VOL. C NO. 52 DECEMBER 28, 2020 $5.00 SMALL-CAP STOCKS ON EIGHT-WEEK WINNING STREAK • PAGE M1 > 63142 As shares of hotels, cruise lines, and casinos rally on hopes for vaccines, investors need to be selective. Six stocks that could go the distance. PAGE 18 THE NEW SHAPE OF TRAVEL : HOW TO PLAY IT
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VOL. C NO. 52 DECEMBER 28, 2020 $5.00
SMALL-CAP STOCKS ON EIGHT-WEEKWINNING STREAK • PAGE M1
>
63142
As shares of hotels,cruise lines, and casinos
rally on hopes forvaccines, investors need
to be selective.Six stocks that couldgo the distance.PAGE 18
Our newspapers are 100% sourcedfrom sustainable certified mills.
BARRON’S (USPS 044-700) (ISSN1077-8039) Published everyMonday. Editorial and PublicationHeadquarters: 1211 Avenue ofthe Americas, New York, N.Y.10036. Periodicals postage paid atChicopee, MA and other mailingoffices. Postmaster: Sendaddress changes to Barron’s, 200Burnett Rd., Chicopee, MA 01020
These Travel StocksAre Just the TicketCover Story:WhyWynn Resorts,Caesars, and four other stocks areespecially good plays on thepostpandemic travel recovery.ByLAWRENCEC.STRAUSS
P.23
Five Airlines to Keepon Your RadarCarriers such as Delta, Southwest,and Ryanair are ready to rewardinvestors as they rise abovecoronavirus-related turbulence.ByDARENFONDA
P. 15
Tech Trader: Apple’sSlice of the Car MarketByERIC J.SAVITZ
P. 17
Income: The Benefitsof ESG BondsByLESLIEP.NORTON
P.M1
Trader: Small-CapsCould Cool OffByBENLEVISOHN
P.M4
Euro Trader: BASFLooks Like a BuyByRUPERTSTEINER
P.M4
Emerging Markets:Hot Stocks—for a PriceByCRAIGMELLOW
P.M5
Striking Price: How toCapture Disney’s MagicBySTEVENM.SEARS
SMALL-CAP STOCKS ON EIGHT-WEEKWINNING STREAK • PAGE M1
>
63142
As shares of hotels,cruise lines, and casinos
rally on hopes forvaccines, investors need
to be selective.Six stocks that couldgo the distance.PAGE 18
THE NEW SHAPEOF TRAVEL:
HOW TO PLAY IT Barron’s Roundtableon Fox BusinessWatch our TV show Fridays at 10p.m. or 11:30 p.m. ET; Saturdays at10 a.m. or 11:30 a.m.; or Sundaysat 7 a.m., 10 a.m., or 11:30 a.m.This week, analysis of potentialmarket surprises in 2021 and aninterview with Kevin Landis, CEOof Firsthand Capital Management.
P.28
The Fed’s Role Beyond RatesQ&A:Minneapolis Fed Chief Neel Kashkari discusses the responsibility that regulatorshave in addressing racial disparities, his beef with big banks, and why he isn’t concernedabout rising government debt. ByLESLIEP.NORTON
Neel Kashkari, head of the Minneapolis Federal Reserve
December 28, 2020 BARRON’S 3
Company Name Symbol Weight
Amazon AMZN 22.88%
Tesla TSLA 15.63%
Home Depot HD 8.64%
McDonald’s MCD 4.75%
Nike B NKE 4.35%
Starbucks SBUX 3.66%
Lowe’s LOW 3.61%
Booking Holdings BKNG 2.60%
Target TGT 2.58%
TJX Companies TJX 2.45%
XLY
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Select Sector SPDRs are subject to risks similar to those of stocks, including those regarding short-selling andmargin account maintenance. All ETFs are subject to risk, including possible loss of principal. Funds focusing on a single sector generally experience greatervolatility. Diversification does not eliminate the risk of experiencing investment losses.
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4 BARRON’S December 28, 2020
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RupertMurdochExecutive Chairman,News CorpRobert ThomsonCEO,News Corp Almar LatourCEO,Dow Jones
MANAGINGEDITORS, BARRON’SGROUP DuncanMavin, Dave PettitHEADOF INTERNATIONAL, BARRON’SGROUP FrancescoGuerrera
December 28, 2020 BARRON’S 5
U P & D OWN WA L L S T R E E T OnChristmas Eve, shares ended just shy of recordhighs, despite the grim news of the president’sreaction to the $900 billion fiscal-relief package.
negative words in articles it scansfrom the positive words, then dividingthe difference by the total of words.
But the Aussie researchers suggestthat their NSI news sentiment gauge isa better indicator of current economicconditions than news uncertainty is.
Flattering as it might be to thinkthat these scribblings are influential,experience says that humility is moreappropriate. As wizened observers offinancial matters say, markets makethe news, not the other way around.
For their part, the major stockmar-ket indexes ended on Christmas Evejust a fraction of a percent shy of theirrecords, despite the unfortunate newsof the uncertainty abruptly wrought inWashington when President DonaldTrump suddenly refused to go alongwith the $900 billion fiscal-relief pack-age hammered out over months by con-gressional Republicans and Democrats.
The impasse could portend no re-lief for beleaguered consumers, an endto an eviction moratorium for renters,a lack of funds for vaccine distribu-tion, plus a possible shutdown of thefederal government. Yet the markets’bullish take seems to be that the ulti-mate outcome will be more generouschecks eventually going into mostAmericans’ pockets.
Perhaps so, but traditional eco-nomic indicators show a distinct slow-ing as the positive impulse of the paststimulus measures peters out. Andthe front pages of both Thursday’sWall Street Journal and New YorkTimes chronicled much-weaker-than-expected personal income and spend-ing in November, while new claims forunemployment insurance remainedabove 800,000 in the latest week.
Consumers’ confidence is waning,which probably reflects the softeningjob market more than what they’rereading in the news. The ConferenceBoard’s December reading of thatfactor fell by 4.3 points, to 88.6, thelowest since August and short of theconsensus forecast of 97, with weak-ness in two-thirds of geographicalregions and three-quarters of incomegroups, notes David Rosenberg,founder of Rosenberg Research. Re-spondents describing jobs as “hard toget” rose to a four-month high of 22%from 19.4%, while those viewing jobsas “plentiful” fell to 21.8% from26.3%, which is consistent with con-tinued high jobless claims.
And consumers aren’t taking newsreports of official low inflation read-ings to heart, Rosenberg writes. Theirone-year expectations for inflationrose to 5.9% in December from 5.7%in November, no doubt reflecting thejacked-up prices they see when shop-ping. The bond market also seeshigher inflation in “break-evens” (thedifference in the yield on 10-yearTreasury notes and similar-maturityTreasury inflation-protected securi-ties), or TIPS, which hit 1.97%, a tickabove the April 2019 high.
The Conference Board nonethelessfound increased bullishness on stocks,with a three-month-high 38.5% of re-spondents expecting the market torise, up from 34.4% in November. “Gofigure,” Rosenberg writes. “I supposethey are taking their cue from the pro-moter du jour, Jerome Powell,” theFederal Reserve’s chief.
The central bank expects to keepinterest rates near zero and continueto pump $120 billion a month intothe financial system until the econ-omy is near what it considers fullemployment. That’s apparently allSurprise! Nancy Pelosi, Chuck Schumer, and others in Congress might have more work to do on a relief bill.
Researchers Say NewsMoves Markets. StocksDon’t Buy That Story.
A fter millions of words,I never expected mylife’s work to be re-duced to an economicindicator. Yet that’swhat it has come to,according to research-
ers at Australia’s central bank. And youcan blame Covid-19 for this, as well.
In their quest to gain better andmore timely insights into the economy,economists Kim Nguyen and GianniLa Cava of the Reserve Bank of Aus-tralia have constructed a “news senti-ment index,” or NSI, from articlesabout the economy in major papersDown Under, Bloomberg reported thispast week. They posit that news ac-counts not only provide a real-timeindicator of the economy, but alsohave some “causal” role (their word,not mine) in shaping sentiment amongbusinesses and consumers.
Amid the barrage of accusationsabout fake news and worse, somewould say that what we report wouldqualify as a misleading economic indi-cator. So it was surprising, but hearten-ing, to learn that the researchers viewjournalists’ work as important. TheirNSI also seems like an example of ana-lysts trying to construct innovativegauges of the economy as it undergoesrapid and unprecedented change thattraditional economic indicators canpick up only retrospectively.
Technology has provided a wealthof real-time information that wouldhave been impossible to acquire justa few years ago. Aggregated smart-phone data from Apple and Googleshow where we were going—andweren’t—in the Covid economy,writes Northern Trust Senior Econo-
mist Ryan James Boyle in a researchnote. Platforms such as Homebasetrack hours worked at small busi-nesses, he adds, while Indeed carriesjob postings. Open Table shows res-taurant reservations, while the Trans-portation Security Administrationtracks airline traffic, and credit cardsdisclose consumer spending.
And theWorld Uncertainty Indextracks its namesake factor by keepingcount of mentions of the word “uncer-tainty” and synonyms for it in main-stream news outlets, Boyle adds. Notsurprisingly, the count remains ele-vated, although down from the peakreached earlier this year.
The Australian indicator is con-structed by subtracting the number of
By Randall W.Forsyth
Tasos
Kato
podis/G
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Images
6 BARRON’S December 28, 2020
the news that investors need to know.
I t would be understandable if, amid theCovid-19 surge and the postelectioncraziness, it escaped your notice thatthe U.S. Treasury didn’t name China a
currency manipulator in its semiannualreview released this month.
As it happens, this development followsby just over five years our cover storymaintaining that then-candidate DonaldTrump was wrong in charging Beijingwith deliberately devaluing its currency,the remnimbi or yuan. We also took issuewith the Treasury’s contention in 2019 thatChina was manipulating the yuan.
As the Trump administration continuesto argue against the clear arithmetic of thepresidential election numbers after theiraffirmation by the Electoral College, itsTreasury would have an even tougher timeaccusing China of driving its currencylower, given the yuan’s surge to its strongestlevel versus the greenback in over two years.
The buck now buys just 6.53 yuan, afterbreaking decisively below the psychologi-cally important level of seven yuan shortlyafter midyear. What’s actually down is theU.S. Dollar Index, which has plunged bymore than 12% from its peak, hit in March.
The yuan’s strength reflects both China’sswifter recovery from the economic effectsof the coronavirus and its central bank’srelative stimulus restraint, which contrastswith the warp-speed monetary expansionby its counterparts, the Fed and the Euro-pean Central Bank.
These developments haven’t escaped thesharp gaze of our pal Stephanie Pomboy. Inher latest MacroMavens missive, she pointsout that China’s industrial production hasrebounded to its pre-Covid pace, while itsservice sector has topped its earlier growthrate. In contrast, U.S. industrial productioncontinues to decline from year-earlier lev-els, albeit at a slowing rate, while the servicesector is back to pre-Covid levels, but stilloff from its peak readings in 2018.
All of which speaks to the unique char-acter of this economic downturn. In typicalcycles, goods production is the swing fac-tor, falling sharply in contractions andleading in recoveries. Service businessestend to be more stable. In this stay-at-home downturn, however, we were forcedto cut back on services such as travel, eat-ing out, and even nonemergency medicalcare. Meanwhile, we continued to orderstuff online, much of which came fromChina and other Asian nations.
To be sure, China had an advantage indealing with the pandemic, she notes wryly,
with the virus having originated there. Notcomplying with containment measures isn’tan option in an authoritarian society. ButBeijing also has used the crisis to accelerateits long-planned transition from an export-led economy dependent on the rest of theworld to one driven more by domestic con-sumption, Pomboy emphasizes.
As a result, it no longer needs to pro-vide what amounts to vendor financing toits export customers. In the past, Chinawould buy U.S. dollars and Treasuries,printing yuan in the process. That wouldfund the twin U.S. deficits, covering thebudget shortfall and the current accountgap. In the process, Americans could saveless than needed for investment, and con-sume more than they produced.
But, as she shows in a chart with herreport, Beijing shifted from accumulatingTreasuries to shedding Uncle Sam’s IOUsaround five years ago. In the process, thePeople’s Bank of China’s balance sheet hasessentially moved sideways. Meanwhile,the Fed’s balance sheet has exploded, to$7.2 trillion from around $4.1 trillion pre-pandemic. With the greater supply of dol-lars versus yuan, the former has lost valueagainst the latter. Not exactly a surprise.
While it’s running down its holdings ofTreasuries, Beijing is accumulating hardassets, Pomboy notes. Amid slack globaldemand, China’s imports of industrial com-modities have surged, by 39% for copper,74% for steel, and 9.5% for crude oil. At thesame time, the nation has expanded its goldreserves and invested in miners of the pre-cious metal in Africa and elsewhere. “Andnow, with western specs and Robinhoodretailers dumping gold to jump on the Bit-coin bandwagon, you can virtually hear thesnickers across the Pacific, as China snapsup the coins being left behind,” she adds.
Meanwhile, China no longer is proppingup its state-owned zombie companies. It’salso apparently looking to increase compe-tition—witness the antitrust investigationannounced this past week against onlineretailing giantAlibaba Group Holding(ticker: BABA). And by letting the yuanappreciate, Beijing is boosting its popu-lace’s purchasing power, while making itscurrency a viable alternative to the dollar.“Progress toward that goal, I believe, willbe the central topic shaping the New Yearand those that follow,” she concludes.
In other words, the competitive challengefrom China in the future will be representedby a strengthening yuan, not a weakeningone, as Trump has long insisted. B
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December 28, 2020 BARRON’S 7
S T R E E TW I S E The experience of Peloton and Nautilus will temptprivate players to go public while prices andpaunches remain plump.
Connected-FitnessStocks Are GettingQuite the Workout
A connected-fitnesscash grab is coming,and Rocky II just gaveme a billion-dollaridea. There’s a scenewhere coach Mickeyclutches a hen and
snarls, “Chicken chasin’ is how wealways used to train in the old days.”
Now hear me out. We secure seedfunding from Nike and PurdueFarms, then geotag some birds, buildtracking apps for smartphones andwatches, and hire studio trainers torecord inspiring Mickeyisms: “Yacatch this thing, ya can catch greasedlightning,” and so on. By next fall,CLUX could be ringing the openingbell at Nasdaq.
OK, the pitch needs fine-tuning.It’s just that every form of exercise Ican think of seems to be going onlineand striking it rich: cycling, rowing,yoga, lifting, and boxing. There arewidespread reports of bellies expand-ing during quarantine, and manygyms remain closed. Vaccines arecoming, which means that by summer,office workers could be seeing oneanother below the Zoom frame for thefirst time in more than a year.
At the same time, Wall Street beck-ons fitness start-ups. As recently asApril, Peloton Interactive (ticker:PTON) was trading below its initialpublic offering price from sevenmonths earlier. Now, the stock isup 473% year to date, valuing it at$47 billion.
RememberNautilus (NLS)? Ayear ago, it was a collection of left-for-dead brands including Bowflex andSchwinn, trading at a dollar and
change a share. This year, it’s up morethan 1,000%, to a recent $21, for amarket value of close to $640 million.A software upgrade has given Nauti-lus a Peloton shine. For $149 a year,or $99 a month, a service called JRNYuses artificial intelligence to personal-ize workouts. There are prerecordedtrainer sessions and an app that cansimulate runs through the Japanesecountryside or Scottish highlands.
Most of Nautilus’ new machineswill connect to its online platformby the end of January, versus a low-single digit percentage two years ago,according to William Blair analystSharon Zackfia, who initiated cover-age of Nautilus with an Outperformrating in early September, when it wasunder $12 a share. She reckons every100,000 subscribers will add 30 centsto yearly earnings per share, even ifproduct investments will cause earn-ings to dip to $1.86 in 2021 from anestimated $2.32 a share this year.
Steve Dyer, who covers Nautilus forCraig-Hallum Capital Group, calls thehome-fitness shift structural, ratherthan only pandemic-related, and sees
Nautilus hitting $28 a share in thenear term. Meeting demand will beone key. The company is addingcapacity for bikes and strengthmachines and recently brought ona second supplier for SelectTech—adumbbell brand with its own smart-phone app.
Peloton isn’t taking this competitiveflex sitting down. This past week, itagreed to pay $420 million for Precor,which makes strength machines andmore for homes, gyms, and hotels.This will give Peloton an inroad to bigcustomers like the no-frills gym chainPlanet Fitness (PLNT) and, perhapsmore important for now, its first U.S.manufacturing presence—625,000square feet in North Carolina andWashington state.
Investors are rapturous. Pelotonstock rose 12% the day after the Pre-cor announcement, adding 10 timesthe deal price to the company’s marketvalue. If that math makes sense,there’s more where it came from: 85%of analysts who cover Peloton recom-mend buying shares, even though thestock price is now 13% above the aver-age target price.
For now, Peloton is only thinlyprofitable. It trades at 10.4 times pro-jected revenue for calendar 2021, ver-sus 1.2 times for Nautilus. MKM Part-ners analyst Rohit Kulkarni, who hasa Neutral rating on Peloton, cites asrisks rising competition from Big Techand private companies.Alphabet(GOOGL) recently gained approvalfrom the European Commission tobuy Fitbit, which makes fitness track-ing bands.Apple (AAPL) this monthlaunched Fitness+, which turns itsphones and watches into workout
companions. In August,Amazon.com (AMZN) launched its own fitnessband, called Halo. And Facebook(FB) has Instagram, a shame-basedmotivational service featuring imagesof the slim and active.
Private players, meanwhile, havealso swarmed to connected fitness. Asummer funding round valued Hyd-row for rowing at more than $100mil-lion. FightCamp, by a company calledHykso, combines heavy bags, onlinevideos, and punch counters—no chick-ens yet. There’s Echelon, which causedPeloton stock to dive when it an-nounced a cheap “Prime” smart bikesold by Amazon, although it has sinceabandoned that name andmade clearthat it isn’t partners with the e-com-merce giant. Mirror, which sells a bigscreen for workouts from kettlebell toLatin dance, was sold earlier this yearto LululemonAthletica (LULU).
Among the most promising of theprivate players is ICON Health andFitness, which owns NordicTrackand a fitness software platform callediFit, with 700,000 paid subscribers.An October funding round valuedICON at $7 billion.
There are many companies likethese, and the experience of Pelotonand Nautilus shares will tempt themto go public while prices andpaunches remain this plump. But theopening-day price pops will pay offonly for early investors. For the restof us, the choice is among already-listed companies that still look reason-ably priced, like maybe Nautilus; orindirect exposure, like with Lulu-lemon; or even less direct exposure,through Big Tech. Fitness+ could helpdrive subscriptions to Apple’s top ser-vice bundle, called Apple One. Wed-bush Securities analyst Daniel Ivesestimates service revenue for Applecould hit $65 billion this fiscal year.He values services alone at $1 trillion.
Or there’s always the entrepre-neurial route: find old exercises thathaven’t yet been given an online up-grade. Come to think of it, forgetRocky II. I just noticed the tickerOOF is still available, and I have anidea for connected medicine balls. B
Barron’s StreetwiseIn a weekly podcast by Barron’s, columnist Jack Hough looksat the companies, people, and trends you should be watching.This is Wall Street like you’ve never heard before. Subscribeto Barron’s Streetwise on Spotify, Apple Podcasts,or your favorite listening app.
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8 BARRON’S December 28, 2020
R E V I EW 30,199.87Dow Industrials: +20.82
488.53Dow Global Index: -1.62
0.93%10-year treasury note: -0.02
WALL STREET SEEKS THE CYBERPLAY
Short and SweetThe Federal Reserve announced thatmajor banks had passed new stresstests and could buy back stock andraise dividends. Stocks wavered onTesla’s entry into the S&P 500, thenrose. Data pointed to a weakeningeconomy. On the short and quiet holi-day week, the Dow industrials edgedup 0.1%, to 30,199.87; the S&P 500slipped 0.2%, to 3703.06; and the Nas-daq Composite rose 0.4%, to 12,804.73.
Confusion on ReliefCongress agreed to a $900 billion stim-ulus measure, which included $600one-time direct payments and $300 inenhanced unemployment benefits aweek. President Trump, in a videotweet, called the bill a “disgrace,” de-manded $2,000 in direct payments,and suggested he might veto it—thusthreatening both the stimulus andfunding to keep the government run-ning. He also vetoed the defense autho-rization bill. On Friday, Republicansdefied Trump and blocked the $2,000stimulus.
Pardon SeasonIn two rounds, Trump pardoned orcommuted sentences for 49 people,including former advisers convictedof lying, lawmakers guilty of variouscrimes, four Blackwater contractorsconvicted of killing 17 Iraqis, and for-mer campaign chief Paul Manafort.
Vaccines and MutationsThe second Covid-19 vaccine, fromModerna, rolled out in the U.S.Front-line health-care workers, long-term care residents, and those over 75are now being vaccinated, followed byessential workers, and then those 64to 79. In the United Kingdom, a newCovid strain, which may be 70%morecontagious, led to lockdowns at homeand travel bans from Europe.
Tesla Joins the ClubOnMonday, Tesla became the largestcompany by market value to join theS&P 500 index. Tesla hit a $695 highon Monday, then settled lower. Sepa-rately, Reuters reported that anAppleEV project, Titan, would have a car by2024 featuring “breakthrough battery
The Upside inA Major HackIt’s a classicWall Street problem: How to play a still-unfolding disaster. Information-technologymanagementsoftware provider SolarWinds admitted twoweeks agothat almost 18,000 customers were left vulnerable, in-cludingmultiple government agencies, in a devastatinghack that experts blamed on Russian security services.Wall Street scrambled to rethink and revalue.
Wedbush’s Dan Ives said that the hack is “likely to be-come the biggest cyber espionage/infiltrations ever seen inthe U.S. government and across the enterprise landscape,”and that security software spending will rise 20% in 2021.“We believe there is a $200 billion growth opportunity incloud security” over five years, he said, hiking price tar-gets on a slew of security stocks, includingCheck PointSoftware, Palo Alto Networks, andZscaler.
Citi’sWalter Pritchard wrote that many potentialtargets have been unable to tell whether they’ve beencompromised—a sign of the attack’s sophistication. “Weexpect a greater focus onmanaged defense, threat hunt-ing, forensics, ‘red teaming’ [testing systems with mockattacks], and incident response, backed up by humanexpertise,” he writes. Best positioned:CrowdStrike,FireEye, Palo Alto Networks, and SecureWorks.
Truist’s Joel Fishbein cut ratings on FireEye and Solar-Winds to Hold from Buy. He noted that a 34% spike inFireEye shares on Dec. 18 smacks of “irrational exuber-ance,” particularly since the firm admitted that it was avictim of the attack. He downgraded SolarWinds after thestock slid 40%, lacking, he wrote, “visibility into potentialbusiness and financial model impact.” —Eric J. Savitz
$18.8 BApple’s record high 2020 R&Dspending. At just under 7% ofrevenues, highest since 2003.
$680 BSmall-business mortgages andloans held by banks in 2019, 6%less than in 2007
2.3%Fall of the pound against thedollar on Monday after Brexittalks sputtered and new Covidlockdowns began. The poundended the day down 0.5%.
11 KNumber of retail-store closuresin 2020, a record, according tothe CoStar Group
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THE NUMBERS
HE SAID:
“It will be the firstpriority, the secondpriority, and thethird priority—todeal withCovidandbring downthe spread andbring down thedeath rate.”President-elect JoeBiden
technology” and self-driving capabilities.
Another Brexit CliffhangerU.K. and European Union trade negotia-tors blew through another Sunday dead-line, sending the pound reeling. But,apparently beating a drop-dead Dec. 31deadline, the two sides came up with aChristmas Eve agreement.
Annals of Deal MakingPrivate-equity firm Thoma Bravo agreedto buy real estate management softwareproviderRealPage for $9.6 billion…LockheedMartin said it was acquiringrocket-engine makerAerojet Rocket-dyne for $4.4 billion…IAC/Interactiveis spinning off video production tool pro-vider Vimeo…Diamondback Energysaid it would buyQEPResources for$2.2 billion in stock...Peloton Interactiveis paying $420million for fitness-machinemaker Precor...Chinese regulatorslaunched an antitrust probe intoAlibabaGroupHolding, and the stock lost 13%. Il
lustration
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Elia
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December 28, 2020 BARRON’S 9
P R E V I EW
$59 BILLION VALUE IN THREE MONTHS
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Monday 12/28The Federal Reserve Bank of Dallasreleases its Texas Manufacturing Out-look Survey for December. Consensusestimate is for an 11 reading, similar tothe November figure. The index hasrebounded sharply from a record lowset in April and stands at its highestsince late 2018.
Tuesday 12/29S&P CoreLogic releases its Case-Shiller U.S. National Home PriceIndex for October. Economists fore-cast a 7% year-over-year increase,matching the September data. Thatfigure is the highest for the indexsince May of 2014, as the housingmarket continues to be a bright spotfor the economy.
Wednesday 12/30Tiffany holds a virtual special share-holders meeting to vote on a proposedmerger with LVMHMoët HennessyLouis Vuitton. LVMH initiallyagreed to buy Tiffany in an all-cashtransaction for $135 a share 13 monthsago in a deal valued at $16 billion. Duein part to shutdowns caused by thepandemic, the price was renegotiateddown to $131.50 a share in October,saving LVMH $430 million.
The National Association of Real-tors releases its Pending Home SalesIndex for November. Expectations arefor a flat reading, month over month.The index fell by 1% in September andOctober after posting strong gains inthe summer. The index currentlystands just below its all-time peakset earlier this August.
Devon Energy andWPX Energyhold special shareholder meetings toseek approval for their proposed all-stock merger of equals first an-nounced in late September. Under theterms of the deal, Devon shareholderswould own about 57% of the com-bined entity, which would have anenterprise value of roughly $16 billion.
The Census Bureau reports the in-ternational trade balance in goods forNovember. It’s expected to come in atabout an $80 billion deficit, similar tothe past four months. The trade deficitin goods hit a record monthly high of$83.9 billion in August.
TheMortgage BankersAssociationreleases its Market Composite Index,which tracks mortgage-loan applica-tion volume, for the week ending onDec. 25. The index is up strongly yearover year, as the 30-year fixed rate is afull percentage point lower than a yearago, at a recent 2.86%.
Thursday 12/31Fixed-income markets close earlyat 2 p.m. EST for New Year’s Eve.However, the New York Stock Ex-change and Nasdaq keep regulartrading hours.
The Department of Labor reportsinitial jobless claims for the weekending on Dec. 26. Jobless claimshave increased in December, averag-ing 852,000 a week, as Covid-19 caseshave spiked in parts of the country.Until December, claims had fallenevery month since April, averaging740,500 a week in November, downfrom the April peak of more than fivemillion a week.
Friday 1/1Stock and bond markets are closedin observance of New Year’s Day.
The Institute for Supply Managementreleases its Chicago Purchasing ManagerIndex for December. Expectations are for
a 56.8 reading, a decrease from November’s 58.2.
Wednesday
Epic Rise of aBattery MakerQuantumScape’s amazing rise continued this past week,like a gift from amarket Santa. Shares of the electric-vehiclebattery maker closed at $131.67, up another 39% after rallying29% onMonday. The stock gained almost 70% over oneweek, and 390% since going public in late November.
On Tuesday, Quantum stock was worth $59 billion, basedon fully diluted 448 million pro forma shares outstanding.The company passed rivals, including LG Chem, SamsungSDI, and Panasonic, in market value. One exception:China’s Contemporary Amperex Technology,which wasworth roughly $110 billion. But Quantumwas also larger inmarket value than FordMotor andGeneral Motors, everyauto component of the Russell 3000 exceptTesla, and twoof the largest auto-parts companies in the world, Japan’sDenso and Germany’s Continental. The shares fell backlater in the week to a market cap of $51 billion.
QuantumScape went public in a merger with a specialpurpose acquisition company, or SPAC, Kensington CapitalAcquisition. GMO’s Jeremy Grantham invested $12.5 millionin QuantumScape seven years ago through his foundation, a4.8-million-share stake nowworth $551 million. (GMO con-firmed that he still owns all the stock.) Grantham dislikesSPACs, he told the Financial Times, but the stake “acciden-tally” turned into the largest investment he has ever made.
What’s really driving the shares? Anecdotally, there isn’tmuch stock to borrow, which suggests a short squeeze. AndEVs and batteries are hot right now. Tesla continues to rise,and Reuters reported thatApple plans to enter the EVmar-ket by 2024, with its own battery technology, which mightcompete with Quantum’s. Or maybe it’s just Santa. —Al Root
Bull RushSince going public in late November,QuantumScape stock has outpacedeven Tesla’s.
Sources: FactSet; Marketwatch
Race to the TopQuantumScape has quickly climbedinto the top ranks by value ofauto-related companies.
QuantumScape & Tesla Shares,December 2020
Sampling of Auto Industry StocksBy Market Capitalization (bil)
Tesla $607.0Contemporary 110.4Amperex Tech
QuantumScape 59.0
General Motors 58.5
LG Chem 58.2
QuantumScapeTesla
Dec.
0
100
200
300%
IllustrationbyEliasStein
10 BARRON’S December 28, 2020
about 4% since Dec. 9, when the companywas hit with similar lawsuits. Facebookhas gained roughly 30% year to date, whileAlphabet is up 29%.
Investors appear to be betting that noth-ing will come of the U.S. lawsuits—or thatthe largest U.S. tech companies might beworth as much, or more, if broken up. InChina, however, the government is the law.If it has a problem with Alibaba, Alibabahas a problem.
China isn’t targeting only Alibaba—it isalso targetingMa, who controls Ant Finan-cial, which was forced to pull a planned $34billion initial public offering last month afterthe deal ran afoul of Chinese authorities.Alibaba and Ant said in separate statementsthat they would cooperate with regulators.
China released draft antimonopoly ruleslast month designed to rein in big internetcompanies. Regulators are now lookinginto Alibaba’s use of exclusivity arrange-ments with merchants who sell on its e-commerce platform, preventing them fromworking through rivals like JD.com (JD).
Kessler, the Raymond James analyst,says the tricky part with Alibaba will bequantifying the hit to revenue, if any. AndChina’s regulators are likely to go afterother companies, he says.
Analysts estimate that Alibaba will report$106 billion in sales for the fiscal year end-ing in March 2021, according to FactSet.That would be a 49% increase from fiscal-year 2020. Kessler told Barron’s that e-com-merce sales industrywide are growing at a20% rate in China. Alibaba’s practices “don’tseem to be hurting competitors,” he says.
Trade risk could also remain an issue forU.S. investors in China. President DonaldTrump’s tariffs on Chinese goods roiledmany industries. Investors don’t yet knowhow a Biden administration will treat China.“Trade has been a struggle,” says Rich Sega,global chief investment strategist at Conning.He is hopeful that trade policy will befriendlier under Biden, whom Sega believesis “less likely to use tariffs as a weapon.” B
China TellsAlibabaIt MeansBusinessWith Chinese regulators investigatingantitrust practices at Alibaba, investorsgot a reminder that China’s stockmarket continues to be risky
As the year draws to a close,global investors face increasingrisks related to China, even asthe country offers long-termopportunities.
No one got a harsher re-minder of that fact this past
week than Jack Ma, the billionaire founderof Chinese e-commerce giantAlibabaGroup Holding (ticker: BABA), as China’sgovernment decided on Christmas Eve tocrack down on the sprawling and hugelysuccessful business.
Beijing launched an antitrust investiga-tion into Alibaba, while Ant Group, thecompany’s finance unit, was summoned tomeet with banking watchdogs to discussfinancial regulations. In other words, Ali-baba must play by China’s rules.
Alibaba’s U.S.-listed shares got ham-mered by the news, falling 13.3% on Dec.24 to $34.18. That’s the largest daily per-centage decline since the company wentpublic in 2014, and caps a 30% drop fromthe stock’s late-October peak. “It’s a bit ofan overreaction,” says Raymond James ana-lyst Aaron Kessler, of Thursday’s selloff,adding that shares are still a Strong Buy.
Shares are up almost 5% so far the year.Alibaba’s drubbing stands in sharp con-
trast to the negligible reaction of U.S. techgiants’ shares to the persistent threat ofantitrust prosecutions in recent years.
Shares ofAlphabet (GOOGL), parent ofGoogle, are up about 13% since Oct. 19, theday before the Department of Justice andvarious states filed lawsuits accusing Al-phabet of operating an illegal monopoly.The Nasdaq has rallied 11% in the samespan. Shares of Facebook (FB) are down
By AL ROOT AND LIZ MOYER
Alphabet, Facebook, and Alibaba shares,November to YTD 2020
Alibaba’s WoesFacebook and Alphabet shares haveoutpaced Alibaba since affiliate Ant’s IPO wasderailed in November.
Source: FactSetNov. Dec.
-40
-20
0
20%
AlibabaFacebook Alphabet
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T his past year was extraordi-nary by any definition. TheCovid-19 pandemic shocked
the world, and the stock market plum-meted before staging one of its greatestrallies ever.Are stocks ahead of themselves, or
aremore gains in store for 2021?Whatare your predictions for next year?Take our 20th annual forecastingchallenge and see howwell you do. The2020 competition drew about 4,000entries.The rules: Only one answer per
question, although some questionsmayhavemore than one right answer.Based onhistory, a score of 12 (out of apossible 18 points)might be enough towin. Thewinner gets a two-year sub-scription toBarron’s and lunch inNewYorkwith theBarron’s staffmember ofthewinner’s choosingwhenthe pandemic ends.
1.Whatwill the Dow JonesIndustrial Average return in2021, including dividends?� A: Negative �B: 0.1% to 10%
�C: 10.1% to 20% �D: Above 20%
2.Whatwill be the year’sbiggest financial surprise?� A: The S&P 500 index gains
another 15%.
�B: Interest rates rise, and the
10-year Treasury ends at a
yield of 1.75% ormore (it’s now
around 0.95%).
�C: Oil prices rally, with crude
finishing above $60 a barrel
(West Texas Intermediate crude
is now around $45).
�D: Electric-vehicle mania ends;
Tesla stock falls at least 40%.
� E: None of the above
3.Which S&P 500 sectorwillfare best in 2021?� A: Technology �B: Energy
�C: Health care �D: Financials
� E: Utilities
4.Wherewill Bitcoin end? It’s nowaround $23,000.� A: $10,000 or below
�B: $10,001 to $20,000
�C: $20,001 to $30,000
�D: Above $30,000
5.Which FAANG stockwillfare best in 2021?� A: Alphabet �B: Apple
�C: Amazon.com �D: Facebook
� E: Netflix
6.Which hot 2020 IPOwillfareworst in 2021?� A: Snowflake
�B: Palantir Technologies
�C: DoorDash
�D: Airbnb
7.Which losing stock from2020will do best in 2021?� A: Carnival
�B: ExxonMobil
�C: Intel
�D: Boeing
8.What coursewill the pandemictake in the U.S.?� A: Vaccine rollout is an almost
We’ll name awinner at the startof 2022. Entries can be submittedthrough our interactive systemonline.Alternatively, submissions can be sentvia email to [email protected]. Thedeadline is Sunday, Jan. 3. No one fromNewsCorp, our parent, is eligible towin.Nomail entries are permitted thisyear because of the pandemic. B
TAKETHEQUIZONLINEAn interactiveversion of thisquiz is nowavailable atbarrons.com/2021quiz
IllustrationbyDaveKlug
12 BARRON’S December 28, 2020
and replace pools, haven’t had an easytime of late. As an obvious beneficiaryof the Covid-19 pandemic, the stocksoared 130% from its March 2020 lowthrough its November high. Yet likemany stay-at-home stocks, it sold offon recent headlines about a potentialcoronavirus vaccine—it’s down 7%since its peak, to about $365 recently.
With lockdowns continuing andpools in need of maintenance, that’san opportunity for investors to buyinto an industry leader with a remark-ably stable growth outlook.
Covington, La.–based Pool Corp.,with a market value of nearly $15 bil-lion, didn’t need the pandemic toboost its business. In the five years
ended in 2019, the company’s salesgrew by 8% annually, helping its stockreturn an annualized 29% over thatperiod, more than double the S&P500 index’s 12% annual return.
Nearly 60% of Pool Corp.’s revenuecomes from nondiscretionary itemsfor existing pools—such as chemicals,maintenance, and repairs—and an-other 24% comes from replacing orrefurbishing these existing pools. Thatcreates the kind of recurring revenuethat Wall Street loves to see.
The coronavirus lockdowns tookthe company’s business to anotherlevel. In October, Pool Corp., whosebiggest markets are in California,Texas, and Arizona, beat earningsforecasts and predicted that it wouldearn between $8.20 and $8.50 ashare for the full year, up from aprior range of $7.05 to $7.45.
The stock’s recent drop had noth-ing to do with its financials. It tum-bled 16% on Nov. 9, after Pfizer firstsaid that its vaccine for Covid-19 wasat least 90% effective, as investorsworried about whether the companycould keep up its strong growth post-pandemic.
For Pool Corp., the answer ap-pears to be an unequivocal yes. Forone, the surge in demand for newpools probably isn’t over. Considerthe backlog at Blue Haven Pools &Spas, a contractor in Jacksonville,Fla. The company tells callers in arecorded message that it’s booked forthe next two or three months. Add inconstruction time, and it will be fiveor six months, at least, before home-owners can go for a dip.
“Pool-focused contractors areslammed,” says Pool Corp. Chief Fi-
This Pool StockGot a BigCovid Boost. It’s Still a Buy.Consumers who installed swimming pools will have to pay to maintainthem for years to come. That’s good news for Pool Corp.
During the great kiddie-pool shortage of 2020,parents scrounged far andwide for options to keeptheir kids cool and enter-tained through the lock-down. Plastic tubs may
soon be forgotten in the garage, butconsumers who installed the real thingwill be paying to maintain their poolsfor years to come, pandemic or not.And that’s great news for Pool Corp.
Shares of Pool Corp. (ticker:POOL), which distributes swimming-pool supplies and the equipment pro-fessionals use to maintain, refurbish,
By TERESA RIVAS & AL ROOT
nancial Officer Mark Joslin. “It nevergets quantified, it’s all anecdotal, butthe anecdote is [the contractors] ha-ven’t seen a market like this before.”
Covid has also led to an uptick inhomeownership, especially in the sub-urbs, notes Sandy Villere, partner andportfolio manager at Villere & Co. Andeven with a vaccine, families may con-tinue to prefer the comfort of home toa public pool. He also points out thatmore people are moving to Sunbeltstates, where the swimming season islonger. And the lifespan of a pool,wherever it is built, isn’t all that long.
“There are roughly 5.5 millionpools [in the U.S.], and every seven to10 years they need to be replaced orrefurbished,” Villere says.
Pool stock isn’t exactly cheap. Ittrades at just under 40 times nextyear’s earnings, an 80% premium tothe S&P 500. But Pool Corp. has al-ways commanded a premium valua-tion due to its growth and the stabilityof its business—the company hasn’tlost money since at least 1994.
“Each time a new pool is put inanywhere, it grows the installed baseand becomes another recurring an-nuity for Pool Corp.,” Villere says.“This is a nondiscretionary spend,and people pay to maintain thesepools, much like people pay theirphone bill or electric/light bill.”
KeyBanc Capital Markets analystKenneth Zener calls Buy-rated PoolCorp. “expensive but worth it.” Heraised his price target to $400 from$335 after the company reportedstrong third-quarter results in Octo-ber. He models 11% sales growth for2021, higher than recent history, andbelieves Pool Corp. can trade forroughly 44 times his estimated 2021earnings of $9 a share.
The market certainly seems upbeatabout the industry as a whole: Les-lie’s (LESL), a smaller pool company,jumped 30% during its October ini-tial public offering. Originally pricedat $14 to $16 a share, it was bumpedup to $17 a share, opened above $20,and now trades at $28.17. Leslie’s istrading at about 52 times estimated2021 earnings.
If Pool Corp. can make up half thatgap in valuation on 2021 earningsestimates of $9.19, its stock could beworth $423, 16% higher than where itclosed Wednesday. On 2022 earningsof $10.29, it would be worth $473, up30%.
Yes, Pool Corp. stock has had a bigrun—but it isn’t too late to dive in. B S
tanislaw
Pyte
l/Getty
Images
Diving InAfter doubling off the S&P 500’s March low, Pool Corp. stockcould be getting ready to run again.
Source: FactSet
150%
100
50
0
-50
Apr. 2020 Aug. Dec.
Pool Corp.
S&P 500
March 20th
December 28, 2020 BARRON’S 13
cash. That’s close to 30% of its marketcap of just $2 billion. The companyhas also vowed to buy back stock inthe current quarter.
Maybe you turn to Yelp for diningrecommendations. But restaurantsaccount for only a tenth of its reve-nue. Almost half comes from itshome and local services segment:plumbers, gardeners, electricians,and the like.
Stuck at home during the pan-demic, consumers began sprucing uptheir nests. Home and local servicerevenue rose 20% sequentially in theSeptember quarter, growing in themid-single digits from the same quar-ter a year ago. Yelp had a sequentialincrease of 130,000—almost 35%—inpaying businesses. Searches increased40% from the June quarter.
For years, Yelp relied on a big salesteam to peddle ads to mom-and-popbusinesses. Now, the model is shifting.Yelp has rolled out a self-service sys-
tem that businesses can use to buy adswithout salespeople. And it’s sellingads to businesses with multiple loca-tions, including national chains.
The company monetizes only about20% of the leads it generates in homeservices, CEO Jeremy Stoppelman,who co-founded Yelp in 2004, tellsBarron’s. It is taking steps to increasethat total. Yelp has added new lead-generation tools for contractors, in-cluding Request-a-Quote for seekingbids for home projects.
It has been a long climb back fromthis past spring, when Stoppelmansays he worried that the pandemicthreatened the company’s viability.“By mid-March, there was a massiveslowdown,” he says. “Our ad revenuetook a significant hit. Everyone wasscrambling to survive. We had to re-configure the business.”
In April, Yelp laid off 1,000 peopleand furloughed 1,100 more, reducingits workforce by more than a thirdwhile cutting salaries and work hoursfor the rest. The company grewMarch-quarter revenue 6%, but condi-tions unraveled in the June quarter asthe virus spread. Revenue in the pe-riod fell 32% from the prior year, witha similar decline versus the Marchquarter. Yelp lost almost $24 millionin the quarter.
“It was a very difficult chapter inYelp’s history,” Stoppelman says. “Itisn’t easy to say goodbye to peoplewho are doing a perfectly good job. Iwent through 2008 as CEO of Yelp—we were pre-IPO—riding off venturecapital rather than profitability andnot expecting to make any money. Itslowed us down, and we stoppedhiring, but we didn’t lay people off.”
After a difficult spring, conditionsimproved. “Things reconfigured,” hesays. “By summer, we started seeinga recovery. Virus cases took a dive.Business activity started to pick up.In the initial fog of war, everythingwas bad. But we began to see a lot ofdemand for home services, with somany people spending so much timeat home.”
In August, many restaurants re-opened as Covid-19 cases fell, andYelp’s business rebounded. The com-pany brought back almost all of thefurloughed staff and reversed salarycuts.
In the September quarter, revenuewas down 16% from a year ago, but up31% from the June quarter, crushingWall Street estimates by almost $20million. As restrictions eased, restau-
rant ad revenue doubled in the thirdquarter from the second quarter.
Those numbers prompted ShwetaKhajuria, an analyst with RBC CapitalMarkets, to raise her rating on Yelpstock to Buy from Hold. The numbers,she says, show a company on themend—and benefiting from adjust-ments to its business model. She hasa $34 price target on the stock, about33% above the current level. If thosechanges continue to pay off, the stockcould head north of $40 for the firsttime since 2018.
Justin Patterson of KeyBanc CapitalMarkets recently wrote that Covid-19vaccines are a positive for home ser-vice plays like Yelp, suggesting thatthe consensus forward revenue andmargins estimates are too conserva-tive. The Street consensus calls for2021 revenue of close to $1 billion,with low-double digit growth.
Yelp projects revenue for the De-cember quarter in the range of $220million to $230 million, althoughrecent shutdowns have investorsworried about a miss. Such a disap-pointment wouldn’t change the factthat vaccines are rolling out—or theexpectation that consumer behaviorwill change as the economy reopens.
Khajuria says Yelp will reboundfaster than other travel and entertain-ment businesses. The summer bouncein the company’s results, she notes,demonstrates pent-up demand fordining out—even for people reluctantto travel or attend public events.
Recent antitrust litigation againstAlphabet (GOOGL) unit Google, arival in reviewing restaurants andhome services, could result in mea-sures that help Yelp. But that doesn’tneed to happen for the stock to work.Expect better reviews in 2021. B
As a Reopening Play, YelpDeserves a Positive ReviewThe online recommendation site is growing its home and local service business andsetting itself up for a rebound when restaurants fully reopen. Plus, its stock is cheap.
YELP / NYSE
Year in ReviewHow Yelp’s stock has performed in2020.
Source: FactSet2020
15
20
25
30
$35
“Everyonewasscramblingto survive.We had toreconfigurethebusiness.”Yelp CEOJeremyStoppelman
Yelp stock might merit onlya one-star review for 2020.
The widespread shut-down of indoor dininghas weighed heavily on theonline recommendationservice. Yelp shares have
lost 20% of their value this year, trad-ing at a recent $26.53 and underper-forming the Nasdaq Composite indexby more than 60 percentage points.
Yet changes in its business model,combined with hopes for a reopeningof the economy as Covid-19 vaccinesarrive, give reason to think that Yelp(ticker: YELP) can reach for the stars.
Yelp is trading for a modest twotimes estimated forward sales, wellbelow TripAdvisor (TRIP) at 3.5times and Booking Holdings(BKNG) at eight times. And really, thestock is even cheaper: Yelp ended Sep-tember with almost $600 million in
By ERIC J. SAVITZ
IllustrationbyRobDobi
w013_p2bw
363000_0_w01300_1________xa2020_01.pdf 1
26-Dec-20 04:36:18
14 BARRON’S December 28, 2020
Barron’s is seeking to honor women who have achieved positions ofprominence and influence within financial services, who are helping toshape the industry and leading it confidently into the future.
For full details and to submit a nomination, visitbarrons.com/b100womenbarrons.com/b100women
Nominations must be submitted by December 31, 2020.Nominations must be submitted by December 31, 2020.
T E C H T R A D E R Struggling to find unknown and unloved techcompanies that are cheap? Jeffrey Myers ofCobia Capital suggests two.
Why Apple Will StayIn Its Lane if It DrivesToward Auto Market
Root has calculated, the world’s 26largest auto makers last year had salesof more than $2 trillion combined.
But I find the notion of Apple be-coming a full-fledged car companyfar-fetched. Sure, Apple has long beennibbling around the edges of the automarket with its CarPlay service forin-cabin entertainment and maps. YetApple’s expertise is in design, engi-neering, logistics, and marketing. Itdoesn’t manufacture anything, relyingon contractors to make phones, Macs,and other wares. As Citigroup analystJim Suva notes, making cars wouldcompress Apple’s margins, making itan unlikely strategy.
At the same time, Apple is not justgoing to ignore a $2 trillion market.Morgan Stanley auto analyst AdamJonas wrote last week that he and histech analyst colleagues have longthought that Apple would one daydesign and engineer a car.
“It’s not that we believe Applewants to get into the auto industry asconceived by today’s auto companies,but that Apple may have an interestin enhancing the driving experience
with vertical integration of hardware,software, and services,” he said in aresearch note.
Jonas thinks that the value of ser-vices in the “internet of cars”—multi-ply monthly active users (drivers) byaverage revenue per driver—coulddwarf sales from simply selling cars.“The world’s 1.2 billion light vehiclestravel in excess of 10 trillion miles peryear, and humanity spends over 600billion hours of time inside automo-biles annually...the equivalent of 68million years,” he said.
Now, imagine those were autono-mous cars. That would free up a lotof consumer time to watch Apple TV+,listen to Apple Music, read AppleNews, and play in Apple Arcade oniPhones, iPads, or MacBooks.
Tesla CEO Elon Musk entered theiCar discussion on Tuesday. In atweet, he said that during a difficultmoment for his company, he reachedout to Apple CEO Tim Cook to discussselling Tesla to Apple for a 10th of therecent price (let’s call it $60 billion).Cook “refused to take the meeting,”Musk wrote.
Whether an Apple/Tesla combina-tion would have worked, we’ll neverknow.
L et’s get small: The huge 2002tech rally has stripped thelandscape clean of obviousbargains. (Though I think I
found one in Yelp [YELP], see page13.) In search of cheap merchandise,I chatted recently with Jeffrey Meyers,proprietor of Cobia Capital, a NewYork–based hedge fund. His prefer-ence is for unloved and unknown techcompanies with market caps under
$3 billion that trade at modest multi-ples. Here are two examples.
Meyers is keen onAirGain(AIRG), which makes antennae forfixed and mobile wireless applica-tions. He’s especially jazzed about theprospects for a new AirGain antennafor first-responder vehicles that al-lows them greater range so radio sig-nals can penetrate farther into build-ings. AirGain is up about 40% thisyear, but he sees higher highs. Nowtrading for about $15, it could be a $75stock a few years from now, he thinks.
He is also enthusiastic about Nor-dic Semiconductor (NOD.Norway),a Norwegian company that makesBluetooth chips for things other thansmartphones: headsets, keyboards,mice, and other applications. Meyersnotes that the chips are found, forinstance, in Tile tracking devices,which can be attached to almostanything that you wouldn’t want tolose—your dog, say, or your keys.Apple is rumored to be working ona similar product, which he thinksalso could include Nordic’s chips.
Nordic shares aren’t as cheap asthose of other Meyers picks, but thecompany is seeing acceleratinggrowth—revenue was up 45%, yearover year, in the September quarterand 34% sequentially—in a growingniche. Nordic, meanwhile, is gainingsome early traction in chips used incellular-based Internet of Thingsapplications.
Wall Street is looking for…well,there aren’t any U.S. analysts. Justthe kind of stock Meyers loves. Nordiccould be acquisition bait for manypotential buyers, he says, as the chipsector continues to consolidate. B
By Eric J. Savitz
T alk thatApplecould launch anautonomous car assoon as 2024 hadthe market abuzzthis past week.
The iCar chatterstarted with a Reuters report, andinvestors responded by bidding up themarket cap of Apple (ticker: AAPL) byabout $145 billion fromMonday’s lowto Tuesday’s close. That’s more thanthe market values of FordMotor (F),General Motors (GM), and FiatChrysler (FCAU) combined. Imagineif Apple had actually announcedsomething.
Stories about Apple’s ambitions inthe automobile market have swirledfor at least a decade. “Steve Jobs, ifhe’d lived, was going to design aniCar,” Mickey Drexler, a former Appleboard member, said in a 2014 inter-view at the Parsons School of Designin New York. Over the years, therehave been reports that Apple hashired hundreds of engineers for whatis supposedly known as Project Titan.The Reuters report says that Applehas new battery technology that willprovide longer range and lower coststhan existing batteries used by Tesla(TSLA) and others. Apple isn’t sayinganything—it never talks about unan-nounced products—but I doubt thatwe will see iCar dealerships anytimesoon.
To be clear, the appeal of this idea isobvious. Apple’s sales are enormous—Wall Street expects $330 billion in theSeptember 2022 fiscal year. To drivemeaningful growth, it must aim atlarge markets. And as my colleague AlC
hristian
Kaspar-Bartke/G
etty
Images Apple is very unlikely to
become an auto maker likeTesla. At the same time, thereis a huge potential market inthe “internet of cars.” A Tesla. Could Apple be a rival?
16 BARRON’S December 28, 2020
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I N C OM E I N V E S T I N G U.S.-domiciled sustainable investments totaled$17.1 trillion at the beginning of 2020, up 42% from$12 trillion at the beginning of 2018.
I f you have ever wonderedwhich bond issuers are themost sustainable, wonder nomore: They include the Coun-cil of Europe DevelopmentBank, the European Invest-ment Bank, and German state-
owned development bank KfWGroup.That’s according to a new ranking
by Sage Advisory, an Austin, Texas,investment advisor with a large insti-tutional environmental, social, andgovernance, or ESG, fixed-incomepractice. The nearby table shows theranking for the top 10, including rele-vant factors such as yield; for the top20, please see Barrons.com.
Rounding out the top 10 are RELXCapital, a unit of British informationand analytics company RELX (ticker:REL); the Inter-American Develop-ment Bank; real estate firm CBREGroup (CBRE); the Asian Develop-ment Bank; Rabobank Nederland;testing-equipment manufacturerKey-sight Technologies (KEYS); officedeveloperKilroy Realty (KRC); andMunich Reinsurance.
Typically, yields for sustainablebonds are smaller than those for is-sues with lower ESG ratings, reflect-ing reduced risk and the so-calledgreenium. That’s likely to change assustainable bonds become more popu-lar. Writes UBS strategist MarkHaefele: “Most green bonds trade fairon the issuer’s yield curve, and wethink such scarcity premiums willremain small at just a few basispoints. The ‘greenium’ would also fadeas issuance rises.”
In fact, yields on Sage’s top 50, inthe aggregate, compare well to compa-
rable bonds. It isn’t apples to apples—many issues don’t have a 10-yearbond, for example. Still, Sage did thebest it could. The average issuer on thelist of top 50 is rated A2/A, and theaverage “yield to worst” is 1.66%.Yield to worst is a measure of the low-est possible yield you can receive on abond, based on the date it can getcalled away. By contrast, theBloomberg Barclays US Intermedi-ate Corporate Index andBloomberg Barclays US Aggregateboth yield 1.16%.
Sustainable-bond issuers shouldn’tbe confused with green bonds, whichare issued specifically to fund climateand environmental projects. These areissuers ranked by Sage’s assessment of
their ESG practices.What’s more, a list of sustainable
issuers will look different from one ofsustainable public companies—likethe one Barron’s publishes every win-ter based on data from Calvert Re-search &Management—partly be-cause the Sage ranking includes anumber of development banks thatdon’t issue equity, and many compa-nies high in the rankings don’t havebig bond issues.
Still, generally speaking, the Sageranking of the top 20 includes manyof the same companies that top Bar-ron’s list of sustainable companies:CBRE, Keysight,HP (HPQ), Best Buy(BBY), Cisco Systems (CSCO),Nvidia (NVDA),W.W. Grainger(GWW), andAdobe (ADBE).
High ESG ratings—for bonds aswell as stocks—mean risk reduction,says Bob Smith, president and chiefinvestment officer of Sage Advisory,who began his career rating bonds atMoody’s. “Like on the equity side,you’re buying quality, stability, safety,the ability to withstand adversity,”says Smith.
Indeed, higher-rated ESG bondsperformed better during this year’scrisis, similar to how they performedduring the 2012 European sovereigndebt crisis and the 2016 energy crisis,
according to research by NorthernTrust Asset Management.
“Anchor to windward, the ballast inyour tank, all the things you hearabout why ESG matters were re-flected” in the performance of highlyranked ESG bonds during the crisis,Smith says. “The true virtue is thatthese are exceptionally good diversifi-ers relative to higher-beta equity port-folios” that have a lot of risk.
Companies are increasingly willingto publish ESG metrics and try to im-prove them because of the flood ofinterest in sustainable investing. U.S.-domiciled sustainable investmentstotaled $17.1 trillion at the beginning of2020, up 42% from $12 trillion at thebeginning of 2018, according to USSIF, a prominent trade group for thesustainable-investment industry.
Sage analyzed and ranked the issu-ers according to a proprietary “leafscore,” which assesses the ESG macrorisk for each industry, and then evalu-ates it on a company level. The scoreranges from 1 to 5, with 5 representingESG leaders.
Sage looks at factors includinggreenhouse-gas emissions, watermanagement, carbon intensity, com-munity involvement, discriminationpolicy, ESG performance targets,board diversity, and climate-changerisk, among others. It also looks atcontroversy analysis, considering thecritical issues a company has faced inthe recent past and how it handledthem. It excludes tobacco companies,coal miners, and small arms makers.
Sage, which has $15 billion in assetsunder management, has incorporatedsustainability analysis into its portfo-lios for several years, starting withnegative screening five years ago andadding more sophisticated analysissince then. “Our work is really devotedtoward trying to get people comfortablewith ESG as a risk-mitigation process,”says Smith. “This is just an expansionof fundamental research.”
Some of the issues in the top 50 arebelow investment grade, but havegood ESG scores. Says Smith: “Thesemay be indicators of better credit as-sessments” to come. In all, Sage hasscored about 1,200 issuers with $890billion in issuance. B
By Leslie P. Norton
The 10 Most Sustainable Bond IssuersSage Advisory ranked issuers according to its own ESG rating system.
Moody’s/ Yield to MaturitySage Top 10 Country Sector S&P Rating Worst* Date
Council of Europe France Financials Aa1/AAA 0.41 2/27/2025Development Bank
European Investment Bank Luxembourg Financials Aaa/AAA 1.01 9/23/2030
KfW Group Germany Financials Aaa/AAA 1.02 9/30/2030
RELX Capital U.K. Industrials Baa1/BBB+ 1.70 5/22/2030
Inter-American U.S. Financials Aaa/AAA 0.99 6/15/2029Development Bank
CBRE Group U.S. Real Estate Baa1/BBB+ 1.17 3/1/2026
Asian Development Bank Philippines Financials Aaa/AAA 1.04 10/8/2030
Rabobank Nederland Netherlands Financials Aa3/A+ 1.88 5/29/2029
Keysight Technologies U.S. Information Baa2/BBB 1.64 10/30/2029Technology
Kilroy Realty U.S. Real Estate Baa2/BBB 2.26 2/15/2030*Yield as of Dec. 20. Source: Sage Advisory
18 BARRON’S December 28, 2020
HOW TO PLAYA REBOUNDIN DEMANDFOR TRAVELLeisure over business. Cars over airplanes.Analysts see anuneven recovery thatwill boost some companies andsectors sooner thanothers.
Here are six potentialwinners.
Photographs by ANDREW B. MYERS
By LAWRENCE C. STRAUSS
barrons.com/b100women
Nominations must be submitted by December 31, 2020.
December 28, 2020 BARRON’S 19
(Backgro
und)SuttipongSutira
tanachai/Getty
Images
20 BARRON’S December 28, 2020
Corporate travel has fallen offa cliff during the pandemic,taking airline traffic with it.The Las Vegas Strip, ordi-narily bustling with confer-ence-goers and leisure trav-elers alike, more resembles aquiet resort town than the24/7 hive of activity it usu-ally is. No cruise ships—aside from some Covid-stricken stragglers—haveembarked from or entered
U.S. ports since mid-March.Even domestic leisure travel, a
relatively bright spot over the sum-mer and into the fall, is coming upagainst a surge of Covid-19 cases anda fresh round of travel and commer-cial restrictions around the country.Pennsylvania, for instance, recentlyclosed its casinos for the second timethis year to combat the spread of thecoronavirus. Nearly 70% of Ameri-cans said they wouldn’t travel forChristmas, according to a recent sur-vey commissioned by the AmericanHotel & Lodging Association.
It’s not exactly a picture postcardfor travel and tourism these days.
And yet, travel and leisure stocks—including cruise, lodging, casino, andtime-share names—have been on atear. (For a look at airline stocks, turnto page 23.) Some are up 20% or morein recent weeks, though many remaindown on the year. A big impetus camein early November when promisingnews about the efficacy of Covid-19vaccines began to emerge, and thegood feelings continued with the ap-proval and rollout of vaccines.
“It’s a belief that travel will comeback,” Geoffrey Ballotti, CEO ofWyndhamHotels & Resorts (ticker:WH), tells Barron’s. “It’s a belief thatpeople want to get out of the house.They want to travel. They want to seethings come back to normal.”
Still, while the vaccines should pavethe way for better times and earningsacross the travel and tourism industry,the speed and takeup of the rollout arewild cards. Many Americans haveseen their incomes and travel budgetstake a hit, and there is also sure to besome lingering skittishness amongpeople and businesses. Investors,then, need to have a framework.
“From a high level, the way we havegone about this, No. 1, is thinking aboutleisure versus business, No. 2, drivingversus air travel and, No. 3, outdoorsversus indoors,” says David Katz, aleisure and gaming analyst at Jefferies.
Katz expects leisure and businesstravelers will unleash a lot of pent-updemand, starting in the middle of 2021and extending into early 2022. They“will be looking to get out and traveland get caught up,” he says.
With that in mind, investorsshouldn’t fret that they’ve missed theboat. For one thing, there are sure tobe pullbacks after the rally as pan-demic news ebbs and flows. What’smore, some sectors will rebound morequickly than others and there could bebargains among the laggards.
“It’s about picking my names care-fully—the ones I have confidence inthat there’s not any lingering problemsor some sort of impairment to thebusiness model,” says Patrick Scholes,who covers cruises and lodging forTruist Securities.
He points to time-share companies,such asWyndhamDestinations(WYND),Hilton Grand Vacations(HGV), andMarriott VacationsWorldwide (VAC), as compelling
picks because they’ll benefit from astrong demand for domestic leisuretravel and a steady stream of fee in-come, among other things. Marriott’sshares are up about 3% this year, butthe others are still underwater.
They all trade at less than 10 timesenterprise value (mainly market capi-talization, plus net debt) to consensusestimates for 2022 earnings beforeinterest, taxes, depreciation, andamortization, or Ebitda. That com-pares with more than 16 times fortraditional lodging companies likeMarriott International (MAR) andHiltonWorldwide Holdings (HLT).
As for the surge in travel and leisurestocks, Scholes says: “It’s purely vac-cine trade momentum here, becauseit’s not like hotel bookings and roomrates are seeing any green shoots.”During the week ended Dec. 12, forexample, revenue per available room, akey hotel industry metric known asrevpar, was down 57% year over year.
Nevertheless, the backdrop for the
hotel industry coming out of the pan-demic, assuming the vaccines are suc-cessful and widely disseminated, ispromising, says Bill Crow, head of realestate research at Raymond James.That’s partly because “we do expecthotel supply growth to slow over thenext few years,” he tells Barron’s.
“That sets the stage for what shouldbe a multiyear, fundamental upturnfor the group right through 2024-25,assuming we don’t screw up the econ-omy,” he adds.
Another potential catalyst that looksmorewithin reach now is the return ofbusiness travel, onwhichmany compa-nies, includingMarriott InternationalandHiltonWorldwide, depend heavily.While Zoommeetings and other virtualtools have helped businesses getthrough the pandemic, there’s no sub-stitute formaking connections face toface during a conference’s coffee breakor over a drink in the hotel bar.
Steve Reynolds, CEO of TripbamAnalytics, which helps compa-nies monitor and book theirtravel, expects to “see a niceincrease” in next year’s second-
quarter business travel to about 40%of 2019 levels. He’s expecting the fig-ure to hit 60% by the end of 2021—with international travel starting topick up by then—and 80% in 2022.
“Everyone’s just itchy to get back toa conference or to a trade show,”Reynolds says. “They had value be-fore. It’s all about networking in thehallway and bumping into people.”
Mark Finn, portfolio manager of theT. Rowe Price Value fund (TRVLX),spotted a few opportunities in Apriland May when he was aggressivelybuying shares of HiltonWorldwideand Marriott International. “As awfulas the world seemed then, that was notreally that hard to do,” he recalls.
More than a half-year later, Finnstill holds Hilton and Marriott alongwith a smaller position inMGMRe-sorts International (MGM), which ismore of a play on the beleaguered LasVegas Strip. “They are good holdings,but they are not the fat pitches theywere,” he says.
Meanwhile, the major U.S. cruiseoperators have been largely shut downsince mid-March and have extendedsailing suspensions into February orMarch as they look to address theconditional sailing order they receivedin October from the Centers for Dis-ease Control and Prevention. “Rightnow, every one of my clients is sitting
Wish YouWere HereAlthough U.S. hotel revenue per available room has improved since the early days of the pandemic, itcontinues to trail last year's results by signficant margins.
U.S. revenue per available room
March 14, 2020
0%
-25
-50
-75
-100
Sep. Dec.
Sources: STR; Truist Securities
Upscale and luxury hotels have been hit the hardest by the economic fallout from the pandemic,while economy and suburban operators have fared better.
Category
YTD Revenue Per YTD HotelHotel Category Available Room Occupancy
U.S. Average -47.7% -33.4%Luxury -57.6 -55.7
Upper Upscale -61.9 -54.6Upscale -52.2 -41.0
Upper Midscale -43.0 -33.0Midscale -32.2 -24.1
Economy -20.9 -13.5Independents -41.4 -29.5
Location
YTD Revenue Per YTD HotelHotel Category Available Room Occupancy
Urban -63.8% -48.2%Suburban -44.7 -30.7
Airport -52.8 -39.9Interstate -30.6 -22.9
Resort -42.5 -38.4Small Metro/Town -30.5 -23.3
Data compares Jan. 1 through Dec. 12, 2020, versus thecorresponding period in 2019.
Sources: STR; Raymond James
“People arefeeling safer,especiallyto get intheir carand drivesomeplace.They feelthey can doit safely andresponsibly.”Wyndham HotelsCEO GeoffreyBallotti
December 28, 2020 BARRON’S 21
Carlo Santarelli.Spread across the country in places
like Biloxi, Miss., and Evansville, Ind.,regional gambling properties typicallyserve customers who live within anhour’s drive and who focus on gam-bling—not entertainment, conven-tions, or events.
“Regional casinos have benefitedtremendously from the fact that in a lotof states, they are the only game intown right now, with everything elseclosed,” Santarelli says. The regionalsalso benefit from the buzz about thegrowth potential of online sports bet-ting and igaming, or online casinogambling, in which they’ve been invest-ing. Caesars Entertainment (CZR),for example, is acquiring London-based sports-betting firmWilliamHill(WMH.UK).
Allen says he doesn’t “expect re-gional casino revenues to get back to
2019 peak levels until the second halfof 2022 or 2023, but that is way fasterthan where we think Vegas or hotelswill recover.”
Many lodging stocks have run upas well, though not as much as re-gional gaming shares. Allen says that,from an operational perspective, thoselodging firms “with higher leisureexposure are better positioned thanthose with higher corporate expo-sure”—one example being ChoiceHotels International (CHH).
Another example is WyndhamHotels & Resorts, which gets about70% of its business from leisure trav-elers and benefits from a lot of domes-tic drive-to business.
“The concern right now has beenlooking at that rising case load,” saysBallotti, the company CEO, referringto Covid. Still, he says he sees someencouraging signs for the hotel busi-
ness: “People are feeling safer, espe-cially to get in their car and drivesomeplace. They feel they can do itsafely and responsibly.”
Barron’s spoke with a number ofanalysts and portfolio managers tofind stocks with good potential value.Here they are:
WYNDHAM HOTELS & RESORTSCompared with lodging companiessuch as Marriott International andHiltonWorldwide, Wyndham is moreof a value play. It was recently tradingat about 12.5 times enterprise value toestimated 2022 Ebitda, versus morethan 16 times for Marriott and Hilton.
Wyndham, the world’s largest hotelfranchising company, focuses on mid-scale and economy customers, seg-ments of the market that have held upbetter than higher-end properties. Asof Dec. 12, year-to-date revpar foreconomy hotels was down 20.9%,compared with the total in the corre-sponding 2019 period. Luxury revparwas down 57.6%.
Wyndham caters to “the businesstraveler that has to be out there on theroad,” Ballotti tells Barron’s, addingthat essential workers are key mem-bers of that group. “We saw a greatpickup in the infrastructure busi-ness,” such as cable and utility work-ers. Health-care workers are anotherimportant constituency.
Robert Mollins of Gordon HaskettResearch Advisors observed in aDec. 16 note that Wyndham “isuniquely positioned to capture ‘driveto’ leisure” customers and “blue-collarbusiness transient demand—telecom,front-line workers, infrastructure—allworkers that can’t WFH,” or workfrom home. He has the stock at a Buy.
Unlike most leisure stocks,Wynd-ham continues to pay a quarterly divi-dend, cut to 8 cents a share from 32cents this year. The company is lookingto increase it in 2021. The stock, whichyields 0.6%, has returned about minus10% this year, though it has more thandoubled off its March pandemic lows.
NORWEGIAN CRUISE LINE HOLDINGSCruise stocks, down more than 80%at one point during the initial Covidwave, have been volatile during thepandemic. And just when there will besailing from U.S. ports again remainsup in the air.
Still,Norwegian Cruise LineHoldings (NCLH), the smallest of thethree major U.S. cruise operators,could be an interesting play whenever
Home forThe Holidays
70%Percentageof Americanswho said theywouldn’t travelfor Christmas,according toa survey com-missionedbythe AmericanHotel & LodgingAssociation
on hold,” says Jackie Ceren, who runsa travel agency in Largo, Fla., with anemphasis on cruises.
The companies say they are cau-tiously encouraged by booking trends,but they’re burning through hundredsof millions of dollars every month, andthey aren’t expected to earn a profituntil at least 2022—and a modest one,at that.
But stocks of the cruise operators,though still down at least 40% year todate, have surged on the vaccine news.“People have the ability and willing-ness and desire to go on a cruise post-Covid,” says Chris Woronka, a cruiseand lodging analyst at Deutsche Bank.“That’s bullish. I just think the stockshave priced all of that optimism.”
Woronka, who remains bullishlong term, thinks that expecta-tions about the post-Covidreopening need to be tempered
a bit. “It’s going to be a little more grad-ual of a recovery than we might think,”he says. “I have no idea when cruiselines or airlines or hotels are going tosay you don’t have to wear a mask any-where, but it’s not going to be when thefirst person gets the vaccine or the first10% get vaccinated.”
An example of the valuation eupho-ria: Royal Caribbean Group (RCL)recently fetched more than 18 times itsenterprise value to projected 2022Ebitda, based onWoronka’s estimates.Its 10-year average for that metric isabout nine times, he says.
Stepping back, Thomas Allen, alodging, gaming, and cruise analyst atMorgan Stanley, says that Covid hascreated “some structural shifts in theindustry,” with some sectors recover-ing more quickly than others.
Bearish on cruise stocks, Allen ismore optimistic about leisure travelthan corporate travel. And he favorsgambling within leisure. “We don’tthink Covid has created any meaning-ful structural headwinds to people’swillingness to go to casinos,” he says.
Indeed, a big winner during thepandemic so far has been regionalgambling. Boyd Gaming (BYD), forexample, is up 135% since Barron’srecommended it in May, and PennNational Gaming (PENN) is up morethan 250% this year.
But the run-up means investorsmust be discerning. “Whether it’scost cuts or whether it’s the pace ofthe recovery, there’s a lot of goodnews in these things,” says DeutscheBank lodging and gambling analyst(C
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22 BARRON’S December 28, 2020
North American operations do re-sume in 2021.
“When we talk to the very largetravel agencies, they tell us veryclearly that the best booking/reserva-tion demand for future cruises rightnow is on your higher-end, luxurycruises,” says Scholes, the Truist ana-lyst. He has a Hold on Norwegian andpeers Royal Caribbean Group andCarnival (CCL).
Roughly 15% of Norwegian’s fleetcapacity is dedicated to luxury, muchhigher than it is for Royal Caribbeanand Carnival, Scholes says.
Norwegian does have a lot of debt,including some taken on this year tostay afloat as its fleet sits idle. As ofSept. 30, its long-term debt totaledabout $10.6 billion, up considerablyfrom about $6 billion at the end of lastyear. And its recent valuation of 10.5times enterprise value to estimated2022 Ebitda is hardly cheap. Based onconsensus FactSet estimates, thecruise operator isn’t expected to re-turn to profitability until 2022.
But the company’s luxury brands,notably Oceania and Regent SevenSeas, operate fleets with smaller ships,in many cases with under 1,000berths—a potentially more attractiveoption to customers in a post-Covidworld who want to avoid largercrowds. Those vessels, says Scholes,are “less crowded and cramped than amass market three-days-to-the-Baha-mas trip.”
James Hardiman, a Wedbush ana-lyst who rates Norwegian Outper-form, observed in a recent note thatthe company “has positioned itself toeventually emerge from the pandemicand ultimately flourish.”
CAESARS ENTERTAINMENTCaesars Entertainment’s shares havedone well this year, up 26%, reflectinghow strongly regional casinos havesnapped back.
Although Caesars has several signa-ture Las Vegas properties, includingCaesars Palace Las Vegas, it derivedabout three-quarters of its third-quar-ter revenue from regional gamblingoperations. That gives Ceasars, whichmerged with Eldorado Resorts in an$8.6 billion deal in July, some protec-tion as it waits for Las Vegas to recover.
Jefferies’ Katz says that the com-pany’s Las Vegas business “is loyalty-driven, meaning that they don’t havethe same large-scale events and con-ventions” that other gambling compa-nies have. Conventions and events
TravelBreakdownStatistics fromthe U.S. TravelAssociation
$1.1TrillionTotal directspending ontravel in 2019
72%Percent oftotal spendingon leisure travel
28%Percent of totalspending onbusiness travel
have been decimated by the pandemic,eroding Las Vegas traffic.
To broaden its reach, Caesars isacquiringWilliam Hill, a sports-bet-ting company with which it alreadyhad a partnership. “They put togetherthe assets to be a major player in digi-tal gaming,” says Katz. He has Caesarsat a Buy.
The stock looks relatively inexpen-sive versus some of its peers. It wasrecently trading at 9.3 times enterprisevalue to estimated 2022 Ebitda, in linewith its peer average and well belowthe 17.2 multiple for Penn National,according to J.P. Morgan Securities.
One thing to be aware of: Caesarsdoes have a big debt load. As of Sept.30, it totaled about $15.2 billion in long-term debt against total shareholders’equity of $3.4 billion. But helped by thecash flow from its regional gamingproperties, Caesars should be a solidbet, even after its recent run-up.
MARRIOTT VACATIONS WORLDWIDETrading recently at a little under 10times enterprise value to consensus2022 Ebitda, Marriott VacationsWorldwide sports a premium valua-tion among its peers in the time-shareindustry. But the company, whoseshares have held up in a year in whichmany haven’t, looks worthy of thatvaluation.
The time-share business is helpedby a lot of recurring fees and manycustomers who travel by car. Thoughsales have been pressured by thepandemic, they did show some im-provement in the third quarter, com-pared with the total in the previousthree months.
In a note after Marriott Vacations’third-quarter earnings release in No-vember, J.P. Morgan analyst BrandtMontour characterized the company“as a way to play a recovery in U.S.leisure travel.”
He cited the company’s “diversifiedfootprint, with a majority of resortsdrive-able, and linkage to a higher-end loyalty program” as attributesthat “collectively positions [MarriottVacations] uniquely among its time-share peers.” He rates the stock Over-weight.
The company is expected to lose 46cents a share this year, and then re-turn to profitability in 2021 at around$5 a share, according to FactSet. As ofSept. 30, its liquidity, including $660million of cash on its balance sheet,totaled more than $1.3 billion. Netdebt was about $2.7 billion.
Marriot Vacations gets about 20%of its sales from Hawaii, which wasshut down earlier in the pandemic,but which has reopened.
“You’ve really got nowhere to gobut up,” says Truist’s Scholes. “Andthere’s a tremendous amount of pent-up demand for Hawaii.”
EXTENDED STAY AMERICAExtended Stay America (STAY),which caters to customers who needlodging for more than a week, hasheld up reasonably well during thepandemic. Its third-quarter revpardeclined 14.7% from the level a yearearlier. That’s a respectable result,considering that upscale and luxuryhotels have seen revpar decline bymore than 50%.
The stock isn’t garnering as muchrespect as those of some other lodgingcompanies, however. Although welloff of its pandemic-induced lows inMarch and April, Extended StayAmerica has returned about minus4% this year, dividends included.
To preserve cash, the company didcut its quarterly dividend in May, to apenny a share from 23 cents a share.But this past week, it declared a spe-cial payout of 35 cents a share. Thestock yields 0.3%.
Extended Stay America is expectedto earn 24 cents a share this year—down from 95 cents last year—and 56cents in 2021, according to FactSet. Itwas recently trading at about 10.5times enterprise value to estimated2022 Ebitda, a fair valuation com-pared with those of other lodgingstocks likeHyatt Hotels (H) andMarriott International.
Extended Stay’s third-quarter re-sults showed some encouraging signs,one being that its systemwide occu-pancy had been running close to 2019levels in recent months.
The company has about 75% of itslocations in suburban settings—as op-posed to cities—and the majority of itsguests arrive by car.
In a Dec. 17 research note, J.P. Mor-gan said it expects the company “tocontinue generating solid/above peeroperating fundamentals” such as rev-par and occupancy.
WYNN RESORTSShares ofWynnResorts (WYNN) aredown about 18% this year, in part re-flecting the company’s exposure to LasVegas. Last year, it generated about aquarter of its $6.6 billion of operatingrevenue from Sin City. In addition,Wynn isn’t getting help from China’sMacau, where it gets the bulk of itsrevenue, due to Covid and restrictionsfrom the Chinese government.
Still, Morgan Stanley’s Allen seesupside potential. Wynn’s customerbase is higher-end and, he says, thatwill pay off when gambling reboundsin Las Vegas and other markets.
“That means you need fewer visi-tors to come back. It’s just that youneed those visitors to spend more,”says Allen. “What we are seeing forthe regional casinos that have re-opened is that there are fewer visitorsand people are spending a lot more.”
Wynn trades at about 13 times en-terprise value to 2022 Ebtida esti-mates, a slight premium to rivals. LasVegas Sands (LVS), which also hasbig exposure in Macau, was around 12times, andMGMResorts Interna-tional (MGM), which is much more ofa play on the Strip, was at about 10.2times.
Still, Allen says, the company’sprospects are bright. He rates the stockOverweight, with a price target of$120, about 8% above where it tradedrecently. “The beauty of Wynn,” hesays, “is that it somewhat takes thecream of the crop of the market, when-ever the markets open.” B
Have Vaccine, Will Travel?Although travel and leisure stocks have had big runs, especially since the initial positive vaccine news inNovember, many are still underwater this year.
Recent YTD Return Market EV to 2022ECompany / Ticker Price Return Since Nov. 6 Value (bil) Ebitda
The negative is that the shares arepriced for a V-shaped recovery, strikingsome analysts as overly optimistic.JPMorgan’s Jamie Baker recentlydowngraded almost the entire sector toUnderperform, arguing valuationslook full. Deutsche Bank’sMichaelLinenberg cut ratings on all the stocksfromBuy to Hold in December.
Consensus estimates are pricing in arecovery tomore than 80% of 2019revenue in 2022. But there is a big un-known: howmuch business travel goespermanently online. Domestic carriersneed higher-margin business fares toimprove their revenue yield per flight.And the capacity levels, profit marginsand route structures of the “hub-and-spoke” international carriers rely heav-ily on business and first-class fares.
Still, there is a bullish long-termcase. Airlines have slashed operating
expenses, creating a lower cost base onwhich to rebuild revenue.While bal-ance sheets aremore bloated debt, add-ing $70 billion industry-wide, and eq-uity has been diluted as the industryrecapitalized, cash and liquidity arenow high enough that insolvency nolonger poses an imminent threat. The
THESE 5 AIRLINE STOCKSMAY BE WORTH A FLIER,BUT EXPECT HEADWINDSBulls see a leaner industry poised to boostmarginsas the economy recovers. Bears see overlyoptimistic forecasts for a business-travel rebound.By DAREN FONDA
Airlines That Could Cruise HigherInvestors have bid up shares of airline stocks since positive vaccine news began emerging, but these fiveare well positioned for further gains.
GOL Linhas Aereas 9.41 -48 20.9 Benefiting from demandInteligentes / GOL recovery in Brazil
E= Estimate Sources: Bloomberg; FactSet
long-term outlook formargins is look-ing up, assuming that the carriers staydisciplined about restoring capacityand avoiding price wars.
Here are five stocks to consider.DeltaAirLines (DAL) is aplayon
businessand international travel comingback.Theairline is expected toearn$3.6billion inpretax income in2022,witha10%marginonrevenues,more thandoubleUnited’s.Deltahasamassed$25billion incashand liquidity, and ithasoneof the strongest trans-Atlantic routestructures, including flightsoutof itshub inAtlanta, thebusiest airport inAmerica.Citigroup’sStephenTrent ratesit a toppick.Going for 10 times2022earnings, thevaluation isn’t as stretchedas the low-cost leisure carriers’.
Southwest Airlines (LUV) is thestrongest domestic carrier. It shouldbenefit from the return of theBoeing(BA) 737MAXplane to service; South-west has 34 of the highly fuel-efficientplanes and has orders for another 48 tobe delivered. The carrier’s balancesheet is ironclad and should supporthigher capacity, including 18% gains in
The pandemic can’t end soonenough for airlines, but investorshave priced the carriers’ shares asif the end is in sight.
Airline stocks have climbedsharply as vaccine approvals havelifted hopes for travel, and they
are no longer bargains. The sector hasgained 39% since early November, ver-sus 13% for the S&P 500.While a fewstocks look appealing as longer-termbets, investorsmight need to ride outsome turbulence.
Airlines have hardly found theirwings. Domestic travel is hovering at35% of prepandemic levels, while in-ternational is downmore than 80%. A$15 billion cash infusion fromWash-ington, part of the new stimulus pack-age, would help cover payrolls andavoid more furloughs at companiessuch asAmerican Airlines Group(ticker: AAL) andUnited AirlinesHoldings (UAL). But most of the car-riers are still racking up daily operat-ing losses, and booking trends haveweakened for winter travel as the pan-demic reaches new heights, triggeringnew lockdowns, quarantine rules, andrestrictions on international travel.
Thepath toprofits runs throughaneconomic revival in 2021 andbeyond,and the stocks are tradingon2022 esti-mates.That’s goodandbad for inves-tors.Thepositive is that 2021 is lookingmore like abridgeyear; even if travelrecedes abit thiswinter, pushingdownrevenueand forecasts, the stocks shouldbe supported if estimatesholdup for thelatterhalf of the year and2022.(S
ky)LiuNian/G
etty
Images
24 BARRON’S December 28, 2020
2021 and 29% in 2022, according toRaymond James, which expects theairline to gainmarket share. Southwestcould also capturemore business fares,now that it’s participating in globaldistribution platforms for corporatetickets. Investors pay a steep price forits strengths, however. Its shares tradeat 15 times 2022 earnings per share,well above the industry average.
AllegiantTravel (ALGT) is an ul-tra-low-cost carrier, targeting small andmidsize cities, vacation hotspots likeFlorida, and its homemarket of LasVegas. Allegiant also sells vacationpackageswith hotels and car rentals. It’sexpected to turn a small operating profitin the fourth quarter, well ahead ofother carriers, andmargins could beatcurrent estimates asAllegiant buysmore used planes at bargain prices. Itsshares trade at 14 times estimated 2022earnings, however, putting the stock inpricey territory.
RyanairHoldings (RYAAY) andGOLLinhasAéreas Inteligentes(GOL) are bets on recoveries in Europeand Brazil.
Ireland-basedRyanair could bewal-loped by near-termheadwinds, includ-ing trade frictions between theUnitedKingdom andEuropeanUnion, andbans onU.K. flights due to the newstrain of Covid-19. But Ryanair’s low-cost operatingmodel and strong finan-cial position should help it capturemar-ket share as travel recovers. The carrieris addingMAXplanes to its fleet andsays they’ll be a “game-changer”with4%more seats and 16% fuel-economygains over older aircraft. Thiswinterwill be rough,with capacity down to40%, but the company aims to operateflights at 70%of available seating tosqueeze out operating profits. At 16times 2022 earnings, the stock trades inlinewith those of peers in similarlystrong positions.
Brazil’s air traffic is runningwellahead of other countries’ andGOL iscapturing a large chunk.Half its reve-nue comes from the São Paolo regionthat is leading Brazil’s economic recov-ery. The airline is operationally break-even and could double revenue by nextJuly, estimates Seaport Global Securitiesanalyst DanielMcKenzie. He calls thestock “a great recovery play onBrazil”andmaintains a $15 target on theAmer-ican depository receipts, implying gainsof 58% from recent prices around $9.50.The stock isn’t cheap at 21 times earn-ings. If the Brazilian real keeps risingagainst the dollar, however, it wouldsweetenU.S. shareholders’ returns. B
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F U N D P R O F I L E Talking With Todd McClone and Casey PreyssCo-Managers, William Blair Emerging Markets Growth
EmergingMarkets’Moment
Photograph by DAVID KASNIC
A lot has changed since Todd McCloneand Casey Preyss began investing inemerging markets in the mid-1990s and2000s. Back then, the investible uni-verse boiled down to Indonesian noodlemanufacturers and Chinese cementcompanies, among a few others.
A few decades later, emerging markets aren’t only aprimary driver of global economic growth; they arehome to some of the world’s most innovative technologycompanies and a growing consumer class. “In China,the domestic market is so huge that there are companieswith $50 billion market caps you’ve never heard of,”says McClone, 52. This isn’t hyperbole. The world’s larg-est spirits company,KweichowMoutai (ticker:600519.China), has a $350 billion market capitalization.“That’s twice as big as McDonald’s,” says Preyss, 44.
Therein lies opportunity, and that is one thing thathasn’t changed, say the co-managers of the $1.2 billionWilliam Blair Emerging Markets Growth fund(WBENX). The all-cap fund ranks in the top 10% ofemerging market funds for every major trailing-returnperiod over the past decade. It has returned nearly 40%over the past year, double that of its average peer and theMSCI EM index. It carries an expense ratio of 1.51%.
While much of this outperformance is due to thefund’s large positions in Taiwan and China—whoseeconomies recovered faster from the Covid-19 down-turn than their emerging market peers—McClone andPreyss base their investment decisions primarily onthe prospects of individual companies. In a nutshell,they are looking for high-quality growth companiescharacterized by strong cash flow, high returns on in-vested capital, and management teams that are goodstewards of capital.
Many of the fund’s 125 holdings were first held by
By SARAH MAX
Todd McClone, left,and Casey Preyss.
26 BARRON’S December 28, 2020
the $291 million William Blair EmergingMarkets Small Cap Growth fund(WESNX), which McClone and Preyssalso co-manage; they started at Chicago-based William Blair in 2000 within aweek of each other. By their estimates,small companies account for three per-centage points a year of excess return inthe diversified fund.
Still, growth tends to be easier to comeby when macroeconomic winds are blow-ing in the right direction. “We’re probablyas bullish as we’ve been in the last 10 years,and for a laundry list of reasons,” says Mc-Clone. Going down that list: Many emerg-ing countries are ahead of the U.S. in theirCovid-19 recoveries, andAstraZeneca’s(AZN) vaccine holds promise for thesemarkets; interest rates are near all-timelows; a Biden administration likely means amore predictable trade policy; and a declin-ing U.S. dollar typically translates toemerging market outperformance.
The timing is also right. Emerging mar-ket stock valuations are 15% cheaper thantheir average discounts to developed mar-kets, earnings are poised to grow 25% nextyear, and global fund managers are signifi-cantly underweight emerging marketstocks—meaning they hold fewer of themcompared with their benchmarks.
The managers first bought Chinese techconglomerate Tencent Holdings(700.Hong Kong) in 2008, sold the posi-tion, then bought it again in 2011 when thestock traded around $5 a share. They stillown Tencent, and see potential for Singa-pore-based consumer internet company
Sea Ltd. (SE)—in which Tencent hasroughly a 25% stake—to apply a similarplaybook for gaming, e-commerce, andfinancial services to Southeast Asia. “Theylook like Tencent 10 or 15 years ago,” saysMcClone, but Sea is making progressquickly, particularly with its widely down-loaded e-commerce app, Shopee.
Brazilian fintech firm StoneCo (STNE)isn’t a household name among U.S. inves-tors. The company operates exclusively inBrazil, working to provide small and mid-size merchants with the infrastructure toprocess electronic payments. The stocksurged nearly 40% in November, based onsurprising third-quarter results, but Mc-Clone and Preyss say there is plenty ofroom for growth. “E-commerce penetrationrates in Brazil are about 10%, which is stillvery low relative to developed markets,”says Preyss, noting that about 70% oftransactions in Brazil are in cash.
StoneCo’s success is all about keeping itlocal, but the opposite is true for Argentina-based Globant (GLOB). The IT-servicesoutsourcer works with marquee companiessuch asWalt Disney (DIS),Alphabet(GOOGL), and Southwest Airlines (LUV)on all things digital. Relative to its counter-parts in other markets, such as India, thestock is more expensive, McClone says, but55% more profitable per employee. “This isa pure play on the high-growth areas ofdigitization without the legacy businessesthat you see with other outsourcing compa-nies,” he says.
India’s HDFC Bank (HDB) has been aholding in the fund since the late 1990sbut continues to compound earnings atabout 20% a year, thanks to India’s grow-ing middle class, relatively high interestrates, and increased demand for productslike insurance, credit cards, and mort-gages. “There’s one place you can still kindof be a bank and make good returns, andit’s in India,” McClone says. At a recent 3.5times book value, HDFC stock trades at apremium to most banks, but that valua-tion seems justified. “The industry isgrowing in the high single digits, andHDFC [growth] is more than double that,”says Preyss.
Another longtime holding, TaiwanSemiconductor Manufacturing (TSM), isthe world’s largest semiconductor foundry,with hundreds of customers around theworld, includingApple (AAPL). The fundfirst bought TSMC in 2012 and sees furthergrowth ahead thanks to such megatrendsas 5G mobile, data centers, the Internet ofThings, and artificial intelligence. The com-pany has more than a 50%market sharefor contract chip design and manufactur-ing, Preyss says: “The global tech sectorcontinues to outsource more and more.” B
Note: Holdings as of November 30. Returns through Dec. 21;five- and 10-year returns are annualized.
Sources: Morngingstar, William Blair
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F U N D S New rules don’t apply to two of the biggestexchange-traded funds that use leverage toamplify results—thereby increasing risk.
The SEC Seeks toRein in Leverage—butGaps Remain
O ne thing that theexistence of lev-eraged fundsproves is that ifinvestors wantsomething,chances are the
financial-services industry will find away to provide it, even if it meansbending the rules.
For over a decade, funds have beenable to do an end-run around leveragerestrictions by employing swaps andother derivatives—financial contractsthat can amplify an investor’s expo-sure to benchmarks such as the S&P500 index, with little money down.But regulators have finally caught upwith the industry with a new rule itpassed in October.
When Congress created the mod-ern fund industry with the Invest-ment Company Act of 1940, it wasn’tenvisioning swaps, which didn’t existuntil 1981. In the wake of major blow-ups of highly leveraged closed-endfunds in the 1929 crash, the new lawrestricted a fund’s borrowing to 50%of assets, meaning you might get amaximum of 1.5 times the upside ordownside of a portfolio. In practice,mutual funds hardly used leverage atall, due also to restrictions on thekinds of borrowing permitted, pri-marily from banks.
Yet with derivatives, today’s ex-change-traded funds, which alsodidn’t exist in 1940, have as much asthree times leverage. The largest, the$9.6 billion ProShares UltraProQQQ ETF (ticker: TQQQ) triples thedaily performance of the tech-stock-ladenNasdaq 100 index, and is up an
eye-popping 101% in 2020. Mean-while, theDirexion Daily Semicon-ductor Bear 3X (SOXS), which pro-vides three times the inverse of thedaily return of the PHLX Semicon-ductor index, is down 92%.
The SEC’s new rule “18f-4” estab-lishes clear derivatives-exposure pa-rameters. It allows the creation of newfunds that have two times, or 2X, theirunderlying benchmark’s exposure viaderivatives, but forbids any new fundswith three times, or 3X, exposure. Itgrandfathers in existing 3X funds sothey can continue to operate.
The rule was some 10 years in themaking. In 2010, after the financialcrisis, the SEC issued a moratoriumon granting approval to money man-agers wishing to launch such lever-aged funds, pending further review.Like now, it grandfathered inProShares and Direxion.
The rule opens the door for compe-tition in the 2X ETF space while clos-ing it in 3X. “We’ve had this de factoduopoly for a very long time,” saysRob Nestor, president of Rafferty As-set Management, Direxion’s invest-ment advisor. “Frankly, we’ve neverbeen comfortable with that, becausewe believe open markets are the bed-rock of our financial-products indus-try.” He feels the moratorium on new3X ETFs is unnecessary, as “there’sample evidence that, despite the anec-dotes that are often foisted, the vastmajority of the marketplace under-stands the risk.”
One potential benefit to investorsfrom new entrants in the leveragedETF space would be fee competition.The largest 2X ETF, the $3.8 billionProShares Ultra QQQ (QLD), alsopegged to the Nasdaq 100, has a0.95% expense ratio, almost five timesthe unleveredNasdaq ETF InvescoQQQ’s (QQQ) 0.20%.
Yet significant competition seemsunlikely. “The larger establishedplayers within the ETF industry thatlikely have a chance to compete donot want to touch these products,”says Todd Rosenbluth, CFRA’s headof ETF and mutual fund research.“They have made it quite clear thatleverage and inverse products aresomething different to them, and areconcerned about these products be-ing available in the marketplace.”Rosenbluth is referring to a letter the
largest ETF managers, includingBlackRock, Vanguard, and StateStreet, sent to stock exchanges inMay requesting that exchanges ceasecalling leveraged funds ETFs, andreclassify them as exchange-tradedinstruments. Vanguard won’t evenallow these ETFs to be traded on itsbrokerage.
Moreover, because most investorswho buy leveraged ETFs are traderswith no intention of holding themlong term, asset-management fees areless important than trading volumes.As such, the largest widely tradedProShares and Direxion ETFs willhave a distinct advantage over anynewcomers.
That said, traditional money man-agers are no strangers to these tools.Derivatives and leverage are widelyused, most notably in bond and alter-native, or hedged, mutual funds. Manyof the largest actively managed bondfunds make extensive use of deriva-tives, and will sometimes leveragetheir bets on interest rates, currencies,Treasury bonds, or other fixed-incomesecurities. Although their exposure isapplied to less-volatile securities thantech stocks, any kind of leverage cancause problems during periods ofmarket stress.
While the rule will affect all fundswith derivative exposure, one glaringomission from it is leveraged exchange-traded notes. Because such invest-ments technically aren’t funds butbank-issued debt instruments—whichadds a layer of default risk to the le-verage—they aren’t governed by theInvestment Company Act. For thisreason, ETNs such asMicroSectorsGold Miners 3X Leveraged (GDXU)could launch this December, despitethe SEC ruling.
Nestor expects the SEC will proba-bly close this regulatory gap soon. Inthe meantime, the omission couldhave unintended consequences.
“I think if you’re going to continueto see net new exposure in the 3X vein,it’s going to just simply go to ETNs,”says Morningstar’s director of globalETF research, Ben Johnson. “This isthe way markets respond to new rulesand barriers. It’s no different thanwater. Water finds a way in.” B
Direxion Daily Small Cap Bull 3X / TNA -8.8 16.3 14.1 1.5
ProShares UltraPro Short QQQ / SQQQ -85.7 -59.6 -54.0 1.4Data through December 21; five- and 10-year returns are annualized. Source: Morningstar Direct
28 BARRON’S December 28, 2020
“We’ve used the powers we haveaggressively, and they’ve been effectivein stabilizing financial markets and
Photograph by ACKERMAN + GRUBER
Q & A An Interview With Neel KashkariChief, Minneapolis Federal Reserve
Don’tBlameThe Fed forLowRates
If you want a central bank president for our times,look no further than Neel Kashkari, chief of theMinneapolis Federal Reserve.
Kashkari cast votes on the Federal OpenMarketCommittee in a year when the Fed took unprece-dented steps to bolster the economy during thepandemic. And as the nation struggled with social
justice this year, the Minneapolis Fed also held a summiton racism in the economy.Why? Because the Fed, in or-der to read the economy correctly, needs to look at dispar-ities across all sectors, Kashkari told us. Barron’s recentlyspoke with the former engineer and politician, just a fewweeks after he returned from paternity leave. Keep read-ing our edited conversation for more.
Barron’s: The S&P 500 index, the Dow, the Russell2000, and Bitcoin are at new highs, while bondyields have plunged. The Fed has created a thornyproblem for pension funds and others.Neel Kashkari: I don’t know that we have created athorny problem. Our job is to try to achieve our dualmandate of stable prices and maximum employment.We still have 10 million Americans out of work, relativeto January, and inflation continues to be below our 2%target. [Inflation in November was 1.2%.] If we saw amodest uptick in inflation, I think we would call thatsuccess. We’re watching the data very carefully andtaking appropriate action. What’s the alternative? Weshould raise interest rates to try to keep the stock mar-ket from climbing higher and, in doing so, keep moreAmericans out of work? That seems like a lousy trade.
The Fed controls interest rates in the short term; theglobal economy sets interest rates over the long term.Interest rates all around the world over the past 20 or30 years have been gradually declining. It’s not becauseof central banks. It’s because of broader macroeconomic
By LESLIE P. NORTON
December 28, 2020 BARRON’S 29
keeping credit flowing,” Kashkari says ofthe Fed. “At the end of the day, this is ahealth-care crisis, and it’s going to be
forces, such as the balance betweensavings and investment, demograph-ics, and technology development. If wesaid, “Well, let’s just go raise ratesbecause we feel higher rates are ‘nor-mal,’ ” that would put the economyback into recession. It would keepworkers on the sidelines. How is thatgoing to help pension funds?
The Fed’s firepower this yearincluded lots of lending facilities.How successful have they been?They’ve been very successful at keep-ing this health-care crisis from becom-ing a financial crisis. I applaud ourchairman, Jay Powell, for leading usaggressively in March, when the econ-omy shut down and there was a veryreal risk of having a full-blown finan-cial crisis.
Some of the actions to supportsmall and midsize businesses havebeen less effective than we would haveliked. That’s because of the nature ofthe crisis. For example, the MainStreet lending program to providelow-cost loans to midsize businesseshas gotten a lot of attention. A lot ofbusinesses said, “Look, we don’t needa loan; our business has been shut bythe pandemic. How can I take on moredebt right now? I need a grant.”
The Paycheck Protection Programthat Congress created was very effec-tive in getting money to small busi-nesses. The key feature of that is, thoseare forgivable loans if you meet certaincriteria. We’ve used the powers wehave aggressively, and they’ve beeneffective in stabilizing financial marketsand keeping credit flowing. At the endof the day, this is a health-care crisis,and it’s going to be the vaccines andscientists and doctors and nurses whoget this crisis behind us.
You oversaw the Troubled AssetRelief Program during the2008-09 financial crisis. Recently,you asked big investors to push formore banking reform, includinghigher capital ratios. Do you thinkbanks should be broken up?I haven’t called for banks to be brokenup; I said that’s one of the options thatshould be looked at. What I ultimatelyproposed was much higher capital re-
quirements on the biggest banks [spe-cifically, an increase to 24% from 13%today] so they can endure their ownrisks and cover their own losses. Thatmight lead some banks to choose torestructure themselves or break them-selves up so they don’t have to havethese high capital requirements.
The banks will say, “Look how resil-ient we were during the Covid crisis.”That’s misleading. How did people paytheir car payments, their rent, mort-gage, credit-card bills? If Congresswasn’t generous with assistance, thelosses would have been borne by thebanks. So the banks are disingenuous.
InMarch, we saw a near-term col-lapse of the short-term credit markets.Banks and nonbanks, industrial compa-nies, borrow from short-term overnightmoneymarkets.Why do thesemarketsexist? They allow for key funding ingood times.Why should a blue-chipindustrial fund itself overnight whentomorrow its funding could dry up andall of a sudden the central bank has tostep in, just so it can eke out a few extrabasis points of profit? That seems sillytome. Onemore point: Communitybanks, the small banks in America, aremuchmore highly capitalized than thegiant banks. And yet the small banksdon’t pose a systemic risk to the econ-omy. How does that make any sense?
Minnesota has some of the largestsocial disparities in the country,highlighted by the pandemic andGeorge Floyd’s killing. The Minne-apolis Fed recently convened asummit on racism and the econ-omy, in concert with the Atlantaand Boston Feds. Why is this anissue for central banks?In the history of the Federal Reserve,the focus has been on the median, in-stead of looking at the disparities. Inrecent years, we’ve started to look atdifferent experiences in the labor mar-ket.We should be aggressive in howwe think about what role we can play.I don’t think we can use interest ratesto target one racial group or one geog-raphy, because you set rates for thenation as a whole. But a deeper under-standing of what different groups areexperiencing can make us smarter andmore effective as we think about the
optimal policy for the country.For five years, I argued that we were
misreading the labor market—that rateincreases were assuming we were atmaximum employment, but there werestill workers who wanted to work butdidn’t find jobs. Guess what? It turnedout to be true.We were surprised in2018-19 by howmany workers cameoff the sidelines. If we do a better jobof getting more intel, more insightsfrom diverse communities, we will bebetter at assessing if we are at maxi-mum unemployment and not raisingrates prematurely.
In what other ways can the Fedcreate more inclusiveness?One, we supervise banks and makesure they treat all their customersfairly and equally and give everybodyequal access to credit. We just updatedour Community Reinvestment Actregulations, to be aggressive in makingsure banks are providing credit fairly.
Two, there’s our research. In 2017,the Minneapolis Fed launched a newresearch center, the Opportunity andInclusive Growth Institute, to tap thepower of our Ph.D. economists to comeup with potential solutions. Some wemight be able to implement ourselves.Many will require Congress. A tangibleone is a specific piece of legislation[proposing a civil right to a quality edu-cation].We think that could be trans-formational to education over time.
You’ve said you weren’t concernedabout rising government debtcaused by the pandemic. Why not?The U.S. government has extraordi-nary debt capacity. We have the capac-ity to support our fellow Americans,individuals and small and midsizebusinesses, until we get this pandemicbehind us. That’s different than say-ing, “Hey, I’m going to have unlimitedgovernment spending forever.” No. 1,this is a wartime investment we’remaking. No. 2, something curioushappened when the pandemic hit:The savings rate took off.
Let’s say there are two sectors ofthe economy: the one where you and Iwork, and the restaurant sector, whichshut down. We used to support theworkers in the restaurant sector by
going to restaurants, so in a way, theywere our employees. Now, we aren’tgoing to restaurants. Their incomeshave gone to zero, and our savingshave gone up. When you and I savemore money, we put it in the bank,and it ends up going to the bond mar-ket. So, through our domestic savings,we have the capacity to support theseworkers. The fact that our nationalsavings rate went up in this crisisshows that there’s this pool of excesssavings in our economy available tosupport workers who’ve been laid off.
What is the incoming Biden ad-ministration’s role in addressingthe pandemic?Working with Congress to get as muchassistance as possible to individuals,families, small businesses, and thestates. States should be doing localizedlockdowns, and the federal governmentshould be providing generous assis-tance to those affected by those lock-downs. If the Biden administration andCongress can make sure the fiscal as-sistance is there, then governors mayhave more willingness to say, “We’regoing to take the hard medicine andsave lives.” Then, when vaccines arewidely available, we can reopen safely.[In an email to Barron’s after Congresspassed a major stimulus package thisweek, Kashkari said, “I applaud Con-gress for passing more Covid relief. Itwill help provide a bridge until vac-cines are widely available.”]
You’re a Republican who ran forgovernor of California and lost toJerry Brown. How would you healthis country’s political divisions?Americans of all parties agree on lotsof things. Education of kids is one. In-frastructure is another. One issue that’sbig in our region is rural broadband.As a country, we ought to decide thatevery American deserves the right tohigh-speed internet. I’ve written pub-licly about the need for a reformed im-migration system. Right now, there area lot of laid-off Americans, but whenwe get this pandemic behind us, we’regoing to need more workers to feed oureconomy.
Thanks, Neel. B
the vaccines and scientists anddoctors and nurseswho get thiscrisis behind us.”
“Asa country,weought todecide that everyAmericandeserves the right tohigh-speed internet.”
Too MuchU.S. Debt?“We have thecapacity tosupport ourfellow Ameri-cans, individualsand small andmidsize busi-nesses, untilwe get thispandemic behindus. That’sdifferent thansaying, ’Hey, I’mgoing to haveunlimited gov-ernment spend-ing forever.’ ”
24%The level ofcapital reservesthat Kashkariwould like bigbanks to hold,so they cancover theirlosses in a crisis,even if UncleSam isn’t helpingthe public payrent, loans, andother obligations
30 BARRON’S December 28, 2020
O T H E R V O I C E S Investors who’ve had to become overnightexperts in infectious diseasemay finally havesomething to look forward to in the new year.
The End of PandemicInvesting Is Near. SayHello to Old Worries.
A fter months of grap-pling with infectionrates, comorbidityrisks, and the elusivedepths of human anx-iety, in 2021 investorscan get back to what
they are meant to be good at: dis-counting future returns.
Tighter government restrictionsand rising Covid-19 caseloads willmake for a difficult winter, but therollout of effective vaccines in Europeand the U.S. means that market ana-lysts can give up any pretense of in-sight as amateur epidemiologists andreturn to parsing economic data, scru-tinizing earnings reports, and takingsome rough assessment of politicalrisk. Specifically, U.S. investors willneed to keep a sharp eye on lingeringwounds to the labor force, fresh risksto corporate balance sheets, and thereturn of global tensions with China.
Investing has always been more artthan science, but the pandemic shockand the massive policy response re-quired even more heroic assumptionsbased on estimates perched on guesses.The actual infectious-disease special-ists were themselves coming to termswith the pace of the Covid-19 spread.
In the U.S., especially, political par-ties then filtered the science into com-peting narratives that delivered abroad range of policy responses andlevels of lockdown. Beleaguered finan-cial analysts were left adrift to con-template the deep recesses of humanfear and likely behavior. When willeveryone go shopping again? Whenwill they board a train? When willthey dare to shake hands?
After a challenging winter, the re-covery will likely accelerate as corona-virus fears dissipate. Even today’selevated markets may have room torun amid a burst of relief and the ani-mal spirits that John Maynard Keynesidentified. We will get a surge in pent-up shopping, delayed travel, and cele-bratory parties.
Before we know it, we will findourselves deep into the new normaland wondering why it seems so muchlike the old normal—but with someadditional wounds from this year’strauma.
Already, the U.S. labor market datano longer delivers wild swings re-corded in the lockdowns this spring as
it returns to familiar incremental pat-terns. Many jobs are back, but themomentum is slowing, with initialjobless claims now trending highertoward a million per week. For therising numbers of long-term unem-ployed, finding a steady paycheck willget progressively harder.
A new relief package is on the way,but months of congressional delaysand fresh winter lockdowns willmake the recovery slower and morepainful than it might have been. Re-call, economic forecasters were wor-ried about stagnating global growthrates well before most of us had everheard the word “coronavirus.” Noneof the secular challenges stemmingfrom demographic change, technolog-ical innovation, and excess savingshas gone away.
A s the macroeconomic datahelps paint a clearer picture,companies have returned toproviding earnings guidance
after months of giving up altogetheramid peak uncertainty. There’s stillplenty of gaming to steady shareprices, but it’s a familiar game thatallows investors to sharpen their pen-cils and make reasonable forecaststhat help assess current valuations.
By ChristopherSmart
While many risk assets havemoved higher in the vaccine excite-ment, it will soon become a stock-picker’s world of choosing winnersand losers. With large firms awash inshort-term liquidity, analysts willneed to identify which business mod-els will deliver long-term solvency ina world of new work, shopping, andtravel habits. Fresh investments inwork-from-home technology willboost margins for some, but not all.Some managements may return thatexcess capital to shareholders, butothers will be tempted into problem-atic acquisitions.
Finally, as postpandemic investorsleave behind nebulous recovery pro-jections based on obscure public-health websites, they can return toequally ambitious assessments ofglobal political risks. These, at least,are more familiar, even if they spot-light a world order that continues todisintegrate. If anything, the pan-demic has accelerated widening gapsin wealth, technological literacy, andcommitment to global engagement.
Most difficult will be the compli-cated relationship between the U.S.and China, which has grown evenmore complex and emotional in thename-calling and recriminations overthe origin of the novel coronavirus.Meanwhile, the new Biden adminis-tration has promised to repair rela-tionships with allies, but they are al-ready skeptical of an America that hasturned inward. And the list of otherchallenges that might raise discountrates or oil prices remains long: accel-erating climate change, unravelingcybersecurity, and the perennial con-cerns about Middle East tensions.
The new year will soon feel familiarto investors who navigated theCovid-19 shock mostly rudderlesswhile pretending to understand thecharts. But the return to familiar wa-ters means avoiding the same oldshoals and understanding that some—slower economic growth, transform-ing business models, and rising globalstrains—have grown even moretreacherous. B
Christopher Smart is chief global strategistand head of the Barings Investment Institute. Ill
ustrationbyAdamSimpson
December 28, 2020 BARRON’S 31
T H E E C O N OMY
Municipal Budget CrunchPuts Pressure on Payrolls
Stateand localgovernmentswon’treceivedirect aid if the latestversionof the$910billionstimuluspackageis signed into law—andwhen it
comes toemploymentatmunicipalities,there isa lotof lostgroundtorecover.
The bipartisan stimulus deal that Con-gress passed onDec. 21 includes $600stimulus checks, expanded unemploymentaid, and $325 billion of small-businessfunding, aswell as extra direct funding formunicipal entities such as schools, trans-portation, and state health-care efforts. Thebill doesn’tmake grants to states—a topic ofcontroversy during negotiations. Andwhile it isn’t clear if the packagewill besigned into law, stimulus should indirectlysupportmunicipal revenue through salesand property taxes.
“Overall, we think the agreementwillallow finances tomuddle through. It offersa short-term lifeline for schools,mass tran-sit, and health care, and helps avoid thebenefit cliff thatwas soon to occur,”wroteTomKozlik, head ofmunicipal strategy andcreditwithHilltopSecurities.
ADec. 23 report from the National As-sociation of State Budget Officers providesa sobering view of states’ fiscal situations.Revenue fell for the fiscal year ended June30, for the first time in a decade, accordingto preliminary data.
Part of the reason for the declinemaybe the Cares Act’s tax-deadline delay toJuly 15. Even so, states are planning toreduce general-fund spending by 1.1% inthe current fiscal year, according to thereport. The second-most commonwaystates say they are cutting back, behind“targeted cuts,” is hiring freezes.
In fact, after a temporary hiring re-bound in April andMay, state and localgovernments have lost workers the pastfewmonths, according to the Bureau ofLabor Statistics. This year’s budgetcrunch and pandemic have dealt a severeblow to a sector that has historically pro-
vided nearly 15% of U.S. payrolls.Since February, there have been
roughly 1.4million state and local govern-ment jobs lost, according to the BLS,nearly 7% of the jobs that existed in thatsector before the pandemic.
That 7%maynot sound too severe, as it isroughly comparable to the total shareof jobslost in theU.S.But evenas the job-creationtrendhas continuedacross the total labormarket, it has reversedcoursewithin stateand local governments.While therehavebeena total of 1.5million jobs created in theU.S. sinceAugust, state and local govern-mentpayrollshave fallenby321,000.
Excluding theworst of the job losses inMayand June, state and local governmentemploymenthasn’t been this lowanymonthsince2001.Thosepayrollsnowmakeupslightly less than 13%of the totalU.S.non-farmpayrollworkforce—the lowestpropor-tion sinceat least 1975,BLSdata show.
To be fair, it does look like at least 9,000additional job losses could be avoided if thebill becomes law. Congress allocated about$4 billion in funding forNewYork’sMetro-politan TransportationAuthority, and theagency says thatmoneywill allow it to “getthrough 2021without devastating servicecuts and layoffs.”
Schoolswould also get some relief fromthe package. That and the transit reliefshould provide “a good chunk ofmoney—to start,” says Elizabeth Pancotti, policyadviser at EmployAmerica. She estimatesthat a “plurality” of state and local jobs lostwere in education, though it isn’t yet clearhowmany are permanent.
Even if the aid arrives, 2021maynot getoff to thebest start—K-12 education is slatedto see the largest cuts in state general-fundspending,with enactedbudgets reflecting a$7.4billion reduction.Before thepandemic,governorshad recommendedanaggregate$8.1 billion increase in spending.
“Schools are just facing insurmount-able costs,” Pancotti says. “It’s likely we’llhave to come back to exploremore discre-tionary funding.” B
By Alexandra Scaggs
Send letters to [email protected]. To beconsidered for publication, correspondencemust bear the writer’s name, address, andphone number. Letters are subject toediting.
The Readback, a podcast taking you insidethe latest stories, is available wherever youlisten to podcasts.
MA I L B A G
Stock Market OutlookFor the New YearTo the Editor:Inflation is definitely going to be an issue(“The StockMarket Could Gain Another10%Next Year, Experts Say,” Cover Story,Dec. 18). Corporations will undoubtedlyraise prices (hence inflation) as they passthrough our new administration’s highercorporate tax rates.David SloughOn Barrons.com
To the Editor:My simple recipe is two-thirds S&P 500 andone-third Nasdaq 100. Back-test that overfive, 10, or 15 years and you’ll beat all the“experts.” Buy and hold the Bogle way, andyou’ll sleep a whole lot better.David JohnsonOn Barrons.com
Barron’s Stock PicksTo the Editor:I created a portfolio equal-weighted with$10,000 of each stock that Barron’s recom-mended a year back for $100,000 (“HereAre Barron’s 10 Top Stock for the New Year,”Dec. 18). As of Friday night, the value wentup by $7,832.14 excluding dividends. I amexcited to see the 2021 portfolio returns ayear from now.SreeniMekaOn Barrons.com
Investing in BitcoinTo the Editor:While the lack of a Bitcoin exchange-tradedfund that trades on U.S. exchanges might becorrect, there is easy access for Americaninvestors to a somewhat similar product[effectively a closed-end fund] on the To-ronto Stock Exchange (“How to Invest inBitcoin: It Can Be Easy, butWatch Out forFees,” Dec. 18). QBTC and QBTC.U (the U.S.dollar version) have been trading for manymonths now and give investors access to a
much less costly product, and without thesix-month holding restriction, that are fea-tures of the Grayscale product.Wayne GibsonToronto
Private Equity in 401(k)sTo the Editor:I understand that the two leaders at thelargest private-equity enterprises wouldpush to expand their reach from the insti-tutional and high-net-worth market to en-croach upon individuals with a 401(k), butI must ask, at what cost? (“How to FixAmerica’s Yawning Retirement Gap,” OtherVoices, Dec. 18). Tony James and HartleyRogers contend that “patient capital” his-torically outperforms the public markets tothe tune of 500 basis points, but I questionhow returns compress over time, how per-formance varies by manager, and if thisopportunity ultimately benefits everydayindividuals. Furthermore, touting that de-fined-benefit plans have been able to reapthese rewards leads one to question if thatis the ideal poster child for their campaign.From a more logistical standpoint, howwould rollovers, loans, and distributions beachieved with illiquid assets?
Also, I would be curious to know howtechnical information can be relayed toindividual investors and how managerswould protect themselves from sharingthese types of “trade secrets.”AllenHerskowitzPound Ridge, N.Y.
32 BARRON’S December 28, 2020
Congratulations to the 2020Grants for Change Winners!
T hese days, goodthings really docome in small pack-ages. But are theygetting too good?
It was a “meh”kind of week for the
stock market, with a day and a half offfor Christmas, and trading volumevery, very low. The S&P 500 indexfinished off 0.2%, at 3703.06, the Nas-daq Composite rose 0.4%, to12,804.73, and the Dow Jones Indus-trial Average split the difference, fin-ishing the week up 20.82 points, or0.1%, at 30,199.87.
But it certainly wasn’t meh forsmall-cap stocks. The Russell 2000gained 1.7%, to 2003.95, and closedthe week just off an all-time high.
Don’t look to the news for a reasonfor the Russell’s rise. Congress passed aroughly $900 billion coronavirus aidpackage, only to see President DonaldTrump release a video criticizing thepackage and not saying whether heplanned to sign it into law. A new strainof Covid-19 in the United Kingdomcaused some consternation as well,althoughModerna (ticker: MRNA) andPfizer (PFE) both said they thoughttheir vaccines would work on it, as wellas the more common variant.
On the data front, every piece of“good” economic news, like a big dropin jobless claims, appeared to be ac-companied by a bad one, like a declinein personal income and consumption.If anything, the Russell 2000’s re-turns should have been far more
muted than they were.There’s been nothing muted about
the Russell in recent weeks, however.This week’s gain was its eighthstraight, and the small-cap index hasclimbed 30% during that stretch, eas-ily outpacing the Dow’s 14% rise, theS&P 500’s 13% advance, and the Nas-daq’s 17% gain. “This is one of thoselong-forecasted rotations onWallStreet that’s finally right after all theseyears,” says Dave Donabedian, chiefinvestment officer at CIBC PrivateWealth Management.
The Russell 2000 could be readyfor a pause, however. The index hasgained 102% off its March 18 low, onlythe second time it has doubled off itsbottom in its history. The other timeoccurred in 1983, when the Russell
By Ben Levisohn
M2 BARRON’S December 28, 2020
gained 110% off its low, according to Be-spoke Investment Group data, although itcame close in 2010, when it gained 94% offits 2009 low as the stock market wasemerging from the financial crisis. The in-dex dropped 15% from June 1983 to June1984, but tallied an 18% gain fromMarch2010 to March 2011.
Market technicals also suggest thatsmall-caps need some time to cool down.The Russell 2000 traded more than 30%above its 200-day moving average this pastweek, the largest gap on record, accordingto the Bear Traps Report’s LarryMcDonald. “This speaks to near-termdownside, mean-reversion,” he explains.
The timing of the recent highs is inauspi-cious for small-caps, too. The Russell 2000has closed at an all-time high during the lasttrading week of the year only two times inits history, observes Jason Goepfert, founderof Sundial Capital Research. In both cases,the Russell was lower three months later. Ifwe include 52-week highs, the Russell falls60% of the time, for a median loss of 0.1%.
The Russell’s rally points to strong mar-ket breadth—when small is outpacing large,more stocks have to be participating in therally. And that certainly has been the case,with NYSE Composite breadth having risenfor eight weeks.
Still, some oddities have started poppingin the breadth measures, says Goepfert. Henotes that even as the index gained 1% to arecord high on Tuesday, breadth was decid-edly lukewarm, with NYSE Up Issues andUp Volume both well below 50%. Thatdoesn’t happen very often when the stockmarket has been near a high—but it did nearthe market tops in 2000 and 2007. “Wewouldn’t put a lot of weight on this yet, but ifwe start to see clusters of oddities like this, itwill quickly raise a yellow flag,” he writes.
Another possible downside of that posi-tive breadth: Big tech has been sitting outthe recent market upturns. Of the so-calledFANMAG stocks—Facebook (FB),Ama-
zon.com (AMZN),Netflix (NFLX),Micro-soft (MSFT),Apple (AAPL), and GoogleparentAlphabet (GOOGL)—only Alphabethas been able to rally to a new high in recentweeks, even as the S&P 500 closed at a re-cord as recently as Dec. 17. The market hasshown it can rise even if the titans of tech sitit out, and that’s good news.
Still, their lack of participation worriesNed Davis, senior investment strategist atNed Davis Research. He notes that the S&P500 has gained 15% in 2020, but only halfthat without the six stocks, which, as agroup, peaked on Sept. 2. “[They] have re-fused to confirm the new highs in the mar-ket,” he writes. If they start to break down,“that could be an important warning.”
For now, though, we’ll give the stock mar-ket the benefit of the doubt. It’s earned it.
Looking Back on 2020I blew it.
I know that sounds harsh, especially in ayear as difficult as 2020. But in the Tradercolumn each week, I try to help readersthink about possible outcomes for the stockmarket—the potential risks and rewards—so they can make decisions about their in-vestments and not be spooked by whatmight come next. And so while my calls onindividual stocks turned out to be prettygood, it’s my calls on the market that I’llhave a hard time living down.
The worst part is that I saw a downturncoming, if not exactly this kind. In 2018, Iwrote that a bear market wouldn’t comeuntil 2020, and in November 2019, I warnedthat a downturn, as signaled by the yieldcurve, was looming and investors should becautious. But I wasn’t cautious enough whenCovid-19 arrived on the scene, and I was toocautious when the market bottomed. Thatmistake was made worse by the fact that Icalled for the Federal Reserve to act quicklyand for a major fiscal package, but I didn’tturn bullish when both happened.
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ket would follow the typical bear-marketpath—a big drop, a bounce, and then a sec-ond drop, which would be the one to buy.But that second drop never came. And Istuck with that view for far too long, as Ibattled the realization that I had been in-correct and the fear that I would becomebullish just as the market was ready for apullback. I finally changed my tune in June,but by then the easy gains were gone.
That massive miss tarnished what wasotherwise a decent year for the column. Iargued to anyone who would listen that thepresidential election wouldn’t matter forthe market—and it didn’t. My stock picks,though there weren’t as many hits as therehad been in the past, were also solid, beat-ing the S&P 500 by one percentage point. Irecommended buying Lennar (LEN) onJan. 3, and the stock has gained 42% sincethen, outpacing the S&P 500 by 28 per-centage points. I said to avoidAMC Enter-tainment Holdings (AMC) after itsbounce, arguing that the movie businesshad been changed too much by Covid-19. Itsstock has fallen 44% since then. And onAug. 14, I recommended buying Target(TGT) before its earnings report in Au-gust—and the stock has gained 27% sincethen, easily topping the S&P 500’s 9.5%rise over the same period.
Restaurants turned out to be a decentplace to find opportunities. I recommendedbuying Starbucks (SBUX) in August, cit-ing its potential for a big rebound onceCovid-19 cases started to decline. Its stockhas gained 22% since then, easily beatingthe S&P 500’s 5.3% gain during the sameperiod. EvenMcDonald’s (MCD), which Ipicked on July 24, gained nearly 8% sincethen, even if it ended up lagging the S&P500 by seven percentage points.
The same couldn’t be said for my twoworst picks. I recommended investors takeprofits on Apple in August after the tech
titan announced that it would split itsstock. Part of my argument was technical—Apple stock was trading 24% above its 50-day moving average, the most since 2008.Apple’s rise was also due almost entirely tothe willingness of investors to pay more forthe stock, not because its earnings had ac-celerated. The call was the right one, butthe timing was off. Apple stock peaked onSept. 2, just a few days after the split, andhas yet to regain that high. Still, the stock isup 16% since my call. Ouch.
It seems that every year I pick at leastone energy stock, and every year that pickturns out to be a stinker. I pickedWhitingPetroleum (WLL) in 2014 and 2015 beforefinally wising up, and it filed for bank-ruptcy in 2020. This year, it was BP’s (BP)turn. The oil giant’s stock has fallen 41%since I picked it on Jan. 24, 54 percentagepoints worse than the stock market overthe same period, as the coronavirus reces-sion caused oil prices to turn negative andcalled into question the future of big, legacyenergy companies. It doesn’t help that themarket has basically accepted that renew-able energy will replace oil and has startedto price that in as if it’s happening now.
There’s still a lot to like about BP, how-ever. It pays a 6.4% dividend and needs oil toaverage only $39 a barrel to cover its payout,according to J.P. Morgan analyst ChristyanMalek. The company is already makingprogress in reducing its debt and couldreach its target earlier than expected, result-ing in the potential for even more cash re-turned through share buybacks. Finally, BPis quickly changing its business for a worldwhere oil is a less important source of en-ergy. That has its risks, but it’s an opportu-nity too. BP trades at a 12% discount to thesector based on 2022 earnings, so thoserisks are likely priced in.
I’ll probably regret it later, but BP lookslike a good long-term bet. B
Industry ActionPerformance of the Dow Jones U.S. Industrials, ranked by weekly percent change.*
Financials 1.06%
Technology 0.79
Industrials–0.43
Consumer Services–0.51
Basic Materials–0.64
Health Care–0.83
Utilities–0.87
Consumer Goods–1.07
Oil & Gas–1.85
Telecommunications–2.08
Source: S&P Dow Jones Indices* For breakdown see page M36.
Visit www.sectorspdrs.com or call 1-866-SECTOR-ETF
HEALTH CARE SECTOR OFTHE S&P 500 IN ONE ETF
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S hares in BASF , the world’s larg-est publicly traded chemicalmaker, have fallen 8.12% over thepast five years, due to competi-
tion from China and weaker global de-mand for some products.
BASF (ticker: BAS.Germany), whoseproducts include absorbent sponges indiapers, foam for car seats, and vitamins,has six interconnected divisions. Manu-facturing spans both upstream anddownstream markets. Upstream, petro-chemical products are generated early inthe refinery process. Downstream, plantsconvert raw materials into finished prod-ucts, such as agricultural pesticides andpersonal-care items.
Chief Executive Officer Martin Bruder-müller, who took the helm in 2018, hasfocused on increasing profit margins bydeveloping new downstream products.He has also shifted the portfolio towarditems that command higher prices. Thosethat don’t, such as construction chemicalsand pigments, have been, or are being,divested.
But the auto industry, BASF’s largestcustomer, has been hit hard by the pan-demic. That sent the shares reeling inApril. They fell sharply again in October,to 46.63 euros ($57.09), over fears of asecond wave of Covid-19.
The stock has since recovered to€63.53, but still represents a potentialbuying opportunity. Third-quarter re-sults, disclosed in late October, came in30% ahead of the consensus forecastearly that month. And as Covid vaccinesare deployed, BASF should see a growthcycle developing.
Laurence Alexander, an analyst at Jef-feries who has a €68 price target and aBuy rating on BASF, argues in a note: “Webelieve the risk/reward remains favorable,given the prospects of a recovery in Chi-nese demand, better automotive produc-tion trends, and…a global restock cycle,”
By Rupert Steiner retail sales in Brazil compared with 21%in China, notes Malcolm Dorson, LatinAmerica portfolio manager at Mirae As-set Global Investments.
But with the longer runway in emerg-ing markets comes hotter competition.Alibaba Group Holdings’ (BABA) dom-inance of Chinese online shoppingseemed impregnable, until it wasn’t.Smaller rivals JD.com (JD) and Pin-duoduo (PDD) took large bites of theincumbent’s lunch during this pandemicyear. Shares in both upstarts more thandoubled, while Alibaba’s crept up 20%.Nio was just No. 7 in 2020 Chinese elec-tric-vehicle sales, indicating a big shake-out to come. MercadoLibre is fending offmultiple attacks in its core Brazilian mar-ket—from old-school retailers headingonline, such as Lojas Americanas(LAME4.Brazil), and start-up fintechslike PagSeguro Digital (PAGS) andStoneCo (STNE).
Hot emerging market stocks may welltake a breather heading into 2021, saysDaraWhite, global head of emergingmarkets equity at Columbia Threadnee-dle Investments. “The core growth seg-ment may go sideways for a while,” hesays. “But it’s still inning three or four ofa nine-inning ballgame.”
Invesco’s Leverenz is moving moredecisively away fromwhat he calls theFOMO (fear-of-missing-out) bubble. In-stead he’s buying Chinese consumer com-panies such as hotel operatorHuazhuGroup (HTHT) and fast-food purveyorYumChina Holdings (YUMC), and In-dian financials:KotakMahindra Bank(KMB: India) andHDFCBank (HDB).
The coming years promise new greatnames in nascent, crowded emergingmarket sectors such as Chinese solar-equipment makersDago New Energy(DQ), GCL-Poly Energy Holdings(3800.Hong Kong), and Xinyi SolarHoldings (968.Hong Kong)
There are plenty of thrills left in emerg-ing markets, but they won’t come cheap. B
E U R O P E A N T R A D E R
BASF Has the RightChemistry for a Rebound
most likely in 2021’s first half.Tim Jones, an analyst at Deutsche
Bank, has a Buy rating on BASF andforesees a 12% increase in its stock price,to €71. “BASF is entering a sweet spot,with three key drivers of the share price,”potentially in the next 12 to 18 months, hewrites. The drivers: increased demandthat boosts earnings, divestment throughthe initial public offering of the Winter-shall Dea oil-and-gas business, and acyclical recovery of profit margins.
BASF, based in Ludwigshafen amRhein, employs more than 117,000work-ers and has a market value of €59 billion. Itfetches 17.8 times this year’s expected earn-ings and is valued in line with its peers.The company posted income before tax of€3.3 billion for 2019, down from €5.2 bil-lion because of changes to the way it re-ports its figures, on sales of €59 billion.
Brudermüller said in a Novemberupdate that “the fourth quarter contin-ues to present risks, given the uncer-tainty surrounding the further recoveryof the markets, the future course of thecoronavirus pandemic, and any renewedrestrictions on economic activity to con-tain the pandemic. We do not see anymaterial new or increased risks as a re-sult of the crisis.”
Since taking the helm, Brudermüllerhas tried to make BASF’s culture moreentrepreneurial, customer-focused, andagile. While his campaign seems to be onschedule, the results have been hidden bythe impact of Covid and by the tougheconomic conditions.
A cost-cutting plan aimed at delivering€2 billion of savings is under way, and bynext year the workforce will have beenreduced by at least 6,000 (not includingemployees from parts of the business thatare being divested or floated on the stockmarket).
These various moves, combined withan improving macro environment, couldproduce the right chemistry to boost theshare price. B
EM E R G I N G M A R K E T S
Hot Growth Stocks DriveOptimism and Anxieties
Y ou think Tesla stock had a goodrun this year?
Shares in Elon Musk’s elec-tric-car dynamo (ticker: TSLA)
jumped a mere 670% during 2020. Chi-nese competitorNio (NIO) posted an11-fold increase.
EVs aren’t the only sector whereemerging market stars left U.S. names inthe dust.Amazon.com’s (AMZN) 75%advane lagged Latin American e-com-merce sensationMercadoLibre’s (MELI)by 200%. Southeast Asian online market-place Sea (SE) climbed fourfold. Chinesesocial-media powerTencent (700.HongKong) outperformed Facebook (FB) 50%to 30%.
This growth-stock alpha explosion ispushing optimism about emerging mar-kets. “You’ve gone from arbitraging low-cost labor to a China that is producingmore Ph.D.s and patents than the U.S.,”says Brian Freiwald, manager of the Put-nam Emerging Markets Equity fund.“The 2020s will be the decade of EM.”
But the vertical valuation climbs aremaking other managers nervous. “Inves-tors have dived into the disruptive, next-thing story without any real nuance,”says Justin Leverenz, chief investmentofficer for developing-market equities atInvesco. “That’s created a clutch of com-panies around the world whose stocksare divorced from reality.”
There are reasons emerging marketdisrupters caught fire this year. Com-pared to the maturing U.S. FAANG com-panies, they are still…emerging. Tencentflashes two or three ads a day at its bil-lion or so WeChat users, compared with25 for Facebook. Tencent can graduallyincrease the number of ads directed at itshuge base, creating top-line growth po-tential for the Chinese giant.
The rest of Asia and Latin America arepractically virgin terrain for digital ser-vices. E-commerce accounts for 3% of
By Craig Mellow
December 28, 2020 BARRON’S M5
T H E S T R I K I N G P R I C E Disney stock, which was largely written off as acasualty of the pandemic, has since become oneof the great success stories of a difficult year.
Placing a Bullish Bet onDisney Before Earnings
W alt Disney’s strategic pivot in2020—one of the worst yearsimaginable for a theme-parkoperator—is a case study in
how effective leaders are often a company’smost important asset.
Executive abilities are never carried on acorporate balance sheet or given some tan-gible valuation, but Disney’s (ticker: DIS)executives are proof of just how much agood team can accomplish even under dra-matic pressures that seem to threaten theeconomic essence of their company.
When investors were determined to seenothing but trouble for Disney as theCovid-19 pandemic threatened earnings byshuttering theme parks, the company’sleaders developed a streaming-contentstrategy that has seemingly changed thecompany’s fortunes onWall Street.
No longer are investors obsessed overthe fact that only brave souls would visittheme parks during a viral pandemic.Now, they are captivated by the potentialvalue of Disney’s content catalog and cre-ative muscle.
In October, Disney reorganized its mediaand entertainment business to develop andproduce original content for streaming con-tent directly to consumers. The home ofMickeyMouse is now harnessing its world-renowned creativity on a centralized globaldistribution team to deliver and monetizecontent across Disney’s many platforms,including Disney+, Hulu, and ESPN+.
Disney stock, which was largely writtenoff as a casualty of the Covid-19 pandemic,has since become one of the great successstories of a difficult year. Shares are tradingnear a 52-week high, and investors are ex-cited about the future, especially as the pan-demic seems poised to end in 2021 thanks tothe vaccine rollout.
We were early to recognize that Disneylikely had a “streaming strategy” before itbecame a central fact of the stock. Our cluewas when the company unveiledHamilton
on its Disney+ streaming-video service. Therelease created nationwide excitement anddid almost nothing to the stock. At the time,the stock was around $113, and shares weredown 21% for the year.
Now, the stock is up 20% for the year,and investors cannot get enough of the com-pany—especially after Disney recently re-vealed a tremendously bullish forecast.
In anticipation that investors will likewhat Disney reports when first-quarterearnings are released in early February, con-sider an aggressive options strategy thatpositions you to buy stock at $170, whileparticipating in rallies above $180. The “riskreversal”—that is, selling a put and buying acall with a higher strike price but the sameexpiration—expresses a view that Disney isa stock worth owning.
With Disney’s stock at $173.73, inves-tors can sell the February $170 put forabout $7.50, and buy the February $180call for $6.80. If the stock is below $170 atexpiration, you would be obligated to buythe stock, cover the put at a higher price,or roll the put to avoid exercise. Shouldthe stock advance, however, you wouldpocket the credit for selling the put andbuying the call.
At $190, for example, the call would beworth $10. Remember, the risk reversal paysinvestors for agreeing to buy the stock at$170 (or to cover or adjust the short put) andto participate in gains above $180.
During the past 52 weeks, Disney stockhas ranged from $79.07 to $179.45.
Without doubt, dancing around a high-flying stock in the options market isn’t forthe fainthearted. The potential profit profilesare attractive, but they always seem attrac-tive. Be mindful of the risk created by sellinga put so close to the stock price.
The risk reversal expresses confidencethat Disney’s executives will continue theirmanagerial tour de force, the likes of whichshould be streamed and studied in businessschools. But anything unexpected—like ahiccup in streaming content strategy—couldroil the best-laid plans of mice and men. B
By Steven M. Sears
EquityOptions
CBOE VOLATILITY INDEXVIX Close VIX Futures
10
30
50
70
90
J F M A M J J A S O N D
Source: CBOEDaily Values
THE EQUITY-ONLY PUT-CALL RATIOPut-Call Ratio S&P 500 Index
30507090110130150170190210230250270290310
J F M A M J J A S O N D
Source: McMillan Analysis Corp.
SPX SKEWImplied volatility %
8
9
10
11
12
13
14
15
16%
J F M A M J J A S O N D
Source: Credit Suisse Equity Derivatives Strategy
NDX SKEWImplied volatility %
7
8
9
10
11
12
13
14
15
16%
J F M A M J J A S O N D
Source: Credit Suisse Equity Derivatives Strategy
Skew indicates whether the options market expects a stock-market advance or decline. It measures the differencebetween the implied volatility of puts and calls that are 10% out of the money and expire in three months. Higherreadings are bearish.
This table of themost active options this week, as compared toaverageweekly activity – not just raw volume. The idea is that theunusually heavy trading in these optionsmight 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. Inshort, this list attempts to identify where heavy speculation is taking place. These options are likely to be expensive in comparison totheir usual pricing levels. Furthermore,many of these situationsmay be rumor-driven.Most rumors do not prove to be true, so oneshould be aware of these increased risks if trading in these namesRatio is the Tot Vol divided by Avg Tot Vol. IV%ile is how expensive the options are on a scale from0 to 100.
Source:McMillan Analysis
M6 BARRON’S December 28, 2020
C OMMO D I T I E S
Bad Weather Is GoodNews for Soybean Prices
R ecent unseasonably dry weatherin South America, and worriesthat the lack of moisture will con-tinue, could propel soybean
prices more than 40% higher in the firstquarter of 2021.
“South America is a little too dry anduncomfortably dry,” says Sal Gilbertie,founder and CEO of commodity exchange-traded fund company Teucrium Trading.“We could have a serious lowering of thecrop estimates over the next threemonths.”
Such continuing dryness could causeirreparable damage to this year’s Braziliansoybean crop and send futures prices forthe grain as high as $18 a bushel, up from$12.43 recently, according to a recent Teu-crium report. Brazil is the largest soybeanexporter. That would follow an alreadyspectacular rally, up from $8.22 in March,says Macrotrends.net.
Savvy investors might consider buyingMay-dated soybean futures contracts onthe CME, or alternatively, the TeucriumSoybean (SOYB) exchange-traded fund,which tracks soybean futures prices. Thefund has rallied 34% over the six monthsthrough Dec. 21, and 18% this yearthrough the same date, according to datafrom Bloomberg.
What sparked the rally is an increase indemand from China, which needs thegrain to feed livestock as it brings its hogherd back to full strength following 2019’sdevastating outbreak of African SwineFever.
The disease led to the slaughter of morethan 200 million Chinese pigs last year,according to a recent report from S&PGlobal.
China is expected to import 100 millionmetric tons of soybeans for the 2020-21season, according to U.S. Department ofAgriculture estimates. That’s a 21% jumpfrom the 2018-19 season.
“China is importing record amounts of
soybeans,” says Gilbertie. That will likelyalso help boost U.S. exports.
The demand surge is what caused therecent rally. But looking forward, unfavor-able weather will be what propels priceseven higher in early 2021.
The combination of a current La Niñaweather system and a low count of darkspots on the solar surface will likely meanlower precipitation, says Joe D’Aleo, chiefmeteorologist for agriculture at Weather-Bell Analytics in New York. “In years oflow solar activity and La Niña, it tends tobe dry,” he says.
He isn’t alone in being concerned aboutthe weather. “From our weather forecast,we think there will be problems with thedrought continuing, and that will causeirreparable crop damage,” says ShawnHackett, president of Hackett FinancialAdvisors.
In the fall, the lack of moisture delayedthe soybean planting. And while recent“spotty, sporadic rainfall” gave some reliefto the crop, he says, that much-needed rainwill likely soon give way to more droughtand could irreparably damage the crop inJanuary and February.
Those two months are critical towhether the crop is a good one or a badone, says Hackett. The make-or-breakmonths for the Brazilian crop will be de-termined, and poor weather could de-crease yields, sending prices higher.
Buying soybean futures is risky. It’seven more so when basing trading onweather forecasts.
Some decent rain in Brazil couldquickly rescue a partially depleted cropand send prices lower. That means anyonebuying a soybean futures contract shouldobserve the market and be prepared toclose their position if the Brazilian weatherturns decidedly from dry to wet over thenext few weeks.
Still, on balance, the risks favor bettingon higher soybean prices at this time. “Ifcrops are as bad as we think they will be,then prices could go higher,” says Hackett. B
By Simon Constable
SMALL SPACES.BIG OPPORTUNITIES.
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Ryan Cohen, co-founder of pet-supplies retailerChewy, boughtmore shares ofvideogame retailerGameStop. He’snow the No. 2shareholder.
underlie a 4.5% convertible pre-ferred series offered through aprivate placement that closed onDec. 11. With the latest investment,Blackstone has an 8.5% interest inFireEye. Two Blackstone directorscurrently serve on FireEye’s board.
Increases inHoldingsSolid Biosciences (SLDB)Perceptive Advisors discloseda higher stake in the biotech com-pany of 10,803,857 shares. Percep-tive bought 4,054,054 Solid Biosci-ences shares for $3.70 each througha private placement that closed onDec. 10. Perceptive now owns 12.7%of Solid Biosciences’ outstandingstock.
Decreases inHoldingsBonanzaCreek Energy(BCEI)Mangrove Capital disclosed alower position in the independentoil-and-gas explorer of 1,343,678shares. Mangrove Capital cut itsBonanza Creek stake by nearly aquarter with the sale of 426,826shares from Dec. 14 through Dec. 18at prices ranging from $20.63 to$22.40 apiece. Mangrove gave noreason for the divestment and nowholds 6.4% of Bonanza Creek’stradable stock.
Inseego (INSG)North Sound Trading sold acombined 2,401,995 shares of thenetworking and Internet of Thingscompany. North Sound disposed ofthose Inseego shares from Dec. 14through Dec. 16 at prices rangingfrom $14.33 to $15.59 each. NorthSound gave no reason for trimmingnearly a fifth of its Inseego stakethat now stands at 9,086,678shares, equal to an 8.7% interest.Those figures include 625,000shares underlying warrants andanother 4,404,758 common sharestied to convertible notes due in2025.
POWER PLAY
GameStopActivist RyanCohenBuysMore Stock
Ryan Cohen, a big investorand activist in GameStopstock, just bought moreshares of the videogameretailer.
GameStop (ticker: GME)shares have tripled this
year, lifted by sales of next-generationgaming consoles and the prospect ofactions by activists, including Cohen.GameStop’s third-quarter earnings,reported earlier this month, weredisappointing. The company also saidit plans to sell stock through at-the-market offerings, which could dilutethe value of existing shares.
RC Ventures, a limited liabilitycompany controlled by Cohen, paid$37 million from Dec. 15 through Dec.18 for 2.5 million more GameStopshares, at a per share average price of$14.80. According to a regulatory fil-
ing, Cohen’s RC Ventures now ownsnine million GameStop shares, or12.9% of the shares.
Cohen is a co-founder of onlinepet-supplies retailer Chewy (CHWY),and according to a November filing, hewants GameStop to adopt “the typeof world-class infrastructure that wasconstructed at Chewy, which is worthmultiples of GameStop’s current mar-ket capitalization.” RC Ventures hasalready had private conversationswith GameStop’s executives anddirectors.
Through a representative, Cohendeclined to comment beyond the fil-ings.
According to S&P Capital IQ, RCVentures is now GameStop’s second-largest shareholder.
Tigress Financial Partners’ IvanFeinseth wrote this month thatGameStop runs the risk of having“the same fate as Blockbuster Video.” B
By ED LIN
Why the IPOBoomWillLast Into2021
Arobust year for initialpublic offerings mayjust be setting the stagefor a strong slate ofcompanies listing theirshares in 2021.
Rabid investor de-mand caused shares of companieslikeDoorDash (ticker: DASH) andAirbnb (ABNB) to roughly doublein their first trading days, showingthat investors are itching to get apiece of newly public companies.And that surge came near the endof what has proved to be a strongIPO cycle.
There were more than 200 IPOsin 2020, raising a combined $78.1billion, eclipsing 2019’s mark of 160IPOs that raised $46.3 billion, datafrom Renaissance Capital show.Not to mention, the roughly equalnumber of special purpose acquisi-tion companies, or SPACs, that alsomade their debut on stockexchanges this year.
But even after a dizzying 2020,there’s still a hefty pipeline of com-panies looking to go public, andWall Street anticipates similar in-vestor enthusiasm in 2021. Bumble,Instacart, and Roblox are justa sampling of the unicorns mullinga 2021 debut.
Smaller floats for IPOs mixedwith high investor demand in anera of lower-for-longer interestrates could be driving some of theearly spikes in newly issued shares,according to a source at Nasdaq.The exchange handled 300 IPOsthis year, including SPACs—themost in a decade—and noted thatthe offerings gained 63.9% thisyear, blowing past the S&P 500index, which gained 13.4%.
The outperformance suggeststhat investors are holding newlypublic shares longer, and that theirappetite for IPOs remains high. B
By CARLETON ENGLISH
Activist HoldingsEvolent Health (EVH)Earlier this year, Engaged Capi-tal initiated a 9.96% position inthe health-care, administrative-services tech firm, equal to8,553,155 Evolent Health shares.That position has remained un-changed, as noted by EngagedCapital’s latest disclosure. Whathas changed is that Engaged andEvolent entered into a cooperationagreement as of Dec. 21. Per theagreement, Evolent will increasethe size of its board by one to ac-commodate the appointment of an
Engaged representative to serve untilat least next year’s annual sharehold-ers meeting. Engaged Capital willabide by customary standstill agree-ments, and will limit its EvolentHealth interest to no more than 12%.
Original FilingsFireEye (FEYE)Blackstone Group (BX) revealed afresh position in the cybersecurityfirm of 21,449,275 shares. All of theFireEye shares owned by Blackstoneunderlie preferred convertible securi-ties, including 370,000 shares that
These disclosures arefrom 13Ds filed withthe Securities andExchange Commission.13Ds are filed within10 days of an entity’sattaining more than5% in any class of acompany’s securities.Subsequent changesin holdings or inten-tions must be re-ported in amendedfilings. This material isfrom Dec. 17 throughDec. 23, 2020.Source: Insider-Score.com
M8 BARRON’S December 28, 2020
Thecharts record thenet change in shareprice, thehigh, lowandclosing trades, andshare volume for companieswithnoteworthy stockactivity lastweek. In addition, thegraphsdepict lastweek’sdaily priceactivity in detail. The
dotted lineonsomegraphsdenotes thestock’s200-daymovingaverage; lackof amovingaveragemeans theshareshave traded for less than that timeperiod.
Charting the MarketA graphic look at selected stock activity for the week ended December 24, 2020 n Edited by Bill Alpert
ALIBABA GROUP HOLDING
BABA (NYSE) •222.00 • -38.00
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M T W T F
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Holiday
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320Stock Price $
094
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188Volume in Millions
� China’s antitrust regula-tors are investigatingwhether the e-commerceplatform’s exclusivity dealswith merchants unfairlyhurt rivals like JD.com
PELOTON INTERACTIVE
PTON (NASD) • 162.72 • 22.88
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Holiday
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172Stock Price $
0116
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232Volume in Millions
� A deal to buy the exer-cise equipment maker Pre-cor will bring more manu-facturing capacity to theseller of home workout gearand subscription classes.
BLINK CHARGING
BLNK (NASD) • 49.50 • 13.16
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Holiday
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55Stock Price $
082
D J F M A M J J A S O N D
164Volume in Millions
� Deals to place electric-carchargers at the facilities ofsome Pennsylvania hospitalswere enough to juice thestock of this favorite amongfans of car-battery stocks.
QUANTUMSCAPE
QS (NYSE) • 114.77 • 41.04
72
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140Stock Price $
070
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140Volume in Millions
� Frothy enthusiasm forelectric-car stocks lifted thevalue of this battery devel-oper above those of Fordand GM. It came public lastmonth through a SPAC.
NIKOLA
NKLA (NASD) • 13.75 • -3.33
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Holiday
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42
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105Stock Price $
0177
D J F M A M J J A S O N D
354Volume in Millions
� Waste hauler RepublicServices canceled its big or-der for 2,500 battery-pow-ered trucks from the trou-bled start-up. An analystcalled the loss a “gut punch”.
XL FLEET
XL (NYSE) • 29.78 • 14.46
15
20
25
M T W T F
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Holiday
0.0
7.5
15.0
22.5
30.0
37.5Stock Price $
079
D J F M A M J J A S O N D
158Volume in Millions
� While best known for hisshort-sale ideas, Citron Re-search’s Andrew Left calledthis maker of hybrid-vehicleengines a Buy. XL just camepublic through a SPAC.
FIREEYE
FEYE (NASD) • 22.37 • 3.14
17.0
19.5
22.0
M T W T F
24.5
27.0
Holiday
7
11
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27Stock Price $
079
D J F M A M J J A S O N D
158Volume in Millions
� The firm that flagged thevast breach in SolarWindssoftware drew fans, who ex-pect more business for thecybersecurity adviser andits peers.
UNIQURE
QURE (NASD) • 38.10 • -7.85
36.0
37.5
39.0
M T W T F
40.5
42.0
Holiday
33
42
51
60
69
78Stock Price $
06
D J F M A M J J A S O N D
12Volume in Millions
� Regulators paused thecompany’s clinical trials of agene therapy for hemophiliaB, after a patient’s liver can-cer diagnosis. No other caseshave shown in 100 patients.
RIOT BLOCKCHAIN
RIOT (NASD) • 13.12 • 3.07
9.0
11.5
14.0
M T W T F
16.5
19.0
Holiday
0.0
3.5
7.0
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17.5Stock Price $
0100
D J F M A M J J A S O N D
200Volume in Millions
� The rise in cryptocurren-cies like Bitcoin has liftedthe stocks of miners likeMarathon Patent Groupand Riot—which is buying15,000 more mining comput-ers.
AGIOS PHARMACEUTICALS
AGIO (NASD) • 45.15 • 11.94
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Holiday
27.0
33.5
40.0
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59.5Stock Price $
05
D J F M A M J J A S O N D
10Volume in Millions
� Selling its cancer-drugbusiness for nearly $2 bil-lion, Agios will return someof the proceeds to share-holders and invest the reston blood-disease projects.
NANTKWEST
NK (NASD) • 16.01 • 5.75
11.0
13.5
16.0
M T W T F
18.5
21.0
Holiday
0
4
8
12
16
20Stock Price $
029
D J F M A M J J A S O N D
58Volume in Millions
� In an exchange of stock,the immunotherapy com-pany will merge with Immu-nityBio, another firm in thestable of medical entrepre-neur Patrick Soon-Shiong.
SORRENTO THERAPEUTICS
SRNE (NASD) • 7.89 • 0.54
6
7
8
M T W T F
9
10
Holiday
1
5
9
13
17
21Stock Price $
0299
D J F M A M J J A S O N D
598Volume in Millions
� On Wednesday, the com-pany filed an applicationwith the U.S. Food andDrug Administration, seek-ing emergency authorizationof a quick Covid test.
IncludesCommonsharesonly. All figures reflect activity for themost-recent five-day tradingweek.Share volume figuresareexpressed in thousands.Volumepercentage leadersexcludestockswithaveragedaily volumeof fewer
than5,000sharesor pricedunder$5.Averagevolume isbasedon65 tradingdays.Volume figuresdonot reflect extended tradinghours. a-Stockhasnot been inexistenceor not been traded for 65consecutive sessions.S-Stock
split or stockdividendamounting to10%ormore.X-Ex-dividend
M10 BARRON’S December 28, 2020
Fox BusinessFridays at 10 PM ET
BARRON’S INS IGHTS – ON TELEV IS ION.BARRON’S INS IGHTS – ON TELEV IS ION.
Every week on Barron’s RoundtableBarron’s Roundtable our editors and writershelp you anticipate market shifts, take informed risks, and
These reports, excerpted and edited by Barron’s, were issued recently by investment andresearch firms. The reports are a sampling of analysts’ thinking; they should not beconsidered the views or recommendations of Barron’s. Some of the reports’ issuers haveprovided, or hope to provide, investment-banking or other services to the companiesbeing analyzed.
To be considered for this section, materialshould be sent to [email protected].
Synaptics • SYNA-NasdaqBuy • Price $82.53 on Dec. 22by Needham
Synaptics is our top pick for 2021, with over50%-plus potential upside, due to a largedisconnect between the company’s funda-mentals and what we believe to be a justi-fied valuation for those fundamentals.Synaptics’ gross margin is projected to ex-ceed 50% next quarter, but its shares are val-ued at just over 10 times our fiscal-year 2022non-GAAP EPS estimate, a 60% discount toother chip companies with 50% gross mar-gins. We believe that recent acquisitions ofBroadcom’s wireless IoT [Internet of Things]business and of DisplayLink [a leader inhigh-performance video compression] havetransformed Synaptics’ business and will pro-duce higher margins, while simultaneouslyopening new markets and creating opportu-nities for cost synergies. We look for the IoTbusiness to have opportunities in the edgecomputing, wireless connectivity, and USB-Ccategories. In the mobile phone business,Synaptics dominates the high-margin OLED[organic light-emitting diode] touch control-ler market, winning virtually every new de-sign by major handset manufacturers. Webelieve that the company’s overall Applebusiness will stabilize at roughly $360 millionto $370 million per year.Our stock price target is $130, based on aP/E multiple of 16 times our fiscal 2022earnings estimate of $8 a share.
Wesco International • WCC-NYSEOutperform • Price $73.97 on Dec. 15by RBC Capital Markets
Wesco [an electrical and industrial supplycompany] is paying down $500 million in debtnext month. That should save the companyabout $20 million in annual interest expenseand be accretive to 2021 EPS. The paydownshould not be a major surprise, though it wasquicker than we were anticipating. Wesco
also disclosed that fourth-quarter [business]trends were tracking down about 3%, yearover year, in line with expectations.We are updating our estimates, raising ourprice target, and continue to be positive onthe ongoing value creation at the company.Wesco will redeem its entire $500 million of5.375% senior notes due 2021 on Jan. 14. Thisshould add roughly 5% to 2021 EPS. We areraising our EPS estimate from $6.30 to $6.60,and our stock price target by $18, to $97.
Halliburton • HAL-NYSESell • Price $20.14 on Dec. 16by Edward Jones
Halliburton’s outlook remains challenged; weintend to drop coverage of the company onDec. 31, to focus on other investment ideaswith better long-term potential. We see theoil-price environment remaining challengedby oversupply and weak demand. The abilityof oilfield-services companies like Halliburtonto generate cash flow relies on commodityprices, and we remain concerned about thepotential stress to its financial position shouldthey remain weak for a prolonged period. Weprefer obtaining energy exposure through theintegrated oil, storage and transportation,and refining subsectors.
Square • SQ-NYSEBuy • Price $235.45 on Dec. 21by BTIG
We are reiterating our Buy rating, whileraising our price target to $295 (from $220)based on 8 times the company’s fiscal 2023estimated enterprise value/revenue of $18.9billion. We believe the extraordinary growthof Square’s Cash App during the Covid-19pandemic has demonstrated its relevance tolarge underserved groups whose needs onlyincreased during the crisis: the tens of mil-lions of unbanked consumers in the U.S.,the small- and medium-size businessesstruggling to survive amidst pandemic-driven restrictions, and people seeking aneasy way to buy Bitcoin at a time when in-terest in the cryptocurrency has taken off.
What we find particularly exciting about thefoundation that Square has built with theCash App’s estimated 35 million monthly av-erage users is the opportunity it has createdfor the company to increase engagementand monetization, in the U.S. and abroad.
Cerence • CRNC-NasdaqOutperform • Price $102.23 on Dec. 22by Wedbush
Based on recent momentum in the field andmore design wins during the Decemberquarter, we have an increased confidence inthe CRNC story and its automotive opportu-nity. We believe the company is in a strongposition to further penetrate original equip-ment manufacturers heading into 2021. Cer-
ence is a leader in automotive speech, as thecompany has built significant market shareof 80%-plus with over 1,000 patents and is in-stalled in over 300 million vehicles. While inthe near term the company’s fundamentalscould be negatively impacted, given Covid-19headwinds and a softer macro, we believe thestage is set for Cerence to experience astrong recovery into year-end, with clear mo-mentum into 2021 as auto sales rebound andnew design wins are launched.Investors continue to have worries abouttech giants like Alphabet’s (ticker: GOOGL)Google and Amazon.com (AMZN) takingover the auto speech industry/in-car experi-ence, but Cerence offers a white-label solu-tion that doesn’t take ownership of the data,a key differentiator. Price target: $120.
INSIDER TRANSACTIONS RATIO
0
10
20
30
40
50
60
J F M A M J J A S O N D
Ratio of Insiders Sales to Buys. Readings under 12:1 are Bullish. Those over 20:1 are Bearish.The total top 20 sales and buys are 685,506,989 and 39,186,958 respectively; Source: Thomson Reuters
An insider is anyofficer, directororownerof10%ormoreof a classof a company's securities. Inmost cases, an insidermust report any trade totheSECwithin twobusinessdays. The tableshighlight companies that filedwith theSEC through lastWednesday. The tablesdonot includepension-planor employee stock-optionactivity, tradesbybeneficial ownersof10%ormore, tradesunder$2per shareor tradesunder100shares. The "Purchases" column includesonlyopen-market andprivatepurchases; the "Sales" column includesonlyopen-market andprivate sales,andexcludes tradesprecededbyoptionexercise in the12monthsprior to the reportedevent. Source: ThomsonReuters
M12 BARRON’S December 28, 2020
Make Room for Tesla
U.S. Investment Policy NotesCFRAcfraresearch.com
Dec. 23: On Monday, Dec. 21, Tesla (ticker:TSLA) replaced Apartment Investment &Management (AIV) in the S&P 500. Teslawas added to the S&P 500 Automobile sub-industry index within the S&P 500 Con-sumer Discretionary sector. Since Tesla isnow the fifth-largest company within theS&P 500 by market value, sector weightingswill change—one quite dramatically. In par-ticular, the Consumer Discretionary sectorgrew by 13.6% from its Dec. 18 representa-tion within the S&P 500 of 11.2% to the12.8% exposure as of Tesla’s date of entryon Dec. 21. In order to make room forTesla, all other sectors initially shrank fromas little as 1.2% for energy, to as much as1.9% for financials and materials.
—SAM STOVALL
Green Light for Bank Buybacks
Ivan Feinseth Market View 360Tigress Financial Partnerstigressfi.com
Dec. 22: Late last Friday, the Federal Re-serve announced the results of its secondround of stress tests, allowing the nation’slargest banks to resume share repurchasesin Q1 2021, subject to certain limitations,as long as Q4 results meet required levels.The sum of common dividends and sharerepurchases cannot exceed average quar-terly reported net income throughout 2020.The good news is that strong banking re-sults throughout this year, with fearedloan-loss levels that never materialized,have helped improve banks’ profits, alongwith their currently cheap levels of valua-tion versus book value. Expectations arethat the six largest banks could repurchasea total of $11 billion worth of stock in thefirst quarter of next year.All the major banks gained yesterday on
the news, along with many banks announc-
ing new share repurchases. JPMorganChase (JPM) announced a $30 billion buy-back. Morgan Stanley (MS) announced a$10 billion share repurchase. Both Citi-group (C) and Goldman Sachs (GS) saidthey would resume share repurchases nextyear. The news and announcements high-light the strength in the financial sector anda significant turn in business trends.
Dec. 22: The relationship between bondyields and the stock market changes dramati-cally, depending on whether the 10-year bondyield is above or below 3%. When bondsyielded higher than 3% (almost three-quar-ters of the time since 1900), the stock marketdid best when yields dropped (+11.7% annu-alized return), and struggled when yieldsrose (-0.2% annualized return).Nevertheless, with yields below 3%, their
impact is nearly the opposite. Stocks in-creased at just a +4.2% average annualizedpace when yields declined from sub-3% lev-els (only one-third of the gain experiencedwhen bond yields fell from above 3%), andamazingly, when yields climbed fromsub-3%, the stock market rose at a +16.8%average annualized clip! Moreover, the fre-quency of monthly stock-market advances,when yields move up, is also shockingly dif-ferent. The stock market rose 52% of thetime when yields increased from levelsabove 3%. But, when yields rose from aninitial level below 3%, the stock marketmoved up 68% of the time!
current environment is the biggest stock-market mania in history, bigger than eventhe Roaring Twenties that ended in theGreat Depression of 1929-1932 and, yes,even bigger than the fantastic tech maniathat gripped the nation into the March 2000peak. We can make this claim based on valu-ation measures such as Robert Shiller’sCAPE (cyclically adjusted price earningsratio), now at 33.77, the second highest inhistory, and the S&P 500 P/E ratio at 37.38,also the second highest in history. In thiscase, we are ignoring the huge spike in theP/E that occurred in 2008 as earnings con-tracted precipitously. Neither the RoaringTwenties nor the fantastic tech mania caneven remotely match the longevity of thisperiod, despite the sudden and remarkable27-session 38% collapse that began in Feb-ruary. This was certainly not a typical year!The last two overly enthusiastic periods
ending in 2000 and 2007 were both followed bythe worst bear markets in decades, both down50% from their peak. We are certain that a re-play will occur. If our historical and long-terntechnical studies pan out, stocks are headedfor a 51.5% hit from last Friday’s peak.
—ALAN M. NEWMAN
Non-U.S. Stocks Look Alluring
The Market Strategy Radar ScreenOppenheimer Asset Managementopco.com
Dec. 21: The decline of the U.S. dollar thisyear has enhanced returns for U.S. inves-tors in most foreign stocks and indices tiedto foreign equity markets. In many markets,local currency returns are substantiallylower than returns priced in dollars.The dollar’s strength over the past few
years had been derived from multiple fac-tors, including the relative strength of theU.S. economy, the dollar as a safe-haven as-set, and the favorable yield differential ofU.S. Treasuries when compared with inter-national sovereign yields.In our view, the recent weakening of the
dollar presents American investors the op-portunity to buy foreign stocks ahead of
what we expect will be both a domestic andglobal economic recovery as the world moves(with the aid of vaccines of efficacy) towarda post-Covid 19 environment.While we can’t predict with any certainty
that the dollar will stay at recent levels oreven move lower from current levels, pasthistory suggests that as the U.S. moves to-ward an economic recovery in a post-crisisenvironment, U.S. consumers’ appetite forimported goods and leisure and businesstravel to foreign destinations will likely boostforeign currencies, helping foreign coun-tries—particularly those that are export-driven, and those that are U.S.-citizen traveldestinations—move toward economic recov-ery and expansion at a faster pace, which inturn could boost foreign equity prices.
—JOHN STOLTZFUS
Bitcoin Heads Toward $50,000
Equity StrategyBTIGbtig.com
Dec. 20: Over the three years since thelate-2017/early-2018 bubble burst, crypto-currency has come of age, with digital as-sets gaining acceptance from consumersand businesses, and increased interestfrom institutional investors and govern-ments. So too are financial markets incryptocurrencies coming of age—Bitcoin fu-tures open interest is six times higher in2020 than at the beginning of 2018, as atwo-way market develops.Headed into 2021, key fundamental driv-
ers—asset diversification, rising rates anddeficits, an incoming administration moresympathetic to the asset class, and newerinvestors’ comfort with technological inno-vation and greater tolerance of volatility,whether in stocks or cryptocurrencies—setthe stage for Bitcoin to reach $50,000 nextyear.
—JULIAN EMANUEL, MICHAEL CHU
To be considered for this section, material, withthe author’s name and address, should be sentto [email protected].
”Expectations are that the six largest [U.S.] banks could repurchase a total of $11 billionworth of stock in the first quarter of next year.” —IVAN FEINSETH, Tigress Financial Partners
Market ViewThis commentary was issued recently by money managers, research firms,and market newsletter writers and has been edited by Barron’s.
It Was Really Nothing: The Dow ticked up 0.1% last week, after a Covid package passedCongress but was not signed into law. Goldman Sachs gained 5.8% after the Fed allowedbanks to buy back stock again, while Verizon Communications fell 2.7%.
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New York Stock Exchange Composite List- Earnings -
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NYSE CUMULATIVE DAILY BREADTH vs DJIA
In generating this chart, we subtract each day's NYSE composite declines from that day's advances. The resultant total is added to the next day's total, and soon. When all five days' numbers are added together, this produces the weekly figure we plot. Dec. 31, 1985 =1000.
BREADTH 575,231s
DJIAs
Squeakin’ By: NYSE Composite breadth rose for an eighth straight week even as the S&P500 fell 0.2% on concerns about a new strain of Covid-19. Advancers narrowly edged outdecliners.
Nasdaq IssuesNasdaq 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
Speak SPAC?: If it’s a SPAC—any SPAC—investors wanted it. But the one-time SPAC, Nikola, lost its big electric truck deal. The Nasdaq CompositeIndex finished Thursday at 12,805—up 0.4% for the holiday week.
Most Recent Week’s Year-to-DateClose %Chg. Chg. %Chg.
Most Recent Week’s Year-to-DateClose %Chg. Chg. %Chg.
Indexes are based on local currencies. Because of various holidays and other market closings, the most recent close is not necessarilythat of the week of publication.
NwWrldA 86.27 -0.60 22.4 37.8SmCpA p 79.71 1.37 37.7 63.3STBFA p 10.19 0.01 3.5 7.9STTxExBdA 10.37 0.00 2.9 7.3TECAA p 18.42 0.00 4.4 13.5TxExA p 13.64 0.00 4.7 13.8WshA p 49.43 -0.12 6.1 29.3AMG Funds:RRSmCapValI 13.48 0.06 0.8 22.1AMGManagers Funds:Brandywine I n 59.36 0.53 31.0 60.6GWKMBd I 12.51 0.00 4.6 14.3LoomisSaylesBd I 28.03 0.06 7.2 17.8LoomisSaylesBd N n 28.03 0.07 7.0 17.2TSIntlSC I 18.16 0.18 11.7 10.7TSSmCapGrFd Z 20.76 0.07 34.1 76.3TSSmCpGrFd N n 19.77 0.07 33.8 75.3YachtmanFocFd I 18.77 0.12 15.9 42.8YacktFocFd N n 18.84 0.12 15.7 42.0YacktmanFd I 20.94 0.12 13.5 37.1Angel Oak Funds Trst:AglOkMtiStFdClIn 10.33 0.00 -1.9 5.9AQR Funds:DivArbI 11.50 NA NA NALgCapDefStyle I 26.18 NA NA NALgCapDefStyle R 26.15 NA NA NALgCapMomStyle I 23.43 NA NA NALgCpMultiStyle R 17.80 NA NA NAMgdFutStrI 7.70 NA NA NAMgdFutStrN 7.63 NA NA NAAquila Funds:HI TF A 11.62 0.00 3.5 9.2ArbitrageI :ArbitrageI 13.24 0.11 5.9 12.6Ariel Investments:ApprecInv pn 42.81 -0.27 6.1 13.3Ariel Inv pn 66.63 0.04 8.4 15.8Artisan Funds:GblOppInst 36.20 -0.15 38.2 71.7GblOppInv n 35.54 -0.15 37.9 70.5Intl Inv n 34.04 -0.29 5.8 22.4IntlInst 34.20 -0.29 6.0 23.2IntlVal Inst 39.24 0.05 7.1 13.5IntlVal Inv n 39.13 0.04 6.8 12.7MidCapInst 55.98 0.45 60.3 112.7MidCapInv n 48.30 0.39 59.9 111.2MidCapVal Inv n 19.31 0.26 4.4 11.0SmCpInv n 52.38 0.77 64.1 135.1Ashmore Funds:EmgMktTRInst 7.51 NA NA NAAveMaria Funds:Growth pn 44.24 -0.33 16.4 56.9RisingDivd n 19.43 -0.14 5.1 27.7
About our FundsThe listings include the top 2500 open-end funds by assets. These funds value their portfolios daily and report netasset va lues (the dollar amount of their holdings divided by the number of shares outstanding) to the NationalAssociation of Securities Dealers. Total returns reflect both price changes and dividends; these figures assume thatall distributions are reinvested in the fund. Because Lipper is constantly updating its database, these returns maydiffer 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’squote. n: no front- or back-end sales charge. p: fund assets are used to pay marketing and distribution costs (12b-1fees). r: fund levies redemption fee or back-end load. s: stock dividend or split of 25% or more. t: fund charges12b-1 fees (for marketing and distribution) and a back-end load. v: capital-gains distribution may be a return ofcapital. x: ex cash dividend. All data supplied by Lipper.
DivInc t 24.65 -0.07 5.5 26.4Columbia Class I:Acorn I n 16.92 0.13 32.0 58.0AcornIntl I n 33.77 -0.05 12.7 24.1AltBeta I 29.59 0.12 0.6 -22.0Balanced I 48.15 0.05 16.9 35.5ConSec I n 30.19 0.16 48.8 86.1ContCore I 30.14 0.03 20.8 45.7DivIncom I 25.51 -0.07 6.5 30.3FocEq I pn 25.24 -0.15 39.5 81.3GlbTechGw I 60.75 0.06 48.9 107.9IncOppty n 9.91 -0.01 2.4 14.9IntmMunBd I 10.61 0.00 3.9 12.1LgCapGr 14.88 -0.07 46.6 91.1LgCpGrow I n 54.40 -0.16 33.8 74.1LgCpIdx I n 55.75 -0.09 16.4 45.3MdCpIdx I n 16.32 0.20 13.8 26.8MidCapGth I 30.44 0.04 37.0 75.4SelComunInfo tn 116.52 0.95 43.5 101.6SelLCVal pn 26.50 0.03 5.3 17.4SelMdCpVal I p pn 11.50 0.03 5.7 20.7SmCapGth I 33.30 0.79 74.5 140.7SmCpIdx I n 25.39 0.31 11.4 24.4StratInc I 24.59 0.00 7.1 17.4TaxEZ n 13.60 0.00 3.5 13.3Thermostat I n 17.90 -1.04 28.8 48.8TotReBd I 38.30 0.00 11.9 23.4USTrsIdx I 11.99 0.02 7.6 16.0Columbia Class I2:ContCore I2 30.75 0.03 20.9 46.1DivIncom 25.93 -0.07 6.6 30.5MidCapIndx 16.74 0.21 13.8 26.9SmCapIndx 26.05 0.32 11.4 24.4Columbia Class I3:Balanced I3 48.67 0.04 16.9 35.9Bond I3 36.01 0.02 9.0 19.5ContCore I3 p 30.77 0.04 21.0 46.4DivIncom 25.97 -0.07 6.6 30.8SelLgCpGr t 16.37 -0.07 46.9 91.9STBond 10.09 0.00 3.5 9.9Columbia Funds:UltShortBd Inst3 9.06 0.00 1.8 6.8Commerce Funds:Bond n 21.12 0.01 6.7 16.1Community Capital Tr:CRAQualInvFd 10.85 0.01 3.9 10.0Credit Suisse Common:ComdtyRet r 4.53 -0.02 -2.2 -5.0Cullen Funds:HiDivEqI r 14.56 -1.32 -5.2 8.4
DDavenport:Davenport Core n 29.87 -0.04 12.0 39.4EqOpp n 22.96 -0.02 20.3 54.4Val&Incm n 17.14 -0.01 0.8 12.9Davis Funds A:NYVen A 30.49 0.08 8.9 24.1Davis Funds C & Y:NYVenY 31.39 0.07 9.2 25.0Del Invest Instl:CorpBdI 6.54 0.01 11.1 25.0USGrw 30.64 0.07 44.7 77.4Value 21.41 -0.14 -1.6 14.7Delaware Invest A:Diver Inc p 9.44 0.00 10.2 19.7GroInA p 12.84 -0.08 -1.8 9.7OppA p 28.26 0.14 -0.9 7.9SmCpValA p 59.67 0.52 -1.6 3.3SMIDCapGrA p 45.84 0.69 100.9 171.3TotRtA p 15.67 -0.03 1.3 10.9Deutsche DWS:CapGrth p 108.82 0.20 37.4 82.7CapGrth n 110.32 0.21 37.7 84.0CoreEq n 30.35 0.12 14.9 40.7EqDivA 50.31 -0.20 -10.4 12.1GblIncBldA 10.15 -0.03 7.2 18.6GblGrwS n 44.85 -0.66 20.4 32.6GNMA S n 13.91 -0.01 3.1 10.6HiIncA 4.83 0.00 5.5 18.2HiYldTx n 12.29 0.01 4.2 13.3MgdMuniA p 9.35 0.00 3.9 12.5MgdMuniS n 9.37 0.01 4.1 13.3S&P500S n 36.50 -0.06 16.4 45.5TechA 32.89 0.04 45.5 103.2Diamond Hill Funds:CorpCrI 11.76 0.01 9.2 24.6LgCapA p 30.20 0.00 7.2 27.0LgCapI 30.49 0.00 7.5 28.1LgCapY 30.54 0.00 7.6 28.5LongShortI 26.32 0.01 -1.7 12.0SmMidCapI 22.97 0.23 0.8 12.0Dimensional Fds:2TGlFxd 9.94 0.00 0.9 5.85GlbFxdInc 10.89 0.00 1.5 7.5CAIntrTrmMuniBd 10.89 0.00 2.8 8.6CASTMuniBd 10.30 0.00 0.8 3.6
SmCap n 21.36 0.73 70.6 126.0
CCalamos Funds:ConvI 22.20 -1.62 49.0 78.9Gr&IncA p 40.30 -0.99 21.0 46.1Gr&IncI 38.49 -1.01 21.3 47.2GrowthA p 37.04 -4.14 32.3 62.2MktNeutA p 14.05 0.00 5.0 13.5MktNeutI 13.87 -0.02 5.2 14.4Calvert Investments:Bal A 39.70 NA NA NAEq A p 65.69 -0.35 22.3 75.2Carillon Eagle:MdCpGrA p 91.08 0.66 41.3 77.2Carillon Reams:CoreBd I 13.30 0.02 15.2 26.4CorePlBd I 37.00 0.04 16.3 27.4UnconstrndBd I 12.98 0.01 11.0 18.9Carillon Scout:Intl I 17.72 -0.16 3.0 9.8MidCap I r 23.64 0.32 27.4 38.3CausewayInst :CausewayInst 16.12 -0.03 4.6 3.6Chartwell:Income n 13.50 0.01 3.9 12.8CIBC Atlas:DispEq Inst 26.13 -0.56 17.3 54.4ClearBridge:AggressGrowthA 173.47 0.62 18.0 34.1AggressGrowthI 202.30 0.32 18.4 35.4AllCapValueA 12.45 0.05 -2.4 1.8AppreciationA 28.54 -0.01 13.2 43.4AppreciationI 28.32 -0.01 13.5 44.8AppreciationIS 28.41 -0.01 13.6 45.1DividendStrat1 n 26.60 -0.02 6.5 33.0DividendStratA 26.58 -0.02 6.2 31.8DividendStratI 27.39 -0.02 6.5 33.1LargeCapGrowthA 59.48 -3.90 29.4 69.2LargeCapGrowthC 45.17 -3.86 28.5 65.6LargeCapGrowthI 67.08 -3.97 29.7 70.6LargeCapValueI 32.64 0.06 4.5 22.8MidCapA 36.95 0.24 15.7 34.1SmallCapGrowthA 47.27 0.90 46.8 90.8SmallCapGrowthI 51.84 0.99 47.2 92.4SmallCapGrowthIS 52.71 1.01 47.4 93.1Clipper:ClipperFd n 128.66 0.39 7.4 20.9Cohen & Steers:GlbRltyI 53.50 0.10 -3.9 17.0InstlRlty 42.74 0.13 -3.9 24.4IntlRltyI r 11.80 -0.01 -2.6 18.7PrefSecIncmA 14.34 0.00 5.9 18.7PrefSecIncmC 14.25 -0.01 5.2 16.4PrefSecIncnI 14.37 -0.01 6.2 19.7RltyIncA p 15.15 0.07 -3.2 23.0RltyIncI 16.10 0.07 -3.0 24.0RltyShs n 60.23 0.19 -4.2 23.7Colorado BondShares:ColoradoBdShs 9.32 0.01 4.9 17.1Columbia Class A:AcornA t 12.94 0.10 31.7 56.8AMTTEBd 16.91 0.00 4.9 15.1BalancedA t 48.26 0.04 16.6 34.5BldrAggrsv 13.42 -0.25 13.1 27.1BldrMod p 11.89 -0.18 11.2 23.3ConSec A 30.14 0.16 48.4 84.7ContCoreA p 29.88 0.03 20.5 44.7DisplCoreA p 12.78 0.02 12.5 34.1DivIncA t 25.49 -0.07 6.3 29.3DivOpptyA 33.89 -0.11 -0.5 16.1EqValA 12.49 -0.07 3.0 16.3FocEqA t 22.66 -0.13 39.2 80.0GlobEq 17.07 -0.12 24.1 65.4GlobTech 58.41 0.47 44.7 101.6HiYldBd 12.01 0.00 5.0 17.2IncmBldr t 12.93 -0.11 9.7 21.8LgCpGrowA t 51.47 -0.15 33.5 72.8LgCpIdx pn 55.38 -0.09 16.2 44.2LgCpVl A 14.52 -0.02 3.9 19.6LiGoBalA p 13.00 -0.19 12.1 25.6MdCpIndxA pn 16.42 0.20 13.5 26.0MidCapGthA t 27.33 0.03 36.6 74.1SelgComuInfoA 103.49 0.84 43.1 100.1SelMidCpValA 11.46 0.03 5.4 19.8SmCapGthA t 30.63 0.73 74.0 138.9SmCpIdxA pn 25.21 0.31 11.2 23.4StratIncA 25.05 0.00 6.8 16.5TaxEA 13.60 0.00 3.3 12.6TechA p 58.14 0.05 48.5 106.3TotReBdA t 38.28 0.00 11.7 22.4Columbia Class Adv:ContCore p 30.78 0.03 20.8 45.7DivIncom 25.96 -0.07 6.5 30.2Columbia Class C:Balanced 48.15 0.04 15.7 31.5ContCore p 26.46 0.02 19.6 41.4
NTFocLgCapVal 11.60 -0.28 2.0 21.3SDIPB 10.72 -0.08 5.4 12.1Sustain Equity 38.02 0.09 18.5 NSAmerican Century I:CaHYMu 11.08 0.00 4.1 16.1DivBnd 11.31 0.01 8.0 16.4EmgMkt 14.68 -0.07 20.9 21.6EqInc 8.93 -0.11 0.0 19.2Growth 47.35 0.25 34.7 79.4IntTF 11.87 0.01 4.8 14.0MdCapVal 16.90 -0.18 1.1 13.7OneChoice2030 14.11 0.00 12.2 26.4OneChoice2035 17.84 0.01 13.3 28.4OneChoiceRet 13.55 0.00 10.4 23.2SDIPB 10.71 -0.06 4.9 10.5SmCapVal 8.71 0.06 9.0 20.7Ultra 78.48 0.09 48.4 100.8American Century Ins:CAIntTf 12.27 0.00 3.8 12.3American Century Inv:Balanced n 20.13 -1.03 11.9 28.6CaHYMu n 11.08 0.00 3.8 15.3CAIntTF n 12.27 0.00 3.6 11.7DiscCoreVal n 36.91 -5.52 10.8 27.5DivBnd n 11.31 0.01 7.8 15.7EmgMkt nr 14.31 -0.06 20.7 20.8EqGro n 31.51 -3.66 13.5 35.9EqInc n 8.92 -0.11 0.0 18.5FocusDynamGrowth n 53.81 -0.19 73.7 143.4GinnieMae n 10.70 0.00 3.7 10.8GlGold nr 13.08 -0.18 18.9 54.1GovtBd n 11.60 0.01 6.6 14.1Grwth n 46.26 0.24 34.5 78.3Heritage n 26.14 0.17 44.0 84.9InfAdjBd n 12.62 -0.01 10.0 16.8Intl Gr n 15.11 -0.74 24.0 35.7IntlOppt n 13.21 -0.37 28.4 29.9IntTF n 11.86 0.00 4.6 13.2FocLgCapVal n 10.86 -0.18 1.0 18.3MdCapVal n 16.89 -0.17 0.9 13.1OneChAgg n 18.60 0.01 17.2 33.6OneChCon n 15.31 0.01 12.2 24.1OneChMod n 17.85 0.01 15.2 29.5OneChoice2025 n 15.92 0.00 10.7 23.7OneChoice2030 n 14.10 0.01 12.0 25.8OneChoice2035 n 17.79 0.01 13.1 27.7OneChoice2045 n 19.05 0.00 15.5 31.7OneChoiceRet n 13.54 0.00 10.1 22.5Select n 99.74 0.29 32.3 73.2SmCapGrowth n 25.18 0.65 54.6 101.0SmCpVal n 8.62 0.07 8.9 20.0Sustain Equity n 37.90 0.08 17.5 48.2Ultra n 75.12 0.09 48.2 99.6Value n 8.13 -0.19 -0.2 14.5American Century R6:AmCentUltraFdR6 78.81 0.10 48.7 101.7EmgMkt 14.69 -0.07 21.1 22.1EqInc 8.94 -0.11 0.3 19.7Growth 47.35 0.25 35.0 80.3MdCapVal 16.90 -0.19 1.2 14.3OCP2025 12.15 0.00 11.1 25.0OCP2030 12.88 0.01 12.4 27.1OCP2035 12.67 0.00 13.5 29.0OCPINRET 10.87 0.00 10.5 23.8SmCpVal 8.71 0.06 9.2 21.2American Century Y:IntTF 11.86 0.00 4.9 14.0American Funds Cl A:2010TarRetA p 12.11 -0.02 8.1 19.62015TarRetA p 12.90 -0.02 8.8 21.12020TarRetA p 14.22 -0.03 9.7 23.02025TarRetA p 15.81 -0.03 12.4 27.32030TarRetA p 17.23 -0.04 13.7 30.12035TarRetA p 18.28 -0.04 15.9 34.92040TarRetA p 18.97 -0.04 17.1 36.92045TarRetA p 19.38 -0.05 17.4 37.62050TarRetA p 19.08 -0.05 17.6 38.1AmcpA p 38.62 -0.14 19.9 48.0AMutlA p 44.02 -0.22 3.4 23.2BalA p 29.92 -0.04 9.8 27.5BondA p 14.19 0.01 10.4 19.6CapIBA p 62.32 -0.31 2.1 12.0CapWA p 21.45 -0.41 9.4 16.8CapWGrA 58.36 -0.37 13.4 28.0EupacA p 68.08 -0.14 22.5 32.8FdInvA p 68.47 -0.22 13.8 35.6GBalA p 36.95 -0.29 9.1 20.7GovtA p 14.94 0.02 9.3 16.2GwthA p 66.77 -0.38 36.2 69.3HI TrA p 10.13 0.00 6.3 16.9HiInMuniA 16.59 0.01 4.3 16.0ICAA p 43.79 -0.20 12.9 31.3IncoA p 23.36 -0.06 4.1 17.9IntBdA p 14.26 0.01 7.3 13.4IntlGrIncA p 37.77 -0.22 6.1 16.6LtdTEBdA 16.29 0.00 4.0 10.2N PerA p 59.58 -0.24 31.4 61.3NEcoA p 59.02 0.09 32.4 59.5
The charts above show four-week moving averages of net cash flow in millions of dollars. BARRON'S • Lipper FMI
6900
1400
-4100
-9600
-15100Oct Nov Dec
Equity Funds1790
1480
1170
860
550Oct Nov Dec
Municipal Bond Funds
6400
-4400
-15200
-26000Oct Nov Dec
Money Market Funds10600
8900
7200
5500Oct Nov Dec
Taxable Bond Funds
It’s Mutual: Equity fund infusions trimmed the last month’s average weekly outflow to $1.5billion. Muni-bond funds got an average of $1.5 billion. But another week’s drain broughttaxable-bond fund inflows down to $7.2 billion. Money-market funds saw $4.9 billion leave.
FFairholme:Fairholme n 31.61 1.86 59.4 63.3FAM Value:FAMValue n 85.15 -0.55 5.3 28.8Federated Hermes A:EqIncA p 22.81 -0.01 4.5 11.8FdShInToRetA 10.74 0.00 4.6 10.4FedMunULA pn 10.05 0.00 1.1 3.7KaufmannA p 7.40 0.05 32.5 82.6KaufmnLCA p 34.34 -0.10 28.0 75.8KaufmnSCA p 64.03 1.35 47.8 113.0MunStkAdvA p 13.96 -0.03 7.7 15.7StrValDivA p p 4.96 -0.10 -9.1 -0.1UltraShortA pn 9.22 0.00 2.2 6.7Federated Hermes C:StraValDivC p 4.97 -0.10 -9.7 -2.4Federated Hermes Int:GloFinI 40.52 -0.09 13.8 15.2InsHiYld r 9.93 0.00 5.4 18.1MDTSmCIS 23.81 0.27 18.6 22.6TtlRtnBdI 11.77 0.01 9.2 19.3Federated Hermes IS:IntEq IS p 30.02 0.01 19.6 29.1KaufmnIS 7.62 0.05 33.1 85.5KaufmnSCI 65.41 1.37 48.4 116.0CorpBondFdIS 9.99 -0.01 8.5 21.2FdShinToRetI 10.74 0.00 4.8 11.3GovUltra 9.96 0.00 1.5 5.6KaufmnLCIS 35.57 -0.10 28.3 77.1ShIntDurMuInst 10.38 0.00 1.9 6.7StraValDivIS 4.99 -0.10 -8.8 0.6UltraShortI 9.22 0.00 2.4 8.0ShtlncIS 8.71 0.00 3.6 10.1FedMuniUl A 10.05 0.00 1.1 4.8Federated Hermes R:KaufmnR r 7.42 0.05 32.4 82.6Federated Hermes R6:FedInstHYBondL 9.93 0.00 5.3 18.0KaufmnSCL n 64.91 1.37 48.5 116.1StrValL 4.99 -0.10 -8.9 0.7TtlRtnBdL 11.76 0.01 9.2 19.3Fidelity:500IdxInstPrem n 128.31 -0.19 16.7 46.2BalancedK6 13.01 0.05 21.6 NSContrafund K6 18.69 -0.07 29.4 65.3EmgMktIdxInstPre n 12.35 -0.17 14.2 17.3ExtMktIdxInstPre n 84.91 1.05 34.4 55.7FidSAIEmerg 13.20 -0.19 NS NSFidSAIIntern 12.73 -0.05 NS NSFIDSerEmgMkt 10.95 -0.14 13.8 NSFidSerToMarket 12.79 0.01 19.7 NSFIDSerTresIndxFd 10.00 0.00 0.9 NSFIDZroExtMktIx n 11.67 0.14 18.1 NSFIDZroLgCpIx n 13.27 -0.02 19.5 NSFlex 500 Index 15.77 -0.03 16.7 46.3FlexIntIdx 12.74 -0.11 8.8 14.7FlexUSBdIdx 10.86 0.01 7.5 17.3Freedom2060K 14.18 -0.03 16.9 34.0GlexUSIdxInstPre n 14.32 -0.11 8.8 14.7GrowthCompanyK6 19.56 0.04 70.1 NSHighIncome C 8.69 -0.02 1.7 NSInflPrBdIndInsPr n 11.02 -0.08 10.7 19.2IntlIdxInstPrem n 45.00 -0.31 6.7 13.3IntlIndex n 11.19 -0.09 9.2 NSIntrTresBdIxPrem n 11.71 0.00 9.0 18.9LgCpGwId InstPre n 23.57 0.01 37.3 83.4LgCpVlIdxIstPrem n 13.10 -0.01 1.5 17.7LTTrsBdIdxInstPr n 15.92 0.08 17.5 34.2MidCpInxInstPrem n 27.01 0.08 17.1 39.1MidCpValIndex n 21.75 0.07 3.8 NSNewMkt I 15.05 -0.01 4.1 NSOTCK6Port 16.94 -0.01 45.8 NSRealEstIdxInst n 14.34 0.04 -12.4 4.6SAIRealEstIndxFd 10.24 0.03 -12.2 4.9SAIUSLgCpIndxFd 19.35 -0.03 16.6 46.2SeriesBondFd 10.76 0.01 7.4 NSSeriesOverseas 12.20 -0.05 14.5 NSSerLTTreBdIdx 9.15 0.05 17.3 34.0SmCpIdxInstPrem n 25.34 0.44 21.7 35.8STBdIdx InstPrem n 10.33 -0.01 4.6 11.2STTreIdx InstPre n 10.81 -0.01 4.3 10.4TMktIdxInstPrem n 106.79 0.11 19.7 48.0TotalMarketIndex n 13.36 0.01 19.3 NSTtlIntIdxInstPr n 13.34 -0.09 9.2 14.8USBdIdxInstPrem n 12.42 0.00 7.5 17.2USSusIdx n 16.03 -0.07 16.9 48.5Fidelity Adv Focus A:HthCarA r 63.78 0.06 21.3 66.5TechA t 90.39 2.15 65.7 127.6Fidelity Adv Focus C:HthCarC p 49.17 0.04 20.4 62.8Fidelity Adv FocusM:Tech p 84.08 1.99 65.3 125.9Fidelity Advisor:SrsAdvIntlCapApp 28.78 -0.17 19.4 39.6StragInc n 12.74 -0.12 7.1 NSTotBdFdClZ 11.27 -0.01 9.1 19.7Fidelity Advisor A:AdvMdCpIIA p 22.56 0.19 18.2 23.7AdvStrDivInA p 16.62 -0.01 10.0 28.0BalancA t 25.80 0.11 21.0 43.1BioTech 34.70 0.38 35.2 63.3DivIntlA 28.52 -0.08 17.0 28.8
Net YTD 3-Yr.NAVChg. %Ret. %Ret.
EqGrA p/r t 17.69 0.05 42.9 89.6EqInA 28.64 -0.12 -0.3 13.4FF2030A p 15.86 -0.02 13.6 30.1GrOppA 149.55 1.02 68.5 168.3LevCoStA p 49.23 0.15 28.5 39.2NwInsghtA p 36.27 -0.16 22.6 51.2SmllCapA p 28.04 0.14 18.1 29.3StkSelMC p 40.09 0.45 12.7 32.9StrInA 12.56 -0.13 6.7 15.2TotalBdA p 11.30 0.00 8.8 18.4Fidelity Advisor C:BalancC 25.61 0.10 20.1 39.9GrOppC p 125.18 0.84 67.3 162.3NwInsghtC t 29.84 -0.14 21.7 47.8StrInC t 12.53 -0.12 6.0 12.7Fidelity Advisor Fun:IntlGrwZ 18.22 -0.17 14.8 37.3Fidelity Advisor I:BalancI 26.38 0.11 21.3 44.2BiotechI 37.25 0.42 35.6 64.7ConsvIncmMuni I 10.06 0.00 0.9 4.5DivIntl 29.05 -0.09 17.3 29.8EqGrI 19.80 0.06 43.3 91.1FAInvGrdI 8.57 0.01 9.7 20.4FAJpFdClI 19.53 -0.27 22.5 30.9FF2030 15.98 -0.02 13.9 31.1FF2040 17.01 -0.04 16.0 35.1FltRatel 9.25 -0.01 1.4 10.3GrOppI 163.06 1.12 68.9 170.4HiIncAdvI 11.15 -0.03 8.2 20.9HthCarI r 70.00 0.07 21.7 67.8IntlGr 18.19 -0.17 14.6 36.7IntlSmCp 30.37 -0.11 8.3 11.7LmtdTrmBdFd 11.97 0.01 5.0 12.2LmtTrmGov n 10.32 0.00 3.9 9.1MuniIncI r 10.88 0.00 4.3 12.9MuniIncome 13.59 0.01 4.5 NSNwInsghtI 37.38 -0.17 22.9 52.3REIncmInst 11.65 0.02 -1.8 15.7SmCapGrwI 35.00 0.84 39.8 81.9StrInI 12.74 -0.13 7.0 16.0Total Bd 11.27 -0.01 9.0 19.2Fidelity Advisor M:Balanced p 26.15 0.10 20.7 42.0EqGr p 17.21 0.05 42.6 88.3EqIn p 29.47 -0.12 -0.5 12.6GrOppM p 147.48 1.00 68.1 166.4NwInsghtM p 34.53 -0.15 22.3 50.1SmllCapM p 25.34 0.12 17.8 28.4StrInM p 12.56 -0.12 6.8 15.2Fidelity Advisor Z:CorporateBond 12.94 0.03 10.4 NSEmMkt Z 35.16 -0.24 26.4 36.0FloatRateHighInc 9.26 0.00 1.6 NSGovtIncome 10.94 0.00 6.8 NSGrOpp 164.79 1.13 69.1 171.4IntCpAp 28.81 -0.17 19.5 40.1InvestGradeBd 8.57 0.01 9.7 NSNewMktsIncFdZ 15.05 -0.01 4.2 NSRE Income 11.65 0.02 -1.7 NSStrgInc 12.75 -0.12 7.1 NSFidelity Freedom:FAFree2020I p 14.45 -0.01 12.4 27.3FAFree2025I 14.75 -0.01 13.1 29.0FAFree2035I 15.75 -0.03 15.1 33.7FAFree2045A 13.22 -0.03 15.7 34.1FF2005 n 13.35 -0.01 9.0 19.7FF2010 n 16.80 -0.01 10.3 22.1FF2015 n 13.94 -0.01 11.6 24.4FF2020 n 17.73 -0.02 12.8 26.5FF2020A p 14.30 -0.02 12.0 26.3FF2025 n 15.86 -0.02 13.6 28.0FF2025A p 14.59 -0.01 12.8 28.0FF2030 n 19.82 -0.03 14.4 29.9FF2035 n 16.97 -0.03 15.8 32.3FF2035A t 15.58 -0.03 14.8 32.6FF2040 n 12.00 -0.02 16.8 33.7FF2040A p 16.85 -0.04 15.7 34.0FF2045 n 13.66 -0.03 16.8 33.6FF2050 n 13.75 -0.03 16.8 33.5FrdmBlen2025 K6 11.81 -0.01 13.4 NSFree2045L 13.35 -0.02 16.0 35.1Free2050I 13.33 -0.03 16.1 35.0Free2055 n 15.71 -0.04 16.7 33.6Free2060Investor 15.13 -0.03 15.1 34.8Freedom2010 K 16.79 -0.01 10.4 22.3Freedom2015 K 13.92 -0.01 11.6 24.6Freedom2015 K6 13.89 -0.01 11.7 24.9Freedom2020 K 17.72 -0.02 12.8 26.7Freedom2020K6 17.69 -0.01 13.0 27.2Freedom2025 K 15.84 -0.02 13.6 28.4Freedom2025K6 15.83 -0.01 13.8 28.8Freedom2030 K 19.81 -0.03 14.6 30.3Freedom2030K6 19.79 -0.02 14.7 30.8
Net YTD 3-Yr.NAVChg. %Ret. %Ret.
Freedom2035 K 16.95 -0.03 15.9 32.7Freedom2035K6 16.94 -0.03 16.1 33.3Freedom2040 K 12.00 -0.02 17.0 34.1Freedom2040K6 11.97 -0.02 17.1 34.7Freedom2045 K 13.65 -0.02 16.9 34.1Freedom2045K6 13.62 -0.03 17.0 34.6Freedom2050 K 13.74 -0.03 16.9 34.0Freedom2050K6 13.74 -0.03 17.1 34.6Freedom2055 K 15.71 -0.03 16.8 34.0Freedom2055K6 15.71 -0.03 17.1 34.6Freedom2060 n 14.19 -0.03 16.8 33.7Idx2015InsPre 15.24 -0.01 10.9 25.4Idx2020InsPre 16.56 -0.02 11.9 27.5Idx2025InsPre 18.45 -0.02 12.7 29.1Idx2030InsPre 19.26 -0.03 13.3 31.2Idx2035InsPre 20.95 -0.04 14.4 33.6Idx2040InsPre 20.94 -0.05 15.1 35.0Idx2045InsPre 21.73 -0.06 15.2 35.0Idx2050InsPre 21.77 -0.05 15.2 35.0Idx2055InsPre 17.89 -0.05 15.1 35.0Idx2055Investor 17.87 -0.04 15.1 34.8Idx2025 Premier 18.45 -0.02 NS NSIdx2030 Premier 19.27 -0.02 NS NSIdx2035 Premier 20.95 -0.05 NS NSIdx2040 Premier 20.94 -0.05 NS NSIdx2045 Premier 21.74 -0.05 NS NSIdx2050 Premier 21.77 -0.06 NS NSIncome n 12.44 0.00 8.4 18.2Income K 12.41 -0.01 8.3 18.3Fidelity Invest:AdvSrsGroOpport 16.34 0.11 68.2 175.7AggrInt n 27.05 -0.16 19.5 39.9AilSectEq 11.35 0.05 25.0 54.8AMgr20% n 14.56 0.02 8.1 18.1AMgr50% n 20.98 0.03 13.8 27.8AMgr70% n 26.37 0.04 16.1 32.0AMgr85% n 23.71 0.03 18.1 35.7AstMgr30R n 12.43 0.02 10.5 22.2Balanc n 28.02 0.11 21.3 44.8BalancedK 28.02 0.12 21.4 45.2BluCh n 163.46 0.87 62.6 117.9BluChpGr K6 24.22 0.09 63.1 115.5BluChpGrK 163.95 0.87 62.7 118.5CALmtTrmTFB n 10.88 -0.01 2.9 8.7CAMun n 13.45 0.00 4.4 13.9Canad nr 53.67 0.02 4.5 14.5CapAp n 41.52 0.06 33.1 64.4CapApprK 41.64 0.06 33.2 64.9CapDevO n 16.56 -0.02 8.0 29.0ChinaReg n 53.49 -1.12 42.0 59.2CnvSc n 43.78 0.29 42.6 79.9Contra n 16.60 -0.06 31.2 66.3ContraK 16.63 -0.06 31.3 66.7CorpBd n 12.94 0.02 10.3 23.8CpInc nr 10.66 -0.02 9.5 22.9DisEq n 51.28 0.04 28.2 51.5DivGrowK 30.63 0.13 1.2 20.7DivGth n 30.67 0.12 1.1 20.3DivIntl n 46.76 -0.15 16.6 29.1DivIntl K6 13.48 -0.04 17.1 29.8DivIntlK r 46.67 -0.14 16.8 29.6DivStkO n 31.74 0.06 26.4 53.0Emerg Asia nr 65.79 -0.65 66.6 87.0EmrgAsiaI r 65.05 -0.67 66.3 87.3EmrgMktK r 44.31 -0.50 28.7 42.9EmrgMktsDebt 9.51 0.00 4.3 10.3EmrMkt nr 44.29 -0.50 28.5 42.3Eq Inc n 61.49 0.05 5.3 23.1EqDivIncm n 25.34 -0.12 0.4 15.1EqDivIncmK 25.34 -0.11 0.5 15.5EqIncK 61.44 0.05 5.4 23.5Europ nr 41.80 0.15 16.7 21.8Export n 19.57 0.04 -9.4 7.1Fidel n 61.70 0.12 25.1 57.5FltRateHi nr 9.26 -0.01 1.5 10.5FocsdStk n 30.88 -0.03 32.3 82.4FournOne n 56.32 -0.04 15.3 34.8GNMA n 11.79 -0.01 3.7 10.6GovtInc n 10.92 0.01 6.7 14.7GroCo n 36.06 0.07 68.8 121.9GroInc n 43.34 -0.06 6.9 26.5GrowCoK 36.14 0.06 69.0 122.5GrowIncK 43.29 -0.06 7.0 26.9GrStrt nr 65.06 0.02 30.0 65.2GwthDiscovery n 51.53 0.15 42.9 90.3HighInc nr 8.69 -0.02 1.8 13.8Indepndnc n 46.34 -0.03 26.6 55.4IntBd n 11.36 0.00 7.1 15.6IntGov n 10.92 0.00 5.4 12.1IntlCapiApp K6 15.54 -0.09 20.0 41.4IntlDisc n 52.09 -0.07 19.1 27.0IntlEnhIdx n 10.13 -0.08 6.2 7.6IntlGrRet n 18.24 -0.17 14.6 36.8IntlScOpps nr 24.17 0.16 17.3 31.6
Net YTD 3-Yr.NAVChg. %Ret. %Ret.
IntlSmCap nr 30.18 -0.10 8.4 11.7IntMu n 10.86 0.00 4.4 13.1InvGB n 8.56 0.01 9.6 20.4InvGrBd 11.89 0.01 9.6 20.6JpnSmCo nr 17.44 -0.23 2.9 5.9LargeCap n 34.71 -0.03 7.9 28.6LCapCrEIdx n 18.76 0.01 16.6 43.2LCapGrEIdx n 27.71 0.01 35.1 70.0LevCoSt n 40.84 0.10 26.1 42.8LgCpVHIdx n 13.90 0.01 3.2 18.2LmtTrmMuniIncm n 10.87 0.00 3.3 9.3LowP nr 48.07 0.25 8.1 21.6LowPriStkK r 48.01 0.25 8.1 22.0LowPriStkK6 12.85 0.07 8.1 22.5LtdTmBdFd n 11.96 0.00 4.9 12.3MagellanK 12.86 -0.01 26.7 56.6Magin n 12.88 0.00 26.7 56.3MAMun n 12.66 0.01 4.4 12.9Manager40 n 13.32 0.02 12.4 25.3Manager60 n 14.98 0.02 15.1 30.2McpVl n 22.84 0.14 0.7 1.1MegaCpStk n 15.90 0.01 11.5 35.1MidCap n 37.07 0.24 11.1 30.5MidCapEnIdx nr 17.18 0.10 15.5 29.7MidCapStkK r 37.08 0.23 11.2 30.9MIMun n 12.77 0.00 5.1 14.4MNMun n 12.18 0.01 4.6 13.5MtgSec n 11.58 -0.01 4.3 12.2MuniInc n 13.60 0.01 4.6 15.2NASDAQ nr 161.78 0.64 43.6 88.4NewInsights Z 37.46 -0.16 23.1 52.9NewMill n 39.43 -0.01 4.9 23.4NewMkt nr 15.05 -0.01 4.2 6.8NJMun nr 12.60 0.00 5.2 16.5NYMun n 13.65 0.01 4.0 13.4OHMun n 12.53 0.00 4.2 12.9OTC n 17.32 0.00 45.1 93.7OTC K 17.64 0.01 45.2 94.3OverseasK r 58.36 -0.20 13.7 26.0Ovrse n 58.50 -0.20 13.6 25.6PAMun nr 11.58 0.00 4.2 14.0PcBas nr 42.78 -0.49 29.6 41.8PuritanK 25.83 0.05 19.9 39.5Puritn n 25.85 0.04 19.8 39.1RealE n 38.87 0.14 -9.2 10.6RealEstInc nr 11.70 0.02 -1.8 15.7REInc n 10.43 0.01 -0.1 17.1SAIIntlMinVolInd 10.62 -0.13 -3.3 7.9SAILTTreBdIdx 12.15 0.06 18.0 35.5SAISm-MidCap500I 14.20 0.16 20.1 41.5SAIUSMinVolIndFd 16.24 -0.08 8.1 40.2SAIUSQtyIdx 15.94 -0.02 19.5 55.2SCEnhIdx n 15.58 0.23 19.9 28.2SmallCap nr 20.58 0.22 13.6 29.9SmCapDisc n 24.07 0.07 6.9 17.1SmlCapO n 16.22 0.23 18.4 42.1SmlCpGrth nr 34.89 0.83 39.8 81.9SmlCpGrth K6 20.29 0.47 41.0 83.2SmlCpVal nr 16.90 0.15 10.9 13.5Srs1000ValIndRet 13.04 -0.01 1.5 17.8SrsBlChGroRetail n 16.87 0.12 64.2 127.4SrsCommStrt 4.53 -0.01 -4.4 -6.3SrsEmrgMkt 24.17 -0.32 20.8 32.3SrsGlobal 14.09 -0.12 8.8 14.7SrsGroCoRetail 22.93 0.05 70.9 128.6SrsIntlGrw 17.43 -0.15 16.3 41.5SrsIntlSmCp 20.13 0.12 17.3 32.4SrsIntlVal 9.98 -0.06 3.7 4.4SrsSmCapDiscRet 12.44 0.03 9.8 24.5STBF n 8.78 -0.04 3.7 9.4StkSelSmCp n 30.91 0.34 23.0 46.8StkSlcACap n 59.35 0.32 23.9 49.5StratDivInc n 16.74 -0.02 10.3 29.0StrDivIncI 16.69 -0.02 10.3 29.0TaxFrB nr 12.15 0.00 4.9 15.7TotalBond n 11.29 0.00 9.0 19.5TotalBond K6 10.51 -0.01 9.2 19.7Trend n 150.13 -0.22 45.5 91.2Utility n 27.05 -0.08 0.5 27.0Value n 11.90 0.07 8.6 18.4ValueDisc n 31.71 0.10 6.2 19.3ValueK 11.91 0.07 8.7 18.7Wrldw n 33.93 0.03 29.6 60.2Fidelity SAI:FidSAIEmgMktIndx 16.11 -0.22 13.8 16.9FidSAIIntlIndxFd 12.89 -0.09 6.7 13.2IntlValIdx 8.81 -0.09 -4.5 -5.5LowDurationInc 10.01 0.00 NS NSMuni Inc 10.84 0.00 4.1 NSSAIEmgMktLoVolIx 10.40 0.00 3.4 NSShortTermBd 10.02 0.00 NS NSTotalBd 10.73 0.00 8.7 NSTxFreeBd 10.89 0.00 3.9 NSU.S.TreBdIdx 10.39 0.00 7.9 16.6
Net YTD 3-Yr.NAVChg. %Ret. %Ret.
USMomentumIdx 16.60 -0.11 29.4 57.7USValueIndex 9.94 -0.03 -5.7 7.9Fidelity Selects:Biotech nr 26.24 0.35 44.2 74.9Chem nr 14.35 -0.06 17.2 -1.1Comp nr 106.80 1.18 42.0 85.5ConDis nr 65.46 -0.24 34.2 68.6ConStap nr 94.07 -0.48 10.3 22.5DfAero nr 16.27 -0.02 -8.9 14.0Energy nr 23.29 -0.37 -32.5 -43.7Gold nr 29.40 -0.15 26.3 51.3Health nr 31.82 0.03 24.7 76.1HlthCareSrvPt r nr 121.22 0.50 16.7 54.3Ind n 37.45 -0.01 10.8 20.3ITSvs n 92.49 -0.52 29.7 92.3Leisr nr 17.63 -0.11 16.8 39.9MdTchDevis n 72.59 0.13 29.6 94.2Multimedia nr 81.77 -0.51 33.5 69.5Pharm n 23.31 -0.47 9.3 53.2Retail nr 22.60 -0.03 43.4 89.5Semiconductors r nr 16.03 -0.07 42.3 103.6Softwr nr 27.06 0.22 45.0 109.0Tech nr 26.73 0.39 62.9 122.1UtilGr nr 89.87 -0.21 -1.5 32.0Fidelity Series:Canada 11.56 0.02 4.6 15.5FASeriesEqGroFd 16.07 0.05 44.4 94.9HthCarZ 70.02 0.07 21.8 NSIntMuni Z 10.88 0.00 4.4 NSSTCrFd 10.23 0.00 4.0 11.2Fiera Capital:EmgMkt Inst 58.72 0.06 20.1 14.6First Eagle Funds:GlbA 60.65 -0.18 7.2 18.3Gold p 25.24 -0.14 29.7 54.0OverseasA 25.31 -0.05 5.9 12.6US Val A t 18.65 -0.06 5.5 18.8US Val I r 19.00 -0.06 5.7 19.8FMI Funds:IntlInvst n 32.15 0.05 -0.6 5.8LgCapInvst n 19.21 -0.04 8.6 29.0FPA Funds:FPACres n 35.43 -0.01 10.4 22.6NwInc n 10.01 0.00 2.5 9.0Franklin A1:AZ TF A1 p 11.09 0.00 4.3 13.0CA TF A1 p 7.82 0.00 5.2 16.0CAHY A1 p 11.34 NA NA NACAInt A1 p 12.20 -0.01 3.4 10.4Fed TF A1 p 12.30 0.00 NA NAFedInt A1 p 12.38 0.00 4.3 10.6HiInc A1 1.88 NA NA NAHY TF A1 p 10.34 0.00 5.7 16.5IncomeA1 p 2.28 0.00 2.7 12.5MIInsTF A1 p 12.00 0.00 5.1 14.5MNInsTF A1 p 12.84 0.00 5.0 13.2MO TF A1 p 12.01 0.00 4.6 13.7NC TF A1 p 11.81 0.00 4.4 12.5NJ TF A1 p 11.58 0.01 3.9 12.9NY TF A1 p 11.38 NA NA NAOHInsTF A1 p 13.18 -0.01 4.9 13.5OR TF A1 p 11.95 -0.01 4.9 12.9PA TF A1 p 10.05 0.00 4.3 11.9US Gov A1 p 6.09 -0.01 3.5 9.5Utils A1 p 19.24 -0.21 -4.1 25.3Franklin Templeton:TgtGro A p 19.75 NA NA NATgtModA p 16.24 NA NA NAFrankTemp/Frank Adv:CA HY Adv t 11.37 NA NA NACA IntAdv 12.24 0.00 3.5 10.8CA TF Adv t 7.80 0.00 5.2 16.3CvtScAdv 28.46 NA NA NADynat Adv 145.73 NA NA NAFed TF Adv 12.32 NA NA NAFedIntAdv 12.41 0.00 4.4 10.9GrOpAdv p 58.78 0.26 NA NAGrowth Adv t 134.55 -0.05 29.7 66.2HY TF Adv 10.39 0.00 5.8 16.9IncomeAdv 2.26 0.00 2.8 13.1RisDv Adv r 79.01 -0.25 15.0 42.1SmCpGrAdv p 30.64 NA NA NASmCpValAdv t 53.21 0.24 NA NAStrInc Adv p 9.54 NA NA NAUSGovAdv p 6.11 -0.01 3.6 9.9Utils Adv 19.41 -0.22 -4.0 25.8FrankTemp/Franklin A:BAL A t 12.55 -0.02 4.5 19.6BalInv p 31.50 0.07 -4.0 4.5BioDis A p 175.19 NA NA NACoreAll A p 22.33 NA NA NACvtSc A p 28.46 NA NA NADynaTech A p 140.60 NA NA NAEqIn A p 26.99 0.03 4.4 24.8FlRtDA A p 7.52 NA NA NAFoundFAlA p 13.57 NA NA NAFrkIntlGrthA 21.37 0.23 31.7 55.8FSmCoSer r 22.64 -0.17 NA NAGoldPrM A p 24.65 -0.22 41.0 79.5GrOp A p 53.37 NA NA NAGrowth A p 134.15 -0.06 29.4 64.9LwDuToRt A 9.66 NA NA NARisDv A p 79.11 -0.25 14.7 41.1SmCpGr A p 27.60 NA NA NASmCpVal A p 50.13 NA NA NASmMCpGrA p 47.51 0.30 NA NAStrInc A p 9.52 NA NA NATgtCon A p 14.92 NA NA NA
Net YTD 3-Yr.NAVChg. %Ret. %Ret.
TtlRtn A p 10.25 NA NA NAFrankTemp/Franklin C:CA TF C t 7.80 0.00 4.7 14.1DynaTech C p 115.17 NA NA NAFed TF C t 12.30 NA NA NAGrowth C t 119.98 -0.07 28.4 61.2Income C t 2.31 -0.01 2.1 10.6RisDv C t 77.64 -0.26 13.9 37.9Utils C t 19.12 -0.21 -4.6 23.5FrankTemp/Franklin R:FrkDynTchR6 147.41 NA NA NAFrkGrthOppR6 59.76 NA NA NAFrkGrthR6 134.41 -0.05 29.8 66.7FrkIncR6 2.26 0.00 2.9 13.2FrkRisDivR6 79.00 -0.24 15.1 42.5FrkSmCpGrR6 31.28 NA NA NAFrkTotRtnR6 10.32 NA NA NAMutShrR6 25.02 NA NA NATempGlbBndR6 9.70 -0.02 -4.5 -2.6TmpGrthR6 23.26 -0.17 4.5 3.3TmpFrgnR6 6.90 -0.06 -1.5 -4.1FrankTemp/Mutual A&B:Beacn A 16.03 NA NA NAShares A 24.75 NA NA NAFrankTemp/Temp A:DvMk A p 24.62 NA NA NAFrgn A p 7.04 -0.06 -1.9 -5.3GlBond A p 9.74 -0.03 -5.0 -3.7GlSmCo A p 10.55 -0.04 12.2 15.3Growth A p 23.28 -0.17 4.2 2.3World A p 13.96 -0.08 2.3 4.5FrankTemp/Temp Adv:Frng Adv 6.91 -0.06 -1.8 -4.6GlBondAdv p 9.70 -0.03 -4.7 -2.9TGlTotRAdv 9.92 NA NA NAFrankTemp/Temp B&C:GlBond C p 9.77 -0.03 -5.4 -4.9Frost Family of Fund:FrTRInst 10.32 0.02 3.3 10.8
GGabelli Funds:ABC pn 10.50 0.00 2.8 8.1Asset pn 60.48 0.24 9.9 24.0SmCapG n 43.08 0.54 13.8 17.0SmCpGrwI 44.74 0.56 14.1 17.9Util A p 7.73 -0.06 -4.8 11.0GAMCO Funds:GwthAAA pn 90.78 0.25 37.9 88.0Gartmore Funds:NationwideInstSv 27.00 NA NA NAGateway:GatewayA 36.68 0.14 6.7 13.0GE Elfun/S&S:RSPIncm n 12.43 0.02 7.9 17.7RSPUSEq n 69.84 -0.02 21.9 55.7Tax Ex n 11.67 0.00 4.7 13.8Trusts n 76.45 -0.04 23.0 60.6GMO Trust Class III:EmgCntryDt r 26.32 -0.02 6.7 15.1Quality 25.22 -0.04 16.7 53.9GMO Trust Class IV:EmgCntrDt 26.27 -0.02 6.8 15.3IntlEq 22.42 0.04 6.5 5.6Quality 25.27 -0.04 16.7 54.2GMO Trust Class VI:EmgMkts r 33.75 -1.65 NA NAQuality 25.21 -0.05 16.8 54.4Goldman Sachs A:CapGr 28.23 0.02 21.4 55.5Muni 16.63 0.01 3.5 14.7Goldman Sachs Inst:EmgMEq 29.28 -0.20 27.0 29.1Gr 40.10 0.06 31.5 62.1HYMuni 10.42 0.01 4.9 22.9Int 13.60 -0.08 6.7 6.8Muni 16.62 0.01 3.9 15.8ShDuTF 10.84 0.00 2.4 8.9SmCapVa 55.48 0.48 1.9 7.6Guggenheim Funds Tru:MacOppFdClInstl 27.37 0.04 10.8 14.1TotRtnBdFdClInst 29.57 0.04 14.6 21.7TotRtnBondFdClA 29.55 0.04 14.3 20.7GuideMark Funds:LgCpCorServ pn 24.88 0.07 21.3 46.4GuideStone Funds:AggrAllGS4 n 12.90 NA NA NABalAllGS4 n 12.97 NA NA NAEqindxGS2 40.09 NA NA NAEqIndxGS4 n 40.11 NA NA NAGrAllGS4 n 13.24 NA NA NAGrEqGS2 30.33 NA NA NAGrEqGS4 n 30.00 NA NA NAIntEqGS2 14.46 NA NA NALowDurGS2 13.61 NA NA NAMedDurGS2 15.59 NA NA NAValEqGS2 19.07 NA NA NA
IICM Small Company:ICMSmCo 29.35 -0.11 1.8 9.7IFP US Equity Fund:IFP US EquityFd 19.31 -0.17 17.5 47.5INVESCO A Shares:AmValA 34.64 0.21 0.6 8.5Invesco Fds Investor:DivrsDiv n 19.75 -0.06 -0.9 14.6GlHltCr pn 44.95 0.23 14.2 51.7Tech n 66.95 -0.32 44.7 93.2Invesco Funds A:500InxA p 39.40 -0.06 16.1 43.9ActiveAllA 14.60 -1.84 12.3 25.3AMTFrNY p 12.02 0.00 3.6 22.6BalancedRiskAllA 11.09 -0.02 8.1 16.5CapApprA p 72.85 -0.17 35.3 72.4Chart 17.44 -0.06 12.1 30.6CmstA 23.95 0.02 -2.0 7.5CoreBdA p 7.00 0.00 8.9 18.5CpBdA 7.93 0.01 10.9 23.7DevMkt 41.85 -0.53 14.1 22.3DevMktA 52.83 -0.82 14.0 26.2DiscFdA p 111.82 1.76 53.0 101.3DisMdCpGrA 30.89 0.19 42.2 84.6DivIncm p 22.81 -0.11 -0.2 9.4DivrsDiv p 19.75 -0.07 -0.9 14.3EqIncA 10.84 0.02 8.8 17.7EqInvA 14.91 -2.94 12.8 24.5EqWtdA p 66.37 -0.22 11.0 31.1GblAllocA 21.46 -0.03 13.4 19.4GblStrIncmA p 3.78 -0.01 2.9 8.4GlbOppA p 78.60 0.99 40.3 48.0Glcoreeq p 14.35 -0.17 10.6 17.3GlGr 33.61 0.04 18.5 34.1GlHltCr 44.94 0.23 14.2 51.7GrIncA 22.74 0.02 0.9 8.9GrowAlloc p 15.71 -1.83 11.2 23.4Hyld 3.97 0.00 3.0 12.9HYMuA 10.16 0.00 3.0 15.3IntlBdA p 5.82 -0.03 7.6 11.5IntlDivA 21.96 -0.15 18.1 26.7IntlGrow 31.69 -0.30 11.0 21.4
Net YTD 3-Yr.NAVChg. %Ret. %Ret.
Data provided byMutual Funds
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M30 BARRON’S December 28, 2020
IntlGrowA p 46.58 -0.19 20.3 24.8IntlSmCoA 54.39 0.14 22.4 40.0IntTMIA p 11.48 0.01 3.5 12.1InvescoFd p 27.76 -0.25 34.9 75.6InvGloblFdA 113.80 -0.35 25.6 42.5LmtdTrmMunInc p 11.56 0.00 3.3 8.8MnStFndA 52.69 -0.16 13.0 37.0MnStOpA p 22.95 -0.06 18.6 41.1MnStSmCpA p 27.43 -0.08 8.8 26.3ModInvA 11.89 -0.97 11.1 24.3MunInA 13.76 0.01 4.6 14.2QualityIncomeA 11.91 -0.02 5.3 11.7RchHiYldMuniA 7.98 0.01 5.8 32.2RealEst p 17.82 0.07 -12.2 7.4RisingDivA 22.50 -0.03 11.5 35.1RochAMTFrMuni 7.86 0.00 7.3 29.7RochCAMuni 9.19 0.00 6.0 25.2RochLmtTrNYMuni p 3.07 0.00 3.2 22.2RochPAMuni 11.47 0.00 5.0 31.1RoMu A p 17.14 -0.02 5.6 30.8SenFltRtA 6.79 -0.01 -4.9 -3.3ShortTerm p 8.68 0.00 3.2 9.3SmCpEq p 15.09 0.23 28.3 36.9SmCpGr 48.65 1.31 59.9 80.5SP IncomeA 3.12 -0.09 -21.0 -20.6Tech p 67.23 -0.33 44.6 92.6Invesco Funds C:EqWtdC 63.27 -0.21 10.2 28.2RchHiYldMunC 7.94 0.00 5.0 29.6SenFltRtC 6.80 0.00 -5.6 -5.4TEHYC 10.13 0.01 2.3 12.8Invesco Funds Instl:IntlGrow 32.35 -0.31 11.3 22.6SmCpGr 57.92 1.56 60.4 82.5Invesco Funds P:Summit P pn 29.24 -0.05 41.1 89.2Invesco Funds Y:BalancedRiskAllY n 11.30 -0.01 8.4 17.4DevMktY n 52.00 -0.81 14.3 27.1DiscovY n 132.64 2.09 53.3 102.7EqWtdY n 67.08 -0.21 11.3 32.1GlblOppY n 80.43 1.02 40.6 49.1GloblY n 114.37 -0.35 25.9 43.5IntGrowY n 46.27 -0.18 20.6 25.8IntlBdY n 5.82 -0.03 7.9 12.3IntlSmCoY n 53.95 0.14 22.7 41.0RocMuniY n 17.15 -0.01 5.9 31.8Sel40Y n 4.61 -0.13 -24.9 -26.5CoreBdY n 6.96 0.00 9.2 19.6IVA Funds:Intl I r 15.13 -0.10 -4.5 -4.0WorldwideA t 16.43 -0.07 -1.1 3.2WorldwideI r 16.51 -0.07 -0.9 3.9Ivy Funds:AssetStrA p 23.67 0.00 12.1 29.4AssetStr I r 24.05 0.00 12.3 30.4BalancedA p 25.85 0.06 13.2 33.5CoreEqA t 16.70 0.09 20.2 49.6EmgMktEqFdI 27.56 -0.24 31.5 32.7HiIncA p 7.01 -0.01 4.9 14.1HiIncI r 7.01 -0.01 5.1 14.9IntlCorEqI r 18.58 -0.12 6.4 7.3LgCpGwthA p 28.63 0.05 29.4 79.8LgCpGwthl r 30.68 0.05 29.7 81.4LtdTrmI r 11.11 0.00 4.0 9.8MidCapI 40.86 0.08 49.6 107.7MdCpGwthA p 36.89 0.07 49.0 105.3MuniHighIncA t 5.07 -0.01 4.0 12.1ScTechA p 89.00 -0.10 35.6 90.8ScTechI r 101.79 -0.12 35.8 92.0SmCapGrA t 21.63 0.57 40.4 66.4SmCapGrI r 31.10 0.82 41.0 68.4
JJanus Henderson:Balanced C 40.07 0.02 12.2 35.7Balanced S 40.50 0.02 12.8 37.9Balanced T n 40.58 0.03 13.1 38.9Contrarian T n 26.54 0.00 26.5 72.8Enterprise Inst 93.65 0.20 18.8 60.1Enterprise T n 154.99 0.29 19.4 59.4FlxBnd T n 11.37 0.01 10.2 19.7Forty S 45.25 -0.19 36.7 87.4GlbEqIncA 6.55 -0.03 0.6 3.0GlbResch T nr 96.11 0.16 18.4 42.2GblResh Inst 62.72 0.10 18.4 42.6GlbSel T n 17.27 0.06 14.3 31.4GlLifeSci T nr 70.83 -0.01 25.1 68.6GlTech T nr 53.31 0.04 50.2 118.6Grw&Inc T n 63.72 0.01 8.8 34.7MdCpVal T n 15.59 -0.10 -2.4 10.4Resh T n 63.64 0.04 31.5 72.1SCVal T n 21.09 -0.08 -7.4 1.1Venture T n 103.94 3.10 35.1 64.3Jensen I :Jensen I 54.81 -0.20 17.3 55.1JensenQualGrJ n:JensenQualGrJ n 54.83 -0.21 17.0 53.9John Hancock:500Index1 42.46 -0.07 16.4 45.0BondI 16.74 0.00 9.0 19.7BondR6 16.77 0.00 9.1 20.1CapApprNAV 20.73 -0.06 57.0 105.7ClassicVal I 31.12 0.16 -3.5 0.2DispVal I 20.45 0.04 0.2 10.7DispValMdCpR6 23.02 0.05 4.7 16.3
LLaudus Funds:USLgCpGr nr 28.84 -0.18 36.6 84.3Lazard Instl:EmgMktEq 17.67 -0.30 -2.1 -3.7GlbLstInfr 14.56 -0.03 -5.1 11.3IntlEq 19.77 -0.20 7.4 13.1IntStrtEq r 16.60 -0.20 9.1 19.2USEQ Concen Inst 17.80 -0.43 7.5 32.8Lazard Open:IntlStrEq n 16.76 -0.16 8.8 18.4LeggMason A:GrowFdClA 16.89 NA NA NALeggMason I:IntlGrTrI 67.30 -0.34 23.7 47.8OpporTrI 44.53 0.57 41.5 69.5Longleaf Partners:Intl n 17.25 -0.06 -2.4 9.3Partners n 21.94 -0.14 10.4 4.0Sm-Cap n 24.61 -0.09 4.9 17.6Loomis Sayles Fds:HiInc 6.11 -0.01 3.0 10.1LSBondI 13.52 -0.01 1.7 10.6LSBondR pn 13.45 0.00 1.4 9.8LSCorBndA p 13.95 0.01 10.0 19.1LSFixIncl 13.14 0.00 4.8 15.8LSStrIncA p 13.96 -0.03 0.6 8.7SmCpGI 35.49 0.01 36.0 72.8Lord Abbett A:Affiltd p 15.10 0.00 -2.6 12.9BdDeb p 8.40 0.01 7.4 17.4CalibrDivGr 17.62 -0.04 13.7 37.2CoreFxdInc p 11.32 0.01 7.7 16.1DevGt p 31.52 0.87 78.0 146.5FloatRt p 8.29 0.00 -1.9 5.2FundlEq p 11.94 0.01 1.5 13.8HiYldA t 7.40 0.00 4.1 13.9HYMuniBd p 12.58 0.00 3.3 20.2IncomeA p 3.02 0.00 7.5 18.7IntrTxFr 11.34 0.00 4.0 13.7MidCapStk 28.80 0.14 2.0 7.1MultiAstBalOppty 13.09 -0.54 18.9 30.4MultiAstInc 16.68 -0.27 13.4 23.1ShDurTxFr 15.89 0.00 1.9 7.4ShtDurIncmA p 4.21 0.00 2.9 9.9TaxFr p 12.01 0.01 4.7 16.2TotRet p 10.71 0.01 7.0 15.4ValOpps p 19.12 0.18 14.9 24.3Lord Abbett C:BdDeb 8.42 0.01 6.6 15.2FloatRt p 8.29 -0.01 -2.5 3.2ShtDurIncmC t 4.23 0.00 2.0 7.8Lord Abbett F:BdDeb 8.38 0.00 7.4 17.6DevGt p 33.76 0.94 78.2 147.6FloatRt p 8.28 0.00 -1.8 5.4HiYld p 7.39 0.00 4.2 14.2HYMuniBd 12.59 0.00 3.4 20.5Income 3.02 0.00 7.6 19.0IntrTxFr 11.34 0.01 4.1 14.1NatlTxF p 12.00 0.01 4.8 16.5ShtDurIncm 4.21 0.00 3.0 10.2ShtDurTxF p 15.90 0.00 2.1 7.7TotRet 10.71 0.01 7.1 15.7Lord Abbett I:BdDebentr 8.35 0.01 7.5 18.1DevlpGro 40.20 1.12 78.4 148.4FloatRt 8.29 0.00 -1.7 5.8HiYld 7.43 0.00 4.3 14.4ShtDurInc p 4.20 -0.01 2.8 10.6LSVValEq :LSVValEq 25.92 -0.69 -2.7 3.6
MMainStay Fds A:ConvtA 23.06 NA NA NAHiYldBdA 5.59 NA NA NAIncBldr 20.23 NA NA NALgCpGrA p 11.81 NA NA NATxFrBdA 10.70 NA NA NAMainStay Fds I:EpochGlb r 17.92 NA NA NAMacKaySTMuni 9.73 0.00 2.5 7.0S&P500IdxA 47.53 NA NA NATRBd 11.42 NA NA NAMairs&Power:MairsPwrBal n 104.39 0.15 9.6 28.2
Net YTD 3-Yr.NAVChg. %Ret. %Ret.
MairsPwrGr n 134.89 0.11 15.6 42.0Marsico Funds:Focus pn 25.51 -0.15 48.9 97.0MassMutual:SelBluChipGroClI 29.72 NA NA NAMassMutual Premier:CoreBdI 11.22 0.02 8.4 18.9MassMutual Select:BlackRockGlAllCi 12.50 0.01 18.4 29.5BlChpGrR5 29.65 NA NA NAIdxEqI 18.26 -0.03 16.7 45.8IndxEqR4 n 17.67 -0.03 16.1 43.6MCGrEqIII 28.36 0.03 26.7 61.9MCpGrEqIIS 28.00 0.04 26.6 61.4PIMCITRetI 10.29 0.01 8.9 19.6Matthews Asian Funds:AsiaDivInv nr 21.98 -0.06 27.5 24.5AsiaGroInv nr 38.31 -0.11 42.6 51.1Asian G&I Inv nr 17.65 -0.05 13.4 19.6AsiaInnovInv n 25.66 -0.11 79.4 89.4ChinaInv n 25.72 -0.49 36.3 44.3DLStrIncmR 25.67 -0.49 36.5 45.1IndiaInv nr 25.75 0.09 14.1 2.4JapanInv nr 24.53 -0.24 26.0 26.5PacTigerInv nr 33.66 -0.06 24.1 23.3Merger Fd pn:Merger Fd pn 18.03 NA NA NAMeridian Funds:Growth n 48.32 0.82 25.7 49.7Value n 41.58 0.93 23.5 42.3MetropolitanWest:HiYldBdI 10.62 -0.01 11.2 24.2IntmBdI 10.90 0.00 7.5 16.0LowDurBdI 8.92 0.01 3.4 9.6TotRetBd n 11.16 0.01 8.6 18.7TotRetBdI 11.15 0.00 8.8 19.4TRBdPlan 10.46 0.01 8.8 19.8UnconstrBdI 12.00 0.00 4.6 12.6MFS Funds Class A:AgGrAlA p 28.71 -0.03 14.2 38.3BondA p 15.70 0.02 10.4 23.0CoEqyA 40.35 0.08 17.2 48.9ConAllA p 17.79 0.00 10.9 26.3Growth A p 149.12 -0.80 30.0 82.4GlEqA 51.95 -0.21 12.1 32.0GlTotA p 18.63 -0.04 8.2 19.3GrAllA p 24.75 -0.01 13.4 35.3GvScA p 10.37 0.00 6.1 13.4HiInA p 3.44 0.00 4.0 15.2IntGrA t 41.62 -0.44 13.2 31.6IntlDvFdA t 23.60 -0.11 13.1 27.3IntlIntVA t 51.04 0.00 18.6 36.1IntNwDA p 36.25 -0.20 8.3 19.9LtdMA p 6.12 0.00 4.1 10.4MCapA 28.21 0.03 35.4 87.7MCpValA p 25.35 0.11 3.2 19.2MIGA p 36.92 -0.20 20.5 69.6MITA p 35.30 -0.03 12.5 40.2ModAllA p 20.83 0.00 12.7 31.6MuHiA 8.49 0.00 3.3 16.1MuInA p 9.11 0.00 3.9 14.2MuLtA 8.41 0.00 3.2 10.4NewDA t 36.67 0.80 46.7 103.4ReInA p 21.81 -0.04 11.3 23.0RetBdA t 11.58 0.01 8.3 18.0RschA p 50.47 0.04 15.1 46.1TechA p 65.09 -0.28 45.6 99.9TotRA p 20.29 0.02 8.6 23.2UtilA p 22.43 0.06 4.4 32.4ValueA p 44.11 -0.13 2.0 18.8MFS Funds Class C:ConAllC p 17.48 -0.01 10.1 23.4GrAllC p 24.11 -0.02 12.6 32.3Growth C t 114.61 -0.64 29.1 78.3ModAllC p 20.39 0.00 11.9 28.7ValueC t 43.62 -0.14 1.2 16.1MFS Funds Class I:BondI 15.69 0.03 10.7 23.9ConAllI 17.98 0.00 11.2 27.2Growth I 160.22 -0.86 30.4 83.7IntNwDI 37.42 -0.20 8.5 20.7MCapI 30.14 0.04 35.7 89.2MCpValI 26.02 0.11 3.5 20.1MIGI p 38.20 -0.21 20.8 70.8MITI 34.07 -0.04 12.8 41.2ReInT t 22.61 -0.04 11.5 23.9RetBdI 11.58 0.01 8.5 18.6RschI 51.92 0.04 15.4 47.1TotRI 20.29 0.02 8.9 24.1UStdI p 29.81 0.05 13.9 34.9ValueI 44.37 -0.12 2.2 19.7MFS Funds Instl:IntlEq 30.23 -0.13 9.6 26.6Mondrian:IntlValEq n 13.79 NA NA NAMorgan Stanley Fds A:InsightA p 84.91 -0.73 127.0 236.6Morgan Stanley Fds I:FxInOpp I 5.87 -0.02 4.7 15.7Insight I 96.57 -0.83 127.6 239.6Morgan Stanley Inst:CapGrI 96.11 -0.63 126.5 199.7CapGrP p 89.64 -0.59 126.0 197.4CorPlusFxdIncI 11.71 0.01 7.4 19.0Discovery I 45.63 0.19 156.0 299.7DiscoveryA p p 34.97 0.15 155.3 296.5GloFranI t 30.79 -0.30 11.7 43.3IntlEqI 15.97 -0.04 9.8 14.7
Net YTD 3-Yr.NAVChg. %Ret. %Ret.
MorganStanleyPathway:CoreFxIcm n 8.55 0.01 8.4 18.9EmgMkt n 16.54 -0.19 8.3 9.6LgCapEq n 22.82 -0.04 17.3 43.7Sm-MdCapEq nr 21.09 0.24 20.9 38.2Munder Funds:MndrIntlSmCpInv r 16.10 -0.05 13.9 17.7Munder Funds Cl Y:MndrSCVClY p 35.67 0.27 1.0 0.9Mutual Series:BeacnZ n 16.20 NA NA NAGlbDiscA 27.81 NA NA NAGlbDiscz n 28.45 -0.01 NA NAQuestA t 13.00 0.00 NA NAQuestZ n 13.22 NA NA NASharesZ n 25.04 NA NA NA
NNationwide Fds R6:BdIdxR6 11.78 NA NA NAIntIdxR6 8.38 NA NA NAMidCapIdxR6 17.16 NA NA NANationwide Fds Serv:IDAggr p 9.48 NA NA NAIDMod p 9.74 NA NA NAIDModAggr p 9.73 NA NA NANatixis Funds:InvGradeBdA p 11.61 -0.56 11.0 20.5InvGradeBdY 11.62 -0.56 11.3 21.4LSGrowthY 22.79 -1.41 29.8 66.3USEqOppsA 38.38 -4.62 20.0 46.3Neuberger Berman Fds:EmgMktInst 22.70 -0.26 10.8 10.6EqIncInst 13.15 -0.01 1.7 17.3GenesInst 70.16 0.14 24.8 51.0HiIncBdInst 8.70 NA NA NAIntrinsicValInst 19.52 0.51 27.2 41.9LgShInst 16.56 -0.02 14.9 25.7MidCapGroR6 20.47 0.17 42.1 79.4MultCpOptyInst 15.13 0.07 11.8 36.7StrIncInst 11.43 NA NA NASustainableEqIns 41.55 0.11 17.8 40.0Neuberger Berman Inv:Focus n 29.31 -0.12 22.6 43.0Genes n 70.23 0.13 24.6 50.2Guard n 23.45 -0.06 34.1 70.6IntlEqInst r 14.72 0.02 12.5 21.4LCVal n 35.98 0.10 13.2 39.1MdCpGrInv n 20.26 0.17 41.8 77.9Neuberger Berman Tr:Genes n 70.18 0.13 24.5 49.8GenesisFdR6 70.08 0.14 24.9 51.4New Covenant Funds:Growth n 51.49 0.03 19.1 45.2Nicholas Group:Nch II I 32.60 0.04 15.1 48.1Nich n 79.51 -0.23 17.0 53.2Northern Funds:ActMIntlEq nr 12.09 -0.07 10.6 18.3BdIdx n 11.17 0.01 7.1 16.8CAIntTxEx n 11.09 0.00 4.5 13.2EmMktsEqIdx nr 13.57 -0.15 14.1 16.4FixIn n 10.81 0.01 7.6 17.2GlbREIdx nr 10.03 NA NA NAHiYFxInc n 6.73 -0.01 5.3 17.6HiYMuni n 8.94 0.00 4.1 14.3IntlEqIdx nr 13.27 -0.10 6.4 12.4IntTxExpt n 10.96 0.00 4.5 12.9MidCpIdx n 21.02 0.26 14.0 27.3ShIntTaxFr n 10.49 0.00 3.5 9.4SmCapIdx n 15.52 0.26 21.3 34.4SmCpVal n 19.67 0.13 -2.6 2.1StkIdx n 41.39 -0.07 16.6 45.8TxExpt n 11.10 0.00 5.0 14.4Nuveen Cl A:AAMunBd p 12.16 0.00 5.6 16.0CAMunBd p 11.72 0.00 5.2 14.2HiYldMuBd p 17.63 0.02 2.9 17.9IntDMunBd p 9.63 0.00 4.2 13.4LtdMnBd p 11.38 0.00 3.3 10.5NYMunBd p 11.29 0.01 3.8 12.5Nuveen Cl I:HYMunBd 17.63 0.01 3.1 18.7Nuveen Cl R:CAMunBd 11.73 -0.01 5.4 15.0IntDMunBd 9.66 0.01 4.4 14.1LmtTrmR 11.34 0.00 3.5 11.1NYMunBd 11.30 0.01 4.0 13.2Nuveen Fds:RealEst 18.55 0.08 -7.5 11.3SmCpVal 22.40 NA NA NA
OOak Associates Funds:RedOakTec n 38.86 0.09 25.0 68.7Oakmark Funds Invest:EqtyInc nr 30.38 0.13 7.8 17.8GlbSel nr 20.83 0.17 12.2 15.0Global n 31.76 0.26 8.3 13.8Oakmark n 88.46 0.24 10.8 22.2OakmrkInt n 26.05 0.03 4.8 0.4Select n 47.35 0.04 9.1 4.0Oberweis Funds:IntlOppInst 16.58 0.17 59.3 51.4OldWestbury Fds:
PQPACE Funds Cl P:IntlEqty P 16.91 -0.09 9.8 13.6LgGrEqty P 26.89 -0.04 38.8 76.9LgVEqty P 20.72 -0.02 -3.7 5.7StraFxd P 14.45 NA NA NAPacific Life Funds:PortOptModAggClA p 14.92 NA NA NAPortOptModClA r 14.13 NA NA NAPalmer Square:Income Plus 10.03 0.00 3.5 10.3Parnassus Fds:ParnEqFd n 52.82 -0.31 19.3 55.1Parnsus n 61.65 -0.12 29.0 50.8PaxWorld Fds:SustAll Inv n 26.65 0.07 15.4 33.9Paydenfunds:CoreBd n 11.13 -0.16 6.6 15.5EqIncInv n 17.88 0.03 -0.5 18.4HiInc n 6.76 0.01 6.9 21.6LowDur n 10.18 -0.09 3.4 8.8LtdMat n 9.53 0.00 1.8 7.1Pear Tree:ForeignVal I r 22.04 0.06 1.8 6.0PearValR6 11.29 0.03 1.8 6.1Perm Port Funds:Permanent n 45.65 -0.24 18.1 31.1PGIM Funds Cl A:2020FcA 17.46 -0.01 30.0 58.0Balanced 17.17 NA NA NAHighYield 5.51 -0.01 4.7 19.8JennBlend 24.19 0.11 27.6 50.2JennGrowth 59.14 -0.18 56.3 103.7JennHealthSci 50.40 0.78 42.5 62.5JennMidCapGrowth 21.47 0.20 44.4 81.1JennSmallCompany p 23.32 0.31 27.5 42.0JennUtility 15.65 -0.09 2.1 32.4NationalMuni 15.28 0.00 4.0 13.0ShrtTermCorpBond 11.41 0.01 5.0 12.3TotalReturnBond p 15.11 0.02 NA NAPGIM Funds Cl C:TotalReturnBond 15.09 NA NA NAPGIM Funds Cl Z:GlobalRealEstate 22.33 0.09 -5.8 13.7HighYield 5.52 -0.01 5.0 20.7JennGrowth 65.39 -0.19 56.7 105.6JennHealthSci 58.27 0.91 42.9 64.0JennMidCapGrowth 26.96 0.25 45.0 82.7JennSmallCompany 26.22 0.36 27.9 43.5TotalReturnBond 15.06 0.03 NA NAPIMCO Fds Admin:RealRetAd p 12.40 0.03 11.5 19.0TotRtAd p 10.59 0.01 8.5 17.1PIMCO Fds Instl:AllAsset 12.47 NA NA NAAllAssetAuth r 8.43 NA NA NACommodtyRR 5.85 -0.01 -0.6 -0.9DivInc 11.38 0.00 5.9 18.7EmMktsBd 10.88 0.00 6.1 17.2EmrgMktCur&STInv 8.14 -0.03 1.8 4.1ExtdDur 8.71 NA NA NAGlblBdOppUSH 10.74 0.00 7.1 14.1HiYld 9.04 0.00 4.8 17.5HiYldMuniBd 9.64 0.00 6.0 20.3IntlBdUnhedged r 10.64 -0.04 11.3 15.9IntlBdUSH 11.14 -0.01 5.9 16.8InvGrdCrBd 11.25 0.01 7.0 21.1LgTmRlRt 8.11 0.05 NA NALgTrmCrdtBd 13.47 0.04 12.6 33.6LngDurTotRtrn 11.06 0.05 17.3 35.6LowDur 9.95 0.00 3.4 8.7LowDurInc r 8.66 0.00 4.4 13.4LTUSG 6.09 0.03 17.7 32.9ModDur 10.68 0.00 7.9 15.8MortgOppBd 11.04 -0.01 5.2 12.4RAEFndmtlAdvPLUS 8.85 NA NA NARAEPLUS r 6.64 NA NA NARAEPlusEMG 10.24 NA NA NARealRtnI 12.40 0.03 11.8 19.9RERRStg 8.17 0.04 NA NAShortT 9.87 0.00 2.7 7.0ShtAssetInv 10.01 0.00 1.2 6.0StcksPLUSIntlHdg r 8.07 -0.03 NA NAStcksPLUSSmall 11.47 0.21 NA NAStkPlsLgDur 9.03 NA NA NAStksPLS 11.57 NA NA NAStPlTRInst r 12.38 NA NA NATotRetESG 9.66 0.01 8.8 18.0TotRt 10.59 0.01 8.7 18.0TRII 9.89 0.01 8.2 18.3TrndsMgdFutStrgy 10.25 NA NA NA
Net YTD 3-Yr.NAVChg. %Ret. %Ret.
PIMCO Funds:IncomeFd 12.08 -0.01 4.8 12.8StcksPLUSIntlHdg 7.98 NA NA NATotRet 10.59 0.01 8.1 15.9PIMCO Funds A:AllAsset 12.47 NA NA NAHiYld 9.04 0.00 4.4 16.3HiYldMuniBd 9.64 0.00 5.7 19.3IncomeFd 12.08 -0.01 5.1 13.7IntlBdUSH 11.14 -0.01 5.5 15.5InvstGrCrBd 11.25 0.01 6.6 19.7LowDurA 9.95 0.00 3.1 7.8LowDurInc 8.66 0.00 4.0 12.0MuniBdA 10.46 0.01 5.5 15.8RealRtnA 12.40 0.03 11.4 18.5ShtTmA 9.87 0.00 2.4 6.2StksPLSTR 12.10 -0.02 NA NATotRetA 10.59 0.01 8.4 16.8PIMCO Funds C:IncomeFd 12.08 -0.01 4.3 11.2TotRetIncC 10.59 0.01 7.6 14.2PIMCO Funds I2:CommdtyRR 5.82 -0.02 -0.8 -1.1ComPLUSStrtgyFd 4.86 NA NA NADivInc 11.38 0.00 5.8 18.3GNMAGvtSec 11.46 -0.01 5.5 13.4HiYldMuniBd 9.64 0.00 5.9 20.0Income 12.08 -0.01 5.3 14.7IntlBdUSH 11.14 -0.01 5.8 16.5InvstGrCrBd 11.25 0.01 6.9 20.8LowDurInc 8.66 0.00 4.3 13.0LwDur 9.95 0.00 3.3 8.4RealRtn 12.40 0.03 11.7 19.5ShtTm 9.87 0.00 2.6 6.7TotRt 10.59 0.01 8.6 17.7PIMCO Funds Instl:ComPLUSStrtgyFd 4.89 NA NA NADynamicBd 10.89 -0.01 5.2 12.6GNMAGvtSec 11.46 -0.01 5.6 13.8IncomeFd 12.08 -0.01 5.4 15.1InflRespMulAsset 8.83 NA NA NARAEPLUSIntl 7.06 NA NA NARAEPLUSSml 10.52 NA NA NAPioneer Funds A:AMTFreeMuniA p p 15.67 0.01 6.5 17.8BondA 10.23 0.01 8.1 17.2CoreEqA 22.33 -0.08 18.9 41.8DiscGrA 18.24 -0.10 32.2 68.2EqIncA 35.53 -0.11 -1.4 12.6HighIncMuniA 7.33 NA NA NAMdCapVa 23.42 0.11 1.0 3.9PioFdA 34.15 -0.02 22.4 57.3SelMCGrA 55.55 0.81 41.9 76.4StratIncA p p 11.41 0.00 7.0 16.2Pioneer Funds Y:AMTFreeMuniY 15.61 0.01 6.6 18.6BondY 10.13 0.01 8.5 18.4SelMCGrY 61.99 0.91 42.3 77.6StratIncY p p 11.40 0.00 7.3 17.2Price Funds:2050RetFd n 17.60 -0.81 17.5 36.2Balnanced n 26.96 -0.06 13.4 30.3BdEnhIdx nr 11.72 0.01 8.0 17.7BlChip n 163.29 -1.73 32.9 75.5CA Bond n 11.91 0.00 4.2 13.3Communica&Tech n 179.69 -2.68 53.0 100.5CorpInc n 10.24 0.02 7.4 20.0DivGro n 59.11 -0.10 12.2 45.4DvsfMCGr n 46.70 0.14 33.7 78.3EmgMktB n 11.55 -0.02 4.1 7.7EmMktS n 53.51 -0.84 14.9 23.2EqInc n 30.83 -0.12 0.0 14.5EqIndex n 97.75 -0.15 16.5 45.4Europe n 24.23 -0.13 11.2 24.1FinSvcs n 26.56 0.29 4.1 20.9GlbGr n 42.20 -0.03 43.3 74.0GlbStk n 65.14 -0.15 50.7 92.8GlbTech n 27.48 -0.09 76.7 112.3GMS-fd n 11.95 0.00 8.0 20.1GNMA n 9.45 0.00 4.2 10.4Gr&In n 33.68 -0.14 13.8 42.3Growth n 96.06 -0.63 35.7 74.8HelSci n 100.08 0.51 31.7 72.1HiYield n 6.60 -0.01 4.2 15.8InstEmMEq 48.69 -0.76 15.0 23.8InstFLRfd r 9.68 0.00 2.2 11.7InstHiYld 8.77 -0.01 4.2 16.3LgCapGow I 60.57 -0.25 38.1 84.2InstLCCoreGr 64.30 -0.68 32.9 75.9LgCpVal 23.34 -0.03 1.8 16.7InstSmCap 30.86 0.34 26.0 63.2IntDis n 89.37 0.76 36.6 42.2IntEqIdx nr 14.99 -0.10 7.7 12.3IntlBond n 9.85 -0.04 10.8 15.8IntlStk n 20.61 -0.14 12.3 24.2IntlValEq n 14.09 -0.05 0.6 0.1Japan n 19.67 -0.32 31.4 45.9MCapVal n 29.50 0.08 9.5 17.2MCEqGr 72.66 0.09 24.2 61.1MD Bond n 11.10 0.01 4.0 12.7MidCap n 113.37 0.12 24.5 59.9N Asia n 24.44 -0.12 26.1 36.6N Inc n 9.91 0.00 5.5 15.0NAmer n 67.52 -0.03 43.0 94.7New Era n 32.38 -0.20 -3.5 -4.5NHoriz n 83.96 0.79 60.9 130.1OverS SF nr 11.85 -0.05 7.4 12.5QMUSSmCpGrEq n 48.37 0.57 25.5 55.1
Net YTD 3-Yr.NAVChg. %Ret. %Ret.
SpectConsAllo n 21.33 -0.03 11.0 24.1SpectModerAllo n 26.31 -0.04 13.5 29.6SpectModerGwAllo n 40.37 -0.10 15.5 33.8R2005 n 13.95 -1.22 10.6 23.4R2010 n 18.24 -1.83 11.2 24.8R2015 n 14.86 -1.37 11.8 26.1R2020 n 22.59 -2.26 12.4 27.7R2025 n 19.22 -1.03 13.8 30.1R2030 n 28.21 -1.59 14.9 32.1R2035 n 21.05 -1.05 16.0 33.7R2040 n 30.14 -1.57 17.0 35.3RealEst n 15.69 0.03 -12.7 -1.4Ret2025A p 19.10 -1.00 13.5 29.1Ret2045 n 20.80 -0.99 17.5 36.2Ret2045R 20.36 -0.93 16.9 34.2Ret2055 n 18.04 -0.65 17.4 36.0Ret2055 17.88 -0.64 17.1 34.9RetBal Inc n 15.69 -1.25 10.8 23.8SciTec n 54.23 -0.42 43.5 92.9Sht-Bd n 4.85 0.00 4.5 10.6SmCap n 53.01 0.89 13.0 25.3SmCapStk n 64.38 0.72 26.0 62.5SpecGr n 23.98 -3.35 17.1 36.1SpecInc n 12.95 -0.10 5.6 15.1SpecIntl n 15.62 -0.23 11.9 19.9SuMuInc n 12.41 0.00 4.5 13.8SuMuInt n 12.39 0.00 4.4 12.6TaxEfEqty nr 50.82 -0.10 35.1 82.8TF Incom n 12.30 0.00 3.2 13.8TF Incom n 10.44 0.00 4.8 13.8TFSI n 5.75 0.00 3.3 8.5TotIndex n 41.58 0.04 18.8 46.1U.S.EqResch n 36.17 -0.05 18.2 48.7USLrgCpCore n 30.17 -0.12 13.7 41.9USTInter n 6.18 0.00 7.9 16.4USTLg n 12.49 0.07 17.8 34.0VABond n 12.49 0.00 5.2 13.5Value n 40.41 0.06 9.1 24.4Price Funds - Adv Cl:BlChip p 159.84 -1.70 32.6 74.0CapAppA p 33.31 0.00 16.4 45.2Growth p 93.51 -0.62 35.3 73.4MCapGro p 108.97 0.11 24.1 58.6R2020A p 22.39 -2.22 12.2 26.8R2030A p 27.92 -1.55 14.6 31.0R2035 20.92 -1.03 15.7 32.7R2040A p 29.83 -1.51 16.7 34.3Ret2045-A p 20.64 -0.96 17.2 35.2Ret2050-A p 17.41 -0.78 17.2 35.2Price Funds - R Cl:BlChipR p 152.71 -1.63 32.2 72.7ExtIndex nr 37.75 0.43 33.0 53.3GrowthR p 89.76 -0.61 35.0 72.0R2020R p 22.14 -2.19 11.9 25.8R2030R p 27.64 -1.51 14.4 30.1R2040R p 29.58 -1.47 16.4 33.3Ret2025-R p 18.86 -0.98 13.2 28.1Ret2035-R 20.64 -1.00 15.4 31.7Ret2050-R 17.22 -0.77 16.9 34.1PRIMECAP Odyssey Fds:AggGrowth nr 53.86 -0.02 29.5 48.2Growth nr 42.06 -0.23 15.8 36.2Stock nr 34.75 -0.15 8.8 27.8Principal Investors:CapApprA p 55.16 -0.03 16.9 48.4ConBalA p 12.94 0.02 8.2 20.2EqIncIA p 35.14 0.08 4.7 27.2FlIncA p 12.92 0.01 6.1 17.1HighYldA p 7.26 -0.01 5.5 14.1HiYld IN 9.38 0.00 4.9 14.1InfPro IN 9.49 0.03 10.4 18.4LgCpStA p 21.27 -0.37 16.2 44.3LgIndxI 21.25 -0.41 16.4 45.5LgIndxJ tn 21.02 -0.37 16.3 44.7LT2020 In 14.64 0.09 11.9 25.2LT2020J tn 14.53 0.09 11.6 24.5LT2030In 15.73 0.12 13.6 29.0LT2030J tn 15.66 0.12 13.4 28.4LT2040I 16.95 0.20 14.9 32.4LT2040J tn 16.76 0.19 14.7 31.7LT2050I 17.31 0.22 15.3 33.6MdGrIII Inst 15.41 0.13 37.0 76.9MidCpBldA 34.73 0.00 16.7 55.4PreSecI 10.49 -0.01 5.2 17.2PtrLGI In 20.20 -0.11 34.6 87.5PtrLV In 17.09 -0.28 2.0 21.2RealEstSecI 25.91 0.13 -4.8 21.3SAMBalA p 16.93 0.02 9.7 24.4SAMGrA p 19.22 0.03 11.2 28.1StrGrw A p 20.77 0.10 13.5 31.5ProFunds Inv Class:UltNASDAQ-100 n 74.42 -7.78 81.7 190.7Putnam Funds:GrOpp R6 54.82 NA NA NAPutnam Funds Class A:CATx p 8.43 NA NA NAConvSec 35.99 NA NA NADvrIn p 6.80 NA NA NADynAABalA 16.43 NA NA NADynAAGthA 18.68 NA NA NAEqIn p 27.23 NA NA NAGeorgePutBal 22.15 NA NA NAGlblEqty p 18.83 NA NA NAGlbHlthCare p 58.39 NA NA NAGrOpp p 51.61 NA NA NAHiYld A p 5.89 NA NA NAIncm p 7.19 NA NA NAIntlEq p 26.23 NA NA NA
Net YTD 3-Yr.NAVChg. %Ret. %Ret.
Data provided byMutual Funds
BARRON’S INS IGHTS – ON TELEV IS ION.
Barron’s Roundtable
December 28, 2020 BARRON’S M31
Net YTD 3-Yr.NAVChg. %Ret. %Ret.
NYTx p 8.87 NA NA NAShtDurBd 10.26 NA NA NAStDurInc 10.09 NA NA NASustainLdrsFd p 110.99 NA NA NATFHY 12.96 NA NA NATxEx p 8.85 NA NA NAMtgSec p 12.38 NA NA NAPutnam Funds Class Y:EqInc 27.25 NA NA NAGrOpp Y 54.39 NA NA NAIncm 7.33 NA NA NAShtDurBd 10.27 NA NA NAStDurInc 10.10 NA NA NA
RRBB Fund:BPSmVal2Inst 25.91 0.10 1.3 7.9RBC Funds:AccCpCommInvI 9.10 0.00 3.8 10.3RiverNorth Funds:RNDLIncomeI 10.44 NA NA NARoyce Funds:Oppty I nr 15.86 0.26 26.7 29.8PAMut I nr 10.29 0.06 14.6 30.9PremierI nr 13.53 0.06 11.0 33.7SpecEqI nr 18.18 -0.05 7.2 8.2TotRet I nr 9.32 0.03 3.6 11.9RS Funds:CoreEqVIP 43.94 -0.27 -1.7 17.1InvQBdVIP 13.11 -0.38 7.9 16.4Russell Funds S:EmerMkts 20.78 NA NA NAIntlDvMkt 38.71 NA NA NAInvGrdBd 22.42 NA NA NAStratBd 11.27 NA NA NATaxExBd 23.93 NA NA NATMUSMdSmCp 34.51 NA NA NATxMngUSLgCp 55.75 NA NA NAUSSmCpEq 31.58 NA NA NARydex Dynamic Fds:NasdaqStratH p 322.47 -1.41 83.2 193.9Rydex Investor Class:NasdaqInv n 61.67 -0.15 44.8 94.3
SSchwab Funds:1000 Inv nr 82.64 -0.04 19.4 48.7Balanced n 18.00 NA NA NACoreEq n 23.89 0.04 10.7 29.7DivEqSel n 13.89 0.04 -5.2 3.4FunIntlLgInst nr 9.10 -0.06 3.3 5.6FunUSLgInst nr 18.08 0.00 7.9 28.6HlthCare n 25.65 -0.24 11.0 35.7InflProSel n 12.28 0.02 10.5 19.2IntI Sel nr 21.69 -0.14 6.7 13.1IntlMstr nr 27.47 -0.01 21.9 25.5MT AllEq n 20.98 NA NA NAMT Bal n 20.42 NA NA NAMT Gro n 25.71 NA NA NAS&P Sel n 56.60 -0.08 16.7 46.2SmCp Sel nr 34.59 0.59 21.8 35.7SmCpEqSel nr 18.91 0.24 9.1 12.1Trgt2020 nr 15.54 NA NA NATrgt2030 nr 17.32 NA NA NATrgt2040 nr 18.33 NA NA NATSMSel nr 65.89 0.07 19.7 47.9TxFrBd n 12.20 0.00 4.5 12.8USSmCoIdx nr 15.02 0.15 8.2 18.3Segall Bryant & Hami:PlusBd n 11.23 0.03 8.3 18.2SEI Portfolios:CoreFxIn F 11.79 0.02 8.7 18.8EMktDbt F 10.62 -0.04 3.5 8.9HiYld F 6.72 -0.01 4.4 15.6
Net YTD 3-Yr.NAVChg. %Ret. %Ret.
IntlEmg F 14.07 -0.09 13.7 12.5IntlEq F 12.58 -0.05 9.6 12.9IntMuni F 12.22 0.00 4.7 13.4LgCapGr F 45.26 -0.10 32.8 75.0LgCVal F 23.09 0.02 -3.5 6.5MgdVol F 17.28 -0.08 -3.0 17.1S&P500 F 79.45 -0.12 16.4 45.2ShtGov F 10.57 0.00 3.6 8.0TaxMgdLC F 29.98 0.05 10.8 33.0TaxMgdSmMdCp F 24.15 0.17 10.2 17.6Selected Funds:AmShD n 39.69 0.14 9.7 24.5AmShS pn 39.60 0.13 9.4 23.3Sequoia:SequoiaFd n 167.33 -1.22 21.7 52.6Sit Funds:MinnTxF n 10.75 0.01 3.5 12.2SmeadFds:SmeadValueInstl 50.14 0.11 1.2 21.6SoundShoreInv n:SoundShoreInv n 45.03 0.47 6.8 14.9Sprott Funds Trust:GoldEq Inv p/r tn 53.84 -0.32 29.4 48.4SSgA Funds:SP500 n 234.21 -34.66 16.9 45.9State Farm Associate:Balan n 82.61 -1.51 12.4 31.8Gwth n 99.69 -1.94 14.0 38.3Muni n 9.04 0.00 5.4 14.0State Street Institu:SmCapEq (ICL) 19.46 -0.40 15.5 31.7State Street V.I.S.:TR V.I.S. Cl 1 16.85 -0.02 5.9 15.3TR V.I.S. Cl 3 16.75 -0.02 5.6 14.4Sterling Capital Fds:SmCap 70.00 0.55 2.9 9.1TotRetBdI 11.32 0.01 8.9 19.1
TUTCU ShtDur :TCU ShtDur 9.90 0.00 3.8 9.8TCW Funds:CoreFxInc n 12.10 0.01 8.5 18.7EmMktInc n 8.51 -0.01 4.7 14.1SelEqtyI n 37.80 -0.26 38.8 92.8TotRetBondI n 10.49 0.01 8.2 17.5TCW Funds N:TotRetBdN pn 10.81 0.01 7.9 16.6Templeton Class A:TGlTotRA 9.91 NA NA NATempleton Instit:IntlEqSer Primar 15.03 NA NA NAThe Bruce Fund:BruceFund n 615.98 NA NA NAThompson IM Fds,Inc:Bond n 10.68 -0.17 -1.9 5.5Thornburg Fds:IncBuildA t 21.24 -0.08 -1.5 10.9IncBuildC p 21.21 -0.08 -2.3 8.3IntVal I 28.01 -0.20 20.1 24.2IntValA p 27.03 -0.19 19.7 23.0LtdTIn 14.04 0.01 7.3 14.3LtdTIncI 14.04 0.00 7.5 15.3LtdTMu I 14.67 0.00 3.2 8.9LtdTMuA 14.67 0.00 2.9 8.1Thrivent Funds A:DivrIncPlus 7.70 0.00 6.2 16.6LgCpStk 27.11 -0.07 13.0 26.2MidCapStk 28.52 0.20 21.3 34.2MuniBd 11.65 0.00 4.6 13.0Thrivent Funds S:LgCpVal n 23.25 0.05 3.3 17.0MidCapStk n 32.92 0.22 21.5 35.4OppIncmPl n 10.22 -0.01 3.7 11.7TIAA-CREF/Instl Cl:
Net YTD 3-Yr.NAVChg. %Ret. %Ret.
CoreBond Inst 10.99 NA NA NACorePlsBd 11.12 NA NA NATIAA-CREF/Retail Cl:EqIdx n 28.08 0.03 19.4 46.8Gro&Inc n 23.21 0.10 18.9 42.5LrgCpGro n 22.37 -0.02 41.8 83.6MgdAlloc n 13.56 NA NA NASocChEq n 21.50 0.01 18.9 46.5TIAA/CREF Funds:BdIdxInst 11.58 0.01 7.4 16.8EqIdxInst 27.54 0.02 19.7 48.1EqIdxRet 27.98 0.02 19.5 46.9Gr&IncInst 16.31 0.07 19.1 43.6Gr&IncRet 16.68 0.08 18.9 42.7HgYldInst 9.55 -0.01 1.7 15.3InflLkdBdInst 12.26 0.01 7.9 15.0IntlEqIdxInst 20.91 -0.13 6.7 13.3IntlEqIdxRet 21.41 -0.15 6.4 12.3IntlEqInst 12.92 -0.03 14.1 8.0LC2015Ret 13.14 0.00 NA NALC2020Ret 13.97 NA NA NALC2025Ret 14.63 NA NA NALC2030Ret 15.15 NA NA NALC2035Ret 15.83 0.00 NA NALC2040Inst 11.33 NA NA NALC2040Ret 16.34 NA NA NALC2045Ret 13.82 NA NA NALCIdx2010Inst 17.41 0.00 11.3 25.2LCIdx2020Inst 19.65 0.00 12.3 27.8LCIdx2025Inst 21.03 -0.01 13.1 29.5LCIdx2035Inst 23.76 -0.03 14.5 32.9LCIdx2040Inst 24.79 -0.03 15.1 34.3LCIdx2045Inst 25.23 -0.03 15.8 35.6LifeStkIdx 32.83 0.03 19.7 47.8LrgCpGrIdxInst 48.92 0.02 37.3 83.4LrgCpGrIdxRet 49.31 0.01 36.9 82.0LrgCpGrInst 22.43 -0.02 42.2 85.2LrgCpVl IdxInst 20.14 -0.02 1.5 17.5LrgCpVl IdxRet 20.53 -0.02 1.3 16.6LrgCpVl Inst 18.40 0.02 1.9 12.6MdCpGrInst 27.80 0.21 46.3 79.1MdCpVl Inst 16.66 0.10 -5.3 3.3QuantSmCpEqInst 18.82 0.36 14.5 24.2RealSecInst 17.37 -0.01 -0.4 27.1S&P500IdxInst 40.64 -0.06 16.7 46.1S&P500IdxRet 40.37 -0.07 16.4 44.9ShTrmBdInst 10.52 0.00 3.5 9.7SmCpBl IdxInst 24.70 0.42 21.9 35.8SmCpBl IdxRet 24.82 0.42 21.6 34.8SocChEqInst 24.38 0.01 19.2 47.8SocChEqRet 24.80 0.01 18.9 46.7Tortoise Capital:TorMLPPipInsCl 8.55 -0.20 -28.5 -27.2Touchstone Family Fd:FlexIncY 11.25 0.03 7.8 15.8FocEqY 53.21 0.06 23.1 44.5LagCapFoc A p 49.46 0.02 22.1 54.4MdCpGrwY 40.11 0.25 27.6 75.4MdCpY 44.02 -0.12 11.5 46.6SandsCapGrY 20.43 -0.25 70.1 137.4SelGrwth 18.48 -0.23 69.8 135.6Tr for Credit Unions:UltShtDur TCU 9.43 0.00 1.5 5.4Transamerica A:AsAlCnsrv p 11.92 NA NA NAAsAIGrow p 14.88 -0.02 18.2 28.0AsAlMod p 12.70 NA NA NAAsAlModGr p 13.56 NA NA NABalanced 31.52 -1.30 14.5 33.4FocusA 55.46 -3.18 122.3 187.7Trust for Professional Ma:PerfTrstMuniInst 25.89 0.02 6.2 17.0PrfTrtStrtBd Ins 23.12 0.03 5.6 16.1Tweedy Browne Fds:GblValue n 27.14 -0.11 -2.1 5.3UM Funds:
Net YTD 3-Yr.NAVChg. %Ret. %Ret.
BehavVal 64.03 0.89 3.2 7.5USAA Group:500Indx Reward n 50.72 -0.22 19.8 49.7CA Bd n 11.61 0.01 4.8 14.4CapGr n 11.68 -0.14 9.0 16.0CrnrsMod n 15.95 -0.09 7.9 16.7CrnstModAggr n 27.30 -0.40 8.1 16.7ExtMktIn n 25.73 0.11 32.9 53.2Gr&Inc n 23.23 0.01 16.8 29.3Gr&TxStr n 23.57 -0.06 10.0 28.0Grwth n 33.97 -0.19 36.1 65.4HiIncm n 7.75 -0.03 3.2 12.9Inco n 13.82 -0.02 7.9 18.9IncStk n 17.25 -0.10 -0.8 15.8Intl n 25.86 -0.69 2.0 8.5IntmTerm n 13.89 0.01 4.6 13.9LgTerm n 13.80 0.00 5.1 14.5Nasdaq100 n 35.07 -0.21 46.3 100.0ntTerBd n 11.00 0.02 9.1 20.4PrecMM n 20.95 -0.31 25.7 60.4S&PIdx n 50.70 -0.21 19.7 49.3SciTech n 36.32 0.69 63.6 114.2ShtT n 10.62 0.00 2.4 6.8ShtTBdA n 9.35 0.01 4.5 11.2SmCpStk n 18.60 0.31 23.4 42.6TarRet2030 n 13.18 -0.02 8.4 18.4TarRet2040 n 13.13 -0.02 8.3 18.7TarRet2050 n 13.46 -0.02 9.5 19.8TarRetIncm n 11.75 -0.01 8.2 17.7VA Bd n 11.70 0.01 4.5 12.5ValueFd n 15.49 -0.16 -2.2 6.2WldGr n 27.65 -0.27 14.0 36.3
VVALIC:CoreBd 12.14 0.01 8.4 17.7CoreVal 11.66 -0.03 -0.6 11.3FrgnVal 10.15 0.02 3.4 -0.2GlobEq 9.73 -0.08 12.4 9.8HighYdBd 7.81 0.01 6.2 18.4HlthSci 28.01 0.15 31.2 70.6InflPro 12.14 0.02 8.5 16.0IntlEq 7.65 -0.06 6.0 11.5IntlGro 17.01 -0.09 32.1 62.5IntlSmCpEq 23.22 0.00 14.9 20.7LgCpGro 20.84 -0.12 20.5 69.6MidCpIdx 27.43 0.33 13.7 26.3MidCpVal 18.33 0.11 2.7 13.5SciTech 42.07 0.08 56.4 113.0SmCpIdx 21.79 0.38 21.2 34.1SocResp 22.46 -0.17 14.2 42.3StckIdx 49.38 -0.08 16.3 44.8StraBd 11.82 0.00 8.0 16.3ValUltra 24.16 -0.15 40.2 79.1Value Line Funds:AstAlcClInv n 43.78 -0.12 14.5 46.7CapAppreClInv n 12.92 0.05 33.2 62.9Van Eck Funds:EmgMktsY 20.76 NA NA NAVANGUARD ADMIRAL:400MCpIdxInst 311.21 2.21 14.0 27.5500Adml n 341.62 -1.88 16.7 46.1BalAdml n 44.62 0.04 15.7 36.9CAITAdml n 12.38 0.00 4.7 13.9CALTAdml n 12.89 -0.01 5.5 16.3CapOpAdml nr 176.21 -18.21 22.0 48.6CoStIxAd nr 84.87 -0.69 9.7 27.6DivAppIdxAdm n 37.76 -0.21 13.7 44.6EMAdmr n 40.56 -0.66 12.1 16.8EnergyAdml nr 61.12 -0.87 -31.1 -34.9EqIncAdml n 78.28 -0.29 1.8 20.5EuropeAdml n 75.15 -0.27 5.4 12.5ExplrAdml n 121.25 -6.03 33.2 70.6ExtndAdml n 126.89 0.94 34.5 55.8GNMAAdml n 10.73 0.00 3.7 11.2
Net YTD 3-Yr.NAVChg. %Ret. %Ret.
GroIncAdml n 92.60 -5.63 16.7 43.9GrwthAdml n 129.27 -0.33 38.9 83.5HltClxAd nr 111.01 -0.48 17.3 50.6HlthCareAdml nr 89.92 -0.71 11.4 39.1HYCorAdml nr 5.96 0.00 4.9 18.5InfProAd n 28.24 -0.26 10.6 18.9InfTechIdx n 180.61 1.65 45.5 119.6IntlGrAdml n 156.69 -2.81 56.2 79.8ITBondAdml n 12.56 -0.08 9.5 21.0ITCorpIx n 26.05 -0.07 9.1 22.8ITIGradeAdml n 10.71 0.01 10.0 21.6ITsryAdml n 12.11 0.00 8.1 16.8ITTresIdx n 23.42 -0.17 7.6 16.2LarCapAd n 87.76 -0.48 19.6 49.7LTGradeAdml n 12.10 0.04 14.8 32.3LTsryAdml n 15.05 0.08 17.9 34.5LTTresIdx n 32.14 0.04 17.3 34.0MatIdx nr 79.20 -0.15 18.2 21.1MidCpAdml n 256.38 -1.11 18.2 40.6MrgBkdIdx n 21.60 -0.06 3.6 11.3MuHYAdml n 11.98 0.00 5.3 17.4MuIntAdml n 14.86 0.00 5.2 14.5MuLTAdml n 12.28 0.00 6.2 17.2MuLtdAdml n 11.26 0.00 3.3 9.5MuShtAdml n 15.95 0.00 1.9 6.2NJLTAdml n 12.79 0.00 6.0 18.3NYLTAdml n 12.30 0.01 5.5 15.8PacifAdml n 95.97 -0.51 13.8 15.8PALTAdml n 12.19 0.00 5.8 17.5PrmcpAdml nr 151.39 -16.99 15.4 43.8RealEstatAdml n 118.83 -1.57 -5.9 15.7S&PSC600Idx 338.14 0.39 11.7 25.0SmCapAdml n 93.87 0.85 19.9 38.4SmGthAdml n 95.56 1.58 37.5 72.1STBondAdml n 10.87 0.00 4.7 11.4STCorpIx n 22.59 -0.02 4.9 13.3STFedAdml n 11.05 0.00 4.4 10.4STIGradeAdml n 11.02 0.00 5.1 12.5STIPSIxAdm n 25.57 -0.16 4.8 10.7STsryAdml n 10.92 0.00 4.0 9.4STTresIdx n 20.55 -0.13 3.1 8.4TotBdAdml n 11.60 -0.01 7.5 17.3TotIntBdIdxAdm n 23.34 -0.08 4.3 15.9TotIntlAdmIdx nr 31.89 -0.22 9.3 14.7TotStAdml n 93.91 -0.30 19.9 48.3TxMBal nr 38.00 0.02 12.6 31.2TxMCapAdml n 196.02 -0.12 19.7 49.0TxMIn r 15.01 -0.05 8.7 14.3TxMSC nr 74.75 0.88 11.3 25.0USGroAdml n 170.89 -0.32 59.6 114.0UtilIxAd nr 67.24 -0.54 -3.1 27.0ValAdml n 45.74 -0.41 0.8 19.7WdsrllAdml n 67.78 -4.51 13.0 33.2WellsIAdml n 68.12 -1.67 7.7 22.9WelltnAdml n 80.56 0.02 9.6 30.0WndsrAdml n 70.51 -5.47 6.2 21.1VANGUARD FDS:CAIT n 12.38 0.00 4.6 13.7CALT n 12.89 -0.01 5.4 16.1CapOp nr 76.33 -7.82 21.9 48.3DivdGro n 33.46 -0.23 10.5 45.2DivrEq n 48.85 0.08 28.5 59.4EmgMktSelStk n 25.80 -0.63 12.8 21.0Energy nr 32.57 -0.46 -31.2 -35.0EqInc n 37.35 -0.14 1.7 20.1Explr n 130.35 -6.34 33.0 70.0EXPValFd n 37.25 0.34 2.5 13.1FTAlWldInAdml n 35.72 -0.26 9.4 15.3GlbCapCyl Inv nr 9.62 -0.02 15.7 -3.5GlbEq n 37.39 -0.22 21.0 42.0GloMinVolFdAdm n 27.08 -0.17 -4.8 14.9GNMA n 10.73 0.00 3.6 10.9GroInc n 56.74 -3.42 16.5 43.5HlthCare nr 213.28 -1.67 11.4 38.9HYCor nr 5.96 0.00 4.8 18.1InflaPro n 14.39 -0.13 10.6 18.6
Net YTD 3-Yr.NAVChg. %Ret. %Ret.
IntlExplr n 20.07 -0.11 13.2 7.5IntlGr n 49.26 -0.89 56.0 79.2IntlVal n 39.75 -0.67 7.6 11.3INSTTRF2015 25.25 -0.01 9.8 22.9INSTTRF2020 26.84 -0.02 11.3 25.9INSTTRF2025 27.80 -0.03 12.4 28.1INSTTRF2030 28.41 -0.03 13.1 29.4INSTTRF2035 28.99 -0.05 13.7 30.5INSTTRF2040 29.57 -0.05 14.3 31.5INSTTRF2045 30.07 -0.07 14.9 32.7INSTTRF2050 30.15 -0.07 15.0 32.7INSTTRF2055 30.28 -0.06 15.0 32.8INSTTRF2060 30.34 -0.06 15.1 32.9INSTTRFINC 24.52 -0.01 9.6 22.0ITIGrade n 10.71 0.01 9.9 21.2ITTsry n 12.11 0.00 8.0 16.4LifeCon n 23.00 0.00 10.8 24.8LifeGro n 40.98 -0.07 14.3 31.3LifeInc n 17.38 0.01 8.6 20.9LifeMod n 32.24 -0.04 12.6 28.2LTIGrade n 12.10 0.04 14.7 31.9LTTsry n 15.05 0.08 17.8 34.1MATxEx n 11.52 0.00 6.4 16.9MgdPayFdInv n 17.69 -0.04 5.9 16.0MidCpGro p 33.85 -1.97 34.6 71.6MuHY n 11.98 0.00 5.2 17.1MuInt n 14.86 0.00 5.1 14.3MuLong n 12.28 0.00 6.1 16.9MuLtd n 11.26 0.00 3.3 9.3MuSht n 15.95 0.00 1.8 5.9NYLT n 12.30 0.01 5.4 15.5OHLTte n 13.34 -0.01 6.9 17.6Primcp nr 146.11 -16.27 15.4 43.5PrmcpCor n 28.62 -2.48 10.7 33.7SelValu nr 25.75 -2.57 4.9 8.8STAR n 32.76 -0.04 20.6 39.7STFed n 11.05 0.00 4.3 10.1STIGrade n 11.02 0.00 5.0 12.2STIPSixInv n 25.54 -0.15 4.7 10.5StratgcEq n 36.48 0.32 11.0 24.0StrSmCpEqInv n 35.80 0.37 9.8 17.6STTsry n 10.92 0.00 3.9 9.1TgtRe2015 n 16.66 0.00 9.7 22.6TgtRe2020 n 36.19 -0.03 11.3 25.7TgtRe2025 n 22.30 -0.02 12.4 27.9TgtRe2030 n 41.22 -0.05 13.1 29.2TgtRe2035 n 25.60 -0.04 13.7 30.4TgtRe2040 n 44.71 -0.08 14.3 31.4TgtRe2045 n 28.40 -0.06 15.0 32.6TgtRe2050 n 45.77 -0.09 15.1 32.7TgtRe2060 n 43.89 -0.09 15.0 32.6TgtRet2055 n 49.67 -0.11 15.0 32.6TgtRetInc n 15.22 0.00 9.5 21.8TotIntBdIxInv n 11.68 -0.03 4.4 16.0USGro n 65.99 -0.12 59.4 113.3USValue n 17.50 -0.41 -4.0 4.1WellsI n 28.12 -0.69 7.7 22.6Welltn n 46.64 0.01 9.5 29.7Wndsr n 20.91 -1.61 6.1 20.7WndsrII n 38.21 -2.52 12.9 32.9VANGUARD INDEX FDS:500 341.65 -1.81 16.6 45.7EmgMktInstPl 102.59 -1.66 12.2 17.0ExtndIstPl 313.12 2.30 34.5 55.9FTAIWdInPl 119.90 -0.90 9.5 15.5Growth 129.31 -0.30 38.7 82.9IdxIntl n 19.06 -0.14 9.2 14.5ITTresIdx Inst 29.07 -0.21 7.6 16.3LTTresIdx Inst 40.79 0.05 17.3 34.1MdCpGrAdml n 92.06 -0.17 35.7 71.6MdCpVlAdml n 61.00 -0.35 1.5 13.7MidCp n 56.52 -0.23 18.1 40.1RUSS2000IdxInst 306.92 5.24 21.9 35.8SmCap 93.85 0.87 19.8 37.9SmValAdml n 60.99 0.20 5.7 13.7TotBd 11.60 -0.01 7.4 17.0
WXYZWasatch:CoreGr n 91.86 0.92 37.1 75.9IntlGr n 34.14 0.30 22.4 35.6MicCap n 12.11 0.31 68.0 145.2SmCapGr n 57.34 1.37 55.8 125.7SmCapV n 9.08 0.06 12.5 25.9UltraGr n 48.43 1.62 75.5 166.9USTry n 20.09 0.17 19.4 37.8WCM:FcusEmgMk Inst 19.33 -0.18 33.1 62.4FocInterGrFdInv 24.31 -0.10 30.9 64.8WCM Focus Funds:WCMFocIntlGrwIns 24.46 -0.09 31.3 66.0Weitz Funds:PIIIOpp 15.21 -0.06 7.6 36.2ShtDurIncInst 12.36 -0.01 3.3 9.2ValueInv n 49.74 -0.31 16.5 48.0Wells Fargo Adv Admi:Growth 52.60 0.58 50.1 106.0Wells Fargo Adv Cl A:AstAllA p p 15.86 NA NA NACA TF A 12.13 0.00 4.0 12.6CmStkA p p 21.58 0.29 15.4 32.1DivCapBldr 11.78 -0.08 11.2 33.5IdxAstAllA 40.01 -0.02 15.1 34.0OmegaGwth 73.40 -0.03 42.4 94.1OpptyA 49.11 0.12 19.4 44.8PremLgCoGrthA 16.91 0.07 39.6 87.2SpecTech 19.18 0.18 68.8 131.5SpSmCpValA p p 35.44 0.15 1.0 11.2StrMunA 9.31 0.00 3.1 10.1Wells Fargo Adv Inst:CoreBd 13.44 0.02 8.6 18.0Growth 59.29 0.66 50.4 107.3MdCpVal 42.81 0.26 2.2 20.7ShDurGovBdI 9.85 0.00 3.8 8.7UlStInc 8.61 0.00 2.6 8.3UlStMuInc 9.61 0.00 1.1 4.7Western Asset:CoreBondA 13.61 NA NA NACoreBondI 13.61 NA NA NACoreBondIS 13.63 NA NA NACorePlusBdA 12.50 NA NA NACorePlusBdI 12.52 0.02 NA NACorePlusBdIS 12.51 NA NA NAIntermedBdI 11.38 NA NA NAIntermTermMuniA 6.53 NA NA NAIntermTermMuniI 6.53 0.00 NA NAManagedMuniA 16.61 0.00 NA NAManagedMuniI 16.64 NA NA NAMortgBackSecA 10.25 NA NA NAShortTermBdIS 3.95 0.00 3.8 10.9TotalRetUnconI 10.84 0.01 NA NAWestwood:IncomeOppI 13.32 0.01 10.2 23.5Wilmington Funds:BroadMktBdInst 10.37 0.00 7.4 16.4Intl Inst 9.73 -0.07 10.8 13.2LgCpStrInst 26.73 -0.01 19.7 48.6WmBlair Funds Cl I:IntlGthI r 38.89 0.00 29.5 40.3SmMidI r 35.56 0.64 34.0 71.3WmBlair Funds Inst:IntlGth 19.97 0.00 29.9 41.3WmBlair Funds R6:EmgMktGth 18.25 -0.06 36.5 39.6
Short Interest
NYSE Short Interest Rose 0.2%
S HORT INTEREST ON THE NEW YORK
Stock Exchange rose 0.2%, to13,344,808,264 shares, as of Dec. 15,from a revised 13,317,651,563 on Nov.
30. The short-interest ratio rose to 2.8 days,versus 2.7 days on Nov. 30. The ratio is calcu-lated by dividing the number of shares soldshort by the average total traded each day.Short interest on the NYSE American Ex-
change rose 2.8%, to 465,523,900 shares, as of
Dec. 15, from a revised 452,928,643, as of Nov.30. The short-interest ratio increased to 1.5days, from a revised 1.3 in the prior period.The top three shorts on the NYSE:
SPDR S&P 500 ETF Trust (ticker: SPY),General Electric (GE) and AT&T (T). Thetop three on the NYSE MKT: Northern Oil& Gas (NOG), GlobalStar (GSAT) andNorthern Dynasty and Minerals (NAK).
—MICHAEL T. KOKOSZKA
NasdaqShorts Rise 1.2%
A S OF DEC. 15, OVERALL NASDAQ
short interest rose 1.2%, to9,589,607,607 shares, comparedwith 9,480,779,687 on Nov. 30. The
short-interest ratio was 1.79 days, versus 2.07in the preceding reporting period.On the Nasdaq Global Markets, short in-
terest increased 1.4%, to 8,245,773,085 sharesin 2,569 securities. That’s up from 8,129,866,207in 2,550 securities on Nov. 30. The short-inter-
est ratio was 2.21 days, versus 2.58 days forthe previous reporting period.Short interest on the Nasdaq Capital Mar-
kets fell 0.5%, to 1,343,834,522 shares in 1,284securities, versus 1,350,913,480 in 1,229 on Nov.30. The short-interest ratio remained the sameat 1 day. The top three shorts in the period:Sirius XM (ticker: SIRI), American Airlines(AAL), and Opko Health (OPK).
—MICHAEL T. KOKOSZKA
Data provided byMutual Funds
M32 BARRON’S December 28, 2020
NuvCorEqAlpha (JCE) ..................... N 15.08 13.93 – 7.6 1.7NuveenDiversDiv&Inc (JDD) .......... N 10.06 8.67 – 13.8 – 11.4NuveenNasdaq 100DynOv (QQQX) N 26.01 25.54 – 1.8 14.1NuvReal Est (JRS) .......................... A 9.51 8.31 – 12.6 – 14.0NuveenRl Asst Inc&Gro (JRI) ........ N 15.69 13.43 – 14.4 – 19.8NuvS&P500DynOvFd (SPXX) ......... N NA 14.90 NA – 2.0NuvSP500BuyIncFd (BXMX) .......... N 13.70 12.58 – 8.2 – 1.3PIMGlbStkPI (PGP) ........................ N NA 10.00 NA – 4.8ReavesUtilityIncome (UTG) ............ A 32.20 32.34 + 0.4 – 7.2RMRMortgage Trust (RMRM) ........ A NA 10.04 NA – 47.2SalientMidstream&MLP (SMM) ... N 5.89 4.32 – 26.7 – 41.3Tortoise Energy Ind (NDP) .............. N 17.04 13.34 – 21.7 – 60.6Tortoise Enrgy Infra Crp (TYG) ........ N 26.66 20.64 – 22.6 – 70.1Tortoise EssAsst Inc Tm (TEAF)-a .... N 16.45 12.71 – 22.7 – 15.5TortoiseMidstreamEnrgy (NTG) .... N 27.63 21.28 – 23.0 – 79.6Tortoise Pipelne&Enrgy (TTP) ....... N 20.77 17.08 – 17.8 – 65.5Tortoise Pwr&Engy Infr (TPZ)-a ...... N 13.52 11.05 – 18.3 – 29.2Wells FargoUt&Hi Inc (ERH) ......... A 12.32 12.59 + 2.2 – 1.8Income&PreferredStockFundsCalamosStratTot (CSQ) .................. N 15.57 15.84 + 1.7 26.0CohenStrsLtdDurPref&Inc (LDP) ... N 25.89 26.03 + 0.5 5.1CohenStrsSelPref&Income (PSF) ... N 26.73 27.80 + 4.0 – 3.4CohenStrsTaxAvPreSecs&I (PTA)-a N 25.62 26.07 + 1.8 NSDel Div& Inc (DDF) ......................... N 9.76 9.29 – 4.8 – 33.0Dividend and Income (DNIF) ........... O 16.05 11.18 – 30.3 – 7.1FirstTrIntDurPref&Inc (FPF) ........... N 24.29 23.83 – 1.9 8.7Gabelli GoAnywhere Tr (GGO) ........ N 14.08 11.85 – 15.8 – 23.8JHanPrefInc (HPI) .......................... N 19.84 19.68 – 0.8 – 6.1JHPrefIncII (HPF) ........................... N 19.49 18.73 – 3.9 – 8.3HnckJPfdInco III (HPS) .................. N 17.45 17.03 – 2.4 – 4.4JHanPrm (PDT) ............................. N 13.48 14.00 + 3.9 – 14.9LMPCapInco (SCD)-a ...................... N NA 11.58 NA – 11.8NuveenPref& I 2022 Trm (JPT) ...... N 24.35 24.18 – 0.7 2.8NuveenPref& IncOpp (JPC) .......... N 9.61 9.31 – 3.1 – 3.0Nuveen Fd (JPS) ............................. N 9.71 9.49 – 2.3 2.2NuveenPref& Inc Term (JPI) .......... N 24.44 24.05 – 1.6 1.0Nuveen TxAdvDivGr (JTD) .............. N 15.86 13.71 – 13.6 – 13.4TCWStrat Income (TSI) .................. N NA 5.69 NA 3.3ConvertibleSec's. FundsAdvntCnvrtbl&IncFd (AVK) ............. N 19.09 16.64 – 12.8 19.2AllianzGI Con& Inc 2024 (CBH) ...... N 10.59 9.90 – 6.5 8.6GI Conv& Inc (NCV) ....................... N 6.22 5.70 – 8.4 11.1AGI Conv& Inc II (NCZ) ................... N 5.58 5.05 – 9.5 10.0AGIDvs Inc&Conv (ACV) ............... N 34.65 32.91 – 5.0 46.2AGI Eqty&Conv Inc (NIE) ............... N 30.77 27.94 – 9.2 31.0Bancroft Fund Ltd (BCV) ................. A 32.92 31.29 – 5.0 34.9
52WeekStock Market Prem Market
FundName (Symbol) Exch NAV Price /Disc Return
CalamosConvHi (CHY) ................... N 15.81 14.60 – 7.7 37.7CalmosConvOp (CHI) ..................... N 14.98 13.84 – 7.6 35.9EllsworthG&I Fund Ltd (ECF) .......... A 14.63 14.33 – 2.1 37.5Gabelli ConvSec (GCV) ................... N 6.79 6.26 – 7.8 18.1HiIncBd (PCF) ................................. N 9.28 8.53 – 8.1 6.8WorldEquityFundsAbrdnAusEq (IAF) ........................... A 6.02 5.33 – 11.5 10.3Aberdeen EmgMkts Eq Inc (AEF) .... A 9.34 8.05 – 13.8 7.5AberdeenGlbl DynDiv (AGD) .......... N 11.93 10.38 – 13.0 8.1Aberdeen Japan Equity (JEQ) .......... N 11.07 9.56 – 13.6 23.0Aberdeen Tot DynDiv (AOD) ........... N 10.20 8.83 – 13.4 7.5BlackRockCapital Alloc (BCAT) ...... N 20.92 23.33 + 11.5 NSCalamosGloDynInc (CHW) ............. N 9.51 9.72 + 2.2 24.3CdnGenl Inv (CGI)-y ........................ T 50.61 34.00 – 32.8 34.4Central and Eastern Euro (CEE) ....... N 28.59 25.53 – 10.7 – 8.5China (CHN) ................................... N 32.56 29.99 – 7.9 42.8Delaware EnhGl Div& In (DEX) ....... N 10.60 9.64 – 9.1 1.6EVTxAdvGlbDivInc (ETG)-a ............. N 19.24 17.77 – 7.6 5.9EtnVncTxAdvOpp (ETO)-a ................ N 26.45 25.28 – 4.4 6.4Economic Inv Tr (N/A)-cy ................. T NA 108.67 NA 2.3European Equity Fund Inc (EEA) ...... N 12.01 10.44 – 13.1 11.1FirstTrAbEmergOp (FEO)-a .............. N 15.90 14.18 – 10.8 13.9FirstTr Dyn Euro Eq Inc (FDEU) ....... N 13.58 11.65 – 14.2 – 14.9Gabelli Gl Sm&MidCpVal (GGZ) ..... N 15.11 12.77 – 15.5 15.5GabelliMultimedia (GGT)-h ............. N 7.97 7.90 – 0.9 13.8GDL Fund (GDL) ............................. N 10.74 8.79 – 18.2 0.3Herzfeld Caribb (CUBA) .................. O 6.19 5.14 – 17.0 – 22.4HighlandGlobal Alloc (HGLB)-a ....... N 10.04 6.55 – 34.8 – 19.0India Fund (IFN) .............................. N 22.48 19.75 – 12.1 8.9JHanHdgdEty& Inc (HEQ) ............ N 12.67 11.37 – 10.3 – 14.6JHancockTaxAdvGl ShYld (HTY) ... N 6.34 5.47 – 13.7 – 12.8JapanSmaller Cap (JOF) ................. N NA 8.84 NA 1.6Korea (KF) ...................................... N 44.76 38.02 – 15.1 27.6LazardGlbTotRetInc (LGI) ............... N 19.42 18.00 – 7.3 18.7MexicoEqandIncmFd (MXE) ........... N 11.44 9.56 – 16.4 – 18.0Mexico (MXF) ................................. N NA 13.43 NA 0.2Miller/HowardHigh Inc E (HIE)-a ...... N 8.54 7.57 – 11.4 – 24.8MSChinaShrFd (CAF)-J ................... N 24.52 21.39 – 12.8 9.7MS India (IIF) .................................. N 24.67 20.94 – 15.1 5.1NewGermany (GF) ......................... N 23.68 21.03 – 11.2 38.4New Ireland (IRL) ........................... N 13.06 10.18 – 22.0 5.6RENNFund (RCG) .......................... A NA 1.66 NA 0.6RoyceGlobal Value Trust (RGT) ...... N 14.68 13.59 – 7.4 26.1SwissHelvetia (SWZ) ..................... N 10.11 8.76 – 13.4 12.1TempletonDragon (TDF) ................ N 23.77 21.42 – 9.9 41.5Templeton EmMkt (EMF) ............... N 19.32 17.66 – 8.6 17.2
52WeekStock Market Prem Market
FundName (Symbol) Exch NAV Price /Disc Return
UnitedCorps Ltd (UNC)-cy ............... T NA NA NA NAWells FargoGl DivOppty (EOD) ....... N 5.43 4.79 – 11.8 – 2.8U.S.MortgageBondFundsBlckRk Income (BKT) ...................... N 6.21 6.09 – 1.9 6.7First TrustMtge Inc (FMY) .............. N 14.39 13.58 – 5.6 5.3InvescoHI 2023 Tgt Term (IHIT) ..... N 8.83 8.51 – 3.6 7.2InvescoHI 2024 Tgt Term (IHTA) .... N 9.07 8.93 – 1.5 6.7NuveenMortgage and Inc (JLS) ...... N 22.15 19.60 – 11.5 5.2NuveenMulti-Market Inc (JMM)-c ... N 7.80 7.20 – 7.7 4.5Vertical Capital Income (VCIF) ........ N NA 9.71 NA 3.4Western AssetMtgOppty (DMO)-a .. N NA 14.06 NA 11.4
InvestmentGradeBondFundsBlRckCore Bond (BHK) .................. N 16.40 16.06 – 2.1 4.9BRCredit Alloc Inc (BTZ) ................. N 15.65 14.98 – 4.3 6.7BREnhcdGovt (EGF) ...................... N 13.36 13.31 – 0.4 3.7Insight Select Income (INSI)-a ......... N 21.83 20.77 – 4.9 3.9InvescoBond (VBF) ......................... N 21.18 21.10 – 0.4 3.6JHan Income (JHS) ........................ N 16.32 15.55 – 4.7 4.6MFSGovtMkts (MGF) .................... N 4.72 4.58 – 3.0 7.5MFS Intmdt (MIN) .......................... N 3.94 3.80 – 3.6 8.9Western Asset Inf-Lk Inc (WIA)-a ..... N NA 13.44 NA 2.9Western Asset Inf-LkO&I (WIW)-a .. N NA 12.09 NA 3.4WA InvestmentGrade Inc (PAI)-a ..... N NA 16.00 NA 3.9WesternAssetPremBd (WEA)-a ....... N NA 14.29 NA 5.7Westn Asst IGDef Opp Tr (IGI)-a ...... N NA 22.59 NA 3.8LoanParticipationFundsApollo Senior Floating (AFT) ........... N 16.19 14.40 – 11.0 6.9BRDebt Strategy (DSU) .................. N 11.56 10.21 – 11.7 8.2BR F/R IncStr (FRA) ....................... N 13.83 12.14 – 12.2 7.8BlackRock FloatngRt Inc (BGT) ...... N 13.42 11.85 – 11.7 7.7Blackstone Lng-ShCr Inc (BGX)-a .... N 14.97 13.42 – 10.4 9.7BlackstoneSr Fl Rt Tm (BSL)-a ........ N NA 14.24 NA 8.0BlackstoneStrat Cr (BGB)-a ............. N 14.22 12.47 – 12.3 9.3BNYMellonAlct GCI 2024 (DCF) ..... N 9.16 8.47 – 7.5 7.3Eagle Point Credit (ECC) .................. N NA 10.18 NA 15.8Eagle Point Income (EIC) ................ N NA 15.00 NA 8.2EatonVance F-R2022TT (EFL) ....... N 9.21 8.85 – 3.9 5.4EtnVncFltRteInc (EFT)-a .................. N 14.34 13.31 – 7.2 6.7EtnVncFltRteIncPlus (EFF)-a ............ N 16.38 15.48 – 5.5 5.4EVSenFlRtTr (EFR)-a ....................... N 14.12 12.99 – 8.0 7.0EVSnrIncm (EVF) ........................... N 6.77 6.42 – 5.2 6.3First Eagle Senior Loan (FSLF) ........ N 15.56 13.92 – 10.5 8.0FT/Sr FltgRte Inc 2 (FCT) ................ N 12.76 11.44 – 10.3 9.7FT/Sr FltgRte 2022 TgTr (FIV) ......... N 9.43 9.00 – 4.6 2.9Highland Income (HFRO)-a .............. N 12.91 10.20 – 21.0 10.2InvDYCrOpp (VTA) ......................... N 11.65 10.49 – 10.0 8.7InvSnrIncTr (VVR) .......................... N 4.45 3.91 – 12.1 6.8NuveenCredit Strat Inc (JQC) ......... N 7.01 6.21 – 11.4 16.5NuvFloatRateIncFd (JFR) ................ N 9.99 8.77 – 12.2 7.4NuvFloatRteIncOppty (JRO) ........... N 9.89 8.68 – 12.2 7.4NuveenSenior Income (NSL) .......... N 5.87 5.17 – 11.9 7.9NuveenShtDur Crdt Opp (JSD) ...... N 14.91 13.36 – 10.4 7.7PionrFltRate Tr (PHD) ..................... N 11.41 10.45 – 8.4 6.3HighYieldBondFundsAberdeen Inc Credit Str (ACP) ......... N 11.28 10.74 – 4.8 13.3AllianceBernGlHiIncm (AWF) .......... N 12.94 11.69 – 9.7 6.9Angel OakDynmc FS I Trm (DYFN) .. N 20.39 18.48 – 9.4 NSAngel Oak FS Inc Trm (FINS) ........... N 18.55 16.44 – 11.4 7.4BaringsGlb SDHYBd (BGH)-a ......... N 16.57 14.86 – 10.3 9.7BRCorporateHY (HYT) .................. N 11.91 11.46 – 3.8 8.0BlackRock LtdDur Inc (BLW) .......... N 16.94 15.92 – 6.0 7.4BNYMellonHi Yield Str (DHF) ......... N 3.27 3.00 – 8.3 8.5BrookfieldReal Asst Inc (RA) .......... N 19.82 17.95 – 9.4 13.5CrSuisHighYld (DHY) ..................... A NA 2.31 NA 8.5CSAM Income Fd (CIK) ................... A NA 3.19 NA 8.5DoubleLine Inc Sol (DSL) ................ N NA 16.35 NA 10.7DoubleLine YldOpps (DLY) ............ N NA 18.38 NA NSEVHiInc2021 (EHT) ........................ N 9.89 9.77 – 1.2 3.5First Tr Hi Inc Lng/Shrt (FSD) .......... N 16.48 14.63 – 11.2 9.0First Trust HYOpp:2027 (FTHY) ...... N 21.32 20.19 – 5.3 NSFranklinUniv (FT) ........................... N NA 7.35 NA 5.3InvHighIncTrII (VLT) ...................... N 14.97 13.56 – 9.4 8.6IVYHIGH INCOMEOPP (IVH) ......... N 14.56 12.95 – 11.1 9.5MFS IntmdHgInc (CIF) .................... N 2.48 2.46 – 0.6 9.2NeubHgYldStrt (NHS) ..................... N 12.64 11.53 – 8.8 9.4NewAmerHi Inc (HYB) ................... N 9.81 8.78 – 10.5 6.5NexPointStratOppty (NHF)-a ............ N 17.26 10.46 – 39.4 14.3NuveenCI 2023 Target (JHAA) ........ N 10.01 9.69 – 3.2 5.8NuveenCINov 2021 Tgt (JHB) ........ N 9.46 9.19 – 2.9 4.4NuveenCrdt Opps 2022 TT (JCO) .... N 8.29 8.03 – 3.1 6.8NuveenGlobal High Inc (JGH) ......... N 16.89 15.15 – 10.3 7.6PGIMGlobal HighYield (GHY) ........ N 16.30 14.60 – 10.4 8.9PGIMHighYield Bond (ISD) ........... N 16.69 15.11 – 9.5 8.5PGIMShDurHi YldOpp (SDHY) ..... N 20.05 NA NA NSPioneerHilncmTr (PHT) .................. N 9.38 9.14 – 2.6 8.4
Thursday,December24, 2020GeneralEquityFundsAdamsDiversified Equity (ADX) ...... N 19.75 17.11 – 13.4 14.5Boulder Growth& Income (BIF) ...... N 13.39 11.09 – 17.2 – 2.2Central Secs (CET)-c ........................ A NA 31.72 NA 0.2CohenStrsCEOppFd (FOF) .............. N 12.72 12.21 – 4.0 – 0.1Eagle Capital Growth (GRF)-c ........... A NA 7.81 NA 8.6EVTxAdvDivIncm (EVT)-a ................ N 24.42 23.46 – 3.9 0.5Equus II (EQS) ................................ N NA 2.18 NA 30.5FoxbyCorp. (FXBY) ........................ O 3.54 NA NA NAGabelliDiv&IncTr (GDV) ................. N 24.70 21.35 – 13.6 3.7Gabelli Equity Tr (GAB)-h ................. N 5.78 6.34 + 9.7 18.3GeneralAmer (GAM) ....................... N 43.63 36.90 – 15.4 4.7JHancockTaxAdvDiv (HTD) ............ N 22.48 21.15 – 5.9 – 16.5Liberty All-Star Equity (USA) ........... N 7.29 6.88 – 5.6 12.8Liberty All-Star Growth (ASG)-h ....... N 8.00 8.73 + 9.1 47.9NuvTaxAdvTRStrat (JTA) ............... N 10.68 9.31 – 12.8 – 13.8RoyceMicro-Cap Tr (RMT) ............. N 11.90 10.21 – 14.2 29.6RoyceValue Trust (RVT) ................. N 18.61 16.36 – 12.1 19.9Source Capital (SOR) ...................... N 44.85 40.07 – 10.7 8.1Special Opportunities (SPE) ............ N NA 13.90 NA 4.5Sprott Focus Trust (FUND) .............. O 8.03 6.87 – 14.4 2.2Tri-Continental (TY) ........................ N 32.97 29.59 – 10.3 11.6SpecializedEquityFundsAberdeenGlb PremProp (AWP) ..... N 5.91 5.17 – 12.5 – 12.6AberdeenStdGl Infra I (ASGI) ......... N 21.49 19.07 – 11.3 NSAdamsNatural Resources (PEO) .... N 13.75 11.36 – 17.4 – 26.8AllianzGI AI&TechOpps (AIO) ....... N 27.98 26.51 – 5.3 47.3GIDivInt&PremStr (NFJ) ................ N 15.23 13.35 – 12.3 11.1ASAGold&PrecMet Ltd (ASA) ....... N 26.00 21.62 – 16.8 61.1BREnhC&I (CII) ............................. N 18.88 17.34 – 8.2 7.6BlackRock Energy&Res (BGR) ...... N 8.22 7.06 – 14.1 – 35.3BlackRock Eq EnhDiv (BDJ) ........... N 9.23 8.35 – 9.5 – 7.8BlackRock EnhGlbl Div (BOE) ......... N 12.12 10.68 – 11.9 4.8BlackRock Enh Intl Div (BGY) .......... N 6.39 5.80 – 9.2 6.8BlackRockHlth Sci Tr II (BMEZ) ...... N 31.32 29.90 – 4.5 NSBlackRockHlth Sciences (BME) ...... N 45.13 47.70 + 5.7 20.9BlackRockRes&Comm(BCX) ....... N 8.41 7.28 – 13.4 – 2.2BlackRockSci&Tech Tr II (BSTZ) .... N 38.93 37.08 – 4.8 91.5BlackRockSci&Tech Trust (BST) .... N 52.42 53.26 + 1.6 68.8BlackRockUtl Inf&Pwr (BUI) ......... N 23.36 24.81 + 6.2 17.6CBREClrnGlbRlEst (IGR) ................ A 7.93 6.72 – 15.3 – 7.0CLEARBRIDGEENGYMDSOPP (EMO) N NA 14.02 NA – 63.5CLEARBRIDGEMLP&MDSTMTR (CTR) N NA 15.14 NA – 61.0ClearBridgeMLP&Midstm (CEM) .. N NA 17.37 NA – 66.3Cntr Cst BrkfldMLP&EI (CEN) ......... N 13.07 9.62 – 26.4 – 81.3ChnStrInfr (UTF) ............................. N 24.19 25.56 + 5.7 6.7COHEN&STEERSMLP INC&E (MIE) N 2.85 2.29 – 19.6 – 68.3Cohen&SteersQualInc (RQI) ........... N 12.92 11.95 – 7.5 – 12.7Cohen&Steers TotRet (RFI)-a .......... N 12.91 13.35 + 3.4 0.8CohenStrsREITPrefInc (RNP) ......... N 23.32 21.89 – 6.1 0.5Columbia Sel PrmTechGr (STK) ..... N 27.66 27.16 – 1.8 24.9CushingMLPTotRet (SRV)-d ............ N 28.85 21.77 – 24.5 – 39.1CushingNextGen Inf Inc (SZC) ........ N 48.88 36.54 – 25.2 – 24.1DNPSelect Income (DNP) .............. N 8.88 10.32 + 16.2 – 13.1Duff&PhUti&Infra Inc Fd (DPG) ...... N 13.04 12.03 – 7.7 – 10.5Duff&PhSelMLP&MSEngy (DSE) . N 6.35 4.95 – 22.0 – 86.7EtnVncEqtyInc (EOI)-a ..................... N 16.68 16.13 – 3.3 9.7EtnVncEqtyIncoII (EOS)-a ................ N 21.02 21.48 + 2.2 27.2EVRskMnDvsEqInc (ETJ)-a ............. N 10.02 10.39 + 3.7 22.8ETnVncTxMgdBuyWrtInc (ETB)-a .... N 14.47 14.98 + 3.5 0.8EtnVncTxMgdBuyWrtOpp (ETV)-a ... N 14.37 15.36 + 6.9 12.7EvTxMnDvsEqInc (ETY)-a ................ N 12.63 12.23 – 3.2 7.4EtnVncTxMgdGlbB (ETW)-a ............ N 10.18 9.68 – 4.9 4.2EVTxMnGblDvEqInc (EXG)-a ........... N 9.19 8.60 – 6.4 8.5First Trust Energy IncG (FEN) ......... A 12.75 10.70 – 16.1 – 45.7First Tr Enhanced Eq (FFA)-a ............ N 18.00 16.93 – 5.9 7.2First Tr Specialty Fn (FGB) ............... N 3.50 3.12 – 10.9 – 41.1FirstTrEnergyInfra (FIF) .................. N 12.35 10.53 – 14.7 – 32.6FirstTrMLPEner&Inc (FEI) .............. N 6.83 5.76 – 15.7 – 46.0GabGl Util & Inc (GLU)-h ................. A 19.16 18.12 – 5.4 1.9Gabelli Healthcare (GRX)-h .............. N 13.65 11.85 – 13.2 9.5GabUtility (GUT)-h .......................... N 4.04 7.97 + 97.3 19.3GAMCOGlGold&NatRes (GGN) ....... A 4.01 3.50 – 12.7 – 9.1GAMCONRGLD& INCTR (GNT) .... N 5.91 5.09 – 13.9 – 7.1JHan Finl Opptys (BTO) .................. N NA 30.65 NA – 6.2Macquarie/FirstTr Gl (MFD) ............ N 9.59 8.27 – 13.8 – 14.1MadisonCovCall & EqStr (MCN) .... N 7.05 6.78 – 3.8 15.7Neuberger BrmnMLP&EI (NML) ... N 4.49 3.40 – 24.3 – 46.7NubrgrRlEstSec (NRO) ................... A 4.39 4.36 – 0.7 – 11.1NuvDow30DynOverwrite (DIAX) .. N 16.49 15.16 – 8.1 – 7.9
Weekly Closed-End FundsTRACKING CLOSED - END FUNDS
The Herzfeld Closed-End Average measures 15 equally-weighted closed-end funds based in the U.S. that invest principally inAmerican equities. The net assest value is a weighted average of the funds' NAVs. Source: Thomas J. Herzfeld Advisors Inc., Miami.305-271-1900/www.herzfeld.com
54600
48600
42600
36600
30600
24600
186001Q 20 2Q 20 3Q 20 4Q 20
*HerzfeldClosed-EndAverage
Dow Industrials
59100
53700
48300
42900
375001Q 2Q 3Q 4Q
Net Asset Value
-4
-7
-10
-13
-161Q 20 2Q 20 3Q 20 4Q 20
% Disc/Prem From Net Asset Value
52WeekStock Market Prem Market
FundName (Symbol) Exch NAV Price /Disc Return
52WeekStock Market Prem Market
FundName (Symbol) Exch NAV Price /Disc Return
12mosStock Market Prem Yield
FundName (Symbol) Exch NAV Price /Disc 11/30/20
Closed for the Holiday: Through Wednesday, the Herzfeld Average of closed-endfunds had gained 4.5% in December, while the Dow was up just 1.7%.
Data provided by
a-NAV and market price are ex dividend. b-NAV is fully diluted. c-NAV is as of Thursday’s close. d-NAV is as of Wednesday’s close.e-NAV assumes rights offering is fully subscribed. f-Rights offeringin process. g-Rights offering announced. h-Lipper data has been ad-justed for rights offering. j-Rights offering has expired, but Lipperdata not yet adjusted. l-NAV as of previous day. o-Tender offer inprocess. Source: Lipper
Market Sentiment LAST +1.44Citigroup Panic/EuphoriaModel
-1.8
-1.2
-0.6
0
0.6
1.2
N D J F M A M J J A S O N D
Euphoria
Panic
The panic/euphoria model is a gauge of investor sentiment. It identifies "Panic" and "Euphoria" levels which are statistically driven buy andsell signals for the broader market. Historically, a reading below panic supports a better than 95% likelihood that stock prices will behigher 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
1.81.51.41.31.21.11.00.90.80.70.60.50.40.30.20.1
Q117
Q2 Q3 Q4 Q119
Q2 Q3 Q4 Q120
Q2 Q3 Q4
THREE YEAR TED SPREAD
Friday's Close 0.15
TED Spread = 3-mth LIBOR – 3-mth T-bill rate
December 28, 2020 BARRON’S M33
12mosStock Market Prem Yield
FundName (Symbol) Exch NAV Price /Disc 11/30/20
FedHrmsPremMuI (FMN)-a ............. N 15.66 14.38 – 8.2 4.2InvAdvMuIncTrII (VKI) ................... A 12.20 11.21 – 8.1 4.7InvescoMuniOp (OIA) .................... N 7.72 7.71 – 0.1 4.9InvescoMuOppTr (VMO) ................ N 13.65 12.66 – 7.3 4.7InvescoMuTr (VKQ) ........................ N 13.68 12.65 – 7.5 4.6InvescoQual Inc (IQI) ...................... N 13.83 12.84 – 7.2 4.7InvTrInvGrMu (VGM) ..................... N 14.09 13.06 – 7.3 4.7InvescoValMunInc (IIM) ................. N 16.79 15.46 – 7.9 4.5MAINSTAY:MKDEFTRMUNOP (MMD) N NA 21.59 NA 4.7MFSHgIncMuniTr (CXE) ................ N 5.29 4.91 – 7.2 5.0MFSHgYldMuniTr (CMU) ............... N 4.78 4.39 – 8.2 5.0NeubrgrBrm (NBH) ......................... A 15.31 14.92 – 2.5 4.8NuveenAMT-FrMuVal (NUW) ........ N 17.35 16.48 – 5.0 2.8NuveenAMT-FrQltyMun I (NEA) .... A 15.98 14.80 – 7.4 4.5NuveenAMT-FrMuCI (NVG) .......... A 17.31 16.43 – 5.1 4.8NuveenDynMuni Opp (NDMO) ....... N 15.69 NA NA NSNuveen EnhMuni Val (NEV) ............ N 15.50 15.85 + 2.3 4.5Nuveen Int DurMunTerm (NID) ...... N 14.33 13.77 – 3.9 3.7Nuveen Int DurQltyMun (NIQ) ........ N 14.88 14.50 – 2.6 2.8NuveenMuCrdt Opps (NMCO) ....... N 14.01 12.77 – 8.9 5.6NuvMuni2021TgtTerm (NHA) ......... N 9.86 9.79 – 0.7 1.4NuvMuni Credit Income (NZF) ........ A 16.80 15.81 – 5.9 4.8NuvMuniHiIncOpp (NMZ) ............... A 13.97 14.23 + 1.9 5.3NuveenMuni Inc (NMI) ................... N 11.32 11.19 – 1.1 3.5NuveenMuni Val (NUV) .................. N 10.74 11.12 + 3.5 3.3NuveenQualityMuni Inc (NAD) ....... N 16.31 15.12 – 7.3 4.4NuveenSelMat (NIM) ..................... N 10.82 10.60 – 2.0 3.0NuveenSel TF (NXP) ....................... N 16.49 17.46 + 5.9 3.2NuveenSel TF 2 (NXQ) .................... N 15.68 15.57 – 0.7 3.2NuveenSel TF 3 (NXR) .................... N 16.90 17.24 + 2.0 3.1PIMCOMuniInc (PMF) .................... N NA 13.69 NA 4.7PIMCOMuniIncII (PML) .................. N NA 14.31 NA 5.0PimcoMuni III (PMX) ..................... N NA 11.91 NA 4.6PioneerHilncAdv (MAV) .................. N NA 11.55 NA 4.3PioneerMunHiIcmT (MHI) .............. N NA 12.16 NA 4.4PutnamMgd Inc (PMM)-a ............... N NA 7.89 NA 4.8PutnamMuni Opp (PMO)-a .............. N NA 13.42 NA 4.7RiverNorth FlexMuni Inc (RFM) ...... N NA NA NA NSRiverNorthMgdDurMun I (RMM) .. N NA 17.55 NA 5.7RiverNorthOppsMuni Inc (RMI) ..... N NA 20.96 NA 4.7Western AssetMgdMuni (MMU)-a .. N NA 12.74 NA 4.2Western AssetMunHi Inc (MHF)-a .. N NA 7.42 NA 3.8WstAstMuniPrtnrs (MNP)-a ............ N NA 14.80 NA 3.8Westn AsstMuDefOppTr (MTT)-a .. N NA 20.85 NA 3.2SingleStateMuniBondBlackRockCAMun (BFZ) ................ N 16.02 14.12 – 11.9 3.3BlackRockMATax-Exempt (MHE) .. N 13.85 13.40 – 3.2 3.6BlackRockMDMunBd (BZM) ......... N 15.34 15.40 + 0.4 3.1BRMHCAQly Fd Inc (MUC) ............ N 16.01 14.90 – 6.9 3.9BRMHNJQly (MUJ) ....................... N 16.05 14.37 – 10.5 4.8BRMHNYQly (MHN) ..................... N 15.17 14.08 – 7.2 4.2BlkRkMunyldAZ (MZA) ................... N 14.95 14.79 – 1.1 3.8BRMuniYld CA (MYC) .................... N 16.38 14.78 – 9.8 3.5BRMuniYld CAQly (MCA) ............... N 16.21 14.93 – 7.9 4.0BRMuniYldMIQly (MIY) ................ N 15.87 14.59 – 8.1 4.2BRMuniYldNJ (MYJ) ..................... N 16.10 14.15 – 12.1 5.1BRMuniYldNYQly (MYN) .............. N 14.55 13.15 – 9.6 4.1BRMuniYld PAQly (MPA) ............... N 16.24 14.57 – 10.3 4.1BlckRkNYMuni IncQly (BSE) ......... N 15.10 13.51 – 10.5 3.9BlackRockNYMun (BNY) ............... N 15.16 14.22 – 6.2 4.1BlackRockNYMun II (BFY) ............. N 15.64 14.44 – 7.7 4.5BlackRockVAMun (BHV) ............... N 15.64 16.16 + 3.3 3.2Del COMuni Inc (VCF) ..................... A 15.36 14.40 – 6.3 3.6DelMN II (VMM) ............................. A 15.02 13.00 – 13.4 3.2EVCAMuniBd (EVM)-a ..................... A 12.79 11.59 – 9.4 4.0EVCAMuniIncm (CEV) .................... A 14.75 13.66 – 7.4 4.0EatonVanceNYMuni Bd (ENX)-a ..... A 13.56 12.46 – 8.1 4.1EVNYMuniIncm (EVY) .................... A 15.12 13.88 – 8.2 3.8InvCaValMuIncTr (VCV) ................. N 13.73 13.07 – 4.8 4.1InvPAValMuIncTr (VPV) ................. N 14.27 12.55 – 12.1 4.7InvTrInvGrNYMu (VTN) .................. N 14.42 12.87 – 10.7 4.3NeubrgrBrmCA (NBW) ................... A 15.64 13.58 – 13.2 4.0NeubrgeBrmNY (NBO) ................... A 14.21 12.31 – 13.3 3.8NuveenAZQualMuni Inc (NAZ) ...... N 15.39 15.32 – 0.5 3.5NuveenCAAMT-FQualMI (NKX) .... A 16.97 15.75 – 7.2 4.0NuveenCAVal (NCA) ...................... N 10.87 10.72 – 1.4 3.0NuveenCAMuni Value 2 (NCB) ....... N 16.57 15.42 – 6.9 2.7NuveenCAQtyMuInc (NAC) ............. N 16.34 15.06 – 7.8 4.1NuveenCASel Tx-Free (NXC) .......... N 16.00 16.39 + 2.4 3.2NuvGAQualMuni Inc (NKG) ........... A 14.43 12.80 – 11.3 3.7NuveenMAQualMuni Inc (NMT) .... N 15.27 14.40 – 5.7 3.5NuveenMDQualMuni Inc (NMY) .... N 15.33 13.93 – 9.1 4.1NuveenMIQualMuni Inc (NUM) ..... N 16.21 14.60 – 9.9 3.8NuveenMinnQualMun Inc (NMS) .. A 15.62 14.67 – 6.1 3.8NuveenMOQualMun Inc (NOM) .... A 14.12 NA NA 3.3NuveenNJMuni Value (NJV) .......... N 15.58 13.98 – 10.3 2.7NuvNJQualMuni Inc (NXJ) ............. A 16.73 14.20 – 15.1 4.5NuveenNYAMT/Fr QualMI (NRK) .. A 15.08 13.44 – 10.9 4.2NuveenNYVal (NNY) ...................... N 10.22 10.16 – 0.6 3.2
iGobanking.com Flushing,NY (888)432-5890 1000 0.60 (CD) 0.60Dollar SavingsDirect Ossining,NY (866)395-8693 1000 0.55 (CD) 0.55Emigrant Direct NewYork,NY (800)836-1997 1000 0.50 (CD) 0.50MySavingsDirect Ossining,NY (877)752-1919 1000 0.50 (CD) 0.50BankDirect Dallas,TX (877)839-2737 10000 0.50 (CD) 0.501Includingpassbook, statement savings, andbank-offered liquidasset accounts.2Six-month CD yields assume reinvestment of principal and interest at the same rate for anadditional sixmonths.Rates are the highest yields on six types of accounts offered by federally-insured banks andsavingsassociationsnationwide.
One-YearCDsTelephone Min. Recent Effect.
Institution Location No. Deposit %Rate %Yield
LegacyBank Hinton,OK (800)687-9688 1000 0.70 (CM) 0.70iGobanking.com Flushing,NY (888)432-5890 1000 0.65 (CD) 0.65AmboyDirect Old Bridge,NJ (877)22-26269 10000 0.65 (CA) 0.65Ally Bank Philadelphia,PA (877)247-2559 1 0.60 (CD) 0.60First Internet Bank Indianapolis,IN (888)873-3424 1000 0.60 (CM) 0.60
Travis CU Concord,CA (800)435-4040 500 1.00 (CM) 1.00First Internet Bank Indianapolis,IN (888)873-3424 1000 0.95 (CM) 0.95ProGrowthBank Gaylord,MN (888)922-2265 25000 0.95 (CA) 0.95Ally Bank Philadelphia,PA (877)247-2559 1 0.85 (CD) 0.85Popular Direct NewYork,NY (800)274-5696 10000 0.80 (CD) 0.80
90-DayJumboCDsTelephone Min. Recent Effect.
Institution Location No. Deposit %Rate %Yield
LegacyBank Hinton,OK (800)687-9688 10000 0.40 (CM) 0.40First Internet Bank Indianapolis,IN (888)873-3424 1000 0.25 (CM) 0.25Radius Bank Boston,MA (800)242-0272 1000 0.25 (CD) 0.25Giantbank.com Ft.Lauderdale,FL (877)446-4200 2500 0.25 (CD) 0.25AxosBank SanDiego,CA (877)541-2634 1000 0.20 (CD) 0.20Source: (c)2020, InformaResearchServices,30501AgouraRoad,2ndFloor,AgouraHills,CA91301 818-880-8877. All rights reserved. May not be reproduced or retransmitted in anyformwithout expresswritten consentof InformaResearchServices.
1WSCredit Income (N/A) ................ z NA NA NA 6.0AlphCntrc PrimeMerid In (N/A) ....... z 9.66 NA NA NSAngel OakStr Crdt:Inst (N/A) .......... z 22.82 NA NA 7.9Axonic Alternative Inc (N/A) ............ z NA NA NA 3.5Blackstone/GSOFREID (N/A) ......... z 23.70 NA NA 5.7Blackstone/GSOFREI I (N/A) .......... z 23.66 NA NA 5.9Blackstone/GSOFREI T (N/A) ......... z 23.62 NA NA 5.5Blackstone/GSOFREI T-I (N/A) ....... z 24.21 NA NA 5.4Blackstone/GSOFREIU (N/A) ......... z 24.67 NA NA 5.4Blstn CommntyDev (N/A) ............... z 10.06 NA NA 3.4BNYMAlcntr GlbMSCr Fd (N/A) ..... z 101.14 NA NA 6.9CLIFFWATERCL FD;I (N/A) ............. z 10.54 NA NA 5.1CNRStrategic Credit (N/A)-a ............ z 10.16 NA NA 7.8FedProj&TrFinanceTendr (N/A) ...... z 10.01 NA NA 2.8FSGlobal Crdt OpptysD (N/A) ......... z NA NA NA 8.5SchrdrsOpp Inc;A (N/A) ................. z 25.75 NA NA 1.1SchrdrsOpp Inc;A2 (N/A) ............... z NA NA NA NSSchrdrsOpp Inc;I (N/A) .................. z 25.77 NA NA 1.1SchrdrsOpp Inc;SDR (N/A) ............ z 25.81 NA NA 1.2InvescoSr LoanA (N/A) .................. z 6.26 NA NA 4.4InvescoSr LoanC (N/A) .................. z 6.28 NA NA 3.7InvescoSr Loan IB (N/A) ................. z 6.26 NA NA 4.6InvescoSr Loan IC (N/A) ................. z 6.26 NA NA 4.5InvescoSr LoanY (N/A) .................. z 6.27 NA NA 4.6Pioneer Sec Inc (N/A) ...................... z 9.69 NA NA NSHighYieldBondFundsGriffin Inst AccessCd:A (N/A) ......... z NA NA NA 6.1Griffin Inst AccessCd:C (N/A) ......... z NA NA NA 6.1Griffin Inst AccessCd:F (N/A) .......... z NA NA NA 6.2Griffin Inst AccessCd:I (N/A) .......... z NA NA NA 6.1Griffin Inst AccessCd:L (N/A) .......... z NA NA NA 6.2PIMCOFlexible Cr I;A-2 (N/A) .......... z 9.20 NA NA 9.8PIMCOFlexible Cr I;A-3 (N/A) .......... z 9.20 NA NA NSPIMCOFlexible Cr I;A-4 (N/A) .......... z 9.20 NA NA 10.1PIMCOFlexible Cr I;Inst (N/A) ......... z 9.20 NA NA 10.9PionrILSBridge (N/A) ..................... z NA NA NA 0.0WAMiddleMkt Inc (N/A) ................. z NA NA NA 8.7OtherDomesticTaxableBondFundsAlternative Credit Inc:A (N/A)-a ........ z 10.28 NA NA 8.0Alternative Credit Inc:C (N/A)-a ........ z 10.40 NA NA 7.3Alternative Credit Inc:I (N/A)-a ......... z 10.30 NA NA 8.2Alternative Credit Inc:L (N/A)-a ........ z 10.28 NA NA 7.7Alternative Credit Inc:W (N/A)-a ....... z 10.28 NA NA 8.0AmBeaconApollo TR:T (N/A)-a ....... z 10.27 NA NA 1.7AmBeaconApollo TR:Y (N/A)-a ....... z 10.32 NA NA 2.5AmBeaconSPEnh Inc:T (N/A) ........ z 9.63 NA NA NSAmBeaconSPEnh Inc:Y (N/A) ........ z 9.70 NA NA 3.3BRCredit Strat;A (N/A)-a .................. z 10.38 NA NA NSBRCredit Strat;Inst (N/A)-a .............. z 10.38 NA NA 5.1BlackRockMlt-Sctr Oppty (N/A) ...... z 87.15 NA NA 8.6BlackRockMlt-SecOpp II (N/A) ...... z 91.58 NA NA 8.3Carlyle Tact Pvt Cred:A (N/A) ........... z NA NA NA 8.2Carlyle Tact Pvt Cred:I (N/A) ............ z NA NA NA 9.1Carlyle Tact Pvt Cred:L (N/A) ........... z NA NA NA 8.6Carlyle Tact Pvt Cred:M (N/A) .......... z NA NA NA NSCarlyle Tact Pvt Cred:N (N/A) .......... z NA NA NA 9.1Carlyle Tact Pvt Cred:Y (N/A) ........... z NA NA NA 8.8CIONAresDvsfd Crdt;A (N/A) ......... z NA NA NA 5.7CIONAresDvsfd Crdt;C (N/A) ......... z NA NA NA 5.7CIONAresDvsfd Crdt;I (N/A) .......... z NA NA NA 5.6CIONAresDvsfd Crdt;L (N/A) .......... z NA NA NA 5.6CIONAresDvsfd Crdt;U (N/A) ......... z NA NA NA 5.6CIONAresDvsfd Crdt:U2 (N/A) ....... z NA NA NA NSCIONAresDvsfd Crdt;W (N/A) ........ z NA NA NA 5.6CNRSelect Strategies (N/A) ............ z 11.59 NA NA 0.0First Eagle Crdt OppsA (N/A) ........... z 25.43 NA NA NSFirst Eagle Crdt Opps I (N/A) ............ z 25.43 NA NA NSGLBeyond Income (N/A) ................ z 0.64 NA NA NEKKRCREDITOPPTY;D (N/A) ........... z NA NA NA NSKKRCREDITOPPTY;I (N/A) ............ z NA NA NA NSKKRCREDITOPPTY;T (N/A) ........... z NA NA NA NSKKRCREDITOPPTY;U (N/A) ........... z NA NA NA NSLordAbbett CredOpps Fd (N/A) ...... z 10.36 NA NA 7.2LordAbbett CredOpps Fd (N/A) ...... z 10.36 NA NA 7.8LordAbbett CrdOp:U (N/A) ............. z 10.36 NA NA NSPalmer SquareOpp Inc (N/A) .......... z 18.31 NA NA 6.0Thrivent Church Ln&Inc:S (N/A) ..... z 10.88 NA NA 2.6World IncomeFundsDestra Int&Evt-DvnCrd:A (N/A) ...... z 26.30 NA NA 4.6Destra Int&Evt-DvnCrd:I (N/A) ....... z 26.31 NA NA 4.8Destra Int&Evt-DvnCrd:L (N/A) ...... z 26.28 NA NA 4.4Destra Int&Evt-DvnCrd:T (N/A) ...... z 26.25 NA NA 4.2NationalMuniBondFundsPIMCOFlexMun Inc;A-3 (N/A) ........ z 11.45 NA NA 2.1PIMCOFlexMun Inc:A1 (N/A) ......... z 11.45 NA NA NSPIMCOFlexMun Inc;A2 (N/A) ......... z 11.45 NA NA NSPIMCOFlexMun Inc;Inst (N/A) ....... z 11.45 NA NA 2.8Tortoise Tax-AdvSoc Inf (N/A)-a ...... z 9.51 NA NA 5.0
Wells Fargo IncomeOppty (EAD) .... A 8.95 8.14 – 9.1 8.8WstAstHIF II (HIX)-a ........................ N NA 6.85 NA 8.4Western Asset Hi IncOpp (HIO)-a .... N NA 4.98 NA 7.7Western Asset Hi YldDO (HYI)-a ..... N NA 15.17 NA 7.4OtherDomesticTaxableBondFundsApollo Tactical Income (AIF) ........... N NA 14.33 NA 7.2AresDynamic Crdt Alloc (ARDC) ..... N NA 14.18 NA 8.9BaringsCorporate Inv (MCI) ........... N NA 13.08 NA 7.7BaringsPart Inv (MPV) ................... N NA 12.29 NA 7.1BlackRockMlt-Sctr Inc (BIT) .......... N 18.31 17.05 – 6.9 8.7BlackRock TaxMuni Bd (BBN) ........ N 25.35 27.30 + 7.7 5.0DoubleLine:Oppor Crdt Fd (DBL) .... N 19.48 19.15 – 1.7 7.1Duff&PhUtil Cor (DUC) .................. N 9.58 10.12 + 5.6 5.9EVLmtDurIncm (EVV) ..................... A 13.66 12.26 – 10.2 9.8Franklin LtdDur Income (FTF) ......... A NA 9.23 NA 10.8JHan Investors (JHI) ...................... N 18.26 17.44 – 4.5 7.8KKR IncomeOpportunities (KIO) .... N NA 14.27 NA 10.5MFSCharter (MCR) ........................ N 8.92 8.45 – 5.3 8.1Nuveen TaxableMuni Inc (NBB) ...... N 22.85 23.66 + 3.5 4.8PCMFund (PCM) ............................ N NA 10.77 NA 8.9PIMCOCorp& IncOppty (PTY) ....... N NA 17.73 NA 9.1PIMCOCorp& IncStrat (PCN) ........ N NA 17.08 NA 8.3PIMCOHilnco (PHK) ....................... N NA 6.04 NA 11.1PIMCO IncmStrFd (PFL) ................. N NA 11.24 NA 9.7PIMCO IncmStrFd II (PFN) .............. N NA 9.84 NA 9.8PutnamMas Int (PIM)-a ................... N NA 4.16 NA 8.6PutnamPrem Inc (PPT)-a ................ N NA 4.54 NA 9.1Wells FargoMulti-Sector (ERC) ...... A 12.96 12.08 – 6.8 9.7World IncomeFundsAbrdnAP IncFd (FAX) ..................... N 4.91 4.43 – 9.8 7.8AberdeenGlobal Income (FCO) ....... N 7.08 8.08 + 14.1 10.5BlackRock 2022Gl IncOp (BGIO) ... N 9.19 8.92 – 2.9 6.9BrndywnGLBGlb IncOppts (BWG)-a N NA 12.32 NA 7.0EtnVncStDivInc (EVG)-a .................. N 13.78 12.40 – 10.0 7.2First Tr/AbGlbl Inc (FAM) ................ N 11.33 10.47 – 7.6 9.2MSEmMktDomDebt (EDD) ............ N 7.27 6.22 – 14.4 7.4MsEmMktDebtFd (MSD) ................ N 10.55 9.19 – 12.9 5.0Nuveen EMDbt 2022 Tg Tr (JEMD) . N 7.89 7.53 – 4.6 5.9PIMCODynCrd&Mrt Inc (PCI) ....... N NA 20.89 NA 12.2PIMCODynamic Income (PDI) ........ N 24.71 26.31 + 6.5 11.5PIMCO IncomeOpportunity (PKO) .. N 23.49 24.97 + 6.3 9.1PIMCOStratg Inc (RCS) .................. N NA 6.95 NA 9.7StoneHarbor EMTot Inc (EDI) ......... N 8.52 8.92 + 4.7 15.4StoneHarbor EmgMkts Inc (EDF) ... N 7.34 8.01 + 9.1 19.3Templeton Em Inc (TEI) .................. N 8.87 7.74 – 12.7 7.7TempltnGlbl Inc (GIM) ................... N 6.08 5.50 – 9.5 4.5VirtusGlMSec Inc (VGI) ................. N 12.67 11.99 – 5.4 11.6WstAstEmergDebt (EMD)-a ............. N NA 13.78 NA 8.8Western Asset Gl CrDOp (GDO)-a ... N NA 17.93 NA 6.7NationalMuniBondFundsAllBerNatlMunInc (AFB) ................. N 15.41 14.07 – 8.7 4.2BlckRk InvQMun (BKN) ................. N 16.69 17.24 + 3.3 4.2BlckRk L-TMuni Adv (BTA) ............. N 13.02 12.86 – 1.2 4.7BRMu InDur (MUI) ......................... N 16.09 14.82 – 7.9 4.0BlackRockMuni 2030 Tgt (BTT) ...... N 26.78 25.17 – 6.0 2.9BlackRockMunBd (BBK) ................ N 16.76 15.97 – 4.7 4.3BlackRockMuni (BFK) .................... N 14.70 15.30 + 4.1 4.4BlackRockMuni II (BLE) ................. N 15.14 15.29 + 1.0 4.6BlckRkMun Inc Inv (BBF) ............... N 14.39 13.36 – 7.2 4.5BlckRkMuni IncQly (BYM) ............. N 15.88 15.01 – 5.5 4.0BlckRkMuni Inc InvQly (BAF) ......... N 15.53 14.69 – 5.4 4.4BRMuniAssets Fd (MUA) ............... N 14.41 14.59 + 1.2 4.3BRMuniEnhanced (MEN) ............... N 12.48 11.74 – 5.9 4.1BRMuniHoldng2 (MUH) ................. N 16.03 14.97 – 6.6 4.6BRMuniHoldingsQly (MFL) ........... N 15.12 14.05 – 7.1 3.9BRMHQly (MUS) ........................... N 14.13 13.13 – 7.1 4.3BRMHQly 2 (MUE) ......................... N 14.25 13.30 – 6.7 4.3BRMuniHoldngs (MHD) ................. N 17.27 16.11 – 6.7 4.5BRMuniVest Fd (MVF) .................... N 9.88 9.08 – 8.1 4.4BRMuniVest 2 (MVT) ..................... N 15.52 14.62 – 5.8 4.4BRMuniYield Fd (MYD) .................. N 15.19 14.12 – 7.0 4.7BRMuniYld Invest Qly (MFT) .......... N 14.48 14.22 – 1.8 4.5BRMuniYieldQlty (MQY) ................ N 16.60 16.70 + 0.6 4.1BRMuniYldQlty2 (MQT) ................ N 14.59 13.89 – 4.8 4.1BRMuniYldQly 3 (MYI) .................. N 15.28 14.16 – 7.3 3.9BRMuniYldInv (MYF) ..................... N 14.69 13.89 – 5.4 4.8BlckRkStrMuni (BSD) .................... N 14.70 14.15 – 3.7 4.7BNYMellonMuni Bd Infra (DMB) .... N 14.53 13.91 – 4.2 4.5BNYMellonMuni Income (DMF) ..... A 9.32 8.70 – 6.7 4.8BNYMellonStrMuni Bond (DSM) ... N 8.33 7.65 – 8.2 4.7BNYMellonStratMuni (LEO) .......... N 8.65 8.31 – 3.9 4.9Del InvNatlMuni Income (VFL) ....... A 14.85 13.15 – 11.4 3.9DTF Tax-Free Income (DTF) ............ N 16.07 14.70 – 8.5 3.1DWSMuni Inc (KTF) ....................... N 12.77 11.31 – 11.4 4.1DWSStratMun (KSM) .................... N 12.74 11.30 – 11.3 4.4EVMuniBd (EIM)-a ........................... A 14.29 13.31 – 6.9 4.3EVMuniIncm (EVN) ........................ N 14.27 13.27 – 7.0 4.2EVNatMuniOpp (EOT)-a ................... N 21.79 20.35 – 6.6 3.7
12mosStock Market Prem Yield
FundName (Symbol) Exch NAV Price /Disc 11/30/20
Data provided byWeekly Closed-End Funds52Week
Stock Market Prem MarketFundName (Symbol) Exch NAV Price /Disc Return
NuveenNYMuni Value 2 (NYV) ....... N 15.87 14.89 – 6.2 2.3NuveenNYQualMuni Inc (NAN) ..... N 15.61 14.17 – 9.2 4.3NuveenNYSel Tx-Free (NXN) ......... N 14.45 14.08 – 2.6 3.5NuveenOHQualMuni Inc (NUO) ..... N 17.78 15.58 – 12.4 3.4NuveenPAMuni Value (NPN) ......... N 15.14 14.10 – 6.9 2.7NuveenPAQualMuni Inc (NQP) ..... N 15.93 14.04 – 11.9 4.5NuveenVAQltyMun Inc (NPV) ....... N 15.39 16.05 + 4.3 3.5PIMCOCA (PCQ) ............................ N NA 18.19 NA 4.5PIMCOCAMuniII (PCK) ................... N NA 9.00 NA 4.2PimcoCAMuni III (PZC) ................. N NA 10.32 NA 4.4PIMCONY (PNF) ............................ N NA 11.59 NA 4.3PIMCONYMuniII (PNI) ................... N NA 10.79 NA 4.5PimcoNYMuni III (PYN) ................. N NA 8.76 NA 4.7GeneralEquityFundsAlternative Strategies:I (N/A) .......... z 5.47 NA NA – 13.7AMGPantheon:1 (N/A) ................... z NA NA NA NA
SpecializedEquityFundsBluerock Total Inc+RE:A (N/A) ........ z 29.21 NA NA 1.3Bluerock Total Inc+RE:C (N/A) ........ z 27.79 NA NA 0.6Bluerock Total Inc+RE:I (N/A) ......... z 29.77 NA NA 1.6Bluerock Total Inc+RE:L (N/A) ........ z 28.95 NA NA 1.1BroadstoneRl Est Acc:I (N/A) .......... z 9.62 NA NA – 5.5BroadstoneRl Est Acc:W (N/A) ....... z 9.62 NA NA – 5.6CIMRA&CA (N/A) .......................... z NA NA NA NSCIMRA&CC (N/A) .......................... z NA NA NA NSCIMRA&C I (N/A) ........................... z NA NA NA NSCIMRA&CL (N/A) .......................... z NA NA NA NSClarionPartnersREID (N/A) ........... z NA NA NA NAClarionPartnersREI I (N/A) ............. z NA NA NA NAClarionPartnersREI S (N/A) ........... z NA NA NA NAClarionPartnersREI T (N/A) ............ z NA NA NA NAGriffin Inst AccessRE:A (N/A) ......... z NA NA NA NAGriffin Inst AccessRE:C (N/A) ......... z NA NA NA NAGriffin Inst AccessRE:I (N/A) .......... z NA NA NA NAGSReal Est Div Inc:A (N/A) ............. z 9.80 NA NA – 2.4GSReal Est Div Inc:C (N/A) ............. z 9.78 NA NA – 3.1GSReal Est Div Inc:I (N/A) .............. z 10.22 NA NA – 2.2GSReal Est Div Inc:L (N/A) .............. z 9.80 NA NA – 2.6GSReal Est Div Inc:W (N/A) ............ z 9.95 NA NA – 2.4NexPointRlEstStrat;A (N/A) ............ z 15.86 NA NA – 13.7NexPointRlEstStrat;C (N/A) ............ z 16.02 NA NA – 14.2NexPointRlEstStrat;Z (N/A) ............ z 16.02 NA NA – 13.5PREDEX;I (N/A)-a ............................ z 25.08 NA NA 0.4PREDEX;T (N/A)-a ........................... z 25.19 NA NA 0.3PREDEX;W (N/A)-a .......................... z 25.19 NA NA 0.3Principal DvsSel RAA (N/A) ........... z 25.60 NA NA 0.7Principal DvsSel RA Ins (N/A) ......... z 25.66 NA NA 1.0Principal DvsSel RAY (N/A) ........... z 25.73 NA NA 1.2SharesPost 100;A (N/A) .................. z 36.61 NA NA 25.5SharesPost 100:I (N/A) ................... z 36.89 NA NA 25.8SharesPost 100:L (N/A) .................. z 36.34 NA NA 25.2USQCoreReal Estate:I (N/A) ........... z 24.64 NA NA 0.1USQCoreReal Estate:IS (N/A) ........ z 24.65 NA NA 0.1VersusCapMMgrRE Inc:I (N/A) ..... z 27.17 NA NA NEVersusCapital Real Asst (N/A) ........ z 25.29 NA NA 1.0Wildermuth Endwmnt:A (N/A) ........ z 13.44 NA NA – 3.9Wildermuth Endwmnt:C (N/A) ........ z 12.94 NA NA – 4.7Wildermuth Endowment:I (N/A) ...... z 13.52 NA NA – 4.2Income&PreferredStockFundsA3Alternative Cr (N/A) .................... z 10.17 NA NA 4.7Calamos L/S Eqty andDI (CPZ) ....... z 20.64 17.31 – 16.1 9.4DestraMulti-Altrntv;A (N/A) ............ z 12.01 NA NA – 7.2DestraMulti-Altrntv;C (N/A) ............ z 11.48 NA NA – 7.8DestraMulti-Altrntv;I (N/A) ............. z 12.26 NA NA – 6.9DestraMulti-Altrntv;T (N/A) ............ z 11.66 NA NA – 7.6Flat RockOpportunity (N/A) ............ z 19.63 NA NA 13.1TheRelative Value:CIA (N/A) ........... z NA NA NA NAVariant Altrntv Inc:Inst (N/A) ........... z 26.77 NA NA 5.8Variant Altrntv Inc:Inv (N/A) ............ z 26.77 NA NA 5.6ConvertibleSec's. FundsCalmosDynConv and Inc (CCD) ..... z 30.65 28.87 – 5.8 58.8
WorldEquityFundsACAPStrategic:A (N/A) ................... z 27.32 NA NA 52.2ACAPStrategic:W (N/A) .................. z 20.15 NA NA 53.4BMOLGMFrontME;I (N/A) ............. z 6.33 NA NA – 24.8CalamosGlbTotRet (CGO) ............... z 14.41 14.90 + 3.4 30.9Primark Priv Eq Inv:I (N/A) .............. z NA NA NA NSVirtusTotalRetFd (ZTR) ................... z 9.24 8.72 – 5.6 – 1.9LoanParticipationFunds
12mosStock Market Prem Yield
FundName (Symbol) Exch NAV Price /Disc 11/30/20
12mosStock Market Prem Yield
FundName (Symbol) Exch NAV Price /Disc 11/30/20
ContinuouslyOffered52Week
Stock Market Prem MarketFundName (Symbol) Exch NAV Price /Disc Return
3M -1.90American Express -0.16Amgen -5.56Apple 5.32Boeing -2.60Caterpillar -1.40Chevron -1.86Cisco Systems -0.90Coca-Cola -0.30Disney 0.84Dow -0.87Goldman Sachs 14.03Home Depot 0.47Honeywell Intl -0.51IBM -1.16Intel -0.39Johnson & Johnson -2.04JPMorgan Chase 5.44McDonald's -3.69Merck 0.61Microsoft 4.16Nike Cl B 4.32Procter & Gamble -1.32Salesforce.com -1.65Travelers Cos -0.37UnitedHealth Group 2.41Verizon Communications -1.62Visa Cl A -2.61Walgreens Boots Alliance -1.07Walmart -2.45
Alaska Air Group 1.90American Airlines Group -0.85Avis Budget Group 0.66CH Robinson Worldwide 2.06CSX -0.61Delta Air -0.95Expeditors Intl of Wash -0.76FedEx -6.75JB Hunt Transport -3.04JetBlue Airways 0.08Kansas City Southern 2.11Kirby Corp 1.32Landstar System 0.45Matson Inc. -0.97Norfolk Southern 2.00Ryder System 0.71Southwest Airlines 0.25Union Pacific -0.21United Airlines -1.48United Parcel Service B -2.99
AES 0.73American Elec Power -1.87American Water Works -1.10Atmos Energy -2.34Consolidated Edison -0.71Dominion Energy -1.14Duke Energy -0.65Edison Intl -0.35Exelon -0.74FirstEnergy -0.66NextEra Energy 0.47Public Service Enterprise 0.33Sempra Energy -4.80Southern -0.34Xcel Energy -1.47
Note: Theoretical highs and lows are shown.
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SECForm 144must be filed by holders of restricted securities (also called letter stock) who intend to sell shares. Shares Indi-cated: thenumbertobesold.SalesDate: theapproximatedateof thesale. (Sometimessharesaren'tsold,eventhoughtheirownerhas filed aForm144.) Source:ThomsonReuters
Shares SaleCompany Sym Indicated $Value Date Seller TitlePagerduty PD 700,000 31,395,000 12/16/20 Solomon, DanAlexandru AFTradewebMarkets TW 500,000 33,040,000 12/17/20 Olesky, Lee AFCopart CPRT 300,000 36,359,503 12/15/20 Adair, Aaron UTOnSemiconductor ON 300,000 9,396,000 12/15/20 Jackson, Keith UTGlobusMedical GMED 217,075 13,934,000 12/16/20 Demski, David O8X8 EGHT 200,000 6,010,100 12/14/20 Verma, Vikram AFSquare SQ 200,000 43,470,000 12/14/20 Mckelvey, James AFSareptaTherapeutics SRPT 176,447 30,017,164 12/17/20 Howton, David AFMonarchCasino&Resort MCRI 166,665 8,981,576 12/14/20 Farahi, David-Jacques UTPeloton Interactive PTON 163,500 19,145,850 12/14/20 Lynch,William AF
Divs Yield% 3.25 3.21 2.92Divs $ 27.51 27.49 25.60Mkt to Book 2.26 2.29 2.36BookValue $ 374.40 374.40 370.98S&P500 Index 3703.06 3709.41 3240.02P/ERatio 37.32 37.38 23.95EarnsYield% 2.68 2.68 4.17Earns $ 99.23 99.23 135.27Divs Yield% 1.55 1.56 1.86Divs $ 57.40 57.87 60.36Mkt to Book 4.05 4.06 3.80BookValue $ 914.49 914.49 851.62S&P Ind Index 5226.14 5246.33 4387.80P/ERatio 43.11 43.28 26.54EarnsYield% 2.32 2.31 3.77Earns $ 121.22 121.22 165.30Divs Yield% 1.38 1.39 1.72Divs $ 72.12 72.92 75.47Mkt to Book 5.53 5.56 4.97BookValue $ 944.26 944.26 883.41
Last Prev. YearWeek Week Ago
U.S. DOLLAR INDEX vs EURO and YEN
-10
0
10
J F M A M J J A S O N D
EURO in $s
YEN in $s
DXY (90.36)s
Source: Tullett Prebon
Brexit to the Right: Although a Thursday deal on Brexit lifted the pound and soft-ened the euro, the U.S. Dollar Index edged up 0.6% from last week, to 90.36.
DJ latest 52-week earnings and dividends adjusted by Dow Divisors at Friday's close. S&P Dec. 4-quarter's GAAP earnings asreported and indicated dividends based on Friday close.S&P 500 P/E ratios based on GAAP earnings as reported. For additionalearnings series, please refer towww.spglobal.com.DJ latest availablebookvalues forFY2019and2018, andS&Platest for 2018and2017. r-Reviseddata
Market LaboratoryBARRON'S50-STOCKAVERAGE
This index is anweighted average of 50 leading issues.Useful in security valuation. Source:Barron's Stats
This is a list of the Dow Jones trailing 52-week dilutedshare earnings, dividends and book values as reportedby the company. Bolded numbers indicate new values.SourcesBarron's Stats andFactSet.IndustrialStocks
DELTAMARKETSENTIMENT INDICATORTheDeltaMSImeasures the position of~1,800 stocks relative to anintermediate-term moving average crossover (MAC) point. Whengreater than50%of thestocks followedareabovethisMACpoint, themarket is bullish and equities are attractive. When the indicator isbelow 50%, risk is elevated and stock exposures should be reduced.Managerusesdiscretiononasset allocationwhenMSI is 50%+/- 3%.
The yearly Barron's 400 Index price; with a high/lowrangebasedon thedaily close.Year High Date Low Date
2020 851.83 Dec 24 455.11 Mar 232019 735.71 Dec 26 602.68 Jan 032018 786.73 Aug 29 571.68 Dec 242017 716.60 Dec 18 600.24 Jan 192016 611.12 Dec. 09 446.15 Feb. 112015 586.75 Jun 23 497.51 Sept 292014 547.54 Dec 29 478.01 Feb. 032013 512.32 Dec 31 374.72 Jan 022012 375.62 Sept 14 321.42 Jan 022011 365.33 July 07 268.51 Oct 032010 325.28 Dec 21 250.02 Feb. 082009 266.81 Dec 28 144.83 Mar 092008 318.98 Jun 05 149.12 Nov 202007 350.95 July 13 293.87 MAr 05
The yearly Nasdaq Composite Index; with a high/lowrangebasedon thedaily close.Year High Date Low Date
2020 12807.92 Dec 22 6860.67 Mar. 232019 9022.39 Dec 26 6463.50 Jan. 032018 8109.69 Aug. 29 6192.92 Dec. 242017 6994.76 Dec. 18 5429.08 Jan. 032016 5487.44 Dec. 27 4266.84 Feb. 112015 5218.86 July 20 4506.49 Aug. 252014 4806.91 Dec 29 3996.96 Feb. 032013 4176.59 Dec 31 3091.81 Jan. 082012 3183.95 Sept 14 2648.36 Jan. 042011 2873.54 Apr 29 2335.83 Oct. 032010 2671.48 Dec 22 2091.79 July 022009 2291.28 Dec 30 1268.64 Mar. 092008 2609.63 Jan 02 1316.12 Nov 202007 2859.12 Oct 31 2340.68 Mar. 052006 2465.98 Nov 22 2020.39 July 212005 2273.37 Dec 02 1904.18 Apr 282004 2178.34 Dec. 30 1752.49 Aug. 122003 2009.88 Dec. 30 1271.47 Mar. 112002 2059.38 Jan. 04 1114.11 Oct. 092001 2859.15 Jan. 24 1423.19 Sept. 212000 5048.62 Mar. 10 2332.78 Dec. 201999 4069.31 Dec. 31 2248.91 Feb. 171998 2192.69 Dec. 31 1419.12 Oct. 081997 1748.78 Oct. 09 1194.16 Apr. 221996 1328.95 Dec. 10 977.79 Sept. 161995 1075.14 Dec. 05 740.44 Jan. 041994 803.93 Mar. 18 693.79 June 241993 787.42 Oct. 15 645.87 Apr. 261992 676.95 Dec. 31 547.84 June 26
GOLD&SILVERPRICESDue to theholiday, therewill benodata for theweek.SourceManfra, Tordella&Brookes, Inc.
INVESTORSENTIMENTREADINGSHigh bullish readings in the Consensus stock index or in theMarket Vane stock index usually are signs ofMarket tops; lowones,market bottoms.
BestGradeBonds-y (Barron's index of 10 high-gradecorporate bonds.)
1.32 1.35 2.68
Interm-GradeBonds-y (Barron's index of 10medium-grade corporate bonds.)
2.66 2.68 3.46
Confidence Index (High-grade index divided by inter-mediate-grade index; decline in latter vs. former generallyindicates rising confidence, pointing to higher stocks.)
49.4 50.4 77.5
OtherConfidence Indicators:
BloombergBarclaysUSLongTreasury*(Thisindexmeasures the performance of fixed-rate, nominal USTreasurieswith at least 10 years tomaturity. Jan. 1, 1973=100.)
4703.39 4673.87 4043.17
BloombergBarclaysUSCredit ( All issues have atleast one year tomaturity and outstanding par value of at least$250million. Jan. 1, 1973=0.) (v)
3365.32 3367.69 3087.01
Last Prev. YrAgoWeek Week Week
RyanLabsTreasury Index (Index of total return fromactive Treasury notes and bonds. Dec. 31, 1996=100.)
327.99 328.58 298.90
BondBuyer20Bond Index (Index of yields of 20general obligationmunicipal bonds.)
2.12 2.12 2.74
BondBuyerMunicipalBond Index (Index of 40actively-traded tax-exempt bonds; component issues arechanged regularly to keep the index a current picture of themarket. Source: TheBondBuyer
3.46 3.46 3.63
Stock/BondYieldGap-s (Difference between yield onhighest-grade corporate bonds and yield on stocks on theDJIA.)
v-Week ended Wednesday. y-Yield to maturity, week endedWednesday. z-Source: Refinitiv.*Barclays T-Bond Index discontin-uedby firm.
ARMSINDEX
TheArmsindex,alsoknownastheshorttermtradingindex, isanumberderivedbydividingonequotientintoanotherquotient.Thenumeratorinthe index is the number of advancing stocks divided by the number ofdeclining stocks. As of 3/14/11, the denominator in the index is now thecompositevolumeofadvancingstocksdividedbythecompositevolumeofdecliningstocks.
Readings in the CBOE equity put-call ratio of 60:100and in the S&P 100 of 125:100 are considered bullish,for instance. Bearish signals flash when the equityput-call level reaches the vicinity of 30:100 and theindex ratio hits 75:100.
S&P 100s
CBOEs
FOREIGNEXCHANGEThursday,December24,2020
TheNewYorkforeignexchangemid-rangeratesarequotedat5p.m. Eastern time by Tullett Prebon. Retail transactions pro-vide fewerunits of foreign currencyperdollar.
Foreign Foreign U.S. $ in U.S. $ inCurrency Currency Foreign ForeigninU.S.$ inU.S.$ Currency Currency
Foreign Foreign U.S. $ in U.S. $ inCurrency Currency Foreign ForeigninU.S.$ inU.S.$ Currency Currency
Country Fri. Last Fri. Fri. Last Fri.
NOTICE TO READERS: Money Supply is notavailable from source due to the holiday.See www.barrons.com/market-data/market-labon Tuesday morning for updated table.
NOTICE TO READERS: Fed Reserve Data Bankis not available from source due to the holiday.See www.barrons.com/market-data/market-labon Tuesday morning for updated table.
BARRON'SGOLDMININGINDEX12-Month Year Week%High Low 12/24 12/18 Ago Chg.
Wednesday(December 30)Amdocs .327America FirstMultifamily .06ATN International .17BancFirst .34BRP .11Colliers International .05CVB Financial .18EncoreWire .02EnsignGroup .052Fifth Third Bancorp .27First BancorpNC .18First Internet Bancorp .06FirstService .165Fulton Financial .13Level OneBancorp .05
Liberty BroadbandCl A .438Mondelez Intl Cl A .315Monolithic Power Sys .50National General .05Pegasystems .03Primoris Services .06ServisFirst Bancshares .20Steel Dynamics .25Village SuperMarket Cl A .25Willis TowersWatson .71YorkWater .187
NYSEMVCCapital (MVC)RaMedical Systems (RMED)NasdaqDestinationXLGroup (DXLG)Perceptron (PRCP)Reliv International (RELV)Schultze Special PurposeAcquisition (SAMA)
NYSEMonday(December 28)American Intl Group .32Ellington Financial .10FedEx .65Fidelity National .35Fortive .07JBean Tech .10Knight-Swift Transport .08Newmont .40Systemax 2.00Voya Financial .15Westpac BankingADR .218WestpacBankingADR .235WilliamsCos .40WorldWrestling .12
Tuesday(December 29)American Financial Grp 2.00Argan .25Argan 1.00BerkshireHills Bancorp .12BrightSphere Invt Group .01Buckle .30Buckle 2.00CampingWorld Cl A .09CampingWorld Cl A .14CampingWorld Cl A .77Dick's SportingGoods .312GAMCO Investors Cl A .02Lear Corp .25Moelis 2.00Nike Cl B .275PQGroupHoldings 1.80South Jersey Indus .303VersoCl A .10Worthington Industries .25WRBerkley .12
Dow Industrials DowTransportationCos.Year High Date Low Date High Date Low Date
2020 30303.37 Dec 17 18591.93 Mar. 23 12803.02 Dec. 9 6703.63 Mar. 232019 28645.26 Dec 27 22686.22 Jan. 3 11098.99 Apr. 24 8881.49 Jan. 32018 26828.39 Oct 3 21792.20 Dec. 24 11570.84 Sept. 14 8637.15 Dec. 242017 24837.51 Dec. 28 19732.40 Jan. 19 10697.21 Dec. 28 8783.74 May 182016 19974.62 Dec. 20 15660.18 Feb. 11 9421.08 Dec. 8 6625.53 Jan. 202015 18312.39 May 19 15666.44 Aug. 25 9178.48 Feb. 24 7364.04 Dec. 182014 18053.71 Dec. 26 15372.80 Feb 3 9217.44 Dec. 29 7053.75 Feb. 32013 16576.66 Dec. 31 13328.85 Jan. 8 7400.57 Dec. 31 5435.74 Jan. 22012 13610.15 Oct. 5 12101.46 Jun. 6 5368.93 Feb. 3 4873.76 May 182011 12810.54 Apr. 29 10655.30 Oct. 3 5618.25 July 7 4038.73 Oct. 32010 11585.38 Dec 29 9686.48 July 2 5108.60 Dec. 30 3792.89 Feb. 82009 10548.51 Dec. 30 6547.05 Mar. 9 4188.16 Dec. 29 2146.89 Mar. 92008 13058.20 May 2 7552.29 Nov 20 5492.95 Jun 5 2988.99 Nov. 202007 14164.53 Oct 9 12050.41 Mar. 5 5446.49 Jul 19 4366.60 Nov. 212006 12510.57 Dec 27 10667.39 Jan. 20 4998.95 May 9 4090.95 Jan. 172005 10940.50 Mar 4 10012.36 Apr. 20 4266.75 Dec. 23 3382.89 Apr 15
M40 X W L C 10 11 12 H G R P BARRON’S 4 8 3 F A D 6 7 9 0 I December 28, 2020
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