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Vanguard Total Stock Market Index Fund
Fact sheet | June 30, 2021 Vanguard® Vanguard Total Stock Market Index Fund Domestic stock fund | Institutional Plus Shares Fund facts Risk level Total net Expense ratio Ticker Turnover Inception Fund Low High assets as of 04/29/21 symbol rate date number 1 2 3 4 5 $269,281 MM 0.02% VSMPX 8.0% 04/28/15 1871 Investment objective Benchmark Vanguard Total Stock Market Index Fund seeks CRSP US Total Market Index to track the performance of a benchmark index that measures the investment return of the Growth of a $10,000 investment : April 30, 2015—D ecember 31, 2020 overall stock market. $20,143 Investment strategy Fund as of 12/31/20 The fund employs an indexing investment $20,131 approach designed to track the performance of Benchmark the CRSP US Total Market Index, which as of 12/31/20 represents approximately 100% of the 2011 2012 2013 2014 2015* 2016 2017 2018 2019 2020 investable U.S. stock market and includes large-, mid-, small-, and micro-cap stocks regularly traded on the New York Stock Exchange and Annual returns Nasdaq. The fund invests by sampling the index, meaning that it holds a broadly diversified collection of securities that, in the aggregate, approximates the full Index in terms of key characteristics. These key characteristics include industry weightings and market capitalization, as well as certain financial measures, such as Annual returns 2011 2012 2013 2014 2015* 2016 2017 2018 2019 2020 price/earnings ratio and dividend yield. Fund — — — — -3.28 12.69 21.19 -5.15 30.82 21.02 For the most up-to-date fund data, Benchmark — — — — -3.29 12.68 21.19 -5.17 30.84 20.99 please scan the QR code below. -
Current Fact Sheet
Quarter 2, 2021 Mondrian U.S. Small Cap Equity Fund MPUSX Fund Objective Fund Performance The Fund seeks long-term total return. Since Quarter YTD 1 Year Inception * Fund Strategy Mondrian U.S. Small Cap Equity Fund 0.65%14.50% 44.76% 10.85% The Fund invests primarily in equity securities of U.S. Russell 2000 4.29%17.54% 62.03% 23.05% small-capitalization companies. Mondrian applies a Russell 2000 Value 4.56%26.69% 73.28% 18.77% defensive, value-oriented process that seeks to * Fund Inception December 17, 2018. Periods over one year are annualized identify undervalued securities that we believe will The performance data quoted represents past performance. Past performance is provide strong excess returns over a full market no guarantee of future results. The investment return and principal value of an cycle. investment will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost and current performance may be lower or higher than performance quoted. For performance data current to the most Fundamental research is strongly emphasized. recent month end, please call 888-832-4386. Extensive contact with companies enhances Sector Allocation qualitative and quantitative desk research, both prior to the purchase of a stock and after its 37.9% Industrials inclusion in the portfolio. 14.3% Information 23.6% The Fund is subject to market risks. Mondrian’s Technology 13.6% 11.8% approach focuses on providing a rate of return Materials meaningfully greater than the client’s domestic rate 3.8% 11.1% of inflation. -
Bank of Japan's Exchange-Traded Fund Purchases As An
ADBI Working Paper Series BANK OF JAPAN’S EXCHANGE-TRADED FUND PURCHASES AS AN UNPRECEDENTED MONETARY EASING POLICY Sayuri Shirai No. 865 August 2018 Asian Development Bank Institute Sayuri Shirai is a professor of Keio University and a visiting scholar at the Asian Development Bank Institute. The views expressed in this paper are the views of the author and do not necessarily reflect the views or policies of ADBI, ADB, its Board of Directors, or the governments they represent. ADBI does not guarantee the accuracy of the data included in this paper and accepts no responsibility for any consequences of their use. Terminology used may not necessarily be consistent with ADB official terms. Working papers are subject to formal revision and correction before they are finalized and considered published. The Working Paper series is a continuation of the formerly named Discussion Paper series; the numbering of the papers continued without interruption or change. ADBI’s working papers reflect initial ideas on a topic and are posted online for discussion. Some working papers may develop into other forms of publication. Suggested citation: Shirai, S.2018.Bank of Japan’s Exchange-Traded Fund Purchases as an Unprecedented Monetary Easing Policy.ADBI Working Paper 865. Tokyo: Asian Development Bank Institute. Available: https://www.adb.org/publications/boj-exchange-traded-fund-purchases- unprecedented-monetary-easing-policy Please contact the authors for information about this paper. Email: [email protected] Asian Development Bank Institute Kasumigaseki Building, 8th Floor 3-2-5 Kasumigaseki, Chiyoda-ku Tokyo 100-6008, Japan Tel: +81-3-3593-5500 Fax: +81-3-3593-5571 URL: www.adbi.org E-mail: [email protected] © 2018 Asian Development Bank Institute ADBI Working Paper 865 S. -
Russell 2000® Index Measures the Performance of the Small-Cap US Equity Market Segment of the US Equity Universe
Index factsheet Russell 2000 Index About the index True representation of the The Russell 2000® Index measures the performance of the small-cap US equity market segment of the US equity universe. The Russell 2000® Index is a subset Objective construction methodology of the Russell 3000® Index representing approximately 10% of the total Provides an unbiased, complete view of the US equity market capitalization of that index. It includes approximately 2,000 of the market and underlying market segments smallest securities based on a combination of their market cap and current Modular market segmentation index membership. The Russell 2000® is constructed to provide a Distinct building blocks to provide insight into the comprehensive and unbiased small-cap barometer and is completely current state of the market and inform asset allocation reconstituted annually to ensure larger stocks do not distort the decisions performance and characteristics of the true small-cap opportunity set. Reliable maintenance and governance Disciplined, reliable maintenance process backed by a well-defined, balanced governance system ensures the Index characteristics indexes continue to accurately reflect the market (As of 7/31/2021) Russell 2000® Russell 3000® Tickers Price/Book 2.71 4.46 Russell 2000® Dividend Yield 0.99 1.26 Bloomberg PR RTY P/E Ex-Neg Earnings 19.25 24.71 Bloomberg TR RU20INTR EPS Growth - 5 Years 9.76 17.01 Reuters PR .RUT Number of Holdings 1,975 2,997 Reuters TR .RUTTU Market capitalization (in billions USD) (As of 7/31/2021) For more information, including a list of ETFs based on FTSE Russell Indexes, please call us or visit Russell 2000® Russell 3000® www.ftserussell.com Average Market Cap ($-WTD) $3.274 $478.338 The inception date of the Russell 2000® Index is Median Market Cap $1.193 $2.636 January 1, 1984. -
Vanguard Total Stock Market Index Fund
Fact sheet | June 30, 2021 Vanguard® Vanguard Total Stock Market Index Fund Domestic stock fund | Institutional Shares Fund facts Risk level Total net Expense ratio Ticker Turnover Inception Fund Low High assets as of 04/29/21 symbol rate date number 1 2 3 4 5 $227,984 MM 0.03% VITSX 8.0% 07/07/97 0855 Investment objective Benchmark Vanguard Total Stock Market Index Fund seeks Spliced Total Stock Market Index to track the performance of a benchmark index that measures the investment return of the Growth of a $10,000 investment : January 31, 2011—D ecember 31, 2020 overall stock market. $35,603 Investment strategy Fund as of 12/31/20 The fund employs an indexing investment $35,628 approach designed to track the performance of Benchmark the CRSP US Total Market Index, which as of 12/31/20 represents approximately 100% of the 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 investable U.S. stock market and includes large-, mid-, small-, and micro-cap stocks regularly traded on the New York Stock Exchange and Annual returns Nasdaq. The fund invests by sampling the index, meaning that it holds a broadly diversified collection of securities that, in the aggregate, approximates the full Index in terms of key characteristics. These key characteristics include industry weightings and market capitalization, as well as certain financial measures, such as Annual returns 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 price/earnings ratio and dividend yield. Fund 1.09 16.42 33.49 12.56 0.42 12.67 21.17 -5.16 30.81 21.00 For the most up-to-date fund data, Benchmark 1.08 16.44 33.51 12.58 0.40 12.68 21.19 -5.17 30.84 20.99 please scan the QR code below. -
Small Cap Is Active Management's Rightful Home
SMALL CAP IS ACTIVE MANAGEMENT’S RIGHTFUL HOME Recent trends show a growing willingness among investors to apply indexing’s logic farther down the market-cap ladder. But, when it comes to smaller companies, the indexing argument isn’t very convincing. Maintaining exposure to the small-cap “category” through an index-based product eliminates the chance to benefit in an area that, we contend, offers active managers with fundamentals-based strategies the most consistent and pronounced opportunity to generate excess return. PASSIVE INFLUX: FUNDS FORM THE FOUNDATION WHILE ETFS KEEP PILING ON… The Vanguard Group introduced the first index fund at the end of 1975 as a low-cost way for investors to gain exposure to the companies of the S&P 500 Index, which account for roughly 80 percent of the stock market’s total capitalization. The strategy initially attracted $11 million in assets under management. According to S&P Dow Jones Indices, more than $7.8 trillion is currently benchmarked to the S&P 500 Index, “with index assets comprising approximately $2.2 trillion of this total.” Other estimates put indexing’s reach at more than one out of every three shares outstanding among the index’s component companies. The emergence of exchange-traded funds (ETFs), the first of which was launched in 1993 to track the S&P 500 Index, only adds momentum to passive investing’s growing presence within the equity market. Since 2008, when the SEC broadened the scope of allowable ETF strategies, the number of ETFs more than doubled to 1,594 through the end of 2015. -
Calamos Small Cap Market Snapshot
DATA AS OF 6/30/2021 WHAT’S NEW MARKET PULSE A little early…Last month, I made the bold prediction that the small cap MONTH-TO-DATE RETURNS correction was over. However, in June, they lagged by another 57 basis points R 2000 VALUE RUSSELL 2000 R 2000 GROWTH (Russell 2000 less Russell 1000). Falling 10-year Treasury yields during the last few weeks spooked many investors into rotating away from small caps. -0.61 1.94 4.69 R MICROCAP VALUE RUSSELL MICROCAP R MICROCAP GROWTH Even so, I’m not wavering. Small cap fundamentals continue to be rock-solid -0.63 2.19 6.36 and valuations versus large caps continue to look inexpensive, sitting at the 22nd percentile. In each of the past three small cap cycle peaks, valuations versus YEAR-TO-DATE RETURNS large caps surpassed the 83rd percentile. Small caps have a long way to go. I R 2000 VALUE RUSSELL 2000 R 2000 GROWTH conclude with an amazing small cap fact: since 1989, when small caps were up 26.69 17.54 8.98 more than 10% during the first six months of the year (the Russell 2000 was up R MICROCAP VALUE RUSSELL MICROCAP R MICROCAP GROWTH 17.5% in 1H 21), they continued to rise in the second half of the year, on average by another 12%. Buy the dip! 35.65 29.02 20.57 Brandon M. Nelson, CFA, Calamos Senior Portfolio Manager RUSSELL 2000 GROWTH VS. RUSSELL 1000 GROWTH RUSSELL 2000 GROWTH VS. S&P 500 GROWTH 300-DAY PERFORMANCE GICS SECTOR ALLOCATIONS (NET) 60% 50% Russell 2000 Growth 50% 40% S&P 500 Growth 40% 30% 30% 20% 20% 10% 10% 0% 0% -10% -20% -30% -40% 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 Past performance is not indicative of future results. -
Investing in the Marketplace
Investing in the Marketplace Prudential Retirement When you hear people talk about “the market,” you might think Did you know... we agree on what that means. Truth is, there are many indexes that represent differing segments of the market. And these …there is even indexes don’t always move in tandem. Understanding some of an index that the key ones can help you diversify your investments to better represent the economy as a whole. purports to track The Dow Jones Industrial Average (The Dow) is one of the oldest, most investor anxiety? well-know indexes and is often used to represent the economy as a Dubbed “The Fear whole. Truth is, though, The Dow only includes 30 stocks of the world’s largest, most influential companies. Why is it called an “average?” Index,” the proper Originally, it was computed by adding up the per-share price of its stocks, and dividing by the number of companies. name of the Chicago The Standard & Poor’s 500 Index (made up of 500 of the most widely- Board Options traded U.S. stocks) is larger and more diverse than The Dow. Because it represents about 70% of the total value of the U.S. stock market, the Exchange’s index is S&P 500 is a better indication of how the U.S. marketplace is moving as a whole. the VIX Index, Sometimes referred to as the “total stock market index,” the Wilshire and measures the 5000 Index includes about 7,000 of the more than 10,000 publicly traded companies with headquarters in the U.S. -
Risk-Adjusted Return Monitor Summary & Views
a global macro investment newsletter by Neil Azous Morning Edition | October 12, 2018 Risk-Adjusted Return Monitor CROSS-ASSET FOREX FIXED INCOME EQUITIES COMMODITIES THEMATIC PAIRS India SENSEX EUR/CNY UK 5-Yr Gilt India SENSEX Soybean China Exposure EU Cyclicals vs Defensives Saudi Tadawul USD/TWD South Korea 10-Yr Saudi Tadawul Gold None EU Domestic vs EM Exposure * Highlights the largest overnight positive and negative risk-adjusted returns across 160+ market proxies Summary & Views Contents These Are Not The Droids You Are Looking For Summary & Views Top Observations . The Pedestrian View Tracking Portfolio . Our View – Mutual Funds Economic Data . Our View – Hedge Funds . Our View – Global Macro . Financial Conditions Tracking Portfolio Admin – Schedule Tracking Portfolio Twitter @sbstimestamp The next edition of Sight Beyond Sight will be delivered on Monday. Bloomberg MCRO <go> Any updates to the tracking portfolio will be sent via Twitter (@sbstimestamp) or Bloomberg (MCRO<go>). Links Subscribe Now! Newsroom View Archive Permissions/Reprints Connect Twitter @neilazous These Are Not The Droids You Are Looking For The Pedestrian View This is the 23rd correction greater than 5% in the S&P 500 Index (SPX) since the March 2009 low. The average correction is -9.3% and the median correction is -8.4%. The average VIX peak is 32.1 and median peak is 30.3. From the high-to-low, the S&P 500 fell 7.8%, and the VIX peaked at 28.84. Add in the drawdowns in other benchmarks – Russell 2000 Index (RTY) -11.29% and NASDAQ-100 Index (NDX) - 10.49% – and the dozens of intra-day indicators showing extremes, and it is easier to understand that the correction is largely complete. -
USAA Extended Market Index Fund Fact Sheet
USAA EXTENDED MARKET INDEX FUND FUND: USMIX Q2 // JUNE 30, 2021 FUND FACTS PERFORMANCE Average Annual Total Returns (%) Inception Expense Ratio: Since Class Ticker As of June 30, 2021 Q2 2021 YTD 1 Year 3 Year 5 Year 10 Year Date Gross Net Inception Fund Shares 6.71 15.83 62.43 18.33 18.49 13.55 9.33 Fund 10/27/00 USMIX 0.42% 0.42% Wilshire 4500 Completion Index 6.83 16.11 63.07 18.81 18.99 14.32 – Net expense ratio reflects the contractual waiver Dow Jones U.S. Completion and/or reimbursement of management fees through 7.12 15.42 61.60 18.50 18.71 13.87 – June 30, 2023. Total Stock Market Investment Style Mid-Cap Growth Calendar Year Performance (%) Investment Objective and Strategy 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 The Fund seeks to match the performance, before fees and expenses, of the Wilshire Fund Shares -4.03 17.47 37.26 7.18 -3.76 15.48 17.72 -9.70 27.94 31.20 4500 Completion IndexSM. The Index is a market cap-weighted index consisting of Wilshire 4500 Completion Index -4.10 17.99 38.39 7.96 -2.65 17.84 -9.53 28.06 31.99 small and mid-cap companies in the U.S. 18.54 equity market. Under normal market Dow Jones U.S. Completion Total Stock Market conditions, the Fund will invest at least 80% -3.76 17.89 38.05 7.63 -3.42 15.75 18.12 -9.57 27.94 32.16 of its assets in securities or other financial Past performance does not guarantee future results. -
September 2020
From the desk of GS Wealth Management MONTHLY ECONOMIC UPDATE September 2020 MONTHLY QUOTE “You’ve got to get up every morning with THE MONTH IN BRIEF determination if you are going to go to bed with satisfaction.” U.S. Markets Stock prices surged in August as investors cheered positive news of a - George Lorimer potential COVID-19 treatment and welcomed a month-long succession of upbeat economic data. The Dow Jones Industrial Average rose 7.57 percent, the Standard & Poor’s 500 Index climbed 7.01 percent, and the Nasdaq Composite soared 9.59 MONTHLY TIP 1 percent. If you have a son or daughter graduating from college next Solid Foundation year, remind them to try and build an emergency fund. The month’s foundation was set by a series of strong economic reports, Those with the least including an increase in manufacturing activity, better-than-anticipated seniority can be the factory orders, and a lessening of new jobless claims.2,3,4 first to be laid off in the workplace, and sometimes that first Notching Highs job after college doesn’t work out. The S&P 500 index finally broke through resistance, ending the third week of August at a record high and completing the fastest bear market recovery in history. The Nasdaq Composite, having set multiple record highs during 5,6 the same week, also ended the month at a record high. Strong Close to the Month The final full week of trading was remarkable. Investors were encouraged by news of a potential COVID-19 treatment and a report suggesting U.S. -
Mr. Alp Eroglu International Organization of Securities Commissions (IOSCO) Calle Oquendo 12 28006 Madrid Spain
1301 Second Avenue tel 206-505-7877 www.russell.com Seattle, WA 98101 fax 206-505-3495 toll-free 800-426-7969 Mr. Alp Eroglu International Organization of Securities Commissions (IOSCO) Calle Oquendo 12 28006 Madrid Spain RE: IOSCO FINANCIAL BENCHMARKS CONSULTATION REPORT Dear Mr. Eroglu: Frank Russell Company (d/b/a “Russell Investments” or “Russell”) fully supports IOSCO’s principles and goals outlined in the Financial Benchmarks Consultation Report (the “Report”), although Russell respectfully suggests several alternative approaches in its response below that Russell believes will better achieve those goals, strengthen markets and protect investors without unduly burdening index providers. Russell is continuously raising the industry standard for index construction and methodology. The Report’s goals accord with Russell’s bedrock principles: • Index providers’ design standards must be objective and sound; • Indices must provide a faithful and unbiased barometer of the market they represent; • Index methodologies should be transparent and readily available free of charge; • Index providers’ operations should be governed by an appropriate governance structure; and • Index providers’ internal controls should promote efficient and sound index operations. These are all principles deeply ingrained in Russell’s heritage, practiced daily and they guide Russell as the premier provider of indices and multi-asset solutions. Russell is a leader in constructing and maintaining securities indices and is the publisher of the Russell Indexes. Russell operates through subsidiaries worldwide and is a subsidiary of The Northwestern Mutual Life Insurance Company. The Russell Indexes are constructed to provide a comprehensive and unbiased barometer of the market segment they represent. All of the Russell Indexes are reconstituted periodically, but not less frequently than annually or more frequently than monthly, to ensure new and growing equities and fixed income securities are reflected in its indices.