Benchmark indices are provided so that a strategy’s performance can be compared with the performance of well-known and widely recognized indices.
A strategy’s holdings may differ significantly from the securities that comprise the index. It is not possible to invest directly in an index. Investors pursuing a strategy similar to an index may experience higher or lower returns and will bear the cost of fees and expenses that will reduce returns.
The Standard & Poor’s (S&P) 500 Index represents 500 large U.S. companies. The comparative market index is not directly investable and is not adjusted to reflect expenses that the SEC requires to be reflected in the fund’s performance.
The Russell 2000 Index measures the performance of the small-cap segment of the U.S. equity universe. The Russell 2000 is a subset of the Russell 3000® Index representing approximately 10% of the total market capitalization of that index. It includes approximately 2000 of the smallest securities based on a combination of their market cap and current index membership.
MSCI Emerging Markets Net Total Return Index is a free float-adjusted market capitalization index that is designed to measure equity market performance in the global emerging markets.
MSCI Emerging Markets Asia Net Total Return Index is a free float-adjusted market capitalization index that is designed to measure equity market performance in the Asian emerging markets.
Net total return indexes reinvest dividends after the deduction of withholding taxes, using (for international indexes) a tax rate applicable to non-resident institutional investors who do not benefit from double taxation treaties.
MSCI World ex USA All Cap Index captures large, mid, small and micro cap representation across 22 of 23 Developed Markets (DM) countries* (excluding the United States). With 8,016 constituents, the index covers approximately 99% of the free float adjusted market capitalization in each country.
MSCI China Index: Measures the performance of large cap Chinese equities.
MSCI India Index: Measures the performance of Indian equity markets.
MSCI Indonesia Index: Measures the performance of Indonesian equities
MSCI Korea Index: Measures the performance of Korean equities.
MSCI Malaysia Index: Measures the performance of the large and mid cap segments of the Malaysian market.
MSCI Philippines Index: Measures the performance of the large and mid cap segments of the Philippines market.
MSCI Taiwan Index: Measures the performance of Taiwanese equity markets.
MSCI Thailand Index: Measures the performance of the large and mid cap segments of the Thailand market.
MSCI Hong Kong Index: Measures the performance of the large and mid cap segments of the Hong Kong market.
MSCI Singapore Index: Measures the performance of Singapore equity markets.
*DM Countries Include: Australia, Austria, Belgium, Canada, Denmark, Finland, France, Germany, Hong Kong, Ireland, Israel, Italy, Japan, Netherlands, New Zealand, Norway, Portugal, Singapore, Spain, Sweden, Switzerland and the United Kingdom.
Active share: A a measure of the percentage of stock holdings in a manager’s portfolio that differs from the benchmark index. Alpha: A measure of performance on a risk-adjusted basis
Currency Appreciation: An increase in the value of currency relative to another currency
Earnings Per Share (EPS): The portion of a company’s profit allocated to each outstanding share of common stock; Earnings Per Share Growth (EPS Growth): Illustrates the growth of earnings per share over time
Gross Domestic Product (GDP): Market value of final goods and services produced over time. This includes the income of foreign corporations and foreign residents working within the country, but excludes the income of the country’s residents and corporations overseas; Gross Domestic Product Growth (GDP Growth): Illustrates the growth of gross domestic product over time
Sharpe Ratio: A measure of risk-adjusted performance; Standard Deviation: A measure of the investment’s historic volatility; Down-Market Capture Ratio: A statistical measure of an investment manager’s overall performance in down-markets. Up-Market Capture Ratio: A statistical measure of an investment manager’s overall performance in up-markets.
Asset T/O: Asset Turnover: A measure of how efficient a company is in leveraging its assets to generate revenue
ROIC: Return on Invested Capital: A measure of the effectiveness of a company’s ability to deploy capital to increase returns; ROE: Return on Equity: A measure of a company’s profitability as it relates to its shareholder’s equity; EBIT: Earnings Before Interest & Tax; EBITDA: Earnings Before Interest, Tax, Depreciation & Amortization
P/E Ratio: Price to Earnings ratio is a way to value company’s by comparing a company’s share price to its earnings per share; P/B Ratio: Price to Book ratio is a way to value company’s by comparing a company’s share price to its value of shareholders equity
Payable/Receivable Days: Number of days it takes to pay/collect from suppliers/customers. A measure of working capital efficiency of a company; YF: Year Forward; SKU: Stock Keeping Unit; FY: Fiscal Year; IPO: Initial Public Offering; ADV: Average Daily Volume; 12M: 12 Months; 2YF: 2 Year Forward; NTM: Next Twelve Months; TTM: Trailing Twelve Months; CAGR: Compound Annual Growth Rate