Standard and Poor’s 500® Index is a capitalization-weighted index of 500 stocks. This unmanaged index is designed to measure performance of the broad domestic economy through changes in the aggregate market value of 500 stocks representing all major industries. The index was developed with a base level of 10 for the 1941-43 base period. You cannot invest directly in an index.
Alpha compares risk-adjusted performance relative to an index. Positive alpha means outperformance on a risk-adjusted basis. Beta measures the volatility of a security or portfolio relative to an index. Less than one means lower volatility than the index; more than one means greater volatility. R-squared (R2) measures the relationship between portfolio and index performance on a scale of 0.00 (0%) to 1.00 (100%). A higher R2 indicates more of the portfolio’s performance is affected by market movements and vice versa. Price-to-Earnings (P/E) is calculated by dividing the current price of a stock by the company’s trailing 12 months’ earnings per share.
(**) As of June 30, 2023 Exchange Traded Funds included:
- SPDR S&P 500 ETF Trust 32.32%
- Vanguard Index FDS S&P 500 Index ETF Fund 14.85%
respectively of the Fund’s net assets. Fund holdings and composition are subject to change and are not recommendations to buy or sell any security. Current and future portfolio holdings are subject to risk.
(1) Bogle, John C. The Little Book of Common Sense Investing: the Only Way to Guarantee Your Fair Share of Stock… Market Returns. John Wiley, 2017, p. 33.
(2) Hagstrom, Robert G. The Warren Buffet Way: Third Edition. John Wiley, 2014, p. 78.
(3) Loeb, Gerald M. The Battle for Investment Survival. John Wiley, 2007, p. 227.
(4) Lynch, Peter, and John Rothchild. Beating the Street: a Special Edition for Worth Subscribers. Simon & Schuster, 1994, p. 27, 303.
(5) O’Shaughnessy, James P. What Works on Wall Street: the Classic Guide to the Best-Performing Investment Strategies of All Time. McGraw Hill, 2012, p. 192, 238.