Chg. Mastercard(MA) 4912400 294.91 +15.97 +5.7 MAG Silver(MAG) 42380 12.71 +0.25 +2.0 UnitedAirlines(UAL) 5870887 25.40 +5.48 +27.5
LuckinCoffee(LK) 328931 1.39 –3.00 –68.3 DeltaAir(DAL) 4612349 22.69 +3.50 +18.2 NanoViricides(NNVC) 37631 7.57 –2.06 –21.4 Baidu(BIDU) 5852296 103.32 +3.46 +3.5
SeaChange(SEAC) 3775 1.77 –0.81 –31.4 Citigroup(C) 4286243 44.10 +2.18 +5.2 SilverCrestMetals(SILV) 37612 8.59 +0.52 +6.4 Intel(INTC) 5432733 62.26 +3.98 +6.8
ClovisOncology(CLVS) 69797 7.01 –2.68 –27.7 Verizon(VZ) 4226790 54.10 –0.61 –1.1 Cel-Sci(CVM) 37369 13.99 –1.71 –10.9 JD.com(JD) 4915986 49.90 –0.95 –1.9
KingsoftCloud(KC) 14370 17.18 –5.92 –25.6 Twilio(TWLO) 4154089 208.62 +19.40 +10.3 Oragenics(OGEN) 31564 0.61 +0.07 +13.8 BeyondMeat(BYND) 4477076 136.80 +2.64 +2.0
SyndaxPharm(SNDX) 11305 16.00 –4.98 –23.7 AT&T(T) 4081358 29.88 +1.57 +5.5 ParkNational(PRK) 30275 65.44 –3.94 –5.7 BookingHldgs(BKNG) 43435461631.30+246.99 +17.8
ForescoutTechs(FSCT) 59415 23.40 –6.12 –20.7 WestPharmSvcs(WST) 4077281 211.44 –2.73 –1.3 AgEagleAerial(UAVS) 29290 1.30 –0.04 –3.0 ZoomVideo(ZM) 4337161 171.06 –3.77 –2.2
scPharm(SCPH) 1649 8.45 –2.17 –20.4 Target(TGT) 4017578 117.49 –3.45 –2.9 VirnetX(VHC) 26904 7.19 +1.36 +23.3 PayPal(PYPL) 4014709 150.86 +5.35 +3.7
ApreaTherap(APRE) 640 29.00 –7.07 –19.6 WellsFargo(WFC) 3712707 24.17 +0.81 +3.5 NewGold(NGD) 24106 1.20 +0.18 +17.6 Roku(ROKU) 3962746 108.51 –4.42 –3.9

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. 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
May 25, 2020 BARRON’S M11

Research Reports
How Analysts Size Up Companies
These reports, excerpted and edited by Barron’s, were issued recently by investment cines, a biotech company focused on frontier Heartland BancCorp • HLAN-OTCQX

targets: key signal transduction proteins for Overweight • Price $55.35 on May 20
and research firms. The reports are a sampling of analysts’ thinking; they should not which there are 1) no available direct inhibi- by Piper Sandler
be considered the views or recommendations of Barron’s. Some of the reports’ issuers tors, or 2) the only direct inhibitors may not
have provided, or hope to provide, investment-banking or other services to the suppress the full range of ways in which We are initiating coverage with a $63 price
companies being analyzed. downstream signaling can drive cancer. target. Our EPS estimates for 2020 and 2021
The company is primarily aiming at the are $5.33 and $6.64, respectively. Based in
RAS and mTOR pathways, two fundamental the Columbus, Ohio, metro area, Heartland
Blackstone Group • BX-NYSE Exxon Mobil’s operating strengths and sig- signaling networks that have been implicated BancCorp has above-peer organic growth in
Buy • Price $51.07 on May 15 nificant size advantages are fully reflected in in a range of aggressive, hitherto intractable a vibrant metro market.
by CFRA its premium valuation, relative to its peers. tumor types. Revolution is advancing an The recently closed Victory Community
Exxon Mobil has an exceptionally strong bal- array of potent, selective, highly specific, and Bank acquisition scaled the balance sheet
We have upgraded Blackstone to Buy from ance sheet, as evidenced by debt ratings of tractable small-molecule candidates. toward $1.5 billion in assets and took the
Hold, on valuation. We view positively the AA/Aa1. It can lean on its balance sheet dur- The company has inked a marquee part- franchise across state lines for the first time,
secular growth opportunities at Blackstone, ing low-commodity-price environments, such nership on its lead asset with Sanofi (ticker: into Kentucky, via the Cincinnati metro mar-
evidenced by 2019 asset inflows that topped as the one we are in. But since 2019, the com- SNY), a top 10 multinational pharma com- ket. The company’s culture of proactively
$134 billion. Though near-term results could pany has not been generating enough free pany with an extensive track record of suc- working with borrowers in times of stress
be uneven amid market uncertainty and cash flow to cover its dividend because of its cessful cancer-drug development. should serve it well today.
volatility, demand for private-equity invest- significant capital spending. A recovery in oil
ments will be fueled by the persistently low prices and the company’s end markets, and/or
interest-rate environment. Blackstone is also a large reduction in capital spending is INSIDER TRANSACTIONS: Recent Filings
poised to deploy its more than $150 billion of needed to support its balance sheet over time. Purchases Sales
$ Val $ Val
unallocated capital in a marketplace where Company /Symbol Insiders Shares (000's) Company /Symbol Insiders Shares (000's)
asset values have become more attractive. Shopify • SHOP-NYSE Aes AES 1 500,000 5,835 Moderna MRNA 5 794,544 57,287
Risks to our recommendation are tied to Hold • Price $778 on May 20 Mercury General MCY 1 67,418 2,576 Sorl Auto Parts SORL 4 11,359,603 53,504
Cortexyme CRTX 1 44,648 2,471 Tyler Technologies TYL 3 117,269 40,347
the business cycle in many industries that by Canaccord Genuity Greenbrier Companies GBX 1 100,000 1,652 Mastercard MA 2 134,022 38,462
Blackstone invests in, as well as global Entercom Communications ETM 1 1,200,000 1,584 Q2 ,QTWO 1 500,000 38,250
macroeconomic risks. Efforts have been made One of the most impressive things about Tutor Perini TPC 2 181,750 1,413 Servicenow NOW 6 94,275 33,967
Annaly Capital Management NLY 1 200,000 1,193 Activision Blizzard ATVI 1 375,000 27,271
to simplify Blackstone’s reporting, but it’s a Shopify is that it has reached such scale that Zions Bancorporation ZION 1 40,000 1,057 Avalara AVLR 7 249,794 24,664
complex company with transparency risks. it can handle a once-in-a-lifetime surge in de- Green Dot GDOT 2 31,000 1,055 Zoom Video Communications ZM 2 147,786 24,349
Lamar Advertising LAMR 1 17,000 991 Twilio TWLO 7 122,477 23,021
Our $55 target price is based on a price/- mand and still not miss a beat in innovation.
Victory Capital VCTR 1 71,000 988 Paylocity PCTY 2 188,135 22,246
earnings ratio of 22.4 times our 2020 It’s guided by the simple mission of mak- Clipper Realty CLPR 2 160,000 917 Hain Celestial HAIN 1 680,426 20,169
earnings-per-share estimate and 15.9 times ing merchants’ lives easier, and Shopify’s Comstock Resources CRK 3 140,000 910 Monster Beverage MNST 3 278,291 18,545
Front Yard Residential RESI 5 128,984 889 Datadog DDOG 3 277,802 18,503
our 2021 estimate, versus the shares’ one- Reunite virtual event highlighted many of the
Casi Pharmaceuticals CASI 1 438,932 867 Apollo Global Management APO 1 385,910 16,024
year average of 17.6 times, and the 16.5 times latest developments. The big splash was the Boston Properties BXP 1 10,000 748 TransunionTRU 1 196,894 15,610
average of nondistressed-asset managers. introduction of Shopify Balance, a business Cornerstone Building Brands CNR 3 172,500 716 Neurocrine Biosciences NBIX 3 119,304 14,285
Carrier Global CARR 1 35,000 610 Advanced Micro Devices AMD 4 255,777 14,120
[The target price is supported] by Black- banking account and card built for the inde- Arch Capital ACGL 1 23,500 576 A10 Networks ATEN 1 2,200,000 13,200
stone’s margins of 24.6% (versus private-eq- pendent small-business entrepreneur. While Sutro Biopharma STRO 3 74,192 575 Paypal PYPL 2 89,621 13,162
uity peers’ 22.2%) and its 2019 conversion to full plans for the product and the financial 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
a corporate structure [from a partnership], ramifications are yet to be discussed, with an 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
which should drive up demand for the shares. initial pool of one million-plus merchants to shares. The "Purchases" column includes only open-market and private purchases; the "Sales" column includes only open-market and private sales,
target, perhaps two-fifths of which are logical and excludes trades preceded by option exercise in the 12 months prior to the reported event. Source: Thomson Reuters

Exxon Mobil • XOM-NYSE adopters, this is another significant expan-

Hold • Price $42 on May 15 sion of the monetization opportunity. INSIDER TRANSACTIONS RATIO
by Edward Jones We are raising our price target from $650
60
to $700, based on a 30 times enterprise value/
The company’s countercyclical growth strat- revenue multiple, applied to our calendar- 50
egy requires increased capital investment year 2021 [sales] estimate of $2.86 billion,
40
that results in a cash flow shortfall after plus approximately $2.2 billion in prospective
Bearish
dividend payments. This strategy is out of net cash. [Our estimate] assumes about 127 30
favor with investors. While a dividend re- million fully diluted shares outstanding. Ratio = 19
20
duction is less likely in 2020, there is
greater potential for one in 2021 if [energy] Revolution Medicines • RVMD-Nasdaq 10
demand doesn’t fully recover, and therefore Buy • Price $35.93 on May 20 Bullish
0
our dividend outlook is At Risk. by H.C. Wainwright M J J A S O N D J F M A M

To be considered for this section, material Initiating at Buy, with $55 price target. We Ratio of Insiders Sales to Buys. Readings under 12:1 are Bullish. Those over 20:1 are Bearish.
should be sent to Research@barrons.com. are initiating coverage of Revolution Medi- The total top 20 sales and buys are 526,985,364 and 27,623,314 respectively; Source: Thomson Reuters
M12
Market View
This commentary was issued recently by money managers, research firms,
and market newsletter writers and has been edited by Barron’s.
”Members of [China’s] Politburo Standing Committee, the most powerful decision-making body, have
become more ideological, more authoritarian, less cosmopolitan, and less technocratic over the years. They
are far less likely to have studied the hard sciences or engineering than their predecessors.” —MATT GERTKEN, BCA
China’s Lack of Reform Means...
Global Investment Strategy
BCA Research
commonwealth.com
May 22: Risk of economic stagnation is why
[Chinese] policy makers at the National Peo-
ple’s Congress this weekend will lay so much
emphasis on “reform and opening up,” even
as they are forced by the pandemic to do the
opposite for now and stimulate the economy
via debt-financed fixed investment.…
Today’s macro and geopolitical context do
not favor liberal reforms, such as occurred in
China in the late 1990s, but the changing
characteristics of China’s elite political lead-
ers reveal a more specific reason that policy
has grown more statist, more “communist,”
and less liberal over the past decade.
Members of the Politburo Standing Com-
mittee, the most powerful decision-making
body, have become more ideological, more au-
thoritarian, less cosmopolitan, and less tech-
nocratic over the years. They are far less
likely to have studied the hard sciences or
engineering than their predecessors, who or-
chestrated China’s Westernizing, capitalist
reforms from the 1980s to the early 2000s.
They lack experience running state-
owned enterprises, which might seem like a
plus, except that the alternative is being a
career politician—a ruler of a province—and
never having run any business at all. Lead-
ers increasingly hail from rural provinces,
as opposed to the wealthy, internationally
savvy coasts. Essentially, the grass-roots in-
terior of the country—the base of the Com-
munist Party—has been reclaiming the
party from the corrupt, liberal, Westerniz-
ing technocrats. And the party is about to
grow even more reactionary.
—MATT GERTKEN
...New Risks for U.S. Investors
First Analysis: Institute Alert
Wells Fargo Investment Institute
wellsfargo.com
May 22: On May 20, 2020, the U.S. Senate
BARRON’S
unanimously approved the Holding Foreign
Companies Accountable Act, a bill that re-
quires non-U.S. firms to follow reporting and
audit requirements prescribed under the Sar-
banes-Oxley Act of 2002. The House of Rep-
resentatives has not yet considered the bill.
This bill is significant, because it eventu-
ally could cause some Chinese companies to
not list their equities on the U.S. stock
exchanges, while some listed companies may
be delisted and others may voluntarily delist
in favor of other markets, such as Hong
Kong and London.…
Investors may have to make an additional
decision as to how to invest in these compa-
nies—i.e., to choose an exchange and possibly
a different investment instrument by which to
invest. For example, an investor who today
holds a stake in a Chinese company via an
American depositary receipt, or ADR, may
need to reconsider whether to invest in that
company on the Hong Kong exchange and not
through an ADR. Of course, changing the do-
micile of the exchange may introduce additional
risk (e.g., the political risk in Hong Kong, and
the lesser, but still material risk of a hard
Brexit, which could diminish London’s status).
We do not believe that U.S. investors need
to switch immediately, but market prices
should move to reflect the additional risk that
some Chinese companies eventually may
forcibly or voluntarily delist from the U.S.
equity exchanges. Additional risk may de-
velop—as there is further geopolitical stress
arising from the other factors driving this
legislation—namely, the ongoing trade dis-
pute, the coronavirus recriminations, and ris-
ing U.S.-China diplomatic tensions in Hong
Kong, Taiwan, and the South China Sea.
—PAUL CHRISTOPHER
Grim Times for Mall REITs
Blog
Green Street Advisors
greenstreetadvisors.com
May 21: Investors in the retail space have
largely focused on rent collection in the sec-
ond quarter as a proxy for the near-term
pain the business would suffer. In the longer
term, the more relevant period on which to
focus, surviving retail concepts will drive
occupancy levels and property values.…
Within the strip-center segment, Green
Street predicts that power centers will fare
better than grocery-anchored centers. This
is because grocery-anchored centers derive
a large percentage of their income from
small businesses and restaurants—a seg-
ment that should be particularly hard hit
through this recession.
Green Street also expects a greater nega-
tive impact on malls than strip centers, given
their dependence on apparel sales. Depart-
ment-store bankruptcies are likely being
pulled forward from the next five years to
the next two, with Green Street now expect-
ing over half of mall-based department stores
to close by the end of 2021. This could trig-
ger co-tenancy clauses for in-line tenants and
accelerate the downfall of many malls across
the country. Mall net operating income
should be about 20% lower than in 2019 when
the dust settles in a few years.
—CEDRIK LACHANCE
ESG Funds Outperform
The Independent Market Observer
Commonwealth Financial Network
commonwealth.com
May 20: Companies that rank favorably from
a corporate governance perspective are gen-
erally those deemed to be higher “quality.”
These companies are typically run in a more
prudent fashion when it comes to how they
manage their balance sheets and reward
their various stakeholders. Higher-quality
companies have shown a tendency to outper-
form over time and, in particular, during pe-
riods of market weakness.
Looking at the relative performance of
environmental, social, and corporate gover-
nance, or ESG, mandates seems to validate
this conclusion. [The] five-year performance
of ESG indexes from MSCI compared with
their traditional benchmarks makes a pretty
compelling argument against the notion that
ESG strategies are handcuffed in any way.
The data were particularly eye-opening in
May 25, 2020
emerging markets, as the MSCI Emerging
Markets ESG Leaders Index was able to
deliver more than two percent of annualized
outperformance over the past five years.
The outperformance of ESG mandates
compared with traditional indexes has been
noteworthy…it turns out that the higher-
quality bias of these mandates has been
helpful in protecting on the downside; 70%
of sustainable equity funds delivered above-
median performance during the selloff in
the first quarter of 2020.
—BRIAN PRICE
A Second-Half Pop for Stocks
The Informed Investor
Piper Sandler
psc.com
May 20: The comeback continues for U.S. eq-
uities, as the narrative has now shifted from
shutting down to reopening the economy. De-
celerating daily Covid-19 cases and encourag-
ing evidence for a timely vaccine have further
fueled optimism. The rear-view mirror has es-
sentially been torn of, as the market has
moved on from a long list of historic economic
wreckage. Washington’s policy response has
also helped alleviate investor anxiety and pro-
vided much-needed stability to the market.
The Federal Reserve has made it clear that it
is “not out of ammunition” and will do “what-
ever it takes” to rescue the economy. On the
fiscal side, Congress has rolled out unprece-
dented support with another potential $3 tril-
lion round of stimulus coming as early as
June. Overall, this backdrop provides the nec-
essary catalysts for a second-half recovery.…
The technical setup suggests that the
lows of the year have been set, and that a
potential pause in price action is likely to
play out before a second-half pop. We reiter-
ate our year-end price objective on the S&P
500 index of 3,600.
—CRAIG W. JOHNSON, ADAM L. TURNQUIST
To be considered for this section, material, with
the author’s name and address, should be sent
to MarketWatch@barrons.com.
May 25, 2020 BARRON’S M13

New York Stock Exchange Composite List

52-Week Tick Div
FIVE-DAY DOW COMPOSITE
NOTICE TO READERS: High Low Name Sym Yld P/E Last Chg. Amt.
123.45 39.36 AsburyAutomotive ABG ... 9 72.07 +9.77 ...
Sign up for the Weekly Market Lab Newsletter: barrons.com/newsletters 4.96 0.47 AshfordHosp AHT .0 dd .65 +0.05 .06 Flying High: The Dow gained 3.3% last week—as optimism about vac-
81.82 38.88 AshlandGlobal ASH 1.7 dd 63.48 +4.41 .275
10.71 4.09 AspenAerogels ASPN ... dd
dd
5.86 –0.03 ... cines, monetary policy and reopenings helped the market ignore rising
Please visit the new Market Lab home page on barrons.com under Data. 34.02
22.60
13.94
10.23
AssetMarkFin
AssociatedBanc
AMK
ASB
...
5.5 8
26.70
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.18 tensions with China. Merck fell 4.3%, while Boeing rose 15%.
www.barrons.com/market-data/market-lab 65.46
142.61
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AC
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2.5
dd
19
39.94
101.37
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50.77 13.64 AssuredGuaranty AGO 3.0 9 26.27 +1.64 .20
57.44 36.15 AstraZeneca AZN 2.5 cc 55.22 +1.81 .95 24680
52-Week Tick Div 52-Week Tick Div 21.13 1.20 AtHomeGroup HOME ... dd 4.33 +1.47 ...
High Low Name Sym Yld P/E Last Chg. Amt. High Low Name Sym Yld P/E Last Chg. Amt. 3.47 0.75 Atento ATTO ... dd .91 +0.09 ...
50.43 13.37 Athene ATH ... 17 26.00 +1.33 ...
22.90 8.74 AmbacFin AMBC ... dd 13.76 +1.20 ... 43.50 10.85 AtkoreIntl ATKR ... 8 24.91 +2.99 ... 24410
A 10.53
5.45
3.24
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AMBC.WT
ABEV
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52.78 8.56 AAR AIR 1.7 14 17.92 +2.68 .075 11.77 5.80 Amcor AMCR 4.8 31 9.60 +0.50 .115 121.08 77.92 AtmosEnergy ATO 2.3 21 98.33 +3.22 .575
25.30 14.71 ABB ABB 3.6 28 18.77 +1.11 .8252 87.66 58.74 Ameren AEE 2.8 22 69.82 +1.06 .495 102.36 5.30 AuroraCannabis ACB ... dd 16.01 +4.81 ...
42.67 19.79 ABMIndustries ABM 2.3 15 32.58 +1.01 .185 26.19 13.11 Ameresco AMRC ... 22 20.94 +2.16 ... 100.10 59.54 Autohome ATHM 1.0 19 74.50 +0.03 .77 24140
11.38 3.51 ACCO Brands ACCO 4.3 5 6.11 +0.51 .065 18.04 10.12 AmericaMovil AMX 2.9 12 12.80 +0.58 .1776 87.01 38.16 Autoliv ALV 3.9 13 63.95 +6.16 .62
36.28 28.50 ADC Therap ADCT ... dd 35.30 +5.65 ... 17.94 10.41 AmericaMovil A AMOV 2.9 12 12.55 +0.07 .1776 53.19 20.59 AutoNation AN ... 29 39.79 +4.09 ...
9.71 3.41 ADT ADT 2.1 dd 6.52 +0.50 .035 49.26 20.15 AmericanAssets AAT 3.2 31 25.17 +0.79 .20 1274.41 684.91 AutoZone AZO ... 17 1122.94 +47.96 ...
52.40 21.76 AECOM ACM ... dd 35.82 +3.80 ... 13.23 2.50 AmericanAxle AXL ... dd 6.94 +1.22 ... 110.32 55.50 Avalara AVLR ... dd 107.02 +4.04 ... 23870
21.23 8.11 AES AES 4.7 28 12.24 +0.49 .1433 50.94 20.13 AmCampus ACC 6.0 32 31.45 +2.98 .47 229.40 118.17 Avalonbay AVB 4.1 27 153.67 +3.32 1.59
57.18 23.07 Aflac AFL 3.2 9 34.70 +1.71 .28 19.90 6.54 AmerEagle AEO .0 8 8.97 +0.93 .1375 57.24 35.62 Avangrid AGR 4.3 18 40.96 +1.28 .44 (Prev Fri's
81.39 35.33 AGCO AGCO 1.2 32 51.84 +6.11 .16 104.97 65.14 AEP AEP 3.6 21 78.78 +0.35 .70 48.07 19.46 AvanosMedical AVNS ... dd 28.17 +1.93 ... Close)
16.70 1.46 AG Mortgage MITT .0 1 2.82 +0.34 .45 58.77 37.05 AmerElecPwrUn AEP.PRB 6.3 ... 49.00 +0.29 .7656 19.59 6.66 Avantor AVTR ... dd 17.83 –0.03 ... +911.95 -390.51 +369.04 -101.78 -8.96
4.07 1.29 AHBeloA AHC 20.4 4 1.57 +0.06 .08 34.16 9.07 AmEqtyLf AEL 1.5 4 19.92 +1.89 .30 15.13 6.13 Avaya AVYA ... dd 14.99 +1.79 ... 23600
13.06 1.95 AMC Ent AMC 2.6 dd 4.58 +0.06 .03 138.13 67.00 AmerExpress AXP 1.9 14 89.33 +7.11 .43 141.09 76.96 AveryDennison AVY 2.2 15 106.45 +5.97 .58 10 12 2 4pm 10 12 2 4pm 10 12 2 4pm 10 12 2 4pm 10 12 2 4pm
89.22 36.65 AMN Healthcare AMN ... 23 43.96 +5.30 ... 115.03 44.01 AmericanFin AFG 3.0 21 59.81 +5.37 .45 53.00 32.09 Avista AVA 4.3 20 38.07 +2.04 .405
11.19 5.87 AMTD Intl HKIB ... ... 7.00 +0.20 ... 29.89 17.50 AmHomes4Rent AMH .8 81 24.18 +1.09 .05 32.20 12.92 AxaltaCoating AXTA ... 20 21.54 +1.84 ...
2.17 0.34 ARC Document ARC 4.9 12 .81 ... .01 58.66 16.07 AIG AIG 4.4 6 28.89 +2.42 .32 30.89 13.69 AxosFinancial AX ... 7 20.28 +1.51 ...
5.70 3.17 ASETech ASX 2.6 16 4.06 –0.29 .1607 16.75 0.38 AIG Wt AIG.WT ... ... .79 +0.17 ... 44.55 5.30 Azul AZUL ... dd 7.96 +2.32 ...
72.66 29.04 ASGN ASGN ... 17 59.81 +7.59 ... 17.89 5.99 AmRltyInv ARL ... dd 7.76 +1.06 ... 16.80 10.10 AzurePowerGlbl AZRE ... dd 15.10 +0.03 ... 52-Week Tick Div 52-Week Tick Div
39.70 26.08 AT&T T 7.0 15 29.88 +1.57 .52 13.80 5.64 AmericanRenal ARA ... dd 6.19 –0.06 ... High Low Name Sym Yld P/E Last Chg. Amt. High Low Name Sym Yld P/E Last Chg. Amt.
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.41
96.64
260.43
65.11
174.32
AmerStWater
AmerTowerREIT
AWR
AMT
1.5
1.7
34
57
79.61
242.43
+4.65
+12.85
.305
1.10 B 55.26 25.00 BerryGlobal BERY ... 13 40.72 +0.64 ... 50.74 23.22 BrookfieldInfr BIP 4.9 cc 39.21 +0.77 .485
50.36 19.31 AZZ AZZ 2.2 17 31.28 +3.14 .17 19.60 11.35 AmerVanguard AVD .7 35 12.15 –0.26 .02 91.99 48.11 BestBuy BBY 2.9 14 76.92 –1.69 .55 57.69 30.09 BrookfieldRenew BEP 4.5 dd 48.50 +0.64 .5425
141.70 92.00 AmerWaterWorks AWK 1.8 35 120.71 +2.95 .55 25.20 10.39 B&G Foods BGS 8.5 16 22.27 –1.72 .475 33.15 10.13 BigLots BIG 3.7 5 32.43 +4.08 .30 48.69 30.70 Brown&Brown BRO .9 25 38.42 +1.42 .085
78.65 13.01 Aaron's AAN .5 dd 33.98 +2.68 .04 dd
100.00 61.61 AbbottLabs ABT 1.6 46 91.47 +1.58 .36 40.42 23.30 AmericoldRealty COLD 2.4 90 34.69 +0.75 .21 5.13 1.11 BBX CapitalA BBX .0 1.73 +0.14 .0125 674.99 250.50 BiglariA BH.A ... dd 320.88 +56.10 ... 68.15 41.03 Brown-Forman A BF.A 1.2 33 58.52 –2.47 .1743
97.86 62.55 AbbVie ABBV 5.1 16 92.10 +1.39 1.18 180.85 80.01 Ameriprise AMP 3.1 5 132.46 +10.48 1.04 49.58 31.66 BCE BCE 6.1 16 39.07 +0.17 .6008 124.99 37.85 BiglariB BH ... dd 58.86 +6.88 ... 72.85 44.68 Brown-Forman B BF.B 1.1 36 64.78 –1.54 .1743
25.74 7.42 Abercrombie&Fitch ANF 6.8 19 11.81 +0.67 .20 97.50 72.06 AmerisourceBrgn ABC 1.8 12 93.14 +7.39 .42 6.54 4.10 BEST BEST ... dd 4.95 –0.18 ... 97.84 23.61 Bill.com BILL ... dd 66.57 –10.70 ... 66.32 25.22 Brunswick BC 1.8 cc 53.19 +2.61 .24
29.55 9.59 AcadiaRealty AKR .0 31 11.40 +1.09 .29 102.31 54.82 Ametek AME .8 21 85.90 +6.31 .18 22.38 5.69 BG Staffing BGSF 1.9 9 10.38 +1.32 .05 67.86 26.56 BiohavenPharm BHVN ... dd 58.38 +11.12 ... 28.52 11.76 Buckle BKE .0 7 14.72 +0.49 1.25
13.35 5.22 AccelEnt ACEL ... dd 9.20 +0.91 ... 25.00 3.64 AmiraNatureFds RYCE ... ... 11.89 –1.51 ... 59.02 29.78 BHP Group BHP 6.3 12 45.50 +4.15 1.30 479.94 281.66 Bio-RadLab A BIO ... 9 472.45 +5.73 ... 17.85 5.12 Buenaventura BVN 1.0 dd 8.04 –0.31 .027
3.30 0.85 AccelEntWt ACEL.WT ... ... 1.74 –0.02 ... 8.53 2.27 AmnealPharm AMRX ... dd 4.69 +0.57 ... 51.87 23.64 BHP Group BBL 7.5 10 37.91 +3.52 1.30 475.29 287.85 Bio-RadLab B BIO.B ... 9 466.33 –8.96 ... 6.29 1.01 Build-A-Bear BBW ... cc 1.97 +0.09 ...
216.39 137.15 Accenture ACN 1.7 25 193.71 +9.83 .80 4.92 1.94 Ampco-Pitt AP ... dd 3.28 +0.15 ... 38.35 18.84 BJ'sWholesale BJ ... 21 37.09 +8.66 ... 15.48 9.60 Bitauto BITA ... dd 11.59 +0.93 ... 59.65 29.00 Bunge BG 5.7 dd 35.38 +1.05 .50
29.11 7.96 AcornIntl ATV ... 4 13.85 +1.76 ... 110.24 63.05 Amphenol APH 1.1 25 90.80 +8.49 .25 17.08 6.41 BP Midstream BPMP 11.0 8 12.36 +0.84 .3475 87.12 48.07 BlackHills BKH 3.6 19 59.03 +3.12 .535 250.89 105.67 BurlingtonStrs BURL ... 29 202.35 +34.57 ...
143.55 67.46 AcuityBrands AYI .6 11 84.78 +7.44 .13 7.91 0.49 AmplifyEnergy AMPY .0 dd 1.12 +0.19 .10 42.70 15.51 BP BP 10.9 19 22.98 +1.16 .63 76.44 50.01 BlackKnight BKI ... 84 74.55 +0.95 ... 20.73 8.13 BylineBancorp BY 1.1 9 11.12 +1.64 .03
33.50 20.65 Acushnet GOLF 2.0 25 31.15 +2.92 .155 7.00 3.98 Amrep AXR ... dd 4.28 +0.06 ... 19.24 2.77 BP Prudhoe BPT 31.1 3 4.21 –0.31 .4242 16.67 4.04 BlackStoneMin BSM 4.8 5 6.64 +0.52 .08
8.70
29.28
3.31
5.90
Adecoagro
Adient
AGRO
ADNT
...
...
dd
dd
4.10
16.84
+0.47
+0.95
...
...
63.71
28.00
26.04
11.46
Anaplan
AngloGoldAsh
PLAN
AU
...
...
dd
dd
51.06
25.45
+7.95
–2.30
...
...
9.96
18.75
2.27
6.00
BRF
BRT Apartments
BRFS
BRT
...
9.2
cc
cc
3.91
9.55
+0.02
+0.64
...
.22
9.09
576.81
2.70
323.98
BlackBerry
BlackRock
BB
BLK
...
2.8
dd
19
4.54
513.30
+0.12
–0.43
...
3.63 C
51.79 19.76 AdtalemGlbEduc ATGE ... 8 32.96 +1.05 ... 102.70 32.58 AB InBev BUD ... 9 40.90 +0.93 ... 10.03 9.97 B.Riley II BMRG.UT ... ... 10.00 ... ... 64.97 33.00 Blackstone BX 3.7 73 53.95 +2.88 .39
13 70.57 40.40 BWX Tech BWXT 1.3 20 57.05 +2.05 .19 40.62 12.67 BlackstoneMtg BXMT 10.7 17 23.10 +1.83 .62 288.59 156.15 CACI Intl CACI ... 22 242.14 +8.59 ...
171.43 71.33 AdvanceAuto AAP .7 24 133.48 +7.42 .25 99.39 52.94 AnixterIntl AXE ... 94.44 +0.43 ...
29.57 10.13 CAI Intl CAI ... cc 17.54 +1.96 ...
33.15 28.55 AdvDisposalSvcs ADSW ... dd 31.94 –0.73 ... 10.50 3.51 AnnalyCap NLY 15.8 dd 6.34 +0.53 .25 5.45 0.77 Babcock&Wilcox BW ... dd 2.47 +0.67 ... 29.62 11.29 BlockHR HRB 6.1 9 16.94 +1.31 .26
70.83 41.50 BadgerMeter BMI 1.1 37 61.10 +5.10 .17 14.51 2.44 BloomEnergy BE ... dd 7.92 –0.11 ... 25.34 9.39 CBD Pao CBD 1.3 82 10.28 +0.89 .1052
51.60 22.13 AdvDrainageSys WMS .8 dd 44.96 +6.24 .09 13.15 1.69 AnteroMidstream AM 28.6 dd 4.30 +0.69 .3075
18
11 7.18 0.64 AnteroResources AR ... dd 3.22 +0.72 ... 0.32 0.12 BainCapRt BCSF.RT ... ... .16 –0.09 ... 28.84 2.01 BlueApron APRN ... dd 8.27 +0.46 ... 28.73 16.85 CBIZ CBZ ... 22.27 +1.11 ...
27.22 8.06 AdvanSix ASIX ... 11.15 +0.60 ...
5.18 1.80 Aegon AEG 5.7 ... 2.46 +0.23 .1735 312.48 171.03 Anthem ANTM 1.4 15 277.11 –0.98 .95 25.99 9.12 BakerHughes BKR 4.8 dd 15.12 +1.36 .18 12.06 3.25 BluegreenVac BXG .0 15 4.05 +0.24 .13 1.78 0.18 CBL Assoc CBL ... dd .22 +0.02 ...
3 4.04 0.79 AnworthMtg ANH 22.6 dd 1.55 +0.10 .05 82.82 51.26 Ball BLL .9 46 64.51 +2.28 .15 35.40 3.60 BlueLinx BXC ... dd 5.96 +1.28 ... 64.75 29.17 CBRE Group CBRE ... 11 40.30 +4.31 ...
64.86 10.42 AerCap AER ... 28.80 +3.52 ...
57.27 34.01 AerojetRocket AJRD ... 25 40.19 +1.55 ... 238.19 143.93 Aon AON .9 28 191.97 +0.30 .44 19.12 6.44 BancCalifornia BANC 2.3 dd 10.65 +2.26 .06 391.00 89.00 Boeing BA .0 dd 137.53 +17.53 2.055 10.19 9.14 CC Neuberger I PCPL.UT ... ... 10.15 ... ...
94.07 44.37 AffiliatedMgrs AMG .1 16 64.46 +1.93 .01 33.77 3.80 Apache APA .8 dd 12.17 +1.56 .025 12.58 2.10 BancoBBVA BBAR ... 1 3.69 +0.31 ... 41.14 20.08 BoiseCascade BCC 1.3 15 31.58 +2.06 .10 55.15 19.73 CF Industries CF 4.3 13 27.59 +2.77 .30
90.64 61.13 AgilentTechs A .8 39 84.98 +3.39 .18 55.68 24.53 ApartmtInv AIV 4.6 27 35.90 +2.29 .41 5.80 2.64 BancoBilbaoViz BBVA 8.2 5 2.82 +0.03 .1101 26.75 8.25 BonanzaCreekEner BCEI ... 2 16.27 +0.25 ... 87.13 46.32 CGI GIB ... 18 62.25 +2.01 ...
69.66 31.00 AgnicoEagle AEM 1.2 38 65.65 –3.28 .20 34.80 2.89 Apergy APY ... dd 8.65 +0.20 ... 8.62 2.58 BancoBradesco BBDO 5.0 5 3.05 +0.34 .003 48.11 8.03 BootBarn BOOT ... 13 20.94 +1.82 ... 53.40 12.02 CIT Group CIT 8.7 dd 16.03 +1.76 .35
80.51 45.23 AgreeRealty ADC 3.9 32 62.06 +2.56 .60 7.68 1.95 Aphria APHA ... 45 4.04 +0.68 ... 30.03 12.50 BancodeChile BCH 3.8 10 16.56 +0.48 .5131 82.00 54.37 BoozAllen BAH 1.4 25 75.81 +5.03 .31 10.28 9.14 CITICCapAcqn CCAC.UT ... ... 9.89 –0.09 ...
49.96 8.41 AirLease AL 2.2 5 26.73 +4.68 .15 12.99 4.30 APi Group APG ... ... 10.65 +1.30 ... 22.85 7.73 Bladex BLX 8.9 5 11.21 +0.13 .25 46.60 17.00 BorgWarner BWA 2.3 9 29.84 +2.07 .17 10.58 9.51 CITICCapAcqnA CCAC ... ... 9.51 –0.24 ...
257.01 167.43 AirProducts APD 2.3 27 234.35 +6.31 1.34 19.76 4.12 ApolloComRlEst ARI 19.3 71 8.27 +1.25 .40 77.31 13.59 BancoMacro BMA ... 2 20.80 +2.08 ... 12.75 0.24 BorrDrilling BORR ... dd .69 +0.13 ... 0.53 0.30 CITICCapAcqnWt CCAC.WT ... ... .53 +0.07 ...
132.96 70.99 AlamoGroup ALG .5 18 94.83 +7.31 .13 52.67 19.46 ApolloGlbMgmt APO 5.1 dd 45.21 +4.52 .42 12.85 3.69 BancSanBrasil BSBR 13.4 8 4.50 +0.53 .0446 533.59 290.02 BostonBeer SAM ... 60 520.19 +20.24 ... 69.17 46.03 CMS Energy CMS 2.9 22 55.59 +1.91 .4075
8.77 3.34 AlamosGold AGI ... 48 8.24 –0.25 ... 16.88 4.48 AppleHospREIT APLE .0 16 9.15 +0.99 .10 30.47 11.43 BcoSantChile BSAC ... 9 15.90 +0.72 ... 147.83 71.57 BostonProps BXP 5.0 13 78.01 +3.06 .98 51.30 25.18 CNA Fin CNA 5.0 14 29.65 +3.65 .37
72.22 20.02 AlaskaAir ALK .0 7 31.02 +5.39 .375 70.62 30.66 AppliedIndlTechs AIT 2.3 65 55.20 +5.08 .32 8.01 2.52 BcoSantMex BSMX 10.7 4 2.93 +0.26 .1855 46.62 24.10 BostonSci BSX ... 12 35.91 +1.08 ... 11.99 5.06 CNH Indl CNHI ... 7 5.50 ... ...
92.05 30.46 AlbanyIntl AIN 1.4 16 55.41 +5.63 .19 126.20 79.84 Aptargroup ATR 1.4 30 105.10 +3.60 .36 4.74 1.90 BancoSantander SAN 12.2 5 2.08 +0.11 .109 19.95 8.64 Box BOX ... dd 19.09 +1.92 ... 20.93 8.79 CNO Financial CNO 3.6 6 13.31 +1.04 .12
99.40 48.89 Albemarle ALB 2.3 14 68.11 +6.76 .385 99.04 29.22 Aptiv APTV .0 8 71.89 +7.82 .22 56.10 16.27 BanColombia CIB 5.0 5 23.06 +0.25 .4631 36.22 6.44 BoydGaming BYD .0 dd 19.69 +3.67 .07 181.13 81.11 CNOOC CEO 8.0 6 112.69 +4.10 5.804
24.63 5.16 Alcoa AA ... dd 8.21 +1.55 ... 47.22 9.65 Aramark ARMK 1.8 56 24.56 +0.57 .11 32.97 17.21 BancorpSouth BXS 3.6 10 20.44 +1.96 .185 59.11 33.00 Brady BRC 1.8 22 49.07 +7.85 .2175 16.94 5.20 CNX Midstream CNXM 17.2 3 7.48 +1.10 .0829
65.37 39.37 Alcon ALC ... dd 60.95 +4.06 ... 15.77 3.54 ArborRealty ABR 15.1 17 7.89 +1.43 .30 35.72 17.95 BankofAmerica BAC 3.2 9 22.66 +1.22 .18 12.14 1.14 BraemarHtls BHR .0 dd 2.64 +0.45 .16 14.19 4.26 CNX Resources CNX ... dd 10.38 +0.64 ...
25.38 8.32 Alexander&Baldwin ALEX .0 dd 10.91 +0.80 .19 18.89 6.64 ArcelorMittal MT ... dd 9.03 +0.52 ... 38.05 13.76 BankofButterfield NTB 7.9 7 22.22 +2.11 .44 16.25 7.48 BrandywineRealty BDN 8.2 44 9.22 +0.65 .19 16.72 3.95 CONSOL Coal CCR .0 4 4.21 +0.11 .5125
394.70 223.03 Alexanders ALX 7.4 26 241.97 +16.84 4.50 97.80 21.80 ArchResources ARCH .0 4 31.78 +2.74 .50 95.68 46.70 BankofHawaii BOH 4.4 12 61.07 +4.60 .67 4.98 2.50 BrasilAgro LND 5.7 9 3.54 +0.03 .2028 27.81 3.35 CONSOL Energy CEIX ... 3 6.93 +0.96 ...
175.74 109.22 AlexandriaRlEst ARE 2.8 69 146.99 +5.56 1.03 47.20 28.92 ArcherDaniels ADM 4.1 13 35.38 +1.26 .36 79.93 38.31 BankofMontreal BMO ... 7 45.90 +1.59 ... 21.74 3.86 Braskem BAK 4.0 dd 9.34 +1.20 .3753 40.88 17.73 CRH CRH 3.0 13 29.92 +2.06 .7042
16.85 9.53 AlgonquinPwr AQN 4.6 18 13.43 +0.12 .1551 11.43 2.09 Archrock AROC 9.9 48 5.88 +0.84 .145 51.60 26.40 BankNY Mellon BK 3.6 7 34.50 +2.44 .31 10.51 1.50 Briggs&Stratton BGG .0 dd 1.61 +0.02 .05 34.29 17.92 CTS CTS .8 24 20.87 +2.03 .04
231.14 147.95 Alibaba BABA ... 21 199.70 –3.98 ... 15.00 5.80 Arconic ARNC ... ... 12.84 +4.50 ... 58.22 31.94 BkNovaScotia BNS 7.0 7 36.54 +1.10 .6801 23.29 5.86 BrighamMin MNRL 11.0 36 12.80 –0.40 .37 16.99 3.43 Curo CURO 3.3 3 6.62 +0.54 .055
847.95 426.87 Alleghany Y .0 cc 500.96 +42.44 15.00 8.41 2.96 ArcosDorados ARCO 1.7 46 3.44 +0.26 .03 37.60 13.47 BankUnited BKU 5.8 7 15.88 +1.89 .23 176.98 64.23 BrightHorizons BFAM ... 37 106.04 +6.91 ... 55.52 13.81 CVR Energy CVI 7.7 11 20.79 +2.36 .40
25.66 4.95 AlleghenyTechs ATI ... 4 7.85 +0.95 ... 47.85 28.14 Arcosa ACA .6 15 35.72 +3.42 .05 10.22 3.41 Barclays BCS 2.9 ... 5.03 +0.32 .148 10.47 5.51 BrightScholarEduc BEDU 1.3 21 6.87 +0.10 .088 4.13 0.60 CVR Partners UAN 22.9 dd .92 +0.04 .07
139.24 77.37 Allegion ALLE 1.4 28 94.29 +1.35 .32 37.41 6.30 ArcusBiosci RCUS ... dd 35.78 +0.75 ... 10.59 4.67 BaringsBDC BBDC 9.2 dd 6.93 +0.34 .16 12.12 3.61 BrightSphere BSIG .5 4 8.34 +0.54 .01 77.03 52.04 CVS Health CVS 3.2 11 63.33 +0.14 .50
88.60 48.22 Allete ALE 4.6 15 53.49 +3.89 .6175 21.54 9.20 Ardagh ARD 5.1 cc 11.72 +0.85 .15 5.10 1.11 Barnes&NobleEduc BNED ... dd 1.29 –0.04 ... 20.27 6.85 BrightView BV ... 60 13.66 +1.21 ... 2044.41 1031.39 CableOne CABO .5 49 1776.00 –59.24 2.25
159.41 20.51 AllianceData ADS 2.0 dd 42.05 +3.87 .21 9.79 3.73 ArdmoreShipping ASC .0 dd 5.25 +0.41 .05 68.60 30.22 BarnesGroup B 1.8 12 35.88 +3.14 .16 47.57 7.00 BrinkerIntl EAT .0 8 24.49 +4.78 .38 50.58 20.00 Cabot CBT 4.1 19 34.26 +5.16 .35
36.06 13.24 AllianceBernstein AB 11.0 9 24.27 +3.00 .64 17.72 2.78 AresCommRealEst ACRE 18.3 16 7.20 +1.04 .33 28.50 11.65 BarrickGold GOLD 1.1 11 26.32 –1.72 .07 97.12 33.17 Brink's BCO 1.5 cc 40.47 +3.02 .15 25.85 13.06 CabotOil COG 2.1 17 18.90 +0.65 .10
49.73 26.15 AllisonTransm ALSN 1.9 7 35.71 +1.92 .17 41.88 20.20 AresMgmt ARES 4.6 92 35.06 +1.43 .40 31.97 11.15 BauschHealth BHC ... dd 17.76 +2.02 ... 68.34 42.48 Bristol-Myers BMY 3.0 75 60.79 –3.30 .41 35.28 8.16 Cactus WHD 2.0 11 17.95 +1.54 .09
125.92 64.13 Allstate ALL 2.3 8 94.82 –0.56 .54 48.30 29.91 Argan AGX 2.7 dd 37.43 +3.37 .25 95.19 69.10 BaxterIntl BAX 1.1 44 86.93 –0.23 .245 4.76 1.94 Bristol-MyersRt BMY.RT ... ... 2.92 –0.03 ... 21.21 4.63 CadenceBancorp CADE 2.9 dd 6.84 +1.09 .05
35.42 10.22 AllyFinancial ALLY 4.8 6 15.89 +0.65 .19 76.47 25.00 ArgoGroup ARGO 4.1 dd 30.35 +2.13 .31 1.78 0.19 BaytexEnergy BTE ... dd .30 +0.04 ... 0.74 0.27 Bristol-MyersRt CELG.RT .0 ... .46 +0.01 .1479 31.56 9.80 CAE CAE .0 14 13.56 –0.12 .0832
19.84 7.74 AlpineIncmProp PINE 6.7 ... 11.89 +0.35 .20 289.45 156.63 AristaNetworks ANET ... 22 220.17 +9.72 ... 17.23 4.39 BeazerHomes BZH ... 10 9.22 +2.14 ... 45.64 27.32 BritishAmTob BTI 6.8 12 38.84 +1.50 .6721 24.87 3.12 Caleres CAL 4.1 4 6.77 +0.87 .07
10.80 3.59 AltaEquipment ALTG ... dd 6.64 +1.04 ... 7.15 1.40 ArlingtonAsset AI .0 dd 2.33 +0.09 .225 286.72 197.75 BectonDicknsn BDX 1.3 72 239.25 –19.00 .79 22.74 7.51 BrixmorProp BRX .0 12 10.83 +1.48 .285 20.78 0.85 CaliforniaRscs CRC ... dd 1.44 –0.05 ...
1.84 0.39 AltaEquipWt ALTG.WT ... ... .95 +0.22 ... 5.13 1.20 ArloTech ARLO ... dd 2.41 +0.18 ... 61.05 25.54 Belden BDC .6 dd 31.02 +3.14 .05 12.81 5.44 BroadmarkRealty BRMK 12.2 67 7.87 +0.57 .06 57.48 39.74 CalWtrSvc CWT 1.9 43 45.17 +2.03 .2125
160.11 75.17 Alteryx AYX ... cc 148.60 +18.65 ... 19.43 6.40 ArmadaHoffler AHH .0 19 7.69 +0.62 .22 24.03 13.56 BellRingBrands BRBR ... 10 19.38 –0.28 ... 1.84 0.15 BroadmarkRltyWt BRMK.WT ... ... .25 +0.02 ... 12.82 5.60 Calix CALX ... dd 12.63 +1.66 ...
31.78 15.96 AlticeUSA ATUS ... 97 24.16 +1.11 ... 21.15 4.95 ArmourRes ARR 13.5 dd 8.01 +0.79 .09 37.36 14.06 BenchmarkElec BHE 3.1 58 20.35 +1.34 .16 136.99 81.90 BroadridgeFinl BR 1.8 33 116.81 +1.26 .54 22.33 4.75 CallawayGolf ELY .3 24 14.94 +2.00 .01
53.11 30.95 Altria MO 8.9 dd 37.73 +1.14 .84 11.68 1.12 ArmstrongFlooring AFI ... dd 2.97 +0.63 ... 79.92 43.05 Berkley WRB .8 22 56.45 +8.72 .11 8.80 1.47 BrookdaleSrLiving BKD ... 4 3.31 +0.46 ... 7.20 0.38 CallonPetrol CPE ... 1 .74 +0.04 ...
9.20 4.61 AlumofChina ACH ... 52 4.79 +0.01 ... 111.46 62.03 ArmstrongWorld AWI 1.1 dd 71.31 +2.78 .20 347400 239440 BerkHathwy A BRK.A ... 44 263094 +9593.20 ... 45.61 21.57 BrookfieldMgt BAM 1.6 25 30.30 +0.35 .12 120.73 62.48 CamdenProperty CPT 3.7 39 88.58 +4.78 .83
10.33 9.51 AlussaEnergy ALUS.UT ... cc 9.95 +0.02 ... 85.80 39.25 ArrowElec ARW ... dd 66.51 +4.85 ... 231.61 159.50 BerkHathwy B BRK.B ... 44 174.93 +5.68 ... 46.88 18.60 BrookfieldBusPtr BBU .9 dd 28.88 +1.42 .0625 11.26 5.30 Cameco CCJ .6 71 9.95 +0.11 .0608
10.29 9.25 AlussaEnergyA ALUS ... ... 9.65 –0.01 ... 38.09 17.69 ArtisanPtrsAsset APAM 9.1 10 27.96 +1.17 .61 33.72 9.15 BerkshireHills BHLB 9.2 10 10.49 +0.62 .24 47.81 32.54 BrookfieldInfr BIPC 4.4 ... 44.10 +0.39 .485 57.54 35.27 CampbellSoup CPB 2.9 29 48.35 –5.18 .35

The Week’s Statistics Bonus Tables: M33

Barron's 50-Stock Average ............. 31
Cash Track ..................................... 24
Charting the Market ......................
Closed-End Funds.......................... 28
Coming Earnings ........................... 32
Conference Call Calendar............... 33
Delta Tactical Sentiment ................ 31
Distributions & Offerings ............... 33
Dividend Boosts - Reductions......... 35
Dividend Ex-Payment Dates ........... 35 Gold & Silver Prices......................... 34 N.Y. Stock Exchange ...................... 13 Stock Volume ................................ 31
DJ Averages ................................... 30 Gold Mining Index ......................... 34 Nasdaq National Market................ 17 Top Savings Deposit Yields............. 29
9 DJ U.S. Total Market Industry Groups 32 Indexes P/Es & Yields ...................... 31 New Corporate Listings ................. 35 Trading Diary ................................. 30
Dow Jones Averages ...................... 30 Initial Public Offerings.................... 32 New Highs & Lows ......................... 33 Vital Signs...................................... 2
Investor Sentiment Readings ......... 34 Week In Stocks............................... 31
Dow Jones Per Share Values ........... 31 NYSE Half-Hourly Volume .............. 32
Key Foreign Market Indexes ........... 23 Weekly Bond Statistics................... 34
Exchange Traded Portfolios ........... 20 Other Market Indexes .................... 30
Market Lab .................................... 30 Winners & Losers Stocks ................ 10
Federal Reserve Data Bank ............. 34 Pulse of the Economy..................... 32
Money Rates, U.S. & Foreign .......... 34
Foreign Exchange .......................... 34 Money Supply ............................... 34 SEC Form 144 Filings ...................... 31 For statistical queries please contact the
Global Stock Markets..................... 23 Statistics Team: 609-520-4799
Mutual Funds ................................ 24 Stock Splits - Special Dividends ...... 35 or email: barronsstats@barrons.com
M14 BARRON’S May 25, 2020

New York Stock Exchange Composite List

52-Week Tick Div 52-Week Tick Div 52-Week Tick Div 52-Week Tick Div 52-Week Tick Div
High Low Name Sym Yld P/E Last Chg. Amt. High Low Name Sym Yld P/E Last Chg. Amt. High Low Name Sym Yld P/E Last Chg. Amt. High Low Name Sym Yld P/E Last Chg. Amt. High Low Name Sym Yld P/E Last Chg. Amt.
20.96 3.40 CampingWorld CWH 1.6 dd 19.99 +4.13 .0732 22.72 7.63 ColumbiaProperty CXP 7.0 dd 12.04 +0.56 .21 58.32 31.08 Donaldson DCI 1.9 22 45.12 +2.99 .21 2.97 0.85 FGL Wt FG.WT ... ... 2.23 +0.11 ... 10.92 10.00 GigCapital2Un GIX.UT ... cc 10.40 –0.02 ...
51.71 12.94 CanadaGoose GOOS ... 19 20.60 +1.38 ... 74.11 24.28 Comerica CMA 8.3 6 32.65 +2.61 .68 14.77 4.04 DonnelleyFin DFIN ... 6 7.23 +0.55 ... 108.77 56.77 FMC FMC 1.9 26 93.30 +5.28 .44 0.50 0.10 GigCapital2Wt GIX.WT ... ... .27 –0.01 ...
87.62 46.45 CIBC CM 7.1 7 58.91 +2.71 1.0908 53.66 27.54 ComfortSystems FIX 1.2 11 33.80 +3.19 .105 16.68 6.08 DorianLPG LPG ... 6 7.83 +0.30 ... 12.93 5.05 FNB FNB 6.8 7 7.02 +0.69 .12 40.40 9.42 Gildan GIL .0 20 13.25 +0.75 .154
96.53 65.13 CanNtlRlwy CNI 2.0 18 82.44 +4.46 .4097 24.04 10.76 CommercialMetals CMC 3.0 6 16.20 +1.39 .12 56.89 24.12 DouglasDynamics PLOW 3.4 19 32.78 +3.50 .28 6.38 1.90 FS KKR Cap FSK 17.7 dd 3.39 +0.22 .15 19.03 9.44 Glatfelter GLT 3.6 dd 14.90 +1.21 .135
32.79 6.71 CanNaturalRes CNQ 6.8 9 18.13 +1.12 .2938 72.63 47.01 CommBkSys CBU 2.9 18 55.92 +3.99 .41 45.59 23.16 DouglasEmmett DEI 4.0 13 27.72 +2.38 .28 144.10 80.59 FTI Consulting FCN ... 21 115.40 +0.46 ... 84.65 23.31 Glaukos GKOS ... dd 37.50 +1.95 ...
275.13 173.26 CanPacRlwy CP ... 18 241.13 +20.90 ... 7.47 1.79 CommunityHlthSys CYH ... dd 3.20 +0.48 ... 120.26 62.95 Dover DOV 2.2 18 89.77 +4.83 .49 71.22 42.33 Fabrinet FN ... 20 62.67 +7.72 ... 48.25 31.43 GSK GSK 4.8 17 40.89 –0.02 .567
9.82 4.52 Cango CANG ... 14 5.02 –0.02 ... 52.33 20.12 CommunityHlthcr CHCT 4.3 80 38.87 +4.20 .42 2.09 1.06 DoverMotorsports DVD 7.6 10 1.32 +0.11 .10 310.25 195.22 FactSet FDS 1.1 31 289.34 +8.28 .77 6.98 2.57 GlobalCordBlood CO ... 5 2.69 +0.05 ...
44.87 20.51 Cannae CNNE ... 4 34.87 +1.50 ... 15.40 5.54 SABESP SBS 2.6 7 7.82 +1.31 .2518 56.25 21.95 Dow DOW 7.8 dd 36.12 +2.56 .70 436.69 177.65 FairIsaac FICO ... 51 389.40 +37.04 ... 15.95 6.98 GlobalMedREIT GMRE 7.2 cc 11.12 +1.59 .20
30.12 19.13 Canon CAJ 6.4 20 19.87 –0.14 .7255 5.00 1.30 EngGr-Cmg C CIG.C 8.6 5 1.72 +0.21 .0574 53.64 33.33 DrReddy'sLab RDY .5 31 51.41 +1.75 .2822 6.10 0.81 FangHoldings SFUN ... dd 1.08 +0.12 ... 21.71 8.77 GlobalNetLease GNL 11.5 37 13.92 +1.14 .40
45.78 9.00 CanopyGrowth CGC ... dd 19.42 +3.56 ... 4.11 1.28 EngGr-Cmg CIG 8.7 5 1.71 +0.26 .0574 56.71 23.91 Dril-Quip DRQ ... dd 27.06 +1.70 ... 11.75 9.86 FarPointAcqnA FPAC ... cc 10.24 +0.06 ... 21.62 6.30 GlobalPtnrs GLP 19.3 14 10.14 +0.29 .3938
93.87 20.81 CantelMedical CMD .0 71 34.61 +1.77 .105 18.15 8.28 COPEL ELP 5.5 6 10.62 +0.84 .4881 5.31 0.86 DriveShack DS ... dd 2.01 +0.89 ... 12.68 9.02 FarPointAcqnUn FPAC.UT ... ... 10.35 +0.17 ... 209.62 105.54 GlobalPayments GPN .4 83 176.75 +6.88 .195
107.59 38.00 CapitalOne COF 2.7 12 60.21 +2.18 .40 4.71 1.02 CiaSiderurgica SID ... 14 1.47 +0.14 ... 57.84 16.27 Ducommun DCO ... 11 30.68 +5.11 ... 2.68 0.20 FarPointAcqnWt FPAC.WT ... ... .51 +0.11 ... 9.25 2.61 GlobalShipLease GSL ... 2 4.46 +0.36 ...
5.64 0.45 CapitalSrLiving CSU ... dd .61 ... ... 29.40 11.25 CerveceriasUnid CCU 3.1 16 13.44 +0.52 .2731 103.79 62.13 DukeEnergy DUK 4.5 16 83.23 +2.04 .945 23.43 5.99 Farfetch FTCH ... dd 13.85 –0.25 ... 141.67 70.83 Globant GLOB ... 94 137.00 +14.41 ...
40.21 5.42 Capri CPRI ... 6 14.50 +1.63 ... 26.37 10.78 CompassDiversif CODI 8.6 dd 16.65 +1.25 .36 38.88 25.19 DukeRealty DRE 2.8 30 33.28 +2.45 .235 7.22 5.05 FarmlandPtrs FPI 2.9 cc 6.92 +0.50 .05 111.43 56.74 GlobeLife GL 1.0 11 72.54 +3.78 .1875
9.25 1.97 CapsteadMtg CMO 10.5 dd 5.12 +0.40 .15 66.14 34.39 CompassMnlInt CMP 6.0 20 48.30 +5.79 .72 77.03 28.33 DuPont DD 2.5 dd 48.69 +3.24 .30 45.53 10.63 Fastly FSLY ... dd 41.08 +1.58 ... 60.15 33.41 GlobusMedical GMED ... 38 55.11 +9.29 ...
60.69 39.05 CardinalHealth CAH 3.6 dd 53.59 +4.64 .4859 10.70 4.05 ComstockRscs CRK ... 9 4.99 +0.34 ... 60.55 12.24 DycomInds DY ... cc 39.62 +10.16 ... 88.46 40.05 FedAgriMtg C AGM 5.1 8 63.17 +5.10 .80 78.99 40.25 GoDaddy GDDY ... 81 75.66 –0.85 ...
169.86 97.55 Carlisle CSL 1.7 15 115.38 +10.31 .50 35.59 22.83 ConagraBrands CAG 2.6 21 32.68 –1.49 .2125 2.50 0.98 DynagasLNG DLNG ... 74 1.52 –0.06 ... 141.35 64.11 FederalRealty FRT 5.4 17 78.49 +6.47 1.05 8.67 3.79 GoldFields GFI 1.0 42 7.91 –0.56 .0406
103.18 37.59 CarMax KMX ... 15 81.55 +5.75 ... 107.69 33.13 ConchoRscs CXO 1.4 dd 55.83 +1.57 .20 39.00 17.05 Dynatrace DT ... dd 37.00 +3.97 ... 35.75 23.32 FederalSignal FSS 1.1 15 27.91 +1.51 .08 22.50 8.00 GoldmanSachsBDC GSBD 11.3 dd 15.99 +0.62 .45
53.86 7.80 Carnival CCL .0 5 14.46 +1.68 .50 2.92 1.34 ConcordMed CCM ... dd 1.50 –0.10 ... 20.34 7.04 DynexCapital DX 13.9 dd 12.98 +0.49 .15 38.26 13.06 FederatedHermes FHI 5.0 8 21.74 +1.54 .27 250.46 130.85 GoldmanSachs GS 2.8 10 179.93 +8.06 1.25
52.60 7.08 Carnival CUK 16.4 5 12.19 +1.26 .50 116.81 37.66 Conmed CNMD 1.1 66 73.33 +5.79 .20 178.50 88.69 FedEx FDX 2.2 8 117.00 +9.48 .65 39.60 21.49 Gorman-Rupp GRC 2.0 23 29.38 +2.31 .145
56.33
28.50
13.60
13.54
CarpenterTech
CarriageSvcs
CRS
CSV
3.6
1.6 89
6 22.44
18.49
+3.19
+4.11
.20
.075
67.13
95.10
20.84
62.03
ConocoPhillips
ConEd
COP
ED
3.9
4.4
14
18
43.28
70.18
+2.41
–0.18
.42
.765 EF 180.95
16.04
127.73
7.52
Ferrari
Ferro
RACE
FOE
.8
...
39
cc
160.48
11.78
+3.09
+0.84
1.2351
...
79.71
56.99
26.75
38.43
GraceWR
Graco
GRA
GGG
2.3
1.5
24
24
51.97
45.87
+5.21
+1.66
.30
.175
19.86 11.50 CarrierGlobal CARR ... ... 19.05 +2.34 ... 212.00 104.28 ConstBrands A STZ 1.7 dd 172.31 +13.82 .75 16.25 6.00 FiatChrysler FCAU ... 21 8.12 +0.30 ... 11.55 10.07 GrafIndustrial GRAF.UT ... ... 11.11 +0.47 ...
22.25 3.25 Cars.com CARS ... dd 6.05 +0.76 ... 211.39 107.51 ConstBrands B STZ.B 1.6 dd 171.39 +8.94 .68 1.87 0.26 ECA Marcellus ECT 28.2 6 .50 +0.04 .019 49.28 19.00 FidNatlFin FNF 4.8 10 27.45 +2.44 .33 10.53 9.87 GrafIndustrial GRAF ... dd 10.40 +0.09 ...
112.46 60.17 Carter's CRI .0 25 81.52 +6.12 .60 15.10 3.90 Constellium CSTM ... cc 7.81 +1.50 ... 20.00 7.58 elfBeauty ELF ... 48 16.86 +3.08 ... 158.21 91.68 FidNatlInfo FIS 1.0 cc 136.16 +3.94 .35 0.59 0.05 GrafIndlWt GRAF.WT ... ... .56 +0.14 ...
115.23 22.16 Carvana CVNA ... dd 96.45 +3.79 ... 7.85 1.80 ContainerStore TCS ... 6 2.25 +0.23 ... 93.54 41.85 EMCOR EME .5 11 62.06 +5.06 .08 69.89 37.92 58.com WUBA ... 6 49.56 –2.33 ... 14.84 5.56 GrafTechIntl EAF .6 3 6.45 +0.59 .01
15.85 3.15 CasperSleep CSPR ... dd 6.86 +0.28 ... 43.57 6.90 ContinentalRscs CLR .0 13 14.04 +1.17 .05 33.52 12.10 ENI E 7.4 cc 18.03 –0.33 .934 5.28 1.22 FinVolution FINV 7.0 1 1.43 –0.17 .12 23.77 10.36 Graham GHM 3.8 dd 11.69 +0.37 .11
3.38 0.60 CastlightHealth CSLT ... dd .86 +0.15 ... 13.45 2.94 Volaris VLRS ... 5 4.72 +0.74 ... 95.29 27.00 EOG Rscs EOG 2.9 14 52.28 +4.60 .375 66.78 29.36 FirstAmerFin FAF 3.6 9 49.47 +4.92 .44 756.26 267.89 GrahamHoldings GHC 1.7 9 347.92 +22.59 1.45
79.93 31.04 Catalent CTLT ... cc 78.52 +5.03 ... 56.00 1.93 ConturaEnergy CTRA ... dd 3.35 +0.45 ... 248.27 151.97 EPAM Systems EPAM ... 45 223.45 +6.48 ... 11.24 3.50 FirstBanCorp FBP 3.8 9 5.31 +0.63 .05 346.60 200.61 Grainger GWW 2.0 21 292.91 +14.12 1.44
12.54 5.13 CatchMarkTimber CTT 7.0 dd 7.75 +0.95 .135 365.68 236.68 Cooper COO .0 32 287.42 –9.10 .03 80.75 12.56 EPR Prop EPR .0 16 30.14 +5.10 .3825 14.93 6.77 FirstCmwlthFin FCF 5.6 9 7.82 +0.75 .11 3.40 1.34 GranayMontero GRAM ... dd 1.94 +0.02 ...
150.55 87.50 Caterpillar CAT 3.7 12 112.47 +4.55 1.03 50.78 6.64 Cooper-Standard CPS ... dd 9.78 +0.20 ... 45.69 7.34 EQM Midstream EQM 20.4 79 18.99 +0.31 .3875 17.42 6.27 FirstHorizonNatl FHN 6.9 8 8.71 +1.03 .15 48.80 8.90 GraniteConstr GVA 3.2 dd 16.40 +2.25 .13
19.73 8.52 Cato CATO .0 dd 10.20 +0.07 .33 32.33 13.82 CooperT&R CTB 1.7 16 24.57 +3.17 .105 19.85 4.21 EQT EQT .0 dd 13.74 +1.00 .03 46.12 25.89 FirstIndRlty FR 2.8 18 36.26 +2.28 .25 19.35 1.74 GranitePointMtg GPMT .0 17 5.08 +0.47 .42
64.86 13.00 CedarFairRec FUN 11.6 48 32.22 +7.12 .935 10.46 4.55 CooTekCayman CTK ... dd 6.85 –0.05 ... 107.10 62.64 ESCO Tech ESE .4 29 80.14 +5.67 .08 12.69 4.17 FirstMajestic AG ... dd 9.38 +0.54 ... 56.68 28.12 GraniteREIT GRP.UT 4.2 9 49.18 +2.70 .1736
3.69 0.53 CedarRealty CDR 5.5 dd .73 +0.03 .01 116.88 24.00 Copa CPA 7.8 8 41.29 +3.19 .80 97.10 41.83 EagleMaterials EXP .0 41 65.85 +12.47 .10 122.34 70.06 FirstRepBank FRC .8 19 97.30 +1.39 .20 16.95 10.41 GraphicPkg GPK 2.3 29 13.32 +0.62 .075
128.88 52.70 Celanese CE 2.9 14 85.48 +8.81 .62 56.03 6.68 CoreLabs CLB .2 dd 19.64 +1.57 .01 7.23 1.44 EarthstoneEner ESTE ... 2 2.61 +0.58 ... 52.52 32.00 FirstEnergy FE 3.8 41 40.64 +1.35 .39 23.07 8.53 GrayTelevision GTN ... 7 13.53 +1.11 ...
9.29 2.63 Celestica CLS ... dd 6.31 +0.87 ... 24.38 8.33 CoreCivic CXW 15.3 8 11.48 +1.24 .44 29.70 17.72 EasterlyGovtProp DEA 4.2 cc 24.75 +1.49 .26 7.26 2.81 Fitbit FIT ... dd 6.43 –0.12 ... 21.85 8.55 GrayTelevision A GTN.A ... 6 12.81 –0.44 ...
4.37 1.80 CellcomIsrael CEL ... dd 3.28 –0.17 ... 51.75 24.69 CoreLogic CLGX 1.9 47 47.19 +4.00 .22 142.69 83.40 EastGroup EGP 2.7 34 109.23 +11.06 .75 11.88 2.85 500.com WBAI ... dd 3.19 –0.24 ... 15.86 3.96 GreatAjax AJX 8.4 7 8.13 +0.81 .17
9.82 5.54 CementosPacasm CPAC ... 14 6.50 –0.30 ... 49.75 9.25 CorEnergyInfr CORR 1.8 dd 11.13 +0.15 .05 83.99 34.44 EastmanChem EMN 4.0 11 65.46 +5.49 .66 9.31 3.62 FivePoint FPH ... dd 5.09 +0.16 ... 36.65 10.86 GreatWesternBncp GWB 4.7 dd 12.90 +1.35 .15
4.46 1.55 Cemex CX 4.7 15 2.12 +0.17 .0499 13.42 2.18 CorePoint CPLG .0 dd 3.69 +0.49 .20 4.78 1.50 EastmanKodak KODK ... dd 2.72 +0.26 ... 66.74 17.11 FiverrIntl FVRR ... dd 59.78 +0.74 ... 51.86 14.20 GreenDot GDOT ... 24 37.91 +4.41 ...
10.82 1.41 CenovusEnergy CVE .0 23 4.25 +0.54 .0379 126.40 90.07 Coresite COR 4.0 61 122.00 +1.49 1.22 105.78 56.42 Eaton ETN 3.7 15 78.67 +4.96 .73 40.00 16.76 Flagstar FBC .8 7 26.62 +2.22 .05 34.30 12.89 Greenbrier GBX 5.1 10 21.35 +4.80 .27
74.70 41.62 Centene CNC ... 33 64.84 –3.86 ... 9.79 2.54 CornerstoneBldg CNR ... dd 5.14 +0.69 ... 51.79 23.59 EatonVance EV 4.2 11 35.91 +2.10 .375 329.85 168.51 FleetCorTech FLT ... 25 239.25 +16.71 ... 23.08 7.28 Greenhill GHL 2.1 12 9.40 +0.58 .05
30.71 11.58 CenterPointEner CNP 3.5 dd 16.92 +0.12 .15 34.26 17.44 Corning GLW 4.1 68 21.38 +1.73 .22 211.24 124.60 Ecolab ECL .9 38 200.50 +5.75 .47 13.88 3.40 FlexLNG FLNG 8.2 16 4.85 +0.25 .10 13.99 9.38 GreenTree GHG ... 18 11.54 –1.53 ...
11.69 2.96 CentraisElBras EBR ... 3 4.58 +0.67 ... 8.48 1.61 CorpAmAirports CAAP ... 22 2.48 +0.37 ... 20.96 6.28 Ecopetrol EC 7.6 5 10.52 +0.59 .5352 62.62 24.36 Floor&Decor FND ... 33 49.79 +5.35 ... 50.37 23.65 Greif A GEF 5.7 11 31.04 +2.28 .44
30.56 12.40 CentralPacFin CPF 6.0 9 15.45 +1.37 .23 30.57 15.23 CorpOfficeProp OFC 4.7 13 23.34 +1.62 .275 38.97 20.51 EdgewellPersonal EPC ... dd 28.40 +2.76 ... 4.01 0.66 FlotekIndustries FTK ... dd .99 +0.17 ... 56.50 30.89 Greif B GEF.B 6.9 9 38.54 +2.44 .66
9.99 1.86 CentralPuerto CEPU 3.1 3 3.14 +0.19 .0988 32.78 20.38 Corteva CTVA 2.1 dd 24.54 +1.77 .13 78.93 43.63 EdisonInt EIX 4.5 16 56.43 +0.48 .6375 25.08 17.42 FlowersFoods FLO 3.5 52 22.89 +0.20 .20 25.50 9.15 Griffon GFF 1.8 17 16.41 +1.20 .075
39.31 9.04 CenturyComm CCS ... 8 29.22 +5.26 ... 23.70 8.56 Cosan CZZ ... 9 12.31 +1.59 ... 247.64 154.52 EdwardsLife EW ... 42 218.81 +5.85 ... 53.98 18.98 Flowserve FLS 3.2 17 25.20 +2.76 .20 110.11 26.26 Group1Auto GPI .0 7 63.14 +17.27 .30
15.30 8.16 CenturyLink CTL 10.2 9 9.82 +0.55 .25 10.85 3.16 Costamare CMRE 8.9 5 4.48 +0.27 .10 26.67 10.70 8x8 EGHT ... dd 15.84 +0.51 ... 34.43 2.85 Fluor FLR .0 dd 10.82 +1.70 .10 80.25 29.35 GrubHub GRUB ... dd 57.35 +2.38 ...
79.11 38.40 CeridianHCM CDAY ... cc 63.42 +0.14 ... 13.82 3.02 Coty COTY .0 dd 3.75 +0.46 .125 74.44 57.07 ElPasoElectric EE 2.3 34 68.00 –0.13 .385 23.21 3.41 FlyLeasing FLY ... 1 6.17 +0.98 ... 135.31 44.28 GpoAeroportuar PAC 6.3 15 61.05 +5.16 2.1253
13.78 4.39 ChannelAdvisor ECOM ... 50 13.47 +0.88 ... 42.99 21.15 CousinsProperties CUZ 4.4 85 27.16 +2.70 .30 35.46 15.17 ElancoAnimal ELAN ... dd 18.94 –0.18 ... 10.73 9.15 FlyingEagleAcqn FEAC.UT ... ... 10.62 +0.04 ... 210.38 82.08 GpoAeroportSur ASR 4.7 11 99.74 +2.91 5.2097
5.93 0.21 ChaparralEnergy CHAP ... dd .52 +0.01 ... 18.38 6.57 Covanta CVA 3.7 dd 8.70 +0.42 .08 57.00 30.73 ElancoAnimalUn ELAT 7.1 ... 35.11 –0.09 .625 10.68 9.81 FlyingEagle FEAC ... ... 10.26 +0.07 ... 8.92 3.32 GpoAvalAcc AVAL 8.0 5 4.07 +0.23 .0245
5.93 1.28 CharahSolutions CHRA ... dd 1.82 +0.11 ... 3.12 0.36 Covia CVIA ... dd .49 +0.03 ... 104.10 39.01 Elastic ESTC ... dd 83.47 +12.82 ... 2.30 1.35 FlyingEagleWt FEAC.WT ... ... 1.74 +0.01 ... 9.03 1.28 GpoSupervielle SUPV ... 3 2.42 +0.47 ...
179.38 95.58 CharlesRiverLabs CRL ... 35 173.61 +3.80 ... 91.23 36.77 Crane CR 3.3 28 51.85 +4.47 .43 11.29 3.05 EldoradoGold EGO ... 14 9.00 –0.33 ... 99.43 55.40 FomentoEconMex FMX 2.3 23 65.58 +4.16 .7559 12.61 4.65 GrupoTelevisa TV 1.4 11 5.54 +0.73 .0886
19.97 3.44 ChathamLodging CLDT .0 dd 6.37 +1.23 .11 11.90 5.43 Crawford A CRD.A 2.0 dd 6.14 +0.36 .03 12.74 5.35 ElementSolns ESI ... 28 10.79 +1.12 ... 47.86 17.46 FootLocker FL 6.0 13 26.83 +1.41 .40 18.78 9.60 GuangshenRail GSH 3.8 12 9.67 –0.11 .4348
5.07 1.85 CheetahMobile CMCM .0 dd 2.88 +0.84 .50 10.79 4.95 Crawford B CRD.B 2.1 dd 5.63 +0.56 .03 5.98 0.89 ElevateCredit ELVT ... 5 1.66 +0.09 ... 10.56 3.96 FordMotor F .0 dd 5.65 +0.75 .15 23.58 3.64 Guess GES 5.7 5 7.84 +0.65 .1125
67.98 25.89 Chegg CHGG ... dd 64.91 –1.75 ... 240.88 118.00 Credicorp BAP 6.5 10 132.51 –1.14 2.3825 19.12 3.24 EllingtonFin EFC 9.3 dd 10.35 +0.77 .08 23.11 9.43 Forestar FOR ... 14 14.45 +1.58 ... 124.16 71.64 Guidewire GWRE ... dd 100.88 +7.46 ...
513.75 324.31 Chemed CHE .3 34 477.16 +18.65 .32 14.12 6.47 CreditSuisse CS .7 6 8.26 +0.60 .0713 11.88 2.70 EllingtonResiMtg EARN 11.8 dd 9.51 +0.41 .28 44.72 28.59 Fortis FTS 4.0 13 36.20 +0.17 .3593
.1447
H
25.35 7.02 Chemours CC 8.0 dd 12.45 +1.36 .25 4.84 0.51 CrescentPoint CPG .5 dd 1.41 +0.18 .0018 19.07 9.33 EmbotellAndinaA AKO.A 4.3 7 11.24 +0.07 83.18 37.31 Fortive FTV .5 36 58.53 +3.28 .07
17.42 2.76 CherryHillMtg CHMI 18.6 dd 8.60 +1.39 .40 40.00 2.65 CrestwoodEquity CEQP 20.5 5 12.21 +1.27 .625 22.01 10.15 EmbotellAndinaB AKO.B 3.6 9 14.80 +1.24 .1592 21.73 3.69 FortressTransport FTAI 13.1 4 10.04 +1.84 .33
432.00 7.77 ChesapeakeEner CHK ... dd 13.71 +2.92 ... 9.59 1.96 CrestwoodEqUn CEQP.PR 12.9 ... 6.55 +0.49 .2111 20.92 3.99 Embraer ERJ ... dd 4.65 +0.31 ... 10.08 10.00 FortressValueAcqn FVAC.UT ... ... 10.00 ... ...
101.29 69.47 ChesapeakeUtil CPK 1.9 25 92.01 +8.45 .44 12.82 4.01 CrossTimbers CRT 12.9 7 7.31 +1.09 .0563 12.66 1.50 EmeraldHldg EEX .0 dd 2.03 +0.48 .075 4.59 1.47 FortunaSilver FSM ... 40 4.20 +0.24 ... 151.97 58.38 HCA Healthcare HCA .0 12 106.69 +7.95 .43
127.00 51.60 Chevron CVX 5.7 45 90.28 +1.12 1.29 19.79 6.81 CrossAmerPtrs CAPL 13.6 6 15.41 +2.22 .525 90.00 39.11 EmergentBiosol EBS ... 65 84.59 +1.24 ... 73.28 33.90 FortBrandsHome FBHS 1.6 19 60.54 +6.98 .24 48.24 31.61 HCI Group HCI 3.6 18 44.84 +2.83 .40
47.55 20.62 Chewy CHWY ... dd 42.75 +0.64 ... 168.75 114.18 CrownCastle CCI 3.1 82 156.20 +6.06 1.20 78.38 37.75 EmersonElec EMR 3.6 16 55.87 +2.93 .50 4.46 0.15 ForumEnergyTech FET ... dd .33 –0.01 ... 4.33 1.29 HC2 Holdings HCHC ... dd 2.77 +0.30 ...
5.14 0.93 Chico'sFas CHS .0 dd 1.30 +0.17 .09 80.57 42.97 CrownHoldings CCK ... 17 62.08 +2.70 ... 15.96 6.47 EmpireStateRealty ESRT 6.1 26 6.91 +0.16 .105 22.14 7.99 FdnBuilding FBM ... 11 13.23 +1.45 ... 65.89 29.50 HDFC Bank HDB .9 18 36.72 +0.28 .1053
22.99 6.42 ChimeraInvt CIM 24.5 dd 8.15 +0.64 .50 33.00 12.63 CryoLife CRY ... dd 22.86 +0.71 ... 45.23 25.53 EmployersHldgs EIG 3.3 14 29.91 +2.81 .25 32.50 12.80 FourCornersProp FCPT 5.7 20 21.24 +2.02 .305 7.19 0.35 HEXO HEXO ... dd .63 +0.10 ...
11.99 3.89 ChinaDistanceEd DL .0 13 6.66 –0.57 .56 36.32 19.61 CubeSmart CUBE 5.2 29 25.54 +2.06 .33 21.92 2.54 EmpresaDisCom EDN ... 0 3.49 +0.14 ... 2.39 1.06 FourSeasonsEduc FEDU ... 60 1.27 +0.05 ... 42.90 16.61 HNI HNI 5.0 12 24.25 +3.27 .305
30.96 15.80 ChinaEastrnAir CEA ... 11 16.72 –0.76 ... 75.20 30.86 Cubic CUB .7 cc 38.00 +5.31 .135 14.48 1.61 EnableMidstream ENBL 17.0 5 3.89 –0.27 .1653 152.70 72.98 Franco-Nevada FNV .7 cc 147.33 –3.33 .26 23.93 12.54 HP HPQ 4.1 8 17.00 +2.14 .1762
6.76 1.80 ChinaGreenAg CGA ... dd 2.63 –0.34 ... 100.79 47.69 Cullen/Frost CFR 4.1 12 68.55 +4.31 .71 43.15 22.57 Enbridge ENB ... 42 31.47 +0.29 ... 6.53 1.66 Frank'sIntl FI ... dd 1.86 –0.09 ... 42.17 22.96 HSBC HSBC 6.5 26 22.97 –1.36 .50
14.70 8.27 ChinaLifeIns LFC 4.9 7 9.07 –0.46 .5134 19.63 5.28 Culp CULP 6.6 36 6.35 +0.70 .105 83.30 48.01 EncompassHealth EHC 1.5 21 73.17 +7.94 .28 41.85 12.61 FranklinCovey FC ... 66 20.34 +1.45 ... 28.20 11.78 HUYA HUYA ... 44 15.54 –1.59 ...
46.03 30.12 ChinaMobile CHL 5.4 9 34.88 –1.59 .8765 186.73 101.03 Cummins CMI 3.4 11 155.04 –0.60 1.311 56.76 27.21 Endava DAVA ... 90 45.74 +1.71 ... 39.00 14.86 FranklinFin FSB 1.0 34 23.73 +2.22 .06 140.36 63.41 Haemonetic HAE ... 73 108.14 +7.77 ...
37.19 3.68 ChinaOnlineEduc COE ... dd 27.00 +3.00 ... 149.90 70.56 CurtissWright CW .7 13 92.57 +6.59 .17 3.20 0.99 EndeavourSilver EXK ... dd 1.95 +0.32 ... 35.77 14.91 FranklinRscs BEN 6.0 9 17.89 +0.13 .27 25.47 4.25 Halliburton HAL 6.2 dd 11.59 +1.77 .045
71.82 41.31 ChinaPetrol SNP 8.8 8 44.55 –0.77 2.69 20.80 6.84 Cushman&Wkfd CWK ... dd 9.56 +0.30 ... 11.21 5.22 EnelAmericas ENIA 6.9 8 7.55 +0.28 .4394 13.64 4.82 FreeportMcM FCX .0 dd 8.74 +0.26 .05 21.22 6.68 HamiltonBeach HBB 3.1 dd 11.76 +1.11 .09
8.80 0.51 ChinaRapidFin XRF ... ... 1.28 +0.02 ... 25.72 8.36 CustomersBancorp CUBI ... 6 10.32 +1.24 ... 5.11 2.95 EnelChile ENIC 6.6 12 3.63 –0.10 .2164 42.08 29.17 FreseniusMed FMS ... 18 40.74 +1.45 ... 17.69 6.96 Hanesbrands HBI 6.3 7 9.59 +1.07 .15
36.43 18.45 ChinaSoAirlines ZNH 1.5 13 20.86 –0.11 .3646 10.14 3.09 CypressEnvl CELP 20.0 9 4.20 +0.24 .21 53.84 26.60 Energizer ENR 2.7 dd 44.04 +2.70 .30 38.79 20.25 FreshDelMonte FDP .9 25 22.74 +0.54 .05 28.16 11.31 Hanger HNGR ... 37 17.75 +2.50 ...
51.07 26.66 ChinaTelecom CHA 4.7 26 30.73 –0.69 1.612 15.26 3.75 EnergyTransfer ET 14.9 12 8.20 +1.00 .305 13.28 6.01 FrontYardRes RESI 8.6 dd 7.00 +0.95 .15 39.91 15.01 HannonArmstrong HASI 4.6 22 29.46 +2.05 .34
D
11.15 5.08 ChinaUnicom CHU ... 11 5.69 –0.40 ... 27.94 13.28 EnerpacTool EPAC .2 dd 16.96 +2.24 .04 13.33 6.09 Frontline FRO 34.7 6 8.07 +0.52 .70 144.71 75.11 HanoverIns THG 2.7 15 97.53 +11.52 .65
16.00 7.77 ChinaYuchai CYD 6.7 6 12.68 +0.79 .85 8.43 1.15 Enerplus ERF 3.1 dd 2.75 +0.33 .0072 52.40 23.68 FullerHB FUL 1.8 15 36.48 +3.59 .1625 40.89 14.31 HarleyDavidson HOG .3 11 24.38 +4.72 .02
1057.69 415.00 Chipotle CMG ... 88 1055.70 +83.95 ... 78.97 35.21 EnerSys ENS 1.1 17 61.44 +5.92 .175 13.42 8.75 FutureFuel FF 2.0 5 12.24 +0.84 .06 4.54 1.57 HarmonyGold HMY ... dd 3.53 –0.32 ...
109.26 46.25 ChoiceHotels CHH .0 18 78.39 +7.13 .225 32.17 2.20 DCP Midstream DCP 16.2 dd 9.65 +1.61 .39 11.09 0.88 EnLinkMid ENLC 36.2 dd 2.34 +0.68 .0938 27.97 4.19 Harsco HSC ... dd 9.38 +0.99 ...
.78
G
167.74 87.35 Chubb CB 2.7 15 117.00 +17.51 4.36 1.78 DHI Group DHX ... 36 2.77 –0.03 ... 22.21 13.98 Ennis EBF 5.1 12 17.78 +1.27 .225 3.97 1.10 HarteHanks HHS ... dd 2.40 +0.03 ...
37.57 33.61 ChunghwaTel CHT 3.0 27 37.27 +0.28 1.4246 8.83 4.77 DHT DHT 13.0 7 5.69 –0.63 .35 29.33 7.84 EnovaIntl ENVA ... 74 12.58 +1.82 ... 62.75 19.04 HartfordFinl HIG 3.5 8 36.99 +3.74 .325
80.99 47.98 Church&Dwight CHD 1.3 27 71.93 –1.67 .24 10.49 1.72 DRDGOLD DRD 2.3 58 9.27 –1.07 .1315 73.80 30.04 EnPro NPO 2.3 27 44.56 +2.91 .26 21.43 9.81 HavertyFurn HVT 4.9 17 16.35 +1.49 .15
11.90 9.82 ChurchillCapII CCX.UT ... ... 11.06 +0.39 ... 52.47 28.00 DTEEnergy DTP 7.7 ... 40.84 +1.84 .7813 6.31 0.75 Entercom ETM 4.8 dd 1.68 +0.58 .02 6.72 3.30 GAIN Capital GCAP 3.8 5 6.34 –0.25 .06 21.25 10.67 HavertyFurn A HVT.A 4.9 17 15.36 +1.01 .14
11.08 9.25 ChurchillCapIIA CCX ... cc 10.48 ... ... 135.67 71.21 DTE Energy DTE 4.0 17 102.12 +4.77 1.0125 135.55 75.19 Entergy ETR 3.8 18 97.96 +2.98 .93 20.90 9.03 GAMCO Investors GBL .6 5 12.55 +0.89 .02 55.15 33.51 HawaiianElec HE 3.5 20 37.27 +1.16 .33
2.50 0.60 ChurchillCapCorp.IIWt CCX.WT ... ... 1.60 +0.10 ... 57.23 7.90 DXC Tech DXC 5.4 dd 15.48 +0.20 .21 30.87 10.27 EnterpriseProd EPD 9.5 9 18.68 +1.51 .445 86.01 50.69 GATX GATX 3.1 10 61.88 +6.76 .48 37.97 24.10 HealthcareRealty HR 3.9 cc 30.47 +1.52 .30
10.65 9.20 ChurchillCapIII CCXX.UT ... ... 10.44 –0.01 ... 20.71 4.22 Dana DAN .0 10 11.67 +2.01 .10 3.50 1.10 Entravision EVC 6.3 dd 1.60 +0.21 .025 27.41 14.24 GCPAppliedTechs GCP ... 54 19.13 +2.49 ... 34.22 20.61 HealthcareAmer HTA 4.7 cc 26.65 +2.57 .315
10.40 9.66 ChurchillCapIII CCXX ... ... 10.10 +0.06 ... 170.64 119.60 Danaher DHR .5 42 158.26 –5.59 .18 87.75 45.53 Envestnet ENV ... dd 69.47 +5.51 ... 24.03 9.95 GEO Group GEO 17.1 9 11.20 +0.84 .48 37.93 18.63 HealthpeakProp PEAK 6.0 49 24.55 +2.61 .37
1.65 1.19 ChurchCapIII Wt CCXX.WT ... ... 1.45 ... ... 13.12 2.50 Danaos DAC ... 1 4.13 +0.32 ... 33.30 10.08 Envista NVST ... 17 18.97 +3.07 ... 19.00 11.92 GFLEnvironmental GFL .2 dd 17.69 +0.04 .01 3.57 1.21 HeclaMining HL .3 dd 3.35 +0.36 .0025
53.36 30.58 Ciena CIEN ... 29 52.81 +3.16 ... 81.46 35.27 DaqoNewEnergy DQ ... 14 52.28 +4.08 ... 39.30 20.63 EnvivaPartners EVA 7.8 cc 33.96 +2.86 .68 52.00 37.37 GFL Env Un GFLU 6.6 ... 48.00 –0.69 .75 147.93 52.01 Heico HEI .2 35 93.99 +10.81 .08
224.64 118.50 Cigna CI .0 15 189.00 –1.15 .04 128.41 26.15 Darden DRI .0 15 75.63 +6.02 .88 4.85 1.56 EnzoBiochem ENZ ... 93 3.03 +0.32 ... 32.42 10.39 GMS GMS ... 10 20.10 +2.36 ... 113.69 51.78 Heico A HEI.A .2 29 77.20 +7.94 .08
65.46 12.15 CimarexEnergy XEC 3.3 dd 26.81 +3.00 .22 29.57 10.25 DarlingIngred DAR ... 10 22.01 +1.62 ... 164.77 103.01 Equifax EFX 1.1 67 147.03 +2.61 .39 3.42 0.38 GNC Holdings GNC ... dd .55 +0.08 ... 10.00 0.99 HelixEnergy HLX ... 9 2.58 +0.51 ...
16.05 3.19 CincinnatiBell CBB ... dd 14.78 –0.01 ... 90.15 43.40 DaVita DVA ... 12 76.81 –2.44 ... 21.04 8.41 Equinor EQNR 5.8 26 14.78 +1.30 .27 23.30 1.85 GOL Linhas GOL ... dd 4.36 +0.63 ... 53.06 12.40 Helm&Payne HP 15.6 dd 18.21 +0.66 .71
41.60 5.71 Cinemark CNK .0 9 14.04 +2.16 .36 203.19 78.70 DeckersOutdoor DECK ... 18 179.24 +38.41 ... 27.30 9.89 Equitable EQH 3.8 2 17.70 +1.20 .17 16.68 5.20 GP Strategies GPX ... 9 6.99 +0.80 ... 48.82 20.73 Herbalife HLF ... 23 41.65 +1.65 ...
19.83 9.43 CinerRscs CINR 11.4 5 11.89 +1.14 .34 181.99 106.14 Deere DE 2.2 16 140.71 +14.70 .76 21.17 3.75 EquitransMdstm ETRN 7.6 dd 7.85 +0.13 .15 46.40 8.53 GSXTechedu GSX ... cc 29.73 –5.70 ... 50.81 11.81 HercHoldings HRI ... 14 24.53 +2.57 ...
47.80 8.00 CircorIntl CIR ... dd 13.29 +2.61 ... 33.69 5.51 DelekLogistics DKL 14.8 8 23.65 +3.92 .89 35.08 27.62 EquityCommnwlth EQC .0 6 32.84 +1.01 3.50 26.77 4.67 GTT Comm GTT ... dd 9.03 –0.01 ... 16.40 5.42 HerculesCapital HTGC 11.5 14 11.15 +0.80 .32
83.11 32.00 Citigroup C 4.6 6 44.10 +2.18 .51 44.08 7.79 DelekUS DK 5.9 dd 20.63 +2.74 .31 77.55 41.97 EquityLife ELS 2.2 48 61.46 +4.67 .3425 10.34 9.20 GalileoAcqn GLEO ... ... 9.70 –0.02 ... 16.38 7.50 HeritageInsurance HRTG 2.0 12 11.87 +0.45 .06
41.29 14.12 CitizensFin CFG 7.0 7 21.28 +1.36 .39 67.87 25.51 DellTechC DELL ... 7 43.07 +0.98 ... 89.55 49.62 EquityResdntl EQR 4.2 18 57.40 +0.27 .6025 0.83 0.15 GalileoAcqnWt GLEO.WT ... ... .18 –0.02 ... 4.63 0.31 HermitageOffsh PSV ... dd .52 ... ...
7.72 3.55 Citizens CIA ... dd 5.98 +0.60 ... 20.84 5.39 DelphiTechs DLPH ... dd 11.80 +0.59 ... 1.89 0.74 EquusTotReturn EQS ... dd 1.17 +0.12 ... 109.46 65.09 Gallagher AJG 2.0 26 91.10 +3.87 .45 17.97 2.29 HershaHospitality HT .0 dd 4.70 +0.61 .28
14.50 6.50 CityOfficeREIT CIO 6.7 dd 8.90 +0.64 .15 63.44 17.51 DeltaAir DAL .0 4 22.69 +3.50 .4025 11.97 3.50 EraGroup ERA ... dd 5.27 +0.39 ... 7.99 2.57 GameStop GME ... dd 4.18 –0.04 ... 162.20 109.88 Hershey HSY 2.4 25 130.26 –0.12 .773
1.81 0.34 Civeo CVEO ... dd .45 –0.02 ... 54.15 18.90 Deluxe DLX 5.2 dd 23.14 +3.64 .30 7.94 1.10 ErosIntl EROS ... dd 3.18 +0.25 ... 11.35 0.63 Gannett GCI .0 dd 1.37 +0.42 .38 20.85 2.32 HertzGlobal HTZ ... dd 2.84 +0.20 ...
24.98 12.80 Clarivate CCC ... dd 22.62 –0.70 ... 1.68 0.16 DenburyRscs DNR ... 0 .25 +0.01 ... 55.84 17.52 EssentGroup ESNT 2.1 5 30.13 +3.35 .16 21.83 5.26 Gap GPS .0 9 8.21 +0.61 .2425 74.11 26.06 Hess HES 2.1 dd 47.10 +3.03 .25
88.40 29.45 CleanHarbors CLH ... 30 57.45 +7.85 ... 20.58 2.60 DesignerBrands DBI 7.2 4 5.57 +0.62 .10 29.34 6.08 EssentialProp EPRT 7.0 20 13.21 +1.47 .23 17.41 2.50 GarrettMotion GTX ... 1 4.38 –0.28 ... 25.66 5.70 HessMidstream HESM 8.6 10 19.29 +2.02 .431
5.47 0.36 ClearChannelOutdr CCO ... dd 1.03 +0.15 ... 15.44 4.44 Despegar.com DESP ... dd 6.54 +0.99 ... 54.52 30.40 EssentialUtil WTRG 2.3 37 41.03 +1.92 .2343 171.78 76.91 Gartner IT ... 37 117.61 +6.08 ... 17.59 7.43 HewlettPackard HPE 5.2 dd 9.17 +0.06 .12
31.49 11.88 ClearwaterPaper CLW ... cc 28.78 +0.54 ... 11.16 4.99 DeutscheBank DB ... dd 7.32 +0.88 ... 70.71 41.66 EssentialUtilUn WTRU 5.5 ... 55.24 +1.71 .75 15.16 2.67 GasLog GLOG 5.7 dd 3.50 –0.01 .05 87.00 24.54 Hexcel HXL .0 10 30.84 +3.11 .17
22.67 14.07 ClearwayEnergyA CWEN.A 4.1 dd 19.77 +0.80 .21 29.36 4.70 DevonEnergy DVN 3.6 dd 12.14 +0.19 .11 334.17 175.81 EssexProp ESS 3.5 25 236.41 +9.86 2.0775 21.95 1.51 GasLogPartners GLOP 34.5 dd 5.18 –0.21 .125 3.25 0.15 Hi-Crush HCR ... dd .27 +0.03 ...
23.24 14.77 ClearwayEnergyC CWEN 3.9 dd 21.16 +0.80 .21 176.22 100.52 Diageo DEO 2.5 21 138.67 +4.05 1.3623 220.42 137.01 EsteeLauder EL .0 50 178.20 +8.79 .48 14.30 5.42 GatesIndustrial GTES ... 25 9.54 +0.95 ... 2.13 0.16 HighPointRscs HPR ... dd .27 –0.01 ...
11.61 2.63 Cleveland-Cliffs CLF .0 5 4.68 +0.58 .06 17.50 8.62 DiamondSShip DSSI ... 11 10.01 +0.34 ... 22.15 8.38 EthanAllen ETH .0 17 11.40 +0.48 .21 11.82 4.27 GencoShipping GNK 1.7 dd 4.79 +0.21 .02 52.76 25.10 HighwoodsProp HIW 5.6 11 34.38 +2.86 .48
13.08 4.32 ClipperRealty CLPR 5.6 dd 6.74 +0.92 .095 11.79 1.96 DiamndrckHspty DRH .0 8 5.69 +1.31 .125 13.21 7.21 Euronav EURN 16.6 7 9.77 –0.04 .81 118.86 54.19 Generac GNRC ... 29 114.40 +9.70 ... 3.72 1.08 HillIntl HIL ... 9 1.49 +0.11 ...
214.26 144.12 Clorox CLX 2.2 29 198.59 –11.24 1.11 4.15 1.25 DianaShipping DSX ... dd 1.43 –0.10 ... 22.90 5.71 Eventbrite EB ... dd 8.50 +2.07 ... 193.76 100.55 GeneralDynamics GD 3.2 12 138.57 +7.65 1.10 117.50 72.29 Hill-Rom HRC .9 46 100.05 +0.21 .22
12.22 4.76 Cloudera CLDR ... dd 9.64 +1.24 ... 49.80 13.46 Dick's DKS .0 10 32.09 +4.30 .3125 91.59 33.25 EvercoreA EVR 4.4 9 52.61 +3.36 .58 13.26 5.48 GeneralElec GE .6 10 6.41 +0.92 .01 40.27 13.61 Hillenbrand HI 3.4 dd 24.68 +3.28 .2125
30.78 14.50 Cloudflare NET ... dd 28.26 –1.23 ... 14.66 2.80 DieboldNixdorf DBD ... dd 5.23 +0.71 ... 294.31 157.32 EverestRe RE 3.0 12 205.68 +36.74 1.55 64.31 46.59 GeneralMills GIS 3.3 17 59.96 –2.53 .49 26.28 11.05 Hilltop HTH 2.1 7 16.86 +2.62 .09
6.57 3.40 CN Finance CNF ... 4 4.00 +0.29 ... 158.36 105.00 DigitalRealty DLR 3.3 49 135.81 +5.04 1.12 76.57 42.01 Evergy EVRG 3.4 22 60.00 +3.46 .505 41.90 14.33 GeneralMotors GM .0 8 25.98 +3.35 .38 36.56 8.28 HiltonGrandVac HGV ... 11 20.45 +2.68 ...
60.13 36.27 Coca-Cola KO 3.6 19 45.03 +1.77 .41 86.71 21.50 Dillard's DDS 2.2 dd 27.18 +1.33 .15 14.88 1.55 Everi EVRI ... 27 5.68 +1.29 ... 53.20 5.52 Genesco GCO ... 4 17.59 +2.26 ... 115.48 44.30 Hilton HLT .0 30 78.39 +9.85 .15
58.94 28.35 Coca-Cola Euro CCEP 3.8 14 36.65 +1.53 .6876 104.47 14.16 DineBrands DIN .0 8 43.72 +7.21 .76 99.42 60.69 EversourceEner ES 2.9 28 78.46 +2.07 .5675 23.84 2.58 GenesisEnergy GEL 8.0 31 7.53 +1.12 .15 18.54 4.67 HoeghLNG Ptrs HMLP 16.9 8 10.43 +0.21 .44
65.58 37.73 Coca-Cola Femsa KOF 4.7 40 40.28 +1.35 .9995 92.98 23.25 DiscoverFinSvcs DFS 4.3 6 40.47 +2.47 .44 37.38 18.21 Evertec EVTC .7 21 27.77 +2.30 .05 1.86 0.58 GenesisHealthcare GEN ... 36 1.04 +0.45 ... 30.61 6.57 HollyEnergy HEP 8.7 9 16.04 +1.34 .35
8.29 1.98 CoeurMining CDE ... dd 5.51 +0.41 ... 153.41 79.07 Disney DIS .0 40 118.02 +8.97 .88 14.55 3.50 EvolentHealth EVH ... dd 8.13 +0.55 ... 11.98 4.60 GenieEnergy GNE 4.0 cc 8.50 +0.37 .085 58.88 18.48 HollyFrontier HFC 4.6 25 30.46 +3.59 .35
78.23 33.52 Cohen&Steers CNS 2.4 25 63.88 +4.38 .39 11.00 9.19 dMY Tech DMYT.UT ... ... 10.12 +0.03 ... 25.23 7.09 EvoquaWater AQUA ... 33 17.90 +1.76 ... 45.20 19.41 Genpact G 1.2 20 33.84 +1.13 .0975 248.32 140.63 HomeDepot HD 2.5 24 241.88 +2.55 1.50
39.30 12.23 Colfax CFX ... dd 26.23 +0.96 ... 10.00 9.60 dMY TechA DMYT ... ... 9.75 ... ... 12.51 0.95 ExantasCap XAN .0 dd 2.05 ... .275 108.58 49.68 GenuineParts GPC 4.1 19 77.22 +4.10 .79 29.44 19.38 HondaMotor HMC 3.7 10 23.61 +0.67 .2613
166.81 61.50 ColfaxUn CFXA 5.0 ... 115.32 +2.12 1.4375 0.61 0.61 dMY TechWt DMYT.WT ... ... .61 ... ... 6.24 1.27 Express EXPR ... dd 1.87 +0.20 ... 4.93 2.50 GenworthFin GNW ... 26 3.17 +0.47 ... 184.06 101.08 Honeywell HON 2.6 16 139.18 +13.77 .90
77.41 58.49 ColgatePalm CL 2.5 24 70.75 +1.80 .44 73.20 44.68 DolbyLab DLB 1.5 27 58.76 +5.11 .22 14.89 3.24 Exterran EXTN ... dd 5.71 +0.91 ... 22.53 5.44 GeoPark GPRK 2.1 dd 7.80 –0.19 .0413 48.15 30.48 HoraceMannEdu HMN 3.4 9 35.17 +2.65 .30
12.75 9.46 CollierCreek CCH.UT ... cc 11.64 –0.01 ... 185.01 118.20 DollarGeneral DG .8 27 178.98 –3.04 .36 124.46 72.70 ExtraSpaceSt EXR 4.2 26 86.23 +4.42 .90 5.34 1.65 Gerdau GGB 2.2 9 2.10 +0.20 .0168 5.79 1.20 HorizonGlobal HZN ... dd 1.51 +0.05 ...
11.10 9.84 CollierCreek CCH ... cc 10.72 –0.01 ... 90.89 57.79 DominionEner D 4.7 39 80.51 +2.29 .94 77.93 30.11 ExxonMobil XOM 7.8 17 44.60 +2.60 .87 33.75 16.36 GettyRealty GTY 5.5 22 26.77 +3.36 .37 51.53 38.44 HormelFoods HRL 2.0 28 46.93 –0.99 .2325
2.90 1.15 CollierCreekWt CCH.WT ... ... 1.95 +0.06 ... 113.82 75.93 DominionEnerUn DCUE 7.2 ... 101.39 +1.89 1.8125 40.33 14.38 FB Financial FBK 1.6 11 22.50 +2.32 .09 10.00 9.80 GigCapital3Un GIK.UT ... ... 9.89 –0.03 ... 62.54 25.51 DR Horton DHI 1.3 11 54.06 +6.85 .175
6.14 1.33 ColonyCapital CLNY .0 dd 1.79 +0.27 .11 387.85 220.90 Domino's DPZ .8 36 372.10 –3.94 .78 66.49 29.01 FBL Financial FFG 5.6 10 35.93 +2.05 .50 10.07 9.60 GigCapital2 GIX ... cc 9.98 +0.03 ... 19.43 7.86 HostHotels HST .0 11 11.23 +1.17 .20
16.36 2.46 ColonyCredRlEst CLNC .0 dd 4.60 +0.79 .10 44.76 18.40 Domtar UFS .0 cc 19.71 +0.36 .455 12.46 6.31 FGL Holdings FG .4 dd 10.57 +0.26 .01 0.40 0.10 GigCapital2Rt GIX.RT ... ... .25 –0.03 ... 64.84 41.80 HoulihanLokey HLI 2.1 21 59.83 –2.20 .31
May 25, 2020 BARRON’S M15

New York Stock Exchange Composite List

52-Week Tick Div 52-Week Tick Div 52-Week Tick Div
High Low Name Sym Yld P/E Last Chg. Amt. High Low Name Sym Yld P/E Last Chg. Amt. High Low Name Sym Yld P/E Last Chg. Amt. NYSE CUMULATIVE DAILY BREADTH vs DJIA
32.90 5.12 Hovnanian HOV ... dd 13.56 +2.42 ... 32.00 18.98 KeurigDrPepper KDP 2.2 33 27.16 +0.86 .15 57.09 22.75 MagnaIntl MGA 4.1 13 39.50 +2.78 .40
135.42 35.10 HowardHughes HHC ... dd 47.24 +4.66 ... 20.53 7.45 KeyCorp KEY 6.9 8 10.74 +1.02 .185 16.06 6.30 MagnaChipSem MX ... dd 10.73 +0.81 ...
27.87 9.25 HowmetAerospace HWM .0 11 12.37 +1.60 .0163 110.00 71.03 KeysightTechs KEYS ... 29 102.06 +7.28 ... 13.29 3.23 MagnoliaOil MGY ... dd 5.93 +0.44 ... Shot in the Arm: Cheered by medical and monetary moves against
16.82 7.27 Huami HMI ... 7 9.60 –0.86 ... 88.99 45.96 KilroyRealty KRC 3.6 29 54.26 +2.77 .485 45.10 14.11 MainStreetCap MAIN 8.1 dd 30.35 +1.64 .205
25.84 11.69 HuanengPower HNP 4.6 22 14.40 –0.36 .7645 18.26 3.51 KimbellRoyalty KRP 19.1 dd 7.12 +0.81 .17 10.54 1.00 Mallinckrodt MNK ... dd 3.37 +0.24 ... Covid, the S&P 500 advanced 3.2% for the week. Cumulative breadth
155.00 85.62 Hubbell HUBB 3.1 16 116.86 +3.27 .91 149.23 110.66 KimberlyClark KMB 3.1 20 139.74 +1.10 1.07 20.48 12.06 ManchesterUnited MANU 1.1 dd 15.69 –0.36 .09
207.98 90.84 HubSpot HUBS ... dd 194.29 +10.67 ... 21.86 7.45 KimcoRealty KIM .0 15 11.33 +2.18 .28 18.55 7.24 Manitowoc MTW ... 5 8.65 +0.49 ... rose on the NYSE, with rising stocks outnumbering decliners by 7 to 1.
5.74 1.23 HudbayMinerals HBM .6 dd 2.50 +0.27 .0074 22.58 9.42 KinderMorgan KMI 6.8 27 15.41 +0.57 .2625 3.94 0.99 Manning&Napier MN .0 38 2.72 +0.01 .02 BREADTH DJIA
15.87 2.26 Hudson HUD ... 55 4.79 +0.27 ... 2.95 1.26 KingswayFin KFS ... dd 2.18 +0.23 ... 100.99 49.57 Manpower MAN 3.1 10 70.66 +5.91 1.09
38.81 16.14 HudsonPacProp HPP 4.7 36 21.22 +1.33 .25 7.67 2.72 KinrossGold KGC ... 11 7.05 –0.39 ... 21.23 8.62 ManulifeFin MFC 7.0 7 11.36 –0.01 .1892
412.70 208.25 Humana HUM .6 20 394.43 –3.79 .625 92.30 32.76 Kirby KEX ... dd 49.33 +1.86 ... 14.86 3.02 MarathonOil MRO .0 18 5.89 +0.28 .05
554000 29500
3.50 0.86 HuntCosFin HCFT 12.8 9 2.35 +0.35 .075 51.08 18.02 KirklandLakeGold KL 1.3 13 38.61 –2.36 .06 69.65 15.26 MarathonPetrol MPC 6.5 dd 35.57 +5.27 .58
279.71 147.14 HuntingIngalls HII 2.3 12 182.77 +12.23 1.03 19.77 6.87 KiteRealty KRG 13.1 dd 9.68 +1.42 .3175 38.24 21.90 Marcus&Millichap MMI ... 14 27.08 +1.23 ...
24.90 12.23 Huntsman HUN 3.7 26 17.39 +2.56 .1625 40.46 27.03 Knight-Swift KNX .8 24 39.90 +2.14 .08 37.64 6.95 Marcus MCS .0 19 12.14 +1.25 .17 536400 27400
94.98 24.02 HyattHotels H .0 9 52.74 +5.66 .20 28.30 7.74 Knoll KNL 1.5 9 10.48 +0.69 .04 18.43 6.77 MarineProducts MPX 3.0 14 10.55 +1.08 .08 s
65.41 30.25 HysterYaleMatls HY 3.5 13 36.38 +3.19 .3175 20.97 8.67 KnotOffshore KNOP 14.8 8 14.08 +1.05 .52 23.15 7.25 MarineMax HZO ... 10 18.67 +2.51 ... BREADTH 542,596
22.79 11.10 Knowles KN ... 32 14.43 +1.44 ... 1347.64 710.52 Markel MKL ... dd 868.85 +37.30 ...
KSS .0 34 17.48 –0.06 .704 131.27 30.10 MarriottVacations VAC .0 29 90.00 +14.22 .54 518800 25300
I 59.28
50.78
10.89
30.50
Kohl's
KoninklijkePhil PHG 2.1 28 44.52 +3.28 .9612 119.88 74.33 Marsh&McLen MMC 1.7 30 104.50 +0.03 .455
s
43.24 12.91 KontoorBrands KTB .0 10 14.04 +0.20 .56 281.82 135.08 MartinMarietta MLM 1.2 19 179.69 +11.62 .55 DJIA
51.74 21.79 IAA IAA ... 27 37.06 +1.33 ... 44.75 8.25 Koppers KOP ... 6 15.98 +4.03 ... 50.06 27.04 Masco MAS 1.2 28 44.82 +2.10 .135
15.42 6.86 ICICI Bank IBN .4 19 7.76 –0.70 .0282 89.21 34.88 MasoniteIntl DOOR ... 24 66.30 +9.30 ...
501200 23200
12.30 6.28 KoreaElcPwr KEP ... dd 8.60 –0.17 ...
5.50 2.68 ICL Group ICL 4.3 11 3.41 +0.30 .023 48.81 21.45 KornFerry KFY 1.4 10 29.16 +3.38 .10 73.71 22.51 MasTec MTZ ... 7 36.48 +3.36 ...
114.01 69.05 IDACORP IDA 3.0 20 88.10 +3.19 .67 7.55 0.50 KosmosEnergy KOS 9.7 dd 1.87 +0.30 .0452 347.25 199.99 Mastercard MA .5 38 294.91 +15.97 .40
11.84 4.81 IDT IDT ... cc 6.65 +1.02 ... 35.00 4.45 Kraton KRA ... 2 14.34 +3.36 ... 20.57 1.11 MatadorRscs MTDR ... 4 8.38 +1.16 ... 483600 21100
81.65 44.81 IHS Markit INFO 1.0 31 67.01 +0.45 .17 36.84 20.70 Kroger KR 2.0 16 32.37 –0.14 .16 68.75 26.15 Materion MTRN .9 34 50.92 +0.40 .115
12.44 4.52 ING Groep ING 10.9 4 5.67 +0.41 .2687 16.00 6.81 KronosWorldwide KRO 8.1 12 8.85 +0.62 .18 42.16 23.75 Matson MATX 3.3 15 26.53 +1.61 .22
21.10 6.38 Invesco IVZ 8.5 7 7.27 +0.57 .155 13.62 8.50 MauiLand MLP ... dd 10.50 +0.22 ...
10.73 1.13 IONGeophysical IO ... dd 2.29 +0.12 ... 21.45 5.79 MaxarTech MAXR .3 6 12.15 +2.75 .01 466000 19000
169.14 81.79 IQVIA IQV ... cc 142.90 +8.70 ... L 82.02 46.42 Maximus MMS 1.6 22 70.16 +4.70 .28 J J A S O N D J F M A M
10.74 2.77 IRSA IRS ... dd 3.65 +0.37 ... 26.20 7.79 MaxLinear MXL ... dd 16.92 +1.29 ...
75.56 35.41 ITT ITT 1.2 14 54.26 +5.75 .169 10.60 2.01 LAIX LAIX ... dd 3.15 –0.33 ... 16.95 3.89 MayvilleEngg MEC ... dd 5.70 +0.54 ... In generating this chart, we subtract each day's NYSE composite declines from that day's advances. The resultant total is
4.17 1.44 IamGold IAG ... dd 3.76 –0.12 ... 12.16 1.75 LatamAirlines LTM 3.7 8 2.58 –0.18 .0942 180.38 112.23 McCormick MKC 1.4 33 171.87 –6.11 .62 added to the next day's total, and so on. When all five days' numbers are added together, this produces the weekly figure we
178.14 104.56 IDEX IEX 1.3 28 150.45 +2.03 .50 28.02 8.00 L Brands LB .0 dd 15.08 +4.22 .30 180.00 113.12 McCormickVtg MKC.V 1.4 33 172.20 –7.60 .62 plot. Dec. 31, 1985 =1000.
190.85 115.94 IllinoisToolWks ITW 2.6 21 163.75 +8.07 1.07 116.51 55.29 LCI Inds LCII 2.7 17 95.06 +8.44 .65 221.93 124.23 McDonalds MCD 2.7 24 184.41 +10.60 1.25
22.88 6.01 Imax IMAX ... dd 12.60 +1.24 ... 7.82 3.64 LG Display LPL ... dd 4.08 +0.02 ... 2.14 0.53 McEwenMining MUX ... dd .86 –0.07 ...
53.00 1.08 IndependenceContr ICD ... dd 6.20 +0.49 ... 10.00 8.55 LGLS ysAcqn DFNS ... ... 9.70 –0.03 ... 172.18 112.60 McKesson MCK 1.1 29 149.42 +12.97 .41
43.60 22.00 Independence IHC 1.6 53 27.79 –0.03 .22 10.71 9.00 LGL Systems Un DFNS.UT ... ... 9.51 –0.49 ... 3.43 1.28 Mechel MTL ... 14 1.80 +0.20 ... 52-Week Tick Div 52-Week Tick Div
16.85 6.86 IndepRealty IRT 7.4 21 9.75 +0.67 .18 51.97 27.04 Line LN ... dd 49.64 +0.07 ... 44.72 16.04 Medallia MDLA ... dd 26.97 +2.30 ...
6.76 1.04 LSB Inds LXU ... dd 1.10 ... ...
High Low Name Sym Yld P/E Last Chg. Amt. High Low Name Sym Yld P/E Last Chg. Amt.
57.00 28.04 IndustrsBachoco IBA 2.1 10 34.71 +1.10 .439 24.29 12.35 MedicalProp MPW 6.2 21 17.47 +1.44 .27
12.08 6.76 Infosys INFY 2.7 17 9.05 +0.35 .1125 53.04 24.49 LTC Properties LTC 6.3 12 36.03 +3.83 .19 142.97 49.03 Medifast MED 4.9 15 91.52 +0.15 1.13 69.97 36.70 Nelnet NNI 1.6 33 48.84 +4.43 .20 6.94 1.53 OrchidIslandCap ORC 15.8 dd 4.17 +0.26 .055
38.96 17.01 IngersollRand IR ... 71 28.54 +2.12 ... 230.99 142.01 L3HarrisTech LHX 1.9 26 180.45 +3.67 .85 2.83 0.35 MedleyCapital MCC ... dd .54 –0.04 ... 9.99 3.36 NeoPhotonics NPTN ... cc 8.30 +0.63 ... 21.87 5.93 OrionEngCarbons OEC .0 7 9.15 +2.09 .20
108.20 24.92 Ingevity NGVT ... 11 51.46 +5.63 ... 37.48 15.61 La-Z-Boy LZB 2.3 15 24.55 +1.78 .14 3.65 0.28 MedleyMgmt MDLY ... dd .37 +0.04 ... 10.28 1.38 Nesco NSCO ... dd 2.76 +0.70 ... 5.99 1.53 OrionGroup ORN ... 13 2.31 +0.10 ...
99.51 59.11 Ingredion INGR 3.2 14 79.54 +1.41 .63 196.36 98.02 LabCpAm LH ... 53 170.16 +2.73 ... 28.66 7.37 Mednax MD ... dd 15.17 +1.75 ... 1.70 0.10 NescoWt NSCO.WT ... ... .14 –0.01 ... 89.21 52.65 Orix IX 2.2 5 61.76 +3.91 1.8612
139.53 40.21 InnovativeIndProp IIPR 4.1 35 82.88 +8.86 1.00 18.97 2.65 LadderCapital LADR 17.5 10 7.77 +1.08 .34 122.15 72.13 Medtronic MDT 2.4 27 94.72 +0.83 .58 148.05 57.50 Nevro NVRO ... dd 129.51 +11.85 ... 87.07 55.22 OrmatTech ORA .6 40 68.89 +3.44 .11
120.16 41.68 Inphi IPHI ... dd 118.37 +13.26 ... 96.32 39.06 LambWeston LW 1.6 18 57.22 +5.13 .23 10.68 9.98 MegalithFinAcqn MFAC ... 81 10.41 +0.01 ... 10.83 7.00 NewFrontierHlth NFH ... dd 8.30 ... ... 95.62 46.72 Oshkosh OSK 1.8 9 65.66 +4.65 .30
144.92 22.59 Insperity NSP 3.2 15 49.59 +4.79 .40 15.52 5.16 Lannett LCI ... dd 7.39 +0.63 ... 11.55 10.11 MegalithFinUn MFAC.UT ... cc 11.01 +0.51 ... 1.95 0.63 NewFrontierWt NFH.WT ... ... 1.42 +0.01 ... 13.43 4.65 OsiskoGoldRoyal OR 1.4 dd 10.31 –0.03 .0355
95.00 40.53 InspireMedical INSP ... dd 86.18 +10.65 ... 3.43 0.33 LaredoPetrol LPI ... dd .90 +0.12 ... 0.86 0.10 MegalithFinWt MFAC.WT ... ... .57 +0.23 ... 6.00 0.94 NewHome NWHM ... dd 3.35 +0.80 ... 10.50 9.40 OspreyTechUn SFTW.UT ... ... 9.85 –0.20 ...
80.25 29.02 InstalledBldg IBP ... 24 61.59 +11.25 ... 74.29 33.30 LasVegasSands LVS .0 17 46.90 +2.14 .79 92.64 65.25 Merck MRK 3.2 19 76.37 –3.41 .61 51.20 21.14 NewJerseyRscs NJR 3.7 17 33.63 +3.56 .3125 10.33 9.11 OspreyTechA SFTW ... ... 9.65 +0.05 ...
99.95 46.01 IntegerHoldings ITGR ... 26 80.69 +7.24 ... 44.95 20.94 Lazard LAZ 7.3 12 25.61 +0.04 .47 65.22 33.45 MercuryGeneral MCY 6.4 48 39.24 +1.27 .63 14.45 4.62 NewMountainFin NMFC 13.2 dd 9.11 +1.20 .30 1.05 0.51 OspreyTechWt SFTW.WT ... ... .62 +0.06 ...
101.93 63.51 ICE ICE 1.3 25 93.77 +0.30 .30 7.68 1.03 Leaf LEAF ... dd 1.89 –0.01 ... 56.86 10.01 Meredith MDP .0 dd 14.96 +3.39 .595 142.38 81.03 NewOrientalEduc EDU ... 41 113.44 –4.14 ... 54.70 38.00 OtisWorldwide OTIS 1.5 ... 51.71 +2.82 .20
71.02 25.39 InterContinentl IHG .9 21 45.11 +5.35 .399 143.50 63.20 Lear LEA .0 10 105.40 +9.94 .77 76.83 25.24 MeritageHomes MTH ... 9 68.67 +11.81 ... 101.82 33.49 NewRelic NEWR ... dd 63.81 –0.08 ... 31.20 7.07 OutfrontMedia OUT .0 15 14.55 +1.95 .38
47.46 22.14 IntercorpFinSvcs IFS 7.2 8 24.36 –0.74 1.75 3.09 0.71 LeeEnterprises LEE ... 7 1.06 +0.31 ... 27.18 10.91 Meritor MTOR ... 4 19.03 +1.37 ... 17.66 2.91 NewResidInvt NRZ 2.9 dd 7.00 +1.09 .05 2.81 1.46 OverseasShip OSG ... 7 2.24 +0.29 ...
158.75 90.56 IBM IBM 5.5 12 118.39 +1.41 1.63 11.36 9.50 LegacyAcqn LGC ... cc 10.36 –0.01 ... 12.90 3.88 MesaRoyalty MTR 9.1 8 6.73 +1.03 .0237 8.35 1.72 NewSeniorInvt SNR 9.5 dd 2.74 +0.42 .065 30.65 2.10 Ovintiv OVV 4.5 4 8.31 +1.97 .0938
152.95 92.14 IntlFlavors IFF 2.3 31 129.42 +1.20 .75 0.70 0.16 LegacyAcqnWt LGC.WT ... ... .52 +0.07 ... 31.50 9.76 MesabiTrust MSB 13.7 7 17.04 +3.45 .56 13.79 8.19 NY CmntyBcp NYCB 7.5 12 9.07 +0.17 .17 9.69 2.43 Owens&Minor OMI .1 dd 7.35 +0.52 .0025
56.11 31.38 IntlFlavorsUn IFFT 6.3 ... 47.29 +0.55 .75 50.70 33.99 LeggMason LM 3.2 18 49.80 –0.06 .40 41.70 21.76 MethodeElec MEI 1.5 10 29.54 +2.15 .11 40.22 26.13 NYTimes A NYT .6 45 38.31 +1.53 .06 68.72 28.56 OwensCorning OC 2.0 dd 48.43 +7.22 .24
16.25 3.59 IntlGameTech IGT 10.0 dd 8.00 +1.07 .20 55.42 22.03 Leggett&Platt LEG 5.3 13 29.99 +3.38 .40 53.28 22.85 MetLife MET 5.5 4 33.34 +1.62 .46 505.16 304.65 NewMarket NEU 1.7 17 434.54 +13.99 1.90 19.19 8.09 OwlRock ORCC 9.9 63 12.56 +0.46 .08
47.64 26.38 IntlPaper IP 6.3 20 32.64 +1.59 .5125 125.84 68.00 Leidos LDOS 1.3 25 100.96 +4.14 .34 51.09 15.52 MetropolitanBk MCB ... 7 23.49 +1.59 ... 69.13 31.10 Newmont NEM 1.6 15 63.05 –4.85 .25 80.55 30.37 OxfordIndustries OXM 2.5 10 39.41 +2.25 .25
31.39 14.89 IntlSeaways INSW 1.1 30 21.53 +0.23 .06 2.69 1.03 LejuHoldings LEJU ... 21 1.30 –0.30 ... 873.51 579.40 MettlerToledo MTD ... 34 748.31 +49.61 ... 8.08 0.65 NewparkResources NR ... dd 2.01 +0.43 ...
16.50 4.89 LendingClub LC ... dd 5.26 –0.15 ...
10.27
25.20
9.30
11.63
InterPrivate
Interpublic
IPV.U
IPG
...
6.2
...
10
9.89
16.48
...
+1.11
...
.255 71.38 25.42 Lennar A LEN .8 10 60.09 +9.45 .125
27.25
148.88
3.42
82.00
MicroFocus
MidAmApt
MFGP
MAA
10.5
3.5
dd
40
5.29
114.28
+0.28
+7.41
.5833
1.00
10.98
19.50
2.57
6.34
NexaResources
NexPointRealEst
NEXA
NREF
8.9
8.6
dd
...
4.23
14.50
+0.02
+3.94
.3775
.40 PQ
3.87 0.60 IntrepidPotash IPI ... ... 1.08 +0.13 ... 56.32 18.87 Lennar B LEN.B 1.1 7 45.04 +6.72 .125 38.18 25.25 MillerIndustries MLR 2.5 9 28.43 +1.19 .18 52.87 21.06 NexPointResidentl NXRT 4.0 6 31.46 +3.13 .3125
11.63 3.90 Invacare IVC .7 dd 7.00 +1.11 .0125 298.49 163.40 LennoxIntl LII 1.6 22 198.43 +17.51 .77 59.93 27.28 MineralsTechs MTX .4 12 47.17 +5.77 .05 283.35 174.80 NextEraEnergy NEE 2.4 32 233.85 +6.00 1.40 34.91 5.19 PBF Energy PBF .0 dd 10.46 +1.37 .30
18.30 1.82 InvescoMtg IVR 72.2 1 2.77 +0.09 .50 10.79 9.22 LeoHoldings LHC ... dd 10.34 +0.02 ... 16.95 2.77 MistrasGroup MG ... dd 4.15 +0.56 ... 56.74 35.40 NextEraEnergyUn NEE.PRO 4.9 ... 48.00 +0.81 .609 22.00 3.06 PBF Logistics PBFX 10.8 6 11.15 +2.45 .30
85.24 43.58 InvRlEst IRET 4.2 11 66.93 +5.39 .70 1.64 0.16 LeoHldgsWt LHC.WT ... ... .61 ... ... 5.54 3.32 MitsubishiUFJ MUFG 4.6 10 3.86 +0.05 .1147 50.00 33.92 NextEraEnergyUn NEE.PRP 6.6 ... 42.47 +0.57 .6599 25.19 3.55 PG&E PCG ... dd 11.70 +0.37 ...
28.75 7.42 Invitae NVTA ... dd 17.51 +1.03 ... 23.74 9.09 LeviStrauss LEVI 3.2 13 12.92 +0.83 .08 17.39 6.64 MiXTelematics MIXT 2.5 10 7.98 –0.05 .0677 61.87 29.01 NextEraEnergy NEP 4.3 dd 49.60 +2.88 .555 18.48 6.88 PGT Innovations PGTI ... 16 13.45 +2.12 ...
32.70 15.64 InvitatHomes INVH 2.4 cc 25.45 +1.35 .15 11.82 7.86 LexingtonRealty LXP 4.5 9 9.26 +0.49 .105 3.20 1.96 MizuhoFin MFG ... 7 2.23 –0.02 ... 8.15 1.00 NexTierOilfield NEX ... dd 2.85 +0.43 ... 54.26 23.63 PJT Partners PJT .4 27 51.01 +3.33 .05
34.49 21.00 IronMountain IRM 10.2 23 24.17 +1.75 .6185 16.79 2.17 LibertyOilfield LBRT .0 33 5.00 +0.66 .05 11.00 6.20 MobileTeleSys MBT 8.1 10 9.02 +0.47 .3457 24.69 11.62 NielsenHoldings NLSN 1.8 dd 13.59 +0.88 .06 26.28 15.91 PLDT PHI 4.3 12 23.96 +0.30 .6935
17.50 5.48 iStar STAR 4.4 3 9.93 +0.91 .11 119.61 67.31 LifeStorage LSI 4.8 16 89.85 +5.67 1.07 35.84 15.00 ModelN MODN ... dd 28.79 –3.64 ... 105.62 60.00 Nike NKE 1.0 35 93.75 +6.76 .245 161.79 79.41 PNC Fin PNC 4.4 10 104.61 +7.36 1.15
12.82 3.20 ItauCorpBanca ITCB ... 6 3.44 –0.06 ... 1.58 0.58 LightInTheBox LITB ... dd .81 +0.02 ... 14.96 2.84 ModineMfg MOD ... 21 4.42 +0.88 ... 19.87 0.38 NineEnergy NINE ... dd 1.65 –0.06 ... 56.14 27.08 PNM Resources PNM 3.2 71 38.52 +1.31 .3075
10.01 3.48 ItauUnibanco ITUB 3.3 7 4.08 +0.33 .0026 164.90 101.36 EliLilly LLY 2.0 25 151.16 –8.07 .74 41.27 22.11 Moelis MC 3.4 14 29.78 +1.33 .255 30.67 19.56 NiSource NI 3.6 47 23.09 +0.72 .21 54.53 26.27 POSCO PKX 3.9 9 34.87 +0.60 1.0612
67.17 16.11 LincolnNational LNC 4.6 10 35.00 +2.25 .40 156.60 56.62 MohawkInds MHK ... 8 83.31 +6.73 ... 45.28 20.42 NoahHoldings NOAH ... 14 25.82 –0.40 ... 134.36 69.77 PPG Ind PPG 2.1 20 96.18 +9.26 .51
227.85 146.71 Linde LIN 2.0 44 190.87 +8.28 .963 187.83 102.85 MolinaHealthcare MOH ... 16 182.21 +0.79 ... 2.32 0.15 Noble NE ... dd .16 –0.01 ... 36.83 18.12 PPL PPL 6.5 10 25.65 +1.14 .415
J 111.76 71.86 Lindsay LNN 1.4 55 92.65 +7.26 .32 80.00 42.00 MolsonCoorsA TAP.A 3.8 dd 59.72 –3.81 .57 5.77 2.34 Nokia NOK 4.4 ... 3.85 +0.40 .0558 17.26 8.50 PQ Group PQG ... 21 11.66 +0.82 ...
9.60 2.83 Linx LINX .5 59 3.49 +0.22 .0184 61.94 34.01 MolsonCoorsB TAP 6.2 dd 36.83 +0.48 .57 23.06 14.08 NomadFoods NOMD ... 21 21.28 –0.72 ... 75.40 19.73 PROS PRO ... dd 32.75 +2.57 ...
12.01 3.03 J Alexander's JAX ... 7 4.07 +0.34 ... 16.04 4.18 LionsGate A LGF.A ... dd 8.26 +0.83 ... 15.53 8.42 MonmouthRealEst MNR 5.5 dd 12.36 +0.86 .17 5.41 3.05 NomuraHoldings NMR 3.8 6 3.83 +0.10 .137 192.13 102.48 PSBusinessParks PSB 3.4 27 121.81 +11.49 1.05
42.36 21.88 JBG SMITH Prop JBGS 3.1 48 28.71 +1.54 .225 15.07 3.87 LionsGate B LGF.B ... dd 7.75 +0.77 ... 9.07 1.99 MontageRscs MR ... 4 5.77 +1.16 ... 33.70 8.92 Norbord OSB 3.4 dd 18.76 +2.36 .1497 108.94 28.40 PVH PVH .0 8 44.15 +3.94 .0375
27.00 6.06 JELD-WEN JELD ... 30 14.11 +1.73 ... 165.27 55.74 LithiaMotors LAD 1.0 11 118.94 +15.07 .30 287.25 164.19 Moody's MCO .9 32 256.82 +5.51 .56 9.00 1.66 NordicAmTankers NAT 9.6 dd 4.48 –0.55 .20 2.24 0.15 PacificCoastOil ROYT 46.6 1 .29 ... .0038
4.16 0.31 J.Jill JILL ... dd .55 +0.08 ... 6.03 1.92 LithiumAmericas LAC ... 8 3.99 +0.59 ... 96.50 32.49 Moog A MOG.A .0 9 49.10 +8.27 .25 43.37 12.27 Nordstrom JWN .0 5 15.66 –0.71 .37 15.00 0.35 PacificDrilling PACD ... dd .46 +0.02 ...
4.09 2.15 JMP JMP .0 dd 2.77 +0.12 .04 76.60 21.70 LiveNationEnt LYV ... dd 46.49 +6.43 ... 95.95 33.58 Moog B MOG.B .0 9 50.00 +5.00 .25 219.88 112.62 NorfolkSouthern NSC 2.2 19 171.47 +11.11 .94 114.78 71.05 PackagingCpAm PKG 3.4 14 92.99 +2.07 .79
141.10 76.91 JPMorganChase JPM 4.0 10 89.47 +3.57 .90 10.01 9.61 LiveOakAcqnUn LOAK.UT ... ... 9.82 –0.05 ... 57.57 27.20 MorganStanley MS 3.5 8 40.13 +2.84 .35 13.17 4.11 NorthAmConstr NOA 2.0 5 5.80 +0.80 .0285 59.82 12.33 PagerDuty PD ... dd 27.88 +2.16 ...
44.20 17.63 Jabil JBL 1.1 34 29.11 +1.08 .08 12.29 3.95 Livent LTHM ... 29 6.13 +0.85 ... 25.71 6.50 Mosaic MOS 1.7 dd 11.56 +1.48 .05 7.60 2.19 NoEuroOil NRT 14.0 6 4.08 +0.18 .11 53.43 13.58 PagSeguroDig PAGS ... 25 26.30 +1.65 ...
104.00 59.29 JacobsEngg J 1.0 dd 77.10 +4.99 .19 56.00 23.44 LiveRamp RAMP ... dd 48.17 +10.28 ... 187.49 120.77 MotorolaSol MSI 1.9 26 134.19 +5.12 .64 385.01 263.31 NorthropGrum NOC 1.8 25 325.91 +4.28 1.45 251.11 125.47 PaloAltoNtwks PANW ... dd 237.93 +15.10 ...
22.13 8.98 JamesHardie JHX .0 29 15.76 +1.83 .10 3.58 1.27 LloydsBanking LYG 4.1 8 1.35 +0.02 .0556 33.69 8.12 Movado MOV .0 6 10.70 +0.74 .20 77.26 50.50 NorthwestNat NWN 3.0 29 62.82 +3.59 .4775 36.41 8.72 PampaEnergia PAM ... 1 11.82 +0.89 ...
27.50 11.81 JanusHenderson JHG 7.1 55 20.42 +2.78 .36 442.53 266.11 LockheedMartin LMT 2.6 17 369.00 +8.60 2.40 34.11 16.78 MuellerIndustries MLI 1.6 12 25.47 +2.84 .10 80.52 45.06 Northwestern NWE 4.1 16 57.84 +3.59 .60 15.29 3.02 PanhandleOil&Gas PHX 1.0 dd 4.14 +0.37 .01
10.35 10.10 JawsAcquisition JWS.UT ... ... 10.30 +0.05 ... 56.88 27.33 Loews L .8 dd 31.91 +2.10 .0625 12.71 6.64 MuellerWater MWA 2.4 13 8.71 +0.65 .0525 59.78 7.03 NorwegCruise NCLH ... dd 13.90 +2.98 ... 25.69 5.72 ParPacific PARR ... dd 8.05 +0.26 ...
24.03 11.20 JefferiesFin JEF 4.5 4 13.25 +0.76 .15 12.90 3.01 LomaNegra LOMA ... 8 4.67 +0.78 ... 28.12 4.50 MurphyOil MUR 4.1 3 12.29 +0.98 .125 99.84 69.18 Novartis NVS 2.4 17 84.91 +0.89 3.0874 35.10 9.64 ParTechnology PAR ... dd 26.01 +5.00 ...
21.98 8.83 JerniganCap JCAP 7.8 dd 11.80 +0.47 .23 11.11 10.00 LongviewAcqn LGVW.UT ... ... 10.01 +0.01 ... 121.24 78.75 MurphyUSA MUSA ... 15 116.18 +4.36 ... 66.02 46.85 NovoNordisk NVO 1.4 26 64.83 +0.92 .4452 15.11 6.42 ParamountGroup PGRE 5.4 dd 7.45 +0.06 .10
5.06 0.60 JianpuTech JT ... dd .72 +0.05 ... 34.35 12.97 LouisianaPacific LPX 2.5 cc 23.10 +3.29 .145 19.55 6.91 MyersIndustries MYE 4.2 14 13.00 +0.92 .135 52.00 12.31 NuSkinEnts NUS 4.2 13 35.48 +1.55 .375 19.29 9.14 ParkAerospace PKE 3.5 25 11.44 –0.36 .10
28.84 11.42 JinkoSolar JKS ... 6 15.05 +0.52 ... 126.73 60.00 Lowe's LOW 1.8 21 122.25 +8.47 .55 19.58 4.14 MyovantSciences MYOV ... dd 12.74 +0.52 ... 58.70 27.53 Nucor NUE 4.1 15 39.48 +1.41 .4025 29.70 3.99 ParkHotels PK .0 dd 9.39 +2.08 .45
127.97 56.17 JohnBeanTech JBT .5 19 80.30 +13.92 .10 2.65 0.46 Luby's LUB ... dd .80 +0.09 ... 30.06 4.98 NuSTAREnergy NS 10.0 dd 15.96 +3.03 .40 215.94 93.00 ParkerHannifin PH 2.1 16 166.88 +13.59 .88
157.00 109.16 J&J JNJ 2.8 23 144.37 –6.07 1.01 13.46 3.77 LumberLiqu LL ... 24 8.07 +1.07 ... 20.80 3.92 ParsleyEnergy PE 1.7 dd 9.32 +0.57 .05
44.82 22.78 JohnsonControls JCI 3.5 cc 29.53 +1.07 .26 25.70 10.27 Luxfer LXFR 3.5 30 14.20 +1.98 .125 N 55.34
28.75
23.85
10.54
Nutrien
nVentElectric
NTR
NVT
5.5
3.9
21
17
32.93
18.10
+1.24
+1.05
.45
.175 45.40 24.67 Parsons PSN ... 31 39.35 +0.56 ...
178.55 78.29 JonesLang JLL .0 9 93.57 +7.49 .43 26.99 4.79 Lydall LDL ... dd 11.07 +1.28 ... 8.53 0.26 PartyCity PRTY ... dd .67 +0.18 ...
28.28 2.15 JumiaTech JMIA ... dd 4.69 +0.67 ... 98.91 33.71 LyondellBasell LYB 7.0 8 60.42 +6.82 1.05 66.40 22.26 NACCO Inds NC 2.9 6 27.00 +0.17 .1925 342.00 163.42 PaycomSoftware PAYC ... 80 269.35 +7.67 ...
10.59 9.50 JuniperIndustrial JIH.UT ... ... 10.19 +0.15 ... 35.87 10.55 NCR NCR ... 6 17.87 +1.54 ... O 25.32 2.51 PeabodyEnergy BTU .0 dd 3.21 +0.27 .145
10.50 9.10 JuniperIndlA JIH ... ... 9.75 +0.12 ... 15.71 1.15 NGL Energy NGL 15.7 dd 5.08 +0.27 .20 11.51 5.08 Pearson PSO 4.3 13 5.62 +0.40 .1664
1.10 0.48 JuniperIndlWt JIH.WT ... ... .69 +0.04 ... M 5.65 1.19 NIO NIO ... dd 3.27 –0.10 ... 24.95 8.63 OFGBancorp OFG 2.4 24 11.86 +1.52 .07 29.86 5.39 PebblebrookHotel PEB .0 14 13.20 +3.03 .01
27.57 15.20 JuniperNetworks JNPR 3.5 24 23.16 +0.21 .20 5.45 2.28 NL Industries NL ... 11 2.88 –0.03 ... 46.43 23.01 OGE Energy OGE 5.0 dd 30.80 +2.27 .3875 40.65 10.58 PembinaPipeline PBA 7.1 13 25.11 +1.76 .1506
2.98 0.88 JupaiHoldings JP ... dd 1.08 +0.01 ... 174.93 85.09 M&T Bank MTB 4.5 8 98.03 +8.91 1.10 15.33 4.05 NOW DNOW ... dd 6.88 +0.82 ... 17.86 4.31 O-I Glass OI .0 dd 7.18 +0.86 .05 7.07 0.80 PA Reit PEI 6.8 dd 1.18 +0.17 .02
4.42 0.35 JustEnergy JE ... dd .42 +0.03 ... 10.90 4.93 MBIA MBI ... dd 7.07 +0.86 ... 41.78 19.54 NRG Energy NRG 3.4 2 35.72 +3.12 .30 96.97 63.67 ONE Gas OGS 2.8 23 78.54 +3.30 .54 39.57 13.14 PennyMacFin PFSI 1.5 4 32.32 +3.47 .12
48.99 15.75 MDC Holdings MDC 4.1 9 32.47 +5.55 .33 4071.13 2043.01 NVR NVR ... 14 3133.86 +338.80 ... 78.48 12.16 ONEOK OKE 10.3 19 36.20 +3.81 .935 23.79 3.50 PennyMacMtg PMT 9.1 dd 10.93 +1.99 .25
32.22 15.00 MDU Rscs MDU 3.9 13 21.15 +1.29 .2075 167.50 9.79 NaborsIndustries NBR 7.6 dd 26.16 +9.16 .50 10.19 9.40 OaktreeAcqn OAC ... ... 9.99 +0.06 ... 53.81 19.99 PenskeAuto PAG .0 7 34.09 +3.48 .42
K 8.09 0.32 MFA Financial MFA .0 2 1.66 +0.16 .20 10.75 3.66 NamTaiProperty NTP ... dd 3.99 –0.07 ... 1.95 0.60 OaktreeAcqnWt OAC.WT ... ... 1.04 –0.04 ... 47.43 22.01 Pentair PNR 2.1 16 36.48 +2.99 .19
15.24 4.34 MGIC Investment MTG 3.2 4 7.61 +0.91 .06 37.97 20.25 NatlBankHoldings NBHC 3.2 10 25.02 +1.92 .20 54.05 9.00 OccidentalPetrol OXY 3.1 dd 14.13 +0.31 .79 194.93 121.80 Penumbra PEN ... cc 176.99 +5.85 ...
28.61 9.41 KAR Auction KAR 6.1 15 12.52 +0.69 .19 34.37 11.43 MGMGrowthProp MGP 7.1 81 26.45 +3.57 .475 56.98 31.58 NationalFuelGas NFG 4.2 40 41.91 +1.95 .435 21.29 2.01 OceaneeringIntl OII ... dd 5.27 +0.56 ... 54.49 7.41 PerformanceFood PFGC ... 24 23.29 +2.00 ...
42.90 20.93 KB Fin KB 5.9 3 24.97 –0.54 1.6631 34.64 5.90 MGM Resorts MGM .1 3 15.90 +2.05 .0025 69.08 44.29 NationalGrid NGG 5.7 20 54.01 –1.73 1.0673 2.23 0.28 OcwenFinancial OCN ... dd .67 +0.07 ... 102.46 62.91 PerkinElmer PKI .3 46 93.41 +0.55 .07
40.51 9.82 KB Home KBH 1.2 10 30.53 +5.82 .09 48.02 9.62 MI Homes MHO ... 7 32.95 +7.19 ... 91.12 31.37 NatlHealthInv NHI 8.3 13 52.98 +6.24 1.1025 2.18 0.35 Oi OIBR.C ... dd .52 +0.03 ... 6.11 2.38 PermianBasin PBT 12.1 8 3.79 +0.52 .0165
31.92 12.00 KBR KBR 1.9 52 20.81 +1.94 .10 5.20 0.88 MOGU MOGU ... dd 1.10 +0.05 ... 25.81 8.00 NatlOilwell NOV .0 dd 12.09 +0.57 .05 38.80 27.51 OilDriAmerica ODC 2.9 15 35.00 +1.09 .25 3.06 0.67 PermianvilleRT PVL 19.8 5 1.50 +0.14 .0153
34.14 15.55 KKR KKR 2.0 dd 26.84 +2.11 .135 32.65 6.87 MPLX MPLX 13.8 dd 19.72 +1.57 .6875 102.27 66.60 NatlPrestoInds NPK 1.2 14 83.68 +4.07 5.00 19.01 1.52 OilStatesIntl OIS ... dd 3.68 +0.80 ... 9.14 1.00 PermRock PRT 28.2 3 2.13 +0.23 .015
22.03 6.84 KKR RealEstFin KREF 11.2 29 15.40 +1.59 .43 17.67 3.31 MRC Global MRC ... 82 5.28 +0.71 ... 59.26 24.04 NatlRetailProp NNN 6.7 21 30.89 +2.78 .515 24.10 11.88 OldRepublic ORI 5.6 cc 14.92 +0.78 .21 63.86 40.01 Perrigo PRGO 1.7 39 54.28 +1.52 .225
12.59 6.66 KT KT 3.8 9 9.78 –0.09 .4444 142.34 83.57 MSA Safety MSA 1.5 29 116.39 +1.55 .43 38.22 19.34 NatlStorage NSA 4.9 dd 26.91 +2.42 .33 22.91 8.76 Olin OLN 7.2 dd 11.11 +0.01 .20 29.88 14.03 Perspecta PRSP 1.1 dd 22.17 +0.18 .06
32.98 15.06 K12 LRN ... 43 24.41 +0.68 ... 356.66 206.82 MSCI MSCI .8 54 337.97 –3.25 .68 23.90 7.93 Natura&Co NTCO ... dd 12.18 +1.24 ... 45.22 13.33 OmegaHealthcare OHI 9.1 19 29.57 +3.26 .67 57.67 27.74 PetroChina PTR 5.1 9 33.30 +0.46 .4059
114.05 52.71 Kadant KAI 1.0 20 94.89 +7.27 .24 79.87 44.93 MSC Industrial MSM 4.6 14 65.37 +5.05 .75 16.73 2.62 NaturalGasSvcs NGS ... dd 6.44 +0.72 ... 85.05 46.37 Omnicom OMC 5.0 9 51.78 +0.88 .65 16.95 4.01 PetroleoBrasil PBR 2.7 5 7.06 +0.96 .0931
5.50 1.63 Kadmon KDMN ... dd 4.66 +0.38 ... 22.12 8.52 MSG Networks MSGN ... 5 13.31 +1.32 ... 16.39 5.41 NaturalGrocers NGVC 2.0 21 14.08 –0.45 .07 4.71 0.54 OnDeckCapital ONDK ... dd .77 +0.13 ... 15.67 4.16 PetroleoBrasilA PBR.A 5.5 4 6.76 +0.85 .098
1.59 0.17 KaleyraWt KLR.WT ... ... .99 +0.09 ... 10.45 3.00 MVC Capital MVC 10.1 5 6.74 +0.43 .17 40.60 8.50 NaturalResPtrs NRP .0 dd 14.16 +1.56 .45 31.78 9.71 OneLiberty OLP 12.1 14 14.90 +1.10 .45 44.56 27.88 Pfizer PFE 4.1 13 37.50 –0.26 .38
68.24 29.38 Kaman KAMN 2.1 15 37.49 +4.95 .20 8.50 1.76 MV Oil MVO 27.2 4 3.37 +0.07 .205 3.66 0.37 Natuzzi NTZ ... 0 .74 +0.07 ... 16.94 9.02 OneConnectFinTech OCFT ... dd 14.07 –1.02 ... 90.17 56.01 PhilipMorris PM 6.6 14 70.45 +2.67 1.17
178.59 92.86 KSCitySouthern KSU 1.1 25 147.25 +13.40 .40 40.76 4.81 Macerich MAC 5.8 7 6.95 +0.59 .10 6.85 1.20 Nautilus NLS ... dd 6.00 –0.18 ... 48.92 12.21 OneMain OMF 6.1 4 21.67 +1.46 .33 119.92 40.04 Phillips66 PSX 4.7 cc 76.46 +5.53 .90
71.05 51.34 Kellogg K 3.7 21 62.09 –1.98 .57 24.88 12.90 Mack-Cali CLI 5.6 dd 14.37 +0.66 .20 13.99 3.80 NavigatorHldgs NVGS ... dd 5.55 +0.08 ... 8.69 3.75 OneSmartIntl ONE ... 80 4.08 –0.34 ... 65.22 19.00 Phillips66Ptrs PSXP 7.8 10 44.58 +1.95 .875
27.61 15.87 Kemet KEM .7 39 27.05 +0.01 .05 45.93 12.50 MacquarieInfr MIC .0 25 28.30 +0.87 1.00 11.52 2.09 NaviosMaritime NNA 23.3 dd 5.15 +0.17 .30 42.50 20.32 OntoInnovation ONTO ... dd 31.79 +1.00 ... 4.00 1.15 PhoenixNewMedia FENG .0 1 1.31 –0.01 1.3712
91.40 53.81 Kemper KMPR 1.9 10 62.43 +4.32 .30 23.40 4.38 Macy's M .0 3 5.21 –0.10 .3775 8.10 1.30 NaviosMaritime NM ... dd 2.14 +0.26 ... 15.37 7.45 Ooma OOMA ... dd 12.45 +1.15 ... 13.90 5.42 PhoenixTree DNK ... dd 8.00 ... ...
38.73 14.45 Kennametal KMT 3.1 33 25.82 +3.35 .20 100.00 58.67 MSG Entertainment MSGE ... ... 75.46 –3.03 ... 21.30 4.08 NaviosMaritime NMM 19.6 dd 6.13 –0.03 .30 31.82 14.21 Oppenheimer A OPY 2.4 6 20.30 +0.80 .12 34.85 16.01 Phreesia PHR ... dd 29.45 +3.26 ...
23.50 10.98 KennedyWilson KW 6.5 9 13.47 +0.67 .22 225.62 130.12 MSG Sports MSGS ... dd 166.94 +11.06 ... 38.00 15.01 NavistarIntl NAV ... 15 25.47 +2.06 ... 60.50 39.71 Oracle ORCL 1.8 17 52.62 –0.30 .24 20.78 11.01 PhysiciansRealty DOC 5.5 41 16.68 +1.45 .23
23.05 10.56 KenonHoldings KEN 14.4 dd 21.30 +1.21 1.21 67.75 22.02 MagellanMid MMP 9.2 9 44.36 +2.52 1.0275 77.55 33.44 Neenah NP 3.7 14 50.63 +5.84 .47 16.64 9.93 Orange ORAN 5.5 13 11.14 +0.23 .4505 24.78 12.86 PiedmontOfficeA PDM 5.7 10 14.66 +1.06 .21
M16 BARRON’S May 25, 2020

New York Stock Exchange Composite List

52-Week Tick Div 52-Week Tick Div 52-Week Tick Div 52-Week Tick Div 52-Week Tick Div
High Low Name Sym Yld P/E Last Chg. Amt. High Low Name Sym Yld P/E Last Chg. Amt. High Low Name Sym Yld P/E Last Chg. Amt. High Low Name Sym Yld P/E Last Chg. Amt. High Low Name Sym Yld P/E Last Chg. Amt.
29.80 12.02 PingIdentity PING ... dd 26.28 +2.33 ... 42.80 30.72 Rollins ROL .8 63 38.73 –1.27 .08 54.63 18.37 SpiritRealtyCap SRC 8.8 24 28.46 +2.32 .625 49.31 13.28 Toll Bros TOL 1.5 8 28.99 +4.13 .11 14.76 5.80 VertivUn VERT.UT ... cc 13.36 +1.18 ...
105.51 60.05 PinnacleWest PNW 4.3 15 72.66 +1.24 .7825 395.00 240.00 RoperTech ROP .6 24 367.06 +5.56 .5125 196.75 109.18 Spotify SPOT ... dd 190.17 +31.34 ... 39.21 30.79 TootsieRoll TR 1.0 34 33.90 +0.47 .09 3.86 0.48 VertivWt VRT.WT ... ... 3.48 +0.31 ...
36.83 10.10 Pinterest PINS ... dd 18.60 +0.36 ... 25.45 8.85 RosettaStone RST ... dd 17.95 +0.90 ... 19.10 9.83 SpragueRscs SRLP 18.3 9 14.60 +1.25 .6675 125.66 54.83 TopBuild BLD ... 18 110.44 +20.08 ... 72.27 11.25 Viad VVI .0 12 16.05 +1.40 .10
159.01 48.62 PioneerNatRscs PXD 2.4 22 92.42 +9.56 .55 82.74 49.55 RoyalBkCanada RY ... 9 58.87 +0.13 ... 87.25 32.33 Square SQ ... cc 81.49 +1.23 ... 84.26 52.07 Toro TTC 1.5 26 67.64 +4.48 .25 27.63 3.16 VinceHolding VNCE ... 28 5.75 +0.25 ...
87.45 31.95 PiperSandler PIPR 1.4 18 56.28 +4.10 .20 7.05 2.45 RoyalBkScotland RBS .0 4 2.61 +0.04 .1296 23.38 15.32 St.Joe JOE ... 49 18.87 +1.23 ... 59.55 33.74 TorontoDomBk TD 5.7 8 39.69 +0.74 .5554 18.95 6.17 Vipshop VIPS ... 18 14.98 –1.87 ...
5.50 1.67 PitneyBowes PBI 8.5 dd 2.34 +0.23 .05 135.32 19.25 RoyalCaribbean RCL .0 51 43.14 +5.69 .78 55.85 33.94 StandardMotor SMP .0 16 39.13 +2.21 .25 10.08 9.50 TortoiseAcqn SHLL ... cc 9.92 –0.03 ... 42.49 6.90 VirginGalactic SPCE ... dd 15.74 +0.12 ...
1.08 0.40 PivotalInvCorp.IIWt PIC.WT ... ... .50 ... ... 66.48 21.26 RoyalDutchA RDS.A 3.4 8 32.24 +2.11 .32 81.69 37.50 StandexInt SXI 1.7 21 51.24 +6.24 .22 0.75 0.15 TortoiseAcqnWt SHLL.WT ... ... .29 +0.04 ... 214.17 133.93 Visa V .6 35 190.86 +7.37 .30
10.35 9.38 PivotalInvtII PIC.UT ... ... 10.10 +0.05 ... 67.45 19.19 RoyalDutchB RDS.B 4.2 8 30.34 +1.74 .32 173.67 70.00 StanleyBlackDck SWK 2.3 20 121.49 +13.65 .69 56.91 22.13 Total TOT ... 8 36.02 +2.99 ... 23.25 11.23 Vishay VSH 2.4 20 15.76 +1.57 .095
10.08 9.50 PivotalInvII PIC ... cc 9.97 +0.02 ... 13.11 4.09 RubiconProject RUBI ... dd 5.17 +0.05 ... 112.04 50.68 StanleyB&D Un SWT 6.6 ... 80.28 +7.32 1.3125 10.34 3.54 TownsquareMedia TSQ 6.7 dd 4.47 +0.13 .075 41.90 16.56 VishayPrecision VPG ... 17 21.99 +1.85 ...
25.26 3.00 PlainsAllAmPipe PAA 7.4 dd 9.75 +1.30 .18 60.55 22.62 RyderSystem R 7.2 dd 31.10 +1.20 .56 31.94 20.22 Stantec STN 1.5 23 29.19 +0.66 .1095 145.41 108.01 ToyotaMotor TM 3.0 7 117.56 +0.67 1.8299 11.03 1.80 VistaOil&Gas VIST ... dd 3.28 –0.02 ...
25.69 3.04 PlainsGP PAGP 7.0 dd 10.25 +1.47 .18 12.54 3.76 RyersonHolding RYI ... 3 4.63 +0.63 ... 10.15 6.11 StarGroup SGU 6.9 15 7.73 +0.30 .1325 118.10 70.00 TraneTech TT 2.5 17 83.36 +6.15 .53 10.80 4.29 VistaOutdoor VSTO ... dd 8.16 +0.48 ...
88.77 23.77 PlanetFitness PLNT ... 53 62.96 +10.64 ... 91.57 13.25 RymanHospitality RHP .0 23 32.02 +7.06 .95 7.88 3.01 Starrett A SCX ... 5 3.24 +0.22 ... 8.50 3.63 Transalta TAC 2.2 14 5.59 +0.28 .0301 27.96 11.30 VistraEnergy VST 2.7 13 19.81 +1.24 .135
47.46 4.60 Plantronics PLT .0 dd 14.14 +2.74 .15 8.93 2.75 Startek SRT ... dd 4.08 +0.88 ... 41.50 16.00 TrancntlRlty TCI ... dd 22.70 +4.80 ... 2.56 0.61 VistraEnergyWt VST.WTA ... ... .89 +0.28 ...
21.59
21.50
0.70
7.79
PlayAGS
PlymouthIndREIT
AGS
PLYM
...
10.8
dd
dd
4.70
13.95
+1.27
+2.12
...
.375 S 26.33
85.89
7.59
42.10
StarwoodProp
StateStreet
STWD
STT
14.7
3.8
10
10
13.07
55.32
+1.44
+0.91
.48
.52
673.51
7.28
200.06
0.76
TransDigm
Transocean
TDG
RIG
.0
...
26
dd
380.80
1.43
+55.80
+0.03
32.50
...
32.00
3.34
8.51
0.37
VivintSmartHome
VivintSmartHmWt
VVNT
VVNT.WT
...
...
dd
...
11.42
1.31
–0.56
–0.01
...
...
104.37 37.35 Polaris PII 3.0 19 83.72 +9.77 .62 14.09 4.31 SteelPartners SPLP ... dd 4.46 –0.05 ... 16.07 3.72 TransportadGas TGS ... 4 5.66 +0.48 ... 12.99 3.17 VivintSolar VSLR ... dd 6.90 +0.80 ...
37.33 8.69 PolyOne POL 3.4 15 24.10 +2.86 .2025 140.67 90.90 SAP SAP ... 37 116.07 +2.86 ... 23.02 7.02 Steelcase SCS 2.4 7 11.51 +1.79 .07 101.16 52.50 TransUnion TRU .4 45 80.56 +4.94 .075 201.57 86.00 VMware VMW ... 9 134.60 +0.12 ...
63.08 37.83 PortlandGenElec POR 3.6 17 42.95 +2.18 .385 317.29 186.06 S&P Global SPGI .9 33 311.86 +8.72 .67 105.87 69.33 Stepan SCL 1.2 21 95.60 +6.13 .275 155.09 76.99 Travelers TRV 3.4 11 100.10 +9.79 .85 33.40 15.89 VoceraComm VCRA ... dd 18.94 +0.73 ...
112.89 68.97 PostHoldings POST ... dd 84.84 –0.04 ... 10.25 9.50 SC Health SCPE ... cc 9.94 –0.01 ... 168.98 105.69 Steris STE .9 33 157.48 +6.16 .37 10.54 4.23 TrecoraResources TREC ... dd 5.71 +0.19 ... 68.85 27.64 VornadoRealty VNO 7.7 2 34.15 –1.17 .66
19.48 10.84 PostalRealty PSTL 3.5 dd 16.50 +0.40 .20 1.35 0.81 SC Health Wt SCPE.WT ... ... 1.09 +0.11 ... 22.17 7.01 SterlingBancorp STL 2.6 7 10.98 +1.16 .07 23.48 11.31 Tredegar TG 3.2 80 14.77 +0.94 .12 2.37 0.58 voxeljet VJET ... dd 1.09 +0.19 ...
2.08 0.27 PrecisionDrilling PDS ... dd .54 +0.02 ... 10.48 9.25 SCVX SCVX.UT ... ... 10.09 –0.04 ... 44.14 20.26 StewartInfo STC 4.0 8 30.14 +1.28 .30 60.38 33.50 TreeHouseFoods THS ... dd 50.84 –1.16 ... 63.81 29.75 VoyaFinancial VOYA 1.4 9 42.09 +1.32 .15
16.55 5.27 PrefApartment APTS 9.6 dd 7.27 +0.56 .175 10.00 9.20 SCVX SCVX ... ... 9.72 –0.02 ... 69.10 31.13 StifelFinancial SF 1.5 8 45.09 +3.05 .17 127.87 56.22 Trex TREX ... 48 127.71 +12.76 ... 152.49 65.56 VulcanMatls VMC 1.4 22 99.84 +3.77 .34
46.12 27.40 PrestigeCnsHlth PBH ... 15 42.18 +2.16 ... 0.75 0.33 SCVX Wt SCVX.WT ... ... .75 ... ... 31.98 14.67 STMicroelec STM .8 21 24.14 +0.50 .06 10.15 9.40 TrineAcqn TRNE ... cc 9.96 +0.02 ...
13.83
138.05
4.05
61.20
PretiumResources
Primerica
PVG
PRI
...
1.5
38
13
8.87
108.33
–0.12
+7.12
...
.40
51.42
15.17
22.23
1.47
Seacor
SeacorMarine
CKH
SMHI
...
...
25
dd
26.14
1.54
+1.95
–0.33
...
...
2.68
34.46
0.46
13.87
StoneMor
Stoneridge
STON
SRI
...
...
dd
10
.63
18.60
–0.01
+1.68
...
...
1.13
76.92
0.35
27.79
TrineAcqnWt
TriNet
TRNE.WT
TNET
...
...
...
14
.60
49.18
...
+4.38
...
... W
16.00 6.33 PrimoWater PRMW 2.1 dd 11.34 +1.26 .06 15.10 6.33 SFL SFL 14.7 ... 9.55 ... .25 226.30 124.54 Stryker SYK 1.2 32 184.14 +3.87 .575 24.64 14.53 TrinityIndustries TRN 3.8 9 19.88 +1.69 .19
42.03 12.67 ProAssurance PRA 1.4 dd 14.05 +0.71 .05 45.39 21.25 SINOPEC SHI 13.0 8 24.76 –0.81 3.718 21.22 12.48 StudioCity MSC ... dd 15.15 –0.36 ... 50.14 14.16 Trinseo TSE 7.8 47 20.55 +3.15 .40 136.45 117.20 WABCO WBC ... 37 136.37 –0.08 ...
128.09 94.34 Procter&Gamble PG 2.8 64 112.60 –2.01 .7907 15.85 3.60 SITE Centers SITC .0 17 5.64 +0.99 .20 61.64 38.44 SturmRuger RGR 1.3 31 59.99 +1.74 .35 27.64 9.13 Triple-S Mgmt GTS .0 13 16.97 +0.55 .00 6.10 1.07 W&T Offshore WTI ... 5 2.74 +0.10 ...
84.96 62.18 Progressive PGR .5 12 74.72 –1.49 .10 74.99 45.60 SJW Group SJW 2.1 86 59.80 +6.35 .32 24.89 8.64 SuburbanPropane SPH 16.8 24 14.26 +0.93 .60 17.17 2.80 TriplePtVent TPVG 15.6 14 9.24 +0.99 .36 109.53 68.01 WEC Energy WEC 2.9 23 86.14 +1.34 .6325
99.79 59.82 Prologis PLD 2.6 34 87.55 +4.27 .58 24.97 14.07 SK Telecom SKM 3.9 16 18.70 +0.29 .8103 7.56 4.49 SumitomoMits SMFG 5.4 6 5.28 +0.19 .1655 40.81 19.80 TritonIntl TRTN 6.9 7 30.30 +2.22 .52 236.52 71.12 WEX WEX ... 92 138.73 +18.23 ...
21.83 1.36 ProPetro PUMP ... 3 4.85 +0.59 ... 96.39 35.16 SLGreenRealty SLG 9.6 10 36.83 –1.14 .295 12.59 2.32 SummitHotelProp INN .0 14 5.46 +0.79 .18 29.38 3.02 TriumphGroup TGI 2.9 dd 5.55 +0.82 .04 75.86 34.26 WNS WNS ... 19 41.95 +1.81 ...
21.00 7.26 ProSightGlobal PROS ... 12 9.24 –0.16 ... 13.40 0.90 SM Energy SM .5 dd 3.82 +0.79 .01 25.22 7.51 SummitMaterials SUM ... 19 13.93 +2.05 ... 13.12 3.97 Tronox TROX 4.5 dd 6.25 +0.51 .07 93.62 38.62 W.P.Carey WPC 6.8 35 60.89 +6.26 1.04
75.22 42.02 ProsperityBcshs PB 3.0 13 60.62 +4.72 .46 53.76 25.50 SPX SPXC ... 18 37.96 +3.37 ... 8.00 0.50 SummitMidstream SMLP .0 dd .87 +0.13 .125 24.98 12.02 TrueBlue TBI ... dd 15.02 +1.04 ... 70.80 27.18 WPP WPP 7.6 13 36.53 +2.62 1.3892
127.46 63.19 ProtoLabs PRLB ... 54 124.25 +17.84 ... 49.94 15.74 SPX FLOW FLOW ... dd 31.94 +3.95 ... 173.98 95.34 SunComms SUI 2.4 ... 132.79 +7.70 .79 56.92 24.01 TruistFinl TFC 5.4 9 33.29 +1.94 .45 14.43 1.94 WPX Energy WPX ... dd 5.83 +0.47 ...
25.86 9.05 ProvidentFinSvcs PFS 7.4 8 12.49 +0.94 .23 33.48 17.54 STAG Indl STAG 5.7 36 25.36 +2.20 .12 50.13 24.37 SunLifeFinancial SLF 4.7 11 33.36 +1.17 .3915 4.77 1.70 TsakosEnergy TNP 7.5 dd 2.66 +0.21 .05 16.70 6.26 WabashNational WNC 3.6 dd 8.95 +1.28 .08
103.56 38.62 PrudentialFin PRU 7.8 8 56.28 +3.35 1.10 40.96 13.00 StoreCapital STOR 7.5 15 18.72 +1.57 .35 9.17 2.33 SunCokeEnergy SXC 8.0 dd 3.01 +0.43 .06 31.04 5.79 TufinSoftware TUFN ... dd 9.73 +0.82 ... 81.75 35.07 Wabtec WAB .8 25 56.80 +4.44 .12
44.84 15.68 Prudential PUK 3.8 39 24.26 –1.34 .5194 49.25 23.02 SabineRoyalty SBR 10.4 10 27.55 +1.49 .1517 34.56 9.61 SuncorEnergy SU 3.5 dd 17.10 +0.95 .1495 21.12 1.15 Tupperware TUP .0 dd 3.03 +0.46 .27 18.33 9.87 Waddell&ReedFin WDR 7.6 9 13.21 +0.36 .25
63.88 34.75 PublicServiceEnt PEG 4.1 17 48.12 +2.66 .49 2.38 0.74 SafeBulkers SB ... 22 .95 +0.09 ... 3.01 0.68 SunlandsTech STG ... dd 1.52 –0.24 ... 6.31 4.36 TurkcellIletism TKC 5.1 10 5.06 +0.42 .0395 79.74 24.55 Walker&Dunlop WD 3.7 7 39.06 +3.04 .36
266.76 155.37 PublicStorage PSA 4.3 25 186.47 +10.50 2.00 12.91 4.43 SafeguardSci SFE .0 8 6.61 +0.63 1.00 20.87 6.12 SunnovaEnergy NOVA ... dd 13.71 –0.41 ... 45 133.38 100.60 Walmart WMT 1.7 24 124.33 –1.61 .54
57.06 14.09 TurningPoint TPB .9 22.96 +1.44 .05
47.37 17.12 PulteGroup PHM 1.4 9 33.31 +5.59 .12 66.70 26.24 Safehold SAFE 1.2 54 51.03 +2.68 .156 34.09 10.46 Sunoco SUN 13.0 dd 25.42 +1.75 .8255 dd 27.90 9.46 WarriorMetCoal HCC 1.4 3 14.04 +0.91 .05
1.33 0.30 TurquoiseHill TRQ ... .66 +0.12 ...
20.50 7.93 PureStorage PSTG ... dd 16.27 +1.98 ... 27.05 11.61 SailPointTechs SAIL ... dd 22.80 +2.14 ... 14.47 5.75 SunstoneHotelInv SHO .0 dd 8.53 +1.14 .05 dd 4.70 0.56 WashingtonPrime WPG .0 dd .66 +0.03 .125
19.48 2.61 TutorPerini TPC ... 9.56 +2.38 ... 34
195.72 115.29 Salesforce.com CRM ... cc 177.85 +6.52 ... 20.20 0.70 SuperiorEnergy SPN ... dd .94 –0.30 ... 32.22 18.01 WashingtonREIT WRE 5.8 20.64 +1.79 .30
11.58 3.62 Puxin NEW ... dd 6.07 –0.16 ... 209.50 68.06 Twilio TWLO ... dd 208.62 +19.40 ... 42
19.83 1.43 PyxusIntl PYX ... dd 2.30 –0.46 ... 21.98 6.28 SallyBeauty SBH ... 7 11.49 +1.64 ... 4.45 0.90 SuperiorIndsIntl SUP .0 dd 1.21 +0.02 .09 27 105.17 70.87 WasteConnections WCN .8 91.71 +1.41 .185
32.30 7.22 TwinRiver TRWH .0 19.10 +3.65 .10
10.15 3.46 PzenaInvtMgmt PZN 2.7 16 4.47 +0.15 .03 4.25 1.39 SanJuanBasin SJT 4.1 19 2.79 +0.21 .0043 9.95 9.85 SustOppsAcqnUn SOAC.UT ... ... 9.85 –0.02 ... 45.86 20.00 Twitter TWTR ... 20 32.62 +3.62 ...
126.79 85.34 WasteMgt WM 2.2 25 98.92 +2.99 .545
7.61 0.26 QEP Resources QEP 10.1 0 .79 +0.06 .02 8.18 0.70 SandRidgeEnergy SD ... dd 1.47 –0.02 ... 10.84 4.43 Suzano SUZ ... dd 6.92 –0.66 ... 245.68 154.39 Waters WAT ... 23 186.68 +8.22 ...
15.85 2.25 TwoHarbors TWO 26.2 dd 4.77 +0.48 .05
68.80 42.64 QTS Realty QTS 3.0 dd 62.22 –1.10 .47 2.08 0.25 SandRidgePermian PER 70.4 1 .44 ... .08 19.22 10.30 Switch SWCH .6 cc 19.02 +1.08 .0294 368.98 205.90 TylerTech TYL ... 88 360.05 +5.30 ...
186.87 132.97 Watsco WSO 4.3 27 165.73 +7.60 1.775
93.90 47.17 Q2Holdings QTWO ... dd 81.84 +1.76 ... 9.02 3.32 SandstormGold SAND ... cc 8.71 +0.16 ... 10.12 9.38 SwitchbackEnerA SBE ... cc 9.85 ... ... 94.24 42.57 TysonFoods TSN 2.8 11 59.19 +0.98 .42
114.45 69.02 WattsWater WTS 1.2 21 79.54 +5.67 .23
43.45 25.04 Qiagen QGEN ... dd 42.99 +0.93 ... 27.75 9.74 SantanderCons SC 5.7 7 15.47 +1.07 .22 0.96 0.30 SwitchbackEnerWt SBE.WT ... ... .84 –0.01 ... 197.06 21.70 Wayfair W ... dd 165.69 –7.41 ...
28.70 5.94 SaratogaInvt SAR .0 3 14.84 +1.10 .56 38.18 12.15 SynchronyFin SYF 4.9 4 17.85 +1.31 .22 54.04 18.16 WebsterFin WBS 6.5 7 24.79 +2.76 .40
12.12
209.05
2.00
108.14
QuadGraphics
QuakerChemical
QUAD
KWR
.0
.9
dd
dd
2.92
170.26
+0.27
+11.11
.15
.385 26.08 1.25 Sasol SSL ... dd 4.50 +0.28 ... 153.07
40.32
52.06
10.91
Synnex
SynovusFin
SNX
SNV
.0
7.6
10
6
100.59
17.38
+9.14
+1.36
.40
.33
U 9.75
32.17
1.03
12.21
Weidai
WeingartenRealty
WEI
WRI
...
4.1
2
7
1.60
17.59
+0.19
+1.96
...
.18
20.42 7.90 QuanexBldg NX 2.7 dd 11.64 +1.43 .08 58.49 23.58 SaulCenters BFS 7.1 19 29.91 +2.85 .53
44.09 23.77 QuantaServices PWR .6 16 34.25 +2.91 .05 41.40 11.87 Schlumberger SLB 2.8 dd 17.58 +1.63 .125 85.98 26.00 Sysco SYY 3.5 20 51.75 +4.13 .45 13.49 7.48 UBS Group UBS ... 8 9.82 +0.56 ... 59.39 32.44 WeisMarkets WMK 2.2 19 55.98 +0.97 .31
9.21 1.21 Qudian QD ... 1 1.50 –0.15 ... 24.38 15.36 SchneiderNatl SNDR 1.2 26 22.33 +1.30 .065 26.57 14.00 Systemax SYX 2.9 16 19.38 +1.20 .14 51.25 29.20 UDR UDR 4.0 65 36.28 +1.52 .36 19.81 3.17 Welbilt WBT ... 18 5.55 +0.85 ...
125.00 73.02 QuestDiag DGX 2.0 19 112.83 +1.75 .56 51.65 28.00 SchwabC SCHW 2.2 13 32.83 +0.27 .18 54.48 21.75 UGI UGI 4.3 17 30.41 +2.02 .33 54.75 22.00 WellsFargo WFC 8.4 9 24.17 +0.81 .51
4.04
11.99
0.59
4.55
QuintanaEnergy
QuotientTech
QES
QUOT
...
...
dd
dd
.82
6.18
+0.14
+0.50
...
...
46.65
96.80
20.00
45.45
SchweitzerMaud
ScienceApplicat
SWM
SAIC
6.0
1.7
10
22
29.32
84.91
+2.20
+1.90
.44
.37
T 16.64
65.76
8.63
39.33
UMH Prop
Unitil
UMH
UTL
5.9
3.2
dd
21
12.15
46.47
+1.16
+1.55
.18
.375
93.17
61.32
24.27
13.52
Welltower
WescoIntl
WELL
WCC
5.1
...
47
5
47.82
27.70
+7.17
+2.02
.61
...
72.05 13.75 ScorpioBulkers SALT 1.2 dd 17.04 +2.44 .05 19.00 3.52 USA Compression USAC 18.9 dd 11.10 +1.69 .525 221.96 113.04 WestPharmSvcs WST .3 61 211.44 –2.73 .16
59.76 30.78 TAL Education TAL ... cc 53.30 –0.70 ... 58.94 20.90 WestAllianceBcp WAL 3.1 7 32.71 +3.44 .25
R
40.45 12.35 ScorpioTankers STNG 2.4 dd 16.98 +0.19 .10 51.20 23.91 US Cellular USM ... 19 31.34 +3.02 ...
151.03 76.50 ScottsMiracleGro SMG 1.5 26 150.70 +11.14 .58 57.92 32.37 TC Energy TRP 5.5 13 42.11 –2.40 .5778 11.33 1.37 WesternAssetMort WMC .0 dd 2.29 +0.19 .31
44.65 18.00 TC PipeLines TCP 7.4 10 34.94 +2.12 .65 11.95 1.00 USD Partners USDP 39.8 dd 3.05 +0.27 .111
15.56 6.04 ScullyRoyalty SRL ... dd 7.96 +0.95 ... 43.10 8.32 US Foods USFD ... 22 17.81 +0.66 ... 31.99 2.90 WesternMidstrm WES 24.2 13 8.98 +1.66 .311
27.26 16.81 RELX RELX 2.5 23 22.97 +1.05 .164 28.85 8.86 SculptorCapMgmt SCU 12.3 dd 11.99 +1.65 .53 101.00 48.62 TE Connectivity TEL 2.5 37 76.23 +6.19 .48
148.48 45.13 US PhysTherapy USPH 1.7 33 74.97 +7.22 .32 28.45 17.39 WesternUnion WU 4.7 8 19.01 +0.44 .225
40.78 14.40 RE/MAX RMAX 3.5 20 25.50 +3.03 .22 79.19 26.41 Sea SE ... dd 79.00 +17.04 ... 18.31 9.61 Tegna TGNA 2.5 8 11.21 +1.08 .07
14.83 0.79 US Silica SLCA .0 dd 2.62 +0.77 .02 75.65 28.99 WestlakeChem WLK 2.4 12 44.01 +5.48 .2625
20.91 13.54 Telus TU 5.1 16 16.17 +0.21 .2058 26.48 10.31 WestlakeChemPtrs WLKP 10.6 10 17.76 +0.17 .4714
14.99 3.50 REV REVG .0 dd 5.52 +0.70 .05 16.67 5.25 SeabridgeGold SA ... dd 15.81 +0.16 ... 5 6.52 2.65 US Xpress USX ... dd 4.66 +0.99 ...
22 dd 25.77 9.59 Ternium TX ... 14.55 +1.50 ... 20.56 7.98 WestpacBanking WBK 12.0 7 9.94 +0.10 .551
256.27 73.14 RH RH ... 198.15 +43.52 ... 5.73 0.38 SeaDrill SDRL ... .49 +0.04 ... 10 47.08 13.71 Uber UBER ... dd 34.83 +2.36 ...
36.65 15.24 TFI Intl TFII 2.5 28.97 +2.60 .1993 44.39 21.50 WestRock WRK 3.2 8 25.35 +1.14 .20
99.93 66.02 RLI RLI 1.2 55 77.61 +8.62 .24 45.86 17.06 SealedAir SEE 2.1 13 29.80 +1.04 .16 20.32 10.29 TIM Part TSU 3.3 6 11.43 +0.95 .1259 199.91 107.22 Ubiquiti UI .7 33 178.02 +5.05 .30
18.51 3.88 RLJ Lodging RLJ .4 39 10.16 +1.70 .01 36.96 6.75 SeaWorldEnt SEAS ... 21 17.56 +3.76 ... 6.68 1.97 UltraparPart UGP 3.1 44 2.89 +0.47 .0546 35.74 10.50 Westwood WHG .0 24 18.81 +0.98 .43
64.95 32.72 TJX TJX .0 39 53.41 +6.24 .23 31.58 13.10 Weyerhaeuser WY .0 41 19.78 +2.45 .34
10.68 9.60 RMG Acqn RMG.UT ... cc 10.00 –0.10 ... 12.41 2.22 SelectEnergySvcs WTTR ... dd 4.99 +0.80 ... 21.30 2.45 TPG RE Fin TRTX 24.1 dd 7.14 +1.01 .43 27.72 7.15 UnderArmour A UAA ... dd 8.34 +0.63 ...
10.50 9.03 RMGAcqn RMG ... cc 9.98 +0.03 ... 28.61 10.00 SelectMedical SEM ... 13 15.72 +1.48 ... 24.55 6.37 UnderArmour C UA ... dd 7.38 +0.47 ... 47.15 18.66 WheatonPrecMet WPM .9 cc 44.80 –0.84 .10
18.63 5.89 TRI Pointe TPH ... 8 13.66 +2.42 ... 163.64 64.00 Whirlpool WHR 4.0 9 119.70 +10.90 1.20
0.98 0.40 RMG Acqn Wt RMG.WT ... ... .50 +0.05 ... 28.25 25.70 SelectQuote SLQT ... ... 26.50 +6.50 ... 7.24 0.89 TailoredBrands TLRD .0 cc 1.34 +0.45 .18 27.85 7.48 Unifi UFI ... dd 13.30 +1.18 ...
8.40 1.72 RPC RES ... dd 3.15 +0.23 ... 161.87 88.00 SempraEnergy SRE 3.4 16 123.81 +4.61 1.045 217.90 121.89 Unifirst UNF .6 19 171.85 +12.62 .25 1168.21 629.21 WhiteMtnIns WTM .1 dd 920.00 +38.83 1.00
60.64 37.18 TaiwanSemi TSM 2.6 20 49.80 ... .3304 14.65 4.71 WhitestoneREIT WSR 7.1 11 5.88 +0.77 .035
77.47 42.85 RPM RPM 2.1 28 69.78 +3.07 .36 54.72 18.25 SensataTechs ST ... 27 34.95 +1.67 ... 20.93 12.43 TakedaPharm TAK 3.4 dd 18.93 +0.34 .4111 63.62 42.00 Unilever UN 3.2 20 48.02 –0.27 .4445
15.18 4.62 RPTRealty RPT .0 7 5.78 +0.69 .22 75.21 38.24 SensientTech SXT 3.4 28 46.25 +2.27 .39 64.84 44.06 Unilever UL 3.5 21 50.77 –0.44 .4445 20.00 0.25 WhitingPetrol WLL ... dd .92 –0.02 ...
31.34 5.00 TalosEnergy TALO ... 2 12.40 +1.92 ... 8.12 2.95 WideOpenWest WOW ... 18 6.13 +0.84 ...
4.83 0.72 RR Donnelley RRD .0 dd 1.27 +0.22 .03 7.59 1.68 SequansComms SQNS ... dd 5.07 +0.08 ... 18.20 4.05 Tanger SKT .0 dd 6.04 +0.29 .3575 188.96 105.08 UnionPacific UNP 2.3 19 165.16 +13.92 .97
2.33 0.14 RTW Retail RTW ... dd .40 +0.03 ... 45.70 5.00 SeritageGrowth SRG ... dd 7.81 +0.89 ... 18.13 6.39 Unisys UIS ... dd 11.24 +1.05 ... 50.05 30.42 Wiley A JW.A 3.6 15 38.21 +2.75 .34
32.44 10.18 Tapestry TPR .0 dd 13.98 +1.78 .3375 49.41 30.44 Wiley B JW.B 3.6 15 38.00 +2.67 .34
7.18 2.22 RYBEducation RYB ... dd 2.56 –0.02 ... 52.89 33.93 ServiceCorp SCI 2.0 19 38.32 +2.76 .19 43.47 3.66 TargaResources TRGP 2.2 dd 18.04 +3.01 .10 10.41 0.14 Unit UNT ... dd .24 ... ...
4.07 0.35 RaMedicalSys RMED ... dd .49 –0.29 ... 58.78 17.63 ServiceMaster SERV ... 55 29.13 +2.22 ... 20 29.06 8.41 Williams WMB 8.1 cc 19.65 +0.89 .40
130.24 79.13 Target TGT 2.2 22 117.49 –3.45 .66 2.85 1.87 UnitedMicro UMC 2.6 2.46 –0.06 .0938
26.32 9.53 RadianGroup RDN 3.3 5 15.16 +1.24 .125 394.76 213.99 ServiceNow NOW ... cc 387.96 +17.50 ... dd 77.00 26.01 Williams-Sonoma WSM 2.9 15 66.49 –0.03 .48
99.69 56.07 TaroPharm TARO ... 11 69.08 +3.61 ... 23.38 5.00 UnitedNatFoods UNFI ... 17.47 –0.85 ...
30.86 9.40 Rafael RFL ... dd 15.22 +2.38 ... 105.84 30.01 ShakeShack SHAK ... cc 52.45 +3.61 ... 125.31 82.00 UPS B UPS 4.2 20 96.72 +5.69 1.01 63.45 16.94 Winnebago WGO .8 19 58.00 +7.42 .11
14.03 3.92 TataMotors TTM ... dd 5.46 –0.02 ... 4.61 2.52 Wipro WIT ... 13 2.96 +0.05 ...
128.29 59.82 RalphLauren RL 3.8 8 72.84 +7.46 .6875 21.00 12.20 ShawComm B SJR 5.3 15 15.98 +0.11 .0707 53.40 26.24 TaubmanCtrs TCO 6.9 dd 39.30 +0.77 .675 170.04 58.85 UnitedRentals URI ... 9 130.56 +11.99 ...
8.38 1.61 RangeResources RRC .0 dd 6.01 +1.10 .02 22.70 5.70 ShellMidstream SHLX 13.4 9 13.36 +0.28 .46 34.70 12.19 WolverineWwide WWW 2.0 18 20.42 +2.66 .10
28.47 6.39 TaylorMorrison TMHC ... 11 18.16 +3.43 ... 61.11 28.36 US Bancorp USB 5.1 9 32.93 +2.25 .42
8.11 2.49 RangerEnergySvcs RNGR ... 19 3.73 +0.16 ... 599.95 325.43 SherwinWilliams SHW .9 33 577.30 +8.92 1.34 dd 38.26 15.54 WooriFin WF 7.0 4 19.09 +0.11 1.7264
19.00 3.75 Team TISI ... dd 5.36 +1.06 ... 15.90 4.54 US Steel X .5 7.37 +0.20 .01 64.11 22.01 Workiva WK ... dd 42.24 +1.66 ...
10.27 4.32 Ranpak PACK ... dd 7.36 +0.71 ... 40.00 17.09 ShinhanFin SHG 5.0 2 23.08 –0.38 1.3575 28.57 4.49 TechnipFMC FTI 1.8 dd 7.21 +0.69 .13 306.71 187.72 UnitedHealth UNH 1.5 20 289.94 –1.02 1.08
1.56 0.51 RanpakWt PACK.WT ... ... 1.44 +0.10 ... 826.38 262.17 Shopify SHOP ... dd 825.17 +58.17 ... 44.37 20.04 WorldFuelSvcs INT 1.7 9 23.79 +2.72 .10
23.30 5.60 TeckRscsB TECK 1.5 dd 9.16 +0.36 .0354 24.77 6.40 Univar UNVR ... cc 14.18 +1.65 ... 35
102.45 54.21 RaymondJames RJF 2.3 10 65.21 +4.17 .37 45.98 28.76 Shutterstock SSTK 1.9 76 35.92 –0.73 .17 78.76 29.10 WW Ent WWE 1.1 44.51 +2.87 .12
5.76 2.04 Teekay TK ... dd 2.91 +0.05 ... 63.18 37.04 Universal UVV 7.0 12 43.36 +1.97 .76 44.69 19.28 WorthingtonInds WOR 3.6 15 26.88 +2.66 .24
7.36 0.90 RayonierAdvMatls RYAM .0 dd 1.85 +0.01 .07 13.27 3.18 Sibanye-Stillwater SBSW ... ... 7.88 +0.01 ... 16.74 7.00 TeekayLNG un TGP 8.5 13 11.75 +1.07 .25 132.41 54.54 UniversalHealth UHT 3.1 64 89.65 +8.27 .685
33.10 15.96 Rayonier RYN 4.6 50 23.29 +2.03 .27 31.44 5.60 SignetJewelers SIG .0 11 10.24 +1.21 .37 53.13 13.74 WyndhamDest WYND 7.0 10 28.42 +5.07 .50
26.92 7.68 TeekayTankers TNK ... 13 16.49 +0.21 ... 157.79 65.20 UniversalHealthB UHS .0 13 104.17 +11.54 .20 63.66 14.50 WyndhamHtls WH .7 29 46.97 +5.81 .08
93.45 40.71 RaytheonTech RTX 3.2 13 60.00 +7.27 .475 15.76 1.50 SilverBowRscs SBOW ... 1 4.10 +0.04 ... 18.89 12.12 TejonRanch TRC ... 37 13.71 +0.52 ... 30.79 14.20 UnivInsurance UVE 3.6 24 17.69 +0.75 .16
16.90 3.92 ReadyCapital RC 26.1 dd 6.14 +0.77 .40 16.95 7.60 SilvergateCapital SI ... 14 15.06 +0.81 ... 203.85 53.46 TeladocHealth TDOC ... dd 174.18 –10.05 ... 9.76 2.75 UnvlTechInst UTI ... 20 6.99 +0.62 ...
13.88
84.92
2.09
38.00
Realogy
RealtyIncome
RLGY
O
.0
5.4
dd
36
4.81
52.15
+0.87
+2.16
.09
.233
172.39
88.25
42.25
47.02
SimonProperty
SimpsonMfg
SPG
SSD
15.3
1.2 23
9 54.59
75.25
+3.27
+6.30
2.10
.23
18.55 6.57 TelecomArgentina TEO 15.5 dd 7.99 +0.44 .2888 35.09 9.58 UnumGroup UNM 7.7 3 14.71 +0.73 .285 XYZ
398.99 195.34 TeledyneTech TDY ... 31 338.29 +23.22 ... 21.74 6.98 UrbanEdgeProp UE .0 9 9.37 +1.01 .22
8.01 1.16 RedLionHotels RLH ... dd 1.77 +0.23 ... 119.42 53.29 SiteOneLandscape SITE ... 49 97.00 +8.25 ... 398.65 221.27 Teleflex TFX .4 31 363.24 +27.55 .34 19.87 8.30 UrstadtBiddle UBP 9.7 19 10.35 +0.83 .25 5.44 0.73 XFinancial XYF ... ... .83 +0.07 ...
18.01 2.14 RedwoodTrust RWT 25.1 dd 5.09 +1.38 .32 59.52 8.75 SixFlags SIX .0 12 23.54 +4.43 .25 14.68 7.75 TelefonicaBras VIV 7.2 11 8.40 +0.54 .2348 24.88 10.05 UrstadtProp A UBA 8.9 23 12.64 +1.10 .28 100.18 38.47 XPO Logistics XPO ... 22 75.61 +11.29 ...
90.19 51.99 RegalBeloit RBC 1.6 16 76.64 +7.03 .30 44.50 17.06 SkechersUSA SKX ... 16 29.27 +4.36 ... 8.55 3.75 Telefonica TEF 7.6 22 4.51 –0.08 .2219 90.94 43.01 UsanaHealth USNA ... 17 81.17 –1.05 ... 22.39 6.15 XeniaHotels XHR .0 cc 7.94 +0.59 .275
34.93 10.33 RegionalMgmt RM ... 6 15.38 –0.25 ... 37.03 10.82 SkylineChamp SKY ... 24 24.47 +4.09 ... 31.48 16.06 TelekmIndonesia TLK 3.1 14 20.60 –0.07 .7724 39.47 14.22 Xerox XRX 5.9 6 16.98 +2.09 .25
V
17.54 6.94 RegionsFin RF 6.2 8 9.95 +0.76 .155 42.00 15.10 SlackTech WORK ... dd 31.71 +0.38 ... 34.00 14.05 Telephone&Data TDS 3.5 18 19.64 +2.08 .17 4.54 1.93 XinyuanRealEst XIN 15.8 2 2.47 –0.06 .10
23.27 4.22 Regis RGS ... dd 10.35 +1.50 ... 57.88 30.91 Smartsheet SMAR ... dd 56.56 +3.69 ... 100.39 22.00 TempurSealy TPX ... 15 60.28 +6.63 ... 89.34 54.62 Xylem XYL 1.7 31 62.22 +4.03 .26
169.26 55.39 ReinsGrp RGA 3.1 9 90.00 +7.09 .70 52.61 33.81 SmithAO AOS 2.3 21 42.22 +1.81 .24 27.60 9.10 Tenaris TS 4.2 9 12.28 –0.33 .26 38.61 15.28 Yeti YETI ... 46 30.44 +3.51 ...
122.17 70.57 RelianceSteel RS 2.7 11 91.46 +3.91 .625 52.26 26.07 Smith&Nephew SNN 1.8 30 40.88 +3.09 .462 16.74 9.22 TencentMusic TME ... 35 11.95 –0.01 ... 10.18 3.56 VEREIT VER 5.7 dd 5.45 +0.94 .077 18.73 2.25 YPF YPF 4.6 dd 4.72 +0.58 .1396
202.68 113.27 RenaissanceRe RNR .8 21 170.97 +11.35 .35 127.91 91.88 Smucker SJM 3.2 20 108.56 –6.17 .88 39.37 10.00 TenetHealthcare THC ... dd 22.88 +5.72 ... 100.25 45.07 VF VFC 3.5 33 55.64 +3.68 .48 5.65 1.78 YamanaGold AUY 1.2 18 5.25 –0.04 .0125
2.09 0.85 ReneSola SOL ... dd .95 +0.03 ... 19.76 7.89 Snap SNAP ... dd 17.67 +0.57 ... 87.06 46.64 Tennant TNC 1.5 23 57.30 +5.38 .22 28.75 9.85 VICI Prop VICI 6.3 23 18.83 +3.53 .2975 39.37 12.89 Yelp YELP ... 67 20.83 +1.32 ...
4.50 0.45 Renren RENN ... 2 4.21 +2.35 ... 172.61 90.72 SnapOn SNA 3.4 11 128.88 +5.93 1.08 16.29 2.21 Tenneco TEN ... dd 5.51 +1.03 ... 5.88 1.48 VOC Energy VOC 27.6 3 1.92 +0.12 .03 22.65 8.56 Yext YEXT ... dd 14.79 +1.25 ...
10.48 9.49 ReplayAcqn RPLA ... 69 9.97 +0.01 ... 10.50 10.05 SocialCapHedII IPOC.UT ... ... 10.34 –0.01 ... 37.62 17.62 Teradata TDC ... 15 20.36 +0.78 ... 2.60 0.70 VaalcoEnergy EGY ... dd .98 +0.13 ... 17.35 2.83 YirenDigital YRD ... 2 3.54 –0.15 ...
10.57 9.60 ReplayAcqnUn RPLA.UT ... ... 10.25 ... ... 10.70 10.10 SocialCapHedIII IPOB.UT ... ... 10.60 +0.08 ... 33.49 11.54 Terex TEX .0 11 14.16 +0.37 .12 255.37 125.00 VailResorts MTN .0 27 194.94 +26.01 1.76 29.50 12.01 Youdao DAO ... dd 24.48 +1.07 ...
0.90 0.30 ReplayAcqnWt RPLA.WT ... ... .49 ... ... 33.30 15.20 SOQUIMICH SQM 3.0 26 23.22 +1.34 .1494 62.31 42.12 TerrenoRealty TRNO 2.3 60 47.85 +2.01 .27 9.74 0.29 Valaris VAL ... dd .33 ... ... 119.72 54.95 YumBrands YUM 2.2 24 87.25 +2.35 .47
100.91 65.37 RepublicSvcs RSG 2.0 24 81.12 +1.65 .405 5.80 2.95 Sogou SOGO ... 19 2.96 –0.55 ... 2.18 0.22 TetraTech TTI ... dd .36 –0.05 ... 14.19 6.49 Vale VALE ... dd 8.98 +0.71 ... 50.74 38.33 YumChina YUMC .0 31 43.63 –3.52 .12
22.27 3.72 ResideoTech REZI ... dd 5.89 +0.38 ... 16.23 4.50 SolarisOilfield SOI 6.8 10 6.21 +0.58 .105 13.76 6.07 TevaPharm TEVA ... dd 11.96 +0.75 ... 101.99 31.00 ValeroEnergy VLO 6.0 67 65.68 +6.90 .98 35.64 17.12 ZTO Express ZTO .0 31 30.69 –2.64 .29
177.99 108.85 ResMed RMD 1.0 46 161.35 –2.77 .39 21.66 11.50 SolarWinds SWI ... cc 18.04 +1.46 ... 838.50 295.05 TexasPacLand TPL 1.7 19 576.12 +51.77 6.00 3.17 0.76 Valhi VHI 9.4 5 .85 +0.04 .02 94.89 50.23 Zendesk ZEN ... dd 81.93 +7.38 ...
7.33 1.14 ResoluteForest RFP ... dd 1.86 +0.13 ... 35.41 9.00 SonicAutomotive SAH 1.6 dd 24.32 +3.88 .10 11.75 5.50 Textainer TGH ... 13 7.93 +0.63 ... 154.86 82.60 ValmontInds VMI 1.7 14 105.62 +4.34 .45 161.11 74.37 ZimmerBiomet ZBH .8 68 123.40 +11.01 .24
79.46 25.08 RestaurantBrands QSR 3.9 23 53.02 +1.60 .52 66.57 37.30 SonocoProducts SON 3.5 17 49.14 +3.81 .43 54.24 20.26 Textron TXT .3 9 26.91 +2.71 .02 23.90 9.06 Valvoline VVV 2.5 15 18.18 +1.85 .113 146.26 90.14 Zoetis ZTS .6 39 130.11 +2.62 .20
14.30 2.87 RetailPropofAmer RPAI .0 36 5.24 +1.02 .1656 73.86 47.29 Sony SNE ... 15 63.24 –0.77 ... 351.86 250.21 ThermoFisherSci TMO .3 37 340.26 –2.66 .22 30.82 6.86 Vapotherm VAPO ... dd 26.15 +0.99 ... 22.01 6.21 Zuora ZUO ... dd 12.06 +1.48 ...
38.85 8.32 RetailValue RVI 17.4 7 11.77 +0.76 2.05 34.48 19.62 SoJerseyInd SJI 4.3 27 27.32 +1.49 .295 27.73 12.62 Thermon THR ... 24 15.58 +2.03 ... 150.06 89.62 VarianMed VAR ... 42 115.41 +1.38 ... 52.75 17.23 Zymeworks ZYME ... dd 36.16 –1.33 ...
27.46 8.68 Revlon REV ... dd 10.68 +0.66 ... 54.85 33.95 SouthJerseyIndsUn SJIU 8.0 ... 45.09 +2.48 .9063 11.53 5.64 ThirdPointReins TPRE ... dd 7.72 +0.73 ... 14.42 7.92 VectorGroup VGR 7.3 21 11.01 +0.15 .20
48.36 7.17 Revolve RVLV ... dd 14.59 +1.18 ... 71.10 41.96 Southern SO 4.7 16 54.58 +2.04 .64 59.24 28.90 Vectrus VEC ... 16 49.79 +6.13 ...
NYSE ARCA
82.50 52.23 ThomsonReuters TRI 2.3 20 66.24 –0.16 .38
98.79 33.81 RexAmerRes REX ... 53 62.59 +5.75 ... 57.75 36.39 SouthernUnSeriesA SOLN 6.9 ... 46.29 +1.61 .8438 89.45 32.30 ThorIndustries THO 2.0 22 81.94 +10.41 .40 10.45 3.24 Vedanta VEDL ... 4 4.69 –0.15 ...
53.48 31.79 RexfordIndlRealty REXR 2.2 81 38.77 +1.70 .215 44.82 23.43 SoCopper SCCO 2.3 21 35.18 +2.37 .20 12.56 5.20 3D Systems DDD ... dd 7.36 +0.35 ... 205.67 118.11 VeevaSystems VEEV ... cc 202.96 +2.53 ...
35.64 18.87 Rexnord RXN 1.1 21 28.31 +1.73 .08 58.83 22.47 SouthwestAir LUV .0 9 28.87 +5.00 .18 187.72 114.04 3M MMM 4.0 17 146.44 +7.75 1.47 14.90 2.24 VelocityFinl VEL ... 4 3.15 +0.62 ... 15.46 6.53 EmpireStateReal250 FISK 6.4 ... 6.57 –0.12 .105
292.48 110.34 RingCentral RNG ... dd 261.53 –24.32 ... 92.94 45.68 SouthwestGas SWX 3.1 21 73.37 +4.61 .57 24.30 4.09 Tidewater TDW ... dd 5.12 +0.99 ... 5.53 1.12 VenatorMaterials VNTR ... dd 1.41 +0.14 ... 15.81 6.13 EmpireStateReal60 OGCP 5.9 ... 7.06 +0.56 .105
64.02 35.35 RioTinto RIO 7.3 11 52.12 +4.53 2.31 3.83 1.06 SouthwesternEner SWN ... dd 2.90 +0.20 ... 3.60 0.50 TidewaterWtA TDW.WTA ... ... .73 +0.06 ... 75.40 13.35 Ventas VTR 9.4 16 33.71 +5.74 .7925 15.89 6.07 EmpireStateRealES ESBA 6.1 ... 6.84 +0.17 .105
45.16 25.92 RitchieBros RBA 2.0 29 39.99 –0.41 .20 10.31 9.75 SpartanEnergy SPAQ ... 70 10.24 +0.01 ... 3.40 0.21 TidewaterWtB TDW.WTB ... ... .46 –0.08 ... 18.65 5.25 Veoneer VNE ... dd 9.66 +0.78 ... 106.56 16.88 US Oil Fund USO ... ... 25.57 +3.18 ...
23.88 5.04 RiteAid RAD ... dd 12.42 –0.39 ... 1.05 0.27 SpartanEnerWt SPAQ.WT ... ... .60 +0.01 ... 134.42 78.60 Tiffany TIF 1.9 28 125.07 –1.94 .58 22.01 5.70 Veritiv VRTV ... dd 10.41 +1.07 ... 21.98 5.91 USBrentOilFd BNO ... ... 9.32 +0.69 ...
63.97 32.38 RobertHalf RHI 2.9 13 47.41 +2.27 .34 64.72 19.59 SpectrumBrands SPB 3.8 dd 44.63 +5.58 .42 12.75 3.46 Tilly's TLYS .0 7 4.95 +0.60 1.00 62.22 48.84 Verizon VZ 4.5 12 54.10 –0.61 .615 33.82 8.19 USGasolineFd UGA ... ... 16.62 +1.02 ...
209.61 115.38 Rockwell ROK 2.0 33 202.19 +4.32 1.02 88.00 57.37 Spire SR 3.5 24 71.60 +4.47 .6225 58.78 22.26 Timken TKR 2.8 9 40.50 +3.12 .28 22.35 1.50 VermilionEnergy VET .0 dd 5.10 +0.70 .1742 23.40 11.04 US NatGas UNG ... ... 11.64 +0.35 ...
54.82 32.20 RogersComm B RCI 3.6 13 39.24 +0.15 .3519 92.81 13.69 SpiritAeroSys SPR .2 11 20.95 +2.65 .01 8.41 2.16 TimkenSteel TMST ... dd 3.08 +0.21 ... 19.49 9.61 Verso VRS 2.9 4 13.98 +0.23 .10 10.11 7.10 US12mthNtlGas UNL ... ... 7.87 –0.06 ...
183.34 75.72 Rogers ROG ... 61 104.88 +8.45 ... 55.21 7.01 SpiritAirlines SAVE ... 3 10.17 +2.16 ... 5.00 1.05 TItanIntl TWI 1.7 dd 1.15 +0.04 .005 13.75 4.75 Vertiv VRT ... dd 12.07 +0.62 ... 23.85 9.50 US12moOilFd USL ... ... 13.12 +1.19 ...
May 25, 2020 BARRON’S M17

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. FIVE-DAY NASDAQ COMPOSITE
52-Week Tick Div 52-Week Tick Div 52-Week Tick Div
High Low Name Sym Yld P/E Last Chg. Amt. High Low Name Sym Yld P/E Last Chg. Amt. High Low Name Sym Yld P/E Last Chg. Amt. Early Returns: Vaccine maker Moderna announced early test results
5.26 1.40 Amyris AMRS ... dd 3.52 +0.09 ... 19.79 6.24 BicycleTherap BCYC ... dd 15.40 +0.62 ... against Covid and a stock sale. Nvidia‘s chip sales soared. The Nasdaq
A 127.30 79.08 AnalogDevices ADI 2.2 37 111.06 +9.26 .62 4.14 0.65 Big5SportingGds BGFV .0 4 1.75 +0.57 .05
79.09 10.00 AnaptysBio ANAB ... dd 19.87 +1.05 ... 36.47 13.23 Bilibili BILI ... dd 33.04 +2.16 ... Composite Index ended Friday at 9,325—up 3.4% for the week.
60.00 40.48 AAON AAON .7 42 51.70 +3.95 .19 28.82 10.00 Andersons ANDE 5.8 dd 12.05 +0.71 .175 282.52 155.17 Bio-Techne TECH .5 56 266.40 –0.91 .32
53.70 21.56 ACADIA Pharm ACAD ... dd 51.24 +0.41 ... 22.09 7.48 AngioDynamics ANGO ... 9 11.09 +1.09 ... 6.29 1.38 BioCryst BCRX ... dd 5.45 +0.16 ... Monday Tuesday Wednesday Thursday Friday
39.37 20.03 ACI Worldwide ACIW ... 46 26.19 +1.85 ... 75.72 22.01 AnikaTherap ANIK ... 18 33.37 +3.17 ... 7.21 2.85 BioDeliverySci BDSI ... dd 4.93 +0.59 ...
10.14 4.07 AC Immune ACIU ... dd 7.45 ... ... 12.18 5.22 AnPacBioMed ANPC ... ... 7.70 –0.30 ... 374.99 215.78 Biogen BIIB ... 9 304.53 –12.07 ... 9410
69.25 12.51 ACM Research ACMR ... 55 52.87 –5.84 ... 45.04 16.85 ApellisPharm APLS ... dd 34.89 +3.89 ... 100.75 62.88 BioMarinPharm BMRN ... cc 97.51 +3.77 ...
5.48 1.45 ADMA Biologics ADMA ... dd 2.84 +0.22 ... 46.70 13.77 ApogeeEnt APOG 3.7 9 20.02 +2.49 .1875 105.00 12.53 BioNTech BNTX ... dd 51.03 +1.54 ...
19.65 6.25 AGNC Invt AGNC 10.9 dd 13.17 +0.73 .12 3.94 1.24 ApolloEnd APEN ... dd 2.24 +0.15 ... 65.87 42.00 BioSpecificsTech BSTC ... 17 57.94 +0.64 ...
1.93 0.28 ALJ Regional ALJJ ... dd .45 +0.13 ... 18.33 5.20 ApolloInv AINV 19.0 dd 9.47 +1.27 .45 55.85 27.35 BioTelemetry BEAT ... 65 45.43 +3.90 ...
13.53 4.41 AMAG Pharm AMAG ... dd 7.93 +1.07 ... 148.07 81.01 AppFolio APPF ... cc 139.61 +15.47 ... 45.18 17.63 BlackDiamond BDTX ... dd 40.96 +0.24 ... 9305
57.04 19.62 AMC Networks AMCX ... 5 29.16 +1.58 ... 64.69 29.07 Appian APPN ... dd 62.04 +10.94 ... 97.35 38.22 Blackbaud BLKB .0 cc 56.65 +5.42 .12
80.65 48.02 Amerisafe AMSF 1.7 14 62.16 +6.32 .27 327.85 170.27 Apple AAPL 1.0 25 318.89 +11.18 .82 74.44 38.32 BlackLine BL ... dd 69.50 +5.23 ...
17.56 7.47 A-MarkPrecMet AMRK ... 10 17.01 +0.61 ... 10.42 2.29 AppliedGenetic AGTC ... dd 4.60 +0.50 ... 6.30 1.47 BlackRockCapInvt BKCC 14.2 dd 2.82 +0.29 .10
15.53 4.10 ANGI Homesvcs ANGI ... cc 10.75 +1.08 ... 69.44 36.64 ApplMaterials AMAT 1.6 17 54.39 +2.35 .22 14.79 4.02 BlkRkTCPCap TCPC 14.4 dd 9.97 +1.61 .36 9200
86.96 28.28 ANI Pham ANIP ... dd 31.57 +0.55 ... 15.98 5.00 AppliedOptoelec AAOI ... dd 8.61 +0.46 ... 24.29 4.54 BloominBrands BLMN 7.4 31 10.83 +0.84 .20
299.06 174.25 Ansys ANSS ... 57 269.87 +15.94 ... 57.39 8.06 AppliedTherap APLT ... dd 47.73 +3.73 ... 32.69 8.66 Blucora BCOR ... dd 11.25 +0.43 ...
23.60 7.19 ARKRestaurants ARKR 8.3 10 12.02 +2.17 .25 53.11 15.10 ApreaTherap APRE ... ... 29.00 –7.07 ... 23.99 8.40 BlueBird BLBD ... 14 13.33 +1.55 ...
326.26 186.31 ASML ASML .7 46 319.36 +26.82 1.2718 5.25 1.60 Aptinyx APTX ... dd 4.20 +0.63 ... 143.98 38.95 bluebirdbio BLUE ... dd 66.78 +10.12 ...
3.24 0.61 ATA Creativity AACG ... dd .83 +0.12 ... 33.28 1.66 Aptorum APM ... ... 3.16 ... ... 1.55 0.53 BlueknightEner BKEP 11.9 dd 1.35 –0.05 .04 9095
79.64 37.01 ATN Intl ATNI 1.2 dd 57.58 +3.56 .17 8.59 2.81 ApyxMedical APYX ... dd 4.58 +0.97 ... 102.98 43.29 BlueprintMed BPMC ... dd 65.18 +1.60 ...
11.20 2.23 AveoPharma AVEO ... dd 9.47 +0.80 ... 10.00 1.41 AquestiveTherap AQST ... dd 5.75 +0.25 ... 21.05 6.66 BoingoWireless WIFI ... dd 14.00 +0.55 ...
15.62 3.34 Aravive ARAV ... dd 12.77 +0.33 ... 2094.00 1107.29 BookingHldgs BKNG ... 21 1631.30 +246.99 ... (Prev Fri's
29.32 9.76 AVROBIO AVRO ... dd 17.60 +2.35 ...
5.91 1.85 AXT AXTI ... dd 5.30 +0.28 ... 3.66 0.82 ArbutusBiopharma ABUS ... dd 2.29 +0.19 ... 13.08 5.18 BostonPrivFin BPFH 7.2 9 6.66 +0.51 .12 Close) +220.27 -49.72 +190.67 -90.90 +39.71
285.77 119.01 Abiomed ABMD ... 47 206.16 +21.24 ... 32.46 13.54 ArcBest ARCB 1.5 15 21.25 +1.88 .08 57.22 27.82 Bottomline EPAY ... dd 48.63 +8.24 ... 8990
69.13 44.38 AcaciaComms ACIA ... 70 67.90 +0.64 ... 48.32 20.93 ArchCapital ACGL ... 9 28.30 +5.32 ... 12.53 5.10 Brainsway BWAY ... ... 8.27 +0.36 ... 10 12 2 4pm 10 12 2 4pm 10 12 2 4pm 10 12 2 4pm 10 12 2 4pm
3.50 1.75 AcaciaResearch ACTG ... dd 2.60 +0.36 ... 59.49 29.09 ArcoPlatform ARCE ... dd 50.63 –0.53 ... 34.25 17.17 BridgeBancorp BDGE 4.7 8 20.29 +1.63 .24
35.40 11.09 AcadiaHealthcare ACHC ... 21 27.52 +2.80 ... 62.97 5.75 ArcturusTherap ARCT ... dd 58.27 +13.03 ... 48.36 14.23 BridgeBioPharma BBIO ... dd 35.00 +2.81 ...
108.50 37.01 AcceleronPharma XLRN ... dd 98.59 –3.52 ... 40.88 17.10 ArcutisBiotherap ARQT ... ... 29.58 +4.02 ... 38.00 14.06 BridgfordFoods BRID ... 23 16.40 +1.29 ...
4.68 1.33 Accuray ARAY ... 83 2.18 +0.27 ... 8.82 2.10 Ardelyx ARDX ... dd 7.86 +0.44 ... 12.88 5.44 Brightcove BCOV ... dd 8.19 +0.22 ...
64.48 32.95 ArenaPharm ARNA ... dd 58.91 +11.65 ... 48.25 12.05 BrighthouseFin BHF ... 1 28.85 +2.17 ...
3.02
5.37
0.70
0.70
AcelRxPharm
AclarisTherap
ACRX
ACRS
...
...
dd
dd
1.52
1.23
+0.12
–0.06
...
... 19.33 7.90 AresCapital ARCC 10.9 dd 14.72 +1.34 .40 331.58 155.67 Broadcom AVGO 4.7 46 276.65 +16.24 3.25 NOTICE TO READERS:
169.50 103.75 arGEN-X ARGX ... dd 157.96 +1.12 ... 20.58 7.10 BrookfieldProp BPY 14.3 9 9.30 +0.52 .3325
10.51
75.97
0.70
41.84
AcordaTherap
ActivisionBliz
ACOR
ATVI
...
.6
dd
36
.76
73.08
–0.03
–0.84
...
.41 38.31 20.79 ArrowFinancial AROW 3.8 11 27.39 +1.81 .26 20.77 7.15 BrookfieldPropREIT BPYU 14.0 dd 9.47 +0.72 .3325 Sign up for the Weekly Market Lab Newsletter: barrons.com/newsletters
7.78 1.90 AdamasPharm ADMS ... dd 2.87 +0.31 ... 73.72 19.51 ArrowheadPharm ARWR ... cc 35.69 –0.16 ... 16.96 8.13 BrooklineBcp BRKL 5.1 15 9.06 +0.56 .115
6.05 0.71 AdaptimmuneTher ADAP ... dd 5.77 +1.12 ... 39.60 30.01 ArtesianRscs A ARTNA 2.9 21 33.98 +1.23 .2496 50.35 21.19 Brooks Auto BRKS 1.0 90 40.98 +3.44 .10
61.57 15.19 Arvinas ARVN ... dd 44.04 –1.24 ... 54.49 30.78 Bruker BRKR .4 37 41.47 –0.06 .04
55.12
104.56
15.19
43.13
AdaptiveBiotech
AddusHomeCare
ADPT
ADUS
...
...
dd
63
41.73
92.98
+3.69
+9.15
...
... 23.00 0.91 AscenaRetail ASNA ... dd 1.24 +0.20 ... 41.41 22.20 BrynMawrBank BMTC 4.0 14 26.27 +2.22 .26 Please visit the new Market Lab home page on barrons.com under Data.
6.49 1.25 ADDvantage AEY ... dd 1.73 –0.05 ... 150.00 90.06 AscendisPharma ASND ... dd 146.55 +6.65 ... 28.43 9.00 BuildersFirstSrc BLDR ... 12 19.18 +3.10 ...
386.75 255.13 Adobe ADBE ... 58 385.26 +19.96 ... 2.28 0.89 AsiaPacificWire APWC ... dd 1.00 +0.04 ... 26.64 9.17 BusFirstBcshs BFST 3.1 8 12.73 +1.29 .10 www.barrons.com/market-data/market-lab
16.99 4.80 Adtran ADTN 3.2 dd 11.20 +0.80 .09 8.18 0.35 AslanPharm ASLN ... dd 1.73 +0.05 ...
4.04
15.34
0.90
4.45
AduroBiotech
AdvEmissions
ADRO
ADES
...
.0
dd
5
3.25
5.05
+0.30
+0.20
...
.25
10.27
142.89
3.58
73.07
AspenGroup
AspenTech
ASPU
AZPN
...
...
dd
28
8.18
94.97
+1.15
+1.21
...
... C 52-Week Tick Div 52-Week Tick Div
78.49 33.38 AdvEnergyInds AEIS ... 35 62.23 +3.85 ... 25.07 8.13 AssemblyBiosci ASMB ... dd 21.04 +0.02 ...
3.63 0.55 Assertio ASRT ... dd .82 +0.01 ... 13.15 8.42 Cadiz CDZI ... dd 10.73 +0.24 ... High Low Name Sym Yld P/E Last Chg. Amt. High Low Name Sym Yld P/E Last Chg. Amt.
59.27 26.40 AdvMicroDevices AMD ... cc 55.17 +0.97 ... 12.43 6.05 AstaFunding ASFI ... 12 12.43 +1.04 ... 57.61 28.00 C&F Fin CFFI 4.4 6 34.18 +1.81 .38
3.02 0.21 Advaxis ADXS ... dd .71 –0.03 ... 30.95 16.25 CB FinSvcs CBFV 4.0 11 23.74 +2.11 .24 120.99 80.06 CheckPoint CHKP ... 19 106.91 +2.16 ... 8.10 1.01 CorvusPharm CRVS ... dd 3.97 +0.46 ...
23.79 4.96 AdverumBiotech ADVM ... dd 20.56 +2.46 ... 46.37 25.17 AstecIndustries ASTE 1.1 31 39.10 +2.60 .11 46.26 14.52 Cheesecake CAKE .0 9 19.97 +1.46 .36 746.70 496.11 CoStar CSGP ... 80 659.10 +9.93 ...
44.34 6.99 Astronics ATRO ... dd 9.00 +1.31 ... 31.73 12.50 CBTX CBTX 2.2 10 18.11 +1.51 .10 42.06 3.55 ChefsWarehouse CHEF ... 50 14.38 +1.47 ... 325.26 233.05 Costco COST .9 35 302.43 +3.22 .70
23.65 11.40 Aegion AEGN ... dd 14.23 +1.91 ... 26.97 5.29 AstroNova ALOT .0 26 6.19 +0.34 .07 57.00 29.12 CDK Global CDK 1.5 cc 38.99 +2.66 .15
9.10 3.50 AegleaBioTherap AGLE ... dd 8.89 +1.77 ... 146.09 73.39 CDW CDW 1.4 21 105.74 +7.93 .38 60.44 6.16 ChemoCentryx CCXI ... dd 60.27 +6.47 ... 27.98 13.55 CountyBancorp ICBK 1.3 21 21.50 +2.95 .07
1.72 0.37 Aemetis AMTX ... dd .87 +0.15 ... 24.75 4.52 AtaraBiotherap ATRA ... dd 14.81 +4.05 ... 49.00 21.75 ChemungFinl CHMG 4.0 9 26.10 +1.17 .26 228.45 99.01 CoupaSoftware COUP ... dd 227.48 +14.87 ...
21.11 5.63 Athenex ATNX ... dd 11.12 +0.57 ... 36.79 20.45 CEVA CEVA ... cc 34.72 +3.00 ... 18.62 6.54 CovenantTranspt CVTI ... cc 10.67 +2.78 ...
40.25 10.80 AeriePharm AERI ... dd 15.74 +0.90 ... 91.23 56.94 CH Robinson CHRW 2.6 22 77.86 +5.36 .51 9.25 2.88 Chiasma CHMA ... dd 6.81 +1.52 ...
72.70 45.00 AeroVironment AVAV ... 54 65.35 +3.47 ... 2.95 1.46 AtlanticAmerican AAME ... dd 1.95 +0.08 ... 10.63 4.66 ChickenSoupA CSSE ... dd 7.99 +0.74 ... 26.58 4.05 Covetrus CVET ... dd 15.60 +3.42 ...
20.21 8.89 AtlCapitalBcshs ACBI ... 19 10.65 +0.70 ... 69.31 6.27 CimComm CMCT 2.9 6 10.46 +1.07 .075 18.36 5.75 Cowen COWN 1.2 dd 13.22 +1.45 .04
12.56 6.03 AestheticMed AIH ... 9 8.07 +0.07 ... 8.86 1.62 CLPS CLPS ... 54 1.88 –0.03 ... 104.69 9.25 Children'sPlace PLCE .0 8 38.80 +7.66 .56
3.74 1.42 Affimed AFMD ... dd 2.99 +0.63 ... 40.20 18.55 AtlUnionBkshs AUB 4.7 10 21.23 +1.43 .25 4.40 1.19 Chimerix CMRX ... dd 3.34 +0.16 ... 180.93 53.61 CrackerBarrel CBRL .0 11 102.50 +15.05 1.30
32.50 17.74 AtlanticaSust AY 6.1 88 26.71 +3.37 .41 225.36 131.80 CME Group CME 1.9 27 178.80 –2.27 .85 17.19 7.11 CraftBrewAlliance BREW ... dd 14.91 –0.11 ...
34.87 13.98 Afya AFYA ... 39 16.99 –2.92 ... 18.36 3.29 Atlanticus ATLC ... 10 13.80 +0.06 ... 33.78 13.25 CNB FinPA CCNE 4.2 6 16.13 +1.89 .17 119.44 88.00 ChinaBiologic CBPO ... 27 107.70 +0.85 ...
37.17 12.61 Agilysys AGYS ... dd 19.59 +2.02 ... 58.19 21.96 CRA Intl CRAI 2.4 14 38.46 +1.43 .23 11.00 3.65 ChinaFinance JRJC ... dd 4.25 –0.08 ... 498.06 199.00 CreditAcceptance CACC ... 10 334.84 +20.97 ...
54.68 27.77 AgiosPharm AGIO ... dd 52.78 +6.49 ... 46.84 14.97 AtlasAir AAWW ... dd 39.28 +3.81 ... 5.18 0.34 ChinaIndex CIH ... 3 1.14 –0.02 ... 64.95 27.77 Cree CREE ... dd 51.73 +8.98 ...
14.14 5.00 AtlasTech ATCX ... dd 10.01 +1.06 ... 74.00 32.30 CRISPR Therap CRSP ... 93 69.94 +8.85 ...
4.20 1.00 AgroFresh AGFS ... dd 3.20 +0.52 ... 1.40 0.38 AtlasTechWt ATCXW ... ... .54 +0.12 ... 58.69 36.33 CSG Systems CSGS 2.0 18 46.36 +2.79 .235 2.44 0.63 ChinaXDPlastics CXDC ... 1 .93 +0.02 ... 17.99 6.21 CrescentCapBDC CCAP 14.9 dd 10.98 +0.38 .41
0.06 ... AgroFresh Wt AGFSW ... ... .02 ... ... 3.98 0.35 CSI Compressco CCLP 8.7 dd .46 +0.07 .01 24.83 13.92 ChipMOSTechs IMOS ... 9 20.35 +0.16 ... 11.39 2.32 Cresud CRESY ... ... 3.51 +0.29 ...
37.00 10.09 AimmuneTherap AIMT ... dd 16.94 +0.60 ... 190.21 107.00 Atlassian TEAM ... dd 182.60 –3.90 ... 167.53 52.90 ChurchillDowns CHDN .5 49 122.26 +20.76 .581 28.81 10.63 CrineticsPharm CRNX ... dd 18.36 –1.34 ...
29.35 9.51 Atreca BCEL ... dd 18.36 –0.77 ... 15.85 4.51 CSP CSPI .0 dd 7.98 –0.04 .15 20.77 5.89 Criteo CRTO ... 7 9.81 +0.45 ...
24.50 9.06 AirT AIRT ... 15 10.48 +1.02 ... 51.76 22.57 AtriCure ATRC ... dd 49.76 +1.61 ... 81.06 50.13 CSW Industrials CSWI .8 22 66.15 +3.64 .135 29.45 7.28 Chuy's CHUY ... dd 16.41 +2.30 ...
0.30 0.03 AirT Wt AIRTW ... ... .05 –0.02 ... 4.44 1.22 CidaraTherap CDTX ... dd 3.62 +0.63 ... 43.79 8.40 Crocs CROX ... 18 26.71 +2.71 ...
25.60 13.20 AirTransportSvcs ATSG ... dd 20.76 +1.00 ... 915.96 579.00 Atrion ATRI 1.0 33 651.00 +15.01 1.55 80.62 46.81 CSX CSX 1.5 17 68.53 +6.53 .26
145.09 40.80 Cimpress CMPR ... 15 80.26 +8.17 ... 17.86 4.00 Cronos CRON ... 7 6.70 +1.17 ...
61.60 22.51 AuburnNatlBncp AUBN 1.9 21 52.89 +3.39 .255 22.23 14.92 CVB Fin CVBF 4.0 13 18.03 +1.27 .18 13.42 4.50 CrossCtyHlthcr CCRN ... dd 5.97 +0.78 ...
108.25 73.19 AkamaiTech AKAM ... 33 100.42 +2.33 ... 36.83 9.00 AudioCodes AUDC .7 cc 36.21 +4.34 .13 19.63 5.51 CabalettaBio CABA ... ... 7.38 +0.33 ... 118.19 46.07 CincinnatiFin CINF 4.2 cc 57.32 +8.07 .60
25.66 8.00 AkceaTherap AKCA ... dd 14.66 –0.19 ... 21.93 3.52 AuriniaPharm AUPH ... dd 16.24 –0.92 ... 169.13 85.26 CabotMicro CCMP 1.3 57 132.95 +14.91 .44 2.63 0.25 Cinedigm CIDM ... dd .85 +0.20 ... 15.50 5.66 CrossFirstBkshs CFB ... 14 9.42 +1.09 ...
13.17 2.99 AkebiaTherap AKBA ... dd 12.16 –0.26 ... 304.81 154.33 Cintas CTAS 1.1 27 240.65 +13.23 2.55 101.88 31.95 CrowdStrike CRWD ... dd 82.22 +5.08 ...
8.60 1.50 AuroraMobile JG ... dd 1.77 –0.06 ... 88.55 51.39 CadenceDesign CDNS ... 24 86.05 +3.98 ... 6.74 3.32 CumberlandPharm CPIX ... dd 3.54 –0.14 ...
34.00 10.78 AkeroTherap AKRO ... dd 24.21 +1.22 ... 211.58 125.38 Autodesk ADSK ... cc 195.78 +15.06 ... 14.74 3.22 CaesarsEnt CZR ... dd 11.11 +1.08 ... 91.63 37.24 CirrusLogic CRUS ... 28 73.48 +7.90 ...
5.46 0.17 Akorn AKRX ... dd .17 –0.12 ... 58.26 32.40 CiscoSystems CSCO 3.2 18 44.90 +0.63 .36 19.18 3.00 CumulusMedia CMLS ... 2 4.24 +0.91 ...
22.33 3.00 AutolusTherap AUTL ... dd 11.55 +0.80 ... 17.85 7.65 Caesarstone CSTE .0 23 10.62 +0.95 .15 2.90 0.62 Curis CRIS ... dd .82 +0.05 ...
60.87 32.00 Alarm.com ALRM ... 44 46.36 –3.97 ... 182.32 103.11 ADP ADP 2.7 23 134.87 +0.02 .91 46.65 30.74 Cal-MaineFoods CALM ... dd 43.77 –0.13 ... 24.78 6.70 CitiTrends CTRN .0 10 14.30 +2.77 .08
2.64 1.44 AlaskaCommSys ALSK .0 20 2.58 +0.28 .09 12.75 5.26 CtznCmntyBcp CZWI 2.8 8 7.50 +0.23 .21 39.15 9.07 Cutera CUTR ... dd 12.65 +0.41 ...
13.49 1.47 AvadelPharm AVDL ... dd 8.64 +0.56 ... 12.81 3.70 CalAmp CAMP ... dd 7.03 +1.37 ... 148.74 69.51 CyberArkSoftware CYBR ... 76 100.32 +4.78 ...
35.93 13.64 Alector ALEC ... dd 33.10 +5.40 ... 15.27 7.10 AviatNetworks AVNW ... 28 14.49 +2.06 ... 100.58 48.31 CalavoGrowers CVGW 1.9 33 58.65 +2.05 1.10 22.99 16.02 CitizensHolding CIZN 4.4 19 21.61 –0.42 .24
134.84 72.67 AlexionPharm ALXN ... 10 101.50 –0.44 ... 155.10 90.28 CitrixSystems CTXS 1.0 24 137.04 –9.68 .35 31.50 11.55 CyberOptics CYBE ... cc 30.87 +2.33 ...
10.79 4.67 AvidTechnology AVID ... cc 5.94 +0.86 ... 21.00 9.11 CaliforniaBncp CALB ... 22 15.00 –0.45 ... 15.43 1.69 CyclerionTherap CYCN ... dd 4.29 +0.44 ...
38.25 22.55 Alico ALCO 1.1 6 31.42 +3.30 .09 52.98 6.35 AvisBudget CAR ... 5 16.72 +4.84 ... 8.18 2.45 CalitheraBiosci CALA ... dd 6.27 –0.41 ... 83.07 53.06 CityHolding CHCO 3.8 10 59.32 +4.14 .57
319.17 127.88 AlignTech ALGN ... 10 243.74 +40.07 ... 15.06 7.86 Clarus CLAR 1.0 21 10.11 +1.11 .0249 13.10 1.21 CymaBayTherap CBAY ... dd 3.86 –0.19 ...
46.41 17.85 Avnet AVT 3.1 dd 27.37 +1.97 .21 5.00 0.82 CalumetSpecialty CLMT ... dd 2.57 +0.57 ... 79.73 43.72 CyrusOne CONE 2.8 dd 72.31 +2.96 .50
15.45 ... AlimeraSciences ALIM ... dd 5.36 –0.03 ... 15.55 2.40 Calyxt CLXT ... dd 4.53 +0.25 ... 2.97 1.05 CleanEnerFuels CLNE ... 12 2.00 +0.06 ...
25.35 11.98 Alkermes ALKS ... dd 16.86 +1.59 ...
3.75 2.02 Aware AWRE ... dd 3.42 +0.48 ...
14.90 8.32 Clearfield CLFD ... 41 13.55 +1.32 ... 23.04 7.73 Cytokinetics CYTK ... dd 21.91 +0.27 ...
29.24 12.99 AxcelisTechs ACLS ... 38 25.00 +1.48 ... 11.75 3.57 CambiumNtwks CMBM ... dd 4.05 –0.06 ... 15.44 3.60 CytomXTherap CTMX ... dd 9.28 +0.27 ...
139.99 30.32 Allakos ALLK ... dd 76.56 +8.91 ... 15.25 2.25 AxcellaHealth AXLA ... dd 6.20 +2.23 ... 48.48 25.74 CamdenNational CAC 4.3 8 31.03 +3.04 .33 4.13 0.56 ClearsideBiomed CLSD ... dd 1.98 ... ...
38.95 20.88 AllegianceBcshs ABTX 1.6 12 24.84 +2.49 .10 14.24 6.27 Camtek CAMT .0 24 12.90 +1.18 .17 17.37 2.93 ClovisOncology CLVS ... dd 7.01 –2.68 ...
DE
90.10 49.80 AxonEnterprise AAXN ... dd 74.11 +0.20 ...
183.26 60.06 AllegiantTravel ALGT .0 10 87.50 +11.99 .70 43.37 15.25 AxonicsModul AXNX ... dd 38.84 +3.03 ... 13.00 2.53 Canaan CAN ... dd 3.82 –0.57 ... 18.59 8.41 CoastalFinl CCB ... 12 13.06 +0.57 ...
6.30 0.53 AllenaPharm ALNA ... dd 1.88 +0.07 ... 8.52 1.41 AxovantGene AXGT ... dd 3.38 +0.21 ... 25.35 12.00 CanadianSolar CSIQ ... 6 18.20 +1.15 ... 382.51 188.08 CocaColaCon COKE .4 68 236.59 +9.58 .25
18.11 2.70 AllianceResource ARLP .0 dd 3.07 +0.23 .40 109.94 13.64 AxsomeTherap AXSM ... dd 80.90 –5.98 ... 14.00 7.80 CanterburyPark CPHC .0 17 10.45 +0.45 .07 19.71 8.43 Codexis CDXS ... dd 11.21 +0.11 ... 13.49 2.02 DBV Tech DBVT ... dd 4.50 –0.83 ...
60.28 37.66 AlliantEnergy LNT 3.3 19 46.38 +0.43 .38 16.50 14.63 AyalaPharm AYLA ... ... 15.26 +0.26 ... 15.07 6.98 CapitalBancorp CBNK ... 9 10.93 +0.63 ... 23.60 10.62 CodorusValleyBncp CVLY 5.3 11 12.13 +0.65 .16 6.19 0.71 DIRTT Envl DRTT ... dd 1.20 +0.18 ...
49.98 19.00 AlliedMotionTech AMOT .4 19 34.08 +4.96 .03 30.95 15.61 CapitalCityBank CCBG 3.0 11 18.68 +1.35 .14 92.96 53.24 CogentComm CCOI 3.4 93 75.81 +0.38 .68 44.48 17.09 DISH Network DISH ... 14 29.56 +4.85 ...
54.34 17.43 AllogeneTherap ALLO ... dd 54.04 +9.13 ... 62.39 35.20 Cognex CGNX .4 57 61.67 +4.45 .055
13.05 6.44 Allot ALLT ... dd 11.69 +1.17 ... B 14.20
22.90
5.18
7.39
CapitalProduct
CapitalSouthwest
CPLP
CSWC
17.4
12.0 18
6 8.05
13.51
+0.87
+0.80
.35
.10 71.48 40.01 CognizantTech CTSH 1.7 16 51.45 +1.27 .22
76.68
18.74
20.15
10.26
DMC Global
DSP Group
BOOM
DSPG
.0
...
18
dd
26.89
17.29
+2.79
+0.73
.125
...
12.02 4.56 AllscriptsHlthcr MDRX ... dd 6.42 +0.61 ... 9.99 2.18 CapitalaFinance CPTA .0 dd 2.68 +0.44 .0833 178.08 78.21 Coherent COHR ... cc 142.95 +8.82 ... 43.94 10.44 DXP Ents DXPE ... 8 15.67 +1.92 ...
151.84 65.95 AlnylamPharm ALNY ... dd 140.52 +1.24 ... 5.72 1.51 BBQ Holdings BBQ ... 2 2.75 +0.28 ... 14.57 10.01 CapitolFedFin CFFN 3.0 22 11.45 +0.47 .085 23.91 10.86 CoherusBioSci CHRS ... 9 17.09 +0.47 ... 7.95 3.69 Daktronics DAKT 4.7 dd 4.28 +0.49 .05
14.50 5.82 Alpha&OmegaSem AOSL ... dd 10.42 +0.78 ... 14.96 8.34 BCB Bancorp BCBP 6.0 9 9.33 +0.51 .14 17.48 7.44 CapStarFin CSTR 1.8 11 11.07 +1.12 .05 26.43 8.89 Cohu COHU .0 dd 15.30 +2.18 .06 74.00 27.55 Datadog DDOG ... dd 73.04 +5.88 ...
1530.74 1008.87 Alphabet A GOOGL ... 29 1413.24 +40.18 ... 2.06 0.52 BCommunications BCOM ... dd 1.52 +0.12 ... 27.55 8.88 CaraTherap CARA ... dd 16.46 +1.42 ... 30.24 13.26 CollectorsUniv CLCT 3.5 17 20.21 +0.46 .175 54.56 4.61 Dave&Buster's PLAY .0 4 12.04 +2.29 .16
1532.11 1013.54 Alphabet C GOOG ... 28 1410.42 +37.23 ... 11.85 3.71 BELLUS Health BLU ... dd 10.31 –0.62 ... 55.22 26.00 CardiovascularSys CSII ... dd 37.01 +2.43 ... 25.59 10.01 CollegiumPharm COLL ... dd 22.52 +0.49 ... 2.30 0.32 DAVIDsTEA DTEA ... dd .77 +0.02 ...
7.93 2.19 Alphatec ATEC ... dd 4.56 +0.36 ... 6.15 2.07 BGC Partners BGCP 1.6 cc 2.57 +0.01 .01 107.50 21.69 Cardlytics CDLX ... dd 70.74 +15.55 ... 92.07 33.93 ColliersIntl CIGI .2 18 48.37 +1.88 .05 2.93 0.84 DawsonGeophys DWSN ... dd 1.42 +0.09 ...
5.62 2.05 AlpineImmune ALPN ... dd 3.39 +0.13 ... 46.20 6.01 BJsRestaurants BJRI 2.7 14 19.55 +2.13 .13 47.41 15.71 Cardtronics CATM ... 23 25.14 +6.08 ... 17.40 8.70 ColonyBankcorp CBAN 3.7 11 10.73 +0.48 .10 71.11 19.88 DecipheraPharm DCPH ... dd 59.23 +7.49 ...
43.28 23.04 AltairEngg ALTR ... dd 36.29 +4.04 ... 31.67 13.38 BMC Stock BMCH ... 15 24.25 +2.62 ... 41.27 13.04 CareDx CDNA ... dd 31.39 +1.46 ... 41.40 19.11 ColumbiaBanking COLB 5.0 10 22.49 +1.94 .28 30.41 12.39 DenaliTherap DNLI ... dd 25.45 +2.80 ...
7.00 1.51 Altimmune ALT ... dd 6.95 +2.47 ... 88.28 34.57 BOK Fin BOKF 4.3 7 47.43 +5.81 .51 25.50 7.16 CareTrustREIT CTRE 5.3 36 18.82 +2.54 .25 17.34 12.00 ColumbiaFin CLBK ... 32 13.43 +0.57 ... 60.87 31.58 DentsplySirona XRAY .9 cc 42.24 +4.53 .10
23.58 6.00 AltisourcePortf ASPS ... dd 12.42 +4.11 ... 18.50 8.35 BRP Group BRP ... ... 11.76 +0.93 ... 40.91 14.25 CarGurus CARG ... 67 24.94 +1.92 ... 109.44 51.82 ColumbiaSportswr COLM .0 18 69.22 +6.44 .26 47.43 24.35 Descartes DSGX ... cc 45.62 +1.36 ...
38.43 12.00 AltraIndlMotion AIMC .6 dd 28.45 +3.34 .04 56.89 12.97 BRP DOOO .0 11 31.95 +5.83 .0762 34.98 15.21 Carlyle CG 4.6 dd 26.82 +3.34 .25 43.09 19.20 ColumbusMcKinn CMCO .9 9 26.33 +2.57 .06 1.95 0.22 DestinationXL DXLG ... dd .42 +0.05 ...
5.09 0.47 AltusMidstream ALTM ... dd .59 +0.04 ... 30.17 12.94 B RileyFin RILY 5.4 dd 18.54 +1.39 .25 9.76 0.98 CarrolsRestr TAST ... dd 4.12 +0.17 ... 47.74 31.71 Comcast A CMCSA 2.4 15 38.74 +2.82 .23 3.09 2.02 Deswell DSWL 3.2 14 2.47 +0.13 .08
20.00 7.90 AmalgamBank AMAL 3.0 7 10.57 +1.03 .08 147.38 82.00 Baidu BIDU ... cc 103.32 +3.46 ... 24.25 6.44 CarterBk&Tr CARE .0 8 7.29 –0.02 .14 71.92 45.51 CommerceBcshrs CBSH 1.8 19 59.51 +5.29 .27 428.59 114.39 DexCom DXCM ... cc 405.25 –12.48 ...
26.12 3.95 Amarin AMRN ... dd 7.24 –0.49 ... 113.93 78.30 Balchem BCPC .6 38 93.29 +6.99 .52 8.03 1.85 CasaSystems CASA ... dd 4.14 +0.35 ... 8.43 1.24 CommVehicle CVGI ... dd 1.89 +0.34 ... 150.00 75.00 DiamondHillInvt DHIL .0 9 104.00 +2.01 9.00
2525.45 1626.03 Amazon.com AMZN ... cc 2436.88 +27.10 ... 14.20 3.44 BallardPower BLDP ... dd 9.78 +0.19 ... 56.14 34.35 CasellaWaste CWST ... 72 50.93 +3.10 ... 17.73 5.50 CommScope COMM ... dd 9.19 +0.41 ... 111.84 14.55 DiamondbkEner FANG 3.5 dd 42.94 +4.16 .375
73.59 36.02 Ambarella AMBA ... dd 57.29 +5.09 ... 63.96 26.00 BancFirst BANF 3.6 9 35.67 +3.43 .32 181.99 114.01 CaseysGenStores CASY .8 25 151.45 +5.87 .32 9.90 2.66 CommsSystems JCS 1.6 6 5.00 –0.20 .02 27.68 11.75 DicernaPharma DRNA ... dd 23.10 +1.43 ...
77.29 44.05 Amdocs DOX 2.1 17 63.25 +2.94 .3275 119.98 42.61 Bandwidth BAND ... dd 111.77 –1.72 ... 60.97 28.85 CassInfoSys CASS 2.8 19 38.14 +3.74 .27 47.54 26.45 CmntyTrBcp CTBI 4.9 10 31.29 +2.47 .38 18.99 6.18 DigiIntl DGII ... 52 11.00 +0.56 ...
218.44 107.17 Amedisys AMED ... 50 192.01 +7.63 ... 31.76 14.20 BankOZK OZK 5.2 8 20.93 +1.26 .27 39.77 15.26 CastleBiosci CSTL ... cc 37.93 +0.48 ... 11.86 5.27 CommWestBcshs CWBC 2.8 7 6.39 +0.05 .045 66.50 9.92 Digimarc DMRC ... dd 16.17 +0.56 ...
23.59 10.05 AmerantBancorpA AMTB ... 12 11.65 +0.72 ... 12.31 5.68 BankofCommerce BOCH 2.6 10 7.55 +0.84 .05 8.19 2.74 CatabasisPharm CATB ... dd 6.15 –0.01 ... 51.90 24.26 CommVaultSys CVLT ... dd 36.09 +0.51 ... 8.84 1.99 Digirad DRAD ... dd 2.35 –0.02 ...
17.50 8.01 AmerantBancorpB AMTBB ... 10 9.28 +0.48 ... 32.25 17.51 BankofPrinceton BPRN 2.0 11 20.15 +2.15 .10 38.91 17.58 CathayGenBncp CATY 5.0 8 24.96 +2.17 .31 16.31 2.73 Compugen CGEN ... dd 14.31 +2.02 ... 22.50 11.43 DimeComBcshrs DCOM 4.1 15 13.73 +0.76 .14
426.50 222.34 Amerco UHAL .0 19 307.15 +17.53 .50 20.04 5.58 Bank7 BSVN 4.5 11 8.97 –0.08 .10 236.10 99.58 CavcoIndustries CVCO ... 21 186.73 +35.02 ... 35.78 16.93 ComputerPrograms CPSI 1.9 14 21.30 +0.41 .10 59.70 30.51 Diodes DIOD ... 18 47.99 +4.29 ...
8.18 3.76 AmerFirstMultifam ATAX 11.5 12 4.36 +0.03 .125 14.51 6.73 BankFinancial BFIN 4.9 12 8.23 +0.58 .10 9.84 3.53 CECO Env CECE ... 10 5.17 +0.37 ... 6.48 2.86 ComputerTask CTG ... 13 4.15 +0.09 ... 103.00 24.80 DiscoveryB DISCB ... 13 37.25 –2.49 ...
34.99 8.25 AmerAirlines AAL .0 dd 9.70 +0.66 .10 30.00 12.07 BankwellFin BWFG 3.9 8 14.39 +0.43 .14 21.97 7.32 Cellectis CLLS ... dd 21.02 +1.70 ... 10.49 1.43 comScore SCOR ... dd 3.16 +0.77 ... 33.66 17.12 DiscoveryA DISCA ... 7 20.30 –0.17 ...
15.18 4.20 AmericanFin AFIN 11.6 dd 7.32 +0.98 .0708 60.21 27.12 Banner BANR 4.9 9 33.53 +3.29 .41 18.99 10.98 CellularBiomed CBMG ... dd 14.84 +0.42 ... 38.00 11.48 ComtechTel CMTL 2.3 18 17.14 +1.47 .10 31.20 15.43 DiscoveryC DISCK ... 6 18.36 –0.35 ...
41.50 18.53 AmNtlBcsh AMNB 4.6 11 23.62 +1.79 .27 56.47 22.19 Baozun BZUN ... 38 26.06 –0.47 ... 20.67 4.10 Celyad CYAD ... dd 8.43 –0.18 ... 13.09 5.36 ConcertPharm CNCE ... dd 10.11 +1.78 ... 9.91 2.00 DiversifiedHlthcr DHC 1.4 dd 2.87 +0.39 .01
126.97 63.93 AmericanNatlIns ANAT 4.7 13 69.50 –0.07 .82 95.64 27.25 BarrettBus BBSI 2.6 7 45.67 +2.74 .30 26.79 12.10 CenterStateBank CSFL 4.0 8 14.00 +0.96 .14 9.93 1.54 Conduent CNDT ... dd 2.24 +0.43 ... 2.09 0.34 DixieGroup DXYN ... 1 .80 +0.12 ...
10.94 5.41 AmerOutdoor AOBC ... 39 10.33 +0.32 ... 18.24 4.25 BassettFurniture BSET .0 dd 6.37 +1.00 .125 28.71 7.80 Centogene CNTG ... ... 16.72 –1.47 ... 4.83 0.50 Conformis CFMS ... dd .88 –0.04 ... 136.29 43.13 DocuSign DOCU ... dd 133.00 +7.12 ...
34.63 18.47 AmericanPubEdu APEI ... 44 31.98 +0.24 ... 24.89 10.08 BayCom BCML ... 10 12.15 +1.47 ... 5.03 1.80 CentralEurMedia CETV ... 13 3.98 +0.01 ... 4.60 2.00 Conifer CNFR ... dd 2.72 –0.02 ... 3.39 0.78 Dogness DOGZ ... 19 1.07 –0.02 ...
16.43 8.00 AmRvrBksh AMRB 2.8 10 9.95 +0.83 .07 37.92 11.67 BeaconRoof BECN ... dd 22.75 +2.20 ... 36.99 22.40 CentralGarden CENT ... 22 34.50 –0.51 ... 26.50 8.86 ConnectOneBncp CNOB 2.7 7 13.55 +2.07 .09 119.71 60.20 DollarTree DLTR ... 24 81.70 +6.63 ...
19.82 9.05 AmerSoftware AMSWA 2.5 71 17.78 +1.27 .11 31.80 13.00 BeamTherap BEAM ... ... 25.62 +4.21 ... 34.41 20.51 CentralGardenA CENTA ... 21 32.53 +0.21 ... 27.57 2.83 Conn's CONN ... 4 6.28 +0.91 ... 35.98 7.62 Domo DOMO ... dd 25.01 +2.73 ...
11.11 4.40 AmerSupercond AMSC ... dd 6.66 +0.82 ... 4.15 1.28 BeasleyBroadcast BBGI 9.0 5 2.22 –0.13 .05 8.42 2.91 CenturyAluminum CENX ... dd 4.89 +0.52 ... 7.51 3.24 ConsldComm CNSL ... cc 5.66 +0.51 ... 16.19 11.22 DonegalGroup A DGICA 4.2 15 14.44 +0.96 .15
117.70 35.30 AmericanWoodmark AMWD ... 12 60.52 +10.90 ... 17.79 3.43 BedBath BBBY .0 dd 6.70 +0.91 .17 93.49 51.40 CenturyBancorpA CNBKA .7 11 68.62 +7.58 .12 18.83 12.00 ConsldWater CWCO 2.3 25 14.61 +1.16 .085 14.80 10.51 DonegalGroup B DGICB 4.2 14 12.50 +1.00 .1325
129.70 35.18 AmerCarMart CRMT ... 10 77.46 +9.89 ... 210.35 113.01 BeiGene BGNE ... dd 159.12 –7.14 ... 3.25 0.99 Ceragon CRNT ... dd 2.32 +0.11 ... 59.49 6.01 ConstellPharm CNST ... dd 37.15 –6.45 ... 21.46 8.52 DorchesterMnls DMLP 16.0 9 11.59 +0.96 .4779
44.90 17.12 AmerisBancorp ABCB 2.8 9 21.65 +2.29 .15 17.66 6.08 BelFuse A BELFA 2.6 dd 9.32 +1.63 .06 34.48 11.39 Cerence CRNC ... ... 33.20 +7.50 ... 20.79 11.96 ConstructionPtrs ROAD ... 20 16.07 +1.18 ... 89.65 44.49 DormanProducts DORM ... 26 66.47 +0.43 ...
4.30 2.36 AmeriServFin ASRV 3.5 9 2.88 –0.06 .025 21.50 6.30 BelFuse B BELFB 3.0 dd 9.33 +1.09 .07 80.90 53.08 Cerner CERN 1.1 42 67.28 +2.17 .18 4.30 1.00 ConsumerPtfo CPSS ... 4 2.66 +0.22 ... 11.88 6.11 DouYuIntl DOYU ... cc 6.91 –0.69 ...
244.99 166.68 Amgen AMGN 2.8 18 226.43 –13.77 1.60 27.90 3.32 BellicumPharm BLCM ... dd 7.71 +1.60 ... 6.50 2.71 Cerus CERS ... dd 5.92 +0.68 ... 104.88 55.69 Copart CPRT ... 30 86.25 +6.71 ... 31.78 9.76 DraftKings DKNG ... cc 29.11 –0.12 ...
13.39 6.25 AmicusTherap FOLD ... dd 12.68 +1.08 ... 30.05 6.09 Benefitfocus BNFT ... dd 10.69 +1.56 ... 17.57 6.18 ChangeHlthcr CHNG ... dd 12.32 +1.68 ... 40.95 20.94 Core-Mark CORE 1.9 19 25.59 +0.99 .12 20.00 0.80 DraftKingsWt DKNGW ... ... 17.59 +0.33 ...
15.25 5.40 AmkorTech AMKR ... 11 9.81 +0.42 ... 35.00 15.60 BenefyttTech BFYT ... dd 21.65 +0.68 ... 63.29 30.71 ChangeHlthcrUn CHNGU 6.3 ... 47.77 +5.58 .75 64.45 22.22 CornerstoneOnDem CSOD ... dd 36.02 +1.30 ... 26.20 14.55 Dropbox DBX ... dd 21.67 –0.71 ...
22.85 12.33 AmphastarPharm AMPH ... 18 18.54 +0.36 ... 11.72 1.82 Berry(bry) BRY .0 dd 4.29 +0.62 .12 82.49 15.00 ChartIndustries GTLS ... 24 35.82 +3.82 ... 73.84 19.35 Cortexyme CRTX ... dd 55.08 +0.07 ... 17.09 2.82 DuluthHoldings DLTH ... 8 4.47 +1.00 ...
7.96 3.55 AmtechSystems ASYS ... dd 4.99 +0.07 ... 239.71 48.18 BeyondMeat BYND ... dd 136.80 +2.64 ... 546.54 345.67 CharterComms CHTR ... 62 512.90 +9.51 ... 96.45 44.67 Corvel CRVL ... 23 58.07 +8.48 ... 84.74 38.51 Dunkin' DNKN .0 22 64.57 +1.37 .4025
M18 BARRON’S May 25, 2020

Nasdaq Issues
52-Week Tick Div 52-Week Tick Div 52-Week Tick Div 52-Week Tick Div 52-Week Tick Div
High Low Name Sym Yld P/E Last Chg. Amt. High Low Name Sym Yld P/E Last Chg. Amt. High Low Name Sym Yld P/E Last Chg. Amt. High Low Name Sym Yld P/E Last Chg. Amt. High Low Name Sym Yld P/E Last Chg. Amt.
11.51 2.88 ECMOHO MOHO ... 17 3.63 –0.06 ... 107.96 46.09 Five9 FIVN ... dd 104.71 –1.50 ... 25.00 10.27 HarpoonTherap HARP ... dd 22.80 +8.37 ... 27.50 14.51 iQIYI IQ ... dd 15.50 –2.45 ... 42.77 13.68 LoralSpace LORL ... dd 19.78 +2.86 ...
5.39 1.46 EDAP TMS EDAP ... 41 2.45 +0.32 ... 9.13 1.75 FivePrimeTherap FPRX ... dd 5.43 +1.41 ... 3.50 1.39 HarvardBioSci HBIO ... dd 2.66 +0.08 ... 136.55 56.24 iRhythmTechs IRTC ... dd 126.61 –4.57 ... 40.50 4.00 Lovesac LOVE ... dd 13.81 +0.03 ...
17.73 9.70 ESSA Bancorp ESSA 3.5 10 12.67 +0.26 .11 14.00 5.36 Flex FLEX ... 56 9.61 +0.32 ... 126.87 41.33 Hasbro HAS 4.1 20 66.69 +1.89 .68 5.69 1.22 Iridex IRIX ... dd 1.76 +0.29 ... 51.38 1.33 LuckinCoffee LK ... dd 1.39 –3.00 ...
57.30 25.76 E*TRADE ETFC 1.4 12 41.16 +2.83 .14 22.98 5.01 FlexionTherap FLXN ... dd 9.77 +1.23 ... 31.34 7.55 HawaiianHoldings HA .0 16 13.38 +2.22 .12 32.08 16.87 IridiumComm IRDM ... dd 21.99 +1.15 ... 277.02 128.85 lululemon LULU ... 56 276.73 +29.64 ...
31.93 10.12 EVO Payments EVOP ... dd 21.55 +2.17 ... 21.31 7.81 Flexsteel FLXS 9.9 dd 8.87 +0.34 .22 47.94 26.82 Hawkins HWKN 2.3 15 40.83 +7.10 .2325 96.58 32.79 iRobot IRBT ... 47 73.10 +10.18 ... 93.23 40.28 Lumentum LITE ... 50 73.56 +5.83 ...
4.95 2.00 EXFO EXFO ... dd 2.42 +0.12 ... 59.44 23.85 FlirSystems FLIR 1.5 49 45.06 +0.83 .17 27.75 13.45 HawthornBcsh HWBK 2.7 9 17.73 +1.69 .12 14.10 7.91 IronwoodPharm IRWD ... 22 11.97 +0.85 ... 40.21 17.35 Luminex LMNX 1.1 dd 31.49 –2.30 .09
22.98 11.74 EagleBncpMT EBMT 2.2 8 17.19 +1.30 .095 6.12 1.02 Fluent FLNT ... dd 1.86 +0.20 ... 39.04 17.61 HaynesIntl HAYN 3.9 16 22.35 +0.30 .22 7.65 1.40 IterumTherap ITRM ... dd 3.75 +0.31 ... 32.40 6.74 LumosPharma LUMO ... dd 14.10 +2.80 ...
5.74 1.27 EagleBulkShip EGLE ... dd 1.87 +0.41 ... 14.30 1.17 Fluidigm FLDM ... dd 4.89 +0.08 ... 27.62 12.25 Headhunter HHR 4.1 41 18.00 +1.25 .50 88.32 40.48 Itron ITRI ... 41 61.05 +5.32 ... 11.99 6.76 LutherBurbank LBC 2.3 13 10.17 +1.40 .0575
64.94 33.80 EaglePharm EGRX ... cc 53.07 +0.51 ... 22.97 8.86 FlushingFin FFIC 7.6 10 11.03 +1.34 .21 49.85 17.48 HealthCatalyst HCAT ... dd 28.36 –0.31 ... 33.81 11.01 IturanLocation ITRN .0 67 16.51 +2.21 .24 68.33 14.56 Lyft LYFT ... dd 31.26 +3.11 ...
51.88 22.55 EastWestBncp EWBC 3.3 8 33.67 +1.84 .275 34.96 12.17 FocusFinPtrs FOCS ... cc 27.94 +5.44 ... 33.80 15.80 HealthcareSvcs HCSG 3.7 21 21.68 –0.71 .2025 22.00 12.50 LyraTherap LYRA ... ... 14.43 –0.25 ...
31.97
43.50
15.28 Eastern EML 2.4 8 18.40 +1.79 .11 40.06 18.10 ForescoutTechs FSCT ... dd 23.40 –6.12 ... 88.78 34.40 HealthEquity HQY ... 88 56.79 +4.36 ...
J
53.71
26.02
8.75
eBay
Ebix
EBAY
EBIX
1.5
1.5
7
7
43.45
20.59
+1.34
+3.15
.16
.075
28.58
78.78
14.20
36.75
FormFactor
FormulaSys
FORM
FORTY
...
.9
38
31
24.13
76.08
+0.89
+8.38
...
.3245
29.78
22.71
20.03
15.65
HealthStream
HeartlandExp
HSTM
HTLD
...
.4
45
25
22.78
20.59
+1.12
+1.57
...
.02 M
24.50 14.17 EchoGlobalLog ECHO ... 61 19.23 +3.86 ... 50.51 22.45 ForresterResearch FORR ... cc 30.68 +1.72 ... 51.85 25.26 HeartlandFinUSA HTLF 2.7 8 29.51 +2.75 .20 1.46 0.30 JAKKS Pacific JAKK ... dd .53 –0.04 ...
45.15 25.21 EchoStar SATS ... dd 29.85 +2.76 ... 15.42 3.45 Forterra FRTA ... cc 8.61 +0.76 ... 34.41 17.99 Heidrick&Strug HSII 2.8 10 21.70 +2.43 .15 196.84 105.67 J&JSnackFoods JJSF 1.8 29 124.47 +3.51 .575 32.25 13.53 Macom Tech MTSI ... dd 30.91 +2.73 ...
34.37 14.01 EditasMedicine EDIT ... dd 30.10 +3.82 ... 149.69 68.87 Fortinet FTNT ... 67 142.64 –0.79 ... 198.59 104.02 HelenofTroy HELE ... 29 173.05 +8.47 ... 56.50 25.48 JD.com JD ... 88 49.90 –0.95 ... 3.43 1.01 MDC Partners MDCA ... dd 1.50 +0.28 ...
8.26 3.02 EducDev EDUC 3.7 10 6.45 +0.73 .06 72.09 39.59 ForwardAir FWRD 1.6 17 45.60 +2.74 .18 49.49 29.03 HeliosTechnologies HLIO 1.1 39 32.10 +2.10 .09 79.90 41.33 Joyy YY ... 50 55.83 +0.98 ... 83.26 47.19 MGE Energy MGEE 2.1 26 65.63 +5.89 .3525
16.24 7.84 EHang EH ... ... 11.65 +0.28 ... 14.12 2.69 Fossil FOSL ... dd 3.23 +0.35 ... 15.34 8.00 HemisphereMedia HMTV ... dd 9.42 +0.75 ... 104.57 58.00 j2Global JCOM ... 21 76.61 +4.25 ... 69.90 21.64 MGP Ingredients MGPI 1.4 16 35.37 +0.59 .12
152.19 52.71 eHealth EHTH ... 45 133.66 +15.90 ... 27.80 7.96 FosterLB FSTR ... 3 11.21 +0.37 ... 73.99 41.85 HenrySchein HSIC ... 16 56.71 +4.95 ... 195.03 123.64 JackHenry JKHY .9 49 186.92 –2.87 .43 122.30 66.87 MKS Instrum MKSI .8 28 99.54 +7.07 .20
66.56 24.50 EidosTherap EIDX ... dd 45.00 +5.00 ... 39.74 19.81 FoxA FOXA 1.7 13 27.80 +1.74 .23 13.14 6.04 HeritageCommerce HTBK 6.9 12 7.56 +0.63 .13 93.12 16.81 JackintheBox JACK .0 30 66.49 +0.14 .40 18.51 9.96 MSB Fin MSBF .0 14 11.52 +0.27 .22
15.82 4.55 EigerBioPharma EIGR ... dd 13.19 +1.07 ... 38.84 19.13 FoxB FOX 1.7 13 27.37 +1.87 .23 32.58 11.30 HeritageCrystal HCCI ... 26 17.63 +3.78 ... 52.18 25.34 JamesRiver JRVR 3.3 dd 36.00 +5.42 .30 7.75 3.25 MTBC MTBC ... dd 6.65 +0.06 ...
47.25 14.00 89bio ETNB ... ... 26.00 –1.67 ... 86.91 34.58 FoxFactory FOXF ... 32 67.54 +11.44 ... 30.15 14.65 HeritageFin HFWA 4.5 10 17.84 +2.07 .20 154.24 86.88 JazzPharma JAZZ ... 23 109.59 –1.57 ... 63.31 13.15 MTS Systems MTSC .0 14 16.43 +2.81 .30
16.65 6.15 ElPolloLoco LOCO ... 18 13.57 +0.54 ... 21.95 1.70 Francesca's FRAN ... dd 2.55 +0.05 ... 2.84 0.25 Hexindai HX ... dd .42 +0.09 ... 21.65 6.61 JetBlue JBLU ... 11 9.24 +1.00 ... 38.14 16.33 MYR Group MYRG ... 11 26.55 +2.22 ...
167.75 110.00 ElbitSystems ESLT 1.3 26 137.30 +5.20 .44 27.49 5.75 Franchise FRG 6.3 28 15.98 +1.80 .25 30.98 7.33 HibbettSports HIBB ... 13 19.50 +4.42 ... 19.49 1.60 Jiayin JFIN ... 1 2.05 +0.13 ... 11.42 6.01 Macatawa MCBC 4.6 8 6.99 +0.48 .08
70.74 6.02 EldoradoResorts ERI ... dd 33.54 +10.33 ... 61.49 41.25 FranklinElec FELE 1.3 23 48.07 +2.54 .155 5.10 1.70 HimaxTechs HIMX ... dd 3.05 –0.04 ... 84.42 48.76 JohnsonOutdoors JOUT .9 14 71.97 +6.98 .17 29.50 4.04 Macrogenics MGNX ... dd 25.37 –0.43 ...
5.64 0.32 electroCore ECOR ... dd .94 +0.04 ... 6.48 0.73 FreightCarAmer RAIL ... dd 1.06 +0.06 ... 216.82 125.55 HinghamSvg HIFS 1.1 10 150.22 +7.16 .42 10.00 2.79 JounceTherap JNCE ... 5 5.64 +1.05 ... 5.25 2.46 MagalSec MAGS ... 21 2.96 –0.02 ...
121.76 85.69 ElectronicArts EA ... 12 119.82 +1.69 ... 12.43 5.95 FrequencyElec FEIM ... dd 8.10 +0.20 ... 19.67 9.52 HollysysAuto HOLI 1.7 7 12.58 –0.15 .21 81.04 30.60 MagellanHealth MGLN ... 24 71.17 +2.57 ...
13.37
3.82
1.44
1.46
EloxxPharm
Emcore
ELOX
EMKR
...
...
dd
dd
3.50
2.75
+0.96
–0.21
...
...
28.78
81.29
11.17
35.95
FrequencyTherap
Freshpet
FREQ
FRPT
...
...
...
dd
19.72
71.09
+0.25
–1.63
...
...
55.25
40.80
26.49
18.57
Hologic
HomeBancorp
HOLX
HBCP
...
3.7
23
10
52.33
23.71
+0.40
+2.45
...
.22
K 17.89
11.53
5.76
6.31
MagentaTherap
MagicSoftware
MGTA
MGIC
...
3.1
dd
25
9.61
10.15
+0.81
+0.95
...
.156
101.27 38.40 EnantaPharma ENTA ... 49 55.30 +0.10 ... 53.30 30.06 frontdoor FTDR ... 24 43.31 +0.97 ... 21.04 9.71 HomeBancShares HOMB 3.9 10 13.48 +1.11 .13 12.87 8.26 MagyarBancorp MGYR ... 23 9.44 –0.56 ...
40.16 15.27 EncoreCapital ECPG ... 9 31.92 +0.92 ... 1.80 0.30 FuelTech FTEK ... dd .89 –0.05 ... 35.44 18.44 HomeStreet HMST 2.7 15 22.39 +1.96 .15 184.50 101.34 KLA KLAC 2.0 27 173.00 +5.57 .85 10.69 4.57 Majesco MJCO ... 41 6.71 +1.01 ...
62.08 38.01 EncoreWire WIRE .2 15 45.69 +2.19 .02 3.00 0.13 FuelCell FCEL ... dd 1.98 +0.14 ... 27.79 11.75 HomeTrustBcshs HTBI 1.9 9 14.44 +1.43 .07 23.17 0.51 KLX Energy KLXE ... dd 1.66 +0.51 ... 30.13 10.00 MakeMyTrip MMYT ... dd 14.75 +1.44 ...
7.10 1.97 EndoIntl ENDP ... dd 3.86 +0.05 ... 22.96 4.37 FulcrumTherap FULC ... dd 18.41 +1.72 ... 24.00 11.05 HomologyMed FIXX ... dd 15.67 +2.26 ... 11.64 6.36 KVH Inds KVHI ... dd 8.86 +0.61 ... 52.13 18.02 MalibuBoats MBUU ... 13 47.00 +5.39 ...
8.14 0.60 Endologix ELGX ... dd .77 +0.07 ... 20.60 5.25 FulgentGenetics FLGT ... dd 15.16 –1.23 ... 29.74 12.30 HookerFurniture HOFT 4.1 11 15.75 +1.89 .16 117.06 54.54 KaiserAlum KALU 4.0 17 66.36 +7.52 .67 23.75 10.06 MalvernBancorp MLVF ... 11 11.29 +0.74 ...
6.19 1.31 EnduranceIntl EIGI ... dd 3.08 +0.62 ... 18.00 8.91 FultonFin FULT 4.9 9 10.55 +0.90 .13 15.51 7.06 HopeBancorp HOPE 6.2 7 8.97 +0.84 .14 13.40 3.24 KalaPharm KALA ... dd 13.09 +0.99 ... 12.40 0.56 MammothEnergy TUSK ... dd 1.37 +0.35 ...
12.04 6.11 EnergyRecovery ERII ... 49 7.75 +0.49 ... 27.89 3.12 Funko FNKO ... 28 4.78 +0.56 ... 19.48 7.42 HorizonBancorp HBNC 5.0 6 9.67 +0.98 .12 17.85 2.82 KaleidoBiosci KLDO ... dd 6.61 +0.11 ... 90.46 35.20 ManhattanAssoc MANH ... 58 78.09 +5.77 ...
70.36 14.56 EnphaseEnergy ENPH ... 33 56.42 –1.96 ... 15.87 8.16 Futu FUTU ... 49 13.82 +0.71 ... 13.78 4.51 HorizonTechFin HRZN 11.5 9 10.48 +0.34 .10 24.30 5.61 KalVistaPharm KALV ... dd 11.34 +1.19 ... 18.03 6.49 Mannatech MTEX 3.6 6 14.00 +2.37 .125
58.92 24.06 EnsignGroup ENSG .5 20 43.24 +4.87 .05 49.81 22.69 HorizonTherap HZNP ... 17 49.56 +2.49 ... 9.75 4.40 Kamada KMDA ... 17 8.58 +1.10 ... 1.88 0.80 MannKind MNKD ... dd 1.50 +0.28 ...
5.79 2.17 KandiTech KNDI ... dd 3.00 –0.09 ...
213.99
9.25
94.58
1.75
EnstarGroup
EntasisTherap
ESGR
ETTX
...
...
cc
dd
135.87
2.40
+10.21
–0.06
...
... G 6.85
5.73
1.03
1.67
HoughtonMifflin
HoustonWire
HMHC
HWCC
...
...
dd
49
1.47
2.38
+0.34
–0.09
...
... 152.00
29.61
11.24
5.14
KarunaTherap
KaryopharmTherap
KRTX
KPTI
...
...
dd
dd
86.74
20.65
+5.74
+1.59
...
...
93.99
5.18
55.25
1.10
ManTechIntl
Marchex
MANT
MCHX
1.8
...
24
dd
72.15
1.36
+4.00
...
.32
...
59.53 33.75 Entegris ENTG .5 28 58.50 +2.98 .08 43.15 25.01 Huazhu HTHT ... 35 30.26 –1.88 ... 14.40 7.29 KearnyFinancial KRNY 3.9 17 8.22 +0.35 .08
3.35 0.77 MarinSoftware MRIN ... dd 1.51 +0.03 ...
34.75 19.27 EnterpriseBncp EBTC 3.2 9 22.07 +0.78 .175 79.06 26.51 GCI LibertyA GLIBA ... 11 65.83 +4.11 ... 60.42 36.51 HubGroup HUBG ... 15 43.97 +4.77 ... 4.83 0.77 MarinusPharma MRNS ... dd 3.06 +0.78 ...
48.81 21.70 EnterpriseFinSvcs EFSC 2.8 8 26.10 +1.94 .18 65.34 30.90 GDS Holdings GDS ... dd 54.95 –7.08 ... 2.45 0.32 HudsonCapital HUSN ... dd .41 +0.01 ... 28.91 10.13 KellyServices A KELYA .0 dd 13.70 +1.86 .075 9.17 1.33 MarkerTherap MRKR ... dd 2.75 +0.44 ...
27.82 9.74 Epizyme EPZM ... dd 18.58 +0.86 ... 41.80 8.80 G1Therapeutics GTHX ... dd 18.01 +1.78 ... 13.80 6.06 HudsonGlobal HSON ... 71 9.13 +0.13 ... 29.43 10.35 KellyServices B KELYB .0 dd 14.00 +1.52 .075 517.93 275.50 MarketAxess MKTX .5 81 482.32 –5.73 .60
99.63 42.53 ePlus PLUS ... 15 76.53 +8.75 ... 94.00 21.49 GRAVITY GRVY ... 9 43.19 +0.40 ... 14.80 4.83 HuizeHolding HUIZ ... cc 5.81 –0.50 ... 8.15 4.40 KY FirstFedBncp KFFB 6.4 51 6.25 +0.05 .10 25.44 4.66 MarlinBusSvcs MRLN 7.4 10 7.55 +0.17 .14
4.35 2.32 EpsilonEnergy EPSN ... 10 2.85 –0.10 ... 9.00 4.75 GSI Tech GSIT ... dd 7.52 +0.47 ... 122.29 75.29 JBHunt JBHT 1.0 23 108.46 +10.32 .27 32.75 19.10 KerosTherap KROS ... ... 27.31 –1.29 ... 153.39 46.56 Marriott MAR .0 33 91.05 +11.29 .48
7.45 2.20 Equillium EQ ... dd 3.08 +0.10 ... 187.69 67.98 GWPharm GWPH ... dd 126.92 +10.90 ... 15.63 6.82 HuntingtonBcshs HBAN 7.4 8 8.10 +0.59 .15 22.53 6.96 KewauneeSci KEQU .0 dd 9.70 –0.14 .19 25.66 16.01 MartenTransport MRTN .7 22 24.19 +0.91 .04
715.75 471.80 Equinix EQIX 1.6 cc 670.02 +11.36 2.66 10.49 4.70 Gaia GAIA ... dd 8.38 –0.59 ... 39.38 20.39 Hurco HURC 1.7 21 30.75 +1.13 .13 6.99 2.51 KeyTronic KTCC ... 11 4.34 +0.13 ... 7.54 0.91 MartinMidstream MMLP 9.2 dd 2.73 +0.64 .0625
31.91 12.49 EquityBcshs EQBK ... 8 15.90 +2.18 ... 274.03 112.00 Galapagos GLPG ... 73 200.20 –20.11 ... 70.91 35.15 HuronConsulting HURN ... dd 40.19 +0.99 ... 17.35 2.18 KezarLifeSci KZR ... dd 5.51 +0.34 ... 30.19 16.45 MarvellTech MRVL .8 13 30.13 +3.79 .06
270.23 130.20 ErieIndemnity A ERIE 2.2 30 172.19 +7.71 .965 19.50 5.58 GaleraTherap GRTX ... ... 11.63 +0.63 ... 30.30 14.74 HutchisonChina HCM ... dd 21.19 –1.19 ... 42.64 20.60 Kforce KFRC 2.7 20 29.83 +1.69 .20 258.00 128.36 Masimo MASI ... 67 246.68 –2.14 ...
12.00 3.50 ErytechPharma ERYP ... dd 8.80 +1.06 ... 7.70 2.60 GamidaCell GMDA ... dd 5.30 –1.04 ... 18.49 9.78 KimballElec KE ... 13 13.91 +2.08 ... 22.39 4.90 MasterCraftBoat MCFT ... dd 13.29 +1.85 ...
22.40 8.19 KimballIntl B KBAL 3.4 9 10.73 +0.45 .09
12.10
76.98
4.69
24.82
Escalade
EsperionTherap
ESCA
ESPR
5.1
...
16
dd
9.72
43.51
+0.93
–1.93
.125
...
50.99
105.58
13.04
61.04
Gaming&Leisure
Garmin
GLPI
GRMN
7.0
2.7
19
16
34.10
83.89
+7.14
+5.86
.60
.57 I 26.89
22.77
17.01
5.01
KingsoftCloud
KiniksaPharm
KC
KNSA
...
...
dd
dd
17.18
21.44
–5.92
–0.02
...
...
95.32
23.00
44.74
10.65
MatchGroup
Materialise
MTCH
MTLS
...
...
44
cc
84.93
22.96
+6.76
+3.39
...
...
9.07 2.50 EtonPharm ETON ... dd 4.78 +0.03 ... 13.50 9.38 GencorIndustries GENC ... 40 11.62 +0.60 ... 150.94 80.93 KinsaleCapital KNSL .2 67 150.05 +17.03 .09 24.36 7.11 MatrixService MTRX ... dd 9.24 +1.29 ...
88.02 29.95 Etsy ETSY ... cc 77.48 –8.15 ... 11.24 4.62 GeneralFin GFN ... 21 6.05 +0.94 ... 278.85 124.60 IAC/InterActive IAC ... cc 260.83 +20.89 ...
4.75 0.56 Kirkland's KIRK ... dd .97 +0.15 ... 14.83 6.53 Mattel MAT ... dd 8.48 +0.47 ...
171.25 61.27 EuronetWorldwide EEFT ... 16 91.59 +9.82 ... 24.85 5.21 Genfit GNFT ... dd 5.22 –0.56 ... 95.24 47.75 ICF Intl ICFI .9 18 60.38 +2.80 .14
82.75 8.95 KodiakSciences KOD ... dd 61.60 +4.98 ... 40.36 18.06 MatthewsIntl MATW 4.1 dd 20.48 +0.44 .21
10.09 3.01 EveloBiosci EVLO ... dd 4.29 –0.08 ... 30.14 16.24 Genmab GMAB ... 80 29.30 +0.63 ... 259.72 148.89 ICU Medical ICUI ... 47 191.03 +5.07 ... 51.79 22.17 KornitDigital KRNT ... cc 50.00 +19.69 ... 65.73 41.93 MaximIntProducts MXIM 3.4 19 56.12 +4.06 .48
3.50 0.61 Ever-Glory EVK ... dd .65 –0.04 ... 13.49 3.36 GenMarkDiagn GNMK ... dd 9.98 –1.62 ... 12.63 2.95 IDEAYA Bio IDYA ... dd 6.99 –0.83 ... 33.43 19.99 KraftHeinz KHC 5.3 19 29.95 +0.75 .40 83.95 44.32 McGrathRent MGRC 3.1 14 54.49 +4.21 .42
165.79 59.85 Everbridge EVBG ... dd 144.49 –14.31 ... 31.27 19.48 Gentex GNTX 1.9 16 25.53 +1.24 .12 302.99 168.65 IdexxLab IDXX ... 59 294.72 +0.34 ... 25.08 5.00 KratosDefense KTOS ... cc 16.52 +0.88 ... 7.40 1.29 MedallionFin MFIN ... dd 2.28 +0.25 ...
53.87 10.38 EverQuote EVER ... dd 49.00 ... ... 49.95 27.24 Gentherm THRM ... 32 39.65 +2.03 ... 9.57 5.00 IEC Elec IEC ... 15 8.00 ... ... 66.85 22.02 KrystalBiotech KRYS ... dd 53.00 –6.20 ... 11.83 2.79 MediciNova MNOV ... dd 5.55 +0.01 ...
7.85 1.75 EverspinTech MRAM ... dd 6.69 +1.14 ... 17.66 4.61 GeospaceTech GEOS ... dd 6.87 +0.91 ... 27.78 13.73 IES Holdings IESC ... 14 23.11 +1.90 ... 28.66 16.91 Kulicke&Soffa KLIC 2.2 43 22.28 +1.38 .12 4.65 1.44 MediWound MDWD ... 8 2.02 +0.09 ...
1.83 0.75 Evogene EVGN ... dd 1.14 +0.12 ... 36.17 23.54 GermanAmerBncp GABC 2.6 13 28.82 +2.62 .19 74.13 16.10 IGM Biosci IGMS ... ... 58.11 –0.89 ... 21.42 6.35 KuraOncology KURA ... dd 16.84 +1.54 ... 109.09 53.10 Medpace MEDP ... 32 92.18 +7.82 ...
20.27 3.12 Evolus EOLS ... dd 4.48 +0.74 ... 2.40 0.75 Geron GERN ... dd 1.84 +0.09 ... 48.68 19.00 II-VI IIVI ... dd 44.78 +4.77 ... 28.80 5.07 KuraSushiUSA KRUS ... cc 14.94 –0.02 ... 30.23 8.82 MeiraGTx MGTX ... dd 15.42 +1.86 ...
29.86 11.40 Exagen XGN ... dd 13.88 +0.05 ... 56.58 30.60 GibraltarInds ROCK ... 19 41.50 +2.28 ... 32.89 9.30 I-Mab IMAB ... ... 21.30 +2.43 ... 25.49 10.81 MelcoResorts MLCO 4.5 dd 14.31 –0.83 .1651
27.80 13.67 Exelixis EXEL ... 26 24.62 –1.14 ... 34.42 2.96 GIIIApparel GIII ... 3 9.94 +1.09 ... 52.23 28.01 INTL FCStone INTL ... 8 42.21 +3.22 ... 7.48 1.00 MenloTherap MNLO ... dd 2.24 +0.55 ...
51.18 29.28 Exelon EXC 4.2 14 36.85 +1.56 .3825 10.76
85.97
4.70
60.89
GilatSatellite
GileadSciences
GILT
GILD
...
3.7
13
19
8.40
73.34
+0.14
–2.92
...
.68
166.49
22.24
98.04
5.06
IPG Photonics
IRSA Prop
IPGP
IRCP
...
...
52
...
157.39
6.01
+11.21
+0.91
...
...
L 843.38
37.32
422.22
18.64
MercadoLibre
MercantileBank
MELI
MBWM
...
5.3
dd
7
841.31
21.18
+66.26
+1.42
...
.28
79.78 40.61 ExlService EXLS ... 27 58.90 +4.52 ...
9.53 3.55 ExOne XONE ... dd 8.17 +0.64 ... 46.51 26.66 GlacierBancorp GBCI 3.0 17 39.06 +3.28 .29 37.85 13.01 i3Verticals IIIV ... dd 27.62 +1.81 ... 95.72 33.00 LGI Homes LGIH ... 10 81.88 +10.53 ... 15.84 6.42 MercerIntl MERC 3.2 dd 8.09 +0.31 .065
12.15 6.51 eXpWorld EXPI ... dd 9.24 +0.86 ... 10.69 4.04 GladstoneCap GLAD 11.7 dd 6.66 +0.42 .065 8.97 0.91 IVERICbio ISEE ... dd 4.24 +0.55 ... 165.45 100.00 LHC Group LHCG ... 52 164.85 +14.87 ... 96.29 52.24 MercurySystems MRCY ... 64 83.85 +2.23 ...
144.00 40.76 Expedia EXPE .0 dd 77.95 +11.19 .34 23.98 7.59 GladstoneComm GOOD 9.1 dd 16.42 +1.69 .1252 79.68 25.65 Iberiabank IBKC 4.5 7 39.69 +4.67 .47 36.63 13.31 LKQ LKQ ... 13 25.34 +1.74 ... 4.98 0.69 MereoBioPharma MREO ... dd 1.21 –0.15 ...
81.64 52.55 ExpeditorsIntl EXPD 1.4 22 72.06 +0.55 .52 15.34 6.43 GladstoneInvt GAIN 7.7 dd 10.74 +0.45 .07 79.37 34.00 IcahnEnterprises IEP 16.3 dd 49.23 –2.09 2.00 99.60 32.01 LPL Financial LPLA 1.5 10 67.81 +5.06 .25 10.28 7.72 MeridaMergerCorp.I MCMJ ... ... 9.85 +0.10 ...
82.82 55.08 Exponent EXPO 1.1 43 69.43 +4.91 .19 14.54 9.61 GladstoneLand LAND 3.8 dd 14.07 +1.07 .0447 39.83 13.68 Ichor ICHR ... 40 21.98 +1.79 ... 7.30 2.50 LSI Inds LYTS 3.4 18 5.97 +0.33 .05 20.86 8.88 MeridianBancorp EBSB 3.0 8 10.61 +0.64 .08
17.80 5.35 ExtendedStayAmer STAY .4 42 11.18 +0.59 .01 87.54 39.95 GlbBloodTherap GBT ... dd 69.42 –3.27 ... 5.57 2.73 iClickInteract ICLK ... dd 5.39 +0.34 ... 15.90 8.95 LakeShoreBancorp LSBK 4.3 17 11.23 –1.30 .12 18.58 5.51 MeridianBiosci VIVO ... 30 14.83 –1.61 ...
4.60 0.21 ExtractionOil XOG ... dd .32 +0.03 ... 34.65 22.17 GlobalIndemnity GBLI 4.3 60 23.34 +0.09 .25 178.99 104.28 Icon ICLR ... 24 166.51 +9.48 ... 17.63 8.31 LakelandBcp LBAI 4.7 8 10.57 +0.95 .125 20.89 10.68 Meridian MRBK ... 9 15.80 –0.68 ...
8.50 1.43 ExtremeNetworks EXTR ... dd 3.32 +0.42 ... 14.99 8.51 GlobalWaterRscs GWRS 2.9 cc 9.93 –0.61 .0241 2.75 0.51 IconixBrand ICON ... dd .91 +0.14 ... 50.00 30.49 LakelandFin LKFN 3.1 12 39.26 +2.81 .30 61.93 19.50 MeritMedical MMSI ... dd 44.81 +5.19 ...
2.69 0.70 EyePointPharm EYPT ... dd .88 +0.08 ... 10.72 3.98 GluMobile GLUU ... dd 9.43 –0.02 ... 19.69 4.31 iHeartMedia IHRT ... 0 7.02 +0.29 ... 28.00 9.70 LakelandInd LAKE ... 33 13.50 –0.30 ... 7.09 1.49 MerrimackPharm MACK .0 dd 3.46 –0.14 1.4967
10.20 3.41 Ezcorp EZPW ... dd 5.19 +0.37 ... 13.44 1.82 GlycoMimetics GLYC ... dd 3.00 –0.11 ... 380.76 196.78 Illumina ILMN ... 56 354.70 +19.70 ... 344.32 171.04 LamResearch LRCX 1.8 19 261.14 +9.30 1.15 10.71 1.32 MersanaTherap MRSN ... dd 9.90 –0.11 ...
7.23 1.33 Gogo GOGO ... dd 2.21 +0.38 ... 30.80 13.40 Imara IMRA ... ... 26.98 –0.27 ... 96.82 30.89 LamarAdv LAMR 5.8 19 68.64 +9.44 1.00 20.95 10.19 Merus MRUS ... dd 15.16 +0.55 ...
F 12.11
19.77
1.30
4.54
GolarLNGPartners
GolarLNG
GMLP
GLNG
3.7
.0 dd
9 2.20
6.63
+0.12
+1.18
.0202
.15
8.66
7.07
4.23
1.76
Immersion
Immunogen
IMMR
IMGN
...
...
dd
dd
6.91
5.14
+0.46
+0.71
...
...
166.31
12.46
114.55
7.53
LancasterColony
Landec
LANC
LNDC
2.0
...
28
dd
142.81
10.11
–2.63
+0.25
.70
...
11.08
271.46
2.05
181.21
MesaAir
MesaLab
MESA
MLAB
...
.3 cc
4 3.50
248.90
+0.37
+10.94
...
.16
21.67 3.55 GoldenEnt GDEN ... dd 11.40 +3.17 ... 35.20 8.80 Immunomedics IMMU ... dd 34.47 +0.51 ... 26.00 14.95 LandmarkBncp LARK 3.3 9 24.00 +1.00 .20 20.57 3.12 Mesoblast MESO ... dd 12.16 +0.32 ...
64.99 35.15 FARO Tech FARO ... dd 57.62 +6.45 ... 6.92 2.52 GoldenOcean GOGL 9.6 13 3.40 +0.33 .05 3.10 0.53 Immutep IMMP ... dd 1.07 +0.06 ... 18.45 7.05 LandmarkInfrPtrs LMRK 7.9 ... 10.18 +1.16 .20 40.00 13.09 MetaFinancial CASH 1.2 5 16.90 +1.28 .05
153.99 79.78 F5Networks FFIV ... 24 137.31 –1.42 ... 18.85 8.94 GolubCapital GBDC 10.0 dd 11.59 +0.79 .29 40.24 11.47 Impinj PI ... dd 25.31 +2.69 ... 119.93 85.30 LandstarSystem LSTR .7 22 112.72 +9.29 .185 47.55 9.00 Methanex MEOH .9 26 16.45 +2.47 .0375
60.89 30.00 FRP Holdings FRPH ... 24 39.18 –0.59 ... 17.20 4.09 Goodyear GT .0 dd 7.14 +0.76 .16 47.89 19.00 InariMedical NARI ... cc 42.51 +23.51 ... 29.80 8.67 Lantheus LNTH ... 20 12.70 +0.77 ... 19.07 8.31 MetroCityBkshs MCBS 4.3 5 10.12 +1.42 .11
237.20 137.10 Facebook FB ... 32 234.91 +24.03 ... 63.07 33.48 GooseheadIns GSHD ... cc 60.04 +1.83 ... 104.81 62.48 Incyte INCY ... dd 99.37 +3.25 ... 24.87 11.76 LatticeSemi LSCC ... 76 24.49 +2.38 ... 11.10 1.00 Michaels MIK ... 2 2.93 +0.04 ...
16.60 5.66 FangddNetwork DUO ... dd 9.16 –0.51 ... 7.27 2.00 GoPro GPRO ... dd 4.16 +0.35 ... 87.11 50.45 IndependentBank INDB 2.9 14 63.78 +7.50 .46 21.66 7.30 LaureateEduc LAUR ... 8 9.06 +0.55 ... 112.47 53.15 MicrochipTech MCHP 1.7 40 87.81 +4.26 .3675
35.55 16.19 Fanhua FANH 6.5 36 18.09 –0.59 .30 27.15 7.52 GossamerBio GOSS ... dd 12.62 –1.52 ... 23.93 9.19 IndepBankMI IBCP 6.1 7 13.20 +1.38 .20 58.28 24.52 LawsonProducts LAWS ... 18 29.80 –0.20 ... 61.19 31.13 MicronTech MU ... 22 44.94 +0.53 ...
21.67 5.94 FarmerBros FARM ... dd 7.05 –0.43 ... 132.72 57.89 GrandCanyonEduc LOPE ... 18 95.40 –0.49 ... 63.16 20.35 IndependentBank IBTX 3.2 7 31.23 +4.16 .25 3.18 0.57 LeapTherap LPTX ... dd 2.13 –0.16 ... 190.70 119.01 Microsoft MSFT 1.1 31 183.51 +0.35 .51
40.46 26.72 Fastenal FAST 2.6 28 38.68 –0.24 .25 9.05 2.25 GreatElmCap GECC 31.2 dd 3.19 +0.23 .083 24.18 12.95 IndLogistics ILPT 7.5 24 17.66 +1.77 .33 17.50 8.50 LegacyHousing LEGH ... 9 11.50 –0.29 ... 165.00 90.00 MicroStrategy MSTR ... 29 122.37 +6.79 ...
35.25 12.59 FateTherap FATE ... dd 35.23 +6.78 ... 4.44 1.31 GreatElmCap GEC ... dd 2.00 –0.05 ... 8.35 2.80 Infinera INFN ... dd 4.60 +0.34 ... 38.64 18.76 LeMaitreVascular LMAT 1.5 29 24.94 +0.64 .095 1.82 0.15 MicroVision MVIS ... dd .98 +0.14 ...
16.87 10.07 FedNat FNHC 3.0 22 12.00 +0.72 .09 11.96 6.75 GreatLakesDredge GLDD ... 8 8.77 +0.99 ... 1.80 0.60 InfinityPharm INFI ... dd .97 –0.02 ... 434.94 135.72 LendingTree TREE ... cc 252.26 +13.11 ... 29.88 15.50 MidPennBancorp MPB 3.7 9 19.30 +1.41 .18
2.00 0.35 Ferroglobe GSM ... dd .78 +0.09 ... 64.48 32.23 GreatSouthernBncp GSBC 3.5 8 38.71 +3.62 .34 42.99 2.17 InflaRx IFRX ... dd 8.25 +0.75 ... 26.69 13.45 LevelOneBncp LEVL 1.2 8 17.00 +1.07 .05 142.98 41.73 Middleby MIDD ... 10 63.11 +2.52 ...
48.95 22.65 FibroGen FGEN ... dd 36.82 +0.73 ... 16.49 3.77 GreenPlains GPRE .0 dd 8.81 +2.52 .12 3.76 1.61 InfoSvcsGrp III ... 30 1.74 –0.29 ... 6.72 1.13 LexiconPharm LXRX ... 3 2.01 +0.13 ... 69.92 48.79 MiddlesexWater MSEX 1.6 31 63.80 +3.58 .2562
70.00 30.50 FidelityD&D FDBC 3.1 12 36.15 +0.11 .28 14.99 3.47 GreenPlainsPtrs GPP 7.8 4 6.18 +1.37 .12 49.14 29.17 InglesMarkets IMKTA 1.6 8 41.49 –1.88 .165 16.93 6.98 LexinFintech LX ... 5 7.86 –0.38 ... 29.50 12.49 MidlandStBncp MSBI 7.4 8 14.44 +0.61 .2675
14.53 2.72 FiestaRestaurant FRGI ... dd 8.40 +0.79 ... 15.98 1.02 Greenlane GNLN ... dd 2.83 +0.22 ... 58.76 13.06 InMode INMD ... 18 26.20 +2.14 ... 138.47 80.14 LibertyBroadbandA LBRDA ... cc 124.26 +3.90 ... 39.03 15.25 MidWestOneFin MOFG 4.9 8 17.89 +1.50 .22
31.64 11.10 FifthThirdBncp FITB 6.1 8 17.61 +1.49 .27 11.26 5.00 GreenlightCapRe GLRE ... dd 6.76 +0.38 ... 8.24 3.30 InnatePharma IPHA ... dd 6.02 –0.52 ... 140.00 86.20 LibertyBroadbandC LBRDK ... cc 126.09 +3.12 ... 27.95 1.69 MilestonePharm MIST ... dd 3.31 +0.15 ...
92.61 53.94 51job JOBS ... 33 57.05 –2.77 ... 13.40 3.05 GreenSky GSKY ... 10 3.93 +0.28 ... 5.81 0.87 InnerWorkings INWK ... dd 1.13 –0.05 ... 28.62 15.24 LibertyGlobal A LBTYA ... cc 20.84 –0.99 ... 49.87 14.39 MillerHerman MLHR .0 7 23.67 +3.06 .21
33.28 12.78 FinInstitutions FISI 6.2 7 16.90 +2.53 .26 3.55 0.24 Gridsum GSUM ... dd .82 –0.04 ... 1.48 0.75 Innodata INOD ... dd 1.44 +0.29 ... 58.31 15.98 LibertyGlobal B LBTYB ... cc 24.39 +1.66 ... 59.19 20.15 MillicomIntl TIGO 12.4 dd 21.21 +0.35 1.32
18.34 7.54 FireEye FEYE ... dd 11.86 +0.53 ... 48.88 28.67 GriffinIndlRealty GRIF 1.3 50 38.23 +0.41 .50 107.85 56.71 Innospec IOSP 1.4 16 74.00 +7.35 .52 27.84 14.36 LibertyGlobal C LBTYK ... cc 20.49 –0.87 ... 54.40 25.14 Mimecast MIME ... dd 39.62 +2.88 ...
41.34 17.32 FirstBancorpNC FBNC 3.2 8 22.72 +1.46 .18 25.73 13.40 Grifols GRFS 1.4 20 20.61 +1.30 .1642 7.11 1.20 InnovSolSuprt ISSC ... 38 5.06 +0.06 ... 19.91 8.21 LibertyLatAmA LILA ... dd 9.53 +0.45 ... 2.64 1.45 Mind CTI MNDO 13.4 8 1.79 +0.08 .24
30.64 17.62 FirstBancorp FNLC 6.1 8 19.78 +1.23 .30 7.97 2.03 GrindrodShipping GRIN ... dd 2.31 +0.07 ... 15.35 7.58 Innoviva INVA ... 8 14.46 +0.52 ... 19.95 8.02 LibertyLatAmC LILAK ... dd 9.19 +0.31 ... 14.87 4.01 MinervaNeurosci NERV ... dd 14.28 +1.58 ...
35.88 15.27 FirstBancshares FBMS 2.0 8 20.01 +2.33 .10 12.96 5.42 GritstoneOncology GRTS ... dd 6.73 +0.14 ... 76.89 31.21 Inogen INGN ... 59 36.80 –0.84 ... 8.10 5.02 LibertyMediaRt LSXMR ... ... 7.30 +1.44 ... 132.59 66.01 MiratiTherap MRTX ... dd 101.62 –1.75 ...
11.82 6.00 FirstBank FRBA 1.6 12 7.41 +0.61 .03 47.57 27.75 GroceryOutlet GO ... cc 37.84 +0.31 ... 22.99 13.39 Inovalon INOV ... cc 18.65 +2.57 ... 46.52 16.87 LibertyFormOne A FWONA ... dd 30.94 +2.31 ... 28.31 6.51 MirumPharm MIRM ... dd 17.23 ... ...
28.00 11.00 FirstBusey BUSE 5.3 10 16.59 +1.33 .22 3.75 0.48 Groupon GRPN ... dd 1.25 +0.17 ... 19.36 1.92 InovioPharma INO ... dd 14.08 +0.65 ... 48.95 18.31 LibertyFormOne C FWONK ... dd 32.91 +2.72 ... 27.54 6.71 Misonix MSON ... dd 13.21 +2.31 ...
27.35 12.86 FirstBusFinSvcs FBIZ 4.3 6 15.21 +1.41 .165 67.07 20.55 GrAeroportuario OMAB ... 9 31.37 +2.86 ... 15.15 3.61 Inseego INSG ... dd 11.17 +1.41 ... 30.16 13.59 LibertyBraves A BATRA ... 27 21.77 +2.51 ... 4.42 0.70 MitchamIndustries MIND ... dd 1.15 +0.39 ...
542.12 276.08 FirstCitizBcshA FCNCA .4 10 356.27 +25.40 .40 34.16 20.02 GuarantyBcshrs GNTY 2.9 11 24.68 +1.04 .19 73.22 28.25 InsightEnt NSIT ... 12 49.43 +4.23 ... 30.03 13.20 LibertyBraves C BATRK ... 26 21.23 +2.54 ... 45.75 18.41 MobileMini MINI 3.9 19 30.96 +3.21 .303
34.37 18.06 FstCmntyBcsh FCBC 4.9 9 20.42 +1.71 .25 26.93 12.70 GuarFedBcsh GFED 4.2 7 14.30 +0.05 .15 34.94 12.09 Insmed INSM ... dd 25.65 +0.19 ... 51.11 22.54 LibertySirius A LSXMA ... 16 32.48 +0.68 ... 7.79 2.94 MobileIron MOBL ... dd 4.54 +0.13 ...
22.91 9.01 1stConstBncp FCCY 3.1 8 11.76 +0.11 .09 112.22 55.90 GuardantHealth GH ... dd 96.91 –0.59 ... 26.61 10.00 InsteelInds IIIN .7 60 16.65 +1.48 .03 50.89 24.49 LibertySirius B LSXMB ... 16 33.00 +0.25 ... 87.00 11.54 Moderna MRNA ... dd 69.00 +2.31 ...
32.39 10.98 FirstDefiance FDEF 5.6 13 15.67 +1.77 .22 8.70 2.67 GulfIslandFab GIFI ... dd 2.91 +0.09 ... 228.79 105.92 Insulet PODD ... cc 192.08 –11.90 ... 50.52 22.63 LibertySirius C LSXMK ... 16 32.62 +1.69 ... 35.13 9.51 MomentaPharm MNTA ... dd 32.75 +1.66 ...
26.19 10.83 FirstFinBncpOH FFBC 7.7 7 11.98 +0.46 .23 5.75 2.25 Gulf Resources GURE ... dd 4.37 +0.02 ... 65.09 34.21 IntegraLifeSci IART ... cc 49.89 +3.45 ... 134.00 2.10 LibertyTripAdvB LTRPB ... dd 26.20 –3.82 ... 40.87 19.08 Momo MOMO .0 10 19.14 –1.59 .76
36.45 20.70 FirstFinBkshs FFIN 1.9 24 27.98 +2.29 .13 6.37 0.35 GulfportEnergy GPOR ... dd 1.53 –0.09 ... 69.29 43.20 Intel INTC 2.1 12 62.26 +3.98 .33 12.88 0.86 LibertyTripAdvA LTRPA ... dd 2.30 +0.72 ... 57.57 12.83 MonarchCasino MCRI ... 26 37.00 +6.66 ...
46.93 27.62 FirstFinIN THFF 3.1 9 33.37 +2.04 .52 21.00 9.18 IntelliaTherap NTLA ... dd 20.99 +3.33 ... 10.20 3.26 LifetimeBrands LCUT 3.5 dd 4.87 +0.70 .0425 59.96 41.19 Mondelez MDLZ 2.3 19 49.70 –0.26 .285
.10
15.66
17.64
7.90
8.01
FirstFinNW
FirstFoundation
FFNW
FFWM
4.3
2.0
9
11
9.20
13.88
+0.81
+1.57 .07 H 10.54
81.40
1.91
34.20
Intellicheck
InterParfums
IDN
IPAR
...
.0
dd
27
7.03
43.24
+0.30
+3.91
...
.33
4.75
122.08
1.43
57.24
LifewayFoods
LigandPharm
LWAY
LGND
...
...
90
dd
2.61
108.64
+0.14
+9.89
...
...
6.70
220.86
1.15
93.81
MoneyGram
MongoDB
MGI
MDB
...
...
dd
dd
1.92
220.28
+0.32
+24.00
...
...
22.38 11.29 FirstGuarBcshs FGBI 5.3 8 12.14 +0.13 .16 58.50 33.70 InteractiveBrkrs IBKR 1.0 19 38.82 +1.58 .10 7.00 2.20 LimelightNetworks LLNW ... dd 5.31 +0.14 ... 219.58 114.84 MonolithicPower MPWR 1.0 79 202.18 +9.17 .50
31.25 13.56 FirstHawaiian FHB 6.5 8 15.89 +1.91 .26 37.85 9.12 H&E Equipment HEES 7.3 15 15.09 +1.59 .275 125.00 47.57 InterceptPharm ICPT ... dd 80.51 –4.10 ... 38.74 5.25 LiminalBioSci LMNL ... dd 8.32 +0.57 ... 89.62 37.09 Monro MNRO 1.5 25 58.10 +6.83 .22
28.50 10.47 FirstInternetBncp INBK 1.7 6 14.30 +1.13 .06 20.71 9.11 HBT Finl HBT 5.0 ... 11.98 +1.07 .15 66.95 31.04 InterDigital IDCC 2.6 72 54.55 +0.91 .35 21.94 10.60 Limoneira LMNR 2.4 dd 12.69 +0.63 .075 70.52 50.06 MonsterBev MNST ... 33 68.71 +2.70 ...
43.83 24.50 FirstInterBanc FIBK 4.6 11 29.37 +1.54 .34 43.29 21.69 HD Supply HDS ... 11 30.47 +3.17 ... 17.68 5.06 Interface TILE .5 dd 8.20 +0.70 .01 3.91 1.51 LincolnEduc LINC ... 17 3.65 +0.85 ... 166.59 102.59 Morningstar MORN .8 43 141.39 –3.71 .30
42.48 21.18 FirstMerchants FRME 4.2 8 24.97 +2.03 .26 23.00 13.86 HMN Fin HMNF ... 9 14.58 +0.34 ... 44.00 15.60 IntlBcshs IBOC 3.9 10 28.48 +2.10 .55 98.32 59.30 LincolnElectric LECO 2.5 18 79.69 +6.60 .49 33.50 9.90 Morphic MORF ... dd 20.91 +5.27 ...
36.25 18.60 FirstMidBcshs FMBH 3.3 9 24.21 +1.04 .40 40.67 18.20 HMS Holdings HMSY ... 31 28.05 +1.19 ... 31.46 5.97 IntersectENT XENT ... dd 11.12 –0.19 ... 8.34 3.01 LiquiditySvcs LQDT ... dd 5.31 +0.35 ... 37.96 18.21 MorphoSys MOR ... dd 32.62 +0.16 ...
23.64 10.31 FirstMidwestBncp FMBI 4.7 8 12.00 +1.03 .14 14.37 5.80 Hookipa HOOK ... dd 10.27 +0.82 ... 7.68 3.17 Intevac IVAC ... 54 5.17 +0.10 ... 196.00 103.63 Littelfuse LFUS 1.2 30 155.99 +16.42 .48 24.60 10.43 MotorcarParts MPAA ... dd 14.89 +1.10 ...
18.25 8.77 FirstNWBncp FNWB 1.6 16 12.43 +1.21 .05 18.90 9.50 HackettGroup HCKT 2.7 20 13.48 +0.74 .18 43.56 6.75 Intra-Cellular ITCI ... dd 22.41 +0.32 ... 87.45 33.40 LivaNova LIVN ... dd 50.92 +3.26 ... 4.85 1.78 MustangBio MBIO ... dd 3.08 +0.34 ...
69.24 28.47 FirstSolar FSLR ... cc 43.47 +4.10 ... 75.43 31.85 HailiangEduc HLG ... 28 46.04 +0.77 ... 28.31 9.84 Intricon IIN ... dd 13.46 +2.04 ... 20.46 7.57 LiveOakBcshs LOB .9 68 13.09 +1.01 .03 23.11 12.75 Mylan MYL ... cc 15.64 +0.48 ...
53.42 26.07 1stSource SRCE 3.6 9 31.54 +2.75 .28 31.92 17.94 HainCelestial HAIN ... dd 29.13 –0.51 ... 306.89 187.68 Intuit INTU .7 57 287.61 +3.22 .53 45.21 14.08 LivePerson LPSN ... dd 38.44 +0.48 ... 126.30 42.65 MyoKardia MYOK ... dd 107.50 –14.19 ...
24.99 11.00 FirstUnited FUNC 3.8 8 13.80 –0.80 .13 20.30 2.35 HallmarkFin HALL ... 2 2.63 –0.11 ... 619.00 360.50 IntuitiveSurgical ISRG ... 49 562.80 +42.39 ... 63.55 15.12 LivongoHealth LVGO ... dd 58.46 –0.86 ... 48.40 9.24 MyriadGenetics MYGN ... dd 14.73 ... ...
18.98 10.75 FirstWesternFin MYFW ... 14 13.24 +0.54 ... 25.68 12.71 HalozymeTherap HALO ... dd 24.60 +0.35 ... 26.46 8.49 Investar ISTR 2.0 9 12.20 +1.23 .06 15.25 4.17 Lizhi LIZI ... ... 4.35 –0.19 ...
106.80
10.70
60.04
2.72
FirstCash
FirsthandTechVal
FCFS
SVVC
1.6
...
19
dd
68.85
3.90
+0.72
+0.58
.27
...
74.01
44.42
36.27
14.32
HamiltonLane
HancockWhitney
HLNE
HWC
1.6
5.6
39
13
68.02
19.29
+4.88
+2.80
.275
.27
7.70
12.74
1.38
6.31
InvestcpCredit
InvestorsBancorp
ICMB
ISBC
15.5
5.9
dd
11
3.88
8.19
+0.45
+0.57
.15
.12
20.07
57.86
3.05
31.37
LogicBioTherap
LogitechIntl
LOGC
LOGI
...
1.3
dd
21
6.85
56.47
+0.77
+3.46
...
.7334 N
114.87 57.38 FirstService FSV .8 dd 87.25 +6.02 .165 22.60 7.15 HanmiFinancial HAFC 5.5 13 8.69 +0.89 .12 182.52 96.45 InvestorsTitle ITIC 1.4 13 126.25 +6.35 .44 86.63 62.02 LogMeIn LOGM 1.5 dd 84.07 –1.25 .325
125.05 73.50 Fiserv FISV ... 57 103.93 +3.91 ... 11.20 6.45 HarborOneBncp HONE ... 21 7.92 +0.37 ... 73.09 39.32 IonisPharma IONS ... 53 54.47 +1.40 ... 3.42 0.36 LonestarRscs LONE ... dd .59 +0.01 ... 34.91 13.33 Napco Security NSSC ... 27 22.06 +0.06 ...
137.97 47.53 FiveBelow FIVE ... 32 99.55 +10.61 ... 8.57 4.44 Harmonic HLIT ... dd 5.62 +0.47 ... 41.08 16.12 IovanceBiotherap IOVA ... dd 41.00 +4.72 ... 18.65 6.05 LoopIndustries LOOP ... dd 9.20 +0.69 ... 41.50 26.32 NBT Bancorp NBTB 3.6 13 29.86 +2.32 .27
May 25, 2020 BARRON’S M19

Nasdaq Issues
52-Week Tick Div 52-Week Tick Div 52-Week Tick Div 52-Week Tick Div 52-Week Tick Div
High Low Name Sym Yld P/E Last Chg. Amt. High Low Name Sym Yld P/E Last Chg. Amt. High Low Name Sym Yld P/E Last Chg. Amt. High Low Name Sym Yld P/E Last Chg. Amt. High Low Name Sym Yld P/E Last Chg. Amt.
3.96 0.31 NCS Multistage NCSM ... dd .53 +0.07 ... 10.85 1.86 OxfordLane OXLC 53.3 dd 3.04 +0.32 .135 6.55 2.20 Qutoutiao QTT ... dd 2.33 –0.14 ... 2.60 0.37 SesenBio SESN ... dd .81 +0.13 ... 1.09 0.19 Teligent TLGT ... dd .40 –0.05 ...
23.39 8.81 NGM Biopharm NGM ... dd 20.22 –1.86 ... 6.76 2.04 OxfordSquare OXSQ 30.9 dd 2.60 +0.35 .067 51.21 10.52 RaptTherap RAPT ... dd 17.99 +2.41 ... 59.93 29.61 ShenandoahTel SHEN .6 48 52.08 +5.18 .29 108.36 45.11 10xGenomics TXG ... dd 74.85 –3.10 ...
184.19 110.59 NICE NICE ... 61 182.37 +10.16 ... 41.37 13.26 OysterPtPharma OYST ... ... 29.06 –0.44 ... 21.90 10.61 RBB Bancorp RBB 1.9 7 12.50 +1.04 .06 6.41 0.75 ShilohIndustries SHLO ... dd 1.09 +0.27 ... 32.01 16.28 Tenable TENB ... dd 29.20 +0.15 ...
25.80 15.48 NIC EGOV 1.5 32 23.79 +1.37 .09 185.06 77.63 RBC Bearings ROLL ... 25 128.07 +17.87 ... 68.39 22.01 ShockwaveMed SWAV ... dd 44.45 +2.14 ... 81.57 40.92 Teradyne TER .6 21 62.75 +5.86 .10
35.79
10.15
8.06
1.35
NMI Holdings
NN
NMIH
NNBR
...
.0 dd
5 14.46
4.01
+1.83
+1.00
...
.07 PQR 27.79
4.17
6.52
1.02
RCI Hospitality
RCM Tech
RICK
RCMT
1.2
...
15
dd
13.39
1.29
+4.08
+0.13
.04
...
40.00
17.90
12.56
7.63
ShoeCarnival
ShoreBancshares
SCVL
SHBI
1.3
5.5
31
7
25.45
8.44
+4.23
–0.27
.085
.12
21.58
32.45
11.40
20.25
TerraFormPower
TerritBanc
TERP
TBNK
4.4
3.8
dd
11
18.32
24.42
+0.75
+1.52
.2014
.23
139.59 58.41 NXP Semi NXPI 1.5 cc 98.33 +7.88 .375 55.23 20.03 REGENXBIO RGNX ... dd 43.44 +5.14 ... 9.71 1.00 Sientra SIEN ... dd 3.73 +0.95 ... 968.99 176.99 Tesla TSLA ... dd 816.88 +17.71 ...
2.77 0.49 NabrivaTherap NBRV ... dd .74 +0.19 ... 71.56 22.00 PAM Transport PTSI ... dd 30.40 –0.30 ... 8.89 3.31 RF Industries RFIL 1.4 19 5.57 +0.29 .02 30.15 13.05 SierraBancorp BSRR 4.4 8 18.26 +1.90 .20 19.64 4.12 TesscoTech TESS .0 dd 4.59 +0.23 .02
36.43 13.85 NanoStringTech NSTG ... dd 31.09 –0.05 ... 8.75 3.75 P&FIndustries PFIN .0 4 4.80 +0.44 .05 31.98 23.15 RGC Resources RGCO 2.8 18 25.14 +1.00 .175 58.00 8.55 SierraOncology SRRA ... dd 13.50 +1.40 ... 99.34 63.61 TetraTech TTEK .9 29 75.50 +5.41 .17
3.25 0.45 NantHealth NH ... dd 2.63 +0.52 ... 17.75 7.31 PCB Bancorp PCB 4.4 7 9.06 +0.27 .10 9.85 3.01 RISE Education REDU ... cc 3.48 +0.42 ... 13.09 4.31 SierraWireless SWIR ... dd 8.45 +0.53 ... 20.60 0.56 TetraphasePharm TTPH ... dd 2.64 +0.45 ...
9.90 0.95 NantKwest NK ... dd 5.58 +1.23 ... 56.33 30.10 PCConnection CNXN .0 13 41.82 +3.45 .32 13.99 7.12 R1RCM RCM ... dd 10.37 +0.90 ... 148.64 68.98 SignatureBank SBNY 2.3 9 96.06 +5.93 .56 64.88 19.10 TexasCapBcshs TCBI ... 7 28.52 +4.40 ...
120.23 71.66 Nasdaq NDAQ 1.7 26 115.34 +3.26 .49 9.65 3.95 PC-Tel PCTI 3.3 36 6.67 +0.21 .055 5.40 1.46 RTI Surgical RTIX ... dd 2.18 +0.04 ... 35.94 24.65 SilganHoldings SLGN 1.5 18 32.38 –0.45 .12 135.70 93.09 TexasInstruments TXN 3.2 22 113.43 +5.19 .90
49.22 16.87 Natera NTRA ... dd 45.47 +0.24 ... 37.10 4.51 PDC Energy PDCE ... dd 12.49 +1.36 ... 29.97 10.32 RadiusHealth RDUS ... dd 12.72 –0.73 ... 37.60 20.93 Silicom SILC ... 31 33.30 +1.31 ... 72.49 25.15 TexasRoadhouse TXRH .0 25 50.35 +4.87 .36
82.18 39.01 Nathan's NATH 2.7 17 51.47 –0.53 .35 18.41 8.61 PDF Solutions PDFS ... dd 16.69 +1.05 ... 23.45 5.81 RadNet RDNT ... cc 17.21 +2.25 ... 122.90 65.09 SiliconLab SLAB ... cc 94.29 +3.76 ... 13.73 3.36 TheBancorp TBBK ... 9 7.45 +1.59 ...
58.10 35.71 NationalBeverage FIZZ ... 22 55.37 +2.79 ... 3.34 1.71 PDL Biopharm PDLI ... dd 3.31 +0.13 ... 26.98 16.02 Radware RDWR ... 50 23.46 +0.50 ... 53.04 26.72 SiliconMotion SIMO 2.9 25 45.56 +2.68 .35 4.32 0.85 TherapeuticsMD TXMD ... dd 1.25 +0.08 ...
9.85 1.62 NatlCineMedia NCMI 10.3 6 2.72 +0.11 .07 14.85 7.31 PDLCommBncp PDLB ... dd 8.79 +1.13 ... 6.30 1.75 RamacoRscs METC ... 5 2.49 +0.43 ... 51.50 20.84 SilkRoadMed SILK ... dd 39.09 –0.07 ... 31.54 15.18 TheravanceBio TBPH ... dd 27.38 –0.03 ...
25.39 11.82 NatlGeneral NGHC 1.0 7 19.30 +1.99 .05 11.70 6.41 PICO PICO ... 53 8.03 +0.71 ... 16.98 9.01 Rambus RMBS ... dd 15.65 +1.25 ... 14.50 6.21 SilvercrestAsset SAMG 6.3 7 10.24 +0.79 .16 14.50 3.31 36Kr KRKR ... dd 4.95 +1.09 ...
47.89 20.42 NatlInstruments NATI 2.8 18 37.62 +1.38 .26 33.23 10.61 PPD PPD ... ... 27.27 –0.24 ... 18.34 7.92 RandolphBancorp RNDB ... 20 9.90 +0.58 ... 27.29 13.75 SimmonsFirstNat SFNC 4.3 6 15.88 +1.14 .17 17.25 6.37 360Finance QFIN ... 4 9.00 –0.32 ...
71.35 34.00 NatlResearch NRC 1.6 38 52.56 +2.56 .21 39.58 19.40 PRA Group PRAA ... 16 32.39 +0.12 ... 66.01 31.34 Rapid7 RPD ... dd 45.71 –1.01 ... 59.58 10.58 SinclairBroadcast SBGI 4.4 11 17.99 +2.42 .20 51.03 2.43 Tilray TLRY ... dd 10.26 +2.49 ...
16.95 10.01 NatlSecurity NSEC 1.6 49 14.74 –1.26 .06 113.10 58.67 PRA HealthSci PRAH ... 27 97.46 +5.47 ... 20.24 2.90 RattlerMidstrm RTLR 12.5 10 9.26 +1.31 .29 15.05 5.06 SiriusIntlIns SG ... dd 6.50 –0.25 ... 31.00 13.60 TimberlandBncp TSBK 4.7 6 17.18 +0.51 .20
39.88 11.70 NationalVision EYE ... 83 25.37 +0.96 ... 7.37 1.77 PRGX Global PRGX ... dd 3.70 –0.05 ... 38.00 16.01 RavenIndustries RAVN 2.5 29 21.10 +1.75 .13 7.40 4.11 SiriusXM SIRI 1.0 23 5.31 –0.04 .0133 21.88 6.96 TitanMachinery TITN ... 15 9.17 +0.55 ...
298.00 120.55 NatlWesternLife NWLI .2 8 192.30 +17.94 .36 93.34 43.90 PTC PTC ... cc 70.21 +5.21 ... 2.10 0.32 RealNetworks RNWK ... dd 1.14 +0.10 ... 36.91 15.42 SiTime SITM ... ... 33.40 +8.32 ... 26.07 1.92 TivityHealth TVTY ... dd 9.78 +1.13 ...
13.04 4.75 NaturalAlt NAII ... dd 6.50 +0.57 ... 59.89 30.79 PTC Therap PTCT ... dd 50.61 +1.78 ... 67.25 36.91 RealPage RP ... cc 66.02 +1.79 ... 66.52 10.58 SkyWest SKYW .0 5 28.18 +4.14 .14 9.05 4.16 TiVo TIVO .0 dd 6.92 +0.44 .08
34.89 18.91 NatusMedical NTUS ... 57 20.83 –0.57 ... 83.41 49.11 Paccar PCAR 1.9 11 68.42 +1.59 .32 30.05 5.00 RealReal REAL ... dd 12.49 –0.02 ... 128.48 66.29 Skyworks SWKS 1.5 25 117.02 +10.80 .44 7.70 1.54 TizianaLifeSci TLSA ... ... 5.73 +0.14 ...
15.67 4.07 Navient NAVI 9.2 5 6.97 +0.29 .16 7.04 2.20 PacBiosciCA PACB ... dd 3.52 +0.04 ... 257.96 70.00 ReataPharm RETA ... dd 160.00 +5.23 ... 61.00 15.27 SleepNumber SNBR ... 10 32.36 +2.60 ... 6.77 0.42 Tocagen TOCA ... dd 1.50 +0.32 ...
36.85 13.63 NektarTherap NKTR ... dd 23.04 +1.02 ... 8.49 2.95 PacificMercBncp PMBC ... 33 3.41 +0.19 ... 59.00 29.90 RedRiverBcshs RRBI .6 11 40.05 +2.07 .06 3.58 0.55 SmartSand SND ... 1 .87 +0.10 ... 20.40 0.39 TonixPharm TNXP ... dd .69 ... ...
79.83 48.91 Neogen NEOG ... 60 66.83 +2.27 ... 34.90 13.93 PacificPremBncp PPBI 5.1 8 19.45 +2.55 .25 37.29 4.04 RedRobin RRGB ... dd 14.12 +1.25 ... 21.10 3.64 SmileDirectClub SDC ... dd 7.60 +0.74 ... 48.86 6.80 Torm TRMD 1.3 3 7.55 ... .10
14.82 2.19 NeoleukinTherap NLTX ... dd 12.84 –0.40 ... 51.35 27.46 PaciraBioSci PCRX ... dd 45.10 +3.64 ... 27.91 2.76 RedRockResorts RRR .0 dd 13.11 +3.91 .10 17.18 8.03 SoYoungIntl SY ... 82 9.65 –1.33 ... 25.80 12.13 TowerSemi TSEM ... 27 19.91 +0.92 ...
2.15 0.60 NeosTherap NEOS ... dd .73 +0.02 ... 40.14 13.84 PacWestBancorp PACW 6.1 dd 16.31 +0.76 .25 32.77 9.63 Redfin RDFN ... dd 29.48 +5.24 ... 14.94 5.41 Sohu.com SOHU ... dd 7.00 –0.98 ... 3.12 0.30 TownSports CLUB ... dd .51 +0.11 ...
4.45 2.70 Net1UEPS UEPS ... dd 3.52 +0.31 ... 65.89 22.40 Palomar PLMR ... 40 62.31 +4.46 ... 9.12 3.26 RedHillBio RDHL ... dd 7.36 +0.64 ... 21.00 5.00 SolGelTech SLGL ... dd 8.13 +0.68 ... 29.02 15.03 TowneBank TOWN 4.1 9 17.52 +1.18 .18
65.38 34.66 NetApp NTAP 4.3 11 44.68 +2.30 .48 28.06 10.26 PanAmerSilver PAAS .7 cc 27.29 +2.79 .05 70.26 31.80 RegencyCtrs REG 5.8 56 41.26 +4.45 .595 21.24 7.42 SolarCapital SLRC 9.9 dd 16.61 +1.80 .41 114.25 63.89 TractorSupply TSCO 1.3 24 111.85 +0.13 .35
402.07 209.01 Netease NTES 1.8 15 372.25 –2.16 1.0175 84.30 28.55 PapaJohn's PZZA 1.2 cc 77.70 –4.20 .225 583.54 271.37 RegenPharm REGN ... 29 569.91 –6.81 ... 18.29 6.30 SolarSeniorCap SUNS 9.3 dd 12.95 +1.38 .10 327.35 136.00 TradeDesk TTD ... cc 307.60 +7.59 ...
458.97 252.28 Netflix NFLX ... 87 429.32 –24.87 ... 5.89 2.50 ParatekPharma PRTK ... dd 4.57 +0.26 ... 36.94 18.22 Renasant RNST 4.0 10 22.07 +1.61 .22 143.73 52.03 SolarEdgeTech SEDG ... 39 130.39 +9.95 ... 63.59 33.23 Tradeweb TW .5 80 62.52 +1.71 .08
36.87 15.01 Netgear NTGR ... 96 25.33 +1.58 ... 36.11 10.78 Park-Ohio PKOH .0 6 14.01 +1.41 .125 31.51 9.90 RenewableEnergy REGI ... 2 26.81 +2.79 ... 13.58 1.96 SolidBiosci SLDB ... dd 3.09 +0.24 ... 13.59 2.87 TransActTechs TACT .0 dd 3.75 +0.30 .09
29.62 19.11 NetScout NTCT ... dd 26.40 +2.87 ... 6.46 2.90 PartnerComms PTNR ... cc 4.03 –0.23 ... 31.14 11.69 Rent-A-Center RCII 4.6 7 25.48 +1.48 .29 18.26 0.50 SonimTech SONM ... dd 1.02 +0.24 ... 34.18 16.50 Transcat TRNS ... 24 25.40 –1.00 ...
127.28 72.14 Neurocrine NBIX ... 68 124.80 +8.30 ... 25.52 8.09 PassageBio PASG ... ... 24.67 +3.35 ... 143.93 67.54 Repligen RGEN ... cc 139.51 –0.97 ... 16.88 6.58 Sonos SONO ... dd 11.15 +2.07 ... 1.60 0.30 TransGlobeEner TGA .0 dd .54 +0.04 .035
14.11 1.25 Neuronetics STIM ... dd 1.96 –0.12 ... 64.38 16.70 PatrickIndustries PATK 1.9 14 53.32 +10.18 .25 22.13 8.58 Replimune REPL ... dd 21.02 +0.75 ... 7.69 1.43 SotherlyHotels SOHO .0 dd 1.85 +0.24 .13 21.95 6.80 TranslateBio TBIO ... dd 20.44 +4.35 ...
19.50 7.01 NewFortressEner NFE ... dd 13.87 +0.98 ... 15.71 3.83 PatriotNatBncp PNBK .7 dd 5.85 +0.25 .01 52.68 27.05 RepublicBcpKYA RBCAA 3.7 7 30.62 +1.70 .286 22.00 11.30 SouthPlainsFin SPFI .9 7 12.77 +0.82 .03 31.23 10.10 TransMedics TMDX ... dd 16.00 +1.56 ...
6.47 0.98 NY Mortgage NYMT .0 dd 2.01 +0.35 .20 21.26 8.30 PatriotTransport PATI .0 dd 8.73 +0.27 3.00 5.12 1.80 RepublicFirstBncp FRBK ... dd 2.33 +0.14 ... 88.10 40.42 SouthState SSB 3.9 10 46.65 +3.29 .47 19.64 5.51 TravelCenters TA ... 4 11.89 +2.60 ...
20.99 10.44 NewellBrands NWL 7.2 dd 12.78 +1.08 .23 25.70 12.93 Patterson PDCO 6.0 35 17.40 +2.52 .26 17.93 8.66 ResourcesConnect RGP 5.3 10 10.52 +0.41 .14 44.43 20.89 SouthernFirstBcsh SFST ... 8 26.30 +1.46 ... 19.19 3.04 Travelzoo TZOO ... 17 5.65 +1.14 ...
13.85 2.49 Newmark NMRK 1.1 7 3.74 +0.17 .01 12.39 1.61 PattersonUTIEn PTEN 2.3 dd 3.55 +0.28 .02 11.96 0.86 resTORbio TORC ... dd 2.10 +0.16 ... 39.05 17.30 SoMO Bancorp SMBC 2.7 7 22.27 +1.36 .15 6.86 1.63 TremontMortgage TRMT 2.1 2 1.92 +0.04 .01
15.07 7.90 NewsCorp A NWSA 1.7 dd 11.52 +0.65 .10 90.54 47.87 Paychex PAYX 3.7 22 67.58 +4.15 .62 19.18 5.84 RetailOppor ROIC 8.8 23 9.05 +0.66 .20 16.85 7.58 SoNtlBcpVA SONA 4.2 9 9.49 +1.02 .10 10.62 1.33 TreviTherap TRVI ... dd 2.70 –0.11 ...
15.36 7.88 NewsCorp B NWS 1.7 dd 11.63 +0.62 .10 150.73 66.98 Paylocity PCTY ... 94 117.85 +4.26 ... 21.95 8.98 Retrophin RTRX ... dd 16.66 +1.23 ... 37.89 23.74 SouthsideBcshs SBSI 4.6 15 26.95 +0.92 .31 13.86 4.91 TribunePub TPCO .0 dd 9.60 +0.46 .25
23.99 7.59 NewtekBusSvcs NEWT 13.1 ... 16.78 +1.92 .44 151.08 82.07 PayPal PYPL ... 95 150.86 +5.35 ... 27.97 9.88 RevanceTherap RVNC ... dd 21.25 +1.95 ... 11.71 5.25 SparkEnergy SPKE 8.6 41 8.45 +1.98 .1813 44.30 18.02 Tricida TCDA ... dd 27.14 –3.84 ...
133.25 43.37 NexstarMedia NXST 2.8 12 79.95 +7.07 .56 31.72 11.15 PeapackGladFinl PGC 1.1 9 17.77 +2.37 .05 47.14 17.35 RevolutionMed RVMD ... ... 33.27 –0.67 ... 20.70 8.45 SpartanMotors SPAR .6 dd 16.19 +0.20 .05 41.42 23.05 TriCoBancshares TCBK 3.4 9 26.24 +1.78 .22
109.00 13.86 NextCure NXTC ... dd 33.10 –2.38 ... 103.13 38.01 Pegasystems PEGA .1 dd 91.88 +5.72 .03 35.92 21.61 ReynoldsCnsmr REYN 1.8 27 33.63 –0.84 .15 19.48 8.82 SpartanNash SPTN 4.2 cc 18.22 +0.45 .1925 33.07 18.05 TriMas TRS ... 11 22.18 +2.31 ...
21.12 5.10 NextGenHlthcr NXGN ... 41 9.78 +0.58 ... 49.68 17.70 Peloton PTON ... dd 45.81 –2.61 ... 26.97 12.99 RhythmPharm RYTM ... dd 20.12 +1.61 ... 10.57 1.74 SpectrumPharm SPPI ... dd 3.09 –0.10 ... 46.67 20.01 Trimble TRMB ... 19 39.33 +3.93 ...
9.90 4.76 NicholasFin NICK ... dd 5.68 +0.08 ... 39.18 3.75 PennNational PENN ... dd 30.38 +11.03 ... 5.93 1.95 RibbonComms RBBN ... dd 3.88 +0.60 ... 14.38 5.25 SperoTherap SPRO ... dd 12.50 +0.57 ... 2.66 0.56 TrinityBiotech TRIB ... dd 1.51 +0.01 ...
14.88 5.21 9F JFU ... 10 5.78 –0.12 ... 37.12 0.99 PennVirginia PVAC ... 0 7.65 +1.40 ... 6.32 3.10 RichardsonElec RELL 6.0 dd 3.99 +0.04 .06 23.48 8.96 SpiritofTexas STXB ... 9 12.16 +1.87 ... 40.91 20.10 Trip.com TCOM ... 15 23.80 –0.20 ...
10.75 5.33 NiuTech NIU ... 48 10.09 +1.03 ... 35.99 6.15 Pennant PNTG ... cc 24.89 +3.29 ... 3.10 1.23 RigelPharm RIGL ... dd 1.82 +0.06 ... 185.26 93.92 Splunk SPLK ... dd 184.26 +28.07 ... 48.47 13.73 TripAdvisor TRIP .0 32 18.92 +3.26 3.50
23.72 9.04 nLIGHT LASR ... dd 22.67 +1.29 ... 6.86 1.76 PennantPark PNNT 22.5 dd 3.20 +0.47 .18 11.34 0.77 RigNet RNET ... dd 1.02 +0.18 ... 16.47 8.53 SpokHoldings SPOK 4.9 dd 10.26 +0.04 .125 26.43 7.59 TriStateCapital TSC ... 8 13.68 +1.28 ...
27.31 2.73 NobleEnergy NBL .8 dd 10.10 +1.43 .02 36.27 18.72 PennsWoodsBncp PWOD 6.0 10 21.39 +0.55 .32 5.48 2.22 RiminiStreet RMNI ... dd 4.32 +0.20 ... 10.00 3.41 SportsmansWrhs SPWH ... 21 9.85 +1.77 ... 43.15 19.03 TriumphBancorp TBK ... 15 22.92 +1.74 ...
34.50 1.81 NobleMidstream NBLX 26.7 3 8.21 +1.39 .1875 17.22 9.37 People'sUtdFin PBCT 6.6 9 10.86 +0.18 .18 8.70 4.05 RiverviewBncp RVSB 4.0 7 4.95 +0.13 .05 43.90 17.02 SpringWorks SWTX ... ... 39.79 +2.38 ... 5.38 1.30 trivago TRVG ... dd 1.85 +0.40 ...
9.06 3.14 Noodles NDLS ... dd 5.07 +0.64 ... 39.28 17.91 PeoplesBncpOH PEBO 6.3 12 21.47 +1.83 .34 13.60 4.00 RiverviewFinl RIVE 5.0 10 6.00 +0.14 .075 26.84 13.00 SproutsFarmersMkt SFM ... 15 24.29 –0.57 ... 6.56 1.98 TrueCar TRUE ... dd 2.55 +0.18 ...
180.28 96.46 Nordson NDSN .9 30 174.15 +11.68 .38 34.32 13.30 PeoplesBncpNC PEBK 3.6 8 16.89 +2.39 .15 27.59 9.01 RocketPharm RCKT ... dd 19.88 +0.04 ... 42.73 22.84 StaarSurgical STAA ... cc 38.48 +0.62 ... 38.06 20.84 Trupanion TRUP ... dd 30.97 +3.28 ...
27.58 6.20 NortheastBank NBN .2 15 17.37 +2.36 .01 53.88 29.01 PeoplesFinSvcs PFIS 4.2 10 33.96 –0.74 .36 4.90 1.31 RockwellMedical RMTI ... dd 2.12 +0.09 ... 221.73 32.54 Stamps.com STMP ... 56 189.04 –6.17 ... 9.10 4.30 TrustcoBank TRST 4.5 10 6.01 +0.58 .0681
14.88 4.70 NorthernTechsIntl NTIC .0 22 6.99 –0.30 .065 147.20 101.42 PepsiCo PEP 3.1 25 130.48 –5.47 1.0225 34.14 14.96 RockyBrands RCKY 2.9 10 19.57 +0.95 .14 12.09 3.86 StarBulkCarriers SBLK 3.9 dd 5.09 +0.69 .05 36.04 20.26 Trustmark TRMK 4.0 11 22.73 +1.48 .23
110.48 60.67 NorthernTrust NTRS 3.8 11 73.88 +2.75 .70 6.49 2.34 Perceptron PRCP ... dd 2.49 –0.07 ... 9.75 3.77 RockyMtnChoc RMCF 11.8 13 4.07 +0.08 .12 99.72 50.02 Starbucks SBUX 2.1 28 77.62 +3.46 .41 1.92 0.25 TuesdayMorning TUES ... dd .29 –0.02 ...
17.55 9.38 NorthfieldBanc NFBK 4.1 14 10.69 +0.79 .11 22.50 7.11 PerdoceoEduc PRDO ... 16 16.20 +1.44 ... 176.55 58.22 Roku ROKU ... dd 108.51 –4.42 ... 36.45 17.29 StateAutoFin STFC 2.0 dd 20.15 +1.01 .10 3.58 0.73 Tuniu TOUR ... dd .76 –0.02 ...
42.28 17.32 NorthrimBanCorp NRIM 5.9 9 22.07 +2.08 .34 53.76 18.88 Perficient PRFT ... 28 33.65 +2.23 ... 124.16 56.30 RossStores ROST 1.2 36 93.88 +8.57 .285 14.41 0.90 StealthBioTher MITO ... dd 2.22 +0.33 ... 67.54 31.00 TurningPtTherap TPTX ... dd 58.80 –5.41 ...
17.74 8.52 NorthwestBcshs NWBI 7.9 11 9.65 +0.62 .19 1.73 0.60 PerformantFin PFMT ... dd .72 +0.02 ... 139.63 59.78 RoyalGold RGLD .8 51 136.96 +2.96 .28 4.18 1.51 StealthGas GASS ... 48 2.54 +0.17 ... 12.50 4.05 TurtleBeach HEAR ... 16 10.57 +0.83 ...
36.70 18.04 NorthwestPipe NWPX ... 9 23.26 +2.98 ... 9.70 2.76 PerionNetwork PERI ... 11 5.26 +0.82 ... 17.17 3.35 RubiusTherap RUBY ... dd 6.37 +0.77 ... 1.95 0.40 SteelConnect STCN ... dd .49 +0.02 ... 17.62 6.31 21 Vianet VNET ... dd 13.89 –3.06 ...
28.70 15.12 NortonLifeLock NLOK 2.5 3 20.24 +0.21 .125 10.14 4.51 Perma-PipeIntl PPIH ... 13 5.74 +0.15 ... 9.60 2.49 RuhnnHolding RUHN ... dd 2.60 –0.27 ... 35.78 14.98 SteelDynamics STLD 4.1 8 24.43 +1.91 .25 15.62 5.00 TwinDisc TWIN ... dd 5.43 –0.31 ...
39.69 21.20 NorwoodFin NWFL 4.4 10 22.55 –0.46 .25 31.88 4.27 Personalis PSNL ... dd 12.62 +1.40 ... 49.27 27.25 RushEnt A RUSHA 1.4 11 38.43 +2.68 .13 67.94 38.45 Stericycle SRCL ... dd 51.09 +3.09 ... 42.17 18.52 TwistBiosci TWST ... dd 39.45 –0.59 ...
47.98 24.79 NovaMeasuring NVMI ... 38 47.10 +4.08 ... 36.33 15.83 PetIQ PETQ ... dd 28.82 +3.11 ... 48.50 21.65 RushEnt B RUSHB 1.5 10 33.89 +2.50 .13 17.49 6.72 SterlingCnstr STRL ... 6 8.66 +0.95 ... 40.55 11.37 2U TWOU ... dd 36.79 +2.40 ...
3.72 0.22 Novan NOVN ... dd .40 +0.03 ... 41.59 15.00 PetMedExpress PETS 3.2 27 35.40 +1.76 .28 25.78 2.32 RuthsHospitality RUTH .0 10 7.99 –0.09 .15 44.80 16.38 StevenMadden SHOO 2.7 13 22.22 +1.99 .15
100.77
61.50
66.44
3.54
Novanta
Novavax
NOVT
NVAX
...
...
87
dd
99.01
46.11
+7.73
+2.48
...
...
14.08
47.94
2.60
18.51
PhaseBioPharm
PhathomPharm
PHAS
PHAT
...
...
dd
...
4.44
41.33
+0.19
+2.78
...
...
96.79 44.44 Ryanair RYAAY ... 20 63.70 +13.95 ... 32.34
42.60
10.90
22.98
StitchFix
StockYardsBncp
SFIX
SYBT
...
3.5
96
11
23.51
31.17
+2.10
+3.22
...
.27
U
98.84
23.58
51.35
12.98
Novocure
NuanceComms
NVCR
NUAN
...
...
cc
41
65.98
21.46
+1.32
+1.47
...
...
33.97
16.75
16.87
7.95
PhibroAnimal
Photronics
PAHC
PLAB
1.9
...
27
24
24.75
12.58
+2.10
+1.50
.12
... S 39.04
46.69
15.82
17.72
StokeTherap
StoneCo
STOK
STNE
...
...
dd
34
29.73
24.46
+4.85
+2.58
...
...
58.10
70.26
29.17
39.47
UFP Inds
UMB Fin
UFPI
UMBF
.6
2.6
15
13
43.36
47.01
+4.01
+3.59
.125
.31
16.00 3.81 NuCana NCNA ... dd 5.87 +0.35 ... 33.67 15.75 PilgrimPride PPC ... 12 20.68 +0.08 ... 30.60 12.18 Stratasys SSYS ... dd 17.93 +1.75 ... 12.87 2.36 USA Truck USAK ... dd 5.50 +1.19 ...
37.86 11.31 Nutanix NTNX ... dd 24.61 +4.32 ... 69.50 18.46 Pinduoduo PDD ... dd 68.70 +7.40 ... 41.54 18.97 S&T Bancorp STBA 5.1 9 22.11 +1.40 .28 189.79 108.90 StrategicEd STRA 1.4 36 169.61 +4.97 .60 6.43 0.94 USAutoPartsNtwk PRTS ... dd 5.88 +0.80 ...
81.91 28.55 Nuvasive NUVA ... 55 62.84 +5.69 ... 65.00 27.80 PinnacleFinPtrs PNFP 1.7 8 36.90 +2.45 .16 317.11 203.10 SBA Comm SBAC .6 dd 289.96 +5.86 .465 27.00 11.74 Strattec STRT .0 17 12.90 –0.60 .14 56.22 6.75 US Concrete USCR ... 20 17.78 +0.97 ...
363.72 132.60 NVIDIA NVDA .2 67 361.05 +21.42 .16 7.77 0.40 PintecTech PT ... ... .93 –0.30 ... 25.24 10.96 SBOneBancorp SBBX 2.1 7 16.34 +1.17 .085 33.40 12.00 StratusProp STRS ... dd 15.50 +0.84 ... 67.24 24.94 US Ecology ECOL .0 dd 32.10 +3.83 .18
5.23 2.06 Pixelworks PXLW ... dd 3.59 +0.19 ... 1.44 0.50 SCYNEXIS SCYX ... dd .79 –0.01 ... 3.72 1.43 StrongbridgeBio SBBP ... dd 3.70 +0.84 ... 104.00 60.99 US Lime&Min USLM .8 17 79.61 +11.31 .16
O 8.59
86.53
1.30
35.16
PlayaHotels
Plexus
PLYA
PLXS
...
...
dd
18
2.64
63.25
+0.27
+5.55
...
...
69.61
23.10
35.41
7.20
SEI Investments
SI-BONE
SEIC
SIBN
1.4
...
16
dd
51.35
17.16
+0.58
+1.55
.35
...
27.83
13.21
13.48
6.50
SummitFin
SummitStateBk
SMMF
SSBI
4.3
4.8
7
8
15.88
10.05
+1.44
+0.10
.17
.12
368.83
30.00
124.05
11.20
UltaBeauty
UltraClean
ULTA
UCTT
...
...
18
dd
220.62
20.09
+20.17
+1.64
...
...
33.82 6.59 Pluralsight PS ... dd 21.59 +2.54 ... 6.20 3.96 SIGA Tech SIGA ... dd 6.00 +0.40 ... 5.49 1.13 SummitTherap SMMT ... dd 4.13 +0.81 ... 76.00 31.99 UltragenyxPharm RARE ... dd 73.81 +2.52 ...
10.84 5.54 OP Bancorp OPBK 4.6 6 6.07 –0.08 .07 239.18 160.35 Pool POOL 1.0 37 238.18 +15.21 .58 46.85 26.04 Sina SINA ... dd 30.04 –3.51 ... 27.50 1.00 SundanceEnergy SNDE ... ... 2.80 +0.31 ... 10.00 4.85 Ultralife ULBI ... 23 8.48 +0.62 ...
2.91 1.12 OPKO Health OPK ... dd 2.56 –0.06 ... 61.46 23.69 Popular BPOP 4.3 7 37.19 +2.46 .40 12.32 5.60 SLM SLM 1.6 4 7.31 –0.12 .03 13.22 0.37 SundialGrowers SNDL ... dd .85 +0.30 ... 18.94 8.88 Umpqua UMPQ 7.8 dd 10.73 +1.19 .21
8.44 1.24 Orbcomm ORBC ... dd 2.95 +0.37 ... 2.75 0.75 PortmanRidge PTMN 20.9 dd 1.15 +0.05 .06 39.08 16.42 SMART Global SGH ... dd 25.71 +0.80 ... 4.30 1.30 SunOpta STKL ... dd 3.84 +0.18 ... 7.70 3.95 UnicoAmerican UNAM ... dd 5.55 +1.19 ...
454.31 251.52 OReillyAuto ORLY ... 23 404.99 –2.13 ... 31.73 5.31 PortolaPharm PTLA ... dd 17.83 +0.01 ... 4.19 1.32 SMTC SMTX ... dd 3.22 +0.27 ... 16.04 4.03 SunPower SPWR ... 10 6.72 +0.38 ... 38.79 16.50 UnionBankshares UNB 6.7 8 19.16 +0.18 .32
117.21 49.96 OSI Systems OSIS ... 17 71.71 +2.26 ... 6.00 1.50 Potbelly PBPB ... dd 1.82 –0.23 ... 4.00 0.55 SPI Energy SPI ... ... .98 +0.23 ... 23.66 7.84 SunRun RUN ... cc 15.86 +1.79 ... 82.49 36.20 uniQure QURE ... dd 63.70 +5.37 ...
1.82 0.98 O2MicroIntl OIIM ... dd 1.53 +0.10 ... 45.42 22.40 PotlatchDelt PCH 4.8 70 33.57 +3.02 .40 47.33 14.44 SP Plus SP ... dd 19.27 +2.46 ... 30.00 15.76 SuperMicroComp SMCI ... 14 24.70 +1.41 ... 96.03 17.80 UnitedAirlines UAL ... 7 25.40 +5.48 ...
5.65 2.33 OaktreeSpec OCSL 8.7 dd 4.37 +0.31 .095 50.81 15.62 PowellIndustries POWL 4.0 14 26.25 +2.17 .26 64.83 31.28 SPS Commerce SPSC ... 64 64.34 +6.34 ... 18.78 6.10 SuperiorGroup SGC 4.2 11 9.55 +1.08 .10 24.54 12.60 UnitedBancshares UBOH 1.9 5 14.90 +1.30 .07
22.36 2.80 OasisMidstream OMP 22.1 dd 9.44 +5.09 .54 111.56 64.95 PowerIntegrations POWI .8 16 107.28 +5.85 .21 66.74 29.51 SS&C Tech SSNC .9 32 55.85 +1.25 .125 34.11 13.12 SupernusPharms SUPN ... 11 24.01 +0.61 ... 40.70 19.67 UnitedBkshrsWV UBSI 5.4 11 25.85 +2.45 .35
19.20 0.62 ObalonTherap OBLN ... dd .83 –0.03 ... 8.50 2.55 PowerFleet PWFL ... dd 4.83 +0.73 ... 22.50 9.00 SSR Mining SSRM ... 35 20.95 –0.36 ... 7.66 1.15 SurfaceOncol SURF ... dd 5.22 +2.53 ... 31.66 14.95 UtdCmtyBks UCBI 4.0 8 17.95 +2.08 .18
13.49 1.63 ObsEva OBSV ... dd 4.12 +0.39 ... 8.77 1.26 Precigen PGEN ... dd 2.57 +0.05 ... 270.95 127.39 SVB Fin SIVB ... 10 189.49 +16.70 ... 19.74 4.00 SurgeryPartners SGRY ... dd 14.04 +4.17 ... 53.68 22.08 UnitedFire UFCS 4.8 dd 27.47 +2.73 .33
26.09 11.60 OceanFirstFin OCFC 4.5 10 15.25 +1.51 .17 23.67 4.60 PrecisionBio DTIL ... dd 7.35 –0.44 ... 22.27 9.35 SVMK SVMK ... dd 19.81 +0.64 ... 49.00 22.06 Surmodics SRDX ... 77 37.14 +3.24 ... 20.89 10.65 UnitedGuardian UG 7.3 16 15.05 +0.35 .42
8.12 2.38 OcularTherapeutix OCUL ... dd 7.22 +0.35 ... 64.50 20.04 PreferredBankLA PFBC 3.4 7 35.27 +3.81 .30 24.95 5.55 SabraHealthcare SBRA 9.1 14 13.14 +1.44 .30 12.75 6.00 SutroBioph STRO ... dd 9.84 +0.82 ... 11.45 5.04 UnitedSecBcshrs UBFO 7.5 7 5.84 +0.22 .11
43.75 18.07 OdonateTherap ODT ... dd 31.06 +2.82 ... 76.60 36.16 PreformedLine PLPC 1.6 10 51.40 +4.93 .20 25.44 3.30 Sabre SABR .0 dd 7.25 +1.70 .14 38.24 22.12 SykesEnterprises SYKE ... 16 26.17 +2.04 ... 124.78 74.31 UnitedTherap UTHR ... 10 117.57 +1.21 ...
2.81 1.23 OfficeDepot ODP .0 9 2.27 +0.14 .025 20.38 8.21 PremierFinBncp PFBI 4.8 8 12.42 +0.80 .15 103.96 65.45 SafetyInsurance SAFT 4.6 18 78.27 +2.97 .90 1.85 0.79 Synacor SYNC ... dd 1.13 –0.08 ... 11.37 4.86 Uniti UNIT 7.0 dd 8.62 +0.85 .15
35.95 16.50 OfficePropIncm OPI 9.3 cc 23.76 +1.86 .55 40.14 27.11 Premier PINC ... dd 33.20 +3.05 ... 31.95 21.00 SagaComm SGA 5.0 11 25.62 +1.66 .32 19.54 7.28 Synalloy SYNL ... dd 8.98 –1.11 ... 24.70 8.76 UnityBancorp UNTY 2.2 7 14.37 +0.77 .08
41.50 20.38 OhioValleyBanc OVBC 3.2 13 26.22 +1.45 .21 19.25 7.41 PrevailTherap PRVL ... dd 18.20 +3.33 ... 193.56 25.01 SageTherap SAGE ... dd 38.94 +2.00 ... 84.75 26.34 Synaptics SYNA ... dd 63.50 +4.54 ... 10.20 4.62 UnityBiotech UBX ... dd 7.34 +0.27 ...
192.95 88.66 Okta OKTA ... dd 192.49 +10.89 ... 79.90 41.15 PriceSmart PSMT 1.3 20 52.81 +1.66 .35 107.79 56.35 Saia SAIA ... 23 103.41 +7.04 ... 9.05 2.17 Synchronoss SNCR ... dd 2.40 +0.21 ... 230.32 105.11 UnivDisplay OLED .4 48 147.85 +5.47 .15
159.90 87.25 OldDomFreight ODFL .4 31 158.79 +9.74 .1533 23.73 9.42 PrimorisSvcs PRIM 1.6 10 15.00 +1.56 .06 2.50 0.65 SalemMedia SALM .0 dd .78 +0.04 .025 21.97 5.35 SyndaxPharm SNDX ... dd 16.00 –4.98 ... 60.00 29.50 UnivElectro UEIC ... 58 42.07 +3.58 ...
18.74 11.19 OldNatlBncp ONB 4.3 11 13.04 +1.05 .14 60.81 23.31 PrincipalFin PFG 6.1 8 36.93 +3.08 .56 179.45 102.13 SandersonFarms SAFM .9 92 135.09 +0.15 .32 74.25 30.02 SyneosHealth SYNH ... 32 59.73 +4.35 ... 27.49 11.02 UnivLogistics ULH .0 11 13.37 +1.49 .105
13.77 5.96 Old2ndBcp OSBC .6 7 7.01 +0.68 .01 75.65 25.35 PrincipiaBio PRNB ... dd 65.00 +0.89 ... 38.45 18.00 SandySpringBncp SASR 5.3 8 22.80 +2.70 .30 10.01 1.35 Synlogic SYBX ... dd 2.32 +0.11 ... 18.18 5.84 UnivStainless USAP ... 40 7.45 +0.48 ...
103.03 28.83 Ollie'sBargain OLLI ... 40 85.61 +12.16 ... 20.63 12.32 ProfessionalHldg PFHD ... cc 15.49 +0.25 ... 107.86 66.35 Sanfilippo JBSS .7 18 85.59 +3.63 2.00 171.47 104.90 Synopsys SNPS ... 56 171.11 +12.38 ... 27.80 13.20 UnivestFin UVSP 5.2 9 15.43 +1.04 .20
18.41 7.74 OlympicSteel ZEUS .9 45 9.33 +0.94 .02 6.37 1.89 ProgenicsPharm PGNX ... dd 3.96 +0.25 ... 13.33 4.81 SangamoTherap SGMO ... dd 11.51 +1.47 ... 1.52 0.54 SyprisSolutions SYPR ... dd .72 –0.03 ... 3.65 0.30 UnumTherap UMRX ... dd .52 –0.02 ...
119.89 50.38 OmegaFlex OFLX 1.1 61 104.50 +11.00 .28 52.50 28.09 ProgressSoftware PRGS 1.7 47 38.98 +3.35 .165 34.96 18.34 Sanmina SANM ... 18 26.12 +1.20 ... 11.93 4.26 SyrosPharm SYRS ... dd 9.41 –0.02 ... 6.08 2.03 UpFintech TIGR ... dd 3.08 +0.08 ...
20.92 8.50 Omeros OMER ... dd 15.35 +1.26 ... 36.50 13.29 Progyny PGNY ... dd 25.10 –0.39 ... 51.84 37.62 Sanofi SNY ... 37 47.30 +0.04 ... 54.87 20.75 UplandSoftware UPLD ... dd 31.94 +3.54 ...
94.85
25.92
54.24
8.17
Omnicell
ON Semi
OMCL
ON
...
...
41
80
65.64
15.74
+3.01
+1.59
...
...
133.58
13.28
83.81
4.46
Proofpoint
ProQR Therap
PFPT
PRQR
...
...
dd
dd
112.32
5.26
–3.29
–0.30
...
...
158.80
33.48
72.05
8.61
SareptaTherap
SatsumaPharm
SRPT
STSA
...
...
dd
...
150.60
25.98
+9.35
+3.56
...
... T 17.75
31.41
5.14
12.28
Upwork
UrbanOutfitters
UPWK
URBN
...
...
dd
dd
12.30
17.17
–1.42
+0.53
...
...
24.75 11.15 1-800-FLOWERS FLWS ... 41 24.65 +2.81 ... 6.81 3.68 ProspectCapital PSEC 14.2 ... 5.08 +0.67 .06 11.53 0.69 Savara SVRA ... dd 2.45 +0.14 ... 38.33 13.12 UroGenPharma URGN ... dd 25.40 +0.75 ...
2.30 1.04 180DegreeCap TURN ... 4 1.56 –0.01 ... 17.33 4.47 ProtagonistTherap PTGX ... dd 15.84 –0.36 ... 39.01 13.78 ScanSource SCSC ... 17 23.81 +2.17 ... 47.46 16.96 TCF Financial TCF 5.4 15 26.08 +2.69 .35 15.98 6.55 UrovantSci UROV ... dd 8.75 +0.15 ...
42.00 15.00 1LifeHealthcare ONEM ... dd 38.00 +5.91 ... 21.46 10.95 ProtectiveInsA PTVCA 2.2 dd 17.95 +0.31 .10 27.47 10.09 SchnitzerSteel SCHN 5.1 17 14.73 +1.12 .1875 15.56 4.30 TCG BDC CGBD 17.4 dd 8.50 +0.58 .37 112.26 75.33 UtahMedProducts UTMD 1.2 23 91.32 +6.04 .28
8.70 2.29 111 YI ... dd 7.09 –0.52 ... 18.35 10.23 ProtectiveInsB PTVCB 3.0 dd 13.25 +0.92 .10 21.92 6.95 ScholarRock SRRK ... dd 18.57 +1.61 ... 21.06 5.84 TCR2 Therap TCRR ... dd 11.07 +2.07 ... 3.23 1.56 UTStarcom UTSI ... dd 1.85 +0.11 ...
5.92 4.21 1347 Property PIH ... dd 4.67 ... ... 4.72 0.61 ProteostasisTher PTI ... dd 1.63 –0.12 ... 45.80 20.01 Scholastic SCHL 2.1 dd 28.83 +2.22 .15 53.99 27.70 TD Ameritrade AMTD 3.6 10 34.07 +0.48 .31 3.80 1.21 Uxin UXIN ... dd 1.33 –0.02 ...
18.40 3.41 OneWaterMarine ONEW ... 3 16.00 +2.00 ... 17.63 6.71 Prothena PRTA ... dd 11.88 +0.59 ... 72.49 25.50 Schrodinger SDGR ... dd 69.17 +12.17 ... 18.88 5.25 TelaBio TELA ... dd 14.37 +2.54 ...
47.85 29.12 OpenText OTEX 1.8 38 39.66 +1.43 .1746 22.82 3.72 ProventionBio PRVB ... dd 13.30 +0.03 ... 31.63 3.76 ScientificGames SGMS ... dd 14.31 +2.56 ... 22.47 12.65 TFS Fin TFSL 7.8 49 14.32 +0.24 .28
14.94 4.60 Opera OPRA ... 21 6.06 +0.72 ... 75.76 40.40 ProvidenceService PRSC ... cc 75.49 +12.28 ... 16.14 5.82 SciPlay SCPL ... 14 13.87 +0.27 ... 7.04 1.56 THL Credit TCRD 13.9 dd 2.87 +0.09 .10 V
25.84 5.26 OportunFin OPRT ... dd 8.22 +1.38 ... 22.99 11.78 ProvidentFin PROV 4.4 14 12.70 +0.32 .14 11.99 2.78 scPharm SCPH ... dd 8.45 –2.17 ... 102.73 63.50 T-MobileUS TMUS ... 24 95.80 –1.52 ...
13.00 9.44 Optibase OBAS ... dd 10.80 +0.10 ... 19.57 9.90 PrudentialBncp PBIP 2.5 9 11.19 –0.35 .07 16.93 5.36 ScrippsEW SSP 2.5 dd 7.93 +0.42 .05 27.80 9.19 TPIComposites TPIC ... dd 20.51 +2.55 ... 3.28 1.25 VEON VEON 24.0 11 1.49 +0.07 .15
4.77 2.05 OpticalCable OCC ... dd 2.55 +0.05 ... 15.88 5.50 PumaBiotech PBYI ... dd 11.71 –0.93 ... 4.98 1.15 SeaChange SEAC ... dd 1.77 –0.81 ... 139.82 82.51 TRowePrice TROW 3.1 14 115.09 +1.58 .90 5.94 1.82 VOXX Intl VOXX ... dd 4.96 –0.04 ...
11.66 3.28 OptiNose OPTN ... dd 4.59 +0.69 ... 14.80 4.11 Puyi PUYI ... dd 6.66 +0.64 ... 31.42 13.30 SeacoastBkgFL SBCF ... 14 20.02 +1.73 ... 50.45 26.28 TTEC TTEC 1.7 23 39.57 +2.18 .34 41.14 13.83 VSE VSEC 1.5 8 23.27 +1.96 .09
18.21 5.74 OptionCare OPCH ... dd 13.52 +1.02 ... 54.54 28.21 QAD A QADA .7 dd 42.63 +2.97 .072 64.17 39.02 Seagate STX 5.1 8 50.96 +3.19 .65 16.25 8.06 TTM Tech TTMI ... 30 11.36 +1.04 ... 12.14 6.00 ValleyNatlBncp VLY 5.8 10 7.56 +0.74 .11
28.37 13.07 OpusBank OPB 2.5 dd 17.60 +2.43 .11 38.04 20.53 QAD B QADB .8 dd 30.26 +2.21 .06 16.78 4.02 SeaSpine SPNE ... dd 10.75 +0.31 ... 3.21 0.24 T2Biosystems TTOO ... dd .74 +0.18 ... 17.85 7.12 VandaPharm VNDA ... 5 11.37 –0.09 ...
18.27 5.23 OraSureTechs OSUR ... 74 14.87 –1.51 ... 20.44 9.80 Q&K Intl QK ... ... 12.00 –0.60 ... 168.10 63.02 SeattleGenetics SGEN ... dd 155.77 –4.56 ... 69.72 33.04 TabulaRasaHlth TRHC ... dd 59.25 +0.56 ... 33.00 16.40 VarexImaging VREX ... cc 17.50 –0.02 ...
19.23 5.17 OrchardTherap ORTX ... dd 9.32 –0.18 ... 44.76 22.39 QCR Holdings QCRH .8 8 28.45 +3.25 .06 8.32 2.13 SecooHolding SECO ... 6 2.43 –0.19 ... 71.65 29.47 TactileSystems TCMD ... cc 49.13 –0.06 ... 93.24 48.95 VaronisSystems VRNS ... dd 80.45 +5.63 ...
7.89 1.09 OrganiGram OGI ... dd 1.65 +0.20 ... 25.25 8.62 QIWI QIWI 7.2 11 13.68 +1.30 .22 18.23 5.29 SecureWorks SCWX ... dd 12.47 +1.04 ... 8.54 2.48 TaiwanLiposome TLC ... dd 5.24 +0.25 ... 1.64 0.90 VascularBiogenics VBLT ... dd 1.14 –0.06 ...
34.70 24.26 OricPharm ORIC ... ... 28.20 –4.45 ... 122.37 60.15 Qorvo QRVO ... 36 101.54 +6.83 ... 6.42 3.76 SecurityNatFin SNFCA ... 11 6.20 +0.55 ... 149.28 100.00 TakeTwoSoftware TTWO ... 40 140.51 +7.97 ... 19.21 7.42 VeecoInstr VECO ... dd 11.45 +0.58 ...
38.14 15.98 OriginBancorp OBNK 2.0 11 18.57 +0.41 .0925 96.17 58.00 Qualcomm QCOM 3.3 23 78.70 +2.93 .65 12.47 5.98 SelectBancorp SLCT ... 13 7.30 +0.56 ... 48.82 18.30 Talend TLND ... dd 29.90 +0.39 ... 11.85 2.06 VenusConcept VERO ... dd 3.04 +0.07 ...
55.17 22.11 OrthofixIntl OFIX ... dd 33.72 +0.08 ... 113.02 63.37 Qualys QLYS ... 62 112.00 +6.19 ... 4.83 1.28 SelectaBiosci SELB ... dd 3.92 +0.68 ... 92.37 43.69 TandemDiabetes TNDM ... dd 87.74 –0.46 ... 12.75 3.12 VeraBradley VRA ... 10 4.88 +0.64 ...
51.48 28.19 OrthoPediatrics KIDS ... dd 46.75 +0.49 ... 36.15 10.90 Quanterix QTRX ... dd 24.05 –1.26 ... 81.35 37.05 SelectiveIns SIGI 1.8 14 52.39 +5.87 .23 6.16 2.92 TandyLeather TLF ... ... 3.20 –0.28 ... 31.18 13.90 Veracyte VCYT ... dd 25.59 –0.28 ...
7.97 2.25 OsmoticaPharm OSMT ... dd 4.47 +0.43 ... 8.52 1.26 Quantum QMCO ... dd 3.95 +0.61 ... 55.30 26.03 Semtech SMTC ... 81 47.12 +4.73 ... 5.36 0.69 TarenaIntl TEDU ... ... 2.54 –0.38 ... 4.67 0.83 Verastem VSTM ... dd 1.86 +0.14 ...
4.18 1.53 Otonomy OTIC ... dd 2.47 +0.05 ... 210.81 52.49 Quidel QDEL ... 85 173.49 –23.78 ... 41.88 22.44 SenecaFoods A SENEA ... 15 35.65 +3.00 ... 6.02 3.00 TatTechnologies TATT ... 40 3.65 –0.24 ... 59.98 32.44 VerintSystems VRNT ... cc 45.13 +2.86 ...
57.74 30.95 OtterTail OTTR 3.6 20 41.41 +2.70 .37 17.13 5.76 QuinStreet QNST ... 26 9.71 +0.39 ... 5.59 2.02 SeresTherap MCRB ... dd 5.53 +0.93 ... 151.47 80.20 TechData TECD ... 13 132.24 –5.04 ... 221.78 148.77 VeriSign VRSN ... 32 213.72 –3.53 ...
29.04 2.47 Overstock OSTK ... dd 17.60 +0.53 ... 11.30 2.40 Quotient QTNT ... dd 7.69 +0.28 ... 26.28 3.59 ServiceProperties SVC .6 cc 6.34 +1.53 .01 30.00 16.82 TechTarget TTGT ... 47 26.41 +2.37 ... 171.73 116.61 VeriskAnalytics VRSK .7 54 157.28 +2.72 .27
6.11 1.53 OvidTherap OVID ... dd 5.85 +1.74 ... 14.62 3.95 QurateRetailB QRTEB ... dd 7.68 –0.13 ... 2.10 0.53 ServiceSource SREV ... dd 1.66 +0.05 ... 10.07 6.15 Ericsson ERIC .5 cc 8.88 +0.46 .0777 29.41 10.02 Veritex VBTX 4.2 10 16.27 +1.64 .17
17.77 8.37 OxfordImmunotec OXFD ... dd 12.78 +1.15 ... 14.63 3.01 QurateRetailA QRTEA ... dd 7.79 +0.37 ... 40.90 21.76 ServisFirstBcshs SFBS 2.2 12 32.48 +1.95 .175 11.67 3.71 TeleNav TNAV ... dd 4.85 +0.50 ... 9.98 1.22 Veritone VERI ... dd 8.03 +1.11 ...
M20 BARRON’S May 25, 2020

Exchange-Traded Portfolios
Tick Div Tick Div Tick Div Tick Div Tick Div Tick Div
Name Sym Yld Last Chg. Amt. Name Sym Yld Last Chg. Amt. Name Sym Yld Last Chg. Amt. Name Sym Yld Last Chg. Amt. Name Sym Yld Last Chg. Amt. Name Sym Yld Last Chg. Amt.
.0371
Bats
InnovS&P500BuffMar BMAR ... 26.09 +0.57 ... iShBds2025TermHY IBHE 6.8 23.12 +0.62 .1259 SaltLowUSMkt LSLT 2.3 24.91 +0.45 .1591 FT EnhShtMat FTSM 2.2 59.86 +0.11 .084 InvscBull2020CpBd BSCK 2.4 21.29 –0.05
InnovS&P500BffMay BMAY ... 26.09 +0.60 ... iShiBds2024TermHY IBHD 6.7 22.59 +0.53 .1196 StrategyResRobust ROMO .7 21.61 +0.02 .1519 FT EuropeAlpha FEP 3.7 28.41 +1.45 .0934 InvscBull2028CpBd BSCS 3.1 22.27 +0.41 .0509
InnovS&P500BuffN BNOV ... 25.29 +0.59 ... iShBds2021TermHY IBHA 5.1 23.45 +0.24 .0754 3DPrintingETF PRNT .1 20.29 +1.84 .015 FTEurozoneAlpha FEUZ 2.5 31.10 +1.71 .1528 InvscBull2025CpBd BSCP 3.0 21.81 +0.25 .049
ALPSCleanEnergy ACES 1.8 34.85 +1.92 .1529 InnovS&P500JSep BSEP ... 24.73 +0.57 ... iShBds2023TermHY IBHC 6.7 22.60 +0.58 .1189 TortoiseDigPay TPAY .1 30.79 +1.85 .527 FT GerAlpha FGM 2.8 37.02 +2.55 .0631 InvsBull25HYCpBd BSJP 6.0 22.39 +0.61 .1039
ALPS DisrupTech DTEC .4 32.38 +1.86 .1375 InnovS&P500Pwr PJUL ... 26.07 +0.42 ... iShBds2022TermHY IBHB 6.1 22.82 +0.50 .1175 TortoiseWaterFd TBLU 3.6 28.88 +1.08 .1187 FT GlTactCommod FTGC 1.0 14.90 +0.31 .1538 InvscBull2024CpBd BSCO 2.9 21.77 +0.22 .0483
ARK AutoTech ARKQ ... 43.38 +3.24 ... InnovS&P500PwrF PFEB ... 23.53 +0.46 ... iShInflHdgCpBd LQDI 3.2 25.59 +0.74 .0556 TrendAggSG TEGS ... 25.65 +0.18 ... FTHdgBuyWriteIncm FTLB 3.4 19.66 +0.07 .055 InvsBull24HYCpBd BSJO 5.4 23.13 +0.45 .0982
ARKGenomicRev ARKG .0 49.56 +4.67 1.0539 InnovS&P500PwrN PNOV ... 25.52 +0.50 ... iShIntlAggregateBd IAGG 2.4 55.49 +0.16 .135 TrendAggUS TAEQ ... 25.96 +0.80 ... FT HK AlphaDEX FHK 3.7 28.16 –1.62 .034 InvsBull20HYCpBd BSJK 3.5 23.20 +0.11 .0369
ARK Israel Innov IZRL 2.0 23.40 +1.58 .4753 InnovS&P500PwrA PAPR ... 25.58 +0.42 ... iShIntlDivGrowth IGRO 3.4 47.63 +1.33 .3714 TrimTabsAllCapIntl TTAI ... 23.32 +0.90 ... FT IPOXEurEq FPXE 2.0 22.27 +1.18 .0485 InvscBull2021CpBd BSCL 2.6 21.41 +0.06 .044
AffinityWorldLdr WLDR 3.0 18.68 +0.55 .0673 InnovS&P500Aug PAUG ... 25.04 +0.43 ... iShLiquidityIncm ICSH 2.3 50.48 +0.05 .08 TrimTabsACUSFree TTAC ... 36.06 +0.99 ... FT GlblAgri FTAG 2.7 17.90 +1.09 .0139 InvsBull21HYCpBd BSJL 5.1 22.60 +0.35 .0845
AlphaIntQuMom IMOM 1.8 24.07 +1.15 .1183 InnovS&P500PwrD PDEC ... 25.88 +0.46 ... iShMSCIArgentina AGT 1.6 19.15 +1.58 .0818 VanEckAMTFrIntMuni ITM 2.2 50.52 +0.85 .0911 FT GlbNatRscs FTRI 7.1 9.34 +0.67 .0846 InvscBull2027CpBd BSCR 3.1 21.28 +0.37 .048
AlphaIntQuVal IVAL 3.8 22.91 +0.95 .1505 InnovS&P500Jan PJAN ... 27.16 +0.37 ... iShMSCIChileCapped ECH 3.4 24.52 +1.35 .7503 VanEckAMTFrLgMun MLN 2.7 20.85 +0.29 .0438 FTIndiaNifty50EW NFTY 1.3 25.23 +0.25 .0928 InvscBull2026CpBd BSCQ 2.9 21.06 +0.27 .046
AlphaUSQuMom QMOM .5 33.38 +1.51 .0444 InnovS&P500PwrJun PJUN ... 27.02 +0.64 ... iShMSCIChinaAETF CNYA 1.3 28.63 –0.36 .1139 VanEckAMTFrShMuni SMB 1.6 17.86 +0.13 .0236 FTIndxxInnTran LEGR 2.2 27.12 +0.94 .0289 InvsBull26HYCpBd BSJQ 5.8 23.51 +0.70 .0993
AlphaUSQuVal QVAL 2.8 20.91 +1.30 .0719 InnovS&P500PwrBuff PMAR ... 26.14 +0.42 ... iShMSCIDenmarkCap EDEN 2.4 68.70 +2.86 1.5191 VanEckCEFMuni XMPT 4.3 25.14 +0.46 .074 FTIndxxNextG NXTG .9 51.32 +1.31 .0504 InvscBull2023CpBd BSCN 2.8 21.55 +0.05 .0466
AlphaArchValMom VMOT 2.0 22.01 +0.47 .3566 InnovS&P500PwrMay PMAY ... 25.97 +0.40 ... iShMSCIEmgMulti EMGF 3.3 36.67 +0.23 .4494 VanEckHYMuni HYD 4.6 57.10 +0.88 .207 FTIntlEquOpps FPXI .6 44.47 +0.91 .065 InvsBull23HYCpBd BSJN 5.8 23.41 +0.46 .0935
AlphaCloneAltAlpha ALFA .2 52.92 +1.78 .0919 InnovS&P500PwrO POCT ... 24.57 +0.50 ... iShMSCIEurozone EZU 3.7 32.58 +1.65 .1697 VanEckMornDur DURA 3.2 25.13 +0.60 .2004 FT JapanAlpha FJP 3.2 43.55 +1.25 .8119 InvscBull2022CpBd BSCM 2.7 21.74 +0.10 .0452
AmCentFocDyn FDG ... 51.41 +1.77 ... InnovS&P500Sep PSEP ... 25.17 +0.47 ... iShMSCIFinlandCap EFNL 6.4 33.77 +2.48 .6572 VanEckMornGlb GOAT ... 28.48 +0.81 ... FT LC CoreAlpha FEX 1.7 56.05 +2.77 .2232 InvsBull22HYCpBd BSJM 5.3 22.17 +0.42 .0836
AmCentFocLCV FLV ... 43.57 +1.47 ... InnovS&P500UltA UAPR ... 23.91 +0.26 ... iShMSCIGermanySC EWGS 2.0 52.54 +2.42 1.0679 VanEckMornIntlMoat MOTI 4.8 25.92 +0.67 1.25 FT LC GrwthAlpha FTC .8 71.89 +2.14 .2689 InvscBS2028MuniBd BSMS 1.8 25.09 +0.38 .0393
AmCustSatisfCore ACSI 1.9 31.37 +1.25 .583 InnovS&P500UltAug UAUG ... 25.08 +0.40 ... iShMSCIGlbMet&MnPr PICK 7.3 22.41 +1.62 .0482 VanEckMornWideMoat MOAT 1.4 50.15 +2.21 .7167 FT LC US Equity RNLC 2.2 21.38 +0.99 .1323 InvscBS2025MuniBd BSMP 1.4 25.36 +0.34 .0302
AnfieldCapDiv DALT 5.7 7.72 +0.24 .0215 InnovS&P500UltDec UDEC ... 26.07 +0.37 ... iShMSCIGlSilverMin SLVP 1.8 12.54 +0.39 .1901 VanEckMuni MAAX 3.3 23.76 +0.27 .1062 FT LC Value FTA 2.6 42.75 +2.95 .2146 InvscBS2024MuniBd BSMO 1.3 25.19 +0.29 .0282
AnfieldUSEquity AESR .4 9.46 +0.25 .0333 InnovS&P500UltFeb UFEB ... 23.89 +0.33 ... iShMSCIEAFEGrowth EFG 1.9 77.81 +2.40 .9686 VanEckRussia RSX 7.0 20.14 +1.25 1.4162 FT LatAmAlpha FLN 3.4 13.21 +0.82 .0847 InvscBS2024USDEM BSDE 4.3 25.02 +0.61 .0808
AnfieldUnivFx AFIF 1.9 9.82 +0.01 .0009 InnovS&P500UltJan UJAN ... 27.11 +0.44 ... iShMSCIIndiaETF INDA 1.3 26.12 +0.13 .0326 VanEckRussiaSC RSXJ ... 28.11 +1.43 ... FT LowDurOpp LMBS 2.4 51.69 –0.02 .10 InvscBull2029CpBd BSCT 2.8 20.62 +0.48 .0418
AptusColIncmOpp ACIO 2.4 24.30 +0.33 .1014 InnovS&P500UltrJul UJUL ... 24.38 +0.40 ... iShMSCIIndiaSC SMIN 2.5 25.05 +0.12 .4153 VanEckShHYMuni SHYD 3.5 23.10 +0.82 .0557 FT LowDurStrat LDSF 2.7 20.20 +0.10 .032 InvscBS2029MuniBd BSMT 1.9 24.94 +0.34 .0408
AptusDefRisk DRSK 1.7 30.16 +0.15 .0712 InnovS&P500UltJun UJUN ... 25.93 +0.73 ... iShMSCINorwayCap ENOR 4.4 18.03 +1.04 .1321 VanEckVietnam VNM .9 13.52 +0.63 .1051 FT MgdMuni FMB 2.4 54.02 +0.47 .105 InvscBS2021MuniBd BSML 1.1 25.24 +0.04 .0187
AptusDrawMgd ADME 1.7 31.30 +0.39 .0488 InnovS&P500Ultra UMAR ... 26.10 +0.27 ... iShMSCI UK SC EWUS 3.8 30.41 +1.51 .6026 VangdESGIntlStk VSGX 2.8 44.46 +1.04 .056 FT MegaCap FMK 1.7 33.53 +0.79 .1219 InvscBS2021USDEM BSAE 3.8 25.28 +0.06 .0839
ArrowResCapMgmt ARCM 2.1 100.67 +0.11 .109 InnovS&P500UltMay UMAY ... 25.84 +0.28 ... iShMSCIEAFEValue EFV 6.2 36.99 +1.14 1.3773 VangdESGUSStk ESGV 1.4 53.41 +1.81 .1433 FT MC CoreAlpha FNX 1.6 58.47 +4.50 .0965 InvscBS27HYCpBd BSJR 5.1 23.14 +0.72 .0959
BarclaysETN+Select ATMP 7.6 11.85 +0.79 .2245 InnovS&P500UltN UNOV ... 25.50 +0.33 ... iShMornMultiAsst IYLD 6.2 21.35 +0.73 .0561 VangdUSLiquid VFLQ 1.7 70.96 +4.63 .2795 FT MC GrwthAlpha FNY .3 45.63 +2.50 .0039 InvscBS2027MuniBd BSMR 1.8 24.60 +0.41 .0372
BarclaysWILETN WIL ... 65.20 +1.42 ... InnovS&P500UltO UOCT ... 24.46 +0.36 ... iShNorthAmNatRscs IGE 4.0 21.47 +0.85 .1956 VangdUSMinVol VFMV 2.7 77.48 +1.84 .3098 FT MC US Equity RNMC 2.2 18.20 +1.46 .0506 InvscBS2026MuniBd BSMQ 1.8 24.75 +0.27 .0372
CBOES&P500DivAr KNG 4.7 38.75 +1.50 .3941 InnovS&P500UltSep USEP ... 24.84 +0.30 ... iShRussell2500 SMMD 1.8 39.98 +2.61 .1689 VangdUSMom VFMO 1.2 80.90 +2.85 .1332 FT MC ValAlpha FNK 2.7 25.24 +2.48 .0665 InvscBS2023MuniBd BSMN 1.2 25.26 +0.19 .0245
CambriaEmSharehldr EYLD 5.3 25.53 +0.55 .4343 InnovS&PHiQualPfd EPRF 5.3 23.25 +0.29 .10 iShIntlPfdStock IPFF 5.6 11.73 +0.19 .06 VangdUSMultifact VFMF 2.0 63.91 +3.21 .3131 FT MCGrAlpDX FAD .6 73.40 +3.47 .137 InvscBS2023USDEM BSCE 4.2 25.38 +0.20 .089
CambriaFgnShare FYLD 5.7 17.66 +0.74 .2665 InvscBalMulti PSMB 3.8 12.74 +0.32 .0576 iShShortMaturityBd NEAR 2.5 49.60 +0.11 .081 VangdUSQual VFQY 1.6 73.46 +4.15 .2271 FT MuCValAlpha FAB 2.4 42.69 +3.63 .1363 InvscBS2022MuniBd BSMM 1.2 25.19 +0.11 .0264
CambriaGlbAssetAll GAA 3.4 24.79 +0.75 .148 InvscConsrvMulti PSMC 5.3 12.32 +0.22 .0663 iShShrtMatMuniBd MEAR 1.5 50.09 +0.12 .0646 VangdUSValue VFVA 3.0 55.02 +4.26 .3655 FTMuniCEFIncmOpp MCEF 3.3 17.80 +0.29 .05 InvscBS2022USDEM BSBE 4.1 25.49 +0.16 .0914
CambriaGlbMomentum GMOM 2.4 23.31 –0.02 .0204 InvscGrwMultAll PSMG 2.8 13.04 +0.42 .0445 iShCohen&StrsREIT ICF 3.0 95.06 +4.97 .63 WisdTrYdEnhUSST SHAG 2.7 51.26 +0.16 .1025 FTMuniHiIncm FMHI 3.5 48.67 +0.50 .14 InvscBuyBackAch PKW 2.0 53.88 +2.25 .291
CambriaGlbValue GVAL 4.4 16.08 +0.68 .0421 InvscModConserv PSMM 3.4 12.80 +0.28 .0862 iShUS Div&Buyback DIVB 2.5 25.99 +0.97 .1729 WisdomDynCurrIntl DDWM 4.1 24.32 +0.64 .0617 FT NasdComBk QABA 3.3 32.88 +2.74 .2661 InvscDWABasicMatl PYZ 2.1 48.45 +3.09 .1932
InvscPureDevxNA PBDM 3.8 20.68 +0.62 .1899 iShUSInfr IFRA 2.4 22.31 +1.74 .1484 WisdomDynCurrIntSC DDLS 5.1 25.06 +0.76 .0708 FT NasdCleanEdge QCLN .9 25.82 +1.66 .0538 InvscDWAConsCyc PEZ .2 43.51 +1.03 .1008
CambriaMarijuana TOKE 5.4 12.80 +1.74 .1809 InvscPureFTSEEM PBEE 4.0 20.39 +0.19 .1258 iShUSTreasuryBdETF GOVT 1.7 28.04 –0.04 .0333 WisdTrDynLSUS DYLS ... 21.34 +0.31 ... FT NasdClEdSmGr GRID 1.3 50.48 +3.04 .0616 InvscDWACnsStpls PSL .8 62.78 –0.72 .1555
CambriaShareholder SYLD 2.8 30.11 +2.25 .1982 InvscPureMSCIUSA PBUS 1.8 29.55 +1.00 .1538 JPMBetaCanada BBCA 3.0 21.18 +0.51 .1151 WT EM ESG Fd RESE 4.5 25.21 +0.14 .0347 FT NasdCybersec CIBR 1.5 31.16 +1.22 .399 InvscDWADevMkt PIZ 1.8 26.00 +1.12 .0449
CambriaSovHiYdBd SOVB 4.0 24.23 +0.60 .0199 InvscPrMSCIUSASC PBSM 1.8 23.29 +1.65 .1164 JPMBetaDevAsia BBAX 5.0 20.10 +0.28 .2132 WisdTrEurMultFd EUMF 3.2 25.01 +0.73 .0089 FT NasdGlblAuto CARZ 3.7 28.16 +1.32 .3022 InvscDWAEMMom PIE 2.3 16.25 –0.15 .0051
CambriaTailRiskETF TAIL 1.2 22.49 –0.31 .0477 InvscPureUSAggBd PBND 2.6 26.78 +0.04 .0575 JPMBetaEurope BBEU 4.3 20.31 +0.85 .1723 WisdomTreeCpBdFd WFIG 2.9 53.44 +0.73 .12 FT Nasd100xTech QQXT .4 58.61 +2.06 .0526 InvscDWAEnerMom PXI 5.2 15.15 +1.21 .0939
CambriaTrinity TRTY 2.9 21.54 +0.38 .0869 InvscPure0-5YTIPS PBTP 2.1 25.23 +0.05 .001 JPMBetaIntl BBIN .6 42.60 +1.35 .0738 WisdomTreeUSHYCpBd WFHY 5.5 48.04 +1.55 .185 FT Nasd100Tech QTEC .7 100.08 +4.88 .1773 InvscDWAFinMom PFI 1.9 32.61 +1.00 .3048
CambriaValue VAMO 1.2 16.24 +0.31 .0186 InvscRuss1000Dyn OMFL 1.8 30.64 +0.99 .1044 JPMBetaJapan BBJP 2.6 21.81 +0.45 .5657 WisdTrUSSTCpBd SFIG 2.4 51.32 +0.22 .11 FT NasdArtlIntel ROBT .5 33.60 +2.06 .0173 InvscDWAHlthcrMom PTH ... 115.89 +2.57 ...
EsotericaNextG WUGI ... 32.47 +1.63 ... InvscRs1000EnhEW USEQ 2.5 24.07 +1.25 .1745 JPMBetaUSREIT BBRE 2.8 66.77 +4.54 .3558 WisdTrUSSTHY SFHY 5.6 45.84 +1.22 .154 FTNasdaqBk FTXO 4.4 16.53 +0.95 .1181 InvscDWAIndlsMom PRN .4 64.37 +2.59 .0542
EventShUSPolicy PLCY ... 22.10 +1.44 ... InvscRuss2000Dyn OMFS 1.8 21.76 +1.63 .0971 JPM Beta1-5Y BBSA 2.3 26.17 +0.05 .0215 WisdTrIntlESGFd RESD 2.1 22.66 +0.60 .1566 FT NasdFood&Bev FTXG 1.5 18.64 +0.12 .0464 InvscDWAMom PDP .4 64.22 +1.66 .0709
FTCboeUSBuffAug FAUG ... 29.72 +0.61 ... InvscS&P500MinVar SPMV 1.8 28.60 +0.69 .1689 JPMBetaUSEquity BBUS 1.8 53.55 +1.80 .1804 WisdTrIntlQualDiv IQDG 2.4 28.38 +0.94 .1179 FT NasdOil&Gas FTXN 2.9 11.28 +0.82 .0177 InvscDWASCMom DWAS .2 49.92 +2.14 .0409
FTCboeUSBuffFeb FFEB ... 28.47 +0.63 ... InvscS&PIntlDev IDHD 8.2 21.48 +0.23 .2224 JPMCorePlusBd JCPB 2.5 54.87 +0.29 .0898 WisdTrUSMulti USMF 2.0 28.25 +1.06 .2027 FT NasdPharm FTXH .8 22.71 +0.23 .0591 InvscDWATechMom PTF ... 87.59 +2.70 ...
FTCboeUSBuffMay FMAY ... 31.05 ... ... InvscS&PSCHiDiv XSHD 8.2 15.08 +0.94 .1077 JPMorganDisciplHY JPHY 5.5 48.12 +1.57 .2481 XtrkBBUSIGCpESG ESCR 3.5 22.01 +0.49 .0587 FT NasdRetail FTXD 1.3 22.21 +0.91 .046 InvscDWAUtilMom PUI 2.6 29.75 +1.25 .1546
FTCboeUSBuffNov FNOV ... 29.78 +0.70 ... InvscS&PSCQuality XSHQ 1.6 23.68 +1.74 .1284 JPMGlblBdOpps JPGB 5.2 48.57 +0.66 .2357 XtrkrsEurozone EURZ 3.4 18.24 +0.94 .1128 FT NasdSemicon FTXL 1.0 40.04 +2.47 .0589 InvscDivAchvrs PFM 2.4 27.36 +0.70 .1646
FTCboeUSDeepAug DAUG ... 29.78 +0.45 ... iPathS&P500DynVIX XVZ ... 37.66 –0.06 ... JPM Municipal JMUB 2.3 53.47 +0.45 .113 XtrkJPMESGUSDHY ESHY 6.4 19.18 +0.33 .0855 FT NasdaqTrans FTXR 1.8 17.11 +1.56 .034 InvscIntLowBeta IDLB 4.9 23.81 +0.53 .1563
FTCboeUSDeepFeb DFEB ... 29.24 +0.41 ... iPathS&PMLPETN IMLP 10.0 9.92 +0.90 .2488 JPM UltShtIncm JPST 2.4 50.49 +0.12 .0756 FT Nasd100 EW QQEW .5 73.94 +2.83 .096 InvscFTSEUS1500SM PRFZ 1.9 104.10 +7.92 .4004
FTCboeUSDeepMay DMAY ... 30.73 ... ...
FTCboeUSDeepNov DNOV ...
FidelityLowDurBd FLDR 2.5
30.10
50.38
+0.49
+0.16
...
.078
iPathBS&P500VIXMid VXZ ...
iPathS&P500VIX VXX ...
33.37
34.35
–0.88
–2.25
...
...
JPMUltShMuni JMST 1.5
LHAMktStAlpha MSVX ...
50.96
25.07
+0.15
–0.01
.0457
... NASDAQ FT RBA AmerInd AIRR .3
FTRisingDivAch RDVY 1.9
21.85
28.84
+2.07
+1.32
.0495
.1075
InvscGlblWater PIO 1.4
InvscGoldenDragon PGJ .4
26.89
40.76
+0.84
–0.95
.0085
.0852
iPathSteepener STPP ... 25.13 –0.32 ... LHAMktStUSTact MSUS ... 22.59 +0.23 ... FT RiverFrDynAP RFAP 3.2 44.58 +0.94 .6879 InvscHYEquDivAch PEY 5.6 13.69 +0.60 .0616
FidelityStkInfl FCPI 2.2 22.40 +0.83 .129 iPath10-yearBull DTYL ... 97.78 –0.13 ... LeggMasonIntLowVol LVHI 5.9 20.82 +0.41 .0847 AdvShDWAlphaEW DWEQ ... 19.21 +0.68 ... FT RiverFrDynDev RFDI 3.3 49.46 +1.70 .1537 InvscIntlBuyBkAch IPKW 3.7 26.09 +1.15 .2455
FidelityTargEM FDEM 3.4 20.58 +0.37 .105 iPath2yearBear DTUS ... 21.95 –0.11 ... MainSectorRot SECT 1.4 27.11 +0.81 .2079 AdvShDW FSM AC DWAW ... 26.39 +1.03 ... FT RiverFrDynEM RFEM 4.8 50.86 +0.41 1.3439 InvscIntlDivAch PID 6.1 11.79 +0.31 .0806
FidelityTargIntl FDEV 3.9 22.81 +0.64 .146 iShAdCurrHdgMSCI DEFA 3.8 24.29 +0.67 .6022 MotleyFool100 TMFC .5 26.42 +0.73 .1256 AdvShDW FSM US DWUS ... 25.73 +0.75 ... FT RiverFrDynEur RFEU 3.8 50.90 +2.28 .194 InvscKBWBank KBWB 4.3 35.05 +1.92 .3667
FTLuntUSFactor FCTR 1.1 21.37 +1.61 .0373 iShIntmGovt/CredBd GVI 2.2 116.81 +0.41 .1897 MotleyFoolSCGrw MFMS .0 27.08 +1.18 .3406 AdvShDorseyMc DWMC .1 19.93 +1.27 .0178 FT S&PIntDivArist FID 5.3 13.15 +0.14 .056 InvscKBWHiDvYdFn KBWD 15.2 12.52 +0.93 .1272
FlexShCredScUSLg LKOR 3.5 59.70 +1.28 .1478 iShBrdUSDHYCpBd USHY 6.2 37.53 +1.14 .193 NuvESGEMEquity NUEM 2.4 22.37 +0.02 .5415 AdvShDorseyShrt DWSH ... 24.36 –3.10 ... FT SMID CapRising SDVY 2.4 16.23 +1.36 .0753 InvscKBWPrEquREIT KBWY 12.2 17.28 +1.68 .2018
FlexMrnUSMktFtrTlt TILT 1.9 107.96 +5.09 .4543 iShConvBond ICVT 1.8 64.80 +2.12 .0736 NuvESGIntlDev NUDM 4.1 22.29 +0.76 .9217 AdvShViceETF ACT 2.8 22.11 +0.93 .6203 FT SSI Strat FCVT 1.6 33.16 +0.90 .04 InvscKBWP&CIns KBWP 2.8 52.94 +4.54 .432
FlexSTOXXGlbESGImp ESGG 2.1 96.41 +2.56 .3816 iShCoreMSCIEAFE IEFA 3.9 53.53 +1.81 1.1966 NuvESG LC NULC .8 27.75 +0.92 .2139 AlphaMarkActiveMgd SMCP .8 19.42 +1.25 .1539 FT SrLoanFd FTSL 4.4 44.73 +0.59 .145 InvscKBWRegBkg KBWR 4.2 33.69 +2.92 .3375
FlexSTOXXUSESGImp ESG 1.7 71.24 +2.12 .307 iShCurrHdgMSCIEAFE HEFA 3.7 25.93 +0.66 .6163 NuvESGLCGrowth NULG .5 43.19 +1.61 .2615 AmplifyOnlineRet IBUY .2 63.08 +2.52 .1494 FT SC CoreAlpha FYX 1.3 50.43 +4.80 .3025 InvscNasdInt PNQI ... 161.34 +6.38 ...
FlexShUSQualLC QLC 2.2 32.78 +1.01 .141 iShCurrHdgMSCIEM HEEM 3.5 22.85 +0.14 .5655 NuvESGLCValue NULV 1.8 26.70 +0.86 .4814 ArrowCntryRotat DWCR 2.3 23.36 +0.41 .2633 FT SC GrwthAlpha FYC .5 39.58 +3.04 .1431 Invsc1-30LadTrea PLW 1.5 39.44 –0.22 .0287
FormulaHdgGrwth FFHG .9 21.84 +0.43 .0423 iShIntlSelDividend IDV 9.4 23.34 +0.77 .799 NuvESGMCGrowth NUMG .3 36.46 +1.19 .0961 ArrowInvDWATact DWAT 1.9 9.76 +0.08 .1423 FT SC US Equity RNSC 2.1 16.67 +1.42 .0077 InvscQQQI QQQ .7 229.66 +6.39 .3627
FormulaFolIncm FFTI 3.3 23.62 +0.20 .0399 iShTransportAvg IYT 1.8 150.30 +12.74 .8387 NuvESGMCValue NUMV 3.2 22.60 +1.46 .7238 ClearBr AC Grw CACG .6 34.09 +1.21 .2581 FT SC Value FYT 1.8 27.87 +2.89 .0294 InvscRAFIStDvxUS ISDX 3.2 20.40 +0.63 .1768
FormulaFolSmartGrw FFSG 2.4 23.72 +1.03 .2057 iShU.S.Industrials IYJ 1.5 140.36 +8.53 .5433 NuvESGSC NUSC 1.1 25.56 +1.74 .2813 ClearBrDivStrat YLDE 1.9 28.92 +0.79 .1368 FT SKoreaAlpha FKO 2.2 16.56 +0.47 .0873 InvscRAFIStrDevSm ISDS 2.7 20.05 +1.00 .187
FormulaFolTactGrw FFTG 1.4 25.46 +0.18 .0497 iShUSAerospace&Def ITA 2.4 153.01 +12.31 .7873 NuvShTermREIT NURE 3.9 21.92 +1.75 .2251 ClearBrLCGrw LRGE .4 38.69 +1.44 .14 FT StratIncm FDIV 4.5 44.25 +1.03 .20 InvscRAFIStratEM ISEM 2.9 20.67 +0.18 .0268
FrankDisrComm BUYZ ... 30.71 +1.26 ... iShUSHomeConstrn ITB .6 41.85 +5.27 .0772 PacerIntCashCow100 ICOW 3.7 20.91 +0.57 .0446 CSX-LinksCrudeOil USOI 84.9 4.62 –0.38 .4603 FT SwitzAlpha FSZ 2.4 44.94 +1.75 .0909 InvscRAFIStratUS IUS 2.2 24.35 +0.78 .1473
FrankGenAdv HELX ... 29.90 +0.83 ... iShUSOil&GasExpln IEO 3.2 34.35 +2.96 .2996 PacerGlCashCows GCOW 5.3 24.21 +0.65 .2153 CSXLGoldCvETN GLDI 10.1 9.80 –0.46 .234 FT TCW Opp FIXD 2.3 54.20 +0.25 .06 InvscRAFIStrUSSm IUSS 1.4 20.03 +1.45 .0707
FrankIntMach IQM ... 25.81 +1.17 ... iShUSTelecomm IYZ 2.8 27.02 +0.92 .2261 PacerTrendEurIndex PTEU ... 23.71 ... ... CSX SilverETN SLVO 12.9 6.23 –0.15 .2224 FT TacticalHY HYLS 5.3 45.70 +0.85 .20 InvscR1000LoBeta USLB 2.7 29.44 +1.14 .1774
FrankHYCorp FLHY 6.9 24.37 +0.71 .231 iShESGMSCIUSASC ESML 1.4 23.43 +1.59 .0654 PacerTrendpilot450 PTMC ... 28.32 ... ... DavisFinl DFNL 2.1 17.30 +0.96 .282 FT TotalUSMkt TUSA 1.5 29.27 +1.80 .1033 InvscS&PSCCnsDisc PSCD 1.5 49.55 +4.74 .2004
FrankIntlAggBd FLIA 2.1 25.22 +0.03 .5181 iShEdgeHYDefBd HYDB 6.2 46.35 +1.50 .2401 PacerTrendpilot100 PTNQ ... 39.65 +1.04 ... DavisSelectIntlETF DINT 3.0 16.17 +0.17 .49 FT USEquityDiv RNDV 3.7 19.36 +0.98 .0771 InvscS&PSCCnsStpl PSCC 1.9 69.39 +1.48 .045
FrankSrLoan FLBL 4.6 23.57 +0.16 .0682 iShEdgeInvGrEnhBd IGEB 3.5 52.58 +0.87 .1457 PacerTrendpilot750 PTLC ... 26.97 –0.02 ... DavisUSEquity DUSA 1.3 21.88 +0.93 .29 FT UK Alpha FKU 5.6 26.92 +1.23 .2715 InvscS&PSCEner PSCE .8 3.23 +0.35 .0139
FranklinLib US FLQL 2.2 31.04 +1.04 .1076 iShEdgeMSCIMinEAFE EFAV 4.9 63.88 +0.76 1.7344 PacerUSCashCows100 COWZ 3.1 25.14 +1.49 .2831 DavisWorldwide DWLD 2.6 21.70 +0.64 .57 FlexShCredScoreUS SKOR 2.9 53.37 +0.49 .1216 InvscS&PSCFinls PSCF 6.2 36.24 +3.15 .8413
FranklinLibUS MC FLQM 1.6 28.61 +1.20 .0693 iShEdgeMSCIMinVlEM EEMV 3.1 49.74 +0.09 .6242 PacerUSSCCash100 CALF 1.7 20.95 +1.75 .0839 DorseyWrightETN36 BMLP 10.6 32.75 +2.46 .88 FlexShDiscDurMBS MBSD 3.1 24.15 –0.01 .0603 InvscS&PSCHlthCr PSCH ... 119.35 +6.59 ...
FranklinLibUS SC FLQS 1.8 23.57 +1.83 .0442 iShEdgeMSCIMinVol ACWV 2.8 86.09 +0.95 1.0235 PacerWealthShield PWS 1.4 23.61 –0.19 .047 FidelityNasdComp ONEQ 1.0 363.21 +13.00 .90 FlexShRealAsset ASET 3.7 24.63 +0.96 .0898 InvscS&PSCIndls PSCI .9 53.42 +5.25 .1279
Freedom100EM FRDM 1.9 21.24 +0.73 .0914 iShEdgeMSCIMinUSA USMV 2.2 59.40 +1.24 .3133 PointBridgeGOP MAGA 2.8 22.73 +1.40 .628 FT AltAbsRet FAAR 1.0 25.67 –0.08 .2647 GlbXAuto&Elc DRIV 1.4 13.08 +0.69 .112 InvscS&PSCInfTech PSCT .2 82.18 +5.69 .0234
GlbX FdrRunCos BOSS .5 21.07 +1.28 .0697 iShMSCIMinVolUSASC SMMV 2.1 28.20 +1.64 .0982 PremiseCapDivTact TCTL 2.6 25.90 +0.13 .6679 FT APxJapan FPA 4.4 22.02 +0.18 .4929 GlbXCannabis POTX 3.5 12.20 +2.46 .2149 InvscS&PSCMatls PSCM 1.7 35.42 +3.40 .1439
GlbXRuss2000Cvr RYLD 12.5 19.23 +0.57 .187 iShEdgeMSCIUSAMom MTUM 1.5 123.72 +1.26 .4455 PrincipalGlbDiv GDVD 3.3 24.58 +0.89 .1348 FT BICK BICK 1.1 22.42 +0.37 .1522 GlbXCloudComp CLOU .0 19.35 +0.61 .0076 InvscS&PSCUtil PSCU 2.6 47.55 +2.38 .0951
GlbXTarget5 TFIV 6.2 21.85 +0.61 .095 iShEdgeMSCIUSAQual QUAL 1.8 93.27 +2.80 .4103 PrincipalSpectPfd PREF 4.8 95.82 +0.89 .4143 FT BrazilAlpha FBZ 18.7 8.94 +0.87 .1681 GlbXConsciousCos KRMA 1.6 20.80 +0.71 .1898 InvscVarRateInvt VRIG 2.9 24.03 +0.08 .04
GlbXTargetPlus2 TFLT 4.4 23.36 +0.36 .065 iShEdgeMSCIUSAVal VLUE 3.5 69.38 +3.37 .6936 ProShGlbListedPrv PEX 11.5 24.92 +1.75 .1843 FT BuyWrite FTHI 5.1 18.71 +0.25 .08 GlbX Cybersec BUG .2 18.52 +0.72 .0404 InvscWaterRscs PHO .6 34.56 +1.56 .0362
GlbXUSInfrDevt PAVE .9 13.84 +1.07 .0537 iShUSFixedIncmBal FIBR 3.2 100.88 +1.01 .2775 ProShHY IntRt HYHG 6.3 57.86 +1.31 .2874 FT CEFIncmOpp FCEF 6.0 17.86 +0.75 .0975 GlbXDAXGermany DAX 3.0 23.05 +1.64 .003 iShAsia50ETF AIA 2.6 57.65 –0.26 .4184
GSAccInflUSDBd GTIP 3.1 54.59 +0.09 .1133 iShEmMkCorpBdFd CEMB 4.5 49.05 +0.93 .1898 ProShInvGrdIntRt IGHG 3.7 68.85 +1.95 .1835 FT CA MuniHi FCAL 2.5 51.01 +0.33 .095 GlbXecomm EBIZ .2 20.90 +0.31 .034 iSh3-7YTreasuryBd IEI 1.7 133.48 –0.09 .1254
GSAccUltShBd GSST 2.2 50.32 +0.05 .0595 iShEM HY Bd EMHY 6.5 41.23 +1.28 .1968 ProShK1FreeCrude OILK 2.8 32.00 +3.31 .0556 FT CanadaAlpha FCAN 1.7 18.60 +1.15 .0812 GlbXFinTech FINX ... 30.67 +1.72 ... iShBrdUSDInvCpBd USIG 3.3 58.74 +0.73 .1576
GS EW US LC Equity GSEW 2.0 44.21 +2.17 .2779 iShEvolCnStpls IECS 2.6 25.82 +0.25 .1268 ProShLCCorePlus CSM 1.7 67.93 +2.65 .2808 FT CapStrength FTCS 1.3 56.47 +1.10 .1535 GlbXFutAnalytic AIQ .5 19.02 +0.69 .0363 iShCommodSelStrat COMT 3.4 22.71 +0.33 .8576
GSMarketBetaEM GSEE ... 39.74 ... ... iShEvolUSDisc IEDI 1.2 30.06 +1.13 .0999 ProShDivGrowers EFAD 2.2 34.63 +0.95 .041 FT ChinaAlphaDEX FCA 4.4 22.70 –0.87 .2411 GlbXGen&Biotech GNOM ... 16.89 +0.95 ... iShCoreMSCITotInt IXUS 3.6 50.62 +1.30 .9775
GSMarketBetaInt GSID ... 40.41 ... ... iShEvolUSFin IEFN 3.0 18.91 +0.91 .143 ProShMSCIEMDiv EMDV 3.2 44.10 +0.45 .051 FT CloudComp SKYY .4 68.70 +2.94 .0367 GlbX Health&Well BFIT .7 18.73 +1.07 .0479 iShCore1-5YUSDBd ISTB 2.6 51.16 +0.03 .1008
GSMarketBetaUS GSUS ... 40.33 ... ... iShEvolUSHlthcr IEHS .7 30.70 +0.35 .0478 ProShMSCIEurDiv EUDV 2.5 37.49 +1.35 .0637 FT DevIntlEquity RNDM 4.0 42.03 +1.06 .0613 GlbXInternetThings SNSR 1.2 22.25 +0.91 .1843 iShCoreS&PUSGrowth IUSG 1.4 67.90 +2.12 .1875
HartfordLowVolUS LVUS 2.4 26.88 +1.07 .1175 iShEvolUSInnHlthcr IEIH 1.4 29.36 –0.32 .1039 ProShMergerETF MRGR .8 37.92 –0.23 .2162 FT DevMkts FDT 3.3 44.30 +1.55 .0491 GlbXLongevityThem LNGR .6 23.49 +0.61 .1435 iShCoreS&PUSValue IUSV 2.9 50.73 +1.74 .4018
HartfordShrtDur HSRT 3.5 40.10 +0.34 .1203 iShEvoUSMedia IEME 1.0 23.77 +1.09 .0403 ProShMornAltSoln ALTS 2.6 34.05 +0.39 .1009 FT DevMktsXUS FDTS 3.5 30.72 +1.14 .2018 GlbXMSCISuperDiv EFAS 7.7 10.99 +0.26 .0475 iShCoreTotalUSDBd IUSB 2.9 53.77 +0.32 .1217
InnovLuntLowVol LVHB 2.4 27.67 +2.29 .3386 iShEvolUSTech IETC .6 35.56 +1.15 .073 ProShPetCare PAWZ .3 45.37 +1.16 .0128 FT DorseyDyn5 FVC 1.1 24.08 +0.57 .003 GlbXMillThematic MILN .4 25.62 +1.40 .0901 iShCurrHdMSCIGrmny HEWG 2.9 24.73 +1.36 .7257
InnovNasd100Oct NOCT ... 33.00 +0.32 ... iShExpTechSftwr IGV .5 260.98 +8.79 1.1703 ProShRuss2000Div SMDV 2.8 47.70 +3.49 .2778 FT DorseyFoc5 FV .6 31.33 +1.14 .025 GlbXNasd100Cv QYLD 11.4 20.54 +0.05 .2042 iShSelectDividend DVY 4.7 78.63 +3.56 .9467
InnovNasd100Apr NAPR ... 33.61 +0.41 ... iShMtgRealEstCap REM 16.6 22.60 +2.21 .827 ProShRussUSDivGrw TMDV 1.5 34.67 +1.46 .1969 FT DorseyIntl5 IFV 4.1 15.06 +0.22 .039 GlbX Robotics&AI BOTZ .8 22.62 +1.45 .0307 iShESGMSCIEAFE ESGD 3.1 56.52 +1.73 .598
InnovNasd100Jan NJAN ... 35.83 +0.45 ... iShUSSmBlendStyle STSB ... 27.84 +1.91 ... ProShS&P500Arist NOBL 2.4 63.88 +2.58 .3438 FT DW Momentum DDIV 4.2 19.15 +0.79 .0972 GlbXS&P500Catholic CATH 1.5 36.44 +1.12 .3244 iShESGMSCIEM ESGE 2.5 29.28 +0.31 .6713
InnovRuss2000Oct KOCT ... 23.00 +0.82 ... iShFctUSValStyle STLV 2.8 19.24 +1.14 .1325 ProShS&PMC400 REGL 2.8 50.03 +2.81 .3935 FT DW Mom&Low DVOL 2.0 19.78 +0.09 .0494 GlbXSocialMedia SOCL ... 37.72 +2.25 ... iShESGEMLdrs LDEM ... 42.78 +0.83 ...
InnovRuss2000Apr KAPR ... 24.69 +0.77 ... iShFloatingRateBd FLOT 2.5 50.18 +0.11 .0872 ProShS&PTechDiv TDV 1.0 38.97 +1.95 .1415 FT DW Mom DVLU 2.8 13.56 +0.54 .083 GlbXSuperDividAlt ALTY 11.1 10.43 +0.76 .0981 iShESGMSCIUSA ESGU 1.5 66.54 +1.99 .2605
InnovRuss2000Jan KJAN ... 24.11 +1.08 ... iShGlbxUSDHiYdCpBd HYXU 1.3 46.08 +1.33 .6189 ProShShortUSDEmgBd EMSH 3.6 71.00 +0.92 .1993 FT DorseyWright DWPP 1.7 25.38 +0.04 .1432 GlbXSuperDivdREIT SRET 16.1 7.02 +0.70 .065 iShESGIUSALdrs SUSL 1.6 51.82 +1.49 .227
InnovS&P500Buff BJUL ... 26.22 +0.61 ... iShGlbHiCorpBdFd GHYG 4.8 45.25 +1.39 .1849 ProShTrMgdFut FUT 1.2 39.70 –0.26 .0564 FTDorseyDALI1 DALI .6 17.12 +0.23 .0202 GlbX ThemGrwth GXTG .6 28.26 +1.31 .0845 iShESG1-5YCpBd SUSB 2.6 25.73 +0.12 .0461
InnovS&P500BuffO BOCT ... 24.89 +0.58 ... iShGoldStrategy IAUF ... 59.05 –0.59 ... RealityDIVDivDef DFND .8 33.58 +0.21 .0651 FT DJ IntlInt FDNI 2.6 29.20 +1.13 .3087 GlbXVideoGames HERO .3 20.15 +0.92 .0278 iShESGUSDCorpBd SUSC 2.9 26.92 +0.40 .06
InnovS&P500BuffA BAPR ... 26.97 +0.49 ... iShiBdsDec2028Muni IBMQ 1.5 26.95 +0.34 .0311 RealityDIVCONLdrs LEAD 1.2 38.37 +1.05 .0795 FT MultAsstDiv MDIV 8.1 13.40 +0.67 .107 GlbXYieldCo&Renew YLCO 3.4 13.20 +0.49 .115 iShEurDevRealEst IFEU 5.3 29.68 +1.04 .2937
InnovS&P500Aug BAUG ... 25.26 +0.61 ... iShiBdsDec25Muni IBMN 1.4 27.81 +0.39 .0325 RevWeightUSLC RVRS 2.4 13.68 +0.72 .3232 FT NasdTechDiv TDIV 2.6 39.18 +1.30 .2107 HighlandSrLoan SNLN 4.6 15.72 +0.16 .0451 iShExponentialTech XT 1.6 41.57 +1.37 .3039
InnovS&P500Dec BDEC ... 25.54 +0.59 ... iShiBdsDec24Muni IBMM 1.5 26.93 +0.41 .0309 SPDRDoubleEMFixed EMTL 4.1 47.63 +0.77 .1346 FT EM Alphadex FEM 4.6 19.50 +0.30 .0308 IQChaikinUSLC CLRG 2.6 22.19 +0.79 .1493 iShFallAngelsUSDBd FALN 5.7 25.31 +0.76 .1305
InnovS&P500Feb BFEB ... 23.14 +0.55 ... iShiBdsDec27Mun IBMP 1.5 26.70 +0.34 .0308 SPDRDoubleShDurTR STOT 2.4 49.29 +0.23 .0777 FT EM EquitySel RNEM 3.4 39.89 +1.19 .0296 IQ Chaikin US SC CSML 1.3 20.08 +1.61 .0182 iShGNMABondETF GNMA 2.3 51.56 +0.15 .0899
InnovS&P500Jan BJAN ... 27.45 +0.73 ... iShiBdsDec26Muni IBMO 1.3 26.52 +0.32 .028 SabaClosedEndFds CEFS 10.0 16.72 +0.46 .14 FT EM LocalCurr FEMB 6.0 34.05 +1.13 .1402 InvscActMgdETC PDBC 1.9 12.12 +0.37 .2319 iShGlbCleanEnergy ICLN 1.4 11.33 +0.54 .0781
InnovS&P500BuffJun BJUN ... 27.01 +0.65 ... iShiBdsDec23Muni IBML 1.6 26.21 +0.32 .0341 SaltHitruBetaUS SLT ... 23.24 +1.71 ... FT EM SC Alpha FEMS 6.6 28.92 +1.09 .1845 InvscBldrSEM50ADR ADRE 2.2 35.32 +0.19 .016 iShGlbGreenBd BGRN 3.6 53.90 +0.16 .1283

Nasdaq Issues
52-Week Tick Div 52-Week Tick Div 52-Week Tick Div 52-Week Tick Div 52-Week Tick Div
High Low Name Sym Yld P/E Last Chg. Amt. High Low Name Sym Yld P/E Last Chg. Amt. High Low Name Sym Yld P/E Last Chg. Amt. High Low Name Sym Yld P/E Last Chg. Amt. High Low Name Sym Yld P/E Last Chg. Amt.
12.89 2.01 VeronaPharma VRNA ... dd 4.25 +0.04 ... 4.75 0.80 Vivus VVUS ... dd 1.19 +0.09 ... 24.04 6.82 Wendy's WEN 1.0 41 20.86 ... .05 175.78 43.16 WorldAcceptance WRLD ... 16 60.69 +6.31 ... 49.85 33.52 YorkWater YORW 1.7 36 43.02 +2.02 .1802
18.67 6.79 VerricaPharm VRCA ... dd 11.14 +0.88 ... 21.72 11.46 Vodafone VOD 6.0 dd 15.91 +1.18 .4746 44.97 27.27 WernerEnterprises WERN .8 20 44.29 +2.96 .09 32.83 19.04 WrightMedical WMGI ... dd 29.45 –0.25 ... 12.75 2.64 Yunji YJ ... dd 3.40 –0.64 ...
295.55 165.23 VertxPharm VRTX ... 49 284.96 –3.73 ... 13.75 4.18 Vonage VG ... dd 9.39 +0.24 ... 39.33 17.46 WesBanco WSBC 6.4 8 19.96 +1.56 .32 153.41 35.84 WynnResorts WYNN .0 dd 78.25 +0.55 1.00 9.01 2.06 ZAGG ZAGG ... 6 3.01 +0.15 ...
53.68 13.12 ViacomCBS A VIACA 4.2 9 23.12 +2.67 .24 28.79 6.26 VoyagerTherap VYGR ... dd 12.99 +1.11 ... 25.93 13.74 WestBancorp WTBA 5.0 9 16.66 +1.01 .21 7.25 1.80 Ziopharm ZIOP ... dd 3.42 +0.73 ...
53.71 10.10 ViacomCBS B VIAC 4.9 8 19.59 +2.29 .24 69.08 46.94 WestamericaBncp WABC 2.9 20 56.34 +1.69 .41 XYZ 2.83 0.62 Zafgen ZFGN ... dd 1.09 +0.28 ...
97.31
16.35
25.10
8.08
ViaSat
ViaviSolutions
VSAT
VIAV
...
...
cc
cc
42.15
11.39
+7.05
+0.67
...
... W 72.00
10.10
27.40
4.45
WesternDigital
WestNewEngBncp
WDC
WNEB
.0
3.9
dd
11
42.42
5.14
+3.21
+0.33
.50
.05
76.39
44.60
25.42
18.75
ZaiLab
ZealandPharma
ZLAB
ZEAL
...
...
dd
dd
63.50
34.94
–6.77 ...
+0.09 ...
60.11 26.50 Vicor VICR ... cc 58.46 +4.54 ... 3.39 0.70 WestportFuelSys WPRT ... cc 1.31 +0.16 ... 28.85 14.03 XOMA XOMA ... dd 21.25 +1.95 ... 260.40 150.06 ZebraTech ZBRA ... 26 243.54 +25.74 ...
24.83 10.18 VictoryCapital VCTR 1.3 9 15.59 +1.62 .05 39.98 6.61 WAVE LifeSci WVE ... dd 11.08 +0.70 ... 27.94 15.40 WeycoGroup WEYS 5.1 10 18.69 +0.55 .24 43.52 15.50 XP XP ... 52 28.80 +2.29 ... 48.61 22.00 ZentalisPharm ZNTL ... ... 39.07 +3.20 ...
70.66 18.20 VielaBio VIE ... 0 60.21 +8.66 ... 211.68 151.16 WD-40 WDFC 1.4 48 186.12 +12.32 .67 39.96 17.92 Willdan WLDN ... dd 23.26 +2.50 ... 26.40 6.76 XBiotech XBIT ... 1 14.42 +0.12 ... 66.96 18.65 Zillow A ZG ... dd 55.98 +7.47 ...
9.76 1.11 ViewRay VRAY ... dd 1.81 –0.06 ... 46.05 17.84 WSFS Financial WSFS 1.9 9 25.90 +1.88 .12 74.46 14.11 WillisLease WLFC ... 2 17.67 +2.69 ... 3.50 0.40 XcelBrands XELB ... dd .88 +0.19 ... 66.68 20.04 Zillow C Z ... dd 56.50 +7.72 ...
17.81 13.00 WVS Financial WVFC 3.0 9 13.38 +0.38 .10 72.14 46.58 XcelEnergy XEL 2.8 23 60.37 +2.48 .43
8.87 3.26 VikingTherap VKTX ... dd 7.95 +0.85 ... 47.19 9.75 WW Intl WW ... 14 25.23 +1.05 ... 220.97 143.34 WillisTowers WLTW 1.4 24 198.51 –1.97 .68 46.33 19.35 Xencor XNCR ... dd 31.50 +0.05 ... 52.48 23.58 ZionsBancorp ZION 4.5 10 30.19 +3.17 .34
28.71 16.48 VillageSuper A VLGEA 4.3 20 23.09 –0.21 .25 7.59 0.21 Waitr WTRH ... dd 2.34 –0.46 ... 6.00 3.29 WiMiHologram WIMI ... ... 3.72 –0.74 ... 18.45 7.00 XenonPharms XENE ... dd 14.90 +1.90 ... 19.98 0.01 ZionsBancorpWt ZIONW ... ... .01 –0.01 ...
10.80 4.20 ViomiTech VIOT ... 10 5.45 –0.27 ... 64.50 36.65 WalgreensBoots WBA 4.6 10 39.60 +1.20 .4575 130.99 44.27 Wingstop WING .4 cc 121.22 –5.79 .11 12.94 1.42 XerisPharm XERS ... dd 5.80 +2.02 ... 10.51 2.84 Zix ZIXI ... dd 6.23 +0.90 ...
33.10 4.98 ViperEnergyPtrs VNOM 3.8 dd 10.52 +1.92 .10 6.24 1.36 WandaSports WSG ... dd 2.43 +0.01 ... 215.00 115.00 Winmark WINA .2 16 131.55 +4.04 .05 133.00 67.68 Xilinx XLNX 1.8 28 86.59 +3.36 .38 57.22 16.65 Zogenix ZGNX ... dd 29.98 +2.38 ...
75.00 11.65 VirBiotech VIR ... ... 33.69 +3.34 ... 38.26 20.92 WashingtonFederal WAFD 3.5 9 24.92 +1.76 .22 74.46 22.02 WintrustFin WTFC 2.9 7 38.24 +5.68 .28 22.38 9.01 Xperi XPER 5.3 dd 15.17 +0.80 .20 181.50 60.97 ZoomVideo ZM ... cc 171.06 –3.77 ...
5.00 1.82 VircoMfg VIRC ... 15 2.22 +0.06 ... 54.96 25.86 WashTrBcp WASH 6.8 8 29.96 +1.97 .51 6.55 1.87 WisdomTreeInvs WETF 4.3 dd 2.78 +0.18 .03 7.20 1.87 Xunlei XNET ... dd 3.24 –0.25 ... 4.56 1.08 Zovio ZVO ... dd 3.02 +0.42 ...
26.57 14.94 VirtuFinancial VIRT 4.4 16 21.86 –1.00 .24 19.48 12.10 WaterstoneFinl WSBF 3.3 11 14.38 +1.33 .12 22.27 3.90 WISeKey WKEY ... dd 4.98 +1.01 ... 40.88 14.16 Y-mAbsTherap YMAB ... dd 37.73 –0.87 ... 89.54 35.00 Zscaler ZS ... dd 76.94 +0.55 ...
141.79 55.37 VirtusInvtPtrs VRTS 3.0 12 90.82 +9.62 .67 28.99 10.86 Watford WTRE ... dd 13.91 +2.28 ... 218.74 76.81 Wix.com WIX ... dd 215.21 +13.43 ... 4.96 1.29 YRC Worldwide YRCW ... dd 1.40 –0.05 ... 35.68 13.13 Zumiez ZUMZ ... 8 21.36 +2.29 ...
52.81 19.48 Virtusa VRTU ... 20 27.45 –0.50 ... 23.48 9.52 WaysideTech WSTG 3.3 15 20.84 +1.34 .17 129.06 46.51 Woodward WWD .5 14 61.84 +8.11 .0812 48.95 27.93 Yandex YNDX ... 58 40.26 +1.27 ... 15.70 2.55 ZynerbaPharma ZYNE ... dd 6.48 +2.47 ...
105.99 38.69 Visteon VC ... 98 71.66 +6.04 ... 55.52 29.50 Weibo WB ... 17 29.88 –5.18 ... 226.83 107.75 Workday WDAY ... dd 168.15 +13.85 ... 6.87 3.66 YintechInvt YIN 1.7 dd 5.80 ... .20 8.41 5.51 Zynga ZNGA ... cc 8.38 +0.34 ...
May 25, 2020 BARRON’S M21

Exchange-Traded Portfolios
Tick Div Tick Div Tick Div Tick Div Tick Div Tick Div
Name Sym Yld Last Chg. Amt. Name Sym Yld Last Chg. Amt. Name Sym Yld Last Chg. Amt. Name Sym Yld Last Chg. Amt. Name Sym Yld Last Chg. Amt. Name Sym Yld Last Chg. Amt.
iShGlbTimber WOOD 2.4 51.87 +3.34 1.1206 WisdTrEM CpBd EMCB 4.4 69.43 +1.39 .255 DeltaShS&PIntMgd DMRI 3.1 43.36 +0.48 .2303 FidelityMSCIMatls FMAT 2.5 28.90 +1.34 .205 GlbXMSCINigeria NGE 8.8 9.62 +1.00 .7601 InvscFTSEDvMktxUS PXF 5.0 31.83 +1.06 .2901
iShiBdsDec28Trea IBTI .4 26.57 ... .0133 WisdTrEMQualDivGrw DGRE 3.0 20.86 +0.29 .0447 DeltaShS&P600Mgd DMRS 1.2 46.91 +0.58 .1246 FidelityRealEst FREL 4.3 21.87 +1.44 .282 GlbX MSCINorway NORW 4.9 8.99 +0.50 .3641 InvscDevMktxUSSM PDN 3.7 26.00 +0.90 .1875
iShiBdsDec25Trea IBTF .4 26.13 –0.02 .013 WisdTrGermanyHdg DXGE 3.3 25.90 +1.33 .0362 DirexAllCapIns KNOW 3.0 31.71 +0.46 .1546 FidelityMSCIUtils FUTY 3.4 36.60 +1.26 .336 GlbXMSCIPakistan PAK 4.7 23.50 –0.13 .5434 InvscFTSERAFIEM PXH 4.6 16.29 +0.36 .0582
iShiBdsDec24Trea IBTE .4 25.98 –0.01 .0131 WisdTrIntRtHYBd HYZD 6.2 20.14 +0.37 .095 DirexAuspiceBroad COM 1.1 21.40 –0.09 .0323 FidelityMomFactor FDMO 1.3 35.21 +0.60 .098 GlbXMSCIPortugal PGAL 4.3 9.07 +0.73 .3125 InvscFTSEUS1000 PRF 2.7 104.03 +4.41 .7443
iShiBdsDec29Trea IBTJ .4 26.62 –0.02 .0132 WisdTrIntUSAgg AGZD 2.8 46.60 +0.23 .09 DirexAeroBl3 DFEN 2.8 10.76 +2.26 .0798 FidelityQualFactor FQAL 1.7 35.27 +1.14 .17 GlbXISuperDivEM SDEM 9.2 9.69 +0.38 .0595 InvscFundHYCpBd PHB 4.3 17.75 +0.53 .0635
iShiBdsDec21Trea IBTA .6 25.37 –0.02 .0168 WisdTrJapanHdgSC DXJS 2.5 36.22 +0.85 .4773 DirexBrazilBull2X BRZU 23.7 55.32 +9.99 .238 FidelitySmalMid FSMD 1.7 21.78 +1.47 .077 GlbXS&P500Cv HSPX 6.8 41.75 +0.24 .2066 InvscFundInvCpBd PFIG 2.8 26.64 +0.25 .0603
iShiBdsDec27Trea IBTH .4 26.38 –0.03 .012 WisdTrMEDiv GULF 4.0 16.18 +0.46 .0933 DirexCSIChinaInt CWEB .6 26.78 –1.23 .0959 FidelityTotalBdETF FBND 2.8 53.38 +0.57 .132 GlbXS&P500QualDiv QDIV 3.9 20.57 +0.77 .07 InvscGlbClnEner PBD 2.0 13.70 +0.53 .0337
iShiBdsDec26Trea IBTG .4 26.24 –0.02 .012 WisdTrNegHYBd HYND 7.0 14.71 +0.34 .065 DirexCSI300CnA CHAD 2.1 28.37 +0.27 .0633 FidelityValFactor FVAL 2.2 32.03 +1.03 .181 GlbXSciBetaAsiaXJ SCIX 5.9 18.95 +0.21 .6668 InvscGlblPrvEqu PSP 10.0 9.55 +0.57 .2012
iShiBdsDec23Trea IBTD .4 25.76 –0.01 .0126 WisdTrNegDurUS AGND 2.9 38.05 +0.32 .075 DirexCSI300CnABl2 CHAU .7 18.74 –0.52 .027 FieldUVAUnconMed FFIU 2.8 25.94 +0.21 .055 GlbXSciBetaEurope SCID 3.6 20.62 +0.87 .5396 InvscGlbShrtHYBd PGHY 5.8 20.88 +0.47 .1002
iShiBdsDec22Trea IBTB .6 25.62 ... .0171 WisdTrUSQltyDiv DGRW 2.5 43.22 +0.86 .09 DirexCommSvsBr3 MUTE 2.4 7.62 –1.23 .0078 FinSelSectorSPDR XLF ... 21.92 +0.87 ... GlbXSciBetaJapan SCIJ 3.7 23.92 +0.39 .656 InvscIndia PIN 1.1 15.47 +0.22 .1667
iSh$HYxOil&Gas HYXE 5.4 49.17 +1.27 .2201 WisdTrUSSCQltyDiv DGRS 2.8 27.70 +2.01 .045 DirexCommSvsBl3 TAWK .2 31.00 +4.13 .0337 FTActiveFactorLC AFLG 1.1 18.03 +0.56 .0573 GlbXSciBetaUS SCIU 2.0 30.49 +1.25 .3397 InvscIntlCpBd PICB 1.4 25.47 +0.24 .0289
iShIndia50ETF INDY .8 27.03 –0.02 .2251 DirexCnsDiscBr3 PASS 1.9 8.56 –1.49 .0052 FTActiveFactorMC AFMC 1.0 16.27 +1.19 .0225 GlbXSilverMiners SIL 1.4 36.01 +0.84 .4091 InvscInvGradeDef IIGD 2.2 27.19 +0.18 .0435
.0642
iShIntermCorpBd IGIB 3.3
iShIntlDevRealEst IFGL 10.5
58.65
21.83
+0.73
+0.51
.1591
.2165 NYSE DirexCnsDiscBl3 WANT .7
DirexCnsStplBr3X LACK 2.0
23.43
13.16
+3.15
–0.13
.0355
.0137
FTActiveFactorSC AFSM .8
FT AustrAlpha FAUS 7.8
15.97
22.85
+1.21
+1.39
.065
.3908
GlblXSuperDividend SDIV 13.9
GlbXSuperDivUS DIV 11.9
10.15
14.94
+0.62
+0.92
.075
.1065
InvscInvGradeValue IIGV 2.9
InvscMSCIGlbTimb CUT 3.4
27.00
22.94
+0.37
+1.33 .771
iShIntlTreasuryBd IGOV .2 49.68 +0.23 .1219 DirexCnsStplBl3X NEED 1.8 21.08 –0.01 .075 FT ConsDscAlpDx FXD 1.4 34.08 +2.89 .1291 GlbXSuperIncPfd SPFF 6.5 10.56 +0.31 .0565 InvscNatAMTFrMuni PZA 2.7 26.33 +0.23 .0608
iShJPMUSDEmgBd EMB 4.7 105.51 +3.35 .3791 GuggCreditAlloc GGM 13.6 16.00 –0.07 .1813 DirexDevMktBl3 DZK 3.3 30.91 +2.62 .383 FT ConsStaples FXG 1.9 44.71 +0.24 .1944 GlbX US Pfd PFFD 5.8 23.45 +0.57 .1135 InvscNYAMTFrMuni PZT 2.7 25.07 +0.17 .0572
iShMBSETF MBB 2.5 111.10 +0.02 .218 NETLeaseCpRlEst NETL 4.2 19.76 +1.99 .1912 DirexDJBear3X WEBS 1.3 8.72 –0.98 .0315 FT DJ GlbSelDiv FGD 10.0 16.56 +0.60 .4713 GlbX Uranium URA 1.7 10.61 +0.24 .1037 InvscPreferred PGX 5.8 14.16 +0.28 .062
iShMSCI ACWI ACWI 2.6 69.79 +2.05 .9431 NuvShrtDurCrOppFd JSD 9.1 11.48 +0.57 .0875 DirexDJBull3X WEBL .1 31.60 +3.03 .0176 FT DJ Internet FDN ... 159.63 +5.14 ... GSAccessHYCorpBd GHYB 5.6 46.81 +1.44 .1867 InvscRayJamesSB1 RYJ ... 35.43 +2.78 ...
iShMSCIACWIxUS ACWX 3.7 40.19 +1.02 .7939 DirexEM Bear3 EDZ 1.4 36.77 –1.86 .086 FT Dow30EW EDOW 2.3 22.43 +0.81 .1431 GSAccessIGCpBd GIGB 3.1 53.82 +0.76 .1312 InvscRuss1000EW EQAL 2.2 29.30 +1.67 .1646
iShMSCIACxJpn AAXJ 2.1
iShMSCIBrazilSC EWZS 3.7
62.72
10.25
–0.49
+1.23
.4112
.1496 NYSE ARCA DirexEM Bull3
DirexEnergyBr2
EDC 2.2
ERY 1.0
34.09
54.33
+0.92
–9.64
.3919
.1496
FTEIPCarbonImpact ECLN 2.2
FT EnergyAlpDx FXN 2.8
19.34
6.56
+0.66
+0.66
.0599
.0431
GSTreasury0-1Y GBIL 1.8
GSActiveBetaEM GEM 3.2
100.54
27.99
–0.02
+0.37
.0766
.3194
InvscS&PEMLowVol EELV 4.9
InvscS&PEMMom EEMO 4.9
18.72
12.45
+0.22
+0.24
.2112
.2767
iShMSCIChina MCHI 1.6 59.08 –1.23 .5744 DirexEnergyBl2 ERX 12.1 15.92 +1.85 .7119 FT EqCompRiskMgr ERM 2.6 16.92 +0.44 .0736 GSActiveBetaEurope GSEU 4.1 25.58 +1.00 .1621 InvscS&P500BuyWr PBP 2.0 18.03 +0.47 .0824
iShMSCI EAFE SC SCZ 4.3 50.52 +2.10 .9324 AAM LowDurPfd PFLD 6.2 23.20 +0.47 .08 DirexChinaBr3 YANG 1.3 41.82 +0.75 .1087 FT EqCompTactical TERM 2.7 14.78 +0.37 .062 GSActiveBetaIntlEq GSIE 3.2 24.81 +0.81 .0719 InvscS&P500Down PHDG 1.6 29.69 +0.74 .0617
iShMSCI EM Asia EEMA 2.2 60.55 –0.11 .3074 AAMS&PDevMk DMDV 9.0 18.13 +0.39 .01 DirexChinaBl3 YINN 2.5 10.99 –0.60 .0375 FT DJ SelMicro FDM 1.9 36.11 +3.08 .1958 GSActiveBetaJapan GSJY 3.1 29.55 +0.60 .6704 InvscS&P500EnhVal SPVU 3.5 26.60 +1.41 .2464
iShMSCIEMxChina EMXC 3.0 39.17 +1.25 1.4264 AAMS&PEMHiDivVal EEMD 8.6 16.69 +0.33 .0171 DirexFTSEEurBull3x EURL 3.1 12.36 +1.39 .0557 FT FTSE DevRE FFR 6.2 35.50 +1.83 .024 GSActiveBetaUSLC GSLC 1.8 59.95 +1.83 .3061 InvscS&P500EWCm EWCO 1.7 23.97 +1.34 .0731
iShMSCIEuropeFinls EUFN 7.1 12.51 +0.50 .1824 AAMS&P500HiDivV SPDV 5.4 19.82 +1.18 .0683 DirexFinlBear3 FAZ 1.5 23.23 –4.22 .0446 FT FinlsAlpDx FXO 3.1 23.19 +1.61 .1966 GS Active US SC GSSC 1.6 37.58 +2.66 .1553 InvsS&P500EWCD RCD 2.3 83.28 +6.72 .5206
iShMSCIEuropeSmCp IEUS 5.2 43.18 +2.19 .5741 AIPoweredEquity AIEQ .5 27.10 +0.53 .06 DirexFinlBull3 FAS 2.0 27.81 +3.58 .1235 FT GlbEngg FLM 4.1 38.52 +1.93 .6529 GS Data GDAT 1.0 58.39 +2.19 .3033 InvscS&P500CnStp RHS 2.4 130.99 +0.67 .8294
iShMSCIGlblGoldMin RING .7 29.23 –1.27 .0541 AIPwrdIntlEqu AIIQ ... 24.03 +0.83 ... DirexGoldMinBr2 DUST 8.4 27.79 +1.36 .717 FT GlbWindEner FAN 2.3 12.93 +0.43 .0401 GS Fin GFIN .9 55.82 +2.39 .048 InvscS&P500EWEner RYE 3.6 28.18 +2.37 .2459
iShMSCIGlbImpact SDG 1.5 62.39 +0.82 .5452 ALPSEmgDivDogs EDOG 5.5 16.60 +0.72 .0983 DirexGoldMinBl2 NUGT 1.3 75.10 –4.41 .7094 FT HlthCareAlpha FXH ... 89.32 +0.92 ... GSHedgeIndVIP GVIP .5 62.44 +2.53 .1115 InvscS&P500EW RSP 2.3 96.30 +5.04 .73
iShMSCIJapanEW EWJE 3.5 31.55 +0.81 .6495 ALPS EqSecWgh EQL 2.7 69.99 +2.66 .636 DirexHlthcrBull3 CURE .6 54.11 –1.45 .0998 FTHorizonMgdVolDev HDMV 4.2 26.87 +0.22 .4265 GS HumanEv GDNA .4 59.44 +2.10 .0756 InvscS&P500EWFin RYF 2.6 34.39 +1.83 .2713
iShMSCIJapanVal EWJV 5.1 21.59 +0.54 .655 ALPSIntlDivDogs IDOG 6.8 20.60 +0.39 .2384 DirexHmbldrBull3 NAIL .3 24.74 +7.85 .0049 FTHorizonMgdVolDom HUSV 1.7 24.31 +0.48 .0835 GS JUST US LC JUST 1.8 42.70 +1.29 .2193 InvscS&P500EWHC RYH .6 217.28 +4.19 .3251
iShMSCINewZealand ENZL 3.9 49.79 +0.70 1.1772 ALPSMedBreak SBIO .0 42.66 +1.49 .0159 DirexIndlsBl3 DUSL 2.9 11.92 +2.15 .0622 FT Chindia FNI .5 34.31 –0.18 .0345 GS Mfg GMAN 1.2 51.99 +2.64 .0559 InvscS&P500Ind RGI 1.7 109.31 +7.51 .5085
iShMSCIQatar QAT 4.0 15.75 –0.01 .6348 ALPSREITDivDogs RDOG 5.5 33.44 +2.81 .6844 DirexJapanBl3 JPNL 1.5 37.25 +1.88 .2258 FT IndlsAlpDx FXR 1.6 34.69 +2.12 .2139 GS NewAge GBUY .3 61.94 +1.89 .0078 InvscS&P500EWMat RTM 2.4 94.61 +5.11 .5782
iShMSCITurkeyETF TUR 4.2 21.23 +0.89 .5918 ALPSSectorDivDogs SDOG 4.8 34.22 +1.65 .4614 DirexJrGoldMinBr2 JDST 21.4 20.66 –0.79 1.1458 FTInstPfdSecs FPEI 5.5 18.21 +0.13 .0557 GraniteBloomComm COMB 1.9 18.83 +0.41 .3586 InvscS&P500RlEst EWRE 4.3 24.10 +1.62 .4498
iShMSCIUAE UAE 4.7 10.19 +0.26 .4759 ARKInnovationETF ARKK .0 62.76 +4.67 .1906 DirexJrGoldMinBl2 JNUG 1.7 100.25 +2.38 .1217 FT LgDurOpps LGOV 3.1 29.50 –0.64 .10 GraniteGold BAR ... 17.28 –0.08 ... InvscS&P500EWTech RYT 1.2 188.31 +8.12 .7977
iShMornMCValue JKI 4.0 118.48 +7.26 1.4735 ARK NextGen ARKW ... 74.12 +3.11 ... DirexLatinAmBl3 LBJ 9.2 37.10 +7.80 .43 FT Long/Short FTLS .8 40.57 +0.48 .0448 GraniteHIPSUSHiInc HIPS 11.4 11.30 +0.85 .1075 InvscS&P500EWUtil RYU 3.0 90.59 +3.02 .7034
iShNasdaqBiotech IBB .2 133.34 +1.09 .0554 AberdStdBlACStr BCI 1.9 17.57 +0.27 .3344 DirexIndiaBull3 INDL 2.5 15.62 +0.08 .0145 FT MgdFutures FMF 1.0 44.05 –0.02 .4493 GranitePlatinum PLTM ... 8.24 +0.33 ... InvscS&P500xRt XRLV 2.2 34.02 +0.85 .0645
iSh13YearIntlTBd ISHG ... 77.09 +0.12 ... AberdStdPhysGold SGOL ... 16.71 –0.08 ... DirexMexicoBl3 MEXX 9.3 26.05 +3.81 .4788 FT MatAlpDX FXZ 2.2 32.06 +2.21 .1451 GraniteXOUTUSLC XOUT .7 27.81 +0.75 .0638 InvscS&P500GARP SPGP 1.4 52.53 +2.72 .2322
iShPHLXSemicond SOXX 1.3 244.67 +13.50 .6957 AberdStdPhysPall PALL ... 184.51 +8.08 ... DirexMcBull3 MIDU 2.0 17.52 +3.24 .1813 FTMergerArbitrage MARB ... 19.46 –0.27 ... HCM Def500 LGH .2 23.63 +0.83 .048 InvscS&P500HiBeta SPHB 2.8 36.14 +3.06 .4609
iShPfd&Incm PFF 5.7 34.33 +0.89 .1697 AberdStdPhysPlat PPLT ... 78.27 +2.92 ... DirexPharmBl3X PILL .2 15.79 +0.37 .0003 FT MngstrDiv FDL 5.2 24.58 +1.07 .29 HCM Def100 QQH .0 27.54 +1.03 .0619 InvscS&P500HiDiv SPHD 5.8 31.78 +1.21 .1554
iShRuss1000PureUS AMCA 3.1 25.45 +1.37 .1677 AberdStdPhyPrMt GLTR ... 81.47 +0.89 ... DirexRealEstBr3 DRV 1.4 21.91 –5.63 .06 FT NaturalGas FCG 4.4 7.60 +0.75 .0578 HartfordMultiDvxUS RODM 3.6 23.20 +0.69 .4785 InvscS&P500LowVol SPLV 2.8 47.73 +0.26 .1173
iShS&PSC600Growth IJT 1.1 158.67 +12.61 .3656 AberdStdPhySilv SIVR ... 16.64 +0.51 ... DirexRealEstBl3 DRN 5.3 8.44 +1.46 .1545 FT NA Energy Infra EMLP 4.8 20.51 +0.87 .2584 HartfordMultiEM ROAM 4.6 18.05 +0.27 .5616 InvscS&P500Mom SPMO 1.6 41.52 +1.06 .171
iShS&P EM Infra EMIF 3.1 21.01 +0.58 .4142 AbsoluteCrStrat ABEQ ... 21.92 +0.42 ... DirexRgBanksBull3X DPST 10.7 52.65 +10.51 .407 FT NYSE ArcaBiotch FBT ... 164.94 +3.81 ... HartfordMultiREIT RORE 3.5 11.40 +0.96 .19 InvscS&P500PrGrw RPG .9 122.77 +5.66 .2795
iShGlobalInfra IGF 4.3 36.84 +1.55 .7869 AcquirersFund ZIG ... 20.26 +0.81 ... DirexRetailBull3 RETL 2.1 115.25 +17.93 .8695 FT PfdSecs FPE 5.7 18.20 +0.36 .0745 HartfrdMultifctrSC ROSC 3.9 23.69 +1.85 .60 InvscS&P500PrVal RPV 3.7 44.92 +2.87 .4584
iShShortCpBd IGSB 3.0 54.07 +0.27 .1202 AdvShDorseyADR AADR .7 47.03 +0.50 .0085 DirexRobAI3X UBOT .6 95.90 +16.90 .1456 FTSTOXXEurSel Div FDD 6.7 9.34 +0.36 .0283 HartfordMultiUSEqu ROUS 2.4 28.99 +1.09 .1409 InvscS&P500Qual SPHQ 1.9 34.27 +0.77 .1745
iShShortTreaBd SHV 1.9 110.82 ... .0912 AdvShDbLineVal DBLV ... 63.80 +2.03 ... DirexRussiaBl2 RUSL 1.7 14.76 +1.74 .1174 FT ShDurMgMun FSMB 2.2 20.27 +0.10 .033 HartfordMuniOpps HMOP 2.6 41.20 +0.41 .0937 InvscS&P500Rev RWL 2.3 49.40 +1.96 .2957
iSh1-3YTreasuryBd SHY 1.9 86.64 –0.04 .0724 AdvShFocusedEqu CWS .4 34.31 +0.82 .1464 DirexS&P500Br3 SPXS 2.0 9.44 –1.05 .02 FT S&P REIT FRI 3.3 19.58 +1.32 .1595 HartfordSchTax HTAB 2.0 21.41 +0.20 .0074 InvscS&P500Top50 XLG 1.6 226.80 +5.64 .9652
iSh7-10YTreasuryBd IEF 1.6 121.88 –0.07 .128 AdvShFolioBey FWDB 3.7 25.50 +0.09 .0256 DirexS&P500Bl3 SPXL 1.5 37.19 +3.23 .2623 FT TCW SecPlus DEED .0 25.39 +0.10 .01 HartfordTRBd HTRB 3.6 41.25 +0.42 .1026 InvscS&P500ValMom SPVM 3.3 31.29 +1.97 .2227
iSh20+YTreasuryBd TLT 1.8 165.55 –1.16 .2162 AdvShNewfleet MINC 2.8 47.30 +0.07 .0893 DirexS&P500Bull2X SPUU 1.9 50.61 +3.12 .4848 FT TCWUnPlBd UCON 3.3 25.15 +0.28 .07 HealthCareSelSect XLV 1.6 99.62 –0.80 .382 InvscS&PGlbWater CGW 1.7 34.99 +1.07 .6069
iSh0-5YInvGrdCpBd SLQD 2.8 51.63 +0.19 .1115 AdvShPureCannab YOLO 7.3 10.83 +1.81 .1262 DirexS&PBiotechBr3 LABD 4.8 4.39 –0.52 .0498 FT TechAlphaDEX FXL .2 76.37 +3.90 .0288 High Yield HYLD 9.0 27.06 +0.76 .20 InvscS&PIntDvLoVl IDLV 7.4 26.67 +0.35 .2356
JanusSCGrwAlpha JSML .3 42.62 +2.37 .0329 AdvShRangerEqBear HDGE .2 5.43 –0.45 .0116 DirexS&PBiotechBl3 LABU .1 52.20 +4.45 .0053 FT USEquityOpp FPX .8 78.20 +2.34 .1443 HoyaCapHousing HOMZ 2.1 23.44 +2.01 .0355 InvscS&PIntlDev IDMO 2.6 25.71 +0.79 .1999
JanusS/MC GrwAlph JSMD .4 43.48 +2.65 .0286 AdvShStrGlbBW VEGA .5 31.32 +0.91 .151 DirexS&P500Br1 SPDN 1.3 24.16 –0.85 .0176 FT UltShDurMuni FUMB 1.4 20.14 +0.05 .019 HullTacticalUS HTUS 1.1 22.12 +0.18 .2472 InvscS&PIntlDevQu IDHQ 2.7 23.02 +0.73 .2068
LeggMasonGlbInfr INFR 3.8 26.33 +1.19 .2143 AdvShSageCore HOLD 2.2 98.00 +0.46 .1186 DirexHiBetaBear3X HIBS .6 13.33 –5.27 .0154 FT UtilAlpha FXU 2.7 26.10 +1.10 .1789 IQCandESGIntl IQSI 1.1 21.07 +0.68 .0976 InvscS&PMC400EW EWMC 1.8 54.36 +4.32 .3443
LeggMasonLVHD LVHD 3.3 27.21 +1.21 .286 AGFiQ GlbInfr GLIF 3.2 22.61 +0.53 .0594 DirexHiBetaBull3X HIBL 2.6 78.71 +16.71 .4282 FT ValDivFd FVD 2.7 29.21 +1.20 .1919 IQEnhCorePlusBdUS AGGP 2.7 19.97 –0.02 .0288 InvscS&P400PrGrw RFG .6 141.73 +9.20 .2271
LeggMasonSCQualVal SQLV 1.7 20.83 +2.08 .083 AGFiQHdgDivIncm DIVA 5.2 20.25 +0.81 .3068 DirexS&POil&GasBr2 DRIP .6 6.71 –1.76 .0027 FT ValueLine100 FVL .9 20.52 +0.44 .0323 IQ50%HdgFTSEEur HFXE 3.1 17.16 +0.71 .2225 InvscS&P400PrVal RFV 2.9 47.35 +4.60 .4247
LoncarCancerETF CNCR ... 27.45 +1.39 ... AGFiQ US NeutAB BTAL .8 25.06 –0.53 .1958 DirexS&POil&GasBl2 GUSH 13.9 37.36 +6.25 5.12 FT Water FIW .6 52.59 +2.86 .0715 IQ50%HdgFTSEIntl HFXI 3.4 18.01 +0.55 .0891 InvscS&PMC400Rev RWK 1.7 49.18 +4.00 .2156
LoncarChinaBio CHNA .2 26.15 –0.47 .0402 AGFiQ US NeutrMom MOM ... 29.96 –0.77 ... DirexSemiBear3 SOXS 4.8 7.73 –1.74 .0535 FlexShSelBdFd BNDC 2.4 26.70 +0.14 .0312 IQ50%HdgFTSEJapan HFXJ 3.8 19.28 +0.39 .2449 InvscS&PMCLowVol XMLV 3.2 40.79 +1.91 .3714
LongTermCareETF OLD 2.9 21.92 +2.17 .0677 AGFiQ US NeutrVal CHEP 3.0 14.70 +0.30 .4434 DirexSemiBl3 SOXL .6 142.59 +21.10 .0789 FlexShCurrHdDM TLDH 5.1 23.79 +0.64 .1255 IQ500IntlETF IQIN 3.1 21.98 +0.80 .14 InvscS&PMCMom XMMO 1.0 57.50 +3.29 .1854
Merlyn.AITactGrw SNUG 1.1 24.59 +0.88 .0681 AlerianEnergyInfr ENFR 8.8 14.09 +0.87 .2842 Direx7-10TreaBr3 TYO 1.8 7.94 ... .0143 FlexShCurrHdgEM TLEH 3.9 24.04 –0.07 .032 IQGlbAgribusSC CROP ... 28.90 +0.87 ... InvscS&PMCQual XMHQ 1.5 49.54 +3.16 .1626
NasdaqNexEcon BLCN 1.5 25.46 +0.61 .0423 AlerianMLPETF AMLP 13.7 26.44 +2.39 .75 Direx7-10TreaBull TYD .6 67.87 –0.15 .0742 FlexShDevMkxUSQu QLVD 1.9 22.94 +0.32 .0444 IQGlobalResources GRES 1.9 24.25 +0.52 .4702 InvscS&PMCValMom XMVM 2.7 25.60 +2.18 .1308
Nasdaq7HANDL HNDL 3.8 23.50 +0.37 .1363 AltMergerArb ARB ... 24.38 –0.42 ... DirexScBear3 TZA 1.8 28.34 –8.37 .0832 FlexShEMQualLo QLVE 2.1 21.46 –0.09 .0066 IQHedgeEventDriven QED 2.1 21.24 +0.44 .4497 InvscS&P100EW EQWL 2.6 53.78 +1.97 .3426
PacerCashCows HERD 2.6 21.03 +1.18 .1116 AmCentDivrsCpBd KORP 2.9 51.17 +0.54 .0972 DirexSCBull2 SMLL 1.1 30.21 +4.12 .1654 FlexGlbQualRealEst GQRE 5.6 48.78 +2.35 .065 IQHedgeL/STracker QLS 1.6 21.70 +0.52 .3534 InvscS&PSCLowVol XSLV 5.1 32.31 +1.94 .4651
PacerEMCashCows ECOW 10.8 19.30 +0.82 .0262 AmCentDivrsMuni TAXF 2.3 51.71 +0.64 .0974 DirexSCBull3 TNA 1.3 24.03 +4.57 .1496 FlexGlbUpstmNatRsc GUNR 4.0 26.36 +1.08 .2545 IQ HedMacrTrac MCRO 1.4 25.86 +0.26 .3611 InvscS&PSCMom XSMO 1.3 33.90 +2.86 .1662
PrincipalContVal PVAL 2.2 21.81 +1.35 .1287 AmCentQulDivIn QINT 2.1 36.42 +1.29 .2091 DirexKRBull3 KORU 2.7 9.05 +0.67 .19 FSHiYdValScored HYGV 7.9 43.85 +1.55 .2239 IQHedgeMktNeut QMN ... 25.88 +0.31 ... InvscS&PSC600EW EWSC 2.3 42.02 +3.64 .1023
PrincipalHlthInnov BTEC ... 43.46 +1.66 ... AmCentStoxxUSQ QGRO .4 46.25 +1.91 .0475 DirexTechBear3 TECS 4.9 27.78 –3.09 .1304 FlexShiBoxx5YTIPS TDTF 2.3 26.42 +0.08 .0714 IQ HedMultStra QAI 2.0 29.71 +0.39 .5878 InvscS&P600PrGrw RZG 1.0 92.23 +8.06 .2701
PrincplMillennials GENY .8 38.60 +1.90 .024 AmCentSTOXXUSQual VALQ 2.8 34.75 +1.61 .2122 DirexTechBull3 TECL .2 186.66 +16.58 .1945 FlexiBx3YDurTIPS TDTT 2.5 25.02 +0.09 .0678 IQLeadersGTAATrkr QGTA 4.2 21.77 +0.46 .391 InvscS&P600PrVal RZV 1.6 42.23 +3.83 .1676
PrincipalPriceSet PSET 1.5 36.86 +2.06 .136 AmpAdvBattery BATT ... 8.04 +0.31 ... DirexTransportBl3 TPOR 2.2 8.86 +1.95 .0135 FlexShIntQualDiv IQDE 6.3 17.81 +0.37 .1528 IQMacKayMuniIns MMIN 2.4 26.90 +0.27 .0528 InvscS&P600Rev RWJ 1.9 50.87 +3.84 .2659
PrincipalShrhldrYd PY 2.9 25.92 +1.65 .1371 AmplifyBlackSwan SWAN 1.1 29.90 +0.38 .0742 Direx20+TreaBr1 TYBS 2.4 13.97 +0.10 .0823 FlexShIntQuDivDyn IQDY 5.1 20.70 +0.51 .139 IQMacKayMuniInter MMIT 2.6 25.97 +0.31 .0518 InvscS&PSCValMom XSVM 2.6 22.84 +2.15 .1889
PrincUSLCMulti PLC 1.6 24.33 +0.81 .1016 AmpCWPEnhDiv DIVO 5.9 27.69 +0.41 .1246 Direx20+TreaBr3 TMV 3.3 51.14 +0.97 .202 FlexShIntlQualDiv IQDF 6.0 18.67 +0.38 .1764 IQMergerArbitrage MNA ... 30.99 –0.27 ... InvscS&PSpin-Off CSD ... 34.84 +3.14 ...
PrincipalUSMega USMC 2.2 29.33 +0.52 .1468 AmpCrowdBureau LEND 8.3 11.83 +0.20 .9809 Direx20+YrTrBull TMF .7 42.01 –1.02 .0993 FlexShMDevMktxUS TLTD 4.6 50.23 +1.62 .2343 IQRealReturn CPI 2.2 26.87 +0.22 .5929 InvscS&PUltDiv RDIV 5.8 26.22 +2.03 .2843
PrincipalUSSCMulti PSC 1.6 25.43 +2.10 .0783 AmpEASITactGrw EASI .8 20.79 +0.53 .1005 DirexUtilBl3X UTSL 3.7 20.22 +1.58 .1473 FlexShEM FactTilt TLTE 4.2 41.27 +0.45 .0676 IQS&PHYLowVolBd HYLV 4.4 24.32 +0.51 .0846 InvscSrLoan BKLN 4.9 21.24 +0.48 .0606
PrincUSS-MCMulti PSM 2.0 20.68 +1.75 .0975 AmplifyHiIncm YYY 11.2 13.92 +0.60 .13 DirexRussIntOvUS RWIU 3.7 41.78 +0.87 .2646 FlexShQualDivDef QDEF 3.0 40.59 +1.11 .2599 IQ US RealEstSC ROOF 8.1 16.28 +1.41 .15 InvscSolar TAN .3 32.70 +1.81 .0908
ProcureSpace UFO .6 18.61 +1.48 .0674 AmplifyOnlRetail XBUY .2 30.03 +1.48 .0602 DirexRussUSOvInt RWUI 1.3 61.76 +2.92 .3884 FlexShQualDivDyn QDYN 4.1 39.77 +1.38 .6185 IQ UltShrtDur ULTR 2.2 49.15 +0.14 .0545 InvscTaxMuniBd BAB 3.6 31.73 –0.01 .0939
ProShEquRising EQRR 3.3 27.38 +1.28 .224 AmpSeymCannabis CNBS .7 11.72 +1.86 .0771 DirexFlight FLYT .9 51.50 +0.14 .1209 FlexShQualityDiv QDF 3.2 40.50 +1.24 .2635 IdeaNextVeh EKAR 1.3 19.85 +0.97 .2499 InvscTotalRetBd GTO 2.4 55.48 +0.65 .1283
ProShUltNdBio BIB ... 69.58 +1.22 ... AmplifyTransData BLOK ... 18.89 +0.41 ... DirexCyclODef RWCD 1.3 62.68 +3.70 .2294 FlexShReadyAcc RAVI 2.3 75.88 +0.12 .1126 iMDBiHedgeStrat DBEH .2 23.96 +0.50 .0183 InvscTreaCollat CLTL 1.8 105.87 –0.07 .079
ProShUltPrQQQ TQQQ .0 79.22 +6.33 .0313 ArkFinInnov ARKF .0 27.58 +1.32 .3008 DirexDevOverEM RWDE 3.5 47.60 +2.05 .7107 FlexShSTOXXGlb NFRA 2.7 45.83 +1.47 .2185 iMDBiMgdFut DBMF .5 25.42 –0.40 .0174 InvscUltShtDur GSY 2.4 50.17 –0.02 .0791
ProShUltShtQQQ SQQQ 6.1 9.87 –0.93 .0652 ArmorUSEquity ARMR ... 16.81 +0.53 ... DirexEmOvDevMk RWED 3.6 42.86 +0.06 1.1265 FlexShUSQualLo QLV 1.3 38.33 +1.17 .1175 ImpactNAACPMinrty NACP 1.2 22.19 +0.66 .0628 InvscVRDOTaxFrWk PVI .9 24.93 –0.05 .0044
ProShUltShNdBtech BIS 2.8 8.65 –0.18 .0264 ArrowDJGlobalYd GYLD 10.7 11.25 +0.78 .0406 DirexMSCILvL ESNG 1.3 48.17 +1.35 .1554 FrankFTSEAsiaxJpn FLAX 4.0 19.20 –0.15 .3804 ImpactSustain SDGA 1.9 19.27 +0.37 .0858 InvscVarRtPfd VRP 5.2 23.17 +0.34 .0898
SPDRDorseyWrightFx DWFI 3.4 22.59 +0.25 .0679 ArrowQVMEquityFact QVM 4.5 20.32 –0.01 .0851 DirexNasd100EW QQQE .7 55.15 +2.16 .0863 FrankFTSEAustralia FLAU 4.4 20.30 +0.80 .6893 ImpactShsYWCAWomen WOMN 1.3 21.84 +0.67 .0634 InvscWildClnEngy PBW 1.9 32.95 +2.17 .1181
SoFiGigEcon GIGE ... 21.39 +0.66 ... AvantisEM AVEM .9 42.97 +0.42 .1895 DirexRsLgOvSC RWLS 1.4 62.02 +0.90 .4185 FrankFTSEBrazil FLBR 4.1 15.21 +1.50 .0589 IndSelSectorSPDR XLI 2.4 63.84 +4.38 .3958 InvscZacksMC CZA 1.9 57.49 +3.20 1.0741
TigerChinaUS TTTN ... 31.90 +0.59 ... AvantisIntlEquity AVDE .7 43.34 +1.60 .1575 DirexRs1000GrOvVal RWGV .5 76.59 +1.99 .1856 FrankFTSECanada FLCA 3.4 21.73 +0.51 .373 InfraCapMLP AMZA 38.4 19.73 +2.46 .23 InvscZacksMltIncm CVY 4.8 15.53 +1.04 .1823
VanEckBiotech BBH .3 158.22 +0.55 .4724 AvantisIntlSCValue AVDV 1.0 41.58 +1.52 .2024 DirexRs1000ValOvGr RWVG 2.7 40.48 +1.78 .6916 FrankFTSEChina FLCH 4.0 23.07 –0.48 .4582 InfraCapREITPfd PFFR 8.5 19.95 +0.52 .12 iPathBloomCocoaTR NIB ... 27.77 –0.04 ...
VanEckFallAnglHYBd ANGL 5.5 27.50 +0.90 .1077 AvantisUSEquityETF AVUS 1.5 47.31 +2.06 .1527 DirexRsSmOvLC RWSL 1.3 42.33 +3.88 .2968 FrankFTSEEurope FLEE 4.1 20.27 +0.84 .3431 InfusiveComp JOYY ... 25.00 +0.64 ... iPathBloomCommTR DJP ... 16.89 +0.46 ...
VanEckGaming BJK 3.8 32.55 +1.84 1.2308 AvantisUSSCValue AVUV 1.7 37.56 +3.59 .1042 DirexS&P500HiMin QMJ 1.3 48.04 +0.39 .1613 FrankFTSEEurHdg FLEH 11.3 20.63 +0.75 .3083 InnovNextProto KOIN 1.7 27.71 +0.76 .466 iPathBloomLeadTR LD ... 34.32 +0.97 ...
VanEckPharm PPH 1.8 61.41 +0.79 .3374 BNYMellonCoreBd BKAG ... 50.31 +0.19 ... DirexZacksMLPHiIn ZMLP 20.6 58.20 +5.32 2.40 FrankFTSEFrance FLFR 2.9 19.88 +0.86 .2828 InnovIBDBreakout BOUT ... 21.26 +0.14 ... iPathGSCI nts GSP ... 7.84 +0.27 ...
VanEckRetail RTH .9 125.13 +2.64 1.0901 BNYMellonEM BKEM ... 51.87 +0.91 ... DistillUSFundSt DSTL 1.0 29.01 +1.30 .2972 FrankFTSEGermany FLGR 1.0 18.89 +1.15 .0944 InnovIBDLdrs LDRS ... 19.37 +0.39 ... iPathGoldETN GBUG ... 29.11 –0.14 ...
VanEckSemiconduc SMH ... 137.99 +6.79 ... BNYMellonHYBeta BKHY ... 51.66 +1.42 ... EmgqEM Internet EMQQ 1.2 38.82 +0.84 .4549 FrankFTSE HK FLHK 4.0 20.47 –0.87 .4084 InnovatorIBD50 FFTY ... 31.70 +0.16 ... iPathPBBroadCmod BCM ... 23.75 +0.65 ...
VanEckVideoGam ESPO .2 47.01 +1.71 .0834 BNYM LC Core BKLC ... 55.87 +1.59 ... ETFMGAltHarvest MJ 6.3 14.03 +2.04 .10 FrankFTSEIndia FLIN .4 17.28 +0.10 .0323 InnovLoupFrontier LOUP ... 27.81 +1.48 ... iPathPBCrudeOil OLEM ... 10.49 +1.25 ...
VangdEM GovBd VWOB 5.0 75.67 +2.57 .2544 BarclaysETN FI Enh FLEU ... 90.22 +5.42 ... ETFMG PrimeCyber HACK 1.5 42.91 +1.47 .58 FrankFTSEItaly FLIY 2.5 17.88 +0.81 .2244 InnovEAFEPwrJan IJAN ... 22.53 +0.50 ... iPathBlmAgricult JJA ... 37.94 +0.06 ...
VangdGlblxUS RE VNQI 10.3 43.46 +0.62 3.6471 BarclaysFIEnhEur50 FFEU ... 62.47 +4.17 ... ETFMGPrmJrSilv SILJ 1.6 11.37 +0.65 .17 FrankFTSEJapan FLJP 2.6 23.30 +0.44 .2976 InnovEAFEPwrJul IJUL .0 22.21 +0.43 .2347 iPathBlmAlum JJU ... 33.10 +0.91 ...
VangdIntrCorpBd VCIT 3.2 92.37 +1.07 .218 BarclaysETN HY FIYY ... 73.82 +3.49 ... ETFMG PrimeMob IPAY .0 46.28 +2.84 .015 FrankFTSELatAm FLLA 5.5 16.19 +1.30 .4592 InnovEMPwrJan EJAN ... 24.51 +0.25 ... iPathBlmCoffee JO ... 32.80 –0.99 ...
VangdIntermTrmTrea VGIT 2.0 70.56 –0.01 .0933 Barrons400ETF BFOR .8 37.15 +2.14 .295 ETFMGSitUltra VALT 1.9 48.96 +0.08 .0914 FrankFTSEMexico FLMX 4.7 15.38 +0.82 .3613 InnovEMPwrJuly EJUL ... 24.20 +0.16 ... iPathBlmCopper JJC ... 37.06 +0.12 ...
VangdIntlDivApp VIGI 2.3 62.31 +1.61 .1382 BlkRkUSEqRotat DYNF 1.8 25.30 +0.91 .1139 ETFMG TravelTech AWAY ... 17.55 +2.31 ... FrankFTSERussia FLRU 14.2 22.26 +1.58 .171 InspireCpBdImp IBD 2.3 25.71 +0.22 .0419 iPathBlmCotton BAL ... 33.69 –0.26 ...
VangdIntlHiDiv VYMI 5.3 47.38 +1.36 .2772 BlueStarIsrael ITEQ .0 46.02 +2.66 .01 ETRACS Alerian MLP AMU 12.3 9.18 +0.85 .2726 FrankFTSESAfrica FLZA 13.4 17.27 +1.11 .376 InspireGlblHope BLES 2.7 24.26 +1.36 .1337 iPathBlmEnergy JJE ... 23.98 +1.54 ...
VangdLTCorpBd VCLT 3.8 102.71 +2.23 .3025 BrandValueETF BVAL 1.4 14.99 +0.54 .2089 ETRACSAlerianMLP AMUB 12.3 9.17 +0.83 .2726 FrankFTSE SKorea FLKR 4.5 17.99 +0.44 .4017 InspireIntlESGETF WWJD .8 21.77 +0.99 .0915 iPathBlmGrains JJG ... 39.11 –0.18 ...
VangdLong-TermTrea VGLT 2.0 101.02 –0.66 .1553 BreakwDryBulk BDRY ... 4.88 +0.71 ... ETRACSAlernMLPInfr MLPB 12.8 12.25 +1.06 .3963 FrankFTSESwitz FLSW .1 25.89 +0.60 .0169 Inspire100ETF BIBL 1.4 28.63 +1.18 .0989 iPathBlmIndMet JJM ... 37.17 +1.07 ...
VangdMBS VMBS 2.5 54.53 ... .0951 CP HY Trend HYTR 2.6 23.60 –0.02 .0105 ETRACSBloomETN DJCB ... 11.58 +0.26 ... FrankFTSETaiwan FLTW 6.7 25.61 +0.04 .8586 InspireS/MC Impact ISMD 1.4 21.52 +1.58 .1116 iPathBlmLivestk COW ... 31.95 –0.61 ...
VangdRuss1000 VONE 1.9 135.37 +4.69 .6364 CTracksETN2026 MLPE 14.2 11.44 +1.29 .4162 S&P2xDivAristoETN SDYL 8.7 61.15 +6.10 .3074 FrankFTSE UK FLGB 6.0 18.74 +0.64 .5304 InvscActvUSRlEst PSR 3.9 75.53 +4.77 .6982 iPathBBloomNatGas GAZ ... 18.10 +0.53 ...
VangdRuss1000Grw VONG 1.1 185.56 +5.51 .4918 CTrksETNsMillerHwd MLPC 13.2 8.00 +0.57 .2696 ETRACSMonthPay2x SMHB 64.1 4.18 +0.98 .0659 FrankIntMunOpp FLMI 2.7 24.92 +0.23 .0526 InvscAero&Def PPA 1.6 53.21 +3.70 .2875 iPathBlmNickel JJN ... 49.13 +1.75 ...
VangdRuss1000Val VONV 3.0 95.92 +3.75 .7137 CannabisETF THCX 3.8 10.92 +2.08 .4176 ETRACS2xLvHiDiv HDLB 23.9 9.63 +1.14 .0652 FrankInvGradeCp FLCO 3.4 25.77 +0.50 .128 InvscCA AMT-Fr PWZ 2.5 27.22 +0.36 .0562 iPathBlmPlatinum PGM ... 42.72 +3.58 ...
VangdRuss3000 VTHR 1.9 133.08 +4.62 .5821 ChgFinUSLCFoss CHGX .9 21.58 +0.70 .2009 ETRACS 2xLvWF LMLB 37.5 7.52 +1.18 .0305 FrankMuniBd FLMB 2.4 26.57 +0.30 .0805 InvscCEFIncmComp PCEF 8.8 19.04 +0.63 .1443 iPathBlmPrecMet JJP ... 59.98 +1.00 ...
VangdRuss2000 VTWO 1.6 108.58 +7.73 .1282 Velocity4xAUDUSD UAUD ... 11.61 +0.80 ... ETRACSNYSEPick PYPE 12.2 13.78 +1.27 .4272 FrankShtDurUSGovt FTSD 2.5 95.69 +0.24 .0995 InvscChinaTech CQQQ .0 52.25 –1.84 .0052 iPathBlmSofts JJS ... 34.37 +0.39 ...
VangdRuss2000Grw VTWG .8 142.35 +9.02 .2343 Velocity4XCHFUSD UCHF ... 19.27 +0.09 ... ETRACS2xMLvWF BDCY 61.3 6.67 +1.10 .8541 FrankSysStyle FLSP .0 22.74 –0.23 .005 InvscCleantech PZD .7 45.11 +3.09 .0749 iPathBlmSugar SGG ... 35.07 +1.72 ...
VangdRuss2000Val VTWV 2.5 79.77 +6.59 .1059 Velocity4XEURUSD UEUR ... 13.71 +0.48 ... ETRACS2xM092548 PFFL 15.3 16.24 +0.74 .1425 FrankUSCoreBd FLCB 2.2 26.02 +0.17 .0633 InvscCurrShAUD FXA .2 65.28 +1.21 .0058 iPathShillerCape CAPE ... 133.87 +6.31 ...
VangdSTCpBd VCSH 2.8 81.69 +0.43 .1691 Velocity4XGBPUSD UGBP ... 13.47 +0.24 ... ETRACSUBSBloomberg UCIB ... 11.38 +0.43 ... FrankUSLowVol FLLV 1.7 35.03 +1.01 .0859 InvscCurrShGBP FXB ... 117.89 +0.48 ... iPathSilverETN SBUG ... 24.52 +0.43 ...
VangdShtTmInfltn VTIP 1.9 49.75 +0.16 .3514 Velocity4XJPYUSD UJPY ... 23.10 –0.32 ... ETRACSWFBusDev BDCZ 12.7 13.56 +1.10 .4474 FranklinLibEM FLQE 12.7 23.54 +0.51 .2875 InvscCurrShCAD FXC .7 70.51 +0.56 .0559 iShAAA-ARtdCorpBd QLTA 2.8 56.87 +0.70 .1171
VangdShortTermTrea VGSH 2.0 62.25 –0.02 .0705 Velocity4xUSDAUD DAUD ... 38.31 –3.09 ... E-TRACS Agri UAG ... 13.76 +0.08 ... FranklinLibQGlbDiv FLQD 4.2 24.72 +0.68 .0993 InvscCurrShEuro FXE ... 102.99 +0.80 ... iShA/PDividend DVYA 7.1 30.98 +0.42 .4375
VangdTotalBd BND 2.5 87.65 +0.30 .1738 Velocity4XUSDCHF DCHF ... 26.99 –0.05 ... E-TRACS CMCI UCI ... 11.40 +0.43 ... FranklinGlbEquity FLQG 3.8 29.39 +0.64 .5623 InvscCurrShJPY FXY ... 88.03 –0.32 ... iShAgencyBond AGZ 2.0 121.15 –0.03 .1564
VangdTotalCpBd VTC 3.3 89.46 +1.09 .2222 Velocity4XUSDEUR DEUR ... 38.33 –1.34 ... E-TRACS Food FUD ... 13.85 +0.01 ... FranklinIntlEquity FLQH .0 23.72 +0.49 .2437 InvscCurrShCHF FXF ... 94.44 +0.03 ... iShCMBSETF CMBS 2.7 53.71 –0.36 .1163
VangdTotIntlBd BNDX 3.3 57.36 +0.21 .0465 Velocity4XUSDGBP DGBP ... 33.65 –0.67 ... E-TRACS Gold UBG ... 43.85 –0.37 ... GS ConnS&PGSCI GSC ... 13.00 +1.69 ... InvscDBComm DBC 2.2 11.55 +0.35 .2538 iShGovt/CreditBond GBF 2.4 124.10 +0.74 .1803
VangdTotIntlStk VXUS 3.6 45.45 +1.23 .1058 Velocity4XUSDJPY DJPY ... 22.15 +0.17 ... E-TRACS Silvr USV ... 21.84 +0.84 ... GadsdenDynMult GDMA 1.8 25.26 +0.08 .0324 InvscDBAgriFd DBA 1.9 13.51 –0.02 .2572 iSh10-20YTreasBd TLH 1.9 167.96 –0.55 .1954
VangdTotWorldBd BNDW 2.9 80.93 +0.27 .1128 ClaymoreIdxLnk GCE 13.1 10.90 +0.38 .2613 ElemntsRogrAgri RJA ... 4.83 +0.03 ... GlbBetaSmartIncm GBDV 6.8 13.74 +0.74 .232 InvscDBBaseMet DBB 2.1 12.75 +0.21 .2725 iSh0-5YTIPSBd STIP 2.5 101.47 +0.28 .2854
Velocity3xLgSilver USLV ... 63.60 +5.20 ... ClearSharesOCIO OCIO 6.4 25.89 +0.52 .2094 ElemntsRogrEngy RJN ... 1.26 +0.10 ... GlbXAdaptiveUS AUSF 4.7 19.89 +0.81 .175 InvscDBEnerFd DBE 3.1 8.52 +0.52 .2623 iShBloomRollSel CMDY ... 37.06 +0.53 ...
VS2xVIXShortTerm TVIX ... 151.27 –24.82 ... ClearUltShMat OPER 1.3 100.12 –0.01 .04 ElemntsRogrMtls RJZ ... 7.83 +0.19 ... GlbXCopperMiners COPX 1.9 14.83 +0.79 .0546 InvscDBG10Curr DBV 1.5 23.12 +0.40 .3445 iShCalifMuniBd CMF 2.0 62.37 +0.82 .1088
VSInvVIXMedTerm ZIV ... 30.39 +0.71 ... ColumbiaDivFixed DIAL 3.1 20.86 +0.36 .049 ElemntsRogrTr RJI ... 3.76 +0.17 ... GlbXFTSENordReg GXF 2.7 19.97 +1.02 .0185 InvscDBGoldFd DGL ... 51.63 –0.24 ... iShAggrAllocation AOA 2.8 51.97 +1.45 .1621
VSVIXShortTerm VIIX ... 72.84 –4.85 ... ColumbiaEMCoreXCh XCEM 2.9 20.56 +0.53 .5874 ElemntsSpectrmLC EEH ... 22.21 +0.69 ... GlbX FTSE SE Asia ASEA 3.5 11.52 +0.16 .1565 InvscDBOilFund DBO ... 6.30 +0.49 ... iShConsAllocat AOK 2.7 35.43 +0.47 .0499
VicShDevEnhVol CIZ 2.7 25.85 +0.41 .0165 ColumbiaEMConsumer ECON ... 20.71 +0.17 ... ElemntsBiofuels FUE ... 5.19 +0.44 ... GlbXFertilizersPot SOIL 1.5 6.83 +0.35 .0244 InvscDBPrecMetls DBP 1.1 46.10 +0.07 .5253 iShCoreDivGrowth DGRO 2.7 36.15 +1.10 .2468
VicShDivAccel VSDA 1.5 31.96 +1.09 .0272 ColumbiaIndiaCnsmr INCO .4 33.74 +0.74 .12 ElemntsGrain GRU ... 2.75 –0.05 ... GlbX GoldExplorers GOEX 1.4 30.43 +0.75 .4134 InvscDBSilverFd DBS ... 25.20 +0.72 ... iShCore5-10YUSDBd IMTB 2.7 51.89 +0.34 .1104
VicShEMHiDivVol CEY 5.6 18.69 +0.56 .0941 ColumbiaMultMun MUST 2.5 21.36 +0.26 .0407 EnSelectSectorSPDR XLE 6.0 38.48 +2.49 .5658 GlbX GuruIndex GURU .4 33.11 +1.42 .061 InvscDBUSDBear UDN ... 19.76 +0.12 ... iShGrwthAllocation AOR 2.7 44.35 +1.00 .1857
VicShEMVolWtd CEZ 2.8 20.69 +0.60 .0477 ColumbiaResEnhCore RECS .5 19.78 +0.64 .106 ER Entrepreneur30 ENTR .1 20.47 +0.21 .0144 GlbXLithium&Batt LIT 1.9 26.88 +1.97 .2818 InvscDBUSDBull UUP 1.9 26.99 –0.19 .5261 iShCoreHiDividend HDV 4.1 81.01 +2.00 .9144
VicShIntlHiDivVol CID 5.5 23.44 +0.71 .0533 ColumbiaSustIntl ESGN 4.3 20.13 +0.48 .075 EthoClimateLeader ETHO .9 38.29 +1.64 .05 GlbX MLP&Energy MLPX 8.8 25.11 +1.62 .5405 InvscDefEquity DEF 1.3 49.47 +0.83 .6475 iShCoreMSCIEM IEMG ... 43.53 +0.51 ...
VicShIntlVolWtd CIL 2.7 32.50 +1.91 .0708 ColumbiaSustUSEqu ESGS 3.2 23.34 +1.03 .169 FIEnhEurope50ETN FIEE ... 105.76 +6.49 ... GlbX MLP MLPA 14.3 28.80 +2.31 .90 InvscDJIADiv DJD 3.4 32.80 +0.85 .2878 iShCoreMSCIEurope IEUR 4.1 39.75 +1.70 .3957
VicShUSDiscEnhVol CSF 1.4 36.82 +2.26 .0338 CommSvsSPDR XLC .9 53.71 +2.46 .113 FidelityCorpBd FCOR 3.0 53.69 +0.88 .131 GlbXMSCIArgentina ARGT 1.4 22.24 +1.83 .0778 InvscDynBiotech PBE .0 58.54 +1.44 .029 iShMSCIIntlDev IDEV 3.9 47.86 +1.62 .7708
VicShUSEQIncmEnh CDC 3.2 44.76 +1.30 .065 CnsmrDiscSelSector XLY 1.4 121.23 +5.75 .4237 FidelityDivRising FDRR 3.8 29.37 +0.93 .413 GlbXMSCIChinaCm CHIC .6 22.01 –0.64 .0499 InvscDynBuilding PKB .5 27.86 +3.43 .0192 iShCoreMSCIPacific IPAC 4.0 49.86 +0.85 1.1496
VicShUS500EnhVol CFO 1.3 50.55 +1.14 .012 CnsStapleSelSector XLP 2.8 57.47 +0.08 .2874 FidelityHiDiv FDVV 4.8 25.60 +0.99 .313 GlXMSCIChinaCnsDisc CHIQ 1.1 17.65 –0.31 .0514 InvscDynEnerExpl PXE 2.9 9.72 +0.91 .0436 iShModAllocation AOM 2.7 38.61 +0.64 .1888
VicShUS500Vol CFA 1.6 48.15 +2.01 .0397 CoreAlternative CCOR 1.2 27.49 –0.40 .14 FidelityHYFactor FDHY 4.7 51.42 +1.48 .215 GlbXMSCIChCS CHIS 1.0 22.50 –0.54 .601 InvscDynFood&Bev PBJ 1.5 30.60 +0.19 .0745 iShCoreS&P500 IVV 2.2 296.41 +9.25 1.5314
VicShUSLCHiDivVol CDL 4.3 37.55 +1.42 .0839 CSFIEnhEur50ETN FEUL ... 60.02 +3.50 ... FidelityIntlHiDiv FIDI 6.1 14.93 +0.30 .254 GlbXMSCIChinaEner CHIE 6.1 7.78 –0.02 .2881 InvscDynLCGrw PWB .5 51.55 +1.65 .0559 iShCoreS&P MC IJH 2.0 169.30 +11.60 .8009
VicShUSMultMin VSMV 2.4 29.57 +0.60 .0492 CS FI LC Grwth FLGE ... 321.22 +16.80 ... FidelityIntlValue FIVA 4.6 17.24 +0.64 .167 GlbXMSCIChinaFinl CHIX 4.8 13.25 –0.20 .4514 InvscDynLCValue PWV 2.9 32.54 +0.98 .2802 iShCoreS&P SC IJR 1.9 63.76 +5.14 .2519
VicShUSSCHiDiv CSB 4.5 34.00 +2.46 .1547 CSX Mthly2xLvMtg REML 127.0 2.91 +0.53 .0177 FidelityLtdTermBd FLTB 2.4 51.71 +0.23 .097 GlbXMSCIChinaHC CHIH .3 19.55 –0.91 .1088 InvscDynLeisure PEJ .9 28.80 +3.05 .0687 iShS&PTotlUSStkMkt ITOT 2.0 66.17 +2.43 .2691
VicShUSSCVolWtd CSA 1.7 37.19 +3.53 .0509 DBGoldDoubleLg DGP ... 39.44 –0.47 ... FidelityLowVol FDLO 1.7 35.40 +0.93 .167 GlbXMSCIChinaIndls CHII 2.3 12.05 –0.45 .1154 InvscDynMarket PWC 1.4 83.80 +3.48 .3297 iShCore10+YUSDBd ILTB 3.2 73.67 +1.03 .185
VS3XInvrsGold DGLD ... 16.36 +0.24 ... DBGoldDoubleShrt DZZ ... 3.77 –0.13 ... FidelityCommSvs FCOM .9 34.94 +1.54 .089 GlbXMSCIChinaIT CHIK .7 19.40 –1.38 .2209 InvscDynMedia PBS .5 30.03 +1.95 .0872 iShCoreUSAggBd AGG 2.5 117.44 +0.41 .2363
VS 3X INV SILVER DSLV ... 10.58 –1.28 ... DBGoldShortETN DGZ ... 10.89 –0.18 ... FidelityMSCICnDisc FDIS 1.2 48.03 +2.31 .151 GlbXMSCIChLC50 CHIL 2.0 27.24 –0.47 .2183 InvscDynNetwkg PXQ .3 61.96 +3.30 .0195 iShCoreUS REIT USRT 4.5 40.71 +2.81 .4348
VS 3X GOLD UGLD ... 191.78 –4.72 ... DayHaganNedRes SSUS ... 22.84 +0.87 ... FidelityMSCICnStpl FSTA 2.8 34.14 +0.17 .248 GlbXMSCIChinaMatls CHIM 4.5 14.44 –0.25 .4036 InvscDynOil&GasSv PXJ 3.2 2.36 +0.20 .058 iShCurrHdgNikk400 HJPX 2.2 26.67 +0.63 .3679
WahedFTSEUSAShar HLAL 1.5 25.26 +0.82 .10 DeepValueETF DVP 9.1 19.91 +1.14 .7348 FidelityMSCIEn FENY 10.0 10.04 +0.65 .11 GlbXMSCIChRlEst CHIR 4.6 15.17 –0.53 .2624 InvscDynPharm PJP .9 63.68 +0.38 .136 iShCurHdgMSCIUS HAWX 3.8 24.08 +0.43 .4535
WstAstShrtDur WINC 4.6 24.24 +0.37 .188 DefianceNextGen FIVG 1.0 25.38 +1.31 .0528 FidelityMSCIFinls FNCL 3.2 31.19 +1.52 .29 GlbXMSCIChUtil CHIU 2.5 12.98 –0.40 .1231 InvscDynSemicon PSI .6 67.20 +3.74 .051 iShCurrHdgMSCICda HEWC 2.1 24.17 +0.49 .2321
WstAstTR WBND 3.2 27.22 +0.65 .0537 DefianceQuantum QTUM .7 27.95 +1.61 .0302 FidelityMSCIHlthCr FHLC 1.4 49.29 –0.07 .254 GlbXMSCIColombia GXG 5.4 22.06 +1.37 .5846 InvscDynSoftware PSJ .1 106.92 +2.94 .0559 iShCurHdgMSCIEAFE HSCZ 4.1 25.97 +1.00 .4522
WisdTrChinaxSOE CXSE 1.0 82.65 –1.82 .024 DeltaShS&P500Mgd DMRL 1.6 56.90 +0.32 .2156 FidelityMSCIIndls FIDU 2.2 33.42 +2.32 .185 GlbX MSCIGreece GREK 3.8 18.00 +0.66 .5567 InvscEMSovDebt PCY 5.6 25.56 +0.66 .116 iShCurHdMSCIEurozn HEZU 3.4 25.60 +1.10 .7588
WisdTrEMConGrwth EMCG 3.3 19.43 +0.21 .02 DeltaShS&P400Mgd DMRM 1.3 46.81 +0.38 .1204 FidelityMSCIIT FTEC 1.1 75.81 +2.67 .279 GlbXMSCINextEm EMFM 3.7 15.77 +0.51 .241 InvscFinlPfd PGF 5.3 17.93 +0.34 .0795 iShCurHdgMSCIItaly HEWI 5.6 13.55 +0.49 .1934
M22 BARRON’S May 25, 2020

Exchange-Traded Portfolios
Tick Div Tick Div Tick Div Tick Div Tick Div Tick Div
Name Sym Yld Last Chg. Amt. Name Sym Yld Last Chg. Amt. Name Sym Yld Last Chg. Amt. Name Sym Yld Last Chg. Amt. Name Sym Yld Last Chg. Amt. Name Sym Yld Last Chg. Amt.
iShCurrHdMSCIJapan HEWJ 3.1 29.10 +0.58 .3945 iShRussellMCValue IWS 2.8 72.42 +4.13 .5893 PGIMQMAStrAlSCG PQSG .7 44.30 +4.11 .0608 ProShrUSTech REW 2.2 7.60 –0.67 .0097 SchwabFundUSBrd FNDB 2.7 34.73 +1.46 .2224 VangdHlthCr VHT 1.5 191.02 –0.28 .445
iShCurHdgMSCIMex HEWW 4.5 13.34 –0.01 .2206 iShRussellTop200Gr IWY 1.0 100.24 +2.65 .2498 PGIMUltraShBd PULS 2.7 49.50 +0.10 .0913 ProShUltraSh20+ TBT 3.2 15.82 +0.22 .052 SchwabFundUSLrgCo FNDX 2.7 35.39 +1.36 .2249 VangdHiDiv VYM 3.6 76.95 +2.01 .5544
iShCurrHdgMSCISK HEWY 2.5 19.34 +0.63 .0163 iShRussellTop200 IWL 1.9 70.81 +1.99 .2641 PIMCO25+YrZeroCoup ZROZ 1.8 175.26 –2.74 .85 ProShrUSUtil SDP .9 12.92 –0.94 .0118 SchwabFundUSSmCo FNDA 1.9 29.87 +2.44 .0827 VangdIndls VIS 2.1 120.78 +8.44 .6553
iShCurHdgMSCISpain HEWP 5.6 16.04 +0.42 .3186 iShRussellTop200Vl IWX 2.9 47.94 +1.40 .3043 PIMCO ActiveBd BOND 3.2 109.74 +0.36 .26 ProShUltShtYen YCS ... 74.17 +0.45 ... SchwabIntmUSTrsr SCHR 2.1 58.74 –0.06 .0861 VangdIntermBd BIV 2.6 91.86 +0.56 .1778
iShCurHdgMSCISwitz HEWL 2.1 28.85 +0.63 .5962 iShS&P100 OEF 2.0 136.02 +3.48 .5967 PIMCOBrdUSTIPSIdx TIPZ 2.1 62.55 +0.11 .15 ProShsVIXMTFut VIXM ... 39.99 –0.96 ... SchwabIntEquity SCHF 3.6 27.65 +0.84 .734 VangdLC VV 1.9 136.60 +4.33 .639
iShCurrHdgMSCIUK HEWU 5.2 19.66 +0.56 .4212 iShS&PMC400Growth IJK 1.2 214.14 +12.95 .5072 PIMCOEnhLowDur LDUR 3.1 100.43 +0.04 .23 ProShsVIXSTFut VIXY ... 28.16 –1.90 ... SchwabIntlSC SCHC 4.0 27.69 +1.14 .9543 VangdLT Bond BLV 3.1 109.68 +0.74 .2601
iShCybersecurity IHAK .1 29.70 +0.66 .1234 iShS&P500Growth IVW 1.3 196.09 +6.21 .5028 PIMCOEnhShMaturESG EMNT 1.8 100.06 +0.15 .16 Qraft AI US Hi Div HDIV ... 22.19 +0.28 ... SchwabLTUSTrea SCHQ 1.5 57.53 –0.35 .0773 VangdMegaCap MGC 1.9 104.45 +2.99 .4619
iShUSBasicMaterial IYM 2.4 83.94 +3.87 .3409 iShGlobalEnergyETF IXC 7.0 19.75 +1.13 1.4818 PIMCOEnhShMaturity MINT 2.4 100.97 +0.19 .16 QRAFT AI US LC QRFT .4 28.23 +1.03 .9867 Schwab1-5YCpBd SCHJ 1.8 50.67 +0.28 .083 VangdMegaGrwth MGK 1.0 153.03 +4.79 .3047
iShUSConsumerSvcs IYC 1.0 211.98 +9.25 .4896 iShGlobalHealthcr IXJ 1.4 68.23 +0.06 .4789 PIMCO15+USTIPSIdx LTPZ 2.1 82.63 –0.56 .29 QRAFTAIUSLCMom AMOM .2 27.86 +0.67 .443 Schwab1000Index SCHK 2.0 28.97 +1.00 .1314 VangdMegaVal MGV 3.1 71.68 +1.81 .5072
iShUSConsumerGoods IYK 2.5 120.56 +2.99 .586 iShGlobalTechETF IXN 1.0 216.49 +7.08 1.083 PIMCOIntermMuniBd MUNI 2.3 55.25 +0.47 .10 QuadIntRtVol IVOL 3.3 26.75 ... .0794 SchwabSrtTRmUSTrsr SCHO 2.0 51.68 ... .0646 VangdMC VO 1.8 154.84 +7.35 .7357
iShUSFinlServices IYG 2.3 113.11 +4.92 .7515 iShGloblFinancials IXG 4.1 48.13 +1.60 .8192 PIMCOInvGrdCorpBd CORP 3.2 111.17 +1.61 .28 RoboGlbAI THNQ ... 26.38 +1.35 ... SchwabUS AggrBd SCHZ 2.6 55.87 +0.23 .1179 VangdMCGrowth VOT .8 154.92 +6.38 .2737
iShUSHealthcare IYH 1.2 214.10 –1.28 .6126 iShS&P500Value IVE 2.8 105.26 +3.34 .8217 PIMCO1-5USTIPSIdx STPZ 2.3 52.70 +0.22 .14 RoboGlbHlthTch HTEC ... 29.45 +0.85 ... SchwabUS BrdMkt SCHB 2.1 69.97 +2.54 .3374 VangdMC Val VOE 3.0 91.17 +4.88 .7792
iShUSRealEstate IYR 3.8 73.75 +4.79 .5965 iShIntlDevProperty WPS 9.3 28.55 +0.67 .2731 PIMCO DynMultEM MFEM 3.0 19.01 +0.40 .07 RoboGlblRobotics ROBO .4 41.11 +2.42 .1558 SchwabUS Div SCHD 3.6 50.71 +1.15 .4419 VangdRealEst VNQ 4.3 73.57 +4.77 .6479
iShUSUtilities IDU 3.1 140.28 +4.38 1.1087 iShGlobalConsDiscr RXI 1.7 111.35 +5.42 .7383 PIMCO DynMultIn MFDX 3.6 21.19 +0.66 .11 RPAR RiskParity RPAR .8 20.55 +0.24 .0387 SchwabUS LC SCHX 2.1 70.66 +2.35 .3383 VangdS&P500ETF VOO 1.9 271.55 +8.51 1.178
iShUS Energy IYE 5.4 20.25 +1.28 .2608 iShGlobalUtilities JXI 3.9 51.47 +1.53 1.054 PIMCO DynMultUS MFUS 2.4 26.54 +0.98 .17 RYZZ MgdFut RYZZ ... 21.52 +0.12 ... SchwabUS LC Grw SCHG .8 95.72 +3.08 .1668 VangdS&P500 Grw VOOG 1.2 176.61 +5.46 .446
iShUS Finls IYF 2.3 104.35 +5.04 .6973 iShGlobalMaterials MXI 4.2 57.95 +2.50 .0627 PIMCO RAFI ESG US RAFE 2.1 20.45 +0.97 .19 RealEstSectorSPDR XLRE 3.6 32.70 +1.72 .2018 SchwabUS LC Val SCHV 3.8 48.50 +1.64 .4183 VangdS&P500Val VOOV 2.6 101.94 +3.26 .6316
iShUSHealthcarePrv IHF .7 193.85 +3.14 .2986 iShGloblIndustrial EXI 2.2 77.17 +4.31 1.1015 PIMCOShrtTrmMuniBd SMMU 1.6 50.85 +0.35 .06 RealityDIVS DIVY 2.0 18.35 –0.02 .5954 SchwabUS MC SCHM 1.9 49.68 +3.07 .1957 VangdS&PMC400 IVOO 1.8 114.61 +7.84 .2657
iShUSInsurance IAK 2.8 51.48 +3.74 .5062 iShrsSP GSCI Cmdty GSG ... 9.57 +0.42 ... PIMCO0-5YrHiYdCorp HYS 5.4 89.45 +2.68 .34 RenaissanceIPO IPO .4 36.07 +2.24 .0657 SchwabUS REIT SCHH 3.9 33.43 +2.21 .117 VangdS&P400Grwth IVOG 1.3 132.44 +7.93 1.7219
iShUSOilEquip&Svcs IEZ 5.8 8.06 +0.77 .1158 iShS&PMC400Value IJJ 2.6 126.14 +9.98 .9947 PPTYUSDivrsRealEst PPTY 4.5 24.52 +1.52 .3008 RenaissanceIntlIPO IPOS .9 25.03 +0.48 .0301 SchwabUS SC SCHA 1.8 61.41 +4.37 .2301 VangdS&P400Val IVOV 2.3 97.04 +7.79 2.2747
iShUSPharmaceuticl IHE 1.5 153.64 –1.59 .5866 iShS&PSC600Value IJS 2.4 112.07 +9.24 .5326 PacerAmEnIndepend USAI 10.9 15.98 +1.18 .1701 RivFrDynCoreIncm RFCI 2.3 26.21 +0.08 .0415 Schwab US TIPs SCHP 1.9 59.39 +0.11 .2386 VangdS&P600 VIOO 1.8 116.41 +9.53 2.0859
iShUSRegionalBanks IAT 4.3 31.09 +2.24 .2701 iShGlblConStaples KXI 2.4 50.01 +0.23 .6042 PacerData&Infr SRVR 1.7 33.22 +1.07 .1568 RivFrDynUSDiv RFDA 2.1 30.75 +0.91 .0561 SitRisingRateETF RISE ... 20.36 +0.03 ... VangdS&P600Grwth VIOG 1.3 136.55 +10.99 .2727
iShUSMedDevices IHI .3 260.38 +2.78 .0212 iShNATech-Mult IGN .6 48.90 +2.42 .1226 PacerIndRealEst INDS 2.1 29.66 +1.95 .1059 RivFrDynUSFlex RFFC 1.6 30.61 +1.21 .0468 6MeridianHdg SIXH ... 25.15 +0.07 ... VangdS&P600Val VIOV 2.2 97.24 +8.27 .3032
iShESGUSAggBd EAGG 2.4 56.26 +0.33 .0946 iShSelfDrvngEV IDRV 1.4 25.18 +1.53 .1721 PacerCFRAStovall SZNE 1.7 25.23 +0.38 .2003 RivFrDynUnconInc RFUN 4.7 24.59 +0.42 .087 6MeridianLowBeta SIXL ... 25.54 +0.69 ... VangdST Bond BSV 2.2 82.84 +0.08 .1364
iShEdgeMSCIIntlMom IMTM 2.3 29.35 +0.88 .2048 iShShortNatlMuniBd SUB 1.5 107.87 +0.65 .1316 PacerFTSECnA50 AFTY 4.8 15.51 –0.17 .752 RivFrStratIncm RIGS 4.0 23.73 +0.23 .0719 6MeridianMega SIXA ... 25.27 +0.44 ... VangdSC VB 1.7 137.55 +9.31 .4673
iShEdgeMSCIIntQual IQLT 2.7 27.67 +0.86 .2665 iShSilver SLV ... 16.04 +0.53 ... PacerTrendFd TRND 1.0 24.01 +0.16 .2496 RoundBitEsports NERD .3 17.56 +0.81 .0496 6MeridianSC SIXS ... 26.77 +1.83 ... VangdTaxExemptBd VTEB 2.2 53.65 +0.52 .0934
iShEdgeMSCIIntSize ISZE 2.8 22.72 +0.74 .4598 iShTIPSBondETF TIP 2.1 121.70 +0.15 .2979 PacerTrendpilot PTIN 1.1 23.40 +0.03 .2587 SPDRBlackstoneSrLn SRLN 5.6 42.63 +1.09 .17 SmartTransport MOTO ... 24.47 +1.45 ... VangdTotalStk VTI 1.8 149.26 +5.43 .6136
iShEdgeMSCIIntVal IVLU 4.7 18.30 +0.53 .3664 iShTreaFRBd TFLO 1.7 50.29 –0.02 .005 PacerTrendUSBd PTBD 2.2 25.76 –0.01 .123 SPDRBloomBarCvSecs CWB 3.1 55.78 +2.00 .0817 SoFi50ETF SFYF .8 18.13 +0.79 .1405 VangdTotlWrld VT 2.6 70.41 +2.22 .2205
iShEdgeMSCIMnVlEur EUMV 3.6 22.95 +0.70 .2154 iShDowJonesUS IYY 1.9 145.93 +5.13 .5765 PacerUSCashCows BUL 1.1 23.99 +1.48 .0611 SPDRBBCpBd SPBO 3.3 34.35 +0.49 .0892 SoFiNext500 SFYX 1.2 9.08 +0.52 .0826 VangdUtilities VPU 3.2 124.34 +4.16 .8749
iShEdgeMSCIMinJapn JPMV 4.9 59.55 +0.68 .5574 iShChinaLC FXI 3.2 37.50 –0.45 .7883 PacificGlbSrLoan FLRT 4.4 45.92 +0.44 .1533 SPDRBloomBarEMLoBd EBND 4.7 25.82 +0.52 .0804 SoFiSelect500 SFY 1.1 10.62 +0.32 .082 VangdValue VTV 3.1 97.17 +2.87 .7605
iShEdgeMSCIMultif ACWF 2.8 26.65 +0.92 .3271 iShRussellMCGrowth IWP .6 149.39 +6.25 .211 PerthMintPhGold AAAU ... 17.30 –0.09 ... SPDR BlmBarcHYBd JNK 5.8 100.29 +3.16 .5169 SPDR DJRlEst RWX 12.8 27.38 +0.68 .2155 VelocityShares3xIn DGAZ ... 269.52 –37.75 ...
iShEdgeMSCIMultInt INTF 4.5 21.84 +0.71 .5513 iShUSBrokerDealers IAI 1.9 57.54 +1.34 .3946 PortfPlDevMk PPDM 4.5 18.10 +0.79 .1689 SPDRBloomBarInCpBd IBND .7 32.09 +0.58 .0157 SPDR DJREIT RWR 4.7 73.73 +4.92 .5829 VelocityShares3xLg UGAZ ... 16.13 +0.92 ...
iShEdgeMSCIMlIntSC ISCF 3.5 25.96 +0.96 .5096 iShUSTechBreak TECB 2.1 27.47 +0.86 .1418 PortfPlS&P500 PPLC 3.0 38.86 +1.61 .4031 SPDRBlmBarIntTrBd BWX 1.1 27.94 +0.07 .0235 SPDR DJIA Tr DIA 2.4 244.88 +7.97 .4623 VesperUSLCShort UTRN .7 26.07 +0.60 .8496
iShEdgeMSCIMultUSA LRGF 2.1 30.06 +1.30 .1454 iShUSTech IYW .8 249.01 +9.22 .7253 PortfPlS&PSC PPSC 1.8 25.97 +2.76 .2518 SPDRBlmBarInvGrdFR FLRN 2.5 30.28 +0.06 .0448 SPDR EurSTOXX FEZ 3.4 31.18 +1.68 .0983 VicShUSAACrIntBd UITB 3.0 52.67 +0.41 .1302
iShMultiUSA MC MIDF 1.9 23.98 +1.22 .0892 iShYdOptimizedBd BYLD 3.6 25.45 +0.35 .0747 PrincipalActIncm YLD 5.5 35.32 +0.90 .1544 SPDRBloomBarc1-10Y TIPX 2.5 20.10 +0.09 .0587 SPDR MSCI exUS CWI 3.7 20.99 +0.44 .3931 VicSh USAAShtBd USTB 2.7 50.65 +0.35 .1232
iShEdgeMSCIUSASC SMLF 1.8 34.02 +2.40 .1144 iSh0-5YHYCorpBd SHYG 5.8 42.25 +0.97 .205 PrincInvGrdCp IG 3.7 25.97 +0.44 .0771 SPDRBloomBar1-3MTB BIL 1.6 91.53 ... .0143 SpdrSPIntDiv DWX 5.8 31.27 +0.60 .2411 VicShUSAA EMVal UEVM 3.3 35.53 +0.34 .8977
iShEdgeMSCIUSASize SIZE 1.9 82.98 +3.75 .429 JPM AlerianMLP AMJ 12.2 14.56 +1.32 .4328 PrincUltShtAct USI 2.9 24.97 +0.02 .0522 SPDRBloomBarSTHYBd SJNK 6.1 24.66 +0.64 .1325 SPDR S&PMdCpTr MDY 1.7 309.03 +21.01 1.1098 VicShUSAA IntlVal UIVM 3.6 35.83 +0.99 .0587
iShEM Dividend DVYE 8.2 30.72 +0.92 .3535 JanusHendMtg JMBS 3.4 53.62 +0.14 .1128 ProShDJBrkGlIn TOLZ 3.6 38.59 +1.05 .2385 SPDRBloomBarSTInTr BWZ .4 29.79 +0.22 .0035 SPDR S&P 500 SPY 2.0 295.44 +9.16 1.4056 VicSh USA SC Val USVM 2.0 42.91 +3.25 .01
iShEuropeETF IEV 3.8 37.42 +1.47 .3056 JanusHenShrtDur VNLA 2.8 49.91 +0.09 .0652 ProShDecRetail EMTY .6 36.97 –3.23 .0166 SPDRDoubleTRTact TOTL 3.2 49.08 +0.13 .1265 SPDR S&P Biotch XBI .0 106.05 +3.38 .0009 VicShUSAA USAVal ULVM 2.1 43.15 +2.19 .0546
iShExpTech IGM .5 261.55 +10.26 .4078 HancockConsDisc JHMC 1.3 31.61 +1.85 .2254 ProShHdgReplic HDG .9 44.58 +0.71 .0421 SPDRDJGlbRealEst RWO 5.7 36.78 +1.76 .2787 SPDR SP China GXC 1.7 94.91 –1.66 .8073 VidentUSBdStrat VBND 3.0 50.18 +0.20 .2072
iShFocusedValue FOVL 4.5 31.47 +2.10 .3569 HancockConsStpl JHMS 2.4 27.57 +0.11 .2904 ProShInflationExp RINF 2.3 24.04 +0.29 .0368 SPDREUROSTOXXSC SMEZ 2.7 52.34 +1.81 .33 SPDR S&P Div SDY 3.2 86.77 +4.28 .6687 VidentCoreUSEquity VUSE 1.9 26.14 +1.61 .0792
iShGenomicsImm IDNA ... 37.01 +1.63 ... HancockDevIntl JHMD 3.9 24.19 +0.74 .3468 ProShLgOnline CLIX ... 69.20 –1.80 ... SPDRIntGovBd WIP 2.8 50.68 +1.42 .0846 SPDR SP EmAsPac GMF 2.0 89.75 –0.70 .5886 VidentIntlEquityFd VIDI 4.2 18.83 +0.67 .0286
iShGlblComm IXP 2.2 59.63 +1.74 .447 HancockMultEM JHEM 3.0 20.88 +0.29 .1673 ProShOnlRetail ONLN ... 46.22 +0.65 ... SPDRFactSetInnTech XITK .1 129.04 +5.91 .1604 SPDR S&P Home XHB 1.0 39.97 +3.84 .1087 VirtusInfrUSPfd PFFA 12.3 17.04 +1.22 .15
iShGlobal100 IOO 2.2 49.93 +1.11 .6513 HancockEnergy JHME 10.1 14.20 +1.14 1.1549 ProShRAFI L/S RALS 2.1 31.21 +0.19 .1353 SPDRGlobalDow DGT 3.3 73.33 +2.54 .3266 SPDR IntlSC GWX 4.2 26.03 +0.97 .4098 VirtusLifeSciBio BBC ... 42.93 +1.82 ...
iShGlobalREITETF REET 7.4 19.52 +1.09 .2604 HancockMultFinls JHMF 2.8 31.03 +1.49 .5206 ProShS&P500Bd SPXB 3.3 90.20 +1.51 .2291 SPDRGoldMini GLDM ... 17.31 –0.09 ... SPDR S&P MtlMng XME 3.2 20.17 +1.21 .0806 VirtusLifeSciBio BBP ... 46.70 +0.61 ...
iShGoldTr IAU ... 16.58 –0.09 ... HancockHealthcare JHMH 2.4 37.62 +0.24 .6712 ProShS&P500xEner SPXE 1.5 63.90 +1.89 .2051 SPDR Gold GLD ... 163.21 –0.72 ... SPDRS&POilGasExpl XOP 2.8 52.83 +4.89 .3785 VirtusNewDynCredit BLHY 4.2 22.27 +0.31 .0245
iShiBoxx$InvGrCpBd LQD 3.1 130.70 +2.15 .3202 HancockIndustrials JHMI 1.6 31.97 +2.15 .3079 ProShS&P500xFin SPXN 1.6 63.39 +1.97 .2015 SPDRMFSSysCore SYE 1.8 79.00 +1.90 .2883 SPDR S&P Pharm XPH .7 43.17 +0.33 .0717 VirtusNewMultiBd NFLT 4.1 23.47 +0.36 .0751
iShiBondsDec2020Cp IBDL 2.4 25.36 ... .0455 HancockLC JHML 1.9 36.75 +1.35 .3978 ProShS&P500xTech SPXT 2.0 52.06 +1.59 .2417 SPDRMFSSysGrowth SYG 1.0 91.85 +2.08 .0823 SPDR S&P Retail XRT 1.9 39.18 +2.23 .1749 VirtusPrvCrd VPC 13.9 17.27 +1.07 .35
iShiBdsDec2028Cp IBDT 3.0 28.02 +0.44 .0745 HancockMatls JHMA 2.2 28.62 +1.45 .2951 ProShShtBasicMat SBM .4 17.75 –0.92 .0049 SPDRMFSSysValueEqu SYV 2.7 57.52 +2.44 .3178 SPDR S&P Semi XSD .5 104.14 +7.63 .1158 VirtusRealAsset VRAI 4.5 19.05 +1.52 .15
iShiBondsDec2025Cp IBDQ 3.0 26.45 +0.34 .0621 HancockMultMedia JHCS .8 26.36 +1.21 .1655 ProShShtDow30 DOG 1.3 51.10 –1.86 .055 SPDRACWILowCarbon LOWC 2.6 87.36 +2.51 .9969 SPDRWelsFrg PSK 5.6 41.74 +0.60 .18 VirtusReavesUtil UTES 2.2 35.48 +1.15 .16
iShiBondsDec2024Cp IBDP 3.0 25.93 +0.23 .0597 HancockMC JHMM 1.2 33.26 +1.78 .2378 ProShShortEuro EUFX ... 47.00 –0.38 ... SPDREAFEFossilFr EFAX 2.4 60.11 +1.55 .7127 SprottGoldMiners SGDM .2 31.01 –0.94 .0631 VirtusSeixSrLoan SEIX 5.1 23.44 +0.13 .0551
iShiBdsDec2029Cp IBDU 2.8 25.88 +0.34 .0567 HancockMultiSC JHSC 1.4 22.31 +1.65 .1961 ProShShXinhuaCh25 YXI .8 19.43 +0.20 .011 SPDRMSCIEAFEStrat QEFA 3.0 56.45 +1.62 .8598 SprottJrGoldMiners SGDJ .6 35.45 +1.12 .2196 WBIBullBrGlbIncm WBII 4.0 23.41 +0.50 .0751
iShiBondsDec2021Cp IBDM 2.6 25.15 +0.10 .0522 HancockTech JHMT 1.2 56.21 +2.48 .4311 ProShShtFinls SEF .9 21.73 –1.22 .0196 SPDREMFossilFuelFr EEMX 5.2 53.88 +0.33 .2799 SyntaxStratLC SSPY 1.8 43.33 +2.16 .7875 WBIBullBrQu3000 WBIL .6 25.79 +0.14 .0216
iShiBdsDec2021Muni IBMJ 1.4 25.93 +0.05 .0315 HancockUtils JHMU 3.1 28.65 +0.94 .4913 ProShShortHY SJB 1.0 21.20 –0.71 .0125 SPDRMSCIEMStrat QEMM 5.4 49.46 +0.75 .5223 TacticalIncm TBND .6 22.54 +0.20 .137 WBIBullBrRsInc300 WBIE .8 26.16 +0.28 .0366
iShiBondsDec2027Cp IBDS 3.2 26.20 +0.34 .0671 JPMBeta US MC BBMC ... 55.73 +3.49 ... ProShShMSCI EAFE EFZ 1.1 27.51 –0.98 .0086 SPDRMSCIUSAStrat QUS 2.3 85.97 +2.44 .7156 TechSelectSector XLK 1.2 96.49 +3.02 .3715 WBIBullBrTdUS WBIT 4.8 17.14 +0.44 .1944
iShiBondsDec2026Cp IBDR 3.1 26.09 +0.38 .0632 JPMCorpBdResearch JIGB 3.4 56.06 +1.01 .1403 ProShShtMSCI EM EUM 1.1 19.20 –0.28 .0196 SPDRMSCIWorldStrat QWLD 2.6 76.24 +1.92 .8309 TeucriumAgriFd TAGS ... 16.49 +0.61 ... WBIBullBrTrdUSTR WBIN 6.9 16.42 +0.36 .0675
iShiBondsDec2023Cp IBDO 2.9 25.93 +0.16 .0584 JPM DivAlt JPHF .0 19.03 +0.03 1.0819 ProShShtMC400 MYY 1.1 42.14 –3.37 .0152 SPDR NYSE Tech XNTK .6 90.27 +2.93 .1192 TeucriumCornFd CORN ... 11.89 –0.04 ... WBIBullBrVal3000 WBIF .7 25.60 +0.14 .0398
iShiBondsDec2022Cp IBDN 2.7 25.54 +0.13 .054 JPM DivRetEM JPEM 4.7 43.17 +1.19 .1881 ProShShtOil&Gas DDG .5 30.15 –2.32 .023 SPDRNuvBBHYMuni HYMB 4.2 54.10 +0.90 .1709 TeucriumSoybeanFd SOYB ... 13.54 +0.06 ... WBIBullBrYd3000 WBIG 1.6 22.45 +0.12 .0154
iShiBdsDec2022Muni IBMK 1.5 26.44 +0.21 .0326 JPMDivReturnEurope JPEU .0 49.34 +1.97 .1064 ProShShortQQQ PSQ 1.8 20.64 –0.61 .0448 SPDRNuveenMuniBd TFI 2.1 51.63 +0.62 .0869 TeucriumSugarFd CANE ... 5.44 +0.16 ... WBIPwrFactorHiDiv WBIY 7.9 17.65 +1.49 .3408
iShiBdsMar23CpxFin IBCE 2.6 25.10 +0.12 .0529 JPM DivRetGlEq JPGE .0 51.98 +1.54 .1845 ProShShtRE REK .9 14.01 –1.02 .0079 SPDRNuveenSTMuniBd SHM 1.4 49.89 +0.49 .0547 TeucriumWheatFd WEAT ... 5.22 +0.05 ... WedETFMGGlbCld IVES 1.3 35.78 +2.09 .08
iShiBdsMar2023Cp IBDD 2.7 27.17 +0.09 .0605 JPM DivRetIntlEq JPIN 4.0 46.69 +1.24 .1337 ProShShtRus2000 RWM 1.3 39.23 –3.30 .0499 SPDRPtfAggBd SPAB 2.7 30.62 +0.10 .064 TimothyHiDiv TPHD 3.0 20.79 +1.11 .0283 WedbushVideoGame GAMR 1.3 52.00 +1.69 .165
iShiBdsSep2020Muni IBMI 1.3 25.52 +0.02 .0283 JPM DivRetUS Eq JPUS 2.6 67.00 +2.91 .322 ProShShrtS&P500 SH 1.5 23.67 –0.81 .0279 SPDRPtfDevxUS SPDW 3.8 25.79 +0.81 .578 TimothyPlanIntl TPIF 2.1 20.95 +0.68 .0333 WisdTrAPxJp AXJL .0 55.53 +0.35 .24
iShiBoxx$HYCpBd HYG 5.4 81.23 +2.52 .3688 JPM Div US MC JPME 2.2 57.72 +3.03 .2205 ProShSh7-10YrTr TBX 1.4 23.88 +0.02 .0229 SPDRPtfEM SPEM 3.6 30.46 +0.33 .3821 TimothyUS LMC TPLC 1.1 23.66 +1.10 .0083 WisdTrUSDBull USDU 2.9 28.19 –0.32 .8163
iShIntRtHdgCorpBd LQDH 3.1 87.99 +2.02 .2097 JPM Div US SC JPSE 1.7 25.52 +2.04 .0857 ProShShrtSC600 SBB .8 33.91 –3.28 .0097 SPDR PtfEurope SPEU 3.8 28.93 +1.22 .2027 Timothy US SC TPSC 1.4 19.35 +1.51 .0199 WisdTrCBOES&P500 PUTW 1.7 24.63 +0.65 .4183
iShIntRateHdgEM EMBH 4.3 21.18 +0.70 .0611 JPMEquityPrem JEPI ... 50.09 ... ... ProShSh20+Tr TBF 1.9 15.40 +0.12 .0351 SPDR PtfHYBd SPHY 6.7 24.02 +0.72 .1324 TortoiseNAPipeline TPYP 6.4 17.07 +1.00 .3098 WisdTrChineseYuan CYB 2.1 24.59 –0.05 .5104
iShIntRtHdgHiYdBd HYGH 5.1 80.12 +2.44 .3043 JPM EventDriven JPED .0 21.25 +0.24 .4372 ProShShtVIXST SVXY ... 33.80 +0.84 ... SPDRPtfIntermCpBd SPIB 2.8 35.72 +0.32 .0774 TransamDeltaS&PEM DMRE 2.8 45.55 +0.10 .1847 WisdTrContComm GCC ... 15.17 +0.16 ...
iShIntRtLTCpBd IGBH 3.6 21.84 +0.57 .0512 JPM IntlGrwth JIG ... 51.27 ... ... ProShUltBscMtls UYM 1.9 40.71 +3.37 .1227 SPDR PtfIntTrea SPTI 1.6 33.14 –0.04 .0285 TrendAggGrowth TAAG ... 25.51 –0.03 ... WisdTrEmgCurr CEW ... 16.89 +0.33 ...
iShJPM EM LC Bd LEMB ... 39.76 +1.51 ... JPM L/S JPLS ... 17.21 –0.18 ... ProShUltBlmCrude UCO ... 22.85 +4.24 ... SPDRPtfLTCorpBd SPLB 3.6 30.60 +0.74 .0853 TrendAggDiv TADS ... 25.09 –0.06 ... WisdTrEMxSOE XSOE 2.4 26.66 +0.29 .021
iShJPX-Nikkei400 JPXN 2.1 56.99 +1.12 .7807 JPM MgdFutures JPMF .0 20.91 –0.25 1.0692 ProshUltBlmNatGas BOIL ... 37.96 +1.73 ... SPDRPtfLgTermTrea SPTL 1.9 47.37 –0.33 .0698 TrueESGActOpps ECOZ ... 25.94 +0.62 ... WisdTrEM HiDiv DEM 6.1 34.82 +0.85 .0325
iShLatinAmerica40 ILF 5.4 19.45 +1.59 .5705 JPMUSAggregateBd JAGG 2.5 27.78 +0.08 .0479 ProShUltCommSvs XCOM .6 50.41 +4.63 .0158 SPDR PtfGSM SPGM 3.3 37.12 +0.96 .6111 TrueTechAI LRNZ ... 31.34 +1.53 ... WisdTrEMLocDebt ELD 5.5 31.69 +1.32 .14
iShLtCorpBd IGLB 3.6 67.37 +1.41 .2058 JPMUSDEMSovBd JPMB 4.7 46.82 +1.57 .1404 ProShUltCnsGds UGE 1.2 40.35 +1.96 .1118 SPDRPtfMtgBkdBd SPMB 3.1 26.83 +0.01 .0677 UBSNatGasMLPETN MLPG 16.9 10.14 +0.82 .4576 WisdTrEMMulti EMMF 3.6 18.90 +0.18 .0625
iShACWILowCarbon CRBN 2.5 114.16 +3.22 1.5289 JPM US Dividend JDIV 4.5 21.27 +1.04 .1949 ProShUltCnsSvs UCC .2 100.45 +7.15 .0395 SPDRS&P500Value SPYV 2.9 28.27 +0.89 .2219 UBS FIEnhGlbHY FIHD ... 128.90 +4.29 ... WisdTrEM SC DGS 5.1 36.56 +0.66 .0633
iShMSCIAustralia EWA 5.2 17.34 +0.68 .4562 JPMUSMinimumVol JMIN 2.1 27.22 +0.79 .1327 ProShUltDow30 DDM 1.0 36.60 +2.28 .124 SPDRPtfS&P1500 SPTM 2.0 36.11 +1.25 .2014 UBS FIEnhLCGrw FBGX ... 322.03 +16.79 ... WisdTrEuropeHdg HEDJ 2.5 55.88 +2.14 .1012
iShMSCIAustria EWO 4.7 13.65 +0.04 .1161 JPM US Moment JMOM 1.2 29.43 +0.97 .0763 ProShUlt Euro ULE ... 12.82 +0.22 ... SPDRPtfS&P500 SPLG 2.0 34.70 +1.10 .1778 E-TRACS DJ Cmd DJCI ... 11.52 +0.22 ... WisdTrEuropeHdgSM EUSC 4.1 25.60 +0.77 .0276
iShMSCIBRICETF BKF 2.0 37.55 –0.01 .2394 JPM USQualFactor JQUA 1.8 29.34 +1.00 .0923 ProShUltFTSEEurope UPV .9 31.60 +2.42 .0668 SPDRS&P500Growth SPYG 1.4 42.43 +1.32 .1359 UBSWellsFargoETN BDCS 12.7 13.57 +1.08 .4474 WisdTrEurQualDiv EUDG 2.6 23.98 +0.99 .1131
iShMSCIBelgium EWK 3.8 14.69 +0.09 .3476 JPM US Value JVAL 3.6 22.80 +1.01 .2181 ProShXinhuaChina25 XPP 5.4 46.47 –1.52 .1488 SPDRS&P500HiDiv SPYD 6.7 26.88 +1.42 .3962 E-TRACS AlrInfr MLPI 12.9 12.22 +1.06 .3963 WisdTrEuropeSC DFE 5.5 45.20 +2.24 .4349
iShMSCIBrazil EWZ 4.9 24.66 +2.41 .0973 KFADynFixIncm KDFI 3.3 20.75 +0.03 .0332 ProShUltFinls UYG 2.0 26.48 +2.40 .1164 SPDRPtfS&P400MC SPMD 2.0 29.78 +2.05 .1374 WisdTrFRTrea USFR 1.7 25.12 ... .005
iShMSCICanadaETF EWC 2.7 24.39 +0.66 .3939 KFA LCQualDiv KLCD .9 23.53 +0.84 .2031 ProShUltraGold UGL ... 61.83 –0.98 ... SPDRPtfS&P600SC SPSM 2.1 24.80 +2.03 .0993 USCF SummerDynCom SDCI 1.2 12.97 +0.11 .0332 WisdTrGlbxUSQual DNL 2.4 59.45 +2.00 .245
iShMSCIChinaSC ECNS 3.7 35.67 –0.82 .6113 KFA SCQualDiv KSCD .8 21.41 +1.44 .1621 ProShUltHlthCr RXL .3 115.63 –1.50 .1534 SPDRPtfSTCpBd SPSB 2.6 31.12 +0.15 .0581 USCF SummerSHPEI BUY 1.0 15.38 +2.10 .0414 WisdTrGlbxUSREFd DRW 10.8 21.98 +0.07 .5689
iShMSCIColombia ICOL 5.3 7.89 +0.42 .2378 KnowldgLdrDevWrld KLDW 1.1 32.77 +1.24 .3599 ProShUltraHY UJB 4.4 62.36 +3.60 .1813 SPDRShtTermTrea SPTS 1.8 30.72 –0.01 .018 USEquCumDiv2027 IDIV 15.4 8.83 –0.09 .085 WisdTrGlbHiDiv DEW 4.8 36.66 +1.12 .3154
iShMSCI EAFE EFA 3.8 56.95 +1.79 1.3761 KraneBoseraChinaA KBA 1.6 30.61 –0.48 .4987 ProShUltIndls UXI .9 53.43 +6.06 .1795 SPDR PtfTIPS SPIP 2.6 29.73 –0.03 .0845 USEquityxDiv2027 XDIV ... 63.61 +2.81 ... WisdTrS&PChina500 WCHN .0 27.72 –0.22 .38
iShMSCIEmgMarkets EEM 2.7 36.43 +0.40 .929 KraneCCBSChCpHY KCCB 4.6 38.97 +0.07 .1529 ProShUltBrazil UBR 2.3 16.74 +2.98 .0321 SPDRRuss1000LowVol ONEV 2.7 69.99 +3.68 .4055 USGlbGOGold GOAU .1 20.21 +0.04 .0275 WisdTrIndiaEarn EPI 1.1 17.68 +0.02 .0173
iSh MSCI EM SC EEMS 3.4 35.31 +0.83 .8515 KraneCICCChina KFYP ... 24.18 –0.69 ... ProShUltMSCIEAFE EFO .5 26.30 +1.54 .0536 SPDRRuss1000Mom ONEO 2.0 64.54 +3.61 .3007 U.S.GlobalJetsETF JETS 2.9 13.70 +1.70 .3911 WisdTrIndiaxSOE IXSE ... 19.20 +0.14 ...
iShMSCIFranceETF EWQ 3.3 24.12 +1.05 .0691 KraneCSIChInt KWEB .1 49.58 –1.06 .0413 ProShUltMSCIEM EET 2.2 47.62 +1.10 .0086 SPDRRuss1000Yd ONEY 4.5 55.07 +3.52 .5511 USVeganClimate VEGN 1.1 26.02 +1.06 .0664 WisdTrIntDivxFin DOO 5.1 33.26 +0.78 .2085
iShMSCIFrontier100 FM 4.1 23.16 +0.98 .7928 KraneEFdChina KCNY 3.0 31.03 –0.03 .0647 ProShrUltraJapan EZJ .1 28.34 +0.93 .0153 SPDRMomentumTilt MMTM 1.7 127.83 +2.80 .5423 UtilitiesSelSector XLU 3.5 56.48 +1.67 .474 WisdTrIntlEquity DWM 4.2 41.49 +1.16 .1909
iShMSCIGermanyETF EWG 3.0 24.23 +1.53 .7381 KraneElcVehicle KARS 1.9 22.67 +0.88 .4351 ProShUltMC400 MVV 1.2 26.45 +3.41 .0677 SPDRS&P1500ValTilt VLU 2.7 93.49 +4.77 .6253 VanEckMerkGoldTr OUNZ ... 16.95 –0.09 ... WisdTrIntlHdgQual IHDG 2.1 33.70 +0.92 .0455
iShMSCIGlblAgriPrd VEGI 2.3 23.16 +1.01 .2688 KraneEMCnsTech KEMQ 1.9 22.26 +0.33 .4219 ProShUltOilGas DIG 7.4 78.87 +9.23 .5363 SPDR S&P500MidGr MDYG 1.3 51.33 +3.12 .111 VanEckAfrica AFK 8.5 15.16 +0.46 1.2858 WisdTrIntlHiDiv DTH 5.4 30.82 +1.00 .2002
iShMSCIGloblEnProd FILL 6.0 12.29 +0.79 .3136 KraneEMHlthcrIndex KMED 1.6 23.84 +0.43 .3789 ProShUltraQQQ QLD .1 127.79 +6.83 .0091 SPDR S&P400MidVl MDYV 2.8 40.53 +3.28 .2926 VanEckAgribus MOO 1.7 55.08 +1.97 .9091 WisdTrIntlLC Div DOL 4.2 38.16 +1.04 .189
iShMSCIHongKong EWH 3.4 19.66 –0.89 .2085 KraneChinaHlthCr KURE .2 26.26 –0.71 .0573 ProShrUltraRE URE 2.3 46.93 +5.64 .1373 SPDRS&P600SmallCap SLY 1.9 55.10 +4.47 .222 VanEckBDCIncome BIZD 12.6 11.74 +0.99 .3562 WisdTrIntlMC Div DIM 4.2 50.08 +1.46 .1484
iShMSCIIndonesia EIDO 2.9 15.74 +0.11 .0458 KraneAllChina KALL 1.6 24.20 –0.48 .384 ProShrUltraRus UWM 1.0 43.68 +5.93 .0484 SPDR S&P600SCpGr SLYG 1.3 53.04 +4.21 .1227 VanEckBrazilSC BRF 5.0 13.81 +1.49 .6972 WisdTrIntlMult DWMF 3.2 22.27 +0.48 .0446
iShMSCIIreland EIRL 2.8 34.58 +2.24 .4262 KraneMSCIChinaEnv KGRN ... 17.53 –0.03 ... ProShUltraS&P SSO .6 114.64 +6.77 .1976 SPDR S&P600SCapVal SLYV 2.5 45.80 +3.81 .2625 VanEckChinaGrwth GLCN 1.7 36.17 –0.63 .6157 WisdTrIntlSC DLS 4.7 52.55 +1.80 .287
iShMSCIIsrael EIS 2.3 51.57 +2.22 .1696 KraneEMxChina KEMX 3.7 19.76 +0.24 .7363 ProShUltSemi USD .8 53.14 +5.44 .0726 SPDR Aero Dfns XAR 1.3 80.85 +5.88 .4312 VanEckChinaBond CBON 3.9 22.16 –0.13 .0666 WisdTrJapanHdg DXJ 2.9 45.09 +0.89 .065
iShMSCIItaly EWI 5.4 20.84 +0.88 .2036 KraneSh1Belt1Road OBOR 5.4 19.47 +0.41 1.0473 ProShrUl7-10Trs UST .9 75.72 –0.25 .1103 SPDRS&PBank KBE 3.6 28.90 +2.24 .1618 VanEckSMEChiNxt CNXT .4 30.26 –0.77 .135 WisdTrJapanSC DFJ 2.6 62.98 +1.58 .06
iShMSCIJapan EWJ 2.3 52.67 +0.96 .716 LCGrowthETN2028 FRLG ... 139.11 +6.83 ... ProShUltSilver AGQ ... 27.30 +1.61 ... SPDRS&PCapitalMkts KCE 2.7 52.22 +1.76 .4021 VanEckCoal KOL 15.9 66.30 +2.14 10.546 WisdTrMgdFut WTMF 1.7 35.52 –0.07 .6039
iShMSCIJapanSC SCJ 5.1 65.32 +1.92 1.1913 LeaderAlphaUSCore LSAF .8 22.04 +1.13 .0402 ProShUltSC600 SAA .6 53.97 +8.07 .1626 SPDREmMktsDiv EDIV 5.4 23.76 +0.37 .1849 VanEckEgypt EGPT 2.8 21.57 –1.03 .6047 WisdTrModTech PLAT .3 29.55 +0.97 .0806
iShMSCIKLD400Soc DSI 1.6 112.80 +3.56 .5179 LeaderShEqSkew SQEW ... 25.29 +0.99 ... ProShUltTech ROM .2 162.34 +11.75 .1376 SPDR S&P EM SC EWX 3.4 36.89 +0.43 .4201 VanEckEM AggBd EMAG 5.0 20.03 –0.11 .0678 WisdTrMtgPlBdFd MTGP 2.4 50.88 ... .0925
iShMSCIKokusaiETF TOK 2.3 65.29 +2.45 .6994 LeutholdCore LCR ... 24.65 +0.52 ... ProShUltTelecom LTL 1.3 31.87 +2.24 .1861 SPDRS&P500Buyback SPYB 2.7 56.36 +3.50 .6109 VanEckEMHYBond HYEM 6.7 21.47 +0.80 .1094 WisdTr90/60USBal NTSX 1.0 29.20 +0.85 .0368
iShMSCIMalaysiaETF EWM 3.4 24.40 +0.76 .3114 MatlsSelSectorSPDR XLB 2.4 52.93 +2.06 .2699 ProShUlt20YrTr UBT 1.1 136.87 –1.47 .3198 SPDRS&P500Fossil SPYX 1.8 72.93 +2.27 .3329 VanEckEnerIncm EINC 10.5 37.99 +2.32 .5745 WisdTrUSDivxFin DTN 4.4 70.85 +2.76 .135
iShMSCIMexico EWW 4.3 30.59 +1.69 .434 MerlynAIBullBr WIZ .4 26.30 +1.28 .0124 ProShrUltraUtil UPW 1.8 45.76 +2.75 .2586 SPDRS&PGlbDividend WDIV 6.2 49.81 +1.28 .5756 VanEckEnvironSvcs EVX .6 85.31 +5.07 .4715 WisdTrUSHiDiv DHS 4.4 60.91 +2.05 .145
iShMSCINetherlands EWN 3.0 29.43 +1.59 .1386 MicroSecCannabis2X MJO ... 44.74 +6.92 ... ProShUltVIXST UVXY ... 35.28 –3.95 ... SPDRS&PGlbInfr GII 4.7 42.16 +1.70 .8724 VanEckGoldMiner GDX .5 35.55 –1.02 .1905 WisdTrUSLCDivFd DLN 3.0 89.59 +2.41 .17
iShMSCIPacificxJp EPP 5.0 36.16 +0.36 .8424 MicroFANG+ETN FNGS ... 67.23 +2.45 ... ProShUltraYen YCL ... 55.83 –0.32 ... SPDRS&PGlbNatRes GNR 5.4 35.71 +1.67 .9578 VanEckGreenBd GRNB 2.1 27.22 +0.18 .0574 WisdTrUSLCFd EPS 2.1 31.78 +1.04 .1793
iShMSCIPeru EPU 3.7 26.96 +0.95 .6657 MicroSectFANG+Invr GNAF ... 29.65 –1.80 ... ProShUltDow30 UDOW 1.1 55.42 +5.01 .08 SPDRS&PHlthCareEqp XHE .0 86.36 +1.78 .0032 VanEckIndiaGrwth GLIN 2.0 21.56 +0.24 .4239 WisdTrUSMCDivFd DON 3.8 26.77 +1.69 .06
iShMSCIPhilippines EPHE 1.1 23.95 +0.11 .2371 MicroFANG-3XInvr FNGD ... 3.21 –0.41 ... ProShUltMC400 UMDD 1.0 43.99 +8.14 .0625 SPDRS&PHlthCareSvs XHS 2.6 67.52 +4.51 .0327 VanEckIndonesia IDX 3.3 14.12 +0.15 .4723 WisdTrUSMCFd EZM 2.1 30.70 +2.40 .1702
iShMSCIPoland EPOL 3.5 14.98 +0.77 .4887 MicroSectorsFANG3X FNGU ... 77.20 +7.72 ... ProShUltRus2000 URTY .4 28.40 +5.40 .1182 SPDRS&PInsurance KIE 2.4 26.22 +1.89 .1592 VanEckIntlHYBd IHY 5.5 22.70 +0.84 .1112 WisdTrUSQualShr QSY 1.9 74.55 +4.14 .2917
iShMSCIRussia ERUS 9.4 33.26 +2.26 .6448 MicroFANG-2XInvr FNGZ ... 14.42 –1.19 ... ProShUltS&P500 UPRO .6 39.38 +3.38 .0566 SPDRS&PInternetETF XWEB .6 92.65 +4.66 .0219 VanEckInvtGrFR FLTR 2.8 24.71 –0.01 .042 WisdTrUSSCDiv DES 3.9 19.71 +1.44 .025
iShMSCISaudiArabia KSA 2.6 25.90 +1.46 .301 MicroSectFANG+2X FNGO ... 73.28 +5.19 ... ProShUltShtDow30 SDOW 2.4 30.25 –3.65 .0662 SPDRS&PKenCleanPwr CNRG 1.6 43.84 +2.39 .3091 VanEckIsrael ISRA 1.5 32.85 +1.65 .4849 WisdTrUSSCFd EES 2.1 26.23 +2.30 .1353
iShMSCISingapore EWS 6.3 17.93 +0.26 .6824 MicroUSBigBkInv KNAB ... 50.49 –2.37 ... ProShShtMC400 SMDD 1.4 19.93 –5.49 .0079 SPDRS&PKenFinalFr ROKT .9 28.60 +2.18 .0526 VanEckJPMEMLCBd EMLC 6.6 30.17 +1.19 .123 WisdTrUSTotalDivFd DTD 3.1 86.52 +2.64 .19
iShMSCISouthAfrica EZA 6.1 33.60 +2.15 1.3147 MicroUSBigBk3X BNKD ... 23.87 –5.39 ... ProShShtRus2000 SRTY 2.2 14.38 –4.23 .0332 SPDRS&PKenFut FITE 1.2 34.74 +1.71 .3114 VanEckJrGold GDXJ .4 46.43 +0.51 .1638 WisdTrUSTMFd RESP 2.6 31.54 +1.05 .1687
iShMSCISthKorea EWY ... 51.23 +1.33 ... MicroUSBigBk3X BNKU ... 10.51 +1.31 ... ProShUltS&P500 SPXU 2.7 14.27 –1.56 .0416 SPDRS&PKenInt SIMS 1.6 26.81 +1.55 .0456 VanEckLong/Flat LFEQ 1.6 27.64 +0.87 .4348 WisdTrYdEnhGlbAgg GLBY .0 26.72 +0.16 .03
iShMSCISpain EWP 5.3 20.22 +0.70 .6781 MicroUSBigBk2X BNKZ ... 39.91 –5.41 ... ProShUltShrt20YTr TTT 3.7 28.82 +0.54 .0867 SPDRS&PKenNewEc KOMP .9 33.90 +1.65 .0646 VanEckLowCarbon SMOG ... 73.01 +3.90 ... WisdTrYdUSAggBd AGGY 3.0 53.42 +0.39 .125
iShMSCISweden EWD 4.9 28.05 +1.69 .9489 MicroUSBigBk2X BNKO ... 23.03 +2.12 ... ProShUltShtAUD CROC ... 63.18 –2.40 ... SPDRS&PKenSmart HAIL 1.8 25.64 +1.51 .1507 VanEckMtgREIT MORT 15.0 11.68 +1.26 .368 XtrkrsFTSEDevXus DEEF 4.6 23.56 +0.82 .0827
iShMSCISwitz EWL 2.0 37.37 +0.86 .7499 MicrUSBigOil3InLv NRGD ... 23.44 –9.26 ... ProShUSBscMtls SMN .6 21.90 –2.40 .0206 SPDRS&PNAmNatlRscs NANR 2.8 28.69 +0.56 .2825 VanEckNatRscs HAP 3.5 28.63 +1.38 1.00 XtrkrsHarvCSI300 ASHR 1.1 26.88 –0.38 .2899
iShMSCITaiwan EWT ... 36.46 +0.01 ... MicrUSBigOil3Lev NRGU ... 4.32 +0.81 ... ProShUltBloomCrd SCO ... 25.75 –6.90 ... SPDRS&POil&GasEq XES 4.1 30.06 +3.29 .2683 VanEckOilRefin CRAK 1.9 21.42 +1.53 .4134 XtrkrsHarvCSI500 ASHS .6 27.13 –0.74 .1573
iShMSCIThailand THD 3.1 67.41 +1.74 .0608 MicrUSBigOil2InLv NRGZ ... 41.78 –9.82 ... ProShUltShBlmGas KOLD ... 55.74 –4.50 ... SPDRS&PRegionalBkg KRE 3.9 34.93 +2.89 .3371 VanEckOilSvcs OIH 5.2 111.45 +10.22 5.81 XtrkrsHiBetHYBd HYUP 7.5 43.22 +1.53 .2312
iShMSCIUSAESGSelct SUSA 1.7 126.07 +3.53 .4672 MicrUSBigOil2Lev NRGO ... 15.49 +2.21 ... ProShUltShCmSvs YCOM 2.9 20.35 –2.87 .0537 SPDRS&PSft&Svs XSW .4 103.03 +5.24 .3234 VanEckPfdSecsxFin PFXF 6.0 18.19 +0.39 .0692 XtrkIntlRealEst HAUZ 5.0 21.78 +0.50 .2465
iShMSCIUSAEqWeight EUSA 2.0 54.08 +2.50 .3224 MSCushMLPHI MLPY 18.8 2.97 +0.33 .1445 ProShUSCnsmrGd SZK 1.5 10.35 –0.60 .0084 SPDRS&PTechHardwr XTH .6 69.28 +5.15 .1229 VanEckRareEarth REMX 2.0 32.44 +1.45 .6441 XtrkrsJpnJPXNik400 JPN 2.7 25.86 +0.59 .3648
iShMSCIUK EWU 5.6 25.01 +0.84 .5988 NationwideMaxDivUS MXDU 1.8 29.37 +0.66 .5206 ProShUSCnsmrSvc SCC 2.5 11.32 –0.84 .0034 SPDRS&PTelecom XTL .9 67.61 +2.90 .1505 VanEckRealAsset RAAX 3.1 19.34 –0.04 .6087 XtrrsLowBetHYBd HYDW 4.7 48.67 +1.14 .1845
iShMSCIWorldETF URTH 2.4 87.46 +2.59 1.2137 NationRiskBaseIntl RBIN 3.0 22.47 +0.56 .6829 ProShUltDow30 DXD 1.6 21.66 –1.63 .0384 SPDRS&PTransport XTN 1.6 49.18 +4.37 .1765 VanEckSteel SLX 4.0 24.10 +1.63 .9715 XtrkACWIxUSESGLd ACSG 3.8 23.54 +0.60 .4749
iShMorningstarLC JKD 2.5 165.85 +5.19 .7728 NationRiskBasedUS RBUS 2.0 28.57 +0.56 .563 ProShUltShEuro EUO ... 28.43 –0.46 ... SPDRSSGAFxScRt FISR 3.4 31.73 +0.18 .0476 VanEckUnOil&Gas FRAK 3.1 64.17 +5.52 2.00 XtrkrsMSCIAllChina CN 4.5 31.94 –0.65 1.4423
iShMornLCGrowth JKE .5 223.54 +6.91 .2261 NationRiskMgd NUSI 7.5 26.34 +0.19 .1703 ProShUltChina50 FXP .9 59.62 +0.86 .0207 SPDRGenderDivers SHE 2.1 68.24 +2.15 .316 VanEckUranium NLR 2.8 42.35 +0.92 1.1787 XtrkrsMSCIAWxUS HDAW 4.9 19.95 +0.57 .1291
iShMornLCValue JKF 3.5 94.48 +2.69 .8882 NatixisShrtDur LSST 2.4 25.58 +0.18 .0445 ProShrUltShFTSEEur EPV .7 31.30 –3.21 .0143 SPDR US LC Low Vol LGLV 2.2 99.35 +3.91 .4686 VangdCnsmrDiscr VCR 1.2 185.75 +9.31 .366 XtrkrsMSCIAWxUS DBAW 3.4 24.92 +0.57 .3967
iShMorningstarMC JKG 1.6 173.57 +9.61 .681 NatixisSeeyondIntl MVIN 6.1 37.09 +0.30 1.5161 ProShUltShFin SKF 1.0 15.13 –1.82 .0084 SPDR SSGA US XLSR 1.4 31.36 +0.81 .1249 VangdCnsmrStpls VDC 2.6 146.38 +0.59 .6177 XtrkMChinaAIncl ASHX .9 19.79 –0.61 .3737
iShMornMCGrowth JKH .3 274.40 +11.24 .1086 NoShoreGlUran URNM ... 27.29 +0.62 ... ProShUltShGold GLL ... 37.75 +0.46 ... SPDR US SC LowVol SMLV 3.7 71.41 +5.64 .4538 VangdExtMkt VXF 1.4 110.12 +6.90 .166 XtrkESGLeaders EASG 3.5 22.51 +0.70 .3024
iShMorningstarSC JKJ 1.8 144.26 +11.22 .676 NuvESGHYCorpBd NUHY 5.9 23.39 +0.59 .1072 ProShrUSHlthCr RXD 1.8 13.76 +0.09 .0167 SPDRSolactCda ZCAN 3.9 50.76 +1.21 .6064 VangdInfoTech VGT 1.2 256.72 +9.04 .8409 XtrkrsMSCIHiDiv HDEF 5.0 19.09 +0.58 .1296
iShMornSCGrowth JKK .3 206.72 +11.44 .0594 NuvESGUSAggBd NUBD 2.4 26.85 +0.07 .049 ProShrUSInd SIJ 1.2 10.89 –1.48 .038 SPDRSolactGermany ZDEU .0 49.20 +2.92 ... VangdMatrls VAW 2.3 113.43 +5.26 .5386 XtrkrsMSCIEAFE DBEF 3.6 28.76 +0.75 .3446
iShMornSCValue JKL 3.6 97.83 +8.29 .9131 NuvEnhYd1-5Y NUSA 2.7 25.37 +0.08 .0595 ProShUltra7-10 PST 2.0 15.35 ... .0175 SPDRSolactHK ZHOK 2.9 52.36 –2.40 .7535 VangdSC Grwth VBK .6 188.48 +10.62 .2471 XtrkrsMSCIEMESG EMSG 4.2 22.90 +0.32 .7681
iShNatlMuniBd MUB 2.4 114.55 +1.06 .2203 NuvEnhYdUSAgg NUAG 3.7 25.43 +0.13 .1192 ProShUltBrazil BZQ 1.1 27.37 –6.89 .0185 SPDRSolactUK ZGBR 5.8 38.45 +1.21 1.2589 VangdSC Val VBR 2.6 100.87 +8.11 .3999 XtrkrsMSCIEM DBEM 3.0 20.73 +0.25 .1808
iShNewYorkMuniBd NYF 2.1 57.01 +0.48 .098 OShsFTSEEurQltyDiv OEUR 4.2 20.99 +0.69 .0632 ProShrUS MSCI EAFE EFU .7 24.01 –1.76 .0083 SPDRSSgAGlbAll GAL 3.4 35.39 +0.81 .1392 VangdCommSvcs VOX 1.0 92.12 +4.16 .1857 XtrkrsMSCIEurope DBEU 3.3 26.12 +0.84 .2428
iShResRealEst REZ 3.7 57.70 +4.12 .503 OShRussSC Qu OUSM 2.6 23.86 +1.64 .0437 ProShUltMSCIEM EEV .9 40.85 –1.28 .0261 SPDRSSgAIncmAllctn INKM 5.1 29.54 +0.95 .2379 VangdDivApp VIG 1.8 113.67 +2.77 .474 XtrkrsMSCIEurozone DBEZ 3.5 26.91 +1.14 .1662
iShRobotics&AI IRBO .7 26.96 +1.07 .1155 OShFTSEUSQual OUSA 2.7 32.11 +0.66 .0679 ProShrUS MSCI Jpn EWV .3 26.27 –1.01 .0421 SPDRSSgAMultiAsset RLY 4.4 20.44 +0.54 .0701 VangdEnergy VDE 5.5 50.97 +3.29 .672 XtrkrsMSCIGermany DBGR 2.5 24.44 +1.29 .0096
iShRussell1000Gwth IWF 1.0 180.69 +5.55 .4254 OShGlbInternet OGIG ... 33.34 +1.19 ... ProShUltMC400 MZZ 1.3 13.84 –2.36 .0143 SPDRSSgAUltraShrt ULST 2.4 39.88 +0.03 .0559 VangdExDurTreas EDV 2.0 168.02 –2.07 .8378 XtrkrsMSCIJapan DBJP 2.9 37.79 +0.86 1.09
iShRussell1000 IWB 1.9 163.54 +5.40 .7438 OpusSCValue OSCV 2.6 20.66 +1.40 .1269 ProShrUSOilGas DUG .4 45.67 –7.86 .0289 SPFdsDJGlbSukuk SPSK 1.8 19.81 +0.04 .029 VangdAWxUSSC VSS 4.0 89.15 +2.84 2.15 XtrkMSCILatAmPac PACA 4.2 16.76 +0.79 .2588
iShRussell1000Val IWD 3.0 109.27 +4.28 .7935 OverlayCoreBd OVB 2.7 25.95 +0.16 .25 ProShUltShtQQQ QID 3.6 15.05 –0.92 .0654 SPFdsS&P500Sharia SPUS 1.2 20.12 +0.71 .026 VangdFTSEDevMk VEA 3.6 36.01 +1.15 .1312 XtrkUSAESGLdrs USSG 1.7 27.26 +0.80 .1103
iShRussell2000Gwth IWO .8 195.87 +12.51 .3193 OverlayFgnEqu OVF 4.6 21.77 +0.18 .4999 ProShrUSRlEst SRS 1.5 19.29 –2.99 .0237 SageESG InterCred GUDB 2.4 51.55 +0.59 .0984 VangdFTSE EM VWO 3.9 36.12 +0.36 .0581 XtrkrsMuniInfra RVNU 2.6 27.67 +0.45 .0497
iShRussell2000 IWM 1.6 134.89 +9.81 .4199 OverlayLCEq OVL 1.3 24.81 +1.01 .065 ProShUltShRus2000 TWM 1.4 12.38 –2.26 .0207 SchwabEM Equity SCHE 4.0 22.11 +0.25 .7335 VangdFTSE Europe VGK 4.0 46.38 +1.91 .2458 XtrkrsRussell1000 DEUS 2.2 30.40 +1.66 .1574
iShRussell2000Val IWN 2.6 91.12 +7.59 .4505 OverlayMuniBd OVM 2.8 24.99 +0.32 .25 ProShUltShtS&P500 SDS 1.9 21.89 –1.53 .0569 Schwab5-10YCpBd SCHI 2.4 50.79 +0.67 .1088 VangdFTSE Pac VPL 3.1 59.41 +1.16 .0115 XtrkRuss1000USQu QARP 2.3 27.18 +1.12 .1399
iShRussell3000 IWV 1.9 171.44 +5.96 .7221 OverlaySCEq OVS 1.3 20.39 +1.70 .04 ProShrUSSemi SSG 2.4 8.42 –1.15 .0118 SchwabFundEmgLrg FNDE 4.7 21.92 +0.56 .8489 VangdFinls VFH 3.1 53.95 +2.62 .3691 XtrkS&P500ESG SNPE 1.9 25.94 +0.75 .1494
iShMicro-CapETF IWC 1.5 80.60 +5.80 .2719 PGIMActHYBd PHYL 6.9 37.57 +1.00 .2107 ProShUltShtSilver ZSL ... 21.99 –1.65 ... SchwabFundIntLrgCo FNDF 4.2 22.00 +0.76 .7005 VangdFTSEAWxUS VEU 3.7 43.92 +1.10 .1177 XtrkrsShDurHYBd SHYL 6.5 44.24 +1.18 .2659
iShRussellMid-Cap IWR 1.8 50.65 +2.56 .266 PGIMStratAlphLC PQLC 1.7 47.67 +1.42 .1734 ProShUlShtSC600 SDD .8 12.55 –2.64 .0142 SchwabFundIntlSmCo FNDC 3.5 26.06 +0.80 .7405 VangdGrowth VUG .9 189.37 +6.22 .3983 XtrkrsUSDHYCorpBd HYLB 6.1 46.28 +1.38 .2019
May 25, 2020 BARRON’S M23

Complete FOREIGN EXCHANGE LIST: Page M34 Foreign Markets Key Cross Rates $1=€0.9176, ¥107.63, £0.8224

Europe GLOBAL STOCK MARKETS Asia

Wishing and Hoping: European bourses In Local Currencies In U.S. Dollars 1 New Rules: The Hang Seng sank as China said
jumped with America’s, as quarantines eased. Week's Week's it will send its police into Hong Kong.
Index % Chg. 5/22 52-wk Range % Chg. 5/22 52-wk Range
S&P Europe BMI 3.66% The World 3.0 1599.3 1874.3– 1251.5 3.2 2071.9 2435.0– 1602.1 S&P Pan Asia BMI 0.28%
E.A.F.E.2 2.5 987.0 1219.1– 842.4 2.9 1641.6 2057.7– 1354.3
Finland 6.88 Australia 1.3 1073.9 1434.7– 910.3 3.1 625.7 872.8– 467.9 Malaysia 3.13
Austria –1.9 359.3 584.8– 273.9 –1.2 739.3 1222.9– 560.7
Germany 5.42 Belgium 0.1 743.4 1169.3– 644.9 0.8 1003.4 1602.7– 867.7 South Korea 2.37
Canada 1.7 1883.9 2271.5– 1430.3 2.0 1451.7 1856.1– 1063.8
Sweden 5.37 Denmark 3.7 10110.6 10485.5– 7757.5 4.3 11073.6 11367.5– 8380.3 Australia 1.80
Finland 7.3 649.5 766.4– 492.2 8.0 469.2 554.9– 353.7
Netherlands 5.28 France 3.6 1616.7 2210.8– 1356.1 4.3 1488.2 2055.9– 1241.8 Singapore 1.78
Germany 5.5 839.4 1048.0– 639.1 6.2 1710.2 2153.2– 1295.2
Denmark 4.02 Greece 1.8 35.9 62.2– 29.7 2.4 14.5 25.8– 11.9 Japan 1.77
Hong Kong –5.4 13343.0 18289.5– 12302.7 –5.5 9553.6 13018.0– 8808.8
France 3.62 Ireland 5.2 204.9 251.4– 152.4 5.9 170.2 214.6– 125.9 Indonesia 1.75
Italy 3.2 561.1 835.4– 490.8 3.9 197.2 291.1– 175.6
Spain 3.57 Japan 1.5 889.8 1053.1– 754.2 1.4 2985.5 3462.4– 2503.2 Thailand 1.62
Netherlands 5.0 1730.5 2022.8– 1339.8 5.7 3096.3 3616.3– 2386.2
U.K. 3.35 New Zealand –1.8 179.6 194.0– 150.5 0.8 165.9 186.9– 129.5 -0.10 Philippines
Norway 2.2 2485.2 3077.5– 2130.0 4.6 1771.4 2519.3– 1377.6
Norway 2.99 Portugal3 8.1 92.7 113.1– 74.0 8.8 66.2 80.0– 51.9 -0.15 Taiwan
Singapore –0.1 1346.0 1790.3– 1178.7 0.1 2905.2 4055.6– 2483.6
Greece 2.93 Spain 3.7 646.1 974.0– 589.8 4.4 296.0 442.2– 275.0 -0.28 New Zealand
Sweden 4.0 12223.9 15073.5– 10157.6 5.9 6525.0 8070.5– 5094.4
Italy 2.53 Switzerland 1.7 1307.6 1511.4– 1105.4 1.7 5775.9 6600.7– 4831.4 -1.17 India
U.K. 3.2 1699.0 2211.0– 1428.2 3.8 863.0 1196.0– 683.9
Switzerland 1.88 U.S.A. 3.3 2832.8 3236.7– 2128.1 3.3 2832.8 3236.7– 2128.1 -2.40 China
Base Jan. 1, 1970=1001Adjusted for foreign exchange fluctuations relative to the U.S. $.
2Europe, Australasia, Far East Index.3Base: Jan. 1, 1988=100.
Belgium 0.25 -5.38 Hong Kong
Source: Morgan Stanley Capital International Perspective, Geneva.
Indexes based on S&P Global Broad Market Indices Source: S&P DJ Indices Indexes based on S&P Global Broad Market Indices Source: S&P DJ Indices

KEY FOREIGN STOCK MARKET INDEXES S&P Global Broad Market Indices
S&P Global S&P Global SP Global Point
Most Recent Week’s Year-to-Date Most Recent Week’s Year-to-Date Indexes, Indexes, Indexes, Chg. % Chg.
Close %Chg. Chg. % Chg. Close %Chg. Chg. % Chg. Region/ Local Curr. Wkly U.S. $ Wkly U.S. $ on From From
Country 05/22/20 % Chg. 05/22/20 % Chg. 12/31/19 12/31/19 12/31/19
Amsterdam AEX 524.38 +4.81 –80.20–13.27 Mexico City IPC 35784 +0.26 –7756.60–17.81 Americas 315.43 3.74 352.84 — 37.41 — 10.60
Brazil 820.93 6.25 166.75 10.90 321.59 — 154.84 — 48.15
Athens General 609.20 +2.69 –307.47–33.54 Milan FTSE All Share 18703 +1.35 –6925.47–27.02 Canada 456.62 2.02 413.59 2.34 512.59 — 99.00 — 19.31
Chile 264.69 2.69 144.06 4.94 197.06 — 53.00 — 26.89
Bangkok SET 1303.97 +1.81 –275.87–17.46 Moscow RTS 1188.47 +7.31 –360.45–23.27 Mexico 593.06 0.47 210.18 5.31 310.96 — 100.78 — 32.41
U.S. 29985.34 3.74 29985.34 3.74 33035.38 — 3050.04 — 9.23
Bombay Sensex 30672 –1.37 –10581–25.65 Oslo Composite 855.75 +3.38 –176.49–17.10 Latin America 172.41 8.49 304.77 — 132.35 — 43.43
Europe 321.07 4.35 408.14 — 87.07 — 21.33
Brussels Bel-20 2962.73 +1.04 –993.10–25.10 Paris CAC 4444.56 +3.90 –1533.50–25.65 Austria 214.22 0.46 193.64 1.13 299.44 — 105.79 — 35.33
Belgium 281.55 0.25 254.50 0.92 368.41 — 113.90 — 30.92
Santiago Selective 2593.39 +2.33 –742.47–22.26 Denmark 1965.60 4.02 1799.07 4.69 1769.38 29.70 1.68
Buenos Aires Merval 40962 +4.00 –708.67 –1.70
Finland 1266.88 6.88 1145.19 7.59 1329.35 — 184.16 — 13.85
Sao Paulo Bovespa 82173 +5.95 –33472–28.94 France 332.22 3.62 300.31 4.31 412.89 — 112.58 — 27.27
Copenhagen OMX 20 1223.79 +3.91 +88.00 +7.75
Germany 408.09 5.42 368.89 6.12 455.73 — 86.85 — 19.06
Seoul Composite 1998.31 +3.69 –199.36 –9.07 Greece 14.10 2.93 13.95 3.62 23.73 — 9.79 — 41.24
Dublin ISEQ 5629.31 +6.63 –1554.10–21.63
Ireland 590.37 7.12 533.66 7.83 665.38 — 131.71 — 19.80
Shanghai Composite 2813.77 –1.91 –236.36 –7.75 Italy 171.41 2.53 154.95 3.21 217.35 — 62.40 — 28.71
EURO STOXX SXXE 322.20 +4.44 –81.74–20.24
Netherlands 612.50 5.28 553.67 5.98 624.39 — 70.72 — 11.33
Shenzhen B Share Idx 853.17 +0.77 –108.45–11.28 Norway 505.67 2.99 354.53 5.36 500.64 — 146.11 — 29.18
EURO STOXX 50 SXSE 2905.47 +4.86 –839.68–22.42
Portugal 57.93 7.45 57.31 8.17 68.24 — 10.93 — 16.02
Singapore FTSE STI 2499.83 –0.94 –723.00–22.43 Russia 1984.29 5.12 217.18 7.42 290.94 — 73.77 — 25.35
Frankfurt DAX 11073 +5.82 –2175.14–16.42 Spain 303.54 3.57 274.38 4.26 399.59 — 125.21 — 31.33
Stockholm OMXS 605.41 +4.76 –75.40–11.08 Sweden 1169.24 5.37 856.03 7.23 982.90 — 126.87 — 12.91
Helsinki OMHX 8788.25 +6.65 –1086.40–11.00 Switzerland 570.99 1.88 856.84 1.93 940.04 — 83.20 — 8.85
STOXX Europe 50 SXSP 2837.27 +2.54 –565.76–16.63 United Kingdom 238.51 3.35 192.54 3.90 267.99 — 75.45 — 28.15
Hong Kong Hang Seng 22930 –3.64 –5259.61–18.66 South Africa 762.60 1.31 210.23 6.18 316.49 — 106.27 — 33.58
STOXX Europe 600 SXXP 340.17 +3.63 –75.67–18.20 Pacific Region 203.20 0.29 238.86 — 35.65 — 14.93
Istanbul IMKB 103024 +3.26 –11400 –9.96 Australia 394.07 1.80 373.22 3.54 485.26 — 112.05 — 23.09
Sydney S&P/ASX 200 5497.00 +1.71 –1187.07–17.76
China 454.94 — 2.40 548.95 — 2.47 590.76 — 41.81 — 7.08
Jakarta Composite 4545.95 +0.85 –1753.59–27.84 Hong Kong 388.80 — 5.38 388.64 — 5.43 477.15 — 88.51 — 18.55
Taipel Weighted 10811 –0.03 –1185.99 –9.89
India 865.19 — 1.17 447.53 — 1.67 624.41 — 176.88 — 28.33
Johannesburg All Share 50041 +0.83 –7042.66–12.34 Japan 115.71 1.77 134.42 1.61 155.29 — 20.86 — 13.43
Tel Aviv 125 Index 1406.53 +5.69 –210.17–13.00
Malaysia 218.86 3.13 131.24 2.80 156.90 — 25.66 — 16.36
Kuala Lumpur Composite 1436.76 +2.37 –152.00 –9.57 New Zealand 357.50 — 0.28 423.64 2.30 494.63 — 70.99 — 14.35
Tokyo Nikkei-225 20388 +1.75 –3268.46–13.82
Philippines 279.57 — 0.10 219.78 — 0.12 313.51 — 93.73 — 29.90
LISBON PSI 3083.22 +7.53 –282.03 –8.38 Singapore 151.16 1.78 174.21 1.88 224.34 — 50.13 — 22.34
Toronto S&P/TSX 14913 +1.88 –2149.79–12.60
South Korea 756.24 2.37 1036.34 1.88 1222.99 — 186.65 — 15.26
London FTSE - 100 5993.28 +3.34 –1549.16–20.54 Taiwan 107.03 — 0.15 116.55 — 0.49 129.43 — 12.88 — 9.95
Vienna ATX 2127.47 –0.16 –1059.47–33.24
Thailand 289.48 1.62 436.22 2.15 567.16 — 130.93 — 23.09
Euro Zone 114.08 5.04 148.72 — 34.64 — 23.29
Madrid IBEX 35 6697.50 +3.44 –2851.70–29.86 Wellington S&P/NZX 50 10662 –0.63 –829.27 –7.22
Europe Developed (ex U.K.) 421.81 4.50 520.07 — 98.26 — 18.89
Europe (Nordic) 891.41 6.34 1005.63 — 114.23 — 11.36
Manila Composite 5539.19 –0.05 –2276.07–29.12 Zurich Swiss 9688.99 +2.17 –927.95 –8.74
Pacific (ex. Japan) 270.68 — 0.56 321.74 — 51.06 — 15.87
World (ex US) 173.79 2.36 214.75 — 40.96 — 19.07
Indexes are based on local currencies. Because of various holidays and other market closings, the most recent close is not necessarily S&P Global Broad Market Indices 240.97 3.13 279.60 — 38.63 — 13.82
that of the week of publication. GLOBAL DOW 2640.00 3.54 3251.24 — 611.24 — 18.80
s2020 S&P Dow Jones Indices. All Rights Reserved.
M24 BARRON’S May 25, 2020

Mutual Funds Data provided by

Net YTD 3-Yr. Net YTD 3-Yr. Net YTD 3-Yr. Net YTD 3-Yr.
NAV Chg. % Ret. % Ret. NAV Chg. % Ret. % Ret. CASH TRACK NAV Chg. % Ret. % Ret. NAV Chg. % Ret. % Ret.
NT MdCapVal 10.38 0.55 -19.9 -0.5 EmgMkts 9.17 0.01 -20.7 -5.9 AcornA t 11.32 0.51 -3.3 31.8
A NTDvBnd 11.40 0.04 5.1 15.3
De-stocking: Stock funds saw more cash leave, bringing the average weekly outflow in the IncomeStk 6.56 0.35 -25.7 -2.3 AMTTEBd 3.98 0.04 -2.6 10.5
NTEqGrp 10.23 0.30 -6.5 29.5 IntlFd 10.90 0.32 -19.0 -7.9 BalancedA t 42.35 0.87 -2.5 20.9
AAM:
B&GIncGroClI 17.22 0.36 -12.8 22.1
NTGrwth 17.63 0.59 4.5 62.3 last month to $12 billion. Average inflows at taxable-bond funds were $11 billion, while IntmBdFd 12.92 0.06 2.7 9.7 BldrAggrsv 11.44 0.33 -9.8 13.3
NTHeritage 11.99 0.59 0.3 44.7 MCMultiStrM 16.62 0.85 -9.4 19.9 BldrMod p 10.62 0.24 -5.8 12.3
AB Funds: NTHighInc 8.67 0.24 -8.7 4.6 muni-bond funds gained $140 million. Money-market fund inflows slid to $36 billion. NtlIntmMuni 13.74 NA NA NA ContCoreA p 25.22 0.72 -5.6 26.5
AlBeGblBndFdClZ p 8.47 0.07 0.6 9.8 NTIntlVal 7.42 0.24 -18.4 -14.3 NtlShTMuni 12.85 0.07 0.3 4.4 DisplCoreA p 11.07 0.35 -7.3 28.2
AllMktRtrn1 6.85 0.23 -20.8 -12.3 Equity Funds Municipal Bond Funds
NTLgVal 9.67 0.33 -17.5 6.0 Boston Trust Walden: DivIncA t 21.29 0.46 -12.3 20.9
CapFdInc.LCapGow 67.11 2.29 6.5 65.8 Sustain Equity 30.40 0.92 -6.4 NS
6400 3100 BostonBalanced 50.02 0.90 -9.3 23.3 DivOpptyA 7.38 0.17 -16.4 6.7
DiscovValFd 14.14 1.15 -28.2 -17.0 American Century I: Braddock Multi Strat: EqValA 10.86 0.32 -17.9 3.9
IntDurInstl 15.65 0.09 3.1 13.5 CaHYMu 10.46 0.09 -3.6 10.9 1600 -800 Income Fund 5.97 0.05 -41.7 -33.5 FocEqA t 19.23 0.52 3.6 49.1
IntlStraEquPtZ 10.27 0.22 -17.1 -6.2 DivBnd 11.40 0.04 4.9 14.0 Bridge Builder Trust: Gbl Stgic Eq A p 13.71 0.41 -10.5 16.5
MuniIncmShares 11.10 0.14 -7.0 9.5 EmgMkt 10.09 0.04 -16.9 0.5 CoreBond 10.78 0.05 4.5 16.4 GlobTech 43.29 2.07 -2.9 50.6
MuniInflStr1 9.71 0.11 -4.8 1.8 -3200 -4700
EqInc 7.77 0.19 -14.7 10.4 CorePlusBond 10.38 0.07 3.2 14.7 HiYldBd 2.75 0.07 -6.5 6.9
AB Funds - A: Growth 37.92 1.24 4.4 58.1 Intl Eq 10.15 0.33 -15.3 -1.3 IncmBldr t 11.68 0.23 -4.2 10.6
BalWlthStrA p 13.86 0.33 -12.6 0.8 IntTF 11.42 0.11 -0.6 9.6 -8000 -8600 LargeCapGrowth 16.13 0.51 1.9 51.7 LgCpGrowA t 45.13 1.09 3.5 49.2
GlobalBondA p 8.47 0.06 0.3 8.8 MdCapVal 13.60 0.73 -20.2 -2.7 LargeCapValue 11.28 0.57 -17.2 8.7 LgCpIdx pn 47.34 1.49 -8.0 29.3
GrowthA p 83.84 3.54 4.6 62.8 OneChoice2025 13.74 0.29 -4.4 14.0 MunicipalBond 10.32 0.09 -1.4 8.8 LgCpVl A 11.48 0.43 -18.8 4.4
HighIncomeA p 7.00 0.18 -13.5 -4.8 -12800 -12500
OneChoice2030 11.96 0.28 -4.9 14.6 S/MCapGrowth 13.91 0.74 -3.1 37.0 LiGoBalA p 11.37 0.29 -7.5 13.7
LgCpGrA p 60.99 2.09 6.4 64.1 Mar Apr May Mar Apr May
OneChoice2035 14.84 0.38 -5.7 15.0 S/MCapValue 9.41 0.63 -23.9 -7.8 MdCpIndxA pn 13.19 0.91 -17.5 2.1
MuCA A p 10.92 0.10 -2.1 7.2 SmCapVal 5.82 0.52 -27.6 -11.2 Bridgeway Funds: MidCapGthA t 23.07 0.92 -1.8 38.5
NtlMuA p 10.15 0.09 -2.1 7.5 American Century Ins: Money Market Funds Taxable Bond Funds BluChip n 13.38 0.42 -10.4 30.1 SelgComuInfoA 77.08 3.68 -3.7 49.3
RelatValA p 4.59 0.16 -18.5 8.3 CAIntTf 11.95 0.11 -0.3 9.1 174000 14500 Brown Advisory Funds: SmCpIdxA pn 17.89 1.46 -23.6 -4.0
SmCpGroA p 55.07 2.86 3.1 64.0 American Century Inv: GrowEqInv n 27.00 0.72 4.0 74.7 StrAlloc 13.54 0.20 -6.2 9.7
SmMdCpGrA p 11.40 0.63 7.3 56.3 Balanced n 18.73 0.36 -1.8 22.4 GrwthEquityInst 27.38 0.73 4.1 75.5 StratIncA 5.71 0.11 -4.8 6.7
SustGlblThemGrA p 121.97 3.87 -0.7 32.9 CaHYMu n 10.46 0.09 -3.8 10.1 119000 -10000 SmCapGrInv n 20.77 1.03 -6.0 31.1 TaxEA 13.01 0.12 -3.2 8.1
AB Funds - ADV: CAIntTF n 11.94 0.10 -0.4 8.5 BrownSmCoInv n: TotReBdA t 9.36 0.11 2.5 13.3
ConGroAdv 41.10 1.98 -5.3 46.9 DivBnd n 11.39 0.04 4.8 13.2 BrownSmCoInv n 107.07 4.80 8.1 55.2 Columbia Class Adv:
GlbBd 8.47 0.07 0.6 9.7 EmgMkt nr 9.84 0.03 -17.0 -0.3 Buffalo Funds: ContCore p 25.94 0.74 -5.5 27.4
HiIncmAdv 7.01 0.18 -13.4 -4.1 64000 -34500
EqGro n 29.11 0.85 -6.9 27.2 DiscFd n 23.98 0.84 -1.0 37.2 DivIncom 21.69 0.47 -12.2 21.9
IntlSmCapPtADV 8.97 0.32 -20.1 -10.7 EqInc n 7.76 0.19 -14.7 9.8 Columbia Class C:
IntlStraEquPtADV 10.26 0.22
LgCpGrAdv 67.30 2.30
-17.1
6.5
-6.2
65.4
GinnieMae n
GlGold nr
10.80
13.32
0.01
-0.37
3.4
20.4
10.5
56.0 9000 -59000 C Balanced
ContCore p
42.21
22.50
0.86 -2.8 18.2
0.63 -5.9 23.6
NationalPtf 10.15 0.09 -2.0 8.3 GovtBd n 11.72 -0.02 6.3 14.2 Mar Apr May Mar Apr May Calamos Funds: DivInc t 20.58 0.44 -12.6 18.2
SelectUSLgShrt 12.44 0.19 -5.1 19.0 Grwth n 37.12 1.21 4.3 57.2 ConvI 16.89 0.66 5.5 35.2 Columbia Class I:
SmCapCorePortADV 9.38 0.70 -20.2 -5.4 Heritage n 20.76 1.02 0.1 41.3 The charts above show four-week moving averages of net cash flow in millions of dollars. BARRON'S • Lipper FMI Gr&IncA p 32.62 1.08 -4.9 25.4 Acorn I n 14.22 0.64 -3.3 32.7
SmMdCpGr 12.42 0.69 7.5 57.4 IncGro n 34.56 0.87 -10.8 17.7 Gr&IncI 31.21 1.04 -4.8 26.4 AcornIntl I n 28.71 1.30 -16.2 2.8
SmMidCpValAdv 14.67 1.19 -28.2 -17.2 InfAdjBd n 12.02 0.01 3.5 10.5 GrowthA p 30.65 1.38 -1.6 36.7 AltBeta I 7.00 -0.01 -4.8 -22.3
SustGlbThemAdv 130.25 4.15 -0.6 32.7 InfProBd n 10.21 0.02 -0.1 4.8 Net YTD 3-Yr. Net YTD 3-Yr. Net YTD 3-Yr. Net YTD 3-Yr. MktNeutA p 13.34 0.04 -0.7 9.8 Balanced I 42.27 0.87 -2.4 21.8
TxMgdWlthAppAdv 14.47 0.45 -12.6 10.7 NAV Chg. % Ret. % Ret. NAV Chg. % Ret. % Ret. NAV Chg. % Ret. % Ret. NAV Chg. % Ret. % Ret. MktNeutI 13.17 0.04 -0.7 10.7
Intl Gr n 11.53 0.42 -9.5 10.1 ConSec I n 22.29 0.79 1.0 36.5
WlthApprStr 14.96 0.48 -12.4 10.8 IntlOppt n 9.82 0.47 -7.6 11.9 GovtA p 14.89 0.00 8.6 14.6 Ariel Inv pn 49.07 3.60 -24.6 -10.6 CoreBd A 10.23 0.06 4.0 14.2 LgCpFocusGwth 5.47 0.20 8.5 65.4 Calvert Investments: ContCore I 25.44 0.73 -5.5 27.4
AB Funds - C: IntTF n 11.42 0.12 -0.6 8.9 GwthA p 51.80 1.52 1.3 42.4 Artisan Funds: CoreBd Inst 10.22 0.06 4.1 15.1 GlblAlloc 18.60 0.40 -3.8 11.0 Bal A 33.60 0.60 -3.7 24.0 DivIncom I 21.32 0.46 -12.2 21.9
HighIncomeC p 7.09 0.19 -13.7 -7.1 LgComVal n 9.01 0.31 -17.9 3.6 HI TrA p 9.02 0.21 -8.3 3.2 GblOppInst 28.60 0.99 2.2 41.8 CoreBd K 10.25 0.06 4.1 15.3 GlobLg/ShrtCrIns 9.43 0.03 -5.0 1.9 Eq A p 55.09 1.39 -0.2 61.3 DivOppty tn 7.42 0.17 -16.3 7.5
LgCpGrC t 43.29 1.47 6.1 60.5 MdCapVal n 13.59 0.73 -20.3 -3.3 HiInMuniA 15.29 0.14 -5.8 8.9 GblOppInv n 28.14 0.97 2.1 40.7 CreStraInc Inst 9.77 0.16 -3.9 9.7 HlthScOp 69.57 0.14 2.2 53.3 Carillon Eagle: GlbTechGw I 43.64 1.59 5.9 75.3
AB Funds - I: OneChAgg n 14.62 0.46 -7.9 15.1 ICAA p 36.31 1.11 -7.7 20.2 Intl Inv n 28.53 0.78 -14.2 10.1 HiYBlk 7.04 0.18 -7.4 7.7 HYMuni 9.09 0.14 -8.0 7.7 MdCpGrA p 66.31 3.05 0.6 43.3 HYMuni I 9.89 0.12 -6.9 7.0
GlbBd 8.46 0.06 0.4 9.7 OneChCon n 13.26 0.28 -3.3 12.8 IncoA p 20.40 0.40 -11.4 7.9 IntlInst 28.70 0.79 -14.1 10.8 HiYInvA 7.04 0.19 -7.5 6.5 iShMSCIIntldx 11.37 0.35 -18.0 -5.5 Carillon Reams: IncOppty n 9.15 0.23 -7.9 5.8
LgCpGroI 66.90 2.29 6.5 65.4 OneChMod n 14.67 0.39 -5.7 14.1 IntBdA p 14.04 0.04 5.1 10.7 IntlVal Inst 28.68 1.30 -22.5 -11.9 HiYldBd Inst 7.04 0.18 -7.4 7.5 MdCpGrEq 31.83 1.40 5.6 65.7 CorePlBd I 35.36 0.58 9.7 21.4 IntmMunBd I 10.33 0.08 -1.0 8.0
SmCpGroI 61.33 3.19 3.2 65.1 OneChoice2025 n 13.74 0.30 -4.5 13.4 IntlGrIncA p 28.30 0.72 -21.4 -5.1 IntlVal Inv n 28.60 1.30 -22.6 -12.5 InflProtBdInst 11.26 0.03 4.6 12.8 MultiAstIncome 10.17 0.15 -5.7 7.7 UnconstrndBd I 12.31 0.24 3.0 10.8 LgCapGr 13.70 0.54 5.4 54.1
Aberdeen Fds: OneChoice2030 n 11.96 0.28 -5.0 13.9 LtdTEBdA 15.99 0.13 1.3 7.9 MidCapInst 44.70 1.58 12.1 59.4 LDurBlk 9.54 0.05 0.0 6.8 NatlMuni 10.86 0.11 -1.6 9.0 Carillon Scout: LgCpGrow I n 47.43 1.15 3.6 50.3
EmMktEqty Inst 12.82 0.14 -20.0 -8.3 OneChoice2035 n 14.82 0.38 -5.8 14.3 N PerA p 44.57 1.37 -5.7 28.5 MidCapInv n 39.37 1.39 12.0 58.2 LowDurBdA 9.54 0.04 -0.2 5.8 NYMUNIOPP 10.68 0.10 -6.1 5.1 Intl I 14.40 0.57 -23.2 -10.3 LgCpIdx I n 47.67 1.51 -7.9 30.2
UltStMuniIncInst 10.03 0.00 0.5 4.0 OneChoice2045 n 15.31 0.45 -7.2 15.4 NEcoA p 44.53 1.11 -2.6 37.5 MidCapVal Inv n 14.40 1.17 -23.6 -10.8 LowDurI Inst 9.54 0.04 -0.2 6.5 ScTechOppInst 42.58 1.36 16.4 106.4 MidCap I r 16.87 1.09 -11.3 11.4 MdCpIdx I n 13.13 0.91 -17.4 2.9
USSmCapEq Inst 32.10 2.49 -6.9 15.1 OneChoiceRet n 12.38 0.23 -3.8 12.6 NwWrldA 61.65 1.88 -12.6 11.6 SmCpInv n 36.71 1.54 8.7 74.1 BlackRock Funds A: StratIncOpptyIns 9.67 0.08 -2.0 8.0 CausewayInst : MidCapGth I 25.31 1.01 -1.7 39.5
Acadian Emerging Markets: Select n 82.87 2.51 3.3 54.2 SmCpA p 55.90 2.51 -5.0 26.0 Ashmore Funds: AdvLCGrwA 16.97 0.45 2.3 50.4 StratMuniOppI 10.86 0.12 -6.9 4.4 CausewayInst 11.54 0.63 -26.1 -19.8 SelComunInfo tn 85.87 4.11 -3.6 50.4
AcadnEm Inv n 16.42 0.11 -20.8 -10.7 SmCapGrowth n 18.24 1.04 0.4 51.4 STBFA p 10.15 0.01 2.7 6.9 EmgMktTRInst 6.51 NA NA NA AdvLgCapCore p 15.68 0.46 -7.1 26.7 TotRet 12.20 0.07 3.3 14.5 Chartwell: SelLCVal pn 21.55 0.73 -20.3 2.0
AIG Funds: SmCpVal n 5.75 0.51 -27.7 -11.7 STTxExBdA 10.30 0.06 1.7 5.9 Ave Maria Funds: BalCapFd 22.57 0.43 -3.5 21.9 BlackRock Funds R: Income n 12.06 0.29 -8.9 1.3 SelMdCpVal I p pn 8.52 0.56 -24.5 -5.9
FDivStII t 13.56 0.36 -20.4 -3.5 Sustain Equity n 30.20 0.90 -6.7 37.3 TECAA p 17.85 0.16 -0.2 11.0 Growth pn 35.95 1.75 -5.4 47.4 BasicVal 16.47 0.77 -20.2 -0.2 Equity Div p 17.35 0.63 -17.1 8.2 CIBC Atlas: SmCapGth I 22.36 1.23 9.2 74.7
Akre Funds: Ultra n 56.04 2.08 7.4 67.3 TxExA p 13.16 0.11 -0.3 10.6 RisingDivd n 15.56 0.62 -16.4 14.1 CAInsMuni 12.16 0.11 -4.5 6.1 GlblAlloc 17.47 0.37 -4.0 8.9 DispEq Inst 21.29 0.53 -6.3 38.9 SmCpIdx I n 18.02 1.46 -23.6 -3.3
AkreFocusInst 46.85 1.72 2.7 75.2 Value n 6.57 0.33 -21.9 -3.0 WshA p 42.30 1.18 -11.6 22.3 CapAppr 29.47 1.04 6.9 63.8 BMO Funds: ClearBridge: StratInc I 5.61 0.11 -4.6 7.4
AkreFocusRtl 45.63 1.68
Alger Funds A:
2.6 73.8 VeryCon tn
American Century R5:
11.98 0.17 -1.4 11.3 AMG Managers Funds:
Brandywine I n 50.04 1.23 -3.8 32.1
B EqtyDivd p
GlblAlloc p
17.18
18.46
0.63
0.39
-17.0
-3.9
9.2
10.0
CorePlBdI
IntrTaxFree I
12.08
11.16
0.09 2.7 13.6
0.09 -1.7 8.1
AggressGrowthA 161.36
AggressGrowthI 183.88
NA
NA
NA
NA
NA
NA
TaxEZ n
TotReBd I
13.01
9.37
0.12
0.12
-3.1
2.6
8.7
14.3
CapApr 28.79 0.77 6.9 58.7 InfProBd 10.29 0.02 -0.1 5.4 DblLineCore+Bd I 10.42 NA NA NA Baird Funds: HlthScOp p 65.94 0.13 2.1 52.0 IntTxFY n 11.17 0.08 -1.8 7.3 AggressGrowthIS 186.32 NA NA NA USGvtMtg tn 5.52 -0.01 0.1 10.0
SpectraN 23.85 0.69 6.3 56.9 American Century R6: GWKMBd I 12.26 0.14 1.2 10.9 AggBdInst 11.65 0.06 4.8 16.4 LgCp Focus Gr 5.00 0.19 8.5 64.2 UltrShtTxFrI 10.03 0.02 0.0 3.9 AllCapValueA 10.06 NA NA NA USTrsIdx I 12.26 -0.04 8.5 17.0
Alger Funds I: EqInc 7.78 0.19 -14.6 10.9 LoomisSaylesBd I 26.26 0.44 -2.1 10.5 CorBdInst 11.91 0.09 3.9 16.1 MdCpGrA 27.43 1.20 5.5 64.3 BNY Mellon Funds: AppreciationA 23.66 NA NA NA Columbia Class I2:
CapAppr I-2 86.49 2.32 6.9 60.7 Growth 37.88 1.24 4.4 58.8 LoomisSaylesBd N n 26.25 0.43 -2.3 10.0 IntBdInst 11.63 0.05 4.0 12.8 MultiAstIncome 10.16 0.15 -5.8 6.9 Aprec pn 31.88 1.09 -3.6 38.6 AppreciationI 23.50 NA NA NA ContCore I2 25.92 0.74 -5.5 27.8
Alger Funds Inst: MdCapVal 13.60 0.73 -20.2 -2.3 TSIntlSC I 13.42 0.73 -17.5 -8.1 QualIntMunBdInst 11.98 0.10 2.7 10.1 NatlMuni p 10.87 0.11 -1.7 8.2 CA AMTMuBdZ nr 14.79 0.12 -0.7 8.7 AppreciationIS 23.58 NA NA NA DivIncom 21.67 0.47 -12.2 22.1
CapApprI 36.83 0.98 6.7 58.7 OCP2025 10.46 0.22 -4.4 14.4 TSSmCapGrFd Z 17.99 0.86 -2.2 44.3 ShtTBdInst 9.88 0.03 1.9 8.7 NYMUNIOPP 10.68 0.10 -6.2 4.4 Dr500In tn 46.30 1.46 -8.0 29.1 DividendStrat1 n 21.97 NA NA NA MidCapIndx 13.44 0.93 -17.3 2.9
Allianz Fds Admin: OCP2030 10.90 0.26 -4.9 15.0 TSSmCpGrFd N n 17.28 0.82 -2.3 43.4 Baron Funds: ScTechOppA 39.33 1.26 16.3 104.9 Dreyf n 12.08 0.32 -1.9 37.8 DividendStratA 21.95 NA NA NA SmCapIndx 18.48 1.51 -23.6 -3.3
RCMTechI 75.39 2.34 15.3 86.7 OCP2035 10.53 0.27 -5.6 15.4 YachtmanFocFd I 15.66 0.44 -13.9 18.4 Asset n 85.96 2.79 -0.4 50.1 StratMuniOpp 10.85 0.12 -7.0 3.6 DreyMid r Inv nr 26.89 1.86 -17.4 2.1 DividendStratI 22.61 NA NA NA Columbia Class I3:
Allianz Funds A: American Century Y: YacktFocFd N n 15.70 0.44 -14.0 17.8 EmergingMkts n 12.02 0.06 -18.3 -7.4 StrtIncOpptyInvA 9.67 0.08 -2.1 7.1 DynTotRetY 15.40 NA NA NA LargeCapGrowthA 49.03 NA NA NA Balanced I3 42.72 0.89 -2.4 22.1
RCMGrowthA 55.00 1.46 6.8 55.4 IntTF 11.41 0.11 -0.6 9.7 YacktmanFd I 17.50 0.50 -14.6 14.7 Growth n 78.13 5.45 -5.5 41.9 TotRet 12.21 0.08 3.2 13.4 FloRtIncY 10.58 0.16 -6.9 1.2 LargeCapGrowthI 54.88 NA NA NA ContCore I3 p 25.93 0.74 -5.5 27.9
RCMTech t 63.03 1.95 15.2 84.8 American Funds Cl A: Angel Oak Funds Trst: Partners n 71.02 4.55 2.9 57.7 BlackRock Funds Blrk: GblRealRtY 14.65 0.14 -4.4 7.6 LargeCapValueI 28.24 NA NA NA DivIncom 21.71 0.48 -12.2 22.4
AllianzGI: 2010TarRetA p 10.86 0.15 -3.0 12.4 AglOkMtiStFdClIn 9.96 NA NA NA SmallCap n 28.51 1.81 -2.9 36.3 CapAppr 32.73 1.15 7.0 65.6 GlbStkI 21.42 0.63 -7.1 30.8 MidCapA 28.58 NA NA NA SelLgCpGr t 14.78 0.59 5.6 54.8
MidCpValA 24.51 1.09 -20.2 -2.9 2015TarRetA p 11.44 0.18 -3.5 13.0 AQR Funds: Baron Instl Shares: BlackRock Funds C: GlFxIncI 22.32 0.34 1.7 11.0 SmallCapGrowthA 33.73 NA NA NA STBond 9.71 0.05 -1.6 4.8
Amana Income: 2020TarRetA p 12.55 0.20 -3.2 15.0 LgCapDefStyle I 21.82 NA NA NA AssetInst 89.71 2.92 -0.3 51.2 EqtyDivd t 16.39 0.60 -17.2 6.9 HYldI 5.63 0.13 -7.1 5.7 SmallCapGrowthI 36.71 NA NA NA Columbia Funds:
AmanaIncm n 48.79 0.92 -7.6 24.5 2025TarRetA p 13.60 0.24 -3.3 17.4 LgCapDefStyle N 21.77 NA NA NA DiscoveryInst 22.49 1.69 3.9 53.7 GlblAlloc t 16.41 0.35 -4.1 7.6 InstS&PStkIdx I 54.99 1.75 -7.8 30.3 SmallCapGrowthIS 37.27 NA NA NA UltShortBd Inst3 9.00 0.01 0.4 6.2
AmanaGrowth n: 2030TarRetA p 14.45 0.30 -4.7 18.8 LgCapDefStyle R 21.80 NA NA NA EmergingMktsInst 12.06 0.07 -18.2 -6.7 HlthScOp 56.85 0.10 1.8 48.7 Interm n 13.58 0.14 -0.5 8.7 Clipper: Commerce Funds:
AmanaGrowth n 44.20 1.15 -1.0 54.4 2035TarRetA p 14.79 0.36 -6.2 20.3 LgCapMomStyle I 20.60 NA NA NA GrowthInst 81.08 5.66 -5.4 43.0 MultiAstIncome 10.15 0.15 -6.1 4.6 IntlStkI 19.85 0.56 -6.2 20.8 ClipperFd n 102.47 4.30 -16.5 5.3 Bond n 20.48 0.12 1.9 12.6
Amer Beacon Insti: 2040TarRetA p 15.07 0.40 -7.0 20.5 LgCpMultiStyle R 15.39 NA NA NA PartnersInst 72.92 4.67 3.0 58.9 BlackRock Funds III: IntlStkY 19.62 0.56 -6.1 20.9 Cohen & Steers: Community Capital Tr:
IntlInst 13.61 0.59 -26.3 -19.5 2045TarRetA p 15.33 0.41 -7.1 20.9 LngShrtEq I 8.98 NA NA NA SmallCapInst 29.94 1.90 -2.8 37.3 iShS&P500IdxK 351.08 11.13 -7.7 31.1 MunBd nr 11.65 0.11 -1.4 9.0 GlbRltyI 44.05 2.11 -22.9 -1.4 CRAQualInvFd 10.87 0.01 3.1 9.3
LgCapinst 21.38 1.01 -21.9 0.1 2050TarRetA p 15.05 0.40 -7.2 21.2 MgdFutStr R 8.63 NA NA NA BerkshireFocus n: iShUSAggBdIdxK 10.86 0.04 5.4 16.0 NewtonIntlEqY 17.66 0.43 -16.9 -7.9 InstlRlty 37.73 2.64 -18.9 8.6 Credit Suisse Common:
LgCpVal Inst 20.78 0.87 -23.4 -5.3 AmcpA p 32.44 0.96 -3.4 35.0 MgdFutStrI 8.61 NA NA NA BerkshireFocus n 32.41 0.95 17.7 115.0 BlackRock Funds Inst: NY Tax nr 14.77 0.15 -0.6 8.4 IntlRltyI r 9.74 0.15 -22.4 3.0 ComdtyRet r 3.68 0.06 -20.6 -22.1
SmCpInst 17.18 1.55 -29.4 -18.9 AMutlA p 38.44 0.74 -11.1 18.6 MgdFutStrN 8.45 NA NA NA Bernstein Fds: AdvIntl Inst 13.79 0.41 -18.7 -7.8 ResrchGrA 16.44 0.58 8.2 56.1 PrefSecIncmA 13.20 0.21 -5.8 9.8 Cullen Funds:
Amer Beacon Inv: BalA p 27.18 0.50 -4.2 21.0 StylePremAlt I 6.83 NA NA NA Ca Mu n 14.23 0.13 -0.9 5.9 AdvLgCapCore 16.35 0.49 -7.0 27.7 ResrchGrZ n 16.85 0.60 8.4 57.0 PrefSecIncmC 13.12 0.22 -6.0 7.7 HiDivEqI r 13.53 0.48 -20.5 -0.3
LgCapInv 19.54 0.92 -22.0 -0.9 BondA p 13.85 0.09 6.8 16.2 StylePremAlt R 6.85 NA NA NA DivrMuni n 14.36 0.14 -0.6 6.4 BalCapFd 22.68 0.44 -3.4 22.9 SmCpStk r Inv nr 21.80 1.78 -23.7 -4.1 PrefSecIncnI 13.24 0.22 -5.6 10.8
American Century A:
EqIncA p 7.76 0.20 -14.7 9.1
CapIBA p
CapWA p
55.39
20.11
1.02
0.25
-11.6
-0.2
2.2
8.3
Aquila Funds:
HI TF A 11.56 0.09 1.9 7.2
EmMkts n
IntlPort
23.01
14.28
0.14
0.48
-19.9
-16.8
-11.4
-9.1
BasicVal
CAInsMun
16.75
12.17
0.78
0.11
-20.1
-4.4
0.7
6.9
SmMidCpGrI 29.19
StratValA r 29.03
1.33
1.32
16.5
-22.9
81.5
-1.1
RltyIncA p
RltyIncI
13.16
13.94
0.98
1.03
-20.2
-20.2
5.4
6.2
D
American Century G: CapWGrA 45.87 1.22 -11.8 10.4 ArbitrageI : IntmDur n 13.70 0.07 2.8 12.9 CapAppr 32.48 1.14 7.0 65.1 U.S.EqY 19.47 0.77 -7.9 32.9 RltyShs n 53.35 3.76 -18.7 8.3 Davenport:
GlBond 10.23 0.07 0.3 NS EupacA p 47.85 1.34 -14.0 4.0 ArbitrageI 13.41 -0.03 0.4 8.0 NY Mun n 13.76 0.12 -2.1 4.4 EmgMkts 21.82 0.15 -15.9 12.2 WWGrA 51.75 1.88 -4.1 30.0 Colorado BondShares: Davenport Core n 24.42 0.64 -9.4 24.3
InfAdjBd 12.02 0.00 3.6 NS FdInvA p 55.39 1.58 -10.3 20.4 Ariel Investments: TxMgdIntl n 14.83 0.50 -17.0 -9.1 EqtyDivd 17.24 0.63 -16.9 10.1 BNY Mellon Funds Tru: ColoradoBdShs 8.93 NA NA NA EqOpp n 19.03 0.76 -11.1 28.1
NT IntlGr 10.47 0.39 -8.8 15.7 GBalA p 31.72 0.71 -7.3 8.2 ApprecInv pn 34.75 2.01 -22.1 -9.2 BlackRock Funds: FloRateIncPorIns 9.20 0.09 -6.6 3.2 BondFd 13.39 0.08 4.1 14.6 Columbia Class A: Val&Incm n 14.09 0.51 -20.4 1.5

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
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. All data supplied by Lipper.
May 25, 2020 BARRON’S M25

Mutual Funds Data provided by

Net YTD 3-Yr. Net YTD 3-Yr. Net YTD 3-Yr. Net YTD 3-Yr. Net YTD 3-Yr. Net YTD 3-Yr. Net YTD 3-Yr. Net YTD 3-Yr.
NAV Chg. % Ret. % Ret. NAV Chg. % Ret. % Ret. NAV Chg. % Ret. % Ret. NAV Chg. % Ret. % Ret. NAV Chg. % Ret. % Ret. NAV Chg. % Ret. % Ret. NAV Chg. % Ret. % Ret. NAV Chg. % Ret. % Ret.
Davis Funds A: WrdEXUSTARGETVAL 9.63 0.26 -26.4 -21.7 Fidelity: Fidelity Advisor Z: Emerg Asia nr 45.13 0.23 -0.7 32.2 STBF n 8.79 0.02 1.8 7.7 FedIntAdv 12.22 0.11 1.3 7.9 CorFxd n 11.79 0.03 5.6 15.0
NYVen A 24.34 1.04 -17.9 6.1 Dodge & Cox: 500IdxInstPrem n 102.73 3.25 -7.8 31.0 CorporateBond 12.33 0.17 2.7 NS EmrgMktK r 31.22 0.51 -10.7 18.8 StkSelSmCp n 21.81 1.39 -14.5 13.7 FlRtDAAdv t 7.17 NA NA NA SmCpEqAdv n 20.12 1.72 -22.0 -9.9
Davis Funds C & Y: Balanced n 86.48 2.83 -13.3 6.8 Contrafund K6 14.92 0.39 3.1 NS FloatRateHighInc 8.59 0.12 -7.7 NS EmrgMktsDebt 8.68 0.24 -7.5 1.6 StkSlcACap n 45.15 1.74 -5.7 28.4 GrOpAdv p 45.94 NA NA NA GMO Trust Class III:
NYVenY 25.04 1.07 -17.9 6.9 GblStock n 9.67 0.41 -23.9 -9.8 EmgMktIdxInstPre n 8.97 0.07 -18.3 -3.5 GovtIncome 11.21 -0.02 7.4 NS EmrMkt nr 31.21 0.51 -10.7 18.3 StratDivInc n 13.95 0.34 -9.0 14.1 Growth Adv t 110.84 4.01 -1.4 44.3 EmgCntryDt r 24.92 NA NA NA
Del Invest Instl: Income n 14.36 0.15 3.3 15.2 ExtMktIdxInstPre n 55.89 3.59 -12.4 14.5 GrOpp 106.98 4.10 9.8 103.2 Eq Inc n 51.24 1.55 -14.7 9.5 StrDivIncI 13.91 0.34 -9.0 14.0 HY TF Adv 9.79 0.08 -2.7 8.3 IntlEq 18.00 0.57 -18.6 -10.2
CorpBdI 6.15 0.10 2.1 18.0 Intl Stk n 32.24 1.15 -26.1 -19.9 FIDSerEmgMkt 7.65 0.03 -21.6 NS IntCpAp 21.88 0.58 -9.4 19.7 EqDivIncm n 20.76 0.78 -18.8 3.3 TaxFrB nr 11.59 0.11 -1.6 11.0 IncomeAdv 2.01 0.06 -11.6 1.0 Quality 23.05 0.63 -7.0 38.8
USGrw 25.18 0.89 7.8 53.2 Stock n 151.57 6.59 -20.2 4.1 FIDSerTresIndxFd 10.03 0.00 0.8 NS InvestGradeBd 8.57 0.08 5.4 NS EqIncK 51.20 1.55 -14.7 9.9 TotalBond n 11.16 0.10 3.4 14.6 RisDv Adv r 62.99 1.81 -9.1 26.9 GMO Trust Class IV:
Value 18.17 0.56 -18.3 6.6 Domini Funds: FIDZroExtMktIx n 8.21 0.56 -18.7 NS NewMktsIncFdZ 13.76 0.38 -7.0 NS Europ nr 30.82 1.06 -15.0 -4.2 TotalBond K6 10.47 0.10 3.3 NS SmCpGrAdv p 22.59 NA NA NA EmgCntrDt 24.88 NA NA NA
Delaware Invest A: Intl Eq Instit 6.45 0.17 -19.5 -14.7 FIDZroLgCpIx n 10.46 0.34 -6.9 NS RE Income 10.11 0.37 -18.7 NS Export n 16.51 1.05 -24.5 1.5 Trend n 113.97 3.47 6.5 60.6 SmCpValAdv t 39.40 3.46 -23.9 -5.7 IntlEq 17.97 0.56 -18.6 -10.0
Diver Inc p 8.97 0.10 3.0 14.0 US Equity Inv pn 23.43 0.57 -2.2 28.1 Flex 500 Index 12.62 0.40 -7.7 30.9 StrgInc 11.94 0.21 -3.2 NS Fidel n 51.46 1.22 1.5 47.1 Utility n 24.19 0.68 -11.9 18.1 StrInc Adv p 8.92 0.17 -5.7 2.4 Quality 23.10 0.64 -7.0 39.0
GrEq A p 12.05 0.34 -0.5 30.2 DoubleLine Funds: FlexUSBdIdx 10.88 0.04 5.6 16.3 Fidelity Freedom: FltRateHi nr 8.60 0.13 -7.7 2.4 Value n 8.10 0.59 -26.8 -13.1 TtlRtnAdv 9.81 NA NA NA GMO Trust Class VI:
GroInA p 11.35 0.34 -18.3 2.6 CoreFxdIncmI 10.93 NA NA NA Freedom2060K 10.72 0.32 -11.6 NS FAFree2020I p 12.10 0.23 -5.9 14.0 FocsdStk n 26.70 0.77 2.4 67.7 ValueDisc n 24.73 1.04 -18.3 0.8 USGovAdv p 6.20 0.00 3.5 9.7 EmgMkts r 28.43 NA NA NA
OppA p 20.73 1.41 -27.9 -11.8 CorFxdIncN n 10.92 NA NA NA GlexUSIdxInstPre n 10.97 0.25 -18.1 -4.6 FAFree2025I 12.15 0.27 -6.8 14.3 FournOne n 44.55 1.38 -8.8 17.5 ValueK 8.11 0.59 -26.8 -12.8 Utils Adv 19.26 0.60 -12.9 16.3 Quality 23.06 0.64 -6.9 39.2
SmCpValA p 42.76 3.55 -30.0 -18.8 EmgMktIncmI 9.55 NA NA NA GrowthCompanyK6 13.16 0.51 14.4 NS FAFree2035I 12.23 0.35 -10.6 14.4 GNMA n 11.83 0.01 3.3 10.5 Wrldw n 27.68 0.85 -2.4 37.4 FrankTemp/Franklin A: Goldman Sachs A:
SMIDCapGrA p 28.65 1.30 15.5 98.2 FlexibleIncomeI 8.79 NA NA NA HighIncome C 8.09 0.17 -7.8 NS FAFree2045A 10.07 0.31 -11.9 12.5 GovtInc n 11.19 -0.02 7.4 15.6 Fidelity SAI: AdjUS p 7.97 NA NA NA CapGr 22.50 0.80 -6.8 35.6
TotRtA p 13.51 0.34 -13.9 0.0 GlobalBondN 10.30 0.06 -1.5 3.4 InflPrBdIndInsPr n 10.54 0.00 4.7 13.5 FF2005 n 12.01 0.13 -1.9 12.7 GroCo n 24.38 0.92 14.1 76.6 FidSAIEmgMktIndx 11.71 0.09 -18.5 -3.6 BAL A t 11.48 NA NA NA Muni 15.60 0.16 -4.1 8.3
TxExIncmA 9.17 0.10 -1.0 6.4 InfraIncomeI 10.11 NA NA NA IntlIdxInstPrem n 35.26 1.04 -17.9 -5.3 FF2010 n 14.73 0.20 -3.3 13.1 GroInc n 35.19 1.37 -16.2 11.2 FidSAIIntlIndxFd 10.11 0.30 -17.9 -5.4 BalInv p 24.64 1.35 -27.6 -11.5 Goldman Sachs Inst:
Deutsche DWS: LowDurBdI 9.73 NA NA NA IntlIndex n 8.55 0.22 -17.9 NS FF2015 n 11.92 0.20 -4.6 13.5 GrowCoK 24.43 0.92 14.2 77.1 IntlValIdx 6.92 0.21 -26.1 NS BioDis A p 164.03 NA NA NA EmgMEq 19.77 0.12 -14.5 5.3
CapGrth p 88.45 2.34 5.6 57.9 LowDurBdN n 9.72 NA NA NA IntrTresBdIxPrem n 12.03 -0.01 9.4 NS FF2020 n 14.81 0.28 -5.8 13.4 GrowIncK 35.16 1.37 -16.2 11.6 Muni Inc 10.38 0.10 -1.9 NS CoreAll A p 18.21 NA NA NA Gr 34.05 0.99 1.6 45.8
CapGrth n 89.56 2.38 5.7 59.1 ShillerEnhCAPEI 13.59 0.69 -15.8 18.5 LgCpGwId InstPre n 18.04 0.55 3.0 59.5 FF2020A p 12.00 0.23 -6.0 13.3 GrStrt nr 49.59 1.45 -0.9 39.6 SAIEmgMktLoVolIx 8.39 0.06 -18.1 NS CvtSc A p 22.91 0.80 6.4 48.0 HYMuni 9.47 0.12 -6.6 12.8
CoreEq n 25.35 0.79 -10.0 24.4 ShillerEnhCAPEN n 13.58 0.69 -15.8 17.7 LgCpVlIdxIstPrem n 10.67 0.42 -19.2 3.6 FF2025 n 13.02 0.27 -6.8 13.5 GwthDiscovery n 42.03 1.47 5.8 59.8 TotalBd 10.66 0.09 2.7 NS DynaTech A p 99.77 3.58 12.6 80.0 Int 10.67 0.31 -17.9 -8.0
EqDivA 45.27 1.30 -23.6 6.3 TotRetBdI 10.62 0.03 1.1 10.4 LTTrsBdIdxInstPr n 17.10 -0.15 22.3 NS FF2025A p 12.03 0.26 -7.0 13.5 HighInc nr 8.09 0.17 -7.8 6.1 TxFreeBd 10.36 0.10 -2.4 NS EqIn A p 22.55 NA NA NA Muni 15.59 0.16 -4.0 9.4
GblIncBldA 8.69 0.16 -10.0 8.0 TotRetBdN n 10.61 0.03 0.9 9.6 MidCpInxInstPrem n 20.22 1.02 -14.4 13.0 FF2030 n 15.90 0.37 -8.2 14.1 Indepndnc n 37.15 0.94 1.5 42.7 U.S.TreBdIdx 10.90 -0.03 8.8 17.8 FlRtDA A p 7.17 NA NA NA ShDuTF 10.69 0.05 0.2 6.6
GblGrwS n 34.04 1.20 -9.4 9.2 Driehaus Funds: NewMkt I 13.76 0.38 -7.1 NS FF2035 n 13.12 0.37 -10.5 13.2 IntBd n 11.33 0.05 3.3 11.7 USMomentumIdx 13.94 0.16 -1.1 43.5 FoundFAlA p 11.91 NA NA NA SmCapVa 38.80 3.20 -29.1 -15.9
GNMA S n 14.01 0.00 2.5 10.1 EmMktsGr n 33.95 -0.03 -14.1 9.1 OTCK6Port 12.32 0.45 5.6 NS FF2035A t 12.12 0.35 -10.7 13.5 IntGov n 11.16 -0.01 5.6 11.8 USValueIndex 8.35 0.41 -22.9 NS FrkIntlGrthA 16.00 0.94 -3.6 28.9 Gotham:
HiIncA 4.44 0.11 -5.6 8.7 Dupree Mutual Fds: RealEstIdxInst n 12.35 0.81 -27.1 -10.4 FF2040 n 9.08 0.28 -11.6 12.1 IntlCapiApp K6 11.81 0.32 -9.2 NS Fidelity Selects: FSmCoSer r 16.63 0.66 -22.3 -10.7 AbsRt Inst 13.53 NA NA NA
HiYldTx n 11.28 0.10 -6.5 4.3 KYTF n 7.86 0.06 0.8 10.3 SAIUSLgCpIndxFd 15.93 0.51 -7.9 31.0 FF2040A p 12.84 0.40 -11.9 12.5 IntlDisc n 40.47 1.31 -10.9 5.4 Biotech nr 23.14 0.55 10.7 51.6 GoldPrM A p 21.69 0.34 11.5 26.7 Guggenheim Funds Tru:
IntTaxAMT n 11.77 0.10 0.4 8.7 SeriesOverseas 9.55 0.34 -11.4 NS FF2045 n 10.34 0.32 -11.6 12.2 IntlEnhIdx n 7.93 0.20 -18.2 -8.9 Chem nr 10.46 0.57 -15.5 -14.9 GrOp B p 41.99 NA NA NA FloRaStraFdInst 22.69 0.23 -8.9 -0.4
MgdMuniA p
MgdMuniS n
8.94
8.95
0.08
0.08
-2.3
-2.4
7.6
8.2
E SerLTTreBdIdx 10.47
SmCpIdxInstPrem n 17.19
-0.10
1.26
22.0
-18.3
42.9
3.1
FF2050 n
FrdmBlen2025 K6
10.41
9.73
0.32
0.20
-11.6
-6.5
12.1
NS
IntlGrRet n
IntlScOpps nr
14.40
18.17
0.38
0.58
-9.6
-11.8
17.1
12.2
Comp nr
ConStap nr
73.13
77.47
2.06
1.08
-7.7
-10.9
35.1
-1.4
Growth A p
LwDuToRt A
110.54
9.24
4.00
NA
-1.5
NA
43.2
NA
MacOppFdClInstl 24.63
TotRtnBdFdClInst 28.49
0.30 -3.1 2.6
0.26 6.1 15.6
S&P500S n 30.91 0.98 -7.9 30.3 Eaton Vance Class A: STBdIdx InstPrem n 10.35 0.01 3.5 NS Free2045L 10.15 0.31 -11.8 13.3 IntlSmCap nr 22.02 0.51 -21.6 -8.2 DfAero nr 13.00 0.90 -27.2 11.6 RisDv A p 63.04 1.80 -9.2 25.9 TotRtnBondFdClA 28.47 0.27 5.9 14.6
TechA 26.54 0.95 9.1 74.7 AtlCpSMID p 28.05 1.90 -16.3 23.8 STTreIdx InstPre n 10.89 -0.01 4.1 NS Free2050I 10.14 0.32 -11.7 13.4 IntMu n 10.54 0.09 0.0 9.8 Energy nr 22.06 1.54 -37.8 -44.1 SmCpGr A p 20.57 NA NA NA GuideStone Funds:
Diamond Hill Funds: DivBldrA 14.02 0.40 -9.5 27.1 TMktIdxInstPrem n 82.60 3.02 -8.5 28.1 Free2055 n 11.89 0.36 -11.7 12.0 InvGB n 8.56 0.09 5.4 17.2 Gold nr 29.72 -0.86 22.8 43.6 SmCpVal A p 37.13 3.26 -23.9 -6.4 AggrAllGS4 n 10.41 NA NA NA
CorpCrI 10.61 0.25 -5.7 11.2 FloatRt 8.33 0.07 -7.6 1.3 TotalMarketIndex n 10.36 0.38 -8.6 NS Freedom2010 K 14.71 0.19 -3.2 NS InvGrBd 11.92 0.09 4.2 16.2 Health nr 29.18 -0.07 5.2 61.2 SmMCpGrA p 35.48 1.42 8.4 50.2 BalAllGS4 n 11.48 NA NA NA
LgCapA p 23.97 0.99 -16.9 11.2 FltgRtAdvg p 9.46 0.11 -10.2 0.2 TtlIntIdxInstPr n 10.15 0.25 -18.3 -4.9 Freedom2015 K 11.90 0.19 -4.6 NS JpnSmCo nr 14.93 0.30 -13.3 6.6 HlthCareSrvPt r nr 104.89 2.43 0.9 49.8 StrInc A p 8.91 0.17 -5.7 1.6 EqindxGS2 32.60 NA NA NA
LgCapI 24.15 0.99 -16.9 12.1 Inc Bos 5.15 0.12 -6.7 5.0 USBdIdxInstPrem n 12.47 0.05 5.7 16.3 Freedom2015 K6 11.87 0.20 -4.5 NS LargeCap n 27.79 1.19 -17.2 11.4 Ind n 27.75 1.66 -18.0 1.6 TgtCon A p 13.59 NA NA NA EqIndxGS4 n 32.59 NA NA NA
LgCapY 24.17 0.99 -16.9 12.5 LgCpVal 16.90 0.59 -19.2 9.9 Fidelity Adv Focus A: Freedom2020 K 14.80 0.28 -5.8 NS LCapCrEIdx n 15.33 0.41 -6.9 31.8 ITSvs n 75.71 2.90 1.3 79.4 TtlRtn A p 9.75 NA NA NA GrAllGS4 n 11.09 NA NA NA
LongShortI 22.53 0.76 -16.5 -1.3 NatlMuniInc 10.04 0.10 0.4 12.3 HthCarA r 58.15 -0.11 4.4 56.1 Freedom2020K6 14.76 0.28 -5.7 NS LCapGrEIdx n 22.23 0.56 3.4 52.4 MdTchDevis n 59.41 -0.14 1.1 62.5 FrankTemp/Franklin C: GrEqGS2 27.01 NA NA NA
SmMidCapI 16.62 NA NA NA ShDurGovIncFd 8.14 0.00 1.7 6.2 TechA t 64.70 2.35 9.9 77.4 Freedom2025 K 13.00 0.27 -6.8 NS LevCoSt n 27.74 1.68 -14.5 8.1 Multimedia nr 64.48 3.02 3.1 38.0 CA TF C t 7.56 0.07 0.0 10.7 GrEqGS4 n 26.77 NA NA NA
Dimensional Fds: ShDurStratIncFd 6.95 NA NA NA Fidelity Adv Focus C: Freedom2025K6 12.98 0.27 -6.7 NS LgCpVHIdx n 11.19 0.40 -18.3 6.1 Pharm n 23.21 -0.15 2.6 45.4 DynaTech C p 82.10 2.93 12.3 76.0 IntEqGS2 11.05 NA NA NA
2TGlFxd 9.97 0.00 0.6 5.7 TMG1.0 n 1283.39 45.73 -6.5 31.6 HthCarC p 45.42 -0.09 4.1 52.6 Freedom2030 K 15.89 0.38 -8.1 NS LmtTrmMuniIncm n 10.66 0.07 0.3 6.2 Retail nr 17.42 0.86 3.5 55.4 Fed TF C t 11.91 0.11 0.3 8.0 LowDurGS2 13.45 NA NA NA
5GlbFxdInc 10.82 0.01 0.8 7.0 TMG1.1 57.64 2.05 -6.7 30.4 Fidelity Advisor: Freedom2030K6 15.85 0.37 -8.1 NS LowP nr 40.60 1.32 -18.9 3.1 Semiconductors r nr 11.13 0.67 -4.7 64.4 Growth C t 100.05 3.60 -1.8 40.0 MedDurGS2 15.54 NA NA NA
CAIntrTrmMuniBd 10.87 0.09 1.8 7.0 TMG1.2 25.90 0.92 -6.7 29.7 SrsAdvIntlCapApp 21.85 0.57 -9.4 19.3 Freedom2035 K 13.10 0.37 -10.4 NS LowPriStkK r 40.57 1.32 -18.8 3.4 Softwr nr 21.34 0.78 11.0 87.5 Income C t 2.05 0.05 -12.1 -1.4 ValEqGS2 15.44 NA NA NA
CASTMuniBd 10.34 0.02 0.7 3.4 WW Hlth Science p 12.35 0.01 -0.2 39.0 StragInc n 11.93 0.20 -3.2 NS Freedom2035K6 13.08 0.37 -10.4 NS LowPriStkK6 9.86 0.31 -18.4 NS Tech nr 21.01 0.77 9.9 76.4 RisDv C t 61.81 1.76 -9.5 23.1
Cont
DFARlEst
20.87
32.99
0.85
2.05
-21.7
-19.0
-12.4
5.7
Eaton Vance Class C:
FltgRtAdvg p 9.44 0.11 -10.4 -1.3
TotBdFdClZ
Fidelity Advisor A:
11.15 0.10 3.5 15.0 Freedom2040 K
Freedom2040K6
9.07
9.04
0.27
0.27
-11.6
-11.6
NS
NS
LtdTmBdFd n
MagellanK
11.77
10.34
0.05
0.26
1.8
1.6
9.2
45.3
UtilGr nr
Fidelity Series:
80.41 2.80 -13.7 23.1 StrInc C p
Utils C t
8.91
18.98
0.17
0.60
-5.8
-13.1
0.5
14.1
H
EmgMkt 23.02 0.19 -21.0 -8.4 Eaton Vance Class I: AdvMdCpIIA p 15.82 1.01 -18.1 -2.9 Freedom2045 K 10.32 0.31 -11.6 NS Magin n 10.36 0.26 1.6 45.0 Canada 8.99 0.27 -20.4 NS FrankTemp/Franklin R: Harbor Funds:
EmgMktSoCoEq 11.03 0.11 -22.1 -9.3 AtlCpSMID 31.48 2.14 -16.2 24.7 AdvStrDivInA p 13.86 0.34 -9.0 13.2 Freedom2045K6 10.29 0.31 -11.6 NS MAMun n 12.33 0.09 0.2 10.4 FASeriesEqGroFd 15.05 0.53 6.2 64.6 FrkDynTchR6 104.40 3.75 12.7 82.0 Bond 12.18 0.05 4.6 15.6
EmgMktVa 21.34 0.21 -25.6 -17.5 FloatRtHiInc 7.93 0.10 -7.6 2.2 BalancA t 21.62 0.59 -2.7 23.9 Freedom2050 K 10.39 0.31 -11.6 NS Manager40 n 11.64 0.21 -2.6 14.5 HthCarZ 63.64 -0.12 4.6 NS FrkGrthR6 110.74 4.01 -1.4 44.8 CapApInst 82.83 2.81 9.3 68.6
EmMktCorEq 16.99 0.18 -21.8 -10.3 FltgRt 8.06 0.08 -7.5 2.0 BioTech 30.65 0.16 10.3 50.2 Freedom2050K6 10.38 0.31 -11.5 NS Manager60 n 12.35 0.30 -5.1 15.6 IntMuni Z 10.56 0.09 0.0 NS FrkIncR6 2.01 0.06 -11.6 1.2 CapApInv pn 78.79 2.67 9.2 66.7
EmMktSmCp 16.27 0.24 -22.0 -13.5 GblMacAbR 8.53 0.03 -1.9 6.5 DivIntlA 21.79 0.65 -10.6 6.5 Freedom2055 K 11.88 0.35 -11.7 NS McpVl n 17.61 0.97 -23.9 -14.2 STCrFd 10.13 0.04 1.5 9.1 FrkRisDivR6 62.98 1.80 -9.1 27.3 IntlInst r 32.48 NA NA NA
Fixd 10.31 0.00 0.6 5.4 IncBos 5.15 0.12 -6.6 5.7 EqGrA p/r t 13.10 0.46 5.8 59.7 Freedom2055K6 11.87 0.36 -11.5 NS MegaCpStk n 13.22 0.52 -14.8 16.3 Fiera Capital: FrkSmCpGrR6 23.00 NA NA NA LgCpValue 14.99 0.65 -13.9 16.8
GblAll60 40Inst 17.31 0.46 -8.2 9.9 LgCpVal 16.98 0.60 -19.1 10.8 EqInA 23.34 0.88 -19.7 -0.1 Freedom2060 n 10.74 0.33 -11.6 12.1 MidCap n 29.45 1.77 -17.7 7.3 EmgMkt Inst 39.46 -0.56 -19.5 -9.3 FrkTotRtnR6 9.82 NA NA NA SmCpGwth 13.35 0.84 -4.2 39.3
GlAll25 75Inst 13.43 0.15 -2.2 9.3 NatlMuniInc 10.04 0.10 0.5 13.1 FF2030A p 12.80 0.32 -8.3 14.3 FundK 51.45 1.22 1.5 47.5 MidCapEnIdx nr 13.11 0.66 -14.8 8.5 First Eagle Funds: MutShrR6 20.94 0.70 -24.0 -11.2 SmCpValInst 28.21 2.05 -19.2 -0.2
GlEqInst 20.86 0.86 -15.8 7.2 ParEmMktsFdInst 10.97 0.27 -24.6 -17.6 GrOppA 97.30 3.73 9.6 100.9 Idx2015InsPre 13.41 0.20 -2.4 17.5 MidCapStkK r 29.47 1.77 -17.7 7.7 GlbA 51.29 1.41 -11.5 3.4 TempGlbBndR6 10.03 -0.01 -4.0 -0.5 Harding Loevner:
GlRESec 9.06 0.48 -23.2 -1.2 Eaton Vance Funds: HiIncAdvA 10.16 0.32 -9.9 4.9 Idx2020InsPre 14.25 0.25 -3.7 17.8 MIMun n 12.52 0.11 1.4 12.3 Gold p 24.27 -0.42 23.1 39.3 TmpGlbTotRtnR6 10.23 NA NA NA EmgMktsAdv n 46.17 NA NA NA
InfProtSec 12.59 0.02 4.7 13.6 ParTxMgdEmgMktIn 37.32 0.94 -23.3 -15.9 NwInsghtA p 30.98 0.98 -2.8 36.2 Idx2025InsPre 15.61 0.31 -4.7 18.0 MNMun n 11.96 0.12 1.3 11.1 OverseasA 21.27 0.30 -11.2 -2.5 TmpGrthR6 18.60 0.32 -17.5 -12.1 IntlEq 20.59 NA NA NA
IntGvFxdInc 13.91 -0.01 9.4 18.4 Edgewood Growth Instituti: SmllCapA p 20.45 1.50 -13.9 4.2 Idx2030InsPre 15.94 0.36 -6.2 18.9 MtgSec n 11.65 0.00 3.3 11.7 US Val A t 15.66 0.61 -13.0 6.2 TmpFrgnR6 5.44 0.07 -23.7 -23.2 Hartford Funds A:
IntlCoreEq 10.93 0.38 -20.7 -10.2 EdgewoodGrInst 41.77 1.67 8.4 69.2 StkSelMC p 28.57 1.88 -19.7 5.3 Idx2035InsPre 16.71 0.44 -8.8 18.1 MuniInc n 13.00 0.12 -1.9 10.7 US Val I r 15.97 0.62 -12.9 7.1 FrankTemp/Mutual A&B: BalIncA 14.02 0.33 -5.4 14.7
IntlREst 3.49 0.12 -30.1 -13.5 StrInA 11.77 0.20 -3.3 7.5 Idx2040InsPre 16.35 0.47 -10.1 17.1 NASDAQ nr 117.37 3.95 4.2 55.7 FMI Funds: Beacn A 12.86 0.33 -20.8 -4.5 CapAppA p 34.26 1.43 -8.4 24.4
IntlSustCore1 9.06
IntlVal 12.65
0.30
0.46
-17.8
-28.7
-4.5
-22.4
F TotalBdA p
Fidelity Advisor C:
11.17 0.10 3.3 13.6 Idx2045InsPre
Idx2050InsPre
16.96
16.99
0.48
0.49
-10.1
-10.1
17.0
17.1
NewInsights Z
NewMill n
31.85
30.52
1.00
1.38
-2.7
-18.8
37.8
7.5
IntlInvst n
LgCapInvst n 16.62
24.65 0.90 -23.8 -15.1
0.75 -15.9 12.1
Shares A
FrankTemp/Temp A:
20.69 0.69 -24.1 -12.0 Chks&Bal p
DiscpEqA p
8.80
31.88
0.26
1.01
-6.1
-8.8
19.6
33.9
IntlVectorEq 9.41 0.34 -23.0 -14.5 Fairholme: BalancC 21.45 0.58 -3.1 21.1 Idx2055InsPre 13.97 0.40 -10.1 17.1 NewMkt nr 13.76 0.38 -7.0 -1.7 FPA Funds: DvMk A p 17.72 0.18 -19.3 -0.5 DivGth A p 22.67 0.83 -14.1 16.4
IntrLrgCpGroPor 12.15 0.35 -12.1 5.2 Fairholme n 18.11 1.01 -8.7 -2.4 GrOppC p 81.81 3.12 9.3 96.4 Idx2055Investor 13.95 0.40 -10.1 16.9 NJMun nr 11.78 0.12 -3.0 10.8 FPACres n 29.11 1.01 -14.0 0.5 Frgn A p 5.54 0.08 -23.8 -24.1 EqInc t 16.53 0.54 -15.3 9.6
IntSmCo 14.86 0.53 -21.4 -11.0 FAM Value: NwInsghtC t 26.00 0.81 -3.1 33.2 Income n 11.40 0.10 -1.1 11.6 NYMun n 13.22 0.13 -1.0 9.5 NwInc n 9.90 0.00 0.0 8.1 GlBond A p 10.07 -0.02 -4.2 -1.8 FltRateA t 7.71 0.11 -7.8 1.0
IntSmVa 14.20 0.43 -26.6 -22.9 FAMValue n 68.42 2.95 -15.4 16.3 StrInC t 11.74 0.20 -3.6 5.1 Income K 11.39 0.11 -1.0 NS OHMun n 12.24 0.09 -0.2 10.1 Franklin A1: GlSmCo A p 7.66 0.42 -20.6 -6.6 GrOppty t 43.96 1.63 11.6 63.5
IntTermMuni 10.62 0.10 2.8 8.5 Federated A: Fidelity Advisor Fun: Fidelity Invest: OTC n 13.44 0.49 5.1 61.7 AZ TF A1 p 10.84 0.10 0.4 10.4 Growth A p 18.60 0.32 -17.6 -13.0 GrowAllA p 11.46 0.35 -11.0 10.4
IntVaIII 10.80 0.39 -28.6 -21.9 EqIncA p 18.25 0.68 -16.9 -0.3 IntlGrwZ 14.39 0.38 -9.6 17.5 AdvSrsGroOpport 14.20 0.54 9.7 108.5 OTC K 13.67 0.49 5.1 62.1 CA TF A1 p 7.58 0.07 0.3 12.7 World A p 11.49 0.19 -15.8 -8.5 Hlthcare 38.67 0.27 2.6 40.1
ITExQual 11.46 0.15 3.0 16.7 FedMunULA pn 9.95 0.03 -0.2 2.7 Fidelity Advisor I: AggrInt n 20.76 0.55 -9.5 19.5 OverseasK r 45.72 1.68 -11.5 6.5 CAHY A1 p 10.73 0.10 -3.1 10.4 FrankTemp/Temp Adv: MidCap A p 27.35 1.30 -10.5 24.7
Japan 21.39 0.46 -13.9 -1.7 KaufmannA p 6.38 0.12 6.7 65.8 BalancI 22.09 0.60 -2.7 24.9 AilSectEq 9.14 0.31 -6.3 28.9 Ovrse n 45.81 1.68 -11.5 6.1 CAInt A1 p 12.01 0.11 0.4 7.9 Frng Adv 5.45 0.07 -23.8 -23.5 Muti-AstIncGw 18.91 0.28 -6.5 10.6
LgCo 22.72 0.72 -7.8 30.8 KaufmnLCA p 28.23 0.84 1.5 52.1 BiotechI 32.74 0.17 10.4 51.5 AMgr20% n 13.46 0.16 -0.7 11.8 PAMun nr 11.25 0.09 -0.2 11.0 Fed TF A1 p 11.92 0.11 0.5 9.8 GlBondAdv p 10.03 -0.01 -4.0 -0.9 ShtDur 9.76 0.05 -0.9 6.4
LgCpIntl 19.26 0.59 -18.2 -5.4 KaufmnSCA p 44.85 1.53 3.4 77.1 ConsvIncmMuni I 10.00 0.02 -0.1 3.9 AMgr50% n 17.87 0.38 -3.8 15.1 PcBas nr 31.49 0.15 -8.8 18.9 FedInt A1 p 12.19 0.11 1.3 7.6 TGlTotRAdv 10.24 NA NA NA TotRBdA p 10.90 0.09 3.6 15.2
SclCrEqInst 10.33 0.38 -21.9 -12.0 MunStkAdvA p 12.38 0.24 -6.0 8.4 DivIntl 22.17 0.66 -10.5 7.3 AMgr70% n 21.25 0.56 -6.4 15.9 PuritanK 22.51 0.45 -0.6 27.7 FedL T TF A1 10.58 0.05 1.4 6.0 FrankTemp/Temp B&C: Hartford Funds C:
SelHdgGlFxd 9.59 0.02 0.1 7.5 StrValDivA p p 4.53 0.10 -19.5 -6.8 EqGrI 14.64 0.51 5.9 60.9 AMgr85% n 18.45 0.56 -8.1 16.8 Puritn n 22.53 0.45 -0.6 27.4 HiInc A1 1.71 NA NA NA GlBond C p 10.11 -0.01 -4.3 -2.9 Bal IncC 13.79 0.32 -5.7 12.2
STExQual 10.83 0.02 0.5 6.9 Federated C: FAInvGrdI 8.57 0.09 5.5 17.1 AstMgr30R n 11.14 0.17 -1.7 13.3 RealE n 35.66 2.36 -20.6 -1.1 HY TF A1 p 9.75 0.08 -2.6 8.0 Frost Family of Fund: Hartford Funds I:
STGov 10.57 0.00 0.4 3.8 StraValDivC p 4.54 0.10 -19.6 -8.7 FF2030 12.87 0.31 -8.3 15.1 Balanc n 23.78 0.67 -2.8 25.4 RealEstInc nr 10.15 0.37 -18.7 -1.8 IncomeA1 p 2.02 0.05 -12.0 0.2 FrTRInst 9.77 0.05 -4.4 3.8 BalIncI 14.02 0.32 -5.4 15.5
STMuniBd 10.23 0.02 0.9 3.5 Federated Funds: FF2040 12.94 0.40 -11.8 13.3 BalancedK 23.78 0.67 -2.8 25.7 REInc n 9.16 0.27 -17.6 -0.4 MIInsTF A1 p 11.83 0.11 2.1 12.7 FrTRIS pn 9.76 0.05 -4.6 3.0 CapAppI 34.45 1.43 -8.3 25.4
TAUSCoreEq2 17.30 0.79 -13.8 15.0 IntEq IS p 21.06 0.86 -16.1 1.6 FltRatel 8.59 0.12 -7.8 2.2 BluCh n 117.20 5.13 8.8 67.6 SAIIntlMinVolInd 9.52 0.14 -14.5 2.1 MNInsTF A1 p 12.65 0.14 2.2 11.1 DivGthI 22.55 0.83 -14.0 17.4
TAWldexUSCr 8.80
TM IntVa 10.88
0.23
0.39
-21.2
-27.9
-10.6
-21.4
KaufmnIS
KaufmnSCI
6.54 0.12 6.9 68.2
45.69 1.56 3.6 79.5
GrOppI
HiIncAdvI
105.93
9.51
4.06
0.30
9.7
-9.9
102.5
5.7
BluChpGr K6
BluChpGrK
16.41
117.51
0.72
5.15
9.0
8.8
NS
68.1
SAILTTreBdIdx
SAISm-MidCap500I
13.41
10.93
-0.12
0.65
22.9
-15.1
45.1
12.6
MO TF A1 p
NC TF A1 p
11.74
11.64
0.09
0.09
0.7
1.5
9.6
9.4
G EmrgMktEqInv r 13.80
EqIncI 16.42
0.16
0.53
-16.8
-15.2
0.8
10.4
TM US Sm 33.94 2.60 -22.2 -7.4 Federated Instl: HthCarI r 63.59 -0.11 4.6 57.3 CALmtTrmTFB n 10.77 0.08 0.8 6.4 SAIUSMinVolIndFd 13.98 0.32 -8.1 31.1 NJ TF A1 p 11.15 0.09 -1.5 8.2 Gabelli Funds: FltRateI 7.70 0.11 -7.7 1.9
TM USTgtVal 24.61 1.96 -30.2 -19.6 BondIS 9.46 0.17 0.5 15.0 IntlGr 14.37 0.38 -9.6 17.2 CAMun n 13.12 0.12 0.1 11.1 SAIUSQtyIdx 14.39 0.32 -2.0 46.0 NY TF A1 p 11.07 0.11 0.1 9.3 ABC pn 9.88 0.02 -3.2 2.9 GrowOppI t 47.00 1.74 11.8 64.8
TMMktwdVa 25.36 1.22 -21.2 2.0 GloFinI 30.06 1.21 -15.6 -6.4 IntlSmCp 22.16 0.52 -21.6 -8.2 Canad nr 43.00 1.15 -18.4 -0.5 SCEnhIdx n 10.45 0.74 -20.0 -6.3 OHInsTF A1 p 13.05 0.11 2.4 12.5 Asset pn 46.41 1.76 -15.6 6.3 InterValue 10.49 0.29 -30.3 -24.5
TMMttVa2 23.48 1.13 -21.1 2.4 GovUltra 9.93 0.01 1.0 5.7 LmtdTrmBdFd 11.78 0.06 1.8 9.2 CapAp n 33.61 1.18 -0.7 39.1 SmallCap nr 14.80 1.00 -18.3 4.4 OR TF A1 p 11.75 0.10 1.7 10.6 SmCapG n 37.63 2.31 -19.9 -6.1 MidCap 28.43 1.36 -10.4 25.7
TMUSEq 31.69 1.10 -8.3 28.5 InsHiYld r 9.16 0.23 -5.6 8.1 LmtTrmGov n 10.37 -0.01 3.9 8.8 CapApprK 33.70 1.19 -0.7 39.5 SmCapDisc n 17.47 1.47 -24.5 -10.2 PA TF A1 p 9.84 0.06 0.5 8.5 SmCpGrwI 38.74 2.38 -19.8 -5.4 MunOpptI 8.72 0.07 -1.0 10.4
US CoreEq1 22.57 0.97 -12.5 19.7 KaufmnLCIS 29.16 0.87 1.6 53.2 MuniIncI r 10.56 0.09 0.0 9.5 CapDevO n 13.34 0.57 -16.8 12.0 SmlCapO n 11.71 0.70 -16.4 12.1 US Gov A1 p 6.18 0.01 3.4 9.2 Util A p 7.37 0.27 -15.2 2.3 WorldBond 10.60 -0.01 0.4 10.1
US CoreEq2 20.31 0.94 -13.8 14.7 KaufmnR r 6.40 0.12 6.7 65.6 MuniIncome 12.99 0.12 -1.9 NS ChinaReg n 38.51 -0.36 -2.6 33.2 SmlCpGrth nr 25.72 1.16 -6.0 43.6 Utils A1 p 19.10 0.60 -12.9 15.9 Util C t 4.52 0.17 -15.4 0.0 Hartford Funds Y:
US Micro 16.08 1.30 -25.6 -10.3 MDTSmCIS 15.88 1.15 -20.9 -6.1 NwInsghtI 31.81 1.00 -2.7 37.2 CnvSc n 31.14 0.74 0.2 33.3 SmlCpGrth K6 14.03 0.64 -5.3 NS Franklin C1: GAMCO Funds: DiscpEq 32.34 1.03 -8.7 35.1
US Small 27.22 2.10 -22.0 -7.9 ShIntDurMuInst 10.16 0.06 -1.0 4.1 REIncmInst 10.11 0.37 -18.7 -1.8 Contra n 14.15 0.39 3.9 51.0 SmlCpVal nr 11.36 0.84 -25.8 -14.2 HY TF C t 9.95 0.08 -2.9 6.2 GwthAAA pn 70.05 1.86 6.4 66.2 DivGthY 23.32 0.86 -14.0 17.5
US SmCpVal 23.83 2.04 -30.6 -22.9 StraValDivIS 4.56 0.10 -19.3 -6.1 SmCapGrwI 25.79 1.16 -6.0 43.5 ContraK 14.17 0.39 3.9 51.4 Srs1000ValIndRet 10.59 0.41 -19.2 3.8 Franklin Templeton: Gartmore Funds: IntOppY 14.47 0.39 -16.0 -6.3
US TgdVal 16.07 1.30 -30.3 -19.9 TtlRtnBdI 11.35 0.11 3.7 15.0 StrInI 11.93 0.20 -3.2 8.3 CorpBd n 12.34 0.18 2.8 18.4 SrsBlChGroRetail n 16.39 0.77 9.0 73.8 TgtGroA p 16.84 NA NA NA NationwideInstSv 21.82 0.72 -5.4 29.5 MidCapY 33.91 1.62 -10.4 25.9
USLCpGr 22.06 0.50 -4.3 43.1 UltraShortI 9.04 0.01 -0.4 6.1 Total Bd 11.15 0.11 3.4 14.5 CpInc nr 9.17 0.29 -9.1 7.4 SrsCommStrt 3.71 0.07 -22.1 -22.9 TgtModA p 14.34 NA NA NA Gateway: Hartford HLS Fds IA:
USLgVa 29.59 1.42 -22.9 -1.9 FedMuniUl A 9.95 0.02 -0.3 3.9 Fidelity Advisor M: DisEq n 40.37 1.27 0.9 35.5 SrsEmrgMkt 16.95 0.19 -17.8 3.8 FrankTemp/Frank Adv: GatewayA 33.10 0.43 -4.3 6.8 Balanced 28.63 0.81 -5.4 20.3
USLgVaIII 19.95 0.97 -22.8 -1.5 Federated IS: Balanced p 21.90 0.60 -2.8 23.0 DivGrowK 24.27 1.39 -21.5 5.9 SrsGlobal 10.80 0.25 -18.0 -4.4 CA HY Adv t 10.76 0.10 -3.0 10.8 GE Elfun/S&S: CapApp 42.33 1.54 -8.1 24.7
USSmCpGr 16.10 1.20 -16.6 4.0 ShtlncIS 8.56 0.02 0.7 8.0 EqGr p 12.76 0.45 5.7 208.1 DivGth n 24.30 1.39 -21.6 5.6 SrsGroCoRetail 20.46 0.76 15.3 82.2 CA IntAdv 12.04 0.11 0.4 8.2 RSPIncm n 12.15 0.10 3.7 14.3 DiscEqui 14.55 0.47 -8.9 34.4
USSoCoreEq2 14.98 0.76 -14.7 14.1 Federated R6: EqIn p 24.01 0.91 -19.8 -0.8 DivIntl n 36.20 1.05 -10.6 7.0 SrsIntlGrw 15.92 0.44 -9.1 20.9 CA TF Adv t 7.56 0.07 0.2 12.9 RSPUSEq n 54.73 1.71 -4.5 35.3 Div&Grwth 18.90 0.70 -14.4 17.4
USSustCoreI 22.47 0.95 -9.8 27.1 FedInstHYBondL 9.17 0.24 -5.6 8.2 GrOppM p 96.08 3.67 9.5 99.4 DivIntl K6 10.39 0.30 -10.3 NS SrsIntlSmCp 15.07 0.50 -12.9 11.4 CvtScAdv 22.92 0.81 6.5 49.3 Tax Ex n 11.44 0.10 0.5 10.8 GrwthOpp 39.70 1.47 12.1 66.6
USVectorEq 15.13 0.98 -22.3 -4.0 StrValL 4.56 0.10 -19.4 -6.0 NwInsghtM p 29.64 0.93 -2.9 35.2 DivIntlK r 36.14 1.05 -10.5 7.4 SrsIntlVal 7.60 0.29 -23.2 -17.3 Dynat Adv 103.26 3.71 12.7 81.3 Trusts n 60.28 1.79 -3.0 44.6 IntlOpp 13.88 0.38 -16.2 -6.2
WexUSGov 10.58 0.02 3.3 17.7 TtlRtnBdL 11.34 0.10 3.7 14.9 StrInM p 11.76 0.20 -3.3 7.5 DivStkO n 26.10 0.64 -1.3 35.3 SrsSmCapDiscRet 9.00 0.76 -22.7 -3.0 Fed TF Adv 11.93 0.11 0.5 10.1 Glenmede Funds: MidCap 34.23 1.64 -10.3 26.0
M26 BARRON’S May 25, 2020

Mutual Funds Data provided by

Net YTD 3-Yr. Net YTD 3-Yr. Net YTD 3-Yr. Net YTD 3-Yr. Net YTD 3-Yr. Net YTD 3-Yr. Net YTD 3-Yr. Net YTD 3-Yr.
NAV Chg. % Ret. % Ret. NAV Chg. % Ret. % Ret. NAV Chg. % Ret. % Ret. NAV Chg. % Ret. % Ret. NAV Chg. % Ret. % Ret. NAV Chg. % Ret. % Ret. NAV Chg. % Ret. % Ret. NAV Chg. % Ret. % Ret.
SmCpGrwth 26.76 1.66 -10.0 21.3 DiscovY n 101.23 4.99 6.7 62.7 RetLiv2025 9.51 0.24 -5.9 14.1 SmCpGrL 20.58 1.38 1.6 63.3 MAPI 36.75 1.47 -14.2 18.8 MIGI p 32.06 NA NA NA FixIn n 10.49 0.10 2.5 13.3 JennUtility 13.86 0.47 -11.0 20.5
Stock 83.20 2.63 -10.1 32.1 EqWtdY n 53.96 2.83 -16.0 11.6 RetLiv2030 9.65 0.27 -6.9 14.8 S&P500IdxA 41.22 1.30 -7.9 29.1 ReInT t 17.66 0.47 -13.7 4.9 GlbREIdx nr 8.41 NA NA NA NationalMuni 14.66 0.14 -1.7 8.3
TotRetBd
Heartland Funds:
11.80 0.11 3.1 15.7 GlblOppY n
GloblY n
59.52
87.79
3.10
3.00
-4.6
-8.7
23.5
20.7
RetLiv2035
RetLiv2040
9.86
9.83
0.29
0.30
-8.1
-9.1
14.5
14.3
L TRBd
Mairs&Power:
11.11 0.10 3.3 13.8 RetBdI
RschI
11.17
44.33
NA NA NA
NA NA NA
HiYFxInc n
HiYMuni n
5.96
8.23
NA
0.10
NA
-6.2
NA
5.8
ShrtTermCorpBond 11.07
TotalReturnBond p 14.45
0.09 0.6 7.9
NA NA NA
Val Inv n 29.80 NA NA NA IncomeY n 2.98 0.34 -34.0 -39.4 RetLiv2045 9.56 0.30 -9.6 13.9 Laudus Funds: MairsPwrBal n 90.89 2.01 -8.3 15.3 TotRI 18.41 NA NA NA IntlEqIdx nr 10.43 0.32 -18.1 -5.9 PGIM Funds Cl C:
Hennessy Funds: IntGrowY n 39.19 1.51 -11.5 0.5 John Hancock Funds A: USLgCpGr nr 23.78 0.83 7.0 66.4 MairsPwrGr n 117.18 3.87 -7.9 24.1 ValueI 37.39 1.31 -15.8 9.7 IntTxExpt n 10.83 0.09 1.5 10.4 TotalReturnBond 14.43 NA NA NA
FocInv 65.86 3.38 -17.1 12.6 IntlBdY n 5.00 0.19 -8.8 -0.9 BalA 20.88 0.37 -1.9 22.1 Lazard Instl: Manning & Napier Fds: MFS Funds Instl: MidCpIdx n 16.00 1.11 -17.2 3.1 PGIM Funds Cl Z:
GasUtilIndInv 23.76 0.75 -16.3 -2.1 IntlSmCoY n 44.60 2.05 -6.6 21.3 BondA p 16.27 0.15 2.3 13.4 EmgMktEq 13.54 0.27 -26.7 -19.8 ProBConsS 14.00 0.22 0.4 15.1 IntlEq 23.61 NA NA NA ShIntTaxFr n 10.56 0.08 1.9 7.1 GlobalRealEstate 18.93 0.78 -21.3 0.8
JapanInst 37.51 0.83 -5.0 24.9 RocMuniY n 16.17 0.21 -2.2 19.5 DispVal 17.00 0.65 -20.9 -0.3 GlbLstInfr 13.87 0.34 -10.9 8.0 Marsico Funds: Mondrian: SmCapIdx n 10.80 0.79 -18.5 1.9 HighYield 5.02 0.11 -7.9 8.4
Homestead Funds: Sel40Y n 4.22 0.41 -35.9 -40.8 DispValMdCp 16.83 1.01 -21.1 -3.6 IntlEq 15.22 0.57 -18.2 -7.0 Focus pn 20.76 0.74 10.0 64.6 IntlValEq n 10.77 0.24 -25.8 -18.7 SmCpVal n 14.71 1.25 -28.6 -17.7 JennGrowth 49.87 1.74 10.2 69.8
ShtTmBd n 5.37 0.02 3.1 9.6 CoreBdY n 7.18 0.06 4.7 16.2 FunLgCpCorA p 45.16 2.51 -9.2 17.4 IntStrtEq r 12.59 0.44 -18.1 -0.2 Mass Mutual: Morgan Stanley Fds A: StkIdx n 33.97 1.08 -7.8 30.6 JennHealthSci 52.74 NA NA NA
Value n 44.15 1.56 -14.3 19.1 IVA Funds: InvGrBdA 10.98 0.07 3.7 13.7 USEQ Concen Inst 15.05 0.61 -10.6 18.2 SelBluChipGroClI 24.52 0.73 4.3 59.5 InsightA p 55.96 2.45 37.3 136.5 TxExpt n 10.86 0.09 1.0 11.8 JennMidCapGrowth 24.83 0.98 -3.2 35.1
Hotchkis and Wiley: Intl I r 12.80 0.16 -19.4 -14.4 IntlGrw 26.83 0.43 -10.7 13.8 Lazard Open: MassMutual Premier: Morgan Stanley Fds I: Nuveen Cl A: JennSmallCompany 18.59 1.26 -20.3 -1.4
HiYldI 9.87 0.20 -12.4 -4.5 WorldwideA t 14.02 0.19 -15.8 -7.2 LifeAggr 12.74 0.44 -11.5 10.6 EmgMktEqO n 13.93 0.28 -26.8 -20.4 CoreBdI 11.06 NA NA NA FxInOpp I 5.52 0.06 -3.4 10.9 AAMunBd p 11.51 0.11 -2.0 11.1 TotalReturnBond 14.40 NA NA NA
WorldwideI r 14.07 0.18 -15.8 -6.5 LifeBal 13.22 0.35 -6.7 10.6 IntlStrEq n 12.69 0.44 -18.2 -0.9 MassMutual Select: Insight I 62.92 2.76 37.4 138.6 CAMunBd p 11.29 0.12 -0.1 11.0 PIMCO Fds Admin:
I Ivy Funds:
AssetStrA p 19.27 0.46 -11.2 12.9
LifeConsv
LifeGrw
12.64
13.08
0.20
0.40
-2.1
-9.2
8.5
10.5
Legg Mason A:
GrowFdClA 13.83 NA NA NA
BlackRockGlAllCi 10.78
BlChpGrR5 24.48
NA NA NA
0.73 4.2 59.1
Morgan Stanley Inst:
CapGrI 63.62 2.80 37.3 106.0
HiYldMuBd p
IntDMunBd p
16.22
9.34
0.20
0.08
-8.1
-0.4
10.5
10.4
ShortTrmAd p 9.70
TotRtAd p 10.70
0.01 0.2 5.4
0.03 4.5 14.7
ICM Small Company: AssetStr I r 19.57 0.46 -11.1 13.8 LifeMod 12.65 0.27 -4.5 9.5 Legg Mason I: IdxEqI 16.88 0.54 -7.8 30.7 CapGrP p 59.78 2.63 37.2 104.4 LtdMnBd p 11.21 0.08 0.7 8.0 PIMCO Fds Instl:
ICMSmCo 20.85 1.84 -28.0 -11.3 BalancedA p 22.63 0.64 -7.3 16.2 RgBkA 16.58 1.34 -40.4 -28.8 IntlGrTrI 50.07 NA NA NA IndxEqR4 n 16.38 0.52 -7.9 28.7 CorPlusFxdIncI 11.53 0.10 1.5 15.4 NYMunBd p 10.84 0.11 -2.0 8.1 AllAsset 10.60 NA NA NA
IFP US Equity Fund: CoreEqA t 13.46 0.39 -5.6 33.5 StrIncA p 6.33 0.09 -1.6 6.9 OpporTrI 24.77 2.07 -21.3 5.4 MCGrEqIII 21.91 NA NA NA Discovery I 26.88 1.13 40.1 145.1 Nuveen Cl I: AllAssetAuth r 7.13 NA NA NA
IFP US EquityFd 17.57 NA NA NA EmgMktEqFdI 17.96 -0.01 -15.2 1.2 USGlobLdrs 54.47 2.06 5.3 58.1 Longleaf Partners: MCpGrEqIIS 21.66 NA NA NA GloFranI t 27.05 0.54 -5.2 32.1 HYMunBd 16.22 0.20 -8.0 11.7 CommodtyRR 4.55 NA NA NA
INVESCO A Shares: HiIncA p 6.13 0.13 -11.7 -1.6 John Hancock Instl: Intl n 12.80 0.18 -27.6 -15.3 PIMCITRetI 10.52 NA NA NA IntlEqI 12.68 0.27 -14.0 -5.1 Nuveen Cl R: DivInc 10.61 0.19 -3.3 11.6
AmValA 26.41 1.52 -23.6 -9.9 HiIncC t 6.13 0.13 -12.0 -3.7 BalancedI 20.86 0.37 -1.8 23.2 Partners n 15.91 0.83 -21.6 -20.6 Matthews Asian Funds: MorganStanleyPathway: CAMunBd 11.30 0.11 -0.1 11.7 EmMktsBd 9.89 NA NA NA
Invesco Fds Investor: HiIncI r 6.13 0.13 -11.6 -0.9 DispValMCI 17.60 1.06 -21.0 -2.8 Sm-Cap n 16.95 1.08 -30.2 -18.5 AsiaDivInv nr 15.41 0.11 -11.5 -0.6 CoreFxIcm n 8.61 0.08 4.2 15.5 DivVal I 11.16 0.40 -22.2 0.7 EmrgMktCur&STInv 7.31 NA NA NA
DivrsDiv n 16.67 0.50 -19.1 -2.1 IntlCorEqI r 14.58 0.49 -17.7 -11.5 FunLgCpCorI 47.45 2.65 -9.1 18.2 Loomis Sayles Fds: AsiaGroInv nr 27.09 0.31 -3.6 21.9 EmgMkt n 12.27 0.14 -21.2 -7.8 IntDMunBd 9.37 0.08 -0.3 11.0 ExtdDur 10.99 NA NA NA
GlHltCr pn 40.32 0.22 -3.9 33.6 LgCpGwthA p 24.27 0.81 2.7 62.9 IncomeI 6.32 0.09 -1.5 8.0 HiInc 5.46 0.15 -12.5 -3.8 Asian G&I Inv nr 13.45 -0.04 -14.5 -4.7 LgCapEq n 18.29 0.67 -9.0 25.1 LmtTrmR 11.17 0.08 0.8 8.6 GlblBdOppUSH 10.20 0.06 0.4 9.4
Tech n 53.79 2.15 8.4 63.5 LgCpGwthl r 25.91 0.87 2.8 64.3 StratIncmOppI 10.33 0.17 -2.8 5.4 LSBondI 12.54 0.24 -8.4 2.0 ChinaInv n 18.80 -0.44 -1.7 32.7 Sm-MdCapEq nr 15.80 0.99 -13.2 12.6 NYMunBd 10.85 0.11 -1.9 8.7 HiYld 8.37 0.19 -5.5 8.7
Invesco Funds: LtdTrmI r 11.01 0.02 2.1 8.1 USGlbLdrsGrwI 59.54 2.26 5.4 59.2 LSBondR pn 12.47 0.24 -8.5 1.3 IndiaInv nr 16.76 -0.18 -28.0 -26.7 Munder Funds: RealEst 16.33 0.91 -20.1 -1.2 HiYldMuniBd 8.94 0.08 -3.9 12.8
SteelPthMLPSlt40 4.25 0.42 -35.8 -40.6 MidCapI 31.32 1.24 4.8 67.9 JPMorgan A Class: LSCorBndA p 13.74 0.10 4.8 15.4 JapanInv nr 20.13 0.33 -6.4 11.2 MndrIntlSmCpInv r 11.91 NA NA NA ShTxFrY 10.14 0.05 0.3 5.3 IntlBdUnhedged r 9.15 0.15 -5.1 2.7
Invesco Funds A: MdCpGwthA p 28.58 1.14 4.6 66.1 CoreBond 12.26 0.06 4.4 14.3 LSFixIncl 12.20 0.27 -8.4 4.7 PacTigerInv nr 24.09 -0.17 -16.2 -3.5 Munder Funds Cl Y: SmCpVal 15.78 1.26 -32.8 -31.0 IntlBdUSH 10.71 0.06 0.8 13.9
500InxA p 31.63 1.00 -7.9 28.9 MuniBdA t 11.75 0.10 0.5 8.2 CorePlusBd p 8.62 0.03 3.1 13.2 LSStrIncA p 13.03 0.23 -9.1 0.3 Merger Fd pn: MndrSCVClY p 23.59 NA NA NA InvGrdCrBd 10.68 0.12 -0.7 15.6
ActiveAllA
AMTFrNY p
12.91
11.39
0.39
0.12
-11.9
-3.6
6.9
10.4
MuniHighIncA t
ScTechA p
4.85
69.94
0.04
2.27
-2.5
-2.3
6.6
61.8
EmMktEq t
EqInc p
26.80
15.69
0.30
0.45
-15.7
-17.3
10.5
12.2
LSStrIncC t
SmCpGI
13.15
24.76
0.23
1.33
-9.4
-6.7
-2.0
36.6
Merger Fd pn 17.09
Meridian Funds:
-0.07 -0.5 14.3 Mutual Series:
BeacnZ n 13.00 0.33 -20.7 -3.8
O LgTmRlRt
LgTrmCrdtBd 12.88
9.98 NA
0.23
NA
1.4
NA
27.1
BalancedRiskAllA 9.52 0.16 -8.3 2.9 ScTechC t 56.64 1.83 -2.6 58.2 EqIndx p 45.05 1.43 -7.9 29.4 Lord Abbett A: Growth 33.86 2.07 -12.7 20.0 EuropZ n 15.52 0.67 -27.1 -19.6 Oak Associates Funds: LngDurTotRtrn 11.64 0.09 10.3 33.7
CapApprA p 57.34 2.20 3.1 46.3 ScTechI r 79.08 2.57 -2.2 62.8 GroInc p 44.05 1.49 -17.8 10.6 Affiltd p 12.51 0.47 -20.2 2.6 Value 30.20 2.24 -14.6 15.9 GlbDiscA 22.72 0.72 -25.5 -14.9 RedOakTec n 31.21 1.06 0.4 56.8 LowDur 9.85 0.01 1.5 7.7
Chart 14.39 0.40 -9.7 12.0 SmCapGrA t 16.27 0.86 -3.8 29.1 GwthAdv p 23.46 0.76 7.6 67.4 BdDeb p 7.51 0.16 -6.1 7.2 Metropolitan West: GlbDiscC t 22.63 0.72 -25.7 -16.8 Oakmark Funds Invest: LowDurInc r 8.17 0.09 -3.4 7.4
CmstA 18.69 0.90 -24.9 -4.3 SmCapGrI r 22.71 1.21 -3.6 30.5 Inv Bal p 14.21 0.30 -4.4 13.6 CalibrDivGr 14.51 0.53 -9.1 23.3 IntmBdI 10.88 0.04 3.8 12.3 GlbDiscz n 23.25 0.74 -25.5 -14.3 EqtyInc nr 25.29 1.03 -13.9 3.8 LTUSG 7.90 -0.07 21.8 41.2
CoreBdA p 7.22 0.06 4.5 15.2 InvCon p 12.27 0.17 -2.0 12.3 CoreFxdInc p 11.38 0.06 3.8 12.8 LowDurBd n 8.77 0.01 0.8 6.8 QuestA t 11.37 0.26 -17.8 -10.2 GlbSel nr 14.28 0.60 -23.1 -14.6 ModDur 10.72 0.04 4.5 12.9
CpBdA
DevMkt
7.47
31.30
0.15
0.56
-0.3
-18.8
13.9
-1.9
J InvG&I p
InvGrwt p
15.82
18.38
0.42
0.61
-6.1
-8.6
15.5
15.9
DevGt p
FloatRt p
21.44
7.64
0.92
0.11
9.2
-11.8
78.3
-3.3
LowDurBdI
TotRetBd n
8.78
11.40
0.02 1.0 7.5
0.07 5.0 15.7
QuestZ n
SharesZ n
11.57
20.95
0.27
0.71
-17.7
-24.0
-9.5
-11.4
Global n
Oakmark n
21.31
64.94
1.26
3.52
-27.4
-18.8
-13.6
3.2
MortgOppBd 10.62
RAEFndmtlAdvPLUS 8.50
0.05
NA
-0.7
NA
8.5
NA
DevMktA 37.68 0.08 -18.7 1.3 JamesBalGR A n: LgCpGwth p 44.69 1.30 11.8 78.9 FundlEq p 9.79 0.42 -18.2 1.9 TotRetBdI 11.40 0.07 5.2 16.6 OakmrkInt n 16.70 0.82 -33.1 -29.3 RAEPLUS r 5.28 NA NA NA
DiscFdA p
DisMdCpGrA 23.05
86.85 4.27
0.81
6.6
2.3
61.6
50.0
JamesBalGR A n 19.93
Janus Henderson:
0.18 -6.2 -0.4 MdCpGrw p
MdCpVal p
34.16
29.41
1.51
1.61
4.7
-24.0
57.8
-8.5
HiYldA t
HYMuniBd p
6.58
11.35
0.18
0.15
-10.2
-8.7
1.8
9.1
TRBdPlan
UnconstrBdI
10.72
11.52
0.06 5.1 16.7
0.12 -2.0 7.4
N Select n
Oberweis Funds:
34.38 2.09 -20.8 -15.1 RAEPlusEMG
RealRtnI
7.50
11.67
NA
0.02
NA
4.5
NA
13.1
DivIncm p 19.75 0.43 -14.7 -1.7 Balanced C 34.72 NA NA NA Sm Cap p 43.01 3.19 -15.7 7.9 IncomeA p 2.79 0.05 -2.6 10.1 MFS Funds Class A: Nationwide Fds R6: IntlOppInst 10.26 0.72 -1.4 9.2 RERRStg 7.09 NA NA NA
DivrsDiv p 16.68 0.51 -19.1 -2.3 Balanced S 35.10 NA NA NA SR2020 p 16.61 0.29 -4.9 11.2 IntrTxFr 10.79 0.11 -2.4 8.0 AgGrAlA p 22.44 NA NA NA BdIdxR6 11.73 0.04 5.0 15.0 Old Westbury Fds: ShortT 9.70 0.01 0.3 6.2
EqIncA 8.96 0.32 -12.5 2.5 Balanced T n 35.17 NA NA NA SR2030 p 17.33 0.43 -9.1 11.0 MidCapStk 22.62 1.42 -20.9 -13.9 BondA p 14.98 NA NA NA IntIdxR6 6.59 0.20 -18.1 -5.9 AlCpCore n 17.65 0.65 -4.2 35.5 ShtAssetInv 9.91 0.01 -0.2 5.7
EqInvA 13.66 0.45 -13.8 5.4 Contrarian T n 18.57 NA NA NA SR2040A p 18.75 0.57 -11.9 9.6 MultiAstBalOppty 10.77 0.35 -7.1 8.1 CoEqyA 32.60 1.01 -6.8 34.1 MidCapIdxR6 12.92 0.89 -17.5 2.7 FixInc pn 11.87 0.02 5.0 12.3 StcksPLUSIntlHdg r 6.49 NA NA NA
EqWtdA p 53.38 2.80 -16.0 10.7 Enterprise Inst 75.85 NA NA NA USEquity 15.44 0.49 -3.6 33.0 MultiAstInc 14.15 0.36 -6.6 6.3 ConAllA p 15.70 NA NA NA Nationwide Fds Serv: LrgCpStr n 13.42 0.37 -10.9 11.1 StcksPLUSIntUnh 4.90 NA NA NA
GblAllocA 17.87 0.36 -5.6 4.3 Enterprise S 122.05 NA NA NA ValAdv t 28.11 1.28 -24.3 -3.2 ShDurTxFr 15.53 0.08 -1.1 4.0 Growth A p 123.67 NA NA NA IDAggr p 7.65 0.28 -15.0 6.6 MuniBd pn 12.54 0.11 2.6 8.9 StcksPLUSShort 6.85 NA NA NA
GblStrIncmA p 3.39 0.12 -9.0 -1.6 Enterprise T n 125.57 NA NA NA JPMorgan C Class: ShtDurIncmA p 4.08 0.03 -1.9 5.8 GlEqA 40.93 NA NA NA IDMod p 8.48 0.22 -9.2 9.5 MutiAstOpp n 6.05 0.12 -20.0 -8.6 StcksPLUSSmall 7.74 NA NA NA
GlbOppA p 58.36 3.03 -4.7 22.6 FlxBnd T n 10.92 NA NA NA CoreBond p 12.34 0.05 4.2 12.2 TaxFr p 11.27 0.13 -3.3 10.1 GlTotA p 16.80 NA NA NA IDModAggr p 8.10 0.27 -12.5 8.7 OWstbryNYMuBndFdn 10.51 0.10 1.4 NS StkPlsLgDur 7.45 NA NA NA
Glcoreeq p 13.13 0.54 -16.2 -0.5 Forty S 36.81 NA NA NA InvBal p 13.95 0.30 -4.6 11.7 TotRet p 10.52 0.09 1.5 10.6 GrAllA p 19.96 NA NA NA Natixis Funds: Sm&MdCapStrategi n 13.65 0.62 -12.4 4.5 StPlTRInst r 9.82 0.35 -10.5 27.4
GlGr 28.44 0.98 -9.5 8.8 GlbEqIncA 5.62 NA NA NA InvConsvGr t 12.21 0.18 -2.1 10.5 ValOpps p 15.23 0.92 -13.4 2.3 GvScA p 10.44 NA NA NA InvGradeBdA p 11.44 0.16 2.6 14.3 Optimum Funds Inst: TotRetESG 9.59 0.02 4.3 14.9
GlHltCr 40.32 0.23 -3.9 33.7 GlbEqIncC 5.55 NA NA NA JPMorgan Funds: Lord Abbett C: HiInA p 3.21 NA NA NA InvGradeBdY 11.45 0.16 2.7 15.1 Fixed Inc 10.00 0.08 3.8 14.0 TotRt 10.70 0.03 4.6 15.6
GrIncA 17.87 0.80 -23.6 -7.8 GlbResch T nr 76.71 NA NA NA Fl EmMktEq L 27.64 0.32 -15.5 11.7 BdDeb 7.53 0.16 -6.4 5.2 IntGrA t 32.44 0.83 -12.3 13.0 LSGrowthY 18.94 0.59 3.3 53.0 Intl Eqty 10.76 0.26 -20.0 -7.5 TRII 10.17 0.02 4.9 16.2
GrowAlloc p 13.78 0.46 -12.7 5.0 GblResh Inst 51.50 NA NA NA MdCpVal L 30.19 1.65 -23.9 -7.2 FloatRt p 7.65 0.11 -11.9 -5.1 IntlDvFdA t 18.26 NA NA NA USEqOppsA 33.10 1.29 -6.8 30.3 LgCpGrwth 20.30 0.76 1.9 50.0 TrndsMgdFutStrgy 10.58 NA NA NA
Hyld 3.56 0.09 -11.0 -0.5 GlLifeSci T nr 60.85 NA NA NA USEquity L 15.54 0.51 -3.4 34.7 ShtDurIncmC t 4.10 0.02 -2.3 3.6 IntlIntVA t 42.73 1.35 -5.9 16.9 Neuberger Berman Fds: LgCpVal 14.49 0.46 -17.9 6.6 PIMCO Funds:
HYMuA 9.35 0.09 -7.6 6.9 GlTech T nr 41.34 NA NA NA JPMorgan I Class: Lord Abbett F: IntNwDA p 29.26 NA NA NA EmgMktInst 16.72 0.00 -18.7 -4.2 SmCpGrwth 14.44 0.84 0.8 40.6 IncomeFd 11.24 0.12 -4.7 6.1
IntlBdA p 5.00 0.19 -8.9 -1.6 Grw&Inc T n 52.15 NA NA NA CoreBond 12.25 0.05 4.5 15.2 BdDeb 7.50 0.16 -6.1 7.7 LtdMA p 5.98 NA NA NA EqIncInst 11.01 0.30 -16.2 5.4 SmCpVal 10.01 0.76 -27.8 -18.2 StcksPLUSIntlHdg 6.42 NA NA NA
IntlDivA 16.28 0.42 -12.4 4.7 MdCpVal T n 12.72 NA NA NA CorePlusBd 8.62 0.04 3.2 14.2 FloatRt p 7.64 0.12 -11.7 -3.0 MCapA 21.01 NA NA NA GenesInst 54.44 3.05 -6.9 25.9 Osterweis Strat Income: TotRet 10.70 0.03 4.4 13.5
IntlGrow 27.29 0.78 -15.5 -0.7 Resh T n 50.26 NA NA NA EmMktEq I 27.43 0.32 -15.5 11.3 HiYld p 6.57 0.18 -10.2 2.0 MCpValA p 19.42 1.26 -21.6 -1.0 HiIncBdClR6 7.90 NA NA NA OsterweisStrInc n 10.31 0.17 -4.0 3.5 PIMCO Funds A:
IntlGrowA p 39.45 1.53 -11.5 -0.2 SCVal T n 16.89 NA NA NA EqInc 15.98 0.46 -17.2 13.1 HYMuniBd 11.36 0.15 -8.6 9.5 MIGA p 31.03 NA NA NA HiIncBdInst 7.90 NA NA NA AllAsset 10.60 NA NA NA
IntlSmCoA
IntTMIA p
45.00
10.91
2.07
0.10
-6.7
-3.1
20.4
6.7
Venture T n
Jensen I :
73.37 NA NA NA EqIndx
GrAdv r
45.12
24.41
1.43
0.79
-7.8
7.7
30.3
68.7
Income
IntrTxFr
2.79
10.79
0.05
0.12
-2.6
-2.3
10.4
8.3
MITA p
ModAllA p
29.83
17.59
0.89
NA
-9.0
NA
27.2
NA
IntrinsicValInst 12.88
LgShInst 14.84
0.85
0.15
-17.5
0.8
3.0
17.5
PQ HiYld
HiYldMuniBd
8.37
8.94
0.19
0.08
-5.7
-4.0
7.5
11.8
InvescoFd p 24.09 NA NA NA Jensen I 47.98 0.68 -7.0 39.0 GvBd 11.33 -0.01 6.3 14.8 NatlTxF p 11.26 0.12 -3.3 10.4 MuHiA 7.83 NA NA NA MidCapGroR6 15.97 0.68 1.0 43.8 PACE Funds Cl P: IncomeFd 11.24 0.12 -4.6 6.9
InvGloblFdA 87.49 2.98 -8.8 19.9 JensenQualGrJ n: HighYld 6.52 0.15 -8.5 3.4 ShtDurIncm 4.07 0.02 -2.1 5.8 MuInA p 8.62 NA NA NA MultCpOptyInst 14.38 0.64 -15.0 19.3 IntlEqty P 12.98 0.37 -16.8 -6.3 IntlBdUSH 10.71 0.06 0.6 12.6
LmtdTrmMunInc p 11.33 0.09 0.2 5.5 JensenQualGrJ n 47.98 0.69 -7.0 37.9 IntmdTFBd 11.09 0.11 1.3 10.0 ShtDurTxF p 15.53 0.07 -1.0 4.3 MuLtA 8.18 NA NA NA StrIncInst 10.49 0.21 -3.9 6.4 LgGrEqty P 23.69 0.80 3.2 51.5 InvstGrCrBd 10.68 0.12 -0.9 14.2
MnStFndA 43.75 1.22 -9.1 19.0 John Hancock: LgCpGwth 45.49 1.32 12.0 80.2 TotRet 10.52 0.09 1.6 10.9 NewDA t 27.32 1.18 -2.0 55.9 SustainableEqIns 33.39 1.06 -11.2 15.3 LgVEqty P 16.38 0.68 -24.9 -8.2 LowDurA 9.85 0.01 1.4 6.7
MnStOpA p 18.23 0.58 -6.6 20.8 500Index1 34.88 1.11 -7.8 29.9 MdCpGrw 40.40 1.78 4.8 59.3 Lord Abbett I: ReInA p 17.03 0.46 -13.8 4.1 Neuberger Berman Inv: StraFxd P 14.35 0.06 3.6 15.4 LowDurInc 8.17 0.09 -3.6 6.1
MnStSmCpA p 21.60 1.17 -14.4 6.9 BondI 16.27 0.14 2.4 14.4 MdCpVal 29.78 1.63 -24.0 -7.8 BdDebentr 7.47 0.16 -6.0 8.0 RetBdA t 11.17 NA NA NA Focus n 23.89 0.95 -5.4 20.5 StratInvP 10.53 0.09 -0.6 2.4 MuniBdA 9.98 0.08 -0.5 12.2
ModInvA 10.49 0.29 -9.5 8.5 BondR6 16.30 0.15 2.5 14.8 MtgBckd 11.50 0.01 2.6 12.6 DevlpGro 26.72 1.15 9.3 79.6 RschA p 43.11 NA NA NA Genes n 54.52 3.05 -7.0 25.3 Pacific Life Funds: RealRtnA 11.67 0.02 4.3 11.8
MunInA 12.93 0.13 -3.4 7.9 CapApprNAV 17.37 0.61 10.4 69.6 ShtDurBnd 11.05 0.03 2.1 7.8 FloatRt 7.65 0.11 -11.6 -2.7 TechA p 51.69 1.48 9.6 72.9 Guard n 19.00 0.58 0.7 45.9 PortOptModAggClA p 11.94 NA NA NA ShtTmA 9.70 0.01 0.2 5.4
RchHiYldMuniA 7.35 0.08 -5.6 15.9 ClassicVal I 21.56 1.58 -34.1 -22.1 SmartR2020 16.68 0.29 -4.9 11.6 FundlEq 9.86 0.42 -18.1 2.8 TotRA p 18.41 NA NA NA IntlEqInst r 11.87 0.53 -13.6 1.7 PortOptModClA r 11.74 NA NA NA StksPLSTR 9.61 0.35 -10.6 25.9
RealEst p 16.44 1.20 -19.9 1.8 DispVal I 16.41 0.63 -20.9 0.4 SmCap 50.53 3.75 -15.6 8.7 HiYld 6.61 0.18 -10.1 2.4 UtilA p 19.73 NA NA NA LCVal n 26.99 1.14 -16.5 13.8 Palmer Square: TotRetA 10.70 0.03 4.5 14.4
RisingDivA 18.62 0.56 -9.9 19.3 DispValMdCpR6 17.59 1.06 -21.0 -2.6 SR2030 I 17.39 0.43 -9.0 11.5 ShtDurInc p 4.07 0.02 -2.0 6.2 ValueA p 37.17 1.30 -15.9 8.8 MdCpGrInv n 15.84 0.67 0.9 42.5 Income Plus 9.52 0.08 -3.1 5.2 PIMCO Funds C:
RochAMTFrMuni 7.47 0.07 -0.4 18.2 DispValR6 16.44 0.63 -20.8 0.7 SR2040 I 18.82 0.57 -11.9 10.2 LSVValEq : MFS Funds Class C: Neuberger Berman Tr: Parnassus Fds: IncomeFd 11.24 0.12 -4.9 4.5
RochCAMuni 8.79 0.09 -0.5 15.5 GblShrhYldI 9.27 0.24 -19.5 -6.0 TxAwEq 35.99 1.06 -3.3 35.4 LSVValEq 20.72 0.98 -24.6 -6.0 ConAllC p 15.44 NA NA NA Genes n 54.52 3.05 -7.0 25.0 ParnEqFd n 43.24 1.14 -7.8 33.5 TotRetIncC 10.70 0.03 4.2 11.8
RochLmtTrNYMuni p 2.99 0.02 -1.2 11.3 IntlGrwI 26.90 0.43 -10.6 14.8 USEquity 15.51 0.51 -3.5 34.1 GrAllC p 19.53 NA NA NA GenesisFdR6 54.39 3.05 -6.9 26.3 Parnsus n 47.18 1.80 -6.5 20.1 PIMCO Funds I2:
RochPAMuni 10.92 0.09 -1.9 15.5 MdCpIdxI 17.68 1.22 -17.3 2.3 USLgCpCorPls 23.76 0.67 -3.8 30.3 M Growth C t
ModAllC p
96.58
17.22
NA NA NA
NA NA NA
New Covenant Funds:
Growth n 41.13 1.43 -8.3 26.9
Pax World Fds:
SustAll Inv n 22.48 0.44 -3.7 19.8
All Asset 10.62 NA NA NA
RoMu A p 16.16 0.21 -2.3 18.6 Science&TechI 32.14 1.27 9.2 74.7 ValAdv 28.28 1.29 -24.2 -2.4 CommdtyRR 4.53 NA NA NA
SenFltRtA 6.36 0.07 -13.5 -10.3 TotalStkMktIdxI 22.06 0.81 -8.2 26.3 JPMorgan Inst Class: MainStay Fds A: TotRC t 18.54 NA NA NA Nicholas Group: Paydenfunds: ComPLUSStrtgyFd 3.66 NA NA NA
ShortTerm p 8.45 0.05 -0.7 5.5 VolBalSrs1 11.16 0.11 -10.1 8.2 ValAdv L 28.30 1.29 -24.2 -2.0 ConvtA 18.19 0.59 -0.5 24.6 ValueC t 36.72 1.28 -16.2 6.4 Nch II I 25.70 1.18 -9.2 31.9 CoreBd n 10.88 0.07 1.2 11.7 GNMAGvtSec 11.44 NA NA NA
SP IncomeA 2.85 0.32 -34.1 -39.8 VolGrw1 11.42 0.12 -14.0 5.3 JPMorgan R Class: HiYldBdA 5.21 0.11 -6.4 6.5 MFS Funds Class I: Nich n 65.58 1.71 -5.6 35.1 EqIncInv n 15.52 0.29 -14.7 14.0 Income 11.24 0.12 -4.5 7.9
Tech p 54.03 2.16 8.4 63.1 John Hancock Class 1: CoreBond 12.27 0.06 4.6 15.7 IncBldr 17.78 0.32 -8.6 7.2 BondI 14.97 NA NA NA Northern Funds: LowDur n 10.04 0.03 0.3 6.1 IntlBdUSH 10.71 0.06 0.7 13.6
Invesco Funds C: BlueChipGrw 45.81 1.29 4.9 61.8 CorePlusBd 8.63 0.04 3.2 14.5 LgCpGrA p 9.69 0.27 5.6 64.3 Growth I 132.33 NA NA NA ActMIntlEq nr 9.00 NA NA NA LtdMat n 9.38 0.01 -0.4 5.8 InvstGrCrBd 10.68 0.12 -0.8 15.2
Eq IncC 8.77 0.31 -12.8 0.1 CapAppr 17.31 0.61 10.4 69.5 HighYld r 6.52 0.14 -8.5 3.9 TxFrBdA 10.28 0.10 0.5 12.6 IntNwDI 30.19 NA NA NA BdIdx n 11.22 0.03 5.2 15.8 Pear Tree: LowDurInc 8.17 0.09 -3.5 7.0
EqWtdC 50.85 2.66 -16.3 8.3 LSAggr 12.67 0.44 -11.4 11.8 LimDurBd 10.07 0.03 0.5 7.8 MainStay Fds I: MCapI 22.40 NA NA NA CAIntTxEx n 10.90 0.11 1.2 10.1 ForeignVal I r 15.82 0.59 -28.4 -19.3 LwDur 9.85 0.01 1.4 7.4
RchHiYldMunC 7.32 0.09 -5.8 13.7 LSBalncd 13.12 0.34 -6.6 11.8 MtgBckd 11.50 0.01 2.7 13.1 EpochGlb r 15.08 0.38 -19.6 -6.0 MCpValI 19.94 1.29 -21.5 -0.3 EmMktsEqIdx nr 9.94 0.09 -18.4 -4.2 PearValR6 8.26 0.31 -28.4 -19.2 RealRtn 11.67 0.02 4.4 12.8
SenFltRtC 6.36 0.06 -13.8 -12.4 LSConserv 12.61 0.19 -2.0 9.6 ShtDurBnd 11.05 0.03 2.2 8.5 PolForegValOrd tn 15.86 0.59 -28.5 -20.2 ShtTm 9.70 0.01 0.3 5.8
StlpathMLPAlphFd 2.56 0.29 -34.1 -40.9 LSGwth 13.01 0.39 -9.1 11.7 SmCpEqR5 50.69 3.76 -15.5 9.3 Perm Port Funds: TotRt 10.70 0.03 4.6 15.2
TEHYC 9.32 0.09 -7.9 4.5 LSModer 12.57 0.26 -4.5 10.6 SmCpVal 18.78 1.62 -26.8 -18.0 Permanent n 40.28 0.99 -1.2 15.9 PIMCO Funds Instl:
Invesco Funds Instl: RetCho2020 11.29 0.15 -0.2 12.3 USEqR5 15.54 0.50 -3.4 34.6 NOTICE TO READERS: PGIM Funds Cl A: ComPLUSStrtgyFd 3.68 NA NA NA
IntlGrow 27.84 0.80 -15.3 0.4 RetCho2025 12.00 0.20 -1.8 14.8 USRechEnhEq 25.52 0.81 -6.8 30.6 Sign up for the Weekly Market Lab Newsletter: barrons.com/newsletters 2020FcA 14.49 0.48 -3.6 34.2 DynamicBd 10.33 0.09 -1.6 8.1
SmCpGr 39.97 2.35 0.8 32.8 RetCho2030 12.42 0.26 -3.5 16.4 JPMorgan R5 Class: Balanced 14.75 NA NA NA GNMAGvtSec 11.44 NA NA NA
Invesco Funds P: RetCho2035 12.40 0.31 -5.7 16.4 SR2020 R5 16.71 0.30 -4.8 12.0 HighYield 5.01 0.11 -8.0 7.5 IncomeFd 11.24 0.12 -4.5 8.2
Summit P pn 23.08 0.96 4.4 57.7 RetCho2040R4 12.37 0.32 -7.0 16.2 SR2030 R5 17.45 0.44 -8.9 11.9 JennBlend 18.66 0.78 -8.9 20.2 InflRespMulAsset 7.68 NA NA NA
Invesco Funds Y: RetCho2045 12.41 0.34 -7.7 16.0 SR2040 R5 18.88 0.58 -11.8 10.6
Please visit the new Market Lab home page on barrons.com under Data. JennGrowth 45.55 1.58 10.1 68.2 RAEPLUSIntl 5.37 NA NA NA
BalancedRiskAllY n 9.71 0.16 -8.1 3.8 RetCho2050R4 11.02 0.30 -7.9 16.0 SRIncome R5 15.81 0.26 -4.4 10.4 www.barrons.com/market-data/market-lab JennHealthSci 46.91 NA NA NA RAEPLUSSml 7.72 NA NA NA
DevMktY n 37.12 0.08 -18.6 2.0 RetLiv2020 9.06 0.20 -4.8 13.5 JPMorgan Select Cls: JennMidCapGrowth 21.20 0.83 -3.3 33.9 SeniorFloRate 8.92 0.10 -8.0 2.1
May 25, 2020 BARRON’S M27

Mutual Funds Data provided by

Net YTD 3-Yr. Net YTD 3-Yr. Net YTD 3-Yr. Net YTD 3-Yr. Net YTD 3-Yr. Net YTD 3-Yr. Net YTD 3-Yr. Net YTD 3-Yr.
NAV Chg. % Ret. % Ret. NAV Chg. % Ret. % Ret. NAV Chg. % Ret. % Ret. NAV Chg. % Ret. % Ret. NAV Chg. % Ret. % Ret. NAV Chg. % Ret. % Ret. NAV Chg. % Ret. % Ret. NAV Chg. % Ret. % Ret.
Pioneer Funds A: USTInter n 6.33 -0.01 8.0 15.8 InvQBdVIP 12.98 NA NA NA TCW Funds N: Balanced 28.14 0.60 -2.4 22.7 ITTresIdx n 23.81 -0.02 7.6 15.6 PrmcpCor n 23.66 0.81 -15.3 17.4 EstValI 32.11 NA NA NA
AMTFreeMuniA p p 15.38 0.09 2.4 15.2 USTLg n 15.54 -0.13 22.6 43.0 Russell Funds S: TotRetBdN pn 10.76 0.01 6.1 15.4 FocusA 35.87 1.55 36.9 100.5 LarCapAd n 68.97 2.21 -7.1 31.8 SelValu nr 19.44 1.31 -28.2 -15.9 EstValR p 31.62 NA NA NA
BondA 9.69 0.09 -0.9 9.2 VABond n 12.02 0.11 -0.2 9.4 EmerMkts 15.45 NA NA NA Templeton Class A: Trust for Professional Ma: LTGradeAdml n 11.55 0.23 7.6 31.0 STAR n 26.32 0.68 -3.7 21.7 FundFIncI 8.60 NA NA NA
CoreEqA 18.78 0.78 -7.5 26.9 Value n 31.08 1.16 -18.1 5.3 IntlDvMkt n 29.05 NA NA NA TGlTotRA 10.22 NA NA NA PrfTrtStrtBd Ins 22.32 0.12 -0.6 12.8 LTsryAdml n 15.77 -0.12 22.2 43.0 STFed n 10.96 0.01 2.9 8.5 SmCap Grwth p 74.70 NA NA NA
DiscGrA 17.79 0.66 0.4 45.5 Price Funds - Adv Cl: InvGrdBd n 22.53 NA NA NA Templeton Instit: Tweedy Browne Fds: LTTresIdx n 33.93 -0.27 22.1 43.0 STIGrade n 10.81 0.05 1.7 9.2 SmCoOppI 34.73 NA NA NA
EqIncA 29.52 1.04 -18.8 3.7 BlChip p 127.88 3.62 4.8 61.2 RESec n 25.94 NA NA NA IntlEqSer Primar 12.32 0.09 -20.7 -18.4 GblValue n 22.98 0.42 -17.9 -8.9 MatIdx nr 57.84 2.69 -15.0 1.3 STIPSixInv n 24.88 0.07 0.9 6.4 VirtusFunds:
HighIncMuniA 6.94 0.07 -6.1 9.8 CapAppA p 30.14 0.86 -2.4 30.0 StratBd n 11.43 NA NA NA The Bruce Fund: MidCpAdml n 191.73 8.95 -12.7 14.9 StratgcEq n 26.96 1.69 -19.4 0.0 CeredexLgCpVlEqI 10.95 0.34 -21.1 3.4
MdCapVa
PioFdA
18.12
28.31
1.01
0.79
-21.8
-4.0
-10.3
40.1
Growth p
MCapGro p
73.51
85.15
2.64 2.8 50.1
3.90 -7.5 32.0
TaxExBd n 23.10 NA NA NA
TMUSMdSmCp n 24.61 NA NA NA
BruceFund n
Third Avenue:
554.74 12.65 -6.1 18.3 U MrgBkdIdx n
MuHYAdml n
21.81
11.28
0.02
0.12
3.4
-2.7
11.6
12.2
StrSmCpEqInv n 25.67
STTsry n 10.87
1.89
0.01
-22.2
3.2
-8.0
8.1
CeredexMdCpVlEqI
GvSecUltShtBdI
9.61 0.45 -25.4 -2.8
10.02 NA NA NA
SelMCGrA 43.65 1.54 -2.9 41.0 R2020A p 20.56 NA NA NA TxMngUSLgCp n 44.45 NA NA NA REVal Inst r 18.84 0.64 -25.5 -19.1 UM Funds: MuIntAdml n 14.49 0.14 1.1 11.2 TgtRe2015 n 14.85 0.21 -2.2 15.5 VirtusFunds Cl A:
StratIncA p p 10.19 0.18 -6.3 3.6 R2030A p 23.59 NA NA NA USSmCpEq n 21.55 NA NA NA Thompson IM Fds,Inc: BehavVal 40.85 4.01 -34.9 -24.0 MuLTAdml n 11.83 0.12 0.6 13.8 TgtRe2020 n 31.12 0.56 -4.3 15.7 MulSStA p 4.57 NA NA NA
Pioneer Funds Y: R2035 17.26 NA NA NA Russell LifePoints A: Bond n 10.40 0.05 -8.4 0.0 USAA Group: MuLtdAdml n 11.10 0.07 0.9 6.8 TgtRe2025 n 18.70 0.39 -5.7 15.9 SmCapSusA 40.35 2.05 1.0 84.5
AMTFreeMuniY 15.32 0.09 2.3 15.9 R2040A p 24.25 NA NA NA BalStrat p 9.50 NA NA NA Thornburg Fds: 500Indx Reward n 40.70 NA NA NA MuShtAdml n 15.88 0.05 0.8 5.2 TgtRe2030 n 33.91 0.78 -7.0 15.8 StratGrA p 19.53 0.44 7.1 57.9
BondY 9.60 0.09 -0.7 10.3 Ret2045-A p 16.54 NA NA NA Rydex Investor Class: IncBuildA t 17.76 0.56 -19.8 -3.4 CA Bd n 11.26 NA NA NA NJLTAdml n 11.99 0.15 -2.4 13.4 TgtRe2035 n 20.67 0.52 -8.2 15.6 TactAllA p 10.34 NA NA NA
SelMCGrY 47.99 1.70 -2.8 42.0 Ret2050-A p 13.93 NA NA NA NasdaqInv n 47.80 1.34 7.6 63.4 IncBuildC p 17.74 0.56 -20.1 -5.6 CapGr n 9.50 NA NA NA NYLTAdml n 11.86 0.12 0.1 12.0 TgtRe2040 n 35.44 0.96 -9.4 15.3 VirtusFunds Cl C:
StratIncY p p 10.19 0.18 -6.1 4.7 SciTec p 43.30 2.21 2.0 59.6 IntVal I 20.94 0.57 -13.2 -2.2 CrnrsMod n 13.96 NA NA NA PacifAdml n 73.61 1.23 -14.4 -0.4 TgtRe2045 n 22.09 0.64 -10.6 14.5 MulSStC p 4.63 NA NA NA
Price Funds:
2050RetFd n 14.07 NA NA NA
Price Funds - R Cl:
BlChipR p 122.43 3.46 4.6 59.9
S IntValA p
LtdTIn
20.22
13.76
0.55
0.07
-13.0
2.8
-2.8
10.3
CrnstModAggr n
ExtMktIn n
23.54
17.31
NA
NA
NA
NA
NA
NA
PALTAdml n
PrmcpAdml nr
11.84
126.62
0.11
3.48
1.0
-12.2
15.0
28.0
TgtRe2050 n
TgtRe2060 n
35.58
34.13
1.04
1.00
-10.5
-10.6
14.6
14.5
VirtusFunds Cl I:
EmMktI 9.30 -0.02 -19.5 -9.2
Balnanced n 23.27 0.56 -6.3 16.9 ExtIndex nr 25.56 1.65 -12.6 13.4 Schroder Funds: LtdTIncI 13.76 0.07 2.9 11.3 Gr&Inc n 18.27 NA NA NA RealEstatAdml n 104.31 6.80 -20.1 0.9 TgtRet2055 n 38.63 1.13 -10.6 14.6 ForOppI 27.08 0.88 -10.2 9.9
BdEnhIdx nr 11.67 0.04 4.9 15.5 GrowthR p 70.62 2.53 2.7 48.9 NAmerEqInv n 15.91 NA NA NA LtdTMu I 14.54 0.11 1.2 6.8 Gr&TxStr n 20.60 NA NA NA S&PSC600Idx 234.18 19.10 -23.5 -2.7 TgtRetInc n 13.83 0.17 -1.2 14.4 IntSmCapI 16.32 0.70 -14.3 11.3
BlChip n 130.40 3.70 4.9 62.5 R2020R p 20.35 NA NA NA Schwab Funds: LtdTMuA 14.54 0.11 1.2 6.0 Grwth n 27.22 NA NA NA SmCapAdml n 65.93 4.44 -16.6 7.9 TotIntBdIxInv n 11.47 0.04 1.7 14.8 MulSStI 4.57 NA NA NA
CA Bond n 11.44 0.10 -1.5 8.9 R2030R p 23.36 NA NA NA 1000 Inv nr 65.57 2.25 -7.8 30.2 Thrivent Funds A: HiIncm n 6.93 NA NA NA SmGthAdml n 66.28 3.72 -5.0 34.3 USGro n 47.44 1.60 10.3 71.0 QualitySmCapI 17.96 1.27 -6.7 11.8
Communica&Tech n 140.06 4.42 13.2 65.9 R2040R p 24.06 NA NA NA Balanced n 15.41 NA NA NA DivrIncPlus 6.88 NA NA NA Inco n 13.35 NA NA NA STBondAdml n 10.85 0.01 3.5 10.0 USValue n 14.34 0.61 -23.3 -6.5 SmCapSusI 41.34 2.11 1.1 86.1
CorpInc n 9.71 0.15 -0.7 13.5 Ret2025-R p 16.23 NA NA NA CATxFrBd n 12.09 0.12 0.9 9.8 LgCpStk 21.43 NA NA NA IncStk n 14.49 NA NA NA STCorpIx n 22.15 0.13 1.4 10.2 WellsI n 26.53 0.44 -2.1 18.1 SmCpCorI 37.61 1.93 -8.3 55.6
DivGro n 47.96 1.27 -9.8 30.0 Ret2035-R 17.04 NA NA NA CoreEq n 20.55 0.59 -9.1 21.6 MidCapStk 20.29 NA NA NA Intl n 20.67 NA NA NA STFedAdml n 10.96 0.01 3.0 8.9 Welltn n 40.33 0.88 -6.3 21.2 Vivaldi Merger:
DvsfMCGr n 35.29 1.64 -3.7 44.1 Ret2050-R 13.79 NA NA NA DivEqSel n 11.65 0.39 -21.9 -4.0 MuniBd 11.25 NA NA NA IntmTerm n 13.37 NA NA NA STIGradeAdml n 10.81 0.05 1.8 9.5 Wndsr n 17.17 0.87 -19.9 2.1 Arbitrage Fund 10.39 -0.02 -1.1 8.4
EmgMktB n 10.26 0.36 -9.9 -4.4 PRIMECAP Odyssey Fds: FunIntlLgInst nr 6.88 0.22 -23.7 -14.3 Thrivent Funds S: LgTerm n 13.18 NA NA NA STIPSIxAdm n 24.91 0.06 0.9 6.6 WndsrII n 31.13 1.10 -14.5 11.5 Voya Fds:
EmMktS n 38.00 0.24 -18.8 3.1 AggGrowth nr 41.34 1.60 -7.9 23.7 FunUSLgInst nr 14.87 0.58 -16.5 12.9 LgCpVal n 19.14 NA NA NA Nasdaq100 n 26.22 NA NA NA STsryAdml n 10.87 0.01 3.2 8.4 VANGUARD INDEX FDS: GNMA A 8.61 0.00 2.9 9.5
EqInc n 24.60 0.93 -22.8 -0.4 Growth nr 35.79 1.36 -12.6 20.7 HlthCare n 25.66 -0.16 -0.5 33.2 MidCapStk n 23.28 NA NA NA ntTerBd n 10.72 NA NA NA STTresIdx n 20.76 0.00 2.9 8.1 500 273.62 8.66 -7.8 30.5 GrOppI 48.69 NA NA NA
EqIndex n 78.72 2.49 -7.8 30.3 Stock nr 28.15 0.99 -18.4 11.2 InflProSel n 11.79 0.01 4.7 13.7 OppIncmPl n 9.67 NA NA NA PrecMM n 20.06 NA NA NA TotBdAdml n 11.53 0.04 5.4 16.1 ExtndIstPl 206.40 13.27 -12.3 14.6 InmdBdA p 10.48 NA NA NA
Europe n 18.72 0.77 -14.8 -1.3 Principal Investors: IntI Sel nr 17.01 0.51 -17.9 -5.3 TIAA-CREF/Instl Cl: S&PIdx n 40.68 NA NA NA TotIntBdIdxAdm n 22.93 0.08 1.7 14.8 FTAIWdInPl 91.73 2.21 -17.9 -4.2 InmdBdI 10.47 NA NA NA
FinSvcs n 20.61 1.16 -26.8 -0.8 CapApprA p 45.19 1.22 -8.4 31.1 IntlMstr nr 20.34 0.91 -15.1 -1.0 CoreBond Inst 10.83 0.09 2.8 13.9 SciTech n 25.42 NA NA NA TotIntlAdmIdx nr 24.41 0.60 -18.1 -4.9 Growth 97.49 3.29 4.1 54.5 TRPGrEqI 83.37 NA NA NA
GlbStk n 46.91 1.79 2.6 49.7 ConBalA p 11.47 0.20 -5.7 10.5 MT AllEq n 16.03 NA NA NA CorePlsBd 10.73 0.10 1.5 13.0 ShtT n 10.41 NA NA NA TotStAdml n 72.63 2.65 -8.4 28.3 ITCorpIxInst 30.66 0.43 2.0 16.6
GlbTech n
GMS-fd n
18.61
11.00
0.67
0.20
13.8
-3.0
58.3
10.6
EqIncIA p
FlIncA p
27.48
11.88
1.02
0.16
-18.8
-4.2
11.4
9.8
MT Bal n
MT Gro n
17.22
20.62
NA
NA
NA
NA
NA
NA
TIAA-CREF/Retail Cl:
EqIdx n 21.76 0.80 -8.6 27.1
ShtTBdA n
SmCpStk n
9.09
13.28
NA
NA
NA
NA
NA
NA
TxMBal nr
TxMCapAdml n
33.09
152.64
0.72
5.22
-2.8
-7.5
21.0
30.9
ITTresIdx Inst 29.55
LTTresIdx Inst 43.07
-0.02
-0.34
7.6
22.1
15.6
43.2 WXYZ
GNMA n 9.48 0.01 3.9 10.0 HighYldA p 6.63 0.14 -6.4 4.5 S&P Sel n 45.55 1.44 -7.8 31.0 Gro&Inc n 18.71 0.67 -8.8 23.6 TarRet2020 n 11.28 NA NA NA TxMIn r 11.57 0.35 -17.8 -5.0 MdCpGrAdml n 66.66 2.75 -2.3 35.5 Wasatch:
Gr&In n 27.44 0.66 -9.2 25.3 HiYld IN 8.53 0.21 -7.8 2.1 SmCp Sel nr 23.81 1.73 -18.2 2.8 LrgCpGro n 23.34 0.86 7.0 61.1 TarRet2030 n 11.43 NA NA NA TxMSC nr 51.91 4.22 -23.3 -2.2 MdCpVlAdml n 47.21 2.52 -23.0 -3.8 CoreGr n 67.63 5.02 -5.9 41.1
Growth n 75.49 2.72 2.9 51.3 InfPro IN 8.96 0.01 3.7 12.0 SmCpEqSel nr 13.26 0.98 -23.7 -11.3 MgdAlloc n 12.08 0.31 -5.9 14.2 TarRet2040 n 11.15 NA NA NA USGroAdml n 122.91 4.14 10.3 71.5 MidCp n 42.26 1.97 -12.7 14.5 IntlGr n 29.27 1.48 -5.6 16.4
HelSci n 84.66 0.48 4.0 52.8 LgIndxI 18.11 0.58 -7.8 30.5 Trgt2020 nr 13.71 NA NA NA TIAA/CREF Funds: TarRet2050 n 11.30 NA NA NA UtilIxAd nr 62.36 2.05 -12.5 18.4 RUSS2000IdxInst 207.95 15.17 -18.3 2.9 MicCap n 7.80 0.55 2.4 83.3
HiYield n 6.09 0.12 -6.8 6.6 LgIndxJ tn 17.91 0.56 -7.9 29.6 Trgt2030 nr 14.35 NA NA NA BdIdxInst 11.59 0.04 5.3 15.6 VA Bd n 11.30 NA NA NA ValAdml n 37.92 1.13 -18.2 10.8 SmCap 65.91 4.45 -16.7 7.5 SmCapGr n 38.61 3.07 -1.4 60.0
InstCorePl 10.62 0.09 1.1 12.5 Trgt2040 nr 14.63 NA NA NA EqIdxInst 21.37 0.78 -8.4 28.2 ValueFd n 12.69 NA NA NA WdsrllAdml n 55.24 1.95 -14.5 11.7 SmValAdml n 43.31 3.43 -26.2 -11.4 UltraGr n 33.14 1.99 16.6 108.5
LT2020 In 13.00 0.28 -4.4 15.0
InstEmMEq 34.50 0.22 -18.9 3.4 TSM Sel nr 51.17 1.87 -8.6 27.9 EqIdxRet 21.68 0.79 -8.6 27.2 WldGr n 22.68 NA NA NA WellsIAdml n 64.26 1.07 -2.1 18.3 TotBd 11.53 0.04 5.3 15.8 USTry n 22.75 -0.25 25.7 50.4
LT2020J tn 12.92 0.28 -4.5 14.5
InstFLRfd r 9.18 0.13 -5.5 5.4 TxFrBd n 11.88 0.12 0.1 9.1 Gr&IncInst 13.44 0.49 -8.7 24.7 WelltnAdml n 69.65 1.52 -6.3 21.5 TotBd2 11.45 0.04 5.0 15.5 WCM Focus Funds:
LT2030In 13.46 0.36 -7.1 15.5
InstHiYld
LgCapGow I
8.10
46.17
0.16
1.51
-6.8
4.8
7.2
65.1
LT2030J tn
LT2040I
13.41
14.00
0.36
0.45
-7.2
-9.1
14.9
16.1
USSmCoIdx nr 10.49
Segall Bryant & Hami:
0.86 -25.5 -9.0 HgYldInst
InflLkdBdInst 11.80
8.85 0.25
0.02
-8.5
2.8
6.0
9.6
V WndsrAdml n
VANGUARD FDS:
57.91 2.92 -19.9 2.3 TotIntl n
TotSt
14.59
72.60
0.36
2.65
-18.1
-8.4
-5.0
27.9
WCMFocIntlGrwIns 18.12
Weitz Funds:
0.85 -4.2 31.8

VALIC: VANGUARD INSTL FDS: PIIIOpp 14.48 0.43 -9.6 17.5

InstLCCoreGr 51.07 1.43 4.9 63.1 LT2040J tn 13.86 0.44 -9.2 15.5 PlusBd n 11.10 0.08 3.9 15.0 IntlEqIdxInst 16.44 0.49 -17.8 -5.1 CAIT n 12.15 0.12 1.4 11.2
CoreBd 11.98 0.10 3.5 14.3 BalInst 37.91 0.90 -2.6 24.8 ShtDurIncInst 12.22 0.07 0.1 6.1
LgCpVal 18.29 0.69 -22.6 -0.6 LT2050I 13.90 0.47 -10.7 15.5 SEI Portfolios: IntlEqIdxRet 16.82 0.50 -17.8 -5.8 CALT n 12.57 0.13 1.3 14.2
CoreVal 9.63 NA NA NA DevMktsIndInst 11.59 0.35 -17.8 -4.9 ValueInv n 43.53 1.34 -7.1 28.7
InstSmCap 22.34 1.24 -12.8 25.9 MdGrIII Inst 11.74 0.52 -0.8 44.5 CoreFxIn F 11.91 0.09 4.6 15.6 IntlEqInst 9.46 0.31 -17.5 -12.5 CapOp nr 60.95 2.09 -10.8 25.3
FrgnVal 7.37 0.21 -24.9 -25.3 DevMktsInxInst 18.11 0.55 -17.8 -4.9 Wells Fargo Adv Admi:
IntDis n 65.31 2.89 -4.4 15.5 MidCpBldA 26.83 1.35 -10.8 32.4 EMktDbt F 9.31 0.32 -9.4 -0.1 LC2015Ret 11.94 0.24 -3.9 13.9 CapValue n 12.16 0.60 -16.5 4.7
GlobEq 7.12 NA NA NA EmgMktInstPl 76.14 0.46 -18.4 -2.7
IntEqIdx nr 11.64 0.34 -17.8 -6.4 PreSecI 9.71 0.13 -5.2 9.5 HiYld F 6.01 0.16 -11.5 0.7 LC2020Ret 12.56 0.26 -4.6 14.3 DivdGro n 27.63 0.87 -9.5 31.8 Growth 41.71 1.77 6.3 68.0
HighYdBd 7.36 0.21 -7.1 6.8 EmMkInst r 22.89 0.14 -18.4 -2.8
IntlBond n 8.70 0.11 -2.8 5.3 PtrLGI In 16.72 0.50 4.0 68.3 IntlEmg F 10.01 0.05 -19.1 -7.6 LC2025Ret 12.87 0.30 -5.7 14.5 DivrEq n 35.74 1.43 -6.0 32.0 Wells Fargo Adv Cl A:
HlthSci 22.01 NA NA NA EuroInst 24.74 1.02 -20.1 -8.9
IntlStk n 16.04 0.49 -13.9 3.0 PtrLV In 13.85 0.55 -18.6 8.4 IntlEq F 9.44 0.38 -17.8 -7.4 LC2030Ret 13.09 0.34 -6.8 14.8 EmgMktSelStk n 17.88 0.19 -22.6 -6.2 AstAllA p p 13.28 NA NA NA
InflPro 11.28 NA NA NA ExDurTrsInst 50.53 -0.53 29.9 60.9
IntlValEq n 10.82 0.34 -23.7 -20.1 RealEstSecI 22.42 1.31 -18.8 8.6 IntlFxIn F 10.37 0.05 1.1 11.1 LC2035Ret 13.43 0.39 -8.1 14.8 Energy nr 31.58 1.75 -33.3 -31.8 CA TF A 11.80 0.11 -0.4 9.6
IntlEq 5.88 0.17 -18.5 -7.3 ExtDurTreIntPl 126.86 -1.32 29.9 61.0
Japan n 15.08 0.49 -1.8 27.5 SAMBalA p 14.47 0.33 -8.2 12.0 IntMuni F 11.78 0.11 -0.5 8.7 LC2040Inst 9.71 0.30 -9.0 15.6 EqInc n 31.56 0.94 -16.1 11.7 CmStkA p p 15.84 1.14 -19.4 3.0
ExtndInst 83.64 5.38 -12.3 14.6
MCapVal n 23.06 1.21 -17.6 -2.7 SAMGrA p 15.74 0.44 -10.8 13.3 LgCapGr F 38.20 1.18 2.3 55.0 LC2040Ret 13.66 0.43 -9.1 14.8 IntlGro 11.90 0.34 -7.6 24.1 Explr n 95.73 5.92 -8.4 33.4 DivCapBldr 9.94 0.31 -7.8 19.4
FTAlWldIst r 86.62 2.09 -17.9 -4.3
MCEqGr 56.18 2.64 -8.1 34.1 StrGrw A p 16.42 0.54 -12.8 12.7 LgCVal F 18.68 0.80 -22.8 -1.9 LC2045Ret 11.53 0.38 -10.1 14.3 IntlSmCpEq 18.05 0.62 -12.7 6.6 EXPValFd n 26.40 2.12 -27.9 -11.5 IdxAstAllA 35.97 0.71 -0.2 24.7
FTScinst 20.32 0.61 -6.7 37.6
MD Bond n 10.67 0.08 -1.6 8.4 ProFunds Inv Class: MgdVol F 15.09 0.34 -15.8 10.9 LCIdx2010Inst 15.73 0.24 -1.7 16.6 LgCpGro 16.31 0.51 -5.7 50.4 FTAlWldInAdml n 27.32 0.66 -17.9 -4.4 OmegaGwth 57.04 1.74 4.2 64.0
GrwthInst 97.47 3.29 4.1 55.1
MidCap n 88.29 4.06 -7.4 33.1 UltNASDAQ-100 n 94.11 5.10 4.4 110.9 S&P500 F 66.37 2.11 -7.9 29.9 LCIdx2020Inst 17.30 0.31 -3.4 17.5 MidCpIdx 19.94 1.38 -17.4 2.5 GlbCapCyl Inv nr 7.15 0.17 -14.0 -27.4 OpptyA 39.80 1.98 -9.1 22.9
InPrSeIn 11.04 0.01 4.8 13.3
N Asia n 17.22 -0.22 -11.6 10.2 Putnam Funds Class A: ShtGov F 10.59 -0.01 3.0 7.4 LCIdx2025Inst 18.14 0.37 -4.5 17.9 MidCpVal 14.66 0.99 -23.4 -5.9 GlbEq n 28.16 0.88 -11.4 17.2 PremLgCoGrthA 14.04 0.50 3.0 59.0
InstIdx 264.44 8.38 -7.8 31.0
N Inc n 9.65 0.06 0.4 10.8 CATx p 8.07 0.08 -0.4 11.2 TaxMgdLC F 24.41 0.77 -11.4 21.4 LCIdx2035Inst 19.68 0.49 -7.1 18.5 SciTech 29.41 1.23 9.4 74.7 GlobMinVolFdInv n 12.37 0.18 -14.9 10.4 SpSmCpValA p p 25.88 2.08 -26.5 -8.6
InstPlus 264.45 8.37 -7.8 31.0
NAmer n 57.15 1.67 4.3 63.0 DvrIn p 6.23 0.09 -10.9 2.3 TaxMgdSmMdCp F 17.59 1.15 -19.8 -3.3 LCIdx2040Inst 20.12 0.55 -8.4 18.4 SmCpIdx 14.67 1.08 -18.4 1.8 GloMinVolFdAdm n 24.76 0.37 -14.8 10.6 StrMunA 9.07 0.06 -0.5 7.5
InstTStIdx 62.14 2.27 -8.4 28.4
New Era n 25.59 1.35 -25.6 -20.0 DynAABalA 14.17 0.32 -5.4 12.2 Selected Funds: LCIdx2045Inst 20.04 0.59 -9.6 17.8 SocResp 22.18 0.60 -8.6 29.0 GNMA n 10.83 0.00 3.6 11.2 Wells Fargo Adv Inst:
InstTStPlus 62.14 2.27 -8.4 28.4
NHoriz n 66.29 2.50 11.7 82.1 DynAAGthA 15.10 0.43 -9.0 10.8 AmShD n 31.14 1.32 -16.5 7.6 LifeStkIdx 25.65 0.93 -8.5 28.1 StckIdx 39.09 1.24 -7.9 29.7 GroInc n 47.72 1.50 -8.2 28.6 CoreBd 13.79 0.07 5.3 15.5
ITBdInst 12.42 0.08 6.2 17.9
OverS SF nr 9.10 0.30 -18.7 -6.8 EqIn p 22.27 0.89 -15.4 13.8 AmShS pn 31.05 1.32 -16.6 6.6 LrgCpGrIdxInst 37.45 1.15 3.0 59.5 StraBd 11.32 0.18 -1.4 9.1 HlthCare nr 205.01 1.94 1.3 32.6 Growth 46.38 1.96 6.4 69.1
ITBdInstPI 12.42 0.08 6.2 18.0
QMUSSmCpGrEq n 36.29 2.11 -8.6 27.1 GeorgePutBal 20.19 0.44 -2.4 26.0 Sequoia: LrgCpGrIdxRet 37.71 1.15 2.9 58.2 ValUltra 18.48 0.66 7.2 56.5 HYCor nr 5.53 0.12 -5.3 9.4 LaCapInst 283.88 9.10 -7.1 31.8 MdCpVal 32.92 1.95 -22.0 -0.1
SpectConsAllo n 19.02 NA NA NA GlblEqty p 15.31 0.49 -12.1 10.3 SequoiaFd n 147.75 4.53 -6.1 31.5 LrgCpGrInst 23.40 0.86 7.1 62.5 Value Line Funds: InflaPro n 13.80 0.01 4.7 12.9 LTBdInst 16.61 0.17 11.1 34.0 ShDurGovBdI 9.87 -0.02 2.9 7.7
SpectModerAllo n 22.68 NA NA NA GlbHlthCare p 56.87 0.02 0.9 34.7 Sit Funds: LrgCpVl IdxInst 16.40 0.64 -19.2 3.5 AstAlcClInv n 38.54 0.89 0.2 36.5 IntlExplr n 14.64 0.59 -18.3 -11.9 LTBdInstPl 16.61 0.17 11.0 34.1 UlStInc 8.49 0.04 0.2 6.6
SpectModerGwAllo n 32.65 0.93 -9.0 16.7 GrOpp p 41.95 0.95 7.4 71.1 MinnTxF n 10.35 0.07 -2.0 8.8 LrgCpVl IdxRet 16.70 0.65 -19.2 2.7 Van Eck Funds: IntlGr n 31.80 1.05 -1.6 30.9 LTCorplxinst 34.16 0.84 3.0 26.6 UlStMuInc 9.57 0.02 0.2 4.2
R2005 n 13.17 NA NA NA HiYld A p 5.37 0.11 -6.8 5.5 SmeadFds: LrgCpVl Inst 14.89 0.57 -19.1 -1.7 EmgMktsY 15.36 NA NA NA IntlVal n 29.57 0.82 -21.2 -9.7 MidCpInst 42.35 1.97 -12.7 15.0 Western Asset:
R2010 n 17.23 NA NA NA Incm p 7.11 0.04 0.7 15.6 SmeadValueInstl 39.93 1.57 -20.7 12.3 LrgCpVlRet 14.84 0.57 -19.1 -2.4 VANGUARD ADMIRAL: INSTTRF2015 22.49 0.31 -2.2 15.6 MidCpIstPl 208.89 9.76 -12.7 15.0 CoreBondA 13.35 NA NA NA
R2015 n 13.76 NA NA NA IntlEq p 20.58 0.57 -15.9 -6.2 SoundShoreInv n: MdCpGrInst 20.91 0.96 -1.8 35.1 400MCpIdxInst 228.74 15.83 -17.3 3.4 INSTTRF2020 23.07 0.41 -4.3 15.9 RealEstaInstl 16.15 1.06 -20.1 0.9 CoreBondI 13.35 NA NA NA
R2020 n 20.73 NA NA NA NYTx p 8.51 0.08 -1.6 8.4 SoundShoreInv n 33.55 1.34 -20.9 -7.2 MdCpVl Inst 13.15 0.64 -26.6 -13.8 500Adml n 273.64 8.66 -7.8 30.9 INSTTRF2025 23.32 0.49 -5.7 16.1 Rs1000GrwIdxInst 357.12 10.92 3.0 59.4 CoreBondIS 13.37 NA NA NA
R2025 n 16.52 NA NA NA ShtDurBd 10.05 0.05 0.0 8.4 Sprott Funds Trust: QuantSmCpEqInst 12.84 0.94 -22.4 -4.2 BalAdml n 37.90 0.90 -2.6 24.7 INSTTRF2030 23.37 0.53 -7.0 15.9 Rs1000Vl IdxInst 187.38 7.35 -19.3 3.5 CorePlusBdA 12.06 NA NA NA
R2030 n 23.82 NA NA NA StDurInc 10.03 0.01 0.4 5.9 GoldEq Inv p/r tn 48.00 0.31 15.4 29.7 RealSecInst 15.09 0.82 -14.6 15.2 CAITAdml n 12.15 0.12 1.4 11.5 INSTTRF2035 23.41 0.58 -8.2 15.7 Russ1000IdxInst 262.17 8.98 -7.8 30.2 CorePlusBdI 12.08 NA NA NA
R2035 n 17.35 NA NA NA SustainLdrsFd p 91.30 1.90 -3.1 47.8 SSgA Funds: RealSecRet 15.78 0.86 -14.7 14.4 CALTAdml n 12.57 0.13 1.3 14.5 INSTTRF2040 23.44 0.63 -9.4 15.4 Russ2000GrIxInst 271.58 17.69 -8.2 23.1 CorePlusBdIS 12.07 NA NA NA
R2040 n 24.50 NA NA NA TFHY 11.82 0.13 -6.8 7.4 SP500 n 213.99 6.80 -7.6 30.6 S&P500IdxInst 32.63 1.03 -7.8 30.9 CapOpAdml nr 140.76 4.82 -10.8 25.5 INSTTRF2045 23.41 0.68 -10.6 14.7 Russ3000Idx 258.12 9.42 -8.5 28.1 IntermedBdI 11.34 NA NA NA
RealEst n 18.82 1.14 -26.2 -12.7 TxEx p 8.39 0.09 -2.3 9.5 State Farm Associate: S&P500IdxRet 32.40 1.02 -7.8 29.9 CoStIxAd nr 72.15 0.33 -8.9 10.5 INSTTRF2050 23.44 0.68 -10.6 14.7 SmCapInst 65.93 4.45 -16.6 7.9 IntermedBdIS 11.35 NA NA NA
Ret2025A p 16.42 NA NA NA MtgSec p 11.59 0.09 -9.7 1.0 Balan n 71.32 1.42 -5.7 18.3 ShTrmBdInst 10.36 0.03 0.9 7.5 DivAppIdxAdm n 30.85 0.75 -8.4 31.7 INSTTRF2055 23.53 0.68 -10.6 14.7 SmCapIstPl 190.31 12.84 -16.6 8.0 IntermTermMuniA 6.21 NA NA NA
Ret2045 n 16.66 NA NA NA Putnam Funds Class Y: Gwth n 81.22 1.89 -9.9 21.3 SmCpBl IdxInst 17.03 1.24 -18.2 3.0 EMAdmr n 30.10 0.18 -18.4 -2.9 INSTTRF2060 23.58 0.69 -10.5 14.7 SmGthInst 53.08 2.98 -5.0 34.3 IntermTermMuniI 6.21 NA NA NA
Ret2045R 16.32 NA NA NA EqInc 22.28 0.89 -15.3 14.7 Interm n 10.42 -0.01 3.9 9.7 SmCpBl IdxRet 17.10 1.25 -18.3 2.3 EnergyAd nr 25.46 1.67 -36.5 -39.7 INSTTRFINC 22.28 0.27 -1.1 14.6 SmValInst 24.21 1.92 -26.2 -11.4 ManagedMuniA 15.63 NA NA NA
Ret2055 n 14.29 NA NA NA GrOpp Y 44.08 1.01 7.5 72.4 Muni n 9.00 0.07 3.3 12.6 SocChEqInst 19.05 0.65 -8.1 29.1 EnergyAdml nr 59.23 3.28 -33.3 -31.6 ITIGrade n 10.31 0.11 4.3 16.0 STBdIdxInstPl 10.85 0.01 3.5 10.1 ManagedMuniI 15.66 NA NA NA
Ret2055 14.18 NA NA NA Incm 7.24 0.04 0.7 16.4 State Street Institu: SocChEqRet 19.36 0.66 -8.2 28.1 EqIncAdml n 66.14 1.97 -16.1 12.0 ITTsry n 12.12 0.00 7.6 15.2 STBDInst 10.85 0.01 3.5 10.1 MortgBackSecA 10.06 NA NA NA
RetBal Inc n 14.77 NA NA NA ShtDurBd 10.06 0.04 0.0 9.1 SmCapEq (ICL) 13.96 1.08 -19.7 0.7 Tortoise Capital: EuropeAdml n 58.01 2.38 -20.1 -9.0 LifeCon n 20.44 0.31 -2.4 15.9 STCorpIxInst p 27.11 0.16 1.4 10.2 ShortTermBdIS 3.90 NA NA NA
SciTec n 44.10 2.26 2.2 61.0 StDurInc 10.04 0.01 0.5 6.2 State Street V.I.S.: TorMLPPipInsCl 8.28 0.36 -32.1 -32.3 ExplrAdml n 89.09 5.52 -8.4 33.9 LifeGro n 32.91 0.87 -8.9 15.0 STIGradeInst 10.81 0.05 1.8 9.6 TotalRetUnconI 9.91 NA NA NA
Sht-Bd n 4.75 0.02 1.3 7.6 TR V.I.S. Cl 1 14.14 0.38 -11.1 4.2 Touchstone Family Fd: ExtndAdml n 83.64 5.38 -12.4 14.5 LifeInc n 16.27 0.15 0.8 15.8 STIPSIxins 24.93 0.06 0.9 6.7 Westwood:
SmCap n
SmCapStk n
37.06
45.64
2.35
2.51
-22.6
-12.8
-3.8
25.4
R TR V.I.S. Cl 3
Sterling Capital Fds:
14.08 0.38 -11.2 3.4 FlexIncY
FocEqY
10.67
42.36
0.14
1.58
-1.1
-7.1
8.5
19.0
GlobxUSREInx n 26.43
GNMAAdml n 10.83
0.47
0.00
-26.0
3.6
-8.1
11.5
LifeMod n
LTIGrade n
27.23
11.55
0.57
0.23
-5.6
7.5
15.6
30.6
STTresIdx
TotBdInst
26.08
11.53
0.00
0.04
2.9
5.4
8.1
16.2
IncomeOppI
Wilmington Funds:
12.08 0.23 -4.6 13.1

SpecGr n 20.82 0.71 -10.6 16.5 RBC Funds: SmCap 59.69 4.80 -24.6 -9.7 LagCapFoc A p 40.33 1.27 -5.7 35.3 GroIncAdml n 77.92 2.45 -8.1 29.0 LTTsry n 15.77 -0.12 22.1 42.5 TotBdInst2 11.45 0.04 5.0 15.8 BroadMktBdInst 10.24 0.06 4.6 14.3
SpecInc n 12.00 NA NA NA AccCpCommInvI 9.16 0.00 3.1 9.7 TotRetBdI 11.09 0.08 3.6 15.1 MdCpGrwY 31.95 1.42 -4.6 46.0 GrwthAdml n 97.47 3.29 4.1 55.1 MATxEx n 11.17 0.10 1.6 14.0 TotBdInstPl 11.53 0.04 5.4 16.2 Intl Inst 7.45 0.17 -16.6 -3.9
SpecIntl n 11.75 NA NA NA RiverNorth Funds: MdCpY 34.81 1.57 -13.2 31.1 HltClxAd nr 95.54 -0.09 -0.2 43.5 MgdPayFdInv n 14.86 0.22 -11.0 4.4 TotIntBdIdxInst 34.41 0.12 1.7 15.0 LgCpStrInst 22.54 0.76 -7.5 30.5
SuMuInc n
SuMuInt n
11.74
12.03
0.11
0.12
-2.6
0.0
8.4
8.8
RNDLIncomeI
Royce Funds:
9.78 NA NA NA T SandsCapGrI 25.68
SandsCapGrY 15.09
0.96
0.56
15.0
14.8
80.7
78.6
HlthCareAdml nr 86.45
HYCorAdml nr 5.53
0.82
0.12
1.3
-5.3
32.8
9.7
MidCpGro p
MuHY n
26.02
11.28
1.02
0.12
-2.6
-2.7
39.0
11.9
TotIntlInstIdx r 97.62
TotItlInstPlId r 97.64
2.42
2.42
-18.1
-18.1
-4.8
-4.7
Wm Blair Funds Cl I:
IntlGthI r 27.58 1.11 -9.2 10.5
TaxEfEqty nr 38.72 1.43 0.9 54.9 Oppty I nr 9.41 0.81 -24.8 -10.6 TCU ShtDur : Tr for Credit Unions: InfProAd n 27.10 0.02 4.8 13.2 MuInt n 14.49 0.14 1.1 10.9 TotStInst 72.64 2.65 -8.4 28.3 SmMidI r 26.19 1.34 -3.0 42.0
TF Incom n 11.28 0.10 -7.3 5.2 PAMut I nr 7.65 0.50 -19.0 5.5 TCU ShtDur 9.86 0.00 2.7 8.8 UltShtDur TCU 9.38 0.01 0.6 4.9 InfTechIdx n 131.45 4.74 5.2 86.2 MuLong n 11.83 0.12 0.6 13.5 TtlWrldIxInst p 143.88 4.50 -12.6 12.4 Wm Blair Funds Inst:
TF Incom n 9.93 0.09 -2.0 8.3 PremierI nr 10.64 0.66 -17.4 14.2 TCW Funds: Transamerica A: IntlGrAdml n 101.18 3.33 -1.6 31.3 MuLtd n 11.10 0.07 0.9 6.5 TxMCaInst r 75.85 2.59 -7.5 31.0 IntlGth 15.80 0.64 -8.9 11.3
TFSI n 5.67 0.04 1.0 5.6 SpecEqI nr 14.91 0.96 -15.2 -4.7 CoreFxInc n 11.85 0.06 5.3 16.1 AsAlCnsrv p 10.38 0.19 -2.0 10.2 ITBondAdml n 12.42 0.08 6.2 17.8 MuSht n 15.88 0.05 0.8 4.9 TxMSCInst r 52.03 4.23 -23.3 -2.2 Wm Blair Funds R6:
TotIndex n 32.42 1.19 -8.8 26.6 TotRet I nr 8.34 0.53 -23.4 -6.5 EmMktInc n 7.46 NA NA NA AsAIGrow p 11.09 0.43 -11.9 4.5 ITCorpIx n 24.81 0.35 2.0 16.5 NYLT n 11.86 0.12 0.1 11.7 ValueInst 37.92 1.13 -18.2 10.8 EmgMktGth 12.52 0.01 -10.2 11.5
U.S.EqResch n 28.46 0.91 -8.0 31.5 RS Funds: SelEqtyI n 29.58 1.39 8.6 70.8 AsAlMod p 10.63 0.24 -4.6 8.8 ITIGradeAdml n 10.31 0.11 4.4 16.4 OHLTte n 12.93 0.13 2.0 14.8 Victory Funds: 361 Global Long/Shor:
USLrgCpCore n 24.31 0.58 -9.2 25.0 CoreEqVIP 38.66 NA NA NA TotRetBondI n 10.44 0.00 6.1 16.3 AsAlModGr p 10.78 0.32 -7.6 7.3 ITsryAdml n 12.12 0.00 7.6 15.5 Primcp nr 122.16 3.36 -12.2 27.7 EstValA 32.09 NA NA NA Equity Fund 10.38 0.05 -7.7 1.3
M28 BARRON’S May 25, 2020

Weekly Closed-End Funds Data provided by

52 Week 52 Week
Stock Market Prem Market TRACKING CLOSED - END FUNDS Stock Market Prem Market
Fund Name (Symbol) Exch NAV Price /Disc Return Fund Name (Symbol) Exch NAV Price /Disc Return
Friday, May 22, 2020 U.S. Mortgage Bond Funds
General Equity Funds Grand Re-Opening: Investors hope the end of U.S. quarantines will reverse months BlckRk Income (BKT) ...................... N 6.34 6.13 – 3.3 6.8
Adams Diversified Equity (ADX) ...... N 16.71 14.31 – 14.4 5.4 First Trust Mtge Inc (FMY) .............. N 14.56 13.44 – 7.7 5.4
Boulder Growth & Income (BIF) ...... N 11.11 9.23 – 16.9 – 11.4 of deteriorating economic data. That led to gains of 5% for the Herzfeld Average Invesco HI 2023 Tgt Term (IHIT) ..... N 7.38 7.25 – 1.8 8.0
Central Secs (CET)-c ........................ A 34.56 28.30 – 18.1 1.4 Invesco HI 2024 Tgt Term (IHTA) .... N 6.60 6.28 – 4.8 8.9
CohenStrsCEOppFd (FOF) .............. N 10.69 10.03 – 6.2 – 12.6 and 4% for the Dow, in the week ended Thursday. Nuveen Mortgage and Inc (JLS) ...... N 19.59 18.32 – 6.5 7.3
Eagle Capital Growth (GRF)-c ........... A NA 6.69 NA – 4.5 Nuveen Multi-Market Inc (JMM)-c ... N 7.21 6.46 – 10.4 5.4
EVTxAdvDivIncm (EVT)-a ................ N 19.59 18.45 – 5.8 – 13.3 51000 Net Asset Value Vertical Capital Income (VCIF) ........ N NA 9.51 NA NS
Equus II (EQS) ................................ N NA 1.17 NA – 33.5 55100 Western Asset Mtg Oppty (DMO)-a .. N NA 12.89 NA 14.0
Foxby Corp. (FXBY) ........................ O 2.58 NA NA NA 12 mos
GabelliDiv&IncTr (GDV) ................. N 19.14 17.02 – 11.1 – 13.9 Stock Market Prem Yield
Gabelli Equity Tr (GAB)-h ................. N 4.45 4.45 + 0.0 – 17.9 45600 50700 Fund Name (Symbol) Exch NAV Price /Disc 4/30/20
GeneralAmer (GAM) ....................... N 36.85 30.51 – 17.2 – 4.3
JHancockTaxAdvDiv (HTD) ............ N 20.19 18.82 – 6.8 – 19.0 46300 Investment Grade Bond Funds
Librty AllStr Eq (USA) ..................... N 5.82 5.35 – 8.1 – 6.1 *Herzfeld BlRck Core Bond (BHK) .................. N 15.46 14.87 – 3.8 5.3
Librty AllStr Gr (ASG)-j ..................... N 6.10 5.77 – 5.4 13.2 40200 41900 BR Credit Alloc Inc (BTZ) ................. N 14.21 13.48 – 5.1 7.0
NuvTaxAdvTRStrat (JTA) ............... N 8.69 7.91 – 9.0 – 24.4 Closed-End BR Enhcd Govt (EGF) ...................... N 13.57 13.23 – 2.5 3.7
Royce Micro-Cap Tr (RMT) ............. N 8.07 6.85 – 15.1 – 6.4
Royce Value Trust (RVT) ................. N 13.60 11.77 – 13.5 – 5.9 Average 37500 Insight Select Income (INSI) ...........
InvescoBond (VBF) .........................
N
N
20.82
20.13
19.20
19.46
–
–
7.8
3.3
4.4
4.2
Source Capital (SOR) ...................... N 38.46 32.46 – 15.6 – 6.5 34800 3Q 4Q 1Q 2Q
J Han Income (JHS) ........................ N 15.21 14.10 – 7.3 4.7
Special Opportunities (SPE) ............ N NA 10.15 NA – 18.7
Sprott Focus Trust (FUND) .............. O 6.65 5.71 – 14.1 – 5.4 % Disc/Prem From Net Asset Value MFS Govt Mkts (MGF) ....................
MFS Intmdt (MIN) ..........................
N
N
4.84
3.99
4.67
3.76
–
–
3.5
5.8
7.3
9.1
Tri-Continental (TY) ........................ N 27.50 23.80 – 13.5 – 3.0 -4 Western Asset Inf-Lk Inc (WIA)-a ..... N NA 11.18 NA 3.7
Specialized Equity Funds 29400 Western Asset Inf-Lk O&I (WIW)-a .. N NA 10.58 NA 4.2
Aberdeen Glb Prem Prop (AWP)-a .... N 5.11 4.27 – 16.4 – 21.7 -7 WA Investment Grade Inc (PAI)-a ..... N NA 14.36 NA 4.9
Adams Natural Resources (PEO) .... N 12.80 10.96 – 14.4 – 25.3 WesternAssetPremBd (WEA)-a ....... N NA 12.95 NA 6.4
AllianzGI AI & Tech Opps (AIO) ....... N 20.84 18.72 – 10.2 NS -10 Westn Asst IG Def Opp Tr (IGI)-a ...... N NA 22.10 NA 4.7
GI DivInt&PremStr (NFJ) ................ N 12.53 10.74 – 14.3 – 4.6 24000 Loan Participation Funds
ASA Gold & Prec Met Ltd (ASA) ....... N 19.07 15.77 – 17.3 67.4
BR Enh C&I (CII) ............................. N 15.57 14.08 – 9.6 – 2.8 -13 Apollo Senior Floating (AFT) ...........
BR Debt Strategy (DSU) ..................
N
N
NA
10.57
11.99
9.34 –
NA
11.6
9.98
9.1
BlackRock Energy & Res (BGR) ...... N 7.99 7.21 – 9.8 – 31.1 Dow Industrials
BR F/R Inc Str (FRA) ....................... N 12.69 10.97 – 13.6 8.3
BlackRock Eq Enh Div (BDJ) ........... N 7.89 7.09 – 10.1 – 9.3 18600 -16 BlackRock Floatng Rt Inc (BGT) ...... N 12.31 10.68 – 13.2 8.1
BlackRock Enh Glbl Div (BOE) ......... N 10.27 9.03 – 12.1 – 6.8 3Q 19 4Q 19 1Q 20 2Q 20 3Q 19 4Q 19 1Q 20 2Q 20 Blackstone / GSO Strat (BGB)-a ........ N 12.44 10.74 – 13.7 12.3
BlackRock Enh Intl Div (BGY) .......... N 5.60 4.90 – 12.5 – 2.9 Blackstone/GSO LS Cr Inc (BGX)-a ... N 12.84 11.22 – 12.6 12.9
BlackRock Hlth Sci Tr II (BMEZ) ...... N 22.15 19.97 – 9.8 NS The Herzfeld Closed-End Average measures 15 equally-weighted closed-end funds based in the U.S. that invest principally in Blackstone/GSO Sr Flt Rt (BSL)-a ..... N 13.75 12.28 – 10.7 10.8
BlackRock Hlth Sciences (BME) ...... N 40.35 40.82 + 1.2 17.8 BNY Mellon Alct GCI 2024 (DCF) ..... N 7.42 7.05 – 5.0 9.2
BlackRock Res & Comm (BCX) ....... N 6.88 5.78 – 16.0 – 16.4 American equities. The net assest value is a weighted average of the funds' NAVs. Source: Thomas J. Herzfeld Advisors Inc., Miami.
Eagle Point Credit (ECC) .................. N NA 6.45 NA 35.6
BlackRock Sci&Tech Tr II (BSTZ) .... N 22.85 20.67 – 9.5 NS 305-271-1900/www.herzfeld.com Eagle Point Income (EIC) ................ N NA 9.35 NA NS
BlackRock Sci&Tech Trust (BST) .... N 34.94 35.55 + 1.7 25.4 Eaton Vance F-R 2022 TT (EFL) ....... N 8.36 7.95 – 4.9 7.0
BlackRock Utl Inf & Pwr (BUI) ......... N 18.79 19.36 + 3.0 – 2.4 52 Week 52 Week EtnVncFltRteInc (EFT)-a .................. N 12.67 11.05 – 12.8 9.6
CBRE ClrnGlbRlEst (IGR)-a .............. A 6.63 5.48 – 17.3 – 19.6 EtnVncFltRteIncPlus (EFF)-a ............ N 14.58 13.13 – 9.9 7.6
CLEARBRIDGE ENGY MDS OPP (EMO)-a N NA 2.64 NA – 68.3 Stock Market Prem Market Stock Market Prem Market
Fund Name (Symbol) Exch NAV Price /Disc Return Fund Name (Symbol) Exch NAV Price /Disc Return EV SenFlRtTr (EFR)-a ....................... N 12.45 10.90 – 12.4 9.6
CLEARBRIDGE MLP&MDSTM TR (CTR)-a N NA 2.91 NA – 65.5 EVSnrIncm (EVF) ........................... N 5.94 5.15 – 13.3 8.5
ClearBridge MLP & Midstm (CEM)-a N NA 3.60 NA – 66.9 NuvCorEqAlpha (JCE) ..................... N 13.02 12.01 – 7.8 – 5.2 CalamosConvHi (CHY) ................... N 11.06 10.24 – 7.4 5.7 First Eagle Senior Loan (TSLF)-a ...... N 14.12 11.90 – 15.7 10.1
Cntr Cst Brkfld MLP&EI (CEN) ......... N 1.27 1.15 – 9.4 – 81.8 NuveenDiversDiv&Inc (JDD) .......... N 8.70 7.39 – 15.1 – 23.6 CalmosConvOp (CHI) ..................... N 10.49 9.83 – 6.3 7.0
ChnStrInfr (UTF) ............................. N 21.84 20.91 – 4.3 – 8.1 FT/Sr Fltg Rte Inc 2 (FCT) ................ N 12.18 10.71 – 12.1 8.7
Nuveen Nasdaq 100 Dyn Ov (QQQX) N 23.05 23.49 + 1.9 15.6 Ellsworth G&I Fund Ltd (ECF) .......... A 11.54 10.46 – 9.4 17.9 FT/Sr Fltg Rte 2022 TgTr (FIV) ......... N 8.72 8.09 – 7.2 4.3
COHEN & STEERS MLP INC&E (MIE) N 2.83 2.36 – 16.6 – 71.6 Nuv Real Est (JRS) .......................... A 8.24 7.10 – 13.8 – 26.3 Gabelli Conv Sec (GCV) ................... N 5.17 5.09 – 1.5 12.5
Cohen&SteersQualInc (RQI) ........... N 11.01 9.44 – 14.3 – 24.0 Highland Income (HFRO)-a .............. N 11.95 7.89 – 34.0 12.4
Nuveen Rl Asst Inc & Gro (JRI) ........ N 12.99 10.84 – 16.6 – 27.4 HiIncBd (PCF) ................................. N 7.83 7.12 – 9.1 – 11.1 InvDYCrOpp (VTA) ......................... N 9.98 8.47 – 15.1 10.1
Cohen&Steers TotRet (RFI) ............ N 11.51 11.14 – 3.2 – 11.2 NuvS&P500DynOvFd (SPXX) ......... N NA 12.82 NA – 11.6 World Equity Funds
CohenStrsREITPrefInc (RNP) ......... N 20.11 17.34 – 13.8 – 11.2 InvSnrIncTr (VVR) .......................... N 3.95 3.37 – 14.7 8.4
NuvSP500BuyIncFd (BXMX) .......... N 12.23 10.98 – 10.2 – 9.0 AbrdnAusEq (IAF)-a ......................... A 4.55 4.08 – 10.3 – 12.8 Nuveen Credit Strat Inc (JQC) ......... N 6.64 5.76 – 13.3 20.2
Columbia Sel Prm Tech Gr (STK) ..... N 19.32 20.69 + 7.1 12.1 PIMGlbStkPI (PGP) ........................ N NA 8.20 NA – 23.3 Aberdeen Emg Mkts Eq Inc (AEF) .... A 6.46 5.47 – 15.3 – 18.8
Cushing Energy Income (SRF) ........ N 5.18 4.06 – 21.7 – 39.8 NuvFloatRateIncFd (JFR) ................ N 8.85 7.57 – 14.5 9.6
ReavesUtilityIncome (UTG)-a .......... A 29.00 31.26 + 7.8 – 4.1 Aberdeen Glbl Dyn Div (AGD)-a ........ N 9.58 8.20 – 14.4 – 2.6 NuvFloatRteIncOppty (JRO) ........... N 8.78 7.61 – 13.3 9.7
CushingMLPTotRet (SRV)-d ............ N 6.25 4.95 – 20.8 – 45.3 RMRRealEstInc (RIF) ..................... A 14.56 10.49 – 28.0 – 38.8 Aberdeen Japan Equity (JEQ) .......... N 8.54 7.00 – 18.0 3.6
Cushing Renaissance (SZC) ............ N 9.63 7.64 – 20.7 – 42.0 Nuveen Senior Income (NSL) .......... N 5.22 4.50 – 13.8 9.8
Salient Midstream & MLP (SMM) ... N 5.63 4.33 – 23.1 – 45.8 Aberdeen Tot Dyn Div (AOD)-a ......... N 8.36 7.15 – 14.5 – 2.7 Nuveen Sht Dur Crdt Opp (JSD) ...... N 13.11 11.48 – 12.4 10.3
DNP Select Income (DNP) .............. N 8.55 10.72 + 25.3 – 1.5 Tortoise Energy Ind (NDP) .............. N 15.86 12.00 – 24.3 – 79.8 Calamos GloDynInc (CHW) ............. N 6.94 6.74 – 2.9 – 4.7
Duff&Ph Uti&Infra Inc Fd (DPG) ...... N 11.56 10.16 – 12.1 – 25.3 Tortoise Enrgy Infra Crp (TYG) ........ N 23.92 18.26 – 23.7 – 77.7 PionrFltRate Tr (PHD)-a ................... N 9.95 8.65 – 13.1 8.1
Cdn Genl Inv (CGI)-y ........................ T 35.73 24.53 – 31.3 1.8 WA Corporate Loan (TLI)-a .............. N NA 8.33 NA 9.3
Duff&Ph Sel MLP&MS Engy (DSE) . N 0.61 0.54 – 11.5 – 87.6 Tortoise Ess Asst Inc Tm (TEAF)-a .... N 14.13 10.32 – 27.0 – 39.2 Central and Eastern Euro (CEE) ....... N 23.91 20.04 – 16.2 – 15.5
EtnVncEqtyInc (EOI)-a ..................... N 14.34 13.46 – 6.1 0.0 Tortoise Midstream Enrgy (NTG) .... N 24.93 19.94 – 20.0 – 83.8 High Yield Bond Funds
China (CHN) ................................... N 23.24 19.84 – 14.6 13.8
EtnVncEqtyIncoII (EOS)-a ................ N 16.68 17.05 + 2.2 11.2 Tortoise Pipelne & Enrgy (TTP)-a ..... N 19.79 16.08 – 18.7 – 69.9 Delaware Enh Gl Div & In (DEX)-a ..... N 9.13 7.84 – 14.1 – 9.0 Aberdeen Inc Credit Str (ACP)-a ....... N 8.79 7.71 – 12.3 19.0
EVRskMnDvsEqInc (ETJ)-a ............. N 9.43 9.35 – 0.8 10.2 Tortoise Pwr & Engy Infr (TPZ)-a ...... N 11.81 9.25 – 21.7 – 44.0 EV TxAdvGlbDivInc (ETG)-a ............. N 14.48 13.11 – 9.5 – 6.4 AllianceBernGlHiIncm (AWF) .......... N 11.20 9.74 – 13.0 8.1
ETnVncTxMgdBuyWrtInc (ETB)-a .... N 13.11 13.62 + 3.9 – 4.2 Wells Fargo Ut & Hi Inc (ERH) ......... A 11.19 12.29 + 9.8 3.1 EtnVncTxAdvOpp (ETO)-a ................ N 20.30 19.97 – 1.6 – 4.7 Angel Oak FS Inc Trm (FINS) ........... N NA 16.24 NA NS
EtnVncTxMgdBuyWrtOpp (ETV)-a ... N 12.90 13.72 + 6.4 6.2 Income & Preferred Stock Funds Economic Inv Tr (N/A)-cy ................. T 140.49 96.00 – 31.7 – 7.8 Barings Glb SD HY Bd (BGH)-a ......... N 12.91 11.27 – 12.7 15.5
EvTxMnDvsEqInc (ETY)-a ................ N 11.04 10.38 – 6.0 – 2.7 CalamosStratTot (CSQ) .................. N 11.89 11.63 – 2.2 2.5 European Equity Fund Inc (EEA) ...... N 8.98 7.56 – 15.8 – 7.2 BR Corporate HY (HYT) .................. N 10.50 9.72 – 7.4 9.6
EtnVncTxMgdGlbB (ETW)-a ............ N 8.99 8.21 – 8.7 – 5.6 CohenStrsLtdDurPref&Inc (LDP) ... N 22.61 22.76 + 0.7 2.2 FirstTrAbEmergOp (FEO) ................ N 12.95 11.12 – 14.1 – 8.0 BlackRock Ltd Dur Inc (BLW) .......... N 15.16 13.54 – 10.7 8.1
EVTxMnGblDvEqInc (EXG)-a ........... N 7.63 6.95 – 8.9 – 4.5 CohenStrsSelPref&Income (PSF) ... N 23.36 24.21 + 3.6 – 6.1 FirstTr Dyn Euro Eq Inc (FDEU) ....... N 10.94 9.55 – 12.7 – 21.5 BNY Mellon Hi Yield Str (DHF) ......... N 2.82 2.44 – 13.5 10.7
First Trust Energy Inc G (FEN) ......... A 13.26 11.23 – 15.3 – 40.0 Del Div & Inc (DDF)-a ....................... N 8.38 8.36 – 0.2 – 31.3 Gabelli Gl Sm&Mid Cp Val (GGZ) ..... N 10.30 8.63 – 16.2 – 19.0 Brookfield Real Asst Inc (RA) .......... N 18.35 16.32 – 11.1 14.3
First Tr Enhanced Eq (FFA) .............. N 14.95 13.82 – 7.6 – 0.7 Dividend and Income (DNI) ............. N 12.41 9.77 – 21.3 – 6.8 Gabelli Multimedia (GGT)-h ............. N 5.96 6.62 + 11.1 – 7.0 CrSuisHighYld (DHY) ..................... A 2.15 1.89 – 12.1 11.6
First Tr Specialty Fn (FGB) ............... N 2.68 3.52 + 31.3 – 37.8 Eagle Gr and Inc Opps (EGIF) .......... N 13.43 11.20 – 16.6 – 21.4 GDL Fund (GDL) ............................. N 10.35 8.32 – 19.6 – 5.7 CSAM Income Fd (CIK) ................... A 2.92 2.54 – 13.0 10.8
FirstTrEnergyInfra (FIF) .................. N 12.08 10.90 – 9.8 – 24.5 FirstTrIntDurPref&Inc (FPF) ........... N 20.91 20.51 – 1.9 – 1.7 Herzfeld Caribb (CUBA) .................. O 4.49 3.66 – 18.5 – 32.4 DoubleLine Inc Sol (DSL) ................ N NA 13.05 NA 14.0
FirstTrMLPEner&Inc (FEI) .............. N 7.20 6.14 – 14.7 – 41.7 Gabelli Go Anywhere Tr (GGO) ........ N 9.96 8.67 – 13.0 NA Highland Global Alloc (HGLB)-a ....... N NA 5.89 NA – 42.0 DoubleLine Yld Opps (DLY) ............ N NA NA NA NS
Gab Gl Util & Inc (GLU)-h ................. A 15.02 15.00 – 0.1 – 10.2 JHanPrefInc (HPI) .......................... N 17.33 17.97 + 3.7 – 14.6 India Fund (IFN) .............................. N 16.26 13.97 – 14.1 – 26.1 EVHiInc2021 (EHT) ........................ N 9.58 9.32 – 2.7 4.7
Gabelli Healthcare (GRX)-h .............. N 11.81 10.16 – 14.0 4.0 JHPrefIncII (HPF) ........................... N 17.04 17.05 + 0.1 – 16.8 J Han Hdgd Ety & Inc (HEQ) ............ N 11.82 11.20 – 5.2 – 11.4 First Tr Hi Inc Lng/Shrt (FSD) .......... N 14.85 13.28 – 10.6 10.1
Gab Utility (GUT)-h .......................... N 3.84 6.80 + 77.1 11.1 HnckJPfdInco III (HPS) .................. N 15.25 15.13 – 0.8 – 12.8 JHancockTaxAdv Gl Sh Yld (HTY) ... N 5.87 5.23 – 10.9 – 15.2 Franklin Univ (FT) ........................... N 7.53 6.45 – 14.3 5.9
GAMCOGlGold&NatRes (GGN) ....... A 3.89 3.45 – 11.3 – 7.5 J Han Prm (PDT) ............................. N 12.08 12.66 + 4.8 – 19.1 Japan Smaller Cap (JOF) ................. N 9.00 7.49 – 16.8 – 4.4 InvHighIncTrII (VLT) ...................... N 12.71 11.17 – 12.1 10.6
GAMCO NR GLD & INC TR (GNT) .... N 5.46 4.78 – 12.5 – 0.8 LMP CapInco (SCD) ........................ N NA 10.00 NA – 15.0 Korea (KF) ...................................... N 28.53 24.00 – 15.9 – 12.5 IVY HIGH INCOME OPP (IVH) ......... N 12.27 10.90 – 11.2 11.9
J Han Finl Opptys (BTO) .................. N 19.28 20.55 + 6.6 – 30.6 Nuveen Pref & I 2022 Trm (JPT) ...... N 21.55 21.15 – 1.9 – 3.5 LazardGlbTotRetInc (LGI) ............... N 15.42 13.39 – 13.2 – 5.0 MFS IntmdHgInc (CIF) .................... N 2.28 2.09 – 8.3 11.7
Macquarie/FirstTr Gl (MFD) ............ N 8.88 7.89 – 11.1 – 17.0 Nuveen Pref & Inc Opp (JPC) .......... N 8.26 8.03 – 2.8 – 9.3 MexicoEqandIncmFd (MXE) ........... N 8.38 NA NA NA NeubHgYldStrt (NHS) ..................... N 10.84 10.10 – 6.8 11.1
Madison CovCall & Eq Str (MCN) .... N 6.40 5.62 – 12.2 – 2.9 Nuveen Fd (JPS) ............................. N 8.50 8.01 – 5.8 – 6.8 Mexico (MXF) ................................. N NA 9.33 NA – 25.9 New Amer Hi Inc (HYB) ................... N 8.77 7.66 – 12.7 7.9
Neuberger Brmn MLP & EI (NML) ... N 3.77 2.94 – 22.0 – 57.1 Nuveen Pref & Inc Term (JPI) .......... N 20.87 20.23 – 3.1 – 6.1 Miller/Howard High Inc E (HIE)-a ...... N 6.81 5.87 – 13.8 – 41.0 NexPointStratOppty (NHF)-a ............ N 17.01 8.84 – 48.0 22.5
NubrgrRlEstSec (NRO) ................... A 3.65 3.26 – 10.7 – 28.3 Nuveen TxAdvDivGr (JTD) .............. N 13.80 12.51 – 9.3 – 15.0 MS ChinaShrFd (CAF)-J ................... N 21.86 17.75 – 18.8 – 9.7 Nuveen Crdt Opps 2022 TT (JCO) .... N 7.48 7.63 + 2.0 7.1
Nuv Dow 30 Dyn Overwrite (DIAX) .. N 14.71 13.27 – 9.8 – 18.5 TCW Strat Income (TSI) .................. N NA 5.43 NA 3.7 MS India (IIF) .................................. N 16.30 13.42 – 17.7 – 36.0 Nuveen Global High Inc (JGH) ......... N 14.56 12.46 – 14.4 10.1
Vivaldi Opportunities (VAM) ........... N 11.85 11.20 – 5.5 – 12.8 New Germany (GF) ......................... N 16.33 13.44 – 17.7 0.4 Nuveen Hi Inc 2020 Trgt (JHY) ........ N 9.36 9.19 – 1.8 3.3
a-NAV and market price are ex dividend. b-NAV is fully diluted. c- Convertible Sec's. Funds New Ireland (IRL) ........................... N 9.12 6.93 – 24.0 – 20.5 Nuveen Hi Inc 2023 Trgt (JHAA) ...... N 9.01 9.50 + 5.4 6.7
NAV is as of Thursday’s close. d-NAV is as of Wednesday’s close. AdvntCnvrtbl&IncFd (AVK) ............. N 13.82 12.18 – 11.9 – 7.3 RENN Fund (RCG) .......................... A NA 1.33 NA – 13.6 Nuveen HI Nov 2021 Tgt (JHB) ........ N 9.08 8.99 – 1.0 5.6
e-NAV assumes rights offering is fully subscribed. f-Rights offering AllianzGI Con & Inc 2024 (CBH) ...... N 8.75 8.16 – 6.7 – 4.3 Royce Global Value Trust (RGT) ...... N 11.79 10.74 – 8.9 6.9 PGIM Global High Yield (GHY) ........ N 14.15 12.15 – 14.1 10.5
GI Conv & Inc (NCV) ....................... N 4.43 4.09 – 7.7 – 17.7 Swiss Helvetia (SWZ) ..................... N 8.87 7.41 – 16.5 0.5 PGIM High Yield Bond (ISD) ........... N 14.69 12.67 – 13.8 10.0
in process. g-Rights offering announced. h-Lipper data has been ad- AGI Conv & Inc II (NCZ) ................... N 3.97 3.57 – 10.2 – 20.1 Templeton Dragon (TDF) ................ N 20.83 17.77 – 14.7 8.1 PioneerHilncmTr (PHT)-a ................ N 7.95 7.00 – 11.9 10.8
justed for rights offering. j-Rights offering has expired, but Lipper AGI Dvs Inc & Conv (ACV) ............... N 23.59 21.71 – 8.0 2.8 Templeton Em Mkt (EMF) ............... N 14.00 12.36 – 11.7 – 5.6 Wells Fargo Income Oppty (EAD) .... A 7.91 6.94 – 12.3 10.4
data not yet adjusted. l-NAV as of previous day. o-Tender offer in AGI Eqty & Conv Inc (NIE) ............... N 24.26 21.65 – 10.8 9.8 United Corps Ltd (UNC)-cy ............... T 146.53 90.63 – 38.1 – 3.8 WstAstHIF II (HIX)-a ........................ N 6.39 5.62 – 12.1 10.3
process. Source: Lipper Bancroft Fund Ltd (BCV) ................. A 25.49 22.77 – 10.7 16.6 Wells Fargo Gl Div Oppty (EOD) ....... N 4.68 4.19 – 10.5 – 15.3 Western Asset Hi Inc Opp (HIO)-a .... N 5.02 4.52 – 10.0 8.3

THREE YEAR TED SPREAD Market Sentiment LAST +0.49

Citigroup Panic/Euphoria Model
TED Spread = 3-mth LIBOR – 3-mth T-bill rate
1.5
1.4 Euphoria
0.6
1.3
1.2
0.3
1.1
1.0
0.9 0
0.8
0.7 -0.3
Friday's Close 0.24
0.6 Panic
0.5 -0.6
0.4
0.3 -0.9
0.2 A M J J A S O N D J F M A M
0.1 The panic/euphoria model is a gauge of investor sentiment. It identifies "Panic" and "Euphoria" levels which are statistically driven buy and
Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 sell signals for the broader market. Historically, a reading below panic supports a better than 95% likelihood that stock prices will be
17 18 19 20 higher one year later, while euphoria levels generate a better than 80% probability of stock prices being lower one year later.
Source: Citigroup Investment Research - US Equity Strategy
May 25, 2020 BARRON’S M29

Weekly Closed-End Funds Data provided by

12 mos 12 mos 12 mos 52 Week

Stock Market Prem Yield Stock Market Prem Yield Stock Market Prem Yield Stock Market Prem Market
Fund Name (Symbol) Exch NAV Price /Disc 4/30/20 Fund Name (Symbol) Exch NAV Price /Disc 4/30/20 Fund Name (Symbol) Exch NAV Price /Disc 4/30/20 Fund Name (Symbol) Exch NAV Price /Disc Return
Western Asset Hi Yld D O (HYI)-a ..... N 14.47 13.82 – 4.5 8.5 FedPremMuInc (FMN)-a .................. N 14.61 13.21 – 9.6 4.8 Nuveen NY Val (NNY) ...................... N 9.86 9.23 – 6.4 3.8 CalamosGlbTotRet (CGO) ............... z 10.16 10.42 + 2.6 – 2.6
Other Domestic Taxable Bond Funds InvAdvMuIncTrII (VKI) ................... A 11.41 10.15 – 11.0 5.3 Nuveen NY Muni Value 2 (NYV) ....... N 15.59 13.52 – 13.3 3.2 VirtusTotalRetFd (ZTR) ................... z 8.25 8.54 + 3.5 – 10.5
Apollo Tactical Income (AIF) ........... N NA 11.75 NA 10.2 Invesco MuniOp (OIA) .................... N 7.04 6.75 – 4.1 5.8 Nuveen NY Qual Muni Inc (NAN) ..... N 14.81 13.05 – 11.9 4.5 12 mos
Ares Dynamic Crdt Alloc (ARDC)-a ... N NA 11.20 NA 11.9 InvescoMuOppTr (VMO) ................ N 12.78 11.38 – 11.0 5.2 Nuveen NY Sel Tx-Free (NXN) ......... N 14.00 12.82 – 8.4 3.7 Stock Market Prem Yield
Barings Corporate Inv (MCI) ........... N NA 13.79 NA 8.7 InvescoMuTr (VKQ) ........................ N 12.75 11.42 – 10.4 5.3 Nuveen OH Qual Muni Inc (NUO) ..... N 17.34 14.74 – 15.0 3.6 Fund Name (Symbol) Exch NAV Price /Disc 4/30/20
Barings Part Inv (MPV) ................... N NA 12.03 NA 9.5 InvescoQual Inc (IQI) ...................... N 13.04 11.65 – 10.7 5.2 Nuveen PA Muni Value (NPN) ......... N 14.95 NA NA 3.5
BlackRock Mlt-Sctr Inc (BIT) .......... N 15.30 13.56 – 11.4 10.7 InvTrInvGrMu (VGM) ..................... N 13.18 11.77 – 10.7 5.3 Nuveen PA Qual Muni Inc (NQP) ..... N 15.47 13.28 – 14.2 4.7 Loan Participation Funds
BlackRock Tax Muni Bd (BBN) ........ N 23.27 23.32 + 0.2 5.9 InvescoValMunInc (IIM) ................. N 15.81 14.06 – 11.1 5.1 Nuveen VA Qlty Mun Inc (NPV) ....... N 14.41 13.08 – 9.2 4.1 1WS Credit Income (N/A) ................ z NA NA NA 7.0
DoubleLine:Oppor Crdt Fd (DBL) .... N 17.98 18.45 + 2.6 7.6 MAINSTAY:MK DEFTR MUN OP (MMD) N 19.62 19.83 + 1.1 5.3 PIMCO CA (PCQ) ............................ N 13.46 15.78 + 17.2 5.6 AlphCntrc Prime Merid In (N/A) ....... z 9.98 NA NA NS
Duff&Ph Util Cor (DUC) .................. N 9.51 9.12 – 4.1 5.2 MFS HgIncMuniTr (CXE) ................ N 4.83 4.35 – 9.9 5.7 PIMCOCAMuniII (PCK) ................... N 8.50 8.48 – 0.2 4.8 Angel Oak Str Crdt:Inst (N/A) .......... z NA NA NA 8.2
EVLmtDurIncm (EVV) ..................... A 12.47 10.79 – 13.5 9.6 MFS HgYldMuniTr (CMU) ............... N 4.35 4.00 – 8.0 5.7 Pimco CA Muni III (PZC) ................. N 9.69 9.86 + 1.8 5.1 Axonic Alternative Inc (N/A) ............ z NA NA NA 5.4
Franklin Ltd Dur Income (FTF) ......... A 8.91 8.15 – 8.5 12.5 NeubrgrBrm (NBH) ......................... A 14.24 14.25 + 0.1 5.5 PIMCO NY (PNF) ............................ N 11.33 10.90 – 3.8 5.6 Blackstone/GSO FR EI D (N/A) ......... z 20.92 NA NA 7.4
J Han Investors (JHI) ...................... N 15.85 14.35 – 9.5 9.0 Nuveen AMT-Fr Mu Val (NUW) ........ N 16.31 14.87 – 8.8 3.8 PIMCONYMuniII (PNI) ................... N 10.71 10.28 – 4.0 5.1 Blackstone/GSO FR EI I (N/A) .......... z 20.89 NA NA 7.7
KKR Income Opportunities (KIO) .... N NA 11.10 NA 13.6 Nuveen AMT-Fr Qlty Mun I (NEA) .... A 14.99 13.58 – 9.4 4.9 Pimco NY Muni III (PYN) ................. N 8.66 8.69 + 0.3 5.1 Blackstone/GSO FR EI T (N/A) ......... z 20.85 NA NA 7.1
MFS Charter (MCR) ........................ N 8.45 8.08 – 4.4 9.0 Nuveen AMT-Fr Mu CI (NVG) .......... A 15.99 14.54 – 9.1 5.6 General Equity Funds Blackstone/GSO FR EI T-I (N/A) ....... z 21.29 NA NA 7.1
Nuveen Taxable Muni Inc (NBB) ...... N 20.02 19.96 – 0.3 5.7 Nuveen Enh Muni Val (NEV) ............ N 14.44 13.24 – 8.3 5.2 FNEX Ventures (N/A) ...................... z 10.00 NA NA N Blackstone/GSO FR EI U (N/A) ......... z 21.77 NA NA NS
PCM Fund (PCM) ............................ N NA 8.85 NA 10.4 Nuveen Int Dur Mun Term (NID) ...... N 13.55 12.85 – 5.2 4.1 Continuously Offered Blstn Commnty Dev (N/A) ............... z 9.93 NA NA 3.6
PIMCO Corp & Inc Oppty (PTY) ....... N 11.41 14.48 + 26.9 11.2 Nuveen Int Dur Qlty Mun (NIQ) ........ N 14.28 13.52 – 5.3 2.9 52 Week BNYM Alcntr Glb MS Cr Fd (N/A) ..... z 81.58 NA NA NS
PIMCO Corp & Inc Strat (PCN) ........ N 11.84 15.29 + 29.1 9.4 Nuveen Mu Crdt Opps (NMCO) ....... N 11.75 10.85 – 7.7 NS Stock Market Prem Market CLIFFWATER CL FD;I (N/A) ............. z 10.02 NA NA 1.5
PIMCOHilnco (PHK) ....................... N 4.65 5.20 + 11.8 14.6 NuvMuni2021TgtTerm (NHA) ......... N 9.93 9.65 – 2.8 1.8 CNR Strategic Credit (N/A) .............. z 8.33 NA NA 10.6
Nuv Muni Credit Income (NZF) ........ A 15.27 13.82 – 9.5 5.8 Fund Name (Symbol) Exch NAV Price /Disc Return
PIMCO IncmStrFd (PFL) ................. N 8.74 9.08 + 3.9 11.9 FedProj&TrFinanceTendr (N/A) ...... z 9.81 NA NA 3.9
PIMCO IncmStrFd II (PFN) .............. N 7.92 8.21 + 3.7 11.8 NuvMuniHiIncOpp (NMZ) ............... A 12.48 12.41 – 0.6 5.9 Specialized Equity Funds FS Global Crdt Opptys D (N/A) ......... z NA NA NA 8.3
Putnam Mas Int (PIM)-a ................... N 4.20 4.22 + 0.5 8.5 Nuveen Muni Inc (NMI) ................... N 10.79 10.32 – 4.4 4.1 Bluerock Total Inc+ RE:A (N/A) ........ z NA NA NA NA Garrison Capital Inc (GARS) ............ z NA 2.60 NA NA
Putnam Prem Inc (PPT)-a ................ N 4.65 4.67 + 0.4 9.0 Nuveen Muni Val (NUV) .................. N 10.27 9.72 – 5.4 3.8 Bluerock Total Inc+ RE:C (N/A) ........ z NA NA NA NA Schrdrs Opp Inc;A (N/A) ................. z 23.66 NA NA NS
Wells Fargo Multi-Sector (ERC) ...... A 11.55 10.12 – 12.4 11.9 Nuveen Quality Muni Inc (NAD) ....... N 15.21 13.56 – 10.8 4.9 Bluerock Total Inc+ RE:I (N/A) ......... z NA NA NA NA Schrdrs Opp Inc;A2 (N/A) ............... z NA NA NA NS
World Income Funds Nuveen Sel Mat (NIM) ..................... N 10.58 9.66 – 8.7 3.2 Bluerock Total Inc+ RE:L (N/A) ........ z NA NA NA NA Schrdrs Opp Inc;I (N/A) .................. z 23.69 NA NA NS
Abrdn AP IncFd (FAX)-a ................... N 4.37 3.58 – 18.1 6.8 Nuveen Sel TF (NXP) ....................... N 15.88 15.03 – 5.4 3.7 Broadstone Rl Est Acc:I (N/A) .......... z 9.60 NA NA – 2.9 Schrdrs Opp Inc;SDR (N/A) ............ z 23.71 NA NA NS
Aberdeen Global Income (FCO)-a ..... N 6.28 5.72 – 8.9 10.6 Nuveen Sel TF 2 (NXQ) .................... N 15.03 14.28 – 5.0 3.6 Broadstone Rl Est Acc:W (N/A) ....... z 9.59 NA NA – 3.2 Invesco Sr Loan A (N/A) .................. z 5.63 NA NA 5.6
BlackRock 2022 Gl Inc Op (BGIO) ... N 8.20 8.00 – 2.4 7.8 Nuveen Sel TF 3 (NXR) .................... N 16.36 15.40 – 5.9 3.5 CC Real Estate Income;A (N/A) ........ z NA NA NA NA Invesco Sr Loan C (N/A) .................. z 5.65 NA NA 4.7
PIMCO MuniInc (PMF) .................... N 12.30 12.64 + 2.8 5.6 CC Real Estate Income;Ad (N/A) ...... z NA NA NA NA Invesco Sr Loan IB (N/A) ................. z 5.63 NA NA 5.9
BrndywnGLB Glb Inc Oppts (BWG)-a N 13.01 11.22 – 13.8 7.0 PIMCOMuniIncII (PML) .................. N 11.60 12.38 + 6.7 6.2
EtnVncStDivInc (EVG)-a .................. N 12.57 10.90 – 13.3 7.9 CC Real Estate Income;C (N/A) ........ z NA NA NA NA Invesco Sr Loan IC (N/A) ................. z 5.63 NA NA 5.7
Pimco Muni III (PMX) ..................... N 10.56 10.77 + 2.0 5.5 CC Real Estate Income;I (N/A) ......... z NA NA NA NA Invesco Sr Loan Y (N/A) .................. z 5.64 NA NA 5.9
First Tr/Ab Glbl Inc (FAM) ................ N 10.65 9.50 – 10.8 9.8 PioneerHilncAdv (MAV)-a ................ N 11.90 10.45 – 12.2 4.5
MS EmMktDomDebt (EDD) ............ N 6.71 5.54 – 17.4 10.1 CC Real Estate Income;T (N/A) ........ z NA NA NA NA Pioneer Sec Inc (N/A) ...................... z 6.97 NA NA NS
PioneerMunHiIcmT (MHI)-a ............ N 12.77 11.12 – 12.9 5.2 CIM RA&C A (N/A) .......................... z 25.00 NA NA NS
Ms EmMktDebtFd (MSD) ................ N 9.61 8.34 – 13.2 6.6 Putnam Mgd Inc (PMM)-a ............... N 7.46 7.00 – 6.2 5.7 High Yield Bond Funds
Nuveen EM Dbt 2022 Tg Tr (JEMD) . N 7.09 6.60 – 6.9 7.3 CIM RA&C C (N/A) .......................... z 24.99 NA NA NS Griffin Inst Access Cd:A (N/A) ......... z NA NA NA 7.7
Putnam Muni Opp (PMO)-a .............. N 12.96 12.27 – 5.3 5.4 CIM RA&C I (N/A) ........................... z 25.01 NA NA NS
PIMCO Dyn Crd & Mrt Inc (PCI) ....... N NA 17.71 NA 14.4 RiverNorth Flex Muni Inc (RFM) ...... N 20.85 NA NA NS Griffin Inst Access Cd:C (N/A) ......... z NA NA NA 7.7
PIMCO Dynamic Income (PDI) ........ N 21.28 23.32 + 9.6 13.1 CIM RA&C L (N/A) .......................... z 25.00 NA NA NS Griffin Inst Access Cd:F (N/A) .......... z NA NA NA 7.6
RiverNorth Mgd Dur Mun I (RMM) .. N 17.46 16.44 – 5.8 NS Clarion Partners REI D (N/A) ........... z NA NA NA NS
PIMCO Income Opportunity (PKO) .. N NA 21.17 NA 10.8 RiverNorth Opps Muni Inc (RMI) ..... N 21.69 19.90 – 8.3 3.7 Griffin Inst Access Cd:I (N/A) .......... z NA NA NA 7.7
PIMCO Stratg Inc (RCS) .................. N NA 6.70 NA 11.2 Clarion Partners REI I (N/A) ............. z NA NA NA NS Griffin Inst Access Cd:L (N/A) .......... z NA NA NA 7.7
Western Asset Mgd Muni (MMU)-a .. N 12.93 11.52 – 10.9 5.3 Clarion Partners REI S (N/A) ........... z NA NA NA NS
StoneHarbor EM Tot Inc (EDI) ......... N 6.88 7.05 + 2.5 14.6 Western Asset Mun Hi Inc (MHF)-a .. N 7.53 6.87 – 8.8 4.4 PIMCO Flexible Cr I;A-2 (N/A) .......... z 7.82 NA NA NS
StoneHarbor Emg Mkts Inc (EDF) ... N 6.04 6.67 + 10.4 19.7 Clarion Partners REI T (N/A) ............ z NA NA NA NS PIMCO Flexible Cr I;A-4 (N/A) .......... z 7.82 NA NA 11.7
WstAstMuniPrtnrs (MNP)-a ............ N NA 13.54 NA 4.6 Griffin Inst Access RE:A (N/A) ......... z NA NA NA NA
Templeton Em Inc (TEI) .................. N 8.88 7.55 – 15.0 9.7 Westn Asst Mu Def Opp Tr (MTT)-a .. N NA 19.21 NA 4.3 PIMCO Flexible Cr I;Inst (N/A) ......... z 7.82 NA NA 12.6
Templtn Glbl Inc (GIM) ................... N 6.31 5.37 – 14.9 6.6 Griffin Inst Access RE:C (N/A) ......... z NA NA NA NA PionrILSBridge (N/A) ..................... z NA NA NA 0.0
Single State Muni Bond Griffin Inst Access RE:I (N/A) .......... z NA NA NA NA
Virtus Gl MSec Inc (VGI) ................. N 11.53 10.30 – 10.7 13.8 WA Middle Mkt Dbt (N/A) ................ z 558.19 NA NA 9.9
WstAstEmergDebt (EMD)-a ............. N NA 11.79 NA 11.0 BlackRock CA Mun (BFZ) ................ N 15.05 12.72 – 15.5 3.9 GS Real Est Div Inc:A (N/A) ............. z NA NA NA NA
BlckRk FL Muni 20 (BFO) ................ N 14.80 14.61 – 1.3 1.1 WA Middle Mkt Inc (N/A) ................. z 540.74 NA NA 11.3
Western Asset Gl Cr D Op (GDO)-a ... N 16.82 15.94 – 5.2 7.9 GS Real Est Div Inc:C (N/A) ............. z NA NA NA NA Other Domestic Taxable Bond Funds
BlackRock MA Tax-Exempt (MHE) .. N 13.31 12.31 – 7.5 3.9 GS Real Est Div Inc:I (N/A) .............. z NA NA NA NA
WstAstVarRte (GFY)-a ..................... N NA 14.91 NA 6.2 BlackRock MD Mun Bd (BZM) ......... N 14.59 13.24 – 9.3 3.4 Am Beacon Apollo TR:T (N/A) ......... z 9.72 NA NA NS
National Muni Bond Funds GS Real Est Div Inc:L (N/A) .............. z NA NA NA NA Am Beacon Apollo TR:Y (N/A) ......... z 9.73 NA NA 3.4
BR MH CA Qly Fd Inc (MUC) ............ N 15.29 13.19 – 13.7 4.2 GS Real Est Div Inc:W (N/A) ............ z NA NA NA NA
AllBerNatlMunInc (AFB) ................. N 14.41 12.73 – 11.7 4.3 BR MH NJ Qly (MUJ) ....................... N 14.97 12.61 – 15.8 5.1 Am Beacon SP Enh Inc:T (N/A) ........ z 8.76 NA NA NS
BlckRk Inv Q Mun (BKN) ................. N 15.68 15.01 – 4.3 4.6 NexPointHCOpp;A (N/A) ................. z NA NA NA NA Am Beacon SP Enh Inc:Y (N/A) ........ z 8.77 NA NA 5.7
BR MH NY Qly (MHN) ..................... N 14.57 12.78 – 12.3 4.3 NexPointHCOpp;C (N/A) ................. z NA NA NA NA
BlckRk L-T Muni Adv (BTA) ............. N 11.78 11.07 – 6.0 5.5 BlkRkMunyldAZ (MZA) ................... N 14.15 12.79 – 9.6 4.2 BR Credit Strat;A (N/A) ................... z 9.38 NA NA NS
BR Mu InDur (MUI) ......................... N 15.13 13.23 – 12.6 4.0 NexPointHCOpp;Z (N/A) ................. z NA NA NA NA BR Credit Strat;Inst (N/A) ................ z 9.38 NA NA 5.4
BR MuniYld CA (MYC) .................... N 15.44 13.38 – 13.3 4.0 NexPointRlEstStrat;A (N/A) ............ z 14.82 NA NA – 21.3
BR MuniNY IntDu (MNE) ................ N 14.74 14.58 – 1.1 3.1 BR MuniYld CA Qly (MCA) ............... N 15.31 13.22 – 13.7 4.3 BlackRock Mlt-Sctr Oppty (N/A) ...... z 76.93 NA NA 10.1
BlackRock Muni 2020 (BKK) ........... N 15.08 14.89 – 1.3 1.8 NexPointRlEstStrat;C (N/A) ............ z 14.97 NA NA – 21.6 BlackRock Mlt-Sec Opp II (N/A) ...... z 77.54 NA NA 8.4
BR MuniYld MI Qly (MIY) ................ N 15.25 13.10 – 14.1 4.6 NexPointRlEstStrat;Z (N/A) ............ z 14.97 NA NA – 20.8
BlackRock Muni 2030 Tgt (BTT) ...... N 24.93 23.10 – 7.3 3.3 BR MuniYld NJ (MYJ) ..................... N 14.99 13.15 – 12.3 5.6 Carlyle Tact Pvt Cred:A (N/A) ........... z NA NA NA 9.3
BlackRock Mun Bd (BBK) ................ N 15.74 14.21 – 9.7 4.7 PREDEX;I (N/A) .............................. z 25.92 NA NA 2.6 Carlyle Tact Pvt Cred:I (N/A) ............ z NA NA NA 10.1
BR MuniYld NY Qly (MYN) .............. N 14.01 12.16 – 13.2 4.3 PREDEX;T (N/A) ............................. z 25.99 NA NA 2.6
BlackRock Muni (BFK) .................... N 13.52 12.43 – 8.1 5.3 BR MuniYld PA Qly (MPA) ............... N 15.37 13.19 – 14.2 4.3 Carlyle Tact Pvt Cred:L (N/A) ........... z NA NA NA 9.7
BlackRock Muni II (BLE) ................. N 14.04 13.42 – 4.4 5.3 PREDEX;W (N/A) ............................ z 25.99 NA NA 2.6 Carlyle Tact Pvt Cred:M (N/A) .......... z NA NA NA NS
BlckRk NY Muni Inc Qly (BSE) ......... N 14.61 12.60 – 13.8 4.0 Principal Dvs Sel RA A (N/A) ........... z 20.36 NA NA NS
BlckRk Mun Inc Inv (BBF) ............... N 13.25 11.75 – 11.3 5.5 BlackRock NY Mun Bd (BQH) .......... N 15.79 14.99 – 5.1 4.0 Carlyle Tact Pvt Cred:N (N/A) .......... z NA NA NA 10.1
BlckRk Muni Inc Qly (BYM) ............. N 14.87 13.24 – 11.0 4.4 Principal Dvs Sel RA Ins (N/A) ......... z 20.39 NA NA NS Carlyle Tact Pvt Cred:Y (N/A) ........... z NA NA NA 9.8
BlackRock NY Mun (BNY) ............... N 14.51 13.08 – 9.9 4.3 Principal Dvs Sel RA Y (N/A) ........... z 20.42 NA NA NS
BlckRk Muni Inc Inv Qly (BAF) ......... N 14.68 13.11 – 10.7 4.7 BlackRock NY Mun II (BFY) ............. N 15.00 12.99 – 13.4 4.7 CION Ares Dvsfd Crdt;A (N/A) ......... z NA NA NA 6.3
BR MuniAssets Fd (MUA) ............... N 13.24 13.31 + 0.5 5.0 SharesPost 100;A (N/A) .................. z 30.26 NA NA 3.2 CION Ares Dvsfd Crdt;C (N/A) ......... z NA NA NA 6.3
BlackRock VA Mun (BHV) ............... N 14.83 15.19 + 2.4 3.7 SharesPost 100:I (N/A) ................... z 30.44 NA NA 3.5
BR MuniEnhanced (MEN) ............... N 11.64 10.35 – 11.1 4.7 Del CO Muni Inc (VCF)-a ................... A 14.36 13.64 – 5.0 4.1 CION Ares Dvsfd Crdt;I (N/A) .......... z NA NA NA 6.3
BR MuniHoldng2 (MUH) ................. N 14.88 13.56 – 8.9 5.1 SharesPost 100:L (N/A) .................. z 30.09 NA NA 3.0 CION Ares Dvsfd Crdt;L (N/A) .......... z NA NA NA 6.3
Del MN II (VMM)-a ........................... A 14.28 12.20 – 14.6 3.6 USQ Core Real Estate:I (N/A) ........... z 25.43 NA NA 2.3
BR MuniHoldings Qly (MFL) ........... N 14.01 12.62 – 9.9 4.5 EVCAMuniBd (EVM)-a ..................... A 12.54 10.88 – 13.2 4.3 CION Ares Dvsfd Crdt;U (N/A) ......... z NA NA NA NS
BR MH Qly (MUS) ........................... N 13.24 11.72 – 11.5 4.6 USQ Core Real Estate:IS (N/A) ........ z 25.44 NA NA 2.4 CION Ares Dvsfd Crdt:U2 (N/A) ....... z NA NA NA NS
EVCAMuniIncm (CEV) .................... A 14.16 12.57 – 11.2 4.3 Versus Cap MMgr RE Inc:I (N/A) ..... z 26.45 NA NA NE
BR MH Qly 2 (MUE) ......................... N 13.38 12.02 – 10.2 4.6 Eaton Vance NY Muni Bd (ENX)-a ..... A 13.07 11.38 – 12.9 4.4 CION Ares Dvsfd Crdt;W (N/A) ........ z NA NA NA 6.3
BR MuniHoldngs (MHD) ................. N 15.89 14.38 – 9.5 5.4 Versus Capital Real Asst (N/A) ........ z 24.21 NA NA 0.0 CNR Select Strategies (N/A) ............ z 10.87 NA NA 0.0
EVNYMuniIncm (EVY) .................... A 14.42 12.35 – 14.3 4.3 Wildermuth Endwmnt:A (N/A) ........ z 13.48 NA NA 3.1
BR MuniVest Fd (MVF) .................... N 9.07 8.07 – 11.0 5.3 InvCaValMuIncTr (VCV) ................. N 13.08 11.39 – 12.9 4.8 GL Beyond Income (N/A) ................ z 0.95 NA NA NE
BR MuniVest 2 (MVT) ..................... N 14.25 12.97 – 9.0 5.3 Wildermuth Endwmnt:C (N/A) ........ z 13.05 NA NA 2.3 KKR CREDIT OPPTY;I (N/A) ............ z 24.31 NA NA NS
InvPAValMuIncTr (VPV) ................. N 13.38 11.53 – 13.8 5.2 Wildermuth Endowment:I (N/A) ...... z 13.61 NA NA 3.4
BR MuniYield Fd (MYD) .................. N 13.98 12.68 – 9.3 5.5 InvTrInvGrNYMu (VTN) .................. N 13.69 11.89 – 13.1 5.1 Lord Abbett Cred Opps Fd (N/A) ...... z 8.40 NA NA NS
BR MuniYld Invest Qly (MFT) .......... N 13.50 12.01 – 11.0 5.2 NeubrgrBrmCA (NBW) ................... A 14.68 12.40 – 15.5 4.4 Income & Preferred Stock Funds Lord Abbett Cred Opps Fd (N/A) ...... z 8.40 NA NA 9.2
BR MuniYield Qlty (MQY) ................ N 15.52 14.41 – 7.2 4.6 NeubrgeBrmNY (NBO) ................... A 13.26 11.11 – 16.2 4.3 A3 Alternative Cr (N/A) .................... z 10.39 NA NA NS Palmer Square Opp Inc (N/A) .......... z 15.38 NA NA 7.5
BR MuniYld Qlty2 (MQT) ................ N 13.64 12.15 – 10.9 4.4 Nuveen AZ Qual Muni Inc (NAZ) ...... N 14.68 12.60 – 14.2 4.2 Calamos L/S Eqty and DI (CPZ) ....... z 17.22 14.81 – 14.0 NS Resource Credit Inc:A (N/A) ............ z 9.02 NA NA 4.6
BR MuniYld Qly 3 (MYI) .................. N 14.06 12.58 – 10.5 4.5 Nuveen CA AMT-F Qual MI (NKX) .... A 16.25 14.35 – 11.7 4.4 Destra Multi-Altrntv;A (N/A) ............ z 11.79 NA NA – 7.3 Resource Credit Inc:C (N/A) ............ z 9.11 NA NA 4.1
BR MuniYldInv (MYF) ..................... N 13.76 12.75 – 7.3 5.6 Nuveen CA Val (NCA) ...................... N 10.62 9.97 – 6.1 3.5 Destra Multi-Altrntv;C (N/A) ............ z 11.32 NA NA – 8.0 Resource Credit Inc:I (N/A) ............. z 9.04 NA NA 4.8
BlckRk Str Muni (BSD) .................... N 13.52 12.38 – 8.4 5.4 Nuveen CA Muni Value 2 (NCB) ....... N 16.14 14.31 – 11.3 3.6 Destra Multi-Altrntv;I (N/A) ............. z 12.01 NA NA – 7.1 Resource Credit Inc:L (N/A) ............ z 9.01 NA NA 4.5
BNY Mellon Muni Bd Infra (DMB)-a .. N 13.33 12.62 – 5.3 5.2 NuveenCAQtyMuInc (NAC) ............. N 15.68 13.92 – 11.2 4.7 Destra Multi-Altrntv;T (N/A) ............ z 11.47 NA NA – 7.7 Resource Credit Inc:W (N/A) ........... z 9.01 NA NA 4.6
BNY Mellon Muni Income (DMF) ..... A 8.62 8.49 – 1.5 5.2 Nuveen CA Sel Tx-Free (NXC) .......... N 15.65 15.05 – 3.8 3.6 Flat Rock Opportunity (N/A) ............ z 15.27 NA NA – 14.7 Thrivent Church Ln&Inc:S (N/A) ..... z 10.78 NA NA 3.1
BNY Mellon Str Muni Bond (DSM) ... N 7.67 6.95 – 9.4 5.7 NuvGA Qual Muni Inc (NKG) ........... A 13.92 11.70 – 15.9 3.8 The Relative Value:CIA (N/A) ........... z NA NA NA NA World Income Funds
BNY Mellon Strat Muni (LEO) .......... N 7.88 7.31 – 7.2 5.8 Nuveen MA Qual Muni Inc (NMT) .... N 14.57 13.13 – 9.9 3.7 Variant Altrntv Inc:Inst (N/A) ........... z 26.53 NA NA 8.7 Destra Int&Evt-Dvn Crd:A (N/A) ...... z 21.96 NA NA 6.2
Del Inv Natl Muni Income (VFL)-a ..... A 13.54 11.61 – 14.3 4.7 Nuveen MD Qual Muni Inc (NMY) .... N 14.29 12.30 – 13.9 4.4 Variant Altrntv Inc:Inv (N/A) ............ z 26.53 NA NA 8.4 Destra Int&Evt-Dvn Crd:I (N/A) ....... z 21.97 NA NA 6.5
DTF Tax-Free Income (DTF) ............ N 15.55 13.81 – 11.2 3.3 Nuveen MI Qual Muni Inc (NUM) ..... N 15.83 13.32 – 15.9 4.1 Convertible Sec's. Funds Destra Int&Evt-Dvn Crd:L (N/A) ...... z 21.96 NA NA 5.9
DWS Muni Inc (KTF) ....................... N 12.02 10.51 – 12.6 4.7 Nuveen Minn Qual Mun Inc (NMS) .. A 14.72 13.20 – 10.3 4.3 Calmos Dyn Conv and Inc (CCD) ..... z 20.44 19.37 – 5.2 16.1 Destra Int&Evt-Dvn Crd:T (N/A) ...... z 21.95 NA NA 5.6
DWS Strat Mun (KSM) .................... N 11.62 10.02 – 13.8 5.3 Nuveen MO Qual Mun Inc (NOM) .... A 13.62 NA NA 3.5 World Equity Funds National Muni Bond Funds
EVMuniBd (EIM)-a ........................... A 13.80 12.63 – 8.5 4.4 Nuveen NJ Muni Value (NJV) .......... N 14.81 12.55 – 15.3 3.8 ACAP Strategic:A (N/A) ................... z 22.68 NA NA 34.9 PIMCO Flex Mun Inc;A-3 (N/A) ........ z 10.29 NA NA NS
EVMuniIncm (EVN) ........................ N 13.39 11.85 – 11.5 4.9 NuvNJ Qual Muni Inc (NXJ) ............. A 15.70 13.06 – 16.8 4.9 ACAP Strategic:W (N/A) .................. z 16.88 NA NA 35.8 PIMCO Flex Mun Inc;Inst (N/A) ....... z 10.29 NA NA 3.2
EVNatMuniOpp (EOT)-a ................... N 20.23 18.41 – 9.0 4.8 Nuveen NY AMT/Fr Qual MI (NRK) .. A 14.36 12.43 – 13.4 4.5 BMO LGM Front ME;I (N/A) ............. z 6.24 NA NA – 27.9 Tortoise Tax-Adv Soc Inf (N/A) ........ z 9.42 NA NA 5.2

TOP SAVINGS DEPOSIT YIELDS

Money Market Account1 One-Year CDs Five-Year CDs
Telephone Min. Recent Effect. Telephone Min. Recent Effect. Telephone Min. Recent Effect.
Institution Location No. Deposit % Rate % Yield Institution Location No. Deposit % Rate % Yield Institution Location No. Deposit % Rate % Yield
Dollar Savings Direct Ossining,NY (866)395-8693 1 1.49 (CD) 1.50 Ally Bank Philadelphia,PA (877)247-2559 1 1.29 (CD) 1.30 Travis CU Concord,CA (800)435-4040 500 1.98 (CM) 2.00
American Express Salt Lake City,UT (800)446-6307 1 1.29 (CD) 1.30 CIT Bank Livingstn,NJ (855)462-2652 1000 1.29 (CD) 1.30 TIAA Bank Jackson,FL (888)882-3837 5000 1.59 (CD) 1.60
CIT Bank Livingstn,NJ (855)462-2652 1 1.29 (CD) 1.30 TIAA Bank Jackson,FL (888)882-3837 5000 1.29 (CD) 1.30 First Internet Bank Indianapolis,IN (888)873-3424 1000 1.55 (CM) 1.56
Axos Bank San Diego,CA (877)541-2634 10000 1.29 (CD) 1.30 First Internet Bank Indianapolis,IN (888)873-3424 1000 1.28 (CM) 1.29 Ally Bank Philadelphia,PA (877)247-2559 1 1.39 (CD) 1.40
First Internet Bank Indianapolis,IN (888)873-3424 100 1.25 (CM) 1.26 Discover Bank Greenwood,DE (800)347-7000 2500 1.24 (CD) 1.25 Discover Bank Greenwood,DE (800)347-7000 2500 1.39 (CD) 1.40
Six-Month CDs2 2½-Year CDs 90-Day Jumbo CDs
Telephone Min. Recent Effect. Telephone Min. Recent Effect. Telephone Min. Recent Effect.
Institution Location No. Deposit % Rate % Yield Institution Location No. Deposit % Rate % Yield Institution Location No. Deposit % Rate % Yield
Emigrant Direct New York,NY (800)836-1997 1000 1.00 (CD) 1.00 Discover Bank Greenwood,DE (800)347-7000 2500 1.29 (CD) 1.30 First Internet Bank Indianapolis,IN (888)873-3424 1000 0.50 (CM) 0.50
Dollar Savings Direct Ossining,NY (866)395-8693 1000 1.00 (CD) 1.00 TIAA Bank Jackson,FL (888)882-3837 5000 1.19 (CD) 1.20 FVCbank Washingtn,DC (888)922-6537 1000 0.50 (CM) 0.50
My Savings Direct Ossining,NY (877)752-1919 1000 1.00 (CD) 1.00 Capital One 360 Wilmingtn,DE (877)469-0232 1 1.09 (CM) 1.10 Wesbanco Bank Waldorf,MD (888)843-7250 1000 0.50 (CQ) 0.50
BankDirect Dallas,TX (877)839-2737 10000 1.00 (CD) 1.00 My Savings Direct Ossining,NY (877)752-1919 1000 1.09 (CD) 1.10 MyBankingDirect.com Westbury,NY (866)285-1856 2500 0.50 (SI) 0.50
First Internet Bank Indianapolis,IN (888)873-3424 1000 0.90 (CM) 0.90 Bank OZK New York,NY (212)218-8383 1000 1.04 (CM) 1.05 TIAA Bank Jackson,FL (888)882-3837 5000 0.50 (CD) 0.50
1Including passbook, statement savings, and bank-offered liquid asset accounts.
Yields are based on the stated rate and compounding method in effect Friday and are subject Source: (c) 2020, Informa Research Services, 30501 Agoura Road, 2nd Floor, Agoura Hills, CA
2Six-month CD yields assume reinvestment of principal and interest at the same rate for an to change. Phone to verify before investing or sending money. 91301 818-880-8877. All rights reserved. May not be reproduced or retransmitted in any
additional six months. form without express written consent of Informa Research Services.
(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) com-
savings associations nationwide. pounded quarterly
M30 BARRON’S May 25, 2020

Market Laboratory
DJ HALF-HOURLY AVERAGES THE DOW JONES AVERAGES TRADING DIARY
Market Advance/Decline Volumes
Dow Jones 30 Industrial (divisor: 0.14579812049809) Week's Daily May 18 19 20 21 22
Daily May 18 19 20 21 22 COMPONENTS Change INDUSTRIALS
29950 NY Up 1,089,984 235,267 719,512 446,132 322,081
3M 7.75 NY Off 107,634 636,217 189,504 508,419 383,566
Open (t) 24364.51 24527.00 24522.26 24527.68 24461.98
Open (a) 24059.98 24577.48 24455.94 24564.27 24461.98 American Express 7.11 NY Up - Composite 5,859,226 1,350,866 3,924,682 2,548,615 1,738,109
NY Off - Composite 620,194 3,796,692 1,018,896 2,474,404 2,200,719
10:00 24410.29 24475.25 24544.45 24637.70 24374.39 Apple 11.18 28950 NYSE Amer UP 18,947 10,281 10,568 10,138 11,250
10:30 24357.52 24500.10 24607.14 24662.13 24393.71 Boeing 17.53 NYSE Amer Off 6,120 10,641 8,199 9,877 6,880
11:00 24450.62 24515.85 24584.07 24545.88 24309.04
Caterpillar 4.55 NASD Up 3,301,880 1,920,427 3,016,674 1,723,220 2,292,447
11:30 24533.88 24568.12 24637.85 24414.95 24338.57
27950 NASD Off 1,015,397 2,165,963 1,220,868 1,978,218 1,318,457
12:00 24516.13 24563.07 24618.39 24476.77 24350.91 Chevron 1.12 NYSE Arca UP 274,719 92,897 214,902 88,254 89,074
12:30 24517.10 24520.00 24554.62 24506.34 24340.63 Cisco Systems 0.63 NYSE Arca Off 71,404 183,647 54,067 202,361 128,734
1:00 24514.14 24517.01 24560.25 24480.98 24379.18 % (QCHA) +4.96 –.81 +2.01 +.38 +.13
1:30 24584.67 24506.44 24487.67 24497.12 24394.43 Coca-Cola 1.77 26950 % (QACH) +3.62 –.27 +1.57 –.13 +1.26
2:00 24593.07 24532.06 24517.08 24508.09 24403.18 Disney 8.97 % (QCHAQ) +4.34 –.41 +2.66 +.07 +.79
2:30 24593.43 24549.90 24502.46 24537.24 24429.76 Dow 2.56 Market Advance/Decline Totals
3:00 24599.91 24365.61 24586.38 24482.62 24427.64 25950
3:30 24618.20 24435.07 24587.84 24506.63 24387.59
ExxonMobil 2.60 Week ended last Friday compared to previous Friday
Goldman Sachs 8.06
Close 24597.37 24206.86 24575.90 24474.12 24465.16 NOTICE TO READERS: Weekly Comp. NYSE NYSE Amer Nasdaq NYSE Arca
High (t) 24838.12 24784.51 24816.96 24809.58 24606.49 Home Depot 2.55 24950 Total Issues 3,064 284 3,480 1,510
Low (t) 24150.24 24143.69 24299.83 24256.79 24213.66 Advances 2,656 202 2,729 1,280
IBM 1.41 Declines 384 80 690 222
High (a)
Low (a)
24708.54 24599.50 24649.48
24059.98 24202.96 24455.94
24718.46
24370.88
24481.64
24294.07 Intel 3.98 Sign up for the Weekly Unchanged 24 2 61 8
Change +911.95 –390.51 +369.04 –101.78 –8.96 Johnson & Johnson -6.07 Market Lab Newsletter: 23950 New Highs 90 10 214 63
New Lows 24 8 44 38
Theoretical (t): High 24838.12 Low 24143.69 JPMorgan Chase 3.57 barrons.com/newsletters
Actual (a): High 24718.46 Low 24059.98 NYSE Composite Daily Breadth
McDonald's 10.60 22950 Daily May 18 19 20 21 22
Dow Jones 20 Transport (divisor: 0.16385001129960) Merck -3.41 Issues Traded 3,019 3,007 3,005 3,017 3,005
Please visit the new Advances 2,647 1,141 2,361 1,542 1,648
Open (t) 8081.60 8341.90 8408.42 8463.84 8465.18 Microsoft 0.35 Declines 331 1,801 587 1,395 1,275
Open (a) 8015.50 8336.10 8380.96 8469.92 8464.94
Nike Cl B 6.76 Market Lab home page on 21950 Unchanged 41 65 57 80 82
10:00 8110.82 8314.28 8515.93 8499.11 8409.36 New Highs 45 28 34 30 26
10:30 8125.51 8331.38 8573.44 8503.86 8411.11 Pfizer -0.26 barrons.com under Data. New Lows 8 9 7 6 7
Blocks - primary 7,119 5,501 5,522 5,280 4,884
11:00 8165.34 8351.56 8570.43 8479.27 8390.59 Procter & Gamble -2.01 www.barrons.com/market- 20950 Total (000) - primary 1,198,498 875,092 921,020 968,182 718,945
11:30 8253.58 8405.22 8558.96 8417.61 8399.92 Total (000) 6,485,345 5,168,831 5,002,945 5,076,386 4,015,810
12:00 8254.99 8407.32 8538.21 8448.95 8415.01
Raytheon Technologies 7.27 data/market-lab
Travelers Cos 9.79 NYSE American Composite
12:30 8255.71 8385.99 8511.97 8475.22 8401.73 Daily May 18 19 20 21 22
1:00 8266.95 8371.73 8515.03 8462.72 8426.44 UnitedHealth Group -1.02 19950
Issues Traded 278 271 272 272 272
1:30 8283.27 8366.13 8482.45 8473.69 8419.74 Verizon Communications -0.61 Advances 205 128 175 95 146
2:00 8290.01 8368.56 8481.39 8474.47 8442.17 Declines 65 136 86 167 106
Visa Cl A 7.37 18950 Unchanged 8 7 11 10 20
2:30 8283.71 8366.86 8467.47 8483.03 8458.58 New Highs 6 3 2 ... 1
3:00 8314.16 8300.30 8502.81 8456.36 8465.71 Walgreens Boots Alliance 1.20 New Lows 2 2 1 1 2
Blocks - primary 197 161 179 177 129
3:30 8316.47 8310.56 8486.98 8448.92 8457.40 Walmart -1.61 Total (000) - primary 26,314 20,985 19,287 20,197 18,491
Close 8322.86 8228.93 8488.98 8452.85 8470.09 17950 Total (000) 297,792 234,365 200,922 211,510 228,465
High (t) 8400.30 8463.87 8613.91 8570.80 8542.14
Low (t) 8029.05 8174.37 8363.72 8376.87 8330.00 Nasdaq
High (a) 8366.34 8424.91 8594.50 8536.93 8496.77
TRANSPORTATION 11600 Daily May 18 19 20 21 22
Low (a) 8015.50 8227.80 8380.96 8401.20 8374.91 Alaska Air Group 5.39 Issues Traded 3,348 3,344 3,355 3,328 3,329
Advances 2,682 1,248 2,596 1,328 1,839
Change +561.86 –93.93 +260.05 –36.13 +17.24 American Airlines Group 0.66 Declines 605 2,030 690 1,906 1,385
Theoretical (t): High 8613.91 Low 8029.05 Avis Budget Group 4.84 10900 Unchanged 61 66 69 94 105
Actual (a): High 8594.50 Low 8015.50 New Highs 107 71 88 58 72
CH Robinson Worldwide 5.36 New Lows 11 11 15 13 10
Blocks - primary 23,393 22,950 22,713 20,537 22,851
Dow Jones 15 Utilities (divisor: 1.41366797515660) CSX 6.53 Total (000) 4,343,818 4,123,225 4,274,958 3,747,562 3,647,264
10200
Open (t) 763.62 769.06 766.96 760.31 753.28 Delta Air 3.50 NYSE Arca Composite
Open (a) 762.72 769.43 767.26 760.36 753.25 Expeditors Intl of Wash 0.55 Daily May 18 19 20 21 22
10:00 767.74 766.49 764.49 763.64 753.00
10:30 766.79 768.90 769.48 761.61 758.82 FedEx 9.48 9500 Issues Traded 1,427 1,394 1,408 1,398 1,385
Advances 1,217 409 1,256 431 741
11:00 768.17 768.28 769.73 759.93 756.28 JB Hunt Transport 10.32 Declines 206 973 145 949 625
11:30 771.09 767.96 769.37 755.87 756.24 Unchanged 4 12 7 18 19
JetBlue Airways 1.00 New Highs 34 23 38 8 9
12:00 772.63 765.08 767.05 756.16 755.53 8800 New Lows 28 20 25 11 2
12:30 772.24 765.75 766.38 755.06 755.57 Kansas City Southern 13.40 Blocks - primary 1,375 1,064 1,118 1,266 998
1:00 769.59 765.60 764.47 754.37 756.49 Kirby Corp 1.86 Total (000) - primary 346,255 277,192 269,135 292,622 222,219
Total (000) 1,742,829 1,400,337 1,411,793 1,434,112 1,112,932
1:30 769.51 765.87 764.52 753.10 756.59 Landstar System 9.29 8100
2:00 771.95 766.69 766.04 753.54 757.15
2:30 775.18 769.37 764.72 754.24 760.16
Matson Inc. 1.61
3:00 775.71 765.35 764.73 754.75 759.75 Norfolk Southern 11.11 7400 OTHER MARKET INDEXES
3:30 774.81 767.49 763.81 755.52 759.74 Ryder System 1.20 Daily 5/18 5/19 5/20 5/21 5/22
Close 773.18 761.40 761.59 754.02 763.93 Southwest Airlines 5.00 NYSE Amer Comp 1904.81 1884.52 1941.60 1916.06 1922.35
High (t) 780.01 775.15 774.64 765.67 764.94 6700 AmMajorMkt 2264.68 2228.34 2268.82 2251.78 2243.10
Low (t) 760.20 757.58 757.03 750.94 749.46 Union Pacific 13.92
BNY ADR Idx 120.04 118.82 120.76 119.45 117.99
High (a) 777.39 771.69 772.01 765.22 764.28 United Airlines 5.48 Europe 107.58 106.26 108.53 107.40 106.88
Low (a) 762.57 761.32 758.96 752.10 751.07 United Parcel Service B 5.69 Latin Am 127.28 124.27 127.56 129.59 129.05
Change +28.69 –11.78 +.19 –7.57 +9.91 6000 Asia 159.84 158.86 160.20 157.86 154.11
Theoretical (t): High 780.01 Low 749.46 Emerg M 273.53 271.63 273.59 270.08 262.02
UTILITIES DJ US TSM Float 29889.29 29570.86 30094.41 29896.76 29985.34
Actual (a): High 777.39 Low 751.07
975 Nasdaq Cmp 9234.83 9185.10 9375.78 9284.88 9324.59
AES 0.49 100 Index 9331.93 9298.54 9485.02 9377.99 9413.99
Dow Jones 65 Composite (divisor: 0.76596207804696)
American Elec Power 0.35 Indus. 7020.79 7004.90 7105.61 7034.20 7033.88
Open (t) 7775.80 7872.47 7881.92 7882.52 7857.33 Insur. 7629.68 7505.15 7689.42 7806.49 7817.18
Open (a) 7702.07 7881.52 7863.97 7890.88 7857.22 American Water Works 2.95 900 Banks 2534.27 2413.11 2546.73 2530.32 2512.24
10:00 7798.38 7851.96 7904.58 7917.16 7828.19 CenterPoint Energy 0.12 Computer 6257.88 6248.04 6401.32 6339.46 6377.31
10:30 7789.73 7864.79 7938.01 7919.07 7842.99 Telecom 396.18 391.88 396.48 387.75 390.81
Consolidated Edison -0.18 NYSE Comp.-z 11402.23 11248.97 11420.04 11351.60 11331.97
11:00 7818.51 7870.96 7933.44 7888.59 7817.81
Dominion Energy 2.29 825 Financial-z 6286.43 6157.18 6289.62 6254.56 6235.88
11:30 7858.62 7891.80 7940.56 7842.98 7825.34
Health Care-z 17759.22 17600.77 17622.75 17524.78 17513.40
12:00 7858.39 7885.98 7928.15 7861.99 7829.60 Duke Energy 2.04 Energy-z 6248.82 6108.57 6311.63 6215.04 6165.08
12:30 7858.01 7874.45 7909.16 7871.20 7824.89 Edison Intl 0.48 750 Russell 1000 1628.46 1612.07 1639.47 1628.08 1632.46
1:00 7854.96 7870.56 7907.35 7862.44 7839.20 2000 1333.69 1307.72 1346.93 1347.56 1355.53
1:30 7871.73 7867.85 7886.65 7865.52 7840.87
Exelon 1.56 3000 1713.07 1694.89 1724.97 1713.73 1718.66
2:00 7879.27 7874.75 7894.84 7868.58 7848.35 FirstEnergy 1.35 Value-v 1080.90 1063.13 1081.80 1075.34 1075.41
2:30 7883.96 7882.73 7886.65 7877.25 7862.48 NextEra Energy 6.00 675 Growth-v 1800.71 1791.13 1820.84 1806.87 1815.23
MidCap 2010.15 1991.31 2026.56 2016.27 2024.44
3:00 7892.67 7825.99 7910.19 7862.09 7862.85
NiSource 0.72 S&P 100 Index 1357.88 1344.10 1366.99 1356.16 1358.94
3:30 7894.99 7845.37 7905.39 7866.49 7853.42 500 2953.91 2922.94 2971.61 2948.51 2955.45
Close 7889.39 7773.22 7899.45 7858.37 7878.64 Public Service Enterprise 2.66 600 Ind. 4170.63 4136.30 4204.15 4169.13 4177.27
High (t) 7964.38 7958.81 7996.13 7968.97 7922.83 Sempra Energy 4.61 MidCap 1674.06 1652.63 1688.63 1694.18 1695.33
Low (t) 7717.48 7742.47 7811.69 7795.07 7774.10 SmallCap 763.72 747.78 771.25 771.41 775.34
Southern 2.04 Value Line(A) 5412.68 5342.01 5471.92 5478.85 5487.07
High (a) 7926.16 7899.70 7946.45 7939.16 7882.79
Low (a) 7702.07 7772.26 7863.97 7830.91 7812.30
525 Value Line(G) 411.65 406.11 415.83 416.17 416.68
Nov Dec Jan Feb Mar Apr May DJ US Small TSM 8988.05 8834.15 9076.47 9085.58 9130.14
Change +346.73 –116.17 +126.23 –41.08 +20.27
(A)-Arithmetic Index. (G)-Geometric Index.
Theoretical (t): High 7996.13 Low 7717.48 Note: Theoretical highs and lows are shown. (v)-Value 1000 and Growth 1000. (y)-Dec. 31,1965=50. (z)-Dec.
Actual (a): High 7946.45 Low 7702.07 31,2002=5000.
May 25, 2020 BARRON’S M31

Market Laboratory
INDEXES' P/ES & YIELDS PER SHARE VALUES OF STOCKS IN THE DOW BARRON'S 50-STOCK AVERAGE
JONES AVERAGES
DJ latest 52-week earnings and dividends adjusted by Dow Divisors at Friday's close. S&P Dec. 4-quarter's GAAP earnings as This index is an weighted average of 50 leading issues.
reported and indicated dividends based on Friday close.S&P 500 P/E ratios based on GAAP earnings as reported. For additional This is a list of the Dow Jones trailing 52-week diluted Useful in security valuation. Source: Barron's Stats
earnings series, please refer to www.spglobal.com. DJ latest available book values for FY 2018 and 2017, and S&P latest for 2018 and share earnings, dividends and book values as reported
2017. r-Revised data May 21 May 14 May Yr-to-Yr
by the company. Bolded numbers indicate new values. 2020 2020 2019 % Chg
Last Prev. Year Last Prev. Year
Week Week Ago Week Week Ago Sources Barron's Stats and FactSet.
S&P 500 Index 2948.51 2852.50 2872 2.67
DJ Ind Avg 24465.16 23685.42 25585.69 Divs Yield % 3.40 3.50 3.06 Industrial Stocks Barron's 50 Index 7661.92 7396.08 9019 –15.05
Divs $ 25.98 26.08 24.61 Book Book
P/E Ratio 20.46 19.79 17.55 Earns Divs. Value Earns Divs. Value Projected quarterly earn 75.14 75.26 109.33 –31.27
Earns Yield % 4.89 5.05 5.70 Mkt to Book 2.06 2.01 2.23
Earns $ 1195.76 1196.59 1457.49 Book Value $ 370.98 370.98 360.31 Am Exp 6.59 1.68 26.32 JPMorgChase 8.85 3.50 70.35 Annualized projected earn 300.56 301.02 437.33 –31.27
Apple 12.75 3.13 22.53 McDonalds 7.63 4.82 (8.16)
Divs Yield % 2.71 2.79 2.27 S&P 500 Index 2955.45 2863.70 2826.06 Boeing (6.06) 8.22 0.60 Merck Co 3.95 2.32 10.30
Annualized projected P/E 25.49 24.57 20.69 23.23
Divs $ 663.42 661.66 580.48 P/E Ratio 21.19 20.53 21.35 Caterpillar 9.44 4.12 24.39 Microsoft 6.00 1.99 13.39 Five-year average earn 396.73 396.75 400.6 –0.97
Mkt to Book 3.76 3.64 4.13 Earns Yield % 4.72 4.87 4.68 Chevron Corp 2.05 4.96 81.22 Nike Inc 2.71 0.93 5.77 Five-year average P/E 19.31 18.64 22.51 –14.22
Book Value $ 6512.92 6512.92 6201.99 Earns $ 139.47 139.47 132.39 Cisco Sys 2.52 1.41 9.36 Pfizer 2.82 1.48 11.09
Coca Cola 2.32 1.61 3.98 Proc Gam 1.77 3.0284 18.49 Year-end earn 333.78 334.01 445.9 –25.14
DJ Trans Avg 8470.09 7761.00 10137.59 Divs Yield % 1.98 2.04 2.04
P/E Ratio 21.91 20.08 16.12 Divs $ 58.52 58.42 57.65
Disney Walt 2.97 1.76 32.52 3M Co 8.52 5.82 16.99 Year-end P/E 22.96 22.14 20.23 13.45
Dow (2.27) 2.80 Travelers Cos 9.28 3.28 86.85
Earns Yield % 4.56 4.98 6.20 Mkt to Book 3.23 3.13 3.32 ExxonMobil 2.67 3.48 45.27 UnitedHealth Grp 14.29 4.32 53.85 Year-end earns yield, % 4.36 4.52 4.9 –11.91
Earns $ 386.51 386.51 628.84 Book Value $ 914.49 914.49 851.62 Goldman Sachs 18.40 4.60 214.80 Raytheon Tech 4.75 2.68 44.63 Best grade bond yields, % 2.17 2.31 3.4 –35.57
Divs Yield % 2.06 2.25 1.59 Home Depot 10.06 5.58 (1.70) Verizon 4.43 2.4475 12.86
S&P Ind Index 4177.27 4060.12 3801.31 IBM 10.47 6.49 18.82 Visa 5.55 1.15 12.88 Bond yields/stock ylds, % 0.50 0.51 0.68 –26.95
Divs $ 174.75 174.44 161.37 P/E Ratio 26.23 25.50 22.82
Mkt to Book 2.61 2.40 3.15
Intel 5.16 1.29 16.51 Walgreens 3.90 1.83 27.31 Actual year-end divs 224.12 224.10 210.65 6.39
Earns Yield % 3.81 3.92 4.38 Johnson&John 7.56 3.86 22.44 Wal-mart 5.26 2.14 25.19
Book Value $ 3239.67 3239.67 3217.98 Earns $ 159.25 159.25 166.56
Actual yr-end divs yld, % 2.93 3.03 2.34 25.20
Transportation Stocks
DJ Utility Avg 763.93 744.49 804.71 Divs Yield % 1.73 1.78 1.91 Alaska Air Group 4.30 1.425 30.45 KC Southern 5.97 1.52 47.65
P/E Ratio 23.04 22.45 29.80 Divs $ 72.27 72.27 72.61 American Airlines (1.86) 0.40 (0.37) Kirby Corp (2.51) Nil 53.67
Earns Yield % 4.34 4.45 3.36 Mkt to Book 4.42 4.30 4.30 Avis Budget Grp 3.05 Nil 5.45 Landstar Sys 5.73 0.74 17.12 STOCK VOLUME
Earns $ 33.16 33.16 27.00 Book Value $ 944.26 944.26 883.41 C.H. Robinson 3.59 2.02 11.62 Matson Inc 1.72 0.88 17.69
CSX Corp 4.17 0.98 15.35 Norf So 9.21 3.76 57.30 Last Prev. Year YOY
Delta Air Lines 5.39 1.5575 20.13 Ryder Sys (3.18) 2.24 54.79 Week Week Ago % Chg
144 FILINGS Expeditors Int'l 3.30 1.00 11.58 Southwest Air 3.40 0.72 17.83 NYSE(a) 4,681,739 5,510,060 2,867,937 63.24
FedEx (1.39) 2.60 68.08 Un Pacific 8.39 3.79 28.17 30 Dow Inds (b) 1,837,544 2,163,558 1,464,202 25.50
Hunt (JB) 4.96 1.06 19.33 UPS 4.94 3.94 3.52 20 Dow Trans (b) 1,232,746 1,176,087 196,530 527.25
SEC Form 144 must be filed by holders of restricted securities (also called letter stock) who intend to sell shares. Shares Indi- JetBlue Air 0.81 Nil 15.02 United Airlines 3.68 Nil 37.03 15 Dow Utils (b) 243,778 366,107 227,894 6.97
cated: the number to be sold. Sales Date: the approximate date of the sale. (Sometimes shares aren't sold, even though their owner Utility Stocks 65 Dow Stks (b) 3,314,067 3,705,752 1,888,626 75.48
NYSE American (a) 105,273 117,356 56,682 85.73
has filed a Form144.) Source: Thomson Reuters AES Corp. 0.44 0.5528 4.84 Exelon 2.68 1.49 31.78 Nasdaq(d) 20,136,827 20,568,314 9,711,982 107.34
Am Elec 3.73 2.77 38.58 FirstEnergy 1.25 1.54 13.17 NYSE 15 Most Active
Shares Sale American Water Works 3.49 2.05 32.45 NextEra Energy 7.22 5.15 71.43
Company Sym Indicated $ Value Date Seller Title Average Price 20.83 11.85 21.90 -4.89
CenterPt Energy (1.39) 1.015 12.61 NiSource Inc. 0.49 0.81 13.08 % Tot Vol 15.92 17.14 15.66 1.66
Franks International Nv FI 2,400,000 4,960,320 5/13/20 Mosing, Donald AF Con Ed 3.88 3.01 52.11 Pub Sv Ent 2.83 1.90 28.53 Stock Offerings $(z,v) 15,962,400 r22,027,000 3,767,600 323.68
Dominion Energy 2.20 3.6925 29.53 Sempra Energy 2.53 3.9475 54.35
Upwork UPWK 1,000,000 13,500,000 5/14/20 Kasriel, Stephane AF Duke Energy 5.06 3.78 60.27 Southn Co. 3.36 2.50 23.91 Daily Stock Volume
Wendys WEN 300,054 5,644,016 5/11/20 Penegor, Todd CEO Edison Int'l 3.46 2.50 32.10
Advanced Micro Devices AMD 300,000 16,722,000 5/12/20 Su, Lisa AF Daily 5/18 5/19 5/20 5/21 5/22
Peloton Interactive PTON 210,000 7,986,300 5/7/20 Lynch, William AF NYSE(a) 1,198,498 875,092 921,020 968,182 718,945
DDOG 203,002 11,305,181 5/12/20 Agarwal, Amit AF 30 Inds (b) 484,193.6 376,917.6 371,929.9 348,838.4 255,664.0
Datadog YEARLY HIGH/LOWS GOLD PRICES 20 Trans (b) 315,153.7 300,688.6 231,256.7 212,872.4 172,774.5
Avalara AVLR 200,000 19,000,000 5/13/20 Ingram, William UT 15 Utils (b) 64,438.9 47,021.4 49,033.6 43,573.4 39,710.2
Qualys QLYS 150,000 15,660,000 5/11/20 Courtot, Philippe AF The yearly Gold price; with a high/low range based on 65 Stks (b) 863,786.3 724,627.5 652,220.2 605,284.2 468,148.6
Equifax EFX 125,000 18,442,500 5/11/20 Kelley, John O the daily close. NYSE Amer(a) 26,314 20,985 19,287 20,197 18,491
Chemocentryx CCXI 119,525 6,518,894 5/5/20 Schall, Thomas AF Nasd(d) 4,343,818 4,123,225 4,274,958 3,747,562 3,647,264
Year High Date Low Date NYSE 15 Most Active
Avg. Price 20.33 12.88 26.26 21.25 24.61
THE WEEK IN STOCKS FOR THE MAJOR INDEXES 2020 1748.30 May 20 1474.25 Mar. 19 % Tot Vol 20.41 15.92 15.28 16.28 16.48
2019 1546.10 Sept. 04 1269.50 Apr. 23 Numbers in thousands save price and percentages. (a) Primary
12-Month Weekly Friday Weekly 12-Month Change From 2018 1354.95 Jan. 25 1178.40 Aug. 17 volume. (b) Composite volume. (d) as of 4:10 pm. (r) Revised. (v)
High Low High Low Close Chg. % Chg. Chg. % Chg. 12/31 % Chg. W/E Thursday. (z) Source: Refinitiv.
Dow Jones Indexes
2017 1346.25 Sept. 08 1151.00 Jan. 03
29551.42 18591.93 30 Indus 24597.37 24206.86 24465.16 779.74 3.29 –1120.53 –4.38 –4073.28 –14.27 2016 1366.25 July 06 1077.00 Jan . 05
11304.97 6703.63 20 Transp 8488.98 8228.93 8470.09 709.09 9.14 –1667.50 –16.45 –2431.19 –22.30 2015 1295.75 Jan. 22 1049.40 Dec. 17 Coming U.S. Auctions
960.89 610.89 15 Utilities 773.18 754.02 763.93 19.44 2.61 –40.78 –5.07 –115.24 –13.11 Yields (%)
9710.01 6100.31 65 Comp 7899.45 7773.22 7878.64 335.98 4.45 –644.37 –7.56 –1507.84 –16.06 Day When Last
Dow Jones Indexes DELTA MARKET SENTIMENT INDICATOR Issued* Auction
34631.28 22462.76 US TSM Float 30094.41 29570.86 29985.34 1082.02 3.74 917.54 3.16 –3050.04 –9.23
840.63 547.67 US Market 733.09 720.73 730.06 25.10 3.56 26.60 3.78 –70.69 –8.83 The Delta MSI measures the position of ~1,800 stocks relative to an M
721.72 487.28 Internet 721.72 704.47 721.72 23.44 3.36 90.16 14.28 93.25 14.84 intermediate-term moving average crossover (MAC) point. When $63.0 bil 3-month 0.115 0.130
New York Stock Exchange greater than 50% of the stocks followed are above this MAC point, the $54.0 bil 6-month 0.145 0.152
market is bullish and equities are attractive. When the indicator is
14183.20 8777.38 Comp-z 11420.04 11248.97 11331.97 384.65 3.51 –1249.40 –9.93 –2581.06 –18.55
below 50%, risk is elevated and stock exposures should be reduced. $44.0 bil 1-year 0.168 0.162
8908.29 5036.38 Financial-z 6289.62 6157.18 6235.88 272.69 4.57 –1618.95 –20.61 –2464.23 –28.32
Manager uses discretion on asset allocation when MSI is 50% +/- 3%.
18588.15 12991.76 Health Care-z 17759.22 17513.40 17513.40 –36.75 –0.21 1723.83 10.92 –556.70 –3.08 T
10445.28 4032.17 Energy-z 6311.63 6108.57 6165.08 346.49 5.95 –3862.44 –38.52 –3872.23 –38.58 Last 2 Weeks 3 Weeks $44.0 bill 2-year 0.170 0.125
NYSE American Stock Exchange Current Sentiment Week Ago Ago
2626.91 1317.22 NYSE Amer Comp 1941.60 1884.52 1922.35 99.22 5.44 –567.62 –22.80 –630.21 –24.69
W
BEARISH 38.7% 32.9% 26.6% $45.0 bil
2852.12 1742.29 Major Mkt 2268.82 2228.34 2243.10 72.25 3.33 –364.55 –13.98 –531.60 –19.16 5-year 0.337 0.375
Current Market Exposure: 0% Equities, 0% Bonds, 100% Cash
Standard & Poor's Indexes Source: Delta Investment Management * As of Friday afternoon.
1518.94 1040.00 100 Index 1366.99 1344.10 1358.94 35.40 2.67 108.27 8.66 –83.23 –5.77 www.deltaim.com, (415) 249-6337
3386.15 2237.40 500 Index 2971.61 2922.94 2955.45 91.75 3.20 129.39 4.58 –275.33 –8.52
4605.11 3123.44 Indus 4204.15 4136.30 4177.27 117.15 2.89 375.96 9.89 –194.35 –4.45
2106.12 1218.55 MidCap 1695.33 1652.63 1695.33 117.07 7.42 –167.50 –8.99 –367.69 –17.82
1041.03 595.67 SmallCap 775.34 747.78 775.34 62.96 8.84 –142.20 –15.50 –245.84 –24.07 U.S. DOLLAR INDEX vs EURO and YEN
Nasdaq Stock Market
9817.18 6860.67 Comp 9375.78 9185.10 9324.59 310.03 3.44 1687.58 22.10 351.98 3.92 Money Matters: Central banks expressed willingness to continue monetary mea-
9718.73 6978.02 100 Index 9485.02 9298.54 9413.99 261.35 2.86 2113.03 28.94 680.92 7.80
7463.47 5239.66 Indus 7105.61 7004.90 7033.88 198.09 2.90 762.55 12.16 226.18 3.32 sures to prop up economies. The U.S. Dollar Index slid slightly on the week.
10673.14 6343.13 Insur 7817.18 7505.15 7817.18 562.04 7.75 –1652.65 –17.45 –2174.76 –21.77 10
4011.98 2136.72 Banks 2546.73 2413.11 2512.24 199.56 8.63 –1090.88 –30.28 –1456.59 –36.70
6590.23 4330.70 Computer 6401.32 6248.04 6377.31 243.44 3.97 1819.23 39.91 498.31 8.48
439.67 298.17 Telecom 396.48 387.75 390.81 4.60 1.19 –24.50 –5.90 2.30 0.59 YEN in

s
Russell Indexes
s DXY (99.78)
1875.24 1224.45 1000 1639.47 1612.07 1632.46 55.00 3.49 67.68 4.33 –151.75 –8.51
1705.22 991.16 2000 1355.53 1307.72 1355.53 98.54 7.84 –158.58 –10.47 –312.94 –18.76
1984.26 1288.04 3000 1724.97 1694.89 1718.66 61.86 3.73 55.31 3.33 –173.58 –9.17 0
1591.36 838.37 Value-v 1081.80 1063.13 1075.41 41.42 4.01 –515.96 –32.42 –272.25 –20.20
1931.39 1322.15 Growth-v 1820.84 1791.13 1815.23 54.75 3.11 325.76 21.87 44.71 2.53
2472.07 1471.40 MidCap 2026.56 1991.31 2024.44 101.77 5.29 –117.10 –5.47 –357.47 –15.01 s
Others EURO in $
6789.54 3854.81 Value Line-a 5487.07 5342.01 5487.07 397.65 7.81 –513.39 –8.56 –1171.63 –17.60
562.05 305.71 Value Line-g 416.68 406.11 416.68 29.19 7.53 –99.08 –19.21 –135.51 –24.54
11510.08 6621.12 DJ US Small TSM 9130.14 8834.15 9130.14 654.90 7.73 –1140.66 –11.11 –2134.84 –18.95
746.64 455.11 Barron's 400 633.41 619.18 633.41 36.73 6.16 –30.18 –4.55 –98.82 –13.50 -10
J J A S O N D J F M A M
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 Source: Tullett Prebon
M32 BARRON’S May 25, 2020

Market Laboratory
DOW JONES U.S. TOTAL MARKET INDUSTRY GROUPS US TREASURY BILLS
Net Change % Change and Ranking 52 Week Wkly Ask
Coming Earnings
Top 20 Weekly Ranked IG-Sym Close Wkly YTD Week Rank Yr Ago Rank YTD Rank 3 Yr High Low Maturity Bid Asked Chg. Yld. Day Consensus Year
Aluminum DJUSAL 27.95 + 7.31 –40.77 +35.40 [1] –63.91 [141] –59.33 [139] –35.74 75.27 17.51
Estimate Ago
May 28 '20 0.04 0.03 -0.01 0.03
Airlines DJUSAR 109.35 + 17.65 –157.52 +19.24 [2] –56.96 [139] –59.02 [138] –26.69 285.36 91.71 Jun 02 '20 0.05 0.04 -0.02 0.04 Continued from page 11 of the main section.
Hotel & Lodging REITs DJUSHL 55.48 + 8.54 –58.20 +18.20 [3] –53.26 [134] –51.20 [135] –21.77 117.88 36.21 Jun 04 '20 0.06 0.05 -0.01 0.05
Recreational Svcs DJUSRQ 61.24 + 8.80 –89.44 +16.77 [4] –59.20 [140] –59.36 [140] –23.67 152.75 34.40 Jun 09 '20 0.07 0.06 .... 0.06 TH
Travel & Tourism DJUSTT 558.97 + 78.52 –147.56 +16.34 [5] –13.17 [93] –20.89 [91] –6.03 744.38 390.41 Jun 11 '20 0.07 0.06 -0.02 0.06 Costco Wholesale (Q3) 1.93 1.89
Home Construction DJUSHB 883.69+ 123.01 –50.67 +16.17 [6] +8.96 [30] –5.42 [33] +9.48 1,107.03 486.36 Jun 16 '20 0.08 0.07 .... 0.07 Dell (Q1) 1.43 1.45
Hotels DJUSLG 1546.84+ 194.26 –769.06 +14.36 [7] –21.20 [110] –33.21 [115] –2.28 2,338.37 1,026.45 Jun 18 '20 0.08 0.07 -0.01 0.07
Jun 23 '20 0.09 0.08 0.01 0.08
Dollar General (Q1) 1.69 1.48
Transportation Svcs DJUSTS 174.25 + 21.26 –62.92 +13.90 [8] –10.84 [89] –26.53 [108] –10.43 262.33 102.80
Aerospace DJUSAS 996.41+ 119.20 –730.26 +13.59 [9] –40.45 [127] –42.29 [128] –3.76 1,846.93 734.60 Jun 25 '20 0.08 0.07 -0.02 0.07 Dollar Tree (Q1) 0.89 1.14
Diversified REITs DJUSDT 49.67 + 5.35 –32.18 +12.08 [10] –39.51 [126] –39.32 [124] –14.57 91.83 37.91 Jun 30 '20 0.09 0.08 -0.01 0.08 Nordstrom (Q1) -1.04 0.23
Jul 02 '20 0.09 0.08 .... 0.08
Tires DJUSTR 25.29 + 2.68 –29.85 +11.83 [11] –52.21 [133] –54.13 [136] –38.93 60.56 16.20
Jul 07 '20 0.09 0.08 -0.01 0.08
Okta (Q1) -0.13 -0.19
Durable Hshld Pdts DJUSHD 188.71 + 19.39 –66.80 +11.45 [12] –12.02 [91] –26.14 [107] –17.48 266.20 116.20 salesforce.com (Q1) 0.69 0.93
Jul 09 '20 0.10 0.09 .... 0.09
Furnishings DJUSFH 220.03 + 22.39 –138.00 +11.33 [13] –29.67 [118] –38.54 [123] –19.10 388.28 151.80
Apparel Retailers DJUSRA 824.83 + 82.64 –197.33 +11.14 [14] –6.29 [71] –19.31 [87] +4.30 1,067.60 590.10
Jul 14 '20 0.10 0.09 0.01 0.09 Ulta Beauty (Q1) 0.74 3.26
Jul 16 '20 0.08 0.07 -0.01 0.07 Zscaler (Q3) 0.02 0.05
Real Estate Holding & Dev DJUSEH 37.43 + 3.69 –63.05 +10.94 [15] –56.11 [138] –62.74 [141] –27.09 106.98 29.67 Jul 21 '20 0.11 0.10 .... 0.10
Mortgage Finance DJUSMF 5.41 + .52 –3.79 +10.70 [16] –35.50 [122] –41.18 [126] –5.19 9.76 3.94 (Earnings are diluted and report dates are tentative. All fore-
Jul 23 '20 0.09 0.08 .... 0.08
Oil Equipment & Svcs DJUSOI 112.31 + 10.69 –138.98 +10.52 [17] –55.12 [137] –55.31 [137] –37.06 257.08 69.91 casts and historical numbers exclude extraordinary items by
Jul 30 '20 0.11 0.10 -0.01 0.10
Clothing & Accessories DJUSCF 252.69 + 23.80 –105.07 +10.40 [18] –23.10 [113] –29.37 [111] +1.33 359.38 185.63 accounting definitions.)
Aug 06 '20 0.11 0.10 -0.01 0.10
Full Line Insurance DJUSIF 28.87 + 2.61 –20.96 +9.95 [19] –40.96 [128] –42.06 [127] –17.74 54.08 19.61 Source: FactSet
Aug 13 '20 0.11 0.10 -0.02 0.10
Travel & Leisure DJUSCG 962.73 + 85.34 –355.56 +9.73 [20] –21.26 [111] –26.97 [109] –4.28 1,368.93 675.86 Aug 20 '20 0.12 0.11 -0.01 0.11
Net Change % Change and Ranking 52 Week Aug 27 '20 0.11 0.10 -0.01 0.10 ADJUSTABLE MORTGAGE BASE RATES
Top 20 Yr Ago Ranked IG-Sym Close Wkly YTD Week Rank Yr Ago Rank YTD Rank 3 Yr High Low Sep 03 '20 0.13 0.12 -0.01 0.12
Gold Mining DJUSPM 143.57 – 8.95 40.31 –5.87 [142] +94.58 [1] +39.03 [1] +23.77 152.52 74.43 Sep 10 '20 0.13 0.12 -0.01 0.12 YOY
Mining DJUSMG 133.09 – 8.22 36.30 –5.82 [141] +82.29 [2] +37.50 [2] +19.36 141.31 73.44 Sep 17 '20 0.13 0.12 .... 0.12 May 22 May 15 Yr. Ago % Chg
Computer Hardware DJUSCR 4017.76+ 152.21 180.90 +3.94 [86] +61.22 [3] +4.71 [17] +23.14 4,236.36 2,354.91 Sep 24 '20 0.13 0.12 0.01 0.12
Automobiles DJUSAU 251.99 + 14.97 39.24 +6.32 [53] +49.72 [4] +18.44 [4] +8.50 304.37 134.39 Oct 01 '20 0.12 0.11 .... 0.11 1 Year Treas Bills 0.15 0.16 2.32 -93.53
Technology Hardware & Equip DJUSTQ 2172.05 + 94.84 42.78 +4.57 [83] +38.86 [5] +2.01 [19] +18.85 2,311.70 1,489.26 Oct 08 '20 0.12 0.11 -0.01 0.11 2 Year Treas Notes 0.16 0.17 2.19 -92.69
Semiconductor DJUSSC 4381.16+ 238.77 67.71 +5.76 [69] +36.97 [6] +1.57 [20] +17.46 4,727.12 3,077.97 Oct 15 '20 0.13 0.12 -0.01 0.12 3 Year Treas Notes 0.21 0.22 2.15 -90.23
Oct 22 '20 0.12 0.11 -0.01 0.11
Leisure Goods DJUSLE 703.28 + 16.14 53.73 +2.35 [113] +35.81 [7] +8.27 [14] +5.80 706.83 491.25
Oct 29 '20 0.13 0.12 .... 0.12
5 Year Treas Notes 0.33 0.34 2.18 -84.86
Toys DJUSTY 1065.52 + 12.44 97.48 +1.18 [123] +35.30 [8] +10.07 [10] +4.68 1,074.96 765.22 10 Year Treas Notes 0.67 0.67 2.40 -72.08
Nov 05 '20 0.14 0.13 -0.01 0.13
Software DJUSSW 3470.97 + 62.39 427.27 +1.83 [119] +31.57 [9] +14.04 [5] +31.33 3,566.09 2,456.44 20 Year Treas Bds 1.08 1.09 2.65 -59.25
Nov 12 '20 0.14 0.13 -0.02 0.13
Specialty Finance DJUSSP 357.56 + 9.48 28.66 +2.72 [108] +30.24 [10] +8.71 [12] +29.17 382.03 230.56 Nov 19 '20 0.15 0.14 .... 0.14 11th District % Mar 0.884 0.884 0.958 -7.72
Broadline Retailers DJUSRB 2509.51 + 15.75 489.37 +.63 [127] +29.49 [11] +24.22 [3] +31.02 2,564.91 1,791.13 Dec 03 '20 0.13 0.12 .... 0.12
Automobiles & Parts DJUSAP 342.67 + 21.89 8.89 +6.83 [42] +26.76 [12] +2.66 [18] +2.15 416.83 195.90 FHFA PMMS+ 3.46 3.46 .... ....
Dec 31 '20 0.14 0.13 .... 0.13
Home Improvement Rtlrs DJUSHI 491.71 + 13.29 36.40 +2.78 [105] +26.59 [13] +7.99 [15] +14.79 505.50 298.04 Jan 28 '21 0.15 0.14 .... 0.15 Fed annualized yields adjusted for constant maturity. FHFA
Software & Computer Svcs DJUSSV 3255.39+ 107.18 337.44 +3.40 [98] +25.59 [14] +11.56 [8] +22.13 3,339.96 2,332.65 PMMS+ is the Federal Housing Finance Agency's adjusted version
Feb 25 '21 0.16 0.15 0.01 0.15
Internet DJUSNS 2145.73+ 123.13 223.37 +6.09 [60] +23.96 [15] +11.62 [7] +15.49 2,145.73 1,473.18 of Freddie Mac's 30-yr FRM Primary Mortgage Market Survey. This
Mar 25 '21 0.15 0.14 0.01 0.14
Index replaces the discontinued FHFA Contract Rate.
Biotechnology DJUSBT 2347.24 – 3.70 188.01 –.16 [132] +23.79 [16] +8.71 [13] +11.13 2,359.20 1,749.60 Apr 22 '21 0.16 0.15 0.01 0.15
Trucking DJUSTK 913.64 + 65.25 59.07 +7.69 [38] +23.41 [17] +6.91 [16] +16.70 913.64 659.48 May 20 '21 0.17 0.16 .... 0.16
General Retailers DJUSGT 1761.01 + 23.44 207.20 +1.35 [122] +20.89 [18] +13.34 [6] +22.64 1,775.69 1,258.95 YEARLY HI/LO BARRON'S GOLD MINING INDEX
Recreational Products DJUSRP 376.71 + 31.78 –2.15 +9.21 [23] +19.82 [19] –.57 [23] +6.28 405.16 216.09
Retail DJUSRT 1542.49 + 22.71 149.08 +1.49 [120] +19.10 [20] +10.70 [9] +19.00 1,555.04 1,135.92 The yearly Barron's Gold Mining Index price; with a
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 NYSE HALF-HOURLY VOLUME high/low range based on the weekly close.
column shows the change from previous 65-day moving average. Volume figures do not reflect extended trading hours.
Daily 5/18 5/19 5/20 5/21 5/22 Year High Date Low Date
2020 655.67 May 21 391.56 Mar 19
9:30-10:00 207,300 134,421 120,493 116,783 104,923
MONTHLY DOW JONES INDUSTRIAL AVERAGE 2019 597.01 Dec 26 400.31 Jan 24
10:00-10:30 63,553 54,214 55,199 54,672 48,957 2018 540.76 Jan 25 382.52 Oct. 25
Year First Closing Closing Close Avg Last Avg. Avg.
Month Closing High Low Mean Close Chg. % Chg. P/E Yield 10:30-11:00 58,372 41,522 45,420 46,332 36,739 2017 567.38 Feb 16 456.65 Dec 07
2020 11:00-11:30 61,062 43,444 42,557 43,654 33,092 2016 634.16 Aug 11 245.05 Jan 21
Apr 20943.51 24633.86 20943.51 23293.90 24345.72 + 2428.56 + 11.08 18.07 2.86 11:30-12:00 43,603 35,386 32,635 34,504 28,669
Mar 26703.32 27090.86 18591.93 22637.42 21917.16 – 3492.20 – 13.74 17.44 2.94 12:00-12:30 35,628 28,806 34,057 29,619 24,954
Feb 28399.81 29551.42 25409.36 28519.73 25409.36 – 2846.67 – 10.07 21.95 2.28 SELECTED INITIAL PUBLIC OFFERINGS
12:30-1:00 32,978 26,227 33,489 27,473 21,392
Jan 28868.80 29348.10 28256.03 28879.99 28256.03 – 282.41 – 0.99 21.34 2.21 Initial Most
1:00-1:30 36,985 24,129 29,121 26,706 25,719
2019 Ticker Offer IPO Recent %
1:30-2:00 33,526 26,810 26,090 25,877 22,607 Code Price Date Price Chg
Dec 27783.04 28645.26 27502.81 28167.01 28538.44 + 487.03 + 1.74 20.90 2.24
Nov 27347.36 28164.00 27347.36 27797.05 28051.41 + 1005.18 + 3.72 20.52 2.24 2:00-2:30 37,862 28,471 29,256 25,104 25,277 Inari Medical NARI 19.00 5/22 42.51 123.7%
Oct 26573.04 27186.69 26078.62 26736.80 27046.23 + 129.40 + 0.48 19.29 2.30 2:30-3:00 36,730 40,862 34,809 32,161 26,485 Longview Acquisition LGVWU 10.00 5/21 10.01 0.1%
Sept 26118.02 27219.52 26118.02 26900.21 26916.83 + 513.55 + 1.95 19.32 2.28 3:00-3:30 49,978 48,082 37,636 37,910 33,542 SelectQuote SLQT 20.00 5/21 26.50 32.5%
Aug 26583.42 26583.42 25479.42 26058.23 26403.28 – 460.99 – 1.72 18.78 2.30
3:30-4:00 500,921 342,721 400,259 467,388 286,590 B. Riley Prin Merger II BMRGU 10.00 5/20 10.00 0.0%
July 26717.43 27359.16 26717.43 27089.19 26864.27 + 264.31 + 0.99 18.77 2.19

PULSE OF THE ECONOMY

Only includes new reports. Latest Latest Preceding Year YroYr Latest Latest Preceding Year YroYr
Economic Growth and Investment Date Data Period Ago % Chg Date Data Period Ago % Chg

No Activity for this Week Trade

Production No Activity for this Week
Electric power, (mil. kw hrs) (EEI) .................................................. May 16 66,055 65,654 70,927 –6.87 Inflation
Petroleum, related capacity, % ...................................................... May 15 69.4 67.9 89.9 –22.80 JOC–ECRI Industrial Price Index f .................................................. May 22 74.44 71.89 91.09 –18.28
Rotary rigs running, U.S. & Can., (Hughes) .................................... May 22 339 362 1,061 –68.05
Employment
Steel, (thous. tons) ........................................................................ May 16 1,181 1,204 1,900 –37.84
Steel, rated capacity, % (AISI)........................................................ May 16 52.7 53.7 81.6 –35.42 Initial jobless claims (thous.) ........................................................ May 16 2,438 r2,687 213 1,044.60
Continuing claims (mil.) ................................................................ May 9 25.073 r22.548 1.683 1,389.78
Consumption and Distribution
Construction
Instinet Research Redbook Avg. (monthly %) ................................ May 16 –2.59 –12.41 1.30 ….
New housing permits, (thous. units) .............................................. Apr 1,074 r1,356 1,330 –19.25
Baltic Dry Index ............................................................................. May 21 494 407 1,068 –53.75 New housing starts, (thous. units) ................................................. Apr 891 r1,276 1,267 –29.68
Inventories Other Indicators
Domestic crude oil, (thous. bbls) Comm. (Excl. Lease Stck) ........... May 15 526,494 531,476 476,775 10.43 Citi Research Panic–Euphoria Reading .......................................... May 22 0.49 r0.45 0.12 ….
Gasoline, (thous. bbls) .................................................................. May 15 255,724 252,894 228,740 11.80 Index of coincident indicators h ..................................................... Apr 96.6 r106.0 105.7 –8.61
Index of lagging indicators h .......................................................... Apr 115.3 r110.8 107.2 7.56
Orders Index of leading indicators h .......................................................... Apr 98.8 r103.4 111.8 –11.63
Coincident to lagging ratio h .......................................................... Apr 0.84 r0.96 0.99 –15.15
No Activity for this Week a-1997 equals 100. b-1982-84 equals 100. c-1982 equals 100. f-1996 equals 100. h-benchmark revision, 2016 equals 100. r-Revised.
May 25, 2020 BARRON’S M33

Market Laboratory
WEEK’S NEW HIGHS AND LOWS WEEK’S NEW HIGHS AND LOWS WEEK’S NEW HIGHS AND LOWS WEEK’S NEW HIGHS AND LOWS
Weekly Comp. NYSE NYSE Amer Nasdaq CentralGarden HebronTech Okta UltragenyxPharm CITICCapAcqnWt GrafIndustrial OtisWorldwide Twilio B.Riley II 500.com LSB Inds Sogou
New Highs 90 10 214 CentralGardenA HennessyCap OldDomFreight UnitedTherap Calix GrafIndlWt ProtoLabs TylerTech Briggs&Stratton FortressValueAcqn LongviewAcqn StudioCity
Cerence HorizonTherap OvidTherap USAutoPartsNtwk CampingWorld HeclaMining Qiagen VeevaSystems CITICCapAcqnA GalileoAcqnWt Noble SustOppsAcqnUn
New Lows 24 8 44 CITICCapAcqnWt GigCapital3Un RaMedicalSys XFinancial
ChemoCentryx I-Mab Palomar VanEckBiotech CarrierGlobal HeclaMiningPfB Renren WABCO
NYSE AMER ChinaCeramics iClickInteract PanAmerSilver VanEckVideoGam Catalent HomeDepot RingCentral WestPharmSvcs DISTRIBUTIONS & OFFERINGS
ChinaJoJoDrug IdexxLab PapaJohn's VBI Vaccines ChannelAdvisor HoulihanLokey S&P Global WheatonPrecMet
NEW HIGHS Cinedigm Imara PassageBio Vermillion Chipotle Humana SCVX Wt YamanaGold Secondary Distributions of common stocks
CaledoniaMining MAG Silver PacGE pfH SilverCrestMetals Cognex Immunomedics PayPal VertxPharm ChurchillCapIII Inphi SandstormGold ZTO Express Alarm.com 5,616,451 $47.50 $266,781,423
GalianoGold NavideaBiopharm PowerREIT WidePoint ConyersParkIIAcqn InariMedical PDL Biopharm Vicor ChurchCapIII Wt JawsAcquisition Avantor 51,750,000 $16.25 $840,937,500
IntlTowerHill NorthernDynasty CorbusPharm Innodata PFSweb WaysideTech NEW LOWS Becton Dickinson & Co 6,250,000 $240.00 $1,500,000,000
NEW LOWS CoupaSoftware IntelliaTherap PhioPharmWt Wingstop
AMTD Intl Culp GuangshenRail SeacorMarine Bellerophon Therapeutics 2,211,538 $13.00 $28,749,994
Amcon HowmetAeroPfd PEDEVCO Senseonics CryoPort InvscBS2024USDEM Pinduoduo WisdTrCloud
Atento DanaherPfdB HSBC SelectQuote bluebird bio 10,454,546 $55.00 $575,000,030
BallantyneStrong ITTechPkg ParkNational TimberPharm CSXLGoldCvETN InvscDWAHlthcrMom Pool Wix.com
CueBiopharma InvscNasdInt ProvidenceService Y-mAbsTherap Carvana Co 5,000,000 $93.00 $465,000,000
NASDAQ Cytokinetics IovanceBiotherap Pulmatrix YunhongIntlRt NYSE DATA BANK Clovis Oncology 11,090,000 $8.05 $89,274,500
DailyJournal iShiBdsDec22Trea PureAcqnWt YunhongIntlWt CoStar Group 2,290,076 $655.00 $1,499,999,780
NEW HIGHS Latest Preceding Year-Ago
Datadog iShMSCIGlblGoldMin Qualys ZaiLab Fastly 6,000,000 $41.50 $249,000,000
1-800-FLOWERS DraftKingsWt Kamada Replimune DexCom iShNasdaqBiotech RegenPharm ZentalisPharm Month Month Month
Flexion Therapeutics 9,230,770 $9.75 $90,000,008
1LifeHealthcare eBay KinsaleCapital ReynoldsCnsmr DLH Holdings JackHenry Repay Zynex
Stock Volume Floor & Decor 4,972,900 $45.00 $223,780,500
21 Vianet ElectronicArts KornitDigital RothCHAcquisitionI DocuSign JD.com Repligen Zynga
ACM Research EnphaseEnergy Lazydays RoyalGold Gamida Cell Ltd 13,333,334 $4.50 $60,000,003
DraftKings KalaPharm Bond Volume
AdaptimmuneTher Entegris LeisureAcqn Saia NEW LOWS Gossamer Bio 9,433,963 $13.25 $125,000,010
(Thous. $) April 0 0 26 HEXO 63,940,000 $0.90 $41,036,868
AgroFresh EsportsEntWt LHC Group Schrodinger AirNetTech ForescoutTechs MainStreetBcshs RandCapital
AlaskaCommSys Etsy LibertyMediaRt SeresTherap Akorn Fossil MetenEdtechX Scienjoy Houlihan Lokey 3,000,000 $63.50 $190,500,000
Security Sales
AllogeneTherap EvokePharma LincolnEduc SIGA Tech BrighthousePfdB Genfit Momo SenesTech Keurig Dr Pepper 40,000,000 $27.25 $1,090,000,000
Altimmune Facebook LogitechIntl SiTime CentricBrands GreenroseAcqnWt NewbornAcqnRt Taoping Customers' margin debt Krystal Biotech 2,275,000 $55.00 $125,125,000
Amazon.com Fastenal LoncarCancerETF SkySolar CollectiveGrowth GulfIslandFab NovusCapital TenzingAcqn Medigus Ltd 3,333,334 $1.50 $5,000,001
(Mil $) April 524,696 479,291 588,721
AMCI Acqn FateTherap LoncarChinaBio SoFiGigEcon CSX-LinksCrudeOil InariMedical Perma-PipeIntl VS 3X INV SILVER
Customers' credit balances Moderna 17,600,000 $76.00 $1,337,600,000
AMCIAcqnWt FinTechAcqnIII lululemon SolenoTherap Digirad IntlGeneralInsWt PointsIntl WiMiHologram
EuroDry KBLMergerIV Wt ProPhaseLabs WVS Financial
Ocular Therapeutix 9,409,091 $5.50 $51,750,001
AMCIAcquisition Five9 MadrigalPharm SorrentoTherap (Mil $) April 180,942 191,046 143,802
AmplifyOnlineRet FormulaSys MaidenHoldings Sphere3D Ever-Glory KingsoftCloud ProShUltShNdBtech YunhongIntlRt RealPage 5,847,457 $59.00 $344,999,963
FalconMineralsWt LuckinCoffee ProShUltShtQQQ Zhongchao
Free credit bal. cash accounts Ruths Hospitality 5,437,500 $8.00 $43,500,000
Anterix Fortinet MarvellTech Splunk
Appian ForumMergerIIWt Materialise SportsmansWrhs FirstNatlVA LyraTherap PureAcqnWt ZionsBancorpWt (Mil $) April 217,187 226,202 178,523 scPharmaceuticals 5,780,347 $8.65 $50,000,002
ArcturusTherap FT DJ IntlInt MercadoLibre SproutSocial Short interest Shiftpixy 2,222,160 $5.40 $11,999,341
ARYA Sciences FTIntlEquOpps MersanaTherap SPS Commerce NYSE Sparklight 287,500 $1,700.00 $488,750,000
(Thous. Shs) Apr. 30 15,581,876 15,651,486 14,387,334
AscendisPharma Futu MinervaNeurosci SSR Mining NEW HIGHS Torchlight Energy Resources 3,450,000 $0.34 $1,173,000
ASML G Willi-Food Moderna StrongbridgeBio Short interest ratio Turning Point Therapeutics 5,416,667 $60.00 $325,000,020
ADC Therap Ciena KinrossGold ScottsMiracleGro
AstaFunding Genasys MongoDB SurfaceOncol ASA Gold CollierCreek LegacyAcqn Sea (d) Apr. 30 2.8 2.6 4.4 VolitionRX Ltd 4,365,000 $2.75 $12,003,750
Atomera Genmab MyoKardia SyndaxPharm AgnicoEagle CollierCreekWt LegacyAcqnWt SeabridgeGold (d) For period Windtree Therapeutics 2,758,620 $7.25 $19,999,995
AtriCure Geron Netease Synopsys AngloGoldAsh DRDGOLD LongviewAcqn SelectQuote r-Revised Source: NYSE. *-Now includes composite trades. Source: Dealogic LLC, New York City; (212) 577-4400.
AudioCodes GigaMedia Netflix T-MobileUS ArcusBiosci DanaherPfdB MaidenHldgsPfdC ServiceNow
Bilibili GladstoneLand Neurocrine TakeTwoSoftware AstraZeneca DollarGeneral MaidenHldg6.7%PfdD Shopify
BiondVaxPharm GlbXCloudComp NICE TandemDiabetes Avalara Dynatrace MaidenHldgsPfdA SocialCapHedIII CORPORATE BONDS
BioXcelTherap GlbXecomm NiuTech TenzingAcqn Avaya Fastly McCormick Spotify For the week ending Friday, May 22, 2020
BlackDiamond GlbXGen&Biotech NovaMeasuring TG Therap BJ'sWholesale FiverrIntl McCormickVtg StifelFinlPfdC Forty most active fixed-coupon corporate bonds
BrighthousePfdB GlbXSocialMedia Novanta Tradeweb B.Riley II FlyingEagleWt MegalithFinUn SturmRuger LAST LAST **EST EST $ VOL
CadenceDesign GlbXVideoGames Novavax TranslateBio COMPANY (TICKER) COUPON MATURITY PRICE YIELD SPREAD UST† (000's)
BigLots FortressValueAcqn MegalithFinWt Switch
Cellectis GreenroseAcqnWt NovusCapital Trevena Bio-RadLab A Franco-Nevada Newmont ThermoFisherSci T-Mobile Usa (TMUS) 4.500 Apr 15, 2050 113.243 3.752 239 30 538,551
Celsion HarpoonTherap NVIDIA Tuscan BostonBeer GFL Env Un NovoNordisk Trex At&T (T) 3.650 Jun 01, 2051 99.650 3.669 231 30 521,982
CelsiusHldg HaymakerAcqnII OceanFirstPfdA TwistBiosci CITICCapAcqnA GoldFields OneConnectFinTech Tri-Cont Pfd Intercontinental Exchange (ICE) 3.000 Jun 15, 2050 101.396 2.929 157 30 512,440
Pfizer (PFE) 2.700 May 28, 2050 101.307 2.636 128 30 508,978
Boeing Co (BA) 5.805 May 01, 2050 105.566 5.424 407 30 479,208
Boeing Co (BA) 5.150 May 01, 2030 102.889 4.774 412 10 469,394
HIGH-YIELD BONDS Cvs Health (CVS) 5.050 Mar 25, 2048 128.558 3.431 208 30 459,607
Friday, May 22, 2020 Boeing Co (BA) 5.930 May 01, 2060 108.437 5.410 405 30 459,144
Ten most active fixed-coupon high-yield, or "junk", corporate bonds At&T (T) 2.750 Jun 01, 2031 100.400 2.707 205 10 447,042
LAST LAST **EST EST VOL At&T (T) 3.850 Jun 01, 2060 100.527 3.824 247 30 438,715
COMPANY (TICKER) COUPON MATURITY PRICE YIELD SPREAD UST (000's) Boeing Co (BA) 4.875 May 01, 2025 102.780 4.234 391 5 437,636
Irb Holding (ARGIHC) 7.000 Jun 15, 2025 102.625 6.254 592 5 502,759 Walt Disney Co (DIS) 3.600 Jan 13, 2051 110.857 3.046 169 30 432,485
Royal Caribbean Cruises Ltd (RCL) 11.500 Jun 01, 2025 101.125 11.160 1083 5 487,337 Ge Capital International Funding Unlimited Co (GE) 4.418 Nov 15, 2035 97.326 4.662 400 10 412,074
Edgewell Personal Care Co (EPC) 5.500 Jun 01, 2028 102.250 5.153 449 10 469,445 Comerica (CMA) 5.625 Jul 01, 2049 99.000 5.895 454 30 404,212
Ford Motor Co (F) 9.000 Apr 22, 2025 102.000 8.484 815 5 466,469 Five Corners Funding Trust Ii (PRU) 2.850 May 15, 2030 101.328 2.694 204 10 389,497
Newell Brands (NWL) 4.875 Jun 01, 2025 102.000 4.419 409 5 404,776 Equinor Asa (EQNR) 2.375 May 22, 2030 102.331 2.109 146 10 374,589
U. S. Steel (X) 12.000 Jun 01, 2025 99.375 12.170 1184 5 361,964 At&T (T) 3.500 Jun 01, 2041 100.106 3.493 214 30 370,668
Ford Motor Co (F) 8.500 Apr 21, 2023 101.423 7.936 773 3 359,443 Walt Disney Co (DIS) 2.650 Jan 13, 2031 105.240 2.097 144 10 368,358
Apache (APA) 4.375 Oct 15, 2028 90.020 5.900 524 10 290,172 T-Mobile Usa (TMUS) 3.875 Apr 15, 2030 107.968 2.920 227 10 365,693
Live Nation Entertainment (LYV) 6.500 May 15, 2027 105.301 5.447 494 10 286,115 Walt Disney Co (DIS) 3.800 May 13, 2060 112.283 3.246 189 30 361,139
Royal Caribbean Cruises Ltd (RCL) 10.875 Jun 01, 2023 101.813 10.124 992 3 276,203 Banco Santander Sa (SANTAN) 3.490 May 28, 2030 101.628 3.298 264 10 348,246
Comcast (CMCSA) 2.800 Jan 15, 2051 99.207 2.839 149 30 342,516
Volume represents total volume for the market; price/yield data are for trades of $100,000 and greater.* Denotes a security whose last round Nucor (NUE) 2.700 Jun 01, 2030 101.455 2.531 188 10 333,361
lot trade did not take place on the last business day prior to publication. ** Estimated spreads, in basis points (100 basis points is one percent- Intercontinental Exchange (ICE) 2.100 Jun 15, 2030 100.700 2.021 136 10 333,098
age point), over the 2, 5, 10 or 30-year hot run Treasury note/bond. 2-year: 0.125 04/22; 5-year: 0.375 04/25; 10-year: 0.625 05/30; Exxon Mobil (XOM) 3.452 Apr 15, 2051 110.269 2.939 160 30 332,605
30-year: 2.000 02/50.†Comparable U.S. Treasury issue. Comcast (CMCSA) 1.950 Jan 15, 2031 99.753 1.976 132 10 328,379
Source: MarketAxess Corporate BondTicker - www.bondticker.com Oracle (ORCL) 3.600 Apr 01, 2050 111.650 3.000 165 30 327,192
Banco Santander Sa (SANTAN) 2.746 May 28, 2025 101.211 2.487 216 5 323,667
Unitedhealth Group (UNH) 2.900 May 15, 2050 104.460 2.680 131 30 321,265
CONFERENCE CALL CALENDAR Alcon Finance (ALCSW) 2.600 May 27, 2030 101.269 2.453 180 10 309,095
Intel (INTC) 4.750 Mar 25, 2050 137.601 2.850 150 30 308,856
Earnings - Related Boeing Co (BA) 5.705 May 01, 2040 104.105 5.362 400 30 308,795
Company Date Time Earnings-Related Period Equinor Asa (EQNR) 1.750 Jan 22, 2026 101.402 1.487 116 5 302,776
Autonation (AN) 4.750 Jun 01, 2030 102.484 4.434 378 10 283,936
Autodesk May 27 5:00PM Q1 Walt Disney Co (DIS) 3.800 Mar 22, 2030 115.743 2.023 137 10 276,473
Dollar General May 28 10:00AM Q1 AT&T (T) 4.500 Mar 09, 2048 113.945 3.685 233 30 275,776
Piedmont Natural Gas Inc (DUK) 3.350 Jun 01, 2050 104.890 3.096 175 30 271,317
Dollar Tree May 28 9:00AM Q1 Metlife (MET) 4.550 Mar 23, 2030 122.348 1.976 132 10 270,434
DXC Technology May 28 4:45PM Q4 Boeing Co (BA) 4.508 May 01, 2023 101.475 3.955 375 3 263,948
NetApp May 27 5:00PM Q4 Unitedhealth Group (UNH) 2.750 May 15, 2040 103.866 2.498 115 30 262,282
Nordstrom May 28 4:45PM Q1 Volume represents total volume for each issue; price/yield data are for trades of $1 million and greater.* Denotes a security whose last round
Ralph Lauren May 27 9:00AM Q4 lot trade did not take place on the last business day prior to publication. ** Estimated spreads, in basis points (100 basis points is one
Ulta Beauty May 28 5:00PM Q1 percentage point), over the 2, 5, 10 or 30-year hot run Treasury note/bond. 2-year: 0.125 04/22; 5-year: 0.375 04/25; 10-year: 0.625
05/30; 30-year: 2.000 02/50.†Comparable U.S. Treasury issue.
Source: CCBN, www.ccbn.com
Source: MarketAxess Corporate BondTicker - www.bondticker.com
M34 BARRON’S May 25, 2020

Market Laboratory
MONEY RATES CBOE PUT/CALL RATIO vs S&P 100 FOREIGN EXCHANGE
Latest Prev. Yr Ago Readings in the CBOE equity put-call ratio of 60:100 Friday, May 22, 2020 Foreign Foreign U.S. $ in U.S. $ in
Week Week and in the S&P 100 of 125:100 are considered bullish, The New York foreign exchange mid-range rates are quoted at 5 Currency Currency Foreign Foreign
p.m. Eastern time by Tullett Prebon. Retail transactions pro- in U.S.$ in U.S.$ Currency Currency
Discount Rate (NY) 0.25 0.25 3.00 for instance. Bearish signals flash when the equity Country Fri. Last Fri. Fri. Last Fri.
put-call level reaches the vicinity of 30:100 and the vide fewer units of foreign currency per dollar.
Prime Rate (base) 3.25 3.25 51/2 index ratio hits 75:100. Foreign Foreign U.S. $ in U.S. $ in South Korea (Won) .0008060 .0008110 1240.66 1233.11
Currency Currency Foreign Foreign
Fed Funds Rate in U.S.$ in U.S.$ Currency Currency Sri Lanka (Rupee) .0054 .0053 185.6200 187.8500
Avg effective offer 0.06 0.06 2.41 S&P 100 CBOE Country Fri. Last Fri. Fri. Last Fri. Sweden (Krona) .1034 .1014 9.6707 9.8635
Avg weekly auction-c 0.05 0.05 2.39 Switzerland (Franc) 1.0294 1.0291 .9714 .9717
4.95 1.15 Argentina (Peso)-y .0147 .0148 68.1875 67.6778 Taiwan (Dollar) .03324 .03337 30.084 29.969
T-Bills Rate CBOE Australia (Dollar) .6536 .6414 1.5300 1.5591
s Thailand (Baht) .03136 .03116 31.890 32.090
13 weeks, Coupon Yield 0.132 0.127 2.388 S&P 100

s
Bahrain (Dinar) 2.6486 2.6505 .3776 .3773 Turkey (New Lira)-d .1467 .1449 6.8159 6.9018
13 weeks, Auction Rate 0.130 0.125 2.335 4.10 1.00 Brazil (Real) .1807 .1707 5.5326 5.8569 .0374 .0376 26.7653 26.6262
Ukraine (Hryvnia)
26 weeks, Coupon Yield 0.152 0.157 2.407 Bulgaria (Lev) .5576 .5529 1.7935 1.8085 U.K. (Pound) 1.2159 1.2106 .8224 .8260
26 weeks, Auction Rate 0.150 0.155 2.340 Canada (Dollar) .7141 .7088 1.4004 1.4108 Uruguay (Peso) …… .. …… .. …… .. …… ..
Avg weekly auction-c 0.12 0.12 2.36 Chile (Peso) .001237 .001208 808.50 827.70 Financial .02318 .02277 43.140 43.920
3.25 0.85 .1402 .1408 7.1304 7.1021 ----
Broker Call Rate China (Renminbi)
2.00 2.00 4 1/4 Euro 1.0898 1.0819 .9176 .9243
Colombia (Peso) .0002649 .0002549 3775.03 3922.70
Bankers Acceptances Croatia (Kuna) .1437401 .1431025 6.96 6.99 Special Drawing Rights (SDR) are based on exchange rates for the U.S.,
1 month 0.13 0.13 2.45 2.40 0.70 Czech. Rep. (Koruna) …… .. …… .. …… .. …… .. British, and Japanese currencies. Source: International Monetary Fund.
a-Russian Central Bank rate. b-government rate. d-rebased as of Jan. 1,
2 months 0.15 0.15 2.45 Commercial rate .03998 .03905 25.011 25.607 2005. y-floating rate.
3 months 0.20 0.20 2.55 Denmark (Krone) .1462 .1451 6.8410 6.8897
6 months 0.30 0.30 2.63 1.55 0.55 EcuadorUS Dollar 1.0000 1.0000 1.0000 1.0000
Egypt (Pound)-y .0631 .0635 15.8589 15.7363
Euro Libor Rate Hong Kong (Dollar) .1289 .1290 7.7566 7.7516
1 month -0.457 -0.444 -0.418 Hungary (Forint) .003118 .003049 320.73 328.00
3 months -0.323 -0.263 -0.359
0.70 0.40
M J J A S O N D J F M A M Iceland (Krona) .007001 .006879 142.84 145.37 ARMS INDEX
6 months -0.134 -0.119 -0.317 India (Rupee) .01316 .01319 75.995 75.830
12 months -0.076 -0.059 -0.222 Source: CBOE
Indonesia (Rupiah) .0000680 .0000673 14710 14860
The Arms index, also known as the short term trading index, is a number
Israel (Shekel) .2832 .2826 3.5314 3.5382
Libor Interbank Rate derived by dividing one quotient into another quotient. The numerator in
Japan (Yen) .009291 .009340 107.63 107.06
1 month 0.17 0.17 2.43 the index is the number of advancing stocks divided by the number of
3 months 0.37 0.38 2.52 INVESTOR SENTIMENT READINGS Kazakhstan (Tenge) .002405 .002375 415.74 421.00
declining stocks. As of 3/14/11, the denominator in the index is now the
Kuwait (Dinar) 3.2349 3.2362 .3091 .3090
6 months 0.57 0.66 2.55 High bullish readings in the Consensus stock index or in the .1252 .1253 7.9846 7.9811 compositevolumeofadvancingstocksdividedbythecompositevolumeof
Macau (Pataca)
12 months 0.68 0.76 2.62 Market Vane stock index usually are signs of Market tops; low Malaysia (Ringgit)-b .2292 .2298 4.3635 4.3517 declining stocks.
Foreign Prime Rates ones, market bottoms. Mexico (Peso) …… .. …… .. …… .. …… .. Daily 5/18 5/19 5/20 5/21 5/22
Last 2 Weeks 3 Weeks
Canada 2.45 2.45 3.95 Floating rate .0440 .0417 22.7329 23.9622
Week Ago Ago
Germany 0.00 0.00 0.00 New Zealand (Dollar) .6097 .5934 1.6402 1.6852 NYSE .85 1.78 1.04 1.07 1.64
Japan 1.475 1.475 1.475 Consensus Index Norway (Krone) .1000 .0977 10.0016 10.2343 NYSE American 1.06 .93 2.43 .45 .60
Switzerland 0.50 0.50 0.50 Consensus Bullish Sentiment 35% 34% 33% Oman (Rial) 2.5974 2.5974 .3850 .3850 Nasdaq 1.36 .69 1.52 .80 .76
Britain 0.10 0.10 0.75 Pakistan (Rupee) .00623 .00625 160.600 159.950
Source: Consensus Inc., P.O. Box 520526,Independence, Mo.
Historical data available at (816) 373-3700. editor@consensus-inc.com Philippines (Peso) .01967 .01971 50.827 50.735
Other Money Rates Poland (Zloty) .2415 .2368 4.1407 4.2221
Fannie Mae Home Loan: AAII Index Qatar (Rial) .2748 .2742 3.6393 3.6463 BARRON'S GOLD MINING INDEX
30-Year Fixed Conv 2.26 2.20 3.58 Bullish 29.0% 23.3% 23.7% Russia (Ruble)-a .01396 .01359 71.632 73.605
Bearish 45.0 50.6 52.7 12-Month Year Week %
Bank money market-z 0.15 0.15 0.25 Saudi Arabia (Riyal) .2661 .2662 3.7585 3.7568
Interest Checking-z 0.05 0.05 0.07 Neutral 26.0 26.1 23.7 High Low 5/21 5/14 Ago Chg.
Singapore (Dollar) .7018 .7007 1.4249 1.4272
6-Month Certif-z 0.28 0.28 0.68 Source: American Association of Individual Investors, South Africa (Rand) .0568 .0538 17.6143 18.5862 655.67 391.56 Gold mining 655.67 626.13 410.95 +4.72
12-Month Certif-z 0.43 0.44 1.00 625 N. Michigan Ave., Chicago, Ill. 60611 (312) 280-0170.
30 Month Accounts-z 0.48 0.49 1.04 Market Vane
5-Year Certificates-z 0.64 0.66 1.39 Bullish Consensus 32% 32% 32%
U.S. Savings EE Bonds: FEDERAL RESERVE DATA BANK GOLD & SILVER PRICES
Source: Market Vane, P.O. Box 90490,
Long-Term (5yrs+) 0.10 0.10 0.10 Pasadena, CA 91109 (626) 395-7436. Prev. Year Year
c-Annualized yields, adjusted for constant maturity, reported by TIM Group Market Sentiment Member Bank Latest Week Ago Handy & Harman 5/22 5/15 Ago
the Federal Reserve on a weekly average basis. Reserve Chgs. (Mil. $) Week Change Change
Indicator 53.8% 51.3% 56.0% Gold, troy ounce 1733.55 1735.35 1282.50
Sources: Tullett Prebon information, Ltd. Source: TIM Group, 3 Columbus Circle, Suite 1592 One week ended May 20: Silver, troy ounce 17.09 16.61 14.58
Factset. z-Bankrate.com.
New York, NY 10019 (844) 207-1445. timsupport@timgroup.com U.S. Gov't securities: Base for pricing gold and silver contents of shipments and for
Bought outright 5,872,570 + 199,595 +2,188,336 making refining settlement.
Price Premium Premium
Federal agency secur: Coins $ %
WEEKLY BOND STATISTICS Bought outright 2,347 .... ....
Reserve bank credit:
Krugerrand 1801.80 69.30 4.00
Last Prev. Yr Ago Last Prev. Yr Ago Maple Leaf 1819.13 86.63 5.00
Primary Credit 21,482 -3,461 + 21,474
Week Week Week Week Week Week Mexican Peso 2096.88 8.00 0.38
Secondary Credit .... .... ....
Austria Crown 1701.20 3.00 0.18
New Offerings, (mil $) (v) Bond Buyer 20 Bond Index (Index of yields of 20 Seasonal Credit 2 .... -42 Austria Phil 1819.13 86.63 5.00
Corporate (z) 58,132 r69,019 17,235 general obligation municipal bonds.) Float -174 + 7 -32 U.S. Eagles 1819.13 86.63 5.00
Municipal (z) 7,056 r7,398 6,615 2.37 2.48
3.56 Other F.R. Assets 29,852 -11,387 + 9,721 Premium is the amount over the value of the gold content in the
Best Grade Bonds-y (Barron's index of 10 high-grade Total Fed Credit # 6,922,036 + 179,871 +3,097,551 coin. Source Manfra, Tordella & Brookes, Inc.
Bond Buyer Municipal Bond Index (Index of 40 Gold stock 11,041 .... .... Bullion spot gold price 1732.50
corporate bonds.) actively-traded tax-exempt bonds; component issues are SDR Certif. Accounts 5,200 .... ....
2.17 2.31 3.28 changed regularly to keep the index a current picture of the Treas. Curr. Outst. 50,317 + 14 + 414
Interm-Grade Bonds-y (Barron's index of 10 market. Source: The Bond Buyer Total 7,009,076 + 179,869 +3,097,819 GOLD PERFORMANCE
medium-grade corporate bonds.) 3.76 3.82 3.75 Currency in circ 1,933,267 + 7,538 + 201,126
4.30 4.52 4.06 Stock/Bond Yield Gap-s (Difference between yield on Treas. Cash Hldgs 273 -20 -26 Sideways: As governments pile up
highest-grade corporate bonds and yield on stocks on the DJIA.) Treas. Fed Deposits 1,194,410 + 16,916 + 911,546 debt, gold prices moved sideways for
Confidence Index (High-grade index divided by inter- Foreign Fed Deposits 16,318 -16 + 11,073
mediate-grade index; decline in latter vs. former generally +.54 +.48 –1.01 the week, finishing at $1,734 an ounce.
Other Fed Deposits 230,845 + 34,563 + 172,704
indicates rising confidence, pointing to higher stocks.) Yield on DJ Equal Weight US Corp Bond Idx: Other FR liab/cap 52,097 -3,826 + 6,295
50.5 51.0 80.8 Corp Bonds, (y) 2.69 2.91 3.67 Total factors 3,735,772 + 63,494 +1,342,672 60
Other Confidence Indicators: Reserves F.R. banks 3,273,303 + 116,374 +1,755,146

s
v-Week ended Thursday. y-Yield to maturity, week ended Thursday. Barron's Gold Mining Index (655.67)
z-Source: Refinitiv.*Barclays T-Bond Index discontinued by firm. 3,388,408 + 21,876 -80,452 50
Bloomberg Barclays US Long Treasury*(This Fgn hold U.S. debt
index measures the performance of fixed-rate, nominal US Reserve Aggr (Mil. $ sa) Latest Prev. Wk. % Year 40
Treasuries with at least 10 years to maturity. Jan. 1, 1973=100.) MONEY SUPPLY Two Wks Ended May 20: Wk. Week Chg. Ago
4897.08 4937.03 3691.57 Total Reserves: 3,215,116 3,159,040 1.78 1,578,733 30
Money Supply (Bil. $) Latest Prev. Yr. Ago YOY % Chg
Bloomberg Barclays US Credit (This index Nonborrowed Res # 3,102,100 3,038,983 2.08 1,578,685
Week ended May 11 Required Res ## 0 0 .... 197,627 20
includes all publicly issued, fixed-rate, non-convertible, invest- M1 (seas. adjusted) 5,079.7 r5,009.1 3,758.3 35.16 Excess Reserves: 3,215,116 3,159,040 1.78 1,381,106
ment-grade, dollar-denominated, SEC-registered corporate M1 (not adjusted) 4,827.0 r5,062.6 3,643.2 32.49
M2 (seas. adjusted) 17,990.6 r17,765.2 14,556.5 23.59 Borrowed Reserves 113,017 120,057 -5.86 48 10
debt. All issues have at least one year to maturity and outstand-
s

M2 (not adjusted) 17,858.8 r17,716.8 14,531.0 22.90 Free Reserves ### 3,102,099 3,038,983 2.08 1,381,058 Handy & Harman Gold Price
ing par value of at least $250 million. Jan. 1, 1973=0.) (v) Week ended May 13 Monetary Base 5,144,614 5,068,799 1.50 3,245,935 0
3155.69 3106.38 2874.77 M1 Mult. Replacement (St. Louis Fed) 0.938 0.999 1.121 -16.32 # Fed supply of permanent reserves provided.
Ryan Labs Treasury Index (Index of total return from Monthly Money Supply ## Demand for reserves to back deposits. -10
Month ended April ### Free reserves equal excess reserves minus discount window bor-
active Treasury notes and bonds. Dec. 31, 1996=100.) rowings other than extended credit. Free reserves are shorthand method J J A S O N D J F M A M
M1 (seas. adjusted) r4,819.3 r4,268.5 3,782.9 27.40 of determining the degree of ease of Fed policy, or when they are negative
334.35 337.00 283.37 M2 (seas. adjusted) r17,176.9 r16,103.8 14,513.2 18.35 net borrowed reserves, tightness.
May 25, 2020 BARRON’S M35

Market Laboratory
Top 5 Insider Purchases by Company in 2020 WEEK'S DIVIDEND PAYMENT WEEK'S EX-DIVIDEND DATES
Number of Number of Avg.
Company Symbol Insiders Shares $ Value Price This list includes payouts on common stocks. This list includes payouts on common stocks.
York Water ...................................................... YORW 16 813 35,786 $ 44.02 NYSE NYSE
Simply Good Foods ....................................... SMPL 14 339,012 6,409,391 $ 18.91 Dow .70
Darden Restaurants ....................................... DRI 13 79,308 4,714,878 $ 59.45 Monday Bank of Butterfield .44 Hilltop Holdings .09 Tuesday DuPont de Nemours .30
Flagstar Bancorp
FNB Corp
.05
.12
Cabot Oil & Gas .10 IDEX Corp .50
(May 25) (May 26)
Bunge ............................................................. BG 11 227,930 9,983,125 $ 43.80 GasLog .05 Invitation Homes .15 Ellington Financial .08 FutureFuel .06
Standex Intl .22 ACCO Brands .065
Jefferies Financial Group .15 Euronav .29 Goldman Sachs 1.25
Cit ................................................................... CIT 11 113,429 1,637,235 $ 14.43 Genco Shipping .02 Brigham Minerals .37
Tuesday PennyMac Finl Svcs .12 Lindsay .32 Callaway Golf .01
Evercore Cl A .58 Hamilton Beach Brands .09
(May 26) FactSet Research Sys .77 Hyster-Yale Materials .317
Shaw Communications .076 Maximus .28 Everest Re Group 1.55
Top 5 Insider Sales by Company in 2020 Comfort Systems USA .105 WestRock .20 MGIC Investment .06 International Paper .512
Fortive .07 Juniper Networks .20
FortuneBrandsHome .24 Kellogg Co .57
Number of Number of Avg. CVR Energy .40 MSCI .68 Loews Corp .062
Company Symbol Insiders Shares $ Value Price DHT Holdings .35
Friday Oil-Dri of America .25 PBF Logistics .30
GrafTech International .01 Lockheed Martin 2.40
Grupo Aval Acciones .024 M & T Bank 1.10
Ellington Financial .08 (May 29) Oppenheimer Holdings A .12 Ritchie Bros .20 Hubbell .91
Salesforce.Com ............................................. CRM 36 700,127 117,548,848 $ 167.90 FB Financial .09 Allison Transmission .17 Oshkosh .30 S & P Global .67
ManpowerGroup 1.09
Huntington Ingalls Inds 1.03 Martin Marietta .55
Datadog .......................................................... DDOG 32 4,040,098 180,205,722 $ 44.60 Fortress Transportation .33 Ameriprise Financial 1.04 Provident Finl Svcs .23 Scotts Miracle-Gro .58 Materion .115 McKesson .41
Zoom Video Communications ....................... ZM 28 1,815,756 199,363,114 $ 109.80 Southern Copper .20 Apollo Global Mgmt A .42 Telefonica Brasil ADR .235 Sun Life Financial .391 NACCO Industries Cl A .192 Natural Grocers .07
Crowdstrike .................................................... CRWD 26 3,245,122 186,138,598 $ 57.36 Ubiquiti .30 Applied Indl Techs .32 Tronox Holdings .07 Wednesday National Bank Holdings .20 Nelnet A .20
Weis Markets .31 ARC DocumentSolutions.01 Unitil Corp .375 North Amer Construct .029
Tradeweb Markets .......................................... TW 22 2,321,890 107,939,178 $ 46.49 Artisan Ptrs Asset Mgmt .61
(May 27)
Nu Skin Enterprises Cl A.375
Nike Cl B .245
Wednesday CF Industries Holdings .30
Western Alliance Banc .25 Amcor .115
OneMain Holdings .33
Northrop Grumman 1.45
Williams-Sonoma .48 Chemed .32 Scorpio Tankers .10
STOCK SPLITS/DIVIDENDS (May 27) Clipper Realty .095
Saturday First BanCorpPuertoRico .05
Perrigo .225
Stifel Financial .17
BG Staffing .05 CMS Energy .407 Piper Sandler .20
Record Ex-Dividend Payment CURO Group Holdings .055 Eaton Corp. PLC (May 30) J Bean Tech .10 Telefonica Brasil ADR .235
.73 Reliance Steel .625
Company Name-Ticker Symbol (Exchange) Amount Date Date Date Dolby Labs A .22 Equinor ADR NONE Minerals Technologies .05
RLI Corp .24
Tyson Foods Cl A .42
.27 TransUnion .075 Watts Water Tech .23
NONE Kennametal .20
Franklin Finl Network .06 Sunday Xylem .26
Stepan Co .275
Saturday
Tennant Co .22
Thursday Genie Energy .085 (May 31)
Thursday Union Pacific .97 (May 30)
SPECIAL DIVIDENDS (May 28) Great Western Bancorp .15 NONE
(May 28) Valvoline .113 NONE
AllianceBernstein .64 Voya Financial .15
Allstate .54
Record Ex-Dividend Payment Sunday
Company Name-Ticker Symbol (Exchange) Amount Date Date Date NASDAQ Argo Group Intl Hldgs .31 YUM! Brands .47
(May 31)
Avista .405 Friday NONE
Camping World Cl A-CWH (NYSE) ...................................................... 0.07 6-15 6-12 6-30 Monday Richardson Electronics .06 First Northwest Bancorp .05
Badger Meter .17 (May 29)
(May 25)
Western New England .05 FirstCash .27
Bank of Hawaii .67 Associated Banc .18 Monday
WisdomTree Invest .03 Global Water Res .024
Mid Penn Bancorp .18 Barrick Gold .07 Ball Corp .15 (June 1)
DIVIDEND PAYMENT REDUCTIONS Xperi .20 Hanmi Financial .12
Brookfield Asset Mgmt .12 .10 Avangrid .44
Tuesday Thursday Heartland Financial USA .20
Brookfield Infrastruc .485
Boise Cascade
Landstar System .185 BorgWarner .17 China Petroleum ADR 2.69
Adjusted % Record Ex-Div Payment (May 26) (May 28) Brookfield Infrastruc .485
Fastenal Co .25 National Security Group .06 Cactus Cl A .09 Crawford & Co A .03
Company Name-Ticker Symbol (Exchange) Yield Period To From Decrease Date Date Date Astec Industries .11
Nexstar Media Cl A .56 Cabot Corp .35 China Telecom ADR 1.612 Crawford & Co B .03
First Bancshares .10 Bankwell Financial Group.14
Origin Bancorp .093 Central Pacific Financial .23 Clearway Energy Cl A .21 Essent Group .16
Innospec .52 Columbia Banking Sys .28
Armour Residential REIT-ARR (NYSE) ............... 13.5 M .09 .17 -47.1 % 6-15 6-12 6-29 Investors Bancorp .12 PacWest Bancorp .25 Corning .22 Clearway Energy Cl C .21 Itau Unibanco Holding .003
Loral Space & Comm 5.50 Crane Co .43 Compass Minerals .72 L3Harris Technologies .85
Luther Burbank .058 Pan American Silver .05
Covanta Holding-CVA (NYSE)............................. 3.7 Q .08 .25 -68.0 % 6-26 6-25 7-10 Macatawa Bank .08
Pinnacle Finl Partners .16 Cullen/Frost Bankers .71 Cooper Tire .105 Solaris Oilfield A .105
MSB Financial .22 Paychex .62
Crawford & Co A-CRD.A (NYSE) .......................... 2.0 Q .03 .07 -57.1 % 6-02 6-01 6-12 Pool .58 Dover Corp .49 CoreLogic .22 Stanley Black & Decker .69
Noble Energy .02 Territorial Bancorp .23
Rattler Midstream .29 Shore Bancshares .12
Crawford & Co B-CRD.B (NYSE) .......................... 2.1 Q .03 .05 -40.0 % 6-02 6-01 6-12 SB One Bancorp .085
Friday Sirius XM Holdings .013 NASDAQ
Elmira Savings Bank-ESBK (NCM ) ..................... 5.0 Q .15 .23 -34.8 % 6-05 6-04 6-12 Schnitzer Steel Inds .188 (May 29) Southern Missouri Banc .15
United Bancshares .07 Progress Software
Wednesday
Apogee Enterprises .188 Tetra Tech .17 Tuesday Weyco Group
.165
.24 Safety Insurance Group .90
Embotell Andina A ADR-AKO.A (NYSE) .............. 4.3 Q .144728 .181127 -20.1 % 5-22 5-21 5-21 ArcBest .08 Timberland Bancorp .20 (May 26)
Embotell Andina B ADR-AKO.B (NYSE) .............. 3.6 Q .159201 .199239 -20.1 % 5-22 5-21 5-21
(May 27) Brookline Bancorp .115 Saturday John B Sanfilippo 1.00 Friday Silgan Holdings .12
BOK Financial .51 CapStar Finl Hldgs .05 Sinclair Broadcast Cl A .20
Heritage Financial .20 Cognex .055
(May 30) Landmark Bancorp .20 (May 29)
Gabelli Go Anywhere Trust-GGO (NYSE AMER ).. 2.3 Q .05 .20 -75.0 % 6-16 6-15 6-23 NONE Teradyne .10 Atlantica Sustain Infr .41 Spark Energy .181
MarketAxess Holdings .60 Cognizant TechSolutions .22
Granite REIT-GRP.U (NYSE) ................................ 4.2 M .1736 .175683 -1.2 % 5-29 5-28 6-15 Sunday B. Riley Financial .25 Strategic Education .60
Mobile Mini .303 Collectors Universe .175 Wednesday Bruker Corp .04 TerraForm Power .201
Northfield Bancorp .11 Community West Banc .045 (May 31)
Halliburton-HAL (NYSE) ...................................... 6.2 Q .045 .18 -75.0 % 6-03 6-02 6-24 Peapack Gladstone .05 Computer Programs .10 Business First Bancsh .10
(May 27) CNB Financial PA .17 Tradeweb Markets .08
Jack Henry & Associates.43 Cowen Cl A .04 Trustmark .23
Haverty Furniture-HVT (NYSE) ........................... 4.9 Q .15 .20 -25.0 % 6-04 6-03 6-19
LPL Financial Holdings .25 eBay .16 UFP Industries .125
Haverty Furniture A-HVT.A (NYSE) ..................... 4.9 Q .14 .19 -26.3 % 6-04 6-03 6-19 NYSE American Maxim Integrated Prod .48 Escalade .125 Virtu Financial .24
Interface-TILE (Nasdaq) ....................................... 0.5 Q .01 .065 -84.6 % 6-05 6-04 6-19 Monday Wednesday Friday Newmark Group .01 Expeditors Intl of Wash .52 Wendy's Co .05
First Finl Bancorp .23
PBF Logistics-PBFX (NYSE)................................ 10.8 Q .30 .52 -42.3 % 5-27 5-26 6-17
(May 25) (May 27)
(May 29) Thursday Saturday
NONE Caledonia Mining .075 First Foundation .07
(May 28)
NONE CTO Realty Growth .25 First Mid Bancshares .40 (May 30)
Pennsylvania REIT-PEI (NYSE) .......................... 6.8 Q .02 .21 -90.5 % 6-01 5-29 6-15 Tuesday Allegiance Bancshares .10
H & E Equipment Serv .275 NONE
(May 26)
Thursday Saturday Analog Devices .62 Haynes Intl
SFL-SFL (NYSE)................................................... 14.7 Q .25 .35 -28.6 % 6-18 6-17 6-30 Amcon Distributing .18 (May 28) (May 30) NONE .22 Sunday
CSX .26 Interactive Brokers Grp .10
Tekla Hlthcr Investors-HQH (NYSE).................... 8.2 Q .41 .47 -12.8 % 5-29 5-28 6-30 Gold Resource .003 NONE Sunday Kraft Heinz .40 MGE Energy
(May 31)
VirnetX Holding 1.00 (May 31) NONE .352 NONE
Tekla Life Sciences-HQL (NYSE) ........................ 8.0 Q .34 .39 -12.8 % 5-29 5-28 6-30 Mesa Laboratories .16 MidWestOne Fincl Group .22
Newell Brands .23 NBT Bancorp .27 Monday
United-Guardian-UG (Nasdaq)............................ 7.3 S .42 .55 -23.6 % 6-03 6-02 6-17 Open Text .175 Old Natl Bancorp .14 (June 1)
VEREIT-VER (NYSE) ............................................ 5.7 Q .077 .1375 -44.0 % 6-30 6-29 7-15
TRADING SUSPENDED PCB Bancorp .10 Olympic Steel .02 Popular Inc. .40
Peoples Fincl Svcs .36 Patrick Industries .25 Rocky Brands .14
Western Asset Infl Incm-WIA (NYSE).................. 3.2 M .0295 .0345 -14.5 % 6-23 6-22 6-30 NYSE Power Integrations .21 Principal Financial Group .56 Univest Financial .20
Western Asset Infl Opps-WIW (NYSE)................ 3.5 M .031 .036 -13.9 % 6-23 6-22 6-30 FTS International (FTSI)
Western Asset Inv Grade-PAI (NYSE)................. 4.2 M .05 .0525 -4.8 % 6-23 6-22 7-01 Intelsat (I) NYSE American
Western Asset Mtg Opp Fd-DMO (NYSE)............ 11.9 M .1275 .14 -8.9 % 6-23 6-22 7-01 J.C. Penney (JCP) Saturday
Tuesday Thursday
Western Asset Mun Tr Fund-MTT (NYSE)........... 3.2 M .0515 .059 -12.7 % 6-23 6-22 7-01 NYSE American (May 26) (May 28) (May 30) NONE

None NONE NONE Sunday

Wednesday Friday (May 31) NONE
DIVIDEND PAYMENT BOOSTS Nasdaq (May 27) (May 29) Monday
Broadvision (BVSN) NONE NONE (June 1) NONE
Adjusted % Record Ex-Div Payment
Company Name-Ticker Symbol (Exchange) Yield Period To From Increase Date Date Date KemPharm (KMPH)
AAON-AAON (Nasdaq) .............................................. 0.7 S .19 .16 18.8 6-03 6-02 7-01
SORL Auto Parts (SORL) NAME CHANGES
American Tower REIT-AMT (NYSE) ...................... 1.7 Q 1.10 1.08 1.9 6-19 6-18 7-10
Banco Bradesco Ord ADR-BBDO (NYSE)............. 5.0 M .003028 .002455 23.4 6-03 6-02 7-13
Synthesis Energy Systems (SES)
NYSE
Banco Bradesco Pref ADR-BBD (NYSE) .............. 6.0 M .003331 .0027 23.4 6-03 6-02 7-13
Chubb-CB (NYSE) ..................................................... 2.7 Q .78 .75 4.0 6-19 6-18 7-10 NEW LISTINGS None
Clorox-CLX (NYSE)................................................... 2.2 Q 1.11 1.06 4.7 7-29 7-28 8-14 NYSE American
Educational Dev-EDUC (Nasdaq) ........................... 3.7 Q .06 .05 20.0 6-02 6-01 6-18 NYSE
Timber Pharmaceuticals (TMBR), formerly BioPharmX
Equitable Holdings-EQH (NYSE) ........................... 3.8 Q .17 .15 13.3 6-01 5-29 6-09 B. Riley Principal Merger II (BMRGU) (BPMX)
First Trust Sr FR Fd II-FCT (NYSE).......................... 11.8 M .105 .0825 27.3 6-02 6-01 6-15 Longview Acquisition (LGVWU)
Flowers Foods-FLO (NYSE) .................................... 3.5 Q .20 .19 5.3 6-05 6-04 6-19 Nasdaq
SelectQuote (SLQT)
Frontline-FRO (NYSE) .............................................. 34.7 Q .70 .40 75.0 6-04 6-03 6-22 Assertio Holdings (ASRT), formerly Assertio Therapeutics
NYSE American
iStar-STAR (NYSE) .................................................... 4.4 Q .11 .10 10.0 6-01 5-29 6-15 Atlantica Sustainable Infrastructure (AY), formerly Atlantica
Marine Petroleum Trust Un-MARPS (NCM )......... 13.8 Q .103781 .065452 58.6 5-29 5-28 6-29 FTS International (FTSI) Yield
Medtronic-MDT (NYSE) ........................................... 2.4 Q .58 .54 7.4 6-26 6-25 7-17 Nasdaq Code Chain New Continent (CCNC), formerly TMSR Holding
Nordic American Tankers-NAT (NYSE) ................ 9.6 Q .20 .14 42.9 8-28 8-27 9-04 Inari Medical (NARI) (TMSR)
Northrop Grumman-NOC (NYSE) .......................... 1.8 Q 1.45 1.32 9.8 6-01 5-29 6-17 Windtree Therapeutics (WINT) Mercurity Fintech Holding (MFH), formerly JMU
 X W L C 10 11 12 H G R P 4 8 3 F A M 6 7 9 0 I
M36 BARRON’S May 25, 2020

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 GUIDE TO WEALTH
M AY 2 5 , 2 0 2 0

BEST ADVICE ON MANAGING MONEY

What Matters Most

How to Advisors Turn
Invest in To Actively
Liquid Alts Managed Funds
In a time of crisis, families focus on the intersection of money and values. PAGE S2 PAGE S6 PAGE S8
S2 BARRON’S May 25, 2020

Values T
he Covid-19 crisis has
taken away so many
things—lives, liveli-
hoods, and daily life as
most people know it. It has magni-
fied income inequality, and stirred
so many people are worried about
basic needs. Yet, it’s during pivotal
moments like these, say financial
advisors and behavioral psycholo-
gists, that families can have pro-
ductive conversations about what

Aren’t
up feelings of fear, guilt, gratitude,
and generosity. It has also forced
families to spend more time to-
gether, for better or worse. Parents
are working from home, teens and
college students are logging in to
virtual classrooms, and many
they care about as individuals and
where their priorities overlap.
There is a practical component.
Values determine how we manage
our time and money, which are
limited resources even for those
who have an abundance of both.

Optional
Values determine how we manage our time and money.
Families that don’t talk about what they value, and why,
can end up making some bad decisions.
young adults have returned to the
parental nest to escape cramped
city apartments or regroup in the
midst of layoffs and hiring freezes.
It shouldn’t take a pandemic to
bring into focus what matters most,
but if ever there were a time for
families to take a close look at val-
ues—and how they relate to money
and wealth—it is now.
Talking about financial “feel-
ings” might seem indulgent when
“Without an understanding of val-
ues, you can’t really make great
choices,” says Jim Grubman, a fam-
ily wealth psychologist.
“Values won’t tell you whether
you should buy or sell right now,
but they will help you understand
what your purpose is for this
money,” says Susan John, head of
financial planning at F.L. Putnam
Investment Management in Wolfe-
boro, N.H. The growth of ESG

Story by Sarah Max Illustration by Josh Holinaty

May 25, 2020
investing adds another element, as
environmental, social, and corpo-
rate governance factors play a grow-
ing role in investment decisions.
There is also the emotional side
of addressing values: “How we
think and feel about money im-
pacts many, many parts of our
lives,” says Sarah Newcomb, a be-
havioral economist for Morning-
star and author of Loaded: Money,
Psychology, and How to Get Ahead
Without Leaving Your Values Behind.
Cracking the code on values isn’t
easy, however. Most parents are
reluctant to talk with their children
about money, much less their feel-
ings associated with it. And unlike
the power of compounding or the
perils of debt, values are in the eye
of the beholder.
“I don’t know that there are right
answers, but I have seen when there
are wrong answers, and with some
bad results,” says Grant Rawdin,
founder and CEO of Wescott Finan-
cial Advisory Group in Philadel-
phia. Over his career he has seen
extremes, from tragic accidents with
sports cars to a 16-year-old who
understood the intricacies of the
family balance sheet and went on to
be a successful financier. The values
part of the equation is so key that
the firm has a psychologist on staff.
“Children whose decisions are pred-
icated on having a certain level of
wealth for their lifetime often lose
the ability to find one of the most
important things that we all need—
and that’s having a purpose.”
A firm understanding of values
is key to finding purpose when the
usual financial incentives are less
relevant. Even among families that
aren’t wealthy, however, teaching
children the value of a dollar or the
satisfaction of earning and saving
money requires conscious, and
sometimes heroic, efforts—as
anyone who has said no to a
screaming child can understand.
Getting in Touch
With What Matters
The role of values is gaining promi-
nence among financial advisors and
behavioral psychologists. Many
large wealth management firms
have experts dedicated to helping
clients understand the intersection
of the two. While all families could
benefit from serious conversations
about values, the stakes are particu-
larly high for family foundations
and family-owned businesses.
Grubman likens the experience
for many families to the immigrant
experience. “Values are incredibly
important in keeping the family on
track across generations, and in
building good skills and attitudes
about money and wealth,” he says.
Roughly 80% of millionaires in
America are the first generation of
their family to be rich, he says, and
that raises three key questions:
“What do we keep from our heritage
that still serves us well? What do we
let go of that no longer serves us?
And what do we learn and take on
in the new circumstances that will
serve us for the future?”
Parents and grandparents should
first try to answer these questions
themselves and, if they’re married,
with their spouses. These views—
and where they diverge—can be the
root of many conflicts. They can be
relatively benign: Should you insist
that your kid have a summer job
that pays minimum wage, or would
her time be better spent mastering a
foreign language, instrument, or
sport? They can also be serious:
Should we continue to provide
financial support to an adult child
with substance-abuse problems?
At some point, parents should
bring their kids into the conversa-
tion. When children are younger,
parents can instill values by sharing
stories about experiences, tough
decisions, or lessons learned around
money.
Families with teenagers and
young adults can take the discus-
sion to the next level with value
cards and related exercises. Fami-
lies can make their own cards with
30 to 60 value words, or buy value
cards online.
“We have seen this be able to take
seemingly esoteric topics to a very
tangible conversation,” says Judy
Spalthoff, head of Family and Phi-
lanthropy Advisory Services Amer-
icas at UBS Global Wealth Manage-
ment. UBS created a deck of 30
cards, from which each family
member picks the three that most
reflect their values at this stage of
their lives, and three that don’t.
The goal shouldn’t be for every-
one to have the same values. Rather,
families can use these values to find
common ground and ground rules
for decisions. Some families use this
insight to craft mission statements,
family constitutions, or principles.
BARRON’S
“I don’t know that there are right
answers, but I have seen when there
are wrong answers, and with some
bad results.”
Grant Rawdin, Westcott Financial
“It’s an agreement about how you’ll
make decisions as a family and be
accountable, even if your values
differ,” says Matthew Wesley, man-
aging director at the Center for
Family Wealth at Merrill Private
Wealth Management. For example,
a family may talk about principles
of lifelong learning or hard work,
but how individuals apply those can
differ based on their own values.
It may sound a bit new age-y, but
the whole point is to start a conver-
sation and spend time thinking
about what money and wealth
represent—and how it can support
or detract from bigger goals. “There’s
a tremendous number of parallels
between how businesses use values
and how families use these values,”
says Grubman, recounting a situa-
tion where a large family business
referred back to its family constitu-
tion to settle a debate about whether
to price a new product to maximize
profitability or availability; they went
with the latter.
Of course, parents can talk about
values until they’re blue in the face,
“but nothing matters more than
your kids seeing what you do, how
you live, and how tuned in you are
to things you say you care about,”
says Madeline Levine, a psycholo-
gist whose book The Price of Privi-
lege chronicles emotional problems
among teenagers from affluent fam-
ilies; her newest book, Ready or Not,
looks at how teens and parents can
prepare for an uncertain world.
“Even worse than having poor val-
ues is sending a double message of
‘this is good for everyone else, but
we’re special,’ which is the gateway
to entitlement.”
“I often get asked about flying
private and if it’s going to harm the
kids,” Levine says. As she sees it,
the problem isn’t flying private per
se. “You can be a jerk on your pri-
vate plane, or you can be respectful,
just as you can be a jerk on a com-
mercial plane,” she says. Whatever
S3
the circumstances, just know that
your kids are watching.
Jeremy Grantham, chief invest-
ment strategist and co-founder of
Boston-based asset management
firm GMO, echoes this sentiment.
“It isn’t what you say; it’s what you
do,” he says. “Long before you get to
the intellectual level [about values
and wealth], the deed is already
done.” Grantham and his wife sent
their three children to prestigious
academic institutions, “but the boys
were never the best dressed,” he
Be a says, recalling that his oldest son
Good had a reputation for clothing him-
self from his school’s lost and found.
Steward What the parents did give their chil-
The most dren was experiences, and family
important trips to such places as the Amazon,
idea to Borneo, and the Galapagos sparked
communicate a shared obsession with climate
to their change. In 1997, the Granthams con-
families, verted their foundation to focus
high-net- exclusively on the environment.
worth people Meanwhile, all three of their chil-
told Merrill dren went on to study and work in
Lynch areas related to the environment, of
their own accord.
46% Putting Principles
Amount of Into Practice
people who Values are a big component of
have conveyed wealth planning, but they can’t exist
to their family in a vacuum. “Wealth skills have to
what “be a good be built on a good foundation of
steward” actu- money skills,” says Grubman. Fami-
ally means to lies of any income bracket can help
them raise financially responsible, well-
adjusted adults by introducing their
children to the concept of money
early on.
“You have to create a mini econ-
omy of income and expenses for
children to learn money skills, and
allowances are a great vehicle for
doing that,” he adds. Ideally, the
allowance should be enough to
cover common expenses and en-
courage saving and giving, but not
so much that kids don’t have to
make choices between spending,
saving, or giving.
S4
Lifetime Money manager Brian Yackt-
man learned the value of saving—
Gifts
Parents
and a passion for investing—
thanks to matching contributions
generous with from his father, legendary value
their money manager Don Yacktman. Now the
are often father of six, Brian Yacktman puts
stingy with a modern twist on the tradition.
communica- Using the iAllowance app, he gives
tion. his kids the choice of “spending” or
“investing,” in which case he dou-
33% bles their savings and pays them a
0.2% weekly return. “What’s inter-
The percentage esting is, some children had a pro-
of people sur- pensity to spend, and some to save,
veyed by Merrill but once the ‘spenders’ started see-
Lynch who have ing their ‘saver’ siblings making
told their fami- tons more money than them….It
lies about signif- literally changed their behavior,”
icant financial he says.
commitments, Allowance shouldn’t be tied to
such as assets chores, but that doesn’t give kids a
held in a trust, pass. Kids should learn how to
plans to fund make their own beds, wash dishes,
education, or a and do other tasks, Levine says,
down payment even if their parents have house-
on a first house hold staff to do it for them. “I was
speaking to a group in Silicon Val-
ley and someone asked if his child
needed to learn how to make a bed,
his reasoning being that he didn’t
have to make his own bed,” says
Levine. “It assumes that this
wealth will always exist, and it
doesn’t take into account what hap-
pens when the kid goes to college
and his roommate says make your
damn bed.”
Philanthropy should also be
part of the program. Younger chil-
dren can learn with three clear
jars—one each for spending, sav-
ing, and sharing—but many fami-
lies give older kids a say in more-
substantial gifts. “It’s becoming
more and more common for clients
to establish donor-advised funds to
facilitate charitable giving, have
some really constructive family
discussions, and give younger gen-
erations the opportunity to look for
causes they want to support and do
the research on those charities,”
says Spuds Powell, managing di-
rector with Kayne Anderson Rud-
nick Wealth Management in Los
Angeles.
Setting up such a fund typically
requires a $5,000 to $25,000 ini-
tial contribution, but families can
take their time dispersing the
funds to charities.
“I like the idea of giving kids
money to learn about philanthropy
for a million different reasons,”
BARRON’S
So, You Need to
Make a Decision…
We all have different decision-making styles,
but before you sit down for a conversation around
values and how you want your family to steward
your wealth, consider the following:
Consider your
overarching
purpose—is it to
preserve, divide, or
grow your estate?
2. Decide
Are you seeking input
but you’ll make the
decision? Or will the
decision be made by
consensus? Or a
majority vote?
A checklist may
sound reductive, but it’s a
surprisingly sophisticated
strategy.
4. Pause
Allow everyone
involved time to reflect
and write down their
ideas before a group
discussion.
Continue to evaluate
your experiences, and
incorporate new information,
insight, and feedback.
Source: Based on information from Merrill Private Wealth Mgmt
says Levine. “It’s a good family
project, and a way of underscoring
that we care about more than our-
selves, and it takes some work to
do it well.”
Grappling With More-
Grown-Up Issues
At some point, say experts, the
question among wealthy clients is
how much to share with their chil-
dren. In a Merrill Private Wealth
May 25, 2020
resilient,” says Merrill’s Wesley.
“They want their children to be
able to make their own way in the
world to weather the forces that
come, and they don’t want them to
be hothouse flowers.”
Talking about values and rein-
forcing them with practical educa-
tion and good role modeling can go
a long way toward ensuring that
kids don’t have to be on the family
1. Define
Your
payroll. Meanwhile, parents can be
forthcoming with their kids with-
Purpose out oversharing. His advice is to
What are your start with values and education,
guiding principles?
and make numbers the last part of
the process. “Most parents view
[telling their kids about their
wealth] as a light switch—either I
turn it on and tell them everything,
How to or keep it off and tell them noth-
Decide ing,” says Wesley. “We view it as a
Different processes dimmer switch.”
for different
situations Values become even more criti-
cal in bigger estate-planning ques-
tions. Again, advisors see many
extremes, from parents giving their
kids large inheritances before
3. Commit to they’re ready—in many cases be-
a Process cause of tax planning—to families
How to avoid the pitfalls making unreasonable (and unrea-
of decision-making
sonably specific) stipulations in
their estate documents. “There can
be some serious unintended conse-
quences for being too specific,”
says Newcomb.
and Listen As an alternative, she says many
What do those families write ethical wills, which
who will be affected are documents that pass on ethical
have to say?
values from one generation to the
next. “It’s a Jewish tradition that
has become common in other cul-
tures,” she says. These letters,
which are not legally binding, typi-
5. Periodically cally outline why people made the
Reassess financial decisions they made and
Especially in this how their heirs can honor their
fast-moving market
wishes.
While parents and grandparents
are eager to impart their own les-
sons and values, there is also some-
thing to be said for letting kids find
their own way. “This is classic good
Management study of wealthy parenting: You lay the foundation,
Americans, 64% said that they and you try to give the kids the
have never talked with family practical tools they need to make
members about how or why they good decisions,” says Rawdin, who
intend to pass on their assets, and recommends that ultrahigh-net-
10% said they had no intention to worth families carve out funds for
do so. adult kids to pursue their own
A common reservation is that endeavors. “But then, when it’s
the promise of an inheritance appropriate, give them a certain
might lead kids to be less moti- degree of freedom and hope that
vated. “What it boils down to is the work you did early on is going
that they want their children to be to pay off.” B
May 25, 2020 BARRON’S S5

Yuki Igarashi
Financial Advisor
Seattle, WA

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S6
Can Liquid Alts
Do Their Job This
Time Around?
Mutual funds and ETFs that mimic hedge fund strategies
haven’t done well—but they still have appeal
BY Leslie P. Norton
E
very problem, Norman
Vincent Peale was fond of
saying, has in it the seeds
of its solution. The trou-
ble is when the solutions bear the
seeds of new problems.
In a nutshell, that has been the
story of liquid-alternative funds, or
liquid alts. These are mutual funds
or exchange-traded funds that
mimic the investment strategies of
hedge funds. Born after the 2008
global financial crisis, liquid alts
BARRON’S
offered an avenue to generate return
at a time of extremely low interest
rates and an uncertain market.
Liquid alts were supposed to
provide diversification and protec-
tion during the next great crisis.
And yet, when that crisis flared up
this year, they didn’t. Instead, losses
piled up after the coronavirus pan-
demic was declared.
Nevertheless, demand for liquid
alts is expected to keep rising in a
world of rock-bottom rates, because
they are cheaper than real hedge
funds and you can get out of them at
any time, unlike hedge funds, which
typically have lockups. A survey by
New York Life Investment Manage-
ment suggests that more institutions
will replace hedge funds and funds
of funds with liquid alts.
That’s why some common-sense
tips, like the ones here, can guide
you through the thicket of options.
Liquid alts flourished from 2012
to 2014, as many new funds
launched in anticipation of the bull
market’s demise. Yet the average
liquid alt lagged behind the perfor-
mance of the average hedge fund; it
also underperformed the stock mar-
ket’s rise. Managed futures—trend-
following funds that own futures
contracts across a variety of asset
classes—fared especially poorly, as
the Federal Reserve began raising
rates in 2016 and markets wavered.
“People thought we could get
high returns from the stock market.
Why bother?” says Kelly Ye, direc-
tor of research at Index IQ, which
offers liquid-alt ETFs and a merger
arbitrage fund.
It got a bit better in the corona-
virus market rout: From the S&P
500 index’s peak on Feb. 19 to May 6,
the average liquid-alt fund was down
7.9%, about half the 15% decline of
the S&P 500, according to Morning-
star Direct. But a loss is a loss.
This time around, managed-
futures funds were the standout per-
former, with an average loss of 2.7%.
The other category averages from the
peak to May 6 are a sea of red—
hardly comforting for an investment
that promises diversification.
The longer-term numbers for
liquid alts look even worse. For the
three- and five-year periods, the
average liquid-alt fund returned
0.6% and 0.7% a year, respectively.
By contrast, the S&P 500 climbed
7.9% and 8.6%.
For Frank Marzano, enough was
enough.“I know so much about
them that we don’t use them any-
more,” says Marzano, managing
principal of GM Advisory Group.
“Ultimately, they don’t perform
when you need them to perform.”
S
hould an investor just give
up on the $119 billion cate-
gory altogether, as Marzano
did? Not yet.
For one, there are some jewels out
there, including RiverPark Long/
May 25, 2020
Short Opportunity (ticker: RLSIX).
Even as long/short funds fell nearly
11% during the crisis, RiverPark
Long/Short jumped 9.4%, making it
No. 11 among liquid alts. True, that’s
less than the performance of No. 1
ABR Dynamic Blend Equity &
Volatility (ABRVX); No. 2 Arin
Large Cap Theta (AVOLX), which
primarily invests in index-linked
options; and the ProShares Long
Online/Short Stores ETF (CLIX).
Yet over the one-year period, River-
Park is up 25.8%. It is equally im-
pressive longer term: 15.5% over
three years, compared with the S&P
500’s total return of 7.9%, and 10.5%
over five years, compared with the
S&P 500’s total return of 8.6%. The
fund has $91 million in assets and a
1.8% expense ratio.
Mitch Rubin, RiverPark’s man-
ager, was once a fund manager for
Ron Baron and calls himself a
“value-oriented growth manager.”
His goal is to double your money
over four to six years. Rubin likes
unlevered, cash-rich stocks. An
early believer that Covid-19 would
cause a rout in the markets, he
shorted hotels, ships, and casinos.
During the downturn, Rubin added
to positions in Amazon.com
(AMZN), Alphabet (GOOGL),
Mastercard (MA), Blackstone
Group (BX), and Microsoft
MSFT), and added new names like
DexCom (DXCM), a diabetes-
management system.
“A lot of things are lumped into
this [long/short] category, but we’ve
always believed in fundamental
research investing,” Rubin says.
Another one you might have
missed is the $114 million Cambria
Tail Risk ETF (TAIL), run by pod-
caster and investment manager Meb
Faber. The fund, which just turned
three years old, invests in Treasur-
ies and stock market puts, and
returned 17% from the market’s
peak to May 6. (Over the three-year
period, it lost 1%.)
“If the market is down 10% to
20%, we’d expect it to be up the
same amount,” says Faber, who
personally owns about 20% of the
fund. One fan is Scott Bye, a Fargo,
N.D., advisor who looks after port-
folios for a number of National
Hockey League players and other
personnel. He turned to the ETF
Cathal Duane
two years ago, “trying to manage the
downside.” Cambria Tail Risk is a
cash and bond substitute, since it
May 25, 2020
mainly owns Treasuries.
Another fan is Alon Ozer, who
runs Omnia Family Wealth, a $2
billion multifamily office in Miami.
“Most alts don’t really work; the last
drop of the market was proof,” Ozer
says. “If you don’t perform in this
case, why do I need you?” The Cam-
bria fund is different, he says. “It’s
extremely simple, doing its work,
and I don’t have to stay up at night.”
So how can an investor find the
diamonds amid all this cubic zirco-
nia? As you navigate the liquid-alts
market, consider the following:
Your advisor will look at liquid
alts despite their lackluster aver-
age performance. With interest
rates at rock-bottom, the CAIA As-
sociation, a trade group that focuses
on alternative investments, expects
alternatives to account for as much
as 24% of global investments by
2025, versus 12% in 2018.
“Absolute return” doesn’t mean
“never goes down.” Funds that
own stocks will still take part in any
market decline. Among CAIA’s
1,000-plus membership, only 20%
expect hedge funds to have a posi-
tive return in a year that global equi-
ties decline 10% or more. “These are
low-correlated strategies, not nega-
tively correlated,” says Morning-
star’s Erol Alitovski. Phil Huber,
chief investment officer at Savant
Capital Management in Lincoln-
shire, Ill., notes, “If you expect your
alternatives to be a silver bullet, you
will inevitably be disappointed.”
Know what you’re getting into.
Understand what each strategy
does, and how it works in a down-
turn. For example, managed futures
largely avoided the downturn, but
trend-chasing is a form of market
timing that doesn’t always work,
because it is based on past perfor-
mance. “It hasn’t all been a smooth
one-way ride,” says Yao Hua Ooi,
principal at AQR, whose AQR
Managed Futures Strategy (AQ-
MIX) lost just 1.6% during the
downturn and is the largest of the
trend-chasers. It trades more than
100 futures contracts across equi-
ties, interest rates, commodities,
and currencies. Early this year, it
was bullish on fixed income; when
energy prices began falling, it went
short energy. Ooi notes that inves-
tors need a long-term view, and that
BARRON’S
AQR funds have high minimums to range from 5.38% for Camelot Pre-
discourage people from using them mium Return (CPRFX), all the way
without a financial advisor. down to 0.39% for Invesco S&P
500 Downside Hedged ETF
Liquid alt strategies still require (PHDG). “Fee reduction is the pur-
diversification. Andrew Beer, who est form of alpha,” Beer says; his
manages the iM DBi Managed Fu- ETF charges 0.85%. Daniil Shapiro
tures Strategy ETF (DBMF), notes of Cerulli Associates says, “The
that investors are often exposed to a winners will be simple and cost-
single manager’s choices. “Even if competitive products.”
you have a 5% allocation to a single
fund, and it’s suddenly down 30%, Quit timing the market. According
it’s a huge problem across your to a study by Morningstar, investor
portfolio,” he says. returns in liquid alts have badly
Beer’s fund seeks to match the lagged behind fund returns, because
pre-fee performance of 20 leading people tend to buy after a fund gains
managed-futures hedge funds by value and sell after its loses value.
identifying their main market expo- Bill Kelly, CEO of CAIA Association,
sures and then investing directly in says that investors too often are sold
long and short positions of the most alpha, or excess returns, but instead
liquid contracts. During the recent get beta, or market risk, because
decline, Beer’s fund fell 3.4%. For they are in an investment for such a
the one year, it rose 13.1%. short time. “Even if a strategy is
Mick Swift, CEO at Abbey Capi- absolutely perfect, in the period of
tal, runs two popular liquid alts, time we’ve been through, the turn-
including Abbey Capital Futures over is enormous,” he says, “and the
Strategy (ABYIX), and Abbey Cap- many shareholders coming in and
ital Multi Asset (MAFIX), part of out will cause higher correlations to
which is also focused on trend-seek- the asset class that you’re trying to
ing. “It’s a reasonable chance we’ll diversify away from.”
see allocations [to managed futures]
rising after this crisis,” Swift says. Have a meaningful amount
invested. Diversification means an
Watch your fees. The average net allocation of at least 5% to 10%,
expense ratio for a liquid-alt fund is experts say. A 2015 study by Morn-
1.5%—costly even when compared ingstar and Barron’s found that ad-
with actively managed funds. Fees visors allocated from 5% to 20% of
Liquid Alts Performance by Category
Trend-following managed futures did best; long/short equity did worst.
Net RETURNS
AUM Flows Since
Category / Definition (bil) YTD* (mil) 2/19/20 1 Year
Derivative Hedged Equity $27.0 $1,060 -9.41% -3.8%
Reduces exposure through options, futures, inverse ETFs
Equity Market Neutral 2.0 796 -3.19 -3.4
Maintains neutral exposure to stock market
Event Driven 22.0 117 -5.09 -2.0
Profits from bankruptcies, mergers, and other corporate actions
Global Macro 8.0 1,320 -6.15 -2.3
Offers exposure to global equities, fixed-income, currencies, and commodities, with short exposure
Long / Short Equity 18.0 3,580 -10.8 -6.3
Holds long and short positions in equities and related derivatives
Managed Futures 13.0 216 -2.71 2.0
Trades futures, options, swaps, and forex contracts; mostly trend-following
Multistrategy 28.0 2,530 -7.08 -3.9
Offers exposure to several different alternative investment tactics
All CATEGORIES $117.3 -$7.5B -7.87% -3.6%
SPDR S&P 500 ETF $261.8 -$24.6B -15.04% -0.9%
*As of April 30. Returns as of May 6, 2020. B=billion. Source: Morningstar Direct
S7
Go For It assets to alternatives. Huber of
Alternative Savant Capital has 10% to 20% of
strategies only portfolios in liquid alts. According
work if you to CAIA, U.S. pensions have 11%
have a mean- allocated to alts; retail investors, 5%.
ingful amount
invested. Find a manager whose interests
are aligned with yours. Ask your-
10%-20%
self about your tolerance for risk
and high fees. Are you looking to
enhance diversification or returns?
of your portfolio “Some strategies can’t be timed, and
should be allo- certain investors probably shouldn’t
cated to liquid consider them for their portfolios.
alts. If that An investor who’s not closely fol-
sounds like too lowing a specific investment will
much, they may probably be disappointed,” says
not be for you. Morningstar’s Alitovski. “For inves-
tors who can understand the com-
plexities and identify managers with
an alignment of interest, these have
a place in the portfolios.”
Alitovski won’t make recommen-
dations, but Morningstar has three
silver-rated liquid-alts funds, in
which a Morningstar analyst took
into account the fund’s people, pro-
cess, parent company, performance,
and price. The silver-rated funds
include BlackRock Global L/S
Equity Market Neutral (BDMIX),
JPMorgan Hedged Equity
(JHQRX), and BNY Mellon Global
Real Return (DRRIX).
Finally, biggest isn’t always best.
The largest liquid alt is five-star
rated Calamos Market Neutral
(CMNIX), which uses convertible
arbitrage for return and hedged
options for income. The $8.6 billion
fund lost 2.1% during the recent
Avg. downturn, and over the three- and
Expense
5 Year Ratio five-year periods returned 3% and
1.5% 1.07% 3.1%, respectively, beating other
market-neutral funds and liquid
alts, in general.
-0.3 1.91
On the other hand, the bronze-
rated, $6.6 billion Blackstone Al-
1.8 1.73 ternative Multi-Strategy (BX-
MDX), the largest multistrategy
fund, fell 14.4% during the down-
0.3 1.28
turn, dropped 2.4% for the three
years, and was flat for five. The
1.1 1.89 Blackstone fund, incidentally, has
an expense ratio of 2.93%.
As Peale, the author of The Power
-0.3 1.48
of Positive Thinking, was also fond of
saying, “Empty pockets never held
0.0 1.82 anyone back.”
Whatever your view on the mar-
0.71% 1.53% kets, Covid-19 looks as if it will be
with us for the long haul. For better
8.61% 0.10% or worse, that could mean much
more demand ahead for liquid alts. B
S8
It’s a Weird
Market. Time
To Go Active
Barron’s spoke to top advisors who are moving
out of passive and into actively managed funds
By Karen Hube
I
f stockpickers have a chance of
salvaging their reputations,
this is it. A violent selloff and
equally rapid ascent in the
stock market has caused mis-
pricings and created massive dispari-
ties among sectors and stocks, giving
actively managed mutual funds an
opportunity to beat the index’s re-
turn, after lagging behind badly
throughout the long bull market.
BARRON’S
Some financial advisors, includ-
ing longtime skeptics of active man-
agement, are moving money into
these strategies. They believe that
the market is acting irrationally
enough to give good managers the
chance of beating their benchmarks,
and that a longtime trend toward
lower fees has lowered the hurdle to
outperformance.
“It makes sense to be surgical
now more than ever,” says Ron Car-
son, CEO and founder of Carson
Group, an Omaha advisory, which
last quarter added an active strategy
to U.S. stock allocations and is in the
process of switching all of its devel-
oped international allocation to ac-
tive funds from about a 50-50 split.
“When the economy is humming
along, the rising tide raises all boats.
But we’re going to see a major con-
traction this quarter and massive
volatility,” Carson says. “To find
companies gaining market share
even if their prices are going down
takes a manager digging into a com-
pany’s debt structure, free cash flow,
fundamentals. Talking to suppliers,
looking upstream and downstream.
Hours of homework.”
The move by Carson and other
advisors is a fresh vote of confi-
dence for actively managed mutual
funds, most of which trailed passive
strategies throughout the long bull
market. In August, the amount in-
vested in passive funds hit $4.3 tril-
lion, exceeding assets under active
management among individual in-
vestors for the first time and ce-
menting the dominance of indexing.
For some advisors, however, prun-
ing passive and adding active expo-
sure began before the February
stock market pullback, as they pre-
pared for what they thought would
be an end to the 11-year bull market
and lower returns in 2020.
“The markets were overbought,
and there’s no cerebral cortex to a
passive approach,” says Andrew
Rosen, an advisor at Diversified in
Wilmington, Del. “We use passive to
grab big swaths of the market, but
added active managers to tilt port-
folios and use rationale to increase
and decrease positions.”
Rosen says that he continued to
add active managers as the market
pulled back sharply in response to
Covid-19. “We wanted to both pro-
tect on the downside and position
for a recovery,” says Rosen, who
switched 10% of his passive hold-
ings to active, including all interna-
tional stock investments and some
U.S. stock and fixed-income hold-
ings. He particularly likes T. Rowe
Price Blue Chip Growth (ticker:
TRBCX), Federated MDT Small
Cap Growth (QASGX), Invesco
Oppenheimer Developing Mar-
kets (ODMAX), and Baird Aggre-
gate Bond (BAGIX).
For years, active managers have
May 25, 2020
been making the case that they
would shine in a market downturn,
using human intelligence and finan-
cial analysis to assess stocks that
were unfairly punished. The logic is
sound, but the execution is tough.
Among active U.S. stock funds,
winning managers are almost al-
ways in the minority. Consider that
there was no rolling five-year period
over the 22 years from 1997 to 2018
in which more than 50% of manag-
ers beat their Morningstar category,
according to Morningstar research.
For the rolling periods ending in
each of the five years from 2014 to
2018, less than 20% of managers
had success.
The data cast a better light on
U.S. stock fund managers during
periods of unrest in the markets.
The high-water mark for actively
managed U.S. stock funds was after
the technology bubble burst in
2000, when more than 70% of ac-
tive fund strategies beat passive
counterparts.
“It was a turkey shoot in the
sense you had this extreme diver-
gence between growth stocks and
value, large and small, domestic and
foreign,” says Jeffrey Ptak, global
director of manager research for
Morningstar. “When you have those
kinds of spreads, it’s a boon for ac-
tive investors. Success rates went
through the roof.”
In the recent V-shape downdraft
and bounce in stock prices through
April, 48% of U.S. active stock man-
agers outperformed their category
indexes. During the downswing
from Feb. 19 to the trough on March
23, 53% outperformed, according to
Morningstar.
L
ooking ahead, advisors say
they expect the climate to
continue to be tough for
stockpickers in the large-cap space.
“We had a major market break,
but the leadership in large-cap
stocks hasn’t changed—the Big Five
(Amazon.com [AMZN], Alpha-
bet’s Google [GOOGL], Apple
[AAPL], Facebook [FB], and
Microsoft [MSFT]) account for
over 20% of the S&P 500 index,”
says John Apruzzese, chief invest-
ment officer at Evercore Wealth
Management, who is in the process
of shifting all international exposure
R. Fresson
to active strategies. “People would
think it would be active managers’
heyday, but it’s very difficult to out-
May 25, 2020
perform the S&P 500 when the
megastocks are still leading.”
Those who are adding active
management in U.S. large-cap allo-
cations are nibbling rather than
making big changes, often choosing
concentrated portfolios of 30 to 40
stocks so the manager has agility
and flexibility—theoretically, at
least—to dodge risks and snap up
opportunities.
Judith McGee, chairwoman and
CEO of McGee Wealth Management
in Portland, Ore., has long favored
active managers but has held about
15% in passive options, primarily in
U.S. stocks. She recently reduced
that to 5%, adding a high-conviction
U.S. value manager, American
Funds American Mutual (AM-
RFX) and an active ETF with a
focus on technology called ARK
Innovation (ARKK).
“We’re not just looking at offense;
this is for defense, too,” McGee says.
Both active funds have a strong re-
cord: Each trounced benchmarks
and at least 90% of peers in the past
one, three, and five years.
T
he shift to active strategies
has been more aggressive in
small-cap U.S. stocks, inter-
national stocks, and fixed income,
where actively managed funds have
a higher success rate and many of
the indexes are structurally unap-
pealing to advisors. “We are moving
from a mix of active and passive in
international developed stocks to all
active,” says Evercore’s Apruzzese.
“The international indexes [are] full
of things we don’t want.”
For example, banks have been
weakened by negative interest rates
and dividend cuts, Apruzzese says.
Auto manufacturers are grappling
with weak sales and the high cost of
switching to electric vehicles, and
oil companies are facing major
restructuring needs and dividend
cuts, he adds.
Last year, 46% of U.S. small-blend
managers beat their indexes com-
pared with 35% of U.S. large-blend
funds. The benchmark-beating rate
among international stockpickers
was significantly higher: 58% of for-
eign large-blend and 68% of diversi-
fied emerging markets managers.
Obviously, switching to active
management is successful only if
the advisor picks the right mangers.
Academic studies have shown that
it’s difficult to predict which manag-
ers will outperform, but one good
indicator is fees. Lower-fee funds
produce the highest returns across
every asset class. Other factors that
advisors prioritize are low turnover
(to keep taxes down), easy access to
managers, and a high active share.
Low active share means that a fund
looks just like the benchmark—
owning the same stocks in roughly
the same proportion, making it hard
to justify higher fees.
Lori Van Dusen, founder and
CEO of LVW Advisors in Pittsford,
N.Y., acknowledges that even if you
invest with the best manager, mov-
ing away from index investing
comes with a risk. “If you get a big
broad-market bounce, you might
miss it,” she says, but adds that the
dislocations in some major global
markets have been extreme and are
best analyzed by seasoned stock-
pickers. She has shifted assets to
active managers in U.S. small-caps,
emerging markets, and fixed
income.
That’s completely different than
her approach through the 2008
market rout. Coming out of 2008,
stocks were cheap and bond inter-
est-rate spreads blew out so dramat-
ically that investors couldn’t go
wrong in index funds, Van Dusen
says. “Now, with a rolling gradual
opening of the economy, you have to
have a lot more skill in small-caps
and debt to understand the differ-
ence between solvency and liquidity
issues,” she says. “A lot of compa-
nies today are financially fragile,
and some are not. There’s opportu-
nity for people who can understand
which are which.”
Active fixed-income funds ha-
ven’t had a great track record lately
in beating their benchmarks.
Among corporate bond funds, just
26% did last year and 48% in 2018.
But with interest rates so low, index
funds in fixed income don’t seem
poised for a big bump this year, so
many advisors are selecting uncon-
strained fixed-income managers,
who can pick and choose where to
invest across fixed-income asset
classes and internationally.
“With the 30-year Treasury pay-
ing around 1.5%, it’s almost impos-
sible to make money passively in
bonds right now,” says Steve Pod-
nos, a principal at Wealth Care in
Cocoa Beach, Fla., who recently
raised his active allocation in fixed
income from 70% to 90%. “And
BARRON’S
“A lot of companies today are
financially fragile, and some are not.
There’s opportunity for people who
can understand which are which.”
Lori Van Dusen
what happens when interest rates
start to go up? Passive medium- to
long-term investments will get ham-
mered. Being active allows us to
invest both domestically and inter-
nationally in a number of different
areas of fixed income.” He favors
Pimco Income (PONAX), DFA
Five Year Global Fixed Income
Portfolio (DFGBX), and Fidelity
Total Bond (FTBFX).
Some advisors who traditionally
avoided active managers because of
high fees say that a steady, years-
long decline in fees has been a game
changer. “We’ve always been ex-
tremely fee conscious; fees have
compressed enough that active fees
are justified,” says Leon LaBrecque,
A Chance chief growth officer at Sequoia Fi-
To Shine nancial Group in Troy, Mich. He has
Market turmoil fully embraced active management
favors active in fixed income and is considering
management. adding active managers to his
mostly passive stock portfolio.
$24 U.S. stock funds charge an aver-
age 0.7% compared with passive
Billion funds’ 0.1%. Taxable-bond fund
average expense ratios are 0.53% for
The amount that active and 0.12% for passive.
went into active A broad shift from passive to
funds in January active isn’t glaring in fund-flow
and February, data, but some trends are notable.
reversing a The cheapest active funds steadily
10-month trend saw inflows throughout the bull
of steady market, according to Morningstar.
outflows The firm also notes that in January
and February of this year, a net $24
billion went into active funds. Sure,
that’s significantly less than the $78
billion that went into index funds,
but it ended a 10-month trend of
steady net outflows.
Investors reversed course in
March and yanked massive assets
out of both active and passive funds.
Jitters continued in April, but a
more granular look shows that in-
vestors pulled far less out of actively
managed U.S. stock funds than pas-
sive, and that actively managed
stock sector funds had net inflows.
The emphasis on active strategies
S9
goes beyond mutual funds and
ETFs. Some advisors say the pull-
back in asset prices has prompted
them to allocate more to private
investments and other nontradi-
tional asset classes.
“We’re looking at some private-
equity and venture strategies that
we passed on in the fall because of
pricing, but now pricing has come
down,” says Deb Wetherby, founder
and CEO of Wetherby Asset Man-
agement in San Francisco. Real es-
tate and private lending are among
the areas of interest, she says.
Some advisors say that while
they haven’t expanded active alloca-
tions, they’ve been elbow-deep in
assessing their current managers.
“Moving forward, active manag-
ers will be able to add the most
value in areas such as technology,
health care, parts of finance, and
consumer,” says Kent Insley, man-
aging director at Tiedemann
Wealth.” He particularly likes Akre
Focus (AKREX), which has more
than 75% in cyclical stocks such as
financial services and real estate,
and has beaten its benchmark and
at least 90% of its peers in the trail-
ing three-, five-, and 10-year periods
through May 12.
As markets continue to roil,
many advisors say they’ve been
spending days conferencing from
their home offices with colleagues
to discuss strategies for the next
few quarters. Gary Hager, presi-
dent and founder of Integrated
Wealth Management in Red Bank,
N.J., is a big believer in passive
investing, but is prepared to move
about 10% of his portfolios to ac-
tive management if the market de-
livers another pullback. “Because
of the speed and violence of the
market’s move down and up in the
first quarter, there was never an
opportunity to implement our
plan,” he says. Given continued
economic duress, he adds, “I
suspect there will be.” B
S10 BARRON’S May 25, 2020

SPECIAL ADVERTISING SECTIONSPECIAL ADVERTISING SECTION

BARRON’S ALABAMA CALIFORNIA

James Marten

TOP ADVISOR GUIDE

Robert Runkle
Merrill Lynch
Montgomery
robert_runkle@ml.com
(334) 409-5810
This section is a reprint of select advisors from
fa.ml.com/Robert_Runkle
our four annual financial advisor rankings. For more $1.5m Typical Account Size
information on them and other ranked advisors, $1,338m Total Assets
visit barrons.com/directory.
ARIZONA
ABOUT THIS SECTION
This guide provides readers with expanded details Robert Bancroft
on Barron’s-ranked advisors. Barron’s publishes Morgan Stanley Private Wealth
Scottsdale
four individual advisor rankings each year along
with three team- or firm-based rankings. All robert.bancroft@morganstanleypwm.
advisors appearing here are eligible because they com
(480) 624-5714
have appeared in a Barron’s wealth-management
advisor.morganstanley.com/bbsg
ranking in the preceding year. Advisors pay a
$20m Typical Account Size
fee to be listed in this special section, but their
$1,314m Total Assets
participation has no bearing on future rankings.
HOW ARE ADVISORS RANKED? Michael Butt
Morgan Stanley
Advisors who wish to be ranked fill out a
Scottsdale
comprehensive application about their practice.
michael.butt@ms.com
We verify that data with the advisors’ firms and
(480) 368-6565
with regulatory databases and then we apply our
advisor.morganstanley.com/michael.
rankings formula to the data to generate a ranking. butt
The formula features three major categories
$2.11m Typical Account Size
of calculations: assets, revenue and quality of $735m Total Assets
practice. In each of those categories we do multiple
subcalculations.
Brian Crawford
Wells Fargo Advisors
We have spent more than 15 years perfecting the Tucson
balance of these factors to create a consistent and
brian.crawford@wfadvisors.com
clear benchmark that accounts for the wide range (520) 615-8463
of practice models in the wealth management home.wellsfargoadvisors.com/brian.
industry. This benchmark minimizes bias and crawford
human error in our process. $1.5m Typical Account Size
$1,100m Total Assets
HOW DO I FIND AN ADVISOR?
Barron’s rankings are meant as a starting point for
Joe Di Vito
clients looking for an advisor—a first-pass vetting
RBC Wealth Management
that can help investors narrow a search.
Private Client Group
Phoenix
Every advisor will have his or her own approach joe.divito@rbc.com
to investing, financial planning and other services. (602) 381-5340
Clients are encouraged to approach the search thedivitoconsultinggroup.com
for an advisor the way they would a search for a $2m Typical Account Size
$470m Total Assets
doctor—interviewing multiple professionals and
getting opinions from multiple third parties.
For more information on these and other Barron’s-
ranked advisors, visit barrons.com/directory.
Merrill Lynch
Phoenix Matthew Babrick
First Republic Investment
james_marten@ml.com Management
(602) 954-5016 Los Angeles
fa.ml.com/martengroup
mbabrick@firstrepublic.com
$3.5m Typical Account Size (310) 788-3739
$2,319m Total Assets
firstrepublic.com/all-profiles/matthew-
babrick
Glenn Pahnke $30m Typical Account Size
RBC Wealth Management $3,396m Total Assets
Scottsdale
glenn.pahnke@rbc.com Emily Bach
(480) 609-4901 The Bach Group at Morgan Stanley
us.rbcwealthmanagement.com/
Orinda
pahnkewealthmanagementgroup
emily.bach@morganstanley.com
$3.5m Typical Account Size (925) 253-5322
$1,181m Total Assets
fa.morganstanley.com/thebachgroup
$4m Typical Account Size
David Stahle $1,084m Total Assets
Merrill Lynch
Gilbert
Anouchka Balog
david_stahle@ml.com Morgan Stanley
(480) 752-6435
Laguna Niguel
fa.ml.com/sbgroupaz
anouchka.m.balog@morganstanley.com
$3m Typical Account Size
(949) 365-5306
$2,557m Total Assets advisor.morganstanley.com/the-balog-
group
Mark Stein $5m Typical Account Size
Galvin, Gaustad & Stein $637m Total Assets
Scottsdale
mark@ggsadvisors.com Jim Berliner
(480) 776-1440 Westmount Asset Management
ggsadvisors.com
Los Angeles
$1.52m Typical Account Size jberliner@westmount.com
$402m Total Assets (310) 556-2502
westmount.com
Ruth Transue $3.5m Typical Account Size
Wells Fargo Advisors $3,367m Total Assets
Tucson
transuer@wellsfargo.com Steven Check
(520) 529-5932 Check Capital Management Inc.
fa.wellsfargoadvisors.com/ruth-transue Costa Mesa
$2m Typical Account Size
scheck@checkcapital.com
$680m Total Assets
(714) 641-3579
checkcapital.com
Trevor Wilde $1m Typical Account Size
Wilde Wealth Management Group $1,459m Total Assets
Scottsdale
trevor@wildewealth.com Randy Conner
(480) 361-6203 Churchill Management Group
wildewealth.com Los Angeles
$0.65m Typical Account Size info@churchillmanagement.com
$1,160m Total Assets (877) 937-7110
churchillmanagement.com
$1m Typical Account Size
$5.5b Total Assets
May 25, 2020
Lisa Detanna
Raymond James
Beverly Hills
lisa.detanna@raymondjames.com
(310) 285-4506
raymondjames.com/
globalwealthsolutionsgroup
$5m Typical Account Size
$3,871m Total Assets
Fred Fern
Churchill Management Group
Los Angeles
fredafern@churchillmanagement.com
(877) 937-7110
churchillmanagement.com
$1m Typical Account Size
$5.5b Total Assets
Philippe Hartl
Merrill Lynch Wealth Management
Century City
philippe_hartl@ml.com
(310) 407-3984
pwa.ml.com/hartl_team
$45m Typical Account Size
$5,464m Total Assets
Seth Haye
Morgan Stanley
Westlake Village
seth.haye@morganstanley.com
(805) 494-0215
advisor.morganstanley.com/the-oaks-
group
$3.5m Typical Account Size
$1,318m Total Assets
Richard Jones
Merrill Lynch - Private Wealth Mgmt Kayne Anderson Rudnick
Los Angeles
Richardb_jones@ml.com
(310) 407-4925
pwa.ml.com/joneszafarigroup
$50m Typical Account Size
$15,772m Total Assets
Elaine Meyers
J.P. Morgan Securities
San Francisco
elaine.meyers@jpmorgan.com
(415) 315-7801
jpmorgansecurities.com/elainemeyers
$50m Typical Account Size
$3,048m Total Assets
Greg Onken
J.P. Morgan Securities
San Francisco
greg.onken@jpmorgan.com
(415) 772-3123
jpmorgansecurities.com/os-group
$15m Typical Account Size
$3,500m Total Assets
George Papadoyannis
Ameriprise Financial Services
San Mateo
george.x.papadoyannis@ampf.com
(650) 593-9170
papadoyannisandassociates.com
$3m Typical Account Size
$1,900m Total Assets
Laila Pence
Pence Wealth Management
Newport Beach
laila.pence@lpl.com
(949) 660-8777
PenceWealthManagement.com
$2.5m Typical Account Size
$2,053m Total Assets
Darren Pfefferman
Morgan Stanley Private Wealth
San Diego
darren.a.pfefferman@
morganstanleypwm.com
(858) 597-7754
advisor.morganstanley.com/the-
pfefferman-daluiso-group
$10m Typical Account Size
$1,657m Total Assets
Spuds Powell
Investment Management
Los Angeles
spowell@kayne.com
(310) 282-7945
kayne.com
$8.5m Typical Account Size
$30,216m Total Assets
Frank Reilly
Reilly Financial Advisors
La Mesa
frank.reilly@rfadvisors.com
(800) 682-3237
rfadvisors.com
$2m Typical Account Size
$2,257m Total Assets
BARRON’S S11
SPECIAL ADVERTISING SECTION
Deb Wetherby Carl Hoover Thomas Markey
Wetherby Asset Management Merrill Lynch Private Banking & Morgan Stanley
San Francisco Investment Group Stamford
deb@wetherby.com Denver thomas.markey@morganstanley.com
(415) 399-9159 Carl_Hoover@ml.com (203) 967-7049
wetherby.com (720) 941-2033 fa.morganstanley.com/themarkeygroup
$33.35m Typical Account Size pwa.ml.com/thehtteam $5m Typical Account Size
$5,394m Total Assets $15m Typical Account Size $1,072m Total Assets
$2,391m Total Assets
Alan Whitman Charles J. Noble, III
Morgan Stanley Wealth Joseph Janiczek Janney Montgomery Scott
Management Janiczek Wealth Management New Haven
Pasadena Denver noblegroup@janney.com
alan.whitman@morganstanley.com cwegner@janiczek.com (203) 784-7401
(626) 405-9313 (303) 721-7000 advisor.janney.com/
fa.morganstanley.com/wz janiczek.com noblewealthadvisors
$5m Typical Account Size $2.5m Typical Account Size $6m Typical Account Size
$3,102m Total Assets $625m Total Assets $1,005m Total Assets
Dale Yahnke Wally Obermeyer Harold Trischman
Dowling & Yahnke Wealth Advisors Obermeyer Wood Investment Morgan Stanley
San Diego Counsel Greenwich
dale.yahnke@dywealth.com Aspen/Denver harold.j.trischman@morganstanley.com
(858) 509-9500 wally@obermeyerwood.com (203) 625-4824
dywealth.com (970) 925-8747 fa.morganstanley.com/trischmangroup
$4.2m Typical Account Size obermeyerwood.com $5m Typical Account Size
$4,468m Total Assets $3m Typical Account Size $2,242m Total Assets
$1,550m Total Assets
Cheryl L. Young DELAWARE
Morgan Stanley Scott Thisted
Los Gatos Merrill Private Wealth Mgmt Michael Koppenhaver
cheryl.young@morganstanley.com Denver Merrill Lynch
(408) 358-0976 scott_thisted@ml.com Dover
fa.morganstanley.com/ (720) 941-2034 michael_s_koppenhaver@ml.com
youngandassociates pwa.ml.com/thehtteam (302) 736-7743
$5m Typical Account Size $15m Typical Account Size fa.ml.com/Koppenhaver_Hawkins_
$2,015m Total Assets $2,391m Total Assets Associates
$2m Typical Account Size
COLORADO CONNECTICUT $737m Total Assets
Mark Brown Peter Chieco Peni Warren
Brown & Company Morgan Stanley Merrill Lynch
Denver Greenwich Dover
mbrown@brownandco.com peter.chieco@morganstanley.com peni_warren@ml.com
(303) 863-7112 (203) 625-4897 (302) 736-7710
brownandco.com morganstanleyfa.com/ fa.ml.com/delaware/dover/the_warren_
$6.2m Typical Account Size thesoundshoregroup group
$510m Total Assets $7m Typical Account Size $1.5m Typical Account Size
$2,111m Total Assets $684m Total Assets
Shawn Fowler
Morgan Stanley Private Wealth William Greco
Denver UBS Financial Services Participation in this section is only open
shawn.fowler@morganstanley.com Hartford to advisors who have been listed in our
(303) 446-3306 william.greco@ubs.com editorial rankings. Advisors pay a fee to
pwm.morganstanley.com/fowlerbull (860) 727-1515 be included in this reprint. Participation
in this section has no bearing on the
$35m Typical Account Size ubs.com/team/grecogroup
outcome of our rankings. Assets are tied
$4,033m Total Assets $10m Typical Account Size to the most recent ranking. For more info,
$3,992m Total Assets visit barrons.com/directory.
S12 BARRON’S May 25, 2020

SPECIAL ADVERTISING SECTION

WASHINGTON, D.C.
Ralph Byer Erick Ellsweig William King Daryn Pingleton
Merrill Lynch Merrill Lynch Merrill Lynch Wealth Management Merrill Lynch
Michael Freiman Plantation West Palm Beach Vero Beach West Palm Beach
Morgan Stanley Wealth
Management Ralph_Byer@ml.com Erick_Ellsweig@ml.com william_w_king@ml.com daryn_pingleton@ml.com
Washington (954) 916-2816 (561) 514-4832 (772) 231-9037 (561) 514-4817
fa.ml.com/byer_wealth_mgmt fa.ml.com/KMandAssociates fa.ml.com/new-york/new-york/the-king- fa.ml.com/florida/west-palm-beach/
michael.j.freiman@morganstanley.com group pingleton_group
(202) 778-1382 $5.35m Typical Account Size $3.5m Typical Account Size
teamfreiman.com $663m Total Assets $1,456m Total Assets $8m Typical Account Size $4m Typical Account Size
$1,031m Total Assets $929m Total Assets
$1.25m Typical Account Size
$1,628m Total Assets Adam E. Carlin John Elwaw
Morgan Stanley Private Wealth Morgan Stanley Trent Leyda Scott Pinkerton
Coral Gables Miami Morgan Stanley FourThought Private Wealth
Marvin McIntyre Vero Beach Venice
Morgan Stanley Private Wealth adam.e.carlin@morganstanleypwm.com john.elwaw@ms.com
Washington (305) 476-3302 (305) 376-2408 Trent.Leyda@MorganStanley.com scottpinkerton@fourthought.com
fa.morganstanley.com/adam.e.carlin morganstanleyfa.com/ (772) 234-1805 (866) 209-8557
Marvin.mcintyre@morganstanleypwm. theelwawcavalierigroup/groupdetail.htm advisor.morganstanley.com/the-leyda- fourthought.com
com $20m Typical Account Size
$3,084m Total Assets $10m Typical Account Size group $5.54m Typical Account Size
(202) 778-1381
advisor.morganstanley.com/cwmg $1.52b Total Assets $5m Typical Account Size $1,122m Total Assets
$1.27b Total Assets
$8.5m Typical Account Size Louis Chiavacci
$3,951m Total Assets Merrill Private Wealth Mgmt Janet Franco Gordon Andrew Schultz
Coral Gables Morgan Stanley Scott Macaione Morgan Stanley Private Wealth
louis_chiavacci@ml.com Coral Gables WaterOak Advisors Management
FLORIDA
(305) 774-0501 janet.franco.gordon@morganstanley. Winter Park Miami Beach
pwa.ml.com/ChiavacciTeam com barrons@wateroak.com andrew.schultz@morganstanleypwm.
Richard Altieri (305) 476-3304 (407) 567-2956 com
Morgan Stanley $35m Typical Account Size
$3,627m Total Assets fa.morganstanley.com/thegordongroup wateroak.com (305) 695-6116
Boca Raton fa.morganstanley.com/theschultzgroup
$6.5m Typical Account Size $3m Typical Account Size
richard.altieri@morganstanley.com $872m Total Assets $2,114m Total Assets $10m Typical Account Size
(561) 393-1836 Aimee Cogan $773m Total Assets
fa.morganstanley.com/thealtierigroup Morgan Stanley
$5m Typical Account Size Sarasota Trevor Fried Michael McCain
$959m Total Assets Aimee.Cogan@Morganstanley.com Morgan Stanley Jacoby Nealon & McCain Wealth Michael Silver
(941) 363-8513 Fort Lauderdale Management Group of Wells Fargo Baron Silver Stevens Financial
advisor.morganstanley.com/the- trevor.fried@morganstanley.com Advisors Advisors
Louise Armour bellwether-group (954) 713-8436 Naples Boca Raton
J.P. Morgan Securities advisor.morganstanley.com/the-las- michael.mccain@wfadvisors.com msilver@bssfa.com
Palm Beach Gardens $10m Typical Account Size
$1,066m Total Assets olas-group (239) 254-2206 (561) 447-1997
louise.armour@jpmorgan.com $2m Typical Account Size jacobynealonmccainwmg.com bssfa.com
(800) 926-6604 $814m Total Assets $10m Typical Account Size $1m Typical Account Size
jpmorgansecurities.com/armour Stephen Curley $2,099m Total Assets $650m Total Assets
$10m Typical Account Size WaterOak Advisors
$4,200m Total Assets Winter Park Eric Glasband
barrons@wateroak.com Merrill Lynch William Merriam Marc Singer
(407) 567-2956 Boca Raton Merrill Lynch Wealth Management Mariner Wealth Advisors
Peter Bermont wateroak.com eric.glasband@ml.com Jacksonville Coral Gables
Raymond James (561) 361-3437 william_h_merriam@ml.com marc.singer@marinerwealthadvisors.com
Coral Gables $12.5m Typical Account Size
$2,114m Total Assets fa.ml.com/gs (904) 218-5931 (305) 443-0060
peter.bermont@raymondjames.com $4.7m Typical Account Size fa.ml.com/bill_merriam marinerwealthadvisors.com
(305) 446-6600 $1,103m Total Assets $2m Typical Account Size $2.75m Typical Account Size
Bermontadvisorygroup.com Don d’Adesky $1,040m Total Assets $1,597m Total Assets
$15m Typical Account Size Raymond James
$2,160m Total Assets Boca Raton Keith Jacoby
don.dadesky@raymondjames.com Jacoby Nealon & McCain Wealth Thomas Moran Faith Xenos
(561) 981-3690 Management Group of Wells Fargo Moran Wealth Mgmt at Wells Fargo Mariner Wealth Advisors
raymondjames.com/theamericasgroup Advisors Financial Network Coral Gables
Naples Naples faith.xenos@marinerwealthadvisors.
$5m Typical Account Size
$4,026m Total Assets keith.jacoby@wellsfargoadvisors.com Thomas.Moran@MoranWM.com com
(239) 254-2220 (239) 920-4440 (305) 443-0060
jacobynealonmccainwmg.com moranwm.com marinerwealthadvisors.com
$10m Typical Account Size $5m Typical Account Size $3.2m Typical Account Size
$2,099m Total Assets $3,296m Total Assets $1,531m Total Assets
May 25, 2020 BARRON’S S13

SPECIAL ADVERTISING SECTION

GEORGIA ILLINOIS LOUISIANA

Joseph Silich Timothy Finucan
Morgan Stanley Edward Jones
Robert Balentine Kyle Chudom Chicago Webster City Rick Frayard
Balentine Morgan Stanley UBS Financial Services
Atlanta Oak Brook Joseph.silich@morganstanley.com timothy.finucan@edwardjones.com Lafayette
(312) 443-6200 (515) 832-4155
rbalentine@balentine.com kyle.chudom@morganstanley.com fa.morganstanley.com/thesilichgroup edwardjones.com/timothy-finucan rick.frayard@ubs.com
(404) 537-4801 (630) 573-9680 (337) 593-3600
balentine.com chudomhayes.com $7m Typical Account Size $0.75m Typical Account Size ubs.com/team/epg
$1,066m Total Assets $602.75m Total Assets
$18.3m Typical Account Size $1m Typical Account Size $1.75m Typical Account Size
$3,515m Total Assets $930m Total Assets $2,267m Total Assets
Mark Thorndyke Matt Fryar
Merrill Lynch Wealth Management Wells Fargo Advisors
Andy Berg Brad DeHond MAINE
Chicago Des Moines
Homrich Berg Morgan Stanley Private Wealth
Atlanta Chicago mark_w_thorndyke@ml.com matthew.r.fryar@wellsfargo.com
(312) 696-7645 (515) 245-3120 Jeremiah Burns
Info@HomrichBerg.com brad.dehond@morganstanleypwm.com fa.ml.com/ThorndykeSheppardGroup fa.wellsfargoadvisors.com/matthew- Morgan Stanley
(404) 264-1400 (312) 453-9111 fryar Portland
homrichberg.com advisor.morganstanley.com/moriarity- $8m Typical Account Size
$1,399m Total Assets $5m Typical Account Size jeremiah.burns@morganstanleypwm.
$3.5m Typical Account Size dehond-mulka com
$780m Total Assets
$6,109m Total Assets $40m Typical Account Size (207) 871-7373
$1,837m Total Assets Philip Watson advisor.morganstanley.com/jeremiah.
Ameriprise Financial KANSAS burns
Roger Green Downers Grove
Green Financial Resources, LLC Daniel Fries $5m Typical Account Size
Duluth Merrill Lynch philip.j.watson@ampf.com Trey Barnes $491m Total Assets
Chicago (630) 541-5300 Mariner Wealth Advisors
gfrappt@rogersgreen.com ameripriseadvisors.com/philip.j.watson Overland Park
(770) 931-1414 daniel.fries@ml.com Todd Doolan
rogersgreen.com (312) 696-2121 $0.98m Typical Account Size trey.barnes@marinerwealthadvisors. Morgan Stanley
fa.ml.com/illinois/chicago/ $2,290m Total Assets com Portland
$0.22m Typical Account Size (913) 387-2734
$492m Total Assets frieswealthmanagement todd.h.doolan@morganstanley.com
marinerwealthadvisors.com/why-
$3m Typical Account Size David Wright us/people/trey-barnes (207) 771-0812
$1,021m Total Assets Merrill Private Wealth Management advisor.morganstanley.com/the-doolan-
Michael Hines Chicago $1.81m Typical Account Size eldredge-group
Consolidated Planning Corporation $1,697m Total Assets
Atlanta Tom Kilborn dave_wright@ml.com $1.9m Typical Account Size
Merrill Lynch (312) 325-2620 $388m Total Assets
mhines@cpcadvisors.com pwa.ml.com/wrighthudakzabel KENTUCKY
(404) 892-1995 Northbrook
cpcadvisors.com tom_kilborn@ml.com $25m Typical Account Size MARYLAND
(847) 564-7201 $2,383m Total Assets Barry Barlow
$2.5m Typical Account Size Merrill Lynch
$776m Total Assets fa.ml.com/illinois/northbrook/ Patricia Baum
kilborngroup Louisville
INDIANA RBC Wealth Management
$4m Typical Account Size barry_barlow@ml.com Annapolis
Wes Moss $1,047m Total Assets (502) 329-5097
Capital Investment Advisors Trent Cowles fa.ml.com/b_barlow patricia.baum@rbc.com
Atlanta Merrill Lynch (410) 573-6717
Indianapolis $4m Typical Account Size baumjackson.com
wmoss@yourwealth.com Kathleen Roeser $882m Total Assets
(404) 531-0018 Morgan Stanley trent_cowles@ml.com $3m Typical Account Size
yourwealth.com Chicago (317) 624-8451 $1,457m Total Assets
kathy.roeser@morganstanley.com fa.ml.com/cf Travis Musgrave
$1.5m Typical Account Size Merrill Lynch
$2,650m Total Assets (312) 443-6500 $3.2m Typical Account Size Larry Boggs
fa.morganstanley.com/theroesergroup $865m Total Assets Lexington
Wells Fargo Advisors
$8m Typical Account Size travis_musgrave@ml.com Cumberland
$1,466m Total Assets (859) 231-5258
IOWA larry.d.boggs@wfadvisors.com
fa.ml.com/Musgrave
(301) 724-2660
$5m Typical Account Size fa.wellsfargoadvisors.com/boggs-
David Sheppard Jerry Ask $652m Total Assets
Merrill Lynch Jerry K. Ask Investment Services wealth-management
Deer Park Cedar Rapids $3m Typical Account Size
david_n_sheppard@ml.com jerry.ask@jkainvest.com $1,167m Total Assets
(847) 550-7878 (319) 395-9230
fa.ml.com/thorndykesheppardgroup jkainvest.com Participation in this section is only open to advisors who have been listed in our
editorial rankings. Advisors pay a fee to be included in this reprint. Participation in this
$6m Typical Account Size $0.48m Typical Account Size section has no bearing on the outcome of our rankings. Assets are tied to the most
$859m Total Assets $408m Total Assets recent ranking. For more info, visit barrons.com/directory.
S14 BARRON’S May 25, 2020

SPECIAL ADVERTISING SECTION

MARYLAND CONT’D MINNESOTA

E. Geoffrey Sella Peter Noonan Mark Winthrop
SPC Financial, Inc. J.P. Morgan Securities Winthrop Wealth
Robert Collins Rockville Boston Westborough Aaron Howe
Collins Investment Group RBC Wealth Management
Bethesda esella@spcfinancial.com peter.noonan@jpmorgan.com mark.winthrop@winthropwealth.com Wayzata
(301) 770-6800 (617) 654-2318 (508) 836-5500
robert.collins@collinsinvestmentgroup. spcfinancial.com jpmorgansecurities.com/peternoonan winthropwealth.com aaron.howe@rbc.com
com (952) 261-3561
(301) 915-9630 $0.85m Typical Account Size $15m Typical Account Size $3.5m Typical Account Size bigwatergroup.com
collinsinvestmentgroup.com $858m Total Assets $2,514m Total Assets $1,545m Total Assets
$5m Typical Account Size
$2.5m Typical Account Size $687m Total Assets
$894m Total Assets MASSACHUSETTS Raju Pathak MICHIGAN
Morgan Stanley
Boston Ben Marks
Barry Garber Charles S. Bean III Nicole Christians Marks Group Wealth Management
Alex. Brown, a division of Heritage Financial Services raju.pathak@ms.com Merrill Lynch Minnetonka
Raymond James Westwood (617) 589-3373 Farmington HIlls
fa.morganstanley.com/pathakgroup ben.marks@marksgroup.com
Baltimore cbean@heritagefinancial.net nicole_christians@ml.com (952) 582-6100
Barry.Garber@alexbrown.com (781) 619-1302 $8m Typical Account Size (248) 488-5047 marksgroup.com
(410) 525-6210 heritagefinancial.net $807m Total Assets fa.ml.com/kulhavi
$2m Typical Account Size
alexbrown.com/ $3m Typical Account Size $1m Typical Account Size $1,366m Total Assets
garberwealthmanagementteam $1,520m Total Assets Peter Princi $2,193m Total Assets
$15m Typical Account Size Morgan Stanley Graystone
$3,289m Total Assets Boston David A. Olson
Debra Brede Jeffrey Fratarcangeli The BlackRidge Group at
D.K. Brede Investment peter.b.princi@msgraystone.com Fratarcangeli Wealth Management Morgan Stanley
Brian Kroneberger Management Co.Inc. (617) 589-3229 Birmingham Rochester
RBC Wealth Management Needham fa.morganstanley.com/theprincigroup jeffrey.fratarcangeli@wfafinet.com david.a.olson@morganstanley.com
Hunt Valley brede@bredeinvestment.com $10m Typical Account Size (248) 385-5050 (507) 269-7542
brian.kroneberger@rbc.com (781) 444-9367 $6,950m Total Assets fratarcangeliwealthmanagement.com fa.morganstanley.com/blackridgegroup
(410) 316-5454 bredeinvestment.com $8m Typical Account Size $3.5m Typical Account Size
thekronebergergroup.com $2m Typical Account Size Ira Rapaport $1,800m Total Assets $555m Total Assets
$3m Typical Account Size $1,018m Total Assets New England Private Wealth
$1,100m Total Assets Advisors, LLC David Kudla MISSOURI
Kevin Grimes Wellesley Mainstay Capital Management
Kent Pearce Grimes & Company, Inc. ira.rapaport@nepwealth.com Grand Blanc
Westborough (781) 416-1700 Michael Moeller
Merrill Lynch mainstay@mainstaycapital.com Wells Fargo Advisors
Towson advisors@grimesco.com nepwealth.com (866) 444-6246 Chesterfield
kent_pearce@ml.com (508) 366-3883 $5m Typical Account Size mainstaycapital.com
grimesco.com $2,054m Total Assets mike.moeller@wfadvisors.com
(410) 321-4340 $0.75m Typical Account Size (636) 530-6111
fa.ml.com/pearce_group $3m Typical Account Size $2,583m Total Assets themoellergroup.net
$7m Typical Account Size $2,900m Total Assets Raj Sharma $3m Typical Account Size
$1,739m Total Assets Merrill - Private Wealth Mgmt Leo Stevenson $1,830m Total Assets
Susan Kaplan Boston Merrill Lynch
Robert Scherer Kaplan Financial Services, Inc. raj_sharma@ml.com Wyandotte
Newton (617) 946-8030 Kathleen Youngerman
Graystone Consulting leo_stevenson@ml.com Morgan Stanley Private Wealth
Potomac susan.kaplan@lpl.com pwa.ml.com/sharma_group (734) 324-3826 Chesterfield
robert.s.scherer@msgraystone.com (617) 527-1557 $10m Typical Account Size fa.ml.com/wyandottegroup
kaplan-financial.com/splash.cfm $7,381m Total Assets Kathleen.L.Youngerman@
(301) 279-6403 $1.5m Typical Account Size morganstanleypwm.com
graystone.morganstanley.com/ $3.5m Typical Account Size $709m Total Assets (314) 889-4862
graystone-consulting-metropolitan- $2,176m Total Assets Brian Strachan pwm.morganstanley.com/
washington-d-c Morgan Stanley Private Wealth harmonyfamilyoffice
Charles C. Zhang
$25m Typical Account Size Victor T. Livingstone Boston Zhang Financial $20m Typical Account Size
$9,500m Total Assets Morgan Stanley Private Wealth brian.s.strachan@morganstanleypwm. Portage $350m Total Assets
Boston com charles.zhang@zhangfinancial.com
victor.livingstone@morganstanleypwm. (617) 570-9240 (269) 385-5888
com pwm.morganstanley.com/ zhangfinancial.com
(617) 478-6500 thestrachangroupsb
$2m Typical Account Size
$25m Typical Account Size $10m Typical Account Size $3,606m Total Assets
$1,346m Total Assets $2,975m Total Assets
May 25, 2020 BARRON’S S15

SPECIAL ADVERTISING SECTION

NEBRASKA NEW HAMPSHIRE

Christopher Cook Elliott Kugel Anthony Valente
Merrill Lynch Merrill Lynch Morgan Stanley
Jason Dworak John Habig Florham Park Bridgewater Shrewsbury
UBS Financial Services Morgan Stanley
Lincoln Portsmouth c_cook@ml.com Elliott_M_Kugel@ML.com anthony.valente@morganstanley.com
(973) 301-7622 (908) 685-3252 (732) 389-5124
jason.dworak@ubs.com john.f.habig@morganstanley.com fa.ml.com/new-jersey/florham-park/ fa.ml.com/kugelbriegs advisor.morganstanley.com/anthony.
(402) 328-2077 (603) 422-8901 gcca valente
financialservicesinc.ubs.com/team/ morganstanleyfa.com/habig $2.5m Typical Account Size
dworakgroup $5m Typical Account Size $1,616m Total Assets $0.75m Typical Account Size
$1.5m Typical Account Size $2,051m Total Assets $1.98b Total Assets
$8m Typical Account Size $420m Total Assets
$852m Total Assets Neil McPeak
Mark Cortazzo Wells Fargo Advisors David S. Weinerman
P. Kevin O’Brien MACRO Consulting Group Linwood Morgan Stanley Wealth
Jim Siemonsma Wells Fargo Advisors Parsippany Management
Mariner Wealth Advisors Portsmouth neil.mcpeak@wellsfargoadvisors.com
info@macroconsultinggroup.com (609) 926-7808 Florham Park
Omaha kevin.obrien@wellsfargoadvisors.com (973) 451-9400 mcpeakgroup.wfadv.com David.S.Weinerman@morganstanley.
jim.siemonsma@marinerwealthadvisors. (603) 334-4032 macroconsultinggroup.com com
com obrienwmg.com $1m Typical Account Size
$2m Typical Account Size $1,283m Total Assets (973) 236-3529
(402) 829-3650 $1.7m Typical Account Size fa.morganstanley.com/ricca_weinerman
marinerwealthadvisors.com $771m Total Assets
$387m Total Assets $8m Typical Account Size
$0.97m Typical Account Size Michael J. Ricca $4.67b Total Assets
$1,138m Total Assets Mary Deatherage Morgan Stanley Wealth
NEW JERSEY
Morgan Stanley Private Wealth Management
Little Falls Florham Park NEW YORK
NEVADA
Bruce Barth mary.m.deatherage@ Michael.J.Ricca@morganstanley.com
Merrill Lynch morganstanleypwm.com (973) 236-3530 Lewis Altfest
Deborah Danielson Short Hills (973) 890-3015 fa.morganstanley.com/ricca_weinerman Altfest Personal Wealth
Danielson Financial Group | LPL bruce_g_barth@ml.com morganstanleyfa.com/ Management
Las Vegas $8m Typical Account Size
(973) 564-7740 thedeatheragegroup $4.67b Total Assets New York
Deborah@DanielsonFinancialGroup. fa.ml.com/barthgroup $10m Typical Account Size inquiry@altfest.com
com $2m Typical Account Size $3,210m Total Assets (212) 406-0850
(702) 734-7000 $1,351m Total Assets Steven Rothman altfest.com
danielsonfinancialgroup.com/homepage UBS Financial Services
Mark Fendrick Red Bank $2m Typical Account Size
$2m Typical Account Size $1,296m Total Assets
$694m Total Assets
Francis Bitterly UBS Financial Services steven.rothman@ubs.com
Morgan Stanley Mount Laurel (732) 219-7228
Red Bank mark.fendrick@ubs.com financialservicesinc.ubs.com/team/ Jay Canell
Randy Garcia francis.g.bitterly@ms.com (856) 985-2070 rothmangroup J.P. Morgan Securities
The Investment Counsel Company (732) 224-3754 financialservicesinc.ubs.com/team/ New York
Las Vegas $1.2m Typical Account Size
fa.morganstanley.com/francisbitterly fendrickgroup $475m Total Assets Jay.canell@jpmorgan.com
rgarcia@iccnv.com $2.8m Typical Account Size $4m Typical Account Size (212) 272-0888
(702) 871-8510 $456m Total Assets $1,020m Total Assets jpmorgansecurities.com/canellgroup
iccnv.com Ken Schapiro
Condor Capital Management $15m Typical Account Size
$4.8m Typical Account Size $3,300m Total Assets
$1,234m Total Assets
David Briegs Reed Finney Martinsville
Merrill Lynch The Bleakley Financial Group info@condorcapital.com
Bridgewater Fairfield (732) 356-7323 Neil Canell
David_Briegs@ml.com Reed.Finney@bleakley.com condorcapital.com J.P. Morgan Securities
(908) 685-3203 (973) 244-4210 $1.75m Typical Account Size New York
fa.ml.com/kugelbriegs bleakley.com $1,136m Total Assets neil.canell@jpmorgan.com
$2.5m Typical Account Size $1.3m Typical Account Size (212) 272-0777
$1,616m Total Assets $585m Total Assets jpmorgansecurities.com/canellgroup
Andy Schwartz
Bleakley Financial Group $15m Typical Account Size
Jack Burke John Hudspeth Fairfield $3,300m Total Assets
Merrill Lynch Merrill Lynch Wealth Management andy.schwartz@bleakley.com
Florham Park Mount Laurel (973) 244-4202 Participation in this section is only open
john_j_burke@ml.com john_r_hudspeth@ml.com bleakley.com to advisors who have been listed in our
(973) 410-2309 (856) 231-5520 $2.5m Typical Account Size editorial rankings. Advisors pay a fee to
fa.ml.com/the_harbor_group fa.ml.com/brownehudspeth $1,528m Total Assets be included in this reprint. Participation
$7m Typical Account Size in this section has no bearing on the
$3m Typical Account Size
outcome of our rankings. Assets are tied
$4,441m Total Assets $989m Total Assets
to the most recent ranking. For more info,
visit barrons.com/directory.
S16 BARRON’S May 25, 2020

SPECIAL ADVERTISING SECTION

NEW YORK CONT’D NORTH CAROLINA

Joshua Malkin John Olson Robert Stolar
Morgan Stanley Private Wealth Merrill Lynch Wealth Management Morgan Stanley Private Wealth
Greg DelMonte New York New York New York Mike Absher
Stifel Absher Wealth Management
New York joshua.d.malkin@morganstanleypwm. john_olson@ml.com robert.stolar@morganstanley.com Chapel Hill
com (212) 303-4010 (212) 761-8138
gregory.delmonte@stifel.com (212) 893-6530 fa.ml.com/new-york/new-york/ advisor.morganstanley.com/family- mike@absherwealth.com
(212) 328-1645 pwm.morganstanley.com/ theolsongroup wealth-group (919) 283-2340
delmonte-group.com themalkingroup absherwealth.com
$8m Typical Account Size $50m Typical Account Size
$1m Typical Account Size $10m Typical Account Size $1,848m Total Assets $3,150m Total Assets $1.5m Typical Account Size
$1,550m Total Assets $1,298m Total Assets $474m Total Assets

Lyon Polk Michael Taggart

Anthony Dertouzos
Morgan Stanley
New York
anthony.dertouzos@
morganstanleypwm.com
(212) 761-8565
pwm.morganstanley.com/
magellangroup
$20m Typical Account Size
$3,815m Total Assets
Marc Fischer
Graystone Consulting
Rochester
marc.r.fischer@msgraystone.com
(585) 389-2271
morganstanleygc.com/ftc
$40m Typical Account Size
$2,963m Total Assets
Jason Katz
UBS Financial Services
New York
jason.m.katz@ubs.com
(212) 713-9201
ubs.com/team/katz
$5m Typical Account Size
$3,011m Total Assets
Gerard Klingman
Klingman & Associates
New York
gklingman@klingmanria.com
(212) 867-7647
klingmanria.com
$10m Typical Account Size
$2,565m Total Assets
Ira Mark Morgan Stanley Private Wealth J.P. Morgan Securities Mike Bell
RBC Wealth Management New York New York Edward Jones
New York Hickory
lyon.polk@morganstanleypwm.com michael.taggart@jpmorgan.com
ira.mark@rbc.com (212) 761-0867 (212) 272-2044 mike.bell@edwardjones.com
(212) 703-6033 pwm.morganstanley.com/ jpmorgansecurities.com/taggartgroup (828) 328-8111
themark-bergergroup.com polkwealthmanagementgroup $0.8m Typical Account Size
$10m Typical Account Size
$10m Typical Account Size $50m Typical Account Size $850m Total Assets $387m Total Assets
$3,300m Total Assets $27,250m Total Assets
Ron Vinder R. Neil Stikeleather
Leo Marzen Emily Rubin Morgan Stanley Private Wealth Bank of America Merrill Lynch
Bridgewater Advisors UBS Financial Services New York Charlotte
New York New York neil.stikeleather@ml.com
ron.vinder@morganstanleypwm.com
lmarzen@bridgewateradv.com emily.rubin@ubs.com (212) 503-2365 (704) 705-3233
fa.ml.com/stikeleatherandassociates
(212) 221-5300 (212) 333-8920 advisor.morganstanley.com/the-vinder-
bridgewateradv.com/team/leo-marzen financialservicesinc.ubs.com/team/ group $0.75m Typical Account Size
kramerfinancialgroup $461m Total Assets
$5m Typical Account Size $50m Typical Account Size
$1,525m Total Assets $10m Typical Account Size $7,752m Total Assets
$1,300m Total Assets OHIO
Justin McCarthy Elizabeth Weikes
Mariner Wealth Advisors Shawn Rubin J.P. Morgan Securities Rick Buoncore
New York Morgan Stanley PWM New York MAI Capital Management, LLC
Cleveland
justin.mccarthy@marinerwealthadvisors. New York elizabeth.weikes@jpmorgan.com
com shawn.rubin@morganstanleypwm.com (212) 272-9214 rbuoncore@mai.capital
(212) 869-5900 (212) 893-6322 jpmorgansecurities.com/lsswgroup (216) 920-4800
marinerwealthadvisors.com pwm.morganstanley.com/abacusgroup mai.capital
$25m Typical Account Size
$2.87m Typical Account Size $10m Typical Account Size $3,400m Total Assets $10m Typical Account Size
$1,169m Total Assets $3,044m Total Assets $4,295m Total Assets
Richard Zinman
Ed Moldaver Richard Saperstein Morgan Stanley Randy Carver
Stifel Treasury Partners New York Raymond James
New York New York Mentor
richard.zinman@morganstanleypwm.
ed.moldaver@stifel.com rsaperstein@treasurypartners.com com randy.carver@raymondjames.com
(212) 328-1677 (917) 286-2777 (212) 761-8451 (440) 974-0808
moldaverlee.com treasurypartners.com morganstanleypwa.com/magellangroup carverfinancialservices.com
$10m Typical Account Size $25m Typical Account Size $20m Typical Account Size $1m Typical Account Size
$6,600m Total Assets $16,250m Total Assets $3,821m Total Assets $1,560m Total Assets

Deborah Montaperto Evan Steinberg Charles Dankworth

Jonathan Kuttin Morgan Stanley Private Wealth Morgan Stanley UBS Financial Services
Ameriprise Financial Services, Inc. New York New York New Albany
Hauppauge
deborah.d.montaperto@ evan.steinberg@morganstanleypwm. charles.dankworth@ubs.com
jonathan.s.kuttin@ampf.com morganstanleypwm.com com (614) 939-2202
(631) 770-0335 (212) 761-8934 (212) 893-7501 ubs.com/team/theonecolumbusgroup
ameripriseadvisors.com/team/kuttin- pwm.morganstanley.com/ morganstanleypwa.com/sfgroup $6m Typical Account Size
wealth-management polkwealthmanagementgroup $8m Typical Account Size $1,116m Total Assets
$1m Typical Account Size $50m Typical Account Size $2,335m Total Assets
$2.83b Team Assets $27,250m Total Assets
May 25, 2020 BARRON’S S17

SPECIAL ADVERTISING SECTION

Valerie Newell
Mariner Wealth Advisors
Cincinnati
valerie.newell@marinerwealthadvisors.
com
(513) 618-3040
marinerwealthadvisors.com
$3m Typical Account Size
$3,250m Total Assets
OKLAHOMA
Michael Hirthler Craig B. Schwartz David Reiser
Jacobi Capital Management Wells Fargo Advisors J.P. Morgan Securities
Jana Shoulders Wilkes-Barre Philadelphia Providence
Mariner Wealth Advisors
Tulsa mhirthler@jacobicapital.com craig.schwartz@wfadvisors.com david.reiser@jpmorgan.com
(570) 826-1801 (215) 636-1480 (203) 722-9900
jana.shoulders@marinerwealthadvisors. jacobicapital.com signaturecapital.wfadv.com/Craig- jpmorgansecurities.com/reiserwmgroup
com Schwartz.e114918.htm
(918) 991-6910 $3m Typical Account Size $2m Typical Account Size
marinerwealthadvisors.com/why-us/ $1,279m Total Assets $2.5m Typical Account Size $438m Total Assets
people/jana-shoulders $959m Total Assets

$3.05m Typical Account Size Barbara Hudock Matthew Young

Thomas Robertson $1,981m Total Assets Hudock Capital Group Thomas Seiler Richard C. Young & Co., Ltd.
Graystone Consulting Williamsport Raymond James Newport
Columbus bhudock@hudockcapital.com Newtown info@younginvestments.com
OREGON
thomas.g.robertson@morganstanley.com (570) 326-9500 thomas.seiler@raymondjames.com (401) 849-2137
(614) 460-2754 hudockcapital.com (855) 473-4537 younginvestments.com
graystone.morganstanley.com/ Judith McGee raymondjames.com/theseilergroup
Raymond James Financial Services $1m Typical Account Size $1.71m Typical Account Size
graystone-consulting-the-robertson- $536m Total Assets $6m Typical Account Size $1,103m Total Assets
group Portland
$945m Total Assets
$2.5m Typical Account Size judith.mcgee@raymondjames.com
(503) 597-2222 James Meredith SOUTH CAROLINA
$2,994m Total Assets
mcgeewm.com Hefren-Tillotson John Solis-Cohen
$1m Typical Account Size Pittsburgh Wells Fargo Advisors Ronnie Dennis
Daniel Roe $648m Total Assets MeredithGroup@hefren.com Jenkintown Merrill Lynch
Budros, Ruhlin & Roe (412) 633-1986 john.solis-cohen@wfadvisors.com Columbia
Columbus Hefren.com/meredith-group (215) 572-4276
PENNSYLVANIA ronnie_dennis@ml.com
droe@b-r-r.com $2m Typical Account Size home.wellsfargoadvisors.com/ (803) 733-2180
(614) 481-6900 $1,725m Total Assets john.solis-cohen” fa.ml.com/ek
B-R-R.com Patti Brennan $5m Typical Account Size
Key Financial, Inc. $20m Typical Account Size
$5m Typical Account Size $1,435m Total Assets $4.8b Total Assets
$2,808m Total Assets West Chester J Douglas Moran
pbrennan@keyfinancialinc.com Merrill Lynch Wealth Management
(610) 429-9050 Wayne Rob Thomas Richard Migliore
David Singer keyfinancialinc.com jdouglas_moran@ml.com Mariner Wealth Advisors Merrill Lynch
The Evelo/Singer/Sullivan Group (610) 687-7925 State College Columbia
Merrill Private Wealth $2m Typical Account Size
$1,061m Total Assets fa.ml.com/JDM rob.thomas@marinerwealthadvisors. richard_migliore@ml.com
Cincinnati com
$3.2m Typical Account Size (803) 733-2126
david_singer@ml.com $552m Total Assets (814) 867-2050 fa.ml.com/ek
(513) 579-3889 William H. Brown, Jr. marinerwealthadvisors.com/why-us/
Merrill Lynch $10m Typical Account Size
pwa.ml.com/evelosingersullivan people/rob-thomas
Sewickley John J. Parker, Sr. $4.8b Total Assets
$15m Typical Account Size $0.18m Typical Account Size
$3,634m Total Assets william_brownjr@ml.com Wells Fargo Advisors $1,667m Total Assets
(412) 749-7912 Philadelphia TENNESSEE
fa.ml.com/thebrownhurrayplantzgroup john.j.parker@wfadvisors.com
Linnell Sullivan (215) 564-8487 RHODE ISLAND
$4m Typical Account Size Jeff Dobyns
The Evelo/Singer/Sullivan Group ppwmg.com
$1,188m Total Assets Southwestern Investment Group
Merrill Private Wealth Malcolm Makin
$5m Typical Account Size Franklin
Cincinnati Raymond James
$1,650m Total Assets jeff.dobyns@swinvestmentgroup.com
linnell_sullivan@ml.com Michael Henley Westerly
Brandywine Oak Private Wealth (615) 861-6102
(513) 579-3890 mmakin@ppgadvisors.com
Kennett Square Peter Sargent swinvestmentgroup.com
pwa.ml.com/evelosingersullivan (401) 596-2800
$7.5m Typical Account Size mhenley@brandywineoak.com Janney Montgomery Scott ppgadvisors.com
$3m Typical Account Size
$1.47b Total Assets (484) 785-0040 Yardley $467m Total Assets
$1.5m Typical Account Size
brandywineoak.com psargent@janney.com
$1,304m Total Assets
$2.5m Typical Account Size (267) 685-4205
$863m Total Assets sargentwealthmanagement.com
$2m Typical Account Size
$673m Total Assets
Participation in this section is only open to advisors who have been listed in our
editorial rankings. Advisors pay a fee to be included in this reprint. Participation in
this section has no bearing on the outcome of our rankings. Assets are tied to the
most recent ranking. For more info, visit barrons.com/directory.
S18 BARRON’S May 25, 2020

SPECIAL ADVERTISING SECTION

TENNESSEE CONT’D VIRGINIA

Carl Fuhrmann III Nelson Murray Aashish Matani
Merrill Lynch Wealth Management Morgan Stanley Merrill Lynch
Christi Edwards San Antonio Houston Stephan Cassaday Norfolk
Morgan Stanley Cassaday & Company
Nashville carl_fuhrmanniii@ml.com nelson.murray@morganstanley.com McLean aashish_matani@ml.com
(210) 805-2981 (713) 966-2135 (757) 446-4045
christi.edwards@morganstanley.com fa.ml.com/fuhrmann_hayne advisor.morganstanley.com/nelson. Steve@cassaday.com fa.ml.com/virginia/norfolk/theahmgroup
(615) 298-6554 murray (703) 506-8200
advisor.morganstanley.com/the- $3.5m Typical Account Size cassaday.com $4m Typical Account Size
edwards-pharris-group $940m Total Assets $4m Typical Account Size $1,310m Total Assets
$1,700m Total Assets $1.5m Typical Account Size
$4m Typical Account Size $3,238m Total Assets
$977m Total Assets Ira Kravitz Joseph Montgomery
UBS Financial Services Darrell Pennington The Optimal Service Group of Wells
Plano Pennington Wealth Management Tristan Caudron Fargo Advisors
Malcolm Liles Houston Caudron Megary Blackburn Wealth Williamsburg
Baird ira.kravitz@ubs.com Management Group of Wells Fargo
Nashville (469) 440-0547 darrell.r.pennington@ampf.com Advisors joe.montgomery@wellsfargoadvisors.
financialservicesinc.ubs.com/team/ (713) 332-4422 Alexandria com
mliles@rwbaird.com kravitzgroup penningtonwealth.com (757) 220-1782
(615) 341-7015 tristan.caudron@wfadvisors.com optimalservicegroup.com
lilesgroup.com $5m Typical Account Size $1.5m Typical Account Size (703) 739-4545
$827m Total Assets $1,245m Total Assets CaudronMegaryBlackburn.com $7m Typical Account Size
$4m Typical Account Size $17,044m Total Assets
$1,183m Total Assets $1.8m Typical Account Size
Alexander Ladage Richard Piatas $1,688m Total Assets
UBS Financial Services Merrill Lynch Wealth Management Paul Pagnato
Jason Pharris Austin Frisco PagnatoKarp
Morgan Stanley Simon Hamilton Reston
Nashville alex.ladage@ubs.com richard.piatas@ml.com Baird
(512) 479-5287 (940) 297-6990 Reston ppagnato@pagnatokarp.com
Jason.Pharris@MorganStanley.com financialservicesinc.ubs.com/fa/ fa.ml.com/texas/frisco/thepiatasgroup (703) 468-2700
(615) 298-6555 alexladage gssmith@rwbaird.com pagnatokarp.com
fa.morganstanley.com/ $1m Typical Account Size (571) 203-1600
theedwardspharrisgroup $10m Typical Account Size $3,199m Total Assets thewiseinvestorgroup.com $15m Typical Account Size
$1,046m Total Assets $3,863m Total Assets
$4m Typical Account Size $1.4m Typical Account Size
$1,003m Total Assets R. Scot Smith $2,226m Total Assets
Tommy McBride Morgan Stanley Ryan Sprowls
Merrill Lynch Dallas Alexandria Wealth Management
TEXAS Susan Kim
Dallas scot.smith@morganstanley.com Group of Wells Fargo Advisors
Ameriprise Financial Alexandria
thomas_mcbride@ml.com (214) 696-7064 Vienna
Richard Ashcroft (214) 750-2004 fa.morganstanley.com/scot.smith ryan.sprowls@wellsfargoadvisors.com
Baird fa.ml.com/mcbride soo.m.kim@ampf.com (703) 739-1439
Houston $3m Typical Account Size (703) 226-2300
$7.5m Typical Account Size $666m Total Assets AlexandriaWMG.com
Rashcroft@rwbaird.com ameripriseadvisors.com/soo.m.kim
$1,593m Total Assets $2m Typical Account Size
(713) 973-3800 $1.5m Typical Account Size $1,388m Total Assets
bairdretirementmanagement.com/the- Scott Tiras $1,578m Total Assets
ashcroft-pesek-group/ John Merrill Tiras Wealth Management
Tanglewood Total Wealth Houston WASHINGTON
$4m Typical Account Size Jeff LeClair
$2,000m Total Assets Management scott.b.tiras@ampf.com
Houston Wells Fargo Advisors
(713) 332-4400 McLean Shari Burns
jmerrill@tanglewoodwealth.com tiraswealth.com United Capital Seattle, a Goldman
Bonner Barnes (713) 840-8880 jeff.leclair@wellsfargo.com Sachs Company
Corda Investment Management $4m Typical Account Size (703) 582-6440
tanglewoodwealth.com $2,270m Total Assets Seattle
Houston leclairlemlihapproach.com
$2.5m Typical Account Size paragon@unitedcp.com
bonner@cordamanagement.com $978m Total Assets $10m Typical Account Size (206) 583-8300
(713) 439-0665 $1,390m Total Assets unitedcp.com/seattle
cordamanagement.com
Marie A. Moore $5.94m Typical Account Size
$0.85m Typical Account Size Hanane Lemlih $1,819m Total Assets
$1,163m Total Assets Morgan Stanley
Dallas Wells Fargo Advisors
McLean
marie.a.moore@morganstanley.com
(214) 696-7175 hanane.lemlih@wellsfargo.com
fa.morganstanley.com/themooregroup (202) 957-9095
leclairlemlihapproach.com
$2m Typical Account Size
$492m Total Assets $10m Typical Account Size
$1,390m Total Assets
May 25, 2020 BARRON’S S19

SPECIAL ADVERTISING
SPECIALSECTION
ADVERTISING SECTION

Randall Linde BARRON’S

TOP RIA FIRMS

AGP Wealth Advisors
Renton
randall.s.linde@ampf.com
(425) 228-1000
agpwealthadvisors.com
$0.88m Typical Account Size Below is a reprint of select firms from Barron’s Top 50 RIA firms ranking who are actively taking on
$2,088m Total Assets new clients. For more information on them and other ranked advisors, visit barrons.com/directory.

Michael D. Maroni
Merrill Lynch
Seattle
Mike_maroni@ml.com
1919 Investment Counsel Chevy Chase Trust Kovitz RGT Wealth Advisors
(206) 855-4460
New York, NY Bethesda, MD Chicago, IL Dallas, TX
fa.ml.com/washington/seattle/pnpunit info@1919ic.com info@chevychasetrust.com wealth@kovitz.com info@rgtadvisors.com
(212) 554-7135 (240) 497-5008 (312) 334-7300 (214) 360-7000
$3m Typical Account Size
1919ic.com chevychasetrust.com kovitz.com rgtadvisors.com
$961m Total Assets
25 Advisors | 8 Offices 15 Advisors | 1 Office 35 Advisors | 4 Offices 33 Advisors | 1 Office
$13.2b Total Assets $32b Total Assets $4.6b Total Assets $3.9b Total Assets
Michael Matthews
$2m Account Minimum $3m Account Minimum $1m Account Minimum $3m Account Minimum
UBS Private Wealth Management
Bellevue
m.matthews@ubs.com Allworth Financial Churchill Management MAI Capital Management, LLC Sequoia Financial Group
(425) 451-2350 Sacramento, CA Los Angeles, CA Cleveland, OH Akron, OH
ubs.com/team/thematthewsgroup info@allworthpartners.com info@churchillmanagement.com info@mai.capital info@sequoia-financial.com
$5m Typical Account Size (888) 242-6766 (877) 937-7110 (216) 920-4800 (888) 225-3777
$1,559m Total Assets AllworthPartners.com churchillmanagement.com mai.capital sequoia-financial.com
83 Advisors | 17 Offices 42 Advisors | 41 Offices 49 Advisors | 8 Offices 40 Advisors | 6 Offices
Erin Scannell $8b Total Assets $5.5b Total Assets $6.2b Total Assets $4.7b Total Assets
Ameriprise Financial $750k Account Minimum $1m Account Minimum $0 Account Minimum
Mercer Island
erin.j.scannell@ampf.com
Athena Capital Advisors Douglas C. Lane & Associates Mariner Wealth Advisors Sullivan, Bruyette, Speros &
(425) 709-2345
Lincoln, MA New York, NY Leawood, KS Blayney
heritage-wealth.com
contactathena@athenacapital.com update@dclainc.com startyourjourney@ McLean, VA
$2m Typical Account Size
(781) 274-9300 (212) 262-7670 marinerwealthadvisors.com info@sbsbllc.com
$2,870m Total Assets
athenacapital.com dclainc.com (913) 647-9700 (703) 734-9300
16 Advisors | 2 Offices 10 Advisors | 1 Office marinerwealthadvisors.com sbsbllc.com
WISCONSIN 299 Advisors | 35 Offices 28 Advisors | 2 Offices
$5.8b Total Assets $5.4b Total Assets
$25m Account Minimum $1m Account Minimum $18.7b Total Assets $4.3b Total Assets
Andrew Burish $100k Account Minimum $3m Account Minimum
UBS Financial Services
Madison Balasa Dinverno Foltz LLC Edelman Financial Engines
andrew.burish@ubs.com Chicago, IL Santa Clara, CA Private Advisor Group Wetherby Asset Management
(608) 831-4282 info@bdfllc.com info@EdelmanFinancialEngines.com Morristown, NJ San Francisco, CA
ubs.com/team/burishgroup (800) 840-4740 (888) PLAN-RIC startthedialogue@privateadvisorgroup. info@wetherby.com
$2m Typical Account Size bdfllc.com edelmanfinancialengines.com com (415) 399-9159
$3,591m Total Assets 43 Advisors | 3 Offices 320 Advisors | 168 Offices (973) 538-7010 wetherby.com
privateadvisorgroup.com 24 Advisors | 3 Offices
$4.5b Total Assets $192b Total Assets
$1m Account Minimum $5 Account Minimum 650 Advisors | 286 Offices $5.4b Total Assets
Michael Smith
Michael Smith & Associates $21.2b Total Assets $10m Account Minimum
Stevens Point $100k Account Minimum
Carson Wealth EP Wealth Advisors
michael.e.smith@ampf.com Omaha, NE Torrance, CA
(715) 341-6657
rcarson@carsongroup.com rserrecchia@epwealth.com
ameripriseadvisors.com/team/michael-
(888) 321-0808 (310) 543-4559
smith-associates
carsonwealth.com epwealth.com
$0.85m Typical Account Size Participation in this section is only open to advisors who have been listed in our
159 Advisors | 120 Offices 52 Advisors | 14 Offices
$543m Total Assets editorial rankings. Advisors pay a fee to be included in this reprint. Participation in
$11.8b Total Assets $6.2b Total Assets this section has no bearing on the outcome of our rankings. Assets are tied to the
$100k Account Minimum $500k Account Minimum most recent ranking. For more info, visit barrons.com/directory.
S20 BARRON’S May 25, 2020

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