US Large Cap Growth. $5.3 billion^ $119.0 million
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- Stewart Barnett
- 5 years ago
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1 naissan Invsmn Managmn 50 Eas ivrcnr Blvd., Sui 1200 Covingon, Knucky PODUCT OVEVIEW Th naissan Larg Cap Growh Sragy sks o invs in growh-orind socks slling a rasonabl valuaions. A disciplind pross gnrally lads naissan o socks xhibiing growh ponial and arnings momnum abov hos of mark avrags, wih P/E lvls ha ar a or blow mark avrags. naissan s objciv is o ouprform h ussll 1000 Growh ovr a full mark cycl, whil incurring similar or lowr risk. Porfolios ar gnrally comprisd of bwn posiions and posiions ar qual wighd a cos. MANAGE'S INVESTMENT STATEGY Top-down / porfolio srucurs basd on conomic rnds Boom-up / porfolio srucur basd on individual scuriis Syl: Sub-Syl: Firm AUM: Firm Sragy AUM: US Larg Cap Growh Tradiional Growh $5.3 billion^ $119.0 million TAGET POTFOLIO CHAACTEISTICS Numbr of sock holdings: 50 o 60 P/E raio: Similar o/blow h S&P 500 Cash lvl ovr mark cycl: 0 o 2% isk (sandard dviaion): Similar o/abov h S&P 500 Avrag urnovr ra: 75 o 130% Us ADs: Capializaion: No Mga, Larg and Mdium companis POTFOLIO'S EQUITY SECTO WEIGHTINGS / /18 Scor naissan Indx*** naissan Enrgy Marials Indusrials Consumr Discrionary Consumr Sapls Halh Car Financials Informaion Tchnology Communicaion Srvis Uiliis al Esa/EITs Yar Foundd: GIMA Saus: Firm Ownrship: Profssional-Saff: POTFOLIO STATISTICS / /18 naissan Indx*** naissan Numbr of sock holdings 56 1, Dividnd Yild 1.2% 1.4% 1.2% Disribuion a Wd avg P/E raio ¹ 17.40x 20.80x 19.70x Wd avg porfolio ba Mga capializaion + 0.0% 46.0% 0.0% Larg capializaion + 0.0% 37.5% 0.0% Mdium capializaion + 0.0% 12.0% 8.0% Small capializaion + 0.0% 4.1% 59.7% Micro capializaion + 0.0% 0.4% 32.3% POTFOLIO'S TOP FIVE EQUITY HOLDINGS O'illy Auomoiv, Inc. 2.1 Dollar Gnral Corp. 2.1 Fidliy Naional Informaion Srvis Inc. 2.0 Wal Disny Company 2.0 Xilinx, Inc. 2.0 % POCESS BASED ON 0 Ass allocaion - cash vs. sock 20 Indusry or scor wighing 80 Sock Slcion 1978 Approvd Employ-ownd/Affiliad Managrs Group (co-ownd) 21 % ^As of 09/30/2018. Informaion as of 12/31/2018 is no y availabl. ¹Th P/E usd hr is calculad by h harmonic man. +Toal may no qual 100% du o rounding. ***Indx : ussll 3000 Gr Pas prforman is no guaran of fuur rsuls. This profil is no compl wihou h pags, which conain imporan nos, including disclosurs abou h composi, indx dscripions and a glossary of rms. Informaion shown is as of Dmbr 31, 2018, unlss ohrwis nod. All daa ar subjc o chang. Pag 1 of 6
2 MANAGE'S INVESTMENT POCESS naissan Invsmn Managmn s ("IM") invsmn syl is bs dscribd as growh a a rasonabl pri and consiss of h hr disinc sags: Profiabiliy & Financial Srngh Analysis, Scoring & anking Opporuniis, and Qualiaiv viw. IM s sock slcion pross bgins wih a univrs of h 1,000 largs U.S. companis, which is scrnd o idnify hos companis wih abov-avrag hisorical ras of profiabiliy and srong financial characrisics. This iniial scrning pross highlighs only hos companis wih sucssful businss rcords and srong opraing rsuls. Afr h iniial scrn, ypically approximaly 600 companis rmain ha ar givn furhr considraion. Ths companis ar subjcd o a rigorous quaniaiv scoring pross whrby ach is analyzd and rankd basd on hisorical growh, fuur arnings xpcaions, and valuaion. Th rsul of his analysis is a composi ranking. Only h op 20% of companis in his composi ranking ar ligibl for furhr qualiaiv rviw. A his poin, IM s analysis bcoms purly qualiaiv. Th invsmn am xamins ach company rankd in h op 20% considring hir company fundamnals, businss momnum, managmn sragy, as wll as many ohr facors. Only h mos araciv companis basd on his furhr qualiaiv rviw ar ulimaly slcd for clin porfolios. Porfolios ar gnrally comprisd of bwn posiions and posiions ar qual wighd a cos. ISK CONSIDEATIONS Invsing in scuriis nails risks, including: Equiy porfolios ar subjc o h basic sock mark risk ha a paricular scuriy, or scuriis in gnral, may dcras in valu. Growh invsing dos no guaran a profi or limina risk. Th socks of hs companis can hav rlaivly high valuaions. Bcaus of hs high valuaions, an invsmn in a growh sock can b mor risky han an invsmn in a company wih mor mods growh xpcaions. Valu invsing dos no guaran a profi or limina risk. No all companis whos socks ar considrd o b valu socks ar abl o urn hir businss around or sucssfully mploy corrciv sragis which would rsul in sock pris ha do no ris as iniially xpcd. Bonds rad blow invsmn grad may hav spculaiv characrisics and prsn significan risks byond hos of ohr scuriis, including grar crdi risk and pri volailiy in h scondary mark. Invsors should b carful o considr hs risks alongsid hir individual circumsans, objcivs and risk olran bfor invsing in high-yild bonds. If a sragy xpcs o hold a connrad porfolio of a limid numbr of scuriis, i should b nod ha a dclin in h valu of hs invsmns would caus h porfolio s ovrall valu o dclin o a grar dgr han ha of a lss connrad porfolio. POTFOLIO'S ALLOCATION HISTOY (%) + 12/18 09/18 06/18 03/18 U.S. Socks ^As of 09/30/2018. Informaion as of 12/31/2018 is no y availabl. ¹Th P/E usd hr is calculad by h harmonic man. +Toal may no qual 100% du o rounding. ***Indx : ussll 3000 Gr Pas prforman is no guaran of fuur rsuls. This profil is no compl wihou h pags, which conain imporan nos, including disclosurs abou h composi, indx dscripions and a glossary of rms. Informaion shown is as of Dmbr 31, 2018, unlss ohrwis nod. All daa ar subjc o chang. Pag 2 of 6
3 ISK/ETUN ANALYSIS - 5 YEAS ENDING 12/31/18 a o f u r n s Sandard Dviaion STD O naissan (Gross) naissan (N) ussll 3000 Gr Day T-Bills AVEAGE ANNUAL TOTAL ETUN (%) - PEIODS ENDING 12/31/18 a o f u r n s INVESTMENT ESULTS Annual as of urn (%) 10 Yar - Ending 12/31/ Annual Sd. Dv. naissan (Gross) naissan (N) ussll 3000 Gr ISK VOLATALITY (%) a o f u r n s POTFOLIO'S QUATELY ETUNS (%) Quarr1 Quarr2 Quarr3 Quarr4 Gross N Gross N Gross N Gross N lad POTFOLIO'S ISK STATISTICS - PEIODS ENDING 12/31/18 ¹ ² 3 Yar 5 Yar Sandard Dviaion 11.95% 10.79% Sandard Dviaion of Primary 13.51% 11.42% Bnchmark Sharp aio Sharp aio of Primary Bnchmark Alpha -0.84% 0.49% Ba Downsid isk 4.04% 3.27% -Squard Tracking Error 5.03% 4.76% Informaion aio naissan (Gross) naissan (N) ussll 3000 Gr Numbr Of Up Qrs Down Qrs POTFOLIO DIVESIFICATION - ²(INCEPTION THOUGH 12/14)+ ² naissan vs. ussll 3000 Gr Saisics ar calculad using gross of f prforman only. 1. Saisics ar calculad using gross of f prforman only. 2. ussll 3000 Gr was usd as h primary bnchmark and h 90-Day T-Bills Indx as h risk-fr bnchmark. S imporan nos and disclosurs pags for a discussion of h sours of h prforman daa usd o calcula h prforman rsuls and rlad analyss shown abov. Pas prforman is no guaran of fuur rsuls. This profil is no compl wihou h pags, which conain imporan nos, including disclosurs abou h composi, indx dscripions and a glossary of rms. Informaion shown is as of Dmbr 31, 2018, unlss ohrwis nod. All daa ar subjc o chang. Pag 3 of 6
4 COMPOSITE DISCLOSUES Th disclosurs providd blow apply o prforman informaion in his profil, if any. Pas prforman is no a guaran of fuur rsuls. Acual individual accoun rsuls may diffr from h prforman shown in his profil. Thr is no guaran ha his invsmn sragy will achiv is inndd rsuls undr all mark condiions. Do no rly upon his profil as h sol basis for your invsmn dcisions. Prforman rsuls in his profil ar calculad assuming rinvsmn of dividnds and incom. urns for mor han on yar ar annualizd and basd on quarrly daa. urns for priods of lss han a calndar yar show h oal rurn for h priod and ar no annualizd. Sours of Prforman suls and Ohr Daa: Th prforman daa and rain ohr informaion for his sragy (including h daa on pag 1 of his profil) may includ on or mor of h following: (i) h prforman rsuls of a composi of Morgan Sanly accouns managd by h hird pary invsmn managr, (ii) h prforman rsuls for accouns and invsmn producs managd by h hird pary invsmn managr, in h sam or a subsanially similar invsmn sragy ousid of h applicabl Morgan Sanly program, and/or (iii) in h cas of Modl Porfolio Sragis, h Modl Porfolio Providr s rsuls in managing insiuional accouns ousid of h Morgan Sanly program prior o Modl Porfolio Sragy s inpion in h Morgan Sanly program. For priods hrough Jun 2012, h Fiduciary Srvis program oprad hrough wo channls h Morgan Sanly channl and h Smih Barny channl and any prforman and ohr daa rlaing o Fiduciary Srvis accouns shown hr for hs priods is calculad using accouns in only on of h hs channls.) Plas no ha h Fiduciary Srvis program was closd on January 2, Alhough h Fiduciary Srvis and programs ar boh Morgan Sanly managd accoun programs, h prforman rsuls and ohr faurs of similar invsmn sragis in h wo programs may diffr du o invsmn and opraional diffrns. Prforman in on program is no indicaiv of ponial prforman in h ohr. For xampl, h individual invsmn sragis in program accouns may conain fwr scuriis, which would lad o a mor connrad porfolio. Th auomaic rbalancing, wash sal loss and ax harvsing faurs of h program, which ar no availabl in Fiduciary Srvis, also could caus diffrns in prforman. In addiion, any prforman rsuls includd in his profil ha ar basd on a hird pary invsmn managr s accouns ha ar no par of h Morgan Sanly program accouns or insiuional accouns ha ar par of h Modl Porfolio sragy may diffr du o invsmn and opraional diffrns as wll. As such, prforman rsuls of h hird pary invsmn managr's composis and h hird pary Modl Porfolio Sragis may diffr from hos of accouns managd in h sam or a subsanially similar invsmn sragy. For xampl, in h cas of Modl Porfolio Sragis, Morgan Sanly, as h invsmn managr, may dvia from h Third Pary Modl Porfolios. lad Prforman: naissan Invsmn Managmn's (naissan) crad h Larg Cap Growh Wrap composi as of January 1, 2006 o includ h hisorical f paying, fully discrionary, non-ax managd, non-wrap Larg Cap Growh accoun rurns from hir Larg Cap Growh Insiuional Composi from is inpion on July 1, 1991 hrough Dmbr 31, From January 1, 2006 o prsn, h Larg Cap Growh Wrap composi includs all Larg Cap Growh f paying, fully discrionary, non-ax managd accouns wih wrap f arrangmns and f paying SMA accouns ha adhr o h SMA sponsor's inclusion guidlins. Morgan Sanly Prforman: Th composi consiss of 1,083 accoun(s) wih a mark valu of $375.8 million as of 12/31/2018. In his profil, h prforman from January 1, 2000 hrough Jun 30, 2012 consiss of accouns managd by h invsmn managr in his sragy in ihr h Morgan Sanly or h Smih Barny form of h Fiduciary Srvis program. From July 1, 2012 hrough Dmbr 31, 2015, prforman consiss of all Fiduciary Srvis (FS) accouns managd by h invsmn managr in his sragy, subjc o any ohr limiaions sad in his profil. From January 1, 2016, prforman consiss of h prforman of all FS accouns (as dscribd in h prvious snn) as wll as h prforman of all singl syl accouns managd by h invsmn managr in his sragy, subjc o any ohr limiaions sad in his profil. Prforman composis calculad by Morgan Sanly includ all f-paying porfolios wih no invsmn rsricions. Nw accouns ar includd bginning wih h scond full calndar monh of prforman. Trminad accouns ar rmovd in h monh in which hy rmina (bu prior prforman of rminad accouns is raind). Prforman is calculad on a oal rurn basis and by ass wighing h individual porfolio rurns using h bginning of priod valus. Gross Prforman: naissan s gross rsuls do no rflc a dducion of any invsmn advisory fs or program fs, chargd by naissan or Morgan Sanly, bu ar n of commissions chargd on scuriis ransacions. N Prforman for all Priods: N prforman rsuls rflc a dducion of 0.58% quarrly. This consiss of hr componns: 0.5% maximum quarrly MS Advisory F and % maximum quarrly Program Ovrlay F (which, oghr covr h srvis providd by Morgan Sanly), plus % quarrly SMA Managr Fs (bing h f currnly chargd by naissan o nw clins for managing hir asss in h program). Th SMA Managr Fs may diffr from managr o managr, and managrs may chang hir f o nw clins from im o im. If you slc his managr for your accoun, chck h SMA Managr Fs spcifid in h wrin clin agrmn, in cas hs hav changd sin you rivd his profil. Hisorical n fs rflc h Advisory F Schdul as of Ocobr 1, Morgan Sanly program fs ar usually dducd quarrly, and hav a compounding ffc on prforman. Th Morgan Sanly program f, which diffrs among programs and clins, is dscribd in h applicabl Morgan Sanly ADV brochur, which is availabl a or on rqus from your Financial Advisor or Priva Walh Advisor. Documn approval da Jun CC /2015 Focus Lis, Approvd Lis, and Wach Saus: Global Invsmn Managr Analysis ("GIMA") uss wo mhods o valua invsmn producs in applicabl advisory programs. In gnral, sragis ha hav passd a mor horough valuaion may b plad on h "Focus Lis", whil sragis ha hav passd hrough a diffrn and lss comprhnsiv valuaion pross may b plad on h "Approvd Lis". Somims an invsmn produc may b valuad using h Focus Lis pross bu hn plad on h Approvd Lis insad of h Focus Lis. Invsmn producs may mov from h Focus Lis o h Approvd Lis, or vi vrsa. GIMA may also drmin ha an invsmn produc no longr ms h criria undr ihr valuaion pross and will no longr b rcommndd in invsmn advisory programs (in which cas h invsmn produc is givn a "No Approvd" saus). Pas prforman is no guaran of fuur rsuls. This profil is no compl wihou h pags, which conain imporan nos, including disclosurs abou h composi, indx dscripions and a glossary of rms. Informaion shown is as of Dmbr 31, 2018, unlss ohrwis nod. All daa ar subjc o chang. Pag 4 of 6
5 GIMA has a "Wach" policy and may dscrib a Focus Lis or Approvd Lis invsmn produc as bing on "Wach" if GIMA idnifis spcific aras ha (a) mri furhr valuaion by GIMA and (b) may, bu ar no rain o, rsul in h invsmn produc bcoming "No Approvd". Th Wach priod dpnds on h lngh of im ndd for GIMA o conduc is valuaion and for h invsmn managr o addrss any conrns. GIMA may, bu is no obligad o, no h Wach saus in his rpor wih a "W" or "Wach" on h covr pag. For mor informaion on h Focus Lis, Approvd Lis, and Wach prosss, plas s h applicabl Morgan Sanly ADV brochur ( Your Financial Advisor or Priva Walh Advisor can provid on rqus a copy of a papr nild "GIMA: A A Glan ". ADDITIONAL DISCLOSUES Th informaion abou a rprsnaiv accoun is for illusraiv purposs only. Acual accoun holdings, prforman and ohr daa will vary dpnding on h siz of an accoun, cash flows wihin an accoun, and rsricions on an accoun. Holdings ar subjc o chang daily. Th informaion in his profil is no a rcommndaion o buy, hold or sll scuriis. Acual porfolio saisics may vary from arg porfolio characrisics. Th Modl Porfolio Providr or Invsmn Managr may us h sam or subsanially similar invsmn sragis, and may hold similar porfolios of invsmns, in ohr porfolios or producs i manags (including muual funds). Ths may b availabl a Morgan Sanly or lswhr, and may cos an invsor mor or lss han his sragy in Morgan Sanly's program. Th porfolio may, a ims, invs in xchang-radd funds (ETFs), which ar a form of quiy scuriy in sking o mainain coninud full xposur o h broad quiy mark. Morgan Sanly invsmn advisory programs may rquir a minimum ass lvl and, dpnding on your spcific invsmn objcivs and financial posiion, may no b suiabl for you. Invsmn advisory program accouns ar opnd pursuan o a wrin clin agrmn. Th invsmn managr acs indpndnly of, and is no an affilia of, Morgan Sanly Smih Barny LLC. Divrsificaion dos no guaran a profi or proc agains a loss. No obligaion o noify Morgan Sanly has no obligaion o noify you whn informaion in his profil changs. Sours of informaion Marial in his profil has bn obaind from sours ha w bliv o b rliabl, bu w do no guaran is accuracy, complnss or imlinss. Third pary daa providrs mak no warranis or rprsnaions rlaing o h accuracy, complnss or imlinss of h daa hy provid and ar no liabl for any damags rlaing o his daa. No ax advi Morgan Sanly and is affilias do no rndr advi on lgal, ax and/or ax accouning mars o clins. Each clin should consul his/hr prsonal ax and/or lgal advisor o larn abou any ponial ax or ohr implicaions ha may rsul from acing on a paricular rcommndaion. No an EISA fiduciary Morgan Sanly is no acing as a fiduciary undr ihr h Employ irmn Incom Scuriy Ac of 1974, as amndd, or undr scion 4975 of h Inrnal vnu Cod of 1986, as amndd, in providing h informaion in his profil Morgan Sanly Smih Barny LLC Mmbr SIPC. INDEX DESCIPTIONS 90-Day T-Bills Th 90-Day Trasury Bill is a shor-rm obligaion issud by h Unid Sas govrnmn. T-bills ar purchasd a a discoun o h full fa valu, and h invsor rivs h full valu whn hy maur. Th diffrn of discoun is h inrsd arnd. T-bills ar issud in dnominaions of $10,000 aucion and $1,000 incrmns hrafr. ussll 3000 Gr Th ussll 3000 Growh Indx is rprsnaiv of hos ussll 3000 Indx companis wih highr pri-o-book raios and highr forcasd growh valus. Th socks in his indx ar also mmbrs of ihr h ussll 1000 Growh Indx or h ussll 2000 Growh Indx. S&P 500 Th S&P 500 Toal urn has bn widly rgardd as h bs singl gaug of h larg cap U.S. quiis mark sin h indx was firs publishd in Th indx has ovr $5.58 rillion bnchmarkd, wih indx asss comprising approximaly $1.31 rillion of his oal. Th indx includs 500 lading companis in lading indusris of h U.S. conomy, capuring 75% covrag of U.S. quiis. This indx includs dividnd rinvsmn. Indis ar unmanagd and hav no xpnss. You canno invs dircly in an indx. GLOSSAY OF TEMS Alpha is a mahmaical sima of risk-adjusd rurn xpcd from a porfolio abov and byond h bnchmark rurn a any poin in im. Amrican Dposiary ips (ADs) ar rips for shars of a forign-basd corporaion hld in h vaul of a U.S. bank. Avrag Porfolio Ba is a masur of h snsiiviy of a bnchmark or porfolio's ras of rurn o changs agains a mark rurn. Th mark rurn is h S&P 500 Indx. I is h cofficin masuring a sock or a porfolio's rlaiv volailiy. Pas prforman is no guaran of fuur rsuls. This profil is no compl wihou h pags, which conain imporan nos, including disclosurs abou h composi, indx dscripions and a glossary of rms. Informaion shown is as of Dmbr 31, 2018, unlss ohrwis nod. All daa ar subjc o chang. Pag 5 of 6
6 Ba is a masur of h snsiiviy of a porfolio's ras of rurn o changs in h mark rurn. I is h cofficin masuring a sock or a porfolio's rlaiv volailiy. Boom-Up Sock Slcion Emphasis primarily on individual sock slcion. Considraions of conomic and indusry facors ar of scondary imporan in h invsmn dcision-making pross. Capializaion is dfind as h following: Mga (Abov $100 billion), Larg ($12 o $100 billion), Mdium ($2.5 - $12 billion), Small ($.50 - $2.5 billion) and Micro (blow $.50 billion). Disribuion a is dfind as h mos rn disribuion paid, annualizd, and hn dividd by h currn mark pri. Disribuion ra may consis of invsmn incom, shor-rm capial gains, long-rm capial gains, and /or rurns of capial. Dividnd a porion of a company's profi paid o common and prfrrd sharholdrs. Dividnd Yild annual dividnd pr shar dividd by pri pr shar. Dividnd Yild for h porfolio is a wighd avrag of h rsuls for h individual socks in h porfolio. Downsid isk is a masur of h risk associad wih achiving a spcific arg rurn. This saisic sparas porfolio volailiy ino downsid risk and upsid unrainy. Th downsid considrs all rurns blow h arg rurn, whil h upsid considrs all rurns qual o or abov h arg rurn. Duraion is a masur of pri snsiiviy xprssd in yars. High Grad Corpora Bonds corpora bonds from issurs wih crdi raings of AA or AAA. Informaion aio is a masur of h invsmn managr's skill o add aciv valu agains a givn bnchmark rlaiv o how sabl ha aciv rurn has bn. Essnially, h informaion raio xplains how significan a managr's alpha is. Thrfor, h highr h informaion raio, h mor significan h alpha. Invsmn Grad Bonds ar hos rad by Sandard & Poor's AAA (highs rad), AA, A or BBB (or quivaln raing by ohr raing agncis or, in h cas of scuriis no rad, by h invsmn managr). Pri/Earnings aio (P/E aio) shows h mulipl of arnings a which a sock slls. Drmind by dividing currn sock pri by currn arnings pr shar (adjusd for sock splis). Earnings pr shar for h P/E raio ar drmind by dividing arnings for pas 12 monhs by h numbr of common shars ousanding. Th P/E raio shown hr is calculad by h harmonic man. Pri/Sals aio drmind by dividing currn sock pri by rvnu pr shar (adjusd for sock splis). vnu pr shar for h P/S raio is drmind by dividing rvnu for pas 12 monhs by numbr of shars ousanding. 2 (-Squard)/Porfolio Divrsificaion indicas h proporion of a scuriy's oal varian ha is bnchmark-rlad or is xplaind by variaions in h bnchmark. Sharp aio masurs h fficincy, or xss rurn pr uni of volailiy, of a managr's rurns. I valuas managrs' prforman on a volailiy-adjusd basis. Sandard Dviaion is a saisical masur of hisorical variabiliy or sprad of rurns around a mahmaical avrag rurn ha was produd by h invsmn managr ovr a givn masurmn priod. Th highr h sandard dviaion, h grar h variabiliy in h invsmn managr's rurns rlaiv o is avrag rurn. Top-Down/Economic Analysis Emphasis primarily on macroconomic rnds as opposd o boom-up sock slcion. Tracking Error rprsns h sandard dviaion of h diffrn bwn h prforman of h invsmn sragy and h bnchmark. This provids a hisorical masur of h variabiliy of h invsmn sragy's rurns rlaiv o is bnchmark. U.S. Trasury Bonds a markabl, fixd inrs U.S. govrnmn db scuriy wih a mauriy of mor han 10 yars. Trasury bonds mak inrs paymns smi-annually and h incom ha holdrs riv is only axd a h fdral lvl. Volailiy a masur of risk basd on h sandard dviaion of h ass rurn. Volailiy is a variabl ha appars in opion pricing formulas, whr i dnos h volailiy of h undrlying ass rurn from now o h xpiraion of h opion. Thr ar volailiy indxs. Such as a scal of 1-9; a highr raing mans highr risk. Pri/Book aio (P/B) wighd avrag of h socks' pri dividd by book valu pr shar. Book valu pr shar is dfind as common quiy, including inangibls, dividd by shars ousanding ims h adjusmn facor. Pri/Cash Flow aio a raio usd o compar a company's mark valu o is cash flow. I is calculad by dividing h company's mark cap by h company' opraing cash flow in h mos rn fiscal yar (or h mos rn four fiscal quarrs); or, quivalnly, divid h pr-shar sock pri by h pr-shar opraing cash flow. Pas prforman is no guaran of fuur rsuls. This profil is no compl wihou h pags, which conain imporan nos, including disclosurs abou h composi, indx dscripions and a glossary of rms. Informaion shown is as of Dmbr 31, 2018, unlss ohrwis nod. All daa ar subjc o chang. Pag 6 of 6
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MFS Invsmn Managmn 111 Huningon Avnu Boson, Massachuss 02177 PODUCT OVEVIEW A is mos broad, h am s invsmn univrs can bs b dscribd as h ussll 1000 companis and hir global, mulinaional prs. Invsing in companis
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