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Barron's - February 15 2021
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PROYECTO EDUCATIVO REGIONAL CARAL 2021
Dirección Regional de Educación PROYECTO EDUCATIVO REGIONAL CARAL 2021 Trabajando por una buena educación construimos el desarrollo de nuestra Región

February 2016
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FEBRUARY 15, SIXTH SUNDAY OF ORDINARY TIME 15 DE FEBRERO, SEXTO DOMINGO EN TIEMPO ORDINARIO
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W

WHERE TO FIND VALUE IN VOLATILE POT STOCKS • PAGE 9

THE100MOST SUSTAINABLE COMPANIES VOL. CI

NO. 7

FEBRUARY 15, 2021

$5.00

BEST BUY n AGILENT TECHNOLOGIES n ECOLAB n AUTODESK n VOYA FINANCIAL n TIFFANY n ROBERT HALF INTERNATIONAL n V.F. CORP. n VERIZON COMMUNICATIONS ON SEMICONDUCTOR n CLOROX n MANPOWERGROUP n AIR PRODUCTS AND CHEMICALS n T. ROWE PRICE GROUP n AMERICAN WATER WORKS WILLIAMS-SONOMA n XYLEM n NIKE n PVH n METTLER-TOLEDO INTERNATIONAL n BALL CORP. n CBRE GROUP n NVIDIA n REINSURANCE GROUP OF AMERICA n CROCS MAXIM INTEGRATED PRODUCTS n EASTMAN CHEMICAL n W.W. GRAINGER n ITRON n TERADYNE n CISCO SYSTEMS n AVERY DENNISON n AVNET n KIMBERLY-CLARK WATERS CORP. n KEYSIGHT TECHNOLOGIES n WORKDAY n LAM RESEARCH n ORMAT TECHNOLOGIES n LEVI STRAUSS n COLGATE-PALMOLIVE n EVERSOURCE ENERGY PROCTER & GAMBLE n BLACKROCK n HP INC. n TEXAS INSTRUMENTS n INTEL n PRUDENTIAL FINANCIAL n AUTOMATIC DATA PROCESSING n MERCK

With the pandemic entering a second year, these companies are stepping up to help their employees, customers, and neighbors. They’re also beating the market. PAGE 20

INTUIT n VARIAN MEDICAL SYSTEMS n SALESFORCE.COM n EDWARDS LIFESCIENCES n S&P GLOBAL n MCCORMICK n WEST PHARMACEUTICAL SERVICES n LOWE’S HANESBRANDS n NEXTERA ENERGY n GAP n WASTE MANAGEMENT n STARBUCKS n INTERNATIONAL FLAVORS & FRAGRANCES n ADOBE n PRINCIPAL FINANCIAL GROUP JONES LANG LASALLE n REPUBLIC SERVICES n EXPEDITORS INTERNATIONAL OF WASHINGTON n MOODY’S n BANK OF AMERICA n ROCKWELL AUTOMATION MICROSOFT n WALMART n STATE STREET n APTARGROUP n AMICUS THERAPEUTICS n WESCO INTERNATIONAL n NEW YORK TIMES n NORDSTROM n ALASKA AIR GROUP GENERAL MILLS n CIRRUS LOGIC n CUMMINS n OSHKOSH n TJX COS. n HOME DEPOT n AGIOS PHARMACEUTICALS n RALPH LAUREN n APPLIED MATERIALS SONOCO PRODUCTS n PEPSICO n LUMENTUM HOLDINGS n MOSAIC n WOODWARD n COCA-COLA n REGIONS FINANCIAL n ETSY n UNIFIRST n AMGEN

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63142

C O NT EN TS

02.15.21

VOL.CI NO.7

P. 13

P. 20

P. 35

Vaccine Upstarts Have a Shot at Greatness

Leaders in Sustainability

Income: Recalibrating for Rising Bond Yields

The pandemic is giving small biotechs an entry point into a staid industry—and giving investors a chance to bet on disruption.

The 100 companies in our fourth annual ranking scored the highest in terms of taking care of all their stakeholders—investors, employees, customers, communities, and the environment. Better yet, they continue to beat the market. By LESLIE P. NORTON

By LAWRENCE C. STRAUSS

By JOSH NATHAN-KAZIS

P. 15

Trader: As Stocks Rise, Uneasiness Grows

How Sustainable Companies Stack Up Against the S&P 500 Barron’s Top 100, Market-Cap Weighted

Hologic Is More Than a Covid-Testing Bet

S&P 500

By BEN LEVISOHN

40%

P. M4

36%

Soaring demand for Hologic’s diagnostic equipment is laying the groundwork for more growth, even as the pandemic wanes.

31.5% 30

25.3% 18.4% 20

P. 17

Time to Take a Crack at Corning Shares

By ERIC J. SAVITZ

Barron’s Centennial: The quest to create a viable electric vehicle has spanned more than 100 years. Tesla finally nailed it.

10

1% 0

-4.4% -10 2018

2019

2020

P. 30

Navigating the Market’s Twists and Turns

Up & Down Wall Street: Market Frenzy Isn’t Quite Like 1999

Tech Trader: Tiny Stocks, Huge Potential

By RANDALL W. FORSYTH

P. 9

Streetwise: Partaking in U.S. Pot Stocks

Where Mark Mobius Is Placing His Bets Now

By JACK HOUGH

Q&A: This veteran investor thinks emerging markets are ready for a post-Covid rally—and he explains why globalization is here to stay.

Funds: ETFs Latch On to the SPAC Craze

By RESHMA KAPADIA

Striking Price: Playing Palantir’s Volatility By STEVEN M. SEARS

Commodities: Fuel Prices Start to Recover By MYRA P. SAEFONG

Barron’s Roundtable on Fox Business P. 7

P. 32

P. M5

Source: Calvert Research & Management

P. 27

By SARAH MAX

Emerging Markets: Low Risks as Rates Rise

P. M6

By KENNETH G. PRINGLE

Profile: Janet Rilling, co-manager of the Wells Fargo Core Plus Bond fund, has an impressive record for outperforming in choppy markets.

By SIMON CONSTABLE

By CRAIG MELLOW

P. 19

The Long and Bumpy Road to Electric Cars

Euro Trader: Royal Dutch Looks Cheap P. M4

By EVIE LIU

The maker of high-tech glass and other products is growing quickly, but investors have yet to recognize the full opportunity for the stock.

P. M1

By ERIC J. SAVITZ

P. 31

Economy: Higher Wages Won’t Hurt By MATTHEW C. KLEIN

P. 34 P. 29

By EVIE LIU

Other Voices: Spurring Change by Improving ESG Transparency By RONALD COHEN

Watch our weekly TV show Saturday at 10 a.m. or 11:30 a.m. ET; or Sunday at 8:30 a.m., 10 a.m., or 11:30 a.m. This week, interviews with John Streur, CEO of Calvert— which provided the data for our Most Sustainable Companies list— and Chipotle CEO Brian Niccol.

Index

P. 4

Charting the Market P. M9

Review & Preview P. 10

Winners & Losers

Mailbag

P. 35

Research Reports P. M11

P. M10

13D Filings

P. M7

Market View

P. M12

© 2021 Dow Jones & Company, Inc. All Rights Reserved. Our newspapers are 100% sourced from sustainable certified mills. BARRON’S (USPS 044-700) (ISSN 1077-8039) Published every Monday. Editorial and Publication Headquarters: 1211 Avenue of the Americas, New York, N.Y. 10036. Periodicals postage paid at Chicopee, MA and other mailing offices. Postmaster: Send address changes to Barron’s, 200 Burnett Rd., Chicopee, MA 01020

February 15, 2021

BARRON’S

3

THE HEALTH CARE SECTOR OF THE S&P 500 IN ONE ETF Sector SPDRs allow you to invest in pieces of the S&P 500. Like Health Care. While adding diversification and reducing single stock risk. These ETFs combine the diversification of a mutual fund and the tracking of an index with transparency and liquidity.

XLV *Components and weightings as of 1/31/21. Please see website for daily updates. Holdings subject to change.

HEALTH CARE SECTOR SPDR ETF TOP 10 HOLDINGS* Company Name

Symbol

Weight

JNJ

9.95%

Unitedhealth

UNH

7.33%

Abbott Labs

ABT

5.07%

Thermo Fisher Scientific

TMO

4.68%

Pfizer

PFE

4.62%

Merck

MRK

4.52%

AbbVie

ABBV

4.19%

Eli Lilly

LLY

3.83%

Danaher

DHR

3.48%

Medtronic

MDT

3.47%

Johnson & Johnson

Visit www.sectorspdrs.com or call 1-866-SECTOR-ETF

An investor should consider investment objectives, risks, charges and expenses carefully before investing. To obtain a prospectus, which contains this and other information, call 1-866-SECTOR-ETF or visit www.sectorspdrs.com. Read the prospectus carefully before investing. The S&P 500, SPDRs®, and Select Sector SPDRs® are registered trademarks of Standard & Poor’s Financial Services LLC. and have been licensed for use. The stocks included in each Select Sector Index were selected by the compilation agent. Their composition and weighting can be expected to differ to that in any similar indexes that are published by S&P. The S&P 500 Index is an unmanaged index of 500 common stocks that is generally considered representative of the U.S. stock market. The index is heavily weighted toward stocks with large market capitalizations and represents approximately two-thirds of the total market value of all domestic common stocks. Investors cannot invest directly in an index. The S&P 500 Index figures do not reflect any fees, expenses or taxes. Ordinary brokerage commissions apply. ETFs are considered transparent because their portfolio holdings are disclosed daily. Liquidity is characterized by a high level of trading activity. Select Sector SPDRs are subject to risks similar to those of stocks, including those regarding short-selling and margin account maintenance. All ETFs are subject to risk, including possible loss of principal. Funds focusing on a single sector generally experience greater volatility. Diversification does not eliminate the risk of experiencing investment losses. ALPS Portfolio Solutions Distributor, Inc., a registered broker-dealer, is distributor for the Select Sector SPDR Trust.

4

I N D EX A Abbott Laboratories . . . . . . . . . . . . . . . . . . . . . . . 15 Agilent Technologies . . . . . . . . . . . . . . . . . . . . 11,22 AIA Group . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . M4 Airgain . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 30 AK Medical Holdings . . . . . . . . . . . . . . . . . . . . . . 33 Alaska Air Group . . . . . . . . . . . . . . . . . . . . . . . . . M3 Altice USA . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . M11 Amazon.com . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 33 AMC Entertainment Holdings . . . . . . . . . . . . M9 American Airlines Group . . . . . . . . . . . . . . . . . . M2 Amicus Therapeutics . . . . . . . . . . . . . . . . . . . . . . M9 Analog Devices . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11 APL Apollo Tubes . . . . . . . . . . . . . . . . . . . . . . . . . 33 Apple . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10,17,33 Applied Materials . . . . . . . . . . . . . . . . . . . . . . . . . . 11 Applied UV . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . M9 AstraZeneca . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13 Autodesk . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 22 Azul . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . M2

BARRON’S

Our index lists significant companies mentioned in stories and columns, plus Research Reports, and Corrections & Amplifications. The references are to the first page of the item in which the company is mentioned.

Inter Parfums . . . . . . . . . . . . . . . . . . . . . . . . . . . . M3

D Deere . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11,28 Delta Air Lines . . . . . . . . . . . . . . . . . . . . . . . . . . . M2 Devon Energy . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11 Digital Turbine . . . . . . . . . . . . . . . . . . . . . . . . . . . . 30 E Ecolab . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11,22 Electronic Arts . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10 eMemory Technology . . . . . . . . . . . . . . . . . . . . . . 33 EQT . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . M12 Esports Entertainment Group . . . . . . . . . . . . M9 Estee Lauder . . . . . . . . . . . . . . . . . . . . . . . . . . . . . M3 Expedia Group . . . . . . . . . . . . . . . . . . . . . . . . . . . M2 F Fisker . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . M9 Fleury . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 33 Flir Systems . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . M7 Flughafen Zuerich . . . . . . . . . . . . . . . . . . . . . . . . M2 Forward Air . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . M7 G Gamco Investors . . . . . . . . . . . . . . . . . . . . . . . . . . M7 Garmin . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11 General Motors . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11 GoodRx Holdings . . . . . . . . . . . . . . . . . . . . . . . . . . 30 Green Thumb Industries . . . . . . . . . . . . . . . . . . . . 9 H Hanesbrands . . . . . . . . . . . . . . . . . . . . . . . . . . . . . M9 Harley-Davidson . . . . . . . . . . . . . . . . . . . . . . . . . . M7 Henry Schein . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11 Hilton Worldwide Holdings . . . . . . . . . . . . . . . . 11 Hologic . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15 HubSpot . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 30 I Ingles Markets . . . . . . . . . . . . . . . . . . . . . . . . . . . M7 Innovative Industrial Properties . . . . . . . . . . . . 9 Intel . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 33

For Customer Service, call 1 (800) 544-0422, or go to customercenter.barrons.com. For reprints of articles, call 1 (800) 843-0008, or go to djreprints.com.

N Newmont . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11 New York Community Bank . . . . . . . . . . . . . . M11 Nordic Semiconductor . . . . . . . . . . . . . . . . . . . . . 30 Novavax . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13

J JetBlue Airways . . . . . . . . . . . . . . . . . . . . . . . . . . M2 Johnson & Johnson . . . . . . . . . . . . . . . . . . . . . . . . 13 L LKQ . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11 Lojas Americanas . . . . . . . . . . . . . . . . . . . . . . . . . . 33

O Occidental Petroleum . . . . . . . . . . . . . . . . . . . . 11,28 OptimizeRx . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 30 Oracle . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10

M Marriott International . . . . . . . . . . . . . . . . . . . . . 11 Mastercard . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11 Merck . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13 Metropolis Healthcare . . . . . . . . . . . . . . . . . . . . . 33 Microsoft . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 33 Moderna . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13 MongoDB . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 30

B B2W Digital . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 33 Baidu . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11 Best Buy . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 22 BioNTech . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13 Blackstone Group . . . . . . . . . . . . . . . . . . . . . . . . . . 10 Bumble . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10 C Cabot Oil & Gas . . . . . . . . . . . . . . . . . . . . . . . . . . . 11 Charter Communications . . . . . . . . . . . . . . . . . M11 China Gas Holdings . . . . . . . . . . . . . . . . . . . . . . . M4 CM Life Sciences . . . . . . . . . . . . . . . . . . . . . . . . . M9 Comcast . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . M11 Corning . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 17 Coty . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . M3 Cresco Labs . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9 Cubic . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . M7 Curaleaf Holdings . . . . . . . . . . . . . . . . . . . . . . . . . . 9 CVS Health . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11

February 15, 2021

P Palantir Technologies . . . . . . . . . . . . . . . . . . 11,M5 Parade Technologies . . . . . . . . . . . . . . . . . . . . . . . 33 Persistent Systems . . . . . . . . . . . . . . . . . . . . . . . . 33 Pfizer . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13 Ping An Insurance Group . . . . . . . . . . . . . . . . . M4

Rupert Murdoch Executive Chairman, News Corp Robert Thomson CEO, News Corp Almar Latour CEO, Dow Jones SENIOR VICE PRESIDENT, BARRON’S GROUP Mae M. Cheng ASSOCIATE PUBLISHER, BARRON’S GROUP Dan Shar MANAGING EDITORS, BARRON’S GROUP

Duncan Mavin, Dave Pettit Francesco Guerrera

HEAD OF INTERNATIONAL, BARRON’S GROUP

Pioneer Natural Resources . . . . . . . . . . . . . . . . . 11 PLBY Group . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10 R Riot Blockchain . . . . . . . . . . . . . . . . . . . . . . . . . . . M9 Roku . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11 Royal Dutch Shell . . . . . . . . . . . . . . . . . . . . . . . . M4 S Samsung Electronics . . . . . . . . . . . . . . . . . . . . . . . 33 SharpSpring . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 30 Shopify . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11 Silicom . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 30 Sirius XM……………………………………M26 SkyWest . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . M3 Southern Co . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11 Southwest Airlines . . . . . . . . . . . . . . . . . . . . . . . . M2 Square . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11,30 Synopsys . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11 T Taiwan Semiconductor Manufacturing . . . . . . 33 Tencent Holdings . . . . . . . . . . . . . . . . . . . . . . . . . . 10 Tenet Healthcare . . . . . . . . . . . . . . . . . . . . . . . . . M7 Tesla . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10,11 Thermo Fisher Scientific . . . . . . . . . . . . . . . . . . . 15 3M . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 28 Tilray . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . M9 Totvs . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 33 TreeHouse Foods . . . . . . . . . . . . . . . . . . . . . . . . . M7 Trulieve Cannabis . . . . . . . . . . . . . . . . . . . . . . . . . . 9 Trupanion . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . M9 Twilio . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11,30 Twitter . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11,30,M9 U United Airlines Holdings . . . . . . . . . . . . . . . . . . M2

EXECUTIVE EDITOR

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Jack Otter

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V Verizon Communications . . . . . . . . . . . . . . . . . . . 22 V.F. Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 22 Vornado Realty Trust . . . . . . . . . . . . . . . . . . . . . . 11 Voyager Digital . . . . . . . . . . . . . . . . . . . . . . . . . . . . 30 W Walmart . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10,11 Walt Disney . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 28 Waste Management . . . . . . . . . . . . . . . . . . . . . . . . 11 Western Union . . . . . . . . . . . . . . . . . . . . . . . . . . . M11 Win Semiconductors . . . . . . . . . . . . . . . . . . . . . . . 33 Y Yum China Holdings . . . . . . . . . . . . . . . . . . . . . . . 33 Z Zillow Group . . . . . . . . . . . . . . . . . . . . . . . . . . . 30,M9 Zoetis . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11 Zynga . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . M11

February 15, 2021

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February 15, 2021

BARRON’S

UP & D OWN WALL STREET Today’s Stock Mania Differs From 1999’s. That May Not Matter.

Matt Campbell/AFP/Getty Images

P

arty like it’s 1999? Not exactly an original observation, with record stock market readings bringing to mind the dot-com bubble at the end of the last century. But one was reminded of the late, great Prince after watching the halftime show of the Super Bowl just past, which paled in comparison to his bravura 2007 performance at the height of his purple reign. Perhaps what’s most like the 1990s is the public’s enthusiasm for the stock market, and not just the frenetic trading of volatile, illiquid meme shares touted on Reddit, which recalls the internet message boards of that era. Once more, mutual fund flows have turned into gushers. Global equity funds saw a record inflow of $58 billion in the latest week, according to Bank of America Global Research’s parsing of data from EPFR Global. And in a further echo of that era, the inflows were led by record buying of technology funds, totaling some $5.4 billion. The biggest winners have been the exchange-traded funds from ARK Investment, notably red-hot ARK Innovation (ticker: ARKK), which has attracted the most assets this year of any ETF, except the Vanguard S&P 500 (VOO), our colleague Evie Liu reported this past week on Barrons.com. That reminds Doug Kass of Seabreeze Partners of the once-hot funds, such as the former Janus Twenty. “In every stock market cycle there is a dominant investor who captures the market’s zeitgeist by incorporating and

By Randall W. Forsyth

reflecting the ideas and beliefs of the times,” he writes in his blog. And that there is no price too high to pay for those concepts, in this case disruptive technologies, most notably Tesla (TSLA), ARKK’s largest holding. To date, the doubters have been left behind, just as they were in 1999. In fact, the Nasdaq Composite went from 4000 in June 1999 to a peak of 5000 in March 2000. A month later, however, it plunged by over onethird, and it wouldn’t top its 2000 high until 2014. The differences between that era and now also are important, and indeed are mostly favorable to the current market. Valuations are lower than

7

Interest rates and P/E multiples are lower than they were 22 years ago, but the federal budget is in much worse shape, and a pandemic is raging.

the nosebleed ones of two decades ago. According to Strategas Securities, in March 2000, the 50 largest stocks traded at a median price/earnings multiple of 31 times the next 12 months’ expected earnings. On the same basis, the 50 largest stocks last month traded at a 23.6 times multiple. Current P/Es also line up against much lower interest rates. Benchmark Treasury yields are historically low, although they have moved up from last year’s pandemic troughs. The 10-year note ended the week at 1.20%, while the 30-year bond topped 2%, new highs for the current move and roughly double their lows. But yields on riskier securities have continued to fall; “high yield” bonds slipped to less than 4% last week, a record low. In comparison, Treasury yields were around 6% in the tech bubble era, as were short-term interest rates, compared to just above zero currently. As a result, the yield curve in 2000 was roughly flat, a sign of tight monetary policy, while the currently steeply upward-sloping yield curve signals an accommodative policy. After adjusting for inflation, real interest rates now are negative, with 10-year Treasury inflation-protected securities yielding less than minus 1%.

On the fiscal side, the contrast is even starker. Fiscal 2000 produced a record $236 billion federal budget surplus. Alan Greenspan, the Federal Reserve chairman at the time, fretted that there wouldn’t be enough Treasury securities for the central bank to buy. As the former scribbler in this space, Alan Abelson, wrote at the time: He needn’t have worried as the politicians could be counted on to find ways to spend that dough. Now, of course, budget deficits are routinely in the trillions. The Congressional Budget Office this past week raised its fiscal 2021 red-ink forecast to $2.3 trillion, or 10.3% of gross domestic product, to take into account the fiscal stimulus enacted at the end of December. But, as John Ryding and Conrad DeQuadros, economists at Brean Capital, point out in a client note, that doesn’t include the $1.9 trillion stimulus package sought by the Biden administration. And contrary to Greenspan’s concerns, the Fed has increased its holdings of Treasuries, relative to GDP, in tandem with the increase in federal debt as a percentage of GDP. “Though we believe this is an important factor holding down bond yields, for those of us not inclined to believe in free lunches, the funding of large deficits with printed money is another source of inflation and financial stability concerns,” they conclude. In the meantime, party on.

F

New York Stock Exchange traders in 1999: The public’s enthusiasm for stocks is reminiscent of that era.

riday marked the beginning of the Year of the Ox, which on the Chinese astrological calendar is supposed to augur slow and steady progress. So far, however, the bulls seem to be in charge of China’s stock market. That might have been obscured from the view of U.S.-centric investors watching the steady ascent of the major domestic averages, lifted by progress on vaccinations, anticipation of more fiscal stimulus, and the Federal Reserve’s continued monetary expansion. Then there’s the spectacle of the socialmedia-induced gyrations of the meme stocks, including cannabis shares, which went up 50% Wednesday and gave back their huge gains Thursday.

8

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February 15, 2021

Up & Down Wall Street Continued

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But Rich Ross, Evercore ISI’s technical guru, points to the 11.4% advance in China’s blue-chip index, the CSI 300, already this year. More important, the CSI is breaking out to a record high, eclipsing its peak hit 13 years ago, he writes in a client note. That makes China a “table-pounding buy” in a world of what he calls “better bubbles” that are “in their middle innings.” That hasn’t gone undiscovered by global investors, who continue to pour funds into China’s stock and bond markets, according to a research report by J.P. Morgan’s global quantitative and derivatives strategy team, led by Nikolaos Panigirtzoglou. The pace of offshore buying picked up markedly late last year in the expectation of “the prospective shift from the Biden administration to a less combative trade policy and a greater focus on multilateral agreements and institutions, as well as [foreign-exchange] policy,” the JPM team writes. President Joe Biden spoke by telephone with Chinese President Xi Jinping this past week for the first time since taking office. Biden raised “fundamental concerns about Beijing’s coercive and unfair economic practices,” according to a White House statement. Flows into Chinese bonds remained strong in January after their inclusion in major bond indexes late last year. Their key attraction: high yields, including 3.26% for the 10-year maturity—more than two percentage points over their U.S. counterpart. Inflows into Chinese bonds totaled $160 billion in 2020, up from $100 billion in 2019 and 2018. In January alone, offshore buyers snapped up about $34 billion worth, according to JPM. Cumulative offshore inflows into Chinese equities since the start of November total around $19 billion. While inflows slowed in January to just over $6 billion from $9 billion in December, the bank’s strategists add that the pace has picked up this month, to $5 billion as of the Feb. 11 report. In sum, offshore demand has been driven by a desire for portfolio diversification even beyond China’s inclusion in passive equity indexes in recent years, they conclude. Clearly, China is attracting capital because of its economic performance. Measured in dollars, its gross domestic product grew by 2.3% last year, making its economy the only major one that expanded during Covid-19-ravaged 2020. In contrast, the U.S. economy contracted by 3.5%, its most severe shrinkage since just after World War II. More important, China used 2020 “as

an opportunity to pole-vault itself forward toward becoming a global economic superpower,” says MacroMavens’ Stephanie Pomboy. To accomplish that, Beijing is working to transition from an export-led, globally dependent economy to a self-sufficient one, driven by domestic consumption. Key to that is China’s new willingness to let state-owned enterprises fail, allowing “creative destruction to allocate capital in the most efficient and rational way possible,” she continues. Finally, Beijing has emphasized a stronger renminbi, or yuan, in order to make it a viable alternative to the world’s reserve currencies. The contrast with other nations’ emphasis on fiscal and monetary stimulus is stark, Pomboy asserts. The People’s Bank of China has barely expanded its balance sheet, at $5.9 trillion, while the Fed’s has ballooned to $7.4 trillion and the European Central Bank’s has soared even higher, to $8.6 trillion. The dollar total of the PBOC balance sheet also has risen because the greenback has shrunk sharply against the yuan. Beijing’s currency has appreciated 11.9% since late May, boosting the purchasing power of China’s citizens—contrary to the baseless competitive-devaluation assertions of the Trump administration. China’s central bank actually has reduced its holdings of U.S. Treasury securities, to $1.09 trillion from $1.2 trillion in 2017. (If China were trying to push its currency, it would be buying dollar assets.) At the same time, Beijing is accumulating gold, although Pomboy notes that how much it has is uncertain because China is “notoriously slow in reporting its purchases and holdings.” To be sure, while Chinese stocks have rallied back to their previous peak, reached in 2007, BCA Research warns that there could be near-term setbacks. Monetary policy remains relatively tight, in contrast to the super-easy Fed and ECB, while an 8% economic growth target is misleadingly high, coming off early 2020’s deep contraction. Chinese policy makers are wary of asset inflation, and have become less tolerant of the booming housing market that they allowed last year to avoid a deep recession, observes BCA. “As such, we maintain a cautious view on Chinese stocks,” the advisory concludes. For now, however, the bull reigns in the Year of the Ox. B email: [email protected]

February 15, 2021

BARRON’S

9

ST R E E T W I S E

Canada may have gotten a head start in legalizing marijuana, but the grass opportunity is now greener on the other side of the border.

Hot Money Has Lit Up Pot Stocks. Wait for The Smoke to Clear.

“G

ot high on weed stonks and forgot to sell the top,” wrote one of the asset allocators at WallStreetBets on Thursday evening. A screenshot of a Robinhood account showed just over $500,000 turning into $203,000 in a day. On the Reddit day-trading forum, this is known as posting loss porn, and it’s part of the social experience. This particular exhibitionist “still made money cause i was in early”— which seems plausible, considering the highs reached by cannabis shares just before the smoke out. Canopy Growth (ticker: CGC), an industry blue chip, ended Thursday down 22% for the day, but up 135% over six months. Tilray (TLRY), another biggie, was down 50% and yet up 366% for the same period. You would think Dan Ahrens would be loving this. He picks pot stocks for the $469 million AdvisorShares Pure Cannabis exchangetraded fund (YOLO), which is up 148% in a year. In September, his firm launched a domestic sibling, AdvisorShares Pure US Cannabis (MSOS), with just $2.5 million. It’s now up to nearly $1 billion. The funds charge 0.75% and 0.74%, respectively. The trouble is, cannabis hot money is making a hash of fundamental analysis. Last year, Ahrens bet that companies with solid cash flows, or at least healthy growth prospects and balance sheets, would rise above the

By Jack Hough

rest. He also heavily favored the U.S., which is years behind Canada on legalization, but which Ahrens describes as offering a cannabis opportunity akin to investing in alcohol just after the fall of prohibition nearly a century ago. Those bets paid off, with the older AdvisorShares fund returning 47% in 2020, even though ETFMG Alternative Harvest (MJ), a $2 billion index fund, lost 11%. Stock-picking is better than indexing when it comes to cannabis, Ahrens says. But so far this year, Ahrens is up only 58%, putting him 16 points behind the index fund. “Companies with the worst financials—some of the companies that had been down the most in the last couple of years—are maybe trading up the most right now on hype, on Reddit, on chat rooms, on WallStreetBets, and even short squeezes,” Ahrens says. He has seen this before, although not as extreme, when Canada legalized marijuana use in 2018, and shares popped. “And then when actual results started coming in a year later, everything really crashed and burned, because

those prices were based on hype.” Canada’s head start on OK’ing pot helps explain why the best-known names, like Canopy and Tilray, are based there, and why even U.S. players have their main stock listings in Canada, and trade over-the-counter at home. Yet the grass opportunity is suddenly greener south of the border. Colorado topped $2 billion in marijuana sales through state dispensaries last year, putting it on par with Canada, and raising $387 million in taxes and fees. In New Jersey, a state that doesn’t allow residents to pump their own gas, voters approved a constitutional amendment to legalize recreational pot—presumably, residents will be permitted to roll their own joints. Arizona, which turned blue this past election, voted to light up, too. Sure, those liberals and their reefer views—but then, how to explain red Montana and South Dakota giving the thumbs-up, too? Virginia legalization appears imminent, which will bring the number of recreational pot states to 16. New York could be next—I’m a quarter-century out of practice, and hoping I can find my hacky sack and Dave Matthews Band CDs in time. Just as lucrative as state by state approval would be a new federal framework. The SAFE Banking Act, stalled for two years but perhaps in play this year, would open ordinary financial services to pot companies. Policy makers might also revisit Section 280E of the tax code, which prevents cannabis operators from taking certain common tax deductions, crimping profitability. Deal-making is heating up. Earlier

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this month, Jazz Pharmaceuticals (JAZZ) said it would buy GW Pharmaceuticals (GWPH), which makes medicine from cannabis, for $7.2 billion in cash and stock—the biggest pot deal to date. The 323-year-old London Stock Exchange has approved its first cannabis listing. In the U.S., meanwhile, cannabis players can’t yet cross state lines, which means many are vertically integrated, from farms to dispensaries, and not yet as efficient as they could be. For investors who wish to partake, Ahrens recommends what he calls the four horsemen of the U.S. industry. All have shot higher of late. Curaleaf Holdings (CURLF), valued at $11 billion, has the biggest footprint. Free cash flow is seen tripling next year, to nearly $300 million. Ahrens likes that the company has hired executives from the consumer-goods industry. Trulieve Cannabis (TCNNF), at $5.6 billion, is Florida’s weed leader. Its free cash flow is projected to more than double next year, to $163 million, and then rise another 77% in 2023. Green Thumb Industries (GTBIF), valued at $8.4 billion, and Cresco Labs (CRLBF), at $5.4 billion, are Midwest operators that could do $145 million and $170 million in free cash next year, respectively. There is more to pot investing than growers. Among the top holdings in AdvisorShares Pure Cannabis is Innovative Industrial Properties (IIPR), a real-estate investment trust. It buys cannabis property and leases it back to the sellers, replenishing industry capital, and supplying income investors with dividends. Shares yield 2.4%. Counting price gains, they have returned nearly 800% cumulatively over the past three years. Kindly don’t read this note on the pot-stock hubbub as a call to go all-in, or even, if you’re not already so inclined, to dabble. Personally, I’m not much of a theme investor, unless plunking savings in cheap, broad stock funds counts as a theme. I’m hoping to avoid producing loss porn. Tasteful ledger shots exposing skimpy overhead, I’m willing to consider. B email: [email protected]

R E VIEW

BARRON’S

31,458.40 Dow Industrials: +310.16

February 15, 2021

524.23

Dow Global Index: +9.67

Playboy’s New Model Forget what you once knew about Playboy Enterprises. That male-focused, Hugh Hefner–founded media business is gone; it published its final print magazine last spring. Playboy now resembles a more inclusive global consumer-products start-up, but with a decades-old brand, worldwide recognizability, and the famed bowtie-clad rabbit logo. Renamed PLBY Group (ticker: PLBY), it began trading Thursday on Nasdaq. After a previous publicly traded stint, and then a decade in private hands, it went public again via a merger with Mountain Crest Acquisition—a special-purpose acquisition company, or SPAC. The deal gave PLBY roughly $100 million to grow its business. In the past few years, Playboy largely wound down its media businesses and pivoted toward brand licensing and consumer goods. “The product we sell at the end of the day, it’s not our clothing, it’s not our condoms, it’s the brand itself,” CEO Ben Kohn tells Barron’s. Kohn says that licensed and owned Playboy-branded items–including lingerie, sex toys, perfumes, furniture, and fashion-forward apparel—generated more than $3 billion in sales in over 180 countries last year. Playboy is debuting with an enterprise value of some $540 million, or 13.5 times management’s $40 million forecast for 2021 adjusted earnings before interest, taxes, depreciation, and amortization, or Editda. Not bad, compared with, say, Nike’s 33.5 times or Revolve Group’s 35 times. Playboy’s mission is to “create a culture where all people can pursue pleasure.” Why shouldn’t that include investors?

THE NUMBERS

$61

Price of Brent crude oil per barrel on Monday, topping the high for 2020 on Feb. 20, 2020.

2%

The yield on 30-year Treasuries, the first time at that level since February 2020.

29 K

Level of Japan’s Nikkei 225 index, breaching that threshold for the first time since 1990.

$10 B

At 8 cents, the estimated market value of Dogecoin, the joke, meme-driven cryptocurrency, after being talked up by Elon Musk and WallStreetBets. To get Numbers by Barron’s daily, sign up wherever you listen to podcasts or at Barrons.com/podcasts

10-year Treasury note: +0.03

Hit Records

SHE SAID:

All three stock indexes closed the week at record highs, fueled by Covid stimulus hopes and progress in containing the disease. Bitcoin also rose, approaching $50,000, as Elon Musk’s Tesla announced that it had bought $1.5 billion worth and could start taking it as payment for cars. For the week, the Dow industrials rose 1%, to 31,458.40; the S&P 500 added 1.2%, to 3934.83; and the Nasdaq Composite was up 1.7%, at 14,095.47.

“I’ve spent many years studying inflation and worrying about inflation. And I can tell you we have the tools to deal with that risk if it materializes.”

The Trial Begins…and Ends?

BYE, MAGAZINE; HI, BRANDING

1.20%

The impeachment trial of former President Donald Trump began in the Senate, with the prosecution and defense concluding arguments by Friday. A vote could come as early as this weekend. All 50 Democrats and at least 17 Republicans would be required for a conviction, a tally that seemed unlikely, given the 44 GOP votes against the constitutionality of the trial.

Treasury Secretary Janet Yellen, on the possible inflationary effects of the Covid-19 relief measure

Accounting for Relief House Democrats released a $1.9 trillion Covid-relief proposal containing direct payments of $1,400 for anyone making $75,000 or less and including a federal minimum wage of $15 an hour to be phased in over four years. The Congressional Budget Office agreed that the new wage would reduce poverty—it will give raises to 27 million and lift 900,000 out of poverty—but argued that it could cost 1.4 million jobs over the five years and deepen the deficit.

The Latest on the Pandemic The Centers for Disease Control and Prevention on Friday urged the nation’s K-12 schools to reopen as soon as possible, issuing new guidelines on how to do so safely…China refused to provide the World Health Organization with raw, personalized data on early Covid cases that could aid scientists’ understanding of the disease’s beginning…The holiday surge of Covid infections has passed, with new U.S. cases down 56% over the past month on a seven-day average, and hospitalizations off 38%. Nearly 35 million have received vaccinations, over 10% of the population.

Rethinking China The Biden administration is launching a review of security risks of Chinese companies targeted under Trump, including the forced sale of ByteDance’s TikTok unit to Oracle and Walmart. Another Trump executive order banning transactions with eight Chinese apps, including Ant Group’s Alipay and Tencent Holdings’ WeChat, remains in limbo, as do actions taken against telecom Huawei Technologies.

Annals of Deal Making Apple and Hyundai Motor broke off talks on the Korean company assembling Apple’s electric car…Elliott Management has explored raising a billion-dollar special purpose acquisition vehicle…Videogame developer Electronic Arts will acquire Glu Mobile for $2.4 billion… Reddit doubled its valuation to $6 billion after raising $250 million from venture firm Vy Capital…Dating app Bumble, controlled by Blackstone, went public at an $8.6 billon valuation.

Illustration by Elias Stein; Andrew Harrer/Bloomberg

10

February 15, 2021

P R EV IEW

BARRON’S

11

Wednesday

The Census Bureau reports retail sales data for January. Expectations are for a 1.3% month-over-month rise in consumer spending after a 0.7% decline in December. Excluding autos, sales are seen gaining 1.4%.

Monday 2/15 Stock and bond markets are closed in observance of Presidents Day.

Tuesday 2/16 Agilent Technologies, CVS Health, Devon Energy, Ecolab, Occidental Petroleum, Palantir Technologies, Vornado Realty Trust, and Zoetis release earnings.

WHAT WOULD HAMILTON SAY?

Illustration by Elias Stein

Bitcoin Goes Mainstream For months, there has been a trickle of news about mainstream businesses getting involved in cryptocurrencies. In the past week, it turned into a flood. And that helped push the price of Bitcoin to a new all-time high above $48,000 on Thursday. Rationales for investing in it, or providing crypto services, cover a wide range. The most buzzworthy move came from Tesla, which announced on Monday that it bought $1.5 billion worth of Bitcoin to hold on its balance sheet, and that it plans to allow car buyers to pay in Bitcoin. For Tesla, one big reason for the investment appears to be the enthusiasm of its chief executive, Elon Musk, for the stuff. He isn’t the only tech leader to get into Bitcoin. Jack Dorsey has long praised Bitcoin as the money of the future, and now Square, one of the companies he helms, has invested in it. His other company, Twitter, is considering joining the bandwagon. And the list is growing. Mastercard said on Wednesday that it will start allowing businesses to accept some crypto payments, though they’ll be converted into standard currencies before they hit the register. On Thursday, BNY Mellon, founded by Alexander Hamilton, said it would hold and transfer cryptocurrencies for customers, just like it does with other assets. Two big reasons: “growing client demand” and “regulatory clarity,” the bank said. Translation: Crypto’s hot, and the government doesn’t seem to mind it. Yet not everyone is sold. When an analyst on Tuesday asked General Motors to weigh in on Bitcoin, CEO Mary Barra said, “We don’t have any plans to invest in Bitcoin, so full stop there.” But if buyers start pushing to pay in Bitcoin, she said, the company might consider it. — Avi Salzman

Blast Off! After a lull early in 2020, Bitcoin has rocketed higher in recent weeks as corporations have signed on.

The Federal Reserve Bank of New York releases its Empire State Manufacturing Survey for February. Consensus estimate is for an eight reading, higher than January’s 3.5 figure. January’s reading was the lowest since June, as the region’s manufacturing sector is still growing, but at a sluggish rate.

Wednesday 2/17

Bitcoin USD $50 Thousand

Analog Devices, Baidu, Garmin, Henry Schein, Hilton Worldwide Holdings, Pioneer Natural Resources, Synopsys, Shopify, and Twilio announce quarterly results.

40

The Federal Open Market Committee releases the minutes from its lateJanuary monetary-policy meeting. The National Association of Home Builders releases its NAHB/Wells Fargo Housing Market Index for February. Economists forecast an 82 reading, one point lower than January’s 83 figure. The index is down slightly from its all-time high of 90 set in November. Demand remains strong in the housing market, but home builders are concerned about rising material costs, especially lumber prices, which have risen more than threefold since last April.

30

20

10

0 ’21 Source: CoinDesk

The Bureau of Labor Statistics releases the producer price index for January. Expectations are for a 0.4% month-over-month rise, just a tick above December’s gain. The core PPI, which exclude volatile food and energy prices, is seen gaining 0.2%,

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roughly even with the December data.

Thursday 2/18 Applied Materials, Cabot Oil & Gas, LKQ, Marriott International, Newmont, Roku, Southern Co., Walmart, and Waste Management report earnings. The Census Bureau reports newresidential-construction data for January. Economists forecast a seasonally adjusted annual rate of 1.65 million housing starts, just below the December’s 1.67 million. The December figure was the highest annual rate of housing starts since the 2006-07 housing market bubble.

Friday 2/19 Deere hosts a conference call to discuss quarterly results. IHS Markit reports both its Manufacturing and Services Purchasing Managers’ indexes for February. Consensus estimates are for a 59 reading for the Manufacturing PMI and a 57.8 reading for the Services PMI. Both figures are about even with the January data.

Coming Earnings

Consensus Estimate

Year ago

Advance Auto Parts (Q4)

$1.97

$1.64

Agilent Tech (Q1)

0.90

0.81

AIG (Q4)

0.93

1.03

T

CVS Health (Q4)

1.24

1.73

Devon Energy (Q4)

0.03

0.33

Ecolab (Q4)

1.26

1.66

More Earnings on Page M32.

Consensus Estimate

Day W

Consensus Est Last Period

January PPI

0.45%

0.30%

1.1%

-0.70%

January Capacity Utilization

74.9%

74.5%

January Industrial Production

0.50%

1.6%

December Business Inventories

0.50%

0.50%

January Retail Sales

TH

January Building Permits

1,675,000

1,704,000

January Housing Starts

1,650,000

1,669,000

F January Existing Homes Sales 6,625,000 6,760,000 Unless otherwise indicated, times are Eastern. a-Advanced; f-Final; p-Preliminary; r-Revised Source: FactSet For more information about coming economic reports - and what they mean - go to Barron’s free Economic Calendar at www.barrons.com

12

BARRON’S

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February 15, 2021

February 15, 2021

BARRON’S

Pandemic Recasts The Vaccine Business

Healthcare workers administer the PfizerBioNTech vaccine in the Bronx. Pfizer expects $15 billion in Covid-19 vaccine revenue this year.

Annual Covid-19 booster shots are likely, which would lift sales. And the crisis has enabled biotech upstarts to compete with the giants.

By JOSH NATHAN-KAZIS

Angus Mordant/Bloomberg

V

accines have long been a sleepy little corner of the pharmaceutical industry, dominated by a handful of companies that sell billions of dollars worth of vaccines a year, unperturbed by upstarts. The pandemic is about to make that corner a lot more crowded. How the next phase of the effort to vaccinate the world against Covid-19 will play out is uncertain. What is clear, however, is that as Covid-19 vaccine supplies increase and the market turns private, the dominance of the big four publicly traded vaccine makers— Pfizer (ticker: PFE), Merck (MRK), GlaxoSmithKline (GSK), and Sanofi (SNY)—could be challenged. The pandemic has offered an entry

point to upstarts like Novavax (NVAX) and Moderna (MRNA), which haven’t had to hire huge sales forces, and can ship their doses right to government warehouses, rather than wrestle with distribution. “It suits our company very well,” Novavax CEO Stanley Erck tells Barron’s. “It gives us time to become a big guy in vaccines.” What’s more, the pandemic has accelerated the arrival of next-generation vaccine technologies developed by smaller biotechs. Some, like BioNTech (BNTX), have teamed up with vaccine giants, but others, like Moderna and Novavax, are going it alone. Novavax and its partners say they will be making 150 million doses of their vaccine a month by the second half of the year, and Moderna says it will make at least 600 million doses this year, and potentially as many as

13

a billion. That’s a world-leading level of vaccine production: Sanofi, by contrast, made 250 million doses of its flu vaccine for this flu season. That capacity could pose a long-term challenge, and the upstarts have big ambitions. Novavax has tested a flu vaccine of its own, and is working on a vaccine that protects against both flu and Covid-19. And Moderna has a packed vaccine pipeline. Nearly a year into the pandemic, the U.S. Food and Drug Administration has authorized two vaccines based on the cutting-edge messenger RNA technology, from Moderna and Pfizer, and is currently considering a vaccine based on the similarly cuttingedge viral vector technology, from Johnson & Johnson (JNJ). A viral vector vaccine from AstraZeneca (AZN) has been authorized in Europe, while Novavax, which uses a version of the more established protein subunit vaccine approach, has begun to submit authorization requests. There is a chance that the current vaccines could be enough to stop the virus. But in recent weeks, data showing that the AstraZeneca, Novavax, and Johnson & Johnson vaccines were all less effective against the strain dominant in South Africa have led to a growing sense that boosters protecting against additional strains could be needed in the very short term. “It looks like there will be at least one more round of vaccination boostings somewhere around the end of the year to the first half of next year,” says Ronny Gal, an analyst at Bernstein. Johnson & Johnson CEO Alex Gorsky told CNBC this past week that annual boosters could be necessary for at least the next several years. The size of this market is impossible to predict, but companies are making the case that it will be massive. Pfizer expects $15 billion in

Calling the Shots How the current leading makers of Covid-19 vaccines compare:

Company / Ticker Pfizer / PFE

Recent Price

12-Mo. Chng

$34.74

-4 %

2021E Sales (bil) Covid-19 Vaccine Total $12.5

$60.4

10

N/A

91.5

49.97

0

N/A

30.8

Modena / MRNA

179.34

740

10.0

10.3

Novavax / NVAX

298.36

4,038

3.4

3.4

Johnson & Johnson / JNJ 166.81 AstraZeneca / AZN

N/A=Not available. E=Estimate. Source: FactSet

Covid-19 vaccine revenue in 2021, 2½ times as large as its best-selling product in 2020. If the need for annual boosters persists, it could remain material not just for small companies like Novavax, but also for the biggest players. Yet because of the conditions of the pandemic, the market could be more wide open than any other large vaccine market in recent history. For investors, there is an opportunity to make a bet on disruption in an industry that hasn’t seen a shake-up in decades. Still, the big players in the industry aren’t lying down. In addition to the companies with vaccines in production, Sanofi and GlaxoSmithKline are collaborating on a vaccine that may enter the mix. Pfizer, which has presented some of the best efficacy data for its Covid-19 vaccine, seems the most confident that the vaccine will be a valuable long-term asset. On an earnings call in early February, the company’s chief financial officer, Frank D’Amelio, said that Pfizer’s typical vaccines cost almost nine times more than the current price charged for the Covid-19 vaccine. Pfizer executives say that they’ll win in any head-to-head fight for market share. “If we move into much more normal situations, then there will be a choice that physicians will have to recommend,” Pfizer CEO Albert Bourla tells Barron’s. “I think we will get the lion’s share. Because, first of all, our data are spectacular, and who wants to do a lesser vaccine?” It may be a while before patients have a choice as to which vaccine they get. The Biden administration says the the U.S. will have 600 million total doses of the Moderna and Pfizer vaccines by July, enough to inoculate most of the population. How vaccine purchasing and distribution will work after that is anyone’s guess. That’s a wild card that will have significant implications for how the competition unfolds among the major vaccine developers. The vaccine market is fundamentally different from the market for other drugs and, aside from a handful of products, is largely driven by big contracts rather than consumer and physician choice. Patients usually don’t know which flu vaccine they buy, and vaccine makers generally compete with one another on price.

14

BARRON’S

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February 15, 2021

SVB Leerink analyst Dr. Geoffrey Porges expects that the AstraZeneca, Novavax, and Johnson & Johnson vaccines will be competing with one another for mass-market contracts. “Already, consumers are thinking that these products are interchangeable and equivalent,” Porges says. He expects that the ultracold storage requirements of the Moderna and Pfizer vaccines will put them at a disadvantage, yet other industry analysts disagree with that assessment. Attributes that are competitive advantages now might not matter much in the longer term. Johnson & Johnson’s vaccine is given as a single dose, which is enormously important this year, but that may not mean much later, if companies are competing to deliver single-dose boosters. The decisive factor could be how well the various companies can update their vaccines in the short term to protect against emerging strains. “We believe that the mRNA and Novavax platform…are more amenable to multiple variants and high efficacy in one construct,” says Jefferies analyst Michael Yee. He suspects that efforts to update the other vaccines to protect against multiple variants may result in less-effective vaccines. Novavax hopes to be a dominant player. CEO Erck says that he expects the Covid-19 vaccines to compete on quality, and that his company’s vaccine can stand above the others. “The revenue projections are going to be enormous for our product in 2021 and 2022, and beyond that,” he says. “Beyond [2022]…it’s going to be a commercial market based upon the competitive advantage of your vaccine.” The company is working on combining its Covid-19 vaccine with its influenza vaccine, and expects to have the combination vaccine in human trials in the second half of this year. Still, Novavax and the others will be swimming with the big fish. In an interview, the CEO of Sanofi, Paul Hudson, pushed back on the idea that the pandemic would lead to widespread changes in the vaccine industry. He said that expectations that messenger RNA vaccines will come to dominate the field are overblown. “In a single antigen pandemic, mRNA is probably the first go-to,” Hudson said. “But in regular times, I think we also have to be clear, that if you’re coming into a market with mRNA, say [the] influenza [vaccine market], and you’re competing with current influenza [vaccines], it’s very different when you have to compete with the standard of care with a well-characterized safety profile. So that bar is high.” B

February 15, 2021

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BARRON’S

Hologic Stock Could Pass The PostCovid Test

ery of our breast health, surgical, and broader diagnostics franchises that benefit women’s health,” says Steve MacMillan, Hologic’s chairman, president, and CEO. With the tailwind of Covid-19 testing and a recovery in other business segments, Wall Street expects Hologic’s earnings to grow by 125% in fiscal 2021—and that’s atop a 64% gain, to $3.98 per share, in fiscal 2020. “They are going to be a strong beneficiary of the Covid-19 situation as well as the post-Covid environment,” says Ken Laudan, co-manager of the $1.9 billion Buffalo Discovery fund (BUFTX), which counts Hologic among its top holdings. “You have a business that would be hitting on all cylinders.”

Shares of the Covid-test company are cheap, and the business is growing. Some analysts see about 25% upside for the shares.

C

By EVIE LIU

Photograph by Peter Bohler

S

ometimes, you really can have it both ways. Consider medical-diagnostic company Hologic, a Covid-19-beneficiary but also a business that will benefit as life returns to normal. To say that Covid-19 has been good for Hologic’s (HOLX) business is an understatement. The company, which provides molecular diagnostic equipment for Covid-19 PCR tests, saw sales in its diagnostics division grow to $1.1 billion during the fiscal first quarter that ended in December 2020, up from $312 million in the same quarter of 2019, while earnings quadrupled. The market seems reluctant to give Marlborough, Mass.–based Hologic credit for that growth. While its stock has gained 52%, to $80.02, in the past 12 months, three times the S&P 500 index’s 17% rise during the same period, its price/earnings ratio has fallen. That’s a sign that investors expect the boost from Covid-19 testing to fade as the disease ebbs. Yet, the contraction in valuation overlooks the likelihood that testing will continue, while Hologic’s success with the coronavirus could lead to growth in its other businesses. For investors, Hologic looks like a bargain waiting to be snapped up. Hologic was a much different company before the coronavirus arrived. Breast Health, which provides everything from screening to treatment, accounted for 39% of sales at the end of fiscal 2019, with diagnostics second,

at 36%. Now, diagnostics has grown to 56% of revenue, while Breast Health has slipped to second, at 30%. GYN Surgical, the third-largest segment, is 10%, down from 13% in fiscal 2019. Hologic is expected to post total sales of $5.8 billion in fiscal 2021, up 53% year over year. Hologic currently trades for just under nine times fiscal-2021 estimated earnings of $8.95 a share, compared with its five-year average of nearly 19 times earnings. Larger Covid-19-test providers, such as Thermo Fisher Scientific (TMO) and Abbott Laboratories (ABT), fetch 23 and 25 times earnings, respectively, although Covid-19-test supplies are a much smaller part of their businesses. By some estimates, the Covid-19 diagnostics business could fall by 35% in the next year, which helps explain Hologic’s steep discount. But Jefferies analyst Raj Denhoy thinks those concerns are overblown. Even with the vaccine rollouts, extensive testing may still be needed before surgery and travel, and around adoption of the vaccine. “The downward trajectory next year isn’t going to be as bad as people feared,” he says. “Covid testing probably will continue for quite some time.” Besides, Hologic is more than just a bet on Covid-19 testing. Its growing diagnostic business has allowed it to place more of its devices in labs and hospitals around the country, and they are likely to stay there, especially because its automated testing is simpler

than mixing and matching products from different companies. As a result, Hologic is well positioned to emerge in the postpandemic world with a larger market share in the broader moleculardiagnosis industry. That should help to offset any falloff in Covid-19-related revenue in years to come, says Wells Fargo analyst Dan Leonard. Hologic is known as one of the largest players in breast-imaging technologies such as mammography. It also sells other medical devices used in gynecologic surgeries, biopsies, and other procedures. Those businesses were hurt last year, as fewer people had regular checkups or nonurgent procedures. But they recovered to prepandemic levels in the December quarter, bringing in total revenue of $482 million. Things may only get better. “We expect to have a very good year in 2021 based on our contributions to Covid testing, as well as the continued recov-

“[Hologic is] going to be a strong beneficiary of the Covid19 situation as well as the postCovid environment.” Ken Laudan, Buffalo Discovery fund

A Healthy Rally Hologic should continue to outperform the market even after the lockdowns end. 20%

HOLX vs SPX

0

Hologic S&P 500

-20 2021

Source: FactSet

ovid-19 has done wonders for Hologic’s cash flow. Laudan estimates that the company probably will generate $1.5 billion to $1.8 billion of free cash flow due to the Covid-19 opportunity. Denhoy is even more optimistic, predicting $2.5 billion to $3 billion in free cash from “insatiable Covid demand” over the next two years. That’s money that can be put to use for reinvestment, mergers and acquisitions, and stock buybacks. Hologic is planning to do all of that. Hologic, which sports a market capitalization of $20.5 billion, repurchased 1.5 million of its shares—worth about $101 million—during the December quarter. The company just announced a $1 billion stock-repurchase authorization over the next five years. If it chooses to execute that entire buyback program, the total number of shares could be reduced by 5%. Hologic is also looking to expand its business portfolio through acquisitions. It announced the purchase of two small firms in January—Biotheranostics, in molecular oncology diagnostics, and Somatex Medical Technologies, one of its suppliers in Germany. These deals seem to be a precursor to further transactions. On its latest earnings call two weeks ago, Hologic management said the company is pursuing a number of acquisitions and hopes to complete more deals this year. One way or the other, Hologic will keep growing, and don’t be surprised if its valuation grows, too. At about 11 times 2021 earnings estimates, it would be worth $95, Leonard’s price target— up 11% from Thursday’s close. At 12 times earnings, the stock would be worth $106, Denhoy’s target, up 32.5%. Either way, Hologic passes the test. B

16

BARRON’S

February 15, 2021

S T R E E T W I SE WITH

JACK

HOUGH

“O n c e a g a i n , i t d o e s n ’ t m a t t e r i f a company has money on their balance s h e e t , p r o f i t a b i l i t y, o r i f i t ’ s p u r e l y a hyped name. All the cannabis stocks are trading way up.” - D a n A h r e s , M a n a g e r, A d v i s o r S h a r e s P u r e C a n n a b i s E T F

Po t S t o c k P r o O n Te l l i n g G r ow t h f r o m H o t S m o ke C a n n a b i s s h a re s a re s o a r i n g . A f l o u r i s h i n g fu n d m a n a g e r ex p l a i n s h ow t o f i n d p ro f i t s a m i d t h e p u f fe r y. L I ST E N N OW

© 2021 Dow Jones & Company, Inc. All rights reserved. 4E5171

February 15, 2021

BARRON’S

17

Corning Is Filling Its Glass With New Ideas The company serves a diverse set of markets, from smartphones to vaccine vials. Why the stock deserves more attention

By ERIC J. SAVITZ

Courtesy of Corning Incorporated

N

ot many companies can claim Thomas Edison as a onetime customer, but Corning, which was founded in 1851, has been around the block a few times. The company long ago stopped making light bulbs, cookware, and lanterns, but its glass technology remains vital for a range of high-tech products. The company serves many of the same end markets as the semiconductor industry, including telecommunications, consumer electronics, mobile phones, and auto manufacturing. But Corning’s stock is cheaper, by a wide margin, than chip makers’. Corning (ticker: GLW) trades for just 2.2 times estimated 2021 sales, versus 7 times for the PHLX Semiconductor index (SOX). The valuation disconnect shows up in earnings, as well, with the semi index trading at 26 times expected 2021 earnings, while Corning is at just 19 times. There are reasons for Corning’s low multiples. It’s a one-of-a-kind business; the company has no U.S.-listed peers. And it’s out of the spotlight, with a home base in New York’s Finger Lakes region, four hours northwest of Manhattan. Creating space-age materials out of glass also has significant costs: In 2020, Corning’s research and development expenses were about 10% of total revenue. Capital expenditures came to 12% of sales.

Corning’s cutting-edge glass is used across many industries, even for vaccines.

The pandemic also has posed challenges for Corning. Early last year, the company suspended production at its Wuhan, China, factory, which makes giant glass sheets for large-screen TVs. The company’s environmental business, which makes parts for catalytic converters and other pollutioncontrol products, fell 9% as auto makers cut or suspended production. And a slowdown in network rollouts by telecommunications carriers resulted in a 12% slide in sales for Corning’s optical fiber business. But Corning is recovering impressively, and its latest initiatives could finally grab some attention on Wall Street. After a long stretch of underperformance versus the S&P 500 index, the stock is up 32% over the past 12 months, to a recent $37, suggesting investors are beginning to rethink the company’s valuation. In the December quarter, Corning’s sales were up 17% from the level a year earlier, and well ahead of Wall Street estimates. Revenue in 2021 is expected to grow 14%, to $13.1 billion, reversing a 2% drop in 2020. From an earnings perspective, Corning is forecast to outpace the chip sector and the S&P 500 this year, with earnings expected to rise 40%, to $1.96 a share. UBS analyst John Roberts last month launched coverage of Corning with a Buy rating and $44 target price, 20% above the recent close. Corning stock has a dividend yield of 2.6%.

Corning is “continually reinventing itself, as new applications replace older ones.” UBS’ John Roberts

Roberts writes that part of Corning’s appeal is “the company is continually reinventing itself, as new applications replace older ones.” Roberts thinks the company can compound profits at a 15% annualized rate through 2023. Jeff Evenson, Corning’s chief strategy officer, says the company has learned to apply its technology across markets—meaning techniques created for optical networking can be used for vaccine vials, while technology for mobile phones can improve automotive displays. Reuse and recycle.

Breakthrough After being stuck below $35 for several years, Corning stock is on the move. (GLW / NYSE) $40

35

30

25

20

15 2017 Source: FactSet

2020

Corning expects a rebound this year in optical networking, its largest segment by revenue, as wireless carriers roll out 5G networks. Display glass is Corning’s secondlargest business, and the company dominates the market for glass sheets used for 65-inch-plus LCD televisions. Sales of giant TVs grew more than 40% last year. Corning’s Gorilla Glass has been used in smartphone displays for years, but in 2020 the company announced an agreement to provide a new material called Ceramic Shield, a hybrid of ceramic and glass, for Apple’s iPhone 12 line. Apple (AAPL) had previously invested $450 million in Corning to help scale its manufacturing process. It’s a rare public endorsement from Apple for one of its suppliers. Corning’s fastestgrowing business is likely to come from cars. The company makes gas particulate filters, used to reduce the emission of small particles; Europe and China require them in new cars. Corning is also seeing growing interest in hardened glass for cockpit displays. A new “hyperscreen” from Mercedes-Benz features a single 56-inch piece of curved glass from Corning. It’s the entire dashboard, including entertainment features, controls, and maps. CEO Wendell Weeks said on a recent earnings call that Corning can eventually reach $100 of content per vehicle—up from $15 a few years ago— through a combination of in-vehicle displays and environmental products. The company’s glass is also helping to vaccinate the public against Covid-19. Life Sciences has been the smallest of Corning’s five divisions by sales, but demand for its Valor drug vials is growing. Last year, the U.S. government awarded Corning a $204 million grant as part of its Operation Warp Speed effort “to support the vaccination and treatment of billions of patients.” All of that business growth is showing up in the company’s free cash flow, which is forecast to grow 55% this year, to $1.5 billion, up from just $215 million two years ago. Corning’s own confidence, meanwhile, is showing up in plans to start buying back stock later this year. At Corning—for the first time in years—the glass is more than half full. B

18

BARRON’S

February 15, 2021

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February 15, 2021

19

BARRON’S

100 YEARS OF BARRON’S

On This Week

Feb. 16, 1987: Wall Street reels as three arrested in “Goldman-Kidder insider-trading scheme.”

Feb. 13, 1933: Short-selling curbs prevent “natural functioning of bear forces,” Barron’s says.

Electric Vehicles Were A Nonstarter—Until Tesla Came Along

I

t was 1959, the dawn of the Space Age, and a half-dozen companies were “racing to bring out the first electric automobile in a half-century,” according to Barron’s. Leading the way was the Nu-Klea Starlite, a new electric model being billed as an “economy car”—a concept so novel that Barron’s put it in quotation marks. “Simply by plugging the car into an electric outlet each night, thereby recharging the batteries, the owner can drive about 80 miles the next day at a cost of no more than 20 cents,” Barron’s marveled. But the Starlite fizzled, and no other successful EV emerged from this short burst of enthusiasm. And so it would continue for the rest of the century—high hopes dashed by lack of vision, willpower, and funding. It took a new millennium and a “green-powered cruise missile” known as the Tesla Roadster to finally show the way to a new electric golden age. The first golden age of the EV was a short one, lasting the first decade or so of the 20th century. “The stately, battery-powered sedans of the pre– World War I era,” Barron’s wrote, appealed mostly to well-to-do urbanites. President Woodrow Wilson drove around the White House grounds in his Milburn Electric. Unlike gasoline-powered cars, EVs rode clean and silent, with little effort or maintenance needed. But they lacked speed (25 miles an hour) and range (60 to 70 miles per charge), largely because the batteries were so heavy. The first electric age effectively ended in 1915, after Henry Ford and Thomas Edison teamed up to take a crack at EVs. The result: “The vehicles were too slow, too heavy, and too costly,” according to Barron’s. “The project was dropped.” If Ford and Edison couldn’t pull it off, who could? That’s pretty much where things still stood in

1959, when the Starlite made its disappointing debut. EVs weren’t abandoned—there were golf carts and British “milk floats”—but the dream of an electric passenger car was deferred for decades. Fast-forward to 1968, when Barron’s reported that GM, Ford, and Chrysler, “stung by criticism” over “the fumes their gasoline buggies spew into the air,” were boasting about their research on “smogless vehicles.” The big hope this time was a Union Carbide electric motorcycle, which clocked 25 mph and was demonstrated by a “dignified, gray-haired chemist” dressed “in a paratrooper jacket and white crash helmet” who “rode slowly around in circles” on the sidewalk in front of the company’s New York office. The motorcycle was “strictly experimental,” and Detroit’s Big Three had nothing of their own to offer except vague promises of electric passenger vehicles that might be

Sebring-Vanguard’s CitiCar two-seater, pictured above in 1974, was so flimsy that “it’s not allowed on major highways,” Barron’s wrote. Below, Henry Ford, left, and Thomas Edison, circa 1930.

ready for commercial production in “10 or 15 years,” Barron’s wrote. That was optimistic.

A

nother decade passed. Then, on June 13, 1977, Barron’s cited “renewed interest in EVs,” this time because of concerns about the oil embargo and air pollution. Yet the only assemblyline producer of EVs was SebringVanguard, whose CitiCar two-seater “boasts a top speed of 38 miles per hour and can go about 40 miles per charge.” The CitiCar was so flimsy, Barron’s wrote, “it’s not allowed on major highways.” Some 13 years later, in 1990, GM CEO Roger Smith, “desperate for a piece of good news on which to end his career,” as Barron’s put it, introduced a new EV program with great fanfare. But the effort didn’t yield a car until 1996—the General Motors EV1, a two-seater with an initial range of just 60 miles. GM pulled the plug on production in 1999, sparking controversy detailed in the documentary, Who Killed the Electric Car? By 2002, the big car makers knew that the gasoline engine was “rumbling into its twilight years,” with

Ford, GM, and the then DaimlerChrysler spending “well over $1 billion a year on new-engine technologies,” including hybrids, Barron’s wrote. Led by Toyota’s Prius, there were 50,000 hybrids on U.S. roads. The modern EV era begins with Tesla and CEO Elon Musk, a visionary no less audacious than Ford or Edison. Musk’s goal is “an electriccar revolution,” and instead of building another niche economy EV, Musk shot for the moon with a high-end sports car, the Tesla Roadster. Barron’s underestimated the power of Musk’s revolution. A 2013 cover story panned the stock, suggesting that Tesla’s fans “are viewing its prospects through 3-D glasses.” Musk hung up on us during an interview for the story. Tesla stock, then a split-adjusted $23, is now above $800. The revolution is clearly under way. GM stunned the industry last month with a plan to eliminate internal-combustion engines by 2035. Ford is back in the game with the beautiful and fast Mustang Mach-E. Apple could be next. If only Edison could see it all now. B

top) Marion S. Trikosko/Library of Congress; (bottom) Detroit Publishing Co./Library of Congress

By KENNETH G. PRINGLE

20

BARRON’S

February 15, 2021

February 15, 2021

BARRON’S

21

Amid a pandemic, an economic crisis, and social unrest, these companies stepped up to take care of employees, customers, and communities. They didn’t forget shareholders: For the fourth year in a row, our group beat the stock market.

“O n c e a g a i n , i t d o e s n ’ t m a t t e r i f a company has money on their balance s h e e t , p r o f i t a b i l i t y, o r i f i t ’ s p u r e l y a hyped name. All the cannabis stocks are trading way up.” - D a n A h r e s , M a n a g e r, A d v i s o r S h a r e s P u r e C a n n a b i s E T F

THE 100 MOST SUSTAINABLE COMPANIES B Y LESLIE P. NORTON

I L L U S T R A T I O N S B Y MARTIN GEE

20

BARRON’S

February 15, 2021

February 15, 2021

BARRON’S

21

Amid a pandemic, an economic crisis, and social unrest, these companies stepped up to take care of employees, customers, and communities. They didn’t forget shareholders: For the fourth year in a row, our group beat the stock market.

“O n c e a g a i n , i t d o e s n ’ t m a t t e r i f a company has money on their balance s h e e t , p r o f i t a b i l i t y, o r i f i t ’ s p u r e l y a hyped name. All the cannabis stocks are trading way up.” - D a n A h r e s , M a n a g e r, A d v i s o r S h a r e s P u r e C a n n a b i s E T F

THE 100 MOST SUSTAINABLE COMPANIES B Y LESLIE P. NORTON

I L L U S T R A T I O N S B Y MARTIN GEE

I

t was a year marked by a public health catastrophe, a plunge in economic output, and widespread social unrest—crisis upon crisis that ultimately challenged individuals and institutions to find their conscience. And American companies stepped up. Fifty years after Nobel laureate Milton Friedman famously declared that the sole “social responsibility of business is to increase its profits,” corporations are abandoning the dictum. “We’ve seen a demonstrable and well-articulated pivot of Corporate America in terms of how they’re aiming to please,” says Savita Subramanian, a strategist at Bank of America. “They’ve gone from shareholder to stakeholder returns. That’s huge.” Companies, Subramanian says, pumped more than a $1 trillion into the economy last year through cash gifts, free masks, loan forbearance, and other forms of generosity. It was on the scale of the federal government’s stimulus programs. Institutions such as the Business Roundtable and World Economic Forum are pushing corporations to report on how they take care of all stakeholders—including their employees, customers, local and broader communities, and the environment—and not just shareholders. As a result, “this group of executives has a completely different level of understanding” of their responsibilities than in 2018, when Barron’s published its first list, says John Streur, CEO of Calvert Research & Management, the sustainable investment shop. “It’s almost a sea change.” This reorientation includes increased efforts by corporations to mitigate their impact on the environment, as well as bolstering employee welfare, community health, and customer satisfaction. The firms in Barron’s latest ranking of most sustainable companies scored high in several of these areas in 2020. Several members of our top 10 are there for the first time, and there are 28 new companies on this year’s overall list. “We added ‘society’ as a stakeholder two or three years ago, as we thought about our purpose,” says Matt Ellis, chief financial officer of No. 9-ranked Verizon Communications (ticker: VZ), up from No. 30 in 2020. “Ignoring our environmental and social footprints doesn’t create a long-term sustainable organization. The investments we make in our [wireless] network don’t have a one-year payback.

BARRON’S

They will only be good investments if we have customers and employees.” Shareholders have been pushing companies to evolve, too. Money has flooded into sustainable funds and other accounts, with assets exceeding $17 trillion at the beginning of 2020, up 42% from $12 trillion at the beginning of 2018, according to US SIF, the trade group for the sustainable investment industry. The number represents about a third of the $51.4 trillion in U.S. assets under management. In Barron’s fourth annual list of the most sustainable companies, created for us by Calvert Research & Management, a unit of Eaton Vance (EV), the top companies include Best Buy (BBY), at No. 1; Agilent Technologies (A), No. 2; Ecolab (ECL), No. 3; Autodesk (ADSK), No. 4; Voya Financial (VOYA), No. 5; Tiffany, No. 6; Robert Half International (RHI), No. 7; V.F. Corp. (VFC), No. 8; and ON Semiconductor (ON), No. 10. Tiffany, which was purchased by LVMH Moët Hennessy Louis Vuitton (MC.France) this year, will no longer be evaluated as an independent company. Five of those companies are newcomers to the top 10 this year. Sustainability means many things, but companies usually are judged on a series of environmental, social, and corporate governance metrics, known as ESG, that measure how a company’s managers make decisions and plan for the future in areas beyond profitability. These have been codified by a number

February 15, 2021

of organizations, including the Sustainability Accounting Standards Board, which stresses that investors look at factors that are particularly material to specific industries.

T

o create our ranking, Calvert started with the 1,000 largest publicly traded companies by market value, then ranked each by how they performed for five key constituencies: shareholders, employees, customers, community, and the planet. Specifically, Calvert looked at more than 230 ESG performance indicators, such as workplace diversity, data security, and greenhouse-gas emissions. Based on the indicators, Calvert assigned a score of zero to 100 in each stakeholder category. Then, it created a weighted average of the categories for each company, based on how financially material each category was for its industry peer group. To be on our list, a company had to be rated above the bottom quarter in each of the material stakeholder categories. If it performed poorly in any key one that was financially material, it was disqualified. (You can find the methodology at Barrons.com.) The top 100, ranked by the weighted average, appear in the nearby table. Another table ranks the firms by stock market performance in 2020.

Sustainable Investing Has Grown At the beginning of 2020, there was more than

$17 trillion

invested according to sustainable principles. That’s up 42% from the $12 trillion at the beginning of 2018.

As a group, the companies performed well. In 2020, the ones on our new list returned 21.9%, on average, beating the S&P 500 index’s 18.4%. It was the fourth year in a row that our top 100 outpaced the market. Does our list have predictive value? To assess this, we looked at how the companies on prior lists, published early each year, performed for all of that year. The results are compelling, but require an explanation. On average, companies on the list we published in early 2018 lost 4.2% for the year, a hair better than the S&P 500’s 4.4% loss. In 2019, the average stock on our list returned 30.9%, a shade below the index’s 31.5%. In 2020, our average stock returned 16%, underperforming the index’s 18.4%. But the S&P 500 is weighted by market capitalization, with the largest companies having the most sway. Our list is a simple average. When you take a marketweighted version of our list, our stocks beat the S&P 500, as the table on page 26 shows. “Covid-19 was a major ESG risk,” Streur says. The risks mitigated included companies’ efforts to reduce pollution, because the virus struck harder people with respiratory issues; the way companies addressed health and safety risks for workers; and supporting communities ravaged by the disease. For instance, No. 1-rated Best Buy barred in-store shopping for six weeks in favor of a curbside-delivery model, boosted workers’ pay early in the pandemic, instituted a $15 per hour minimum wage, and granted paid sick leave. High-level executives took a 20% pay cut and used the savings to create an emergency fund for furloughed workers. By September, Best Buy had brought back half of its furloughed employees. (Best Buy recently announced that it will be cutting some jobs and reducing hours as more people shop online.) Meanwhile, No. 2-ranked Agilent, which makes laboratory instruments and software, guaranteed jobs and protected base pay. And No. 3 sanitation company Ecolab, hit hard by steep declines in its key customer base of hotels and restaurants, still protected the hourly pay of its employees. Some companies went further. In 2020, software maker Autodesk,

Patrick T. Fallon/AFP/Getty Images

22

February 15, 2021

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23

24

BARRON’S

February 15, 2021

Special Report: The 100 Most Sustainable Companies For our fourth ranking of most sustainable companies, Calvert Research & Management started with the 1,000 largest publicly traded companies by market value, then looked at top companies in 230 ESG (environmental, social, and governance) performance indicators. Here’s the result. The companies highlighted in green beat the S&P 500 in 2020. 2021 2020 Rank Rank Company / Ticker 1

5

Weighted Score

Best Buy / BBY

73

’20 Total Return

Recent Price

Market Value (bil)

18.0%

$117.90

$30.4

2

1

Agilent Technologies / A

72

38.3

123.41

37.8

3

17

Ecolab / ECL

71

12.5

217.05

61.9

2021E Est 3-5 Year P/E EPS Growth

2021 2020 Rank Rank Company / Ticker

Weighted Score

’20 Total Return

Recent Price

Market Value (bil)

2021E Est 3-5 Year P/E EPS Growth

$389.74

$102.4

46.6

8.5%

51

33.3

7.5

52

41

Varian Medical Systems / VAR

66

23.1

176.36

16.1

34.3

N/A

53.9

10.3

53

31

Salesforce.com / CRM

66

36.8

238.93

218.4

51.5

17.0

15.0

67

Intuit / INTU

66

44.3%

16.3%

4

10

Autodesk / ADSK

71

63.3

302.81

66.5

76.7

29.3

54

93

Edwards Lifesciences / EW

66

15.3

86.08

53.6

40.6

14.3

5

3

Voya Financial / VOYA

71

-3.5

58.38

7.4

20.4

13.5

55

75

S&P Global / SPGI

66

19.5

325.44

78.3

28.3

11.6

6

4

Tiffany / TIF

70

0.2

Tiffany was acquired by LVMH on Jan. 7, 2021

56

55

McCormick / MKC

66

12.9

90.83

24.2

30.8

5.3

7

46

Robert Half International / RHI

70

0.5

72.10

8.2

21.5

14.4

57

54

West Pharmaceutical Services / WST

66

86.7

294.46

21.8

64.9

20.5

8

21

V.F. Corp. / VFC

70

-11.6

81.70

31.9

62.0

17.7

58

Lowe's / LOW

66

36.0

179.17

134.7

20.6

19.7 0.5

9

30

Verizon Communications / VZ

69

-1.3

55.05

227.8

10.9

3.3

59

34

Hanesbrands / HBI

66

2.8

15.98

5.6

11.8

10

15

ON Semiconductor / ON

69

33.3

39.81

16.4

24.9

17.0

60

28

NextEra Energy / NEE

65

27.7

83.40

163.4

33.2

7.8

11

24

Clorox / CLX

69

33.8

190.00

23.9

22.7

4.3

61

59

Gap / GPS

65

17.2

22.27

8.3

N/A

12.0

12

14

ManpowerGroup / MAN

69

-4.6

93.52

5.4

17.2

21.6

62

Waste Management / WM

65

4.5

114.38

48.3

28.6

6.4

13

33

Air Products and Chemicals / APD

69

17.1

253.64

56.1

27.9

9.8

63

49

Starbucks / SBUX

65

22.5

106.26

125.1

37.4

15.0

14

36

T. Rowe Price Group / TROW

69

25.7

163.39

37.3

13.5

13.0

64

95

Int’l Flavors & Fragrances / IFF

65

-11.4

127.25

13.6

22.7

7.9

15

22

American Water Works / AWK

69

24.4

162.22

29.4

41.7

8.3

65

29

Adobe / ADBE

65

50.9

493.76

236.5

43.7

16.0

16

32

Williams-Sonoma / WSM

69

43.6

128.64

9.9

15.2

4.9

66

68

Principal Financial Group / PFG

65

-7.2

54.06

14.8

8.9

10.3

17

61

Xylem / XYL

69

29.3

100.96

18.2

39.3

12.0

67

66

Jones Lang LaSalle / JLL

65

-14.3

156.71

8.1

19.3

9.0

Nike / NKE

68

40.8

143.41

225.9

47.4

28.1

68

Republic Services / RSG

65

8.2

91.78

32.5

27.2

8.3

-9.1

95.24

6.8

N/A

-0.2

69

85

Expeditors Int’l of Wash. / EXPD

65

22.6

94.64

16.0

23.7

9.5

18 19

12

PVH / PVH

68

20

69

Mettler-Toledo International / MTD

68

43.0

1,209.27

28.4

40.8

13.4

70

89

Moody's / MCO

65

21.2

278.39

52.3

27.4

9.5

21

16

Ball Corp. / BLL

68

44.6

89.72

29.3

26.3

11.8

71

70

Bank of America / BAC

65

-12.8

33.09

286.3

13.6

15.0

22

13

CBRE Group / CBRE

68

1.8

67.93

22.8

24.6

11.0

72

91

Rockwell Automation / ROK

65

25.0

247.26

28.7

27.7

9.5

23

11

Nvidia / NVDA

68

123.9

577.55

357.5

59.5

16.5

73

42

Microsoft / MSFT

65

41.9

242.47

1,829.7

32.8

12.9

24

Reinsurance Gr. of America / RGA

68

-27.5

112.25

7.6

15.2

N/A

74

Walmart / WMT

65

23.2

145.03

410.6

26.0

11.6

25

Crocs / CROX

67

49.4

77.81

5.3

26.5

N/A

75

State Street / STT

65

-6.5

76.07

26.9

11.2

11.6

26

Maxim Integrated Products / MXIM

67

44.7

91.58

24.5

31.3

14.2

76

Aptargroup / ATR

65

19.2

141.98

9.2

39.2

7.8

27

Eastman Chemical / EMN

67

29.9

107.46

14.6

14.1

9.0

77

Amicus Therapeutics / FOLD

65

135.7

19.86

5.2

N/A

N/A

W.W. Grainger / GWW

67

22.0

378.81

19.9

20.5

12.4

78

Wesco International / WCC

64

32.0

89.33

4.5

16.8

10.0

Itron / ITRI

67

13.4

101.66

4.1

66.0

N/A

79

New York Times / NYT

64

61.1

50.59

8.5

54.6

17.5

Teradyne / TER

67

77.1

129.09

21.4

26.7

10.2

80

96

Nordstrom / JWN

64

-22.1

34.78

5.5

N/A

6.0

Cisco Systems / CSCO

67

-4.3

48.94

206.6

15.5

5.2

81

53

Alaska Air Group / ALK

64

-21.4

57.08

7.1

N/A

-17.1

81

General Mills / GIS

64

13.0

57.70

35.3

15.4

3.3

Cirrus Logic / CRUS

64

-0.6

89.42

5.2

19.3

10.7

28

8

29

35

30 31

7

32

20

33

9

34

51

35 36

38

37

48

Avery Dennison / AVY

67

19.7

174.89

14.6

22.2

7.9

82

Avnet / AVT

67

-15.9

38.55

3.8

19.1

11.2

83

Kimberly-Clark / KMB

67

-0.1

132.19

44.8

16.9

4.3

84

50

Cummins / CMI

64

28.7

238.61

35.2

17.0

9.8

Waters Corp. / WAT

67

5.1

284.50

17.6

29.7

6.9

85

37

Oshkosh / OSK

64

-8.2

97.69

6.7

17.3

16.5

Keysight Technologies / KEYS

67

27.9

144.70

26.8

25.7

11.8

86

Workday / WDAY

67

44.1

272.79

65.2

101.4

21.8

87

100

TJX Cos. / TJX

64

12.2

69.97

84.0

163.4

8.4

Home Depot / HD

64

24.2

280.03

301.3

23.6

8.9 40.0

38

47

Lam Research / LRCX

66

67.4

532.78

76.3

21.4

16.7

88

Agios Pharmaceuticals / AGIO

64

-6.8

55.82

3.9

N/A

39

23

Ormat Technologies / ORA

66

20.3

122.85

6.3

78.2

11.3

89

Ralph Lauren / RL

64

-10.8

110.21

8.1

160.3

3.9

40

52

Levi Strauss / LEVI

66

6.7

19.45

7.7

19.6

93.9

90

84

Applied Materials / AMAT

64

44.0

106.19

97.1

20.8

14.8

41

26

Colgate-Palmolive / CL

66

25.6

79.70

68.3

24.2

5.8

91

64

Sonoco Products / SON

64

-0.9

60.47

6.1

18.0

3.1

PepsiCo / PEP

64

10.7

140.40

194.2

25.5

5.7

63

Lumentum Holdings / LITE

64

20.0

88.14

6.7

13.7

15.0

42

94

Eversource Energy / ES

66

3.0

85.51

29.3

23.4

6.9

92

43

72

Procter & Gamble / PG

66

12.8

129.17

318.1

22.7

7.8

93

44

82

BlackRock / BLK

66

44.0

726.45

110.8

19.8

12.0

94

Mosaic / MOS

64

3.3

29.09

11.0

64.5

7.0

45

6

HP Inc. / HPQ

66

21.9

27.30

35.6

10.4

8.4

95

Woodward / WWD

64

3.3

116.64

7.3

34.2

15.0

46

2

Texas Instruments / TXN

66

29.7

175.12

161.0

26.1

9.5

96

44

Coca-Cola / KO

64

1.3

49.92

214.5

26.3

1.8

Intel / INTC

66

-16.4

59.16

240.3

12.5

6.0

97

56

Regions Financial / RF

63

-3.6

19.54

18.8

10.8

31.1

Prudential Financial / PRU

66

-12.7

80.91

32.0

7.0

6.0

98

Etsy / ETSY

63

313.9

231.69

27.4

109.1

29.6

49

Automatic Data Processing / ADP

66

4.1

167.92

71.9

28.4

11.1

99

50

Merck / MRK

66

-8.7

75.04

189.8

11.6

11.2

100

47 48

40

Not on the 2020 ranking

Highlighted companies beat the S&P 500

N/A=Not applicable

E=Estimate

27

UniFirst / UNF

63

4.3

230.51

4.2

30.7

N/A

Amgen / AMGN

63

-3.1

237.57

137.3

14.1

7.8

Source: Calvert Research & Management

February 15, 2021

which finished fourth in our rankings, granted stock to everyone in the company. “There’s something inequitable about not having everyone participate in the overall success,” says CEO Andrew Anagnost. “If you can get employees as stakeholders, you’re leading by example.” Companies stepped up for communities, too. Ecolab ramped up capacity in disinfectant and sanitizing products by as many as 15 times, donated a million pounds of cleaning and sanitation products to the community, and funded out-of-work restaurant employees. Agilent used its 3-D printers to make face shields for local healthcare providers; it also made masks and hand sanitizer. Verizon announced its Citizen Verizon program, which includes several ESG goals, including becoming carbon-neutral by 2035. Another project: giving middle school students in underserved communities tablets and wireless access. In summer came the protests around racial and social inequality, following George Floyd’s death while in police custody. The protests catalyzed some companies to refashion themselves to reflect a more diverse population, a “very reasonable reaction to real-world events,” says Calvert’s Streur. This, too, has longerterm implications: A lack of diversity affects a company’s ability to attract and retain talent, and more diverse inputs allow for different perspectives and lead to better decisions. Companies began pushing harder to attract women and people of color to their employee base. One standout: No. 5-ranked Voya Financial, where 46% of senior managers are women, a far higher portion than at most public companies and well above the financial-industry averages. Verizon publicly disclosed the gender, racial, and ethnic makeup of its workforce from its report to the Equal Employment Opportunity Commission. The

25

BARRON’S

Progress, Not Perfection These companies have made a measurable, positive impact for all their stakeholders. Yet just

3

of the CEOs in the top 20 are women —and all are Caucasian.

data are critical to achieving diversity in the workforce. Once companies begin reporting such information, people can track their progress in creating a staff from a mix of groups. Creating jobs for minority employees, who often come from disadvantaged backgrounds, is also critical in fighting income inequality. “I was born in Europe and see CEOs as business leaders, community leaders, and society leaders,” says Christophe Beck, the chief executive of Ecolab. Management played a unifying role in companies that were often riven during a particularly polarizing year. “Our role is to bring the teams together, calm them down, and reduce the divisions and come as one,” Beck says. To be sure, there’s plenty of room for improvement. Women account for just a third of the members of a typical board, notes Calvert portfolio manager Chris Madden. Among the top 10 companies on our list, only one, Best Buy, has a female CEO. Move down to No. 11 through No. 20, and there are two—at No. 11 Clorox (CLX) and No. 16 Williams-Sonoma (WSM). And all the chief executives in the top 20 are Caucasian. Across America, companies have moved aggressively to reduce the amount of carbon dioxide emitted by their consumption of fossil fuels, known as a carbon footprint. Many joined coalitions to reduce their carbon footprints to net zero, meaning that any emissions are offset by removing carbon from the atmosphere. Most of the companies on our ranking operate internationally, so they’re subject to pro-environment regulatory regimes, such as those in Europe, which aim to be carbon-neutral by 2050. This year, immediately after the presidential inauguration, the U.S. rejoined the Paris Agreement, which is targeting carbon neutrality by 2050. China aims to be carbon-neutral by 2060.

I

n 2020, V.F. Corp. took steps to decarbonize its value chain by 2030, and to be using 100% renewable energy by 2025. In particular, it wants to reduce Scope 1 and Scope 2 emissions by 55% by 2030, and Scope 3 emissions, by 30%. Scope 1 covers direct emissions from owned or controlled sources; Scope 2 covers indirect emissions from the generation of electricity, steam, heating, and cooling purchased

Our Winners Last Year In 2020, 46 of the 100 constituents on last year’s ranking beat the S&P 500. Here are the top 25 gainers and how they ranked in terms of sustainability. 2020 Total Return

2020 Rank

Cree / CREE

129.5%

80

Nvidia / NVDA

122.2

11

23

West Pharmaceutical Services / WST

88.9

54

57

First Solar / FSLR

76.8

45

Autodesk / ADSK

66.4

10

4

Lam Research / LRCX

63.2

47

38

SVB Financial Group / SIVB

54.5

79

Adobe / ADBE

51.6

29

United Parcel Service / UPS

47.3

71

KLA / KLAC

47.3

74

Xilinx / XLNX

46.6

73

BlackRock / BLK

46.4

82

44

Intuit / INTU

45.9

67

51

Ball Corp. / BLL

45.0

16

21

Mettler-Toledo International / MTD

43.7

69

20

Applied Materials / AMAT

42.8

84

90

Microsoft / MSFT

42.4

42

73

Williams-Sonoma / WSM

41.4

32

16

Target / TGT

39.8

90

Agilent Technologies / A

39.5

1

2

Salesforce.com / CRM

36.8

31

53

Clorox / CLX

34.3

24

11

ON Semiconductor / ON

34.3

15

10

Texas Instruments / TXN

30.8

2

46

Xylem / XYL

30.5

61

17

Company / Ticker

2021 Rank

65

Not on the 2021 ranking. Source: Calvert Research & Management

and consumed by the company. Scope 3 includes all other indirect emissions that occur in a company’s value chain, or all aspects of its business. By 2030, 100% of V.F.’s materials will come from regenerative, responsibly sourced, or recycled materials. It’s also looking at sustainable packaging, including use of plant-based materials. The initiatives will be financed by the company’s inaugural 500 million euro ($606 million) green bond. The targets are “among the most ambitious in the industry,” says Steve Rendle, CEO of V.F. Corp. Verizon did its first corporate reporting last year, as recommended

by the Task Force on Climate-Related Financial Disclosures, or TCFD, an organization established by the Financial Stability Board to develop recommendations for climate-related disclosure that would help investors, credit issuers, and insurance underwriters better evaluate companies. The giant telecom committed to getting 50% of its electricity from renewable sources by 2025 and to be net neutral on Scope 1 and Scope 2 emissions by 2035. In 2020, it “really got the flywheel going” on renewable energy purchases, says Verizon’s Ellis. And though Agilent hasn’t announced a net zero goal, it upped its

26

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2X SHARES

2X SHARES Call 646-846-7370 or go to direxion.com

An investor should carefully consider a Fund’s investment objective, risks, charges, and expenses before investing. A Fund’s prospectus and summary prospectus contain this and other information about the Direxion Shares. To obtain a Fund’s prospectus and summary prospectus call 646-846-7370 or visit our website at direxion.com. A Fund’s prospectus and summary prospectus should be read carefully before investing. Investing in a Direxion Shares ETF may be more volatile than investing in broadly diversified funds. The use of leverage by a Fund increases the risk to the Fund. The Direxion Shares ETFs are not suitable for all investors and should be utilized only by sophisticated investors who understand leverage risk, consequences of seeking daily leveraged, or daily inverse leveraged, investment results and intend to actively monitor and manage their investment. The Direxion Shares ETFs are not designed to track their respective underlying indices over a period of time longer than one day. Direxion Shares Risks - An investment in the ETFs involves risk, including the possible loss of principal. The ETFs are non-diversified and include risks associated with concentration that results from an ETF’s investments in a particular industry or sector which can increase volatility. The use of derivatives such as futures contracts and swaps are subject to market risks that may cause their price to fluctuate over time. The ETFs do not attempt to, and should not be expected to, provide returns which are a multiple of the return of their respective index for periods other than a single day. For other risks including leverage, correlation, daily compounding, market volatility and risks specific to an industry or sector, please read the prospectus. Distributor: Foreside Funds Services, LLC

February 15, 2021

solar energy use in 2020, buying a company that has its own solar farm. For some companies, guiding clients about sustainability has proved to be good business. The pandemic is a “defining moment,” says Agilent CEO Mike McMullen. “A number of our largest customers want to hear directly about what we’re doing in sustainability and asking us to help them,” including providing instruments that use less power and chemical solvents, and shrinking packaging. As a result, in 2020, Agilent scooped up market share and boosted profitability. It recently upped its revenue forecast for this year’s first quarter. Ecolab customers are also asking the company for advice about sustainability. As more people are being vaccinated against Covid-19, Ecolab has been busy preparing for America to reopen—something it sees as likely in the third quarter. The company has helped customers save billions of gallons of water and associated heating costs, and helped them create specific environmental impact goals. For example, it helped Microsoft (MSFT) reconfigure five data centers to be potable water- and CO2- neutral. With one of the largest automobile fleets in America, Ecolab is moving to use electric vehicles. “We manage a trillion gallons of water: Our impact can be absolutely huge,” says Ecolab CEO Beck.

How Our Top Sustainable Companies Have Performed

O

-5

ne of the best examples that sustainability pays off is Autodesk, which has also been guiding clients about how to achieve net zero. The company makes software for the architecture, engineering and construction industries. It helps eliminate waste and lets contractors, owners, and other participants in the supply and manufacturing chain collaborate on data via cloud computing. During the pandemic, the corporation made certain products free, reducing piracy. That put them “in a great place for subscription renewals,” says Karina Funk of Brown Advisory, a top sustainable fund manager and Autodesk fan. CEO Andrew Anagnost is a selfproclaimed conservationist, with “solar panels all over the house” and electric cars in the garage. Wary of plastic pollution, he and his wife ask their 8-year-old to refrain from bringing home birthday party goody bags. A decade ago, Autodesk set goals to dramatically reduce its carbon footprint. In its current fiscal year, ending in January 2022, it expects to hit zero emissions. “We’ve been very passionate about it—not just leading by example, but also leading customers to it,” says Anagnost. “When you’re using us as a supplier, you’re using

Does our list have predictive value? In only one of our three previous rankings has it beaten the S&P 500 in the same calendar year. (Our list typically runs in February.) However, our list is equal weighted. When market-cap weighted, as the S&P is, it tops the benchmark index every year. Total Return

■ ■ ■

Barron's Top 100 - Equal Weight Barron's Top 100 - Market-Cap Weight S&P 500

40% 35 30 25 20 15 10 5 0

2018

2019

2020

Year of Publication and Returns* *Because Barron’s ranking of sustainable companies runs so early in the year, we chose to look at returns for that same calendar year, to judge performance. Source: Calvert Research & Management

a supplier that has achieved net zero.” Half of Autodesk’s directors are women. And, yes, there was a bright spot to the pandemic, Anagnost says. “It has woken us up to the fragility of so many things. It woke people up to their supply chains, and to the fragility of their modes of working, and to their ability to respond to crisis.” Plans specifically organized around stakeholder capitalism will help, Anagnost says: “When you invest in communities and connected environments, you create more opportunities for shareholders, creating a better 10-year return. In software, we depend on intelligent, motivated employees to build innovative stuff.” And he adds: “In a world where people care about the environment, the more we can do to help customers do more sustainable things, the more successful we’ll be as company.” B

February 15, 2021

FUND PROFILE

ANimble BondFund StaysonTop By SARAH MAX

F

resh out of the University of Wisconsin, Janet Rilling was working as an auditor for one of the major accounting firms when she had a career-changing epiphany. “I was seeing a variety of businesses up close during the audit process and realized that it wasn’t the ticking and tying that I enjoyed, but learning about the management strategies and what the drivers were of the business,” says Rilling, who went back to the university for her master’s degree in finance from the Applied Security Analysis program. “I really liked the idea of being able to manage a portfolio while in school,” she adds. More than 25 years later, Rilling is the head of the multisector fixed-income-plus and high-yield team at Wells Fargo Asset Management, which in 2005 acquired Rilling’s previous employer, Strong Capital Management. The past year has been an interesting time for fixedincome investors, to be sure, but Rilling and her team have been adept at navigating the market’s twists and turns. In fact, a hallmark of their strategy is focusing on a six-month investment horizon, with the goal of anticipating market inflection points and tilting allocations accordingly. “It’s not that we turn the portfolio over every six months,” she is quick to add. “But we’re comfortable making changes.” Rilling, 52, credits that approach with giving her team an edge in running the $1.9 billion Wells Fargo Core Plus Bond fund (ticker: STYAX), which is up 8.9% over the past 12 months—better than 93% of its Morningstar peers—and has returned an average of 4.9% a year over the past decade, better than 84% of its peers. The fund owns a minimum of 65% of its assets in sectors included in the Bloomberg Barclays U.S. Aggregate Bond Index—Treasuries and U.S. investment grade

Photograph by KAT SCHLEICHER

BARRON’S

Talking With Janet Rilling Co-Manager, Wells Fargo Core Plus Bond

27

28

BARRON’S

bonds, for example. It has leeway to put up to 35% of its assets to work in so-called plus sectors, ranging from U.S. high-yield bonds and European corporates, to emerging markets and foreign-currency exposures. In theory, an investor could get broad fixed-income exposure with this single portfolio. “The idea is this takes some of the decision-making off the table so investors don’t have to worry about how their fixed income is allocated,” says Rilling, who has led the team since 2015. In typical times, Rilling and her four co-managers sit nearly elbow-to-elbow on an open trading floor in Menomonee Falls, Wis., a town just outside of Milwaukee where, coincidentally, Rilling grew up. Like most in their industry, they have had to replicate that camaraderie virtually.“We’ve done a really good job re-creating that, but nothing beats being in person,” she says. Rilling takes the lead on investment-grade corporate credits, while four other sector specialists cover their respective areas; the group is supported by nearly 70 people on the fixed-income research team. Heading into 2020, Rilling and her team were worried about the rich valuations across the fixed-income universe—and at a time when the economic cycle was long in the tooth. “They were at levels we hadn’t seen since before the financial crisis,” she says. “But of course things changed very quickly.” By the end of January 2020, the team had brought the plus allocation of the portfolio down to 11%, with U.S. high-yield bonds representing less than 3% of assets at that point. The team wasn’t anticipating the Covid-19 selloff, but they were well-positioned to take advantage of it. By the end of April, they had increased plus holdings to 21% of assets and brought

Wells Fargo Core Plus Bond 1-Yr

Total Return 5-Yr 10-Yr

STYAX

8.9%

5.9%

4.9%

Bloomberg Barclays U.S. Aggregate Bond Index

4.5

3.8

3.8

Sector Allocations

% Assets

U.S. Securitized

32%

U.S. Investment Grade

27

Treasuries/Government Related

18

U.S. High Yield

12

Emerging Markets

3

European Investment Grade

2

European High Yield

2

Foreign Currency

2

Note: Allocations as of Dec. 31. Returns through Feb. 8; five- and 10-year returns are annualized. Sources: Morngingstar; Wells Fargo Asset Management; Bloomberg

their U.S. high-yield allocation up to nearly 15%. They used a combination of individual securities and exchange-traded funds that serve as placeholders when they want to quickly gain exposure to an area while analysts are still vetting securities. “Over time we rotate into individual names,” she says. The team added to its plus exposure in other areas, including European and emerging market debt, bringing the category to nearly 26% of the portfolio by the end of August. Meanwhile, the team positioned its core holdings to take advantage of fire sales among investment-grade securities. “The highest-quality companies started tapping the investment-grade market to gain back balance sheet liquidity,” says Rilling. She added such names as 3M (MMM), Deere (DE), and Walt Disney (DIS), which issued bonds at yields close to 4%. In other words, A-rated bonds were trading at spreads (yields above Treasury bonds with the same maturity) similar to where BB bonds had traded just a few months earlier. But yields didn’t stay there for long. Just as equity investors flooded back to the market in the spring, so, too, did yield-hungry bond investors. Valuations for most pockets of fixed income are back where they were a year ago. “It’s pretty remarkable that you could go through an entire credit cycle, coming in at the best place, going to the worst place, and then recovering back almost to the best place, in just a year,” Rilling says. The portfolio’s breakdown was recently 78% core and 22% plus. The current market environment offers an important distinction from this time last year. “Today we’re in the early stages of a new economic cycle, and with fiscal stimulus providing additional support,” she says. While equity investors have dipped their toes in hard-hit sectors, Rilling’s team has been selectively buying bonds in Covid-sensitive areas. The fund bought investment-grade airline bonds secured by cash flow from mileage-incentive programs, including 2027 United Airlines Holdings (UAL) bonds issued in June at 6.5%. Her team has since added unsecured airline bonds, small positions in cruise operators, and higher-quality energy names. “U.S. high yield is our favored spot in credit, particularly BB bonds that have more room to recover than BBB,” she says. The fund also owns bonds that were investment-grade before the Covid-19 crisis led to downgrades. With a new economic cycle unfolding, these so-called fallen angels—including bonds from Occidental Petroleum (OXY) and EQT (EQT)—could reclaim their wings. B

Scoreboard:

February 15, 2021

Preholiday Cheer

(U.S. stocks continued to rally on relief hopes and solid economic data, with the S&P 500 up 1.15%. China Region Funds soared 5.31% as the Lunar New Year holiday neared, with expected heavy online buying.

U.S. STOCK FUNDS TOP SECTOR / China Region Funds BOTTOM SECTOR / General U.S. Treasury Funds S&P 500 U.S. BOND FUNDS Bloomberg Barclays AGG Bond

One Week

Year-to-Date

2.49% 5.31 – 0.13 1.15 0.18 0

8.03% 18.11 – 3.29 4.27 0.23 – 0.91

THE WEEK'S TOP 25

Fund

Investment Objective

One Week

Year-to-Date

American Gro Cannabis E / AMREX Upright Growth & Income / UPDDX Upright Growth Fund / UPUPX WCM China Qual Gro Inst / WCMCX Upright Assets Alloc + / UPAAX Kinetics Internet NL / WWWFX Kinetics Global NL / WWWEX Kinetics Mkt Opps NL / KMKNX Jacob Internet Fund Inv / JAMFX Kinetics SC Oppty NL / KSCOX Kinetics Paradigm NL / WWNPX Perkins Discovery / PDFDX Bail Giff China A Inst / BCANX Morg Stan I Asia Opp I / MSAQX Morg Stan I Intl Opp I / MIOIX BlackRock Intl A / MDILX Kinetics SO & CR Inst / LSHUX Morg Stan I Inc I / MSSGX Friess Small Cap Gr Inst / SCGFX Thornburg Bet Wld Intl I / TBWIX ERShares Global Instl / ENTIX Lord Abbett McCp Gro I / LMIYX Emerald Bank&Finance Ins / HSSIX TCW Dev Mkts Equity I / TGDMX Oberweis Global Opp Inv / OBEGX

Specialty & Misc Equity Income Global Multi-Cap Value China Region Mix Tgt All Gro Science & Tech GL Sm/Mid-Cap Flexible Portfolio Science & Tech GL Sm/Mid-Cap Small-Cap Growth Small-Cap Core China Region Pacific Ex Japan Intl Multi-Cap Growth Intl Multi-Cap Growth GL Sm/Mid-Cap Small-Cap Growth Small-Cap Growth Intl Multi-Cap Growth Global Multi-Cap Growth Small-Cap Growth Financial Services Emerging Markets GL Sm/Mid-Cap

21.15% 15.82 15.72 14.31 14.15 13.21 10.74 10.29 10.19 9.67 9.00 9.00 8.36 8.10 7.90 7.85 7.79 7.75 7.73 7.72 7.56 7.52 7.51 7.50 7.48

71.4% 36.9 62.6 25.5 33.3 26.9 19.3 23.9 39.8 28.2 25.9 36.2 18.1 21.2 16.3 12.9 28.0 53.4 33.8 10.7 27.9 27.7 27.2 18.9 19.7

Fund

Investment Objective

One Week

Year-to-Date

SEI Inst US Mgd Vltlty Y / SUSYX Counterpoint Tact Eq I / CPIEX Nvgtr Sentry Mgd Vol I / NVXIX Slk I NH Frontier Inst / FSNHX Gotham Short Strat Inst / GSSFX AXS Mkt Neutral Inst / COGIX Nuveen Eqty Mkt Ntrl I / NIMEX New Alternatives A / NALFX J Hancock II AR Curr I / JCUIX PGIM Jenn Utility A / PRUAX

Multi-Cap Value Alt Long/Short Eq Equity Mkt Neutral GL Sm/Mid-Cap Alt Long/Short Eq Equity Mkt Neutral Equity Mkt Neutral Specialty & Misc Abs Return Utility

– 6.70% – 2.49 – 2.38 – 2.24 – 1.92 – 1.72 – 1.49 – 0.94 – 0.88 – 0.86

– 5.3% – 8.6 – 18.0 4.2 – 5.4 – 2.4 – 1.4 1.9 – 1.3 0.5

THE WEEK'S BOTTOM 10

THE LARGEST 25

Fund American Funds Gro A / AGTHX

Fidelity Contrafund / FCNTX Vanguard Wellington Adm / VWENX American Funds EuPc R6 / RERGX American Funds Bal A / ABALX American Funds Inc A / AMECX PIMCO Income Inst / PIMIX Dodge & Cox Stock / DODGX Dodge & Cox Income / DODIX American Funds ICA A / AIVSX BlackRock Cash Inst SLA / Vanguard PRIMECAP Adm / VPMAX American Funds Wash A / AWSHX American Funds CIB A / CAIBX Vanguard Intl Gro Adm / VWILX American Funds FInv A / ANCFX American Funds NPer A / ANWPX American Funds CWGI A / CWGIX T Rowe Price BC Gro / TRBCX PIMCO Tot Rtn Inst / PTTRX MetWest Total Rtn I / MWTIX Fidelity Str Adv LgCp / FALCX Vanguard Sh-Tm Inv Adm / VFSUX Vanguard Wellesley Adm / VWIAX Vanguard Tgt Ret2025 Inv / VTTVX

Assets (billions) $125.2 110.3 94.6 89.6 87.7 74.9 73.1 70.2 69.4 67.2 64.4 63.7 63.0 61.9 60.5 59.5 58.9 56.9 56.0 53.7 53.5 51.5 51.3 50.1 49.9

*Annualized 02/08/2018 to 02/11/2021. Through Thursday.

Investment Objective Large-Cap Growth Large-Cap Growth Mix Tgt All Gro Intl Large-Cap Growth Mix Tgt All Gro Mix Tgt All Mod Multi-Sector Inc Multi-Cap Value Core Bond Large-Cap Core Instl Money Mkt Large-Cap Core Large-Cap Core Global Equity Income Intl Large-Cap Growth Large-Cap Core Global Large-Cap Growth Global Large-Cap Core Large-Cap Growth Core Plus Bond Core Plus Bond Large-Cap Core Short Inv Grade Mix Tgt Alloc Con Mixed-Asset Target 2025

3-Year* Return

1-Week Return

22.3% 21.2 11.5 13.7 10.6 8.0 5.4 11.2 6.4 12.3 NA 18.0 12.0 6.1 27.5 13.9 20.5 11.5 23.3 5.9 6.5 0 4.2 8.5 10.8

1.28% 2.20 0.82 3.05 1.04 0.87 0.41 2.21 0.14 1.05 NA 2.29 1.11 0.94 3.42 1.70 1.55 1.53 1.89 0.14 0.11 1.63 0.04 0.48 1.23

YTD Return 6.3% 5.4 2.3 6.2 2.6 3.1 1.0 7.3 – 0.3 4.1 NA 9.1 3.8 2.4 12.0 4.9 6.0 5.0 6.1 – 0.5 – 0.6 5.4 0.1 0.3 3.2 Source: Lipper

February 15, 2021

BARRON’S

29

F UN DS

ETFs that invest in special purpose acquisition companies might lessen the risk involved, but at a pretty high price.

3 New ETFs Offer Access to SPACs– But Look Closely

P

erhaps the hottest investment to come out of a strange year for investing is the special purpose acquisition company, known as a SPAC. These once-obscure investment vehicles made hedge fund legend Bill Ackman $1.4 billion in less than a year, and are now backed by high-profile athletes such as Shaquille O’Neal, Alex Rodriguez, and Serena Williams, as well as other celebrities like Grammy-award-winning singer Ciara, astronaut Scott Kelly, and music mogul David Geffen. The star power is dazzling, but SPAC ETFs can differ greatly, making a difficult-to-understand and volatile product even trickier to invest in. SPACs are shell companies that raise cash from investors through an initial public offering. The money is then used to acquire an existing (typically privately held) company, in order to bring it public with less hassle, and less scrutiny. Though SPACs have been around for decades, 2020 saw a strong resurgence. Many investors like the trend toward popular themes such as electric vehicles and green energy, though the real appeal has been the larger deal sizes and highprofile sponsors. About 250 SPACs raised $83 billion in 2020, six times more than in the previous year. Just six weeks into 2021, the numbers have already reached about half of 2020’s. SPACs can be attractive in that they allow retail investors to participate in an IPO before the actual listing— something usually only available to venture-capital or private-equity firms—and potentially capture the big

By Evie Liu

gains if the newly public firm turns out to be successful. But SPACs are risky because early investors don’t know what the merger target will be, nor is a deal guaranteed at all. That’s why SPACs are also called blank-check companies. SPACs aren’t backed by any real business operations, yet investor anticipation for the next big hit can sometimes drive the price high, even before any deal is announced. Essentially, investors are paying for the reputation of the deal sponsor—and that can be pricey. If the merged company doesn’t live up to expectations, share prices could plunge. A diversified exchange-traded fund can mitigate some of the risk and smooth the ride. Most, however, are very new, quite small, and considerably more expensive than the typical ETF. The $106 million Defiance Next Gen SPAC Derived (ticker: SPAK) is the only passive, index-tracking fund devoted to SPACs. It currently has 136 holdings, weighted by market value. All its holdings must meet minimum liquidity and size requirements; the fund charges 0.45% annually. “The SPAC sponsors that can bring more capital to the table probably have a

little bit more credibility and more chances to succeed,” says Defiance ETFs’ president, Paul Dellaquila. The Defiance ETF allocates just 40% of assets to the newly listed premerger SPACs. The remaining 60% goes to the companies that became public after merging with a SPAC. Dellaquila says this can help offset some of the volatility in the SPAC market, and offer investors diversified exposure to the postmerger stocks. That strategy can limit performance, however. While some stocks derived from SPACs saw substantial gains following their IPO—DraftKings (DKNG), for example, rose by 216% since it went public last April— others dropped sharply once the initial positive sentiment faded. Of the 115 completed SPAC mergers from 2016 to 2020, 65% of their stocks had declined a month after the merger closed, and 71% were down a year later, according to a recent study from Edge Consulting Group. The Defiance ETF plans to hold postmerger stocks up to two years after they go public. Still, the fund has returned 31% in the four months since its inception in October, thanks to large positions in Virgin Galactic (SPCE), Skillz (SKLZ), and Open Lending (LPRO), as well as pre-merger SPACs like Churchill Capital (CCIV). Despite a nearly 10% position in DraftKings, it missed most of the stock’s gains, which occurred earlier last year. The actively managed $179 million SPAC and New Issue ETF (SPCX), launched in December by Tuttle Tactical Management, is a purer play that invests only in pre-merger SPACs. For CEO Matthew Tuttle, SPACs are a unique asset class and shouldn’t be grouped together with the post-

Blank-Check Investing Goes Mainstream

Investors can now buy special purpose acquisition Companies, better known as SPACs, via ETFs. But their portfolios are quite different, and expensive. Fund / Ticker

Inception Date

Expense Ratio

Price Change AUM (mil) Since Inception

Defiance Next Gen SPAC Derived / SPAK

09/30/2020

0.45%

SPAC and New Issue / SPCX

12/15/2020

0.95

179

27.3

Morgan Creek Exos SPAC Originated / SPXZ

01/25/2021

1.00

40

8.0

Note: Data as of Feb. 12

$106

31.1%

Sources: Morningstar; FactSet

merger stocks. “They are not even cousins; they are totally different animals,” he says, citing the different methods of valuing and trading them. The fund usually sells a SPAC after a merger is announced. It charges 0.95% annually. One of the big value-adds of an active fund, says Tuttle, is that it can subscribe to a SPAC’s IPO units at the trust value price, usually $10, while index funds and retail investors have to purchase those shares later, in the often slightly more expensive secondary market. Since SPAC shares can be redeemed for $10 plus interest at the time of the merger, the investment is essentially guaranteed not to lose money—other than a nick of inflation—even in the worst-case scenario. The $40 million Morgan Creek Exos SPAC Originated ETF (SPXZ) is a mix of the other two approaches, and the most expensive, with a 1% expense ratio. Launched just a few weeks ago, the fund is actively managed, and invests in both pre-merger SPACs and postmerger stocks. Morgan Creek CEO Mark Yusko says he plans to put one-third of the assets in the first group and two-thirds in the latter; all holdings will be weighted equally. “People often say, ‘It’s so obvious Amazon is a winner,’ but that’s only in hindsight,” says Yusko, “You don’t want to make mistakes, and the best way to manage that is position size.”

A

s the SPAC market matures, the differences among these exchange-traded funds is likely to increase: The index-tracking fund will likely include most of the new names, while the active funds become more selective. The funds are also likely to adjust their allocations to pre-merger SPACs and postmerger stocks, depending on their relative performance and volatility. The Defiance ETF increased its allocation to pre-merger SPACs from 20% to 40% in January. Yusko also says that, if the SPAC market becomes more active, the Morgan Creek fund might allocate more to pre-merger names than it currently does: “We’re not gonna force ourselves to follow the guideline; it’s all about quality.” B

30

BARRON’S

T E CH T RADER

The Jacob Internet fund soared 123% last year. And it wasn’t because of Apple, Microsoft, Amazon.com, Alphabet, or Facebook.

R

By Eric J. Savitz

While the fund’s cost is under $2, Jacob sees further gains for the stock. “There was a lot of sputtering before the flywheel started to go,” he says. “But growth and margins are accelerating. Just because something is up a lot doesn’t mean it’s overvalued.” He thinks Wall Street estimates are too low. Jacob thinks that OptimizeRx (OPRX)—another of his top-five holdings—could be this year’s Digital Turbine. The Rochester, Minn.–based company runs a communications platform that sits between health providers and patients. It uses ads, coupons, messaging, and loyalty cards to drive patient compliance with prescriptions. Jacob says OptimizeRx could be a good acquisition target, especially for GoodRx (GDRX), which focuses on a related market, giving consumers information on how to buy prescription drugs more inexpensively. Another obscure pick from Jacob is SharpSpring (SHSP), a Gaines-

After the dot-com bubble burst, Ryan Jacob had the worst mutual fund in America. Two decades later, the fund is thriving—thanks to small-cap tech stocks.

ville, Fla., marketing-software company with a value under $300 million. Jacob describes the company as “like HubSpot [HUBS] at a fraction of the valuation.” He says HubSpot’s software has more features, but at a much higher cost. Based on a multiple of sales, SharpSpring trades at half the value of HubSpot. “Marketing automation is hot,” he says. “I’m surprised no one has tried to buy them.” One contributor to the fund’s run this year is Voyager Digital (VYGVF), a New York–based, Canadian-listed cryptocurrency exchange. Among other things, Voyager makes a market in the oddball Bitcoin rival called Dogecoin, which has recently run up from a penny a share to eight cents. Voyager itself is now worth over $2 billion, up 240% in 2021. Jacob has taken some profits, but he thinks the stock could still get more attention—and rally further—when better-known rival Coinbase goes public later this year. Not all of Jacob’s stocks are obscure. He has a big bet on Zillow (Z), which ran up more than 25% last week on strong fourth-quarter results. Jacob notes that the online real estate firm is benefiting from low interest rates and a home-buying boost from the workfrom-anywhere trend. He’s particularly bullish on Zillow’s iBuyer business, which flips homes for its own account.

Zillow expects revenue from that business to double in the current quarter, but Jacob thinks the opportunity could be even greater once housing supply improves. Other more familiar bets from Jacob include Twilio (TWLO), the provider of communications services to many online businesses; database company MongoDB (MDB); and online-payments firm Square (SQ). And he’s bullish on Twitter (TWTR), which he says remains undermonetized. “The challenge has been, what does the financial model look like?” he says. “They have to start proving out monetization, and we’re starting to see good ideas on that front.”

I

n my Dec. 28 column, I shared a pair of stock picks from Jeffrey Meyers, founder of Cobia Capital, a New York–based hedge fund with its own focus on obscure tech stocks. So far, both picks have worked well. Nordic Semiconductor (NDO.Norway), a specialist in Bluetooth chips, has rallied on better-than-expected fourth-quarter results. “Forward revenue growth would be even higher except for the tight semiconductor-supply situation that is gripping the industry,” Meyers says. The stock is up 37% since my column ran, but Meyers thinks that it can still double from here. Meyers’ other pick, antenna maker AirGain (AIRG), has rallied 72%. Its antennas are helping to strengthen signals for AT&T’s FirstNet, a communications network for first responders. Meyers sees a $500 million market opportunity—for a company with annual revenue of around $50 million. I followed up with Meyers this past week and asked for another pick. His choice: Silicom (SILC), an Israeli company that makes specialized devices for telecom networks. Silicom benefits from the growth in software-defined networks, and Meyers says it “has a huge opportunity” in 5G network buildouts. He notes that Silicom trades for just 2.4 times estimated 2022 sales and under 20 times 2022 projected earnings. He thinks that the stock could double in 12 months—and quadruple over the next four years. B

Courtesy of Jacob Asset Management

How to Benefit From Tech’s Run, Without Big Tech Exposure emember Ryan Jacob? The investor had a brief moment in the spotlight when he started his Jacob Internet fund in late 1999. But shortly after the bubble burst in 2000, his fund fell to last among the more than 5,000 mutual funds tracked by Morningstar. As the jeering died down, Jacob went back to work building his Los Angeles– based asset-management firm. More than 20 years later, he’s still at it. The fund (ticker: JAMFX) soared 123% last year and is up nearly 40% in 2021. Jacob, a soft-spoken Drexel University grad with a distinct Philadelphia accent (takes one to know one), shuns most megacaps and takes a bottom-up approach to finding growing businesses with strong network effects. The resulting portfolio includes an eclectic mix of microcaps. Jacob notes that his fund underperformed in 2019, as megacaps dominated tech’s growth. But his disdain for large-caps has generally worked, with the fund returning an annual average of 23% over the past decade— without a losing year since 2011. As of Dec. 31, the fund’s largest position was Digital Turbine (APPS), a longtime holding that’s more than 9% of the portfolio. The Austin, Texas– based company handles app installation for non-Apple devices, working with phone makers—in particular Samsung—and carriers, including Verizon Communications, AT&T, and Telefónica. Shares of Digital Turbine have gone from $6 to $86 over the past 12 months.

February 15, 2021

February 15, 2021

THE EC ONOMY

After accounting for state and local minimumwage laws, the current effective minimum wage is almost $13 an hour, according to one estimate.

U.S. Minimum Wages Have Already Jumped, With Minimal Costs

M

ore than a quarter of American workers— or roughly 40 million people—had jobs that paid less than $15 an hour before the pandemic. That number could drop to roughly zero by 2025 if the Raise the Wage Act of 2021 passes in the Senate. The proposal would more than double the federal minimum over the next few years, after which the new minimum would rise at the same rate as the national median wage. While some may fear that the law would force many businesses to go under or push millions out of work—a worry fueled in part by a recent Congressional Budget Office report—the likelier outcomes are modestly higher prices and a notable improvement in living standards for tens of millions of lowwage workers and their families. The first thing to know about America’s minimum wage is that the $7.25 an hour federal minimum is simply too low to do much. Even in Mississippi, Louisiana, and Alabama— which have the country’s lowest wage —more than 90% of workers were paid more than $8.50 an hour in 2019, the latest year for which we have comprehensive data. And even in the biggest low-paid occupations within those states, such as fast food and retail, more than 90% of workers were paid substantially more than the federal legal minimum. Recognizing that the federal minimum wage is too low to have a mean-

31

BARRON’S

ingful impact, most states—and many cities and counties—have imposed their own minimum wages on top of the national baseline, as well as scheduled increases and automatic inflation adjustments. After accounting for these state and local laws, Ernie Tedeschi of Evercore ISI estimates that the current effective minimum wage is already almost $13 an hour—up from less than $8 an hour as recently as 2014. Moreover, this effective minimum will continue to rise even without the Raise the Wage Act. Even if Congress does nothing, about 40% of Americans will end up living in places with a minimum wage of at least $15 an hour in a few years, including everyone in California, Connecticut, Washington, D.C., Florida, Illinois, Massachusetts, Mary-

By Matthew C. Klein

Raising the Floor American states and cities began raising minimum wages at a 7% yearly average rate in 2014, lifting the effective national minimum wage 75% above the federal minimum. Dollars per hour $12 Effective national minimum including state and local laws

10

Federal statutory minimum 8

6

4

2 1995

2000

Source: Ernie Tedeschi

’05

’10

’15

’20

land, and New Jersey, as well as everyone in Greater New York City, most of the Seattle metro area, Denver, Minneapolis-St. Paul, and Portland, Ore. Laura Nicolae, David Mericle, and Alec Phillips of Goldman Sachs recently estimated that the proposed schedule to increase the federal minimum wage would therefore have almost no effect on the country as a whole until 2024—and even after that, the impact would be enough only to sustain the pace of wage growth expected in 2021-23 under existing state and local laws. This means that the proposed federal wage increases are set to be less dramatic than what has already occurred since 2014. It also means that many Americans have already experienced what it’s like to live through a sharp increase in the minimum wage. The good news—for investors, consumers, and workers alike—is that these experiences imply that a higher wage floor would have substantial benefits for tens of millions of low-paid workers with few costs for everyone else. There are two basic explanations for this benign outcome. First, economists have found that higher minimum wages often generate offsetting benefits for employers in the form of lower employee turnover and fewer vacancies, which in turn make it easier for businesses to boost sales to meet demand. “An employer may want 100 workers but only has 90 because they don’t pay enough—and because they don’t want to raise wages for their existing workers,” explains Arindrajit Dube, who advised the Conservative United Kingdom government on its minimum-wage policy and who teaches at the University of Massachusetts, Amherst. In these circumstances, statutory wage increases should be understood as a fix for uncompetitive or “oligopsonistic” labor markets. This is especially true in job markets where employers have a lot of power to set wages, whether it’s because employers use noncompete agreements and other tactics to suppress worker pay, because the economy as a whole is weak, or because there aren’t many employers to fight over workers—think of company towns or rural areas. That

last point helps explain why Anna Godøy and Michael Reich of the University of California, Berkeley, found that high minimum wages had no negative impact on employment or hours worked even in the poorest counties within states such as California, New York, Massachusetts, and Washington. The second reason that large changes in the minimum wage haven’t had meaningfully adverse consequences is simply that low-wage labor costs account for only a small share of the prices paid by consumers for goods and services. At Walmart, for example, “operating, selling, general, and administrative expenses” are worth only about a fifth of net sales. Like most large retailers, the biggest expense, by far, is the cost of goods sold. For fastfood franchisees, labor is only one cost among many, including rent, ingredients, franchise fees, and depreciation charges on equipment. Farmworker wages account for only about a ninth of the price of produce at the typical grocery store, according to Phil Martin of the University of California, Davis. This means that low-wage employers can easily pass the cost of higher wages on to consumers, who probably won’t even notice the difference. That’s what happened in Hungary after a dramatic increase in the minimum wage in the early 2000s: middle- and highincome Hungarians paid somewhat higher prices to guarantee substantially higher wages and living standards for people at the bottom of society, with no adverse effects on employment in the services sector. For states such as Mississippi, Louisiana, and Alabama, which are about as poor compared with California and New York as Hungary is with Germany or France, the implication is that a big federal minimum-wage bump would have minimal costs but substantial benefits. The macro impact of higher lowend wages and slightly higher prices would probably be small, since the poor, by definition, constitute a tiny share of national income. But the evidence so far suggests that it would be positive, with lower consumer debt, more spending on goods and services, and higher auto ownership. That would be good for everyone. B

32

Q& A

Emerging Markets After Covid By RESHMA KAPADIA

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eripatetic investor Mark Mobius, 84, sees a strong global economic recovery that should finally help emerging markets outperform after a decade lagging behind developed markets, and despite U.S. tensions with China. Mobius, once described as the Indiana Jones of emerging markets, launched Mobius Capital Partners almost three years ago after retiring from a multidecade career at Franklin Templeton, where he ran one of the first emerging market funds. His new firm, which oversees $220 million in assets, takes a more concentrated approach to the frontier and emerging markets he has long invested in, focusing on roughly 30 companies and actively working to improve environmental, social, and corporate governance, or ESG, factors, and culture. Barron’s caught up with Mobius in Dubai to see how he’s positioned for a global economic recovery, why he isn’t worried about a U.S.-China decoupling, and why he thinks central bankers’ fixation with inflation is misguided. An edited version of our conversation follows. Barron’s: Emerging markets have lagged behind the S&P 500 index for about a decade. Why is this their year to outperform? Mark Mobius: We’ve had a big run [in emerging market stocks], and this will continue. With the average age [of people] in these countries lower than that of the developed markets, their recovery [from Covid-19] will be faster. The vaccine, of course, helps, but more important is the psychology. As people begin to feel safe, you’ll see economic activity pick up very fast. Technology is also hitting these markets, especially frontier markets, and that’s driving a lot of this move toward better asset quality and information. The currency is also getting stronger in emerging markets against the dollar, which itself is a positive. But more Photograph by NATALIE NACCACHE

BARRON’S

An Interview With Mark Mobius, Founder of Mobius Capital Partners

February 15, 2021

“With the average age [of people] in these [emerging market] countries lower than that of the developed

February 15, 2021

markets, their recovery [from Covid] will be faster. The vaccine, of course, helps, but more important is the psychology.

BARRON’S

“You’re going to find a general retreat from the U.S. dollar—not today or tomorrow. It’s a slow process.”

importantly, the psychology of a currency revaluation is very powerful for investors. The first question that [emerging market] investors often ask is if they will lose money on the currency. India is the biggest country weighting in your portfolio. Why? India just announced its budget and a number of dramatic changes that are going to have a big impact driving economic growth there—including opening up the insurance market to foreign investors and increasing privatization of state-owned enterprises. It’s a great story. We own APL Apollo Tubes [ticker: APAT.India], which makes steel pipes and [should benefit from] spending on infrastructure. We also own Persistent Systems [PSYS.India], a software company that does a lot of work with companies like IBM, and Metropolis Healthcare [METROHL.India], which does medical testing. Latin America has been out of the spotlight. What are the opportunities there? Brazil is the place we are focusing [on]. We own retailer Lojas Americanas [LAME4.Brazil], which has [an online retail] partner B2W Digital [BTOW3.Brazil] that is the equivalent of Amazon.com [AMZN]; a software company, Totvs [TOTS3.Brazil], and [medical diagnostics company] Fleury [FLRY3.Brasil]. With lockdowns, distance diagnosis is coming to the fore. Once these testing companies have your records, they can recommend hospitals, doctors, medicines. It’s a matter of data collection, which is very important. Chinese stocks have had some of the biggest gains recently, but there are regulatory questions—Beijing scuttling the Ant Financial initial public offering, and new antimonopoly measures. What’s the risk? The Chinese government realized you couldn’t have these internet companies taking over the financial system, which they were well on their way to doing. It’s why I believe they stopped the IPO. The government also was worried that retail investors might get burned be-

33

Money Matters The dollar is still the world’s No. 1 investment currency, and the euro is the largest trade currency. But demand for China’s yuan is growing.

10% The amount by which the yuan has appreciated against the dollar since the middle of the last year

cause they were also planning to regulate these fintech companies. China’s not alone. The U.S. is looking at [regulation]; Europe is looking, too.

government can say one thing, but the companies can say another. They don’t have to be in the U.S.; a lot are setting up in Dubai or the Cayman Islands.

What do you think about recent efforts by the U.S. to restrict China’s access to technology? The U.S. made a mistake restricting the transfer of technology. Now, if I were sitting in Beijing, I would say, “Taiwan Semiconductor Manufacturing [TSM] is the biggest [chip company] in the world, and even though we consider it our province, we can’t control that. Samsung Electronics [005930.Korea] is next; it’s in Korea. The U.S. is next, with Intel [INTC].” What you’re going to get—particularly now with big semiconductor shortages—is the Chinese working overtime to produce their own chips.

Should investors be worried about the recent push to delist Chinese companies that don’t comply with U.S. auditing oversight? It would be very easy for [Chinese companies] to meet the accounting standards. It’s a matter of pride [for the Chinese government] to refuse to allow these companies [to open their audit books]. And look at the turnover of these companies on the New York Stock Exchange! Do you think the brokers are going to allow these turnover conditions to go away? I doubt it. It takes two to tango: U.S. authorities will probably let up, and the Chinese will adjust their accounting over time.

That’s going to take a while. No question. TSM is basically a foundry. They do the physical production, but hundreds of little fabless Taiwanese companies create all the software that’s necessary to go into these chips. We own several: Taiwan’s eMemory Technology [3529.Taiwan], WIN Semiconductors [3105.Taiwan], and Parade Technologies [4966.Taiwan]. Return on capital employed is very good because all they need are offices and a computer.

There’s also increasing scrutiny of China’s human-rights issues, such as in Xinjiang and Hong Kong. How does your ESG approach allow for China investments? We don’t look at the macro level in that sense. We know Xinjiang is a problem. We know human rights generally are a problem. A lot of people would say you’ve got to do something about human rights and change society. If we tried to do that, think of how many real democracies there are in the world today, particularly in emerging markets. It’s very difficult. We look at the individual company to determine how they’re doing on measures of ESG, and culture. It’s amazing, over the years since I began investing in China, the improvements we’ve seen. The government has begun to impose certain ESG standards on these companies, which is a sign policies are moving in that direction.

What about the risk to Taiwan as U.S.-China tensions flare? It’s a risk we have to accept. These fabless companies have strong ties with Apple [AAPL] and Microsoft [MSFT] and usually have some base in Silicon Valley to service them so they can still operate without being in Taiwan. What do you like in China? We have Yum China Holdings [YUMC]. They have done a [good] job in improving the way they operate. We also own AK Medical Holdings [1789.Hong Kong]. There’s a lot to be done in [developing the healthcare system]. Are you worried about the U.S. and China decoupling? I don’t think it’s going to happen. The

In your latest book, The Inflation Myth and the Wonderful World of Deflation, you suggest that the recent worries about inflation are misguided. Why? I wanted to denigrate the whole emphasis on inflation numbers. You hear the Federal Reserve saying, “Inflation has gone up by a half-percent; we’ve got to do something,” or economists

As people begin to feel safe, you’ll see economic activity pick up very fast.”

saying, “You have to have at least 2% inflation, otherwise it’s no good for the economy.” This is all insane. Inflation numbers are based on a basket that’s changing every year. If you go back 10 years, the basket’s completely different and the quality of products has changed dramatically. Because of technology, we’re getting a deflationary trend where things are getting cheaper—and that’s accelerating in the emerging countries. This measure is not a very good way to make policy. How should we measure inflation? You should look at wages and income and measure the quality of life. As an old timer, the quality of my life has gotten a lot better: I can write an email, or the computer can access all this information—that didn’t exist when I was getting my Ph.D. at MIT. Prices are going up, but the reason is currency devaluation. Through history, there’s absolutely no currency in the world that has maintained its value. What does that mean for the dollar’s status as the reserve currency? The dollar peaked last March, and now it’s way down to 2018 levels. You’re seeing a number of things here. First, don’t underestimate cryptocurrencies. When you think of all the people who don’t want their wealth to be revealed, they’re using cryptocurrencies. No. 2: The dollar is still the largest investment currency, but the euro is the largest trade currency. A lot of that has to do with zero interest rates, which make trade financing [in the euro] very attractive. And then you’re seeing the yuan coming up. China has already concluded currency swaps with a number of countries. You’re going to find a general retreat from the U.S. dollar—not today or tomorrow. It’s a slow process. The most critical aspect for the dollar is the degree to which it can be used and traded around the world; that’s very important to people. One of the reasons it’s difficult for the Chinese to have a reserve currency is because they want to control it so much, but it’s remarkable that it has appreciated about 10% against the dollar since the middle of the last year. It shows the demand. B

34

BARRON’S

O T H E R VO I C E S

I

By Ronald Cohen

details. Little did shareholders know that research from Harvard Business School found that P&G’s operations also created $1.7 billion of environmental damage in 2018, equal to more than 10% of its profits. Shareholder rebellions will multiply as information spreads about companies’ impacts. And they will take aim at lack of diversity and unfair employment practices, too. They reflect the pressure of investors who are directing more than $30 trillion to ESG and impact investment, equal to a third of global assets under management. Evidence of this pressure is everywhere. The challenge today is that we have little transparency on the impacts of companies. This creates an opportunity for the Biden administration to

introduce it and drive real change. Impact accounting is now possible. Company disclosures have come together with technology and big data to express a company’s impacts in dollar terms, like profits. The ImpactWeighted Accounts Initiative led by George Serafeim at Harvard Business School shows how we can report precise, comparable figures about the impacts of corporate operations, employment, and products, and reflect them in financial accounts. The initiative combines cutting-edge science, big data, and algorithms to gather ESG data, assign substantiated monetary values to them, and express them as accounting line items that show companies’ impacts on the world. Its data on 1,800 quoted companies across the world reveal that 250 businesses create more environmental damage a year than profit, that 600 create damage equal to 25% or more of profit, and that together the 1,800 companies create a staggering $3 trillion of damage annually. It identifies impact leaders and laggards in each sector; in the chemical industry, for instance, BASF’s environmental damage equaled 10% of its sales in 2018, while Sasol’s was a staggering 137%. Significantly, it also reveals that in sectors where impact information is available, companies that pollute more are worth less. The initiative also provides valuable insights about employment impacts, including diversity, fair pay, and career advancement. Why is impact transparency a powerful driver of change? Because it creates a race to the top among companies—not for limitless profit regardless of damage, but to improve our society and planet. As companies realize that investors, consumers, and talent are shifting to make decisions based on profit and impact, they will strive to achieve both. In doing so, businesses will begin to play a new, helpful role alongside governments in meeting our challenges, rather than creating damage that governments will have to remedy with tax dollars. Impact transparency will stimulate business innovation, too. New entrants will disrupt established industries, as Tesla has done with the automobile

industry. New impact ventures will use technology to deliver positive impact, attracting customers and talent, avoiding the risk of regulation and taxation, and taking advantage of growth opportunities in huge, underserved markets. By introducing impact transparency, President Joe Biden can align investors and companies with his administration’s goals to create a fairer society and more sustainable world. In 1933, the Roosevelt administration introduced generally accepted accounting principles and auditors to give investors proper transparency on the profits of companies. Objections were raised then that it would be impossible to apply the same set of accounting principles to all companies, irrespective of their size and sector, and that this would be the end of U.S. capitalism. As we know, they were wrong. The Biden administration’s plan for its first 100 days should include the introduction of generally accepted impact principles and the publication by companies of impact-weighted accounts. It should require company directors and trustees of pension funds and endowments to consider social and environmental impacts in their decision-making. And it should lower corporate tax rates for companies that deliver positive impact and raise them for those that pollute the environment and drive social inequality. Such a plan would reduce negative impacts and boost positive ones, save government precious resources, and stimulate investment that creates jobs and supports companies’ long-term success. It would transform our economic system into one that is fairer and more sustainable. Economic systems are not engraved in stone. We have progressed from mercantilism to capitalism, which has itself evolved several times. Biden can reshape it again, to deliver growth and profits while improving society and the environment. B Ronald Cohen is chair of the ImpactWeighted Accounts Initiative and the Global Steering Group for Impact Investment, cofounder of Apax Partners, and author of

Impact: Reshaping Capitalism to Drive Real Change.

Illustration by Ben Mounsey-Wood

The Biden administration has an opportunity to align companies with the goal of creating a fairer society and more sustainable world.

Show, Don’t Hide, Corporate Impact

f the Biden administration is to reduce racial inequality and environmental damage, then it needs to harness the power of investors and companies. How? Through a new force that is beginning to shake up our system: transparency on the social and environmental impacts created by companies. The damage to our planet and society is widely acknowledged, and the responsibility for creating—and reducing—it is landing on company doorsteps. For example, two-thirds of Procter & Gamble’s shareholders recently rebelled against management because of allegations that P&G’s use of palm oil causes deforestation, and demanded that management disclose

February 15, 2021

February 15, 2021

BARRON’S

INC OME INVESTING

35

MAILBAG

Dividend Stocks That Treating the Causes, Not Can Weather Rising Rates Symptoms, of Alzheimer’s By Lawrence C. Strauss

W

ith bond yields ticking up recently, dividend stocks could see more competition for investors’ capital. But that doesn’t mean all payers face the same obstacles. Keith Lerner, chief market strategist at Truist Advisory Services, said in an email to Barron’s on Wednesday that he doesn’t see higher bond yields “as a major impediment for stocks, or dividend stocks per se, as long as yields are moving up because of increased investor confidence in an economic recovery.” Still, while stocks can often weather a rising rate cycle with positive returns, equity income investors need to be selective. “There are pockets of the market that underperform during rising-rate environments, and those are generally the stocks that are most like bonds,” Savita Subramanian, head of U.S. equity and quantitative strategy at BofA Securities, tells Barron’s. As for stocks to be wary of, she points to “the high-payout-ratio, high-dividendyielding stocks that don’t necessarily benefit from that growth angle because they are cash-cow-types of investments.” That includes regulated utilities, she says, and some consumer-staples stocks, including tobacco companies—“really, companies that don’t benefit from a cyclical recovery [and] more of your defensive, highdividend-yielding areas of the market.” Subramanian observes that dividendgrowth stocks with lower payout ratios are better suited to absorb rising rates. Broadly speaking, that includes industrials, financials, as well as certain technology and consumer-discretionary companies. Those sectors, she says, “tend to be more cyclical.” Subramanian’s research on this subject includes a Feb. 4 note that analyzed how the S&P 500 index has fared during rising-rate cycles since the 1950s. During those 15 cycles, stocks had a positive total

return—which includes price appreciation and dividends—13 times, most recently from July 2016 through October 2018. The 10-year U.S. Treasury note climbed to 3.2% from 1.5% over that stretch. Still, utilities, a bond-proxy sector, returned 11.1% during those two-plus years, lagging behind the 30% for the S&P 500, as measured by the Utilities Select Sector SPDR exchange-traded fund (ticker: XLU). On average, stocks had a 13% return during those rising-rate cycles, the first of which began in April 1954. The S&P 500 returned 68% over that 3 ½-year period, as the 10-year U.S. Treasury note’s yield went from 2.3% to 4%, according to BofA Global Research. Lately, the 10-year Treasury’s yield has been rising off of ultralow levels, but it remains low by historical standards. It was recently at 1.14%, up from around 0.5% in August, as investors—many of whom are encouraged about the economic outlook— sell those bonds. Bond prices and yields move in opposite directions. The S&P 500 had a minus 6% return from March 1967 through May 1970. The 10-year Treasury’s yield, however, went from 4.5% to 7.9% during that time—considerably higher than where rates are today, and much more of a threat to dividend-paying stocks at the time. The other negative-return period for the S&P during a rising-rate cycle occurred during a 13-month stretch starting in April 1983, when stocks returned minus 4%. Meanwhile, Lerner points out that many dividend stocks didn’t hold up as well as expected during the early part of the pandemic nearly a year ago, “while rates were falling because of heightened fears of dividend cuts.” He sees payouts gradually rising as the economy improves. One sector Lerner favors is financials, where “there is upside to dividend payouts, but [it’s] also a sector that tends to do better as interest rates move higher and the yield curve steepens,” he says. B

To the Editor: I am convinced that the reason therapies for Alzheimer’s have been failures is that they are targeting the wrong things (“The Other Pandemic,” Cover Story, Feb. 5). I’m willing to bet that when we really understand this disease someday, we will recognize that the amyloid plaques we have been focused on for decades now are symptoms or consequences of the disease, not its cause. It’s time to go back to the lab for more basic research. Cassava Sciences seems to be doing that and recognizes that clearing amyloid plaques doesn’t do a lot more than clear amyloid plaques. Perhaps it will turn out that its approach—restoring “the normal shape and function of altered filamin A, a scaffolding protein, in the brain”—is the right one. Perhaps not. But we need to focus on uncovering Alzheimer’s secrets, not treating its manifestations. Bernard Thomas On Barrons.com

Biogen and the FDA To the Editor: I found quite disturbing the details of unusual drug-review collaboration between Biogen and the Food and Drug Administration, coupled with implications of the FDA leadership feeling pressure to approve Biogen’s aducanumab treatment for Alzheimer’s simply because there are no recent treatments available for the disease (“Biogen’s Alzheimer’s Drug Faces a Big Test. What to Know,” Feb. 5). The role of the FDA is only to ensure efficacy and safety of proposed treatments. It is not responsible for ensuring the rate at which new drugs come to market, regardless of the urgency for developing a treatment. Drugs either work safely, or they don’t. Unwarranted pressure upon, and lack of independence of, the FDA is dangerous. The word that came to mind while

reading this piece was thalidomide. Keith Hawkins Colts Neck, N.J.

Mental Faculties To the Editor: Regarding “From the Front Lines: Dr. Jason Karlawish Talks About the Fight Against Alzheimer’s” (Feb. 5): Karlawish offers optimism for Alzheimer’s disease, or AD. I am 90. My friends would not say I have AD. However, were I do die tonight, my brain at autopsy would show Alzheimer’s plaques, ischemic spots from arteriosclerosis, some Lewy bodies, and probably evidence of prior tiny hemorrhages, brain atrophy, etc. Would a pathologist diagnose early AD or a mixture of pathologies? This is a major problem in finding treatment specific for AD. In its earlier stages, dementia waxes and wanes; these changes are often related to fatigue and the environment. Animal experiments show that the brain can, at the cellular level, make new connections, and demented patients often show spontaneous improvement. It is likely that drugs will be found that satisfy FDA requirements for effectiveness. However, such statistical improvement can be minimal and does not mean cure. Elderly dementia is highly variable, spontaneously changing, slowly progressive, and has multiple causes. I am skeptical that if I live many more years, my current mental faculties will stay with me. Dr. Arnold Flick San Diego

Send letters to [email protected]. To be considered for publication, correspondence must bear the writer’s name, address, and phone number. Letters are subject to editing. The Readback, a podcast taking you inside the latest stories, is available wherever you listen to podcasts.

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February 15, 2021

MARKET WEEK

February 8 through February 12, 2021 Euro Trader

P. M4

Power Play

P. M7

Emerging Markets

P. M4

Charting the Market

P. M9

Striking Price

P. M5

Winners & Losers

Commodities

P. M6

Research Reports

P. M11

Inside Scoop

P. M7

Market View

P. M12

13D Filings

P. M7

Statistics

P. M13

P. M10

MARKET PERFORMANCE DASHBOARD Dow Jones Industrials

S&P 500

Nasdaq Composite

ETFMG Alternative Harvest

52-wk: +7.01% YTD: +2.78% Wkly: +1.00%

52-wk: +16.41% YTD: +4.76% Wkly: +1.23%

52-wk: +44.85% YTD: +9.37% Wkly: +1.73%

52-wk: +49.36% YTD: +71.01% Wkly: +5.05%

31,458.40

3934.83

Back on Top The Dow Jones Industrial Average, S&P 500, Nasdaq Composite, and Russell 2000 all closed at record highs Monday for the first time since Inauguration Day.

14,095.47

$24.54

Air Pocket Stock indexes hovered near their record highs midweek. Pot stocks, meanwhile, surged another 15%.

50%

40

Where There’s Smoke The ETFMG Alternative Harvest ETF tumbled nearly 25% on Thursday and another 2% on Friday. The three major indexes closed the week at record highs.

Reefer Madness The cannabis-stock ETFMG Alternative Harvest ETF jumped 13% on Tuesday as talk of federal legalization in the U.S. heated up.

30

20

10

0

-10 Monday

Tuesday

Wednesday

Thursday

Friday

Close Source: Barron’s Statistics

THE TRADER Pop the Prosecco— And Worry About What’s Next

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es, you can have too much of a good thing— and the stock market is starting to consider what that might mean for future gains. You wouldn’t be able to tell just from looking at the market last week. The Dow Jones Industrial Average, after all, rose 310.16 points, or 1%, to 31,458.40, while the S&P 500 advanced 1.2%, to 3934.83, and the Nasdaq Composite gained 1.7%. All three closed at record highs. What could be wrong with that? Not much, apparently. The chance that a huge relief bill gets passed has risen so high that the market assumes it’s a done deal. Disappointing economic data, like weaker-than-expected

By Ben Levisohn

jobless claims, continue to be dismissed. And optimism about our ability to vaccinate the U.S. population and end the pandemic appears to be rising. But there is a sense of unease percolating, a sense that something is not quite right with markets. You can see it in the continued influence of retail trading, which found a new-old target in pot stocks, helping to drive shares of the ETFMG Alternative Harvest exchange-traded fund (ticker: MJ) up 42% through Wednesday and then down 26% through Friday’s close. It’s in the small-cap Russell 2000, which gained 2.5% on the week, to 2289.36, and has now outperformed the S&P 500 by 11 percentage points in 2021. And it’s there in the 10-year Treasury yield, which closed the week at 1.199%,

its highest since March 2020. Do these things make sense? And if so, what do they mean for the overall market? Part of the problem is simply the known unknowns. For instance, no one is quite sure when the economy will reopen and what it will look like. We can assume there’s pent-up demand, that workers in restaurants, retail, and other service-oriented business will have jobs to go back to, and people will want to fly to vacation destinations once again, but we won’t know for sure until it happens. “My base case is that it works out well,” says Drew Matus, chief market strategist at MetLife Investment Management. “It all boils down to the speed people feel comfortable re-engaging.” There’s also starting to be some con-

M2

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February 15, 2021

cern that maybe, just maybe, there may be too much stimulus coming down the pike. Details of a possible $1.9 trillion package are still being worked out, but President Joe Biden has already held a meeting with senators to discuss an infrastructure plan, which could add an additional trillion or more. That has created concerns over higher taxes to pay for the plan, as well as even higher yields, to reflect the possibility of stronger growth—and what they would mean for a market that’s already showing signs of froth. “The biggest concern for stocks was higher taxes/regulation followed by inflation/higher rates, though the duration and severity of the pandemic remained a significant focus,” Evercore ISI’s Oscar Sloterbeck wrote about the firm’s survey of investors. For now, the steady gains in bond yields have been good for the market, according to Ned Davis Research strategist Tim Hayes. He notes that the correlation between the yield on the Barclays Global Aggregate Bond index and global stocks currently sits at 0.24—a correlation of 1 means two assets move in lockstep—and has been fairly steady since the market stabilized after the coronavirus meltdown. If the correlation turns negative, which would mean that stocks and bonds move in opposite directions, it could be bad news for equities. “If the correlation would return to inversion, it would tell us that the markets had started to view rising yields as a threat to economic growth, and in turn corporate profits,” Hayes writes. For now, though, we’ll continue to enjoy the gifts that keep on giving.

Airlines Will Survive Turbulence For much of the financial markets, it’s almost as if Covid-19 never happened. It’s not just that Dow Jones Industrial Average is up 6.8% over the past year, when the market peaked before the Covid-19 selloff. This past week, we learned that fourth-quarter earnings from S&P 500

ibkr.com/gopro

Vital Signs Friday's Close

Week's Week's Change % Chg.

Last Week

Week Earlier

DJ Industrials

31458.40

+310.16

+1.00

NYSE Advances

2,117

2,845

DJ Transportation

13175.09

+386.58

+3.02

Declines

1,171

459

857.10

-15.15

-1.74

Unchanged

60

30

DJ 65 Stocks

10404.83

+117.33

+1.14

New Highs

758

492

DJ US Market

1000.82

+14.70

+1.49

New Lows

27

26

NYSE Comp.

15369.60

+300.00

+1.99

Av Daily Vol (mil)

4,593.5

5,102.4

DJ Utilities

Interactive Brokers Rated #1 Best Online Broker 2020 by Barron’s* Member - NYSE, FINRA, SIPC - *Interactive Brokers rated #1, Best Online Broker according to Barron’s Best Online Brokers Survey of 2020: February 21, 2020. For more information see, ibkr.com/info - Barron’s is a registered trademark of Dow Jones & Co. Inc. [1] IBKR Lite provides commission-free trades in US exchange-listed stocks and ETFs routed to select market makers. IBKR may charge non-commission related fees. For more information, see ibkr.com/liteinfo 11-IB20-1417CH1286

companies look set to surpass those from 2019, a sign that—for big companies, at least—the round trip has been made. Airline stocks remain a notable exception. The U.S. Global Jets ETF (JETS) is down 26% over the past year, as airlines continue to struggle with the impact of Covid. Air traffic remains muted, and passengers who might have been looking to fly in the spring are changing their plans. A quick check of Expedia Group (EXPE)— whose stock rose 3.6% this past week despite disappointing earnings—found a round-trip American Airlines Group (AAL) flight to Orlando, Fla., from New York in early April costs just $89. There’s reason for optimism, however, because prices are rising further later in the year, explains DataTrek co-founder Nicholas Colas. A similar flight on JetBlue Airways (JBLU) at the beginning of July costs twice that amount. And over Christmas? Delta Air Lines (DAL) is charging $349. “US airlines are seeing increasing pricing power throughout 2021,” writes Colas, who conducted the price search. “Even if these costs are getting skewed by airlines manually setting higher prices in the back half of this year with the expectation of widespread inoculation, it still signals industry confidence about pent-up demand for travel.” Investors who want to play the sector can, of course, simply buy the Jets ETF, which owns everything from American, Delta, United Airlines Holdings (UAL), and Southwest Airlines (LUV) to Azul (AZUL) and Flughafen Zürich (FHZN.Switzerland). The ETF has gained 7% during the past month despite talks of mandatory Covid testing before flights, disappointing earnings reports, and no real visibility on when—or if—flying will return to normal. Or they can take a more selective approach. While everyone appears to agree about what will happen—consumer travel will come back quickly, business travel not so much—airline valuations are all over the

NYSE Amer Comp.

2624.49

+94.67

+3.74

Dollar (Finex spot index)

S&P 500

3934.83

+48.00

+1.23

T-Bond (CBT nearby futures)

S&P MidCap

2544.55

+67.88

+2.74

Crude Oil (NYM light sweet crude)

S&P SmallCap

1297.90

+45.15

+3.60

Inflation KR-CRB (Futures Price Index)

14095.47

+239.18

+1.73

Gold (CMX nearby futures)

8848.59

+238.12

+2.77

Nasdaq Value Line (arith.) Russell 2000 DJ US TSM Float

2289.36

+56.03

+2.51

41733.23

+659.23

+1.60

90.45

91.04

166-050

166-230

59.47

56.85

185.29

181.39

1821.60

1810.90

February 15, 2021

BARRON’S

M3

Industry Action Performance of the Dow Jones U.S. Industrials, ranked by weekly percent change.* 4.32%

Oil & Gas 2.69

Industrials

2.21

Technology

1.78

Financials

1.54

Health Care Basic Materials Consumer Services –0.59 –1.28 –1.60

0.70 0.39 Consumer Goods Telecommunications Utilities

* For breakdown see page M32.

place. That’s partly due to differences in the amounts of money raised by companies in both debt and equity offerings. “There’s not a sector call to make on airlines,” McCourt says. “It’s very stock-specific.” He points to his firm’s Strong Buy- and Outperform-rated airlines as the best way to play a post-Covid rebound, including Alaska Air Group (ALK), which needs to gain 25% to return to pre-Covid price levels, SkyWest (SKYW), which also needs to gain 25%, and United, which needs to gain 28%. Alaska looks particularly interesting. The company reported earnings on Jan. 26—a loss of $2.55 a share, beating forecasts for $2.87, on sales of $808 million, missing estimates for $824.77 million—and the stock tested $49, the bottom of its recent range. Since then, it has rallied 18% and looks ready to break out. Raymond James points to Alaska’s “low-cost/capital-efficient DNA, largely domestic focus, and relatively unimpaired balance sheet.” It just might be time to take a flier.

Coty’s Stock Tumbled. Time to Buy. It’s not every day a company slumps after releasing earnings and Wall Street walks away more confident than before. That seems to be the case with Coty (COTY). It hasn’t had an easy time of late. The parent company of Cover Girl, Kylie, Max Factor, and other well-known beauty brands has had too much debt, too little growth, and too many CEOs since the start of 2020. The Covid-19 pandemic hit its consumer brands hard, and the stock, down 38% last year, was removed from the S&P 500. Still, things appeared to be turning a corner under CEO Sue Nabi, who took over in September, helping Coty rally 88% since the end of August. Then it reported second-quarter earnings. They weren’t so terrible: a profit of 17 cents a share, beating analyst forecasts for seven cents, though sales of $1.42 billion were a

Source: S&P Dow Jones Indices

touch light compared with the $1.43 billion consensus. Yet the stock plunged 15% on Tuesday, the day results were released, before closing the week down 11% at $6.78. What caused the meltdown? Some of it was surely high expectations—Coty stock had gained 25% in the six days before the release. But there was more than that, explains Citigroup analyst Wendy Nicholson, who rates the stock a Buy. Sales from the Kylie brand—Coty paid $600 million for a 51% stake in the company last year—flatlined. Like-for-like sales growth, which Nicholson expects to grow by 4% in Coty’s fiscal third quarter, is sluggish, especially compared with competitors like Estée Lauder (EL) and Inter Parfums (IPAR). Guidance for $750 million in second-half earnings before interest, taxes, depreciation, and amortization “might have looked light to some,” Nicholson says. Still, she remains optimistic about Coty’s prospects. “We view the share price weakness following today’s print as an attractive buying opportunity and reiterate our Buy rating,” Nicholson wrote after the results. Even better, Evercore ISI analyst Robert Ottenstein upgraded Coty shares to Outperform from In Line. He cited accelerating growth in its fragrances division, which makes up more than 50% of sales, and growth in online, which now makes up 19% of sales and is closing the gap with Estée Lauder, which gets a quarter of its sales from the web. Ottenstein also cited continued growth in China and the company’s plans to cut costs by $300 million in 2021. But the upgrade really came down to one thing: an upgrade in management. Writes Ottenstein, who put a $10 price target on the stock, up more than 40% from Friday’s $6.78 close, “CEO Sue Nabi...has quickly attracted high quality talent to unlock the value trapped in Coty’s brands.” And perhaps in the stock, too. B

REAL ESTATE SECTOR OF THE S&P 500 IN ONE ETF Visit www.sectorspdrs.com or call 1-866-SECTOR-ETF

An investor should consider investment objectives, risks, charges and expenses carefully before investing. To obtain a prospectus, which contains this and other information, call 1-866-SECTOR-ETF or visit www.sectorspdrs.com. Read the prospectus carefully before investing. All ETFs are subject to risk, including possible loss of principal. Sector ETF products are also subject to sector risks and non-diversification risks, which generally results in greater price fluctuations than the overall stock market. Ordinary brokerage commissions apply. The S&P 500 is an index of 500 common stocks that is generally considered representative of the U.S. stock market. You cannot invest directly in an index. ALPS Portfolio Solutions Distributor, Inc., a registered broker-dealer, is distributor for the Select Sector SPDR Trust.

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©201 9 Dow Jones & Company. All Rights Reserved. 2E200

M2

BARRON’S

The Professional’s Gateway to the World’s Markets Starting at $0 Commissions on US listed stocks and ETFs1

February 15, 2021

cern that maybe, just maybe, there may be too much stimulus coming down the pike. Details of a possible $1.9 trillion package are still being worked out, but President Joe Biden has already held a meeting with senators to discuss an infrastructure plan, which could add an additional trillion or more. That has created concerns over higher taxes to pay for the plan, as well as even higher yields, to reflect the possibility of stronger growth—and what they would mean for a market that’s already showing signs of froth. “The biggest concern for stocks was higher taxes/regulation followed by inflation/higher rates, though the duration and severity of the pandemic remained a significant focus,” Evercore ISI’s Oscar Sloterbeck wrote about the firm’s survey of investors. For now, the steady gains in bond yields have been good for the market, according to Ned Davis Research strategist Tim Hayes. He notes that the correlation between the yield on the Barclays Global Aggregate Bond index and global stocks currently sits at 0.24—a correlation of 1 means two assets move in lockstep—and has been fairly steady since the market stabilized after the coronavirus meltdown. If the correlation turns negative, which would mean that stocks and bonds move in opposite directions, it could be bad news for equities. “If the correlation would return to inversion, it would tell us that the markets had started to view rising yields as a threat to economic growth, and in turn corporate profits,” Hayes writes. For now, though, we’ll continue to enjoy the gifts that keep on giving.

Airlines Will Survive Turbulence For much of the financial markets, it’s almost as if Covid-19 never happened. It’s not just that Dow Jones Industrial Average is up 6.8% over the past year, when the market peaked before the Covid-19 selloff. This past week, we learned that fourth-quarter earnings from S&P 500

ibkr.com/gopro

Vital Signs Friday's Close

Week's Week's Change % Chg.

Last Week

Week Earlier

DJ Industrials

31458.40

+310.16

+1.00

NYSE Advances

2,117

2,845

DJ Transportation

13175.09

+386.58

+3.02

Declines

1,171

459

857.10

-15.15

-1.74

Unchanged

60

30

DJ 65 Stocks

10404.83

+117.33

+1.14

New Highs

758

492

DJ US Market

1000.82

+14.70

+1.49

New Lows

27

26

NYSE Comp.

15369.60

+300.00

+1.99

Av Daily Vol (mil)

4,593.5

5,102.4

DJ Utilities

Interactive Brokers Rated #1 Best Online Broker 2020 by Barron’s* Member - NYSE, FINRA, SIPC - *Interactive Brokers rated #1, Best Online Broker according to Barron’s Best Online Brokers Survey of 2020: February 21, 2020. For more information see, ibkr.com/info - Barron’s is a registered trademark of Dow Jones & Co. Inc. [1] IBKR Lite provides commission-free trades in US exchange-listed stocks and ETFs routed to select market makers. IBKR may charge non-commission related fees. For more information, see ibkr.com/liteinfo 11-IB20-1417CH1286

companies look set to surpass those from 2019, a sign that—for big companies, at least—the round trip has been made. Airline stocks remain a notable exception. The U.S. Global Jets ETF (JETS) is down 26% over the past year, as airlines continue to struggle with the impact of Covid. Air traffic remains muted, and passengers who might have been looking to fly in the spring are changing their plans. A quick check of Expedia Group (EXPE)— whose stock rose 3.6% this past week despite disappointing earnings—found a round-trip American Airlines Group (AAL) flight to Orlando, Fla., from New York in early April costs just $89. There’s reason for optimism, however, because prices are rising further later in the year, explains DataTrek co-founder Nicholas Colas. A similar flight on JetBlue Airways (JBLU) at the beginning of July costs twice that amount. And over Christmas? Delta Air Lines (DAL) is charging $349. “US airlines are seeing increasing pricing power throughout 2021,” writes Colas, who conducted the price search. “Even if these costs are getting skewed by airlines manually setting higher prices in the back half of this year with the expectation of widespread inoculation, it still signals industry confidence about pent-up demand for travel.” Investors who want to play the sector can, of course, simply buy the Jets ETF, which owns everything from American, Delta, United Airlines Holdings (UAL), and Southwest Airlines (LUV) to Azul (AZUL) and Flughafen Zürich (FHZN.Switzerland). The ETF has gained 7% during the past month despite talks of mandatory Covid testing before flights, disappointing earnings reports, and no real visibility on when—or if—flying will return to normal. Or they can take a more selective approach. While everyone appears to agree about what will happen—consumer travel will come back quickly, business travel not so much—airline valuations are all over the

NYSE Amer Comp.

2624.49

+94.67

+3.74

Dollar (Finex spot index)

S&P 500

3934.83

+48.00

+1.23

T-Bond (CBT nearby futures)

S&P MidCap

2544.55

+67.88

+2.74

Crude Oil (NYM light sweet crude)

S&P SmallCap

1297.90

+45.15

+3.60

Inflation KR-CRB (Futures Price Index)

14095.47

+239.18

+1.73

Gold (CMX nearby futures)

8848.59

+238.12

+2.77

Nasdaq Value Line (arith.) Russell 2000 DJ US TSM Float

2289.36

+56.03

+2.51

41733.23

+659.23

+1.60

90.45

91.04

166-050

166-230

59.47

56.85

185.29

181.39

1821.60

1810.90

February 15, 2021

BARRON’S

M3

Industry Action Performance of the Dow Jones U.S. Industrials, ranked by weekly percent change.* 4.32%

Oil & Gas 2.69

Industrials

2.21

Technology

1.78

Financials

1.54

Health Care Basic Materials Consumer Services –0.59 –1.28 –1.60

0.70 0.39 Consumer Goods Telecommunications Utilities

* For breakdown see page M32.

place. That’s partly due to differences in the amounts of money raised by companies in both debt and equity offerings. “There’s not a sector call to make on airlines,” McCourt says. “It’s very stock-specific.” He points to his firm’s Strong Buy- and Outperform-rated airlines as the best way to play a post-Covid rebound, including Alaska Air Group (ALK), which needs to gain 25% to return to pre-Covid price levels, SkyWest (SKYW), which also needs to gain 25%, and United, which needs to gain 28%. Alaska looks particularly interesting. The company reported earnings on Jan. 26—a loss of $2.55 a share, beating forecasts for $2.87, on sales of $808 million, missing estimates for $824.77 million—and the stock tested $49, the bottom of its recent range. Since then, it has rallied 18% and looks ready to break out. Raymond James points to Alaska’s “low-cost/capital-efficient DNA, largely domestic focus, and relatively unimpaired balance sheet.” It just might be time to take a flier.

Coty’s Stock Tumbled. Time to Buy. It’s not every day a company slumps after releasing earnings and Wall Street walks away more confident than before. That seems to be the case with Coty (COTY). It hasn’t had an easy time of late. The parent company of Cover Girl, Kylie, Max Factor, and other well-known beauty brands has had too much debt, too little growth, and too many CEOs since the start of 2020. The Covid-19 pandemic hit its consumer brands hard, and the stock, down 38% last year, was removed from the S&P 500. Still, things appeared to be turning a corner under CEO Sue Nabi, who took over in September, helping Coty rally 88% since the end of August. Then it reported second-quarter earnings. They weren’t so terrible: a profit of 17 cents a share, beating analyst forecasts for seven cents, though sales of $1.42 billion were a

Source: S&P Dow Jones Indices

touch light compared with the $1.43 billion consensus. Yet the stock plunged 15% on Tuesday, the day results were released, before closing the week down 11% at $6.78. What caused the meltdown? Some of it was surely high expectations—Coty stock had gained 25% in the six days before the release. But there was more than that, explains Citigroup analyst Wendy Nicholson, who rates the stock a Buy. Sales from the Kylie brand—Coty paid $600 million for a 51% stake in the company last year—flatlined. Like-for-like sales growth, which Nicholson expects to grow by 4% in Coty’s fiscal third quarter, is sluggish, especially compared with competitors like Estée Lauder (EL) and Inter Parfums (IPAR). Guidance for $750 million in second-half earnings before interest, taxes, depreciation, and amortization “might have looked light to some,” Nicholson says. Still, she remains optimistic about Coty’s prospects. “We view the share price weakness following today’s print as an attractive buying opportunity and reiterate our Buy rating,” Nicholson wrote after the results. Even better, Evercore ISI analyst Robert Ottenstein upgraded Coty shares to Outperform from In Line. He cited accelerating growth in its fragrances division, which makes up more than 50% of sales, and growth in online, which now makes up 19% of sales and is closing the gap with Estée Lauder, which gets a quarter of its sales from the web. Ottenstein also cited continued growth in China and the company’s plans to cut costs by $300 million in 2021. But the upgrade really came down to one thing: an upgrade in management. Writes Ottenstein, who put a $10 price target on the stock, up more than 40% from Friday’s $6.78 close, “CEO Sue Nabi...has quickly attracted high quality talent to unlock the value trapped in Coty’s brands.” And perhaps in the stock, too. B

REAL ESTATE SECTOR OF THE S&P 500 IN ONE ETF Visit www.sectorspdrs.com or call 1-866-SECTOR-ETF

An investor should consider investment objectives, risks, charges and expenses carefully before investing. To obtain a prospectus, which contains this and other information, call 1-866-SECTOR-ETF or visit www.sectorspdrs.com. Read the prospectus carefully before investing. All ETFs are subject to risk, including possible loss of principal. Sector ETF products are also subject to sector risks and non-diversification risks, which generally results in greater price fluctuations than the overall stock market. Ordinary brokerage commissions apply. The S&P 500 is an index of 500 common stocks that is generally considered representative of the U.S. stock market. You cannot invest directly in an index. ALPS Portfolio Solutions Distributor, Inc., a registered broker-dealer, is distributor for the Select Sector SPDR Trust.

Don’t settle for average. Upgrade your financial advisor at barrons.com/directory

©201 9 Dow Jones & Company. All Rights Reserved. 2E200

M4

BARRON’S

February 15, 2021

EUROPEAN TRADER

E M E R G I N G M A R K E TS

Royal Dutch Shell Looks Attractive as Oil Rises

No Ripple Effect Yet From Rising U.S. Rates

By Simon Constable

By Craig Mellow

L

ike many energy companies, Royal Dutch Shell had a rough 2020. But that bad news is mainly in the rearview mirror, and now the stock looks significantly undervalued. “If you distill it down, it’s the best international oil company in deep-water production,” says Jon Rigby, an oil-stock analyst at Swiss bank UBS. Investors hoping to profit from the British-Dutch group’s likely stock appreciation should consider buying the London-listed shares (ticker: RDSA.London). Rigby sees the stock rallying over the next 12 months to 18.10 pounds sterling ($25), or 33% above its recent price of £13.61. U.S.-based investors might turn to the American depositary receipts (RDS.A), recently trading at $38.52, which should see a similar percentage rally if the dollar/pound exchange rate remains stable. Investors would likely get an additional 3% dividend yield, and there is the potential for a boost via a stock buyback. Rigby bases his price target on a reasonable oil-price forecast of $60 a barrel for Brent crude—about where it was recently. “If we can sustain $60 Brent, then Shell generates 10%-plus free cash flow versus market cap,” Rigby says. The Covid-19 pandemic has hit major oil companies hard. Shell lost $21.7 billion last year, including a $4 billion loss in the fourth quarter, compared with profits of $15.8 billion in 2019. As a consequence of the awful business conditions, shares in the $150 billion market-cap company took a beating over the past year, with the stock down 32% through Tuesday. Still, a lower share price hasn’t scared off analysts. The U.K.based Share Centre says 23 of 34 analysts covering the stock rate it a Buy or a Strong Buy. Wall Street is no doubt bullish because the company made tough decisions to cut

costs last year. “We are coming out of 2020 with a stronger balance sheet,” CEO Ben van Beurden said in an earnings statement. In 2020, Shell reduced operating expenses by 12%, or $4.5 billion, ahead of schedule, according to a recent Morningstar report. A portion of the likely increasing profits should go straight to stock owners in the form of increased dividends and stock buybacks, once the company hits its debt target. “Shell aims to return 20% to 30% of operating cash flow to shareholders once it reaches $65 billion net debt,” down from around $75 billion at the end of last year, the Morningstar report states. The debt reduction should come partly via asset sales and be completed around the middle of the year, Rigby says. Some investors worry that the oil business is toast. While it is true that the auto industry is phasing out gasoline-powered vehicles, it could be decades before the transition is complete. “Combustion vehicles will be around for a long time,” says money manager Adam Johnson, founder of the Bullseye Brief financial newsletter. In the meantime, Shell, like most other major oil companies, is well aware of the coming changes and has planned accordingly. The company said in January that it agreed to buy electric-vehicle charging company Ubitricity as part of its plan to become net zero on carbon by 2050. Ubitricity operates the largest public EV charging network in the U.K. and has growing networks in Germany and France. On Thursday, the company said it will increase the number of charging points to 500,000 from 60,000 by 2025. Still, there are risks to investing in any oil stock, and that includes Shell. The energy business is notoriously subject to periodic booms when the price of oil peaks, followed by busts when it falls. However, for those with a healthy risk appetite, Shell seems like a good bet for the near future. B

R

ising U.S. interest rates can be bad news for emerging markets, as capital flees to improving returns in the world’s biggest market. In 2013, then-Federal Reserve chairman Ben Bernanke started the so-called Taper Tantrum by merely suggesting he might dial back quantitative easing. Emerging market stocks dropped 15% in a month. A real Fed tightening cycle in 2018 coincided with an 8% loss for emerging market equities that year. Treasury yields have climbed a quarter of a percentage point since Jan. 1, driven by renewed fears of inflation. But no new tantrum has come yet. The iShares MSCI Emerging Markets exchange-traded fund (ticker: EEM) has gained 12% year to date, trouncing a 4% advance in the S&P 500 index. Emerging market assets “are still fairly well behaved because U.S. rates are rising for the ‘right’ reasons,” says Alejo Czerwonko, chief investment officer for Americas emerging markets at UBS Global Wealth Management. That is, a bit of healthy reflation in the air as vaccines and fiscal stimulus balm the wounds of the pandemic. The current 10-year Treasury yield around 1.2% would still have been near an all-time low pre-Covid 19, notes Eric Baurmeister, senior portfolio manager for emerging markets debt at Morgan Stanley Investment Management. Alarm about rising prices looks premature, with 10 million Americans still out of work. “We’re just not up to inflation yet, which is a nice environment for EM,” he says. Emerging markets themselves are in better shape to withstand some centripetal force than in 2013, adds Arthur Budaghyan, chief emerging markets strategist at BCA Research. “Then you had large current account deficits and overvalued currencies across EM,” he says. “The vulnerabilities now are much less.”

This time is also different than 2018, says Marko Papic, chief strategist at the Clocktower Group. Fed chairman Jerome Powell, who hiked rates a full percentage point that year, has turned ultradovish during the pandemic even as Washington cranks unprecedented spending. That means the Fed could trail inflation, when it comes, depressing effective returns from U.S. bonds. “Real yields will go down faster in the U.S. than anywhere else,” Papic says. A more substantive threat to emerging markets this year may come from China, which is tapping its policy brakes while the U.S. floors the gas pedal. With coronavirus fading, Beijing will return to deleveraging economic engines like the property market and shadow banking, Budaghyan expects. That’s sound policy but may prove a rude awakening for commodities and industrial stocks that have been soaring on assumed Chinese demand. Especially if Beijing overdoes it a bit. “The real risk is that China makes a policy mistake severe enough to offset $2 trillion in U.S. stimulus,” Papic says. Another risk that emerging markets increasingly share with developed ones is valuations that price in a vibrant postpandemic recovery. Bargains have disappeared as less fashionable sectors join a rally that last year focused on Asian tech stocks, says Josh Rubin, an emerging markets portfolio manager at Thornburg Investment Management. He still sees value in names like Asian insurance companies Ping An (2318. Hong Kong) and AIA Group (1299.Hong Kong), as a way to play the long-term trend toward “financial inclusion,” or China Gas Holdings (384.Hong Kong), which is riding the carbon reduction wave by replacing coal power in rural China. But it’s getting harder. “A 2021 cyclical recovery is pretty well forecast,” Rubin says. “We have to look now into 2022 and beyond.” B

February 15, 2021

M5

BARRON’S

T H E ST RIKING PRI CE How to Play Palantir’s Extremely Volatile Options

The options market is basically telegraphing that it is hard to figure out the trajectory of Palantir’s stock. It’s a little ironic.

Equity Options CBOE VOLATILITY INDEX VIX Close

THE EQUITY-ONLY PUT-CALL RATIO

VIX Futures

Put-Call Ratio

S&P 500 Index

90

330 305 280 255 230 205 180 155 130 105 80 55 30 F

70

By Steven M. Sears

I

f you like volatility, you will love Palantir Technologies. The big-data analytics company has options volatilities that often exceed 134%, making them among the most richly priced options in the entire market. Implied volatility is a key determinant of options premiums. When it is high—as is the case with Palantir (ticker: PLTR)—it means the options market is pricing a stock as very likely to make a sharp, strong move, up or down. When implied volatility is high, especially compared with the S&P 500 index, many investors like to sell options. Why? They get paid a lot for doing so. By giving Palantir’s puts and calls such an extraordinarily high volatility, the options market is basically telegraphing that it is hard to figure out Palantir’s stock trajectory. It’s a little ironic. Palantir is the digital equivalent of a Big Brother who watches everything and finds patterns in huge data sets. The options market analyzes the stock market in similar ways. Yet it is essentially struggling to contextualize Palantir, which went public on Sept. 30 through a direct listing on the New York Stock Exchange. At these levels, Palantir’s options indicate the stock may move about 8.4% on any given day—but it’s hard to get any directional indications from put and call volatility. Skew, which measures the difference between put and call implied volatility, is used to gauge directional bias in the options market. Palantir’s skew is flat, which means there is no bullish or bearish bias that is readily evident in the options because the implied volatility of puts and calls are at similar levels. Investors generally have some sense, or bias, about the direction of stocks, so the flat skew is something of an anomaly. Part of the reason may be that Palantir’s trading volumes are congregated in the first few weeks of the options expiration cycles. The heavy focus on near-term trading indi-

cates that investors aren’t willing to take a chance on what happens to Palantir for more than a month. This tentativeness is provocative for anyone who thinks that Palantir is well-situated to profit off the digitization of the world, and especially the needs of government and the private sector to sort and analyze data. A cursory review of Palantir reveals the company’s services are much in demand, especially among the U.S. government and major corporations. Aggressive investors might consider a “short strangle” trade—that is, selling a put and a call with a higher strike price but a similar expiration—paired with the purchase of Palantir stock. The options strategy expresses a willingness to own Palantir stock at lower prices and to sell it at higher prices, along with a desire to take advantage of the extraordinary implied volatility levels in the options market. The implied volatility of the S&P 500 is about 17%, so Palantir’s options are trading at a huge premium to the broad market. Many seasoned options investors like to sell high-volatility options because it means that the options premium, or prices received for contracts, is similarly high. With Palantir stock at $31.91, aggressive investors can buy the stock, sell the March $27 put for $2.28, and sell the March $36 call for $4.40. If the stock falls to $27, investors are obligated to buy it at the put strike price, or cover or roll the put to avoid assignment. Should Palantir’s stock be at $36 or higher at expiration, investors would sell the stock. The strategy is suitable only for someone who believes in Palantir’s business and is willing to add to the stock position on weakness, and doesn’t mind selling stock after a 14% advance. The sale of the stock at the call strike price represents a quick, aggressive trade. The trade covers Palantir’s release of fourth-quarter earnings on Feb. 16. Palantir stock has ranged from $8.90 to $45 since the company’s IPO. The stock is up 36% so far this year. B

50 30

M A M J Daily Values

J

A

S

O

N

10 D J F Source: CBOE

M

A

M

J

SPX SKEW

NDX SKEW

Implied volatility %

Implied volatility %

J A S O N D J Source: McMillan Analysis Corp.

16%

16%

15

15

14

14 13

13

12

12

11

11

10

10

9

9

8

8 M A M J J A S O N D J F Source: Credit Suisse Equity Derivatives Strategy

7 M A M J J A S O N D J F Source: Credit Suisse Equity Derivatives Strategy

Skew indicates whether the options market expects a stock-market advance or decline. It measures the difference between the implied volatility of puts and calls that are 10% out of the money and expire in three months. Higher readings are bearish.

Week's Most Active Company

Symbol

Tot Vol

Calls

Puts

Avg Tot Vol

IV %ile

Ratio

DNN 590351 586701 3650 4040 100 146.1 Denison Mines KT 18492 17692 800 236 99 78.4 Energy Transfer RCMT 9603 3703 5900 268 98 35.8 RCM Technologies REKR 192190 130327 61863 6708 90 28.7 Rekor Systems REI 223579 215056 8523 7868 98 28.4 Ring Energy RKDA 69035 63331 5704 3500 100 19.7 Arcadia Biosciences IO 11762 11662 100 668 98 17.6 ION Geophysical OPRA 4738 4520 218 312 94 15.2 Opera Ltd. MESA 18582 16478 2104 1260 51 14.7 Mesa Air HUGE 142492 118216 24276 11020 100 12.9 FSD Pharma RMTI 17157 15410 1747 1380 82 12.4 Rockwell Medical CRK 60867 59382 1485 5040 98 12.1 Comstock Resources YRD 16950 16409 541 1460 99 11.6 Yiren Digital PLX 13538 12003 1535 1208 92 11.2 Protalix Bio Therapeutics KALV 60263 18639 41624 5808 15 10.4 KalVista Pharmaceuticals EVOK 24839 24030 809 2548 98 9.7 Evoke Pharma BSQR 57209 31100 26109 5968 97 9.6 Bsquare YELL 67695 60039 7656 7044 82 9.6 Yellow HBI 101973 68440 33533 11268 44 9.0 Hanesbrands ACIU 11203 8388 2815 1312 98 8.5 AC Immune This table of the most active options this week, as compared to average weekly activity – not just raw volume. The idea is that the unusually heavy trading in these options might be a predictor of corporate activity – takeovers, earnings surprises, earnings preannouncements, biotech FDA hearings or drug trial result announcements, and so forth. Dividend arbitrage has been eliminated. In short, this list attempts to identify where heavy speculation is taking place. These options are likely to be expensive in comparison to their usual pricing levels. Furthermore, many of these situations may be rumor-driven. Most rumors do not prove to be true, so one should be aware of these increased risks if trading in these names Ratio is the Tot Vol divided by Avg Tot Vol. IV %ile is how expensive the options are on a scale from 0 to 100. Source: McMillan Analysis

M6

BARRON’S

February 15, 2021

COMMODITIES Demand for Diesel Rises As Economy Strengthens By Myra P. Saefong

D

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emand for diesel has returned to pre-pandemic levels, but the recovery for gasoline and jet fuel consumption has been less impressive, highlighting the challenges ahead for the transportation fuel sector— as well as the economy. “Diesel serves as a strong indicator for economic health because it fuels the movement of goods,” so looking at those statistics, along with gasoline and jet fuel demand, which represents passenger travel, provides insight into “short-term consumer sentiment,” says Jenny Vander Zanden, chief operating officer at strategic transportation solution provider Breakthrough. Diesel prices have returned to levels last seen in early March of last year, before the full impact of Covid-19 took its toll on the U.S. Demand has remained “robust through freight transportation and is ahead of yearago levels,” said Vander Zanden. Based on data from the Energy Information Administration, on-highway diesel fuel prices were at $2.801 a gallon for the week ended Feb. 8. That’s the highest price since the week ended March 9, 2020. EIA data also show that the average amount of U.S. distillate fuel product supplied over the four-week period through Feb. 5, which includes diesel and is a proxy for demand, was up 1.9% from the same period a year ago. Domestic gasoline demand, however, is down about 10%, while jet fuel consumption has declined nearly 34% year over year for that four-week period, EIA data show. Nevertheless, “gasoline prices have returned to pre-pandemic levels due to supply-side adjustments,” with the decision by the Organization of the Petroleum Exporting Countries and their allies to sustain output cuts for longer, supporting oil prices, says Vander Zanden. The average price for a gallon of regular gasoline stood at $2.496 on Feb. 12, up over

7 cents from a year ago, according to travel and navigation app GasBuddy. Jet fuel prices for the benchmark Gulf Coast, meanwhile, stood at $1.576 a gallon as of Feb. 10, up 6% from the spot price a year ago, according to data from S&P Global Platts. “As vaccine distribution ramps up, we expect to see an increase in gasoline demand,” and any gains in jet fuel consumption would signal a “slow return to more typical travel behaviors,” says Vander Zanden. Overall, transportation fuel demand may recover in conjunction with the vaccine rollout over time, but “could remain challenged in the near term as distribution currently lags behind initial plans.” Demand for diesel, meanwhile, has “remained relatively stronger than that of other fuels,” says R. Dean Foreman, chief economist at the American Petroleum Institute. He attributes that strength to “a recovery of U.S. industrial production and the broader economy,” as well as a shift toward online retailing through the pandemic that led to the rise in freight transportation. In contrast, jet fuel “remained adversely impacted by reduced demand for air travel,” while motor gasoline demand has remained between the two fuels. Even without the vaccine in many areas, demand for liquid fuels in January “recovered substantially along with the economy,” he says. He added that weekly data for the period suggest that total U.S. petroleum demand was down by just 4.3% from the same four weeks in 2020. Fuel prices, meanwhile, have also found support from the rise in crude oil, which has seen prices climb back to their highest levels in more than a year. If there was one key takeaway from the 2020 Covid-19 recession, it “reinforced that the global economy and energy demand” go hand in hand, Foreman says. “Since global economic growth is likely to be led by emerging economies, we generally should expect the demand for oil…to recover and grow along with the broader economy.” B

February 15, 2021

BARRON’S

I N S I DE SC OOP

Harley-Davidson CEO Jochen Zeitz Bought Stock By ED LIN

H

arley-Davidson stock tumbled after the maker of iconic motorcycles reported a disappointing fourth quarter. Its chairman, president, and CEO, Jochen Zeitz, bought shares on the dip. Harley-Davidson (ticker: HOG) shares slipped 1.3% in 2020. U.S trade disputes and fewer younger customers were hurting sales. Zeitz was named to the top post in May, and Wedbush analyst James Hardiman added Harley-Davidson stock to its Best Ideas List based on the changes Zeitz was making. So far this year, however, shares have slipped about 1%, to around $36, after giving up gains earlier this month. On Feb. 2, Harley-Davidson reported a surprise fourth-quarter loss,

Activist Holdings Forward Air (FWRD) Ancora Advisors revealed a higher stake in the freight and logistics firm of 1,733,799 shares, equal to 6.3% of the outstanding stock. Those figures include the recent purchase of 286,251 Forward Air shares from Dec. 29 through Feb. 8, at prices ranging from $72.31 to $80.85 each. Ancora delivered a letter to Forward Air on Feb. 9 listing four nominees for election to Forward Air’s board during the 2021 annual shareholder meeting. The next day, Ancora issued an

and sales came in well short of the consensus estimate. The stock took a dive, to close 17.2% lower. By Feb. 4, when shares hadn’t recovered, Zeitz paid $1 million for 30,800 Harley-Davidson shares on the open market, at a per-share average price of $32.47. According to a form he filed with the Securities and Exchange Commission, Zeitz now owns 253,720 shares. Harley-Davidson didn’t make Zeitz available for comment on his stock purchase. The CEO has been down this road before. Zeitz bought millions of dollars of Harley-Davidson stock on the open market in May and also in August. On Feb. 4, UBS analyst Robin M. Farley lowered earnings estimates, trimmed the price target on HarleyDavidson stock to $33 from $35, and kept a Neutral rating. B

open letter to Forward Air shareholders explaining its reasons for the nominations. Ancora alleges that Forward Air has mismanaged capital, specifically in reference to numerous acquisitions since 2007. Ancora further alleged “deterioration” in operating margins and “lackluster” performance that have led Forward Air to be overshadowed by peers over the past five years. Given that, Ancora felt its nominations were necessary “to transform [Forward Air] into an industry leader.” TreeHouse Foods (THS) Jana Partners ramped up its holding in the maker of store-branded grocer-

Harley-Davidson CEO Jochen Zeitz recently went down a familiar road: buying shares of the motorcycle maker after they’d dipped.

M7

ies to 4,241,624 shares, or 7.5% of the tradable stock. The amounts are inclusive of 3,882,307 TreeHouse Food shares Jana Partners bought at prices ranging from $39.00 to $44.22 apiece from Dec. 15 through Feb. 2. Jana Partners disclosed in a filing that it thought the “shares are undervalued and represent an attractive investment opportunity with the Issuer nearly three years into a comprehensive turnaround.” Jana Partners said it had discussions with TreeHouse Foods “regarding avenues to resolve [TreeHouse’s] undervaluations and total stockholder return, including evaluating a sale of [TreeHouse], operations, [and] capital allocation,” among other things. On Jan. 29, Jana Partners and its affiliates notified TreeHouse of its intent to nominate three representatives for election to TreeHouse’s board during the coming shareholder meeting.

Decreases in Holdings Ingles Markets (IMKTA) Gamco Investors (GBL) disclosed a net reduction of 15,800 shares in the Southeastern U.S. grocery chain, down to 1,843,040 shares. From Dec. 8 through Feb. 4, Gamco Investors sold 22,500 Ingles Markets shares at prices ranging from $40.65 to $51.45. Over that same period, Gamco Investors also purchased 6,700 Ingles Markets shares at prices ranging from $37.88 to $43.30 each. Following those transactions, Gamco Investors now owns roughly 13% of Ingles Markets’ outstanding stock.

These disclosures are from 13Ds filed with the Securities and Exchange Commission. 13Ds are filed within 10 days of an entity’s attaining more than 5% in any class of a company’s securities. Subsequent changes in holdings or intentions must be reported in amended filings. This material is from Feb. 4 through Feb. 10, 2021. Source: InsiderScore.com

Tenet Healthcare (THC) Glenview Capital Management reported a smaller position in the hospital chain of 16,225,320 shares. On Feb. 2, Glenview Capital sold a total of 2,033,490 Tenet Healthcare shares at prices ranging from $48.50 to $51.90 each; 2,000,000 of those shares were sold in a block-trade sale at $48.50 apiece. No reason was cited for the sales, which leave Glenview Capital with a 15.4% stake in Tenet Healthcare’s tradable stock.

POWER PLAY

Deals Are Heating Up In Defense By CARLETON ENGLISH

T

he recent $2.8 billion buyout of Cubic may portend even more deal-making activity in the defense space. Cubic (ticker: CUB) announced on Monday that it will be acquired by Veritas Capital and Elliott Management for $70 a share, representing a nearly 58% premium to the price when the investors announced their intention in September to acquire Cubic. The deal is expected to close in the second quarter. There was a feeling that Cubic wasn’t being properly understood by the market and that it might be better off as a privately held company. It operates two seemingly disparate businesses: a transportation-technology unit, which offers fare collection and other services for major transportation hubs, and a defense business. Also, Cubic is facing challenges in those two operations. The company has won a $39 million contract with the New York Metropolitan Transportation Authority, which is seeing low ridership due to the coronavirus pandemic. Analysts also expect the Biden administration to cut defense budgets. “The changing defense-contract environment is forcing both large defense players to pay for growth while also pushing smaller players to consider partnering with larger peers,” Benchmark analyst Josh Sullivan wrote in a recent note. Indeed, Veritas has already agreed to buy Perspecta (PRSP). Lockheed Martin (LMT) will acquire Aerojet Rocketdyne (AJRD), and Teledyne Technologies (TDY) will buy Flir Systems (FLR). Making deals may be the best defense. B

M8

BARRON’S

February 15, 2021

Health Care Investing A Barron’s Roundtable Virtual Event

February 24, 2021 12:00 PM ET Register Now EVENTS . BARRONS . COM / ROUNDTABLE

The pharmaceutical industry delivered a Covid-19 vaccine with unprecedented speed. What comes next? What may be the next medical breakthroughs that will transform health care and create investment opportunities. Plus, are we prepared for the next public health crisis? Join us for a live conversation with the members of the Barron’s Health Care Roundtable and ask questions.

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February 15, 2021

BARRON’S

M9

Charting the Market A graphic look at selected stock activity for the week ended on February 12, 2021 n Edited by Bill Alpert TILRAY

AMC ENTERTAINMENT HOLDINGS

TLRY (NASD) • 29.00 • 3.28

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 The Reddit crowd moved from videogames to harder stuff—pushing cannabis names like Tilray, OrganiGram, Aphria, and even the sputtering Sundial Growers.

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AMC (NYSE) • 5.59 • -1.24

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Stock Price $ 215

 After a 7% rise in Dec.quarter sales per U.S. user, the social site sees its users growing 20% this quarter. Analyst Michael Nathanson went from Sell to Neutral.

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CM LIFE SCIENCES

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 The biotech-focused SPAC sponsored by investor Eli Casdin will merge with Sema4—a data science firm that analyzes genomic and clinical data.

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HANESBRANDS

CMLF (NASD) • 25.81 • 12.00

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 After excluding Covid-19 losses, the apparel maker made 38 cents a share, on 3% Dec.-quarter sales growth. It expects an aboveconsensus 24 cents in March.

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ESPORTS ENTERTAINMENT GROUP

HBI (NYSE) • 18.51 • 2.64

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GMBL (NASD) • 15.00 • 7.28

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 The esports and gambling firm applied to New Jersey for a gaming license that would make it the first esports-focused bookmaker in the U.S.

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TRUPANION

FSR (NYSE) • 18.99 • 4.00  Morgan Stanley’s Adam Jonas started coverage of the company, which plans an electric SUV. He rates it a Buy, as he does the batterydeveloper QuantumScape.

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TWTR (NYSE) • 71.90 • 15.12

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 Revenue at the home-buying website was below the 2019 Dec. quarter, but cash earnings of 41 cents a share beat the expected 27 cents. Wall Street raised ratings.

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 Tesla disclosed $1.5 billion in Bitcoin investments, and said it would accept the cryptocurrency for payment. Meanwhile, Riot deployed 2,000 bit-mining systems.

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 With the theater chain no longer RobinHood’s main squeeze, AMC’s big Chinese holder, Dalian Wanda Group, looked to the exit by converting its stake for sale.

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RIOT (NASD) • 49.28 • 25.90

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ZILLOW GROUP

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TRUP (NASD) • 107.86 • -11.36  The pet insurer‘s subscription revenue rose 23% in the December quarter, but cash earnings fell 40%, while free cash flow fell 60%. Net losses were nine cents a share.

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AMICUS THERAPEUTICS 134 125 116 107 M T W T F

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FOLD (NASD) • 12.57 • -7.52  A pivotal trial of the firm’s drug for the rare metabolic disorder Pompe disease failed to show it superior to standard treatment. Amicus will still seek approval.

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AUVI (NASD) • 13.24 • 8.03  Covid-19-crazed investors added $190 million to the tiny firm’s market cap, after it paid $9 million for technology that it says can disinfect the air of buildings.

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The charts record the net change in share price, the high, low and closing trades, and share volume for companies with noteworthy stock activity last week. In addition, the graphs depict last week’s daily price activity in detail. The dotted line on some graphs denotes the stock’s 200-day moving average; lack of a moving average means the shares have traded for less than that time period.

M10

BARRON’S

February 15, 2021

Winners and Losers NYSE BIGGEST % MOVERS

NYSE MOST ACTIVE

Winners Name (Sym)

Volume Close Change %Chg.

SOS(SOS) 419569 CooTekCayman(CTK) 4411 FinVolution(FINV) 10572 500.com(WBAI) 7399 IONGeophysical(IO) 24893 NaviosMaritime(NM) 1775 CallonPetrol(CPE) 18984 DianaShipping(DSX) 12686

7.44 5.51 6.18 20.00 4.43 7.30 23.18 3.60

+3.56 +2.00 +2.19 +6.97 +1.49 +2.32 +6.54 +0.99

+91.8 +57.0 +54.9 +53.5 +50.7 +46.6 +39.3 +37.9

Losers Name (Sym)

Volume Close Change %Chg.

CapitalSrLiving(CSU) 489 SQZ Biotech(SQZ) 2363 NuSkinEnts(NUS) 4442 AMC Ent(AMC) 486060 GameStop(GME) 116482 Invacare(IVC) 1866 Cango(CANG) 6562 GTT Comm(GTT) 3090

26.99 –11.34 18.56 –7.76 48.81 –11.37 5.59 –1.24 52.40 –11.37 8.58 –1.78 12.30 –2.23 4.07 –0.73

–29.6 –29.5 –18.9 –18.2 –17.8 –17.2 –15.3 –15.2

NYSE AMERICAN BIGGEST % MOVERS Volume Close Change %Chg.

CRH Medical(CRHM) 41231 TransEnterix(TRXC) 192877 Zedge(ZDGE) 2466 ContangoO&G(MCF) 11231 Tengasco(TGC) 38145 Senseonics(SENS) 340036 22ndCentury(XXII) 37698 DocumentSecSys(DSS) 58695

3.87 6.25 13.22 4.52 3.35 4.16 4.10 4.48

+1.69 +2.69 +4.28 +1.45 +1.02 +1.13 +1.09 +1.07

+77.5 +75.6 +47.9 +47.2 +43.8 +37.3 +36.2 +31.4

Losers Name (Sym) 1847Goedeker(GOED) IntelligentSys(INS) InnSuitesHosp(IHT) MastechDigital(MHH) RetractableTechs(RVP) CentrusEnergy(LEU) SilverCrestMetals(SILV) SifcoInd(SIF)

Volume Close Change %Chg. 545 958 587 208 6688 1091 8674 121

12.24 41.35 2.69 16.17 17.28 23.74 9.47 8.67

–2.34 –7.65 –0.39 –1.94 –1.71 –2.33 –0.79 –0.71

–16.0 –15.6 –12.7 –10.7 –9.0 –8.9 –7.7 –7.6

NASDAQ BIGGEST % MOVERS Name (Sym)

Volume Percentage Leaders

Volume Percentage Leaders

Name (Sym)

Name (Sym)

Volume %Chg. Close Change

AtlasCrestInvt(ACIC) 51611 ChurchillCapV A(CCV) 6973 ForestRoadA(FRX) 20365 FGNewAmericaA(FGNA) 20274 Tortoise II A(SNPR) 36384 MotiveCapA(MOTV) 865 HNI(HNI) 10331 Babcock&Wilcox(BW) 24095 NewFrontierHlth(NFH) 4989 WestFraserTimber(WFG) 407 TechnipFMC(FTI) 236786 Teradata(TDC) 47485 ReinventTechA(RTP) 17168 Cubic(CUB) 9563 NomuraHoldings(NMR) 4868 AlussaEnergyA(ALUS) 17764 TPGPaceTechA(PACE) 13849 EvoquaWater(AQUA) 24961 ExecutiveNtwkA(ENPC) 781 OakStreetHealth(OSH) 9306

2811.2 2257.9 2174.5 1454.3 1316.2 973.9 963.9 908.3 832.3 681.5 550.4 534.6 522.7 513.0 433.1 373.0 355.9 349.9 333.5 332.0

13.56 +2.24 11.50 –0.69 11.48 +0.75 11.11 +0.17 15.03 +2.13 10.68 +0.08 37.10 +2.91 7.33 +0.74 10.95 +2.33 74.40 +5.46 10.31 –0.45 49.29 +12.21 14.49 +1.47 69.25 +5.96 6.25 +0.58 12.80 –1.15 12.05 +0.12 24.71 –1.34 25.31 –0.01 64.99 +11.46

Volume Close Change %Chg.

Losers Volume Close Change %Chg.

AmicusTherap(FOLD) 51303 Oncorus(ONCR) 1358 ErytechPharma(ERYP) 478 Fluidigm(FLDM) 29391 Galapagos(GLPG) 3775 QualtricsIntl(XM) 9954 AppliedTherap(APLT) 1391 DAVIDsTEA(DTEA) 7135

12.57 –7.52 17.40 –6.60 9.05 –2.53 5.55 –1.33 86.29 –19.05 45.36 –9.88 21.79 –4.70 4.37 –0.93

–37.4 –27.5 –21.8 –19.3 –18.1 –17.9 –17.7 –17.5

Volume %Chg. Close Change

BlueRidgeBkshs(BRBS) 311 BiomX(PHGE) 842 VolitionRX(VNRX) 6316 IntelligentSys(INS) 958 Kaleyra(KLR) 4015 DeltaApparel(DLA) 299 SparkNetworks(LOV) 1834 MexcoEnergy(MXC) 1592 Electromed(ELMD) 730 Zedge(ZDGE) 2466 ConsonanceA(CHFW) 255 Daxor(DXR) 62 Stereotaxis(STXS) 1897 MastechDigital(MHH) 208 RadiantLogistics(RLGT) 2025 SilverCrestMetals(SILV) 8674 AgEagleAerial(UAVS) 60770 EVI Industries(EVI) 183 EvansBancorp(EVBN) 110 ChardanHlthcr2(CHAQ) 117

812.8 585.9 419.8 296.0 228.6 200.3 199.0 167.4 142.8 127.2 116.1 103.3 99.7 98.9 77.2 73.0 62.7 58.4 52.2 50.5

+0.94 +0.12 –0.21 –7.65 +0.93 +4.74 +0.52 +0.77 +0.69 +4.28 +0.16 –0.04 +0.75 –1.94 +0.96 –0.79 +3.23 +0.43 –2.32 +0.12

Name (Sym)

AMC Ent(AMC) SOS(SOS) Nokia(NOK) FordMotor(F) NIO(NIO) AuroraCannabis(ACB) PalantirTech(PLTR) GeneralElec(GE) TechnipFMC(FTI) Twitter(TWTR) BankofAmerica(BAC) AT&T(T) PetroleoBrasil(PBR) ItauUnibanco(ITUB) GeneralMotors(GM) Cleveland-Cliffs(CLF) Pfizer(PFE) Coty(COTY) ExxonMobil(XOM) MarathonOil(MRO)

486060 419569 355488 354303 347570 310868 274449 250873 236786 198010 193830 169528 157192 153560 152586 151522 147186 144023 138409 137141

Zomedica(ZOM) 1283204 Globalstar(GSAT) 802822 NorthernDynasty(NAK) 530636 DenisonMines(DNN) 346618 GranTierraEner(GTE) 343769 Senseonics(SENS) 340036 InspireMD(NSPR) 288805 Oragenics(OGEN) 204656 TanzanianGold(TRX) 197122 TransEnterix(TRXC) 192877 GoldStandrdVntr(GSV) 182983 US Antimony(UAMY) 182542 SyntheticBio(SYN) 134138 ITTechPkg(ITP) 113012 IndiaGlblCap(IGC) 108240 iBio(IBIO) 100726 GreatPanther(GPL) 93731 IsoRay(ISR) 86925 RingEnergy(REI) 80110 TimberPharm(TMBR) 67662

5.59 7.44 4.17 11.45 59.85 12.48 31.91 11.73 10.31 71.90 33.37 28.80 10.55 5.17 53.60 16.60 34.72 6.78 50.52 8.97

–1.24 +3.56 –0.05 –0.06 +3.18 –0.32 –2.14 +0.33 –0.45 +15.12 +1.00 –0.13 –0.52 –0.06 –0.81 –0.09 –0.20 –0.86 +0.57 +1.03

–18.2 +91.8 –1.2 –0.5 +5.6 –2.5 –6.3 +2.9 –4.2 +26.6 +3.1 –0.4 –4.7 –1.1 –1.5 –0.5 –0.6 –11.3 +1.1 +13.0

Volume Close Change%Chg. 2.57 2.48 0.90 1.11 1.03 4.16 1.21 1.40 0.89 6.25 0.85 1.59 1.00 1.09 2.30 2.42 1.02 1.66 2.11 2.35

+0.66 +34.6 +1.31+112.0 +0.26 +40.5 +0.33 +42.9 +0.38 +58.5 +1.13 +37.3 +0.39 +47.6 +0.35 +33.3 +0.16 +21.4 +2.69 +75.6 +0.13 +17.5 +0.84+110.9 +0.12 +13.1 +0.25 +29.7 +0.35 +17.9 +0.25 +11.5 +0.18 +21.4 +0.05 +3.1 +0.48 +29.4 +0.99 +72.8

By Dollar Volume $ Volume Close Change%Chg. 17346175 59.85 +3.18 13301609 267.85 +2.18 12555412 187.67 +6.51 11753589 71.90 +15.12 9534191 272.75 +32.37 88659891455.49+167.74 8094652 210.98 +3.05 7070736 60.63 +2.05 6979116 31.91 –2.14 6790662 53.60 –0.81 6518656 209.96 +1.19 5864787 138.06 +10.28 5631556 84.04 +2.08 5190444 341.00 +2.25 5089212 50.52 +0.57 5026679 141.25 +3.27 4989037 240.37 +1.48 4883971 33.37 +1.00 4687769 52.40 –11.37 4542599 328.24 +3.73

+5.6 +0.8 +3.6 +26.6 +13.5 +13.0 +1.5 +3.5 –6.3 –1.5 +0.6 +8.0 +2.5 +0.7 +1.1 +2.4 +0.6 +3.1 –17.8 +1.1

Name (Sym)

Volume %Chg. Close Change

BespokeCap(BSPE) 6008 KalVistaPharm(KALV) 46492 Genfit(GNFT) 11732 TransMedics(TMDX) 10931 111(YI) 25666 AC Immune(ACIU) 31770 AutolusTherap(AUTL) 15219 AyalaPharm(AYLA) 915 AppliedGenetic(AGTC) 39865 IridiumComm(IRDM) 35598 CollegiumPharm(COLL) 14593 AmkorTech(AMKR) 46771 RichardsonElec(RELL) 2063 AmtechSystems(ASYS) 1807 AdicetBio(ACET) 2187 NIC(EGOV) 11659 InvestorsBancorp(ISBC) 77482 AtlasTech(ATCX) 2283 ZynerbaPharma(ZYNE) 94713 GluMobile(GLUU) 114291

8551.4 7614.1 3201.7 2017.3 1629.6 1504.0 1462.9 986.6 833.2 829.7 825.3 799.8 677.7 645.6 622.7 590.1 586.2 537.6 537.1 536.1

10.21 +0.06 42.57 +27.36 5.50 +0.31 30.66 +7.97 23.07 +10.37 8.19 +1.14 7.29 –0.78 20.53 +6.51 6.18 +0.91 47.52 –6.42 24.80 +0.57 24.21 +6.36 6.99 +0.92 10.80 +2.94 16.82 +4.15 34.97 +6.77 12.71 +0.42 8.85 –0.44 5.64 +0.56 12.81 +3.62

By Share Volume

Volume Close Change%Chg.

NIO(NIO) Alibaba(BABA) Disney(DIS) Twitter(TWTR) Square(SQ) Shopify(SHOP) Boeing(BA) Uber(UBER) PalantirTech(PLTR) GeneralMotors(GM) Visa(V) TaiwanSemi(TSM) Pinterest(PINS) Mastercard(MA) ExxonMobil(XOM) JPMorganChase(JPM) Salesforce.com(CRM) BankofAmerica(BAC) GameStop(GME) UnitedHealth(UNH)

20.29 7.00 5.19 41.35 15.82 27.62 7.30 9.37 11.45 13.22 10.48 13.76 5.78 16.17 7.39 9.47 14.70 41.06 28.94 10.77

By Share Volume

Name (Sym)

By Dollar Volume

KalVistaPharm(KALV) 46492 42.57 +27.36 +179.9 Canaan(CAN) 115756 13.04 +7.02 +116.6 RCM Tech(RCMT) 70672 5.94 +2.97 +100.0 111(YI) 25666 23.07 +10.37 +81.7 EHang(EH) 17655 124.09 +47.69 +62.4 OrganiGram(OGI) 560824 3.75 +1.41 +60.3 MicroVision(MVIS) 120814 18.33 +6.79 +58.8 Prothena(PRTA) 4117 22.85 +8.33 +57.4

Name (Sym)

Volume Percentage Leaders

Name (Sym)

Winners

NASDAQ MOST ACTIVE

Name (Sym)

By Share Volume

Winners Name (Sym)

NYSE AMERICAN MOST ACTIVE

Name (Sym)

Volume Close Change%Chg.

Tilray(TLRY) OrganiGram(OGI) TonixPharm(TNXP) Aphria(APHA) Apple(AAPL) TherapeuticsMD(TXMD) AdvMicroDevices(AMD) Zynga(ZNGA) AmerAirlines(AAL) SiriusXM(SIRI) Intel(INTC) FuelCell(FCEL) CiscoSystems(CSCO) MicroVision(MVIS) Tesla(TSLA) Canaan(CAN) GluMobile(GLUU) CloverHealth(CLOV) InfinityPharm(INFI) CanopyGrowth(CGC)

707150 29.00 560824 3.75 531326 1.82 384908 16.94 345186 135.37 214559 1.91 201709 93.77 199958 11.60 168730 17.27 138846 6.09 132867 61.81 128226 26.20 126556 47.29 120814 18.33 116793 816.12 115756 13.04 114291 12.81 106244 12.08 105819 4.04 100984 40.31

+3.28 +12.8 +1.41 +60.3 +0.55 +43.3 +0.27 +1.6 –1.39 –1.0 +0.01 +0.5 +5.87 +6.7 +0.92 +8.6 +0.08 +0.5 –0.02 –0.2 +3.63 +6.2 +2.28 +9.5 –0.79 –1.6 +6.79 +58.8 –36.11 –4.2 +7.02+116.6 +3.62 +39.3 –0.85 –6.6 +0.11 +2.8 –2.62 –6.1

By Dollar Volume $ Volume Close Change%Chg.

Zomedica(ZOM) 2111697 2.57 +0.66 +34.6 Globalstar(GSAT) 1698240 2.48 +1.31+112.0 Senseonics(SENS) 961264 4.16 +1.13 +37.3 TransEnterix(TRXC) 872298 6.25 +2.69 +75.6 AgEagleAerial(UAVS) 764631 14.70 +3.23 +28.2 NorthernDynasty(NAK) 431342 0.90 +0.26 +40.5 DenisonMines(DNN) 369490 1.11 +0.33 +42.9 IndiaGlblCap(IGC) 287940 2.30 +0.35 +17.9 GranTierraEner(GTE) 274927 1.03 +0.38 +58.5 AultGlobal(DPW) 270008 5.66 +1.11 +24.4 US Antimony(UAMY) 223694 1.59 +0.84+110.9 CheniereEnergy(LNG) 219027 67.62 +1.23 +1.9 iBio(IBIO) 193373 2.42 +0.25 +11.5 InspireMD(NSPR) 181481 1.21 +0.39 +47.6 Oragenics(OGEN) 180061 1.40 +0.35 +33.3 DocumentSecSys(DSS) 172751 4.48 +1.07 +31.4 TanzanianGold(TRX) 153393 0.89 +0.16 +21.4 GoldStandrdVntr(GSV) 151763 0.85 +0.13 +17.5 Tengasco(TGC) 140288 3.35 +1.02 +43.8 EnergyFuels(UUUU) 134943 5.79 +0.92 +18.9

Name (Sym)

$ Volume Close Change%Chg.

Tesla(TSLA) 78509008 816.12 –36.11 Apple(AAPL) 36954059 135.37 –1.39 Amazon.com(AMZN) 324770613277.71 –74.44 Tilray(TLRY) 29231970 29.00 +3.28 NVIDIA(NVDA) 23573631 598.45 +54.81 Microsoft(MSFT) 18959656 244.99 +2.79 PayPal(PYPL) 14695994 298.37 +28.93 AdvMicroDevices(AMD) 14179839 93.77 +5.87 Facebook(FB) 13775964 270.50 +2.40 Futu(FUTU) 12327716 147.57 +31.57 Baidu(BIDU) 11738191 313.00 +42.87 Alphabet A(GOOGL) 89563262095.03 +6.20 Alphabet C(GOOG) 79830792104.11 +6.11 Roku(ROKU) 7899625 468.67 +28.78 Aphria(APHA) 7845832 16.94 +0.27 MicroStrategy(MSTR) 75628781034.31+228.31 Netflix(NFLX) 7003490 556.52 +5.73 ZoomVideo(ZM) 6613479 433.11 +13.52 Qualcomm(QCOM) 6427002 147.98 +2.14 Intel(INTC) 5894962 61.81 +3.63

–4.2 –1.0 –2.2 +12.8 +10.1 +1.2 +10.7 +6.7 +0.9 +27.2 +15.9 +0.3 +0.3 +6.5 +1.6 +28.3 +1.0 +3.2 +1.5 +6.2

Includes Common shares only. All figures reflect activity for the most-recent five-day trading week. Share volume figures are expressed in thousands. Volume percentage leaders exclude stocks with average daily volume of fewer than 5,000 shares or priced under $5. Average volume is based on 65 trading days. Volume figures do not reflect extended trading hours. a-Stock has not been in existence or not been traded for 65 consecutive sessions. S-Stock split or stock dividend amounting to 10% or more. X-Ex-dividend

February 15, 2021

BARRON’S

M11

Research Reports How Analysts Size Up Companies These reports, excerpted and edited by Barron’s, were issued recently by investment and research firms. The reports are a sampling of analysts’ thinking; they should not be considered the views or recommendations of Barron’s. Some of the reports’ issuers have provided, or hope to provide, investment-banking or other services to the companies being analyzed. Freeport-McMoRan



FCX-NYSE

Price $32.02 on Feb. 9 by J.P. Morgan



We are upgrading Freeport-McMoRan to an Overweight rating and a $37 December 2021 price target. Freeport is the largest copper pure play, with one of the highest-quality assets in the history of resource extraction: Grasberg in Indonesia, which is ramping up through 2022. In addition, Freeport’s portfolio of assets in the Americas provides a stable base of production, as well as additional longterm growth potential. As copper and gold production grows and major project capital expenditures decline, the company should generate significant free cash flow. We model $14 billion in free cash flow for 2021-23, representing about a third of Freeport’s current market cap. Beyond allowing Freeport to drive net debt to a target of $3 billion to $4 billion within the next 12 months, the ramp in free cash will allow Freeport to return capital to shareholders via a variable dividend. Our analysis suggests that such a strategy results in outperformance over time, on both a relative and absolute basis. Given the trends in electric vehicles and renewables, we believe in copper’s long-term secular demand story.

Western Union

WU-NYSE • Price $23.47 on Feb. 10 by BTIG •

While Western Union’s discount valuation has persisted, its fourth-quarter report provided plenty of reasons for the stock deserving a larger earnings multiple. Among them: the ongoing growth of its digital money-transfer business, which during the quarter posted monthly active customer growth of 49% and is on pace to generate about $1 billion in revenue in 2021; expanding operating margins, fueled by management’s cost-reduction initiatives; and the underappreciated potential of To be considered for this section, material should be sent to [email protected].

Western Union’s white-label program [which allows money transfers via third parties]. Price target: $28.

Adobe Systems

• ADBE-Nasdaq Price $458.77 on Jan. 29 by Edward Jones



Adobe is the clear leader in the growing markets of digital publishing and marketing analytics, led by a management team with a strong track record for executing on strategy. After transitioning to a subscription[software] model, Adobe is well positioned for good recurring revenue growth and has the financial flexibility to invest in new products, including machine learning and augmented reality. Adobe trades at a premium to its peers, which is warranted, based on its leadership position in growing markets, innovative product suite, and proven management team.

New York Community Bank NYCB-NYSE Price $10.77 on Jan. 27 by BofA Securities





[New] CEO Tom Cangemi was very clear during today’s earnings conference call that management is focused on evaluating growth opportunities. It sees significant room to bring in core deposits from its existing customer base, a historically untapped opportunity. Branch consolidation should provide a cost-saving opportunity. We also sensed a greater openness to add lending capabilities via opportunistic hiring. On the macro front, a steepening yield curve should be a tailwind for lending margin, while a steady reopening of New York should remove the city’s commercial real-estatedriven overhang on the stock. In addition, management reiterated its interest in partnering with another bank and staying on the lookout for merger-andacquisition opportunities. We believe that the recent CEO change opens the door for a lot more merger opportunities, especially merger-of-equals deals. Price objective: $13.

Altice USA

• ATUS-NYSE Price $37.65 on Feb. 11 by Macquarie Research

inexpensive versus peers Comcast (ticker: CMCSA) and Charter Communications (CHTR). Our 12-month price target is $40.

Altice’s fourth quarter was strong in dollar terms, but light in subscription numbers, which had been strong in the first three quarters. Residential video lost 74,000 subs, accelerating a downward trend to minus 6.9%, year over year. Altice added 7,000 mobile lines, also the lowest figure of the year. We are lowering 2021 estimated earnings per share from $1.44 to $1.14 on the company’s conservative guidance. However, we like Altice’s incremental growth potential and cash focus. At 10 times enterprise value/ earnings before interest, taxes, depreciation, and amortization, the stock remains

Zynga



• ZNGA-Nasdaq Price $11.16 on Feb. 10 by KeyBanc Capital Markets



Zynga [a digital-game maker] reported solid fourth-quarter earnings and guided bookings above consensus for 2021. We expect doubledigit bookings growth in 2022, with margin expansion. There are a multitude of growth opportunities with the potential to significantly scale up the company’s size over the next several years. We’re raising our price target to $13.50 [from $12.50] based on 16 times estimated 2022 EV/Ebitda.

INSIDER TRANSACTIONS: Recent Filings Sales

Purchases Insiders

Shares

$ Val (000's)

Northern Oil And GasNOG Yield10 BioscienceYTEN Hyster Yale Materials HandlingHY Harley-DavidsonHOG InspiremdNSPR

2 1 1 2 4

537,821 101,400 12,459 31,535 483,850

5,244 1,242 1,074 1,025 590

Affiliated ManagersAMG AnthemANTM UnitedhealthUNH Apollo Endosurgery APEN Ugi UGI

1 1 1 1 1

4,000 1,700 1,500 103,006 10,000

Cullen/Frost Bankers CFR Adtalem Global Education ATGE Enterprise Financial Services EFSC American Financial AFG Biogen BIIB

1 3 1 1 1

Charles Schwab SCHW Pcb BancorpPCB Fastenal FAST Nicholas Financial NICK 1St Source SRCE

1 1 2 2 1

Company /Symbol

Company /Symbol

Insiders

Shares

$ Val (000's)

Datadog DDOG Teladoc Health TDOC Monolithic Power Systems MPWR Walt Disney DIS Palantir Technologies PLTR

4 3 5 1 1

947,300 197,541 137,292 237,136 1,285,123

97,480 52,149 50,498 41,743 40,595

545 503 499 482 375

Motorola Solutions MSI Medallia MDLA Koss KOSS Abbott LaboratoriesABT Apollo Global Management APO

1 2 8 3 2

207,273 907,196 1,034,667 270,273 553,188

37,883 36,805 35,542 33,346 28,014

3,500 7,611 7,500 2,500 898

324 301 274 241 240

Allegiant TravelALGT Hess HES Charles Schwab SCHW Te Connectivity TEL Ligand PharmaceuticalsLGND

8 8 1 3 3

122,000 446,522 464,661 184,700 117,310

26,096 25,635 25,372 23,556 22,228

3,636 15,702 4,000 16,167 4,300

197 190 188 174 171

Mongodb MDB Intellia Therapeutics NTLA Hca Healthcare HCA Guardant Health GH Scotts Miracle-Gro SMG

4 2 7 1 5

54,540 294,878 109,045 116,180 78,066

21,220 19,970 19,264 18,929 18,505

An insider is any officer, director or owner of 10% or more of a class of a company's securities. In most cases, an insider must report any trade to the SEC within two business days. The tables highlight companies that filed with the SEC through last Wednesday. The tables do not include pension-plan or employee stock-option activity, trades by beneficial owners of 10% or more, trades under $2 per share or trades under 100 shares. The "Purchases" column includes only open-market and private purchases; the "Sales" column includes only open-market and private sales, and excludes trades preceded by option exercise in the 12 months prior to the reported event. Source: Thomson Reuters

INSIDER TRANSACTIONS RATIO 60 50

Ratio = 49

Bearish

40 30 20 10

Bullish F

M

A

M

J

J

A

S

O

N

D

J

F

0

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 674,831,652 and 13,878,856 respectively; Source: Thomson Reuters

M12

BARRON’S

February 15, 2021

Market View This commentary was issued recently by money managers, research firms, and market newsletter writers and has been edited by Barron’s. “Armed with a steady supply of stimulus checks, home-bound millennials have discovered the joys of equity trading and are opening brokerage accounts for what they hope will be quick-and-easy profits.” —CLIF DROKE, Momentum Strategies Report

Broker/Dealer Index Looks Bullish Momentum Strategies Report Clif Droke Market Analysis clifdroke.com

Feb. 11: Strength continues to be seen in

some of the most important and financially sensitive areas of the market. Of particular significance, broker-dealer stocks are quite strong and have led the charge so far this week. The NYSE Securities Broker/Dealer Index (XBD) closed up nearly 1% on Wednesday to finish at a new high. The rationale behind the outperformance of the broker-dealers is plain enough to see. Armed with a steady supply of stimulus checks, home-bound millennials have discovered the joys of equity trading and are opening brokerage accounts for what they hope will be quick-and-easy profits... While many analysts are worried that this increase of “new blood” in the stock market is a sign that a major top is imminent, I would instead argue that the return of the retail trader is more of a sign that upside moves in stocks will likely accelerate from here before the final “blow-off” phase of the bull market is complete. If anything, the onrush of new traders will bring a welcome element of dynamism to the market and will cause upside moves in equities to become conspicuously magnified. This will make it easier on the bulls to move in and out of the strongest stocks before the final top has arrived. Strength and leadership in XBD is a green light for the bulls. Only if XBD breaks decisively under its 15-day moving average will there be cause for concern over the market’s immediate-term (1-4 week) trend. —CLIF

DROKE

Energy Stocks: Still Undervalued Equity Research Wells Fargo wellsfargo.com

Feb. 11: As Energy (and U.S. E&P) has been

one of the best performing sectors in the market since November 2020, many investors

may fear that the “value” opportunity is over. We disagree. Our view is that this is just the start of a potential multi-year expansion of market value for the sector as it benefits from the 3 “Rs”—Recovery, Reflation, and Rotation. Adherence to Shale 3.0 moderates U.S. oil and gas supply growth while demand should recover, albeit gradually, to pre-Covid levels (“recovery”). Furthermore, while the regulatory and socio-political environment for fossil fuels is likely to remain challenged, we see “Energy Transition” as a near-term tailwind for E&Ps [exploration and production companies] as infrastructure build-out could increase demand for traditional energy sources above our current outlook (“reflation”). Finally, we believe even generalist investors will be “forced” to pay attention to the differentiated free-cash-flow story for shale, complemented by cyclically low costs and high operating efficiencies (“rotation”)... Following the outperformance of smallercap, levered names since mid-November, we are focusing on quality names with balanced commodity exposure in 2021 and beta to higher commodity prices. Given those constraints DVN [Devon Energy] remains our top pick, with PDCE [PDC Energy] as a top choice among SMID-Cap [small- and mid-cap] names. We are also constructive on BCEI [Bonanza Creek Energy], PXD [Pioneer Natural Resources], XEC [Cimarex Energy], FANG [Diamondback Energy], and MRO [Marathon Oil]. For gas exposure we prefer CNX [CNX Resources], EQT [EQT], COG [Cabot Oil & Gas], and RRC [Range Resources]. —NITIN

KUMAR, TOM HUGHES, JOSEPH MCKAY

Spain’s Red-Hot 50-Year Bond UBS House View UBS ubs.com

Feb. 10: Spain on Tuesday attracted 65 billion

euros ($78.6 billion) of orders for a €5 billion 50-year bond, according to the Spanish Treasury. Other recent long-dated bonds, including a 50-year bond sale from Belgium, have

also attracted strong demand from investors. Spain’s government priced the new debt at 13 basis points over its outstanding July 2066 bonds, which closed Monday at a yield of 1.658%. The news underlines the willingness of investors to assume duration and credit risk in pursuit of higher yields for portfolios. Despite continued easy money from central banks, we see opportunities for yield, including in U.S.-dollar-denominated emergingmarket sovereign debt. —MARK

HAEFELE

AND

erate around the globe, taking risk off the table will become the focus of authorities in the EU and Japan, as it is currently in China. China is a bellwether of sorts, which we’ll be watching for indications of what happens when authorities unwind massive amounts of stimulus after a pandemic. Our guess is that doing so won’t be easy for any country. —ED

YARDENI

A Boffo Earnings Season

TEAM

Comparing Central Bank Policies

Market Perspective Suntrust Advisory Services truist.com

Morning Briefing Yardeni Research yardeni.com

Feb. 9: Although there are frothy segments

Feb. 10: Nearly a year into the pandemic, the

economies of the European Union (EU), Japan, and China face divergent circumstances. Renewed surges of Covid-19, continued containment measures, and vaccine delays threaten the V-shaped recoveries of Europe and Japan. China—where the virus has been contained—is the only major world economy that expanded last year. Accordingly, the central banks of each country—the European Central Bank (ECB), the Bank of Japan (BOJ), and the People’s Bank of China (PBOC)—have responded differently to the pandemic’s economic effects. The ECB and BOJ view too little ease as riskier than prolonged accommodation, so in Europe and Japan monetary policy remains easy and could get easier. In contrast, the PBOC perceives asset bubbles—a result of too much liquidity built up during the pandemic—as its big challenge, so in China monetary authorities are testing tightening to cool markets down. Fiscal policymakers are acting in kind: The European Union (EU) awaits broader stimulus measures. Japanese authorities are working on a fourth supplementary fiscal budget to save the economy. Chinese fiscal authorities, in contrast, are trying out draining market liquidity and increasing regulation in risky sectors. Not long from now, as vaccinations prolif-

of the market that are detached from fundamentals, we do not see bubble conditions more broadly. Instead, we see a stock market that is trading at a premium to historical valuations—partly justified by low rates, a shift in sector composition toward highervalued growth sectors, supportive monetary and fiscal policy, and cheaper access to markets (i.e., secular decline in commissions and fund fees). There is little debate that the S&P 500’s current valuation is elevated relative to history. What may be less understood is that the S&P 500’s P/E has been rangebound since June. Since then, earnings have been the key driver of the market’s roughly 25% return... The recent corporate earnings season reinforces the underlying earnings strength. With 300 of the S&P 500 index companies having reported, 81% are exceeding analysts’ earnings estimates. This is on track for the third-highest beat rate in our database going back to 2001, only behind the last two quarters. Notably, 78% percent of companies are also exceeding sales estimates, which is on track for a record. Consequently, companies are beating earnings estimates by an average of 15% this quarter, more than double the historical norm. —KEITH

LERNER, SHELLY SIMPSON

To be considered for this section, material, with the author’s name and address, should be sent to [email protected].

February 15, 2021

BARRON’S

M13

New York Stock Exchange Composite List 52-Week High Low Name

NOTICE TO READERS: Sign up for the Weekly Market Lab Newsletter: barrons.com/newsletters Please visit the new Market Lab home page on barrons.com under Data. www.barrons.com/market-data/market-lab 52-Week High Low Name

45.84 30.89 42.95 10.20 56.59 17.21 12.41 11.42 2.30 56.80 28.68 52.82 124.85 16.70 3.16 20.36 89.22 16.53 2.40 8.80 100.97 38.68 11.86 64.54 47.21 51.68 31.00 128.54 113.41 26.67 25.75 15.11 271.18 135.59 47.68 8.53 38.26 10.60 43.85 177.92 109.46 25.60 4.62 2.74 63.25 57.27 148.37 129.34 89.23 80.51 46.20 327.89 15.19 13.85 4.82 154.66 11.58 66.96 78.79 188.35 20.62 26.20 76.26 23.15 330.00 179.79 17.75 319.32 847.95 20.78 139.24 82.22 104.78 39.65 45.92 125.92 42.35 15.88 19.83 10.96 3.34 185.75 38.30 13.07 12.07 3.78 10.94 15.21 46.22 9.95

8.56 14.71 19.79 3.51 25.11 3.41 9.90 9.65 0.65 21.76 8.11 23.07 35.33 1.46 1.29 1.91 36.65 5.02 0.34 3.17 29.04 26.08 3.43 31.82 26.35 19.31 16.20 61.61 62.55 7.42 9.10 5.22 137.15 67.46 20.65 3.31 5.90 10.21 19.76 71.33 22.13 8.06 1.80 1.34 10.42 32.15 44.37 61.13 31.00 45.23 8.41 167.43 9.96 11.00 2.50 70.99 3.34 20.02 30.46 48.89 12.91 5.16 39.37 8.32 223.03 109.22 9.53 169.95 426.87 4.95 77.37 48.22 20.51 13.24 26.15 64.13 10.22 1.93 7.74 3.59 0.45 75.17 15.96 9.86 10.00 1.30 10.46 11.56 30.95 4.60

AAR ABB ABMIndustries ACCO Brands ADC Therap ADT AEA-Bridges AEA-BridgesA AEA-BridgesWt AECOM AES Aflac AGCO AG Mortgage AHBeloA AMC Ent AMN Healthcare AMTD Intl ARC Document ASETech ASGN AT&T A10Networks AXIS Capital Azek AZZ Aaron's AbbottLabs AbbVie Abercrombie&Fitch AcadiaRealty AccelEnt Accenture AcuityBrands Acushnet Adecoagro Adient AditEdTech AdtalemGlbEduc AdvanceAuto AdvDrainageSys AdvanSix Aegon Aenza AerCap AerojetRocket AffiliatedMgrs AgilentTechs AgnicoEagle AgreeRealty AirLease AirProducts AjaxI AjaxI AjaxIWt AlamoGroup AlamosGold AlaskaAir AlbanyIntl Albemarle Albertsons Alcoa Alcon Alexander&Baldwin Alexanders AlexandriaRlEst AlgonquinPwr Alibaba Alleghany AlleghenyTechs Allegion Allete AllianceData AllianceBernstein AllisonTransm Allstate AllyFinancial AlphaMetal AlpineIncmProp AltaEquipment AltaEquipWt Alteryx AlticeUSA AltimarAcqn AltimarAcqnA AltimarAcqnWt AltimarAcqnII AltimeterGrw2 Altria AlumofChina

Tick Div Sym Yld P/E Last Chg. Amt.

52-Week High Low Name

A

17.71 15.28 4.62 22.02 9.87 3.82 12.40 87.66 70.26 18.04 17.94 46.72 11.06 49.02 25.75 34.25 138.04 113.80 32.54 50.66 14.48 96.64 272.20 19.41 172.56 43.75 11.00 10.27 1.78 41.29 218.35 112.88 125.81 6.18 8.81 137.18 5.86 9.49 83.11 38.50 73.91 10.50 9.10 9.01 340.98 3.80 238.19 42.84 7.42 19.17 18.51 55.39 12.31 11.40 2.93 10.80 15.30 86.06 144.76 156.52 43.17 15.80 25.76 57.43 55.77 10.36 31.59 7.37 64.59 42.36 21.54 7.92 10.80 17.72 53.14 54.50 64.25 324.67 6.77 10.49 18.92 21.15 5.60 111.46 108.27 55.25 42.13 172.32 12.24 11.32 2.25 26.00 89.62 26.98

AIR ABB ABM ACCO ADCT ADT IMPX.UT IMPX IMPX.WT ACM AES AFL AGCO MITT AHC AMC AMN HKIB ARC ASX ASGN T ATEN AXS AZEK AZZ AAN ABT ABBV ANF AKR ACEL ACN AYI GOLF AGRO ADNT ADEX.UT ATGE AAP WMS ASIX AEG AENZ AER AJRD AMG A AEM ADC AL APD AJAX.UT AJAX AJAX.WT ALG AGI ALK AIN ALB ACI AA ALC ALEX ALX ARE AQN BABA Y ATI ALLE ALE ADS AB ALSN ALL ALLY AMR PINE ALTG ALTG.WT AYX ATUS ATAC.UT ATAC ATAC.WT ATMR.UT AGCB MO ACH

.8 2.3 1.8 2.9 ... 1.5 ... ... ... ... 2.1 2.8 .5 3.2 7.1 .0 ... ... 1.7 1.0 ... 7.2 ... 3.3 ... 1.4 ... 1.4 5.0 .0 .0 ... 1.4 .4 1.3 ... ... ... ... .7 .4 ... 2.7 ... ... .0 .0 .6 2.1 3.8 1.5 2.3 ... ... ... .4 ... .0 1.1 .9 2.4 ... ... 3.9 6.7 2.5 3.5 ... .0 ... 1.1 3.9 1.0 7.4 1.6 2.1 1.8 ... 4.6 ... ... ... ... ... ... ... ... ... 7.9 ...

dd 12 dd 12 dd dd ... ... ... dd dd 7 21 dd dd dd 42 ... 18 20 25 dd 42 dd dd cc ... 51 36 dd dd dd 32 20 38 dd dd ... 10 22 42 41 10 dd dd 34 34 56 25 35 9 31 ... ... ... 30 31 dd 24 46 9 dd dd cc 36 30 21 32 dd dd 36 19 19 13 14 6 15 dd cc dd ... dd 44 ... ... ... ... ... 18 84

38.39 29.52 41.24 9.00 30.47 9.33 12.00 11.00 2.06 56.02 28.53 46.92 118.60 3.76 2.26 5.59 77.55 5.93 2.35 8.68 93.07 28.80 9.38 50.58 47.19 49.60 19.97 128.23 104.44 25.10 17.96 10.75 257.47 125.61 46.40 8.20 37.00 10.42 40.66 152.81 100.13 25.15 4.49 2.24 43.62 52.36 147.90 127.98 66.68 65.07 43.10 260.55 14.40 13.41 4.02 149.50 8.15 57.56 73.63 164.64 16.49 21.66 74.10 17.40 268.28 173.06 17.70 267.85 609.08 18.69 118.26 65.24 83.18 37.66 42.51 104.43 42.01 15.20 19.02 10.60 2.00 118.23 34.60 11.09 10.49 2.20 10.53 12.74 43.40 8.80

+1.38 +0.70 +1.81 +0.14 +0.17 +0.03 ... +0.05 –0.03 +1.65 +1.67 +1.47 –1.09 +0.16 –0.20 –1.24 +3.06 –0.42 +0.14 +0.88 +3.87 –0.13 –1.20 +1.52 +4.89 –0.75 +0.34 +4.20 –4.29 –0.94 +2.86 +0.22 +3.93 +4.52 +0.44 +0.13 +0.07 –0.01 +1.16 –4.47 +0.39 +1.22 +0.18 –0.16 –0.13 –0.39 +35.49 +4.80 –4.31 –1.06 –0.07 +7.40 +0.92 +0.89 +0.37 +2.40 +0.15 +3.38 –1.13 +7.47 –0.44 +0.71 –1.56 +1.33 +2.69 +1.36 +0.17 +2.18 +7.90 +0.34 +4.47 –0.85 –1.68 –0.81 –0.60 –2.49 +0.37 +2.32 +2.61 +0.24 +0.07 –15.07 –2.27 –0.13 +0.07 –0.12 –0.07 +0.37 +0.93 +0.71

.075 .8252 .19 .065 ... .035 ... ... ... ... .1505 .33 .16 .03 .04 .03 ... ... .01 .1363 ... .52 ... .42 ... .17 ... .45 1.30 .20 .29 ... .88 .13 .155 ... ... ... ... .25 .09 ... .0727 ... ... 5.00 .01 .194 .35 .207 .16 1.50 ... ... ... .14 ... .375 .20 .385 .10 ... ... .15 4.50 1.09 .1551 ... 15.00 ... .36 .63 .21 .97 .17 .54 .19 ... .24 ... ... ... ... ... ... ... ... ... .86 ...

9.51 9.25 0.47 8.74 3.24 1.90 5.80 58.74 13.38 10.12 10.41 20.15 2.50 20.13 6.54 9.07 67.00 44.01 17.50 16.07 5.99 65.11 174.32 11.35 92.00 21.34 10.05 10.00 0.85 23.30 80.01 72.06 54.82 2.40 1.94 63.05 0.49 3.98 26.04 12.66 32.58 3.51 1.69 0.64 171.03 0.79 143.93 35.99 3.27 4.30 4.12 19.46 9.90 9.65 1.00 10.59 4.48 30.66 79.84 29.22 9.65 3.54 6.64 21.80 28.92 2.09 5.80 2.92 28.14 9.85 9.20 2.61 10.26 2.78 20.20 29.91 25.00 156.63 1.40 1.20 6.40 4.95 1.12 57.96 39.25 17.69 20.57 39.36 10.00 9.57 0.93 1.27 38.88 4.09

AlussaEnergy AlussaEnergyA AlussaEnergyWt AmbacFin AmbacFinWt Ambev Amcor Ameren Ameresco AmericaMovil AmericaMovil A AmericanAssets AmericanAxle AmCampus AmerEagle AmEqtyLf AmerExpress AmericanFin AmHomes4Rent AIG AmRltyInv AmerStWater AmerTowerREIT AmerVanguard AmerWaterWorks AmericanWell AmericasTechAcqn AmericasTechA AmericasTechWt AmericoldRealty Ameriprise AmerisourceBrgn Ametek AmnealPharm Ampco-Pitt Amphenol AmplifyEnergy Amrep Anaplan AngloGoldAsh AB InBev AnnalyCap AnteroMidstream AnteroResources Anthem AnworthMtg Aon AptIncmREIT ApartmtInv APi Group ApolloComRlEst ApolloGlbMgmt ApolloStratGr ApolloStratGrA ApolloStratGrWt ApolloStratGrII AppleHospREIT AppliedIndlTechs Aptargroup Aptiv Aramark ArborRealty ArcelorMittal ArchResources ArcherDaniels Archrock Arconic ArcosDorados Arcosa ArcusBiosci Ardagh ArdmoreShipping AresAcqn AresCommRealEst AresMgmt Argan ArgoGroup AristaNetworks ArlingtonAsset ArloTech ArmadaHoffler ArmourRes ArmstrongFlooring ArmstrongWorld ArrowElec ArtisanPtrsAsset Asana AsburyAutomotive AscendantDigital AscendantDigA AscendantDigWt AshfordHosp AshlandGlobal AspenAerogels

Tick Div Sym Yld P/E Last Chg. Amt. ALUS.UT ALUS ALUS.WT AMBC AMBC.WT ABEV AMCR AEE AMRC AMX AMOV AAT AXL ACC AEO AEL AXP AFG AMH AIG ARL AWR AMT AVD AWK AMWL ATA.UT ATA ATA.WT COLD AMP ABC AME AMRX AP APH AMPY AXR PLAN AU BUD NLY AM AR ANTM ANH AON AIRC AIV APG ARI APO APSG.UT APSG APSG.WT APGB.UT APLE AIT ATR APTV ARMK ABR MT ARCH ADM AROC ARNC ARCO ACA RCUS ARD ASC AAC.UT ACRE ARES AGX ARGO ANET AAIC ARLO AHH ARR AFI AWI ARW APAM ASAN ABG ACND.UT ACND ACND.WT AHT ASH ASPN

... ... ... ... ... ... 4.0 2.8 ... 2.5 2.6 3.7 ... 4.3 2.2 1.1 1.3 1.9 .6 3.1 ... 1.7 2.0 .4 1.4 ... ... ... ... 2.4 1.9 1.7 .7 ... ... .9 .0 ... ... ... 1.7 10.7 13.6 ... 1.6 7.3 .8 4.1 33.5 ... 10.9 3.9 ... ... ... ... .0 1.7 1.0 ... 1.2 8.0 ... .0 2.7 5.9 ... .0 .3 ... 3.3 .0 ... 10.1 3.7 2.2 2.8 ... ... ... 5.0 9.9 ... 1.0 ... 5.9 ... ... ... ... ... ... 1.3 ...

... cc ... dd ... 23 23 21 62 34 34 65 dd 86 dd 3 34 13 cc dd 17 36 54 52 44 dd ... ... ... 81 18 dd 32 14 12 35 dd dd dd 35 dd dd dd dd 16 dd 27 ... 5 ... 51 dd ... ... ... ... dd dd 46 23 dd 17 dd dd 18 dd 18 dd 27 dd dd dd ... 25 96 cc dd 36 dd dd 31 dd dd dd 14 16 dd 12 ... ... ... dd dd dd

14.20 12.80 3.51 16.01 4.81 2.79 11.50 73.28 67.35 13.82 13.82 30.08 9.82 43.46 24.62 29.82 129.62 108.04 32.48 41.40 9.75 79.51 227.19 18.60 161.69 32.79 10.80 10.18 1.25 35.64 218.08 105.18 121.75 5.72 8.11 135.90 2.97 8.97 82.26 23.99 63.56 8.48 9.06 9.00 290.68 2.74 228.04 42.38 4.90 18.89 12.87 51.46 11.50 10.80 2.30 10.64 13.66 79.47 144.63 156.29 36.00 15.35 22.82 48.11 55.72 9.81 25.90 5.37 64.57 36.00 18.37 4.21 10.51 13.11 51.44 44.87 44.65 323.31 3.89 7.86 11.91 12.08 4.92 83.28 105.08 52.59 41.49 157.99 11.87 11.03 1.94 3.40 86.32 24.74

–1.61 –1.15 –0.48 +1.09 +0.34 –0.13 +0.03 –0.92 +2.08 +0.30 +0.34 +1.27 –0.52 +0.57 –0.67 +0.03 +3.34 +7.89 +1.54 –0.28 +0.07 –1.84 –5.80 +0.87 –3.32 –2.28 –0.09 ... –0.26 –0.88 +7.02 –4.51 +4.75 +0.52 +0.12 +6.40 +0.42 –0.18 +1.81 +0.94 –2.07 –0.09 +1.02 +1.46 –0.17 +0.04 +4.82 +1.94 +0.07 +0.58 +0.97 +0.77 –0.16 –0.07 –0.25 +0.64 +0.57 +0.62 +3.97 +9.16 –0.69 –0.10 +0.61 –1.30 +2.42 +0.25 –0.26 –0.13 +3.04 –4.50 –0.21 +0.45 –0.04 +0.94 +2.77 –0.02 +3.34 +1.40 +0.20 –0.36 +0.58 +0.25 –0.02 +1.70 +4.67 –0.66 +2.41 +2.87 +0.37 +0.41 +0.09 +0.52 +1.35 +1.12

... ... ... ... ... ... .1175 .515 ... .1771 .1771 .28 ... .47 .1375 .32 .43 .50 .05 .32 ... .335 1.21 .02 .55 ... ... ... ... .21 1.04 .44 .20 ... ... .29 .10 ... ... ... .5669 .22 .3075 ... 1.13 .05 .46 .43 .9831 ... .35 .60 ... ... ... ... .10 .33 .36 ... .11 .32 ... .50 .37 .145 ... .03 .05 ... .15 .05 ... .33 .47 1.00 .31 ... ... ... .15 .10 ... .21 ... .31 ... ... ... ... ... ... .275 ...

12.39 11.75 2.58 33.84 20.55 45.23 143.67 47.28 28.44 25.26 50.43 62.98 3.06 11.24 10.65 ... 13.17 17.10 15.75 4.75 11.25 121.08 20.83 21.48 147.67 95.93 79.63 1297.82 185.37 229.40 57.24 51.15 12.31 11.19 2.50 30.99 34.06 177.35 46.38 53.00 31.48 46.13 41.64 53.60

9.85 9.65 0.73 13.94 10.23 24.19 76.27 13.64 1.20 3.78 13.37 10.85 1.70 9.82 9.55 ... 5.39 9.93 9.73 1.30 10.55 77.92 17.00 3.71 59.54 38.16 20.59 684.91 55.50 118.17 35.62 19.46 9.85 9.65 0.61 6.66 6.13 76.96 8.69 32.09 12.92 13.69 5.30 12.56

AspirCnsUn AspirCnsA AspirCnsWt AssetMarkFin AssociatedBanc AssocCapital Assurant AssuredGuaranty AtHomeGroup Atento Athene AtkoreIntl AtlanticPower AtlStreetAcqn AtlStreetAcqn AtlStreetAcqnWt Atlas AtlasCrestInvt AtlasCrestInvt AtlasCrestInvtWt AtlasCrestII AtmosEnergy Atotech AuroraCannabis Autohome Autoliv AutoNation AutoZone Avalara Avalonbay Avangrid AvanosMedical AvantiAcqn AvantiAcqnA AvantiAcqnWt Avantor Avaya AveryDennison Avient Avista AxaltaCoating AxosFinancial Azul AzurePowerGlbl

47.84 49.26 5.83 19.79 74.41 60.97 50.18 14.46 36.40 7.49 7.23 18.26 70.57 8.24 109.19 24.04 102.76 61.34 20.00 5.09 5.69 6.62 22.33 20.76 34.29 9.65 22.68 7.69 4.05 55.38 30.76 35.08 35.50 91.63 80.40 46.84 56.59 40.31 9.43 10.55 8.26 68.60 31.22 32.25 95.19 20.50 284.97 54.80 26.53 30.76 79.92 365724 242.76 28.69 61.00 124.89 67.00 681.95 135.00 195.95

10.39 31.66 1.91 5.69 29.78 23.64 18.84 6.41 14.74 1.26 2.27 6.00 40.40 0.77 41.50 9.12 51.26 7.22 6.44 2.10 2.49 2.58 12.50 7.73 11.45 3.69 11.43 2.52 1.71 16.27 17.21 17.95 13.76 46.70 38.31 26.40 31.94 13.47 3.41 4.67 1.11 30.22 12.65 11.15 69.10 4.39 197.75 25.54 13.56 14.06 43.05 239440 159.50 8.55 25.00 48.11 10.13 250.50 37.85 23.61

B&G Foods BCE BEST BGSF BHP Group BHP Group BJ'sWholesale BP Midstream BP BP Prudhoe BRF BRT Apartments BWX Tech Babcock&Wilcox BadgerMeter BakerHughes Ball Bally's BancCalifornia BancoBBVA BancoBilbaoViz BancoBradesco BancodeChile Bladex BancoMacro BancSanBrasil BcoSantChile BcoSantMex BancoSantander BanColombia BancorpSouth BankofAmerica BankofButterfield BankofHawaii BankofMontreal BankNY Mellon BkNovaScotia BankUnited Barclays BaringsBDC Barnes&NobleEduc BarnesGroup BarrickGold BauschHealth BaxterIntl BeazerHomes BectonDicknsn Belden BellRingBrands BenchmarkElec Berkley BerkHathwy A BerkHathwy B BerkshireHills BerryGlobal BestBuy BigLots BiglariA BiglariB Bill.com

Tick Div Sym Yld P/E Last Chg. Amt. ASPL.UT ASPL ASPL.WT AMK ASB AC AIZ AGO HOME ATTO ATH ATKR AT ASAQ.UT ASAQ ASAQ.WT ATCO ACIC.UT ACIC ACIC.WT ACII.UT ATO ATC ACB ATHM ALV AN AZO AVLR AVB AGR AVNS AVAN.UT AVAN AVAN.WT AVTR AVYA AVY AVNT AVA AXTA AX AZUL AZRE

... ... ... ... 3.8 .6 2.1 2.0 ... ... ... ... ... ... ... ... 3.8 ... ... ... ... 2.7 ... ... 1.2 .0 ... ... ... 3.5 3.7 ... ... ... ... ... ... 1.4 1.9 4.4 ... ... ... ...

... ... ... dd 10 42 19 10 dd dd 11 15 dd ... ... ... 14 ... ... ... ... 18 dd dd 33 44 18 15 dd 30 23 cc ... ... ... cc dd 27 30 21 69 13 dd dd

11.36 10.73 2.10 26.25 18.99 35.97 128.13 39.43 24.74 23.83 45.17 62.24 2.99 11.00 10.35 1.42 13.14 14.68 13.56 3.48 10.85 91.05 19.16 12.48 136.15 94.27 78.39 1146.65 173.78 179.51 47.11 50.49 11.95 10.75 2.22 30.67 31.52 177.23 44.17 38.79 27.24 45.02 23.85 35.92

–0.01 +0.05 ... +1.13 –0.18 –0.28 –6.23 +1.80 +0.25 +2.99 +0.72 +3.70 ... –0.04 –0.02 ... +0.89 +2.65 +2.24 +1.08 +0.29 +2.00 +0.16 –0.32 +5.93 –0.22 +1.20 –73.78 +1.78 +7.29 –0.74 +2.54 +0.23 +0.08 +0.20 +0.81 +6.73 +4.14 +3.20 +0.60 –0.50 +1.07 –0.29 –4.43

... ... ... ... .18 .10 .66 .20 ... ... ... ... ... ... ... ... .125 ... ... ... ... .625 ... ... .87 .62 ... ... ... 1.59 .44 ... ... ... ... ... ... .62 .2125 .4225 ... ... ... ...

5.8 6.2 ... 2.9 3.4 4.1 ... 11.3 7.1 ... ... 5.8 1.3 ... .7 3.2 .7 .0 1.3 ... 4.3 2.1 2.8 6.4 ... 2.2 ... ... ... 3.0 2.6 2.2 5.3 3.1 4.3 3.0 5.1 2.3 ... 8.1 ... 1.2 1.4 ... 1.2 ... 1.3 .4 ... 2.3 .7 ... ... 2.5 ... 1.8 1.8 ... ... ...

16 23 dd 74 22 19 16 7 dd 5 14 dd 21 dd 64 dd 51 dd dd 2 dd 11 ... 9 2 16 17 8 dd 34 14 18 11 23 14 11 14 19 ... dd dd 31 13 dd 37 9 49 dd 38 73 24 16 16 dd 12 18 4 dd dd dd

32.60 43.67 2.77 13.88 70.38 59.07 43.00 12.32 21.91 4.02 4.37 15.08 59.15 7.33 107.48 22.70 89.68 59.61 19.07 3.02 5.32 4.16 22.13 15.64 14.83 7.56 22.45 5.05 3.41 36.45 29.34 33.37 33.08 87.54 76.86 41.93 55.92 39.51 8.07 9.40 7.70 52.39 22.15 31.23 78.73 18.65 256.32 45.34 24.52 27.84 67.88 365000 242.46 19.22 59.07 120.51 65.37 599.00 121.00 190.00

... +0.24 +0.25 –0.20 +2.60 +2.52 +1.11 +0.47 +1.10 +0.47 +0.19 –0.29 +3.04 +0.74 +7.81 +0.62 +0.29 +4.70 +1.05 +0.05 +0.03 –0.06 +1.60 +0.12 +0.53 –0.18 +1.88 –0.13 +0.06 +0.01 +0.68 +1.00 +0.71 +5.93 +0.22 –0.10 +1.07 +2.02 +0.04 +0.21 +0.11 +1.81 –0.18 +3.10 +1.43 –0.62 +1.64 –6.63 +0.17 +0.33 +2.13 +10599 +7.30 +0.32 +1.81 +5.98 +9.75 –0.48 +0.82 +5.31

.475 .6816 ... .10 1.30 1.30 ... .3475 .315 ... ... .22 .19 ... .18 .18 .15 .10 .06 ... .1744 .0035 .5131 .25 ... .0254 ... ... ... .3201 .19 .18 .44 .67 .8199 .31 .7064 .23 ... .19 ... .16 .09 ... .245 ... .83 .05 ... .16 .12 ... ... .12 ... .55 .30 ... ... ...

B BGS BCE BEST BGSF BHP BBL BJ BPMP BP BPT BRFS BRT BWXT BW BMI BKR BLL BALY BANC BBAR BBVA BBDO BCH BLX BMA BSBR BSAC BSMX SAN CIB BXS BAC NTB BOH BMO BK BNS BKU BCS BBDC BNED B GOLD BHC BAX BZH BDX BDC BRBR BHE WRB BRK.A BRK.B BHLB BERY BBY BIG BH.A BH BILL

FIVE-DAY DOW COMPOSITE Protection: The U.S. government bought another 200 million vaccine doses, as the Dow rose 1% on the week to another record close, 31,458. Cheered by investor Dan Loeb, Intel gained 6%. Nike lost 2%. Monday

Tuesday

Wednesday

Thursday

Friday

31500 31400 31300 31200 (Prev Fri's Close)

+237.52

31100 10

12

2

52-Week High Low Name 100.77 689.00 668.56 10.33 85.97 97.19 10.63 28.77 788.00 72.10 40.62 23.71 44.95 28.84 9.60 15.54 44.80 10.99 13.35 13.09 3.15 344.50 53.40 26.29 62.83 100.26 12.84 46.48 4.23 1180.00 147.83 43.44 22.09 55.50 54.70 8.41 16.25 5.72 14.86 17.82 178.34 9.19 21.69 16.34 68.94 86.06 67.16 0.74 35.91 44.03 20.86 12.75 0.53 158.36 11.36 10.69 1.85 19.99 8.57 45.61 46.88 74.60 54.74 63.31 49.87 48.76 83.01 83.40

26.56 309.38 324.07 10.00 48.07 50.01 4.04 2.70 323.98 33.00 12.67 11.29 3.00 2.01 3.25 4.24 3.60 10.30 9.85 10.03 1.39 89.00 20.08 8.25 8.03 54.37 4.06 17.00 0.24 290.02 69.69 24.10 8.64 6.44 33.00 1.14 7.48 2.50 3.86 5.86 64.23 5.51 3.61 6.85 7.00 33.17 45.76 0.26 10.50 27.32 7.51 5.44 0.15 81.90 9.84 9.60 0.53 15.90 1.47 21.57 18.60 32.54 23.22 26.89 16.03 30.70 41.03 44.68

BiohavenPharm Bio-RadLab A Bio-RadLab B BiteAcqn BlackHills BlackKnight BlackStoneMin BlackBerry BlackRock Blackstone BlackstoneMtg BlockHR BloomEnergy BlueApron BluegreenVac BluegreenVac BlueLinx BlueRiverAcqn BluescapeOpps BluescapeOppsAcqn BluescapeOppsWt Boeing BoiseCascade BonanzaCreekEner BootBarn BoozAllen BoqiiHolding BorgWarner BorrDrilling BostonBeer BostonProps BostonSci Box BoydGaming Brady BraemarHtls BrandywineRealty BrasilAgro Braskem BrighamMin BrightHorizons BrightScholarEduc BrightSphere BrightView BrinkerIntl Brink's BristolMyers BristolMyersRt Bristow BritishAmTob BrixmorProp BroadmarkRealty BroadmarkRltyWt BroadridgeFinl BroadstoneAcqn BroadstoneAcqnA BroadstoneAcqnWt Broadstone BrookdaleSrLiving BrookfieldMgt BrookfieldBusPtr BrookfieldInfr BrookfieldInfr BrookfieldRenew BrookfieldRenew Brown&Brown Brown-Forman A Brown-Forman B

-9.93 4pm 10

12

+61.97 2

4pm 10

Tick Div Sym Yld P/E Last Chg. Amt. BHVN BIO BIO.B BITE.UT BKH BKI BSM BB BLK BX BXMT HRB BE APRN BXG BVH BXC BLUA.UT BOAC.UT BOAC BOAC.WT BA BCC BCEI BOOT BAH BQ BWA BORR SAM BXP BSX BOX BYD BRC BHR BDN LND BAK MNRL BFAM BEDU BSIG BV EAT BCO BMY CELG.RT VTOL BTI BRX BRMK BRMK.WT BR BSN.UT BSN BSN.WT BNL BKD BAM BBU BIPC BIP BEPC BEP BRO BF.A BF.B

... ... ... ... 3.7 ... 7.2 ... 2.3 3.2 8.5 5.3 ... ... .0 ... ... ... ... ... ... .0 .8 ... ... 1.8 ... 1.6 ... ... 4.2 ... ... ... 1.7 ... 6.3 2.6 ... 7.3 ... 1.7 .2 ... .0 .8 3.3 .0 ... 7.1 4.4 7.8 ... 1.6 ... ... ... 5.3 ... 1.2 .6 3.4 4.0 2.3 2.6 .8 1.0 .9

dd 5 5 ... 17 62 18 dd 23 65 32 20 dd dd 49 dd 8 ... ... ... ... dd 13 13 44 21 dd 19 dd 83 17 dd dd dd 25 dd 7 8 dd dd cc 33 11 dd cc dd dd ... dd 11 48 22 ... 33 ... ... ... 35 29 dd dd ... cc ... dd 27 37 40

83.86 662.35 664.95 10.22 61.62 87.40 9.71 13.04 722.98 70.21 29.07 19.60 40.44 10.01 7.84 15.18 44.61 10.50 12.30 10.99 2.72 210.98 52.15 26.08 60.88 82.59 10.00 41.99 1.32 1167.13 94.10 38.39 19.09 54.09 51.20 5.60 11.99 4.46 11.32 15.58 178.18 6.38 19.84 15.71 66.80 73.42 59.99 .36 27.68 38.03 19.33 10.72 .29 148.07 10.93 10.25 1.40 18.94 5.20 42.95 42.60 59.49 50.60 50.53 46.29 44.80 71.09 76.85

–3.27 +45.87 +81.75 ... –0.31 +1.60 +0.18 –0.19 –3.35 –0.63 +0.67 +0.62 –1.92 +0.20 –0.06 –0.14 +3.63 –0.02 –0.22 –0.11 +0.17 +3.05 +2.15 +2.44 +0.26 +0.50 –1.18 –1.11 +0.25 +43.80 +1.98 –0.57 +0.96 +1.03 +2.64 +0.25 +0.51 –0.07 +0.47 +0.94 +7.05 +0.02 –0.52 +0.66 +1.16 +1.90 –0.93 ... +0.49 +0.79 +1.76 –0.08 ... +3.94 –0.07 –0.03 –0.07 +0.62 –0.13 +2.04 +4.39 –6.00 –3.35 –5.97 –0.79 +0.03 +1.83 +2.29

... ... ... ... .565 ... .175 ... 4.13 .96 .62 .26 ... ... 1.19 ... ... ... ... ... ... 2.055 .10 ... ... .37 ... .17 ... ... .98 ... ... ... .22 ... .19 .1117 ... .24 ... .12 .01 ... .38 .15 .49 .1479 ... .6721 .215 .07 ... .575 ... ... ... .25 ... .13 .0625 .51 .51 .3038 .3038 .0925 .1795 .1795

12

2

-7.10 4pm 10

12

52-Week High Low Name

+27.70 2

4pm 10

12

2

4pm

Tick Div Sym Yld P/E Last Chg. Amt.

94.32 42.36 14.32 8.40 78.05 11.10 271.75 19.99

25.22 11.76 5.12 1.01 29.00 3.40 105.67 8.13

Brunswick BC 1.2 Buckle BKE 2.3 Buenaventura BVN ... Build-A-Bear BBW ... Bunge BG 2.6 BurfordCapital BUR ... BurlingtonStrs BURL ... BylineBancorp BY 1.2

288.59 39.40 20.27 28.73 11.32 11.00 2.60 71.44 12.00 11.13 3.08 10.84 47.00 81.51 19.22 47.98 13.49 12.01 3.20 69.17 50.45 14.82 23.99 160.58 14.19 10.67 47.93 63.98 37.26 183.90 20.81 35.63 27.60 77.23 2326.80 49.90 22.67 31.30 21.50 30.67 17.75 27.90 60.50 38.26 32.59 30.90 120.73 16.75 57.54 42.49 45.71 90.42 116.16 30.68 379.00

156.15 10.13 9.39 16.85 10.30 10.10 1.62 29.17 9.95 9.72 1.01 10.46 19.73 46.32 7.50 12.02 9.14 9.51 0.30 46.03 25.18 5.06 8.79 81.11 4.26 3.35 17.73 33.41 17.92 90.03 3.43 9.81 5.75 52.04 1031.39 20.00 13.06 8.16 4.63 9.80 3.12 10.99 39.74 5.61 4.75 3.80 62.48 5.30 40.70 3.40 12.94 46.45 65.13 6.71 173.26

CACI Intl CAI Intl CBD Pao CBIZ CBRE Acqn CBRE Acqn A CBRE Acqn Wt CBRE Group CCNeubergerII CCNeubergerII CCNeubergerIIWt CCNeubergerIII CF Industries CGI CI Financial CIT Group CITICCapAcqn CITICCapAcqnA CITICCapAcqnWt CMS Energy CNA Fin CNH Indl CNO Financial CNOOC CNX Resources CONSOL Energy CRH CTO Realty CTS C3.ai Curo CVR Energy CVR Partners CVS Health CableOne Cabot CabotOil Cactus CadenceBancorp CAE Caleres CaliforniaRscs CalWtrSvc Calix CallawayGolf CallonPetrol CamdenProperty Cameco CampbellSoup CampingWorld CanadaGoose CIBC CanNtlRlwy CanNaturalRes CanPacRlwy

20 17 dd dd 10 14 dd 20

91.62 38.89 10.27 6.22 78.00 9.07 262.66 19.50

+1.97 –1.50 –0.16 +0.98 +4.91 +0.59 +6.67 +1.88

.27 2.00 ... ... .50 ... ... .06

16 55 37 20 ... ... ... 23 ... ... ... ... 34 24 9 dd ... ... ... 21 17 dd 11 9 dd dd 21 dd 31 ... 9 dd dd 12 48 dd 34 31 dd cc dd dd 32 74 dd dd 86 dd 19 19 87 15 30 dd 27

236.73 38.84 16.45 27.87 10.98 10.57 1.76 71.33 11.18 10.71 2.05 10.50 44.36 79.19 15.08 45.26 12.74 11.29 2.65 56.38 43.22 14.79 23.03 115.28 13.32 10.49 45.13 48.61 32.70 153.73 15.61 19.61 22.00 74.21 2056.79 49.09 18.23 28.71 18.93 25.24 15.56 25.45 58.96 36.80 29.93 23.18 106.54 15.77 46.75 37.73 43.05 89.32 110.62 26.89 365.51

–0.81 +4.94 +0.66 +0.95 +0.21 +0.11 –0.12 +3.91 –0.32 –0.19 –0.18 –0.08 +1.22 –0.94 +1.11 +4.09 +0.29 +0.18 +0.35 –1.07 +2.46 +0.62 +0.03 +5.66 +0.56 +1.35 +2.20 +3.87 +0.12 +7.13 –1.10 +1.30 +1.19 +2.03 –6.59 +1.74 +0.67 –0.32 –0.01 +0.13 –0.37 +1.45 +1.48 +4.15 –0.85 +6.54 +4.74 +1.77 –0.75 –1.99 –0.39 +0.83 +4.51 +1.64 +9.45

... .25 .1052 ... ... ... ... ... ... ... ... ... .30 ... .1417 .35 ... ... ... .435 .75 ... .12 2.5806 ... ... .215 11.83 .04 ... .055 .40 ... .50 2.50 .35 .10 .09 .15 ... .07 ... .23 ... .01 ... .83 .0609 .37 .14 ... 1.1342 .4803 .3217 .7436

C CACI CAI CBD CBZ CBAH.UT CBAH CBAH.WT CBRE PRPB.UT PRPB PRPB.WT PRPC.UT CF GIB CIXX CIT CCAC.UT CCAC CCAC.WT CMS CNA CNHI CNO CEO CNX CEIX CRH CTO CTS AI CURO CVI UAN CVS CABO CBT COG WHD CADE CAE CAL CRC CWT CALX ELY CPE CPT CCJ CPB CWH GOOS CM CNI CNQ CP

... 2.6 .9 ... ... ... ... ... ... ... ... ... 2.7 ... 3.8 3.1 ... ... ... 3.1 3.5 ... 2.1 6.5 ... ... 2.0 3.9 .5 ... 1.4 .0 ... 2.7 .5 2.9 2.2 1.3 3.2 ... 1.8 ... 1.6 ... .0 ... 3.1 .4 3.2 1.0 ... 5.1 1.7 4.8 .8

The Week’s Statistics Barron's 50-Stock Average ............. Cash Track ..................................... Charting the Market ...................... Closed-End Funds.......................... Coming Earnings ........................... Conference Call Calendar............... Delta Tactical Sentiment ................ Distributions & Offerings ............... Dividend Boosts - Reductions......... Dividend Ex-Payment Dates ...........

31 28 9 28 32 27 31 27 35 35

DJ Averages ................................... DJ U.S. Total Market Industry Groups Dow Jones Averages ...................... Dow Jones Per Share Values ........... Exchange Traded Portfolios ........... Federal Reserve Data Bank ............. Foreign Exchange .......................... Global Stock Markets..................... Gold & Silver Prices......................... Gold Mining Index .........................

30 32 30 31 20 34 34 23 34 34

Indexes P/Es & Yields ...................... Initial Public Offerings.................... Investor Sentiment Readings ......... Key Foreign Market Indexes ........... Market Lab .................................... Money Rates, U.S. & Foreign .......... Money Supply ............................... Mutual Funds ................................ N.Y. Stock Exchange ...................... Nasdaq National Market................

31 32 34 23 30 34 34 24 13 17

New Corporate Listings ................. 35 New Highs & Lows ......................... 33 NYSE Half-Hourly Volume .............. 32 Other Market Indexes .................... 30 Pulse of the Economy..................... 32 SEC Form 144 Filings ...................... 31 Short Interest NASDAQ.................. 26 Short Interest NYSE/NYSE Amer ..... 26 Stock Splits - Special Dividends ...... 35

Stock Volume ................................ Top Savings Deposit Yields............. Trading Diary ................................. Vital Signs...................................... Week In Stocks............................... Weekly Bond Statistics................... Winners & Losers Stocks ................ For statistical queries please contact the Statistics Team: 609-520-4799 or email: [email protected]

31 29 30 2 31 34 10

M14

BARRON’S

February 15, 2021

New York Stock Exchange Composite List 52-Week High Low Name 19.60 46.57 25.86 89.10 118.73 46.50 2.00 11.06 10.50 47.09 11.79 10.88 1.96 8.41 60.53 165.18 128.58 43.44 40.87 44.35 36.81 41.94 14.15 112.33 304.48 11.25 10.44 1.80 11.40 2.15 125.63 10.64 11.43 200.17 17.42 55.97 19.27 140.09 9.38 9.55 6.81 9.27 4.04 74.70 27.53 85.24 9.00 28.74 3.71 63.44 11.88 11.24 3.00 111.93 28.94 5.20 294.25 154.55 17.49 5.00 113.96 560.00 29.37 16.34 111.40 111.10 119.63 4.29 22.99 10.87 26.99 6.93 13.63 37.19 54.74 34.12 20.49 1564.91 110.18 166.52 40.25 98.96 6.21 13.56 11.99 3.39 41.37 45.14 19.48 13.75 13.88 11.45 10.78 61.52 230.90 51.98 16.05 32.79 17.57 45.24 79.09 41.67 6.70 14.16 20.55 33.55 11.15 88.40 2.76 45.81 34.47 37.23 18.77 27.36 24.34 8.27 12.38 11.95 59.00 239.87 19.17 95.77 5.03 60.13 57.11 64.83 12.60 78.82 12.39 11.46 2.90 42.43 174.16 86.41 19.50 17.73 4.57 5.82 13.97 22.71 66.08

4.20 20.51 15.46 20.81 38.00 6.75 1.26 10.00 9.96 5.42 9.96 9.65 0.50 1.97 39.05 97.55 37.59 7.80 7.08 13.60 13.54 11.50 3.25 60.17 22.16 9.96 10.05 1.10 3.15 0.60 31.04 10.00 5.13 87.50 6.07 13.00 3.47 52.70 2.63 5.54 1.55 1.41 2.65 43.96 11.58 43.58 2.96 12.40 1.86 9.04 9.90 9.73 0.65 38.40 4.39 1.28 95.58 15.00 3.44 1.64 25.89 330.01 7.02 2.76 69.47 51.60 20.62 0.91 6.42 5.76 15.80 1.77 8.27 16.16 38.18 18.45 7.77 415.00 46.25 87.35 34.46 47.98 2.75 9.82 9.25 0.60 9.60 8.90 0.93 10.11 11.13 10.00 10.00 30.58 118.50 12.15 11.66 5.71 9.40 8.00 32.00 14.12 3.55 6.12 4.08 15.00 10.50 29.45 0.36 11.88 15.29 16.12 2.63 9.95 9.75 0.75 10.75 4.32 26.11 155.83 4.76 15.05 2.90 36.27 28.35 36.16 1.98 33.52 9.90 9.65 0.81 12.23 61.50 58.49 9.85 9.54 0.50 1.33 2.46 7.63 24.28

Cango Cannae Canon CantelMedical CapitalOne CapitalSrLiving CapitolInvV Wt CapitolInvtV CapitolInvV A Capri Capstar CapstarSpacA CapstarSpacWt CapsteadMtg CardinalHealth Carlisle CarMax Carnival Carnival CarpenterTech CarriageSvcs CarrierGlobal Cars.com Carter's Carvana CascadeAcqn CascadeAcqnA CascadeAcqnWt CasperSleep CastlightHealth Catalent CatchaInvt CatchMarkTimber Caterpillar Cato CedarFairRec CedarRealty Celanese Celestica CementosPacasm Cemex CenovusEnergy CenovusEnergyWt Centene CenterPointEner Centerspace CentraisElBras CentralPacFin CentralPuerto CenturyComm CerberusTele CerberusTeleA CerberusTeleWt CeridianHCM ChannelAdvisor CharahSolutions CharlesRiverLabs ChartIndustries ChathamLodging CheetahMobile Chegg Chemed Chemours CherryHillMtg ChesapeakeUtil Chevron Chewy Chico'sFas ChimeraInvt ChinaDistanceEd ChinaEastrnAir ChinaGreenAg ChinaLifeIns ChinaOnlineEduc ChinaPetrol ChinaSoAirlines ChinaYuchai Chipotle ChoiceHotels Chubb ChunghwaTel Church&Dwight ChurchillV Wt ChurchillCapII ChurchillCapIIA ChurchillCapIIWt ChurchillCapIV ChurchillCapIV ChurchillCapIVWt ChurchillCapCorp.V ChurchillCapV A ChurchillCapVI ChurchillCapVII Ciena Cigna CimarexEnergy CincinnatiBell Cinemark CinerRscs CircorIntl Citigroup CitizensFin Citizens CityOfficeREIT Civeo Clarivate ClassAccel CleanHarbors ClearChannelOutdr ClearwaterPaper ClearwayEnergyA ClearwayEnergyC Cleveland-Cliffs ClimateChgI ClimateChgCrisisA ClimateChgCrisWt ClimateRealI ClipperRealty CloopenGroup Clorox Cloudera Cloudflare CN Finance Coca-Cola Coca-Cola Euro Coca-Cola Femsa CoeurMining Cohen&Steers CohnRobbins CohnRobbinsA CohnRobbinsWt Colfax ColfaxUn ColgatePalm ColonnadeAcqn ColonnadeAcqnA ColonnadeWt ColonyCapital ColonyCredRlEst ColumbiaProperty Comerica

Tick Div Sym Yld P/E Last Chg. Amt. CANG CNNE CAJ CMD COF CSU CAP.WT CAP.UT CAP CPRI CPSR.UT CPSR CPSR.WT CMO CAH CSL KMX CCL CUK CRS CSV CARR CARS CRI CVNA CAS.UT CAS CAS.WT CSPR CSLT CTLT CHAA.UT CTT CAT CATO FUN CDR CE CLS CPAC CX CVE CVE.WT CNC CNP CSR EBR CPF CEPU CCS CTAC.UT CTAC CTAC.WT CDAY ECOM CHRA CRL GTLS CLDT CMCM CHGG CHE CC CHMI CPK CVX CHWY CHS CIM DL CEA CGA LFC COE SNP ZNH CYD CMG CHH CB CHT CHD CCV.WT CCX.UT CCX CCX.WT CCIV CCIV.UT CCIV.WT CCV.UT CCV CCVI.UT CVII.UT CIEN CI XEC CBB CNK CINR CIR C CFG CIA CIO CVEO CLVT CLAS.UT CLH CCO CLW CWEN.A CWEN CLF CLII.UT CLII CLII.WT CLIM.UT CLPR RAAS CLX CLDR NET CNF KO CCEP KOF CDE CNS CRHC.UT CRHC CRHC.WT CFX CFXA CL CLA.UT CLA CLA.WT CLNY CLNC CXP CMA

... ... 2.8 ... 1.4 ... ... ... ... ... ... ... ... 10.3 3.7 1.4 ... .0 11.3 2.2 1.1 1.3 ... .0 ... ... ... ... ... ... ... ... 5.1 2.1 .0 .0 2.1 2.0 ... ... ... .8 ... ... 3.0 3.9 ... 4.3 ... ... ... ... ... ... ... ... ... ... .0 .0 ... .3 3.8 11.3 1.7 5.6 ... .0 10.6 .0 ... ... 4.2 ... 6.7 ... 4.9 ... .0 1.9 2.8 1.2 ... ... ... ... ... ... ... ... ... ... ... ... 1.9 1.7 ... .0 .0 ... 3.2 3.8 ... 6.0 ... ... ... ... ... ... 3.4 3.2 .0 ... ... ... ... 4.9 ... 2.4 ... ... ... 3.2 3.9 4.8 ... 2.3 ... ... ... ... 3.4 2.2 ... ... ... .0 .0 5.9 4.4

7 2 42 92 23 dd ... ... ... dd ... ... ... dd 11 26 28 dd dd dd 64 17 dd 32 dd ... ... ... dd dd 70 ... dd 36 dd dd dd 8 19 65 dd dd ... 19 dd 18 6 16 2 10 ... ... ... dd 45 dd 49 88 dd dd dd 31 20 dd 25 dd dd dd dd 31 dd dd 9 34 11 dd 9 cc 56 21 28 27 ... ... cc ... ... ... ... ... ... ... ... 24 9 dd dd dd 16 dd 13 18 dd dd dd dd ... 40 dd 13 82 87 dd ... ... ... ... dd ... 19 dd dd 27 28 41 cc dd 44 ... ... ... dd ... 25 ... ... ... dd dd dd 19

12.30 38.23 22.94 76.98 117.75 26.99 1.69 11.00 10.50 46.01 11.44 10.65 1.54 5.81 51.86 150.97 125.10 20.60 17.66 35.87 36.58 37.28 13.23 96.36 296.05 11.11 10.37 1.61 10.17 1.87 125.27 10.64 10.51 197.99 12.25 42.95 12.61 132.73 8.73 8.64 6.68 6.75 3.16 59.20 21.38 72.50 5.51 21.58 2.37 61.16 11.40 11.00 1.90 97.71 28.49 4.01 292.80 153.59 12.21 3.67 113.51 509.05 26.14 9.59 101.89 92.55 118.69 2.72 11.35 9.65 22.25 5.36 10.67 25.20 49.10 31.65 17.20 1527.70 108.95 164.16 39.37 82.94 3.39 10.92 10.29 1.80 39.98 43.53 18.60 12.22 11.50 11.29 10.66 56.22 206.93 51.85 15.28 20.58 13.60 33.45 63.63 40.52 6.14 10.07 20.40 30.27 10.68 85.42 2.14 44.15 30.64 32.56 16.60 22.33 20.03 4.79 11.86 7.74 31.29 185.97 18.99 85.95 3.48 50.69 51.42 44.90 9.10 69.03 11.99 11.12 2.50 40.77 168.50 78.43 16.40 14.68 3.59 5.51 8.45 14.28 62.31

–2.23 –2.88 +0.42 –0.75 +3.27 –11.34 +0.14 +0.20 +0.28 –0.09 +0.24 +0.23 +0.09 ... –2.40 –0.97 –1.07 –0.71 –1.09 +2.98 +1.47 –1.87 –0.26 +0.99 +7.90 –0.04 –0.03 –0.09 +1.98 +0.06 +11.74 ... +0.10 +4.99 +1.20 –0.86 +0.76 +5.41 –0.30 +0.21 +0.25 +0.40 –0.20 +0.32 –0.02 +0.36 –0.25 –0.10 –0.03 +2.66 +0.20 +0.32 +0.01 –4.13 +5.30 +0.35 +17.04 +12.07 +0.42 +0.14 +11.36 –0.52 –1.32 +0.14 –2.27 +3.29 +7.99 +0.43 +0.46 ... +0.75 –0.22 +0.08 +0.91 –0.06 +1.62 +0.21 +20.82 +2.21 +1.61 +0.40 +0.07 +0.14 –0.16 –0.05 –0.37 +5.33 +6.41 +2.88 –0.36 –0.69 ... ... +0.89 +3.50 +3.90 –0.01 +0.76 +0.10 –0.59 +1.05 +0.58 +0.16 +0.08 +2.91 +0.52 –0.13 +3.53 +0.14 +2.64 +0.14 +0.13 –0.09 –1.12 –1.17 –0.57 +0.16 +0.21 +15.29 –5.28 +1.88 +0.39 +0.02 +1.04 +0.75 ... –0.34 +1.24 –0.02 –0.05 –0.14 +1.16 +5.18 –1.44 +0.49 +0.49 +0.18 +0.07 +0.05 +0.20 –0.33

... ... .3838 ... .40 ... ... ... ... ... ... ... ... .15 .4859 .525 ... .50 .50 .20 .10 .12 ... .60 ... ... ... ... ... ... ... ... .135 1.03 .33 .935 .066 .68 ... ... ... .0137 ... ... .16 .70 ... .23 ... ... ... ... ... ... ... ... ... ... .11 1.42 ... .34 .25 .27 .44 1.29 ... .09 .30 .56 ... ... .5158 ... 1.0232 ... .85 ... .225 .78 1.4187 .2525 ... ... ... ... ... ... ... ... ... ... ... ... 1.00 .22 ... .36 .34 ... .51 .39 ... .15 ... ... ... ... ... ... .318 .318 .06 ... ... ... ... .095 ... 1.11 ... ... ... .41 1.00 1.1303 ... 1.00 ... ... ... ... 1.4375 .44 ... ... ... .11 .10 .21 .68

52-Week High Low Name

Tick Div Sym Yld P/E Last Chg. Amt.

66.27 24.16 71.40 11.45 52.33 15.24 8.80 3.16 18.00 7.24 18.76 23.41 66.30 10.99 8.48 39.34 11.10 10.60 1.80 5.89 124.31 59.55 94.65 10.81 242.12 240.90 15.30 17.17 27.21 13.61 391.96 43.01 42.87 7.45 111.57 36.75 17.68 83.28 46.15 9.99 141.50 13.58 38.84 5.59 30.27 44.96 22.71 9.61 11.78 42.99 16.13 88.04 9.22 9.00 207.12 14.17 3.36 28.56 9.24 9.38 19.35 180.00 101.95 10.40 14.39 29.03 36.95 70.22 100.87 17.88 254.13 148.42 19.70 26.85 8.63

27.54 10.76 47.01 2.25 20.12 5.54 1.20 1.18 8.28 1.02 10.72 10.78 34.39 10.38 4.05 22.83 10.00 10.00 1.25 1.13 37.66 20.84 62.03 10.25 104.28 107.51 3.90 1.80 6.90 2.94 236.68 6.64 13.82 2.46 24.00 6.68 5.76 24.69 3.56 2.18 90.07 2.54 17.44 1.61 15.23 20.38 8.56 3.16 2.65 21.15 6.57 36.77 5.43 4.95 110.47 6.47 0.51 2.65 1.96 4.01 6.81 114.18 42.97 10.22 10.51 12.63 19.61 30.86 47.69 5.28 101.03 70.56 6.84 8.36 1.90

ComfortSystems CommercialMetals CommBkSys CommunityHlthSys CommunityHlthcr SABESP EngGr-Cmg C EngGr-Cmg COPEL CiaSiderurgica CerveceriasUnid CompassDiversif CompassMnlInt ComputeHealth ComstockRscs ConagraBrands ConcordAcqn ConcordAcqnA ConcordAcqnWt ConcordMed Conmed ConocoPhillips ConEd ConstellationI ConstBrands A ConstBrands B Constellium ContainerStore ContinentalRscs Volaris Cooper Cooper-Standard CooperT&R CooTekCayman Copa CoreLabs CoreCivic CoreLogic CorEnergyInfr CorePoint Coresite CornerstoneBldg Corning CorpAmAirports CorpOfficeProp Corteva Cosan Costamare Coty CousinsProperties Covanta Crane Crawford A Crawford B Credicorp CreditSuisse CrescentPoint CrestwoodEquity CrestwoodEqUn CrossTimbers CrossAmerPtrs CrownCastle CrownHoldings CrownPropTech CrucibleAcqn CryoLife CubeSmart Cubic Cullen/Frost Culp Cummins CurtissWright Cushman&Wkfd CustomersBancorp CypressEnvl

FIX CMC CBU CYH CHCT SBS CIG.C CIG ELP SID CCU CODI CMP CPUH.UT CRK CAG CND.UT CND CND.WT CCM CNMD COP ED CSTA.UT STZ STZ.B CSTM TCS CLR VLRS COO CPS CTB CTK CPA CLB CXW CLGX CORR CPLG COR CNR GLW CAAP OFC CTVA CZZ CMRE COTY CUZ CVA CR CRD.A CRD.B BAP CS CPG CEQP CEQP.PR CRT CAPL CCI CCK CPTK.UT CRU.UT CRY CUBE CUB CFR CULP CMI CW CWK CUBI CELP

10.88 24.42 11.51 10.51 1.93 3.09 8.68 13.12 11.96 3.51 18.05 135.67 52.86 31.00 23.72 248.32 38.00 66.30 47.00 130.33 133.33 72.85 33.46 125.28 336.32 318.27 41.00 28.81 80.71 59.47 40.72 11.40 10.29 1.35 38.32 16.01 34.94 22.87 15.44 12.15 23.59 168.26 15.50 11.79 3.78 80.32 15.15 15.27 3.73 165.49 128.00 104.47 100.96 193.85 23.40 21.89 6.80 13.25 12.58 4.50 97.78 225.25

10.16 2.20 9.87 9.60 0.55 1.66 4.52 9.90 10.00 1.71 3.06 71.21 28.00 7.90 4.22 119.60 2.50 9.60 0.37 8.32 26.15 10.25 23.11 62.20 78.70 106.14 5.51 7.79 25.51 17.51 18.90 9.98 9.95 0.81 15.43 2.60 9.40 0.35 4.44 4.99 4.70 100.52 5.31 1.96 1.25 13.46 2.80 6.32 0.16 105.00 21.50 14.16 23.25 79.07 9.96 9.80 1.03 10.05 10.50 2.00 44.68 125.00

D&ZMedia DCP Midstream D8 Holdings D8 A D8 Wt DHI Group DHT DPCM Capital DPCM Cap A DPCM Cap Wt DRDGOLD DTE Energy DTEEnergy DXC Tech Dana Danaher Danaos DanimerScientific DanimerSciWt DaqoNewEnergy Darden DarlingIngred Datto DaVita DeckersOutdoor Deere DelekLogistics DelekUS DellTechC DeltaAir Deluxe DelwindsIns DelwindsInsA DelwindsInsWt Denbury DesignerBrands DesktopMetal DesktopMetalWt Despegar.com DeutscheBank DevonEnergy Diageo DiamondSShip DiamndrckHspty DianaShipping Dick's DieboldNixdorf DigitalMedia DigitalMediaWt DigitalRealty Dillard's DineBrands DiscoverFinSvcs Disney dMY Tech II dMYTechA dMYTechII Wt dMYTechIII Un dMYTechIIIA dMYTechIIIWt DolbyLab DollarGeneral

DNZ.UT DCP DEH.UT DEH DEH.WT DHX DHT XPOA.UT XPOA XPOA.WT DRD DTE DTP DXC DAN DHR DAC DNMR DNMR.WT DQ DRI DAR MSP DVA DECK DE DKL DK DELL DAL DLX DWIN.UT DWIN DWIN.WT DEN DBI DM DM.WT DESP DB DVN DEO DSSI DRH DSX DKS DBD DMS DMS.WT DLR DDS DIN DFS DIS DMYD.UT DMYD DMYD.WT DMYI.UT DMYI DMYI.WT DLB DG

.7 2.2 2.4 ... 3.6 2.6 2.9 3.4 ... ... 2.1 6.2 4.5 ... ... 3.2 ... ... ... ... .7 3.6 4.4 ... 1.2 1.1 ... ... ... ... .0 ... 1.0 ... .0 .1 .0 1.6 2.4 .0 4.0 ... 2.6 ... 4.2 1.2 .5 4.2 .0 3.6 2.1 2.1 2.2 2.3 5.2 .8 .2 11.2 10.6 8.8 11.1 3.2 ... ... ... ... 3.8 .4 2.9 2.6 2.2 .6 ... ... .0

17 10 23 dd 69 21 11 10 5 39 26 dd 27 ... dd 15 ... ... ... dd cc dd 18 ... 26 29 dd 22 dd dd 80 dd 14 dd dd dd 17 28 dd dd 63 dd 77 dd 31 49 16 dd dd 50 dd 27 42 41 66 9 dd dd ... 10 7 70 23 ... ... dd 42 cc 20 dd 20 21 dd 7 dd

63.37 22.22 70.05 9.25 46.93 7.78 2.91 2.50 12.31 6.10 17.69 23.26 64.18 10.78 5.41 34.55 10.91 10.19 1.57 4.39 122.84 47.16 71.06 10.55 241.27 240.57 14.42 16.02 23.02 13.60 385.40 37.19 41.77 5.51 77.78 34.73 7.73 81.99 8.20 8.23 123.07 11.79 36.88 4.55 26.28 44.37 20.87 9.54 6.78 33.67 15.29 83.33 9.06 8.78 165.73 13.91 3.23 22.31 7.93 8.22 18.89 164.46 98.96 10.35 11.94 24.93 35.87 69.25 100.77 16.70 243.97 115.51 16.00 26.55 3.15

+5.27 +0.62 +1.76 +0.03 +0.36 +0.19 –0.17 –0.14 –0.41 –0.05 +0.43 +1.82 +0.45 +0.24 +0.56 –0.07 +0.01 +0.03 –0.06 +0.11 +9.26 +2.74 –0.44 ... +13.34 +27.12 +0.75 +0.26 +2.03 +1.00 –1.57 +1.96 +1.64 +2.00 –1.92 –1.03 +0.54 +0.09 –0.55 +0.43 –2.41 –0.04 –0.54 +0.41 –0.68 +0.47 +2.52 +0.98 –0.86 +0.07 +0.81 +1.64 +0.93 +0.43 +7.64 +0.28 +0.02 +1.66 –0.02 +0.11 +0.61 +2.20 +6.21 +0.35 –0.30 +0.03 +0.58 +5.96 +4.32 –0.29 +14.34 +2.79 +0.36 +1.65 +0.10

.11 .12 .42 ... .425 .2518 .0451 .0451 ... ... .0864 .36 .72 ... ... .275 ... ... ... ... .20 .43 .775 ... .75 .68 ... ... ... ... .03 ... .105 ... .80 .01 .44 .33 .05 .20 1.23 ... .24 ... .275 .13 1.0234 .10 .125 .30 .08 .43 .05 .05 8.6579 .0761 .002 .625 .2111 .0493 .525 1.33 ... ... ... ... .34 .135 .72 .11 1.35 .17 ... ... .21

... 7.4 ... ... ... ... 18.2 ... ... ... 3.7 3.6 6.7 .0 .0 .3 ... ... ... ... 1.0 ... ... ... ... 1.0 8.9 .0 ... .0 3.2 ... ... ... ... 3.3 ... ... ... ... 2.2 2.1 ... ... ... 1.7 ... ... ... 3.2 .7 .0 1.9 ... ... ... ... ... ... ... .9 .7

... dd ... ... ... dd 4 ... ... ... 20 17 ... dd dd 50 6 dd ... cc dd 23 ... 17 25 36 11 dd 25 dd cc ... ... ... dd dd dd ... dd dd dd 66 3 dd dd 19 dd dd ... cc dd dd 26 dd ... ... ... ... ... ... 31 20

10.43 21.17 11.17 10.49 1.63 3.01 5.95 11.80 11.05 2.90 10.38 120.94 46.48 25.79 22.33 245.90 37.07 57.81 40.26 123.83 128.45 69.07 24.20 104.99 323.32 313.00 40.70 22.43 80.05 43.29 37.84 10.67 10.12 1.20 37.77 12.20 30.49 18.97 12.13 10.89 19.98 167.08 8.85 8.99 3.60 74.98 13.45 13.13 2.90 140.06 80.71 73.52 93.72 187.67 20.65 18.58 6.29 12.54 11.80 2.92 94.44 198.60

–0.07 +0.21 –0.12 +0.07 –0.08 +0.55 –0.02 –0.80 –0.55 ... –0.10 –0.78 –0.68 –0.15 +0.27 +10.31 +4.25 +1.22 +4.83 +14.64 –3.53 +1.33 –1.03 –4.19 +6.59 +3.76 +2.39 +1.04 +0.44 +2.14 +0.56 ... +0.02 –0.05 +4.71 –0.53 –0.76 +1.15 +0.77 +0.57 +2.08 +4.26 +1.07 +0.17 +0.99 –0.66 –0.18 +0.88 +0.80 –5.50 –0.22 –2.78 +0.88 +6.51 –2.15 –2.20 –0.36 +0.04 +0.04 +0.12 +3.11 +4.78

... .39 ... ... ... ... .05 ... ... ... .2072 1.085 .7813 .21 .10 .18 ... ... ... ... .37 ... ... ... ... .76 .91 .31 ... .4025 .30 ... ... ... ... .10 ... ... ... ... .11 1.5348 ... ... ... .3125 ... ... ... 1.12 .15 .76 .44 ... ... ... ... ... ... ... .22 .36

D

52-Week High Low Name 90.89 113.82 435.58 36.11 62.50 23.19 256.09 14.90 56.89 45.59 130.41 2.66 61.31 73.50 17.06 16.11 5.53 41.85 3.65 59.00 103.79 43.45 29.55 87.27 93.59 3.97 56.77 20.34

57.79 75.93 275.22 18.40 31.08 4.04 135.38 6.08 24.12 22.88 62.95 1.06 21.95 33.33 10.00 10.90 2.11 22.25 0.86 16.27 62.13 25.19 22.62 28.33 12.24 0.98 17.10 7.04

DominionEner DominionEnerUn Domino's Domtar Donaldson DonnelleyFin DoorDash DorianLPG DouglasDynamics DouglasEmmett Dover DoverMotorsports Dow DrReddy'sLab DragoneerGrowth DragoneerGrwA DragoneerGrwWt Dril-Quip DriveShack Ducommun DukeEnergy DukeRealty Dun&Bradstreet DuPont DycomInds DynagasLNG Dynatrace DynexCapital

26.19 101.33 28.30 77.67 400.98 70.43 10.49 18.66 111.75 11.97 3.50 123.17 6.99 29.70 153.26 110.27 60.00 130.00 73.31 231.36 20.54 37.36 78.53 92.08 39.17 34.09 56.00 176.49 14.49 19.40 4.90 19.12 13.30 14.42 17.36 18.28 10.06 137.61 87.07 13.85 44.90 10.94 10.60 1.69 10.55 5.50 8.85 42.25 88.42 87.64 6.75 9.48 4.88 53.19 12.97 25.68 5.46 96.04 38.00 4.72 21.76 29.57 83.99 6.03 135.55 26.33 3.56 92.51 41.40 53.96 4.85 196.47 19.97 28.13 11.66 35.08 12.12 11.06 2.35 77.55 87.19 2.32 4.36 51.25 28.45 54.52 70.71 329.74 291.00 26.04 12.47 22.30 126.58 293.90 76.57 15.55 99.42 42.35 20.20 31.63 12.51 26.96 26.31 4.21 13.97 8.93 121.07 61.16

7.58 41.85 12.10 27.00 151.97 12.56 10.07 4.21 62.64 9.14 1.20 41.83 1.44 19.00 83.40 34.44 1.50 56.42 23.59 124.60 6.28 20.51 43.63 51.51 10.70 15.17 30.73 39.01 4.60 5.35 0.89 3.24 2.70 9.33 10.15 3.96 1.50 46.37 37.75 5.19 25.53 9.80 9.75 0.89 10.18 2.54 1.61 22.57 48.01 27.21 0.99 5.22 2.95 26.60 3.75 13.28 1.15 35.21 10.70 0.88 13.98 7.84 30.04 0.75 75.19 10.27 1.10 45.53 10.08 20.63 1.56 103.01 8.41 9.89 3.75 25.80 10.00 9.32 0.83 41.97 45.43 0.74 1.10 17.52 6.08 30.40 41.66 175.81 137.01 8.38 7.21 5.71 33.25 157.32 42.01 1.55 60.69 18.21 3.50 7.09 0.95 24.50 24.00 1.05 0.57 3.23 72.70 30.11

elfBeauty EMCOR ENI EOG Rscs EPAM Systems EPR Prop EQ Health EQT ESCO Tech E2open E2openWt EagleMaterials EarthstoneEner EasterlyGovtProp EastGroup EastmanChem EastmanKodak Eaton EatonVance Ecolab Ecopetrol EdgewellPersonal EdisonInt EdwardsLife 8x8 ElancoAnimal ElancoAnimalUn Elastic EldoradoGold ElementSolns ElevateCredit EllingtonFin EllingtonResiMtg EmbotellAndinaA EmbotellAndinaB Embraer EmeraldHldg EmergentBiosol EmersonElec EmpireStateRealty EmployersHldgs Empower EmpowerA EmpowerWt EmpowermentI EmpresaDisCom EnableMidstream Enbridge EncompassHealth Endava EndeavourSilver EnelAmericas EnelChile Energizer EnergyTransfer EnerpacTool Enerplus EnerSys Eneti EnLinkMid Ennis EnovaIntl EnPro Entercom Entergy EnterpriseProd Entravision Envestnet Envista EnvivaPartners EnzoBiochem Equifax Equinor Equitable EquitransMdstm EquityCommnwlth EquityDistribution EquityDistrA EquityDistrWt EquityLife EquityResdntl EquusTotReturn ErosSTX EssentGroup EssentialProp EssentialUtil EssentialUtilUn EssexProp EsteeLauder EthanAllen Euronav Eventbrite EvercoreA EverestRe Evergy Everi EversourceEner Evertec EvolentHealth EvoquaWater ExantasCap ExecutiveNtwk ExecutiveNtwkA ExecutiveNtwkWt Express Exterran ExtraSpaceSt ExxonMobil

Tick Div Sym Yld P/E Last Chg. Amt. D DCUE DPZ UFS DCI DFIN DASH LPG PLOW DEI DOV DVD DOW RDY DGNR.UT DGNR DGNR.WT DRQ DS DCO DUK DRE DNB DD DY DLNG DT DX

3.5 7.4 .8 .0 1.3 ... ... ... 2.4 3.8 1.6 3.2 4.8 .4 ... ... ... ... ... ... 4.3 2.5 ... 1.7 ... ... ... 8.4

dd ... 33 dd 31 46 dd 9 dd cc 26 11 36 38 ... ... ... dd dd 23 52 52 dd dd cc 4 cc 3

71.87 97.66 385.17 35.62 62.31 22.43 202.97 14.17 46.03 29.73 122.73 2.21 58.15 65.90 12.70 12.07 3.14 33.68 2.90 55.61 89.82 41.58 23.49 71.47 89.94 2.98 53.53 18.58

–1.87 –1.56 +7.94 +3.73 +0.80 +2.34 +21.74 +0.72 +0.32 +0.36 +1.67 +0.04 +0.91 +0.31 –0.30 –0.31 –0.07 +1.91 +0.45 +1.27 –4.92 +0.20 –2.34 –4.37 –0.36 +0.26 –1.93 +0.13

.63 1.8125 .78 .455 .21 ... ... ... .28 .28 .495 .07 .70 .3304 ... ... ... ... ... ... .965 .255 ... .30 ... ... ... .13

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cc 38 dd dd 74 dd ... dd 96 ... ... 15 dd cc 53 31 dd 36 59 dd 17 29 59 68 dd dd ... dd 13 37 4 dd 7 9 11 dd dd 40 25 ... 11 ... ... ... ... 1 dd 49 29 cc dd 9 dd dd dd cc dd 37 dd dd 19 3 dd dd 14 13 dd dd cc cc dd 43 dd dd dd 8 ... ... ... 50 29 dd ... 10 41 47 ... 30 cc 44 4 dd 14 19 20 dd 24 29 dd 45 dd ... ... ... dd dd 35 dd

23.64 93.45 21.70 61.02 400.27 41.23 10.32 17.66 104.27 10.09 1.98 122.87 6.74 22.73 146.38 109.23 10.78 123.98 71.48 219.88 12.29 33.32 57.91 87.65 35.90 29.75 46.87 166.90 13.04 17.80 4.22 15.86 12.26 12.73 15.04 7.54 4.64 125.19 85.33 10.03 31.79 10.83 10.33 1.52 10.40 3.72 6.02 34.57 82.36 85.90 5.72 7.85 3.99 46.82 6.82 21.98 4.72 92.80 22.60 4.57 19.61 28.50 75.76 5.88 94.89 21.79 3.54 80.89 40.35 52.09 3.27 177.19 17.97 27.35 7.25 28.94 11.20 10.61 2.02 62.78 67.48 1.94 2.12 43.53 23.11 46.66 59.38 269.35 290.25 24.04 9.31 17.40 117.41 243.54 54.43 15.03 85.17 38.29 19.65 24.71 4.04 26.00 25.31 2.90 2.80 5.18 116.88 50.52

+0.82 –0.69 +1.01 +4.41 +22.84 +2.03 –0.01 +0.91 +3.68 –0.49 –0.47 +5.53 +0.66 –0.02 +0.63 +4.73 +0.06 +2.04 +0.78 +7.10 +0.16 –0.36 –0.74 +2.55 +0.11 +1.37 +1.02 +0.07 +0.08 +0.32 –0.17 +0.12 +0.03 –0.90 –1.46 +0.45 +0.04 +7.64 –0.78 +0.20 +0.58 +0.15 +0.04 +0.07 –0.01 +0.10 +0.22 –0.60 +0.11 –0.17 +0.79 +0.24 +0.13 –0.56 +0.10 +0.98 +0.98 +2.49 +2.57 +0.37 +0.49 +0.56 +0.77 +0.49 –1.74 +0.75 +0.34 –4.90 +2.65 –0.01 ... –1.45 –0.32 +0.60 +0.28 +0.42 +0.05 +0.01 +0.22 –0.01 +2.52 +0.04 +0.03 –0.14 +0.74 –1.47 –1.62 +11.25 +17.44 –0.78 +0.71 –0.58 +2.60 +24.14 –0.46 –0.18 –2.63 +0.71 +0.35 –1.34 +0.06 –0.25 –0.01 –0.33 –0.34 +0.41 +0.26 +0.57

... .13 .284 .375 ... .3825 ... .03 .08 ... ... .10 ... .26 .6617 .69 ... .73 .375 .48 .8878 .15 .6625 ... ... ... .625 ... ... .05 ... .10 .28 .1646 .1811 ... .075 ... .505 .105 .25 ... ... ... ... ... .1653 .6197 .28 ... ... .043 .2164 .30 .1525 .04 .0078 .175 .05 .0938 .225 ... .26 .02 .95 .45 .025 ... ... .78 ... .39 .11 .17 .15 3.50 ... ... ... .3425 .6025 ... ... .16 .24 .2507 .75 2.0775 .53 .25 .03 ... .61 1.55 .535 ... .6025 .05 ... ... ... ... ... ... ... ... .90 .87

E ELF EME E EOG EPAM EPR EQHA.UT EQT ESE ETWO ETWO.WT EXP ESTE DEA EGP EMN KODK ETN EV ECL EC EPC EIX EW EGHT ELAN ELAT ESTC EGO ESI ELVT EFC EARN AKO.A AKO.B ERJ EEX EBS EMR ESRT EIG EMPW.UT EMPW EMPW.WT EPWR.UT EDN ENBL ENB EHC DAVA EXK ENIA ENIC ENR ET EPAC ERF ENS NETI ENLC EBF ENVA NPO ETM ETR EPD EVC ENV NVST EVA ENZ EFX EQNR EQH ETRN EQC EQD.UT EQD EQD.WT ELS EQR EQS ESGC ESNT EPRT WTRG WTRU ESS EL ETH EURN EB EVR RE EVRG EVRI ES EVTC EVH AQUA XAN ENPC.UT ENPC ENPC.WT EXPR EXTN EXR XOM

52-Week High Low Name

Tick Div Sym Yld P/E Last Chg. Amt.

F 14.10 12.45 4.50 39.31 60.36 12.63 11.60 3.00 123.66 12.03 25.12 144.10 90.61 363.64 530.95 28.00 11.65 10.82 2.74 70.01 12.04 136.50 79.24 84.69 129.19 36.05 36.92 305.66 233.66 16.47 45.79 158.21 6.50 66.78 10.46 14.08 16.67 46.12 24.01 166.82 52.52 14.00 14.44 4.50 23.63 8.55 22.98 9.28 324.46 47.92 325.52 10.65 108.54 3.09 25.18 48.99 21.50 19.02 15.72 14.51 4.33 19.57 6.15 21.99 96.73 52.92 12.15 13.17 12.45 3.05 24.09 44.72 74.26 11.08 28.22 13.05 13.75 4.00 11.76 9.85 93.40 23.20 32.50 2.40 166.11 3.92 35.91 28.59 33.97 46.55 37.47 11.95 62.29 59.23 12.90 14.52 3.50 17.86

9.89 9.59 0.70 14.38 29.01 9.96 9.78 0.53 56.77 5.05 7.60 94.87 44.00 195.22 177.65 8.10 9.98 10.05 1.70 5.99 5.05 10.63 41.26 40.05 64.11 23.32 13.06 88.69 127.73 7.52 19.00 91.68 1.22 29.36 3.50 6.77 6.27 25.89 4.17 70.06 22.85 10.00 9.92 1.40 8.70 0.27 2.51 3.62 20.42 16.76 168.51 3.40 24.36 0.66 17.42 18.98 2.85 3.41 10.13 9.74 1.20 9.60 0.92 9.95 52.91 17.46 3.96 10.11 10.25 1.70 9.43 28.59 31.20 10.35 3.69 9.65 9.95 1.12 10.53 1.47 33.90 3.00 12.80 0.63 77.18 1.49 12.61 14.91 4.82 29.17 20.25 5.28 5.00 23.68 9.68 9.96 0.45 8.75

FastAcqn FastAcqnA FastAcqnWt FB Financial FBL Financial FG NewAmerica FGNewAmericaA FGNewAmericaWt FMC FNB FS KKR Cap FTI Consulting Fabrinet FactSet FairIsaac FangHoldings FarPeakAcqn FarPeakAcqnA FarPeakAcqnWt Farfetch FarmlandPtrs Fastly FedAgriMtg A FedAgriMtg C FederalRealty FederalSignal FederatedHermes FedEx Ferrari Ferro FidNatlFin FidNatlInfo FinVolution FirstAmerFin FirstBanCorp FirstCmwlthFin FirstHorizon FirstIndRlty FirstMajestic FirstRepBank FirstEnergy FirstMarkHorizon FirstMarkHorizonA FirstMarkHorizonWt Fisker FiskerWt 500.com FivePoint FiverrIntl Flagstar FleetCorTech FlexLNG Floor&Decor FlotekIndustries FlowersFoods Flowserve Fluor FlyLeasing FoleyTrasimene FoleyTrasimeneA FoleyTrasimeneWt FoleyTras II A FoleyTrasII Wt FoleyTrasimII FomentoEconMex FootLocker FordMotor ForestRoadAcqn ForestRoadA ForestRoadWt Forestar Fortis Fortive FortressCap FortressTransport FortressValueII FortressValueII FortressValueIIWt FortressValueIII FortunaSilver FortBrandsHome ForumEnergyTech FourCornersProp FourSeasonsEduc Franco-Nevada Frank'sIntl FranklinCovey FranklinRscs FreeportMcM FreseniusMed FreshDelMonte Frontline fuboTV FullerHB FusionAcqnA FusionAcqnUn FusionAcqnWt FutureFuel

20.98 99.18 27.78 17.61 32.25 76.76 34.57 12.65 11.40 1.95 16.81 14.65 4.20 14.72 13.81 149.05 11.20 15.77 11.65 10.55 1.32 129.12 483.00 6.52 26.99 191.66 6.52 7.42 16.55 24.00 10.34 330.31 189.40 13.07 66.14

9.03 50.69 14.24 6.70 11.92 37.37 10.39 9.64 9.91 0.75 1.85 5.20 1.23 10.21 9.85 27.06 10.55 3.05 9.60 9.20 0.15 65.09 2.57 0.63 5.26 76.91 2.23 1.51 5.42 5.78 4.27 75.50 100.55 5.48 46.59

GAMCO Investors GATX GCPAppliedTechs GEO Group GFLEnvironmental GFL Env Un GMS GoAcqnA GOAcquisitionUn GoAcqnWt GOL Linhas GP Strategies GS Acqn II Wt GS Acqn II GS Acqn II A GSXTechedu G Squared I GTT Comm GalileoAcquisition GalileoAcqn GalileoAcqnWt Gallagher GameStop Gannett Gap Gartner GasLog GasLogPartners GatesIndustrial GatosSilver GencoShipping Generac GeneralDynamics GeneralElec GeneralMills

FST.UT FST FST.WT FBK FFG FGNA.UT FGNA FGNA.WT FMC FNB FSK FCN FN FDS FICO SFUN FPAC.UT FPAC FPAC.WT FTCH FPI FSLY AGM.A AGM FRT FSS FHI FDX RACE FOE FNF FIS FINV FAF FBP FCF FHN FR AG FRC FE FMAC.UT FMAC FMAC.WT FSR FSR.WT WBAI FPH FVRR FBC FLT FLNG FND FTK FLO FLS FLR FLY WPF.UT WPF WPF.WT BFT BFT.WT BFT.UT FMX FL F FRX.UT FRX FRX.WT FOR FTS FTV FCAX.UT FTAI FAII FAII.UT FAII.WT FVT.UT FSM FBHS FET FCPT FEDU FNV FI FC BEN FCX FMS FDP FRO FUBO FUL FUSE FUSE.UT FUSE.WT FF

... ... ... 1.1 3.5 ... ... ... 1.8 4.4 12.7 ... ... 1.0 ... ... ... ... ... ... 1.7 ... 4.2 3.8 4.1 .9 3.8 1.0 .6 ... 3.6 1.2 1.6 3.2 2.8 3.5 3.8 2.5 ... .5 5.0 ... ... ... ... ... ... ... ... .5 ... 4.5 ... ... 3.5 2.0 .0 ... ... ... ... ... ... ... 2.0 1.2 ... ... ... ... ... 3.9 .4 ... 4.8 ... ... ... ... ... 1.2 ... 4.6 ... .9 ... ... 4.1 ... 1.3 1.1 22.4 ... 1.1 ... ... ... 1.4

... ... ... 25 18 ... ... ... 26 13 dd 22 26 32 53 dd ... ... ... dd dd dd 9 10 63 22 9 17 54 dd 12 cc 7 9 22 17 10 29 dd 27 28 ... ... ... dd ... dd dd dd 5 33 79 63 dd 32 40 dd 3 ... ... ... ... ... ... 89 16 dd ... ... ... 17 20 16 ... 17 ... ... ... ... 62 23 dd 26 dd 88 dd dd 18 78 15 56 3 dd 25 ... ... ... 7

12.35 11.28 2.23 38.61 56.48 12.15 11.11 2.50 107.68 11.02 18.89 106.49 87.80 316.00 473.78 13.95 11.30 10.63 2.21 69.51 11.68 102.06 76.28 84.10 102.33 35.88 28.17 263.00 205.35 15.30 39.63 135.60 6.18 56.91 10.10 12.64 15.63 43.70 17.41 155.39 31.24 12.68 11.61 3.16 18.99 7.22 20.00 6.65 323.10 45.79 264.30 8.84 103.89 2.43 22.63 39.81 17.95 10.84 11.35 10.77 2.05 17.27 4.65 18.60 69.73 52.13 11.45 12.06 11.48 2.20 23.18 40.55 71.52 10.59 27.39 12.50 13.25 3.59 10.74 7.65 89.84 18.12 27.73 2.04 121.16 3.13 26.89 27.62 31.23 37.01 26.70 7.13 46.66 57.75 11.59 12.70 2.51 17.54

–0.05 –0.03 –0.16 +0.07 +0.33 +0.28 +0.17 +0.30 –7.50 +0.39 +0.32 –1.95 –1.46 –1.97 –4.14 +0.53 +0.01 +0.05 –0.03 +3.00 +0.31 –11.09 +10.19 +4.07 +11.07 +1.35 –0.22 +7.99 +2.67 +1.27 +0.87 +3.37 +2.19 +2.26 +0.44 +0.19 +0.48 +1.30 +0.91 –0.40 –1.04 –0.12 –0.33 –0.12 +4.00 +2.00 +6.97 ... +48.81 +0.73 +6.94 +0.46 +0.32 +0.35 +0.24 +2.23 –1.41 +0.26 –0.55 –0.33 –0.44 –0.62 –0.20 –0.92 +0.18 +3.15 –0.06 +0.51 +0.75 –0.38 +0.20 +0.15 +2.62 ... +3.54 +0.63 +0.77 +0.39 –0.21 +0.05 +1.31 –0.59 +0.03 +0.36 +0.10 +0.05 –0.81 +1.76 –0.50 +2.96 +1.14 +0.64 –2.12 +2.29 –0.59 –0.80 –0.55 +2.99

... ... ... .11 .50 ... ... ... .48 .12 .60 ... ... .77 ... ... ... ... ... ... .05 ... .80 .80 1.06 .08 .27 .65 1.2351 ... .36 .39 .12 .46 .07 .11 .15 .27 ... .20 .39 ... ... ... ... ... ... ... ... .06 ... .10 ... ... .20 .20 .10 ... ... ... ... ... ... ... .7333 .15 ... ... ... ... ... .3962 .07 ... .33 ... ... ... ... ... .26 ... .3175 ... .26 ... ... .28 ... .7073 .10 .50 ... .1625 ... ... ... .06

.4 2.0 ... 11.3 .1 4.3 ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... 1.6 ... ... ... ... 4.1 7.8 ... ... .8 ... 2.7 .3 3.6

9 24 19 8 dd ... 60 ... ... ... dd 27 ... ... ... dd ... dd ... cc ... 28 dd dd dd 62 dd dd 60 ... dd 60 15 20 15

19.83 98.93 27.46 8.84 28.81 69.15 34.23 10.48 10.96 1.68 8.94 12.72 3.90 13.00 12.07 103.87 10.89 4.07 11.20 10.37 1.26 116.68 52.40 5.26 23.09 182.93 4.93 3.48 16.30 14.98 10.34 326.84 164.83 11.73 57.12

+0.45 +3.31 +1.40 +0.45 –2.20 –4.77 +1.96 ... –0.22 –0.20 –0.33 –0.91 ... –0.02 +0.01 +14.10 +0.02 –0.73 +0.19 +0.01 +0.24 –1.72 –11.37 +0.49 +0.44 +18.43 +0.39 +0.08 +0.93 +0.36 +2.07 +56.26 +6.01 +0.33 –0.28

.02 .50 ... .25 .01 .75 ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... .48 ... ... ... ... .05 .01 ... ... .02 ... 1.10 .01 .51

G GBL GATX GCP GEO GFL GFLU GMS GOAC GOAC.UT GOAC.WT GOL GPX GSAH.WT GSAH.UT GSAH GSX GSQD.UT GTT GLEO.UT GLEO GLEO.WT AJG GME GCI GPS IT GLOG GLOP GTES GATO GNK GNRC GD GE GIS

52-Week High Low Name 57.05 45.40 18.86 1.86 11.75 13.15 3.40 9.60 44.40 108.55 4.84 19.96 5.47 32.92 17.36 21.00 4.75 12.12 0.60 15.00 2.47 29.00 19.48 97.79 43.82 15.93 2.55 4.95 15.95 21.71 21.98 215.70 17.69 230.47 111.43 68.20 93.75 14.90 10.50 11.35 2.45 22.50 309.41 37.07 64.93 76.98 12.79 19.05 617.91 427.90 35.12 18.70 62.59 18.22 22.83 21.00 15.26 31.19 64.97 46.75 18.60 15.17 52.35 53.90 27.53 162.65 85.53 131.81 200.98 8.85 3.68 11.95 25.84 134.22 18.00

14.33 5.52 2.58 0.40 10.06 9.98 1.25 4.60 19.41 49.68 1.87 5.44 1.65 16.36 9.79 9.80 0.38 9.60 0.17 10.21 0.11 9.42 9.44 23.31 31.43 6.67 0.20 2.54 6.98 8.77 6.30 105.54 2.61 70.83 56.74 33.41 40.25 3.79 10.00 10.25 1.51 8.00 130.85 21.49 26.75 38.43 5.56 10.36 267.89 200.61 8.90 1.74 28.12 10.41 8.53 8.55 3.96 10.86 14.20 12.89 7.28 9.79 23.65 30.89 9.15 26.26 29.35 44.28 82.08 3.32 1.28 4.65 3.64 71.64 13.13

GeneralMotors Genesco GenesisEnergy GenesisHealthcare GenesisParkA GenesisParkAcqnUn GenesisParkWt GenieEnergy Genpact GenuineParts GenworthFin GeoPark Gerdau GettyRealty GigCapital3 GigCapital3Un GigCapital3Wt GigCapital2 GigCapital2Rt GigCapital2Un GigCapital2Wt Gildan Glatfelter Glaukos GSK GlobalBlue GlobalBlueWt GlobalCordBlood GlobalMedREIT GlobalNetLease GlobalPtnrs GlobalPayments GlobalShipLease Globant GlobeLife GlobusMedical GoDaddy GoldFields GoldenFalconA GoldenFalconAcqnUn GoldenFalconWt GoldmanSachsBDC GoldmanSachs Gorman-Rupp GraceWR Graco GrafTechIntl Graham GrahamHoldings Grainger GraniteConstr GranitePointMtg GraniteREIT GraphicPkg GrayTelevision GrayTelevision A GreatAjax GreatWesternBncp GreenDot Greenbrier Greenhill GreenTree Greif A Greif B Griffon Group1Auto Grubhub GpoAeroportuar GpoAeroportSur GpoAvalAcc GpoSupervielle GrupoTelevisa Guess Guidewire GuildHldgs

181.01 62.93 4.75 83.26 11.04 10.70 11.11 15.46 1.98 42.90 27.55 11.38 12.15 2.10 38.40 34.87 142.11 22.58 25.00 20.00 25.00 72.42 138.80 43.47 7.61 19.98 59.43 35.95 35.82 55.15 37.97 34.22 37.64 8.45 141.31 124.90 9.11 46.37 59.00 75.29 16.40 14.05 14.34 161.83 64.98 23.00 14.82 76.40 11.50 10.97 2.90 56.50 52.55 3.60 117.68 46.96 33.69 35.85 116.73 25.40 12.99 16.54

58.38 31.61 1.29 29.50 1.38 10.36 9.86 9.75 1.16 16.61 12.54 9.57 9.81 0.64 17.95 11.78 63.41 4.25 6.68 6.96 11.31 15.01 75.11 14.31 1.76 4.19 19.04 9.81 10.67 31.83 24.10 20.61 18.63 1.40 52.01 51.78 0.99 12.40 20.73 11.81 5.42 7.50 2.29 109.88 26.06 5.70 7.43 24.54 10.29 10.10 1.57 2.80 25.10 1.08 72.29 13.61 11.05 8.28 44.30 9.40 0.60 4.67

HCA Healthcare HCI Group HC2 Holdings HDFC Bank HEXO HH&L Acqn HIG Acqn H.I.G.AcqnA H.I.G.AcqnWt HNI HP HPX A HPX Un HPX Wt HSBC HUYA Haemonetic Halliburton HamiltonBeach Hanesbrands Hanger HannonArmstrong HanoverIns HarleyDavidson HarmonyGold Harsco HartfordFinl HavertyFurn HavertyFurn A HawaiianElec HealthcareRealty HealthcareAmer HealthpeakProp HeclaMining Heico Heico A HelixEnergy Helm&Payne Herbalife HercHoldings HerculesCapital HeritageInsurance HershaHospitality Hershey Hess HessMidstream HewlettPackard Hexcel HighlandTransI HighlandTransI HighlandTranIWt HighPointRscs HighwoodsProp HillIntl Hill-Rom Hillenbrand Hilltop HiltonGrandVac Hilton Hims&HersHealth Hims&HersWt HoeghLNG Ptrs

Tick Div Sym Yld P/E Last Chg. Amt. GM GCO GEL GEN GNPK GNPK.UT GNPK.WT GNE G GPC GNW GPRK GGB GTY GIK GIK.UT GIK.WT GIX GIX.RT GIX.UT GIX.WT GIL GLT GKOS GSK GB GB.WT CO GMRE GNL GLP GPN GSL GLOB GL GMED GDDY GFI GFX GFX.UT GFX.WT GSBD GS GRC GRA GGG EAF GHM GHC GWW GVA GPMT GRP.UT GPK GTN GTN.A AJX GWB GDOT GBX GHL GHG GEF GEF.B GFF GPI GRUB PAC ASR AVAL SUPV TV GES GWRE GHLD

.0 ... 8.8 ... ... ... ... 4.3 1.0 3.2 ... .8 .5 5.5 ... ... ... ... ... ... ... .0 3.3 ... 5.6 ... ... ... 5.9 8.6 9.8 .4 ... ... .8 ... ... 1.3 ... ... ... 10.0 1.6 1.9 2.2 1.0 .3 2.9 1.0 1.6 1.6 7.7 3.9 1.8 ... ... 6.3 .2 ... 2.3 1.3 ... 3.6 5.2 1.3 .8 ... ... ... 4.6 1.5 ... 1.9 ... ...

12 dd dd dd ... ... ... 16 27 cc dd dd 28 24 ... ... ... dd ... ... ... dd 34 dd 12 dd ... 7 dd cc 7 cc ... cc 14 73 dd 33 ... ... ... 59 12 31 dd 38 7 59 15 29 dd dd 13 27 8 8 13 dd 59 50 15 38 27 18 17 10 dd 34 36 11 3 dd dd dd ...

53.60 43.58 6.85 1.02 10.72 12.10 2.27 8.00 42.08 99.32 4.11 15.30 4.50 28.27 14.08 16.90 3.86 10.27 .42 12.02 1.26 28.10 16.42 94.96 35.77 13.22 1.86 4.45 13.50 18.52 19.42 197.18 15.05 224.10 94.02 67.74 85.75 9.48 10.25 11.15 1.89 18.06 306.32 32.21 60.16 71.87 12.01 15.16 606.24 372.08 32.54 10.44 59.95 16.68 18.66 17.55 10.80 26.57 54.42 45.98 15.05 13.14 48.74 50.35 24.74 154.44 72.51 101.94 170.31 6.82 1.93 8.52 24.12 128.69 16.43

–0.81 +0.46 +0.15 +0.24 –0.53 –0.35 –0.45 +0.22 +1.03 –2.33 +0.41 +1.80 +0.01 +0.44 –0.93 –1.34 –0.13 +0.14 –0.05 +0.08 –0.02 +1.04 +0.26 –0.88 +0.51 +0.42 –0.04 +0.29 +0.47 +1.03 –0.98 –1.09 +2.25 +8.59 +0.36 +4.36 –1.29 +0.19 ... +0.19 ... –0.69 +12.82 –0.05 –0.84 +0.08 +1.01 +0.04 +20.04 +4.18 +0.75 +0.34 +0.41 +0.30 +0.67 –0.18 +0.38 +1.05 +0.48 +5.70 –0.35 –0.06 +0.51 +0.82 +0.33 +6.42 –0.03 –3.82 –0.71 +0.10 +0.04 +0.24 –0.68 +7.32 +0.22

.38 ... .15 ... ... ... ... .085 .1075 .79 ... .0412 .0267 .39 ... ... ... ... ... ... ... .154 .135 ... .628 ... ... ... .20 .40 .55 .195 ... ... .1875 ... ... .0929 ... ... ... .05 1.25 .155 .33 .1875 .01 .11 1.51 1.53 .13 .25 .1957 .075 ... ... .17 .01 ... .27 .05 ... .44 .65 .08 .30 ... ... ... .0259 .0409 ... .1125 ... ...

1.1 2.8 ... ... ... ... ... ... ... 3.3 2.8 ... ... ... ... ... ... .9 2.1 3.2 ... 2.2 2.4 1.7 ... ... 2.8 2.3 2.3 3.9 3.9 4.4 3.9 .2 .1 .1 ... 3.6 ... ... 8.3 2.5 ... 2.1 1.7 8.1 3.3 .0 ... ... ... ... 4.8 ... .8 1.9 1.5 ... .0 ... ... 11.4

16 16 dd 37 dd ... ... ... ... 24 14 ... ... ... dd 70 64 dd 10 dd 21 43 12 cc dd dd 10 17 18 18 58 cc 39 dd 56 51 30 dd 21 30 14 14 dd 25 dd 16 dd cc ... ... ... dd 12 28 30 cc 6 cc dd dd ... 11

173.51 58.00 3.89 83.04 7.44 10.52 11.10 10.52 1.78 37.10 27.49 10.65 11.50 1.73 27.80 34.01 134.78 20.17 18.38 18.51 22.00 61.46 115.31 36.36 4.13 18.79 49.61 35.18 34.65 34.72 30.96 28.99 30.94 6.17 128.54 116.13 4.61 27.85 55.61 74.88 15.41 9.52 8.54 151.38 60.00 21.78 14.38 51.25 11.16 10.56 1.90 11.19 40.06 2.85 107.72 45.14 31.87 35.64 112.14 22.46 10.79 15.40

–3.28 +1.68 ... +1.09 –0.36 +0.03 +0.10 +0.15 –0.12 +2.91 +1.34 +0.15 ... –0.20 +1.06 +7.24 –4.45 +1.19 –1.16 +2.64 –0.77 –1.31 +1.82 +2.67 –0.19 +0.98 –0.83 +1.88 +1.11 +0.62 +0.16 +0.18 +0.44 +0.05 –0.43 +2.48 +0.01 +1.58 +1.76 +5.26 –0.25 +0.21 +0.44 +4.78 +3.06 +0.40 +1.24 +3.76 –0.19 –0.12 –0.30 +0.07 –0.03 +0.46 +6.91 –0.05 +1.38 +1.28 +0.47 –1.53 –0.50 +0.46

.48 .40 ... ... ... ... ... ... ... .305 .1938 ... ... ... ... ... ... .045 .095 .15 ... .34 .70 .15 ... ... .35 2.00 1.90 .34 .3025 .32 .30 .0025 .08 .08 ... .25 ... ... .32 .06 ... .804 .25 .4471 .12 .17 ... ... ... ... .48 ... .22 .215 .12 ... .15 ... ... .44

H HCA HCI HCHC HDB HEXO HHLA.UT HIGA.UT HIGA HIGA.WT HNI HPQ HPX HPX.UT HPX.WT HSBC HUYA HAE HAL HBB HBI HNGR HASI THG HOG HMY HSC HIG HVT HVT.A HE HR HTA PEAK HL HEI HEI.A HLX HP HLF HRI HTGC HRTG HT HSY HES HESM HPE HXL HTPA.UT HTPA HTPA.WT HPR HIW HIL HRC HI HTH HGV HLT HIMS HIMS.WT HMLP

February 15, 2021

BARRON’S

M15

New York Stock Exchange Composite List 6.57 16.81 140.63 19.38 101.08 30.48 10.00 9.29 0.75 9.98 9.91 1.10 1.20 39.01 25.51 42.86 5.12 35.10 8.72 8.75 11.69 85.62 90.84 1.23 16.14 208.25 136.44 12.23 24.02 9.50 30.25

HollyEnergy HollyFrontier HomeDepot HondaMotor Honeywell HoraceMannEdu HorizonAcqn HorizonAcqnA HorizonAcqnWt HorizonAcqnII HorizonII A HorizonII Wt HorizonGlobal HormelFoods DR Horton HoulihanLokey Hovnanian HowardHughes HowmetAerospace Huami HuanengPower Hubbell HubSpot HudbayMinerals HudsonPacProp Humana HuntingIngalls Huntsman HyattHotels Hyliion HysterYaleMatls

Tick Div Sym Yld P/E Last Chg. Amt. HEP HFC HD HMC HON HMN HZAC.UT HZAC HZAC.WT HZON.UT HZON HZON.WT HZN HRL DHI HLI HOV HHC HWM HMI HNP HUBB HUBS HBM HPP HUM HII HUN H HYLN HY

9.0 4.4 2.2 2.3 1.8 3.1 ... ... ... ... ... ... ... 2.0 1.0 2.0 ... ... ... ... 5.2 2.4 ... .2 4.1 .7 2.6 2.3 .0 ... 1.3

10 dd 24 13 30 12 ... ... ... ... ... ... dd 29 11 17 8 dd 48 26 7 26 dd dd cc 15 10 cc dd dd 61

15.52 31.75 277.51 29.16 203.57 38.70 11.67 11.04 2.04 11.54 10.87 2.11 10.76 48.24 82.18 67.25 55.40 102.08 28.28 18.02 13.07 165.21 502.40 6.75 24.36 380.64 176.13 28.52 76.39 18.91 99.65

+0.75 +1.55 –1.35 +0.97 +0.65 +0.08 +0.34 +0.29 +0.07 +0.20 +0.21 –0.19 +0.80 –0.82 +2.16 +1.03 +7.15 +9.93 +1.15 +3.19 +0.17 +3.30 +87.05 +0.52 –0.37 +1.34 +12.23 +0.16 +2.45 +3.24 +3.40

.35 .35 1.50 .2485 .93 .30 ... ... ... ... ... ... ... .245 .20 .33 ... ... ... ... .7752 .98 ... .0077 .25 .625 1.14 .1625 .20 ... .3175

I ... ... 1.7 3.3 ... .9 ... 2.7 ... ... ... ... ... ... ... .9 ... 1.0 ... 2.3 ... ... 1.1 3.3 1.5 1.3 ... ... 2.9 2.3 2.0 ... ... ... 1.1 ... 5.2 5.4 2.3 6.2 .0 4.2 1.2 ... ... ... 4.4 ... .0 8.4 ... ... ... ... 2.2 7.5 2.7 ... 2.6 ...

48 31 cc 18 17 43 ... 20 ... ... ... ... dd cc dd 45 dd 40 cc 30 dd dd cc 95 12 31 dd 16 17 69 23 dd 43 37 30 dd 32 19 42 ... dd 40 5 cc cc ... 28 dd dd dd ... ... ... dd cc 72 dd dd 14 ...

62.36 18.10 5.77 86.49 20.13 93.59 10.08 22.67 13.82 13.02 4.10 10.99 4.43 192.66 4.42 79.09 3.51 199.87 21.36 200.98 18.64 5.13 40.82 14.56 42.93 18.07 43.92 69.96 87.09 214.40 80.89 237.25 128.39 81.26 111.07 68.08 33.91 120.80 134.06 48.01 17.45 49.18 20.15 17.96 20.05 5.90 24.63 32.10 8.58 3.83 11.10 10.59 1.70 51.86 31.00 33.17 16.51 5.55 5.17 11.76

–1.10 +0.54 +0.40 –2.14 +2.51 +4.27 +0.78 +0.71 –0.18 –0.24 –0.29 +0.99 +1.49 +6.56 +0.20 +0.32 –0.01 +7.52 +2.23 –1.21 +0.35 +1.16 –0.78 +0.33 –0.23 +0.44 +0.14 –2.49 +3.68 +2.92 –2.38 +14.99 +9.83 +3.51 –3.12 –1.69 +2.09 –0.99 +7.00 +1.56 –0.38 +2.15 +2.43 +1.24 +0.87 +1.02 –1.35 +5.49 –1.78 –0.02 ... +0.09 –0.06 +2.16 +0.98 +0.77 +0.46 +0.12 –0.06 –0.23

... ... .0265 .71 ... .20 ... .155 ... ... ... ... ... ... ... .169 ... .50 ... 1.14 ... ... .22 .12 .3499 .1334 ... ... .64 1.24 .40 ... ... ... .33 ... 1.75 1.63 .77 .75 .20 .5125 .06 ... ... ... .27 ... .0125 .08 ... ... ... ... .17 .6185 .11 ... .0028 ...

... 2.7 ... ... ... 2.5 .7 .7 .0 4.8 ... ... ... ... ... ... ... 2.8 ... ... .3 2.4 1.9 ... ... ... ... ... 3.2 ... ...

dd cc 52 dd dd 16 32 34 83 35 ... ... ... ... ... ... ... 11 ... 22 34 30 43 20 dd ... cc ... 33 dd dd

8.34 32.76 28.55 4.83 4.68 141.25 44.71 114.90 32.08 29.94 17.75 16.01 3.87 10.68 12.15 11.66 2.60 28.87 4.54 65.35 129.96 166.58 53.58 155.72 62.43 14.94 13.44 3.08 25.25 3.21 7.16

+0.46 +1.55 +0.55 +0.31 +0.36 +3.27 +0.13 +7.45 +1.61 –1.01 +3.37 +2.71 +0.72 –0.16 –0.02 –0.02 –0.10 +3.36 +1.02 +1.70 +7.75 +2.13 +2.53 +1.46 +1.20 +0.19 +0.21 –0.02 +0.70 +0.25 –0.67

... .225 ... ... ... .90 .08 .21 .55 .36 ... ... ... ... ... ... ... .20 ... ... .10 1.01 .26 ... ... ... ... ... .20 ... ...

KAR Auction KAR .0 cc KB Fin KB 3.6 6 KB Home KBH 1.4 14 KBR KBR 1.3 dd KE Holdings BEKE ... dd KKR KKR 1.1 15 KKR RealEstFin KREF 9.2 21

19.19 40.92 44.06 31.92 67.32 48.21 18.69

–0.61 +1.74 +1.51 +1.51 +4.70 +3.56 +0.72

.19 1.9979 .15 .10 ... .135 .43

66.85 18.31 5.78 113.58 21.45 101.45 11.68 23.25 18.25 17.20 6.20 11.35 5.35 199.99 5.54 82.90 5.35 211.71 31.58 224.69 20.21 14.39 43.43 16.55 48.47 19.07 47.78 79.68 98.00 218.13 95.78 238.29 130.11 99.95 119.02 70.04 43.72 154.56 143.09 50.67 19.40 53.39 29.30 21.83 25.74 7.00 26.65 32.84 10.94 18.30 11.46 10.95 2.30 61.59 32.70 41.32 17.50 7.38 7.92 12.73

21.79 6.86 2.68 69.05 4.81 44.81 4.52 6.38 10.25 9.96 1.05 10.85 1.13 81.79 2.54 35.41 1.44 104.56 12.12 115.94 6.01 1.08 22.00 6.86 28.04 6.76 17.01 24.92 59.11 40.21 22.59 40.53 29.02 46.01 63.51 25.39 19.23 90.56 92.14 31.38 3.59 26.38 12.44 9.15 9.30 0.40 11.63 6.00 3.90 1.82 10.01 9.91 1.04 7.42 15.64 21.00 5.48 3.01 3.48 10.86

IAA ICICI Bank ICL Group IDACORP IDT IHS Markit ING Groep Invesco IonAcqn1 IonAcqn1 A IonAcqn1Wt ION Acqn 2 IONGeophysical IQVIA IRSA ITT IamGold IDEX iHuman IllinoisToolWks Imax IndependenceContr Independence IndepRealty IndustrsBachoco Infosys IngersollRand Ingevity Ingredion InnovativeIndProp Insperity InspireMedical InstalledBldg IntegerHoldings ICE InterContinentl IntercorpFinSvcs IBM IntlFlavors IntlFlavorsUn IntlGameTech IntlPaper IntlSeaways InterPrivate InterPrivate InterPrivateWt Interpublic IntrepidPotash Invacare InvescoMtg Investindustrial InvestindustrialA InvestindustrialWt Invitae InvitatHomes IronMountain iStar ItauCorpBanca ItauUnibanco IvanhoeCap

10.43 42.36 30.08 8.67 4.94 142.75 46.18 116.73 32.24 35.23 17.95 17.43 4.30 10.96 12.78 12.00 4.18 29.01 11.92 90.20 133.34 173.65 53.66 171.62 69.89 15.30 13.88 3.50 27.83 4.97 36.96

3.03 21.88 6.06 1.55 2.15 76.91 17.63 59.29 8.98 11.81 10.10 9.95 1.26 10.57 10.40 10.25 2.15 11.20 2.40 11.42 56.17 109.16 22.78 78.29 2.15 9.50 9.10 0.48 15.20 0.88 4.27

J Alexander's JBG SMITH Prop JELD-WEN J.Jill JMP JPMorganChase Jabil JacobsEngg JamesHardie JanusHenderson JawsAcquisition JawsAcqnA JawsAcqnWt JawsMustang JawsSpitfire JawsSpitfireA JawsSpitfireWt JefferiesFin JianpuTech JinkoSolar JohnBeanTech J&J JohnsonControls JonesLang JumiaTech JuniperIndustrial JuniperIndlA JuniperIndlWt JuniperNetworks JupaiHoldings JustEnergy

23.53 43.95 45.59 32.44 79.40 49.29 22.03

9.41 20.93 9.82 12.00 31.79 15.55 6.84

IAA IBN ICL IDA IDT INFO ING IVZ IACA.UT IACA IACA.WT IACB.UT IO IQV IRS ITT IAG IEX IH ITW IMAX ICD IHC IRT IBA INFY IR NGVT INGR IIPR NSP INSP IBP ITGR ICE IHG IFS IBM IFF IFFT IGT IP INSW IPV IPV.U IPV.WT IPG IPI IVC IVR IIAC.UT IIAC IIAC.WT NVTA INVH IRM STAR ITCB ITUB IVAN.UT

J JAX JBGS JELD JILL JMP JPM JBL J JHX JHG JWS.UT JWS JWS.WT JWSM.UT SPFR.UT SPFR SPFR.WT JEF JT JKS JBT JNJ JCI JLL JMIA JIH.UT JIH JIH.WT JNPR JP JE

K

52-Week High Low Name

Tick Div Sym Yld P/E Last Chg. Amt.

11.50 157.25 5.69 65.02 223.59 72.88 85.70 41.80 22.48 31.44 20.12 153.69 88.38 14.03 160.16 19.32 22.58 5.50 10.75 10.32 75.70 57.69 18.14 47.44 25.90 19.18 21.35 51.46 58.41 47.14 36.79 12.98 56.84 5.48 37.73 42.99 16.34 15.06

6.66 52.71 0.44 29.38 92.86 52.66 53.81 14.45 10.98 10.56 7.45 77.93 45.28 3.51 110.66 7.45 9.42 1.26 9.99 2.72 32.76 18.02 6.87 27.54 7.74 8.67 11.10 10.89 29.89 12.91 8.25 6.28 21.45 0.50 4.45 27.06 6.81 8.48

KT Kadant KaleyraWt Kaman KSCitySouthern Kellogg Kemper Kennametal KennedyWilson KenonHoldings KeyCorp KeysightTechs KilroyRealty KimbellRoyalty KimberlyClark KimcoRealty KinderMorgan KingswayFin KingswoodAcqn KinrossGold Kirby KirklandLakeGold KiteRealty Knight-Swift Knoll KnotOffshore Knowles Kohl's KoninklijkePhil KontoorBrands Koppers KoreaElcPwr KornFerry KosmosEnergy Kraton Kroger KronosWorldwide KukeMusic

KT KAI KLR.WT KAMN KSU K KMPR KMT KW KEN KEY KEYS KRC KRP KMB KIM KMI KFS KWAC.UT KGC KEX KL KRG KNX KNL KNOP KN KSS PHG KTB KOP KEP KFY KOS KRA KR KRO KUKE

11.65 11.26 10.70 2.00 51.04 152.96 10.89 11.40 12.70 2.79 4.89 50.50 229.86 46.34 242.31 18.92 96.32 10.70 34.53 69.93 46.95 7.62 170.68 2.48 46.13 125.84 6.96 188.30 14.28 95.72 76.70 319.77 10.79 22.64 12.08 13.63 86.74 4.62 81.97 218.00 61.96 274.58 163.88 8.14 17.48 14.65 392.60 28.75 84.21 13.38 11.98 7.00 23.99 87.38 2.97 39.85 438.95 54.23 6.79 27.49 24.19 9.95 43.59 180.67 3.43 20.17 35.10 16.60 3.81 18.95 35.13 99.86

1.36 9.96 9.58 1.35 8.00 55.29 3.64 8.55 9.00 0.39 1.00 24.49 142.01 15.61 98.02 2.65 39.06 4.89 6.60 33.30 20.94 1.03 63.20 0.71 22.03 68.00 1.03 44.11 4.32 25.42 18.87 163.40 10.19 9.09 7.86 2.17 44.87 0.58 8.17 117.06 16.11 146.71 71.86 2.83 4.18 3.87 55.74 1.92 21.70 10.15 10.15 2.26 3.95 23.44 1.17 14.00 266.11 27.33 3.01 9.95 9.34 0.77 12.97 60.00 0.46 11.56 3.77 8.16 0.86 10.27 4.79 33.71

LAIX L&F Acqn L&F Acqn A L&F Acqn Wt L Brands LCI Inds LG Display LGLS ysAcqn LGL Systems Un LGLSysAcqnWt LSB Inds LTC Properties L3HarrisTech La-Z-Boy LabCpAm LadderCapital LambWeston Lannett LaredoPetrol LasVegasSands Lazard Leaf Lear LeeEnterprises Leggett&Platt Leidos LejuHoldings Lemonade LendingClub Lennar A Lennar B LennoxIntl LeoHoldingsII LeviStrauss LexingtonRealty LibertyOilfield LifeStorage LightInTheBox LightspeedPos EliLilly LincolnNational Linde Lindsay Linx LionsGate A LionsGate B LithiaMotors LithiumAmericas LiveNationEnt LiveOakAcqnII LiveOakII A LiveOakII Wt Livent LiveRamp LloydsBanking loanDepot LockheedMartin Loews LomaNegra LongviewAcqn LongviewAcqnA LongviewAcqnWt LouisianaPacific Lowe's Luby's LufaxHolding LumberLiqu LumenTech LumentFinance Luxfer Lydall LyondellBasell

LAIX LNFA.UT LNFA LNFA.WT LB LCII LPL DFNS DFNS.UT DFNS.WT LXU LTC LHX LZB LH LADR LW LCI LPI LVS LAZ LEAF LEA LEE LEG LDOS LEJU LMND LC LEN LEN.B LII LHC.UT LEVI LXP LBRT LSI LITB LSPD LLY LNC LIN LNN LINX LGF.A LGF.B LAD LAC LYV LOKB.UT LOKB LOKB.WT LTHM RAMP LYG LDI LMT L LOMA LGVW.UT LGVW LGVW.WT LPX LOW LUB LU LL LUMN LFT LXFR LDL LYB

170.49 9.42 61.45 10.48 32.22 8.09 13.83 34.37 36.70 57.66 35.21 6.85 25.29 40.74 26.49 11.44 172.19 455.81 87.84 18.56 5.31 36.25 25.99

85.09 4.93 15.75 10.15 15.00 0.32 4.34 11.43 5.90 9.62 17.98 0.88 6.87 9.78 1.17 3.31 83.57 218.65 44.93 8.52 1.76 29.55 4.81

M&T Bank MBIA MDC Holdings MDH Acqn MDU Rscs MFA Financial MGIC Investment MGMGrowthProp MGM Resorts MI Homes MinisoGroup MOGU MPLX MP Materials MP Matls Wt MRC Global MSA Safety MSCI MSC Industrial MSG Networks MV Oil Mytheresa Macerich

3.4 .6 ... 1.4 1.0 4.0 1.6 2.1 5.0 ... 3.9 ... 3.3 7.0 3.5 3.5 7.1 ... ... 1.6 ... 2.0 3.3 .7 1.5 12.3 ... .0 1.8 3.8 ... ... .7 .0 ... 2.1 4.9 ...

11 36 ... dd 32 16 12 dd 31 5 15 46 37 dd 19 9 cc dd ... 7 dd 13 dd 18 cc 10 cc dd 39 46 9 cc cc dd dd 9 27 dd

11.03 150.26 4.90 55.98 209.31 57.38 75.97 37.27 17.75 30.10 19.07 153.48 60.29 9.74 132.13 18.03 14.84 4.62 10.70 7.38 60.54 38.25 18.05 43.34 15.92 16.90 20.95 50.08 58.33 42.55 35.81 10.93 56.52 2.88 37.59 33.95 14.78 9.07

+0.62 +2.16 +0.90 +2.12 +0.13 –0.65 +4.28 +1.53 –0.09 +1.60 +0.50 +10.53 +1.20 +0.99 –0.04 +1.31 +0.69 +0.08 +0.10 +0.14 +4.46 –0.09 +1.39 +2.12 ... +0.56 +0.35 +0.55 +1.47 +1.51 +0.58 +0.38 +5.27 +0.20 +3.39 +0.80 –0.19 –0.09

.4986 .24 ... .20 .54 .57 .31 .20 .22 ... .185 ... .50 .19 1.14 .16 .2625 ... ... .03 ... .1875 .15 .08 .06 .52 ... .704 1.0331 .40 ... ... .10 .0452 ... .18 .18 ...

... ... ... ... .0 2.1 ... ... ... ... ... 5.4 1.8 1.5 ... 7.7 1.2 ... ... .0 4.5 ... .6 ... 3.8 1.3 ... ... ... 1.1 1.3 1.1 ... .6 3.8 .0 3.6 ... ... 1.6 3.2 1.7 .8 .2 ... ... .3 ... ... ... ... ... ... ... ... ... 3.1 .5 4.3 ... ... ... 1.3 1.4 ... ... ... 8.5 11.0 2.7 ... 4.4

dd ... ... ... dd 23 dd cc ... ... dd 19 36 25 15 32 38 dd dd dd 12 dd 62 17 23 25 ... dd dd 12 10 32 ... dd 18 dd 38 24 dd 31 21 54 47 ... dd dd 20 49 dd ... ... ... dd dd 99 ... 14 dd 6 ... ... ... 25 25 dd 22 18 dd 11 49 dd 23

3.89 11.06 10.36 1.55 47.22 146.19 10.84 10.87 11.61 2.22 4.36 42.26 185.92 40.80 238.26 10.40 77.16 6.56 34.04 56.02 41.92 7.33 159.67 2.26 42.35 107.80 3.19 163.93 12.24 92.58 74.76 292.86 10.48 20.91 11.17 10.89 82.22 4.57 73.02 207.29 52.35 252.68 161.70 7.13 14.63 12.93 382.58 22.44 84.17 12.55 11.40 3.58 22.50 70.93 2.02 31.48 337.73 48.62 5.96 26.06 23.05 9.07 43.52 177.16 3.25 16.97 28.27 11.78 3.27 18.22 32.82 96.14

–0.20 –0.04 +0.11 –0.11 –2.17 +2.32 +0.68 –0.27 –0.89 –0.01 +0.18 +1.43 +3.09 +1.02 +11.71 –0.04 –2.34 +0.39 +4.14 +0.45 –0.39 +0.78 +3.96 +0.37 –0.67 +1.04 –0.07 +19.11 –1.27 +1.62 +1.79 +18.60 +0.03 +0.92 +0.24 –1.74 –1.86 +1.25 +0.53 +5.52 +1.27 –4.69 +10.80 +0.06 +0.02 –0.07 +13.33 +2.75 +9.83 –0.04 –0.26 +0.77 +2.69 –11.08 +0.04 +17.48 +0.69 +0.82 +0.58 +3.56 +2.75 +1.87 +1.79 +2.13 +0.01 –0.38 –1.57 –0.45 +0.03 –0.62 +0.17 +2.88

... ... ... ... .30 .75 ... ... ... ... ... .19 .85 .15 ... .20 .235 ... ... .79 .47 ... .25 ... .40 .34 ... ... ... .25 .25 .77 ... .04 .1075 .05 .74 ... ... .85 .42 1.06 .32 .0184 ... ... .31 ... ... ... ... ... ... ... ... ... 2.60 .0625 .2643 ... ... ... .145 .60 ... ... ... .25 .09 .125 ... 1.05

3.1 ... 2.7 ... 3.1 7.6 1.9 5.9 .0 ... ... ... 11.2 ... ... ... 1.0 .7 3.5 ... 10.2 ... 4.7

14 dd 11 ... 14 dd 9 68 dd 7 dd dd dd ... ... dd 49 61 21 5 7 ... dd

142.23 6.83 60.14 10.38 27.79 3.95 12.37 33.23 35.93 55.92 33.64 2.88 24.61 35.26 22.56 8.65 171.51 434.77 84.72 15.96 4.01 31.34 12.90

+1.83 +0.35 +1.29 +0.11 +0.98 –0.02 +0.31 +0.26 +1.68 +3.45 +3.34 –0.21 +1.05 +3.01 +3.87 –0.44 +5.74 +4.96 –0.92 –1.34 –0.08 –1.16 –0.07

1.10 ... .3429 ... .2125 .075 .06 .4875 .0025 ... ... ... .6875 ... ... ... .43 .78 .75 ... .11 ... .15

L

M MTB MBI MDC MDH.UT MDU MFA MTG MGP MGM MHO MNSO MOGU MPLX MP MP.WT MRC MSA MSCI MSM MSGN MVO MYTE MAC

52-Week High Low Name 22.47 45.56 22.30 111.46 225.62 60.98 77.94 19.96 10.00 45.10 19.49 16.01 7.05 97.68 20.07 11.19 60.35 40.18 33.96 22.61 49.67 1347.64 157.67 120.97 332.31 60.16 10.50 113.57 87.51 367.25 20.20 72.53 72.17 13.62 58.75 84.73 38.71 15.90 105.54 105.50 231.91 1.60 187.67 3.27 48.28 60.62 24.29 278.33 30.00 29.26 119.88 87.80 57.66 33.01 117.06 33.56 7.33 29.80 43.11 56.41 52.50 1271.67 10.52 148.88 42.75 71.10 10.37 5.18 15.00 3.08 11.00 48.20 14.80 56.37 178.19 246.72 79.99 56.10 18.66 44.48 305.96 94.78 85.43 77.76 29.37 11.86 10.87 3.24 187.49 24.41 39.71 13.22 12.93 3.77 22.79 144.09 11.50 22.80 30.90

10.35 12.50 4.38 58.67 130.12 22.02 22.75 6.30 3.23 14.11 12.06 7.24 0.99 49.57 8.62 3.02 15.26 21.90 6.84 6.77 7.25 710.52 30.10 74.33 135.08 27.04 10.05 34.88 22.51 199.99 1.11 26.15 23.75 8.50 7.18 46.42 7.79 3.89 56.11 56.56 124.23 0.53 112.60 1.28 16.04 21.62 12.35 49.03 2.80 7.37 72.13 65.25 33.45 10.01 25.24 10.91 3.43 9.76 21.76 22.85 15.52 579.40 2.78 82.00 25.25 27.28 2.77 3.32 6.64 1.96 6.20 15.00 2.84 22.11 56.62 102.85 42.00 32.11 8.42 16.41 164.19 32.49 33.58 27.20 6.50 10.20 10.10 1.60 120.77 8.12 16.78 6.64 6.12 1.02 4.50 78.75 10.46 6.91 5.98

Mack-Cali MacquarieInfr Macy's MSG Entertainment MSG Sports MagellanMid MagnaIntl MagnaChipSem MagnoliaOil MainStreetCap ManchesterUnited Manitowoc Manning&Napier Manpower ManulifeFin MarathonOil MarathonPetrol Marcus&Millichap Marcus MarineProducts MarineMax Markel MarriottVacations Marsh&McLen MartinMarietta Masco MasonIndlTech MasoniteIntl MasTec Mastercard MatadorRscs Materion Matson MauiLand MaxarTech Maximus MaxLinear MayvilleEngg McCormick McCormickVtg McDonalds McEwenMining McKesson Mechel Medallia MediaAlpha MedicalProp Medifast MedleyMgmt Mednax Medtronic Merck MercuryGeneral Meredith MeritageHomes Meritor MesaRoyalty MesabiTrust MethodeElec MetLife MetropolitanBk MettlerToledo MicroFocus MidAmApt MillerIndustries MineralsTechs MistrasGroup MitsubishiUFJ MiXTelematics MizuhoFin MobileTeleSys ModelN ModineMfg Moelis MohawkInds MolinaHealthcare MolsonCoorsA MolsonCoorsB MonmouthRealEst MontroseEnvl Moody's Moog A Moog B MorganStanley Mosaic MotiveCapital MotiveCapA MotiveCapWt MotorolaSol Movado MuellerIndustries MuellerWater MultiPlan MultiPlanWt MurphyOil MurphyUSA MusicAcqn MyersIndustries MyovantSciences

48.88 39.30 9.73 66.99 5.40 23.95 10.51 43.54 4806.54 118.00 11.82 36.62 46.05 69.08 91.12 100.00 58.87 38.86 23.66 12.23 18.75 18.16 15.11 5.62 31.38 11.71 7.50 7.30 18.55 45.25 11.50 10.86 2.65 70.07 74.21 14.07 8.51 1.60

17.95 10.55 1.15 2.11 2.28 7.70 4.03 19.54 2043.01 9.79 3.66 20.25 31.58 44.29 31.37 66.60 24.04 19.34 7.93 2.62 5.41 8.50 0.37 2.34 1.20 3.80 2.09 1.30 4.08 15.01 9.92 9.50 0.63 33.44 36.70 4.65 1.38 0.08

NACCO Inds NCR NGL Energy NIO NL Industries NOV NOW NRG Energy NVR NaborsIndustries NamTaiProperty NatlBankHoldings NationalFuelGas NationalGrid NatlHealthInv NatlPrestoInds NatlRetailProp NatlStorage Natura&Co NaturalGasSvcs NaturalGrocers NaturalResPtrs Natuzzi NatWest Nautilus NavigatorHldgs NaviosMaritime NaviosMaritime NaviosMaritime NavistarIntl NavSight NavSightA NavSightWt Neenah Nelnet NeoPhotonics Nesco NescoWt

Tick Div Sym Yld P/E Last Chg. Amt. CLI MIC M MSGE MSGS MMP MGA MX MGY MAIN MANU MTW MN MAN MFC MRO MPC MMI MCS MPX HZO MKL VAC MMC MLM MAS MIT.UT DOOR MTZ MA MTDR MTRN MATX MLP MAXR MMS MXL MEC MKC MKC.V MCD MUX MCK MTL MDLA MAX MPW MED MDLY MD MDT MRK MCY MDP MTH MTOR MTR MSB MEI MET MCB MTD MFGP MAA MLR MTX MG MUFG MIXT MFG MBT MODN MOD MC MHK MOH TAP.A TAP MNR MEG MCO MOG.A MOG.B MS MOS MOTV.UT MOTV MOTV.WT MSI MOV MLI MWA MPLN MPLN.WT MUR MUSA TMAC.UT MYE MYOV

.0 .0 .0 ... ... 9.9 2.1 ... ... 7.1 1.2 ... .0 2.5 4.5 1.3 4.6 ... .0 2.2 ... ... .0 1.6 .7 1.0 ... ... ... .5 ... .7 1.3 ... .1 1.3 ... ... 1.5 1.5 2.4 ... .9 ... ... ... 4.8 1.6 ... ... 1.9 3.5 4.5 .0 ... ... 7.9 5.1 1.1 3.3 ... ... 8.5 3.0 1.8 .3 ... 3.8 1.3 3.6 7.3 ... ... 4.0 ... ... .0 .0 4.0 ... .8 1.2 1.3 1.9 .7 ... ... ... 1.6 1.8 1.1 1.7 ... ... 3.5 .8 ... 2.4 ...

dd dd dd dd dd 12 53 89 dd dd dd dd 16 cc 9 dd dd 39 dd 32 11 20 dd 29 29 23 ... 63 21 54 dd 58 25 dd 37 24 dd dd 19 19 34 dd dd dd dd ... 28 34 dd dd 46 27 13 dd 8 10 12 20 12 10 11 49 dd 63 16 21 dd 13 40 2 10 dd dd 19 23 19 dd dd dd dd 29 dd dd 12 dd ... ... ... 33 dd 15 26 dd ... dd 9 ... 20 dd

13.94 31.78 14.88 97.02 179.11 41.69 77.90 19.49 9.93 34.44 15.54 14.97 6.60 92.49 19.57 8.97 50.46 38.99 17.49 18.09 43.70 1106.96 144.57 112.80 330.83 54.95 10.41 109.53 86.57 341.00 19.84 69.76 71.80 12.15 50.27 83.17 37.09 15.04 89.65 89.04 213.90 1.21 182.24 1.89 46.50 58.24 22.50 274.30 10.72 28.25 119.74 75.00 55.97 23.97 87.14 32.71 4.95 28.14 39.64 55.67 50.34 1220.66 6.52 138.14 40.91 69.18 7.92 5.13 14.67 2.98 8.91 42.88 13.66 54.65 169.28 216.28 55.00 44.01 18.00 39.38 278.67 80.52 80.00 74.61 29.27 11.32 10.68 1.91 181.07 22.26 37.72 12.69 7.67 1.54 14.28 124.00 10.75 22.17 21.38

+1.28 +1.64 –0.19 –1.87 +3.03 +1.10 +1.43 +1.19 +0.42 +1.02 –0.49 +0.95 +0.09 +1.61 +0.67 +1.03 +2.81 +0.77 +0.05 –0.66 +0.26 +7.45 +0.21 –0.80 +33.23 –1.47 +0.11 +1.79 +2.09 +2.25 +1.67 +0.50 +7.34 +0.10 –1.36 +2.81 +5.07 –0.30 –0.64 –0.82 +1.32 +0.07 –0.82 –0.02 +2.17 +4.47 +0.62 +23.29 +0.37 +2.40 +1.34 –0.80 +1.82 –0.05 +0.14 +2.36 +0.02 +0.94 +0.19 +3.09 +5.05 +25.46 –0.25 +3.42 +0.77 +2.85 +0.31 +0.27 +1.02 +0.11 –0.32 +3.80 –0.19 +2.94 +16.76 +11.58 +2.92 –4.97 –0.35 –0.40 +1.70 +3.33 +2.00 +1.39 +1.62 –0.03 +0.08 –0.12 –1.02 –1.50 +1.18 +0.15 –0.22 –0.04 +1.25 –4.39 +0.05 +0.75 –2.52

.20 11.00 .3775 ... ... 1.0275 .40 ... ... .205 .09 ... .02 1.17 .2205 .03 .58 ... .17 .10 ... ... .54 .465 .57 .14 ... ... ... .44 ... .115 .23 ... .01 .28 ... ... .31 .31 1.29 ... .42 ... ... ... .27 1.13 ... ... .58 .65 .6325 .595 ... ... .0237 .46 .11 .46 ... ... .155 1.025 .18 .05 ... .116 .0662 .0719 .1858 ... ... .55 ... ... .57 .57 .18 ... .56 .25 .25 .35 .05 ... ... ... .71 .10 .10 .055 ... ... .125 .25 ... .135 ...

2.9 ... .0 ... ... .0 ... 3.0 ... .0 ... 2.4 4.0 5.3 6.3 1.0 4.9 3.7 .0 ... 1.8 10.1 ... .0 ... ... 5.4 ... 1.1 ... ... ... ... 3.3 1.2 ... ... ...

7 dd dd dd 15 dd dd 3 20 dd 45 13 dd 22 16 15 35 96 dd cc 16 dd dd 28 27 dd 1 dd dd dd ... ... ... dd 18 77 dd ...

26.60 34.93 2.55 59.85 5.21 13.94 10.33 43.04 4700.02 85.32 8.94 35.73 43.99 59.23 70.08 96.97 42.30 37.75 19.70 9.97 15.68 17.79 13.20 4.73 29.16 10.46 3.73 7.30 17.83 44.14 11.23 10.50 1.65 57.03 71.23 13.74 8.30 1.17

+0.78 –2.07 –0.11 +3.18 +0.33 +0.57 +0.66 +1.20 +31.61 +7.20 –0.39 +0.71 +1.78 +0.59 +1.64 +2.76 +1.80 +0.19 +0.87 +0.57 –0.36 +0.18 –0.19 +0.13 +4.37 +0.77 +0.19 +2.32 +1.23 +0.03 +0.09 –0.11 ... +3.27 –1.68 +2.01 +0.44 –0.15

.1925 ... .10 ... ... .05 ... .325 ... .50 ... .21 .445 1.1285 1.1025 5.00 .52 .35 .067 ... .07 .45 ... .1296 ... ... .05 ... .05 ... ... ... ... .47 .22 ... ... ...

N NC NCR NGL NIO NL NOV DNOW NRG NVR NBR NTP NBHC NFG NGG NHI NPK NNN NSA NTCO NGS NGVC NRP NTZ NWG NLS NVGS NNA NM NMM NAV NSH.UT NSH NSH.WT NP NNI NPTN NSCO NSCO.WT

NYSE CUMULATIVE DAILY BREADTH vs DJIA

A New Streak: NYSE Composite breadth rose for a second consecutive week, while the S&P 500 gained 1.2% on continued stimulus hopes. Winning stocks on the NYSE outpaced losers, by 2 to 1.

BREADTH

DJIA

587000

31600 BREADTH 585,015

567600

29100

s

52-Week High Low Name 23.80 44.00 292.95 30.21 216.70 46.09 12.00 11.34 3.00 11.90 11.25 2.84 11.08 52.97 84.41 73.26 59.56 129.74 29.10 18.25 19.64 172.17 527.69 7.76 38.81 474.70 252.35 29.41 94.98 58.66 100.74

548200

26600

s DJIA

528800

24100

509400 490000

21600

M

A

M

J

J

A

S

O

N

D

J

19100

F

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 so on. When all five days' numbers are added together, this produces the weekly figure we plot. Dec. 31, 1985 =1000. 52-Week High Low Name 19.82 188.14 11.30 2.82 6.20 43.82 197.56 81.10 17.66 8.35 30.00 11.88 58.73 458.51 72.22 4.40 12.58 20.47 52.87 87.69 56.22 65.31 57.35 88.30 5.81 23.99 147.95 6.59 30.46 52.77 9.79 26.99 6.31 9.00 42.22 258.17 11.45 4.96 42.71 35.25 13.98 12.50 21.00 19.54 6.23 11.97 11.58 3.35 374.39 77.26 53.00 98.52 75.86 11.36 63.85 58.52 27.99 56.34 12.52 3.85 28.75

16.63 65.05 7.00 0.66 0.94 21.14 102.01 33.49 2.91 1.72 7.60 7.72 26.13 304.65 33.00 0.65 2.57 6.34 21.06 43.70 46.37 35.40 33.92 29.01 1.00 11.62 60.00 0.38 19.56 20.42 2.34 14.08 3.55 2.30 11.72 112.62 4.11 2.19 9.84 9.60 0.76 11.19 9.87 11.50 2.06 10.30 10.40 2.31 263.31 41.71 7.03 69.18 49.24 10.77 12.31 27.53 4.98 23.85 8.56 1.75 10.54

Netstreit Nevro NewFrontierHlth NewFrontierWt NewHome NewJerseyRscs NewOrientalEduc NewRelic NewResidInvt NewSeniorInvt NewYorkCityReit NY CmntyBcp NYTimes A NewMarket Newmont NewparkResources NexaResources NexPointRealEst NexPointResidentl NextEraEnergy NextEra6.219%Un NextEraEnergyUn NextEraEnergyUn NextEraEnergy NexTierOilfield NielsenHoldings Nike NineEnergy NiSource NoahHoldings Nokia NomadFoods NomuraHoldings NordicAmTankers Nordstrom NorfolkSouthern NorthAmConstr NoEuroOil NorthernGenesis NorthernGenesis NorthernGenesisWt NorthernGenesisII NorthernStar NorthernStarAcqn NorthernStarAcqnWt NorthernStarII NorthernStrII A NorthernStrII Wt NorthropGrum NorthwestNat NorwegCruise Novartis NovoNordisk NovusCapII NuSkinEnts Nucor NuSTAREnergy Nutrien NuvationBio NuvationBioWt nVentElectric

21.06 46.43 14.45 96.97 78.48 81.98 66.31 11.62 12.51 2.70 43.60 11.84 13.87 32.51 2.41 38.47 11.43 23.54 29.47 45.22 12.01 11.06 2.28 79.75 12.50 11.66 4.00 28.46 28.80 59.00 6.84

8.63 23.01 4.31 63.67 12.16 65.00 34.98 9.69 9.97 0.99 8.52 2.29 2.01 4.22 0.35 28.53 1.52 11.88 8.76 13.33 9.88 9.91 1.25 44.50 10.03 9.70 0.83 9.71 9.02 12.21 3.52

OFGBancorp OGE Energy O-I Glass ONE Gas ONEOK ON24 OakStreetHealth OaktreeAcqnII A OaktreeAcqnII OaktreeAcqnIIWt OccidentalPetrol OccidentalPetrolWt OceaneeringIntl OcwenFinancial Oi OilDriAmerica OilStatesIntl OldRepublic Olin OmegaHealthcare Omnichannel OmnichannelA OmnichannelWt Omnicom one oneA oneWt OneLiberty OneConnectFinTech OneMain OneSmartIntl

Tick Div Sym Yld P/E Last Chg. Amt. NTST NVRO NFH NFH.WT NWHM NJR EDU NEWR NRZ SNR NYC NYCB NYT NEU NEM NR NEXA NREF NXRT NEE NEE.PRQ NEE.PRO NEE.PRP NEP NEX NLSN NKE NINE NI NOAH NOK NOMD NMR NAT JWN NSC NOA NRT NGA.UT NGA NGA.WT NGAB.UT STIC.UT STIC STIC.WT NSTB.UT NSTB NSTB.WT NOC NWN NCLH NVS NVO NXU.UT NUS NUE NS NTR NUVB NUVB.WT NVT

4.4 ... ... ... ... 3.6 ... ... 8.2 4.8 4.1 6.3 .6 1.9 2.7 ... 3.6 9.3 3.2 1.7 5.2 3.9 4.9 2.9 ... 1.0 .8 ... 3.9 ... ... ... 3.3 12.2 .0 1.5 1.2 6.8 ... ... ... ... ... ... ... ... ... ... 2.0 4.1 ... 2.4 1.2 ... 3.1 2.9 9.4 3.2 ... ... 3.0

... dd dd ... dd 19 83 dd dd dd dd 11 82 16 19 dd dd ... 31 56 ... ... ... dd dd dd 81 dd dd 23 dd 22 8 6 dd 32 8 12 ... ... ... ... ... ... ... ... ... ... 16 23 dd 26 28 ... 13 24 dd cc ... ... dd

18.02 182.18 10.95 2.51 5.45 36.62 195.87 65.46 9.74 5.45 9.81 10.81 48.91 400.17 58.94 2.86 10.37 17.12 42.54 83.13 53.76 62.35 53.56 81.70 3.97 23.78 142.12 2.89 22.53 50.39 4.17 26.54 6.25 3.68 34.85 254.84 9.83 4.12 28.12 24.28 8.43 12.04 15.99 15.22 3.36 11.30 10.83 2.65 297.36 46.32 23.54 92.03 75.82 10.84 48.81 56.34 17.10 56.01 9.00 2.20 23.40

+0.10 +5.25 +2.33 +0.26 –0.18 ... +11.33 –2.19 –0.28 –0.28 –0.09 +0.40 –1.90 +12.74 –0.36 +0.03 +1.17 +0.02 +0.73 –0.47 –0.52 –0.56 –0.93 –2.76 +0.20 +1.09 –2.99 ... –0.27 +0.34 –0.05 +0.45 +0.58 +0.48 +0.79 +9.18 +0.46 –0.07 –1.72 –1.21 –0.13 +0.08 +0.46 +0.69 –0.07 +0.41 ... ... –1.43 +0.18 –1.18 +1.50 +4.42 –0.34 –11.37 +3.36 +1.12 +2.45 –1.45 –0.33 –0.45

.20 ... ... ... ... .3325 ... ... .20 .065 .10 .17 .07 1.90 .40 ... .3775 .40 .3413 .35 .7774 .609 .6599 .615 ... .06 .275 ... .22 ... ... ... .1913 .04 .37 .99 .0307 .04 ... ... ... ... ... ... ... ... ... ... 1.45 .48 ... 3.3784 .5178 ... .38 .405 .40 .45 ... ... .175

1.7 5.1 .0 3.2 8.3 ... ... ... ... ... .2 ... ... ... ... 2.8 ... 4.2 2.8 7.2 ... ... ... 3.9 ... ... ... 8.5 ... 3.4 ...

22 dd 7 20 31 cc dd ... ... ... dd ... dd cc dd 14 dd 10 dd 56 ... ... ... 15 ... ... ... 15 dd 10 dd

18.59 31.54 13.24 72.69 45.11 65.00 64.99 10.65 11.40 2.21 25.39 11.36 9.43 27.98 1.84 36.76 6.38 19.81 28.70 37.45 11.30 10.47 1.93 66.25 11.72 11.10 2.85 21.09 19.96 52.75 4.44

+0.39 +0.11 –0.36 –0.21 +2.27 –4.00 +11.46 –0.37 –0.30 –0.17 +2.83 +1.28 –0.18 +0.84 –0.10 +0.56 +0.11 +0.47 +1.44 +0.60 –0.01 –0.04 –0.09 +0.37 –0.19 –0.11 –0.05 –0.33 –0.44 –2.40 +0.44

.08 .4025 .05 .58 .935 ... ... ... ... ... .01 ... ... ... ... .26 ... 1.00 .20 .67 ... ... ... .65 ... ... ... .45 ... 3.50 ...

O OFG OGE OI OGS OKE ONTF OSH OACB OACB.UT OACB.WT OXY OXY.WT OII OCN OIBR.C ODC OIS ORI OLN OHI OCA.UT OCA OCA.WT OMC AONE.UT AONE AONE.WT OLP OCFT OMF ONE

52-Week High Low Name 64.00 19.18 38.01 66.20 14.61 6.89 19.20 6.23 89.01 128.87 99.74 13.53 12.80 11.78 2.28 68.21 31.15 2.81 21.85 31.90 87.89 15.99 75.81

20.32 7.45 14.21 39.71 9.93 1.53 5.93 1.53 52.65 53.44 46.72 4.65 9.40 9.11 0.51 38.00 7.07 1.61 2.10 3.63 28.56 8.09 30.37

OntoInnovation Ooma Oppenheimer A Oracle Orange OrchidIslandCap OrionEngCarbons OrionGroup Orix OrmatTech Oshkosh OsiskoGoldRoyal OspreyTechUn OspreyTechA OspreyTechWt OtisWorldwide OutfrontMedia OverseasShip Ovintiv Owens&Minor OwensCorning OwlRock OxfordIndustries

29.32 21.58 17.95 126.76 23.81 6.90 81.82 35.49 11.70 10.60 1.94 162.74 56.14 67.39 153.81 36.41 16.00 60.50 52.03 171.84 108.84 148.14 57.56 62.83 45.00 397.63 14.78 20.43 85.22 14.85 17.68 23.79 293.80 45.40 9.21 471.08 7.85 11.90 26.04 40.65 3.87 70.00 23.59 67.46 59.30 314.22 54.25 16.17 14.30 4.05 27.38 26.37 5.50 162.70 4.08 2.04 5.24 63.86 33.55 14.00 29.49 44.79 14.94 13.98 43.08 89.70 90.29 63.42 2.65

4.06 3.06 6.25 91.42 6.88 1.36 23.63 15.91 9.88 9.60 0.58 79.41 27.08 26.27 69.77 18.12 8.50 11.02 19.73 102.48 28.40 71.05 12.33 13.58 8.90 125.47 8.72 5.72 9.64 5.54 9.14 3.99 93.00 24.67 0.26 163.42 0.80 5.08 5.39 10.58 0.36 13.14 3.50 19.99 22.01 121.80 7.41 9.90 9.60 0.66 25.05 24.80 3.20 62.91 2.11 0.46 1.00 40.01 21.50 5.20 14.03 27.68 4.01 4.16 26.41 56.01 40.04 19.00 1.12

PBF Energy PBF Logistics PG&E PG&EUn PGT Innovations PHX Minerals PJT Partners PLDT PMV Consumer PMV Consumer PMV Consumer Wt PNC Fin PNM Resources POSCO PPG Ind PPL PQ Group ProgHoldings PROS PSBusinessParks PVH PackagingCpAm PagerDuty PagSeguroDig PalantirTech PaloAltoNtwks PampaEnergia ParPacific ParTechnology ParamountGroup ParkAerospace ParkHotels ParkerHannifin Parsons PartyCity PaycomSoftware PeabodyEnergy Pearson PebblebrookHotel PembinaPipeline PA Reit PennyMacFin PennyMacMtg PenskeAuto Pentair Penumbra PerformanceFood PeridotAcqn PeridotAcqnA PeridotAcqnWt PeriphasCap PeriphasCapA PeriphasCapWt PerkinElmer PermianBasin PermianvilleRT PermRock Perrigo PershingSquare PershingSquWt Perspecta PetroChina PetroleoBrasil PetroleoBrasilA Pfizer PhilipMorris Phillips66 Phillips66Ptrs PhoenixNewMedia

Tick Div Sym Yld P/E Last Chg. Amt. ONTO OOMA OPY ORCL ORAN ORC OEC ORN IX ORA OSK OR SFTW.UT SFTW SFTW.WT OTIS OUT OSG OVV OMI OC ORCC OXM

... ... 1.3 1.5 4.4 13.8 .0 ... 3.6 .4 1.3 1.3 ... ... ... 1.3 .0 ... 1.7 .0 1.2 9.0 1.3

99 dd 4 19 10 cc 38 11 11 79 21 dd ... dd ... 31 dd 5 dd dd dd 15 dd

62.41 15.55 37.10 63.08 11.88 5.65 17.27 6.16 84.72 118.78 99.12 11.34 11.55 10.75 1.99 63.93 21.30 2.12 21.69 27.37 85.75 13.78 75.80

+2.46 +0.50 –0.45 –0.52 –0.06 +0.13 +0.12 +0.37 –3.32 –0.16 +2.68 +0.36 –0.31 +0.08 +0.05 ... +1.19 –0.10 +3.03 –1.92 +3.60 +0.24 +5.69

... ... .12 .24 .473 .065 .20 ... 1.6762 .11 .33 .0391 ... ... ... .20 .38 ... .0938 .0025 .26 .08 .25

.0 10.9 ... 4.7 ... 1.2 .3 3.9 ... ... ... 2.8 2.7 2.0 1.6 5.9 .0 .0 ... 2.9 .0 3.0 ... ... ... ... ... ... ... 3.1 2.8 .0 1.3 ... ... ... ... 2.3 .0 6.9 3.1 1.2 10.1 2.6 1.5 ... ... ... ... ... ... ... ... .2 5.1 11.4 3.2 2.0 ... ... 1.0 5.1 .9 ... 4.5 5.6 4.7 13.6 .0

dd 5 dd ... 35 dd 17 12 ... ... ... 10 20 25 31 14 50 dd dd 35 dd 27 dd 73 dd dd 8 dd dd dd 47 dd 25 45 dd cc dd 25 dd 23 dd 3 81 12 25 dd dd ... ... ... ... ... ... 23 13 6 19 dd ... ... dd dd dd dd 20 17 dd 8 1

10.55 11.01 11.80 118.00 23.00 3.31 73.97 28.50 10.95 10.36 1.50 162.27 48.60 61.99 138.55 28.01 15.88 53.11 44.82 145.08 96.15 133.18 56.58 61.82 31.91 395.12 14.43 14.72 83.64 9.01 14.16 19.68 276.24 39.46 8.00 412.98 4.22 10.58 21.59 27.75 2.57 65.00 18.68 66.14 53.63 278.32 50.45 15.51 13.85 3.69 26.50 25.74 3.60 150.57 4.02 1.42 4.39 44.98 30.21 13.77 29.04 32.07 10.55 10.56 34.72 86.12 77.23 25.72 2.07

+1.10 +0.81 –0.06 –0.47 +0.52 +0.09 +2.78 –0.12 –0.14 –0.14 ... +5.33 –0.30 +2.52 –1.56 +0.14 +0.78 –0.22 +0.18 +3.27 +0.96 –0.12 +1.59 +5.60 –2.14 +15.27 +1.02 ... +4.46 –0.04 +0.38 +1.53 –3.23 +1.36 –0.81 –21.24 +0.65 +0.63 +1.85 +0.11 +0.31 +0.47 +0.09 +0.84 –1.53 +18.95 –2.31 +1.26 +1.00 +0.08 +0.65 +0.48 –0.40 +5.54 +0.25 +0.13 +1.10 +1.89 +0.21 +1.52 –0.06 +0.96 –0.52 –0.25 –0.20 +1.84 +5.19 +0.57 +0.42

.30 .30 ... 1.375 ... .01 .05 .7806 ... ... ... 1.15 .3275 .9031 .54 .415 1.80 .0381 ... 1.05 .0375 1.00 ... ... ... ... ... ... ... .07 .10 .45 .88 ... ... ... ... .0771 .01 .1642 .02 .20 .47 .43 .20 ... ... ... ... ... ... ... ... .07 .0115 .0038 .0159 .225 ... ... .07 1.2636 .0867 ... .39 1.20 .90 .875 1.3712

PQ PBF PBFX PCG PCGU PGTI PHX PJT PHI PMVC.UT PMVC PMVC.WT PNC PNM PKX PPG PPL PQG PRG PRO PSB PVH PKG PD PAGS PLTR PANW PAM PARR PAR PGRE PKE PK PH PSN PRTY PAYC BTU PSO PEB PBA PEI PFSI PMT PAG PNR PEN PFGC PDAC.UT PDAC PDAC.WT PCPC.UT PCPC PCPC.WT PKI PBT PVL PRT PRGO PSTH PSTH.WT PRSP PTR PBR PBR.A PFE PM PSX PSXP FENG

M16

BARRON’S

February 15, 2021

New York Stock Exchange Composite List 52-Week High Low Name

Tick Div Sym Yld P/E Last Chg. Amt.

13.55 81.59 20.78 24.63 16.07 14.94 4.00 37.80 105.51 87.37 147.24 108.29 15.50 10.84 88.77 50.89 10.72 21.50 129.00 10.91 63.08 107.45 19.48 29.60 12.62 45.29 14.55 11.75 11.25 10.98 2.00 150.13 17.85 34.18 146.92 102.05 112.37 11.02 15.00 75.22 286.57 23.19 94.94 39.75 62.15 240.75 50.23 29.37 12.39 9.94 3.48 72.60 148.56 59.00 6.97 293.37 26.59 79.86 10.40 132.73 43.48 3.72 134.71 13.68

1.27 16.01 11.01 11.26 9.89 9.95 1.99 12.02 60.05 10.10 48.62 31.95 1.67 10.51 23.77 4.60 0.70 7.79 37.35 10.29 31.96 68.97 10.84 5.44 5.01 27.40 4.05 10.67 9.85 9.51 0.85 61.20 6.33 12.67 94.34 62.18 59.82 1.36 7.26 42.02 63.19 9.05 38.62 15.68 34.75 155.37 17.12 7.93 3.62 3.46 0.26 42.64 47.17 34.77 2.00 108.14 7.90 23.77 10.17 9.74 0.74 1.17 73.02 4.55

PhoenixTree Phreesia PhysiciansRealty PiedmontOfficeA PineIslandAcqn PineIslandA PineIslandWt PingIdentity PinnacleWest Pinterest PioneerNatRscs PiperSandler PitneyBowes PivotalInvIII PlanetFitness Plantronics PlayAGS PlymouthIndREIT Polaris Pontem PortlandGenElec PostHoldings PostalRealty PrecisionDrilling PrefApartment PrestigeCnsHlth PretiumResources PrimaveraCap PrimeImpactI PrimeImpactI A PrimeImpactIWt Primerica PrimoWater ProAssurance Procter&Gamble Progressive Prologis ProPetro ProSightGlobal ProsperityBcshs ProtoLabs ProvidentFinSvcs PrudentialFin Prudential PublicServiceEnt PublicStorage PulteGroup PureStorage Puxin PzenaInvtMgmt QEP Resources QTS Realty Q2Holdings Qiagen QuadGraphics QuakerChemical QuanexBldg QuantaServices QuantumFin QuantumScape QuantumScapeWt Qudian QuestDiag QuotientTech

DNK PHR DOC PDM PIPP.UT PIPP PIPP.WT PING PNW PINS PXD PIPR PBI PICC.UT PLNT PLT AGS PLYM PII PNTM.UT POR POST PSTL PDS APTS PBH PVG PV.UT PIAI.UT PIAI PIAI.WT PRI PRMW PRA PG PGR PLD PUMP PROS PB PRLB PFS PRU PUK PEG PSA PHM PSTG NEW PZN QEP QTS QTWO QGEN QUAD KWR NX PWR QFTA.UT QS QS.WT QD DGX QUOT

27.26 40.89 11.92 524.22 110.59 16.38 35.00 5.42 98.35 14.94 3.03 5.33 24.39 31.50 122.74 10.51 7.17 21.21 115.82 9.85 35.46 90.86 16.90 18.40 84.92 3.48 14.12 12.40 3.29 18.01 146.97 34.15 19.80 14.39 154.29 16.60 15.49 4.98 14.68 13.98 4.39 135.33 201.29 35.77 9.70 10.95 12.53 2.31 103.79 26.74 224.43 10.52 67.33 12.80 34.91 20.76 40.94 97.46 53.48 49.08 16.36 16.83 7.70 15.67 14.08 3.48 446.18 86.90 78.64 32.48 74.10 34.42 268.91

16.81 14.40 3.50 73.14 66.02 3.88 22.00 1.72 42.85 4.62 0.72 2.21 9.53 9.40 59.82 1.61 2.27 5.70 54.21 0.90 15.96 40.71 3.92 2.09 38.00 1.16 10.03 9.90 1.20 2.14 51.99 10.33 6.94 4.22 55.39 10.66 10.35 1.98 10.70 11.04 2.86 70.57 113.27 0.85 0.45 9.49 9.60 0.45 65.37 3.72 108.85 1.14 25.08 2.87 8.32 3.96 7.17 33.81 31.79 18.87 10.96 11.03 2.63 9.91 10.20 1.60 134.85 35.35 25.92 8.86 32.38 17.50 115.38

RELX RE/MAX REV RH RLI RLJ Lodging RLX Tech RPC RPM RPTRealty RR Donnelley RYBEducation RadianGroup Rafael RalphLauren RangeResources RangerEnergySvcs Ranpak RaymondJames RayonierAdvMatls Rayonier RaytheonTech ReadyCapital Realogy RealtyIncome RedLionHotels RedBallAcqn RedBallAcqnA RedBallAcqnWt RedwoodTrust RegalBeloit RegionalMgmt RegionsFin Regis ReinsGrp ReinventTechPtrs ReinventTechA ReinventTechWt ReinventTechZ ReinventTechZ A ReinventTechZ Wt RelianceSteel RenaissanceRe ReneSola Renren ReplayAcqn ReplayAcqnUn ReplayAcqnWt RepublicSvcs ResideoTech ResMed ResoluteForest RestaurantBrands RetailPropofAmer RetailValue Revlon Revolve RexAmerRes RexfordIndlRealty Rexnord RibbitLeapA RibbitLeapUn RibbitLeapWt RiceAcqn RiceAcqnA RiceAcqnWt RingCentral RioTinto RitchieBros RiteAid RobertHalf RocketCos. Rockwell

RELX RMAX REVG RH RLI RLJ RLX RES RPM RPT RRD RYB RDN RFL RL RRC RNGR PACK RJF RYAM RYN RTX RC RLGY O RLH RBAC.UT RBAC RBAC.WT RWT RBC RM RF RGS RGA RTP.UT RTP RTP.WT RTPZ.UT RTPZ RTPZ.WT RS RNR SOL RENN RPLA RPLA.UT RPLA.WT RSG REZI RMD RFP QSR RPAI RVI REV RVLV REX REXR RXN LEAP LEAP.UT LEAP.WT RICE.UT RICE RICE.WT RNG RIO RBA RAD RHI RKT ROK

... ... 5.1 4.9 ... ... ... ... 4.4 ... 1.7 1.5 2.2 ... ... .0 ... 5.3 2.1 ... 3.9 ... 5.2 ... 8.5 ... ... ... ... ... ... 1.3 1.4 .9 2.5 .5 2.2 ... ... 2.7 ... 4.7 5.7 1.7 3.4 3.5 1.2 ... ... 1.3 .0 3.1 ... ... .0 .6 1.3 .3 ... ... ... ... 2.0 ...

... dd 41 9 ... ... ... dd 14 dd cc 44 dd ... cc dd dd dd 64 ... 23 dd dd dd dd 13 23 ... ... ... ... 15 dd dd 24 9 55 dd 16 13 94 14 dd dd 15 36 9 dd dd 18 32 dd dd 36 dd cc 21 29 ... ... ... 18 12 dd

3.06 79.20 18.19 17.29 13.14 12.16 3.05 36.25 76.19 84.04 132.29 107.83 9.02 10.69 77.10 43.08 6.48 15.21 122.18 10.64 42.10 100.00 16.25 24.16 8.22 43.66 10.87 11.17 11.10 10.59 1.85 141.77 17.43 22.30 127.62 86.27 107.67 9.42 12.64 71.33 197.05 19.59 80.86 36.85 58.27 231.86 48.48 28.90 8.03 9.09 3.46 63.69 145.74 56.02 5.71 282.89 24.83 77.87 10.27 54.64 37.49 3.64 126.02 12.71

+0.25 +4.64 –0.03 +1.00 –0.66 –0.53 –0.45 +2.31 –1.59 +2.08 +4.05 +6.86 –0.30 +0.69 –0.69 +1.23 +0.39 –0.18 +3.61 –0.04 –0.95 +3.70 +0.06 +0.05 +0.52 +1.39 –0.20 ... ... –0.01 +0.15 –5.34 +0.08 +2.43 –1.95 –1.20 +0.97 –0.08 +0.04 +2.09 –19.51 +0.60 +0.70 +3.33 –1.05 +2.52 +0.35 +1.85 +0.99 –0.09 +0.28 –2.08 +3.17 +1.99 –0.01 +6.33 +0.22 +1.92 +0.03 +9.74 +9.99 +0.64 +4.23 +2.82

... ... .23 .21 ... ... ... ... .83 ... .56 1.85 .05 ... ... .15 ... .20 .63 ... .4075 ... .2175 ... .175 ... ... ... ... ... ... .47 .06 .05 .7907 4.50 .58 ... ... .49 ... .23 1.15 .1074 .49 2.00 .14 ... ... .22 .02 .50 ... ... .15 .395 .08 .06 ... ... ... ... .62 ...

2.2 2.2 .0 ... .9 .3 ... ... 1.8 .0 .0 ... 2.4 ... .0 ... ... ... 1.4 ... 3.1 2.6 10.9 ... 4.5 ... ... ... ... 5.6 .9 2.4 3.2 ... 2.5 ... ... ... ... ... ... 2.0 .9 ... ... ... ... ... 1.9 ... .8 ... 3.6 2.2 6.7 ... ... ... 1.9 .9 ... ... ... ... ... ... ... 4.6 1.5 ... 1.8 ... 1.7

31 57 dd 63 30 dd ... dd 26 15 dd dd 10 dd dd dd dd dd 19 dd cc dd 18 dd 52 dd ... ... ... dd 30 14 19 dd 18 ... ... ... ... ... ... 21 10 dd ... cc ... ... 29 dd 42 cc 37 80 dd dd 60 cc cc 33 ... ... ... ... ... ... dd 19 37 dd 27 1 22

25.85 39.58 11.79 491.90 104.28 14.22 24.48 4.84 86.80 10.59 2.57 3.22 20.47 30.56 110.70 10.16 4.96 19.62 114.13 9.01 35.30 72.61 12.82 18.11 62.46 3.42 11.42 10.75 2.17 9.92 128.95 32.82 19.56 10.56 113.00 15.46 14.49 4.50 13.61 13.93 3.80 125.59 159.22 23.33 8.95 10.20 10.89 1.26 91.26 26.01 200.55 10.45 59.05 10.67 17.26 11.07 38.74 91.15 51.50 41.52 14.95 15.96 4.62 13.28 12.08 2.81 443.29 83.66 58.00 24.97 73.78 20.68 249.18

+0.66 +1.30 +0.63 +4.97 +3.48 +0.28 +0.25 –0.28 +0.34 +0.92 +0.15 +0.04 +0.30 +2.56 +2.20 +0.90 –0.15 +0.57 +4.72 +0.81 +1.96 +0.28 +0.22 +1.47 +1.28 ... +0.19 +0.16 +0.10 +0.39 –2.43 +1.67 +0.63 +0.40 +3.46 +1.67 +1.47 +0.75 +0.70 +1.81 +0.43 +1.85 –0.13 –0.38 +1.21 ... –0.01 –0.20 +0.33 +0.98 –1.62 +2.55 –0.56 +1.04 +0.02 –0.34 +0.43 +6.07 +1.50 –0.33 +0.85 +1.24 +0.28 –0.28 –0.03 –0.17 +36.12 +5.18 –1.01 +1.38 +2.96 –0.95 +6.29

.1725 .22 .05 ... 1.00 .01 ... ... .38 .22 .03 ... .125 ... .6875 ... ... ... .39 ... .27 .475 .35 ... .2345 ... ... ... ... .14 .30 .20 .155 ... .70 ... ... ... ... ... ... .625 .36 ... ... ... ... ... .425 ... .39 ... .53 .06 1.16 ... ... ... .24 .09 ... ... ... ... ... ... ... 1.55 .22 ... .34 ... 1.07

R

52-Week High Low Name 50.40 184.82 43.00 38.90 17.47 455.72 10.90 86.14 113.62 50.99 51.51 26.55 13.35 70.23 18.52 91.56

32.20 75.72 20.48 9.50 0.40 240.00 10.30 49.55 19.25 21.26 19.19 9.51 0.60 22.62 3.76 13.25

RogersComm B Rogers Rollins RomeoPower RomeoPowerWt RoperTech RotorAcqn RoyalBkCanada RoyalCaribbean RoyalDutchA RoyalDutchB RushStreetInt RushStreetIntWt RyderSystem RyersonHolding RymanHospitality

169.30 379.87 12.43 10.79 2.27 12.31 12.37 2.30 43.73 9.00 13.63 28.96 13.19 74.32 27.30 98.73 12.82 7.76 60.06 63.69 36.49 34.50 39.50 37.33 2.88 10.19 84.87 63.54 284.50 17.19 4.25 12.00 11.00 2.10 5.60 10.63 27.11 27.94 16.00 49.46 34.87 28.13 62.04 44.29 103.95 28.21 250.00 10.26 28.85 281.77 22.86 47.90 36.96 7.48 31.30 29.00 161.76 61.64 79.46 9.57 38.31 54.67 598.37 138.38 19.69 19.94 758.00 83.60 32.10 1499.75 92.46 18.66 46.74 36.40 7.10 162.86 142.77 105.89 179.04 40.49 39.07 46.30 33.37 44.99 44.15 85.43 61.96 52.26 131.69 65.42 193.54 429.00 10.34 19.47 6.22 18.31 30.92 28.26 17.99 16.54 5.88 10.83 60.74 8.94 14.23 24.34 49.21 62.21 118.50 33.43 52.82 70.37 56.96 73.19 58.83 81.62 4.61 18.71 11.08 16.66 4.21

90.90 186.06 9.76 9.50 0.81 9.25 9.20 0.33 22.23 1.46 5.85 17.03 3.60 45.60 14.07 36.19 0.90 0.51 25.50 15.74 12.98 17.54 13.00 23.02 0.74 4.43 38.85 11.61 115.29 6.28 1.39 9.56 9.64 0.56 0.70 3.32 9.74 5.94 1.25 23.49 11.87 15.36 28.00 20.00 45.45 8.28 76.50 3.53 8.86 35.61 5.25 17.06 6.75 2.22 10.00 15.76 88.00 18.25 38.24 3.31 5.00 33.93 238.93 30.01 12.20 5.70 325.43 30.00 17.09 305.30 28.76 3.50 5.60 30.00 1.50 7.60 42.25 47.02 53.29 8.75 17.06 9.81 1.35 10.82 15.10 30.91 33.81 26.07 91.88 7.89 90.72 208.55 1.85 10.56 2.43 10.85 10.18 10.37 10.05 10.25 1.81 10.00 15.20 2.95 4.50 11.50 9.00 37.30 50.94 18.24 32.07 41.96 36.39 23.43 22.47 45.68 1.06 10.15 10.70 10.80 2.30

SAP S&P Global SC Health SC Health SC Health Wt SCVX SCVX SCVX Wt Seacor SeacorMarine SFL SINOPEC SITE Centers SJW Group SK Telecom SLGreenRealty SM Energy SOS SPX SPX FLOW SQZ Biotech STAG Indl StoreCapital SabineRoyalty SafeBulkers SafeguardSci Safehold SailPointTechs Salesforce.com SallyBeauty SanJuanBasin SandbridgeAcqn SandbridgeAcqnA SandbridgeAcqnWt SandRidgeEnergy SandstormGold SantanderCons SaratogaInvt Sasol SaulCenters Schlumberger SchneiderNatl SchwabC SchweitzerMaud ScienceApplicat ScorpioTankers ScottsMiracleGro ScullyRoyalty SculptorCapMgmt Sea SeabridgeGold SealedAir SeaWorldEnt SelectEnergySvcs SelectMedical SelectQuote SempraEnergy SensataTechs SensientTech SequansComms SeritageGrowth ServiceCorp ServiceNow ShakeShack ShawComm B ShellMidstream SherwinWilliams Shift4Paymts ShinhanFin Shopify Shutterstock Sibanye-Stillwater SignetJewelers SignifyHealth SilverBowRscs SilvergateCapital SimonProperty SimpsonMfg SiteOneLandscape SixFlags SkechersUSA Skillz SkillzWt SkylineChamp SlackTech Smartsheet SmithAO Smith&Nephew Smucker Snap SnapOn Snowflake SocialCapHedV Wt SocialCapHedIV SocialCapHedosIVWt SocialCapHedIV A SocialCapHedV SocialCapHedV A SocialCapHedVI SocialCapHedVI A SocialCapHedVI Wt SocialLvgI SOQUIMICH Sogou SolarisOilfield SolarWinds SonicAutomotive SonocoProducts Sony SoJerseyInd SouthJerseyIndsUn Southern SouthernUnSeriesA SoCopper SouthwestAir SouthwestGas SouthwesternEner SpartanAcqnII SpartanAcqnIII Spartan II A Spartan II Wt

Tick Div Sym Yld P/E Last Chg. Amt. RCI ROG ROL RMO RMO.WT ROP ROT.UT RY RCL RDS.A RDS.B RSI RSI.WT R RYI RHP

3.4 ... .9 ... ... .6 ... 4.1 .0 2.9 3.6 ... ... 3.5 ... .0

19 cc 71 cc ... 44 ... 14 dd dd dd dd ... dd dd dd

45.27 179.26 37.59 16.75 6.00 396.02 10.63 83.61 67.63 38.51 36.58 19.72 8.02 64.84 13.02 73.50

–1.09 +7.16 +0.04 –1.69 –0.94 –8.93 ... +0.09 –3.95 +1.03 +1.31 –1.59 –1.06 –2.41 –0.36 +3.12

.3914 ... .08 ... ... .5625 ... .8213 .78 .333 .333 ... ... .56 ... .95

.9 .9 ... ... ... ... ... ... ... ... 7.8 6.3 1.6 2.0 2.9 5.8 .2 ... ... ... ... 4.5 4.4 6.6 ... ... .8 ... ... ... 4.8 ... ... ... ... ... 3.4 6.9 ... 6.3 1.9 1.2 1.2 4.0 1.5 2.4 1.0 ... .0 ... ... 1.5 ... ... ... ... 3.4 ... 2.0 ... ... 1.6 ... ... 5.1 15.9 .7 ... 3.9 ... 1.0 .5 ... ... ... ... 4.8 1.0 ... .0 ... ... ... ... ... ... 1.7 1.7 3.1 ... 2.6 ... ... ... ... ... ... ... ... ... ... ... .8 ... 3.5 ... .9 2.9 .3 5.1 9.0 4.3 6.7 3.3 .0 3.7 ... ... ... ... ...

29 35 ... cc ... ... ... ... 81 dd ... dd 77 46 18 14 dd ... 23 cc dd 43 37 13 dd dd 72 dd 63 15 35 ... ... ... dd cc 9 8 dd 27 dd 19 28 16 27 5 29 dd dd dd dd 14 dd dd 17 34 10 56 49 ... dd 21 cc dd 18 9 33 dd 5 cc 44 22 dd ... dd cc 28 22 64 dd 59 ... ... 44 dd dd 28 49 15 dd 17 dd ... ... ... ... ... ... ... ... ... ... 92 dd dd cc dd 29 14 17 ... 20 ... 36 dd 16 dd ... ... ... ...

131.93 339.45 12.00 10.50 1.81 11.80 10.94 2.13 42.44 3.84 7.69 23.33 12.32 68.62 25.07 64.99 12.69 7.44 55.36 58.77 18.56 32.56 32.93 33.34 2.82 7.60 82.10 63.21 240.37 15.29 3.93 11.41 10.59 1.79 5.27 6.49 25.61 23.92 13.75 33.87 26.77 22.63 58.19 44.01 96.23 16.47 245.41 9.22 19.74 276.12 18.50 44.09 34.17 5.82 27.28 27.24 124.50 58.40 78.66 8.20 18.25 54.12 591.29 128.79 17.78 11.56 721.05 81.22 29.75 1455.49 86.00 17.88 43.61 36.40 7.05 162.71 109.26 95.53 163.64 39.83 36.93 37.15 25.16 43.78 43.69 84.41 60.37 44.04 115.10 61.97 189.95 299.47 8.65 16.20 4.83 15.19 25.26 23.90 16.07 15.12 4.84 10.75 56.67 8.26 12.17 17.04 46.11 59.62 113.53 23.66 40.24 60.10 50.15 72.46 51.34 61.83 4.34 14.10 10.79 12.73 2.78

+1.64 +15.43 +0.47 +0.10 +0.01 ... +0.20 +0.03 +0.11 +0.37 +0.75 –0.80 +0.73 –0.23 –0.25 +1.24 +1.40 +3.56 +0.79 +1.80 –7.76 +1.17 –0.04 +1.75 +0.45 –0.01 +3.08 +4.08 +1.48 +0.57 +0.20 –0.29 –0.18 –0.06 +0.54 +0.09 –0.31 +0.12 +0.36 +1.90 +1.76 +0.43 +2.45 +5.19 +0.98 +1.87 +8.88 +0.58 +1.76 +19.36 –0.53 –1.12 –0.13 –0.03 +0.13 +2.29 –1.74 +5.53 +4.20 –1.09 +1.29 +1.65 +1.56 +11.24 +0.07 +0.60 +4.47 +3.47 +1.25 +167.74 +15.09 +1.03 +0.25 +12.40 +0.49 +37.21 +12.51 –4.64 –3.77 +0.65 –0.32 –6.57 –5.82 +2.85 +0.45 +8.22 +0.37 +1.17 +0.64 –1.67 +5.58 –6.58 +0.09 –1.39 –0.63 –1.34 +0.17 +0.80 –0.58 –0.42 –0.37 ... +4.21 –0.05 +2.26 ... +3.13 –0.19 –3.18 +0.62 +0.92 –0.78 –0.32 +1.00 +1.29 –0.72 +0.20 –0.05 +0.79 –0.06 –0.11

1.7119 .77 ... ... ... ... ... ... ... ... .15 1.4774 .05 .34 .8934 .3033 .01 ... ... ... ... .1208 .36 .1553 ... ... .1622 ... ... ... .0586 ... ... ... ... ... .22 .42 ... .53 .125 .07 .18 .44 .37 .10 .62 ... .53 ... ... .16 ... ... ... ... 1.045 ... .39 ... ... .21 ... ... .0776 .46 .4467 ... 1.6738 ... .21 .0959 ... ... ... ... 1.30 .23 ... .25 ... ... ... ... ... ... .26 .288 .90 ... 1.23 ... ... ... ... ... ... ... ... ... ... ... .3723 ... .105 ... .10 .45 .2391 .3025 .9063 .64 .8438 .60 .18 .57 ... ... ... ... ...

S SAP SPGI SCPE.UT SCPE SCPE.WT SCVX.UT SCVX SCVX.WT CKH SMHI SFL SHI SITC SJW SKM SLG SM SOS SPXC FLOW SQZ STAG STOR SBR SB SFE SAFE SAIL CRM SBH SJT SBG.UT SBG SBG.WT SD SAND SC SAR SSL BFS SLB SNDR SCHW SWM SAIC STNG SMG SRL SCU SE SA SEE SEAS WTTR SEM SLQT SRE ST SXT SQNS SRG SCI NOW SHAK SJR SHLX SHW FOUR SHG SHOP SSTK SBSW SIG SGFY SBOW SI SPG SSD SITE SIX SKX SKLZ SKLZ.WT SKY WORK SMAR AOS SNN SJM SNAP SNA SNOW IPOE.WT IPOD.UT IPOD.WT IPOD IPOE.UT IPOE IPOF.UT IPOF IPOF.WT SLAC.UT SQM SOGO SOI SWI SAH SON SNE SJI SJIU SO SOLN SCCO LUV SWX SWN SPRQ.UT SPAQ.UT SPRQ SPRQ.WT

52-Week High Low Name 85.54 87.96 68.94 44.69 54.62 11.75 10.80 2.00 370.95 22.50 43.63 273.84 55.60 55.29 92.99 195.00 116.17 39.28 10.00 13.25 48.85 43.00 20.65 5.59 9.05 26.07 81.08 14.33 19.18 19.50 131.72 203.91 21.17 53.88 58.81 42.86 3.71 32.55 52.84 248.69 27.00 90.74 21.75 7.05 11.57 25.29 39.75 173.98 50.43 6.26 30.84 2.95 57.70 33.00 13.62 7.10 13.40 13.00 3.30 12.38 14.12 3.65 13.23 19.99 49.48 56.90 24.60 13.47 40.69 91.62 42.18 79.96 45.35

19.59 50.58 13.69 7.01 18.37 9.89 9.68 0.90 109.18 9.83 13.30 32.33 15.32 33.94 37.50 70.00 50.68 21.43 6.11 10.85 9.89 9.60 0.96 2.51 2.75 7.59 42.10 4.31 7.02 6.00 69.33 105.69 7.01 20.26 20.75 14.67 0.46 13.87 15.06 124.54 11.87 38.44 8.64 4.49 2.32 7.51 7.50 95.34 24.37 2.33 9.61 0.68 6.12 10.46 5.75 0.90 10.05 10.15 1.91 9.70 9.85 0.67 4.43 10.30 9.38 9.60 0.30 11.37 12.15 26.08 10.91 26.00 14.00

SpectrumBrands Spire SpiritAeroSys SpiritAirlines SpiritRealtyCap SportsEntAcqn SportsEntA SportsEntWt Spotify SpragueRscs Sprott Square St.Joe StandardMotor StandexInt StanleyBlackDck StanleyB&D Un Stantec StarGroup StarPeakII StarPeakEner StrPeakEnerA StrPeakEnerWt Starrett A Startek StarwoodProp StateStreet SteelPartners Steelcase Stellantis Stepan Steris SterlingBancorp StewartInfo StifelFinancial STMicroelec StoneMor Stoneridge Stride Stryker StudioCity SturmRuger SuburbanPropane SumitomoMits SummitHotelProp SummitMaterials SummitMidstream SunComms SunLifeFinancial SunCokeEnergy SuncorEnergy SunlandsTech SunnovaEnergy Sunoco SunstoneHotelInv SuperiorIndsIntl SupernovaPtrs SupernovaPtrsA SupernovaPtrsWt SustOppsAcqnA SustOppsAcqnUn SustOppsAcqnWt Suzano Switch SwitchbackEnerA SwitchbackEner SwitchbackEnerWt SwitchbackII SynchronyFin Synnex SynovusFin Sysco Systemax

89.88 57.92 41.84 131.97 18.31 21.62 33.60 33.99 81.46 70.96 10.50 37.36 34.28 12.00 13.00 12.50 4.60 21.30 12.63 11.32 2.35 139.81 20.00 19.06 20.96 40.18 40.17 199.96 80.00 23.38 31.11 14.13 17.59 21.34 4.88 13.85 26.92 17.90 299.42 12.35 398.68 414.72 13.78 7.07 26.88 25.61 34.10 21.25 28.84 52.63 85.31 12.94 59.58 40.62 55.00 64.24 2.74 13.56 1120.51 23.58 51.13 532.57 21.72 11.19 13.19

45.15 32.37 18.00 48.62 9.61 13.54 29.90 9.59 15.24 32.72 10.00 10.00 9.76 1.55 10.00 9.70 1.37 2.45 9.90 9.55 0.62 42.70 12.43 5.00 4.05 10.18 3.66 90.17 53.95 3.92 6.39 3.75 4.49 5.60 1.70 7.00 8.90 12.12 102.01 6.20 195.34 221.27 7.08 3.22 16.06 14.05 5.50 8.86 9.22 10.00 46.64 2.21 17.62 11.54 17.63 42.12 0.22 6.25 295.05 5.50 20.26 250.21 9.98 5.64 11.30

TAL Education TC Energy TC PipeLines TE Connectivity Tegna Telus TelusIntl Ternium TFI Intl TJX TLG Acqn One TPGPaceBenFin TPGPaceBenA TPGPaceBenWt TPGPaceTechOpps TPGPaceTechA TPGPaceTechWt TPG RE Fin TailwindAcqn TailwindAcqnA TailwindAcqnWt TaiwanSemi TakedaPharm TalosEnergy Tanger Tapestry TargaResources Target TaroPharm TataMotors TaylorMorrison Team TechnipFMC TeckRscsB Teekay TeekayLNG un TeekayTankers TejonRanch TeladocHealth TelecomArgentina TeledyneTech Teleflex TelefonicaBras Telefonica TelekmIndonesia Telephone&Data TempurSealy Tenaris TencentMusic TenetHealthcare Tennant Tenneco Teradata Terex Terminix TerrenoRealty TetraTech TevaPharm TexasPacLand Textainer Textron ThermoFisherSci Thermon ThirdPointReins ThomaBravoAdv

Tick Div Sym Yld P/E Last Chg. Amt. SPB SR SPR SAVE SRC SEAH.UT SEAH SEAH.WT SPOT SRLP SII SQ JOE SMP SXI SWK SWT STN SGU STPC.UT STPK.UT STPK STPK.WT SCX SRT STWD STT SPLP SCS STLA SCL STE STL STC SF STM STON SRI LRN SYK MSC RGR SPH SMFG INN SUM SMLP SUI SLF SXC SU STG NOVA SUN SHO SUP SPNV.UT SPNV SPNV.WT SOAC SOAC.UT SOAC.WT SUZ SWCH SBE SBE.UT SBE.WT SWBK.UT SYF SNX SNV SYY SYX

2.0 4.1 .1 ... 6.1 ... ... ... ... 12.1 3.1 ... .5 2.4 1.1 1.6 4.9 1.2 5.4 ... ... ... ... ... ... 8.9 2.8 ... 2.9 .0 1.0 .9 1.4 2.2 1.0 .4 ... ... ... 1.0 ... 2.2 7.7 4.4 .0 ... ... 2.1 3.5 4.0 3.6 ... ... 10.5 .0 ... ... ... ... ... ... ... ... 1.1 ... ... ... ... 2.4 .0 3.2 2.4 1.3

18 34 dd dd dd ... ... ... dd 14 38 cc 93 16 67 23 ... 29 8 ... ... ... ... dd dd 16 12 dd 20 dd 24 36 18 9 14 35 dd dd 23 59 dd 18 17 10 dd 20 1 94 16 cc dd dd dd 20 dd dd ... ... ... dd ... ... dd cc dd ... ... ... 16 9 18 dd 26

83.52 63.97 39.08 30.49 41.22 11.20 10.36 1.75 339.70 22.01 32.56 272.75 53.68 42.21 90.82 175.57 107.51 38.22 9.77 12.38 44.97 39.08 17.85 5.51 8.44 21.50 73.50 13.93 13.79 16.20 123.18 183.00 20.31 53.76 58.46 42.79 2.89 30.33 28.27 248.15 13.07 68.34 15.54 6.97 9.69 24.68 20.29 148.79 48.81 6.06 18.03 1.63 50.97 31.59 11.93 7.05 12.77 11.89 2.90 11.74 13.10 2.70 13.18 18.96 37.98 44.26 20.15 12.40 37.15 90.00 41.33 76.24 41.96

+0.75 –1.13 +0.61 +0.60 +1.14 –0.10 –0.10 –0.21 +28.93 +1.67 +1.23 +32.37 +0.27 –1.04 +4.54 –1.07 –2.72 –0.52 –0.17 +0.18 +6.78 +5.03 +4.13 +0.21 –0.52 +1.09 –1.27 +0.28 –0.01 +0.03 +2.78 –0.18 +0.39 +5.63 +3.27 +2.27 –0.09 +1.68 +1.05 +9.37 –0.57 +1.58 +0.63 +0.44 +0.88 +0.64 +0.60 –0.03 +1.09 +0.32 +0.77 +0.10 +1.52 –0.74 +0.80 +1.89 +0.85 +0.61 +0.58 +0.26 +0.29 –0.10 +0.76 ... –2.58 –2.46 +0.45 +0.04 –0.14 +2.37 +0.83 –0.84 –3.00

.42 .65 .01 ... .625 ... ... ... ... .6675 .25 ... .07 .25 .24 .70 1.3125 .1186 .1325 ... ... ... ... ... ... .48 .52 ... .10 2.2375 .305 .40 .07 .30 .15 .042 ... ... ... .63 ... .56 .30 .1827 .18 ... ... .79 .433 .06 .1642 ... ... .8255 .05 ... ... ... ... ... ... ... ... .05 ... ... ... ... .22 .20 .33 .45 2.00

... 5.7 8.4 1.5 1.6 4.7 ... ... 1.2 1.5 ... ... ... ... ... ... ... 7.4 ... ... ... 1.0 4.0 ... 5.0 .0 1.3 1.4 ... ... ... ... 1.3 .8 ... 7.7 ... ... ... 19.0 ... .3 8.4 7.0 2.6 3.3 .9 .0 ... ... 1.2 ... ... .0 ... 1.9 ... ... .9 ... .2 .2 ... ... ...

dd 13 8 cc 12 30 ... 23 25 cc ... ... ... ... ... ... ... dd ... ... ... 41 32 dd dd dd dd 25 dd dd 16 dd dd dd dd 12 2 49 dd dd 37 52 15 82 18 11 20 dd 77 13 34 dd 43 cc cc 53 dd dd 43 22 38 32 dd 25 ...

89.10 44.53 30.89 129.77 17.68 20.96 30.89 29.28 76.28 68.00 10.35 30.41 29.49 10.50 12.51 12.05 2.35 10.85 12.00 11.14 2.08 138.06 17.54 9.16 14.15 38.31 30.74 191.43 78.21 22.58 29.40 10.60 10.31 19.71 3.41 13.04 13.16 17.05 293.66 6.54 387.91 406.19 9.01 4.59 23.12 20.36 32.51 17.39 26.36 49.83 76.15 10.00 49.29 39.43 50.00 61.12 2.62 11.12 1119.78 23.06 50.89 507.83 16.28 10.08 12.59

+8.73 +1.40 +0.93 +1.71 +0.39 –0.16 –0.69 +1.04 +4.15 –0.33 +0.10 –1.79 –0.54 –0.10 +0.06 +0.12 –0.21 –0.07 +0.15 +0.26 –0.06 +10.28 +0.36 –0.06 +0.44 +0.76 +0.51 +2.57 +2.83 +1.04 +0.49 –0.08 –0.45 +1.38 +0.53 +0.36 +2.07 –0.13 +8.63 –0.01 +2.75 +7.42 +0.02 –0.04 –0.44 –0.15 +4.09 +0.83 +0.71 –0.82 +3.08 –0.75 +12.21 +1.26 +1.83 +1.19 +0.37 –1.12 +126.79 +3.35 +2.83 +15.27 +0.19 +0.21 +0.71

... .6328 .65 .48 .07 .245 ... ... .228 .26 ... ... ... ... ... ... ... .18 ... ... ... .3527 .4305 ... .1775 .3375 .10 .68 ... ... ... ... .13 .0391 ... .25 ... ... ... .9972 ... .34 .0256 .2371 .824 .17 .07 .14 ... ... .23 ... ... .12 ... .29 ... ... 10.00 ... .02 .22 ... ... ...

T TAL TRP TCP TEL TGNA TU TIXT TX TFII TJX TLGA.UT TPGY.UT TPGY TPGY.WT PACE.UT PACE PACE.WT TRTX TWND.UT TWND TWND.WT TSM TAK TALO SKT TPR TRGP TGT TARO TTM TMHC TISI FTI TECK TK TGP TNK TRC TDOC TEO TDY TFX VIV TEF TLK TDS TPX TS TME THC TNC TEN TDC TEX TMX TRNO TTI TEVA TPL TGH TXT TMO THR TPRE TBA

52-Week High Low Name 89.55 132.12 56.50 187.27 17.06 2.40 2.12 11.36 12.88 2.80 11.20 19.97 86.44 6.57 8.80 56.96 58.98 224.89 102.01 59.97 18.33 19.70 6.16 49.43 11.25 163.37 156.27 9.35 40.42 657.82 4.74 6.77 102.80 152.29 12.87 11.99 2.98 7.47 23.71 53.98 4.83 11.49 10.75 106.68 22.17 85.36 32.39 59.66 25.20 14.69 54.72 24.52 18.91 21.74 55.44 23.85 20.11 38.59 6.36 61.08 14.62 17.78 441.19 73.18 15.85 475.43 81.70

52.23 32.30 4.60 114.04 4.09 0.41 0.17 10.30 10.15 1.05 3.46 9.92 22.26 2.16 1.05 13.28 28.99 54.83 52.07 33.74 9.46 10.15 1.25 22.13 3.54 108.01 70.00 3.63 16.00 200.06 0.65 3.72 52.50 76.99 10.10 9.72 0.95 4.23 11.31 33.50 1.24 10.10 10.13 28.11 5.89 27.79 14.53 14.16 9.13 2.80 19.80 3.02 3.97 12.02 24.01 7.06 5.79 1.15 4.36 14.09 3.01 2.61 68.06 20.00 2.25 247.22 42.57

ThomsonReuters ThorIndustries 3D Systems 3M Tidewater TidewaterWtA TidewaterWtB TigaAcqnA TigaAcquisitionUn TigaAcqnWt Tilly's Tim Timken TimkenSteel TItanIntl Toll Bros TootsieRoll TopBuild Toro TorontoDomBk Tortoise II A TortoiseAcqnII Tortoise II Wt Total TownsquareMedia ToyotaMotor TraneTech Transalta TrancntlRlty TransDigm Transocean TransportadGas TransUnion Travelers TrebiaAcqn TrebiaAcquisition TrebiaAcqnWt TrecoraResources Tredegar TreeHouseFoods TrepontAcqnI Wt TrepontAcqnI TrepontAcqnI A Trex TriPointe TriNet TrinityIndustries Trinseo Triple-S Mgmt TriplePtVent TritonIntl TriumphGroup Tronox TrueBlue TruistFinl TsakosEnergy TufinSoftware Tupperware TurkcellIletism TurningPoint TurquoiseHill TutorPerini Twilio Twitter TwoHarbors TylerTech TysonFoods

15.61 51.25 41.83 17.24 65.76 16.45 37.75 10.24 40.78 141.77 9.94 11.34 14.38 4.87 64.05 362.89 5.68 23.50 19.62 26.31 239.96 63.89 221.28 26.65 10.85 32.18 178.01 287.23 55.33 24.71 367.95 174.94 23.02 54.70 132.41 143.84 24.97 9.59 30.39 18.93 18.66 23.70 101.50 26.25

7.48 29.20 21.75 8.63 32.80 3.52 23.91 1.00 8.32 45.13 0.79 2.65 8.81 1.00 13.71 110.01 1.97 7.15 6.37 7.48 121.89 44.06 105.08 8.25 2.10 5.00 82.00 58.85 28.36 4.54 187.72 65.11 6.40 37.04 52.25 65.20 10.84 2.75 9.58 6.98 8.18 8.22 43.01 9.84

UBS Group UDR UGI UMH Prop Unitil USA Compression US Cellular USD Partners US Foods US PhysTherapy US Silica US Xpress UWM UWM Wt Uber Ubiquiti UltraparPart UnderArmour A UnderArmour C Unifi Unifirst Unilever UnionPacific Unisys UnitedMicro UnitedNatFoods UPS B UnitedRentals US Bancorp US Steel UnitedHealth UnitySoftware Univar Universal UniversalHealth UniversalHealthB UnivInsurance UnvlTechInst UnumGroup UrbanEdgeProp UrstadtBiddle UrstadtProp A UsanaHealth UtzBrands

50.90 89.68 19.80 18.16 5.72 15.57 28.75 4.38 3.06 300.00 19.00 84.77 19.68 225.47 25.48 54.42 176.44 14.43 58.69 10.38 319.68 14.90

17.77 45.07 9.85 9.65 0.95 7.04 9.85 1.26 0.70 125.00 6.49 31.00 9.02 82.60 9.06 6.86 89.62 7.92 28.90 3.24 118.11 2.24

VEREIT VF VG Acqn VG Acqn A VG Acqn Wt ViaOptronics VICI Prop VOC Energy VaalcoEnergy VailResorts Vale ValeroEnergy Valhi ValmontInds Valvoline Vapotherm VarianMed VectorGroup Vectrus Vedanta VeevaSystems VelocityFinl

Tick Div Sym Yld P/E Last Chg. Amt. TRI THO DDD MMM TDW TDW.WTA TDW.WTB TINV TINV.UT TINV.WT TLYS TIMB TKR TMST TWI TOL TR BLD TTC TD SNPR SNPR.UT SNPR.WT TOT TSQ TM TT TAC TCI TDG RIG TGS TRU TRV TREB.UT TREB TREB.WT TREC TG THS TACA.WT TACA.UT TACA TREX TPH TNET TRN TSE GTS TPVG TRTN TGI TROX TBI TFC TNP TUFN TUP TKC TPB TRQ TPC TWLO TWTR TWO TYL TSN

1.8 1.3 ... 3.3 ... ... ... ... ... ... ... 2.3 1.5 ... .0 .8 1.2 ... 1.0 4.2 ... ... ... ... .0 2.3 1.6 1.5 ... ... ... ... .3 2.3 ... ... ... ... 3.1 ... ... ... ... ... ... ... 2.6 .5 ... 10.2 4.2 .0 1.5 ... 3.3 2.6 ... ... ... .3 ... ... ... ... 7.5 ... 2.7

22 24 dd 19 dd ... ... ... ... ... dd 15 20 dd dd 16 36 33 34 12 ... ... ... dd dd 16 43 dd cc 84 dd 5 56 14 ... ... ... 16 dd cc ... ... ... 74 10 19 dd cc 10 12 15 dd 3 dd 18 6 dd cc 9 cc 7 dd dd dd dd cc 12

82.78 123.69 47.88 178.70 11.85 1.21 1.01 11.07 12.21 2.37 10.86 13.43 74.84 5.70 7.79 56.09 31.19 221.31 101.86 59.39 15.03 16.25 5.10 42.77 10.57 160.49 150.93 9.23 23.00 576.49 3.54 5.09 95.06 145.96 11.62 10.88 2.30 7.18 15.35 49.44 1.83 11.24 10.37 106.28 21.19 84.45 32.19 59.05 23.17 14.08 54.36 14.98 18.58 19.56 54.01 9.53 15.09 32.11 5.91 59.00 13.73 17.53 435.29 71.90 6.66 474.79 65.56

–1.43 +2.60 –0.07 –0.31 +0.33 +0.09 +0.03 –0.03 +0.02 +0.01 +0.09 +0.65 +2.05 +0.47 +0.58 +2.47 –0.04 +4.72 +3.68 +0.95 +2.13 +2.64 +1.60 +0.45 +0.07 +9.63 +1.58 +0.25 ... –28.51 +0.03 +0.04 +1.47 +1.12 –0.38 –0.11 –0.38 –0.13 +0.17 +8.40 +0.07 –0.01 –0.03 +6.29 –0.17 +6.49 +1.15 +3.23 +0.19 –0.42 +4.58 +1.17 +0.23 –0.06 +1.32 +0.64 –1.60 –3.58 +0.08 +4.75 +1.17 +0.67 +35.23 +15.12 +0.21 +52.67 –0.62

.38 .41 ... 1.48 ... ... ... ... ... ... ... .24 .29 ... .005 .11 .09 ... .2625 .5968 ... ... ... ... .075 2.015 .59 .0353 ... ... ... ... .075 .85 ... ... ... ... 5.97 ... ... ... ... ... ... ... .21 .08 ... .10 .57 .04 .07 ... .45 .125 ... ... ... .05 ... ... ... ... .17 ... .445

2.4 3.4 3.4 4.6 3.6 13.9 ... 9.2 ... .9 .0 ... 4.4 ... ... .5 2.1 ... ... ... .4 3.3 1.8 ... .9 ... 2.5 ... 3.5 .2 1.5 ... ... 6.0 4.4 .0 4.5 ... 4.6 .0 3.9 3.7 ... .8

9 96 13 dd 20 dd 12 dd dd 59 dd 27 dd ... dd 44 cc dd dd dd 35 23 27 dd 36 15 99 23 16 dd 20 ... cc 20 43 13 dd dd 6 27 58 69 15 dd

15.40 42.71 38.88 16.53 42.12 15.07 32.91 4.81 36.89 138.79 9.78 9.35 9.02 1.86 60.63 353.95 4.38 22.37 18.84 24.54 237.65 55.05 213.16 26.30 10.78 27.62 163.39 286.22 47.64 16.50 328.24 126.07 20.68 51.42 63.50 129.28 14.33 6.55 24.74 16.07 12.70 15.15 90.59 25.49

+0.47 +2.64 +1.58 +0.62 –0.24 +0.12 –0.63 –0.69 +0.90 +6.48 +0.74 +0.84 –0.97 –0.39 +2.05 +14.95 –0.03 +1.67 +1.10 +0.54 +10.04 +0.03 +8.96 +2.15 +1.16 +1.18 –0.99 +20.49 +1.29 –0.05 +3.73 –2.57 +0.38 +4.25 +1.89 –1.41 +0.50 +0.25 +1.39 +1.27 +0.63 +0.92 +6.39 +1.55

.37 .36 .33 .19 .38 .525 ... .111 ... .32 .02 ... .10 ... ... .40 .0546 ... ... ... .25 .5139 .97 ... .1361 ... 1.02 ... .42 .01 1.25 ... ... .77 .695 .20 .13 ... .285 .46 .125 .14 ... .01

4.1 2.5 ... ... ... ... 4.8 4.8 ... .0 ... 6.1 1.8 .8 2.1 ... ... 5.6 ... 6.1 ... ...

32 dd ... ... ... ... 20 9 dd cc 35 dd 12 34 14 dd 58 32 21 dd cc dd

37.80 79.51 15.83 14.60 3.45 14.26 27.26 3.00 3.04 287.37 17.50 64.74 17.97 225.00 24.33 32.03 176.12 14.32 55.33 10.31 318.03 7.37

+0.52 –2.35 –1.69 –1.44 –1.25 –0.15 +0.31 +0.10 +0.05 +5.90 +0.24 +3.02 –0.13 +12.58 +0.63 –3.69 –0.28 +1.83 +1.64 +0.47 +19.88 +0.28

.077 .49 ... ... ... ... .33 .03 ... 1.76 ... .98 .08 .45 .125 ... ... .20 ... .4946 ... ...

U UBS UDR UGI UMH UTL USAC USM USDP USFD USPH SLCA USX UWMC UWMC.WT UBER UI UGP UAA UA UFI UNF UL UNP UIS UMC UNFI UPS URI USB X UNH U UNVR UVV UHT UHS UVE UTI UNM UE UBP UBA USNA UTZ

V VER VFC VGAC.UT VGAC VGAC.WT VIAO VICI VOC EGY MTN VALE VLO VHI VMI VVV VAPO VAR VGR VEC VEDL VEEV VEL

52-Week High Low Name

Tick Div Sym Yld P/E Last Chg. Amt.

5.24 63.38 30.71 24.66 61.95 14.71 19.34 22.43 65.00 14.89 34.55 62.80 8.11 220.39 24.26 37.08 7.93 37.00 23.60 1.56 32.00 163.17 55.60 39.00 68.50 63.81 168.24 13.22 12.74 4.10

1.12 13.35 5.25 5.70 48.84 1.50 7.36 4.75 11.25 3.16 11.53 9.06 4.10 133.93 11.23 16.56 1.80 4.29 11.30 0.23 8.51 86.00 15.89 26.36 27.64 29.75 65.56 10.10 9.63 1.08

VenatorMaterials Ventas Veoneer Veritiv Verizon VermilionEnergy Verso Vertiv Viad VinceHolding Vipshop VirginGalactic VirnetX Visa Vishay VishayPrecision VistaOil&Gas VistaOutdoor Vistra VistraWt VivintSmartHome VMware VoceraComm Vontier VornadoRealty VoyaFinancial VulcanMatls VyGlblGrowth VyGlblGrowthA VyGlblGrowthWt

VNTR VTR VNE VRTV VZ VET VRS VRT VVI VNCE VIPS SPCE VHC V VSH VPG VIST VSTO VST VST.WTA VVNT VMW VCRA VNT VNO VOYA VMC VYGG.UT VYGG VYGG.WT

3.97 109.53 236.52 78.07 88.99 64.11 19.17 84.32 25.90 105.78 153.66 24.17 26.64 32.22 111.04 126.79 299.06 265.18 262.89 131.51 369.00 52.88 5.49 31.12 59.39 15.15 48.32 89.99 89.53 74.48 312.12 79.89 11.33 17.15 26.51 91.83 24.64 17.27 47.77 28.37 35.23 57.89 214.68 1195.00 13.74 29.87 11.86 53.11 53.75 22.93 151.16 74.66 6.74 34.79 28.50 111.15 39.35 60.00 60.99 52.45 63.41

1.07 68.01 71.12 34.26 38.62 27.18 6.26 35.07 9.87 24.55 102.00 9.46 4.41 16.95 70.87 85.34 154.39 132.97 139.00 69.02 21.70 18.16 0.73 12.21 32.44 3.17 20.76 24.27 13.52 15.00 124.53 20.90 1.37 2.90 17.39 28.99 10.31 7.98 21.50 9.42 13.10 18.66 64.00 629.21 4.71 13.44 2.95 30.00 30.44 8.41 26.01 16.94 2.52 12.19 15.54 22.01 18.36 29.10 19.28 13.74 14.50

W&T Offshore WEC Energy WEX WNS W.P.Carey WPP WabashNational Wabtec Waddell&ReedFin Walker&Dunlop Walmart WarriorMetCoal WashingtonPrime WashingtonREIT WasteConnections WasteMgt Waters Watsco Watsco B WattsWater Wayfair WebsterFin Weidai WeingartenRealty WeisMarkets Welbilt WellsFargo Welltower WescoIntl WestFraserTimber WestPharmSvcs WestAllianceBcp WesternAssetMort WesternMidstrm WesternUnion WestlakeChem WestlakeChemPtrs WestpacBanking WestRock Westwood Weyerhaeuser WheatonPrecMet Whirlpool WhiteMtnIns WhitestoneREIT WhitingPetrol WideOpenWest Wiley A Wiley B Williams Williams-Sonoma Winnebago Wipro WolverineWwide WooriFin Workiva WorldFuelSvcs WW Ent WorthingtonInds WyndhamDest WyndhamHtls

4.95 35.00 13.00 128.57 19.68 38.41 3.25 74.49 108.84 80.89 9.82 41.35 7.02 25.47 39.95 20.90 5.65 47.70 11.51 11.07 2.28 110.66 62.79 20.57 38.99 166.60 170.05 176.64 17.79 59.03

1.42 9.50 0.40 38.47 6.15 14.22 1.68 10.00 54.62 15.28 2.25 6.26 2.23 15.17 12.89 8.56 2.70 14.84 10.00 9.59 0.76 54.95 38.33 11.34 22.51 50.23 74.37 90.14 6.21 20.33

XFinancial XL Fleet XL Fleet Wt XPO Logistics XeniaHotels Xerox XinyuanRealEst XPeng Xylem Yeti YPF Yalla YamanaGold YatsenHolding Yelp Yext YirenDigital Youdao YucaipaAcqn YucaipaAcqnA YucaipaAcqnWt YumBrands YumChina ZimIntShipping ZTO Express Zendesk ZimmerBiomet Zoetis Zuora Zymeworks

13.75 13.66 13.77 91.40 19.22 31.25 15.67 9.25 21.43

5.19 5.25 5.19 16.88 5.91 8.19 8.22 7.10 9.50

EmpireStateReal250 FISK EmpireStateReal60 OGCP EmpireStateRealES ESBA US Oil Fund USO USBrentOilFd BNO USGasolineFd UGA US NatGas UNG US12mthNtlGas UNL US12moOilFd USL

... 3.5 ... ... 4.6 .0 3.1 .0 .0 ... ... ... .0 .6 1.6 ... ... ... 2.5 ... ... ... ... ... 5.5 1.2 .8 ... ... ...

dd 56 dd 68 13 dd 3 dd dd dd 32 dd 2 45 28 32 dd 40 12 ... dd 39 dd ... cc dd 36 ... ... ...

4.27 50.72 29.73 21.97 54.20 5.39 12.77 21.44 36.80 8.57 33.09 54.53 7.83 209.96 23.58 34.43 2.80 36.23 21.33 .50 17.81 145.13 52.92 34.11 38.39 54.98 164.50 12.81 12.30 3.61

+0.06 +2.25 +1.06 +1.14 –1.12 +0.39 +0.38 +0.54 –2.29 –0.25 –0.01 +0.19 +0.86 +1.19 +0.29 +0.76 +0.12 +5.84 +0.28 –0.02 –1.95 –0.59 +6.59 –0.24 +1.00 –3.00 +11.56 +0.30 +0.34 +0.69

... .45 ... ... .6275 .1729 .10 .01 .10 ... ... ... 1.00 .32 .095 ... ... ... .135 ... ... ... ... ... .53 .165 .34 ... ... ...

... 3.3 ... ... 5.9 1.1 1.9 .6 4.0 2.0 1.5 .9 .0 5.2 .8 1.9 ... 2.9 2.8 .8 ... 3.2 ... 2.8 2.3 ... 1.2 3.6 ... .8 .2 1.3 7.8 7.5 3.9 1.2 8.0 1.3 1.8 2.4 2.9 1.2 2.5 .1 4.9 ... ... 2.6 2.6 7.2 1.7 .7 .2 1.2 5.1 ... 1.2 1.0 1.7 2.3 .5

7 22 cc 38 27 dd dd 33 23 13 21 60 71 dd cc 32 34 36 37 36 dd 21 ... 20 12 dd 82 dd 57 20 71 15 dd 14 13 39 12 40 dd dd 33 42 12 5 20 dd 50 dd dd cc 19 23 28 86 9 dd 13 30 6 dd dd

2.88 83.05 221.40 76.37 70.39 57.16 16.77 80.53 25.08 100.36 144.47 21.91 12.08 23.24 99.36 113.25 283.95 248.16 251.85 121.60 292.97 49.95 2.10 25.46 54.79 14.77 33.53 67.51 80.44 74.40 294.01 78.20 3.06 16.52 23.99 87.08 23.59 17.25 44.24 16.75 35.04 40.21 199.93 1149.63 8.85 29.34 11.54 53.11 51.85 22.84 126.61 72.15 6.73 33.46 25.99 108.59 33.60 46.41 59.70 51.68 60.20

+0.06 –3.77 +22.42 +4.20 +2.53 +1.23 –0.04 –0.06 +0.07 +4.86 +0.11 +0.02 +1.09 +0.74 +0.42 –0.48 +0.47 +5.93 –11.04 –2.92 +3.67 +0.33 –0.05 +2.19 +1.09 –0.14 +0.97 +3.49 –6.33 +5.46 +2.66 +4.33 –0.05 +0.52 +1.02 +2.83 –0.16 +0.30 +1.16 +3.28 +0.64 –0.43 +6.36 +66.64 +0.58 +3.43 +0.57 +3.13 +3.10 +0.75 –2.14 +0.69 +0.30 +1.52 +0.71 +0.26 +0.52 –2.82 +2.42 +0.98 –1.77

... .6775 ... ... 1.046 .6594 .08 .12 .25 .50 .54 .05 1.125 .30 .205 .545 ... 1.775 1.775 .23 ... .40 ... .36 .31 ... .10 .61 ... .1554 .17 .25 .06 .311 .235 .27 .4714 .2353 .20 .10 .17 .12 1.25 1.00 .035 ... ... .3425 .3425 .41 .53 .12 .0122 .10 1.9027 ... .10 .12 .25 .30 .08

... ... ... ... .0 4.2 6.7 ... 1.1 ... ... ... 2.2 ... ... ... ... ... ... ... ... 1.9 .8 ... .0 ... .6 .6 ... ...

dd dd ... cc dd 28 dd dd 71 41 dd cc 40 dd dd dd 13 dd ... ... ... 36 32 ... 41 dd dd 48 dd dd

3.84 20.39 8.85 121.31 16.28 23.71 2.47 46.89 99.12 73.04 4.64 39.20 4.81 23.24 36.97 19.55 5.53 33.99 11.25 10.64 1.95 105.47 62.59 20.12 38.48 157.20 161.38 166.71 16.80 41.00

+0.29 +0.31 +0.20 +3.37 +0.75 +0.21 +0.04 –0.04 +0.93 +0.12 +0.43 +3.92 –0.09 –1.31 +1.38 +1.43 +1.12 –2.64 +0.06 +0.02 +0.05 +0.13 +5.20 +5.33 +3.12 –0.80 +1.49 +7.43 +0.75 +0.62

... ... ... ... .275 .25 .025 ... .28 ... ... ... .0262 ... ... ... ... ... ... ... ... .50 .12 ... .29 ... .24 .25 ... ...

9.85 9.95 9.96 39.94 15.60 29.17 10.67 8.62 20.46

–0.07 .105 +0.26 .105 +0.19 .105 +1.75 ... +0.79 ... +0.73 ... +0.14 ... +0.05 ... +0.83 ...

W WTI WEC WEX WNS WPC WPP WNC WAB WDR WD WMT HCC WPG WRE WCN WM WAT WSO WSO.B WTS W WBS WEI WRI WMK WBT WFC WELL WCC WFG WST WAL WMC WES WU WLK WLKP WBK WRK WHG WY WPM WHR WTM WSR WLL WOW JW.A JW.B WMB WSM WGO WIT WWW WF WK INT WWE WOR WYND WH

XYZ XYF XL XL.WT XPO XHR XRX XIN XPEV XYL YETI YPF YALA AUY YSG YELP YEXT YRD DAO YAC.UT YAC YAC.WT YUM YUMC ZIM ZTO ZEN ZBH ZTS ZUO ZYME

NYSE ARCA .0 .0 .0 ... ... ... ... ... ...

... ... ... ... ... ... ... ... ...

February 15, 2021

BARRON’S

M17

Nasdaq Issues Nasdaq 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. 52-Week High Low Name

81.25 58.72 41.87 13.00 140.30 4.20 19.65 1.45 117.45 73.00 80.65 37.60 19.17 66.38 404.16 22.85 601.46 19.75 79.64 10.71 24.27 12.93 24.69 71.91 387.40 21.20 114.96 8.50 26.70 55.18 136.25 65.25 6.02 2.94 25.48 11.76 104.23 38.99 31.83 9.15 13.40 71.25 129.01 6.49 21.70 536.88 18.45 12.63 125.55 99.23 13.92 3.15 26.98 23.35 11.38 11.00 22.75 143.72 10.66 7.48 146.90 29.02 57.26 58.93 108.98 4.20 42.93 2.75 32.43 219.94 124.91 13.71 41.16 30.67 108.67 3.92 34.89 162.60 37.59 634.46 37.51 10.79 23.92 157.98 38.76 221.25 34.66 3.39 8.16 60.28 55.09 55.00 17.37 48.96 17.96 178.41 40.82 2115.00 2123.55 16.62 16.37 67.38 35.10 19.87 66.38 56.15 18.79 18.35 3552.25 124.69 78.03 325.12 19.96 15.75 519.98 7.98 30.27 104.63 58.77 55.75 13.53 36.80 113.92 30.01 41.09 15.79 21.48 31.78 117.70 135.46 46.98 4.16 276.69

40.48 30.02 20.03 4.07 15.95 1.45 6.25 0.28 28.01 19.62 48.02 7.75 4.10 23.55 200.07 7.19 191.25 0.61 37.01 2.23 9.76 1.85 17.71 36.27 119.01 4.90 60.62 1.75 12.05 11.09 66.44 28.68 1.33 0.70 0.70 2.53 50.51 22.26 20.21 1.90 2.00 15.19 43.13 1.50 6.02 255.13 4.80 3.52 33.38 36.75 7.89 0.79 7.36 11.40 3.50 0.37 9.01 45.00 3.81 1.42 90.01 13.98 12.61 27.77 33.60 1.00 8.95 0.01 13.20 121.50 75.18 2.09 10.78 15.38 32.00 1.44 9.12 72.67 22.55 127.88 12.82 2.86 11.98 41.61 20.88 60.06 16.78 0.53 2.63 37.66 19.00 17.43 6.44 18.15 4.56 84.97 5.82 1008.87 1013.54 2.19 2.05 23.04 1.60 6.00 12.00 9.40 7.90 3.36 1626.03 36.02 44.05 132.95 9.01 6.84 222.34 3.52 8.25 65.14 37.05 47.35 4.20 18.53 63.93 12.24 18.47 8.00 9.05 4.40 35.30 35.18 17.12 2.36 177.05

AAON AcadiaPharm ACI Worldwide AC Immune ACM Research ADMA Biologics AGNC Invt ALJ Regional AlxOncology AMC Networks Amerisafe A-MarkPrecMet ANGI Homesvcs ANI Pham Ansys ARKRestaurants ASML ATA Creativity ATN Intl AveoPharma AVROBIO AXT Abcam AbCelleraBio Abiomed AbsoluteSftwr AcaciaComms AcaciaResearch AcademySports AcadiaHealthcare AcceleronPharma Accolade Accuray AcelRxPharm AclarisTherap AcordaTherap ActivisionBliz AcutusMedical Adagene AdamasPharm AdaptimmuneTher AdaptiveBiotech AddusHomeCare ADDvantage AdicetBio Adobe Adtran AdvEmissions AdvEnergyInds AdvMicroDevices AdvantageSolns AdvantageSolnsWt AdverumBiotech Aegion AegleaBioTherap Aemetis AeriePharm AeroVironment AestheticMed Affimed AffirmHldgs Afya Agilysys AgiosPharm Agora AgroFresh AirT AirT Wt AirTransportSvcs Airbnb AkamaiTech AkebiaTherap AkeroTherap Akouos Alarm.com AlaskaCommSys Alector AlexionPharm Alico AlignTech AligosTherap AlimeraSciences Alkermes Allakos AllegianceBcshs AllegiantTravel AllegroMicro AllenaPharm AllianceResource AlliantEnergy AlliedMotionTech AllogeneTherap Allot AlloVir AllscriptsHlthcr AlnylamPharm Alpha&OmegaSem Alphabet A Alphabet C Alphatec AlpineImmune AltairEngg Altimmune AltisourcePortf AltraIndlMotion AltusMidstream AmalgamBank Amarin Amazon.com Ambarella Amdocs Amedisys AmerantBancorpA AmerantBancorpB Amerco AmerFirstMultifam AmerAirlines AEP AmerElecPwrUn AmerElecPwrUn AmericanFin AmNtlBcsh AmericanNatl AmOutdoorBrands AmericanPubEdu AmRvrBksh AmerSoftware AmerSupercond AmericanWoodmark AmerCarMart AmerisBancorp AmeriServFin Amgen

Tick Div Sym Yld P/E Last Chg. Amt.

52-Week High Low Name

A

25.39 25.90 22.69 15.50 11.00 17.19 162.98 35.85 27.65 22.19 19.54 47.48 31.94 12.00 29.21 58.47 32.29 38.80 6.12 17.31 186.59 42.90 16.50 260.00 145.09 7.40 117.82 52.23 17.57 51.99 41.12 28.01 6.47 15.74 11.05 9.47 14.94 9.02 57.35 48.32 59.49 129.71 40.88 8.82 90.19 19.23 382.15 54.78 33.59 92.60 41.45 92.77 183.98 3.80 13.17 160.80 27.84 68.83 64.94 25.51 13.15 28.20 94.17 15.24 34.79 15.97 21.00 38.00 48.49 30.10 69.08 14.14 257.01 29.35 67.01 755.00 65.55 44.94 20.50 11.00 321.13 17.19 182.32 13.49 60.60 24.47 37.46 52.98 42.30 6.52 40.95 7.73 212.37 58.77 109.53 28.68 18.20

6.25 5.40 12.33 7.62 3.55 1.40 79.08 12.06 10.00 7.48 16.00 22.01 15.33 3.15 3.80 16.85 1.95 13.77 1.24 5.20 81.01 9.61 0.39 29.07 53.15 2.29 36.64 17.05 5.00 13.58 4.66 20.78 1.60 1.16 2.81 1.41 3.34 0.88 13.54 20.93 29.09 8.51 17.10 4.22 32.95 7.90 103.75 29.05 19.59 19.51 30.01 19.68 92.00 0.83 4.65 73.07 4.78 25.17 36.15 6.30 5.29 4.52 24.15 5.63 15.79 1.58 8.89 18.55 17.74 5.00 14.97 4.95 110.01 10.88 23.17 567.00 22.51 9.00 9.83 1.40 125.38 3.00 103.11 4.00 7.10 4.67 21.83 6.35 17.85 2.02 12.99 2.25 50.05 15.25 35.44 8.62 10.55

AmicusTherap AmkorTech AmphastarPharm AmrytPharma AmtechSystems Amyris AnalogDevices AnaptysBio Andersons AngioDynamics AngionBiomed AnikaTherap Annexon AnPacBioMed Apache ApellisPharm Aphria ApogeeEnt ApolloEnd ApolloInv AppFolio AppHarvest AppHarvestWt Appian Apple AppliedGenetic ApplMaterials AppliedMolecular AppliedOptoelec AppliedTherap ApreaTherap Apria Aptinyx Aptorum ApyxMedical AquestiveTherap Aravive ArbutusBiopharma ArcBest ArchCapital ArcoPlatform ArcturusTherap ArcutisBiotherap Ardelyx ArenaPharm AresCapital arGEN-X ArrayTech ArrowFinancial ArrowheadPharm ArtesianRscs A Arvinas AscendisPharma AslanPharm AspenGroup AspenTech AssemblyBiosci AstecIndustries AstraZeneca Astronics AstroNova AtaraBiotherap AteaPharm Athenex AthiraPharma AtlanticAmerican AtlCapitalBcshs AtlUnionBkshs AtlanticaSust Atlanticus AtlasAir AtlasTech Atlassian Atreca AtriCure Atrion AuburnNatlBncp AudioCodes AuriniaPharm AuroraMobile Autodesk AutolusTherap ADP AvadelPharm AviatNetworks AvidTechnology AvidityBio AvisBudget Avnet Aware AxcelisTechs AxcellaHealth AxonEnterprise AxonicsModul AxsomeTherap AyalaPharm AziyoBiologics

6.67 13.20 12.03 5.60 55.81 84.93 33.56 78.16 56.98 18.03 322.89 132.50 42.28 65.74 198.61 39.65 11.45 32.00 18.88 12.51 29.26 55.12 57.00 85.11 25.98 23.39 48.48 126.90 5.15 53.90 386.12 16.71 18.71 17.75 54.62

1.51 7.73 2.01 2.07 6.01 34.57 8.35 12.97 12.94 9.25 82.00 78.30 6.95 26.00 50.89 14.20 5.68 17.40 5.58 6.73 12.07 27.12 22.19 27.25 4.25 9.67 11.67 13.00 1.15 3.43 118.55 6.08 6.30 6.09 27.00

BBQ Holdings BCB Bancorp BELLUS Health BGC Partners BJsRestaurants BOK Fin BRP Group BRP B RileyFin BTRS Baidu Balchem BallardPower BancFirst Bandwidth BankOZK BankofCommerce BankofPrinceton Bank7 BankFinancial BankwellFin Banner Baozun BarrettBus BassettFurniture BayCom BeaconRoof BeamTherap BeasleyBroadcast BedBath BeiGene BelFuse A BelFuse B Benefitfocus BentleySystems

AAON ACAD ACIW ACIU ACMR ADMA AGNC ALJJ ALXO AMCX AMSF AMRK ANGI ANIP ANSS ARKR ASML AACG ATNI AVEO AVRO AXTI ABCM ABCL ABMD ABST ACIA ACTG ASO ACHC XLRN ACCD ARAY ACRX ACRS ACOR ATVI AFIB ADAG ADMS ADAP ADPT ADUS AEY ACET ADBE ADTN ADES AEIS AMD ADV ADVWW ADVM AEGN AGLE AMTX AERI AVAV AIH AFMD AFRM AFYA AGYS AGIO API AGFS AIRT AIRTW ATSG ABNB AKAM AKBA AKRO AKUS ALRM ALSK ALEC ALXN ALCO ALGN ALGS ALIM ALKS ALLK ABTX ALGT ALGM ALNA ARLP LNT AMOT ALLO ALLT ALVR MDRX ALNY AOSL GOOGL GOOG ATEC ALPN ALTR ALT ASPS AIMC ALTM AMAL AMRN AMZN AMBA DOX AMED AMTB AMTBB UHAL ATAX AAL AEP AEPPL AEPPZ AFIN AMNB ANAT AOUT APEI AMRB AMSWA AMSC AMWD CRMT ABCB ASRV AMGN

.5 ... ... ... ... ... 8.8 ... ... ... 1.9 .0 ... ... ... ... .5 ... 1.5 ... ... ... ... ... ... 1.6 ... ... ... ... ... ... ... ... ... ... .5 ... ... ... ... ... ... ... ... ... 2.2 .0 .4 ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... .0 ... ... 2.4 ... ... ... ... ... 1.3 .0 ... ... ... 3.3 .3 ... ... ... ... ... ... ... ... ... ... ... ... ... .5 11.2 2.0 ... ... ... 1.9 ... ... ... .0 5.2 ... 3.8 6.6 6.5 10.1 3.7 3.6 ... ... 1.8 2.1 ... ... ... 1.3 2.5 3.0

55 dd 81 dd cc dd dd dd ... 20 12 4 dd dd 91 dd 61 dd dd dd dd dd cc ... 75 81 72 62 ... 47 dd dd 73 dd dd 1 37 ... ... dd dd dd 57 dd dd 46 cc dd 31 46 dd ... dd dd dd dd dd cc dd dd ... 37 dd dd dd dd dd ... dd dd 30 dd dd ... 70 18 dd 59 8 27 ... dd dd dd 17 dd cc dd dd 18 31 dd dd dd dd dd 71 37 37 dd dd dd dd dd dd dd 11 dd 79 dd 15 62 dd dd 15 20 dd 20 ... ... dd 11 7 ... 27 13 cc dd 25 15 12 15 19

79.21 50.13 41.32 8.19 135.23 2.79 16.35 1.33 81.77 49.55 58.20 30.25 15.49 31.49 403.60 18.96 597.99 5.72 45.42 8.49 16.13 12.49 23.75 42.97 328.36 15.64 114.86 8.00 25.47 53.13 130.87 52.77 5.52 2.51 24.21 7.53 103.81 23.88 27.66 5.92 6.52 66.50 123.17 3.34 16.82 498.84 16.44 5.69 109.03 93.77 10.00 1.80 13.43 21.45 7.63 7.68 16.41 136.59 6.51 6.09 125.89 23.64 56.36 55.89 106.14 2.53 25.65 .33 28.49 212.68 101.59 4.61 31.15 17.97 103.77 3.26 21.05 158.39 30.08 609.58 25.23 8.50 20.22 138.81 36.56 214.76 30.40 2.05 6.50 48.29 47.59 34.73 15.00 42.85 17.08 157.92 40.37 2095.03 2104.11 16.41 12.45 67.34 22.22 10.82 53.01 53.54 16.19 7.82 3277.71 124.20 77.59 308.82 16.58 12.68 500.24 4.59 17.27 78.61 46.61 47.42 8.42 29.43 91.95 23.31 31.39 15.79 20.63 25.80 96.58 134.52 45.93 3.93 237.21

+1.57 –1.57 +0.79 +1.14 +37.00 +0.19 +0.05 –0.02 +1.65 +2.68 +1.27 –3.25 –0.76 +0.78 +24.12 –0.09 +45.18 –0.61 –0.01 –0.63 –0.98 +1.26 +1.10 –3.58 +0.51 +1.90 +0.08 +0.85 +1.55 –1.27 +2.85 –0.52 +0.09 +0.19 +3.44 +0.18 +2.20 –0.68 +8.66 –0.08 +0.31 +5.14 –0.93 +0.27 +4.15 +6.72 +0.33 –0.23 –4.13 +5.87 –0.03 –0.14 –0.58 +1.26 +0.03 +0.17 –1.27 +13.92 +0.46 +0.14 +22.44 –1.21 +11.29 +3.05 +7.14 +0.25 +2.04 +0.07 +0.76 +17.37 –13.08 +0.10 –0.30 +1.56 +1.65 –0.02 +0.29 +4.47 –0.81 –10.87 +2.16 +0.59 –2.11 –5.33 –0.25 +1.27 +0.21 +0.02 +0.20 –1.39 –1.32 –0.49 +1.20 –0.85 –0.03 –7.19 +6.79 +6.20 +6.11 +0.44 –0.66 +2.70 +3.86 –0.53 –3.44 –1.22 +0.63 –0.60 –74.44 +11.52 +2.58 +9.99 +1.00 +0.18 +23.78 +0.01 +0.08 –3.58 –1.69 –2.40 +0.61 +0.06 –0.31 +3.82 +1.53 +1.95 +0.11 +1.13 +2.54 +4.55 +1.93 +0.04 +0.89

.19 ... ... ... ... ... .12 ... ... ... .27 1.50 ... ... ... ... 1.8864 ... .17 ... ... ... ... ... ... .0601 ... ... ... ... ... ... ... ... ... ... .47 ... ... ... ... ... ... ... ... ... .09 .25 .10 ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... .09 ... ... .18 ... ... ... ... ... .12 .70 ... ... ... .4025 .03 ... ... ... ... ... ... ... ... ... ... ... ... ... .06 1.50 .08 ... ... ... .36 ... ... ... 2.00 .06 ... .74 .7656 .7656 .2125 .27 .82 ... ... .07 .11 ... ... ... .15 .025 1.76

Tick Div Sym Yld P/E Last Chg. Amt. FOLD AMKR AMPH AMYT ASYS AMRS ADI ANAB ANDE ANGO ANGN ANIK ANNX ANPC APA APLS APHA APOG APEN AINV APPF APPH APPHW APPN AAPL AGTC AMAT AMTI AAOI APLT APRE APR APTX APM APYX AQST ARAV ABUS ARCB ACGL ARCE ARCT ARQT ARDX ARNA ARCC ARGX ARRY AROW ARWR ARTNA ARVN ASND ASLN ASPU AZPN ASMB ASTE AZN ATRO ALOT ATRA AVIR ATNX ATHA AAME ACBI AUB AY ATLC AAWW ATCX TEAM BCEL ATRC ATRI AUBN AUDC AUPH JG ADSK AUTL ADP AVDL AVNW AVID RNA CAR AVT AWRE ACLS AXLA AXON AXNX AXSM AYLA AZYO

... .7 ... ... ... ... 1.5 ... 2.6 ... ... ... ... ... .6 ... ... 2.1 ... 8.9 ... ... ... ... .6 ... .8 ... ... ... ... ... ... ... ... ... ... ... .6 ... ... ... ... ... ... 8.9 ... ... 3.3 ... 2.6 ... ... ... ... ... ... .7 2.7 ... .0 ... ... ... ... ... ... 2.8 4.2 ... ... ... ... ... ... 1.1 2.6 1.0 ... ... ... ... 2.2 ... ... ... ... ... 2.2 ... ... ... ... ... ... ... ...

dd 17 cc ... dd dd 49 dd dd dd ... dd dd ... dd dd dd 14 dd dd 40 dd ... dd 37 dd 30 dd dd dd dd ... dd dd dd dd dd dd 21 11 cc dd dd dd dd 15 dd ... 12 dd 22 dd dd dd dd 36 dd cc 54 dd dd dd dd dd ... 99 18 18 65 10 dd dd dd dd dd 37 19 38 dd dd cc dd 29 28 21 54 dd dd dd dd 27 dd dd dd dd ... ...

12.57 24.21 18.88 14.15 10.80 14.85 160.78 35.23 26.86 21.19 19.54 36.58 27.80 5.87 17.48 46.65 16.94 37.51 5.12 13.88 181.50 33.26 14.80 223.99 135.37 6.18 116.70 49.78 12.25 21.79 7.28 20.99 3.95 3.42 10.07 6.28 7.29 4.33 56.96 35.15 37.24 73.47 35.08 7.23 83.95 17.94 369.78 44.34 31.09 88.20 38.83 81.09 160.67 3.61 9.86 158.65 6.29 64.55 51.69 15.74 11.24 18.59 82.03 13.15 21.70 5.71 19.24 35.50 39.95 28.27 56.14 8.85 252.97 19.09 66.60 662.10 39.29 30.85 15.76 6.11 305.14 7.29 167.03 8.99 54.05 23.50 22.28 44.71 38.90 4.88 39.76 6.33 195.54 54.54 74.63 20.53 15.58

–7.52 +6.36 –0.19 +0.13 +2.94 +2.72 +12.02 +6.02 +1.04 +1.00 +2.52 –1.31 +3.46 –0.07 +1.26 +0.47 +0.27 +0.57 +0.33 +0.33 +23.74 –0.49 +0.34 –2.35 –1.39 +0.91 +15.99 +8.36 +0.52 –4.70 +0.63 +0.99 +0.05 –0.17 –0.20 +0.23 +1.68 +0.18 +7.05 +1.35 –2.96 –11.58 +0.04 –0.08 +2.77 –0.15 –1.23 +0.53 +0.06 –2.27 –1.08 –2.05 +7.95 +0.61 +0.30 +7.21 +0.14 +0.98 +1.96 +1.66 +0.22 –1.73 –4.03 –0.85 –1.26 +0.51 +0.37 +0.52 –4.78 –1.61 +2.41 –0.44 +9.17 +4.16 +6.86 –35.59 –0.36 +0.49 +0.24 +1.13 –0.72 –0.78 –0.25 +0.31 –0.70 +2.59 –0.16 +1.34 +1.20 +0.17 +2.86 –0.18 +18.36 +0.76 –0.62 +6.51 –0.36

... .04 ... ... ... ... .62 ... .175 ... ... ... ... ... .025 ... ... .20 ... .36 ... ... ... ... .205 ... .22 ... ... ... ... ... ... ... ... ... ... ... .08 ... ... ... ... ... ... .40 ... ... .26 ... .2571 ... ... ... ... ... ... .11 .95 ... .07 ... ... ... ... ... ... .25 .42 ... ... ... ... ... ... 1.75 .26 .16 ... ... ... ... .93 ... ... ... ... ... .21 ... ... ... ... ... ... ... ...

... 4.4 ... .9 ... 2.5 ... .5 2.7 ... ... .5 ... 2.1 ... 2.9 2.3 1.9 2.4 4.2 2.7 3.3 ... 1.7 2.0 ... ... ... .0 .0 ... 1.6 1.8 ... .2

10 11 dd 39 dd 13 dd 41 35 cc 32 47 dd 22 dd 17 13 13 8 16 28 15 69 14 dd 13 77 dd dd dd dd 51 68 dd ...

6.15 12.86 3.76 4.67 53.23 82.62 28.67 75.30 55.71 17.73 313.00 120.03 35.99 64.51 184.10 38.92 10.61 25.68 16.85 9.53 21.02 50.40 54.04 69.90 22.60 15.16 47.82 105.00 2.73 28.15 380.78 15.22 15.91 16.63 48.29

+0.10 +0.31 +0.07 +0.64 +1.09 +1.72 +1.30 +1.92 +1.86 +0.73 +42.87 +4.47 –2.69 +2.20 –0.90 +0.95 +0.07 +1.57 +0.16 +0.19 +0.45 +1.89 +5.89 +3.01 +0.18 +0.51 +5.56 –11.16 +0.18 +1.61 +8.89 +0.97 +0.03 +2.20 +1.61

... .14 ... .01 ... .52 ... .11 .375 ... ... .58 ... .34 ... .2775 .06 .12 .11 .10 .14 .41 ... .30 .125 ... ... ... .05 .17 ... .06 .07 ... .03

B BBQ BCBP BLU BGCP BJRI BOKF BRP DOOO RILY BTRS BIDU BCPC BLDP BANF BAND OZK BOCH BPRN BSVN BFIN BWFG BANR BZUN BBSI BSET BCML BECN BEAM BBGI BBBY BGNE BELFA BELFB BNFT BSY

52-Week High Low Name 113.53 7.75 11.75 221.00 33.00 16.25 162.50 157.66 405.53 55.68 12.90 5.61 31.99 363.92 131.95 131.00 19.51 46.25 81.64 154.61 5.09 14.76 23.97 24.50 26.88 90.63 35.89 2.34 125.61 15.92 35.88 2290.04 13.89 55.63 12.19 73.50 23.80 21.43 47.91 487.02 18.79 18.79 15.79 91.78 69.92 38.96 44.13 84.80 19.92 5.75 37.97 26.64

50.26 1.82 9.25 48.18 10.26 0.65 57.26 19.25 155.17 27.15 1.58 2.85 10.85 223.25 68.25 28.00 15.04 17.63 38.22 38.32 1.47 4.02 4.54 8.37 8.40 38.95 8.04 0.53 43.29 6.66 22.63 1107.29 5.00 27.82 5.10 14.23 14.06 5.44 12.05 155.67 7.10 7.15 8.13 21.19 30.78 22.20 9.00 70.00 9.57 0.02 18.64 9.17

BerkeleyLights Berry(bry) BespokeCap BeyondMeat BicycleTherap Big5SportingGds BigCommerce Bilibili Bio-Techne BioAtla BioCryst BioDeliverySci Biodesix Biogen BioMarinPharm BioNTech Bioventus BlackDiamond Blackbaud BlackLine BlackRockCapInvt BlkRkTCPCap BloominBrands Blucora BlueBird bluebirdbio BlueCity BlueknightEner BlueprintMed BoingoWireless BoltBiotherap BookingHldgs BostonPrivFin Bottomline Brainsway BridgeBioPharma BridgfordFoods Brightcove BrighthouseFin Broadcom BrookfieldProp BrookfieldPropREIT BrooklineBcp Brooks Auto Bruker BrynMawrBank BuildersFirstSrc Bumble BurgerFiIntl BurgerFiIntlWt BurningRockBio BusFirstBcshs

12.93 54.36 30.75 30.00 55.51 157.94 73.37 48.98 106.75 17.29 6.05 175.98 225.36 29.55 61.69 61.39 220.20 53.00 2.17 15.30 129.36 97.54 22.22 18.65 145.92 83.97 14.46 46.66 11.98 79.80 21.00 8.18 38.00 4.31 12.43 43.35 47.75 29.90 13.48 67.39 24.90 7.33 56.50 18.00 15.54 29.85 12.66 20.85 55.20 13.50 16.39 22.60 48.28 160.18 43.14 99.83 23.88 36.54 12.90 3.10 37.81 23.26 7.57 19.97 9.54 63.58 212.61 54.23 107.69 8.59 37.81 233.26 9.00 34.71 19.75 13.01 28.71 51.23 45.01 14.94

8.42 28.00 16.25 12.50 29.12 73.39 20.45 22.40 56.94 6.27 1.62 85.26 131.80 13.25 22.51 21.96 32.30 36.33 0.35 4.51 50.13 46.81 14.92 5.51 51.39 6.02 7.65 30.74 3.70 48.31 9.11 2.46 19.00 0.82 2.40 3.57 25.74 6.27 1.76 12.00 9.21 0.15 9.00 7.80 6.98 15.61 5.18 7.39 8.40 8.75 7.44 8.88 26.00 27.33 15.71 13.04 7.16 14.25 8.66 0.44 15.21 1.04 0.98 6.30 1.85 34.35 114.01 28.85 21.01 1.25 17.58 99.58 3.53 7.32 11.48 4.10 9.25 23.82 21.66 2.91

Cadiz C&F Fin CB FinSvcs CBTX CDK Global CDW CEVA C4 Therap CH Robinson CimComm CLPS CMC Materials CME Group CNB FinPA CompassPath CRA Intl CRISPR Therap CSG Systems CSI Compressco CSP CSW Industrials CSX CVB Fin CabalettaBio CadenceDesign CaesarsEnt Caesarstone Cal-MaineFoods CalAmp CalavoGrowers CaliforniaBncp CalitheraBiosci CalliditasTherap CalumetSpecialty Calyxt CambiumNtwks CamdenNational Camtek Canaan CanadianSolar Canoo CanooWt CanopyGrowth CanterburyPark CapitalBancorp CapitalCityBank CapitalProduct CapitalSouthwest CapitalaFinance CapitolFedFin CapStarFin CaraTherap CardiovascularSys Cardlytics Cardtronics CareDx CareTrustREIT CarGurus CarLotz CarLotzWt Carlyle CarParts.com CarrolsRestr CarterBkshrs CasaSystems CasellaWaste CaseysGenStores CassInfoSys CastleBiosci CatabasisPharm CathayGenBncp CavcoIndustries CECO Env Cellectis CellularBiomed CelyadOncology Centogene CentralGarden CentralGardenA CenturyAluminum

Tick Div Sym Yld P/E Last Chg. Amt. BLI BRY BSPE BYND BCYC BGFV BIGC BILI TECH BCAB BCRX BDSI BDSX BIIB BMRN BNTX BVS BDTX BLKB BL BKCC TCPC BLMN BCOR BLBD BLUE BLCT BKEP BPMC WIFI BOLT BKNG BPFH EPAY BWAY BBIO BRID BCOV BHF AVGO BPY BPYU BRKL BRKS BRKR BMTC BLDR BMBL BFI BFIIW BNR BFST

... .0 ... ... ... 2.6 ... ... .3 ... ... ... ... ... ... ... ... ... .0 ... 12.4 9.8 3.5 ... ... ... ... 7.2 ... ... ... ... 1.7 ... ... ... ... ... ... 3.0 7.5 7.2 3.5 .4 .3 3.1 ... ... ... ... ... 1.8

dd dd ... dd dd 10 dd dd 91 ... dd 30 ... 11 20 ... ... dd cc dd dd 30 dd dd 46 dd dd dd 18 dd ... 65 25 dd dd dd 20 dd dd 77 dd dd 22 87 60 22 24 ... dd ... dd 14

79.98 4.58 10.21 175.45 27.58 15.61 75.00 153.12 398.86 50.51 9.57 4.12 24.79 278.03 87.04 117.56 17.22 26.82 76.54 133.47 3.22 12.29 22.77 17.12 18.44 45.76 14.39 2.21 96.97 12.56 33.31 2150.58 13.86 45.74 9.13 67.36 15.90 21.25 40.00 486.32 17.74 18.45 13.06 90.93 60.75 35.12 43.42 75.46 16.38 3.31 34.26 21.86

+1.67 +0.27 +0.06 +6.53 –2.67 +0.26 –7.30 +14.14 +18.19 +2.66 –0.22 –0.02 +2.91 +12.94 +1.82 –0.01 +4.22 –2.11 +5.92 –15.04 –0.16 +0.22 –0.57 –0.16 –3.52 –1.94 +1.66 +0.17 –5.03 –0.14 +1.16 +54.16 +0.69 –1.62 +1.16 –0.92 +0.19 +2.79 –0.04 +20.31 +0.42 +0.58 +0.19 +11.34 +4.99 +1.54 +0.83 +32.46 +1.95 +0.71 +3.31 +0.33

... .12 ... ... ... .10 ... ... .32 ... ... ... ... ... ... ... ... ... .12 ... .10 .30 .20 ... ... ... ... .04 ... ... ... ... .06 ... ... ... ... ... ... 3.60 .3325 .3325 .115 .10 .04 .27 ... ... ... ... ... .10

... 3.5 5.1 1.4 1.2 1.0 ... ... 2.2 2.5 ... 1.0 2.0 2.9 ... 1.8 ... 2.0 2.2 .0 .4 1.2 3.4 ... ... ... 4.1 ... ... 1.5 ... ... ... ... ... ... 3.3 ... ... ... ... ... ... ... ... 2.6 3.9 8.0 .0 2.7 1.3 ... ... ... ... ... 4.3 ... ... ... 2.7 ... ... .0 ... ... .7 2.6 ... ... 3.3 ... ... ... ... ... ... ... ... ...

dd 7 dd 26 28 28 cc ... 25 dd 22 38 31 12 ... 21 dd 26 dd cc 42 25 16 dd 38 dd 51 28 dd dd 28 dd dd dd dd cc 10 54 dd 18 dd ... dd 42 8 12 6 26 dd 29 13 dd dd dd 80 dd 27 47 cc ... dd dd dd dd dd 78 24 24 dd dd 13 33 19 dd dd dd dd 21 19 dd

11.45 43.16 18.73 27.83 51.72 155.40 69.87 41.97 91.30 11.93 4.49 174.84 184.37 23.30 48.75 58.83 161.05 47.14 1.80 10.01 128.22 90.14 21.12 12.20 145.68 80.24 13.69 39.07 11.25 76.67 14.50 3.11 32.39 4.12 10.68 41.87 39.59 29.00 13.04 60.47 16.68 5.78 40.31 13.30 15.46 23.22 10.28 20.50 16.20 12.82 15.15 19.88 43.36 157.18 38.83 89.37 23.05 32.12 9.11 2.47 37.16 20.60 6.47 10.86 9.40 59.70 209.20 41.34 95.54 3.52 37.42 225.20 8.03 27.17 19.73 8.14 11.91 49.42 44.50 14.68

+0.27 +2.56 +0.38 –0.09 –2.38 +4.43 +9.09 –2.76 +2.46 –1.63 +0.75 +5.63 –7.02 +0.49 +3.50 +4.43 –7.76 +2.45 +0.20 –0.54 +9.23 +1.59 +0.95 –0.58 +9.88 –2.64 +0.66 +0.49 –0.12 +1.25 –0.32 –0.08 +2.59 +0.28 –0.05 +1.76 +0.45 +1.87 +7.02 +2.59 –0.95 –0.38 –2.62 +0.25 +0.93 –0.92 +0.28 +0.75 +1.00 +0.17 –0.24 +0.78 +1.86 +11.09 +0.08 +0.65 –0.43 –2.44 –0.48 +0.16 +0.56 +1.48 –0.35 –0.02 +1.12 +1.16 +15.18 –1.06 +2.75 +0.22 +1.24 +18.92 +0.84 +0.68 +0.02 +0.03 +0.69 +3.34 +2.90 +2.96

... .38 .24 .10 .15 .40 ... ... .51 .075 ... .44 .90 .17 ... .26 ... .235 .01 .15 .135 .28 .18 ... ... ... .14 ... ... 1.15 ... ... ... ... ... ... .33 ... ... ... ... ... ... ... ... .15 .10 .10 .4998 .085 .05 ... ... ... ... ... .25 ... ... ... .25 ... ... .14 ... ... .34 .27 ... ... .31 ... ... ... ... ... ... ... ... ...

C CDZI CFFI CBFV CBTX CDK CDW CEVA CCCC CHRW CMCT CLPS CCMP CME CCNE CMPS CRAI CRSP CSGS CCLP CSPI CSWI CSX CVBF CABA CDNS CZR CSTE CALM CAMP CVGW CALB CALA CALT CLMT CLXT CMBM CAC CAMT CAN CSIQ GOEV GOEVW CGC CPHC CBNK CCBG CPLP CSWC CPTA CFFN CSTR CARA CSII CDLX CATM CDNA CTRE CARG LOTZ LOTZW CG PRTS TAST CARE CASA CWST CASY CASS CSTL CATB CATY CVCO CECE CLLS CBMG CYAD CNTG CENT CENTA CENX

FIVE-DAY NASDAQ COMPOSITE Hot Pot: U.S.-listed Canadian pot producers like Tilray rose on a Reddit crowd. Twitter’s user count keeps growing. The Nasdaq Composite Index had another record finish Friday, at 14,095—up 1.7% for the week. Monday

14115

Tuesday

Wednesday

Thursday

-35.16

+53.24

Friday

14045 13975 13905 (Prev Fri's Close)

13835

+131.35 10

12

2

52-Week High Low Name 87.37 6.90 133.92 84.20 41.79 8.87 26.45 24.21 81.63 681.71 139.26 23.10 57.20 38.49 70.29 40.17 50.00 31.00 7.75 32.95 79.03 10.96 119.29 31.40 3.14 1.67 24.30 21.68 26.61 221.80 43.35 4.45 128.87 115.53 6.00 369.20 103.25 49.34 68.86 12.32 27.94 173.56 79.46 17.92 19.79 37.54 4.53 17.45 5.45 11.63 23.53 292.00 29.56 37.85 22.50 14.88 92.96 101.82 82.73 38.00 264.64 23.03 51.86 26.91 111.71 15.69 43.53 17.30 112.21 49.00 53.60 74.50 10.28 15.75 6.80 44.59 11.50 72.33 19.90 36.37 7.36 4.50 11.07 35.35 123.48 13.50 5.90 5.00 24.26 16.93 8.81 18.83 50.90 36.58 5.12 32.85 130.96 36.33 17.14 59.54 51.37

51.40 0.99 11.39 53.08 29.70 2.71 2.89 6.18 30.71 345.67 80.06 8.61 14.52 3.55 30.72 21.75 41.55 15.00 2.88 4.66 9.25 1.19 97.91 3.65 0.94 0.63 13.12 9.35 15.00 52.90 7.28 1.30 40.80 46.07 0.25 154.33 47.04 32.40 6.70 5.26 16.02 100.31 53.06 7.85 1.05 8.32 1.10 9.87 1.33 3.62 8.41 188.08 8.43 7.90 10.62 1.18 53.20 35.20 40.01 23.75 78.21 10.86 8.89 13.00 33.93 8.70 19.11 10.27 51.82 19.20 31.71 43.34 1.24 5.50 3.50 26.45 5.27 24.26 5.94 16.93 2.86 1.80 1.83 11.48 80.00 5.47 1.54 2.00 8.86 2.83 3.47 10.01 17.00 11.96 1.00 17.41 55.69 20.94 2.16 22.22 14.09

CenturyBancorpA Ceragon Cerence Cerner Certara Cerus ChampionX ChangeHlthcr ChangeHlthcrUn CharterComms CheckPoint CheckmatePharm Cheesecake ChefsWarehouse ChemoCentryx ChemungFinl ChesapeakeEner ChesapeakeWtC Chiasma ChickenSoupA Children'sPlace Chimerix ChinaBiologic ChinaFinance ChinaIndex ChinaXDPlastics Chindata ChinookTherap ChipMOSTechs ChurchillDowns Chuy's CidaraTherap Cimpress CincinnatiFin Cinedigm Cintas CirrusLogic CiscoSystems CitiTrends CtznCmntyBcp CitizensHolding CitrixSystems CityHolding Clarus CleanEnerFuels Clearfield ClearsideBiomed CloverHealth CloverHealthWt ClovisOncology CoastalFinl CocaColaCon Codexis CodiakBioSci CodorusValleyBncp CogentBio CogentComm Cognex CognizantTech CognyteSoftware Coherent CoherusBioSci Cohu CollegiumPharm ColliersIntl ColonyBankcorp ColumbiaBanking ColumbiaFin ColumbiaSportswr ColumbusMcKinn Comcast A CommerceBcshrs CommVehicle CommScope CommsSystems CmntyTrBcp CommWestBcshs CommVaultSys Compugen ComputerPrograms ComputerTask comScore ComSovereign ComtechTel Concentrix ConcertPharm Conduent Conifer ConnectOneBncp Conn's ConsldComm ConsldWater ConstellPharm ConstructionPtrs ConsumerPtfo ContextLogic Copart Core-Mark CorMedix CornerstoneOnDem CorsairGaming

+20.06 4pm 10

12

2

4pm 10

Tick Div Sym Yld P/E Last Chg. Amt. CNBKA CRNT CRNC CERN CERT CERS CHX CHNG CHNGU CHTR CHKP CMPI CAKE CHEF CCXI CHMG CHK CHKEL CHMA CSSE PLCE CMRX CBPO JRJC CIH CXDC CD KDNY IMOS CHDN CHUY CDTX CMPR CINF CIDM CTAS CRUS CSCO CTRN CZWI CIZN CTXS CHCO CLAR CLNE CLFD CLSD CLOV CLOVW CLVS CCB COKE CDXS CDAK CVLY COGT CCOI CGNX CTSH CGNT COHR CHRS COHU COLL CIGI CBAN COLB CLBK COLM CMCO CMCSA CBSH CVGI COMM JCS CTBI CWBC CVLT CGEN CPSI CTG SCOR COMS CMTL CNXC CNCE CNDT CNFR CNOB CONN CNSL CWCO CNST ROAD CPSS WISH CPRT CORE CRMD CSOD CRSR

.9 ... ... 1.2 ... ... ... ... 3.7 ... ... ... .0 ... ... 2.8 ... ... ... ... ... ... ... ... ... ... ... ... ... .3 ... ... ... 2.6 ... .9 ... 3.1 .0 2.1 4.7 1.1 3.2 .6 ... ... ... ... ... ... ... .4 ... ... 2.8 ... 4.4 .3 1.2 ... ... ... .0 ... .1 2.9 2.6 ... 1.0 .5 1.9 1.5 ... ... .0 3.9 2.5 ... ... .0 ... ... ... 1.4 ... ... ... ... 1.6 ... ... 2.6 ... ... ... ... ... 1.7 ... ... ...

12 dd cc 30 ... dd dd dd ... 40 20 dd dd dd dd 9 ... ... dd dd dd dd 33 dd 5 dd dd dd 13 dd dd dd dd 12 dd 38 27 20 47 10 16 34 13 51 cc 50 dd dd ... dd 19 27 dd ... 19 dd cc 89 30 cc dd 9 dd 50 92 12 20 31 63 cc 23 25 dd dd 34 12 10 dd dd 31 14 dd dd dd ... dd dd dd 13 dd 11 41 dd 34 6 ... 42 24 dd dd 39

84.40 6.00 133.43 74.95 38.87 7.55 16.80 23.69 80.42 613.45 120.72 14.03 50.01 30.31 61.67 37.20 42.51 18.06 4.33 32.60 72.27 9.92 119.00 14.28 2.33 1.14 20.86 14.84 26.29 217.44 41.47 2.55 104.89 92.42 2.00 342.44 89.39 47.29 66.75 10.98 20.40 137.68 73.00 17.78 17.29 36.88 3.83 12.08 3.39 7.90 23.07 277.40 26.31 25.00 15.91 9.76 62.47 93.99 76.96 30.30 257.99 18.16 50.55 24.80 104.16 14.38 43.09 16.04 101.73 47.70 53.23 73.40 9.47 15.60 5.41 39.11 9.60 71.26 13.13 30.27 7.10 3.95 5.02 28.10 110.50 7.36 5.85 3.64 22.62 15.48 5.71 13.30 34.53 27.74 4.47 27.45 119.43 31.29 13.74 47.41 43.05

+2.45 +0.42 +7.76 –4.87 +3.14 +0.01 –0.16 –0.11 –0.06 –4.20 +2.46 –0.15 +2.63 –0.90 –4.15 +1.72 ... ... –0.03 +4.81 –2.33 +0.18 +0.70 +0.86 –0.01 +0.01 +1.28 –1.31 +1.47 –2.29 +0.93 +0.06 +6.37 +5.71 +0.20 –2.54 +4.03 –0.79 +3.52 –0.36 +0.15 +5.86 +1.53 +0.54 +4.32 +3.80 +0.43 –0.85 –0.06 –1.46 +1.06 +3.75 –1.44 +1.02 +0.09 –0.23 +1.42 +6.97 +2.46 +1.48 +64.81 +0.31 +5.44 +0.57 +6.16 +0.21 +1.53 +0.24 –6.16 +0.83 +2.12 +2.34 +0.25 +0.40 –0.02 –0.07 +0.31 +4.09 +0.16 –2.08 +0.43 –0.20 +0.28 +4.46 +0.32 +0.50 +0.69 –0.33 –0.59 +0.04 –0.16 +0.24 +1.06 –1.43 +0.17 –1.15 +0.03 –0.61 –1.22 +1.54 –2.18

.18 ... ... .22 ... ... ... ... .75 ... ... ... .36 ... ... .26 ... ... ... ... ... ... ... ... ... ... ... ... ... .622 ... ... ... .63 ... .75 ... .37 .08 .23 .24 .37 .58 .025 ... ... ... ... ... ... ... .25 ... ... .02 ... .73 2.00 .24 ... ... ... .06 ... .05 .1025 .28 ... .26 .06 .25 .2625 ... ... .02 .385 .06 ... ... .10 ... ... ... .10 ... ... ... ... .09 ... ... .085 ... ... ... ... ... .13 ... ... ...

12

2

4pm 10

12

52-Week High Low Name

2

+69.70 4pm 10

12

2

4pm

Tick Div Sym Yld P/E Last Chg. Amt.

73.84 110.80 6.88 952.76 393.15 27.08 370.46 20.70 40.78 34.36 170.10 539.00 129.90 16.80 6.48 24.46 35.01 81.84 15.83 13.42 14.50 245.42 43.00 4.56 14.79 151.80 13.44 33.81 169.70 43.48 8.96 9.06 86.77 30.14 15.44

26.66 44.67 1.01 500.24 271.28 13.55 99.01 6.54 4.05 5.75 53.61 199.00 27.77 6.21 2.32 10.63 5.89 8.40 4.00 4.50 5.66 31.95 27.01 2.77 3.00 36.15 0.62 9.07 69.51 12.77 2.08 1.21 43.72 8.00 3.60

Cortexyme Corvel CorvusPharm CoStar Costco CountyBancorp CoupaSoftware CovenantLogist Covetrus Cowen CrackerBarrel CreditAcceptance Cree CrescentCapBDC Cresud CrineticsPharm Criteo Crocs Cronos CrossCtyHlthcr CrossFirstBkshs CrowdStrike CullinanMgmt CumberlandPharm CumulusMedia CureVac Curis Cutera CyberArkSoftware CyberOptics CyclerionTherap CymaBayTherap CyrusOne Cytokinetics CytomXTherap

CRTX ... dd 47.47 +3.62 ... CRVL ... 43 101.95 –2.38 ... CRVS ... dd 3.50 –0.58 ... CSGP ... cc 939.76 +31.58 ... COST .8 36 352.75 –2.42 .70 ICBK 1.9 26 21.37 –0.94 .10 COUP ... dd 366.51 +15.51 ... CVLG ... dd 18.21 +1.49 ... CVET ... dd 39.36 +2.77 ... COWN .7 5 33.76 +5.54 .08 CBRL .0 38 149.50 +1.73 1.30 CACC ... 15 355.51 +8.51 ... CREE ... dd 123.08 +5.35 ... CCAP 10.3 16 15.98 +0.50 .41 CRESY ... ... 5.51 +0.41 ... CRNX ... dd 16.21 +0.36 ... CRTO ... 27 31.11 +6.14 ... CROX ... 37 81.71 +6.19 ... CRON ... 51 12.27 +0.26 ... CCRN ... dd 9.64 +0.27 ... CFB ... 52 12.14 +0.20 ... CRWD ... dd 242.10 +18.57 ... CGEM ... ... 40.00 +3.72 ... CPIX ... dd 3.58 +0.29 ... CMLS ... dd 10.40 +0.67 ... CVAC ... ... 116.96 –3.47 ... CRIS ... dd 10.80 +0.55 ... CUTR ... dd 32.87 +3.41 ... CYBR ... dd 162.78 +0.67 ... CYBE ... 47 27.98 +1.53 ... CYCN ... dd 4.30 –0.15 ... CBAY ... dd 5.80 –0.09 ... CONE 2.8 dd 72.51 –2.16 .51 CYTK ... dd 22.13 –0.94 ... CTMX ... dd 9.00 +0.96 ...

10.18 3.17 42.62 59.50 18.77 35.08 61.27 6.35 119.43 47.47 7.45 3.24 24.39 68.40 93.94 60.47 64.45 3.47 456.23 162.00 81.59 28.50 25.61 58.74 31.89 82.72 103.00 49.94 40.77 8.05 5.50 68.00 290.23 3.42 115.45 79.00 16.19 14.61 16.32 102.59 18.94 64.78 31.98 35.56 25.70 59.40 17.30 32.32

1.35 0.71 17.09 20.15 10.26 10.44 14.60 3.69 28.88 4.61 0.32 0.84 18.00 33.10 12.39 31.58 24.35 2.02 182.07 75.00 14.55 11.75 6.18 9.92 16.51 31.51 24.80 17.12 15.43 2.00 0.53 10.80 64.88 0.78 60.20 7.62 11.22 10.51 8.52 44.49 6.11 10.60 17.55 25.30 14.55 35.10 2.82 15.60

DBV Tech DIRTT Envl DISH Network DMC Global DSP Group DXP Ents DadaNexus Daktronics Datadog Dave&Buster's DAVIDsTEA DawsonGeophys DecibelTherap DecipheraPharm DenaliTherap DentsplySirona Descartes Deswell DexCom DiamondHillInvt DiamondbkEner DicernaPharma DigiIntl Digimarc DimeCommBcshs Diodes DiscoveryB DiscoveryA DiscoveryC DiversifiedHlthcr DixieGroup Docebo DocuSign Dogness DollarTree Domo DonegalGroup A DonegalGroup B DorchesterMnls DormanProducts DouYuIntl DraftKings DreamFinders DrivenBrands Dropbox DuckCreekTech DuluthHoldings DyneTherap

DBVT DRTT DISH BOOM DSPG DXPE DADA DAKT DDOG PLAY DTEA DWSN DBTX DCPH DNLI XRAY DSGX DSWL DXCM DHIL FANG DRNA DGII DMRC DCOM DIOD DISCB DISCA DISCK DHC DXYN DCBO DOCU DOGZ DLTR DOMO DGICA DGICB DMLP DORM DOYU DKNG DFH DRVN DBX DCT DLTH DYN

11.51 10.68 17.50 30.00 4.25 22.91 29.36 56.16 76.75

1.29 1.46 9.70 10.12 2.00 11.74 8.89 33.80 32.58

ECMOHO EDAP TMS ESSA Bancorp EVO Payments EXFO EagleBncpMT EagleBulkShip EaglePharm Eargo

MOHO ... dd 3.03 +0.33 ... EDAP ... dd 10.15 +1.63 ... ESSA 2.9 10 15.24 –0.35 .11 EVOP ... dd 27.39 +1.92 ... EXFO ... dd 3.94 +0.09 ... EBMT 1.8 7 21.30 +0.56 .0975 EGLE ... dd 28.00 +5.41 ... EGRX ... cc 46.35 –3.12 ... EAR ... ... 71.83 +7.45 ...

D ... ... ... .0 ... ... ... .0 ... ... ... ... ... ... ... .7 ... 2.6 ... .0 2.2 ... ... ... 3.6 ... ... ... ... .9 ... ... ... ... ... ... 4.3 4.2 9.2 ... ... ... ... ... ... ... ... ...

dd dd 13 dd dd dd dd dd dd dd dd dd ... dd dd dd cc dd 86 12 dd dd 91 dd 13 37 23 23 20 dd 5 dd dd dd 27 dd 8 8 18 35 52 dd ... ... cc ... 28 ...

5.87 2.42 31.36 56.54 17.44 27.15 44.56 5.38 112.86 37.96 4.37 2.82 18.03 48.91 67.51 55.35 64.06 3.44 412.56 144.05 69.12 26.01 24.37 44.36 26.98 82.14 48.10 47.80 40.75 4.48 5.16 55.34 263.30 2.23 108.38 70.86 13.86 12.50 13.89 96.10 18.72 61.07 28.86 34.50 24.51 58.04 13.91 18.61

–0.06 +0.02 +0.15 –0.45 +0.95 +0.50 –1.88 +0.16 –2.04 +1.17 –0.93 –0.19 +0.03 –2.45 –3.06 +0.11 +1.13 +0.09 +1.53 +2.54 +4.67 –1.40 –0.14 +1.36 +1.12 +6.58 +5.43 +5.13 +4.33 +0.05 +0.81 –0.56 +12.93 +0.11 +2.73 –3.95 –0.22 –0.25 +0.98 –3.04 +4.23 –2.80 –1.05 +2.73 –0.33 +3.69 –0.72 –1.88

... ... ... .125 ... ... ... .05 ... ... ... ... ... ... ... .10 ... .09 ... 12.00 .375 ... ... ... .24 ... ... ... ... .01 ... ... ... ... ... ... .15 .1325 .2423 ... ... ... ... ... ... ... ... ...

E

M18

BARRON’S

February 15, 2021

Nasdaq Issues 52-Week High Low Name

Tick Div Sym Yld P/E Last Chg. Amt.

67.96 17.05 28.89 14.95 64.85 64.14 31.30 40.92 99.95 20.00 129.80 152.19 13.99 47.25 21.96 163.81 3.30 150.30 6.77 7.30 58.59 49.01 65.22 9.60 15.25 229.04 92.39 222.90 5.64 114.00 31.99 45.76 25.98 96.22 4.24 27.05 839.77 28.49 266.77 13.95 23.80 73.45 10.30 239.47 149.76 19.93 8.30 165.79 63.44 9.01 10.24 10.63 22.99 27.80 50.54 89.29 66.48 166.47 153.26 98.37 97.84 15.73 36.00 11.12 19.70 6.84

22.55 11.74 15.28 3.80 26.02 8.75 14.17 19.75 14.01 3.02 7.59 47.84 4.55 14.00 6.15 110.00 0.32 85.69 1.44 1.46 38.40 15.27 38.01 2.08 6.11 21.49 24.06 94.58 1.58 38.12 19.27 21.70 9.90 42.53 2.32 2.20 477.87 12.49 130.20 3.50 4.69 23.90 2.50 29.95 61.27 3.01 0.61 90.66 21.00 1.75 0.75 2.85 10.29 13.67 29.28 40.61 3.55 6.51 40.76 52.55 58.03 5.35 18.00 1.43 3.51 3.41

EastWestBncp EasternBankshares Eastern EbangIntl eBay Ebix EchoGlobalLog EchoStar EditasMedicine EducDev EHang eHealth EigerBioPharma 89bio ElPolloLoco ElbitSystems electroCore ElectronicArts EloxxPharm Emcore EnantaPharma EncoreCapital EncoreWire EndoIntl EnergyRecovery EnphaseEnergy EnsignGroup EnstarGroup EntasisTherap Entegris EnterpriseBncp EnterpriseFinSvcs Epizyme ePlus EpsilonEnergy Equillium Equinix EquityBcshs ErieIndemnity A ErytechPharma Escalade EsperionTherap EtonPharm Etsy EuronetWorldwide EveloBiosci Ever-Glory Everbridge EverQuote EverspinTech Evogene Evolus Exagen Exelixis Exelon ExlService ExOne eXpWorld Expedia ExpeditorsIntl Exponent ExtendedStayAmer ExtractionOil ExtremeNetworks EyePointPharm Ezcorp

EWBC EBC EML EBON EBAY EBIX ECHO SATS EDIT EDUC EH EHTH EIGR ETNB LOCO ESLT ECOR EA ELOX EMKR ENTA ECPG WIRE ENDP ERII ENPH ENSG ESGR ETTX ENTG EBTC EFSC EPZM PLUS EPSN EQ EQIX EQBK ERIE ERYP ESCA ESPR ETON ETSY EEFT EVLO EVK EVBG EVER MRAM EVGN EOLS XGN EXEL EXC EXLS XONE EXPI EXPE EXPD EXPO STAY XOG EXTR EYPT EZPW

82.70 211.01 6.40 50.75 304.67 129.04 23.27 15.08 51.89 121.16 16.05 57.21 70.97 17.78 33.19 81.81 30.71 25.53 38.60 28.87 35.00 13.08 26.10 26.09 735.17 31.32 21.21 6.86 25.04 43.18 44.51 15.47 22.23 21.29 29.95 34.75 43.95 43.10 37.81 21.31 17.85 112.50 48.14 24.22 22.31 86.53 7.37 156.50 123.78 197.45 187.99 24.70 20.04 17.33 38.52 58.86 7.90 12.45 20.65 54.20 28.27 56.33 50.57 99.06 50.00 21.87 164.87 88.20 28.60 18.59 55.11

35.15 79.78 2.80 30.00 137.10 5.66 11.79 3.40 26.72 16.75 4.60 22.65 30.50 2.72 11.10 53.94 12.78 7.54 17.32 17.62 15.27 6.00 11.00 12.86 276.08 17.21 9.01 1.56 10.83 20.70 27.62 7.90 8.01 11.29 13.56 10.47 24.50 21.18 18.60 10.31 8.77 28.47 26.07 10.74 10.75 51.15 2.72 57.38 73.50 47.53 52.51 1.75 5.36 5.01 7.81 23.85 1.02 1.17 8.86 12.17 14.03 31.45 16.35 36.75 22.45 3.45 70.20 39.59 2.69 7.96 35.01

FARO Tech F5Networks FGFinancial FRP Holdings Facebook FangddNetwork Fanhua FarmerBros Fastenal FateTherap FedNat FibroGen FidelityD&D FiestaRestaurant FifthThirdBncp 51job FinInstitutions FireEye FirstBancorpNC FirstBancorp FirstBancshares FirstBank FirstBusey FirstBusFinSvcs FirstCitizBcshA FstCmntyBcsh 1stConstBncp FirstEagleAltCap FirstFinBncpOH FirstFinBkshs FirstFinIN FirstFinNW FirstFoundation FirstGuarBcshs FirstHawaiian FirstInternetBncp FirstInterBanc FirstMerchants FirstMidBcshs FirstMidwestBncp FirstNWBncp FirstSolar 1stSource FirstUnited FirstWesternFin FirstCash FirsthandTechVal FirstService Fiserv FiveBelow Five9 FivePrimeTherap Flex FlexionTherap Flexsteel FlirSystems Fluent Fluidigm FlushingFin FocusFinPtrs FoghornTherap FormaTherap FormFactor FormulaSys ForresterResearch Forterra Fortinet ForwardAir Fossil FosterLB 4D Molecular

FARO FFIV FGF FRPH FB DUO FANH FARM FAST FATE FNHC FGEN FDBC FRGI FITB JOBS FISI FEYE FBNC FNLC FBMS FRBA BUSE FBIZ FCNCA FCBC FCCY FCRD FFBC FFIN THFF FFNW FFWM FGBI FHB INBK FIBK FRME FMBH FMBI FNWB FSLR SRCE FUNC MYFW FCFS SVVC FSV FISV FIVE FIVN FPRX FLEX FLXN FLXS FLIR FLNT FLDM FFIC FOCS FHTX FMTX FORM FORTY FORR FRTA FTNT FWRD FOSL FSTR FDMT

2.0 1.4 1.7 ... 1.1 .6 ... ... ... 2.5 ... ... ... ... ... 1.2 ... .5 ... ... ... ... .1 ... ... ... .2 ... ... .3 2.7 1.8 ... ... ... ... 1.6 ... 1.6 ... 2.5 ... ... ... ... ... ... ... ... ... ... ... ... ... 3.6 ... ... ... .0 1.1 .8 .3 ... ... ... ...

17 cc 18 ... 8 17 48 dd dd 12 dd 18 dd dd 31 29 dd 37 dd dd dd 5 21 dd 38 cc 28 4 dd 48 10 15 dd 18 71 dd cc dd 47 dd 14 dd dd cc dd dd dd dd dd dd dd dd dd 63 17 38 dd cc dd 26 61 dd ... dd dd dd

67.18 16.72 26.30 6.69 63.01 51.50 28.17 23.60 57.94 16.21 124.09 54.84 11.69 23.69 19.68 144.34 2.86 147.74 4.04 7.10 51.32 33.39 64.69 9.04 15.07 206.51 86.65 214.52 3.39 103.28 27.25 40.02 10.74 95.24 3.81 10.50 709.81 23.68 260.27 9.05 22.43 29.86 10.00 233.86 149.01 17.18 4.23 140.59 50.94 7.11 9.54 7.68 18.20 21.91 42.21 86.02 54.23 155.77 146.51 96.58 94.21 15.59 31.80 9.69 13.35 4.99

+2.55 +0.54 +1.87 +0.86 +0.78 +3.64 +0.11 +0.33 –6.12 +1.27 +47.69 –2.89 +0.80 +0.68 –0.87 +2.82 +0.28 +6.52 +0.21 +1.05 –1.77 +0.43 +2.59 +0.23 +0.61 +13.31 +2.83 +2.63 +0.10 +8.91 +0.13 +1.55 –0.26 +3.55 +0.12 +2.01 –44.48 –0.89 +2.74 –2.53 +0.13 –4.22 +0.12 +2.74 +15.19 +0.19 +0.48 –2.51 +2.62 +1.49 +1.43 +0.69 –0.25 –1.26 –1.47 +4.27 +14.09 +20.80 +5.11 +3.67 +4.46 +0.56 +2.80 +0.47 –0.63 –0.21

.33 .06 .11 ... .18 .075 ... ... ... .10 ... ... ... ... ... .44 ... .17 ... ... ... ... .02 ... ... ... .0525 ... ... .08 .185 .18 ... ... ... ... 2.87 ... 1.035 ... .14 ... ... ... ... ... ... ... ... ... ... ... ... ... .3825 ... ... ... .34 .52 .20 .35 ... ... ... ...

... ... ... ... ... ... 6.9 ... 2.4 ... 5.4 ... 2.2 ... 3.3 ... 4.1 ... 1.9 4.9 1.6 1.1 4.1 3.4 .3 4.2 2.1 10.2 4.3 1.2 2.5 3.1 1.7 3.9 3.9 .8 3.8 2.5 2.3 3.1 1.5 ... 2.7 3.2 ... 1.7 ... .4 ... ... ... ... ... ... 1.2 1.2 ... ... 4.2 ... ... ... ... .8 ... ... ... 1.0 ... ... ...

dd 44 dd 33 27 dd dd dd 32 dd dd dd 20 dd 18 33 11 dd 13 10 13 11 12 11 17 12 10 dd 14 30 11 15 11 9 19 10 17 15 13 21 15 48 14 10 6 24 dd 74 79 98 dd dd 23 dd dd 52 cc dd 17 cc ... dd 51 31 82 44 57 cc dd 4 ...

78.80 210.62 4.87 46.88 270.50 8.95 14.86 6.41 47.39 102.45 6.64 55.72 54.25 17.04 32.51 70.07 25.26 21.46 37.19 25.13 32.17 10.58 22.40 21.49 733.32 23.79 17.38 3.91 21.52 42.43 41.71 12.76 21.60 16.38 26.37 31.25 43.70 41.68 34.98 18.09 16.40 100.75 43.35 16.50 18.43 62.55 7.10 149.16 109.99 192.32 181.92 19.51 19.55 11.68 33.42 54.69 6.97 5.55 19.95 52.82 16.88 38.47 50.40 91.40 43.29 21.49 164.73 86.00 16.08 16.40 44.91

+0.39 +11.48 +0.99 +1.89 +2.40 –0.01 –0.60 –0.18 +0.09 –2.74 +0.47 +3.46 +4.06 +1.04 +0.41 +1.06 –0.19 +0.16 +0.72 –0.06 +0.03 +0.01 +0.49 –0.48 +69.97 +0.39 +0.07 +0.11 +0.87 +1.57 +0.14 +0.11 +0.57 –0.62 +1.75 –2.58 +2.42 +0.97 +0.11 +0.29 +0.69 +3.35 +1.40 –0.36 –0.38 +1.66 +0.88 +6.73 –2.23 +1.52 +8.70 +0.10 +0.81 –1.35 –0.78 +0.41 +0.04 –1.33 +0.33 +0.82 –0.95 –1.38 +4.77 –0.50 –0.39 +0.44 +9.25 +9.23 –1.18 –0.12 –5.09

... ... ... ... ... ... .25 ... .28 ... .09 ... .30 ... .27 ... .26 ... .18 .31 .13 .03 .23 .18 .47 .25 .09 .10 .23 .13 .53 .10 .09 .16 .26 .06 .41 .26 .205 .14 .06 ... .29 .13 ... .27 ... .1825 ... ... ... ... ... ... .10 .17 ... ... .21 ... ... ... ... .3704 ... ... ... .21 ... ... ...

F

52-Week High Low Name

Tick Div Sym Yld P/E Last Chg. Amt.

40.73 37.72 143.29 37.84 76.37 21.69 4.56 12.19 58.37 172.62 58.94 29.44 22.39 189.89 16.96 14.54 48.50 19.00 204.25

19.81 19.13 34.58 5.75 41.25 14.62 0.73 5.95 14.50 40.79 30.06 1.00 7.01 6.70 8.89 3.12 10.02 10.51 8.16

FoxA FoxB FoxFactory Franchise FranklinElec FreelineTherap FreightCarAmer FrequencyElec FrequencyTherap Freshpet frontdoor FuelCell FulcrumTherap FulgentGenetics FultonFin Funko FusionFuelGreen FusionPharm Futu

FOXA FOX FOXF FRG FELE FRLN RAIL FEIM FREQ FRPT FTDR FCEL FULC FLGT FULT FNKO HTOO FUSN FUTU

14.24 15.36 3.13 115.65 33.32 239.90 8.74 217.50 12.79 274.03 17.99 18.57 15.00 50.99 131.40 13.75 13.84 12.00 55.72 31.23 22.48 44.83 23.49 37.75 71.50 14.53 36.03 2.40 103.02 30.52 22.69 85.97 52.93 10.55 21.77 13.69 18.61 83.69 34.65 18.01 12.95 5.19 10.86 17.23 26.25 5.46 15.12 21.67 27.18 14.47 5.93 18.22 64.22 14.59 168.97 11.19 16.79 33.70 106.69 37.88 8.07 3.55 15.68 57.85 26.56 14.47 8.73 10.22 9.18 1.91 25.73 6.74 35.20 48.87 61.80 67.07 32.80 24.36 181.07 4.94 6.42

7.03 9.00 0.21 43.27 8.80 21.49 4.75 67.98 4.70 84.93 11.57 5.58 2.60 13.04 61.04 9.80 9.38 4.62 17.00 9.03 3.63 16.24 3.36 19.48 27.24 4.61 23.54 0.75 30.60 2.96 4.70 56.56 26.66 4.04 7.59 6.43 9.61 36.49 17.01 8.51 3.98 1.82 10.45 1.33 10.01 1.30 4.54 3.55 8.82 0.22 2.52 8.94 33.51 4.09 37.26 2.00 7.52 20.12 57.89 12.50 2.25 1.31 6.75 32.23 3.77 3.47 1.02 5.00 3.05 0.24 13.40 2.03 2.54 28.11 9.60 20.55 18.20 12.70 55.90 2.67 2.64

GBS GCM Grosvenor GCMGrosvenorWt GDS Holdings G1Therapeutics GRAVITY GSI Tech GWPharm Gaia Galapagos Galecto GaleraTherap GamidaCell Gaming&Leisure Garmin GeminiTherap GencorIndustries GeneralFin GenerationBio Genetron Genfit Genmab GenMarkDiagn Gentex Gentherm GeospaceTech GermanAmerBncp Geron GibraltarInds GIIIApparel GilatSatellite GileadSciences GlacierBancorp GladstoneCap GladstoneComm GladstoneInvt GladstoneLand GlbBloodTherap GlobalIndemnity GlobalWaterRscs GluMobile GlycoMimetics GoalAcqns Gogo GoHealth GolarLNGPartners GolarLNG GoldenEnt GoldenNugget GoldenNuggetWt GoldenOcean GolubCapital GoodRx Goodyear GooseheadIns GoPro GossamerBio GracellBiotech GrandCanyonEduc GraybugVision GreatElmCap GreatElm GreatLakesDredge GreatSouthernBncp GreenPlains GreenPlainsPtrs Greenlane GreenlightCapRe GreenSky Gridsum Grifols GrindrodShipping GritstoneOncology GroceryOutlet Groupon GrAeroportuario GuarantyBcshrs GuarFedBcsh GuardantHealth GulfIslandFab Gulf Resources

GBS GCMG GCMGW GDS GTHX GRVY GSIT GWPH GAIA GLPG GLTO GRTX GMDA GLPI GRMN GMTX GENC GFN GBIO GTH GNFT GMAB GNMK GNTX THRM GEOS GABC GERN ROCK GIII GILT GILD GBCI GLAD GOOD GAIN LAND GBT GBLI GWRS GLUU GLYC PUCKU GOGO GOCO GMLP GLNG GDEN GNOG GNOGW GOGL GBDC GDRX GT GSHD GPRO GOSS GRCL LOPE GRAY GECC GEG GLDD GSBC GPRE GPP GNLN GLRE GSKY GSUM GRFS GRIN GRTS GO GRPN OMAB GNTY GFED GH GIFI GURE

32.75 18.84 21.00 37.04 13.68 18.90 67.95 45.42 17.64 51.30 89.68 41.41 17.96 11.65 8.47 52.74 25.24 11.10 5.21 101.24 28.65 63.99 24.40 28.57 33.75 55.07 35.80 93.32 26.78 22.75 51.85 34.88 265.97

9.12 9.11 13.06 18.20 5.80 9.50 31.85 18.12 2.28 12.71 36.27 14.32 7.15 6.45 4.44 28.97 10.27 3.33 1.39 41.33 7.55 26.82 12.93 15.29 12.25 17.48 15.80 34.40 17.95 15.65 25.26 17.99 104.02

H&E Equipment HBT Finl HMN Fin HMS Holdings Hookipa HackettGroup HailiangEduc HainCelestial HallmarkFin HalozymeTherap HamiltonLane HancockWhitney HanmiFinancial HarborOneBncp Harmonic HarmonyBio HarpoonTherap HarrowHealth HarvardBioSci Hasbro HawaiianHoldings Hawkins HawthornBcsh HaynesIntl Headhunter HealthCatalyst HealthcareSvcs HealthEquity HealthStream HeartlandExp HeartlandFinUSA Heidrick&Strug HelenofTroy

HEES HBT HMNF HMSY HOOK HCKT HLG HAIN HALL HALO HLNE HWC HAFC HONE HLIT HRMY HARP HROW HBIO HAS HA HWKN HWBK HAYN HHR HCAT HCSG HQY HSTM HTLD HTLF HSII HELE

1.4 1.5 ... 4.1 .9 ... ... ... ... ... ... ... ... ... 3.5 ... ... ... ...

13 12 67 ... 38 ... dd dd dd cc 38 dd dd 80 14 dd dd ... cc

32.59 31.45 134.34 36.34 74.81 15.56 3.95 11.50 54.87 172.52 58.16 26.20 13.91 161.09 14.79 12.74 18.87 12.00 147.57

+1.17 +1.14 –1.57 –0.65 +1.71 –1.78 –0.28 +0.42 +4.41 +13.10 +3.65 +2.28 +2.49 +19.57 +0.52 –0.73 –1.33 –0.16 +31.57

.23 .23 ... .375 .175 ... ... ... ... ... ... ... ... ... .13 ... ... ... ...

... 1.8 ... ... ... ... ... ... ... ... ... ... ... 5.4 1.9 ... ... ... ... ... ... ... ... 1.3 ... ... 2.4 ... ... ... 4.6 4.2 2.3 7.9 7.8 7.0 2.9 ... .8 1.7 ... ... ... ... ... 2.3 ... ... ... ... 5.2 7.8 ... ... .0 ... ... ... ... ... 31.0 ... ... 2.6 ... 4.9 ... ... ... ... 1.8 ... ... ... ... ... 2.2 3.2 ... ... ...

dd 71 ... dd dd 30 dd dd dd dd ... dd dd 21 25 ... 36 cc dd dd dd 32 dd 25 64 dd 15 dd 36 43 dd cc 18 33 dd dd dd dd 14 cc cc dd ... dd ... 9 dd dd cc ... dd 40 cc dd cc dd dd ... 21 ... dd dd 14 12 dd 6 dd dd cc ... 15 dd dd 46 dd 28 14 12 dd dd dd

7.92 13.33 1.80 114.87 30.89 175.40 7.85 213.93 9.82 86.29 11.99 11.66 11.84 44.04 130.70 12.56 13.35 11.22 33.12 30.64 5.50 40.63 22.74 35.68 69.77 9.25 35.63 1.92 95.05 29.51 21.30 66.89 51.39 9.88 19.30 11.94 18.60 48.50 27.96 17.20 12.81 4.03 10.65 15.39 14.40 3.47 11.87 20.98 18.32 6.79 5.78 14.86 55.86 14.07 167.47 8.04 10.59 28.94 106.58 29.30 3.21 3.30 15.48 51.74 26.46 9.89 6.47 7.76 5.80 1.90 16.70 6.11 14.67 43.28 35.57 48.11 31.61 18.85 179.10 4.29 4.60

–0.15 –0.05 –0.05 +4.27 +2.88 +6.91 +0.47 –0.64 ... –19.05 –0.36 +0.01 +1.78 +0.43 +10.37 –0.10 +0.21 +2.90 +0.25 +3.32 +0.31 +0.06 +8.07 +0.80 +2.31 +0.20 +0.54 –0.05 +0.56 +0.02 +6.11 –1.57 +1.78 +0.01 +0.89 +0.29 +1.64 –2.31 +0.93 +0.39 +3.62 –0.05 +0.65 +2.17 +0.02 ... +0.05 +1.29 –0.19 –0.11 +0.57 –0.09 –0.77 +1.51 +17.67 –0.35 +0.07 –1.63 +12.49 –1.72 +0.10 +0.30 +1.08 +0.17 +5.80 +0.01 +0.87 –0.04 –0.08 +0.06 –0.53 +0.96 –1.54 +2.66 –0.11 –0.68 –0.45 –1.65 +16.51 +0.29 +0.45

... .06 ... ... ... ... ... ... ... ... ... ... ... .60 .61 ... ... ... ... ... ... ... ... .12 ... ... .21 ... ... ... .63 .71 .15 .065 .1252 .07 .045 ... .25 .0243 ... ... ... ... ... .0202 ... ... ... ... .05 .29 ... ... 1.1495 ... ... ... ... ... .083 ... ... .34 ... .12 ... ... ... ... .0097 ... ... ... ... ... .1818 .15 ... ... ...

3.5 3.8 ... ... ... 2.5 ... ... ... ... 1.4 2.9 2.6 1.1 ... ... ... ... ... 3.0 .0 1.5 2.5 3.5 1.4 ... 2.7 ... ... .4 1.9 1.7 ...

cc 12 9 60 dd 74 29 cc dd cc 37 dd 11 14 dd ... dd dd dd 57 dd 18 9 dd 70 dd 23 cc 47 22 13 dd 25

31.41 15.74 20.05 36.68 11.54 14.91 59.16 44.11 3.85 49.84 89.15 37.14 15.31 11.39 7.61 37.09 20.41 9.12 4.73 91.48 22.66 63.25 20.91 25.21 31.25 53.68 30.73 85.13 24.34 18.76 45.35 34.37 227.30

+1.40 +0.32 +1.05 –0.17 –0.65 +0.46 +1.61 +3.31 –0.41 +0.92 +6.40 –0.16 +0.56 +0.07 –0.03 –2.96 +0.49 –0.71 –0.15 –5.80 +0.42 +6.85 +1.23 +2.45 –1.16 +1.80 –1.67 +0.29 –0.47 –0.20 +0.74 +3.41 –2.09

.275 .15 ... ... ... .095 ... ... ... ... .3125 .27 .10 .03 ... ... ... ... ... .68 .12 .1225 .13 .22 .50 ... .2062 ... ... .02 .22 .15 ...

G

H

52-Week High Low Name

Tick Div Sym Yld P/E Last Chg. Amt.

62.63 14.19 74.89 11.84 29.44 27.05 68.09 21.82 8.90 17.88 255.05 16.31 85.00 36.83 23.75 13.15 42.21 27.09 22.38 36.49 14.32 17.76 14.42 91.38 17.40 6.85 4.75 62.49 61.37 16.56 14.80 156.74 15.12 34.97 69.83 37.00 93.48

29.03 7.64 41.85 6.04 11.30 14.65 7.33 4.20 0.52 1.73 125.55 9.52 26.49 18.57 9.71 9.05 18.44 11.75 8.70 12.30 7.03 7.42 4.51 23.81 7.86 1.03 1.67 25.01 36.51 6.06 4.83 75.29 6.82 20.39 35.15 14.74 41.59

HeliosTechnologies HemisphereMedia HenrySchein HeritageCommerce HeritageCrystal HeritageFin HibbettSports HighPeakEner HighPeakEnerWt HimaxTechs HinghamSvg HollysysAuto Hologic HomeBancorp HomeBancShares HomePtCap HomeStreet HomeTrustBcshs HomologyMed HookerFurniture HopeBancorp HorizonBancorp HorizonTechFin HorizonTherap HostHotels HoughtonMifflin HoustonWire Huazhu HubGroup HudsonGlobal HuizeHolding JBHunt HuntingtonBcshs Hurco HuronConsulting HutchisonChina Hydrofarm

264.28 22.79 87.94 236.51 21.38 545.85 17.98 51.09 133.00 100.44 65.55 80.35 262.55 15.00 35.87 7.98 69.10 44.70 19.10 223.62 4.20 18.31 555.77 62.71 16.64 23.39 61.99 10.88 33.34 53.75 7.95 79.05 118.47 110.37 82.59 22.29 70.67 24.37 11.51 5.98 9.70 4.11 52.50 50.97 73.00 8.23 7.35 106.91 8.24 15.62 56.46 28.75 33.79 31.65 182.22 21.93 88.70 45.44 29.41 298.43 71.19 67.86 92.00 15.45 70.69 73.87 98.69 68.73 17.49 42.86 29.65 7.95 39.59 21.89 414.47 826.81 19.06 23.89 7.70 12.98 194.26 64.37 54.21 28.03 286.19 6.25 54.65 197.40 13.07 42.90 108.89 26.24

100.22 9.27 47.75 158.01 2.95 168.65 5.00 13.73 27.55 19.00 10.55 28.67 98.04 5.06 13.01 2.64 34.00 13.68 3.58 104.28 0.51 4.31 196.78 12.47 4.23 4.19 39.02 1.95 1.15 8.34 0.53 11.47 39.55 62.48 49.25 9.19 20.35 12.95 3.68 0.60 2.52 1.61 32.21 15.20 13.14 3.30 0.75 56.71 1.20 7.58 26.57 13.39 3.57 16.10 55.72 3.91 28.25 12.09 10.00 121.00 34.21 43.61 9.18 1.91 34.20 33.70 23.78 31.04 5.06 15.60 5.97 3.17 10.94 9.84 187.68 360.50 9.01 8.49 1.38 6.31 96.45 39.32 18.70 14.51 56.54 1.22 16.87 32.79 7.99 17.50 40.48 11.01

IAC/InterActive IBEX ICF Intl ICU Medical IDEAYA Bio IdexxLab IEC Elec IES Holdings IGM Biosci II-VI I-Mab IndusRealty IPG Photonics IRSA Prop i3Verticals IVERICbio IcahnEnterprises Ichor iClickInteract Icon IconixBrand iHeartMedia Illumina Imara Immersion Immunic Immunocore Immunogen ImmunoPrecise Immunovant Immutep Impinj InariMedical Incyte IndependentBank IndepBankMI IndependentBank IndLogistics Infinera InfinityPharm InflaRx InfoSvcsGrp InglesMarkets Inhibrx InMode InnatePharma Innodata Innospec InnovSolSuprt Innoviva Inogen Inovalon InovioPharma InozymePharma Inphi Inseego InsightEnt Insmed InsteelInds Insulet IntegraLifeSci Intel IntelliaTherap Intellicheck InterParfums InteractiveBrkrs InterceptPharm InterDigital Interface IntlBcshs IntersectENT Intevac Intra-Cellular Intricon Intuit IntuitiveSurgical Inventiva Investar InvestcpCredit InvestorsBancorp InvestorsTitle IonisPharma IovanceBiotherap iQIYI iRhythmTechs Iridex IridiumComm iRobot IronwoodPharm iTeosTherap Itron IturanLocation

14.40 176.01 101.68 138.55

3.00 105.67 32.70 41.33

JakksPacific JAKK ... dd 9.10 J&JSnackFoods JJSF 1.5 cc 158.48 JD.com JD ... 38 99.31 Joyy YY .6 8 135.26

HLIO HMTV HSIC HTBK HCCI HFWA HIBB HPK HPKEW HIMX HIFS HOLI HOLX HBCP HOMB HMPT HMST HTBI FIXX HOFT HOPE HBNC HRZN HZNP HST HMHC HWCC HTHT HUBG HSON HUIZ JBHT HBAN HURC HURN HCM HYFM

.6 ... ... 5.7 ... 3.4 ... ... ... ... .7 1.3 ... 2.7 2.4 ... 2.4 1.4 ... 2.2 4.6 2.8 8.4 ... .0 ... ... ... ... ... ... .8 4.2 1.6 ... ... ...

86 dd 25 16 cc 19 19 ... ... 58 11 14 16 11 18 ... 12 19 dd dd 13 11 21 25 dd dd dd dd 26 dd dd 31 21 dd dd dd ...

60.60 11.40 69.46 9.20 26.17 23.76 61.13 12.68 3.10 15.86 251.78 15.85 82.98 32.31 23.42 13.01 41.47 22.50 13.83 33.47 12.13 17.30 14.32 90.53 14.90 6.46 4.13 61.92 56.11 15.35 8.24 148.32 14.45 32.28 56.65 34.79 92.13

+0.41 +0.90 –0.67 –0.04 +3.63 –0.07 +1.19 –1.67 –0.11 +3.30 +15.48 +0.79 +0.18 +1.20 +1.05 +1.36 +0.96 +0.08 +0.05 +0.93 +0.34 +0.08 +0.40 +5.31 +0.71 +0.70 +0.32 +4.37 –1.74 +0.54 +1.73 +3.67 +0.38 +1.74 +0.50 –0.54 +8.33

.09 ... ... .13 ... .20 ... ... ... ... .70 .20 ... .22 .14 ... .25 .08 ... .18 .14 .12 .10 ... .20 ... ... ... ... ... ... .28 .15 .13 ... ... ...

... ... .7 ... ... ... ... ... ... ... ... .0 ... ... ... ... 13.0 ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... 2.3 4.1 1.7 5.8 ... ... ... ... 1.3 ... ... ... ... 1.0 .0 ... ... ... ... ... ... ... ... ... .4 ... ... 2.2 ... ... .0 .6 ... 2.1 .4 2.6 ... ... ... ... .6 ... ... 1.5 11.7 4.4 1.1 ... ... ... ... ... ... ... ... ... ... .0

... ... 26 58 dd 81 22 22 dd 54 ... dd cc ... dd dd dd 31 dd 34 dd dd cc dd dd dd ... dd dd dd dd dd cc dd 22 8 15 28 dd dd dd 55 5 dd 38 dd dd 67 37 6 dd cc dd ... dd dd 17 dd 21 cc cc 13 dd dd 67 30 dd 35 dd 16 dd cc dd dd 56 92 dd 14 dd 14 9 cc dd dd dd dd dd 26 14 ... dd dd

262.35 20.15 82.83 220.44 18.91 544.08 14.43 46.85 102.95 89.92 58.08 65.22 252.89 11.15 33.90 5.93 61.55 44.17 17.51 210.52 2.83 14.90 504.76 14.04 14.92 20.81 47.66 10.53 14.38 22.21 3.33 69.35 117.67 84.33 78.65 20.41 69.14 22.73 10.70 4.04 5.73 3.72 50.64 33.49 67.97 4.37 6.74 100.08 6.74 12.10 55.72 28.02 14.22 20.43 174.87 18.21 85.18 41.78 29.36 289.77 69.15 61.81 68.28 14.41 67.22 72.67 31.32 68.14 11.30 41.57 25.35 6.74 39.08 21.78 413.99 807.81 16.85 17.56 5.11 12.71 162.25 57.06 47.57 26.46 172.35 5.22 47.52 133.40 9.99 36.00 103.68 22.55

+13.79 +1.05 +0.70 +11.52 –0.34 +41.44 –0.37 –2.25 –4.52 +1.92 –3.92 +0.10 +14.46 +1.24 +1.29 +0.30 +1.84 +2.88 +0.05 +10.34 +0.17 +0.91 +75.85 –0.06 +0.68 +3.02 +4.46 +2.84 –0.68 –1.94 +0.15 +6.99 +6.40 –5.91 +1.80 +0.09 +0.58 +0.23 +0.79 +0.11 +0.20 ... +0.68 –5.53 +0.20 –0.02 +0.08 +5.49 –0.25 –0.33 +2.74 +1.10 +1.39 –1.84 +9.37 –1.59 +2.33 –0.68 +1.95 +8.60 +0.98 +3.63 –0.93 +1.18 –0.25 +0.75 –3.56 +2.23 +0.03 +1.41 +1.28 ... +3.32 +1.10 +24.61 +45.56 –0.77 –0.24 +0.04 +0.42 +1.43 –3.13 –2.08 +3.25 –7.12 +0.12 –6.42 +14.43 –0.32 –2.25 +6.25 +2.82

... ... .14 ... ... ... ... ... ... ... ... 1.99 ... ... ... ... 2.00 ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... .46 .21 .30 .33 ... ... ... ... .165 ... ... ... ... .52 .50 ... ... ... ... ... ... ... ... ... 1.50 ... ... .3475 ... ... .33 .10 ... .35 .01 .55 ... ... ... ... .59 ... ... .065 .18 .14 15.00 ... ... ... ... ... ... ... ... ... ... .24

I IAC IBEX ICFI ICUI IDYA IDXX IEC IESC IGMS IIVI IMAB INDT IPGP IRCP IIIV ISEE IEP ICHR ICLK ICLR ICON IHRT ILMN IMRA IMMR IMUX IMCR IMGN IPA IMVT IMMP PI NARI INCY INDB IBCP IBTX ILPT INFN INFI IFRX III IMKTA INBX INMD IPHA INOD IOSP ISSC INVA INGN INOV INO INZY IPHI INSG NSIT INSM IIIN PODD IART INTC NTLA IDN IPAR IBKR ICPT IDCC TILE IBOC XENT IVAC ITCI IIN INTU ISRG IVA ISTR ICMB ISBC ITIC IONS IOVA IQ IRTC IRIX IRDM IRBT IRWD ITOS ITRI ITRN

J +0.32 ... +2.98 .575 +2.67 ... +20.48 .51

52-Week High Low Name

Tick Div Sym Yld P/E Last Chg. Amt.

111.46 200.98 104.39 57.41 51.00 172.67 21.65 95.20 30.00 127.79 14.08

53.25 123.64 16.81 25.34 28.82 86.88 6.61 57.14 1.60 48.76 2.85

j2Global JackHenry JackintheBox JamesRiver JamfHolding JazzPharma JetBlue JFrog Jiayin JohnsonOutdoors JounceTherap

JCOM ... 33 107.79 +2.67 ... JKHY 1.2 37 145.64 –7.27 .43 JACK 1.6 26 100.54 –1.02 .40 JRVR 2.3 35 51.96 +5.34 .30 JAMF ... dd 39.98 +0.53 ... JAZZ ... 53 167.52 +10.61 ... JBLU ... dd 16.45 +0.65 ... FROG ... dd 65.80 –1.42 ... JFIN ... 9 4.59 +0.57 ... JOUT .7 18 125.42 +4.83 .21 JNCE ... dd 11.61 –1.86 ...

334.77 17.50 15.20 5.73 112.00 14.68 20.50 45.00 13.33 17.45 146.97 29.61 12.13 23.00 90.36 8.16 88.80 33.69 13.45 10.48 9.79 48.13 25.41 18.40 74.67 28.67 48.75 252.70 29.79 171.21 101.45 36.44 33.26 39.60 75.00 48.96 43.00 26.47 91.92

110.19 2.53 6.36 2.30 50.49 5.04 2.82 5.61 4.40 2.17 52.62 13.39 6.91 10.13 10.35 4.40 19.10 18.98 6.96 2.51 2.18 20.60 9.78 8.19 17.01 10.30 31.61 80.93 0.56 35.49 22.17 19.99 5.00 25.50 33.08 16.91 6.35 5.07 25.43

KLA KLX Energy KVH Inds Kadmon KaiserAlum KalaPharm KaleidoBiosci KalVistaPharm Kamada KandiTech KarunaTherap KaryopharmTherap KearnyFinancial KellyServices A KellyServices B KY FirstFedBncp KerosTherap KeurigDrPepper KewauneeSci KeyTronic KezarLifeSci Kforce KimballElec KimballIntl B KingsoftCloud KiniksaPharm KinnateBio KinsaleCapital Kirkland's KodiakSciences KornitDigital KraftHeinz KratosDefense KronosBio KrystalBiotech Kulicke&Soffa KuraOncology KuraSushiUSA KymeraTherap

KLAC KLXE KVHI KDMN KALU KALA KLDO KALV KMDA KNDI KRTX KPTI KRNY KELYA KELYB KFFB KROS KDP KEQU KTCC KZR KFRC KE KBAL KC KNSA KNTE KNSL KIRK KOD KRNT KHC KTOS KRON KRYS KLIC KURA KRUS KYMR

132.98 236.81 40.04 131.01 11.22 16.00 16.95 65.88 47.95 597.74 96.82 188.25 12.24 26.50 17.86 15.35 158.91 20.29 25.87 48.51 21.53 55.04 3.24 16.93 43.24 50.53 368.66 32.84 25.40 9.65 13.96 47.70 162.26 165.23 26.63 58.31 25.99 19.09 18.28 44.95 47.54 30.34 29.45 51.11 50.52 134.00 6.76 16.50 8.89 219.75 8.19 31.45 21.85 8.99 125.24 22.13 287.92 77.29 52.45 72.23 10.98 16.75 10.00 118.71 13.96 42.08 31.80 61.46 35.72 399.90 112.08 47.80 27.50 41.69 36.72 11.34 59.40 22.00

33.00 100.00 13.31 32.01 2.50 8.95 8.31 30.49 12.00 181.38 30.89 114.55 7.48 14.24 7.05 10.77 85.30 8.67 7.43 13.54 7.30 24.52 1.15 8.50 24.60 18.76 135.72 19.15 13.45 1.03 6.04 14.31 80.14 86.20 15.24 15.98 14.36 7.55 7.47 16.87 18.31 13.59 13.20 22.54 22.63 2.10 0.86 3.26 1.43 57.24 3.25 3.51 10.60 1.69 59.30 3.01 103.63 33.40 7.57 14.08 5.60 1.95 3.05 31.37 5.70 13.68 9.50 4.00 20.00 128.85 59.06 9.45 0.65 20.61 6.74 6.76 14.56 8.76

LGI Homes LHC Group LKQ LPL Financial LSI Inds LakeShoreBancorp LakelandBcp LakelandFin LakelandInd LamResearch LamarAdv LancasterColony Landec LandmarkBncp LandmarkInfrPtrs LandosBio LandstarSystem Lantheus LarimarTherap LatticeSemi LaureateEduc LawsonProducts LeapTherap LegacyHousing LegendBiotech LeMaitreVascular LendingTree Leslie's LevelOneBncp LexiconPharm LexinFintech LiAuto LibertyBroadbandA LibertyBroadbandC LibertyGlobal A LibertyGlobal B LibertyGlobal C LibertyLatAmA LibertyLatAmC LibertyFormOne A LibertyFormOne C LibertyBraves A LibertyBraves C LibertySirius A LibertySirius C LibertyTripAdvB LibertyTripAdvA LifetimeBrands LifewayFoods LigandPharm LimelightNetworks LiminalBioSci Limoneira LincolnEduc LincolnElectric LiquiditySvcs Littelfuse LivaNova LiveOakBcshs LivePerson LixiangEduc Lizhi LogicBioTherap LogitechIntl LoopIndustries LoralSpace LordstownMotors Lovesac LuciraHealth lululemon Lumentum LuminarTech LuminarTechWt Luminex LumosPharma LutherBurbank Lyft LyraTherap

K 1.1 ... ... ... 2.7 ... ... ... ... ... ... ... 2.9 .0 .0 6.0 ... 1.9 ... ... ... 2.0 ... 3.0 ... ... ... .2 ... ... ... 4.5 ... ... ... 1.2 ... ... ...

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331.81 13.30 14.89 4.64 108.62 8.63 11.56 42.57 6.98 9.00 119.76 15.22 10.85 21.09 21.49 6.69 60.09 31.77 12.38 7.81 6.03 46.63 24.55 11.84 70.35 20.44 35.38 197.83 25.89 157.03 98.10 35.39 32.89 29.83 70.09 48.50 34.48 24.92 67.01

+43.78 +2.28 +0.12 –0.68 +9.99 –0.79 +0.35 +27.36 –0.41 +0.24 +0.48 –0.96 +0.20 +0.66 +1.47 +0.23 –5.39 –0.76 –0.34 –1.36 +0.73 +1.55 +0.89 –0.02 +6.40 –0.97 –2.58 +8.01 –1.74 +7.10 +1.06 +1.59 +3.60 +0.90 +1.13 +5.51 +1.03 –0.36 –10.60

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120.82 206.97 36.92 130.24 9.58 14.50 15.01 64.20 40.95 586.16 86.22 184.85 11.97 25.59 12.27 13.00 154.89 20.00 19.46 48.44 14.56 51.50 2.80 15.84 25.05 49.15 353.34 26.42 23.00 8.10 13.06 31.85 146.67 149.61 25.08 24.85 24.78 11.59 11.40 41.08 45.47 29.33 28.50 43.57 42.96 29.50 5.35 14.20 6.90 172.46 3.96 5.85 16.01 6.19 115.75 17.20 274.71 70.41 46.48 71.38 8.50 15.82 8.73 118.59 11.66 41.05 26.91 55.98 33.49 342.86 93.95 37.73 26.13 28.21 18.00 10.07 57.65 13.86

+4.52 +2.78 –0.99 +4.56 –0.46 +1.06 +0.72 +2.20 +4.45 +76.40 –1.28 +4.31 +1.02 +0.15 +0.31 +1.95 +6.55 +1.20 +0.92 +5.44 +0.58 +1.03 +0.17 –0.34 –2.40 +0.88 +10.70 –1.63 +0.72 –0.40 +3.07 +1.45 +0.04 +1.00 +0.46 +0.85 +0.42 +0.49 +0.46 +1.21 +1.14 –0.10 –0.22 +0.19 +0.19 –2.50 +0.29 –0.17 +0.60 –30.57 –0.48 +0.63 +0.18 –0.03 +0.54 +0.04 +12.71 +2.78 +3.36 +1.14 –0.23 +4.42 +0.12 +6.74 +0.33 +10.14 +0.14 –1.59 +8.51 +8.78 +5.17 +4.38 +4.39 –1.36 –0.34 +0.07 +4.53 +3.18

... ... ... .25 .05 .13 .125 .34 ... 1.30 .50 .75 ... .20 .20 ... .21 ... ... ... ... ... ... ... ... .095 ... ... .05 ... ... ... .4375 ... ... ... ... ... ... ... ... ... ... ... ... ... ... .0425 ... ... ... ... .075 ... ... ... .48 ... .03 ... ... ... ... .8729 ... 1.50 ... ... ... ... ... ... ... .10 ... .0575 ... ...

... dd 67.67 +4.96

...

L LGIH LHCG LKQ LPLA LYTS LSBK LBAI LKFN LAKE LRCX LAMR LANC LNDC LARK LMRK LABP LSTR LNTH LRMR LSCC LAUR LAWS LPTX LEGH LEGN LMAT TREE LESL LEVL LXRX LX LI LBRDA LBRDK LBTYA LBTYB LBTYK LILA LILAK FWONA FWONK BATRA BATRK LSXMA LSXMK LTRPB LTRPA LCUT LWAY LGND LLNW LMNL LMNR LINC LECO LQDT LFUS LIVN LOB LPSN LXEH LIZI LOGC LOGI LOOP LORL RIDE LOVE LHDX LULU LITE LAZR LAZRW LMNX LUMO LBC LYFT LYRA

M 68.76 15.03 Macom Tech

MTSI

52-Week High Low Name

Tick Div Sym Yld P/E Last Chg. Amt.

3.36 83.26 69.47 3.29 192.30 13.40 60.69 67.78 10.83 32.18 137.28 5.92 95.43 14.25 18.11 64.39 14.30 33.33 81.81 20.96 5.45 146.50 20.32 6.13 101.35 37.26 3.37 5.70 17.14 3.77 606.45 21.45 148.91 20.13 3.95 55.70 284.86 31.88 174.68 87.29 16.00 19.42 35.36 57.97 98.44 22.14 82.41 7.10 13.25 6.07 173.95 20.48 22.50 2020.00 33.37 13.98 96.29 4.25 11.24 18.32 30.65 26.00 61.23 9.45 29.09 31.27 10.78 307.97 21.28 44.16 16.19 49.27 15.95 17.90 159.90 88.32 245.92 1315.00 21.75 25.70 149.39 85.92 27.21 33.07 21.43 41.42 47.80 59.48 2.82 15.22 249.42 27.43 20.71 22.01 189.26 184.71 32.29 63.95 60.00 10.22 428.97 406.75 63.78 95.11 249.61 41.00 35.73 26.42 5.22 31.00

1.01 47.19 21.64 0.70 66.87 3.76 13.15 16.33 6.01 4.04 56.82 2.46 30.60 5.76 6.31 4.09 7.50 10.00 18.02 10.06 0.56 35.20 6.49 0.80 55.25 23.62 1.10 0.77 4.16 1.32 275.50 4.66 46.56 10.67 0.91 16.45 143.90 4.90 87.56 10.65 7.11 6.53 17.01 11.78 41.93 14.80 44.32 1.29 2.79 1.44 58.72 8.82 10.81 422.22 17.09 5.77 52.24 0.69 8.56 8.88 5.51 10.68 25.18 1.49 4.12 10.18 2.05 181.90 3.12 13.09 7.64 9.00 8.31 1.00 53.15 31.13 132.52 90.00 0.15 15.50 41.73 48.79 12.48 15.25 1.69 14.39 20.15 25.14 1.45 1.81 66.01 9.14 6.71 11.75 17.91 40.40 12.52 12.83 41.19 1.15 93.81 130.12 37.09 50.06 102.59 9.90 18.21 10.43 1.78 9.24

MDC Partners MGE Energy MGP Ingredients MINDTechnology MKS Instrum MTBC MTS Systems MYR Group Macatawa Macrogenics MadrigalPharm MagalSec MagellanHealth MagentaTherap MagicSoftware Magnite MagyarBancorp MakeMyTrip MalibuBoats MalvernBancorp MammothEnergy ManhattanAssoc Mannatech MannKind ManTechIntl MaravaiLifeSci Marchex MarinSoftware MarinusPharma MarkerTherap MarketAxess MarlinBusSvcs Marriott MartenTransport MartinMidstream MarvellTech Masimo MasterCraftBoat MatchGroup Materialise MatrixService Mattel MatthewsIntl MaxeonSolar MaximIntProducts McAfee McGrathRent MedallionFin MediciNova MediWound Medpace MeiraGTx MelcoResorts MercadoLibre MercantileBank MercerIntl MercurySystems MereoBioPharma MeridaMergerCorp.I MeridianBancorp MeridianBiosci Meridian MeritMedical MerrimackPharm MersanaTherap Merus MesaAir MesaLab Mesoblast MetaFinancial Metacrine Methanex MetroCityBkshs Michaels MicrochipTech MicronTech Microsoft MicroStrategy MicroVision MidPennBancorp Middleby MiddlesexWater MidlandStBncp MidWestOneFin MilestonePharm MillerHerman MillicomIntl Mimecast Mind CTI MinervaNeurosci MiratiTherap MirumPharm Misonix MissionProduce Moderna ModivCare Momo MonarchCasino Mondelez MoneyGram MongoDB MonolithicPower Monro MonsterBev Morningstar Morphic MorphoSys MotorcarParts MustangBio MyriadGenetics

MDCA MGEE MGPI MIND MKSI MTBC MTSC MYRG MCBC MGNX MDGL MAGS MGLN MGTA MGIC MGNI MGYR MMYT MBUU MLVF TUSK MANH MTEX MNKD MANT MRVI MCHX MRIN MRNS MRKR MKTX MRLN MAR MRTN MMLP MRVL MASI MCFT MTCH MTLS MTRX MAT MATW MAXN MXIM MCFE MGRC MFIN MNOV MDWD MEDP MGTX MLCO MELI MBWM MERC MRCY MREO MCMJ EBSB VIVO MRBK MMSI MACK MRSN MRUS MESA MLAB MESO CASH MTCR MEOH MCBS MIK MCHP MU MSFT MSTR MVIS MPB MIDD MSEX MSBI MOFG MIST MLHR TIGO MIME MNDO NERV MRTX MIRM MSON AVO MRNA MODV MOMO MCRI MDLZ MGI MDB MPWR MNRO MNST MORN MORF MOR MPAA MBIO MYGN

31.98 39.75 32.05 288.73 35.32 30.22 9.70 195.89 16.20 94.81 21.55 83.94 6.60 32.25 145.40 127.19 67.27 196.43 9.85 47.40 70.12 16.95 52.61 281.98 18.50 31.84 14.84

13.33 26.10 9.24 110.59 15.49 8.06 1.35 58.41 2.31 20.26 15.89 13.85 1.10 2.52 71.66 16.87 39.01 35.71 1.62 20.42 34.00 10.14 11.70 120.55 4.75 16.38 4.07

Napco Security NBT Bancorp NGM Biopharm NICE NIC NMI Holdings NN NXP Semi NabrivaTherap NanoXImaging Nanobiotix NanoStringTech NantHealth NantKwest Nasdaq Natera Nathan's NationalBeverage NatlCineMedia NatlInstruments NatlResearch NatlSecurity NationalVision NatlWesternLife NaturalAlt NatusMedical Navient

NSSC NBTB NGM NICE EGOV NMIH NNBR NXPI NBRV NNOX NBTX NSTG NH NK NDAQ NTRA NATH FIZZ NCMI NATI NRC NSEC EYE NWLI NAII NTUS NAVI

... 2.3 .7 ... .5 ... .0 ... 3.7 ... ... 21.9 ... ... 2.0 ... ... ... ... ... ... ... 3.5 ... 1.5 ... ... ... ... ... .5 4.0 .0 .9 .8 .4 ... ... ... ... ... ... 2.5 ... .0 1.7 2.1 ... ... ... ... ... .0 ... 4.0 1.9 ... ... ... 1.9 ... 2.2 ... ... ... ... ... .2 ... .5 ... .4 2.7 ... 1.0 ... .9 ... ... 3.2 ... 1.4 5.4 3.3 ... 2.0 ... ... 8.5 ... ... ... ... ... ... ... .0 ... 2.3 ... ... .6 1.4 ... .5 ... ... ... ... ...

dd 25 28 dd 26 dd dd 18 10 dd dd 44 18 dd 36 dd 21 dd 22 19 dd cc 6 dd 27 ... dd dd dd dd 70 dd cc 21 41 25 72 dd ... dd dd 53 dd ... 36 dd 20 dd dd dd 51 dd dd dd 11 dd 52 dd cc 13 18 5 dd dd dd dd 12 dd dd 13 ... dd 10 10 cc 33 36 dd dd 8 28 37 22 67 dd dd dd cc 11 dd dd dd dd 53 dd 89 13 74 22 dd dd cc cc 41 61 dd cc 34 dd dd

3.07 65.64 68.53 2.59 167.43 10.65 58.68 57.62 8.60 20.21 122.23 4.93 93.98 9.95 17.24 61.70 10.51 29.68 76.56 16.40 4.41 139.55 18.29 5.41 85.06 34.51 3.29 2.52 15.40 2.93 552.55 13.92 129.48 17.20 2.49 53.82 275.72 27.28 169.53 77.37 12.96 18.71 33.77 50.17 96.22 20.58 80.28 6.48 6.21 5.56 168.26 15.47 17.80 1943.00 29.02 13.72 74.95 3.22 10.65 16.53 29.82 22.90 60.26 7.36 22.55 24.90 9.94 286.68 10.60 42.73 10.82 38.60 14.83 15.59 159.55 88.01 244.99 1034.31 18.33 23.90 134.38 79.29 20.59 27.64 8.13 38.24 38.06 43.08 2.82 3.52 209.75 21.00 17.52 21.74 183.74 178.53 19.98 56.50 55.19 9.15 422.85 385.92 62.82 91.73 247.90 37.69 28.89 21.11 4.40 30.48

–0.17 +0.29 +6.17 +0.35 +5.10 –0.10 –0.23 –2.42 +0.03 –2.65 +1.73 –0.32 –0.20 +0.20 +0.90 +6.75 –0.10 +1.12 +1.36 +0.25 –0.11 +9.09 –0.19 +0.71 –3.71 +0.02 +0.30 –0.26 +1.80 +0.78 –19.11 +0.29 ... +0.30 +0.59 +3.77 +15.43 –0.25 +9.71 +6.37 +0.15 +0.20 +0.78 +3.38 +7.02 +0.01 +4.81 –0.19 –0.36 –0.49 +21.21 –0.48 +0.43 +24.87 +0.10 +1.49 +0.03 +0.48 –0.05 +0.62 +0.80 +0.90 +1.57 –0.08 –1.03 –1.10 +2.81 –0.92 +0.99 +0.57 +1.18 +1.14 –0.07 –0.51 +14.11 +6.91 +2.79 +228.31 +6.79 +0.50 –3.55 –3.77 +0.17 +0.19 –0.14 +0.45 +1.08 +0.38 +0.18 +0.11 +2.22 +1.60 –1.23 +1.00 +7.50 +6.34 +2.59 –1.02 –1.02 +0.56 +10.19 +26.41 +0.40 +0.63 +10.55 –0.29 –0.03 –4.05 –0.27 +1.55

... .37 .12 ... .20 ... .30 ... .08 ... ... 1.079 ... ... .175 ... ... ... ... ... ... ... 1.00 ... .32 ... ... ... ... ... .66 .14 .48 .50 .005 .06 ... ... ... ... ... ... .215 ... .48 .087 .42 ... ... ... ... ... .1651 ... .29 .065 ... ... ... .08 ... .125 ... ... ... ... ... .16 ... .05 ... .0375 .10 ... .39 ... .56 ... ... .19 ... .2725 .28 .225 ... .1875 ... ... .24 ... ... ... ... ... ... ... .76 ... .315 ... ... .60 .22 ... .315 ... ... ... ... ...

... 3.0 ... ... 1.0 ... ... .8 ... ... ... ... ... ... 1.4 ... 2.3 .0 6.8 2.3 .0 2.1 ... .2 ... ... 5.2

81 15 dd 89 35 10 dd cc dd ... dd dd dd dd 25 dd 20 32 dd 42 34 dd cc 7 30 dd 6

31.85 35.49 29.17 277.63 34.97 22.38 7.03 194.39 3.11 66.15 17.87 82.96 4.88 30.92 141.99 124.36 60.12 109.51 4.13 46.43 49.35 11.65 50.92 200.30 17.13 26.57 12.23

+5.43 +1.07 +2.49 +6.60 +6.77 +0.35 +0.03 +12.40 +0.21 –3.62 –0.06 +7.83 +0.37 +7.20 –0.60 +5.29 –1.35 +0.16 –0.17 +4.42 –0.93 +1.04 +1.85 +8.00 +1.88 +0.70 –0.20

... .27 ... ... .09 ... ... .375 ... ... ... ... ... ... .49 ... .35 3.00 .07 .27 .21 .06 ... .36 ... ... .16

N

February 15, 2021

BARRON’S

M19

Nasdaq Issues 52-Week High Low Name 103.95 25.06 38.75 88.98 18.13 1.84 5.88 70.64 134.33 593.29 46.38 31.66 136.26 22.43 65.90 14.45 6.36 26.89 12.11 24.06 23.90 22.13 28.00 131.00 50.76 23.80 11.49 93.99 9.99 79.60 53.00 79.16 41.39 20.60 9.90 216.87 29.38 15.66 104.25 16.01 40.63 15.99 36.70 80.52 24.40 35.07 84.74 144.42 331.68 194.75 51.62 10.59 52.38 37.86 80.13 611.65

65.32 13.63 18.67 48.91 5.81 0.45 2.70 34.66 53.17 290.25 15.01 19.11 72.14 1.25 7.01 4.62 0.98 10.44 2.49 7.90 7.88 7.59 17.00 43.37 7.91 5.10 4.76 10.34 0.72 43.25 6.08 22.46 9.04 1.81 3.14 96.46 6.20 4.70 60.67 8.72 17.32 8.52 18.52 45.06 15.12 21.20 25.70 66.44 6.77 53.40 13.51 3.81 15.21 11.31 28.55 180.68

nCino NektarTherap NeoGames Neogen NeoleukinTherap NeosTherap Net1UEPS NetApp NetEase Netflix Netgear NetScout Neurocrine Neuronetics NewFortressEner NewMtnFin NY Mortgage NewellBrands Newmark NewsCorp A NewsCorp B NewtekBusSvcs NexImmune NexstarMedia NextCure NextGenHlthcr NicholasFin Nikola 9F 908Devices NiuTech Nkarta nLIGHT NobleMidstream Noodles Nordson NortheastBank NorthernTechsIntl NorthernTrust NorthfieldBanc NorthrimBanCorp NorthwestBcshs NorthwestPipe Northwestern NortonLifeLock NorwoodFin NovaMeasuring Novanta Novavax Novocure NuanceComms NuCana NurixTherap Nutanix Nuvasive NVIDIA

48.24 10.18 6.47 9.25 496.61 98.26 11.25 6.25 17.24 51.86 6.30 23.57 24.30 46.50 35.95 34.58 294.00 217.15 18.50 13.26 60.27 123.52 16.65 193.60 25.46 137.99 41.95 37.86 39.61 8.07 59.57 45.88 38.05 99.89 42.74 49.99 39.24 24.90 12.99 23.10 18.06 12.75 4.62 10.00 20.88 19.75 13.09 6.45 40.81 36.23 13.98 18.65 46.57 55.98 9.67 6.98 56.90 66.96 128.50 9.40 23.11 9.24 6.23 41.37 68.77

13.60 5.54 1.12 1.24 251.52 49.96 0.98 2.33 2.80 20.00 1.63 11.60 3.78 12.56 16.50 19.20 88.66 105.80 11.19 5.96 35.73 28.83 7.74 50.38 8.50 54.24 8.17 14.60 11.15 3.12 15.00 5.20 3.41 8.55 9.37 29.12 10.55 2.60 4.60 5.26 10.62 9.53 2.05 3.14 5.74 5.23 3.76 1.01 18.60 15.98 8.89 15.14 22.11 32.21 2.81 1.53 30.95 42.50 2.47 1.80 8.37 1.86 2.04 17.24 38.09

ODP OP Bancorp OPKO Health Orbcomm OReillyAuto OSI Systems O2MicroIntl OaktreeSpec OasisMidstream OasisPetrol ObsEva OceanFirstFin OcularTherapeutix OdonateTherap OfficePropIncm OhioValleyBanc Okta OldDomFreight OldNatlBncp Old2ndBcp OlemaPharm Ollie'sBargain OlympicSteel OmegaFlex Omeros Omnicell ON Semi Oncorus 1-800-FLOWERS 180DegreeCap 1LifeHealthcare 111 OneWaterMarine Ontrak OpenLending OpenText OpendoorTech OpendoorTechWt Opera OportunFin OptheaADR Optibase OpticalCable Optinose OptionCare OraSureTechs OrchardTherap OrganiGram OricPharm OriginBancorp Orphazyme OrthoClinical OrthofixIntl OrthoPediatrics OsmoticaPharm Otonomy OtterTail OutsetMedical Overstock OvidTherap OxfordImmunotec OxfordLane OxfordSquare OysterPtPharma OzonHoldings

64.45 8.26 15.70 54.76 11.05 28.61 26.42 14.63 10.43 14.94 63.22 38.04

22.00 3.75 7.31 30.10 3.95 4.51 8.61 7.31 6.41 9.85 31.05 10.61

PAM Transport P&FIndustries PCB Bancorp PCConnection PCTEL PDC Energy PDF Solutions PDLCommBncp PICO PLBY Group PMV Pharm PPD

Tick Div Sym Yld P/E Last Chg. Amt. NCNO NKTR NGMS NEOG NLTX NEOS UEPS NTAP NTES NFLX NTGR NTCT NBIX STIM NFE NMFC NYMT NWL NMRK NWSA NWS NEWT NEXI NXST NXTC NXGN NICK NKLA JFU MASS NIU NKTX LASR NBLX NDLS NDSN NBN NTIC NTRS NFBK NRIM NWBI NWPX NWE NLOK NWFL NVMI NOVT NVAX NVCR NUAN NCNA NRIX NTNX NUVA NVDA

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dd dd ... 78 dd dd dd 23 45 92 23 cc 27 dd dd dd dd dd 41 dd dd ... ... 11 dd cc 9 dd dd dd cc dd dd 8 dd 44 8 dd 18 18 7 23 12 18 dd 12 52 cc dd cc dd dd dd dd dd 98

80.07 22.86 29.20 88.48 12.48 1.12 5.23 69.86 132.12 556.52 43.65 31.53 114.10 18.54 54.59 12.28 3.98 24.19 8.71 23.72 23.50 21.58 25.33 129.05 13.38 19.48 10.65 21.83 2.04 73.15 49.01 53.45 40.74 13.53 9.83 188.27 28.09 15.00 98.14 13.54 35.50 13.55 32.04 56.44 21.47 24.30 83.86 144.42 289.76 189.65 49.64 5.95 38.63 34.42 58.10 598.45

+3.67 +2.68 –0.42 +2.54 –1.41 +0.23 +0.54 +2.48 +8.10 +5.73 +4.23 +0.94 –2.04 –0.08 +4.98 +0.31 –0.01 –1.94 +0.69 +2.50 +2.68 –0.21 +8.33 +3.55 +0.77 –0.51 –0.15 –1.77 +0.32 +5.15 +3.17 +5.71 +6.93 +0.23 +0.93 +0.20 +0.62 +0.67 +0.98 +0.32 +0.75 +0.38 +0.24 ... +0.40 –0.35 +8.56 +9.26 –0.42 +13.80 –0.74 –0.42 –0.15 +0.84 +0.38 +54.81

... ... ... ... ... ... ... .48 .195 ... ... ... ... ... .10 .30 .10 .23 .01 .10 .10 .47 ... .70 ... ... ... ... ... ... ... ... ... .1875 ... .39 .01 .065 .70 .11 .35 .19 ... .60 .125 .26 ... ... ... ... ... ... ... ... ... .16

.0 3.0 ... ... ... ... ... 7.7 12.9 ... ... 3.3 ... ... 8.7 3.6 ... .4 3.1 .4 ... ... .5 .7 ... ... ... ... ... ... ... ... ... ... ... 1.7 ... ... ... ... ... ... ... ... ... ... ... ... ... 1.2 ... ... ... ... ... ... 3.7 ... ... ... ... 12.5 10.7 ... ...

dd 11 dd dd 18 27 ... 10 cc dd dd 20 dd dd 17 12 dd 37 13 12 ... 27 dd 76 dd cc 74 ... 20 dd dd dd 10 dd dd cc dd ... 9 dd dd 10 dd dd dd dd dd dd dd 21 dd ... 36 dd dd dd 18 dd cc dd dd dd dd dd ...

44.25 9.23 5.61 8.21 433.05 93.83 9.08 6.23 16.75 49.83 3.87 20.57 19.38 24.93 25.19 23.42 291.78 212.21 17.86 11.17 47.60 93.53 15.77 149.38 22.09 133.80 41.27 17.40 31.77 7.05 58.70 23.07 34.82 85.21 42.20 47.94 34.59 21.50 12.84 16.89 11.03 11.30 3.79 4.59 19.33 14.16 9.08 3.75 32.99 33.09 12.35 17.80 43.19 50.68 4.59 5.19 42.17 58.66 106.88 3.42 21.94 6.47 3.92 24.59 64.49

–2.52 +1.15 +0.31 –0.25 –15.24 +0.43 –0.08 +0.23 +0.65 +4.71 ... +1.73 –0.38 –1.73 +0.86 +0.52 +8.84 +2.76 +0.31 +0.05 +0.20 +2.15 +0.22 –22.67 +0.95 +5.56 +2.88 –6.60 +0.08 +0.15 +2.80 +10.37 –2.00 +2.97 +2.78 –0.80 +7.99 +8.50 +3.57 +0.03 +0.13 ... +0.22 +0.12 –0.56 –0.40 +1.69 +1.41 –0.78 –0.53 –0.16 –0.01 +1.31 +0.23 –0.01 –0.28 +0.31 +3.92 +14.28 +0.23 –0.04 –0.30 +0.02 +2.40 +1.50

.25 .07 ... ... ... ... ... .12 .54 ... ... .17 ... ... .55 .21 ... .20 .14 .01 ... ... .02 .28 ... ... ... ... ... ... ... ... ... ... ... .2008 ... ... ... ... ... ... ... ... ... ... ... ... ... .10 ... ... ... ... ... ... .39 ... ... ... ... .0675 .035 ... ...

PTSI ... 19 60.20 +4.46 PFIN .0 dd 6.14 –0.21 PCB 3.0 13 13.28 +0.05 CNXN .0 23 53.92 +2.03 PCTI 2.7 44 8.02 –0.37 PDCE ... dd 28.60 +3.25 PDFS ... dd 22.37 +1.53 PDLB ... dd 10.26 +0.54 PICO ... 41 9.24 +0.21 PLBY ... dd 12.32 –0.33 PMVP ... ... 42.00 +4.10 PPD ... cc 38.00 +2.42

... .05 .10 .32 .055 ... ... ... ... ... ... ...

O ODP OPBK OPK ORBC ORLY OSIS OIIM OCSL OMP OAS OBSV OCFC OCUL ODT OPI OVBC OKTA ODFL ONB OSBC OLMA OLLI ZEUS OFLX OMER OMCL ON ONCR FLWS TURN ONEM YI ONEW OTRK LPRO OTEX OPEN OPENW OPRA OPRT OPT OBAS OCC OPTN OPCH OSUR ORTX OGI ORIC OBNK ORPH OCDX OFIX KIDS OSMT OTIC OTTR OM OSTK OVID OXFD OXLC OXSQ OYST OZON

PQ

52-Week High Low Name

Tick Div Sym Yld P/E Last Chg. Amt.

47.35 137.88 7.89 146.63 70.82 103.19 53.69 7.25 38.48 79.98 19.61 37.52 121.87 40.11 27.75 110.33 8.75 34.40 6.46 38.23 23.28 81.43 13.91 14.63 36.88 7.65 99.95 218.34 302.10 31.43 147.91 171.09 129.00 19.09 69.56 6.62 32.60 16.36 33.21 28.76 48.44 148.77 19.85 63.56 2.17 26.07 9.15 53.46 31.08 39.29 57.00 21.99 32.19 6.85 64.54 43.40 28.51 15.18 26.62 208.10 76.89 3.04 5.23 16.52 17.09 7.29 36.06 86.87 35.63 22.69 19.45 401.29 63.59 2.32 17.62 104.98 6.00 54.30 37.20 99.05 9.33 60.95 11.10 16.60 63.41 75.66 95.38 18.00 30.67 37.79 103.76 32.81 56.65 20.25 15.92 49.23 51.88 140.91 9.43 7.29 26.53 67.08 21.46 17.30 23.87 20.05 22.30 18.36 58.60 69.48 14.95 63.95 41.08 9.02 75.37 53.00 12.60 43.14 21.19 22.00 191.83 167.94 57.28 148.84 89.25 9.15 22.99 306.72 25.99 10.38 28.46 13.76 6.55

19.40 58.67 1.77 43.90 30.79 49.11 2.20 2.95 13.93 27.46 10.40 13.84 39.21 10.61 10.28 28.55 2.50 10.78 2.90 8.09 17.23 16.70 3.83 8.06 12.93 1.61 47.87 66.98 82.07 11.15 38.01 17.70 3.75 0.99 9.40 1.76 18.72 9.37 17.91 13.30 29.01 101.42 7.11 18.88 0.54 3.43 4.51 4.27 25.05 15.83 21.20 13.50 23.06 2.60 22.06 7.00 16.27 8.31 14.06 30.20 27.80 0.75 1.85 3.00 3.04 1.30 28.51 35.16 19.43 6.59 8.64 160.35 23.69 0.75 7.63 66.10 1.50 22.40 15.62 38.57 2.55 23.90 1.26 4.46 20.04 36.16 23.69 8.21 10.98 27.11 41.15 9.42 23.31 9.63 3.08 28.09 15.59 83.81 3.40 3.68 5.30 15.86 10.95 10.23 7.10 4.72 11.40 9.53 22.42 37.64 5.50 33.00 4.42 4.90 28.21 20.53 2.26 22.39 8.62 6.72 67.54 58.00 41.08 63.37 10.90 1.26 6.52 72.99 5.76 2.40 2.28 1.73 1.53

PRA Group PRA HealthSci PRGX Global PTC PTC Therap Paccar PacBiosciCA PacificMercBncp PacificPremBncp PaciraBioSci PactivEvergreen PacWestBancorp Palomar PanAmerSilver PandionTherap PapaJohn's ParatekPharma Park-Ohio PartnerComms PassageBio PatriaInvts PatrickIndustries PatriotNatBncp PatriotTransport Patterson PattersonUTIEn Paychex Paylocity PayPal PeapackGladFinl Pegasystems Peloton PennNational PennVirginia Pennant PennantPark PennsWoodsBncp People'sUtdFin PeoplesBncpOH PeoplesBncpNC PeoplesFinSvcs PepsiCo PerdoceoEduc Perficient PerformantFin PerionNetwork Perma-PipeIntl Personalis PetcoHealth PetIQ PetMedExpress Pharming Pharvaris PhaseBioPharm PhathomPharm Phenixfin PhibroAnimal Photronics PilgrimPride Pinduoduo PinnacleFinPtrs PintecTech Pixelworks PlainsAllAmPipe PlainsGP PlayaHotels Playtika Plexus PliantTherap Pluralsight PolyPid Pool Popular PortmanRidge PoseidaTherap Poshmark Potbelly PotlatchDelt PowellIndustries PowerIntegrations PowerFleet PraxisPrecision Precigen PrecisionBio PreferredBankLA PreformedLine PreludeTherap PremierFinBncp PremierFinl Premier PriceSmart PrimorisSvcs PrincipalFin ProfessionalHldg Progenity ProgressSoftware Progyny Proofpoint ProQR Therap ProspectCapital ProtagonistTherap ProtaraTherap ProtectiveInsA ProtectiveInsB Prothena ProventionBio ProvidentFin PrudentialBncp PubMatic Pulmonx PumaBiotech PureTechHealth PurpleInnovation Puyi QAD A QAD B Q&K Intl QCR Holdings QIWI QilianIntl Qorvo Qualcomm QualtricsIntl Qualys Quanterix Quantum Quhuo Quidel QuinStreet Quotient QurateRetailB QurateRetailA Qutoutiao

PRAA PRAH PRGX PTC PTCT PCAR PACB PMBC PPBI PCRX PTVE PACW PLMR PAAS PAND PZZA PRTK PKOH PTNR PASG PAX PATK PNBK PATI PDCO PTEN PAYX PCTY PYPL PGC PEGA PTON PENN PVAC PNTG PNNT PWOD PBCT PEBO PEBK PFIS PEP PRDO PRFT PFMT PERI PPIH PSNL WOOF PETQ PETS PHAR PHVS PHAS PHAT PFX PAHC PLAB PPC PDD PNFP PT PXLW PAA PAGP PLYA PLTK PLXS PLRX PS PYPD POOL BPOP PTMN PSTX POSH PBPB PCH POWL POWI PWFL PRAX PGEN DTIL PFBC PLPC PRLD PFBI PFC PINC PSMT PRIM PFG PFHD PROG PRGS PGNY PFPT PRQR PSEC PTGX TARA PTVCA PTVCB PRTA PRVB PROV PBIP PUBM LUNG PBYI PRTC PRPL PUYI QADA QADB QK QCRH QIWI QLI QRVO QCOM XM QLYS QTRX QMCO QH QDEL QNST QTNT QRTEB QRTEA QTT

... ... ... ... ... 1.3 ... ... 3.1 ... 2.5 2.8 ... .8 ... .8 ... 1.6 ... ... ... 1.4 ... .0 3.1 1.3 2.8 ... ... .8 .1 ... ... ... ... 8.6 5.5 4.8 4.6 2.6 3.8 3.1 ... ... ... ... ... ... ... ... 3.0 ... ... ... ... ... 2.1 ... ... ... .9 ... ... 8.5 8.4 ... ... ... ... ... ... .7 2.6 11.8 ... ... ... 3.0 3.6 .6 ... ... ... ... 2.3 1.2 ... 3.9 3.3 2.2 .7 .8 4.1 ... ... 1.6 ... ... ... 9.9 ... ... 2.5 2.7 ... ... 3.5 2.1 ... ... ... ... ... ... .4 .5 ... .6 8.0 ... ... 1.8 ... ... ... ... ... ... ... ... .0 .0 ...

11 38 dd cc dd 26 cc 19 88 27 ... dd cc cc dd cc dd dd cc dd ... 19 dd 68 dd dd 30 cc 84 19 dd cc dd dd cc 10 11 11 17 12 10 26 8 60 dd 68 dd dd ... dd 24 23 ... dd dd dd 21 26 57 dd 19 ... dd dd dd dd cc 20 dd dd dd 38 10 dd dd ... dd 22 25 79 dd ... dd dd 11 10 ... 10 18 18 36 15 12 30 dd 25 cc dd dd 6 dd dd dd dd dd dd 22 13 ... dd dd 3 dd dd dd dd ... 11 7 ... 42 25 ... 46 dd dd dd 27 44 dd 8 8 dd

35.96 129.52 7.58 142.72 61.43 98.00 50.32 6.65 38.15 76.90 16.06 35.46 111.87 33.33 19.98 109.14 7.82 31.05 4.62 21.21 22.37 79.00 10.56 9.97 33.38 6.25 89.40 205.88 298.37 26.42 146.71 154.67 118.82 12.77 57.08 5.55 23.09 15.15 30.72 23.33 38.50 133.87 13.42 61.56 1.48 22.95 6.11 40.42 25.73 36.12 37.10 13.81 26.67 4.83 44.58 29.80 23.23 13.27 21.79 196.59 76.44 1.98 4.41 8.43 8.56 6.66 33.81 82.41 31.32 21.70 15.15 337.84 62.30 2.03 9.59 77.97 5.00 53.87 29.15 92.55 7.96 52.53 8.33 13.04 51.97 66.90 88.98 15.37 29.02 35.22 101.48 31.30 54.13 16.04 5.60 43.40 50.40 134.93 5.11 7.26 26.14 19.97 16.25 15.01 22.85 14.89 15.90 13.46 49.79 59.49 12.00 58.00 39.51 6.11 71.11 52.19 3.73 40.92 11.84 7.33 176.00 147.98 45.36 103.54 86.52 8.36 8.13 227.97 24.76 5.29 13.23 13.13 4.84

41.86 20.35 189.97 64.39

10.52 10.61 77.63 6.52

RaptTherap RAPT ... dd 21.95 RBB Bancorp RBB 2.6 11 18.25 RBC Bearings ROLL ... 47 185.74 RCI Hospitality RICK .3 dd 54.82

–0.16 +7.65 +0.04 –0.01 –2.12 +1.42 +14.10 +0.50 +2.22 +2.90 +1.28 +2.73 +7.52 +1.27 +2.02 +7.34 –0.04 –0.45 +0.14 –0.37 +0.29 +3.43 –0.29 +0.98 +1.48 +0.01 –2.23 +2.84 +28.93 +0.81 +6.73 +6.37 –10.09 +1.56 +1.45 –0.15 +0.12 +0.63 –0.08 +1.05 –0.84 –7.09 +0.14 +0.27 +0.35 +2.52 –0.04 –0.61 –0.62 +0.94 +2.31 –0.68 –2.33 +0.52 +1.03 –1.15 +1.35 +1.18 +0.69 +0.43 +3.27 +0.59 +0.91 –0.50 –0.42 +0.47 +2.81 +1.41 –2.78 +0.46 +5.24 –21.48 +0.44 +0.04 +0.59 +8.76 –0.18 +3.93 +0.37 +6.36 +0.28 –1.08 +0.23 –1.94 +0.99 –3.61 +4.77 –0.68 +0.19 +0.04 +2.08 –0.54 +1.52 +0.17 –0.61 +1.04 +0.48 +5.73 +0.11 +0.42 +3.76 –0.24 +0.87 +0.53 +8.33 +0.06 +0.50 +0.77 –5.68 –0.75 –0.26 +4.47 +1.47 –0.04 +0.93 +2.39 +0.41 –0.36 +1.41 +0.23 +8.86 +2.14 –9.88 –21.10 +6.72 +0.31 –0.45 –9.03 +0.68 ... +0.05 +0.01 +1.10

... ... ... ... ... .32 ... ... .30 ... .10 .25 ... .07 ... .225 ... .125 ... ... ... .28 ... 3.00 .26 .02 .62 ... ... .05 .03 ... ... ... ... .12 .32 .18 .35 .15 .37 1.0225 ... ... ... ... ... ... ... ... .28 ... ... ... ... ... .12 ... ... ... .18 ... ... .18 .18 ... ... ... ... ... ... .58 .40 .06 ... ... ... .41 .26 .13 ... ... ... ... .30 .20 ... 1.00 .24 .19 .35 .06 .56 ... ... .175 ... ... ... .06 ... ... .10 .10 ... ... .14 .07 ... ... ... ... ... ... .072 .06 ... .06 .34 ... ... .65 ... ... ... ... ... ... ... ... 1.50 1.50 ...

R +1.22 ... +0.52 .12 +5.90 ... +6.84 .04

52-Week High Low Name

Tick Div Sym Yld P/E Last Chg. Amt.

12.49 54.63 7.07 31.98 10.20 30.58 24.92 14.77 23.84 23.45 31.96 3.98 21.88 24.70 94.60 16.21 39.10 4.23 89.20 29.30 232.40 55.00 37.29 29.50 97.15 11.35 64.65 664.64 64.37 54.00 29.12 39.79 117.00 53.60 46.44 228.84 54.85 42.85 3.59 14.59 17.19 34.62 56.18 36.00 43.26 11.11 8.39 5.24 11.19 8.78 7.35 12.17 67.48 3.85 37.06 8.79 484.85 29.48 124.16 147.64 56.50 15.99 8.40 47.35 43.48 24.42 118.17

1.02 20.03 3.31 22.08 3.00 7.12 15.25 6.57 10.15 5.81 16.02 1.75 9.01 7.92 31.34 2.90 16.01 0.32 36.91 5.00 88.17 29.90 4.04 2.76 9.63 3.26 31.80 386.84 32.56 23.25 9.91 18.22 16.05 11.69 21.45 78.41 8.58 27.05 1.80 8.66 5.84 11.78 17.35 21.61 12.99 1.95 3.10 1.23 0.77 2.22 3.77 4.00 9.01 0.83 14.96 2.55 58.22 13.57 56.30 59.78 34.80 3.35 2.26 18.17 14.43 2.32 44.44

RCM Tech REGENXBIO RF Industries RGC Resources RISE Education R1RCM RackspaceTech RadiusGlbInfr RadiusHealth RadNet Radware RamacoRscs Rambus RandolphBancorp Rapid7 RattlerMidstrm RavenIndustries RealNetworks RealPage RealReal ReataPharm RedRiverBcshs RedRobin RedRockResorts Redfin RedHillBio RegencyCtrs RegenPharm RelayTherap RelmadaTherap RenalytixAI Renasant RenewableEnergy Rent-A-Center RepareTherap Repligen Replimune RepublicBcpKYA RepublicFirstBncp ResourcesConnect RetailOppor RevanceTherap RevolutionMed ReynoldsCnsmr RhythmPharm RibbonComms RichardsonElec RigelPharm RigNet RiminiStreet RiverviewBncp RiverviewFinl RocketPharm RockwellMedical RockyBrands RockyMtnChoc Roku Root RossStores RoyalGold RoyaltyPharma RubiusTherap RuhnnHolding RushEnt A RushEnt B RuthsHospitality Ryanair

RCMT RGNX RFIL RGCO REDU RCM RXT RADI RDUS RDNT RDWR METC RMBS RNDB RPD RTLR RAVN RNWK RP REAL RETA RRBI RRGB RRR RDFN RDHL REG REGN RLAY RLMD RNLX RNST REGI RCII RPTX RGEN REPL RBCAA FRBK RGP ROIC RVNC RVMD REYN RYTM RBBN RELL RIGL RNET RMNI RVSB RIVE RCKT RMTI RCKY RMCF ROKU ROOT ROST RGLD RPRX RUBY RUHN RUSHA RUSHB RUTH RYAAY

38.55 328.37 11.90 69.61 33.45 8.10 45.68 15.54 47.37 5.96 12.08 2.40 46.67 46.65 118.06 74.00 25.32 509.70 28.12 22.47 22.50 94.58 31.95 98.39 207.21 3.32 44.60 152.27 36.99 93.46 19.43 35.61 55.00 35.85 181.83 36.10 3.17 34.10 42.19 66.72 35.40 110.81 48.62 21.50 47.86 11.99 17.70 4.48 34.43 77.07 213.94 18.98 6.95 16.31 9.96 86.55 11.91 5.70 70.74 83.94 51.86 53.54 26.50 38.50 22.83 2.18 46.34 3.21 23.93 60.52

16.98 205.20 4.20 35.41 7.20 3.96 26.04 5.60 16.42 1.32 6.75 0.60 0.55 14.44 31.28 29.51 9.00 127.39 9.35 5.55 3.30 65.45 16.25 25.01 61.46 0.65 33.49 102.13 18.00 66.35 4.81 18.34 37.62 13.55 78.06 3.50 1.00 13.78 10.09 9.53 18.80 26.24 3.76 5.82 5.34 5.00 5.36 0.69 13.30 39.02 90.57 4.02 2.11 5.29 3.67 44.00 5.98 1.42 37.05 26.03 25.04 27.53 18.21 2.52 3.59 0.53 21.76 0.37 10.00 17.51

S&T Bancorp SBA Comm SCYNEXIS SEI Investments SI-BONE SIGA Tech Sina SLM SMART Global SMTC SocTelemed SocTelemedWt SPI Energy SP Plus SPS Commerce SS&C Tech SSR Mining SVB Fin SVMK SabraHealthcare Sabre SafetyInsurance SagaComm SageTherap Saia SalemMedia SanaBiotech SandersonFarms SandySpringBncp Sanfilippo SangamoTherap Sanmina Sanofi SapiensInt SareptaTherap SatsumaPharm Savara ScanSource SchnitzerSteel ScholarRock Scholastic Schrodinger ScientificGames SciPlay ScopusBio scPharm ScrippsEW SeaChange SeacoastBkgFL Seagate Seagen SeaSpine SecooHolding SecureWorks SecurityNatFin Seer SelectBancorp SelectaBiosci SelectiveIns Semtech SenecaFoods A SenecaFoods B SenseiBiotherap SeresTherap ServiceProperties ServiceSource ServisFirstBcshs SesenBio 17Educ&Tech ShattuckLabs

STBA SBAC SCYX SEIC SIBN SIGA SINA SLM SGH SMTX TLMD TLMDW SPI SP SPSC SSNC SSRM SIVB SVMK SBRA SABR SAFT SGA SAGE SAIA SALM SANA SAFM SASR JBSS SGMO SANM SNY SPNS SRPT STSA SVRA SCSC SCHN SRRK SCHL SDGR SGMS SCPL SCPS SCPH SSP SEAC SBCF STX SGEN SPNE SECO SCWX SNFCA SEER SLCT SELB SIGI SMTC SENEA SENEB SNSE MCRB SVC SREV SFBS SESN YQ STTK

... ... .0 3.2 ... ... ... ... ... ... ... ... ... ... ... 7.8 .0 ... ... ... ... .5 ... .0 ... ... 4.5 ... ... ... ... 2.3 ... 2.3 ... ... ... 3.0 ... 4.4 .0 ... ... 3.1 ... ... 3.4 ... ... ... 3.6 .0 ... ... 1.6 .0 ... ... .0 1.1 1.4 ... ... 1.7 1.9 .0 ...

dd dd dd 17 dd cc dd ... dd dd cc 88 dd 7 dd 13 62 dd cc dd dd 13 dd dd dd dd cc 16 dd dd ... 26 8 16 ... cc dd 10 52 34 55 dd dd 17 dd dd dd dd dd dd 12 dd dd dd 16 dd dd ... cc 29 15 dd dd 17 16 dd dd

5.94 46.96 6.06 23.18 5.88 30.39 24.87 13.60 19.87 18.89 26.19 3.80 21.77 20.06 87.61 10.27 37.35 4.14 86.86 27.43 123.75 50.00 28.01 28.72 90.07 9.70 52.62 485.62 45.92 36.47 27.49 38.66 108.93 53.40 34.78 226.26 36.89 41.21 3.47 12.80 15.70 28.97 49.78 29.30 30.14 10.54 6.99 4.51 10.91 8.51 5.52 9.58 59.87 1.75 35.92 6.08 468.67 20.34 119.09 111.03 47.98 12.96 3.41 41.48 38.91 19.56 104.86

+2.97 +0.63 –0.11 ... –0.05 +2.47 +2.61 +0.62 –3.07 –0.35 –2.91 +0.65 +2.22 +0.06 –3.46 +0.18 +1.59 +1.17 +0.16 +3.37 +8.80 +0.45 –0.73 +1.86 +7.37 +0.97 +3.51 –13.36 –3.47 +2.63 +1.83 +1.50 +10.25 +3.79 –1.93 +4.20 –6.50 +1.96 +0.14 +0.33 +0.93 +0.35 –3.45 –0.76 –3.13 +1.68 +0.92 –0.14 +1.12 +0.61 –0.10 –0.22 –4.30 +0.38 –0.58 +0.15 +28.78 –1.43 +0.37 +5.34 +0.94 –0.85 +0.04 –1.41 –0.97 +0.17 +0.34

... ... .02 .185 ... ... ... ... ... ... ... ... ... ... ... .20 .13 ... ... ... ... .06 ... .10 ... ... .595 ... ... ... ... .22 ... .31 ... ... ... .308 ... .14 .20 ... ... .23 ... ... .06 ... ... ... .05 .075 ... ... .14 .12 ... ... .285 .30 .17 ... ... .18 .18 .15 ...

4.0 .7 ... 1.3 ... ... ... .8 ... ... ... ... ... ... ... .8 ... ... ... 6.7 .0 4.6 .0 ... ... .0 ... 1.2 3.5 .7 ... ... 2.5 ... ... ... ... ... 2.2 ... 2.1 ... ... ... ... ... 1.1 ... ... 3.7 ... ... ... ... ... ... ... ... 1.5 ... ... ... ... ... .3 ... 1.8 ... ... ...

52 dd dd 19 dd 16 dd 7 cc 43 ... ... dd dd 87 28 34 22 dd 26 dd 10 dd dd 40 dd ... cc 17 19 dd 16 10 54 dd dd dd dd 59 dd dd dd dd 23 ... dd 43 dd 24 19 50 dd 61 dd 3 ... 22 dd 17 cc 3 3 ... dd dd dd 15 dd dd ...

27.84 263.94 8.88 57.44 31.47 6.41 43.51 14.83 47.17 5.86 7.97 1.23 10.30 33.01 110.10 66.02 16.55 506.50 23.80 17.85 11.81 77.84 19.59 86.43 205.95 3.09 39.87 150.33 36.06 90.97 13.68 34.96 47.57 34.01 91.07 6.93 1.75 28.90 34.86 54.44 28.29 110.18 47.90 20.54 10.30 7.11 17.51 1.45 33.80 72.21 165.84 18.03 3.03 15.60 9.41 68.92 9.89 4.59 67.72 78.89 49.20 48.62 19.28 25.94 11.99 1.93 45.46 2.80 15.41 44.79

+0.26 –9.92 –0.35 +1.52 –1.04 –0.39 +0.80 –0.51 +6.13 –0.02 +0.17 –0.05 –0.94 –0.13 +2.36 –3.37 –0.67 +15.59 –3.84 –0.03 –0.72 +1.49 –1.88 +6.30 +18.30 +1.28 +0.75 +10.15 +0.58 +4.09 –0.96 +0.64 –0.64 +0.14 –4.72 +0.53 –0.19 –0.30 +2.46 –10.22 +1.08 +10.55 +0.72 +3.25 +0.83 +0.35 +1.61 +0.17 +1.69 +2.77 –24.77 +0.35 +0.19 +0.57 –0.16 +3.02 +0.04 –0.48 +3.00 +6.95 +7.71 +5.75 –3.21 –1.10 +0.24 +0.28 +1.51 +0.53 +0.95 –5.04

.28 .465 ... .37 ... ... ... .03 ... ... ... ... ... ... ... .14 ... ... ... .30 .14 .90 .32 ... ... .025 ... .44 .32 2.50 ... ... 1.6994 ... ... ... ... ... .1875 ... .15 ... ... ... ... ... .05 ... ... .67 ... ... ... ... ... ... ... ... .25 ... ... ... ... ... .01 ... .20 ... ... ...

S

52-Week High Low Name 59.93 41.76 143.79 53.82 16.26 34.73 8.93 27.25 16.92 22.22 54.32 217.44 40.44 50.00 154.66 64.13 75.80 54.41 15.98 27.23 37.04 5.74 12.77 8.14 147.67 59.16 190.34 133.61 3.12 16.08 23.57 16.95 25.71 12.80 21.16 18.29 377.00 8.67 37.99 29.00 6.23 21.04 82.35 42.76 38.00 16.37 36.71 12.40 23.94 5.24 23.64 20.81 225.89 12.86 18.46 96.48 28.00 35.60 127.70 325.13 14.58 8.84 107.75 31.80 5.00 3.29 42.10 41.00 79.50 24.49 38.02 113.76 48.38 71.58 92.75 65.44 56.95 187.98 67.28 31.74 4.63 26.24 18.25 12.30 46.37 10.00 17.07 57.52 100.93 35.08 28.58 31.99 14.40 5.01 42.87 54.92 28.30 43.68 2.20 14.25 130.50 6.59 27.85 81.14 5.11 293.31 3.90 15.65

38.35 30.04 22.01 12.56 7.63 9.01 1.00 13.05 8.55 4.31 22.00 68.98 24.65 20.93 65.09 26.72 20.84 24.22 6.21 13.75 10.58 1.41 5.06 4.11 15.42 10.58 67.90 15.27 0.55 3.64 4.24 8.03 5.41 5.00 7.42 6.30 67.02 1.93 6.58 24.05 1.43 11.30 40.42 20.89 17.30 7.58 23.51 5.25 9.00 1.74 5.25 8.96 93.92 8.53 4.08 19.50 13.00 15.12 23.20 86.14 3.86 1.99 50.02 12.07 0.90 1.51 14.98 22.72 38.45 6.72 16.38 10.90 22.98 15.82 17.72 28.01 11.89 81.83 11.74 12.00 1.50 13.48 6.50 1.28 16.71 1.00 1.33 2.64 7.84 15.76 6.10 13.12 1.38 1.46 4.00 22.06 6.00 22.12 0.79 3.81 44.41 2.17 6.88 30.02 1.35 104.90 0.54 4.26

ShenandoahTel ShoalsTech ShockwaveMed ShoeCarnival ShoreBancshares Shyft Sientra SierraBancorp SierraOncology SierraWireless SigilonTherap SignatureBank SilganHoldings Silicom SiliconLab SiliconMotion SilkRoadMed SilverbackTherap SilvercrestAsset SimmonsFirstNat SinclairBroadcast SioGeneTherap SiriusIntlIns SiriusXM SiTime SkyWest Skyworks SleepNumber SmartSand SmileDirectClub Smith&Wesson SoYoungIntl Sohu.com SolGelTech SolarCapital SolarSeniorCap SolarEdgeTech SolidBiosci Sonos SoteraHealth SotherlyHotels SouthPlainsFin SouthState SouthernFirstBcsh SoMO Bancorp SoNtlBcpVA SouthsideBcshs SparkEnergy SpartanNash SpectrumPharm SperoTherap SpiritofTexas Splunk SpokHoldings SportsmansWrhs SpringWorks SproutsFarmersMkt SpruceBio StaarSurgical Stamps.com StarBulkCarriers StarEquity Starbucks StateAutoFin StealthBioTher StealthGas SteelDynamics StepStone Stericycle SterlingCnstr StevenMadden StitchFix StockYardsBncp StokeTherap StoneCo StoneX Stratasys StrategicEd Strattec StratusProp StrongbridgeBio SummitFin SummitStateBk SummitTherap SumoLogic SundanceEnergy SunOpta SunPower SunRun SuperMicroComp SuperiorGroup SupernusPharms SurfaceOncol Surgalign SurgeryPartners Surmodics SutroBioph SykesEnterprises Synacor Synalloy Synaptics Synchronoss SyndaxPharm SyneosHealth Synlogic Synopsys SyprisSolutions SyrosPharm

44.81 13.85 35.86 23.55 21.14 22.47 135.54 78.91 169.00 91.08 14.95 3.79 69.72 65.46 12.65 214.91 63.43 33.90 123.74 5.36 63.69 8.34 33.35 99.30 15.32 6.41 6.46 41.84 198.00

16.96 4.30 5.84 5.25 3.44 12.65 63.50 9.19 82.51 26.28 8.06 0.24 30.12 29.47 2.48 100.00 18.30 16.00 43.69 1.50 15.32 3.00 18.16 16.82 6.15 3.45 0.46 18.08 48.78

TCF Financial TCG BDC TCR2 Therap TelaBio TFF Pharm TFS Fin T-MobileUS TPIComposites TRowePrice TTEC TTM Tech T2Biosystems TabulaRasaHlth TactileSystems TaiwanLiposome TakeTwoSoftware Talend TalisBiomed TandemDiabetes TarenaIntl TarsusPharm TatTechnologies TayshaGene TechTarget Ericsson TeleNav Teligent Telos 10xGenomics

Tick Div Sym Yld P/E Last Chg. Amt. SHEN SHLS SWAV SCVL SHBI SHYF SIEN BSRR SRRA SWIR SGTX SBNY SLGN SILC SLAB SIMO SILK SBTX SAMG SFNC SBGI SIOX SG SIRI SITM SKYW SWKS SNBR SND SDC SWBI SY SOHU SLGL SLRC SUNS SEDG SLDB SONO SHC SOHO SPFI SSB SFST SMBC SONA SBSI SPKE SPTN SPPI SPRO STXB SPLK SPOK SPWH SWTX SFM SPRB STAA STMP SBLK STRR SBUX STFC MITO GASS STLD STEP SRCL STRL SHOO SFIX SYBT STOK STNE SNEX SSYS STRA STRT STRS SBBP SMMF SSBI SMMT SUMO SNDE STKL SPWR RUN SMCI SGC SUPN SURF SRGA SGRY SRDX STRO SYKE SYNC SYNL SYNA SNCR SNDX SYNH SYBX SNPS SYPR SYRS

.8 ... ... .7 3.3 .3 ... 3.5 ... ... ... 1.0 1.2 ... ... 2.2 ... ... 4.3 2.7 2.5 ... ... 1.0 ... .0 1.1 ... ... ... 1.1 ... ... ... 8.7 8.0 ... ... ... ... ... 1.0 2.4 ... 1.8 3.2 3.7 6.1 4.1 ... ... 1.9 ... 4.2 ... ... ... ... ... ... .9 ... 1.7 2.3 ... ... 2.5 ... ... ... .0 ... 2.3 ... ... ... ... 2.5 .0 ... ... 3.0 3.2 ... ... ... ... ... ... ... 1.5 ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ...

25 ... dd 60 11 ... dd 10 dd dd ... 21 14 61 cc 28 dd ... 13 12 dd dd dd cc dd dd 30 37 3 dd 27 cc dd dd dd 19 99 dd cc ... dd 8 60 18 9 13 14 10 10 dd dd 11 dd dd 11 dd 10 ... cc 34 cc dd cc dd dd 9 15 cc dd 10 dd dd 19 dd cc 7 dd 19 29 dd dd 10 9 ... dd ... dd cc cc 19 13 13 dd dd dd cc dd 33 dd dd 33 dd dd 44 dd 68 34 dd

45.09 37.92 133.50 48.98 14.42 32.86 7.83 24.05 14.44 18.81 36.77 214.04 38.78 48.90 154.34 63.57 59.99 44.76 14.86 26.92 32.30 3.31 12.09 6.09 144.17 45.38 189.50 129.79 2.87 12.73 18.42 14.00 21.70 9.71 18.87 15.06 330.89 7.75 35.48 27.82 3.27 20.00 78.52 42.00 35.42 12.63 34.57 11.93 18.89 3.63 20.35 19.32 173.33 12.01 17.51 85.93 21.97 20.95 124.06 276.73 14.12 3.90 105.30 17.28 2.17 3.23 39.33 38.39 69.40 21.59 36.57 85.06 47.98 59.93 92.14 57.92 50.10 94.41 57.00 26.57 3.32 22.99 14.96 7.70 39.64 3.14 16.16 49.81 83.68 31.95 25.96 30.57 11.24 2.93 36.46 53.17 24.13 42.86 2.17 8.46 130.10 5.16 20.79 80.76 4.86 292.09 3.23 11.73

+0.43 –2.03 +5.83 –1.80 –0.16 –0.62 +1.98 +0.80 –0.36 –0.49 +2.52 +31.14 +1.09 +4.55 +14.88 +3.98 –1.65 +2.37 –0.14 +1.11 –0.05 +0.30 ... –0.02 +13.17 +2.34 +10.55 +15.10 +0.84 +0.21 +1.18 +0.30 +2.98 –0.29 +0.83 +0.28 +22.65 –0.07 +4.48 +0.22 +0.33 +0.41 +2.39 +0.30 +1.23 –0.10 +1.24 +0.26 +0.25 –0.18 +0.38 –0.05 +3.09 +0.26 –0.12 –2.98 –0.34 +0.14 +8.10 +20.13 +2.39 +0.18 –1.18 +0.50 +0.44 +0.50 +1.70 +1.12 +0.45 –0.43 +0.09 +3.00 +1.08 –3.14 +6.43 –4.00 –1.62 +4.00 –1.01 +0.97 +0.22 +0.52 +0.75 –1.26 +3.43 +0.35 +0.34 +6.28 +8.60 ... +0.21 +1.15 +0.07 +0.26 –0.46 +7.94 –2.23 +1.50 +0.16 +0.06 +11.09 +0.36 +1.01 +4.14 +0.68 +19.17 +0.35 –0.62

.34 ... ... .09 .12 .025 ... .21 ... ... ... .56 .12 ... ... .35 ... ... .16 .18 .20 ... ... .0146 ... .14 .50 ... ... ... .05 ... ... ... .41 .10 ... ... ... ... ... .05 .47 ... .16 .10 .32 .1813 .1925 ... ... .09 ... .125 ... ... ... ... ... ... .05 ... .45 .10 ... ... .25 ... ... ... .15 ... .27 ... ... ... ... .60 .14 ... ... .17 .12 ... ... ... ... ... ... ... .10 ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ...

3.3 10.7 ... ... ... 6.0 ... ... 2.6 .8 ... ... ... ... ... ... ... ... ... ... ... ... ... ... .7 ... ... ... ...

30 dd dd dd dd 64 44 dd 16 41 dd dd dd dd dd 47 dd ... dd dd ... dd ... cc 23 dd dd dd dd

42.43 11.95 28.43 14.76 17.43 18.70 123.68 78.74 163.19 90.01 14.21 3.31 53.52 62.48 5.66 199.86 55.37 27.80 104.34 3.24 37.16 5.98 29.39 98.65 13.65 4.79 1.20 37.02 196.86

+1.07 +0.32 –0.19 +0.17 –0.26 +1.17 –1.60 +8.67 +3.33 +4.96 +0.24 +0.21 +0.77 +2.58 +0.25 –7.63 +6.68 +11.80 +3.98 +0.09 –4.69 +0.42 –0.76 +9.86 +0.50 +0.02 +0.18 –1.68 +11.32

.35 .04 ... ... ... .28 ... ... 1.08 2.14 ... ... ... ... ... ... ... ... ... ... ... ... ... ... .0546 ... ... ... ...

T TCF CGBD TCRR TELA TFFP TFSL TMUS TPIC TROW TTEC TTMI TTOO TRHC TCMD TLC TTWO TLND TLIS TNDM TEDU TARS TATT TSHA TTGT ERIC TNAV TLGT TLS TXG

52-Week High Low Name

Tick Div Sym Yld P/E Last Chg. Amt.

58.45 143.78 23.68 29.99 900.40 8.50 143.35 70.81 179.90 90.00 20.37 2.75 31.35 8.50 28.00 67.00 28.28 24.79 25.45 12.17 2.46 48.86 33.17 27.91 160.95 972.80 69.06 11.33 44.46 34.64 35.70 35.99 14.71 33.09 17.90 6.12 8.50 17.02 37.10 41.19 35.06 75.70 6.82 15.40 37.76 37.76 23.29 15.45 69.48 5.88 6.47 126.53 8.01 32.87 4.51 141.30 35.74 44.45 10.43 214.07 56.47

16.28 42.87 14.83 19.23 70.10 4.12 63.61 19.10 93.09 25.15 3.36 0.85 14.48 2.29 6.37 2.43 13.60 6.96 1.92 0.62 0.39 6.34 12.13 15.03 63.89 136.00 33.23 2.87 16.50 6.80 10.10 5.51 3.04 8.98 9.90 1.63 1.33 4.91 3.74 23.05 18.05 20.01 0.56 13.95 20.10 13.73 7.59 6.50 19.03 1.25 1.98 22.48 4.30 20.08 0.73 31.30 4.05 9.34 4.66 18.52 11.51

Tenable Teradyne TernsPharm TerritBanc Tesla TesscoTech TetraTech TexasCapBcshs TexasInstruments TexasRoadhouse TheBancorp TherapeuticsMD TheravanceBio 36Kr 360DigiTech Tilray TimberlandBncp TitanMachinery TivityHealth TizianaLifeSci TonixPharm Torm TowerSemi TowneBank TractorSupply TradeDesk Tradeweb TransActTechs Transcat TranslateBio TransMedics TravelCenters Travelzoo TravereTherap TreanInsurance TremontMortgage TreviTherap TribunePub Tricida TriCoBancshares TriMas Trimble TrinityBiotech TrinityCapital Trip.com TripAdvisor TriStateCapital Triterras TriumphBancorp trivago TrueCar Trupanion TrustcoBank Trustmark Tuniu TurningPtTherap TurtleBeach 21 Vianet TwinDisc TwistBiosci 2U

TENB TER TERN TBNK TSLA TESS TTEK TCBI TXN TXRH TBBK TXMD TBPH KRKR QFIN TLRY TSBK TITN TVTY TLSA TNXP TRMD TSEM TOWN TSCO TTD TW TACT TRNS TBIO TMDX TA TZOO TVTX TIG TRMT TRVI TPCO TCDA TCBK TRS TRMB TRIB TRIN TCOM TRIP TSC TRIT TBK TRVG TRUE TRUP TRST TRMK TOUR TPTX HEAR VNET TWIN TWST TWOU

64.20 79.26 11.84 14.14 57.97 51.24 139.60 24.77 322.11 49.19 179.65 8.85 18.12 6.74 33.29 71.45 81.67 26.93 36.55 32.65 47.11 18.30 10.07 176.31 13.40 21.70 15.44 262.77 60.89 25.00 13.42 26.00 31.85 51.53 105.58 58.79 32.86 30.89 16.25 109.00 2.67 2.31

29.17 39.47 3.80 2.36 6.75 24.94 60.99 8.56 124.05 11.79 31.99 4.85 8.88 3.95 16.50 34.38 17.80 12.60 19.67 14.95 18.83 10.65 5.04 75.58 4.86 8.76 2.72 105.11 29.50 11.02 5.12 13.20 2.03 20.75 22.61 5.14 12.28 13.12 6.55 75.33 0.82 0.72

UFP Inds UMB Fin USA Tech USA Truck US Concrete US Ecology US Lime&Min uCloudlink UltaBeauty UltraClean UltragenyxPharm Ultralife Umpqua UnicoAmerican UnionBankshares uniQure UnitedAirlines UnitedBancshares UnitedBkshrsWV UtdCmtyBks UnitedFire UnitedGuardian UnitedSecBcshrs UnitedTherap Uniti UnityBancorp UnityBiotech UnivDisplay UnivElectro UnivLogistics UnivStainless UnivestFin UpFintech UplandSoftware Upstart Upwork UrbanOutfitters UroGenPharma UrovantSci UtahMedProducts UTStarcom Uxin

UFPI UMBF USAT USAK USCR ECOL USLM UCL ULTA UCTT RARE ULBI UMPQ UNAM UNB QURE UAL UBOH UBSI UCBI UFCS UG UBFO UTHR UNIT UNTY UBX OLED UEIC ULH USAP UVSP TIGR UPLD UPST UPWK URBN URGN UROV UTMD UTSI UXIN

2.65 25.99 42.43 5.84 12.13 20.21 26.66 226.00 3.09 22.35 58.48 22.40 32.50 14.41 9.00 9.90 86.03 4.67 52.70 221.30 210.66 29.51 50.34 15.71 16.91 38.61 306.08 58.84 60.73 68.31

1.20 1.82 13.83 1.00 6.00 7.12 10.37 48.95 0.90 10.94 17.80 7.42 9.87 0.05 1.60 3.12 13.90 1.08 16.52 148.77 116.61 10.02 1.22 2.01 6.02 21.11 197.47 13.12 10.10 38.03

VEON VOXX Intl VSE VyneTherap ValleyNatlBncp VandaPharm VarexImaging VaronisSystems VascularBiogenics VastaPlatform Vaxcyte VeecoInstr VelodyneLidar VelodyneLidarWt VenusConcept VeraBradley Veracyte Verastem VerintSystems VeriSign VeriskAnalytics Veritex Veritone VeronaPharma VerricaPharm Vertex VertxPharm ViacomCBS A ViacomCBS B ViantTech

VEON VOXX VSEC VYNE VLY VNDA VREX VRNS VBLT VSTA PCVX VECO VLDR VLDRW VERO VRA VCYT VSTM VRNT VRSN VRSK VBTX VERI VRNA VRCA VERX VRTX VIACA VIAC DSP

... .3 ... 3.7 ... ... .5 ... 2.3 .0 ... ... ... ... ... ... 3.1 ... ... ... ... 22.8 ... 2.7 1.3 ... .5 ... ... ... ... ... ... ... ... .9 ... .0 ... 2.2 ... ... ... ... ... ... ... ... ... ... ... ... 4.0 3.1 ... ... ... ... ... ... ...

dd 33 ... 12 cc dd 41 63 30 cc 14 dd dd dd 11 dd 9 28 dd dd dd 2 50 13 25 cc 77 dd 46 dd dd 8 dd dd ... 4 dd dd dd 19 dd 48 23 ... dd dd 18 cc 27 dd dd dd 12 12 dd dd 13 dd dd dd dd

45.53 142.41 18.09 24.66 816.12 8.42 133.98 69.80 179.64 86.44 19.61 1.91 19.66 4.92 27.56 29.00 27.05 24.23 24.14 3.96 1.82 8.34 32.93 26.95 159.93 864.00 68.29 10.45 43.11 27.59 30.66 30.40 12.92 26.38 16.80 4.38 3.24 15.95 6.79 40.02 34.51 73.97 6.30 14.30 37.01 37.38 23.15 7.85 67.98 3.30 5.42 107.86 6.77 29.80 3.46 133.64 34.10 41.60 8.75 167.90 55.55

–0.72 +16.29 –0.30 –0.11 –36.11 +0.19 +0.07 +3.08 +9.71 –2.16 +1.27 +0.01 –0.24 +0.35 +7.65 +3.28 –0.05 +0.28 +0.71 –0.13 +0.55 +0.58 +1.60 +1.12 +8.43 +8.94 +3.29 +1.90 +0.11 –3.33 +7.97 –1.57 –0.10 –5.39 +1.24 +0.33 –0.15 +0.56 –0.37 +0.52 +1.09 +1.70 +0.43 –0.70 +2.09 +1.48 +2.18 +0.52 +3.92 +0.68 +0.42 –11.36 +0.26 +0.68 +0.78 +0.25 +4.67 +1.01 +0.17 +9.88 +9.32

... .10 ... .23 ... ... .17 ... 1.02 .36 ... ... ... ... ... ... .10 ... ... ... ... .85 ... .18 .52 ... .08 ... ... ... ... ... ... ... ... .53 ... .25 ... .22 ... ... ... ... ... ... ... ... ... ... ... ... .0681 .23 ... ... ... ... ... ... ...

1.0 1.6 ... ... ... ... .5 ... ... ... ... ... 5.2 ... 4.9 ... ... 2.6 3.9 2.2 2.0 5.0 6.3 ... 4.6 1.7 ... .3 ... 1.7 ... 3.2 ... ... ... ... ... ... ... 1.2 ... ...

17 13 dd 27 27 dd 28 dd 81 44 dd 22 dd dd 10 dd dd 5 15 17 dd 16 13 16 dd 9 dd cc 26 14 dd 16 cc dd ... dd dd dd dd 31 ... dd

62.31 78.51 10.03 13.83 50.00 37.50 138.00 12.75 319.88 48.15 150.26 7.22 16.16 5.26 27.14 37.32 43.94 25.00 35.45 32.24 30.07 14.30 7.02 167.64 12.99 19.01 8.21 238.16 60.18 24.69 9.60 24.94 29.97 50.46 102.18 56.77 31.01 26.51 16.17 91.59 2.10 1.54

+1.25 +2.07 +0.19 +2.59 +1.10 +1.27 +7.91 +2.15 +17.85 +3.93 –11.96 +0.75 +0.36 –0.65 –0.01 +1.32 +1.80 +1.67 +1.07 +0.71 +0.06 –0.14 +0.02 –2.08 +0.41 –0.68 +0.70 +7.16 +5.12 +1.27 +1.49 +0.36 +3.82 –0.54 +26.94 +5.18 +2.06 +2.23 –0.03 –0.82 +0.02 +0.09

.15 .32 ... ... ... ... .16 ... ... ... ... ... .21 ... .33 ... ... .16 .35 .18 .15 .36 .11 ... .15 .08 ... .15 ... .105 ... .20 ... ... ... ... ... ... ... .285 ... ...

20.4 ... 1.0 ... 3.7 ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... .6 2.4 ... ... ... ... ... 1.6 1.6 ...

dd dd dd dd 13 43 dd dd dd ... dd dd dd ... dd 24 dd dd cc 29 47 19 dd dd dd dd 21 27 27 ...

1.75 21.64 34.95 2.65 11.75 18.23 23.50 214.50 2.55 14.41 26.17 22.12 23.22 8.73 2.84 8.97 75.73 2.37 50.75 202.39 189.50 28.40 47.00 8.50 13.64 38.04 213.98 58.26 58.31 65.49

+0.07 –0.64 –0.04 –0.10 +0.62 +3.07 +0.05 +24.72 +0.16 +0.06 +2.13 +2.15 –0.03 –0.05 +0.69 –0.01 +2.69 +0.04 –0.05 +2.87 +2.07 +0.26 +2.84 +0.15 –0.32 +4.01 –1.28 +4.20 +4.27 +40.49

.15 ... .09 ... .11 ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... .27 .17 ... ... ... ... ... .24 .24 ...

U

V

M20

BARRON’S

February 15, 2021

Exchange-Traded Portfolios Tick Sym Yld

Name

Div Last Chg. Amt.

Bats ALPSCleanEnergy ACES ALPS DisrupTech DTEC ARK AutoTech ARKQ ARKGenomicRev ARKG ARK Israel Innov IZRL AVDR US LC ESG AVDG AVDR US LC Ldg AVDR AffinityWorldLdr WLDR AgilityDynTacti THY AgilityMgdRisk MRSK AlphaIntQuMom IMOM AlphaIntQuVal IVAL AlphaUSQuMom QMOM AlphaUSQuVal QVAL AlphaArchValMom VMOT AlphaCloneAltAlpha ALFA AmCentFocDyn FDG AmCentFocLCV FLV AmCustSatisfCore ACSI AnfieldCapDiv DALT AnfieldDynFix ADFI AnfieldUSEquity AESR AnfieldUnivFx AFIF AptusColIncmOpp ACIO AptusDefRisk DRSK AptusDrawMgd ADME ArrowResCapMgmt ARCM BarclaysETN+Select ATMP BarcRetDisability RODI BarclaysWILETN WIL CBOES&P500DivAr KNG CabotGrowth CBTG CambriaEmSharehldr EYLD CambriaFgnShare FYLD CambriaGlbAssetAll GAA CambriaGlbMomentum GMOM CambriaGlbRlEst BLDG CambriaGlbValue GVAL CambriaMarijuana TOKE CambriaShareholder SYLD CambriaSovHiYdBd SOVB CambriaTailRiskETF TAIL CambriaTrinity TRTY CambriaValue VAMO ClearFocVal CFCV CornerCapFundLC FUNL Emles@Home LIV EmlesFedContr FEDX EmlesLuxuryGds LUXE EmlesMadeinAmer AMER EmlesProAlloc DEFN EmlesRealEstCrd REC EsotericaNextG WUGI EuclidCapGrwth EUCG FTCboeVestBf BUFR FTCboeVestFdDpBf BUFD FTCboeVestGold BGLD FTCboeVestGr100Dec QDEC FTCboeVestIntlDec YDEC FTCboeUSBuffJul FJUL FTCboeUSBuffAug FAUG FTCboeUSBuffDec FDEC FTCboeUSBuffFeb FFEB FTCboeUSBuffJan FJAN FTCboeUSBuffJun FJUN FTCboeUSBuffMay FMAY FTCboeUSBuffNov FNOV FTCboeUSBuffOct FOCT FTCboeUSBuffSep FSEP FTCboeUSDeepAug DAUG FTCboeUSDeepDec DDEC FTCboeUSDeepFeb DFEB FTCboeUSDeepJan DJAN FTCboeUSDeepJul DJUL FTCboeUSDeepJun DJUN FTCboeUSDeepMay DMAY FTCboeUSDeepNov DNOV FTCboeUSDeepOct DOCT FTCboeUSDeepSep DSEP FidelityBlueChipGr FBCG FidelityBlueChipV FBCV FidelityGrwOpps FGRO FidelityLowDurBd FLDR FidelityMagellan FMAG FidelityNewMill FMIL FidelityRealEst FPRO FidelityS-MCOpps FSMO FidelityStkInfl FCPI FidelityTargEM FDEM FidelityTargIntl FDEV FTLuntUSFactor FCTR FlexShCredScUSLg LKOR FlexMrnUSMktFtrTlt TILT FlexSTOXXGlbESGImp ESGG FlexSTOXXUSESGImp ESG FlexShUSQualLC QLC FormulaHdgGrwth FFHG FormulaFolIncm FFTI FormulaFolSmartGrw FFSG FormulaFolTactGrw FFTG FrankDisrComm BUYZ FrankExpData XDAT FrankGenAdv HELX FrankIntMach IQM FrankHYCorp FLHY FrankIntlAggBd FLIA FrankSrLoan FLBL FranklinLib US FLQL

.5 .3 .0 .0 ... ... ... 1.7 3.3 3.1 .5 1.4 .1 1.7 ... .4 .0 1.1 .8 2.4 1.5 .7 1.2 1.0 1.2 .4 .8 6.9 ... ... 3.3 ... 2.8 3.6 2.6 1.2 2.2 1.9 2.8 1.6 2.3 .4 1.9 .9 1.6 .4 ... 1.1 .0 1.3 .4 2.1 ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... .0 .6 ... 1.1 ... .9 ... ... 5.3 2.1 2.0 .4 3.2 1.4 1.3 1.3 1.3 .4 2.1 1.4 1.0 ... ... .0 .0 5.6 .5 3.1 1.9

98.00 50.93 99.20 112.01 37.98 26.63 27.12 24.90 25.64 28.89 37.48 28.36 67.08 31.19 29.23 87.03 81.87 55.47 45.46 10.42 9.86 12.46 9.74 28.06 29.77 37.02 100.18 13.10 102.43 84.84 48.71 30.56 36.62 26.21 31.24 27.77 30.62 21.91 22.68 54.63 26.76 20.00 26.28 23.12 31.07 30.02 28.89 28.48 28.35 28.05 24.68 25.29 61.14 27.76 21.82 20.17 19.55 20.72 20.69 33.48 35.34 31.33 33.69 30.87 34.48 34.91 35.92 32.19 32.66 33.41 30.81 32.73 30.44 31.94 32.68 32.95 33.66 31.20 31.37 31.70 25.12 20.98 50.95 20.57 26.09 20.31 21.32 27.29 29.15 28.33 32.77 60.28 156.52 130.50 96.34 43.10 33.06 24.27 33.70 29.49 62.67 27.38 52.70 49.43 26.72 25.26 25.07 39.05

+0.38 +1.52 +3.70 +3.11 +2.89 +0.42 +0.71 +0.60 +0.08 +0.26 +1.25 +0.29 +3.94 +0.54 +0.91 +2.06 +1.51 +0.45 +0.46 +0.19 +0.01 +0.17 ... +0.22 +0.17 +0.52 –0.01 +0.30 +3.50 +1.75 +0.49 +0.80 +0.81 +0.71 +0.64 +0.44 +0.69 +0.35 +1.25 +1.26 +0.20 –0.05 +0.63 +1.34 +0.48 +0.55 +1.03 +0.85 +0.49 +0.71 +0.03 –0.01 +3.44 +0.61 +0.04 +0.06 –0.03 +0.10 +0.18 +0.14 +0.21 +0.18 +0.08 +0.23 +0.10 +0.12 +0.21 +0.16 +0.29 +0.06 +0.05 +0.01 +0.08 +0.07 +0.06 +0.05 +0.10 +0.05 +0.08 +0.59 +0.21 +0.38 –0.02 +0.36 +0.63 +0.21 +0.65 +0.41 +0.41 +0.48 +1.03 –0.13 +2.95 +1.93 +1.02 +0.44 +0.84 –0.04 +0.66 +0.44 +3.70 +0.52 +1.88 +2.07 +0.13 –0.05 +0.15 +0.70

.0806 .169 .6561 .4256 ... ... ... .1736 .4954 1.1989 .084 .1699 .0444 .2705 ... .3668 .0078 .1911 .3523 .0475 .0305 .0548 .0051 .0678 .1136 .0184 .0111 .2257 ... ... .1062 ... .1842 .2731 .1828 .1925 .1709 .0918 .088 .3176 .0672 .0043 .1734 .0663 .2869 .1274 ... .0751 .001 .094 .0249 .0348 ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... .002 .043 ... .017 ... .007 ... ... .543 .102 .044 .0017 .1416 .6828 .4499 .3534 .146 .0734 .0483 .2996 .2199 ... ... .0518 .0043 .1813 .0214 .1419 .2354

Tick Sym Yld

Name

FranklinLibUS MC FLQM 1.0 FranklinLibUS SC FLQS 1.1 Freedom100EM FRDM 1.0 GlbX FdrRunCos BOSS 1.0 GlbXRuss2000Cvr RYLD 10.4 GlbXTarget5 TFIV 4.9 GlbXTargetPlus2 TFLT 3.1 GlbXUSInfrDevt PAVE .4 GSAccInflUSDBd GTIP 1.0 GSAccUltShBd GSST 1.0 GS EW US LC Equity GSEW 1.4 GSMarketBetaEM GSEE 4.3 GSMarketBetaInt GSID 2.0 GSMarketBetaUS GSUS 1.5 HartfordCoreBd HCRB 1.2 HartfordLowVolIntl RODE 3.0 HartfordShrtDur HSRT 2.8 InnovDoubStkJan DSJA ... InnovDoubStkOct DSOC ... InnovDbStk9Jan DBJA ... InnovDbStk9Oct DBOC ... InnovNasd100Oct NOCT ... InnovNasd100Apr NAPR ... InnovNasd100Jan NJAN ... InnovNasd100Jul NJUL ... InnovRuss2000Jul KJUL ... InnovRuss2000Oct KOCT ... InnovRuss2000Apr KAPR ... InnovRuss2000Jan KJAN ... InnovS&P500Buff BJUL ... InnovS&P500BuffO BOCT ... InnovS&P500BuffA BAPR ... InnovS&P500Aug BAUG ... InnovS&P500Dec BDEC ... InnovS&P500Feb BFEB ... InnovS&P500Jan BJAN ... InnovS&P500BuffJun BJUN ... InnovS&P500BuffMar BMAR ... InnovS&P500BffMay BMAY ... InnovS&P500BuffN BNOV ... InnovS&P500JSep BSEP ... InnovS&P500Divrs BUFF 1.6 InnovS&P500Pwr PJUL ... InnovS&P500PwrF PFEB ... InnovS&P500PwrN PNOV ... InnovS&P500PwrA PAPR ... InnovS&P500Aug PAUG ... InnovS&P500PwrD PDEC ... InnovS&P500Jan PJAN ... InnovS&P500PwrJun PJUN ... InnovS&P500PwrBuff PMAR ... InnovS&P500PwrMay PMAY ... InnovS&P500PwrO POCT ... InnovS&P500Sep PSEP ... InnovS&P500UltA UAPR ... InnovS&P500UltAug UAUG ... InnovS&P500UltDec UDEC ... InnovS&P500UltFeb UFEB ... InnovS&P500UltJan UJAN ... InnovS&P500UltrJul UJUL ... InnovS&P500UltJun UJUN ... InnovS&P500Ultra UMAR ... InnovS&P500UltMay UMAY ... InnovS&P500UltN UNOV ... InnovS&P500UltO UOCT ... InnovS&P500UltSep USEP ... InnovS&PHiQualPfd EPRF 5.0 InnovTripleStkJan TSJA ... InnovTripleStkOct TSOC ... Innov20+YTrBd5Jl TFJL ... Innov20+YTrB9BfJul TBJL ... InvscBalMulti PSMB 2.1 InvscConsrvMulti PSMC 2.6 InvscFocDiscGrw IVDG ... InvscGrwMultAll PSMG 1.9 InvscModConserv PSMM 2.8 InvscPureDevxNA PBDM 1.7 InvscPureFTSEEM PBEE 1.6 InvscPureMSCIUSA PBUS 1.3 InvscPrMSCIUSASC PBSM .9 InvscPureUSAggBd PBND 2.5 InvscPure0-5YTIPS PBTP 1.2 InvscRealAssets IVRA 15.0 InvscRuss1000Dyn OMFL 1.3 InvscRs1000EnhEW USEQ 2.6 InvscRuss2000Dyn OMFS .9 InvscS&P500MinVar SPMV 1.7 InvscS&PIntlDev IDHD 3.7 InvscS&PSCHiDiv XSHD 4.8 InvscS&PSCQuality XSHQ 1.1 InvscSelectGrw IVSG ... InvscUSLCCoreESG IVLC ... iPathS&P500DynVIX XVZ ... iPathS&PMLPETN IMLP 9.3 iPathBS&P500VIXMid VXZ ... iPathS&P500VIX VXX ... iPath5-YearBear DFVS ... iPathUSTrea5YrBull DFVL ... iShAdCurrHdgMSCI DEFA 2.0 iShIntmGovt/CredBd GVI 1.8 iShBrdUSDHYCpBd USHY 5.2 iShConvBond ICVT 1.0 iShCoreMSCIEAFE IEFA 1.8 iShCurrHdgMSCIEAFE HEFA 2.0 iShCurrHdgMSCIEM HEEM 1.3 iShIntlSelDividend IDV 5.2 iShTransportAvg IYT .9 iShU.S.Industrials IYJ 1.0 iShUSAerospace&Def ITA 1.0 iShUSHomeConstrn ITB .4 iShUSOil&GasExpln IEO 2.6

Div Last Chg. Amt. 40.02 36.20 34.49 34.28 23.58 24.00 24.14 22.63 57.43 50.82 61.30 61.43 54.80 55.10 41.49 27.97 41.30 26.40 28.79 26.01 27.59 36.94 35.67 39.04 45.14 26.26 26.39 26.97 30.17 30.55 30.63 29.87 30.28 31.20 28.66 33.66 31.52 29.93 30.06 30.20 29.89 33.62 29.01 27.11 29.32 27.41 28.57 29.31 31.13 30.41 28.68 28.66 28.10 28.33 24.99 28.03 28.66 26.64 30.12 26.58 28.14 27.81 27.50 28.46 27.01 27.32 24.11 26.45 28.78 23.94 23.80 15.85 13.60 13.28 17.19 14.95 28.58 31.76 40.39 38.18 26.30 26.11 12.52 43.77 32.91 40.08 34.30 26.33 21.96 37.26 13.20 12.48 40.38 10.79 34.46 15.74 14.05 83.98 31.54 116.98 41.58 110.08 72.45 32.07 34.44 30.82 232.02 101.25 97.91 64.43 43.91

+0.85 +1.20 +0.70 +1.10 +0.11 +0.19 +0.01 +0.55 –0.04 ... +1.24 +2.07 +1.23 +0.75 –0.03 +0.60 –0.01 +0.25 +0.13 +0.13 +0.11 +0.20 –0.05 +0.26 +0.09 +0.03 +0.15 ... +0.05 +0.15 +0.15 +0.05 +0.10 +0.19 +0.26 +0.32 +0.07 ... +0.09 +0.02 +0.17 +0.09 +0.06 +0.06 +0.08 +0.01 +0.08 +0.05 +0.15 +0.09 +0.03 +0.02 +0.08 +0.14 –0.02 +0.01 +0.05 +0.07 +0.12 +0.04 +0.02 ... +0.04 ... +0.03 +0.03 –0.11 +0.26 +0.19 +0.07 –0.10 +0.23 +0.03 +0.66 +0.30 +0.12 +0.53 +0.89 +0.58 +0.97 –0.03 +0.02 +0.30 +1.13 +1.23 +1.45 +0.21 +0.40 +0.95 +1.54 +0.33 +0.06 +1.35 +0.19 +1.17 –0.73 +0.15 –0.32 +0.63 –0.01 +0.17 +3.04 +1.47 +0.48 +0.70 +0.62 +6.68 +2.64 +1.92 +1.40 +2.94

.1633 .1348 .1316 .3365 .2272 .0925 .06 .0009 .0423 .0138 .2048 .2646 .3178 .2058 .0297 .44 .0641 ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... .0666 ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... .10 ... ... ... ... .1334 .1377 ... .12 .1466 .0531 .0377 .1278 .1988 .0492 .2316 .1569 .1903 .2595 .1014 .1433 .1873 .0644 .0909 ... ... ... .2207 ... ... ... ... .3567 .1536 .1798 .0631 .6123 .2631 .313 .2138 .384 .2745 .2031 .0775 .2213

Tick Sym Yld

Name

iShUSTelecomm IYZ iShESGAwareAgg EAOA iShESGAwareCon EAOK iShESGAwareGrw EAOR iShESGAwareMod EAOM iShESGMSCIUSASC ESML iShESGScrS&P500 XVV iShESGScrS&PMC XJH iShESGScrS&PSC XJR iShEdgeHYDefBd HYDB iShEdgeInvGrEnhBd IGEB iShEdgeMSCIMinEAFE EFAV iShEdgeMSCIMinVlEM EEMV iShEdgeMSCIMinVol ACWV iShEdgeMSCIMinUSA USMV iShMSCIMinVolUSASC SMMV iShEdgeMSCIUSAMom MTUM iShEdgeMSCIUSAQual QUAL iShEdgeMSCIUSAVal VLUE iShUSFixedIncmBal FIBR iShEmMkCorpBdFd CEMB iShEM HY Bd EMHY iShEvolCnStpls IECS iShEvolUSDisc IEDI iShEvolUSFin IEFN iShEvolUSHlthcr IEHS iShEvolUSInnHlthcr IEIH iShEvoUSMedia IEME iShEvolUSTech IETC iShExpTechSftwr IGV iShMtgRealEstCap REM iShUSBlendStyle STLC iShFctUSGrwStyle STLG iShUSMidBlendStyle STMB iShUSSmBlendStyle STSB iShFctUSValStyle STLV iShFloatingRateBd FLOT iShGlbxUSDHiYdCpBd HYXU iShGlbHiCorpBdFd GHYG iShGoldStrategy IAUF iShiBdsDec2028Muni IBMQ iShiBdsDec25Muni IBMN iShiBdsDec24Muni IBMM iShiBdsDec27Mun IBMP iShiBdsDec26Muni IBMO iShiBdsDec23Muni IBML iShBds2025TermHY IBHE iShiBds2024TermHY IBHD iShBds2021TermHY IBHA iShBds2026TermHY IBHF iShBds2023TermHY IBHC iShBds2022TermHY IBHB iShInflHdgCpBd LQDI iShIntlAggregateBd IAGG iShIntlDivGrowth IGRO iShLiquidityIncm ICSH iShMSCIArgentina AGT iShMSCIChileCapped ECH iShMSCIChinaAETF CNYA iShMSCIDenmarkCap EDEN iShMSCIEmgMulti EMGF iShMSCIEurozone EZU iShMSCIFinlandCap EFNL iShMSCIGermanySC EWGS iShMSCIGlbMet&MnPr PICK iShMSCIGlSilverMin SLVP iShMSCIEAFEGrowth EFG iShMSCIIndiaETF INDA iShMSCIIndiaSC SMIN iShMSCIKuwait KWT iShMSCINorwayCap ENOR iShMSCI UK SC EWUS iShMSCIEAFEValue EFV iShMornMultiAsst IYLD iShNorthAmNatRscs IGE iShRussell2500 SMMD iShIntlPfdStock IPFF iShShortMaturityBd NEAR iShShrtMatMuniBd MEAR iShCohen&StrsREIT ICF iSh25+YTrStrip GOVZ iShUS Div&Buyback DIVB iShUSInfr IFRA iShUSSCValue SVAL iShUSTreasuryBdETF GOVT JPMBetaCanada BBCA JPMBetaDevAsia BBAX JPMBetaEurope BBEU JPMBetaIntl BBIN JPMBetaJapan BBJP JPMBetaUSREIT BBRE JPM Beta1-5Y BBSA JPMBetaUSEquity BBUS JPMCorePlusBd JCPB JPMorganDisciplHY JPHY JPM IntlBdOpps JPIB JPM Municipal JMUB JPM UltShtIncm JPST JPMUltShMuni JMST LHAMktStAlpha MSVX LHA MktStTact MSTB LeggMasonIntLowVol LVHI MainSectorRot SECT MainThemInnov TMAT Merlyn.AIBest BOB MerlynAISectSurf DUDE MotleyFool100 TMFC MotleyFoolSCGrw MFMS NuvESGEMEquity NUEM NuvESGIntlDev NUDM NuvESG LC NULC

2.5 1.4 1.6 1.4 1.3 .9 1.2 1.3 2.0 5.8 2.9 1.3 2.3 1.7 1.8 1.3 .8 1.3 2.2 2.5 3.8 5.5 2.1 .8 2.0 .8 1.0 .6 .4 .3 7.4 1.4 .7 1.5 1.2 2.2 1.1 1.4 4.4 8.0 1.2 1.1 1.2 1.1 1.0 1.4 5.7 5.4 3.4 6.0 5.5 5.4 2.3 1.8 2.4 1.1 .9 2.0 .9 .4 1.8 2.1 2.8 1.0 2.1 2.5 .8 .3 1.0 .5 2.3 1.9 2.3 4.3 3.0 1.2 3.8 1.4 .8 2.3 1.7 2.0 2.0 1.0 1.2 2.3 2.4 2.2 1.0 1.1 3.0 1.7 1.4 1.8 4.4 3.0 1.8 1.3 .8 1.8 1.7 3.9 1.4 ... ... ... ... ... ... ... 1.3

Div Last Chg. Amt. 31.93 32.07 27.45 30.19 28.36 38.84 30.06 35.05 38.26 51.74 54.43 74.66 65.04 97.86 68.03 37.34 178.04 119.80 96.40 101.93 52.94 45.94 30.49 41.52 27.16 39.57 34.65 38.36 51.19 385.88 33.39 37.79 33.74 40.14 47.61 26.19 50.81 56.76 50.91 56.00 27.77 28.22 27.12 27.46 27.23 26.22 25.05 24.53 24.26 25.56 24.55 24.28 29.06 55.51 64.78 50.55 27.27 32.42 48.70 99.81 54.27 45.76 46.61 81.91 39.97 16.44 105.00 43.01 47.12 28.37 26.27 44.49 49.56 23.83 25.97 64.13 16.33 50.23 50.24 56.20 21.32 35.06 31.82 28.16 26.88 28.61 28.81 27.20 57.90 29.69 83.69 26.08 72.60 55.20 52.36 51.98 55.56 50.81 51.08 25.56 28.85 23.88 38.34 28.09 25.65 30.25 37.41 44.20 38.00 30.64 37.22

+0.18 +0.49 +0.16 +0.36 +0.22 +1.06 +0.44 +0.91 +1.29 +0.19 +0.02 +1.05 +1.37 +0.58 +0.31 +1.10 +3.93 +1.79 +2.69 –0.24 +0.03 –0.18 +0.06 +0.04 +0.59 +0.97 –0.01 +1.46 +0.95 +8.72 +0.32 +0.60 +0.51 +1.79 +1.50 +0.43 –0.02 +0.38 +0.18 +0.24 +0.08 +0.02 ... +0.08 +0.07 ... +0.07 +0.05 +0.01 +0.08 +0.05 ... –0.06 –0.14 +1.00 +0.03 +0.71 +1.32 +3.35 +2.44 +1.28 +0.69 +0.95 +1.87 +1.58 +0.05 +2.81 +0.80 +1.29 +0.09 +0.07 +0.55 +0.93 +0.06 +0.90 +1.09 +0.22 +0.02 –0.01 +0.75 –0.22 +0.51 +0.50 +1.05 –0.05 +0.74 +0.44 +0.50 +1.31 +0.97 +1.67 ... +1.00 –0.03 +0.18 +0.10 +0.13 +0.02 +0.01 +0.09 +0.40 +0.17 +0.84 +1.25 +0.45 +1.28 +0.41 +1.70 +1.20 +0.53 +0.52

.1901 .1543 .0168 .1405 .1286 .1311 .0897 .114 .1933 .245 .124 .9773 .9422 .791 .3023 .1678 .3098 .4078 .5351 .1732 .1532 .2103 .1836 .108 .1361 .0996 .6574 .0681 .0555 .0695 .5339 .1662 .052 .2401 .2737 .1739 .0217 .8181 .1894 4.4706 .0255 .0179 .0203 .0205 .0157 .0263 .113 .101 .054 .0977 .1101 .0896 .0531 .0476 .3253 .0226 .1711 .1472 .3541 .0472 .5472 .623 .5702 .3159 .4633 .3873 .3525 .0316 .0495 .0742 .3083 .4099 .6378 .0436 .2041 .25 .0484 .0435 .017 .3645 .0295 .1846 .0644 .0688 .0206 .2212 .0999 .1851 .2488 .3145 .9715 .0266 .2884 .0728 .0748 .0866 .0694 .0307 .0119 .4594 .4802 .0635 .0359 ... ... ... ... ... ... ... 1.42

Tick Sym Yld

Name

NuvESGLCGrowth NULG NuvESGLCValue NULV NuvESGMCGrowth NUMG NuvESGMCValue NUMV NuvESGSC NUSC NuvShTermREIT NURE OShEurQualDiv OEUR OShGlbInternet OGIG OShUSQualDiv OUSA OShUSSCQualDiv OUSM OpusSCValue OSCV PacerBioThreat VIRS PacerIntCashCow100 ICOW PacerGlCashCows GCOW PacerSaltHitruUS SLT PacerSaltLowUS LSLT PacerSwanSOSCon PSCX PacerSwanSOSFlex PSFD PacerSwanSOSFd PSFF PacerSwanSOSMod PSMD PacerTrendEurIndex PTEU PacerTrendpilot450 PTMC PacerTrendpilot100 PTNQ PacerTrendpilot750 PTLC PacerUSCashCows100 COWZ PacerUSSCCash100 CALF PacerWealthShield PWS PointBridgeGOP MAGA PremiseCapDivTact TCTL ProShGlbListedPrv PEX ProShHY IntRt HYHG ProShInvGrdIntRt IGHG ProShK1FreeCrude OILK ProShLCCorePlus CSM ProShDivGrowers EFAD ProShMSCIEMDiv EMDV ProShMSCIEurDiv EUDV ProShMergerETF MRGR ProShMornAltSoln ALTS ProShPetCare PAWZ ProShRuss2000Div SMDV ProShRussUSDivGrw TMDV ProShS&P500Arist NOBL ProShS&PMC400 REGL ProShS&PTechDiv TDV ProShShortUSDEmgBd EMSH ProShShtVIXST SVXY ProShTrMgdFut FUT ProShUltVIXST UVXY ProShsVIXMTFut VIXM ProShsVIXSTFut VIXY RareviewDynFx RDFI RareviewTaxAdv RTAI RevWeightUSLC RVRS SPDRDoubleEMFixed EMTL SPDRDoubleShDurTR STOT SPDRNuvMuniBd MBND SabaClosedEndFds CEFS 2ndVoteLifeNeutral LYFE 2ndVoteSocDef EGIS SirenDivDefender DFND SirenDivLdrsDiv LEAD SmartSustEnerII SULR StrategyResRobust ROMO SwanHdgEqUSLC HEGD 3DPrintingETF PRNT TrendAggSG TEGS TrendAggUS TAEQ TrimDonForRisk DFNV TrimDonForTact DFHY TrimTabsIntlFrCsh TTAI TrimTabsUSFrCsh TTAC TrueStructOutAug AUGZ TrueStructOutDec DECZ TrueStructOutFeb FEBZ TrueStructOutJan JANZ TrueStructOutJul JULZ TrueStructOutNov NVMZ TrueStructOutOct OCTZ TrueStructOutSep SEPZ UphldgsCompKings KNGS VanEckAMTFrIntMuni ITM VanEckAMTFrLgMun MLN VanEckAMTFrShMuni SMB VanEckCEFMuni XMPT VanEckHYMuni HYD VanEckMdyBBBCpBd MBBB VanEckMdyIGCpBd MIG VanEckMornDur DURA VanEckMornGlb GOAT VanEckMornIntlMoat MOTI VanEckMornWideMoat MOAT VanEckMuni MAAX VanEckRussia RSX VanEckRussiaSC RSXJ VanEckShHYMuni SHYD VanEckVietnam VNM VangdESGIntlStk VSGX VangdESGUSCpBd VCEB VangdESGUSStk ESGV VangdUSLiquid VFLQ VangdUSMinVol VFMV VangdUSMom VFMO VangdUSMultifact VFMF VangdUSQual VFQY VangdUSValue VFVA VirtusWMCIntlDiv VWID WisdTrYdEnhUSST SHAG WisdomDynCurrIntl DDWM WisdomDynCurrIntSC DDLS WT EM ESG Fd RESE

.2 1.4 .0 1.3 .5 3.2 3.6 ... 2.0 1.8 1.0 .6 2.3 4.0 1.6 2.2 ... ... ... ... ... .5 .2 1.0 2.3 .7 .5 2.4 1.0 5.2 5.1 2.7 .1 1.1 1.5 2.9 1.2 ... .9 .1 2.0 2.2 2.1 2.3 1.0 2.8 ... .1 ... ... ... 4.8 2.9 1.7 3.2 1.6 ... 8.2 .1 .1 ... .8 ... .9 ... ... .0 .0 .0 .4 .6 .4 ... ... ... ... ... ... ... ... ... 1.9 2.4 1.5 3.8 3.9 2.3 2.2 3.5 1.2 2.0 1.4 2.7 3.1 4.2 3.0 .4 1.6 1.3 1.0 1.4 2.0 .4 1.4 1.1 1.8 4.3 1.8 3.4 3.0 1.6

Div Last Chg. Amt. 61.20 33.87 53.20 32.66 43.51 28.65 25.45 63.68 38.57 33.00 30.82 30.34 30.25 29.67 40.30 28.67 21.07 21.48 20.84 21.19 22.86 34.35 53.90 34.33 36.75 37.95 31.11 31.68 31.20 34.29 62.86 75.87 52.74 89.89 44.68 61.73 48.18 40.11 38.12 79.56 61.57 43.27 81.81 65.90 56.27 73.65 41.36 40.94 9.42 41.49 12.89 27.76 26.71 20.20 51.12 50.04 30.17 20.50 27.55 29.23 36.80 49.19 35.23 26.63 17.29 47.83 27.77 27.21 28.43 25.40 33.60 49.37 28.87 26.34 25.80 26.16 30.29 28.69 28.15 27.57 28.96 52.34 21.99 18.17 29.06 62.92 25.12 25.02 28.52 37.16 35.33 66.59 25.26 25.41 37.77 25.33 18.01 63.55 74.67 74.47 102.87 94.19 133.38 93.00 110.22 87.26 28.05 51.41 29.18 32.54 39.88

+1.62 +0.30 +1.41 +0.75 +1.17 +0.88 +0.48 +2.26 +0.18 +0.78 +0.88 +0.64 +0.42 +0.29 +0.97 +0.04 +0.08 +0.18 +0.12 +0.11 +0.32 +0.50 +0.41 +0.45 +0.55 +1.48 +0.25 +0.58 +0.39 +0.26 +0.33 +0.18 +2.35 +1.15 +1.13 +1.55 +1.19 +0.41 +0.31 +3.61 +1.29 +0.62 +0.88 +0.75 +1.74 +0.02 +0.87 +0.26 –0.63 +1.63 –0.58 +0.15 +0.11 +0.50 –0.03 +0.10 +0.10 +0.19 +0.43 +1.02 +0.40 +1.21 +1.32 +0.51 +0.11 +2.18 +0.76 +0.50 +0.87 +0.07 +0.98 +1.27 +0.61 +0.35 +0.25 +0.26 +0.66 +0.29 +0.28 +0.40 +0.66 +0.14 +0.07 +0.01 +0.16 +0.23 +0.04 +0.04 –0.10 +0.92 +0.98 +1.73 +0.09 +0.48 +0.80 +0.04 +0.09 +1.55 –0.11 +1.12 +2.35 +1.81 +4.68 +2.62 +2.96 +2.18 +0.46 ... +0.56 +0.49 +1.09

1.5115 .468 .3748 .4164 .1991 .3946 .01 ... .0462 .034 .0958 .0394 .2428 .2921 .6286 .1233 ... ... ... ... ... .1712 .0831 .3523 .2469 .121 .0238 .7667 .3151 .4724 .2506 .1414 .0556 .2826 .156 .3191 .06 ... .1085 .039 .4239 .3383 .5348 .5134 .1664 .1535 ... .0564 ... ... ... .0629 .0709 .3525 .1211 .0688 ... .14 .0264 .026 ... .156 ... .2422 ... ... 3.0537 2.1143 .0053 .0925 .2029 .1894 ... ... ... ... ... ... ... ... ... .0761 .0409 .0178 .0914 .1959 .05 .0476 .2522 1.0288 .72 .9021 .0563 .7988 1.5849 .0633 .07 .3361 .0745 .2387 .5265 .7287 .1891 .4525 .4437 .4828 .9254 .04 .3133 .3434 .1575

Tick Sym Yld

Name

WisdomTreeCpBdFd WFIG WisdomTreeUSHYCpBd WFHY WisdTrUSSTCpBd SFIG WisdTrUSSTHY SFHY WisdTrIntlESGFd RESD WisdTrIntlQualDiv IQDG WisdTrUSMulti USMF XtrkBBUSIGCpESG ESCR XtrkrsEurozone EURZ XtrkJPMEMSvn ESEB XtrkJPMESGUSDHY ESHY

2.3 4.7 1.9 4.5 1.8 1.6 1.2 2.6 2.7 3.5 5.8

Div Last Chg. Amt. 54.45 52.71 51.75 49.70 29.67 38.09 37.71 22.37 25.26 22.13 21.30

–0.10 +0.16 +0.01 +0.14 +0.64 +0.99 +0.77 –0.03 +0.60 –0.14 +0.05

.0975 .1875 .06 .169 .1528 .19 .0965 .0446 .2604 .0607 .0971

+0.69 +0.97 +0.69 +3.20 –0.38 +0.72 +1.70 +0.49 +1.26 +0.33 +0.69 +0.05 +0.05 +0.14 +0.73 +0.44 +0.92 +0.61 +1.18 –0.03 +0.56 +7.89 +0.60 +0.94 +1.16 +0.08 +0.04 +0.30 +0.28 +0.97 +1.90 +3.09 +0.57 +1.11 +1.65 +1.17 +1.59 +0.53 +0.86 +0.46 +0.29 +0.40 +0.88 +3.40 +0.14 +1.29 +0.94 +0.73 +0.34 +0.97 +0.01 +0.48 +0.40 +0.34 +0.33 –0.04 +1.06 +0.48 +0.59 +0.38 +0.99 +1.64 +0.82 +3.68 +1.69 +2.11 +3.61 +0.67 +1.00 +0.23 –0.09 +0.02 +0.13 +2.60 +2.09 +0.62 +1.01 +3.90 +1.51 +0.21 +0.24 +1.75 +2.44 +2.33 +0.88 +0.66 +0.42 +8.79 +2.42 +0.96 +0.79 +0.82 ... +0.54 +5.42 +0.40

.0053 .0602 .0679 ... ... .1452 .0484 ... .2087 .14 .1849 .1811 .0921 .2103 .0616 .347 .064 .149 .075 .2998 .8095 1.041 .8214 .2877 .1165 .055 .08 .09 .095 .2077 .2061 .0443 .3079 .8998 .4026 .0607 .025 .1087 .2207 .0094 .0729 .0093 .0056 .0744 .084 .4005 .4512 .3285 .16 .2508 .029 .4782 .2173 .2873 ... .055 .2332 .1098 .0733 .0132 .0955 .2695 ... .0126 .1709 .2494 .037 .1152 .3597 .0693 .09 .03 .0975 .3367 .0697 .1355 .2242 .0528 .3094 .0625 .14 .286 .0708 .1462 .027 .1777 .083 .1118 .0505 .1763 .0928 .0283 .0644 .0745 .0775 .042

NASDAQ AdvShDWAlphaEW DWEQ .0 AdvShDW FSM AC DWAW .0 AdvShDW FSM US DWUS .1 AdvShDorseyMc DWMC ... AdvShDorseyShrt DWSH ... AlphaMarkActiveMgd SMCP .5 ArrowCntryRotat DWCR .5 ArrowInvDWATact DWAT ... ClearBr AC Grw CACG .4 ClearBrDivStrat YLDE 1.5 ClearBrLCGrw LRGE .4 CSX-LinksCrudeOil USOI 63.3 CSXLGoldCvETN GLDI 15.3 CSX SilverETN SLVO 27.5 DemzPolitical DEMZ .3 DavisFinl DFNL 1.4 DavisSelectIntlETF DINT .2 DavisUSEquity DUSA .5 DavisWorldwide DWLD .2 DefNasdJrBio IBBJ .0 DorseyWrightETN36 BMLP 8.1 FidelityNasdaq ONEQ .7 FT AltAbsRet FAAR 2.9 FT APxJapan FPA 1.4 FT BICK BICK .4 FT BrazilAlpha FBZ 2.6 FT BuyWrite FTHI 4.6 FT CEFIncmOpp FCEF 4.7 FT CA MuniHi FCAL 2.1 FT CapStrength FTCS .9 FT ChinaAlphaDEX FCA 3.9 FT CloudComp SKYY .1 FT DevIntlEquity RNDM 1.1 FT DevMkts FDT 2.3 FT DevMktsXUS FDTS 1.9 FT DorseyDyn5 FVC .2 FT DorseyFoc5 FV .1 FT DorseyIntl5 IFV 1.4 FT DW Momentum DDIV 2.4 FT DW Mom&Low DVOL .6 FT DW Mom DVLU 1.2 FT DorseyWright DWPP .5 FTDorseyDALI1 DALI 1.1 FT DJ IntlInt FDNI .1 FT MultAsstDiv MDIV 5.7 FT NasdTechDiv TDIV 1.9 FT EM Alphadex FEM 2.5 FT EM EquitySel RNEM 2.9 FT EM LocalCurr FEMB 5.2 FT EM SC Alpha FEMS 2.7 FT EnhShtMat FTSM 1.1 FT EuropeAlpha FEP 2.2 FTEurozoneAlpha FEUZ 1.4 FT GerAlpha FGM 1.3 FT GlTactCommod FTGC ... FTHdgBuyWriteIncm FTLB 3.2 FT IPOXEurEq FPXE 1.2 FT GlblAgri FTAG 1.5 FT GlbNatRscs FTRI 3.3 FTIndiaNifty50EW NFTY .5 FTIndxxInnTran LEGR .9 FTIndxxNextG NXTG 1.0 FTIntlDevCapStr FICS ... FTIntlEquOpps FPXI .2 FT JapanAlpha FJP .9 FT LC CoreAlpha FEX 1.1 FT LC GrwthAlpha FTC .4 FT LC US Equity RNLC 1.5 FT LC Value FTA 1.9 FT LatAmAlpha FLN 1.7 FT LowDurOpp LMBS 2.3 FT LowDurStrat LDSF 2.6 FT MgdMuni FMB 2.1 FT MC CoreAlpha FNX .9 FT MC GrwthAlpha FNY .2 FT MC US Equity RNMC 1.2 FT MC ValAlpha FNK 1.5 FT MCGrAlpDX FAD .3 FT MuCValAlpha FAB 1.4 FTMuniCEFIncmOpp MCEF 3.3 FTMuniHiIncm FMHI 3.0 FT NasdComBk QABA 2.2 FT NasdCleanEdge QCLN .2 FT NasdClEdSmGr GRID .6 FT NasdCybersec CIBR 1.1 FT NasdGlblAuto CARZ .6 FT Nasd100xTech QQXT .3 FT Nasd100Tech QTEC .4 FT NasdArtlIntel ROBT .1 FTNasdaqBk FTXO 2.3 FT NasdFood&Bev FTXG 1.2 FT NasdOil&Gas FTXN 1.4 FT NasdPharm FTXH .8 FT NasdRetail FTXD .7 FT NasdSemicon FTXL .4 FT NasdaqTrans FTXR .3

29.80 41.52 37.22 39.72 9.87 29.73 33.94 13.18 46.49 36.27 51.59 5.01 9.32 6.86 24.32 25.62 25.79 32.03 34.84 39.37 40.00 545.82 28.27 34.91 42.32 13.02 20.75 23.67 54.94 68.73 30.33 110.49 53.44 60.45 45.10 34.42 44.91 24.39 27.23 25.09 20.10 29.85 24.54 56.06 15.66 53.27 27.24 48.68 37.85 44.16 60.04 40.10 43.88 52.87 20.90 20.69 31.30 29.23 12.96 42.49 40.60 74.93 32.12 78.40 54.04 79.76 106.03 29.17 59.04 19.09 51.46 20.48 57.34 93.07 74.79 26.33 39.45 118.03 63.97 20.69 55.12 50.92 87.02 87.24 46.26 59.00 82.86 155.12 59.27 28.18 25.37 14.34 26.68 31.78 68.23 30.70

Name

Tick Sym Yld

FT Nasd100 EW QQEW .3 FT RBA AmerInd AIRR .1 FTRisingDivAch RDVY 1.4 FT RiverFrDynAP RFAP 1.6 FT RiverFrDynDev RFDI 1.3 FT RiverFrDynEM RFEM 1.1 FT RiverFrDynEur RFEU 2.2 FT S&PIntDivArist FID 3.7 FT SMID CapRising SDVY 1.3 FT SSI Strat FCVT .9 FT SrLoanFd FTSL 3.4 FT SC CoreAlpha FYX .5 FT SC GrwthAlpha FYC .1 FT SC US Equity RNSC 1.2 FT SC Value FYT .9 FT StratIncm FDIV 4.1 FT SwitzAlpha FSZ 1.5 FT TCW Opp FIXD 2.0 FT TacticalHY HYLS 5.1 FT TotalUSMkt TUSA .9 FT USEquityDiv RNDV 2.3 FT UK Alpha FKU 1.4 FlexShCredScoreUS SKOR 2.2 FlexShRealAsset ASET 2.0 GlbXAI&Tech AIQ .4 GlbXAuto&Elc DRIV .2 GlbXCannabis POTX 2.8 GlbXCnBiotech CHB ... GlbXCleanTech CTEC .0 GlbXCloudComp CLOU ... GlbXConsciousCos KRMA .9 GlbX Cybersec BUG .4 GlbXDAXGermany DAX 2.2 GlbXDataCtr VPN .6 GlbXecomm EBIZ .4 GlbXEdu EDUT ... GlbX EM Internet EWEB ... GlbXFinTech FINX ... GlbXGen&Biotech GNOM .0 GlbX Health&Well BFIT .5 GlbXInternetThings SNSR .2 GlbXLongevityThem LNGR .3 GlbXMSCISuperDiv EFAS 4.1 GlbXMillThematic MILN .2 GlbXNasd100Cv QYLD 11.0 GlXNasd100CCGrw QYLG 5.6 GlbXRenewEner RNRG 3.0 GlbX Robotics&AI BOTZ .2 GlbXS&PCathDvxUS CEFA 1.6 GlbXS&P500Catholic CATH 1.2 GlbXSocialMedia SOCL ... GlbXSuperDividAlt ALTY 8.5 GlbXSuperDivdREIT SRET 8.0 GlbXTelemed EDOC .0 GlbX ThemGrwth GXTG .4 GlbXVideoGames HERO .6 HighlandSrLoan SNLN 3.0 IQChaikinUSLC CLRG 1.5 IQ Chaikin US SC CSML .9 InvscActMgdETC PDBC .0 InvscBldrSEM50ADR ADRE .8 InvscBS2030CorpBd BSCU 2.0 InvscBS2030MuniBd BSMU 1.6 InvscBull2028CpBd BSCS 2.5 InvscBull2025CpBd BSCP 2.3 InvsBull25HYCpBd BSJP 4.9 InvscBull2024CpBd BSCO 2.4 InvsBull24HYCpBd BSJO 4.5 InvscBull2021CpBd BSCL 2.1 InvsBull21HYCpBd BSJL 3.9 InvscBull2027CpBd BSCR 2.4 InvscBull2026CpBd BSCQ 2.4 InvsBull26HYCpBd BSJQ 4.6 InvscBull2023CpBd BSCN 2.3 InvsBull23HYCpBd BSJN 4.6 InvscBull2022CpBd BSCM 2.2 InvsBull22HYCpBd BSJM 4.1 InvscBS2028HY BSJS 4.6 InvscBS2028MuniBd BSMS 1.7 InvscBS2025MuniBd BSMP 1.3 InvscBS2024MuniBd BSMO 1.1 InvscBS2024USDEM BSDE 3.5 InvscBull2029CpBd BSCT 2.2 InvscBS2029MuniBd BSMT 1.8 InvscBS2021MuniBd BSML .7 InvscBS2021USDEM BSAE 3.7 InvscBS27HYCpBd BSJR 4.5 InvscBS2027MuniBd BSMR 1.4 InvscBS2026MuniBd BSMQ 1.5 InvscBS2023MuniBd BSMN .9 InvscBS2023USDEM BSCE 3.7 InvscBS2022MuniBd BSMM .8 InvscBS2022USDEM BSBE 3.9 InvscBuyBackAch PKW 1.4 InvscDWABasicMatl PYZ 1.0 InvscDWAConsCyc PEZ .3 InvscDWACnsStpls PSL .7 InvscDWADevMkt PIZ .4 InvscDWAEMMom PIE 1.1 InvscDWAEnerMom PXI 1.3 InvscDWAFinMom PFI 1.4 InvscDWAHlthcrMom PTH ... InvscDWAIndlsMom PRN .1 InvscDWAMom PDP .1 InvscDWASCMom DWAS .2 InvscDWATechMom PTF ... InvscDWAUtilMom PUI 2.4 InvscDivAchvrs PFM 1.9 InvscIntLowBeta IDLB 1.2 InvscFTSEUS1500SM PRFZ .8

Div Last Chg. Amt. 108.60 37.74 42.28 59.22 67.09 77.57 68.19 16.94 26.37 55.53 48.11 90.60 75.91 26.78 46.97 48.74 62.99 54.21 49.06 45.20 26.50 39.85 54.58 30.92 30.50 28.23 19.52 20.04 28.83 29.90 28.64 29.40 31.54 16.20 37.59 21.14 20.27 52.17 27.57 26.95 35.29 29.49 15.01 41.85 23.46 31.29 18.10 36.46 31.39 48.54 77.36 12.35 9.30 22.63 57.14 36.95 16.12 30.62 33.51 16.92 65.81 19.95 25.91 23.36 22.52 24.65 22.39 25.07 21.17 23.11 22.32 21.84 25.78 21.87 25.49 21.72 23.38 25.87 26.44 26.13 25.78 26.41 21.50 26.37 25.33 25.26 25.70 26.00 26.10 25.66 26.39 25.46 26.05 79.29 76.54 95.36 93.92 35.26 26.28 23.41 47.71 188.39 107.56 93.22 94.49 172.99 32.00 33.47 30.47 176.43

+3.09 +0.75 +1.21 +1.48 +1.68 +1.77 +2.07 +0.12 +0.71 +1.76 +0.04 +3.37 +3.28 +0.70 +1.56 +0.23 +1.14 –0.10 +0.02 +0.99 +0.47 +1.05 +0.01 +0.45 +1.00 +0.76 +1.17 +1.19 +0.84 +0.35 +0.43 +0.72 +0.15 –0.09 +1.04 +1.26 +1.17 +2.34 +0.54 +0.38 +1.29 +0.25 +0.15 +1.30 +0.04 +0.27 –0.64 +1.40 +0.87 +0.70 +4.88 +0.17 +0.16 +0.90 +2.33 +2.09 –0.03 +0.65 +0.96 +0.43 +2.69 –0.04 +0.10 +0.02 +0.02 +0.09 +0.02 +0.04 ... +0.02 –0.01 +0.02 +0.10 +0.01 +0.07 –0.01 +0.05 +0.15 +0.04 +0.09 –0.03 +0.04 ... +0.10 –0.01 –0.05 +0.09 +0.05 +0.06 +0.01 –0.01 –0.02 +0.09 +1.81 +1.66 +1.43 +2.07 +0.86 +1.02 +1.63 +1.28 +9.33 +2.18 +2.32 +4.18 +11.21 –0.15 +0.37 +0.52 +6.53

.0929 .0193 .2105 .3323 .1395 .0866 .6119 .2315 .1312 .04 .136 .2174 .0606 .1536 .1476 .17 .1533 .095 .23 .1147 .1733 .0709 .0814 .1718 .0548 .0202 .1453 ... .0038 ... .1602 .0004 .40 .0462 .1331 ... ... ... .0324 .0979 .0642 .055 .055 .0572 .2288 .1496 .1031 .0636 .2562 .3287 ... .0776 .0525 .0064 .1874 .2069 .0271 .1172 .1464 .0013 .2038 .0304 .0346 .0459 .0363 .101 .0408 .0949 .0301 .0618 .0422 .0398 .097 .0355 .0938 .0333 .0772 .1046 .0334 .022 .0169 .0766 .035 .0334 .0098 .0768 .1026 .0216 .0263 .0132 .0825 .0098 .0824 .2311 .1531 .0839 .174 .0178 .1136 .0216 .0671 ... .0079 .0237 .0232 ... .1623 .165 .1543 .3136

Nasdaq Issues 52-Week High Low Name 62.82 22.10 17.03 103.59 26.04 70.66 7.36 10.09 27.88 19.46 9.21 23.82 141.01 4.61 29.76 260.00 147.55 43.30 17.00 20.25 15.42

25.10 12.75 8.08 30.42 10.18 25.02 1.11 3.26 16.48 15.00 4.20 4.98 16.09 1.82 17.30 55.37 38.69 23.78 11.32 11.46 4.18

ViaSat Viatris ViaviSolutions Vicor VictoryCapital VielaBio ViewRay VikingTherap VillageSuper A VinciPartnersInvt ViomiTech ViperEnergyPtrs VirBiotech VircoMfg VirtuFinancial VirtusInvtPtrs Visteon VitalFarms Vitru Vodafone Vonage

Tick Div Sym Yld P/E Last Chg. Amt. VSAT VTRS VIAV VICR VCTR VIE VRAY VKTX VLGEA VINP VIOT VNOM VIR VIRC VIRT VRTS VC VITL VTRU VOD VG

... ... ... ... 1.1 ... ... ... 4.5 ... ... 2.3 ... ... 3.5 1.3 ... ... ... 5.6 ...

dd 35 cc cc 9 dd dd dd 12 ... 30 dd dd dd 5 26 dd cc ... 19 dd

59.88 18.24 16.98 102.96 25.12 52.84 5.09 8.39 22.34 18.59 8.90 17.04 69.71 3.58 27.26 257.94 140.17 27.33 16.05 18.70 15.35

+5.92 +0.34 +0.41 +7.51 +0.39 –0.01 –0.01 –1.28 +0.95 –0.16 +1.40 +2.19 +2.99 +0.27 –0.38 +16.29 +0.67 +0.87 +0.35 +0.11 +1.63

... ... ... ... .09 ... ... ... .25 ... ... .10 ... ... .24 .82 ... ... ... .5325 ...

52-Week High Low Name

Tick Div Sym Yld P/E Last Chg. Amt.

63.62 25.32 VorBiopharma VOR 14.62 6.26 VoyagerTherap VYGR 75.49 32.00 Vroom VRM

... ... ...

... 48.78 +11.28 7 7.21 –0.24 ... 50.93 +4.22

... ... ...

W 19.98 333.42 47.78 39.75 5.85 55.49 39.61 35.18 49.29 19.98 36.79 26.50 62.77

6.61 151.16 17.84 9.75 0.26 33.36 25.61 20.01 25.86 12.10 10.86 9.52 28.93

WaveLifeSci WD-40 WSFS Financial WW Intl Waitr WalgreensBoots WarnerMusic WashingtonFederal WashTrBcp WaterstoneFinl Watford WaysideTech Weibo

WVE WDFC WSFS WW WTRH WBA WMG WAFD WASH WSBF WTRE WSTG WB

... .8 1.1 ... ... 3.7 1.3 3.1 4.5 4.1 ... 3.3 ...

dd 63 20 22 dd dd dd 16 11 6 11 23 38

10.69 332.28 45.25 28.16 3.96 50.38 37.36 29.83 45.91 19.72 34.66 20.35 61.82

–0.87 +16.78 –0.01 +2.76 –0.08 +0.57 –0.56 +1.93 +0.17 +0.53 ... +1.32 +10.75

... .67 .12 ... ... .4675 .12 .23 .52 .20 ... .17 ...

52-Week High Low Name 24.91 47.43 34.99 23.75 66.65 70.28 9.53 12.95 24.59 54.99 60.67 232.34 29.50 172.32 215.00 69.88 5.86 18.49 319.34 127.91 282.11

6.82 28.99 17.46 13.74 46.94 27.40 4.45 0.70 15.13 17.92 14.11 143.34 3.20 44.27 115.00 22.02 1.87 3.90 76.81 46.51 107.75

Wendy's WernerEnterprises WesBanco WestBancorp WestamericaBncp WesternDigital WestNewEngBncp WestportFuelSys WeycoGroup Willdan WillisLease WillisTowers WiMiHologram Wingstop Winmark WintrustFin WisdomTreeInvs WISeKey Wix.com Woodward Workday

Tick Div Sym Yld P/E Last Chg. Amt. WEN WERN WSBC WTBA WABC WDC WNEB WPRT WEYS WLDN WLFC WLTW WIMI WING WINA WTFC WETF WKEY WIX WWD WDAY

1.4 .8 4.1 4.0 2.8 .0 2.6 ... 5.1 ... ... 1.2 ... .3 .6 1.8 2.1 ... ... .6 ...

46 18 17 11 20 cc 17 dd dd dd 14 30 ... cc 23 15 dd dd dd 33 dd

21.04 42.74 30.85 22.18 59.24 65.57 7.55 11.93 18.69 49.44 33.91 227.42 10.97 170.81 180.22 69.18 5.84 10.53 292.81 116.08 281.36

–0.20 +1.76 –0.23 +0.07 +1.41 +5.83 +0.32 +3.28 –0.47 –3.38 +0.21 +3.51 +0.97 +15.71 –2.14 +3.54 +0.36 +3.46 +15.68 –0.58 +17.41

.07 .09 .32 .22 .41 .50 .05 ... .24 ... ... .71 ... 5.00 .25 .31 .03 ... ... .1625 ...

52-Week High Low Name

Tick Div Sym Yld P/E Last Chg. Amt.

170.98 43.16 WorldAcceptance WRLD 137.58 35.84 WynnResorts WYNN

... 15 133.31 +2.78 ... .0 dd 117.85 +0.86 1.00

XYZ 46.32 52.94 21.48 2.90 76.44 55.33 17.99 7.94 7.44 154.93 22.09 7.83 55.22 74.11

14.14 15.50 8.72 0.40 46.58 19.35 7.00 1.42 0.76 67.68 9.01 2.38 14.16 27.93

XOMA XP XBiotech XcelBrands XcelEnergy Xencor XenonPharms XerisPharm XiaobaiMaimai Xilinx Xperi Xunlei Y-mAbsTherap Yandex

XOMA ... dd 38.97 –4.86 ... XP ... 70 48.42 –0.13 ... XBIT ... 1 20.27 +0.26 ... XELB ... dd 1.95 +0.09 ... XEL 2.8 22 61.54 –1.90 .43 XNCR ... dd 51.63 +0.45 ... XENE ... dd 15.05 –1.09 ... XERS ... dd 6.84 –0.51 ... HX ... ... 2.85 +0.27 ... XLNX .0 58 145.75 +9.27 .38 XPER 1.0 dd 21.02 –0.27 .05 XNET ... dd 7.44 +1.95 ... YMAB ... dd 47.73 +0.35 ... YNDX ... 74 73.83 +6.85 ...

52-Week High Low Name 6.83 51.27 6.05 8.92 5.95 193.54 44.60 479.18 61.29 208.58 202.65 51.22 10.27 32.97 588.84 64.40 7.34 228.38 48.16 9.00 12.27

1.29 34.56 1.67 2.06 1.80 43.06 22.00 150.06 22.00 18.65 20.04 23.58 2.84 16.65 89.81 30.83 1.08 35.00 13.13 2.55 5.65

Yellow YorkWater Yunji ZAGG Ziopharm ZaiLab ZealandPharma ZebraTech ZentalisPharm Zillow A Zillow C ZionsBancorp Zix Zogenix ZoomVideo ZoomInfoTech Zovio Zscaler Zumiez ZynerbaPharma Zynga

Tick Div Sym Yld P/E Last Chg. Amt. YELL ... dd 6.17 +1.06 ... YORW 1.7 36 44.72 –0.11 .1874 YJ ... dd 3.34 +0.42 ... ZAGG ... dd 4.26 +0.04 ... ZIOP ... dd 4.84 –0.41 ... ZLAB ... ... 182.57 +5.05 ... ZEAL ... dd 34.50 +1.78 ... ZBRA ... 51 477.74 +70.63 ... ZNTL ... dd 36.45 –4.37 ... ZG ... dd 202.94 +39.18 ... Z ... dd 197.81 +41.04 ... ZION 2.7 16 49.58 +1.85 .34 ZIXI ... dd 10.02 +0.25 ... ZGNX ... dd 22.53 +1.49 ... ZM ... cc 433.11 +13.52 ... ZI ... dd 57.84 –0.24 ... ZVO ... dd 6.58 +0.94 ... ZS ... dd 226.48 +9.70 ... ZUMZ ... 17 46.87 +0.60 ... ZYNE ... dd 5.64 +0.56 ... ZNGA ... dd 11.60 +0.92 ...

February 15, 2021

BARRON’S

M21

Exchange-Traded Portfolios Name

Tick Sym Yld

InvscGlblWater PIO InvscGoldenDragon PGJ InvscHYBd IHYF InvscHYEquDivAch PEY InvscIntlBuyBkAch IPKW InvscIntlDivAch PID InvscKBWBank KBWB InvscKBWHiDvYdFn KBWD InvscKBWPrEquREIT KBWY InvscKBWP&CIns KBWP InvscKBWRegBkg KBWR InvscNasdNext100 QQQJ InvscNasd100 QQQM InvscNasdInt PNQI Invsc1-30LadTrea PLW InvscQQQI QQQ InvscRAFIStDvxUS ISDX InvscRAFIStratEM ISEM InvscRAFIStratUS IUS InvscRAFIStrUSSm IUSS InvscR1000LoBeta USLB InvscS&PSCCnsDisc PSCD InvscS&PSCCnsStpl PSCC InvscS&PSCEner PSCE InvscS&PSCFinls PSCF InvscS&PSCHlthCr PSCH InvscS&PSCIndls PSCI InvscS&PSCInfTech PSCT InvscS&PSCMatls PSCM InvscS&PSCUtil PSCU InvscVarRateInvt VRIG InvscWaterRscs PHO iShAsia50ETF AIA iSh3-7YTreasuryBd IEI iShBrdUSDInvCpBd USIG iShCommodSelStrat COMT iShCoreMSCITotInt IXUS iShCore1-5YUSDBd ISTB iShCoreS&PUSGrowth IUSG iShCoreS&PUSValue IUSV iShCoreTotalUSDBd IUSB iShCurrHdMSCIGrmny HEWG iShSelectDividend DVY iShESGAdvHYCorpBd HYXF iShESGAdvMSCI DMXF iShESGAdvMSCIEM EMXF iShESGAdvUSA USXF iShESGAwareMSCI ESGD iShESGAwareEM ESGE iShESGAwareUSA ESGU iShESG1-5YCpBd SUSB iShESGUSDCorpBd SUSC iShESGEMLdrs LDEM iShESGIUSALdrs SUSL iShExponentialTech XT iShFallAngelsUSDBd FALN iSh5-10YIGCorpBd IGIB iShGNMABondETF GNMA iShGlbCleanEnergy ICLN iShGlbGreenBd BGRN iShGlbTimber WOOD iShiBdsDec30Trea IBTK iShiBdsDec28Trea IBTI iShiBdsDec25Trea IBTF iShiBdsDec24Trea IBTE iShiBdsDec29Trea IBTJ iShiBdsDec21Trea IBTA iShiBdsDec27Trea IBTH iShiBdsDec26Trea IBTG iShiBdsDec23Trea IBTD iShiBdsDec22Trea IBTB iShIndia50ETF INDY iShIntlDevRealEst IFGL iShIntlTreasuryBd IGOV iShJPMUSDEmgBd EMB iShMBSETF MBB iShMSCI ACWI ACWI iShMSCIACWIxUS ACWX iShMSCIACxJpn AAXJ iShMSCIBrazilSC EWZS iShMSCIChina MCHI iShMSCI EAFE SC SCZ iShMSCI EM Asia EEMA iShMSCIEMxChina EMXC iShMSCIEuropeFinls EUFN iShMSCIEuropeSmCp IEUS iShMSCIGlblGoldMin RING iShMSCIGlbImpact SDG iShMSCIJapanEW EWJE iShMSCIJapanVal EWJV iShMSCINewZealand ENZL iShMSCIQatar QAT iShMSCITurkeyETF TUR iShMSCIUAE UAE iShMornMCValue JKI iShNasdaqBiotech IBB iSh1-5YIGCorpBd IGSB iSh13YearIntlTBd ISHG iShPHLXSemicond SOXX iShPfd&Incm PFF iShRuss1000PureUS AMCA iShS&PSC600Growth IJT iShS&P EM Infra EMIF iShGlobalInfra IGF iShShortTreaBd SHV iSh1-3YTreasuryBd SHY iSh7-10YTreasuryBd IEF iSh20+YTreasuryBd TLT iSh0-5YInvGrdCpBd SLQD JanusSCGrwAlpha JSML JanusS/MC GrwAlph JSMD LeggMasonGlbInfr INFR LeggMasonLVHD LVHD LeggMasonSCQualVal SQLV LoncarCancerETF CNCR LoncarChinaBio CHNA LongTermCareETF OLD Merlyn.AITactGrw SNUG Nasdaq7HANDL HNDL PacerCashCows HERD PacerEMCashCows ECOW PrincipalHlthInnov BTEC PrincplMillennials GENY PrincipalQual PSET PrinUSMega USMC PrinUSSCMulti PSC PrincipalValue PY ProcureSpace UFO ProShEquRising EQRR ProShUltNdBio BIB ProShUltNasdCloud SKYU ProShUltNasdCyber UCYB ProShUltPrQQQ TQQQ ProShUltShtQQQ SQQQ ProShUltShNdBtech BIS SPDRDorseyWrightFx DWFI SimplifyGrwEq QQC SimplifyGrwEqDwn QQD SirenLCBlend SPQQ SirenNasdNexGen BLCN SoFiGigEcon GIGE VanEckBiotech BBH VanEckFallAnglHYBd ANGL VanEckGaming BJK VanEckPharm PPH VanEckRetail RTH VanEckSemiconduc SMH

.8 .2 2.4 4.0 1.3 3.0 2.4 8.6 9.5 1.9 2.5 .3 .6 ... 1.0 .5 1.9 2.4 1.6 .7 2.4 .4 1.4 .6 3.2 ... .5 .1 1.4 1.1 1.4 .4 .9 1.0 2.8 .3 1.7 2.1 .9 2.3 2.4 2.4 3.4 4.5 .6 .7 1.0 1.6 1.2 1.2 1.8 2.2 1.7 1.3 .7 5.1 2.7 1.9 .3 1.5 .9 .6 .6 .6 .6 .7 .3 .6 .6 .5 .7 .1 2.2 ... 3.9 2.0 1.3 1.8 .9 1.2 .9 1.4 1.0 1.4 1.3 1.1 .8 .9 1.2 1.8 1.7 2.6 .8 4.3 2.4 .2 2.3 ... .7 4.8 2.1 .6 2.5 2.3 .5 .8 1.0 1.6 2.3 .3 .2 3.0 2.8 1.1 .8 .4 1.9 .9 3.6 1.8 3.1 .0 .6 1.1 1.5 1.1 2.7 .9 1.9 ... ... ... .0 2.7 .6 2.7 .6 .6 .9 .5 .3 .3 4.6 .4 1.6 .6 ...

Div Last Chg. Amt. 36.35 83.94 25.75 18.50 42.10 16.29 55.92 18.14 21.96 69.47 55.61 34.85 138.29 260.56 37.04 336.45 28.87 29.72 33.42 34.07 36.22 101.81 102.08 6.09 53.81 196.85 89.30 146.95 63.52 61.55 25.10 49.20 102.06 132.26 60.85 29.42 71.96 51.58 93.77 65.24 53.97 30.55 103.26 52.65 66.37 46.91 33.33 76.24 47.03 90.97 26.16 27.80 67.95 68.30 62.22 29.67 61.20 50.77 30.32 55.51 86.94 23.97 25.95 25.99 25.89 25.78 25.36 25.95 26.02 25.71 25.42 46.18 27.38 54.41 113.48 110.00 96.34 56.69 101.70 16.33 96.38 72.40 99.35 60.99 18.26 65.83 29.04 99.37 41.10 28.22 65.62 18.75 29.22 13.12 169.45 170.72 55.08 84.49 437.16 37.95 33.02 133.54 24.44 44.21 110.52 86.37 117.79 147.11 52.12 73.01 69.05 30.16 32.89 34.22 34.27 40.79 31.10 28.78 25.48 30.79 25.59 69.21 66.90 47.88 36.83 42.37 37.08 31.98 42.48 108.82 50.95 41.33 110.11 11.96 18.24 26.55 28.72 28.16 30.00 48.07 47.56 195.80 32.62 51.30 70.34 162.43 254.56

+0.57 +6.07 +0.13 +0.34 +1.35 +0.25 +1.11 +0.41 +0.66 +1.34 +2.36 +1.19 +2.10 +8.50 –0.11 +5.09 +0.57 +0.88 +0.55 +1.07 +0.38 +2.76 +4.05 +0.40 +1.64 +5.27 +3.07 +7.47 +2.87 +1.12 –0.01 +0.49 +3.22 –0.05 –0.04 +0.72 +1.79 –0.04 +1.07 +1.06 –0.03 +0.12 +1.77 +0.11 +1.74 +1.47 +0.59 +1.58 +1.32 +1.25 +0.01 +0.01 +1.98 +0.61 +1.87 +0.11 –0.01 –0.06 –0.86 –0.21 +3.82 –0.07 –0.02 –0.01 +0.01 –0.01 ... –0.01 –0.02 ... ... +0.74 +0.34 +0.19 –0.74 –0.18 +1.85 +1.35 +2.97 –0.25 +3.98 +1.39 +3.50 +1.05 +0.42 +1.10 +0.02 +1.53 +1.01 +0.96 –2.16 +0.15 +0.26 –0.12 +3.22 +1.67 –0.01 +0.61 +31.55 –0.15 +0.63 +5.09 +0.13 –0.22 –0.01 –0.01 –0.04 –0.92 +0.01 +2.76 +1.17 ... +0.08 +1.64 –0.87 +0.96 +0.50 +0.41 –0.08 +0.70 +0.56 +0.77 +2.66 +0.91 +0.30 +1.31 +0.59 +1.71 +2.08 +1.84 +2.81 +1.53 +4.81 –0.55 –0.40 +0.18 +0.45 +0.42 +0.35 +3.90 +3.08 +2.89 +0.25 +0.75 +1.10 –0.21 +19.35

.0819 .0817 .1014 .0635 .0891 .1139 .3299 .1207 .1286 .3897 .3565 .0289 .2063 ... .0281 .5613 .0988 .1619 .1432 .069 .1774 .0937 .5263 .0046 .4462 ... .1149 .0197 .40 .1749 .0192 .0455 .7062 .0868 .1265 .0963 .7066 .0793 .2276 .4002 .0954 .3777 .8297 .1799 .1972 .1734 .092 .6075 .339 .2921 .0294 .041 .7816 .2515 .0108 .11 .1185 .0804 .03 .1604 .31 .0124 .0158 .0148 .0139 .0171 .0016 .0138 .0145 .0102 .0131 .0328 .2051 ... .3616 .1916 .6859 .4912 .6843 .0358 .6037 .023 .7661 .5838 .0711 .367 .1443 .4078 .2222 .2295 .7631 .4861 .0776 .0076 .818 .0655 .0959 ... .7469 .1497 .1676 .2479 .3221 .5794 .1554 .0301 .0776 .1758 .0808 .1263 .0933 .1333 .067 .1477 .2881 .1546 .2449 .2283 .1499 .1615 .014 .2154 .1846 .134 .1296 .1487 .231 .1628 .27 ... ... ... .0001 .3262 .1057 .0346 .0431 .0429 1.462 .1022 .124 .6079 .1177 .2222 .2662 1.0027 ...

Name

Tick Sym Yld

VanEckVideoGam ESPO VangdEM GovBd VWOB VangdGlblxUS RE VNQI VangdIntrCorpBd VCIT VangdIntermTrmTrea VGIT VangdIntlDivApp VIGI VangdIntlHiDiv VYMI VangdLTCorpBd VCLT VangdLong-TermTrea VGLT VangdMBS VMBS VangdRuss1000 VONE VangdRuss1000Grw VONG VangdRuss1000Val VONV VangdRuss3000 VTHR VangdRuss2000 VTWO VangdRuss2000Grw VTWG VangdRuss2000Val VTWV VangdSTCpBd VCSH VangdShtTmInfltn VTIP VangdShortTermTrea VGSH VangdTotalBd BND VangdTotalCpBd VTC VangdTotIntlBd BNDX VangdTotIntlStk VXUS VangdTotWorldBd BNDW VicShDevEnhVol CIZ VicShDivAccel VSDA VicShEMHiDivVol CEY VicShEMVolWtd CEZ VicShIntlHiDivVol CID VicShIntlVolWtd CIL VicShNasdNext50 QQQN VicShProtectAmer SHLD VicShTopVetEmp VTRN VicShUSDiscEnhVol CSF VicShUSEQIncmEnh CDC VicShUS500EnhVol CFO VicShUS500Vol CFA VicShUSLCHiDivVol CDL VicShUSMultMin VSMV VicShUSSCHiDiv CSB VicShUSSCVolWtd CSA VirtusTerraUSQual JOET WahedFTSEUSAShar HLAL WstAstShrtDur WINC WstAstTR WBND WisdTrChinaxSOE CXSE WT CybersFd WCBR WisdTrEM CpBd EMCB WisdTrEMQualDivGrw DGRE WisdTrGermanyHdg DXGE WisdTrIntRtHYBd HYZD WisdTrIntUSAgg AGZD WisdTrJapanHdgSC DXJS WisdTrUSQltyDiv DGRW WisdTrUSSCQltyDiv DGRS

.1 4.2 .9 2.5 1.5 1.2 3.0 3.3 1.9 1.7 1.4 .7 2.1 1.3 .8 .4 1.3 2.2 1.2 1.0 2.2 2.7 1.0 2.0 1.6 1.4 1.5 3.4 1.7 3.2 1.7 .2 .6 1.2 .9 2.4 .9 1.1 3.2 1.9 3.6 1.2 .1 .9 3.6 3.1 .4 ... 3.8 1.9 3.1 4.9 2.2 2.8 1.9 1.7

Div Last Chg. Amt. 81.03 80.60 54.75 96.17 68.83 85.86 64.35 106.34 89.54 53.99 185.34 262.01 126.80 185.08 183.55 242.98 133.26 83.13 51.48 61.60 86.84 92.26 57.85 64.39 81.09 32.48 39.67 23.28 28.38 30.83 42.83 35.56 30.44 29.16 57.54 56.68 65.55 65.48 49.71 34.66 55.65 61.70 27.13 35.72 26.25 27.82 80.47 25.77 76.98 31.18 32.40 22.12 47.36 42.80 55.08 43.65

+3.58 –0.48 +0.65 –0.01 –0.04 +2.00 +1.24 –0.16 –0.60 –0.10 +2.86 +3.24 +2.36 +3.06 +4.48 +5.38 +3.78 +0.03 +0.06 –0.01 –0.12 –0.02 –0.16 +1.53 –0.16 +0.55 +0.27 +0.34 +0.50 +0.45 +0.71 +1.27 +0.62 +0.28 +2.07 +0.56 +1.25 +1.22 +0.51 –0.04 +1.44 +2.21 +0.64 +0.42 ... +0.05 +4.28 +0.12 +0.22 +0.84 –0.12 +0.07 +0.02 +0.92 +0.63 +1.24

.0849 .2491 .5053 .1804 .0678 .3836 .5876 .2781 .1349 .0443 .8011 .6246 .7726 .7498 .6796 .3871 .8044 .1245 .333 .0252 .0372 .1878 .045 .5903 .0932 .1136 .0223 ... .0104 .0175 .1251 .0367 .0092 .0583 .0331 .1085 .0389 .0406 .0975 .0411 .1403 .0355 .021 .0962 .0532 .0882 .0491 ... .20 .1135 .2537 .08 .085 .5436 .045 .015

–0.02 +0.03 +0.36 +0.27 +0.66 +1.57 +0.95 +0.23 +1.19 +0.46 –0.46 +0.61 +0.53 +7.12 +11.67 +0.55 +0.44 +0.38 +0.09 +4.74 +11.96 +1.31 +0.39 +0.02 +0.41 +0.35 +0.87 +2.18 +1.55 +0.67 –0.04 +0.06 +1.02 +2.47 +0.60 +0.23 –0.64 +0.43 +0.08 +1.24 +0.33 –0.07 +0.01 –0.38 ... +0.21 +0.01 +0.25 +0.17 +0.10 +0.12 +0.17 +0.08 +0.04 +0.15 –0.14 +0.05 +0.19 +0.64 +2.42 +1.01 +2.18 +0.88 +0.69 +0.51 +0.17 +0.31 +0.22 +0.70 +0.19 +2.90 +0.84 +5.66 +0.11 +5.56 +10.41 +4.73 +0.39 +0.11 ... +0.11 +2.08 +1.24 +1.11 +0.01 +1.32 +2.21

.022 .10 .087 .092 .0762 .02 .4136 .0775 .5454 .1328 ... .6401 .3912 1.6277 1.8945 ... .3274 .1496 ... ... ... ... ... .0893 .0414 ... ... .0667 1.0248 .1195 .0164 .0428 .0373 ... ... ... ... .1047 .0516 .3669 .3014 .292 .04 ... ... .3522 .68 1.2218 ... 1.0329 ... .6989 ... .584 ... .726 .107 .0812 ... ... .4369 .0367 .2242 .1267 .0627 .1192 ... .1525 ... .13 ... .0336 .6164 ... .101 .658 .0281 .2509 .0259 .0333 .0286 .6411 .5418 .6557 .0114 .2241 .2885

NYSE ARCA AAFFirstCLOBd AAA 1.0 AAM LowDurPfd PFLD 4.9 AAMS&PDevMk DMDV 2.9 AAMS&PEMHiDivVal EEMD 3.6 AAMS&P500HiDivV SPDV 3.5 AIPoweredEquity AIEQ .3 AIPwrdIntlEqu AIIQ 1.2 ALPSEmgDivDogs EDOG 2.6 ALPS EqSecWgh EQL 2.2 ALPSIntlDivDogs IDOG 2.9 ALPSMedBreak SBIO ... ALPSREITDivDogs RDOG 4.9 ALPSSectorDivDogs SDOG 3.4 ARKInnovationETF ARKK .0 ARK NextGen ARKW .0 AtacUSRotation RORO ... AberdStdBlAllCm BCD 1.2 AberdStdBlACStr BCI .6 AberdStdPhysGold SGOL ... AberdStdPhysPall PALL ... AberdStdPhysPlat PPLT ... AberdStdPhyPrMt GLTR ... AberdStdPhySilv SIVR ... AbsoluteCrStrat ABEQ .6 AcquirersFund ZIG .2 AdasinaSocJust JSTC ... AdvShAlphaDNA SENT ... AdvShDorseyADR AADR .1 AdvShDbLineVal DBLV 1.2 AdvShFocusedEqu CWS .3 AdvShFolioBey FWDB 1.9 AdvShNewfleet MINC 2.2 AdvShPureCannab YOLO 1.3 AdvShPureUSCan MSOS ... AdvShQDynGrw QPX ... AdvShQPtfBlend QPT ... AdvShRangerEqBear HDGE ... AdvShStrGlbBW VEGA .3 AdvShSageCore HOLD 1.3 AdvShViceETF VICE 1.0 AGFiQ DynHdgUS USHG 1.1 AGFiQ GlbInfr GLIF 2.6 AGFiQHdgDivIncm DIVA 3.2 AGFiQ US NeutAB BTAL ... AGFiQ US NeutrMom MOM ... AlerianEnergyInfr ENFR 7.2 AlerianMLPETF AMLP 10.3 AllianzUSLCBf10A AZAA .0 AllianzUSLCBf10J AZAJ ... AllianzUSLCBf10J AZAL .0 AllianzUSLCB10O AZAO ... AllianzUSLCBf20A AZBA .0 AllianzUSLCBf20J AZBJ ... AllianzUSLCBf20J AZBL .0 AllianzUSLCB10 AZBO ... AltMergerArb ARB .0 AmCentDivrsCpBd KORP 2.8 AmCentDivrsMuni TAXF 2.1 AmCentLowVol LVOL ... AmCentMCGrw MID ... AmCentQulDivIn QINT 1.5 AmCentStoxxUSQ QGRO .2 AmCentSTOXXUSQual VALQ 2.0 AmCentSustEq ESGA .8 AmConsValues ACVF .9 AmplifyBlackSwan SWAN .3 AmplifyBlkIswn ISWN ... AmpCWPEnhDiv DIVO 4.9 AmplifyCrowdBur LEND ... AmplifyHiIncm YYY 9.4 AmplifyOnlRetail XBUY ... AmplifyLithium BATT .2 AmplifyOnlineRet IBUY .4 AmpPureJrGold JGLD ... AmpSeymCannabis CNBS .3 AmplifyTransData BLOK 1.2 ArkFinInnov ARKF .0 ArmorUSEquity ARMR 1.1 ArrowDJGlobalYd GYLD 6.2 AvantisCoreFixIncm AVIG 1.2 AvantisCrMuniFx AVMU .7 AvantisEM AVEM 1.4 AvantisIntlEquity AVDE 1.6 AvantisIntlSCValue AVDV 1.6 AvantisShortTrmFix AVSF .5 AvantisUSEquityETF AVUS 1.1 AvantisUSSCValue AVUV 1.0

25.12 24.92 23.53 22.34 26.83 42.16 34.55 23.06 90.57 27.18 60.77 42.91 47.38 156.58 187.47 22.88 27.07 23.48 17.50 223.91 117.51 97.82 26.34 25.97 24.65 16.18 26.91 67.00 84.77 44.31 26.11 49.12 27.07 51.72 27.13 25.42 25.26 37.99 98.85 35.85 31.78 24.60 22.06 18.41 25.65 16.28 28.16 26.44 25.59 27.09 27.23 25.74 25.30 26.14 26.16 25.10 52.85 55.48 41.23 58.01 50.55 66.62 44.81 49.50 29.17 33.04 25.05 33.33 17.11 16.59 61.29 18.59 139.13 26.86 34.75 54.48 62.52 23.06 13.99 49.84 50.47 68.96 60.07 60.66 50.19 67.95 66.66

Name

Tick Sym Yld

AwareUltShDur AWTM 1.5 BNYMellonCoreBd BKAG 1.7 BNYMellonEM BKEM 2.1 BNYMellonHYBeta BKHY 5.7 BNYMellonIntl BKIE 1.9 BNYM ShDurCpBd BKSB 1.6 BNYM LC Core BKLC 1.1 BNYM US MC Core BKMC 1.1 BNYM US SC Core BKSE 1.0 BallastSmMid MGMT ... BarclyiPathBCarbon GRN ... Barrons400ETF BFOR .9 BlkRkFutureHlth BMED ... BlkRkFutInnov BFTR ... BlkRkFutureTech BTEK ... BlkRkUSEqRotat DYNF 1.4 BlueHorizBNE BNE .0 BlueStarIsrael ITEQ .5 BreakwDryBulk BDRY ... CP HY Trend HYTR 3.0 CabanaTargetDraw5 TDSA .6 CabanaTargetDrawdown7 TDSB .5 CabanaTargetDraw16 TDSE .6 CabanaTargetDraw10 TDSC .5 CabanaTargetDraw13 TDSD .6 CannabisETF THCX 2.6 CapLinkNextGen KOIN .4 CapNextVehicles EKAR .4 ChgFinUSLCFoss CHGX .6 ChangeCapL/S CBLS ... ChangeCapSust CBSE ... ClearSharesOCIO OCIO 2.0 ClearPitonInt PIFI ... ClearUltShMat OPER .6 ColumbiaDivFixed DIAL 2.6 ColumbiaEMCoreXCh XCEM 1.5 ColumbiaEMConsumer ECON .6 ColumbiaIndiaCnsmr INCO .3 ColumbiaMultMun MUST 2.1 ColumbiaResEnhCore RECS 1.0 ColumbiaResEnhVal REVS 23.2 ColumbiaSustIntl ESGN 2.5 ColumbiaSustUSEqu ESGS 2.4 CommSvsSPDR XLC .6 CnsmrDiscSelSector XLY .8 CnsStapleSelSector XLP 2.6 CoreAlternative CCOR 1.5 CSFIEnhEur50ETN FEUL ... CS FI LC Grwth FLGE ... CS S&P MLP MLPO 10.4 CSX Mthly2xLvMtg REML 14.9 DBGoldDoubleLg DGP ... DBGoldDoubleShrt DZZ ... DBGoldShortETN DGZ ... DayHaganNedRes SSUS .5 DefianceNextGen FIVG .9 DefNextGenSpac SPAK ... DefianceQuantum QTUM .4 DeltaShS&P500Mgd DMRL .8 DeltaShS&P400Mgd DMRM .4 DeltaShS&PIntMgd DMRI .6 DeltaShS&P600Mgd DMRS .3 DimenEmgCore DFAE .0 DimenIntlCore DFAI .4 DimenUSCore DFAU .5 DirexAuspiceBroad COM .3 DirexConCnsmr CCON .1 DirexAeroBl3 DFEN .4 DirexBrazilBull2X BRZU .8 DirexCSIChinaInt CWEB ... DirexCSI300CnA CHAD .6 DirexCSI300CnABl2 CHAU .2 DirexCloudBr2 CLDS ... DirexCloudBl2 CLDL ... DirexCnsDiscBl3 WANT .1 DirexDJBear3X WEBS 3.1 DirexDJBull3X WEBL ... DirexEM Bear3 EDZ 2.3 DirexEM Bull3 EDC .3 DirexEnergyBr2 ERY .9 DirexEnergyBl2 ERX 2.3 DirexChinaBr3 YANG 2.1 DirexChinaBl3 YINN .5 DirexFTSEEurBull3x EURL .4 DirexFinlBear3 FAZ .0 DirexFinlBull3 FAS .4 DirexGoldMinBr2 DUST 5.2 DirexGoldMinBl2 NUGT ... DirexHlthcrBull3 CURE .2 DirexHmbldrBull3 NAIL .0 DirexIndlsBl3 DUSL .3 DirexJrGoldMinBr2 JDST 17.4 DirexJrGoldMinBl2 JNUG .1 DirexLatAmBl2X LBJ .7 DirexIndiaBull2 INDL ... DirexMexicoBl3 MEXX .2 DirexMcBull3 MIDU .0 DirexPharmBl3X PILL ... DirexRealEstBr3 DRV 1.1 DirexRealEstBl3 DRN 1.6 DirexRgBanksBull3X DPST .6 DirexRetailBull3 RETL .1 DirexRobAI2X UBOT 5.8 DirexRussiaBl2 RUSL .5 DirexS&P500Br3 SPXS .6 DirexS&P500Bl3 SPXL .2 DirexS&P500Bull2X SPUU .8 DirexS&PBiotechBr3 LABD 8.6 DirexS&PBiotechBl3 LABU ... DirexS&P500Br1 SPDN .5 DirexHiBetaBear3X HIBS 1.4 DirexHiBetaBull3X HIBL .0 DirexS&POil&GasBr2 DRIP .0 DirexS&POil&GasBl2 GUSH .2 DirexSemiBear3 SOXS 13.0 DirexSemiBl3 SOXL .0 Direx7-10TreaBr3 TYO .5 Direx7-10TreaBull TYD .3 DirexScBear3 TZA .0 DirexSCBull3 TNA .0 DirexKRBull3 KORU .0 DirexTechBear3 TECS 5.3 DirexTechBull3 TECL .0 DirexTransportBl3 TPOR .1 Direx20+TreaBr3 TMV .6 Direx20+YrTrBull TMF .5 DirexUtilBl3X UTSL 1.4 DirexDynHedge DYHG 1.1 DirexFallKnives NIFE .6 DirexFlight FLYT 3.5 DirexHiGrowth HIPR .2 DirexMSCILvL ESNG 1.3 DirexMoonInnov MOON ... DirexNasd100EW QQQE .5 DirexRs1000GrOvVal RWGV .3 DirexRs1000ValOvGr RWVG 1.2 DirexS&P500HiMin QMJ 1.2 DirexWorkFrHome WFH .4 DirexWrldWithout WWOW ... DistillateIntlFund DSTX .3 DistillUSFundSt DSTL .8 EmgqEM Internet EMQQ .1 ETFMGAltHarvest MJ 2.7 ETFMG PrimeCyber HACK 1.0 ETFMGPrmJrSilv SILJ 1.3 ETFMG PrimeMob IPAY ... ETFMGSitUltra VALT 1.4

Div Last Chg. Amt. 49.94 50.01 81.64 56.65 70.28 51.65 74.69 83.77 94.76 32.28 79.72 54.94 32.31 56.84 41.57 33.80 33.53 79.01 12.43 24.22 24.51 24.58 26.33 25.20 25.82 23.17 41.79 42.46 30.42 27.13 28.81 31.11 99.78 100.09 21.85 32.63 32.22 52.50 22.71 26.05 17.91 26.90 31.75 73.00 170.32 65.69 28.10 92.86 608.66 7.77 5.97 40.22 2.84 10.27 30.70 36.69 34.30 49.97 66.67 56.93 51.07 56.23 29.70 27.86 27.92 27.11 70.72 18.22 108.25 105.52 15.29 54.48 19.85 30.81 59.61 18.11 95.40 7.23 128.37 23.73 19.61 9.85 30.34 28.79 5.67 73.18 20.32 63.51 84.47 69.40 30.29 10.45 100.85 77.52 49.51 59.64 53.34 31.14 8.59 14.63 186.67 148.00 48.68 23.47 33.24 82.78 81.93 14.74 153.63 17.49 22.41 307.87 14.63 62.10 10.79 686.58 8.43 56.23 4.24 100.94 48.30 6.99 482.73 29.26 65.57 28.43 26.72 53.69 72.26 49.14 62.42 59.97 49.97 80.89 110.23 51.82 60.44 75.92 29.55 27.62 37.80 80.17 24.54 62.15 15.75 71.64 49.77

+0.03 –0.07 +2.31 +0.24 +1.62 ... +0.81 +2.06 +2.43 +2.12 +4.31 +1.47 +0.50 +2.64 +2.13 +0.64 +1.13 +3.68 +2.19 +0.01 +0.03 +0.07 +0.40 +0.16 +0.28 +2.22 +1.95 +1.55 +0.55 +1.23 +1.30 +0.35 +0.02 ... +0.02 +0.57 +1.19 +0.25 +0.12 +0.34 +0.28 +0.59 +0.59 +1.59 –1.91 –0.07 –0.21 +3.80 +14.61 +0.13 +0.12 +0.14 –0.02 –0.04 +0.45 +0.98 +0.90 +3.09 +0.65 +1.18 +1.33 +1.12 +0.79 +0.59 +0.44 +0.49 +4.00 +1.03 –0.94 +13.06 –1.21 +7.14 –1.28 +1.84 –2.03 –1.75 +8.05 –0.64 +10.16 –2.58 +1.75 –1.19 +3.12 +1.45 –0.39 +4.48 –0.23 +0.61 +3.42 +4.30 +1.28 +0.01 –0.32 +1.07 +1.78 +1.39 +4.14 +2.94 –0.44 +0.67 +18.17 +5.75 +3.60 +0.71 –1.31 +3.09 +2.11 +0.41 –8.87 –0.24 –2.52 +28.89 –2.77 +8.53 –2.98 +135.74 –0.03 –0.31 –0.34 +6.99 +1.83 –0.52 +32.73 +2.46 +1.07 –0.52 –1.31 +0.46 +3.10 –0.37 +0.72 +0.84 +5.18 +2.29 +1.14 +1.06 +0.53 +2.51 +0.75 +0.68 +0.71 +4.30 +1.18 +0.67 +0.16 +3.37 ...

.06 .0654 .5258 .2212 .3027 .0588 .1782 .2034 .2262 ... ... .4875 ... ... ... .1309 .0044 .39 ... .0717 .1468 .1126 .1698 .1335 .1451 .0478 .1534 .1659 .1678 ... ... .2427 ... .03 .044 .49 .1786 .1646 .0364 .2678 .0115 .2031 .1858 .107 .2961 .5644 .0911 ... ... .1723 .0197 ... ... ... .1449 .1004 ... .0165 .1452 .0585 .0304 .032 .0031 .0245 .0333 .0323 .0478 .0012 .3222 ... .0633 .0088 ... ... .0355 .315 ... .086 .3919 .1496 .0743 .1087 .0917 .051 .3569 .0792 .717 ... .0061 .0049 .0191 1.1458 .1217 .105 ... .0472 .0119 ... .06 .0397 .2801 .1739 3.6172 .1174 .1998 .1155 .3605 .9952 ... .0176 .307 .0612 .0028 .0657 .6415 .0034 .0287 5.7353 .6653 .0103 .0031 .1304 .19 .009 .202 .686 .0985 .267 .1741 1.2325 .0481 .1843 ... .1132 .158 .2734 .2117 .1367 ... .0187 .303 .1135 .10 .04 .20 ... .0287

Name

Tick Sym Yld

ETFMG TravelTech AWAY .0 ETFMG Treat GERM 1.3 ETRACSAlerianMLP AMUB 9.7 ETRACSAlernMLPInfr MLPB 9.8 EtracsAlerianMid AMND 8.6 EtracsAlerMidstr AMNA 7.2 EtracsAlerMid AMTR ... ETRACSBloomETN DJCB ... EtracsM1.5XLevCEF CEFD 10.7 EtracsM1.5XLevMtg MVRL 11.8 ETRACSMonthPay2x SMHB 10.0 ETRACS2xLvHiDiv HDLB 11.3 ETRACSNYSEPick PYPE 9.5 EtracsQ1.5XLevWf BDCX 11.8 EtracsQ1.5XLevAl MLPR 8.8 Etracs2xLvUSMin USML ... Etracs2xLvUSMom MTUL ... Etracs2xLvUSQu QULL ... Etracs2xLvUSDiv SCDL ... Etracs2xLvUSGrw IWFL ... Etracs2xLvUSSize IWML ... Etracs2xLvUSVal IWDL ... ETRACS2xM092548 PFFL 9.9 ETRACSUBSBloomberg UCIB ... ETRACSWFBusDev BDCZ 9.0 EcofinDigPay TPAY .2 EcofinGlbWater EBLU 1.4 ElemntsRogrAgri RJA ... ElemntsRogrEngy RJN ... ElemntsRogrMtls RJZ ... ElemntsRogrTr RJI ... ElemntsSpectrmLC EEH ... ElemntsBiofuels FUE ... ElemntsGrain GRU ... EnSelectSectorSPDR XLE 4.8 ER Entrepreneurs ENTR .0 ER Next Entre ERSX .4 EthoClimateLeader ETHO .7 FIEnhEurope50ETN FIEE ... FidelityCorpBd FCOR 2.6 FidelityDivRising FDRR 3.2 FidelityHiDiv FDVV 3.7 FidelityHYFactor FDHY 4.6 FidelityIntlHiDiv FIDI 3.6 FidelityIntlValue FIVA 2.8 FidelityLtdTermBd FLTB 1.5 FidelityLowVol FDLO 1.7 FidelityCommSvs FCOM .8 FidelityMSCICnDisc FDIS .7 FidelityMSCICnStpl FSTA 3.2 FidelityMSCIEn FENY 4.7 FidelityMSCIFinls FNCL 2.6 FidelityMSCIHlthCr FHLC 1.8 FidelityMSCIIndls FIDU 1.2 FidelityMSCIIT FTEC .9 FidelityMSCIMatls FMAT 2.1 FidelityRealEst FREL 4.8 FidelityMSCIUtils FUTY 3.8 FidelityMomFactor FDMO .8 FidelityQualFactor FQAL 1.7 FidelitySmallMid FSMD 1.7 FidelityTotalBdETF FBND 2.3 FidelityUSMulti FLRG 5.6 FidelityValFactor FVAL 1.8 FieldUVAUnconMed FFIU 2.5 FinSelSectorSPDR XLF ... FTActiveFactorLC AFLG 1.2 FTActiveFactorMC AFMC .9 FTActiveFactorSC AFSM .5 FT ConsDscAlpDx FXD .4 FT ConsStaples FXG 1.3 FT DJ GlbSelDiv FGD 5.7 FT DJ Internet FDN ... FT Dow30EW EDOW 1.8 FTEIPCarbonImpact ECLN 1.7 FT EnergyAlpDx FXN 3.9 FT EqCompRiskMgr ERM 1.3 FT EqCompTactical TERM 1.3 FT DJ SelMicro FDM 1.4 FT FTSE DevRE FFR .8 FT FinlsAlpDx FXO 2.3 FT GlbEngg FLM 2.7 FT GlbWindEner FAN .8 FT HlthCareAlpha FXH ... FTHorizonMgdVolDev HDMV 1.4 FTHorizonMgdVolDom HUSV 1.3 FTHorizMgdVolSM HSMV 1.0 FT Chindia FNI .3 FT IndlsAlpDx FXR 1.0 FTInstPfdSecs FPEI 4.8 FT LgDurOpps LGOV 3.0 FT Long/Short FTLS .4 FT MgdFutures FMF .0 FT MatAlpDX FXZ 1.4 FTMergerArbitrage MARB ... FT MngstrDiv FDL 4.3 FT Multi-MgrLG MMLG .5 FT NaturalGas FCG 2.9 FT NA Energy Infra EMLP 4.5 FT NYSE ArcaBiotch FBT ... FT PfdSecs FPE 4.8 FTSTOXXEurSel Div FDD 3.9 FT ShDurMgMun FSMB 1.7 FT S&P REIT FRI 2.9 FT TCW SecPlus DEED 1.1 FT TCWUnPlBd UCON 3.0 FT TechAlphaDEX FXL .0 FT USEquityOpp FPX .2 FT UltShDurMuni FUMB .9 FT UtilAlpha FXU 4.0 FT ValDivFd FVD 2.3 FT Water FIW .5 FlexShSelBdFd BNDC 2.3 FlexShDevMkxUSQu QLVD 1.7 FlexShDiscDurMBS MBSD 2.8 FlexShEMQualLo QLVE 1.5 FlexGlbQualRealEst GQRE 2.0 FlexGlbUpstmNatRsc GUNR 2.6 FSHiYdValScored HYGV 6.1 FlexShiBoxx5YTIPS TDTF 1.1 FlexiBx3YDurTIPS TDTT 1.1 FlexShIntQualDiv IQDE 2.9 FlexShIntQuDivDyn IQDY 2.4 FlexShIntlQualDiv IQDF 3.0 FlexShMDevMktxUS TLTD 1.9 FlexShEM FactTilt TLTE 1.8 FlexShQualDivDef QDEF 2.4 FlexShQualDivDyn QDYN 3.0 FlexShQualityDiv QDF 2.3 FlexShReadyAcc RAVI 1.1 FlexShSTOXXGlb NFRA 2.2 FlexShUSQualLo QLV 1.2 FrankFTSEAsiaxJpn FLAX 1.4 FrankFTSEAustralia FLAU 2.1 FrankFTSEBrazil FLBR 2.4 FrankFTSECanada FLCA 2.3 FrankFTSEChina FLCH .8 FrankFTSEEurope FLEE 1.8 FrankFTSEEurHdg FLEH 1.9 FrankFTSEFrance FLFR 1.4 FrankFTSEGermany FLGR 2.5 FrankFTSE HK FLHK 2.8 FrankFTSEIndia FLIN .6 FrankFTSEItaly FLIY 2.2 FrankFTSEJapan FLJP 1.4 FrankFTSEJapanHdg FLJH ... FrankFTSELatAm FLLA 2.1

Div Last Chg. Amt. 29.79 43.41 9.82 13.12 29.76 28.05 32.29 15.80 29.94 42.35 10.19 12.84 15.55 32.88 25.83 25.47 26.58 26.05 25.96 25.86 26.97 26.23 18.43 16.63 17.35 48.15 41.34 6.90 1.95 10.59 5.51 28.20 7.84 3.96 44.67 31.70 28.36 58.09 165.03 56.09 38.79 33.88 55.92 19.47 23.08 52.77 43.38 49.95 76.98 40.24 12.11 45.44 61.08 48.95 112.48 41.54 26.79 40.68 48.29 44.94 32.08 53.75 22.36 43.00 26.60 31.52 23.68 23.73 25.98 57.41 53.88 23.55 243.18 28.20 22.71 9.45 22.58 19.72 57.88 45.39 38.17 52.09 24.42 114.38 30.91 28.61 30.62 74.08 53.99 20.56 28.10 46.76 46.56 51.53 19.55 30.55 26.10 11.63 21.98 182.50 20.26 13.35 20.91 24.45 25.89 26.78 124.89 135.98 20.20 28.35 35.88 77.18 26.66 26.97 23.99 28.69 59.66 35.40 49.76 28.03 26.33 23.93 30.16 25.55 69.54 63.60 49.97 54.54 51.79 76.30 55.22 46.62 31.58 29.49 22.32 29.12 37.97 27.03 24.90 28.02 25.63 28.56 28.28 25.98 31.54 30.42 23.30

+0.55 +0.94 +0.24 +0.39 +1.28 +0.91 +1.09 +0.27 +0.20 +0.56 +0.41 –0.10 +0.58 +0.50 +0.95 ... +1.20 ... ... ... ... ... –0.27 +0.39 +0.18 +1.96 +0.43 +0.09 +0.06 +0.35 +0.17 +0.40 +0.09 –0.04 +2.11 +2.23 +1.55 +1.68 +7.77 –0.12 +0.39 +0.44 +0.28 +0.53 +0.46 –0.01 +0.16 +1.06 –0.30 +0.11 +0.58 +0.95 +0.96 +0.88 +2.91 +0.64 +0.46 –0.57 +0.86 +0.54 +1.01 –0.05 +0.25 +0.64 +0.03 +0.63 +0.46 +0.68 +1.00 +1.50 +0.20 +0.43 +7.08 +0.31 –0.40 +0.56 +0.56 +0.49 +2.48 +0.97 +1.03 +0.45 +0.01 +2.93 +0.41 +0.09 +1.07 +4.02 +1.53 +0.11 –0.09 +0.78 +0.69 +1.56 –0.06 +0.18 +0.79 +0.90 +0.10 +0.03 ... +0.11 –0.01 +0.49 +0.03 –0.02 +6.08 +3.61 ... –0.16 +0.32 +1.36 +0.04 +0.42 –0.06 +0.59 +0.98 +0.91 +0.22 +0.01 +0.03 +0.42 +0.75 +0.58 +1.46 +1.68 +0.44 +0.86 +0.50 +0.03 +0.46 +0.20 +1.14 +0.32 –0.13 +0.79 +1.61 +0.52 +0.29 +0.39 +0.22 +0.88 +0.56 +0.49 +0.98 +0.82 +0.03

.01 .285 .212 .278 .611 .4736 ... ... .1982 .1062 .049 .1006 .3324 1.0209 .9332 ... ... ... ... ... ... ... .1508 ... .3707 .1021 .2242 ... ... ... ... ... ... ... .5201 1.6517 .1146 .17 ... .111 .185 .227 .182 .088 .12 .044 .136 .068 .102 .289 .103 .219 .234 .138 .20 .173 .318 .288 .056 .155 .159 .081 .314 .136 .054 ... .085 .10 .06 .0481 .1822 .3481 ... .078 .0808 .0646 .1036 .0937 .3536 .321 .2141 .2507 .0272 ... .2219 .1404 .1394 .1182 .1356 .0802 .08 .1252 .0074 .19 ... .3677 .0606 .1495 .2291 ... .0707 .076 .0265 .2669 .023 .054 .0196 .0683 .011 .242 .2112 .1228 .043 .1234 .0653 .0273 .3285 .1893 .2528 .022 .0123 .1368 .0886 .1144 .2709 .1983 .3501 .3361 .3111 .0463 .3348 .1953 .3588 .2941 .268 .4241 .2488 .2917 .3192 .2332 .4064 .5597 .0575 .1759 .2396 ... .3379

Name

Tick Sym Yld

FrankFTSEMexico FLMX 1.5 FrankFTSERussia FLRU 6.4 FrankFTSESaudiAr FLSA 2.1 FrankFTSESAfrica FLZA 3.6 FrankFTSE SKorea FLKR .9 FrankFTSESwitz FLSW 2.2 FrankFTSETaiwan FLTW 1.9 FrankFTSE UK FLGB 2.6 FrankFedIntTxFr FLMI 2.1 FrankFedTxFrBd FLMB 2.0 FrankInvGradeCp FLCO 3.2 FrankShtDurUSGovt FTSD 1.4 FrankSysStyle FLSP .3 FrankUSCoreBd FLCB 2.5 FrankUSLowVol FLLV 1.4 FrankUSTreaBd FLGV 1.7 FrankUltraShBd FLUD 1.7 FranklinLibEM FLQE 2.6 FranklinLibQGlbDiv FLQD 2.8 FranklinGlbEquity FLQG 2.4 FranklinIntlEquity FLQH 3.5 GabelliLovePlanet LOPP ... GadsdenDynMult GDMA 1.6 GlblBetaLowBeta GBLO 1.5 GlbBetaRisingStars GBGR .6 GlbBetaSmartIncm GBDV 4.1 GlbXAdaptiveUS AUSF 2.6 GlbXAdaptUSRisk ONOF ... GlbXCopperMiners COPX 1.2 GlbX EM Bd EMBD 3.5 GlbXFTSENordReg GXF 1.1 GlbX FTSE SE Asia ASEA 2.2 GlbX GoldExplorers GOEX 2.9 GlbX GuruIndex GURU 2.5 GlbXLithium&Batt LIT .3 GlbX MLP&Energy MLPX 7.5 GlbX MLP MLPA 11.7 GlbXMSCIArgentina ARGT .3 GlbXMSCIChinaCm CHIC 1.2 GlXMSCIChinaCnsDisc CHIQ .1 GlbXMSCIChCS CHIS .6 GlbXMSCIChinaEner CHIE 3.8 GlbXMSCIChinaFinl CHIX 2.1 GlbXMSCIChinaHC CHIH .1 GlbXMSCIChinaIndls CHII 1.3 GlbXMSCIChinaIT CHIK .3 GlbXMSCIChLC50 CHIL .8 GlbXMSCIChinaMatls CHIM 1.5 GlbXMSCIChRlEst CHIR 4.6 GlbXMSCIChUtil CHIU 2.4 GlbXMSCIColombia GXG 3.5 GlbX MSCIGreece GREK 2.7 GlbXMSCINextEm EMFM 2.6 GlbXMSCINigeria NGE 6.2 GlbX MSCINorway NORW 2.0 GlbXMSCIPakistan PAK 2.3 GlbXMSCIPortugal PGAL 2.5 GlbXISuperDivEM SDEM 5.9 GlXS&P500CCGrw XYLG 5.5 GlbXS&P500Cv XYLD 8.2 GlbXS&P500QualDiv QDIV 2.9 GlbXSilverMiners SIL 2.0 GlblXSuperDividend SDIV 7.2 GlbXSuperDivUS DIV 7.0 GlbXSuperIncPfd SPFF 5.8 GlbX US Pfd PFFD 5.2 GlbX Uranium URA 1.5 GlbXVarPfd PFFV 5.3 GSAccessHYCorpBd GHYB 4.7 GSAccessIGCpBd GIGB 2.6 GS IGCorp1-5YBd GSIG .9 GSTreasury0-1Y GBIL .8 GSAccUSAggBd GCOR .7 GSActiveBetaEM GEM 1.5 GSActiveBetaEurope GSEU 1.8 GSActiveBetaIntlEq GSIE 1.5 GSActiveBetaJapan GSJY 1.2 GSActiveBetaUSLC GSLC 1.3 GS Active US SC GSSC .8 GSHedgeIndVIP GVIP .1 GS Innovate GINN .3 GS JUST US LC JUST 1.3 GS PhysGold AAAU ... GothamEnh500 GSPY ... GraniteBloomComm COMB .1 GraniteGold BAR ... GraniteHIPSUSHiInc HIPS 9.0 GranitePlatinum PLTM ... GraniteXOUTUSLC XOUT .5 HCM Def500 LGH .2 HCM Def100 QQH ... HartfordMultiDvxUS RODM 2.7 HartfordMultiEM ROAM 2.8 HartfrdMultifctrSC ROSC 2.0 HartfordMultiUSEqu ROUS 1.9 HartfordMuniOpps HMOP 2.3 HartfordSchTax HTAB 1.4 HartfordTRBd HTRB 2.5 HealthCareSelSect XLV 1.4 High Yield HYLD 7.4 HorizonKinInfltn INFL ... HoyaCapHousing HOMZ 2.8 HullTacticalUS HTUS .0 IQCandESGIntl IQSI 1.6 IQCandESGUS IQSU .9 IQ50%HdgFTSEIntl HFXI 1.9 IQ500IntlETF IQIN 2.2 IQGlobalResources GRES 9.5 IQ HealthyHearts HART ... IQHedgeEventDriven QED 4.3 IQHedgeL/STracker QLS 2.0 IQ HedMacrTrac MCRO 2.4 IQHedgeMktNeut QMN 2.1 IQ HedMultStra QAI 1.9 IQMacKayMuniIns MMIN 2.0 IQMacKayMuniInter MMIT 2.3 IQMergerArbitrage MNA 2.3 IQRealReturn CPI 1.0 IQS&PHYLowVolBd HYLV 3.9 IQ US RealEstSC ROOF 3.7 IQ UltShrtDur ULTR 1.3 iMDBiHedgeStrat DBEH .1 iMDBiMgdFut DBMF .1 ImpactNAACPMinrty NACP 1.0 ImpactSustain SDGA .7 ImpactShsYWCAWomen WOMN 1.6 IndSelSectorSPDR XLI 1.5 InfraCapMLP AMZA 14.7 InfraCapREITPfd PFFR 6.1 InfusiveComp JOYY .3 InnovIBDBreakout BOUT ... InnovIBDLdrs LDRS .6 InnovatorIBD50 FFTY ... InnovLoupFrontier LOUP ... InnovEAFEPwrJan IJAN ... InnovEAFEPwrJul IJUL ... InnovEMPwrJan EJAN ... InnovEMPwrJuly EJUL ... InspireCpBdImp IBD 1.6 InspireFaithLC FEVR ... InspireFaithMC GLRY ... InspireGlblHope BLES 1.5 InspireIntlESGETF WWJD 1.2 Inspire100ETF BIBL 1.1 InspireS/MC Impact ISMD .9 InspireTactBal RISN .8 InvscActvUSRlEst PSR 3.0

Div Last Chg. Amt. 21.47 26.28 27.32 26.32 33.40 31.12 41.19 23.28 26.90 27.69 26.53 95.80 19.70 25.84 42.80 24.48 24.96 31.38 32.23 37.38 26.26 25.84 32.72 21.90 26.66 19.12 27.17 25.94 34.16 27.30 28.82 14.75 32.19 47.57 71.69 29.78 30.13 31.81 34.68 43.05 39.51 8.65 16.33 32.91 17.03 37.88 48.00 26.30 15.92 16.37 30.26 24.23 19.60 12.45 13.11 30.68 10.68 11.96 28.50 47.42 27.58 44.23 13.50 18.56 11.74 25.46 17.82 27.05 50.58 55.03 50.48 100.13 49.47 42.00 34.15 33.27 39.35 79.77 63.37 98.57 62.55 57.09 18.12 20.98 25.22 18.09 14.26 12.47 38.12 35.27 44.84 29.32 24.50 36.98 37.06 42.27 21.86 41.38 117.28 32.40 26.41 35.96 29.37 28.64 34.13 23.74 30.79 26.79 25.64 24.39 26.23 29.23 27.61 32.65 27.84 27.00 33.48 27.34 25.53 23.38 49.68 33.20 27.17 30.32 26.15 30.50 90.30 22.11 23.68 34.43 36.91 29.62 49.19 63.21 26.04 24.11 30.89 26.60 26.44 28.75 35.37 35.30 32.58 38.79 34.63 26.88 90.69

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.1897 1.6797 .1748 .5605 .304 .058 .7677 .2767 .0648 .05 .0612 .0812 1.5369 .0493 .2183 .0303 .0352 .7622 .2541 .4733 .5747 ... .1273 .1125 .054 .1872 .16 ... .3226 .0915 .1822 .0979 .8955 .9019 .0879 .5654 .825 .0854 .3097 .0224 .1214 .2018 .3032 .0171 .1807 .0133 .2426 .2116 .4816 .2499 .5848 .5346 .2584 .7676 .1339 .4759 .0653 .0575 .1375 .4763 .064 .7347 .075 .0995 .0565 .109 .1032 .1225 .2057 .1063 .0388 .3097 .0331 .2245 .0615 .1078 .2917 .2518 .1448 .0005 .0401 .1909 ... ... .0163 ... .1075 ... .0473 .0768 ... .3894 .4172 .272 .2573 .0594 .0174 .0628 .4643 .20 ... .02 1.0989 .1502 .0848 .1221 .318 2.5521 ... 1.0495 .5173 .7123 .5692 .6331 .0341 .0481 .766 .2693 .0778 .2912 .0366 .0183 .0174 .2606 .0478 1.6109 .3659 .22 .12 .1092 ... .0185 ... ... ... ... ... ... .0396 ... ... .0697 .0984 .3413 .0287 .0149 .6996

Name

Tick Sym Yld

InvscAero&Def PPA InvscCA AMT-Fr PWZ InvscCEFIncmComp PCEF InvscChinaTech CQQQ InvscCleantech PZD InvscCurrShAUD FXA InvscCurrShGBP FXB InvscCurrShCAD FXC InvscCurrShEuro FXE InvscCurrShJPY FXY InvscCurrShCHF FXF InvscDBComm DBC InvscDBAgriFd DBA InvscDBBaseMet DBB InvscDBEnerFd DBE InvscDBG10Curr DBV InvscDBGoldFd DGL InvscDBOilFund DBO InvscDBPrecMetls DBP InvscDBSilverFd DBS InvscDBUSDBear UDN InvscDBUSDBull UUP InvscDefEquity DEF InvscDJIADiv DJD InvscDynBiotech PBE InvscDynBuilding PKB InvscDynEnerExpl PXE InvscDynFood&Bev PBJ InvscDynLCGrw PWB InvscDynLCValue PWV InvscDynLeisure PEJ InvscDynMarket PWC InvscDynMedia PBS InvscDynNetwkg PXQ InvscDynOil&GasSv PXJ InvscDynPharm PJP InvscDynSemicon PSI InvscDynSoftware PSJ InvscEMSovDebt PCY InvscFinlPfd PGF InvscFTSEDvMktxUS PXF InvscDevMktxUSSM PDN InvscFTSERAFIEM PXH InvscFTSEUS1000 PRF InvscFundHYCpBd PHB InvscFundInvCpBd PFIG InvscGlbClnEner PBD InvscGlblPrvEqu PSP InvscGlbShrtHYBd PGHY InvscIndia PIN InvscIntlCpBd PICB InvscInvGradeDef IIGD InvscInvGradeValue IIGV InvscMSCIGlbTimb CUT InvscNatAMTFrMuni PZA InvscNYAMTFrMuni PZT InvscPreferred PGX InvscRayJamesSB1 RYJ InvscRuss1000EW EQAL InvscS&PEMLowVol EELV InvscS&PEMMom EEMO InvscS&P500BuyWr PBP InvscS&P500Down PHDG InvscS&P500EnhVal SPVU InvscS&P500EWCm EWCO InvsS&P500EWCD RCD InvscS&P500CnStp RHS InvscS&P500EWEner RYE InvscS&P500EW RSP InvscS&P500EWFin RYF InvscS&P500EWHC RYH InvscS&P500Ind RGI InvscS&P500EWMat RTM InvscS&P500RlEst EWRE InvscS&P500EWTech RYT InvscS&P500EWUtil RYU InvscS&P500xRt XRLV InvscS&P500GARP SPGP InvscS&P500HiBeta SPHB InvscS&P500HiDiv SPHD InvscS&P500LowVol SPLV InvscS&P500Mom SPMO InvscS&P500PrGrw RPG InvscS&P500PrVal RPV InvscS&P500Qual SPHQ InvscS&P500Rev RWL InvscS&P500Top50 XLG InvscS&P500ValMom SPVM InvscS&PGlbWater CGW InvscS&PIntDvLoVl IDLV InvscS&PIntlDev IDMO InvscS&PIntlDevQu IDHQ InvscS&PMC400EW EWMC InvscS&P400PrGrw RFG InvscS&P400PrVal RFV InvscS&PMC400Rev RWK InvscS&PMCLowVol XMLV InvscS&PMCMom XMMO InvscS&PMCQual XMHQ InvscS&PMCValMom XMVM InvscS&P100EW EQWL InvscS&PSCLowVol XSLV InvscS&PSCMom XSMO InvscS&PSC600EW EWSC InvscS&P600PrGrw RZG InvscS&P600PrVal RZV InvscS&P600Rev RWJ InvscS&PSCValMom XSVM InvscS&PSpin-Off CSD InvscS&PUltDiv RDIV InvscSrLoan BKLN InvscSolar TAN InvscTaxMuniBd BAB InvscTotalRetBd GTO InvscTreaCollat CLTL InvscUltShtDur GSY InvscVRDOTaxFrWk PVI InvscVarRtPfd VRP InvscWildClnEngy PBW InvscZacksMC CZA InvscZacksMltIncm CVY iPathBloomCocoaTR NIB iPathBloomCommTR DJP iPathBloomLeadTR LD iPathGSCI nts GSP iPathPBBroadCmod BCM iPathPBCrudeOil OIL iPathBlmAgricult JJA iPathBlmAlum JJU iPathBlmCoffee JO iPathBlmCopper JJC iPathBlmCotton BAL iPathBlmEnergy JJE iPathBlmGrains JJG iPathBlmIndMet JJM iPathBlmLivestk COW iPathBBloomNatGas GAZ iPathBlmNickel JJN iPathBlmPlatinum PGM iPathBlmPrecMet JJP iPathBlmSofts JJS iPathBlmSugar SGG iPathBlmTin JJT iPathShillerCape CAPE iPathSilverETN SBUG iShAAA-ARtdCorpBd QLTA iShA/PDividend DVYA

.9 2.3 7.3 .4 .2 .0 ... .1 ... ... ... ... ... ... ... ... ... ... ... ... ... ... 1.3 3.3 .0 .3 3.1 1.0 .2 2.5 .8 .9 .2 .2 4.1 .7 .2 .0 4.5 5.0 2.0 1.7 2.6 1.8 3.9 2.4 .4 4.3 5.4 .7 1.1 1.6 2.4 1.5 2.4 2.5 5.5 .3 1.5 2.8 1.3 1.4 .6 2.5 .9 .7 2.1 2.6 1.5 2.1 .5 .9 1.5 3.6 1.2 3.0 1.6 1.0 1.7 4.6 2.0 1.2 .4 1.9 1.5 1.7 1.2 2.0 1.3 2.3 1.5 1.6 1.0 .2 1.4 .9 1.8 .5 1.0 1.2 1.9 2.3 .7 .7 .4 .5 .7 1.0 .9 4.5 3.5 .1 2.9 2.1 .6 1.3 .3 4.2 .3 1.4 3.1 ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... 2.2 3.4

Div Last Chg. Amt. 69.47 28.28 22.95 106.99 81.84 77.24 133.76 77.40 113.68 89.91 102.01 16.32 16.69 18.12 12.76 24.54 52.66 10.23 51.06 38.42 21.62 24.39 60.57 40.13 82.01 46.56 13.21 38.73 72.93 40.38 45.28 122.24 55.02 92.19 3.38 80.87 127.07 185.30 28.26 18.73 45.05 36.71 23.03 142.61 19.53 27.28 39.35 14.68 22.18 24.81 29.77 26.94 27.93 35.73 27.34 26.48 14.89 56.66 42.04 22.73 22.60 21.09 34.84 36.72 35.32 132.14 151.05 37.00 135.31 51.52 272.09 162.21 146.84 31.11 272.65 99.53 42.70 78.21 63.43 39.63 56.77 55.70 175.94 67.86 44.28 65.74 299.21 43.33 49.01 30.59 35.53 30.19 85.34 232.77 82.80 78.46 50.75 88.03 74.64 40.96 72.27 44.98 56.12 76.31 172.82 78.95 99.49 41.84 60.61 36.74 22.40 121.32 33.19 57.26 105.68 50.59 24.91 25.98 132.87 79.60 21.86 30.79 23.84 44.22 12.87 32.30 17.08 55.18 44.74 35.51 57.37 50.12 31.63 58.27 54.14 37.21 16.84 73.88 59.91 66.34 44.33 48.96 63.36 185.62 37.79 57.15 40.34

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.0934 .0552 .139 .3859 .0798 .0058 ... .0559 ... ... ... ... ... ... ... ... ... ... ... ... ... ... .794 .3025 .029 .0193 .1624 .1163 .0183 .244 .2817 .2234 .0926 .0039 .0249 .1305 .0184 .0559 .1036 .0764 .1624 .1855 .071 .6025 .0613 .0521 .0204 .1823 .102 .1667 .0266 .0287 .047 .5533 .0545 .0545 .0618 .1427 .1748 .067 .0125 .0898 .0454 .2144 .0925 .1027 .9743 .2234 .442 .2424 .3192 .3249 .4986 .2517 .9086 .643 .0463 .1341 .245 .1494 .0775 .1655 .1608 .2224 .1757 .273 .9511 .2024 .6603 .0623 .1439 .0555 .1936 .1206 .1538 .153 .0902 .0394 .3143 .1418 .3614 .1944 .0301 .0556 .1201 .0942 .1418 .0868 .5489 .8497 .065 .0922 .0714 .0751 .0077 .0341 ... .0934 .2782 1.0837 .1853 ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... .0944 .1209

M22

BARRON’S

February 15, 2021

Exchange-Traded Portfolios Name

Tick Sym Yld

iShBBCpBd HYBB iShAgencyBond AGZ iShCMBSETF CMBS iShGovt/CreditBond GBF iSh10-20YTreasBd TLH iSh0-5YTIPSBd STIP iShBloomRollSel CMDY iShCalifMuniBd CMF iShCmdCurve CCRV iShAggrAllocation AOA iShConsAllocat AOK iShCoreDivGrowth DGRO iShCore5-10YUSDBd IMTB iShGrwthAllocation AOR iShCoreHiDividend HDV iShCoreMSCIEM IEMG iShCoreMSCIEurope IEUR iShMSCIIntlDev IDEV iShCoreMSCIPacific IPAC iShModAllocation AOM iShCoreS&P500 IVV iShCoreS&P MC IJH iShCoreS&P SC IJR iShS&PTotlUSStkMkt ITOT iShCore10+YUSDBd ILTB iShCoreUSAggBd AGG iShCoreUS REIT USRT iShCurrHdgNikk400 HJPX iShCurHdgMSCIUS HAWX iShCurrHdgMSCICda HEWC iShCurHdgMSCIEAFE HSCZ iShCurHdMSCIEurozn HEZU iShCurrHdMSCIJapan HEWJ iShCurHdgMSCIMex HEWW iShCurrHdgMSCIUK HEWU iShCybersecurity IHAK iShUSBasicMaterial IYM iShUSConsumerSvcs IYC iShUSConsumerGoods IYK iShUSFinlServices IYG iShUSHealthcare IYH iShUSRealEstate IYR iShUSUtilities IDU iShUS Energy IYE iShUS Finls IYF iShUSHealthcarePrv IHF iShUSInsurance IAK iShUSOilEquip&Svcs IEZ iShUSPharmaceuticl IHE iShUSRegionalBanks IAT iShUSMedDevices IHI iShAdvTotUSDBd EUSB iShESGUSAggBd EAGG iShEM Dividend DVYE iShEuropeETF IEV iShExpTech IGM iShFocusedValue FOVL iShGenomicsImm IDNA iShGlblComm IXP iShGlobal100 IOO iShGlobalREITETF REET iShGoldTr IAU iShiBoxx$InvGrCpBd LQD iShiBdsDec2030Cp IBDV iShiBdsDec2028Cp IBDT iShiBondsDec2025Cp IBDQ iShiBondsDec2024Cp IBDP iShiBdsDec2029Cp IBDU iShiBondsDec2021Cp IBDM iShiBdsDec2021Muni IBMJ iShiBondsDec2027Cp IBDS iShiBondsDec2026Cp IBDR iShiBondsDec2023Cp IBDO iShiBondsDec2022Cp IBDN iShiBdsDec2022Muni IBMK iShiBdsMar23CpxFin IBCE iShiBdsMar2023Cp IBDD iShiBoxx$HYCpBd HYG iShIntRtHdgCorpBd LQDH iShIntRateHdgEM EMBH iShIntRtHdgHiYdBd HYGH iShIntRtLTCpBd IGBH iShJPM EM LC Bd LEMB iShJPX-Nikkei400 JPXN iShLatinAmerica40 ILF iShACWILowCarbon CRBN iShMSCIAustralia EWA iShMSCIAustria EWO iShMSCIBRICETF BKF iShMSCIBelgium EWK iShMSCIBrazil EWZ iShMSCICanadaETF EWC iShMSCIChinaSC ECNS iShMSCIColombia ICOL iShMSCI EAFE EFA iShMSCIEmgMarkets EEM iSh MSCI EM SC EEMS iShMSCIFranceETF EWQ iShMSCIFrontier100 FM iShMSCIGermanyETF EWG iShMSCIGlblAgriPrd VEGI iShMSCIGloblEnProd FILL iShMSCIGlbMulti ACWF iShMSCIHongKong EWH iShMSCIIndonesia EIDO iShMSCIIntlMom IMTM iShMSCIIntlMulti INTF iShMSCIIntlQual IQLT iShMSCIIntlSize ISZE iShMSCIIntlSC ISCF iShMSCIIntlValue IVLU iShMSCIIreland EIRL iShMSCIIsrael EIS iShMSCIItaly EWI iShMSCIJapan EWJ iShMSCIJapanSC SCJ iShMSCIKLD400Soc DSI iShMSCIKokusaiETF TOK iShMSCIMalaysiaETF EWM iShMSCIMexico EWW iShMSCINetherlands EWN iShMSCIPacificxJp EPP iShMSCIPeru EPU iShMSCIPhilippines EPHE iShMSCIPoland EPOL iShMSCIRussia ERUS iShMSCISaudiArabia KSA iShMSCISingapore EWS iShMSCISouthAfrica EZA iShMSCISthKorea EWY iShMSCISpain EWP iShMSCISweden EWD iShMSCISwitz EWL iShMSCITaiwan EWT iShMSCIThailand THD iShMSCIUSAESGSelct SUSA iShMSCIUSAEqWeight EUSA iShMSCIUSAMCMult MIDF iShMSCIUSAMulti LRGF iShMSCIUSASize SIZE iShMSCIUSASCMul SMLF iShMSCIUK EWU iShMSCIWorldETF URTH iShMorningstarLC JKD iShMornLCGrowth JKE iShMornLCValue JKF iShMorningstarMC JKG

4.3 1.1 2.4 1.6 1.4 1.3 .1 1.8 ... 1.6 2.0 2.2 2.6 1.8 4.0 1.7 2.0 1.9 1.6 2.0 1.5 1.2 1.0 1.3 3.1 2.1 2.9 1.2 1.9 5.0 1.4 2.2 1.1 1.2 2.7 .4 1.3 .6 1.4 1.6 1.1 2.5 2.9 4.0 1.6 .5 2.0 1.8 1.1 2.5 .2 1.1 1.6 5.0 1.7 .3 2.5 .2 .9 1.4 2.5 ... 2.7 1.8 2.8 2.4 2.4 2.4 2.2 1.4 2.6 2.6 2.4 2.3 1.4 2.4 2.5 4.8 2.2 2.7 4.0 2.3 ... 1.2 1.9 1.3 1.9 .9 .9 1.6 1.8 2.0 2.8 3.1 2.0 1.3 2.0 1.0 2.8 1.3 1.4 3.5 1.6 2.4 1.5 .9 2.0 1.5 1.3 2.2 1.9 .5 .2 1.6 1.0 .8 1.2 1.5 1.9 1.4 .7 2.2 1.8 .7 1.4 4.1 1.7 2.6 4.9 .7 2.6 .9 1.4 1.6 2.2 1.1 1.4 1.1 1.3 1.3 1.2 2.4 1.4 1.2 .3 2.9 1.1

Div Last Chg. Amt. 52.38 119.19 54.97 123.58 150.64 105.25 48.59 63.18 22.55 67.27 39.22 46.19 52.05 53.97 89.95 69.27 53.40 64.75 68.34 44.08 394.18 253.85 106.63 91.89 72.80 116.58 51.16 34.90 31.60 28.75 34.21 32.70 38.59 15.88 21.06 42.93 116.84 73.74 179.46 159.32 257.96 89.54 77.57 23.83 70.45 245.46 69.81 13.07 185.78 51.67 350.69 50.11 55.83 38.96 49.69 379.40 48.42 53.02 81.76 66.16 24.99 17.36 134.68 25.81 29.25 27.24 26.58 27.10 24.88 25.73 27.51 26.95 26.23 25.52 26.38 24.94 27.25 87.78 95.96 23.96 87.31 25.22 45.22 76.39 29.10 158.01 25.13 21.19 59.90 19.98 36.03 32.88 63.63 10.61 76.31 57.80 57.35 34.18 29.53 32.95 38.17 14.57 36.18 26.76 23.91 39.84 28.45 36.93 30.90 35.28 24.29 50.74 66.67 30.93 71.55 82.88 75.63 87.85 27.99 42.51 45.97 50.58 37.66 31.60 19.15 39.18 32.02 22.20 49.39 94.10 26.99 42.85 45.36 59.36 80.37 87.27 77.01 34.22 40.22 118.66 52.30 30.54 118.28 224.04 311.75 116.29 248.22

+0.17 +0.03 –0.01 –0.05 –0.79 +0.12 +0.85 +0.12 +0.36 +1.00 +0.20 +0.47 –0.11 +0.60 +0.51 +1.88 +0.93 +1.39 +1.82 +0.36 +5.06 +6.73 +3.70 +1.46 –0.26 –0.13 +1.05 +0.92 +0.57 +0.64 +0.45 +0.32 +1.06 –0.03 +0.33 +0.86 +0.69 +0.75 –1.02 +2.89 +3.88 +1.30 –1.06 +1.11 +1.22 +4.50 +0.94 +0.41 +2.81 +1.64 +9.81 –0.04 –0.04 +0.57 +0.95 +9.30 +1.90 –0.28 +1.51 +0.52 +0.55 +0.09 –0.11 –0.03 +0.05 +0.01 +0.01 ... +0.01 –0.04 –0.01 –0.02 +0.01 +0.02 –0.01 –0.02 ... +0.26 +0.15 –0.08 +0.38 –0.01 +0.18 +2.35 +0.24 +2.82 +0.32 –0.25 +2.07 –0.21 –0.20 +0.84 +5.15 +0.14 +1.60 +1.56 +1.45 +0.44 –0.10 +0.31 +1.08 +0.59 +1.07 +0.69 +0.05 +1.23 +0.52 +0.98 +0.56 +0.74 +0.51 +0.55 +0.83 +0.53 +2.30 +2.13 +1.05 +1.44 +0.45 +0.41 +2.14 +0.80 +1.26 –0.05 –0.01 +0.71 +0.76 +0.46 +1.89 +1.14 –0.23 +0.94 +0.89 +1.38 +0.71 +1.30 +1.66 +1.07 +1.01 +2.66 +1.71 +0.74 +2.08 +3.35 +6.58 +1.25 +5.31

.1732 .0709 .1055 .1276 .1558 .0377 .0662 .0841 ... .4205 .0335 .2727 .0941 .3343 .9232 .7235 .4967 .6618 .5006 .2661 1.6102 .6596 .2477 .3421 .1829 .192 .4004 .2122 .2741 .3409 .2058 .473 .1236 .1332 .2362 .0105 .4193 .1406 .6477 .069 .757 .6014 .5872 .2106 .2592 .2752 .3089 .0255 .5261 .3823 .4053 .0384 .058 .076 .3478 .1728 .3011 .0362 .4087 .4328 .1913 ... .2673 .0398 .0629 .0464 .046 .0519 .0364 .0266 .0524 .0519 .0452 .0418 .0273 .0456 .049 .3182 .1443 .0504 .3048 .0409 ... .4947 .2794 1.0674 .2004 .1941 .383 .175 .2763 .3853 1.1813 .1835 .6945 .5189 .047 .1632 .1874 .3869 .2919 .2818 .3228 .2193 .1717 .1408 .2207 .2283 .2655 .0459 .2598 .0124 .1058 .2375 .2583 .7019 .2174 .6846 .5447 .1437 .1303 .5466 .1829 .0724 .0987 1.2914 .0942 .3572 1.7712 .6303 .0677 .2946 .0226 .9727 .4504 .2629 .2227 .106 .104 .39 .2805 .3319 .7935 .7364 .1992 .8087 .7272

Name

Tick Sym Yld

iShMornMCGrowth JKH .1 iShMorningstarSC JKJ 1.1 iShMornSCGrowth JKK .1 iShMornSCValue JKL 1.8 iShNatlMuniBd MUB 2.1 iShNewYorkMuniBd NYF 2.0 iShResidentMultiRE REZ 3.0 iShRobotics&AI IRBO .4 iShRussell1000Gwth IWF .6 iShRussell1000 IWB 1.3 iShRussell1000Val IWD 1.9 iShRussell2000Gwth IWO .4 iShRussell2000 IWM .9 iShRussell2000Val IWN 1.4 iShRussell3000 IWV 1.2 iShMicro-CapETF IWC .8 iShRussellMid-Cap IWR 1.2 iShRussellMCValue IWS 1.7 iShRussellTop200Gr IWY .7 iShRussellTop200 IWL 1.2 iShRussellTop200Vl IWX 2.0 iShS&P100 OEF 1.4 iShS&PMC400Growth IJK .6 iShS&P500Growth IVW .8 iShGlobalEnergyETF IXC 4.3 iShGlobalHealthcr IXJ 1.2 iShGlobalTechETF IXN .6 iShGloblFinancials IXG 2.0 iShS&P500Value IVE 2.3 iShIntlDevProperty WPS 2.3 iShGlobalConsDiscr RXI .6 iShGlobalUtilities JXI 2.7 iShGlobalMaterials MXI 1.2 iShGloblIndustrial EXI 1.2 iShrsSP GSCI Cmdty GSG ... iShS&PMC400Value IJJ 1.6 iShS&PSC600Value IJS .9 iShGlblConStaples KXI 2.4 iShNATech-Mult IGN .5 iShSelfDrvngEV IDRV .6 iShShortNatlMuniBd SUB 1.2 iShSilver SLV ... iShTIPSBondETF TIP 1.1 iSh10+YIGCpBd IGLB 3.3 iShTreaFRBd TFLO .2 iShDowJonesUS IYY 1.2 iShChinaLC FXI 1.9 iShRussellMCGrowth IWP .3 iShUSBrokerDealers IAI 1.4 iShUSTechBreak TECB .6 iShUSTech IYW .5 iShVirtualWork IWFH .3 iShYdOptimizedBd BYLD 3.1 iSh0-5YHYCorpBd SHYG 5.0 iSh0-3MTreaBd SGOV .1 JPM AlerianMLP AMJ 9.7 JanusHendersonAAA JAAA 1.4 JanusHendMtg JMBS 2.7 JanusHenShrtDur VNLA 1.1 HancockConsDisc JHMC .5 HancockConsStpl JHMS 2.3 HancockDevIntl JHMD 1.8 HancockMultEM JHEM 1.5 HancockEnergy JHME 2.9 HancockMultFinls JHMF 1.6 HancockHealthcare JHMH 2.4 HancockIndustrials JHMI .9 HancockLC JHML 1.5 HancockMatls JHMA 1.5 HancockMultMedia JHCS .7 HancockMC JHMM 1.0 HancockMultiSC JHSC 1.0 HancockTech JHMT .8 HancockUtils JHMU 3.3 JPMBeta US MC BBMC .6 JPMBeta US SC BBSC .3 JPMCarbonUS JCTR .5 JPMCorpBdResearch JIGB 2.8 JPM DivRetEM JPEM 2.7 JPM DivRetIntlEq JPIN 2.3 JPM DivRetUS Eq JPUS 1.8 JPM Div US MC JPME 1.4 JPM Div US SC JPSE 1.1 JPMEquityPrem JEPI 8.3 JPM IntlGrwth JIG .0 JPMUSAggregateBd JAGG 1.7 JPMUSDEMSovBd JPMB 4.3 JPM US Dividend JDIV 4.2 JPMUSMinimumVol JMIN 2.8 JPM US Moment JMOM .8 JPM USQualFactor JQUA 1.4 JPM US Value JVAL 2.4 KFADynFixIncm KDFI 3.8 KFA GlblCarbon KRBN ... KFA LCQualDiv KLCD 2.3 KFA MtLucas KMLM ... KFA SCQualDiv KSCD 1.4 KFAValLineDynCore KVLE .3 KnowldgLdrDevWrld KLDW .6 KraneBoseraChinaA KBA .6 KraneCCBSChCpHY KCCB 6.5 KraneCICCCnCnsmr KBUY ... KraneCICCCn5GSemi KFVG ... KraneCICCChina KFYP 2.4 KraneCSIChInt KWEB .2 KraneEFdChina KCNY 2.3 KraneElcVehicle KARS .1 KraneEMCnsTech KEMQ 1.9 KraneEMHlthcrIndex KMED .0 KraneChinaHlthCr KURE .0 KraneAllChina KALL .9 KraneMSCICnLdrs KESG .0 KraneMSCIChinaEnv KGRN .0 KraneEMxChina KEMX 1.5 KraneSh1Belt1Road OBOR 1.9 KraneSSEStr50 KSTR ... LCGrowthETN2028 FRLG ... LeaderActivLdrs ACTV .1 LeaderAlphaFactor LSAT .3 LeaderAlphaUSCore LSAF .5 LeaderShEqSkew SQEW .7 LeatherbackL/S LBAY 3.4 LeutholdCore LCR .6 MatlsSelSectorSPDR XLB 1.7 MerlynAIBullBr WIZ .6 MicroSecCannabis MJJ ... MicroSecCannabis2X MJO ... MicroFANG+ETN FNGS ... MicroSectFANG+Invr GNAF ... MicroFANG-3XInvr FNGD ... MicroSectorsFANG3X FNGU ... MicroFANG-2XInvr FNGZ ... MicroSectFANG+2X FNGO ... MicroSecGold3XInvr GDXD ... MicroSecGold3XLvgd GDXU ... MicroUSBigBk3X BNKD ... MicroUSBigBk3X BNKU ... MicrUSBigOil3InLv NRGD ... MicrUSBigOil3Lev NRGU ... MorganExosSpac SPXZ ... MSCushMLPHI MLPY 10.3 NationwideMaxDivUS MXDU 1.7 NationRiskBaseIntl RBIN 1.8 NationRiskBasedUS RBUS 1.3 NationRiskMgd NUSI 7.3 NatixisShrtDur LSST 1.9 NatixisUSEqOpps EQOP .0

Div Last Chg. Amt. 417.71 222.76 347.91 156.04 117.82 58.65 71.61 50.79 254.69 224.02 144.67 333.85 227.26 151.96 237.87 151.74 74.30 104.59 139.47 94.63 60.63 180.14 79.99 67.25 22.82 78.57 323.29 69.08 133.77 36.07 166.66 59.64 84.87 110.11 13.92 94.97 93.56 56.91 70.60 47.72 108.08 25.31 127.65 70.00 50.29 99.83 53.58 112.05 87.21 38.12 93.10 35.24 25.52 45.73 100.02 15.61 50.48 53.49 50.41 49.68 32.48 32.46 32.28 17.18 44.21 45.43 46.13 49.98 41.77 38.15 48.65 34.14 86.88 30.62 87.46 66.91 52.88 56.41 57.93 60.93 88.22 80.28 42.33 56.05 81.49 27.47 50.83 28.75 32.59 41.78 37.21 32.16 21.81 28.66 29.50 27.14 27.55 21.11 44.67 52.48 39.34 32.13 28.18 34.92 102.20 35.40 47.55 38.96 39.49 46.95 40.90 37.21 53.48 32.18 29.55 25.45 263.81 35.53 30.89 30.32 35.77 21.38 29.38 74.34 37.27 88.84 127.64 31.79 14.26 2.97 42.07 3.15 48.96 22.75 20.72 2.78 32.65 3.09 98.42 27.24 3.75 39.81 27.86 36.77 28.35 25.64 30.45

+12.61 +6.72 +7.33 +4.10 +0.27 +0.19 +1.86 +3.23 +3.24 +3.39 +2.74 +7.17 +5.61 +4.15 +3.84 +5.63 +2.05 +2.81 +1.21 +1.06 +0.88 +1.26 +2.10 +0.70 +0.81 +1.20 +8.75 +1.46 +2.00 +0.46 +0.76 –0.78 +1.68 +1.95 +0.40 +2.45 +3.06 +0.25 +2.25 +1.01 ... +0.36 –0.06 –0.14 –0.01 +1.54 +1.89 +3.38 +1.85 +0.78 +2.17 +1.54 –0.09 +0.14 ... +0.30 +0.03 –0.11 +0.01 +0.48 +0.11 +0.73 +0.84 +0.99 +1.04 +0.67 +0.85 +0.88 +0.90 +1.05 +1.18 +0.82 +3.48 –0.42 +2.33 +1.99 +0.71 –0.04 +1.30 +1.10 +1.61 +1.77 +1.61 +0.05 +3.07 –0.07 –0.31 +0.53 +0.36 +1.05 +0.55 +0.70 +0.03 +1.03 +0.35 +0.45 +0.45 –0.14 +1.12 +3.55 –0.01 +2.64 +1.70 +2.51 +6.52 +0.25 +1.54 +1.78 +1.25 +2.94 +1.86 +1.47 +3.49 +0.31 +1.14 +1.60 +6.38 +0.95 +0.52 +0.74 +1.05 +0.25 +0.47 +0.81 +1.18 +2.99 +2.77 +1.51 –0.73 –0.49 +5.58 –0.33 +4.71 –0.29 –0.23 –0.25 +2.72 –0.71 +15.07 +0.82 +0.11 +0.58 +0.64 +0.51 +0.37 –0.01 +0.59

.04 .6375 .0913 .6156 .1815 .0908 .7092 .1725 .3742 .7898 .5957 .307 .5925 .6518 .8274 .3713 .2294 .436 .2537 .3356 .3183 .6844 .1529 .1427 .5958 .4391 .9224 .604 .7815 .3129 .4877 1.0094 .5874 .594 ... .3615 .2837 .7822 .0693 .0052 .0825 ... .0231 .1785 .001 .3422 .6836 .0778 .222 .0691 .0778 .0538 .0551 .192 .005 .3354 .0533 .0596 .0385 .1012 .3822 .3497 .3081 .2876 .3737 .643 .2242 .3917 .3408 .1513 .2464 .216 .2668 .5421 .0135 .1022 .0664 .1125 .2939 .4051 .4864 .3864 .2021 .2626 .0305 .0276 .1647 .6284 .4049 .1124 .2056 .2246 .0579 ... .6756 ... .3992 .0731 .2568 .2976 .1576 ... ... .8337 .2214 .0703 .0574 .7438 .0082 .0001 .3487 .1511 .0026 .498 .5493 ... ... .0318 .0895 .0329 .2592 .06 .1752 .3593 .1614 ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... .0779 .6615 .4885 .4651 .1798 .0265 .0043

Name

Tick Sym Yld

NatixisVaughanMC VNMC NatixisVaughanNel VNSE NETLeaseCpRlEst NETL NiftyIndiaFinls INDF NoShoreGlUran URNM NuvESGHYCorpBd NUHY NuvESGUSAggBd NUBD NuvEnhYd1-5Y NUSA NuvEnhYdUSAgg NUAG OverlayCoreBd OVB OverlayFgnEqu OVF OverlayHdgLC OVLH OverlayLCEq OVL OverlayMuniBd OVM OverlayShTermBd OVT OverlaySCEq OVS PGIMActHYBd PHYL PGIMQMAStrAlphaItl PQIN PGIMStratAlphLC PQLC PGIMQMAStrAlSCG PQSG PGIMQMAStrAlSCV PQSV PGIMUltraShBd PULS PIMCO25+YrZeroCoup ZROZ PIMCO ActiveBd BOND PIMCOBrdUSTIPSIdx TIPZ PIMCOEnhLowDur LDUR PIMCOEnhShMaturESG EMNT PIMCOEnhShMaturity MINT PIMCO15+USTIPSIdx LTPZ PIMCOIntermMuniBd MUNI PIMCOInvGrdCorpBd CORP PIMCO1-5USTIPSIdx STPZ PIMCO DynMultEM MFEM PIMCO DynMultIn MFDX PIMCO DynMultUS MFUS PIMCO RAFI ESG US RAFE PIMCOShrtTrmMuniBd SMMU PIMCO0-5YrHiYdCorp HYS PPTYUSDivrsRealEst PPTY PacerAmEnIndepend USAI PacerData&Infr SRVR PacerIndRealEst INDS PacerCFRAStovall SZNE PacerFTSECnA50 AFTY PaceriPathGold GBUG PacerLuntLCAlt ALTL PacerLuntLCMultAlt PALC PacerLuntMCMult PAMC PacerMilitEmp VETS PacerTrendFd TRND PacerTrendpilot PTIN PacerTrendUSBd PTBD PacerUSCashCows BUL PacerUSExportLead PEXL PacificGlbFocusHY FJNK PacificGlbSrLoan FLRT PrincipalActIncm YLD PrincInvGrdCp IG PrincipalSpectPfd PREF PrincipalTaxAdv PQDI PrincUltShtAct USI ProShDJBrkGlIn TOLZ ProShDecRetail EMTY ProShHdgReplic HDG ProShInflationExp RINF ProShLgOnline CLIX ProShMSCITransform ANEW ProShOnlRetail ONLN ProShRAFI L/S RALS ProShS&P500Bd SPXB ProShS&P500xEner SPXE ProShS&P500xFin SPXN ProShS&P500xHlth SPXV ProShS&P500xTech SPXT ProShShtBasicMat SBM ProShShtDow30 DOG ProShShortEuro EUFX ProShShXinhuaCh25 YXI ProShShtFinls SEF ProShShortHY SJB ProShShMSCI EAFE EFZ ProShShtMSCI EM EUM ProShShtMC400 MYY ProShShtOil&Gas DDG ProShShortQQQ PSQ ProShShtRE REK ProShShtRus2000 RWM ProShShrtS&P500 SH ProShSh7-10YrTr TBX ProShShrtSC600 SBB ProShSh20+Tr TBF ProShUltBscMtls UYM ProShUltBlmCrude UCO ProshUltBlmNatGas BOIL ProShUltCnsGds UGE ProShUltCnsSvs UCC ProShUltDow30 DDM ProShUlt Euro ULE ProShUltFTSEEurope UPV ProShXinhuaChina25 XPP ProShUltFinls UYG ProShUltraGold UGL ProShUltHlthCr RXL ProShUltraHY UJB ProShUltIndls UXI ProShUltBrazil UBR ProShUltMSCIEAFE EFO ProShUltMSCIEM EET ProShrUltraJapan EZJ ProShUltMC400 MVV ProShUltOilGas DIG ProShUltraQQQ QLD ProShrUltraRE URE ProShrUltraRus UWM ProShUltraS&P SSO ProShUltSemi USD ProShrUl7-10Trs UST ProShUltSilver AGQ ProShUltSC600 SAA ProShUltTech ROM ProShUltTelecom LTL ProShUlt20YrTr UBT ProShrUltraUtil UPW ProShUltraYen YCL ProShUltDow30 UDOW ProShUltMC400 UMDD ProShUltRus2000 URTY ProShUltS&P500 UPRO ProShUltShtDow30 SDOW ProShShtMC400 SMDD ProShShtRus2000 SRTY ProShUltS&P500 SPXU ProShUltShrt20YTr TTT ProShUltShtAUD CROC ProShUSBscMtls SMN ProShUltBloomCrd SCO ProShUltShBlmGas KOLD ProShUSCnsmrGd SZK ProShUSCnsmrSvc SCC ProShUltDow30 DXD ProShUltShEuro EUO ProShUltChina50 FXP ProShrUltShFTSEEur EPV ProShUltShFin SKF ProShUltShGold GLL ProShrUSHlthCr RXD ProShUltShIndls SIJ

.1 .1 3.8 ... 2.1 5.0 2.2 2.5 3.0 3.3 2.5 ... 1.6 3.3 ... 1.3 5.9 2.2 1.9 .9 1.4 1.8 1.9 2.6 1.5 2.1 1.4 1.0 1.5 1.9 2.8 1.8 1.5 1.5 1.6 2.2 1.1 4.4 3.3 7.1 1.5 1.6 1.3 1.3 ... 1.3 1.3 .5 1.5 .6 .7 2.5 .6 .4 4.2 3.4 4.3 3.1 4.3 5.0 2.1 3.1 .1 .1 .8 1.2 .2 1.0 1.6 2.6 1.1 1.0 1.4 1.6 .0 .1 ... .1 .1 .1 .0 .2 .1 ... .3 .1 .2 .2 .1 .1 .2 .5 ... ... .4 .0 .3 ... ... ... .6 ... .1 2.8 .3 ... ... .0 ... .2 2.3 .0 .9 .0 .2 .1 .6 ... .0 .0 1.4 .6 .8 ... .2 .1 .0 .1 .6 .2 1.6 .8 .2 ... ... ... ... .2 .1 .3 ... .1 .1 .1 ... .2 ...

Div Last Chg. Amt. 31.51 28.75 27.07 34.83 53.00 25.09 26.50 25.50 25.37 26.22 26.53 25.85 33.67 26.18 25.09 34.89 41.37 59.19 63.69 72.13 59.12 49.88 147.04 112.15 65.40 102.24 100.76 102.14 85.54 57.08 114.92 54.67 30.21 28.53 35.76 27.32 51.56 98.93 30.66 20.43 36.85 38.45 33.67 26.84 29.78 35.65 33.33 36.02 34.78 29.13 27.73 27.73 35.72 38.67 25.62 49.13 40.30 26.93 20.72 21.54 24.86 42.09 18.97 52.67 28.25 103.42 47.07 92.52 30.90 91.99 85.42 83.87 82.66 67.20 11.91 37.92 41.71 12.52 15.07 18.47 19.42 11.45 26.53 21.31 13.35 10.84 21.78 17.05 24.27 18.77 16.81 76.38 51.84 26.78 88.18 92.61 59.80 15.45 57.89 95.91 46.75 61.76 83.16 75.45 108.80 33.12 47.53 119.19 51.97 57.70 99.76 131.58 67.53 119.74 100.34 132.60 71.09 52.16 144.12 84.84 44.05 53.76 56.59 57.78 111.33 134.12 119.98 88.09 11.50 8.98 10.68 25.10 36.68 43.30 9.42 7.93 32.73 8.31 10.90 11.67 22.89 23.77 14.88 14.05 33.63 8.59 9.11

+0.61 +0.68 +0.60 +0.65 +5.76 +0.05 –0.04 ... –0.05 +0.03 +0.47 +0.34 +0.48 +0.09 +0.05 +1.69 +0.28 +1.04 +1.12 +2.12 +1.72 +0.02 –1.68 –0.18 –0.11 +0.04 +0.04 +0.03 –0.62 +0.11 –0.10 +0.06 +0.70 +0.54 +0.65 +0.35 ... +0.37 +0.73 +0.72 –0.33 +0.16 +0.70 +1.56 +0.15 +1.15 +0.97 +0.84 +1.55 +0.39 +0.67 +0.01 +1.18 +1.29 +0.10 +0.05 +0.18 ... +0.06 +0.10 +0.07 –0.06 –0.27 +0.48 –0.06 +2.80 +1.14 +2.80 +0.02 –0.10 +1.02 +0.98 +1.04 +0.60 –0.10 –0.45 –0.77 –0.48 –0.27 –0.06 –0.43 –0.32 –0.74 –1.09 –0.21 –0.16 –0.57 –0.22 –0.01 –0.71 +0.09 +1.07 +4.31 +0.35 –1.06 +0.74 +1.34 +0.14 +2.09 +6.63 +1.57 +0.64 +2.50 +0.32 +5.71 –0.41 +1.76 +6.33 +3.21 +2.95 +8.78 +3.80 +1.71 +5.85 +2.52 +18.00 –0.09 +1.58 +10.05 +3.62 +0.43 –0.69 –1.54 +0.44 +3.68 +10.30 +8.34 +3.29 –0.40 –0.78 –0.89 –0.99 +0.71 –1.19 –0.17 –0.74 –0.59 +0.10 –0.10 –0.27 –0.28 –1.89 –0.55 –0.52 –0.39 –0.27 –0.54

.0589 .0171 .2772 ... 1.1043 .08 .0359 .0394 .023 .2454 .3361 ... .3786 .2553 ... .2317 .1938 .2895 .3156 .2979 .185 .0554 .65 .23 .05 .12 .07 .042 .06 .08 .2456 .06 .20 .16 .18 .15 .0375 .36 .2439 .12 .1385 .2547 .1007 .3398 ... .1502 .176 .0792 .1153 .169 .203 .2812 .0228 .054 .0617 .1011 .133 .0623 .0663 .0847 .0346 .2708 .0166 .0421 .1511 .7962 .0183 .5695 .1133 .123 .3044 .2676 .2883 .3043 .0049 .055 ... .011 .0196 .0125 .0086 .0196 .0152 ... .0448 .0079 .0499 .0279 .0229 .0097 .0351 .1272 ... ... .052 .0198 .04 ... ... ... .0781 ... .0364 1.7338 .0364 ... ... .0086 ... .0504 .5511 .0045 .3023 .0067 .0842 .0255 .0797 ... .0318 .0344 .1961 .1599 .2117 ... .1112 .0229 .0027 .0265 .0662 .0157 .1659 .2078 .0867 ... ... ... ... .0168 .0069 .0384 ... .0207 .0143 .0168 ... .0167 ...

Name

Tick Sym Yld

ProShUltra7-10 PST ProShUltBrazil BZQ ProShrUS MSCI EAFE EFU ProShUltMSCIEM EEV ProShrUS MSCI Jpn EWV ProShUltMC400 MZZ ProShrUSOilGas DUG ProShUltShtQQQ QID ProShrUSRlEst SRS ProShUltShRus2000 TWM ProShUltShtS&P500 SDS ProShrUSSemi SSG ProShUltShtSilver ZSL ProShUlShtSC600 SDD ProShrUSTech REW ProShUltraSh20+ TBT ProShrUSUtil SDP ProShUltShtYen YCS Qraft AI US Hi Div HDIV QRAFT AI US LC QRFT QRAFTAIUSLCMom AMOM QraftAINxtValue NVQ QuadIntRtVol IVOL RoboGlbAI THNQ RoboGlbHlthTch HTEC RoboGlblRobotics ROBO RPAR RiskParity RPAR RayliantQuanCn RAYC RealEstSectorSPDR XLRE RenaissanceIPO IPO RenaissanceIntlIPO IPOS RivFrDynCoreIncm RFCI RivFrDynUSDiv RFDA RivFrDynUSFlex RFFC RivFrDynUnconInc RFUN RivFrStratIncm RIGS RoundAcqDpVal DEEP RoundBitEsports NERD RoundSportsBet BETZ RoundStreamSvs SUBZ SPAC&NewIssueETF SPCX SPDRBlackstoneSrLn SRLN SPDRBloomBarCvSecs CWB SPDRBBCpBd SPBO SPDRBloomBarEMLoBd EBND SPDR BlmBarcHYBd JNK SPDRBloomBarInCpBd IBND SPDRBlmBarIntTrBd BWX SPDRBlmBarInvGrdFR FLRN SPDRBloomBarc1-10Y TIPX SPDRBloomBar1-3MTB BIL SPDRBloomBarSTHYBd SJNK SPDRBloomBarSTInTr BWZ SPDR 3-12MT-Bill BILS SPDRBlSASBCpBd RBND SPDRDoubleTRTact TOTL SPDRDJGlbRealEst RWO SPDREUROSTOXXSC SMEZ SPDRIntGovBd WIP SPDRFactSetInnTech XITK SPDRGlobalDow DGT SPDRGoldMini GLDM SPDR Gold GLD SPDRMFSSysCore SYE SPDRMFSSysGrowth SYG SPDRMFSSysValueEqu SYV SPDRACWILowCarbon LOWC SPDREAFEFossilFr EFAX SPDRMSCIEAFEStrat QEFA SPDREMFossilFuelFr EEMX SPDRMSCIEMStrat QEMM SPDRMSCIUSAStrat QUS SPDRMSCIWorldStrat QWLD SPDR NYSE Tech XNTK SPDRNuvBBHYMuni HYMB SPDRNuveenMuniBd TFI SPDRNuveenSTMuniBd SHM SPDRPtfAggBd SPAB SPDRPtfDevxUS SPDW SPDRPtfEM SPEM SPDR PtfEurope SPEU SPDR PtfHYBd SPHY SPDRPtfIntermCpBd SPIB SPDR PtfIntTrea SPTI SPDRPtfLTCorpBd SPLB SPDRPtfLgTermTrea SPTL SPDR PtfGSM SPGM SPDRPtfMtgBkdBd SPMB SPDRS&P500Value SPYV SPDRPtfS&P1500 SPTM SPDRPtfS&P500 SPLG SPDRS&P500Growth SPYG SPDRS&P500HiDiv SPYD SPDRPtfS&P400MC SPMD SPDRPtfS&P600SC SPSM SPDRPtfSTCpBd SPSB SPDRShtTermTrea SPTS SPDR PtfTIPS SPIP SPDRRuss1000LowVol ONEV SPDRRuss1000Mom ONEO SPDRRuss1000Yd ONEY SPDRMomentumTilt MMTM SPDRS&P1500ValTilt VLU SPDR S&P500MidGr MDYG SPDR S&P400MidVl MDYV SPDRS&P600SmallCap SLY SPDR S&P600SCpGr SLYG SPDR S&P600SCapVal SLYV SPDR Aero Dfns XAR SPDRS&PBank KBE SPDRS&PCapitalMkts KCE SPDREmMktsDiv EDIV SPDR S&P EM SC EWX SPDR S&P500 ESG EFIV SPDRS&P500Fossil SPYX SPDRS&PGlbDividend WDIV SPDRS&PGlbInfr GII SPDRS&PGlbNatRes GNR SPDRS&PHlthCareEqp XHE SPDRS&PHlthCareSvs XHS SPDRS&PInsurance KIE SPDRS&PInternetETF XWEB SPDRS&PKenCleanPwr CNRG SPDRS&PKenFinalFr ROKT SPDRS&PKenFut FITE SPDRS&PKenInt SIMS SPDRS&PKenNewEc KOMP SPDRS&PKenSmart HAIL SPDRS&PNAmNatlRscs NANR SPDRS&POil&GasEq XES SPDRS&PRegionalBkg KRE SPDRS&PSft&Svs XSW SPDRS&PTelecom XTL SPDRS&PTransport XTN SPDRSSGAFxScRt FISR SPDRGenderDivers SHE SPDR US LC Low Vol LGLV SPDR SSGA US XLSR SPDR US SC LowVol SMLV SPDRSolactCda ZCAN SPDRSolactGermany ZDEU SPDRSolactHK ZHOK SPDRSolactJpn ZJPN SPDRSolactUK ZGBR SPDRSSgAGlbAll GAL SPDRSSgAIncmAllctn INKM SPDRSSgAMultiAsset RLY

.1 .2 .1 .2 ... .3 .1 1.1 .2 .6 .5 .5 ... ... .3 .3 .1 ... 2.1 .0 .1 .1 3.4 ... ... .2 .8 ... 3.0 .1 .4 1.9 1.5 1.4 4.2 3.4 3.6 .3 .2 ... ... 4.8 2.1 2.7 3.7 5.0 .4 .9 1.1 1.7 .2 5.2 .1 ... 1.7 2.9 3.1 .0 1.6 .0 1.8 ... ... .0 .0 .0 1.5 1.6 1.8 1.3 2.3 1.7 1.7 .3 3.5 1.9 1.1 2.4 1.8 1.7 2.2 5.6 2.1 .7 3.1 1.8 1.4 2.9 2.3 1.5 1.5 .9 4.5 1.2 1.0 1.8 .6 2.0 1.8 1.2 2.5 1.1 1.8 .6 1.5 1.0 .6 1.2 .6 2.2 2.0 3.3 2.1 1.2 1.3 5.3 2.6 2.6 ... .2 1.8 .3 .5 .5 .8 .5 .5 .4 2.5 1.1 2.4 .2 .8 .7 2.5 1.2 1.9 1.2 2.2 .0 .0 .0 .0 .0 2.1 3.8 2.0

Div Last Chg. Amt. 15.97 8.73 11.76 14.15 12.94 10.62 19.82 24.29 11.20 14.59 11.15 10.38 5.75 7.27 11.87 18.74 18.34 69.98 28.02 42.09 34.73 30.48 28.82 45.93 51.87 71.55 23.92 29.68 38.37 76.13 40.57 25.86 40.01 41.66 25.95 24.84 31.43 38.78 31.73 16.12 32.08 45.96 92.20 35.50 27.75 109.64 37.30 30.65 30.65 21.06 91.51 27.22 32.57 100.09 25.01 49.03 46.18 75.07 58.09 262.15 102.41 18.13 170.69 103.79 124.92 75.00 120.99 81.22 72.56 86.85 70.46 108.23 95.83 159.17 60.19 52.61 49.85 30.35 35.63 47.10 39.05 26.75 36.97 32.81 31.68 42.18 52.42 26.35 35.94 48.70 46.18 58.30 35.99 44.63 41.53 31.38 30.70 31.10 94.55 91.02 82.64 169.83 131.54 76.77 61.09 92.32 89.44 76.20 125.96 47.47 81.78 29.29 54.77 36.53 97.20 63.18 50.41 48.59 128.96 109.43 34.73 194.29 144.58 41.04 50.60 46.22 75.46 69.78 36.27 53.37 61.08 175.77 99.56 77.75 31.56 96.06 122.18 41.93 106.61 67.62 66.14 72.67 93.68 47.30 44.52 34.58 26.07

+0.01 +0.09 –0.51 –0.84 –0.89 –0.59 –2.13 –0.78 –0.31 –0.79 –0.28 –1.67 –0.22 –0.56 –0.57 +0.24 +0.46 –0.59 +0.25 +1.24 +0.95 +1.07 +0.10 +2.21 +1.82 +2.88 +0.23 +1.67 +0.43 +2.01 +1.10 –0.03 +0.69 +1.01 +0.12 +0.03 +1.08 +2.43 +0.89 ... +0.19 +0.03 +2.37 –0.02 +0.13 +0.38 +0.15 +0.14 +0.01 +0.02 –0.01 +0.10 +0.19 ... –0.04 –0.14 +0.93 +1.17 +0.18 +15.78 +2.15 +0.11 +0.88 +1.21 +2.04 +1.23 +1.94 +1.75 +1.55 +2.52 +1.14 +1.46 +1.48 +5.04 +0.28 +0.11 +0.01 –0.06 +0.77 +1.41 +0.69 +0.10 ... –0.02 –0.07 –0.24 +0.99 –0.10 +0.54 +0.69 +0.58 +0.61 +0.85 +1.19 +1.44 –0.01 ... –0.01 +2.12 +2.21 +2.13 +2.41 +2.61 +2.07 +1.64 +3.25 +3.34 +2.53 +4.00 +1.43 +2.48 +0.46 +1.29 +0.38 +1.37 +0.97 –0.37 +1.54 +3.81 +1.96 +0.65 +7.14 +4.48 +0.46 +1.29 +0.97 +4.91 +2.61 +0.89 +0.51 +2.13 +8.87 +2.33 +2.78 –0.07 +2.87 +1.68 +0.52 +3.02 +1.68 +0.60 +2.01 +2.92 +0.99 +0.65 +0.23 +0.47

.0175 .0185 .0083 .0261 ... .0287 .0289 .2617 .0237 .083 .0569 .0472 ... ... .0388 .0003 .0236 ... .147 .6683 7.7737 .008 .085 ... ... .1192 .0756 ... .4663 .0657 .2031 .0378 .0775 .0464 .0953 .0575 .1425 .3167 .0714 ... ... .17 .0438 .0721 .078 .404 .0105 .0223 .0127 .0214 .0033 .0956 .0021 ... .0388 .099 .5151 .6465 .057 .1274 .6483 ... ... .3326 .1049 .2132 1.0345 .6562 .739 .3338 1.1371 1.0337 .7846 .08 .1802 .0787 .0346 .0546 .3247 .5119 .2256 .1248 .0494 .0095 .0813 .0589 .4474 .058 .194 .204 .1812 .1311 .6066 .1671 .1526 .0345 .0051 .0122 .5906 .3306 .6839 .4503 .5774 .1937 .2428 .3346 .23 .2895 .1034 .2993 .652 .0719 .8081 .1436 .331 1.3575 .7792 .4833 ... .0916 .196 .2548 .1172 .065 .076 .0692 .2031 .0217 .3404 .0689 .395 .0519 .2464 .20 .0495 .2869 .9641 .153 1.0779 .7592 1.055 .6809 .7031 .6751 .3629 .4799 .2609

Name

Tick Sym Yld

SPDRSSgAUltraShrt ULST 1.2 SPFdsDJGlbSukuk SPSK 2.2 SPFdsS&P500Sharia SPUS 1.1 SPFdsS&PGlShar SPRE .3 SchwabEM Equity SCHE 1.9 Schwab5-10YCpBd SCHI 2.2 SchwabFundEmgLrg FNDE 2.3 SchwabFundIntLrgCo FNDF 2.0 SchwabFundIntlSmCo FNDC 1.7 SchwabFundUSBrd FNDB 2.0 SchwabFundUSLrgCo FNDX 2.1 SchwabFundUSSmCo FNDA 1.1 SchwabIntmUSTrsr SCHR 1.5 SchwabIntEquity SCHF 2.0 SchwabIntlSC SCHC 1.5 SchwabLTUSTrea SCHQ 1.6 Schwab1-5YCpBd SCHJ 1.6 Schwab1000Index SCHK 1.5 SchwabSrtTRmUSTrsr SCHO 1.2 SchwabUS AggrBd SCHZ 2.4 SchwabUS BrdMkt SCHB 1.5 SchwabUS Div SCHD 3.0 SchwabUS LC SCHX 1.6 SchwabUS LC Grw SCHG .5 SchwabUS LC Val SCHV 2.9 SchwabUS MC SCHM 1.2 SchwabUS REIT SCHH 2.7 SchwabUS SC SCHA .9 Schwab US TIPs SCHP 1.1 SimplUSConvex SPYC 1.5 SimplUSPlusDown SPD 1.7 SimplUSPlusUp SPUC 2.8 SimplifyVoltCloud VCLO ... SimplifyVoltFin VFIN ... SimplifyVoltPop VPOP ... SimplifyVoltRobo VCAR ... 6MeridianHdg SIXH 1.8 6MeridianLowBeta SIXL .6 6MeridianMega SIXA 1.7 6MeridianSC SIXS .7 SmartAdvertising MRAD ... SmartTransport MOTO .2 SoFi50ETF SFYF .4 SoFiNext500 SFYX 1.0 SoFiSelect500 SFY 1.1 SoFiWeeklyIncm TGIF .9 SoundEnhFixed SDEF ... SoundEquIncm SDEI ... SPDR DJRlEst RWX 2.9 SPDR DJREIT RWR 3.5 SPDR DJIA Tr DIA 1.8 SPDR EurSTOXX FEZ 2.0 SPDR MSCI exUS CWI 1.9 SpdrSPIntDiv DWX 3.8 SPDR S&PMdCpTr MDY 1.0 SPDR S&P 500 SPY 1.4 SPDR S&P Biotch XBI .2 SPDR SP China GXC .9 SPDR S&P Div SDY 2.7 SPDR SP EmAsPac GMF 1.2 SPDR S&P Home XHB .6 SPDR IntlSC GWX 1.6 SPDR S&P MtlMng XME .9 SPDRS&POilGasExpl XOP 1.8 SPDR S&P Pharm XPH .4 SPDR S&P Retail XRT .8 SPDR S&P Semi XSD .2 SPDRWelsFrg PSK 5.2 SprottGoldMiners SGDM .3 SprottJrGoldMiners SGDJ 2.1 SterlingCapFocus LCG ... SyntaxStratLC SSPY 1.4 SyntaxStratMC SMDY .8 SyntaxStratifiedSC SSLY .4 TRowePriceBlueChip TCHP ... TRowePriceDivGwth TDVG .8 TRowePriceEqIncm TEQI 1.6 TRowePriceGrowth TGRW .0 TechSelectSector XLK .9 TeucriumAgriFd TAGS ... TeucriumCornFd CORN ... TeucriumSoybeanFd SOYB ... TeucriumSugarFd CANE ... TeucriumWheatFd WEAT ... TimothyHiDiv TPHD 2.3 TimothyPlanIntl TPIF 2.0 TimothyUS LMC TPLC .8 Timothy US SC TPSC 1.0 TortoiseNAPipeline TPYP 5.6 TransamDeltaS&PEM DMRE .7 TrendAggCon TACE .2 TrendAggDiv TADS .0 TrendAggGrowth TAAG .0 TrueESGActOpps ECOZ .4 TrueShLowVol DIVZ ... TrueTechAI LRNZ ... UBS FIEnhGlbHY FIHD ... UBS FIEnhLCGrw FBGX ... USCF SummerDynCom SDCI .2 USEquCumDiv2027 IDIV 11.1 USEquityxDiv2027 XDIV ... USGlbGOGold GOAU .2 U.S.GlobalJetsETF JETS .0 USVeganClimate VEGN .7 UtilitiesSelSector XLU 3.1 VanEckMerkGoldTr OUNZ ... VanEckAfrica AFK 3.7 VanEckAgribus MOO 1.0 VanEckBDCIncome BIZD 9.4 VanEckBrazilSC BRF 1.7 VanEckChinaGrwth GLCN .1 VanEckChinaBond CBON 2.8 VanEckSMEChiNxt CNXT .0 VanEckEgypt EGPT 2.3 VanEckEM AggBd EMAG 4.2 VanEckEMHYBond HYEM 5.4 VanEckEnerIncm EINC 5.9 VanEckEnvironSvcs EVX .3 VanEckGoldMiner GDX .5 VanEckGreenBd GRNB 2.2 VanEckIndiaGrwth GLIN .2 VanEckIndonesia IDX 1.6 VanEckIntlHYBd IHY 4.6 VanEckInvtGrFR FLTR 1.3 VanEckIsrael ISRA .2 VanEckJPMEMLCBd EMLC 4.8 VanEckJrGold GDXJ 1.7 VanEckLong/Flat LFEQ 2.0 VanEckLowCarbon SMOG .0 VanEckMtgREIT MORT 7.7 VanEckNatRscs HAP 2.2 VanEckOilRefin CRAK 2.4 VanEckOilSvcs OIH 1.0 VanEckPfdSecsxFin PFXF 5.2 VanEckRareEarth REMX .6 VanEckRealAsset RAAX 5.8 VanEckSteel SLX 1.8 VanEckUnOil&Gas FRAK 1.3 VanEckUranium NLR 2.2 VangdCnsmrDiscr VCR 1.6 VangdCnsmrStpls VDC 2.5 VangdExtMkt VXF .9 VangdInfoTech VGT .8 VangdMatrls VAW 1.6 VangdSC Grwth VBK .4 VangdSC Val VBR 1.5

Div Last Chg. Amt. 40.51 20.34 26.81 20.70 34.47 53.14 30.57 31.28 37.13 48.33 48.51 48.88 57.73 37.82 39.71 51.21 51.37 39.56 51.37 55.25 96.95 67.02 96.23 136.69 62.57 74.90 39.80 102.01 62.12 28.43 28.12 28.65 13.10 15.14 13.53 14.09 27.38 32.92 31.11 44.00 31.75 46.11 31.41 13.79 14.54 104.57 20.16 21.94 34.36 92.01 315.04 43.37 29.71 37.32 463.58 392.64 164.32 154.50 111.18 145.37 65.06 37.49 35.59 75.63 55.97 80.01 200.34 43.04 28.76 45.60 27.76 59.53 38.17 50.89 29.70 28.91 31.36 30.88 138.59 22.18 16.70 20.42 7.13 6.16 27.11 27.99 32.47 31.62 19.09 65.32 25.26 27.30 28.43 37.65 25.68 53.22 192.23 613.75 17.69 12.14 88.13 19.63 23.56 36.72 62.62 17.75 21.75 85.70 15.12 20.68 54.87 24.22 57.62 27.15 21.70 23.85 46.26 125.60 34.78 27.72 34.39 21.01 25.93 25.42 48.73 32.93 50.25 36.33 187.28 17.69 42.38 27.43 181.20 20.45 84.87 23.90 47.57 96.30 50.64 297.34 172.20 187.63 380.61 162.27 302.04 157.97

+0.02 –0.06 +0.43 +0.01 +1.04 –0.02 +0.72 +0.60 +0.73 +0.82 +0.73 +1.43 –0.02 +0.80 +0.75 –0.32 +0.02 +0.62 –0.01 –0.11 +1.60 +0.99 +1.45 +1.70 +1.05 +2.04 +0.59 +2.73 –0.02 +0.39 +0.35 +0.45 +0.17 +1.73 +0.31 –0.32 +0.07 +0.71 +0.39 +1.35 +1.74 +1.47 +0.64 +0.43 +0.15 +0.19 +0.07 +0.50 +0.41 +2.43 +3.50 +0.76 +0.71 +0.36 +12.26 +4.93 –2.46 +7.16 +1.79 +5.32 +1.45 +0.80 +1.06 +5.62 +1.79 +1.15 +14.86 –0.28 –0.40 –0.59 +0.76 +1.18 +0.97 +1.77 +0.54 +0.35 +0.58 +0.42 +3.27 –0.06 –0.26 +0.13 –0.04 –0.04 +0.48 +0.41 +0.71 +1.08 +0.56 +1.78 +0.21 +0.66 +0.63 +0.96 +0.19 +1.92 +3.77 +14.98 +0.47 +0.18 +2.21 +0.59 +0.51 +0.67 –0.97 +0.11 +0.40 +2.22 +0.17 –0.14 +3.59 +0.19 +5.04 +0.07 +0.04 +0.01 +1.57 +2.24 +0.17 –0.04 +0.30 +0.01 +0.04 +0.04 +1.28 +0.16 –0.12 +0.46 +4.69 +0.19 +1.18 +1.04 +4.39 –0.12 +8.47 +0.68 +1.50 +7.00 +0.53 –0.86 +0.61 +5.73 +9.91 +2.37 +9.03 +4.17

.0247 .042 .026 .067 .5342 .0534 .5603 .4378 .4901 .2338 .2388 .0511 .0526 .5097 .6089 .0687 .0348 .1473 .0303 .1063 .3646 .6015 .3689 .1689 .3795 .0549 .1185 .3033 .1261 .1079 .1162 .2029 ... ... ... ... .0374 .0085 .0405 .0486 ... 1.02 .0321 .0881 .083 .05 ... ... .2286 1.2931 .1275 .2502 .2741 .3027 1.4484 1.58 .176 .7905 .9868 1.1135 .1182 .2884 .0819 .3007 .0538 .2512 .0991 .18 .0928 .9687 ... .9121 .301 .1946 ... .0762 .1601 .0318 .2976 ... ... ... ... ... .0346 .0932 .0058 .0145 .2425 .1947 .0435 2.617 4.0115 .136 ... ... ... ... .0332 .11 ... 1.0359 .0086 .0915 .5218 ... .796 .8564 .3249 .3529 6.0309 .0663 .0038 .625 .073 .0765 .6601 .3906 .1899 .0379 .0783 .3429 .0971 .018 .0763 .1253 .8554 .7143 .0918 .3536 .9444 .66 1.8911 .0425 .5348 1.392 .8333 1.2069 1.0964 3.7937 1.5724 .8095 .6898 .8238 .5023 .8762

Name

Tick Sym Yld

VangdCommSvcs VOX VangdDivApp VIG VangdEnergy VDE VangdExDurTreas EDV VangdAWxUSSC VSS VangdFTSEDevMk VEA VangdFTSE EM VWO VangdFTSE Europe VGK VangdFTSE Pac VPL VangdFinls VFH VangdFTSEAWxUS VEU VangdGrowth VUG VangdHlthCr VHT VangdHiDiv VYM VangdIndls VIS VangdIntermBd BIV VangdLC VV VangdLT Bond BLV VangdMegaCap MGC VangdMegaGrwth MGK VangdMegaVal MGV VangdMC VO VangdMCGrowth VOT VangdMC Val VOE VangdRealEst VNQ VangdS&P500ETF VOO VangdS&P500 Grw VOOG VangdS&P500Val VOOV VangdS&PMC400 IVOO VangdS&P400Grwth IVOG VangdS&P400Val IVOV VangdS&P600 VIOO VangdS&P600Grwth VIOG VangdS&P600Val VIOV VangdST Bond BSV VangdSC VB VangdTaxExemptBd VTEB VangdTotalStk VTI VangdTotlWrld VT VangdUtilities VPU VangdValue VTV VesperUSLCShort UTRN VicShUSAACrIntBd UITB VicSh USAAShtBd USTB VicShUSAA EMVal UEVM VicShUSAA IntlVal UIVM VicSh USA SC Val USVM VicShUSAA USAVal ULVM VidentUSBdStrat VBND VidentCoreUSEquity VUSE VidentIntlEquityFd VIDI VirtusInfrUSPfd PFFA VirtusLifeSciBio BBC VirtusLifeSciBio BBP VirtusNewABS VABS VirtusNewDynCredit BLHY VirtusNewMultiBd NFLT VirtusPrvCrd VPC VirtusRealAsset VRAI VirtusReavesUtil UTES VirtusSeixSrLoan SEIX VolsharesLC VSL WBIBullBrGlbIncm WBII WBIBullBrQu3000 WBIL WBIBullBrRsInc300 WBIE WBIBullBrTdUS WBIT WBIBullBrTrdUSTR WBIN WBIBullBrVal3000 WBIF WBIBullBrYd3000 WBIG WBIPwrFactorHiDiv WBIY WedETFMGGlbCld IVES WedbushVideoGame GAMR WisdTrUSDBull USDU WisdTrCBOES&P500 PUTW WisdTrChineseYuan CYB WisdTrEmgCurr CEW WisdTrEMxSOE XSOE WisdTrEM HiDiv DEM WisdTrEMLocDebt ELD WisdTrEMMulti EMMF WisdTrEM SC DGS WTEnhCmdStrategyFd GCC WisdTrEuropeHdg HEDJ WisdTrEuropeHdgSM EUSC WisdTrEurQualDiv EUDG WisdTrEuropeSC DFE WisdTrFRTrea USFR WisdTrGlbxUSQual DNL WisdTrGlbxUSREFd DRW WisdTrGlbHiDiv DEW WisdTrGrwLdrs PLAT WisdTrIndiaEarn EPI WisdTrIndiaxSOE IXSE WisdTrIntDivxFin DOO WisdTrIntlEquity DWM WisdTrIntlHdgQual IHDG WisdTrIntlHiDiv DTH WisdTrIntlLC Div DOL WisdTrIntlMC Div DIM WisdTrIntlMult DWMF WisdTrIntlSC DLS WisdTrJapanHdg DXJ WisdTrJapanSC DFJ WisdTrMgdFut WTMF WisdTrMtgPlBdFd MTGP WisdTr90/60USBal NTSX WisdTrUSDivxFin DTN WisdTrUSHiDiv DHS WisdTrUSLCDivFd DLN WisdTrUSLCFd EPS WisdTrUSMCDivFd DON WisdTrUSMCFd EZM WisdTrUSQualShr QSY WisdTrUSSCDiv DES WisdTrUSSCFd EES WisdTrUSTotalDivFd DTD WisdTrUSTMFd RESP WisdTrYdUSAggBd AGGY XtrkFTSEDevxUS DEEF XtrkrsHarvCSI300 ASHR XtrkrsHarvCSI500 ASHS XtrkrsHiBetHYBd HYUP XtrkIntlRealEst HAUZ XtrkrsJpnJPXNik400 JPN XtrrsLowBetHYBd HYDW XtrkACWIxUSESGLd ACSG XtrkrsMSCIAllChina CN XtrkrsMSCIAWxUS HDAW XtrkrsMSCIAWxUS DBAW XtrkMChinaAIncl ASHX XtrkESGLeaders EASG XtrkrsMSCIHiDiv HDEF XtrkrsMSCIEAFE DBEF XtrkrsMSCIEMESG EMSG XtrkrsMSCIEM DBEM XtrkrsMSCIEurope DBEU XtrkrsMSCIEurozone DBEZ XtrkrsMSCIGermany DBGR XtrkrsMSCIJapan DBJP XtrkMSCIKokusai KOKU XtrkUSAESGLdrs USSG XtrkrsMuniInfra RVNU XtrkRuss1000USQu QARP XtrkRussUSMulti DEUS XtrkS&P500ESG SNPE XtrkrsShDurHYBd SHYL XtrkrsUSDHYCorpBd HYLB

.7 1.6 4.0 2.2 1.8 1.9 1.7 2.0 1.7 2.1 1.9 .6 1.1 3.0 1.3 2.2 1.4 3.1 1.4 .6 2.4 1.3 .5 2.2 3.7 1.5 .8 2.3 1.1 .7 2.2 .9 .6 1.2 1.7 1.0 1.9 1.3 1.6 3.2 2.4 1.1 2.3 2.0 2.0 1.7 1.1 1.4 2.0 1.2 2.3 8.2 ... ... ... 3.6 3.6 9.0 3.7 2.1 4.1 .8 3.3 .2 .3 3.2 4.0 .1 .9 4.7 .3 .8 .7 1.4 .4 .6 .9 4.0 4.7 1.7 3.5 ... 2.5 3.2 1.8 2.3 .2 1.7 2.9 3.9 .1 .7 .1 3.3 2.6 1.9 3.6 2.7 2.4 2.0 2.4 2.3 2.5 .4 1.9 .8 3.4 4.0 2.6 1.8 2.5 1.5 1.5 2.4 1.1 2.7 1.3 2.4 2.6 .7 .4 6.9 3.3 1.9 4.4 1.6 .7 4.1 1.9 .7 1.6 3.8 2.3 1.2 1.6 2.3 1.9 2.8 2.3 .5 1.3 2.4 1.5 1.5 1.4 6.1 5.1

Div Last Chg. Amt. 131.77 143.36 62.18 138.77 128.92 49.60 56.19 62.75 84.26 78.43 62.45 268.90 236.79 95.75 177.09 91.75 185.40 104.23 139.91 215.19 90.28 223.57 230.34 127.71 89.59 361.05 242.60 129.25 171.74 198.17 144.83 194.88 230.24 161.46 82.75 217.90 55.51 207.49 98.58 137.51 124.47 30.65 54.15 51.92 49.40 47.72 69.66 60.20 51.71 38.87 26.53 22.49 59.54 58.87 25.04 24.68 25.42 22.51 23.99 40.49 24.93 39.27 24.91 28.54 29.19 20.29 17.30 29.27 24.80 24.84 59.22 93.66 25.10 29.36 27.78 18.55 45.00 42.82 34.61 26.90 50.14 20.18 69.10 32.66 31.23 68.14 25.10 80.52 25.78 44.54 49.42 31.59 31.36 42.29 52.78 41.08 38.91 47.61 66.85 25.48 71.33 59.05 76.33 38.68 51.46 38.10 87.67 71.45 110.20 42.07 37.91 48.30 106.67 29.39 44.86 108.42 43.21 52.92 31.18 45.67 37.14 48.51 27.16 34.51 51.05 33.76 52.82 24.85 32.64 33.69 30.26 23.73 35.35 37.56 30.86 31.17 34.60 30.11 49.28 75.28 35.99 29.61 35.75 40.63 34.38 47.78 50.39

+2.75 +1.55 +3.06 –1.41 +2.52 +1.03 +1.69 +1.12 +1.95 +1.76 +1.48 +3.90 +3.77 +1.22 +2.96 –0.09 +2.59 –0.34 +1.60 +2.15 +1.12 +5.75 +7.07 +2.82 +1.48 +4.61 +2.50 +1.90 +4.59 +5.47 +3.91 +6.94 +8.76 +5.03 +0.01 +5.96 +0.16 +3.38 +1.93 –1.73 +1.69 +0.30 –0.09 –0.01 +1.29 +0.89 +2.35 +1.42 +0.05 +1.00 +0.54 ... +0.29 –1.51 ... +0.05 –0.32 +0.14 +0.41 –0.46 +0.11 +0.13 +0.04 +0.58 +0.71 +0.11 –0.01 +0.68 +0.47 +0.30 +1.43 +3.68 –0.33 +0.12 +0.08 +0.20 +1.29 +0.63 +0.19 +0.52 +1.15 +0.52 +0.51 +0.21 +0.45 +1.11 –0.01 +2.09 +0.23 +0.61 +1.32 +0.57 +0.59 +0.72 +1.04 +0.76 +0.73 +1.05 +1.25 +0.39 +1.20 +1.65 +1.74 +0.39 –0.07 +0.49 +0.80 +0.46 +0.72 +0.55 +0.90 +1.45 +2.08 +0.81 +1.45 +0.98 +0.45 –0.12 +0.51 +3.09 +1.80 +0.19 +0.39 +1.10 +0.12 +0.88 +2.60 +0.36 +0.65 +2.11 +0.62 +0.30 +0.56 +1.26 +0.80 +0.35 +0.36 +0.11 +1.36 +1.42 +0.38 +0.13 +0.68 +0.88 +0.35 +0.08 +0.14

.2219 .6644 .6029 6.1046 1.9669 .4147 .3009 .3779 .8822 .4781 .4518 .4606 .8816 .8096 .6416 .1539 .6846 .2592 .608 .4499 .6513 .9373 .3193 .7487 1.3377 1.3829 .6468 .9326 .7844 1.3201 3.1834 1.8256 .6301 .7423 .0962 .8934 .0782 .7818 .5524 1.3295 .7892 2.3583 .0538 .0573 .0039 .0291 .0315 .0459 .4735 .261 .4101 .16 ... ... ... .02 .0452 .6625 .3334 .25 .1589 1.0277 .0692 .0084 .0456 .3113 .0583 .0237 .064 .4067 .125 .49 .1726 .4086 .1118 .1181 .1494 .2927 .13 .0935 .4875 ... .3706 .1841 .1107 .3291 .0005 .3246 .7604 .4553 .0474 .0807 .015 .333 .3337 .354 .3455 .3204 .4005 .1791 .4585 .7923 .9438 .1728 .0775 .1153 .075 .085 .155 .1997 .01 .306 .078 .01 .0304 .135 .1428 .0975 .1551 .3248 .1531 .30 .5446 .3597 .1534 .2942 .3499 .2432 .3964 .2365 .2343 .2952 .3718 .1646 .3725 .3359 .372 .4734 .01 .3715 .1553 .0587 .1717 .212 .1416 .2295 .1936

February 15, 2021

BARRON’S

M23

Foreign Markets

Complete FOREIGN EXCHANGE LIST: Page M34 Europe

Key Cross Rates $1=€0.8251, ¥104.92, £0.7217 Asia

GLOBAL STOCK MARKETS

Cheers: Despite the U.K.’s 10% drop in 2020 GDP, investors are betting on a recovery.

S&P Europe BMI

1.16%

Netherlands

5.06

Sweden

2.08

Finland

1.72

Italy

1.58

Denmark

1.57

Greece

1.37

U.K.

1.24

Switzerland

1.13

France

0.64

Germany

0.29

-0.12 Norway -1.81

Spain

-1.89

In Local Currencies Week's % Chg.

Index

1.4 1.3 –0.4 –4.2 –2.1 2.0 1.5 2.2 0.6 0.2 –1.2 2.5 –0.9 1.0 2.5 4.8 –5.7 –1.4 –1.3 1.5 –1.9 1.7 1.2 1.6 1.4

The World E.A.F.E.2 Australia Austria Belgium Canada Denmark Finland France Germany Greece Hong Kong Ireland Italy Japan Netherlands New Zealand Norway Portugal3 Singapore Spain Sweden Switzerland U.K. U.S.A.

2/12 2110.3 1225.6 1337.8 513.5 932.8 2306.8 12615.0 797.9 2074.4 1044.9 37.4 18279.3 256.5 744.4 1185.7 2422.9 183.1 2826.7 96.6 1551.4 792.0 16329.1 1442.4 1844.2 3859.6

52-wk Range 2110.3– 1251.5 1225.6– 842.4 1434.7– 910.3 553.1– 273.9 1117.8– 644.9 2306.8– 1430.3 12615.0– 7757.5 811.8– 492.2 2210.8– 1356.1 1048.0– 639.1 60.0– 29.7 18334.3– 12302.7 276.9– 152.4 835.4– 490.8 1185.7– 754.2 2422.9– 1339.8 206.0– 150.5 3015.9– 2130.0 113.1– 74.0 1718.4– 1178.7 974.0– 589.8 16329.1– 10157.6 1511.4– 1105.4 2127.6– 1428.2 3859.6– 2128.1

In U.S. Dollars Week's % Chg. 1.6 2.1 0.8 –3.5 –1.3 2.6 2.3 2.9 1.4 1.0 –0.5 2.4 –0.1 1.8 2.9 5.6 –5.5 –0.5 –0.5 2.2 –1.1 2.6 2.2 2.5 1.4

Belgium

Week’s %Chg.

Year-to-Date Chg. % Chg.

Amsterdam AEX

676.83 +3.61

+52.22 +8.36

Athens General

776.09 +1.50

–32.90 –4.07

1508.35 +0.78

+59.00 +4.07

Bangkok SET Bombay Sensex Brussels Bel-20 Buenos Aires Merval Copenhagen OMX 20 Dublin ISEQ EURO STOXX SXXE EURO STOXX 50 SXSE

51544 +1.60 +3792.97 +7.94 3819.93

–0.37

+198.65 +5.49

51466 +0.81

+239.72 +0.47

1500.99 +1.76

+35.82 +2.44

7236.36

–1.71

–139.97 –1.90

413.28 +0.82

+15.72 +3.95

3695.61 +1.09

+142.97 +4.02

Frankfurt DAX

14049

–0.05

+331.11 +2.41

Helsinki OMHX

11430 +1.71

+558.42 +5.14

Hong Kong Hang Seng

30173 +3.02 +2942.44+10.81

Istanbul IMKB

1538.44 +0.74

+61.72 +4.18

Jakarta Composite

6222.52 +1.15

+243.45 +4.07

66132 +2.87 +6723.56+11.32

Kuala Lumpur Composite

1599.42 +1.32

LISBON PSI

3606.34

London FTSE - 100 Madrid IBEX 35

8055.00

–1.94

–18.70 –0.23

Manila Composite

6991.01

–0.40

–148.70 –2.08

S&P Pan Asia BMI

2.13%

China

4.53

Hong Kong

3.23

Singapore

3.00

Japan

2.38

India

2.29

Malaysia

1.16

Thailand

0.80

Indonesia

0.15

Taiwan 0.04 -0.22 -0.35

Philippines Australia

-0.75

South Korea

-3.62

New Zealand

Indexes based on S&P Global Broad Market Indices

Week’s %Chg.

Year-to-Date Chg. % Chg.

Mexico City IPC

44202 +0.13

Milan FTSE All Share

25425 +1.24 +1222.99 +5.05

+135.64 +0.31

Moscow RTS

1461.99 +2.11

+74.53 +5.37

Oslo Composite

1075.73

–0.42

+28.14 +2.69

Paris CAC

5703.67 +0.78

+152.26 +2.74

Santiago Selective

3143.54 +3.36

+285.93+10.01

Sao Paulo Bovespa

119428

–0.67

+411.48 +0.35

Seoul Composite

3100.58

–0.64

+227.11 +7.90

Shanghai Composite

3655.09 +4.54

+182.02 +5.24

Shenzhen B Share Idx

1129.19 +5.28

+42.47 +3.91

Singapore FTSE STI

2925.48 +0.63

+81.67 +2.87

820.33 +1.33

+51.95 +6.76

STOXX Europe 50 SXSP

3211.01 +1.47

+102.71 +3.30

STOXX Europe 600 SXXP

414.00 +1.09

+14.97 +3.75

Sydney S&P/ASX 200 Taipel Weighted Tel Aviv 125 Index

6806.70

–0.49

+219.60 +3.33

15802 +4.39 +1069.87 +7.26 1664.01 +0.81

+95.92 +6.12

–27.78 –1.71

Tokyo Nikkei-225

29520 +2.57 +2075.90 +7.56

–4.10

–193.36 –5.09

Toronto S&P/TSX

18460 +1.79 +1026.85 +5.89

6589.79 +1.55

+129.27 +2.00

Vienna ATX

Source: S&P DJ Indices

S&P Global Broad Market Indices

Most Recent Close

Stockholm OMXS

Johannesburg All Share

52-wk Range 2818.8– 1602.1 2227.7– 1354.3 933.1– 467.9 1233.7– 560.7 1500.5– 867.7 1963.0– 1063.8 15560.8– 8380.3 651.1– 353.7 2146.3– 1241.8 2373.4– 1295.2 24.1– 11.9 13134.0– 8808.8 258.9– 125.9 291.2– 175.6 4076.5– 2503.2 4808.2– 2386.2 226.8– 129.5 2437.7– 1377.6 86.4– 51.9 3797.2– 2483.6 442.2– 275.0 10159.1– 5094.4 7019.7– 4831.4 1149.8– 683.9 3859.6– 2128.1

Source: S&P DJ Indices

KEY FOREIGN STOCK MARKET INDEXES Most Recent Close

2/12 2818.8 2227.7 926.0 1175.7 1401.0 1963.0 15417.8 641.4 2124.8 2368.9 16.8 13092.4 237.1 291.2 4073.0 4808.2 200.6 2383.7 76.7 3601.9 403.8 10159.1 6947.3 1064.3 3859.6

Base Jan. 1, 1970=1001Adjusted for foreign exchange fluctuations relative to the U.S. $. 2Europe, Australasia, Far East Index.3Base: Jan. 1, 1988=100. Source: Morgan Stanley Capital International Perspective, Geneva.

Indexes based on S&P Global Broad Market Indices

1st Shot: While many Asian countries took lunar year holidays, Japan approved Pfizer’s vaccine.

1

2962.71

–1.74

+182.27 +6.56

Wellington S&P/NZX 50

12589

–3.56

–502.00 –3.83

Zurich Swiss

10880 +1.16

+176.86 +1.65

Indexes are based on local currencies. Because of various holidays and other market closings, the most recent close is not necessarily that of the week of publication.

Region/ Country

S&P Global Indexes, Local Curr. 02/12/21

Americas Brazil 1217.31 Canada 570.74 Chile 320.31 Mexico 741.74 U.S. 41733.23 Latin America Europe Austria 301.17 Belgium 339.40 Denmark 2471.58 Finland 1628.07 France 425.87 Germany 515.28 Greece 17.99 Ireland 731.41 Italy 231.47 Netherlands 883.31 Norway 649.91 Portugal 62.54 Russia 2465.70 Spain 364.19 Sweden 1614.91 Switzerland 640.33 United Kingdom 267.56 South Africa 996.80 Pacific Region Australia 493.35 China 724.44 Hong Kong 557.14 India 1452.51 Japan 152.01 Malaysia 248.70 New Zealand 417.73 Philippines 358.54 Singapore 215.17 South Korea 1202.81 Taiwan 158.48 Thailand 335.54 Euro Zone Europe Developed (ex U.K.) Europe (Nordic) Pacific (ex. Japan) World (ex US) S&P Global Broad Market Indices GLOBAL DOW

Wkly % Chg. —

— —

— — — —



— — —

0.28 2.00 3.28 0.13 1.60 1.82 1.89 1.57 1.72 0.64 0.29 1.37 0.23 1.58 5.06 0.12 2.41 1.21 1.81 2.08 1.13 1.24 2.83 0.35 4.53 3.23 2.29 2.38 1.16 3.62 0.22 3.00 0.75 0.04 0.80

S&P Global Indexes, U.S. $ 02/12/21 438.89 256.06 570.90 194.28 299.64 41733.23 256.15 440.66 302.94 341.39 2521.11 1637.63 428.37 518.31 19.81 735.70 232.83 888.49 536.87 68.85 264.91 366.32 1369.06 1047.70 245.39 334.17 303.95 555.13 890.39 557.10 784.27 180.81 161.03 586.94 297.75 263.18 1841.58 184.87 540.03 164.01 591.96 1341.94 430.24 249.24 339.64 3695.10

Wkly % Chg. —

— —

— —

— — —

1.61 0.39 2.54 5.10 0.83 1.60 0.32 1.94 1.06 1.13 2.33 2.51 1.42 1.06 2.15 0.54 2.37 5.87 0.71 1.65 1.97 1.05 2.97 2.13 2.15 5.17 2.60 0.85 4.63 3.22 2.54 2.86 1.86 3.39 0.16 3.52 0.75 0.03 1.51 1.66 1.88 2.49 2.47 2.30 1.91 1.96

SP Global Indexes, U.S. $ on 12/31/20 413.23 260.65 535.57 179.61 299.89 39219.62 258.38 427.18 283.22 341.04 2493.20 1570.81 420.20 503.68 20.52 734.58 223.18 792.39 515.56 72.32 253.04 369.58 1292.17 1038.06 237.05 294.27 279.81 532.40 755.42 501.50 722.88 171.41 163.45 620.97 303.05 236.37 1762.81 170.46 514.57 158.66 574.46 1288.10 390.05 234.84 319.69 3488.15

Point Chg. From 12/31/20

% Chg. From 12/31/20

25.66 4.58 35.34 14.67 0.25 2513.61 2.23 13.48 19.71 0.35 27.91 66.81 8.17 14.64 0.71 1.12 9.65 96.10 21.31 3.47 11.87 3.25 76.89 9.64 8.33 39.90 24.14 22.73 134.98 55.60 61.38 9.40 2.42 34.02 5.30 26.81 78.76 14.41 25.46 5.35 17.51 53.83 40.19 14.40 19.95 206.95

6.21 — 1.76 6.60 8.17 — 0.08 6.41 — 0.86 3.16 6.96 0.10 1.12 4.25 1.94 2.91 — 3.47 0.15 4.32 12.13 4.13 — 4.80 4.69 — 0.88 5.95 0.93 3.52 13.56 8.63 4.27 17.87 11.09 8.49 5.48 — 1.48 — 5.48 — 1.75 11.34 4.47 8.45 4.95 3.37 3.05 4.18 10.30 6.13 6.24 5.93

— — —



— —

— — —

s2021 S&P Dow Jones Indices. All Rights Reserved.

M24

BARRON’S

February 15, 2021

Mutual Funds Net YTD 3-Yr. NAV Chg. % Ret. % Ret.

A AAM: B&GIncGroClI 21.18 0.13 AB Funds: AlBeGblBndFdClZ p 8.63 0.00 AllMktRtrn1 8.96 0.21 CapFdInc.LCapGow 85.64 1.61 DiscovValFd 22.58 0.69 15.71 -0.03 IntDurInstl IntlStraEquPtZ 13.75 0.27 MuniIncmShares 12.76 0.07 SmCapGrwPortZCl 97.83 2.35 AB Funds - A: BalWlthStrA p 16.75 0.24 GlobalBondA p 8.64 0.01 107.35 2.12 GrowthA p HighIncomeA p 8.09 0.01 LgCpGrA p 77.44 1.45 11.62 0.03 MuCA A p 10.82 0.03 NtlMuA p RelatValA p 6.04 0.12 SmCpGroA p 86.17 2.06 SmMdCpGrA p 15.94 0.52 SustGlblThemGrA p 171.41 4.90 AB Funds - ADV: 54.04 1.11 ConGroAdv GlbBd 8.63 0.00 HiIncmAdv 8.10 0.00 IntlSmCapPtADV 12.57 0.26 IntlStraEquPtADV 13.73 0.26 IntlStrgCore 12.87 0.16 85.85 1.61 LgCpGrAdv 10.82 0.03 NationalPtf SelectUSLgShrt 14.30 0.17 SmCapCorePortADV 14.92 0.36 SmMdCpGr 17.61 0.57 SmMidCpValAdv 23.44 0.71 SustGlbThemAdv 183.99 5.26 TxMgdWlthAppAdv 19.55 0.34 19.87 0.35 WlthApprStr AB Funds - C: 54.00 1.00 LgCpGrC t AB Funds - I: GlbBd 8.63 0.00 LgCpGroI 85.30 1.59 SmCpGroI 97.16 2.33 Aberdeen Fds: EmMktEqty Inst 23.06 0.75 UltStMuniIncInst 10.05 0.01 USSmCapEq Inst 46.15 1.10 Acadian Emerging Markets: AcadnEm Inv n 25.41 0.53 AIG Funds: FDivStII t 15.92 0.08 Akre Funds: AkreFocusInst 55.93 0.79 AkreFocusRtl 54.37 0.77 Alger Funds A: 35.17 0.60 CapApr SpectraN 31.66 0.64 Alger Funds I: CapAppr I-2 106.93 1.92 Alger Funds Inst: CapApprI 44.61 0.77 Allianz Fds Admin: 105.87 3.64 RCMTechI Allianz Funds A: RCMGrowthA 75.80 1.84 RCMTech t 85.32 2.92 AllianzGI: MidCpValA 31.66 0.44 Amana Income: AmanaIncm n 58.23 0.74 AmanaGrowth n: AmanaGrowth n 59.63 1.70 Amer Beacon Insti: IntlInst 18.92 0.28 LgCapinst 26.08 0.47 SmCpInst 28.31 0.98 Amer Beacon Inv: LgCapInv 23.52 0.42 American Century A: EqIncA p 9.13 0.05 American Century G: 10.55 -0.01 GlBond InfAdjBd 12.67 0.00 NT IntlGr 14.82 0.34 NT MdCapVal 13.47 0.17 NTDiscGro 15.77 0.23 11.35 -0.01 NTDvBnd 16.82 0.47 NTEmgMkt NTEqGrp 11.90 0.18 NTGrwth 22.09 0.41 17.36 0.74 NTHeritage NTHighInc 9.96 0.03 NTIntlVal 10.09 0.19 NTFocLgCapVal 12.05 0.07 SDIPB 10.85 0.02 Sustain Equity 40.53 0.58 American Century I: CaHYMu 11.24 0.04 DivBnd 11.22 -0.01 EmgMkt 17.06 0.47 EqInc 9.15 0.05 51.29 0.92 Growth IntTF 11.99 0.03 MdCapVal 17.82 0.22 OneChoice2030 13.77 0.13 OneChoice2035 17.45 0.19 OneChoiceRet 13.80 0.10 SDIPB 10.84 0.02 10.22 0.49 SmCapVal 84.27 1.40 Ultra American Century Ins:

2.1 35.6 -0.5 6.7 3.8 11.8 -0.9 7.8 3.4 15.9

14.1 12.1 89.1 22.7 18.0 13.9 25.4 141.1

3.8 -0.4 4.4 1.5 3.7 1.3 1.4 5.6 15.9 13.9 7.6

23.5 13.1 91.2 13.0 87.2 15.0 15.4 27.4 138.7 115.7 76.7

6.4 -0.5 1.5 4.8 7.8 1.5 3.8 1.4 3.3 13.5 13.8 11.8 7.7 6.1 6.1

84.6 14.0 13.9 12.3 14.0 16.5 88.6 16.3 31.7 40.4 117.1 22.4 78.0 36.6 37.2

3.6 83.0 -0.5 14.0 3.7 88.6 15.9 140.5 13.5 49.6 0.1 3.8 11.1 63.8 12.5 19.4 2.2

3.2

1.6 72.2 1.6 70.8 6.7 95.1 7.4 97.9 7.0 98.0 6.8 94.9 11.7 149.8 7.8 99.3 11.6 147.1 3.2 15.4 3.2 42.2 6.1 93.1 3.1 6.2 6.1 26.6 12.8 26.5 6.0 25.3 1.2 24.4 -0.6 0.2 4.7 4.7 6.2 -0.9 12.4 6.0 7.8 11.8 1.9 3.9 2.4 1.0 5.0

16.7 20.4 48.0 25.9 77.1 18.4 45.5 48.2 96.5 109.3 22.6 10.9 28.6 13.8 NS

1.7 -0.8 12.2 1.3 7.8 1.3 4.6 2.9 3.4 2.2 1.0 17.2 6.2

18.8 17.4 40.3 26.2 91.6 16.1 23.1 31.6 34.4 27.4 12.3 45.0 112.5

Net YTD 3-Yr. NAV Chg. % Ret. % Ret. 12.37 CAIntTf American Century Inv: 20.90 Balanced n 11.24 CaHYMu n 12.36 CAIntTF n DiscCoreVal n 39.38 11.21 DivBnd n 16.62 EmgMkt nr 33.66 EqGro n EqInc n 9.14 FocusDynamGrowth n 59.46 GinnieMae n 10.65 12.82 GlGold nr Grwth n 50.11 28.85 Heritage n InfAdjBd n 12.68 16.02 Intl Gr n 14.42 IntlOppt n 11.99 IntTF n FocLgCapVal n 11.27 17.80 MdCapVal n 18.07 OneChAgg n 15.08 OneChCon n 17.37 OneChMod n OneChoice2025 n 15.44 OneChoice2035 n 17.43 OneChoice2045 n 18.89 OneChoiceRet n 13.79 106.62 Select n SmCapGrowth n 27.17 SmCpVal n 10.10 Sustain Equity n 40.35 80.64 Ultra n Value n 8.71 American Century R6: AmCentUltraFdR6 84.64 EmgMkt 17.07 EqInc 9.16 51.30 Growth 17.82 MdCapVal 11.50 OCP2025 12.47 OCP2030 12.05 OCP2035 OCPINRET 11.04 10.22 SmCpVal American Century Y: 11.98 IntTF American Funds Cl A: 2010TarRetA p 11.96 2015TarRetA p 12.73 2020TarRetA p 14.04 2025TarRetA p 15.80 2030TarRetA p 17.37 2035TarRetA p 18.67 2040TarRetA p 19.54 2045TarRetA p 20.03 2050TarRetA p 19.75 41.60 AmcpA p 46.03 AMutlA p 31.04 BalA p 13.64 BondA p 64.84 CapIBA p 21.31 CapWA p 62.75 CapWGrA 74.17 EupacA p 73.02 FdInvA p 38.61 GBalA p GovtA p 14.23 72.27 GwthA p 10.34 HI TrA p 16.92 HiInMuniA 46.50 ICAA p 24.38 IncoA p 13.93 IntBdA p 40.66 IntlGrIncA p 16.27 LtdTEBdA 64.56 N PerA p 64.02 NEcoA p NwWrldA 96.12 88.17 SmCpA p 10.08 STBFA p 10.36 STTxExBdA 18.49 TECAA p 13.75 TxExA p 52.31 WshA p AMG Funds: RRSmCapValI 14.86 TmSqMdCpGw I 21.83 AMG Managers Funds: Brandywine I n 67.39 12.60 GWKMBd I LoomisSaylesBd I 27.88 LoomisSaylesBd N n 27.87 19.47 TSIntlSC I TSSmCapGrFd Z 21.90 TSSmCpGrFd N n 20.85 YachtmanFocFd I 19.97 YacktFocFd N n 20.03 YacktmanFd I 22.31 Angel Oak Funds Trst: AglOkMtiStFdClIn 10.40 AQR Funds: 12.79 DivArbI LgCapDefStyle I 27.25 LgCapDefStyle R 27.22 LgCapMomStyle I 25.37 LgCpMultiStyle R 19.18 MgdFutStrI 8.04 Aquila Funds: 11.64 HI TF A ArbitrageI : 13.43 ArbitrageI Ariel Investments: ApprecInv pn 47.16 76.37 Ariel Inv pn Artisan Funds:

0.03

3.2 1.7 1.0 5.7 -0.9 12.1 5.9 1.3 10.8 -0.3 -2.0 7.7 11.6 0.2 4.6 6.9 1.3 2.3 4.6 5.4 2.4 4.2 2.4 3.4 4.5 2.1 5.6 10.6 17.2 4.9 6.2 6.2

34.2 18.0 13.6 37.2 16.7 39.4 45.1 25.5 164.3 12.2 56.4 90.4 104.5 18.8 41.5 41.4 15.5 25.5 22.3 42.5 28.6 36.5 28.3 33.6 39.5 26.5 84.5 120.1 44.1 57.5 111.3 25.5

1.42 0.46 0.05 0.93 0.22 0.09 0.12 0.13 0.08 0.49

6.2 12.2 1.3 7.8 4.7 2.4 2.9 3.4 2.1 17.2

113.5 40.9 26.7 92.4 23.6 29.5 32.2 35.0 27.8 45.7

0.08 0.08 0.10 0.13 0.19 0.26 0.30 0.32 0.32 0.74 0.42 0.36 -0.02 0.75 0.05 0.95 2.11 1.42 0.42 -0.03 0.95 0.03 0.05 0.53 0.26 -0.01 0.96 0.02 0.96 1.30 2.74 2.60 0.00 0.00 0.04 0.03 0.79 0.42 0.59

Net YTD 3-Yr. NAV Chg. % Ret. % Ret.

CASH TRACK

1.0 14.3

0.19 0.04 0.02 0.75 -0.01 0.45 0.51 0.05 1.08 -0.01 0.15 0.91 1.22 0.00 0.37 0.34 0.03 0.07 0.22 0.29 0.13 0.23 0.12 0.19 0.26 0.10 1.41 0.58 0.48 0.57 1.34 0.12

0.03

Data provided by

1.3 16.2 1.8 1.9 2.1 2.7 3.4 4.6 5.2 5.4 5.5 6.4 3.2 2.8 -0.9 2.9 -1.1 5.7 7.0 5.6 3.2 -1.1 7.0 2.6 2.4 4.7 3.5 -0.3 6.0 0.6 6.7 7.6 9.3 10.8 -0.1 0.3 1.0 1.2 4.3

23.4 25.3 27.1 32.0 36.0 42.4 45.4 46.4 47.1 56.7 30.3 33.5 20.5 18.6 14.5 37.1 44.1 44.9 26.2 16.4 79.7 21.0 19.5 39.4 24.5 13.7 24.6 11.1 72.1 69.2 53.5 81.0 8.0 7.5 15.5 16.0 37.6

8.9 39.2 6.1 85.9

3.12 14.7 81.7 0.03 0.8 16.7 0.03 -0.6 18.4 0.03 -0.7 17.7 0.42 5.3 15.7 0.59 6.1 86.2 0.56 6.1 85.2 0.27 4.9 54.6 0.26 4.9 53.6 0.32 4.9 48.2 0.00

1.0

6.9

0.23 0.33 0.33 0.48 0.26 0.11

11.6 2.6 2.6 7.4 6.8 2.4

55.2 50.0 50.4 67.0 37.0 -2.2

0.01

0.5 10.4

0.01

1.6 14.5

0.70 8.9 24.3 2.36 13.0 32.6

Cashing In: Investors poured cash into the fund industry, lifting the last month’s average weekly inflow at equity funds to $5.8 billion. Taxable-bond funds took in $19.2 billion. Muni-bond funds got $3.8 billion. But money-market fund inflows fell to $1 billion. Equity Funds

7100

Municipal Bond Funds

3970

2500

3290

-2100

2610

-6700

1930

-11300 Dec

Jan

Feb

1250 Dec

Money Market Funds

10500

Jan

Feb

Taxable Bond Funds

20000

3500

15200

-3500

10400

-10500 Dec

Jan

Feb

5600 Dec

Jan

The charts above show four-week moving averages of net cash flow in millions of dollars. Net YTD 3-Yr. NAV Chg. % Ret. % Ret. GblOppInst GblOppInv n Intl Inv n IntlInst IntlVal Inst IntlVal Inv n MidCapInst MidCapInv n MidCapVal Inv n SmCpInv n Ashmore Funds: EmgMktTRInst Ave Maria Funds: Growth pn RisingDivd n

38.56 37.85 36.22 36.40 41.63 41.51 59.66 51.46 20.96 57.28

NA NA NA NA NA NA NA NA NA NA

NA NA NA NA NA NA NA NA NA NA

NA NA NA NA NA NA NA NA NA NA

7.46

NA

NA

NA

44.39 0.76 20.13 0.30

3.9 64.6 4.1 35.2

B Baird Funds: 11.63 AggBdInst CorBdInst 12.01 11.64 IntBdInst QualIntMunBdInst 12.08 ShtTBdInst 9.92 Baron Funds: 119.60 Asset n 60.90 GlobalAdv n Growth n 112.42 Opportunity n 46.35 Partners n 188.06 SmallCap n 40.22 Baron Instl Shares: AssetInst 125.22 DiscoveryInst 41.16 EmergingMktsInst 21.43 GlobalAdvInst 62.00 GrowthInst 117.09 OpptortunityInst 48.79 PartnersInst 193.68 RealEstateInst 40.43 SmallCapInst 42.57 BerkshireFocus n: BerkshireFocus n 49.99 Bernstein Fds: 14.78 Ca Mu n 14.97 DivrMuni n 35.66 EmMkts n IntmDur n 13.67 14.42 NY Mun n BlackRock Funds: 10.04 CoreBd A 10.03 CoreBd Inst 10.06 CoreBd K CreStraInc Inst 10.65 HiYBlk 7.86 HiYInvA 7.85 HiYldBd Inst 7.86 InflProtBdInst 11.98 LDurBlk 9.78 LowDurBdA 9.78 LowDurI Inst 9.79 BlackRock Funds A: 21.85 AdvLCGrwA AdvLgCapCore p 20.32

-0.01 -0.01 0.00 0.02 0.00

-1.1 -0.9 -0.3 0.5 0.1

19.6 20.2 16.6 13.2 11.0

5.03 7.6 95.7 2.77 18.6 189.7 1.52 7.5 95.6 1.92 15.8 216.8 4.42 14.5 297.4 1.08 9.2 94.1 5.27 1.72 0.81 2.83 1.58 2.03 4.56 1.19 1.15

7.7 18.3 12.4 18.6 7.6 15.8 14.6 12.2 9.2

97.2 163.1 42.3 191.9 97.1 219.2 300.6 88.5 95.7

2.62 14.2 212.7 0.03 0.03 0.78 -0.03 0.03

0.9 1.0 9.6 -1.0 1.2

11.7 13.2 21.8 17.3 11.6

0.01 0.01 0.01 0.01 0.02 0.02 0.03 0.02 0.00 0.00 0.01

-0.8 -0.8 -0.8 1.0 1.3 1.3 1.5 0.6 0.4 0.2 0.4

18.4 19.3 19.5 19.7 21.5 19.8 21.2 21.4 10.2 9.1 10.0

0.32 0.32

5.7 79.3 5.7 52.3

Net YTD 3-Yr. NAV Chg. % Ret. % Ret. BalCapFd 26.58 BasicVal 19.67 CAInsMuni 13.00 CapAppr 38.79 EqtyDivd p 21.17 GlblAlloc p 22.41 HlthScOp p 76.46 LgCp Focus Gr 7.05 MdCpGrA 40.67 MultiAstIncome 11.34 NatlMuni p 11.49 NYMUNIOPP 11.49 ScTechOppA 68.34 StratMuniOpp 11.86 StrtIncOpptyInvA 10.44 TotRet 12.14 BlackRock Funds Blrk: CapAppr 43.44 BlackRock Funds C: GlblAlloc t 19.92 HlthScOp 65.57 MultiAstIncome 11.32 BlackRock Funds III: iShS&P500IdxK 466.18 iShUSAggBdIdxK 10.74 BlackRock Funds Inst: AdvIntl Inst 18.74 AdvLgCapCore 21.22 AdvSmCapInst 28.21 BalCapFd 26.70 BasicVal 20.03 CAInsMun 13.02 CapAppr 43.06 EmgMkts 37.43 EqtyDivd 21.25 FloRateIncPorIns 9.95 LgCpFocusGwth 7.74 GlblAlloc 22.58 GlobLg/ShrtCrIns 10.13 HlthScOp 80.81 HYMuni 10.42 iShMSCIIntldx 15.27 MdCpGrEq 47.28 MultiAstIncome 11.35 NatlMuni 11.48 NYMUNIOPP 11.48 ScTechOppInst 74.43 StratIncOpptyIns 10.44 StratMuniOppI 11.86 TotRet 12.13 WorldInc 6.38 BMO Funds: CorePlBdI 12.41 IntrTaxFree I 11.71 UltrShtTxFrI 10.11 BNY Mellon: SCMultiStrM 26.99 BNY Mellon Funds: Aprec pn 40.72 CA AMTMuBdZ nr 15.38 Dr500In tn 55.45 Dreyf n 15.44 DreyMid r Inv nr 36.63 FloRtIncY 11.44

0.20 2.9 38.6 0.26 5.7 25.7 0.05 2.2 11.2 0.59 6.0 91.8 0.27 4.8 29.4 0.31 4.1 36.7 1.14 3.5 67.2 0.14 5.1 99.7 1.51 7.3 114.9 0.06 2.0 19.5 0.03 1.2 14.3 0.06 2.6 10.8 2.60 14.1 203.5 0.07 2.9 11.0 0.03 0.9 14.1 0.00 -0.5 18.8 0.66

6.0 93.9

0.27 0.97 0.06

4.0 33.6 3.5 63.6 1.9 16.8

5.90 4.9 56.9 -0.02 -1.3 17.7 0.47 0.33 0.69 0.20 0.26 0.06 0.66 1.58 0.27 0.01 0.15 0.31 0.06 1.20 0.06 0.33 1.76 0.06 0.03 0.06 2.84 0.03 0.06 0.00 0.03

4.9 5.7 16.1 2.9 5.7 2.3 6.0 17.1 4.8 1.2 5.2 4.1 2.0 3.6 3.6 4.0 7.4 2.0 1.2 2.6 14.2 1.0 2.9 -0.6 0.2

17.9 53.5 99.2 39.7 26.8 12.1 93.4 62.3 30.3 11.7 100.9 37.8 11.3 68.6 22.2 19.8 116.7 20.3 15.0 11.5 205.8 15.0 11.6 19.9 15.7

0.00 -0.6 18.6 0.02 1.3 14.3 0.00 0.2 4.6 0.90 14.3 70.7 0.64 3.4 64.2 0.04 1.3 14.4 0.69 4.9 54.6 0.24 4.7 66.6 0.99 10.4 43.3 0.02 1.5 10.1

About our Funds The listings include the top 2500 open-end funds by assets. These funds value their portfolios daily and report net asset va lues (the dollar amount of their holdings divided by the number of shares outstanding) to the National Association of Securities Dealers. Total returns reflect both price changes and dividends; these figures assume that all distributions are reinvested in the fund. Because Lipper is constantly updating its database, these returns may differ from those previously published or calculated by others. 3 year returns are cumulative. The NAV is the last

BARRON'S • Lipper FMI

Net YTD 3-Yr. NAV Chg. % Ret. % Ret. GblRealRtY 16.90 GlbStkI 26.72 23.05 GlFxIncI HYldI 6.18 InstS&PStkIdx I 70.87 14.10 Interm n IntlStkI 25.16 24.85 IntlStkY MunBd nr 12.26 NewtonIntlEqY 25.24 NY Tax nr 15.34 22.13 ResrchGrA ResrchGrZ n 22.72 SelMgrSmCpGroY 37.20 SmCpStk r Inv nr 34.20 SmMidCpGrI 43.99 StratValA r 41.22 U.S.EqY 25.51 67.51 WWGrA BNY Mellon Funds Tru: 13.22 BondFd 14.58 EmgMkts IncomeStk 9.08 IntlFd 14.60 IntmBdFd 13.07 MCMultiStrM 22.60 14.31 NtlIntmMuni NtlShTMuni 13.00 Boston Trust Walden: BostonBalanced 57.28 Braddock Multi Strat: Income Fund 7.31 Bridge Builder Trust: 10.68 CoreBond CorePlusBond 10.54 14.24 Intl Eq LargeCapGrowth 21.82 LargeCapValue 15.39 MunicipalBond 10.84 S/MCapGrowth 18.72 S/MCapValue 13.90 Brown Advisory Funds: 34.40 GrowEqInv n GrwthEquityInst 34.95 SmCapGrInv n 31.64 BrownSmCoInv n: BrownSmCoInv n 147.69 Buffalo Funds: DiscFd n 33.09 24.81 SmCap n

0.11 0.57 -0.01 0.01 0.89 0.03 0.75 0.73 0.03 0.57 0.03 0.46 0.47 1.09 1.20 1.39 0.83 0.43 1.34

1.9 2.7 -0.6 1.1 4.9 1.0 2.9 2.8 1.4 5.9 1.2 8.4 8.4 14.6 16.1 13.0 8.4 3.4 4.6

30.0 56.9 15.8 18.2 56.1 15.0 47.4 47.4 16.5 23.3 14.1 102.8 104.0 89.2 47.3 158.3 28.9 55.8 63.8

-0.01 0.38 0.13 0.26 0.00 0.64 0.03 0.01

-0.9 13.0 6.8 3.5 -0.2 8.1 1.0 0.4

18.0 25.2 24.9 14.2 12.9 58.8 15.6 6.3

0.33

1.8 37.1

0.01

2.3 -19.2

NA NA 0.37 0.44 0.25 0.03 0.62 0.35

NA NA 6.6 6.1 4.6 1.1 9.8 8.6

0.97 0.99 1.02

5.2 99.4 5.2 100.3 9.5 83.6

NA NA 30.6 89.8 37.3 15.6 87.0 28.9

3.65 10.8 108.7 0.82 10.3 82.0 0.88 19.1 169.6

C Calamos Funds: 24.03 ConvI Gr&IncA p 42.98 41.06 Gr&IncI GrowthA p 40.70 14.21 MktNeutA p MktNeutI 14.03 Calvert Investments: 40.64 Bal A Eq A p 68.19 Carillon Eagle:

Feb

0.51 0.66 0.63 0.96 0.04 0.04

8.4 5.4 5.4 9.4 0.9 1.0

96.2 55.3 56.5 77.2 13.7 14.6

0.36 1.12

3.1 45.2 2.2 80.0

Net YTD 3-Yr. NAV Chg. % Ret. % Ret. MdCpGrA p 97.52 Carillon Reams: CoreBd I 12.89 CorePlBd I 35.24 UnconstrndBd I 13.03 Carillon Scout: Intl I 18.75 MidCap I r 26.13 CausewayInst : CausewayInst 16.58 Chartwell: Income n 13.71 CIBC Atlas: DispEq Inst 27.13 ClearBridge: AggressGrowthA 189.67 AggressGrowthI 221.29 AllCapValueA 13.38 AppreciationA 29.59 AppreciationI 29.37 AppreciationIS 29.47 DividendStrat1 n 27.38 DividendStratA 27.35 DividendStratI 28.20 LargeCapGrowthA 61.87 LargeCapGrowthC 46.94 LargeCapGrowthI 69.80 LargeCapValueI 33.86 MidCapA 40.09 SmallCapGrowthA 52.49 SmallCapGrowthI 57.58 SmallCapGrowthIS 58.56 Clipper: ClipperFd n 143.68 Cohen & Steers: GlbRltyI 56.30 InstlRlty 45.32 IntlRltyI r 12.13 PrefSecIncmA 14.40 PrefSecIncmC 14.31 PrefSecIncnI 14.44 RltyIncA p 16.01 RltyIncI 17.02 RltyShs n 63.89 Colorado BondShares: ColoradoBdShs 9.42 Columbia Class A: AcornA t 14.34 AMTTEBd 17.17 BalancedA t 50.48 BldrAggrsv 14.32 BldrMod p 12.37 33.79 ConSec A ContCoreA p 32.05 DisplCoreA p 13.74 DivIncA t 26.78 DivOpptyA 35.73 EqValA 13.00 FocEqA t 24.77 GlobEq 18.45 GlobTech 67.85 HiYldBd 12.13 IncmBldr t 13.29 LgCpGrowA t 55.52

3.04

8.2 89.1

-0.01 -1.3 26.7 -0.02 -1.2 27.7 0.00 0.5 19.7 0.55 4.5 15.8 0.96 10.6 56.2 0.17

2.1

0.05

1.6 15.4

0.21

2.7 60.5

NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA

NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA

9.2

NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA

3.05

9.1 36.4

1.06 0.59 0.14 0.04 0.04 0.04 0.21 0.22 0.84

3.6 4.6 1.0 0.5 0.5 0.6 4.4 4.4 4.7

0.03

1.6 18.3

28.5 43.6 22.2 21.4 19.1 22.5 41.3 42.5 42.9

0.43 13.0 75.8 0.07 1.7 17.9 0.52 3.7 42.8 0.22 5.7 36.8 0.13 3.3 29.5 0.91 12.5 109.4 0.52 6.0 57.6 0.15 6.3 44.5 0.40 3.8 38.3 0.37 4.0 25.5 0.16 3.4 22.4 0.55 8.3 96.3 0.43 6.0 77.6 3.18 15.2 136.4 0.02 1.1 20.8 0.09 2.6 26.9 1.01 7.4 85.8

LgCpIdx pn 58.93 LgCpVl A 15.37 13.71 LiGoBalA p MdCpIndxA pn 18.06 MidCapGthA t 29.87 SelgComuInfoA 120.57 SelMidCpValA 12.40 SmCapGthA t 35.43 SmCpIdxA pn 29.18 StratIncA 25.37 13.77 TaxEA 64.70 TechA p TotReBdA t 38.33 Columbia Class Adv: 33.03 ContCore p DivIncom 27.28 Columbia Class C: 50.31 Balanced 28.36 ContCore p 25.87 DivInc t Columbia Class I: 18.77 Acorn I n 36.50 AcornIntl I n AltBeta I 30.38 Balanced I 50.38 ConSec I n 33.85 ContCore I 32.34 26.81 DivIncom I FocEq I pn 27.61 67.63 GlbTechGw I IncOppty n 10.00 10.69 IntmMunBd I 15.91 LgCapGr LgCpGrow I n 58.71 59.34 LgCpIdx I n MdCpIdx I n 17.96 33.28 MidCapGth I SelComunInfo tn 135.80 SelLCVal pn 29.07 SelMdCpVal I p pn 12.45 38.53 SmCapGth I SmCpIdx I n 29.40 24.91 StratInc I 13.77 TaxEZ n Thermostat I n 18.52 38.35 TotReBd I USTrsIdx I 11.78 Columbia Class I2: 33.00 ContCore I2 27.26 DivIncom 18.42 MidCapIndx SmCapIndx 30.17 Columbia Class I3: 50.94 Balanced I3 35.92 Bond I3 ContCore I3 p 33.02 DivIncom 27.30 17.51 SelLgCpGr t SmCpVal II p 20.02 Columbia Funds: UltShortBd Inst3 9.06 Commerce Funds: 21.04 Bond n Community Capital Tr: CRAQualInvFd 10.81 Credit Suisse Common: ComdtyRet r 4.91 Cullen Funds: 15.61 HiDivEqI r

0.74 0.25 0.18 0.49 0.77 5.65 0.25 0.64 1.00 0.06 0.06 2.48 0.01

4.9 4.4 4.6 10.4 10.7 15.6 7.1 18.6 16.0 1.2 1.6 10.6 0.3

54.8 29.9 33.6 43.3 91.5 135.8 35.5 182.2 47.2 18.4 15.2 126.0 24.6

0.53 0.40

6.0 58.8 3.8 39.4

0.51 0.46 0.38

3.6 39.6 5.9 54.1 3.7 35.2

0.57 0.84 0.19 0.52 0.91 0.52 0.40 0.62 2.60 0.02 0.03 0.53 1.08 0.75 0.48 0.86 6.37 0.55 0.25 0.70 1.01 0.06 0.06 0.15 0.01 -0.02

13.1 5.9 2.2 3.7 12.5 6.0 3.9 8.4 10.7 1.1 1.0 6.1 7.4 4.9 10.4 10.7 15.6 8.6 7.1 18.6 16.0 1.3 1.6 2.8 0.3 -1.7

77.2 34.4 -17.2 43.8 111.0 58.8 39.4 97.8 127.7 18.5 14.2 100.1 87.2 55.9 44.4 93.0 137.6 32.1 36.7 184.3 48.3 19.3 15.9 55.1 25.6 16.0

0.54 6.0 59.2 0.41 3.8 39.7 0.50 10.4 44.4 1.04 16.0 48.3 0.53 -0.03 0.54 0.41 0.58 0.65

3.7 -0.1 6.0 3.9 6.1 16.7

44.2 21.2 59.4 39.9 101.1 33.8

0.00

0.1

6.8

NA

NA

NA

-0.01 -0.2 11.1 0.09

7.2

0.22

6.1 19.6

2.2

0.49 0.17 0.23

4.5 50.0 5.3 68.0 4.4 22.6

D Davenport: Davenport Core n 31.70 24.39 EqOpp n 17.99 Val&Incm n Davis Funds A: 34.58 NYVen A Davis Funds C & Y: 35.61 NYVenY Del Invest Instl: CorpBdI 6.45 32.88 USGrw 22.47 Value Delaware Invest A: Diver Inc p 9.37 GroInA p 13.44 30.92 OppA p 66.89 SmCpValA p SMIDCapGrA p 49.43 TotRtA p 16.30 TxIntA p 12.62 12.47 TxUSA p Deutsche DWS: 115.93 CapGrth p 117.57 CapGrth n 32.18 CoreEq n EqDivA 52.75 10.59 GblIncBldA 48.11 GblGrwS n GNMA S n 13.93 HiIncA 4.88 12.56 HiYldTx n MgdMuniA p 9.45 MgdMuniS n 9.47 38.85 S&P500S n TechA 36.14 Diamond Hill Funds: 11.85 CorpCrI LgCapA p 31.59 31.76 LgCapI 31.78 LgCapY 27.14 LongShortI 24.92 SmMidCapI Dimensional Fds:

1.01 10.9 42.3 1.04 10.9 43.3 0.00 -1.5 26.3 0.90 7.5 87.4 0.24 3.1 21.6 -0.01 0.12 0.90 1.92 1.66 0.17 0.04 0.07

-0.7 2.9 8.4 11.9 11.7 3.1 1.5 2.2

20.3 17.9 22.1 20.6 179.6 18.0 17.1 21.7

2.10 2.14 0.38 0.58 0.13 1.46 -0.01 0.01 0.06 0.02 0.03 0.49 1.10

5.9 5.9 5.0 3.8 3.5 5.4 0.1 1.0 2.6 1.3 1.4 4.9 9.4

94.9 96.3 50.2 19.1 26.5 43.5 12.2 21.2 17.2 15.1 15.9 56.2 118.6

0.03 0.36 0.37 0.37 0.43 0.59

1.1 3.8 3.9 3.9 2.1 8.7

26.5 36.9 38.1 38.5 18.1 25.8

Net YTD 3-Yr. NAV Chg. % Ret. % Ret. 2TGlFxd 9.95 5GlbFxdInc 10.90 CAIntrTrmMuniBd 10.90 CASTMuniBd 10.30 31.67 Cont 39.30 DFARlEst 35.93 EmgMkt EmgMktSoCoEq 17.18 EmgMktVa 30.75 EmMktCorEq 26.49 EmMktSmCp 24.46 10.30 Fixd GblAll60 40Inst 21.27 GlAll25 75Inst 14.70 29.43 GlEqInst 11.12 GlRESec 13.31 InfProtSec 13.21 IntGvFxdInc 15.29 IntlCoreEq IntlREst 4.58 IntlSustCore1 12.64 IntlVal 17.88 13.39 IntlVectorEq IntrLrgCpGroPor 16.27 21.39 IntSmCo IntSmVa 20.12 IntTermMuni 10.62 15.34 IntVaIII 11.79 ITExQual 29.54 LgCo 26.10 LgCpIntl 14.67 SclCrEqInst SelHdgGlFxd 9.80 11.00 STExQual STGov 10.56 10.19 STMuniBd TAUSCoreEq2 24.69 TAWldexUSCr 12.71 TM IntVa 15.35 54.85 TM US Sm TM USTgtVal 40.51 34.60 TMMktwdVa 32.04 TMMttVa2 43.56 TMUSEq 31.76 US CoreEq1 US CoreEq2 29.09 26.78 US Micro 44.08 US Small 40.36 US SmCpVal US TgdVal 27.34 28.35 USLCpGr 40.29 USLgVa 27.14 USLgVaIII 25.92 USSmCpGr USSoCoreEq2 21.65 USSustCoreI 31.84 USVectorEq 23.08 10.50 WexUSGov WrdEXUSTARGETVAL 14.34 Dodge & Cox: 107.12 Balanced n 14.32 GblStock n Income n 14.58 46.51 Intl Stk n 208.25 Stock n Domini Funds: Intl Eq Instit 8.83 US Equity Inv pn 32.52 DoubleLine Funds: CoreFxdIncmI 11.28 CorFxdIncN n 11.27 EmgMktIncmI 10.74 FlexibleIncomeI 9.73 GlobalBondN 10.63 10.67 InfraIncomeI 10.01 LowDurBdI LowDurBdN n 10.01 ShillerEnhCAPEI 19.14 ShillerEnhCAPEN n 19.13 10.68 TotRetBdI TotRetBdN n 10.67 Driehaus Funds: 55.36 EmMktsGr n Dupree Mutual Fds: KYTF n 8.07

0.00 0.00 0.01 0.00 0.55 0.59 0.96 0.45 0.86 0.69 0.61 0.00 0.28 0.08 0.61 0.15 0.01 -0.01 0.31 0.05 0.26 0.36 0.26 0.36 0.40 0.33 0.01 0.31 0.00 0.37 0.55 0.30 0.00 0.00 0.00 0.00 0.52 0.29 0.32 1.82 1.25 0.87 0.80 0.66 0.60 0.61 0.92 1.41 1.28 0.87 0.31 0.97 0.65 0.85 0.44 0.53 0.66 -0.02 0.29

0.1 0.1 0.2 0.1 5.1 4.7 10.0 9.4 7.3 9.1 5.6 0.0 4.3 1.8 7.1 3.4 0.5 -1.3 4.9 0.9 4.4 5.9 5.4 3.8 5.5 5.2 0.2 5.9 -1.4 4.9 4.3 5.2 0.0 0.0 0.0 0.1 7.4 6.1 5.5 14.8 13.8 7.3 7.3 5.7 7.0 7.9 17.1 14.7 17.2 15.9 2.2 7.4 7.4 13.0 7.7 6.6 11.4 -2.0 6.1

5.9 8.3 8.9 3.5 20.8 37.0 24.9 22.9 4.8 22.0 14.0 4.9 30.2 18.7 38.2 26.2 23.2 19.1 15.1 8.9 23.6 -0.7 11.0 33.6 16.9 0.4 10.7 -0.2 24.1 56.8 19.7 14.7 9.5 8.8 4.7 3.6 47.9 16.5 -0.2 38.9 23.3 26.2 26.7 58.7 50.9 48.1 37.6 39.5 25.4 27.8 59.6 20.1 20.5 54.2 48.2 60.2 34.3 19.3 5.4

1.73 0.40 -0.01 1.36 5.15

5.2 7.7 -0.5 6.4 8.1

30.4 24.6 20.5 10.0 35.3

0.22 5.0 11.0 0.38 6.3 69.0 0.01 0.01 0.06 0.02 0.02 0.01 0.00 0.01 0.27 0.28 0.00 -0.01 NA 0.05

-0.1 -0.2 1.3 1.8 -1.5 0.7 0.4 0.5 3.4 3.4 0.0 -0.1

15.4 14.5 16.5 12.3 4.6 16.8 8.9 8.1 53.9 52.7 13.5 12.6

NA

NA

1.0 15.2

EF Eaton Vance Class A: AtlCpSMID p 34.84 1.13 17.42 0.15 DivBldrA FloatRt 9.12 0.02 FltgRtAdvg p 10.56 0.02 Inc Bos 5.62 0.01 22.13 0.40 LgCpVal NatlMuniInc 10.51 0.03 ShDurGovIncFd 8.12 -0.01 ShDurStratIncFd 7.40 NA TMG1.0 n 1781.83 29.80 79.91 1.33 TMG1.1 35.92 0.60 TMG1.2 WW Hlth Science p 13.35 0.21 Eaton Vance Class I: 39.73 1.30 AtlCpSMID FloatRtHiInc 8.71 NA FltgRt 8.82 0.02 GblMacAbR 8.81 NA IncBos 5.62 0.01 22.24 0.41 LgCpVal 10.51 0.03 NatlMuniInc Eaton Vance Funds: ParTxMgdEmgMktIn 52.75 1.03 Edgewood Growth Instituti: EdgewoodGrInst 56.06 1.51 Fairholme:

5.6 2.6 1.5 1.8 1.4 5.4 1.2 0.2 NA 5.9 5.8 5.8 2.5

51.1 44.6 10.4 11.4 18.1 33.5 18.6 6.2 NA 60.7 59.1 58.5 56.0

5.7 NA 1.5 NA 1.4 5.5 1.3

52.3 NA 11.1 NA 19.0 34.5 19.5

5.7

6.5

8.3 103.6

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’s quote. n: no front- or back-end sales charge. p: fund assets are used to pay marketing and distribution costs (12b-1 fees). r: fund levies redemption fee or back-end load. s: stock dividend or split of 25% or more. t: fund charges 12b-1 fees (for marketing and distribution) and a back-end load. v: capital-gains distribution may be a return of capital. x: ex cash dividend. All data supplied by Lipper.

February 15, 2021

BARRON’S

M25

Mutual Funds Net YTD 3-Yr. NAV Chg. % Ret. % Ret. Fairholme n 33.19 FAM Value: FAMValue n 87.47 Federated Hermes A: EqIncA p 24.24 FdShInToRetA 10.75 FedMunULA pn 10.06 KaufmannA p 7.94 KaufmnLCA p 36.06 KaufmnSCA p 72.06 MunStkAdvA p 14.47 StrValDivA p p 5.16 UltraShortA pn 9.24 Federated Hermes C: StraValDivC p 5.17 Federated Hermes Int: GloFinI 42.83 10.04 InsHiYld r MDTSmCIS 26.50 11.51 TtlRtnBdI Federated Hermes IS: IntEq IS p 32.25 KaufmnIS 8.18 73.66 KaufmnSCI CorpBondFdIS 9.96 FdShinToRetI 10.74 GovUltra 9.96 KaufmnLCIS 37.36 ShIntDurMuInst 10.43 StraValDivIS 5.19 UltraShortI 9.23 ShtlncIS 8.73 FedMuniUl A 10.06 Federated Hermes R: KaufmnR r 7.96 Federated Hermes R6: FedInstHYBondL 10.04 KaufmnSCL 73.09 StrValL 5.19 TtlRtnBdL 11.50 Fidelity: 500IdxInstPrem n 136.60 13.73 BalancedK6 Contrafund K6 19.87 EmgMktIdxInstPre n 14.20 ExtMktIdxInstPre n 95.25 FidSAIEmerg 14.88 FIDSerEmgMkt 12.93 FidSerToMarket 13.75 FIDSerTresIndxFd 10.00 FIDZroExtMktIx n 13.12 FIDZroLgCpIx n 14.13 Flex 500 Index 16.79 13.82 FlexIntIdx FlexUSBdIdx 10.72 Freedom2060K 15.06 GlexUSIdxInstPre n 15.53 GrowthCompanyK6 21.40 HighIncome C 8.74 InflPrBdIndInsPr n 11.05 IntlIdxInstPrem n 47.50 IntlIndex n 12.11 IntrTresBdIxPrem n 11.57 LgCpGwId InstPre n 25.11 LgCpVlIdxIstPrem n 14.03 LTTrsBdIdxInstPr n 14.91 MidCpInxInstPrem n 29.26 MidCpValIndex n 23.66 NewMkt I 14.93 18.81 OTCK6Port RealEstIdxInst n 15.35 SAIRealEstIndxFd 10.96 SAIUSLgCpIndxFd 20.60 SeriesBondFd 10.62 SeriesOverseas 12.80 SerLTTreBdIdx 8.57 SmCpIdxInstPrem n 28.98 STBdIdx InstPrem n 10.32 STTreIdx InstPre n 10.80 TMktIdxInstPrem n 114.79 TotalMarketIndex n 14.34 TtlIntIdxInstPr n 14.45 USBdIdxInstPrem n 12.26 USSusIdx n 17.17 Fidelity Adv Focus A: 68.05 HthCarA r 95.94 TechA t Fidelity Adv Focus C: HthCarC p 52.40 Fidelity Adv Focus M: Tech p 89.21 Fidelity Advisor: SrsAdvIntlCapApp 31.25 12.86 StragInc n TotBdFdClZ 11.20 Fidelity Advisor A: AdvMdCpIIA p 23.94 AdvStrDivInA p 16.79 BalancA t 27.23 BioTech 36.25 30.46 DivIntlA EqGrA p/r t 17.23 EqInA 29.74 FF2030A p 16.29 159.59 GrOppA LevCoStA p 54.48 NwInsghtA p 38.01 30.82 SmllCapA p StkSelMC p 42.74 12.68 StrInA TotalBdA p 11.22 Fidelity Advisor C: BalancC 27.00 GrOppC p 132.59 NwInsghtC t 31.08 StrInC t 12.65 Fidelity Advisor Fun: IntlGrwZ 19.30 Fidelity Advisor I: BalancI 27.85 BiotechI 38.92 ConsvIncmMuni I 10.06 DivIntl 31.04 19.51 EqGrI FAInvGrdI 8.48 FAJpFdClI 21.25 16.39 FF2030

0.36 13.9 79.7 2.26

5.1 39.7

0.43 4.6 NA NA 0.00 0.1 NA NA 0.55 4.8 NA NA 0.14 3.0 0.02 3.2 NA NA

20.9 NA 3.8 NA 81.8 NA 21.1 10.0 NA

0.01

3.1

1.03 NA NA NA

4.2 22.2 NA NA NA NA NA NA

0.63 NA NA NA NA NA 0.57 0.02 0.01 NA NA 0.00

6.7 38.9 NA NA NA NA NA NA NA NA NA NA 4.8 83.2 0.5 7.2 3.2 10.7 NA NA NA NA 0.1 4.8

NA NA NA 0.01 NA 1.72 0.16 0.35 0.40 2.97 0.32 0.37 0.22 0.00 0.39 0.19 0.21 0.34 -0.02 0.31 0.38 0.51 0.01 0.00 1.05 0.28 0.00 0.32 0.26 -0.09 0.81 0.62 -0.06 0.43 0.27 0.19 0.26 -0.02 0.25 -0.05 0.72 -0.01 0.00 1.86 0.23 0.34 -0.02 0.19

NA

7.5

NA

NA NA NA NA 3.2 10.8 NA NA 4.9 4.6 5.2 11.5 14.1 9.7 14.0 6.5 0.0 13.9 5.1 4.9 6.6 -1.3 7.0 6.6 11.3 0.6 0.1 4.1 6.4 -1.1 5.6 5.7 -6.3 8.3 7.8 -0.7 9.7 5.7 5.7 4.9 -1.3 3.2 -6.3 16.0 -0.1 -0.1 6.6 6.3 6.5 -1.3 5.5

56.9 NS 71.3 32.5 79.0 NS NS NS NS NS NS 57.0 24.7 17.9 45.7 24.8 NS NS 21.1 20.3 NS 20.0 94.3 29.3 32.3 53.9 NS NS NS 23.0 23.4 56.7 NS NS 32.2 60.5 11.7 10.9 60.9 NS 24.6 17.8 60.4

1.14 2.70

6.9 74.1 7.3 138.1

0.86

6.8 70.2

2.50

7.3 136.3

0.69 6.1 51.8 0.01 0.9 NS -0.01 -0.6 20.9 -0.36 0.16 0.33 -0.66 0.74 0.37 0.21 0.24 3.39 0.90 -0.04 0.78 0.95 0.01 -0.01

6.0 4.4 4.6 6.9 4.7 8.8 3.2 4.8 12.5 10.3 3.9 13.8 8.9 0.8 -0.7

32.2 38.6 52.0 64.7 38.4 103.4 21.3 38.6 199.1 58.3 55.4 50.1 47.0 17.0 19.5

0.32 2.79 -0.20 0.01

4.5 12.4 3.3 0.7

48.5 192.4 51.1 14.5

0.47

3.8 46.3

0.34 -0.71 0.00 0.75 0.42 -0.01 0.62 0.24

4.6 6.9 0.0 4.8 8.8 -1.1 6.1 4.9

53.1 66.0 4.3 39.5 105.0 21.2 41.7 39.7

Net YTD 3-Yr. NAV Chg. % Ret. % Ret. FF2040 FltRatel GrOppI HiIncAdvI HthCarI r IntlGr IntlSmCp LmtdTrmBdFd MuniIncI r MuniIncome NwInsghtI REIncmInst SmCapGrwI StrInI Total Bd Fidelity Advisor M: Balanced p EqGr p EqIn p GrOppM p NwInsghtM p SmllCapM p StrInM p Fidelity Advisor Z: CorporateBond EmMkt Z FloatRateHighInc GovtIncome GrOpp IntCpAp InvestGradeBd NewMktsIncFdZ RE Income StrgInc Fidelity Freedom: FAFree2020I p FAFree2025I FAFree2035I FAFree2045A FF2005 n FF2010 n FF2015 n FF2020 n FF2020A p FF2025 n FF2025A p FF2030 n FF2035 n FF2035A t FF2040 n FF2040A p FF2045 n FF2050 n FrdmBlen2025 K6 Free2045L Free2050I Free2055 n Free2060InstPrem Free2060Investor Freedom2010 K Freedom2015 K Freedom2015 K6 Freedom2020 K Freedom2020K6 Freedom2025 K Freedom2025K6 Freedom2030 K Freedom2030K6 Freedom2035 K Freedom2035K6 Freedom2040 K Freedom2040K6 Freedom2045 K Freedom2045K6 Freedom2050 K Freedom2050K6 Freedom2055 K Freedom2055K6 Freedom2060 n Idx2015InsPre Idx2020InsPre Idx2025InsPre Idx2030InsPre Idx2035InsPre Idx2040InsPre Idx2045InsPre Idx2050InsPre Idx2055InsPre Idx2055Investor Idx2025 Premier Idx2030 Premier Idx2035 Premier Idx2040 Premier Idx2045 Premier Idx2050 Premier Income n Income K Fidelity Invest: AdvSrsGroOpport AggrInt n AilSectEq AMgr20% n AMgr50% n AMgr70% n AMgr85% n AstMgr30R n Balanc n BalancedK BluCh n BluChpGr K6 BluChpGrK CALmtTrmTFB n CAMun n Canad nr CapAp n CapDevO n ChinaReg n CnvSc n Contra n ContraK CorpBd n CpInc nr DisEq n DivGrowK DivGth n DivIntl n DivIntl K6

17.95 9.39 174.60 11.61 74.70 19.27 32.55 11.95 10.96 13.77 39.22 12.11 38.94 12.86 11.20

0.35 0.02 3.72 0.11 1.24 0.47 0.54 0.00 0.02 0.05 -0.01 0.09 1.08 0.01 -0.01

6.8 1.8 12.5 3.9 6.9 3.8 5.6 -0.1 1.0 1.6 4.1 3.2 14.1 0.8 -0.6

46.9 11.4 201.5 27.4 75.5 45.7 19.3 12.7 14.7 NS 56.7 25.0 100.2 17.9 20.4

27.60 16.74 30.62 157.57 36.13 27.77 12.68

0.34 0.36 0.22 3.34 -0.09 0.70 0.01

4.6 8.8 3.2 12.5 3.8 13.7 0.8

50.8 102.0 20.5 197.0 54.1 49.0 17.0

12.75 40.70 9.40 10.80 176.46 31.29 8.49 14.93 12.11 12.87

-0.02 0.78 0.03 -0.02 3.76 0.69 -0.01 -0.06 0.09 0.01

-1.6 NS 12.0 56.7 1.8 NS -1.2 NS 12.5 202.6 6.1 52.4 -1.0 NS -0.7 NS 3.2 NS 0.9 NS

14.58 15.04 16.44 14.00 13.29 16.71 13.92 17.82 14.45 16.12 14.89 20.24 17.60 16.28 12.58 17.81 14.40 14.51 11.99 14.12 14.11 16.66 15.91 15.90 16.70 13.90 13.86 17.81 17.76 16.10 16.07 20.22 20.17 17.58 17.54 12.57 12.53 14.38 14.34 14.49 14.47 16.65 16.63 15.07 15.36 16.82 18.84 19.78 21.80 22.00 22.83 22.87 18.80 18.78 18.83 19.77 21.80 21.99 22.82 22.86 12.38 12.36

0.17 0.20 0.30 0.28 0.08 0.14 0.14 0.21 0.17 0.21 0.20 0.31 0.32 0.29 0.26 0.36 0.30 0.30 0.15 0.28 0.28 0.34 0.27 0.27 0.14 0.14 0.14 0.22 0.22 0.22 0.22 0.31 0.30 0.33 0.32 0.25 0.25 0.30 0.30 0.30 0.30 0.34 0.34 0.31 0.12 0.16 0.20 0.24 0.34 0.38 0.39 0.40 0.32 0.32 0.20 0.24 0.34 0.38 0.39 0.39 0.06 0.06

3.8 4.3 6.1 6.8 1.8 2.5 3.2 3.8 3.7 4.3 4.3 5.0 6.2 6.0 7.1 6.8 7.1 7.1 4.2 6.8 6.8 7.0 5.6 5.6 2.5 3.2 3.2 3.9 3.9 4.4 4.4 5.0 5.0 6.2 6.2 7.0 7.0 7.1 7.1 7.0 7.1 7.0 7.1 7.0 2.1 2.7 3.2 3.7 4.9 5.6 5.6 5.6 5.6 5.6 3.2 3.7 4.9 5.6 5.6 5.6 1.4 1.4

34.0 36.6 44.2 45.8 23.2 26.7 30.0 33.2 33.1 35.4 35.6 38.4 42.6 43.0 45.2 45.8 45.3 45.3 NS 46.9 46.9 45.2 45.5 45.2 26.9 30.3 30.6 33.5 33.9 35.9 36.3 38.8 39.3 43.0 43.6 45.7 46.3 45.7 46.4 45.7 46.4 45.7 46.3 45.3 30.0 33.2 35.6 38.6 42.7 45.5 45.5 45.5 45.5 45.3 NS NS NS NS NS NS 21.3 21.4

18.41 29.37 12.24 14.63 21.52 27.26 24.83 12.58 29.61 29.61 181.65 26.93 182.22 10.91 13.56 55.98 45.43 17.81 66.09 44.63 17.34 17.38 12.75 11.09 54.47 32.89 32.94 49.89 14.38

0.41 0.65 0.22 0.06 0.19 0.34 0.36 0.07 0.37 0.37 4.15 0.58 4.17 0.01 0.03 1.03 1.03 0.29 3.13 1.16 -0.05 -0.05 -0.02 0.10 1.18 0.56 0.56 1.21 0.34

12.7 6.1 6.6 1.1 3.3 4.7 5.7 1.8 4.7 4.7 11.4 11.3 11.4 0.4 1.1 4.4 8.8 6.4 18.7 11.6 3.4 3.4 -1.6 3.8 4.9 6.2 6.2 4.6 4.7

207.2 52.1 67.7 21.0 34.2 40.6 45.8 26.3 53.8 54.2 138.9 136.1 139.6 9.2 16.3 24.8 78.4 40.5 96.8 104.2 69.4 69.8 24.3 29.2 64.2 31.3 30.9 38.3 39.0

Net YTD 3-Yr. NAV Chg. % Ret. % Ret. DivIntlK r DivStkO n Emerg Asia nr EmrgAsiaI r EmrgMktK r EmrgMktsDebt EmrMkt nr Eq Inc n EqDivIncm n EqDivIncmK EqIncK Europ nr Export n Fidel n FltRateHi nr FocsdStk n FournOne n GNMA n GovtInc n GroCo n GroInc n GrowCoK GrowIncK GrStrt nr GwthDiscovery n HighInc nr Indepndnc n IntBd n IntGov n IntlCapiApp K6 IntlDisc n IntlEnhIdx n IntlGrRet n IntlScOpps nr IntlSmCap nr IntMu n InvGB n InvGrBd JpnSmCo nr LargeCap n LCapCrEIdx n LCapGrEIdx n LevCoSt n LgCpVHIdx n LmtTrmMuniIncm n LowP nr LowPriStkK r LowPriStkK6 LtdTmBdFd n MagellanK Magin n MAMun n Manager40 n Manager60 n McpVl n MegaCpStk n MidCap n MidCapEnIdx nr MidCapStkK r MIMun n MNMun n MtgSec n MuniInc n NASDAQ nr NewInsights Z NewMill n NewMkt nr NJMun nr NYMun n OHMun n OTC n OTC K OverseasK r Ovrse n PAMun nr PcBas nr PuritanK Puritn n RealE n RealEstInc nr REInc n SAIIntlMinVolInd SAILTTreBdIdx SAISm-MidCap500I SAIUSMinVolIndFd SAIUSQtyIdx SCEnhIdx n SmallCap nr SmCapDisc n SmlCapO n SmlCpGrth nr SmlCpGrth K6 SmlCpVal nr Srs1000ValIndRet SrsBlChGroRetail n SrsCommStrt SrsEmrgMkt SrsGlobal SrsGroCoRetail SrsIntlGrw SrsIntlSmCp SrsIntlVal SrsSmCapDiscRet STBF n StkSelSmCp n StkSlcACap n StratDivInc n StrDivIncI TaxFrB nr TotalBond n TotalBond K6 Trend n Utility n Value n ValueDisc n ValueK Wrldw n Fidelity SAI: FidSAIEmgMktIndx FidSAIIntlIndxFd IntlValIdx LowDurationInc Muni Inc SAIEmgMktLoVolIx ShortTermBd TotalBd TxFreeBd

49.79 34.38 79.62 78.85 51.07 9.46 51.05 65.50 26.30 26.29 65.45 44.05 20.80 65.63 9.40 33.49 58.05 11.77 10.78 36.59 46.27 36.69 46.23 64.02 56.26 8.74 47.90 11.32 10.86 16.88 56.38 10.70 19.32 25.35 32.33 10.95 8.47 11.80 18.18 37.39 20.14 29.89 45.15 15.00 10.91 52.17 52.11 13.95 11.95 13.47 13.48 12.76 13.57 15.41 24.61 17.21 40.41 18.85 40.43 12.86 12.24 11.57 13.77 176.98 39.31 39.35 14.93 12.75 13.82 12.60 19.19 19.55 61.28 61.42 11.68 48.48 27.33 27.35 41.03 12.16 10.80 11.05 11.35 15.62 16.56 16.72 17.94 23.13 26.80 18.05 38.83 22.56 19.33 13.97 18.64 4.94 28.14 15.28 25.38 18.50 21.18 10.55 13.85 8.77 34.84 60.44 16.91 16.86 12.30 11.22 10.44 156.86 27.83 13.23 33.67 13.25 36.74

1.21 0.69 3.04 2.96 1.54 0.00 1.54 0.95 0.19 0.19 0.95 0.87 0.28 0.92 0.03 1.07 0.89 -0.01 -0.02 0.91 0.76 0.92 0.77 2.37 1.18 0.01 0.80 0.00 0.00 0.37 1.12 0.23 0.47 0.64 0.53 0.03 -0.01 -0.01 0.40 0.64 0.24 0.45 0.81 0.27 0.01 0.86 0.86 0.22 0.00 0.22 0.22 0.04 0.10 0.16 0.42 0.31 1.25 0.59 1.25 0.03 0.03 -0.02 0.04 3.02 -0.01 1.10 -0.06 0.05 0.04 0.03 0.44 0.45 1.16 1.17 0.03 1.35 0.40 0.40 0.46 0.09 0.07 0.20 -0.08 0.51 0.04 0.21 0.54 0.64 0.79 0.39 1.08 0.62 0.48 0.25 0.40 0.09 0.81 0.37 0.65 0.45 0.50 0.25 0.41 -0.01 0.83 0.77 0.16 0.16 0.03 0.00 -0.01 3.38 -0.20 0.30 0.41 0.31 0.96

4.6 7.4 16.6 16.7 11.8 -0.3 11.8 5.1 3.3 3.3 5.1 4.0 5.2 5.2 1.8 7.6 4.9 0.0 -1.3 11.3 5.7 11.3 5.7 7.2 8.8 0.5 3.3 -0.2 -0.5 6.1 6.2 4.2 3.8 2.9 5.6 1.0 -1.1 -0.7 2.3 6.6 6.1 7.2 10.0 6.6 0.5 7.3 7.3 7.4 -0.1 3.3 3.3 1.0 2.6 3.9 7.5 6.8 8.7 9.8 8.7 1.0 0.7 0.0 1.5 9.4 4.1 7.6 -0.7 1.8 1.4 0.8 9.5 9.6 3.3 3.3 1.1 10.5 5.1 5.1 4.1 3.2 2.9 2.2 -6.6 10.3 0.4 3.9 16.5 12.2 11.4 12.6 14.1 14.1 14.0 5.8 11.2 7.6 12.7 6.6 11.5 4.0 3.2 4.6 11.5 0.0 13.9 6.3 4.4 4.4 1.4 -0.6 -0.7 6.1 1.3 10.4 4.7 10.5 7.3

38.8 63.1 127.3 127.9 63.8 11.5 63.2 34.0 23.2 23.5 34.4 27.6 15.3 65.9 11.6 93.5 44.0 12.4 15.1 137.6 37.6 138.1 38.1 76.2 104.1 15.1 60.6 16.6 12.5 53.9 37.5 14.7 45.6 35.5 19.3 15.0 21.4 21.8 10.8 40.3 55.0 83.6 59.9 30.7 9.9 33.4 33.7 34.3 12.9 62.1 61.7 15.1 30.6 37.6 13.9 48.5 44.1 45.8 44.5 16.7 15.4 13.9 18.3 106.9 57.3 34.3 8.4 19.6 16.2 15.2 112.8 113.6 32.9 32.5 16.2 61.6 47.9 47.5 27.9 24.9 24.1 13.1 33.3 59.7 46.0 63.0 52.6 50.7 34.3 61.5 100.3 101.8 34.9 29.4 147.8 1.2 50.4 24.7 144.9 50.7 37.1 10.2 43.4 9.7 69.1 61.1 39.7 39.7 18.7 20.6 21.1 101.1 37.0 36.1 29.9 36.6 71.0

18.53 13.61 9.36 10.01 10.98 11.12 10.03 10.67 11.02

0.52 11.5 32.2 0.30 4.1 20.2 0.18 5.6 0.9 0.00 0.0 NS 0.04 1.5 NS 0.24 5.1 NS 0.00 0.1 NS 0.00 -0.5 NS 0.03 1.4 NS

Net YTD 3-Yr. NAV Chg. % Ret. % Ret. U.S.TreBdIdx 10.22 USMomentumIdx 18.32 USValueIndex 10.88 Fidelity Selects: 26.90 Biotech nr Chem nr 14.88 119.81 Comp nr ConDis nr 70.44 93.96 ConStap nr DfAero nr 16.70 Energy nr 27.15 FinSvc nr 11.02 Gold nr 28.11 34.01 Health nr HlthCareSrvPt r nr 125.14 Ind n 38.26 98.44 ITSvs n Leisr nr 18.51 MdTchDevis n 80.96 Multimedia nr 90.81 Pharm n 24.84 24.41 Retail nr Semiconductors r nr 18.58 Softwr nr 28.86 Tech nr 29.75 UtilGr nr 93.30 Fidelity Series: 12.10 Canada FASeriesEqGroFd 17.58 HthCarZ 74.74 IntMuni Z 10.97 10.22 STCrFd Fiera Capital: 65.55 EmgMkt Inst First Eagle Funds: GlbA 63.10 24.33 Gold p 26.05 OverseasA US Val A t 19.58 19.96 US Val I r FMI Funds: IntlInvst n 33.53 LgCapInvst n 19.92 FPA Funds: 38.58 FPACres n 10.03 NwInc n Franklin A1: 11.15 AZ TF A1 p CA TF A1 p 7.90 CAHY A1 p 11.53 12.27 CAInt A1 p Fed TF A1 p 12.43 12.45 FedInt A1 p HiInc A1 1.90 HY TF A1 p 10.54 IncomeA1 p 2.36 MIInsTF A1 p 12.06 MNInsTF A1 p 12.90 12.09 MO TF A1 p NC TF A1 p 11.89 11.72 NJ TF A1 p NY TF A1 p 11.47 OHInsTF A1 p 13.25 12.01 OR TF A1 p PA TF A1 p 10.12 US Gov A1 p 6.05 Utils A1 p 19.47 Franklin Templeton: 20.41 TgtGro A p TgtModA p 16.62 FrankTemp/Frank Adv: CA HY Adv t 11.56 12.30 CA IntAdv CA TF Adv t 7.89 CvtScAdv 31.10 Dynat Adv 163.33 Fed TF Adv 12.45 FedIntAdv 12.48 62.77 GrOpAdv p Growth Adv t 144.29 10.59 HY TF Adv IncomeAdv 2.34 81.75 RisDv Adv r SmCpGrAdv p 34.44 SmCpValAdv t 59.21 StrInc Adv p 9.58 USGovAdv p 6.07 Utils Adv 19.65 FrankTemp/Franklin A: BAL A t 12.91 34.28 BalInv p 188.33 BioDis A p CoreAll A p 23.01 31.09 CvtSc A p DynaTech A p 157.53 EqIn A p 28.00 FlRtDA A p 7.60 FoundFAlA p 13.78 22.59 FrkIntlGrthA FSmCoSer r 24.52 24.20 GoldPrM A p 56.97 GrOp A p Growth A p 143.81 LwDuToRt A 9.65 RisDv A p 81.82 31.00 SmCpGr A p SmCpVal A p 55.77 SmMCpGrA p 51.92 StrInc A p 9.56 15.20 TgtCon A p TtlRtn A p 10.13 FrankTemp/Franklin C: CA TF C t 7.89

-0.01 -1.6 16.6 0.44 9.8 70.3 0.18 8.0 19.6 -0.35 0.09 2.14 -0.16 0.11 0.27 1.19 0.23 0.04 0.60 2.06 0.70 3.36 0.15 2.77 1.54 0.51 0.25 1.36 0.58 0.87 -0.79

6.8 3.4 9.2 6.4 -1.2 1.6 16.6 8.4 -4.8 7.2 1.6 1.3 5.1 3.6 11.2 9.5 4.9 7.3 14.5 6.4 10.7 1.7

72.6 4.8 113.2 75.9 28.0 10.9 -29.8 23.8 51.7 84.5 57.1 24.6 97.1 48.2 115.0 90.4 62.7 96.1 141.0 117.4 144.1 42.9

0.24 0.38 1.25 0.03 -0.01

4.8 26.5 9.0 109.2 7.0 NS 1.0 NS 0.0 11.4

1.93

8.5 29.5

1.11 3.0 24.2 0.08 -3.5 54.1 0.33 1.9 16.9 0.41 4.0 25.6 0.42 4.0 26.6 0.22 0.32

3.6 13.4 2.2 34.1

0.90 0.00

7.3 33.9 0.3 9.1

0.02 0.04 0.06 0.03 0.04 0.03 0.01 0.05 0.03 0.02 0.03 0.05 0.03 0.04 0.03 0.04 0.03 0.03 -0.01 -0.27

0.7 1.3 2.0 0.7 1.3 0.8 1.5 2.3 3.5 0.8 0.6 1.0 0.9 1.4 1.0 0.8 0.7 1.0 -0.3 -1.1

14.8 19.0 19.9 12.0 16.3 12.1 20.6 20.0 20.0 16.2 14.9 15.5 14.2 15.3 15.0 15.3 14.5 13.5 10.8 36.2

NA NA

NA NA

NA NA

0.06 0.02 0.05 0.91 6.66 0.05 0.03 1.20 3.25 0.05 0.03 0.98 0.88 1.87 0.02 -0.01 -0.27

2.0 0.8 1.5 9.9 12.8 1.4 0.8 6.4 6.2 2.4 3.5 2.1 13.3 10.8 0.8 -0.3 -1.1

20.2 12.3 19.4 106.3 142.7 16.7 12.4 100.7 76.7 20.4 20.6 49.6 108.6 34.9 12.7 11.2 36.9

0.08 0.83 0.69 0.41 0.91 6.42 0.25 0.04 0.17 0.70 0.38 0.32 1.08 3.23 0.01 0.97 0.78 1.76 1.63 0.02 NA -0.01

2.3 7.1 9.9 5.0 9.9 12.7 2.6 1.5 2.1 5.1 6.5 -3.6 6.3 6.2 0.5 2.0 13.3 10.8 10.9 0.7 NA -0.7

25.9 16.1 60.5 44.8 104.7 140.8 31.8 -0.3 11.9 63.4 16.6 83.9 99.2 75.4 8.9 48.4 107.1 33.9 118.9 11.7 NA 16.5

0.05

1.4 17.1

Data provided by

Net YTD 3-Yr. NAV Chg. % Ret. % Ret. DynaTech C p 128.91 Fed TF C t 12.43 128.49 Growth C t Income C t 2.40 80.22 RisDv C t 19.34 Utils C t FrankTemp/Franklin R: FrkDynTchR6 165.23 FrkGrthOppR6 63.82 FrkGrthR6 144.15 FrkIncR6 2.35 81.74 FrkRisDivR6 FrkSmCpGrR6 35.16 FrkTotRtnR6 10.20 MutShrR6 26.49 TempGlbBndR6 9.71 TmpGrthR6 24.26 TmpFrgnR6 7.44 FrankTemp/Mutual A&B: Beacn A 16.85 Shares A 26.19 FrankTemp/Temp A: 28.78 DvMk A p Frgn A p 7.58 GlBond A p 9.75 11.42 GlSmCo A p Growth A p 24.27 World A p 14.60 FrankTemp/Temp Adv: Frng Adv 7.45 GlBondAdv p 9.71 TGlTotRAdv 9.95 FrankTemp/Temp B&C: GlBond C p 9.78 Frost Family of Fund: 10.39 FrTRInst

5.24 0.05 2.87 0.03 0.94 -0.27

12.6 1.3 6.1 3.8 1.9 -1.1

135.5 14.5 71.5 18.4 45.1 34.2

6.74 1.22 3.25 0.03 0.97 0.89 -0.01 0.46 0.06 0.29 0.19

12.8 6.4 6.2 4.0 2.1 13.3 -0.8 4.6 0.0 2.8 6.3

143.4 101.3 77.2 20.8 49.9 109.6 17.8 14.2 -2.6 9.0 5.7

0.35 0.46

3.4 24.6 4.6 13.1

0.60 13.2 44.4 0.19 6.2 4.4 0.05 -0.1 -3.7 0.22 7.2 26.0 0.29 2.7 8.0 0.14 3.3 12.4 0.19 6.3 5.3 0.06 0.0 -2.9 0.07 0.0 -3.0 0.05 -0.2 -4.9 0.04

1.1 12.6

G Gabelli Funds: 10.65 ABC pn 56.83 Asset pn SmCapG n 46.94 48.77 SmCpGrwI Util A p 7.89 GAMCO Funds: 90.80 GwthAAA pn Gartmore Funds: NationwideInstSv 28.64 Gateway: 37.45 GatewayA GE Elfun/S&S: 12.25 RSPIncm n 69.20 RSPUSEq n 11.73 Tax Ex n 74.94 Trusts n GMO Trust Class III: EmgCntryDt r 26.26 26.63 Quality GMO Trust Class IV: 26.21 EmgCntrDt 23.70 IntlEq Quality 26.70 GMO Trust Class VI: 38.21 EmgMkts r Quality 26.64 Goldman Sachs A: 29.85 CapGr HYMuni p 10.70 16.91 Muni Goldman Sachs Inst: 11.12 CoreFix 34.29 EmgMEq 43.02 Gr HYMuni 10.70 14.48 Int 16.91 Muni ShDuTF 10.88 61.51 SmCapVa Guggenheim Funds Tru: MacOppFdClInstl 27.81 TotRtnBdFdClInst 29.38 TotRtnBondFdClA 29.35 GuideMark Funds: LgCpCorServ pn 26.73 GuideStone Funds: AggrAllGS4 n 13.78 13.19 BalAllGS4 n 42.67 EqindxGS2 EqIndxGS4 n 42.68 13.82 GrAllGS4 n 32.05 GrEqGS2 GrEqGS4 n 31.69 15.40 IntEqGS2 LowDurGS2 13.66 15.52 MedDurGS2 20.26 ValEqGS2

0.03 1.8 0.92 5.1 1.09 9.0 1.14 9.1 0.01 2.5 1.74 NA

10.3 34.2 32.6 33.6 22.8

6.1 97.4 NA

NA

0.16

1.9 17.5

-0.02 0.85 0.03 1.05

-1.1 4.2 0.9 4.7

18.5 65.2 15.5 70.1

-0.13 -0.7 17.2 0.45 4.0 63.4 -0.13 -0.7 17.4 0.39 4.7 12.9 0.46 4.1 63.6 1.03 10.2 22.7 0.46 4.1 63.9 NA NA NA 0.05 3.0 24.9 0.06 1.9 16.7 -0.02 1.09 NA 0.05 0.39 0.06 0.01 NA

-1.3 13.5 NA 3.1 5.3 2.0 0.5 NA

20.7 50.3 NA 26.0 14.5 17.9 9.1 NA

0.08 1.6 16.3 0.00 -0.8 22.1 -0.01 -0.8 21.0 0.45 NA NA NA NA NA NA NA NA NA NA NA

7.0 59.4 NA NA NA NA NA NA NA NA NA NA NA

NA NA NA NA NA NA NA NA NA NA NA

H Harbor Funds: Bond CapApInst CapApInv pn IntlGr r IntlInst r LgCpValue SmCpGwth SmCpValInst Harding Loevner: EmgMktsAdv n IntlEq Hartford Funds A:

12.23 113.27 106.75 24.31 46.14 20.88 19.76 43.18

-0.01 2.98 2.80 0.93 1.04 0.67 0.46 1.29

-0.7 8.7 8.6 9.1 4.7 8.6 9.9 9.9

18.9 114.3 111.9 59.8 17.3 50.6 97.2 39.9

73.16 29.80

NA NA

NA NA

NA NA

Net YTD 3-Yr. NAV Chg. % Ret. % Ret. BalIncA 15.69 45.05 CapAppA p 10.44 Chks&Bal p DiscpEqA p 42.86 28.74 DivGth A p EmrgMktEqAdv t 22.72 20.54 EqInc t FltRateA t 8.39 59.58 GrOppty t GrowAllA p 14.72 43.32 Hlthcare 20.87 IntOppA p 36.97 MidCap A p Muti-AstIncGw 21.47 10.12 ShtDur 11.11 TotRBdA p Hartford Funds C: 15.43 Bal IncC Hartford Funds I: 15.69 BalIncI 45.30 CapAppI 28.58 DivGthI EmrgMktEqInv r 22.76 EqIncI 20.40 FltRateI 8.35 64.45 GrowOppI t InterValue 14.91 IntlAlphaInv p 17.58 MidCap 38.68 MunOpptI 9.19 StrInc 9.41 10.70 WorldBond Hartford Funds Y: 43.47 DiscpEq 29.59 DivGthY 21.95 IntOppY 47.03 MidCapY Hartford HLS Fds IA: 32.47 Balanced 54.46 CapApp 18.17 DiscEqui 23.18 Div&Grwth IntlOpp 20.82 47.31 MidCap 31.27 SmallCo SmCpGrwth 42.32 95.57 Stock 11.88 TotRetBd 10.10 UltraShBd Heartland Funds: 49.34 Val Inv n Hennessy Funds: 64.81 FocInv 52.29 JapanInst Homestead Funds: ShtTmBd n 5.32 49.78 Value n Hotchkis and Wiley: 11.41 HiYldI

0.09 0.74 0.10 0.51 0.37 0.49 0.27 0.01 1.20 0.24 0.62 0.57 1.24 0.12 0.01 -0.01 0.08

0.6 4.8 2.8 4.4 4.4 11.9 3.2 1.5 7.6 5.3 5.8 6.2 8.9 2.2 0.4 -0.9

25.4 56.9 38.8 60.9 38.4 40.9 28.2 9.5 121.4 35.5 66.9 29.6 66.9 19.3 11.0 19.7

0.5 22.6

0.08 0.6 26.4 0.75 4.8 58.2 0.37 4.4 39.5 0.49 11.9 41.9 0.26 3.2 29.1 0.01 1.4 10.3 1.30 7.6 123.2 0.39 7.7 -1.4 0.37 6.8 48.3 1.30 8.9 68.2 0.02 1.2 17.1 0.01 0.5 25.7 0.01 0.2 9.8 0.52 0.38 0.60 1.58

4.4 4.4 6.3 8.9

62.3 39.7 31.0 68.5

0.28 2.9 34.8 0.86 5.0 56.9 0.22 4.4 61.5 0.30 4.5 39.8 0.58 6.3 31.0 1.59 8.9 68.7 0.83 14.0 132.1 0.71 10.9 79.0 0.72 0.1 48.7 0.00 -0.8 20.9 0.00 0.1 5.9 1.63 14.0 37.9 0.46 2.10

5.3 37.1 5.1 47.7

0.00 0.1 11.4 0.52 5.3 37.5 0.05

1.7 12.5

I ICM Small Company: 33.46 ICMSmCo IFP US Equity Fund: IFP US EquityFd 20.68 INVESCO A Shares: 37.31 AmValA Invesco Fds Investor: 20.34 DivrsDiv n GlHltCr pn 47.73 74.70 Tech n Invesco Funds A: 41.92 500InxA p 15.68 ActiveAllA AMTFrNY p 12.22 BalancedRiskAllA 11.61 79.17 CapApprA p 18.47 Chart 25.99 CmstA CoreBdA p 6.94 CpBdA 7.88 46.44 DevMkt 59.73 DevMktA 125.78 DiscFdA p DisMdCpGrA 34.13 DivIncm p 23.45 20.35 DivrsDiv p 11.47 EqIncA 16.09 EqInvA 71.16 EqWtdA p GblAllocA 22.98 GblStrIncmA p 3.81 89.67 GlbOppA p 15.22 Glcoreeq p 36.77 GlGr GlHltCr 47.72 24.54 GrIncA 16.79 GrowAlloc p Hyld 4.02 10.40 HYMuA IntlBdA p 5.82 23.68 IntlDivA 34.46 IntlGrow 49.61 IntlGrowA p 56.65 IntlSmCoA 11.62 IntTMIA p 26.80 InvescoFd p 123.78 InvGloblFdA LmtdTrmMunInc p 11.61 55.80 MnStFndA 24.86 MnStOpA p MnStSmCpA p 29.45

0.94 13.0 29.8 0.40

5.7 60.3

0.56

7.0 17.7

0.07 1.9 21.8 1.16 5.9 64.5 2.51 10.6 109.8 0.53 0.36 0.06 0.16 2.60 0.24 0.49 -0.01 0.00 0.89 1.76 4.81 1.59 0.09 0.08 0.16 0.41 1.44 0.47 0.02 3.45 0.21 0.81 1.16 0.42 0.36 0.00 0.05 0.04 0.58 0.80 1.25 0.97 0.03 -0.02 3.58 0.01 0.73 0.46 0.70

4.9 6.7 1.9 3.7 7.9 4.6 7.2 -1.0 -0.7 8.1 10.0 14.7 12.1 2.2 2.0 4.7 7.2 5.9 6.1 0.5 14.7 4.2 7.9 6.0 6.4 6.3 1.3 2.7 -0.2 5.7 6.5 5.1 2.2 1.5 -4.3 7.1 0.6 4.6 7.3 7.0

54.4 35.2 24.4 25.4 86.3 39.4 18.3 19.5 25.5 34.2 39.5 128.0 105.1 17.9 21.6 25.5 35.0 43.0 29.1 10.5 61.1 25.2 47.2 64.5 18.4 33.3 15.9 19.4 9.7 35.8 32.9 33.2 43.2 14.4 79.5 54.9 9.8 47.6 54.9 38.2

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Net YTD 3-Yr. NAV Chg. % Ret. % Ret. ModInvA 12.55 MunInA 13.96 QualityIncomeA 11.88 RchHiYldMuniA 8.18 RealEst p 18.93 RisingDivA 23.50 RochAMTFrMuni 7.99 RochCAMuni 9.30 RochLmtTrNYMuni p 3.09 RochPAMuni 11.65 17.55 RoMu A p SenFltRtA 6.90 ShortTerm p 8.68 SmCpEq p 17.31 54.17 SmCpGr SmCpValA t 17.69 SP IncomeA 3.56 Tech p 75.00 Invesco Funds C: 67.78 EqWtdC RchHiYldMunC 8.15 SenFltRtC 6.90 10.36 TEHYC Invesco Funds Instl: 35.20 IntlGrow SmCpGr 64.53 Invesco Funds P: Summit P pn 32.43 Invesco Funds Y: BalancedRiskAllY n 11.83 DevMktY n 58.83 149.25 DiscovY n EqWtdY n 71.94 GlblOppY n 91.79 124.44 GloblY n IntGrowY n 49.29 IntlBdY n 5.82 56.21 IntlSmCoY n 17.55 RocMuniY n Sel40Y n 5.11 CoreBdY n 6.90 IVA Funds: 15.55 Intl I r WorldwideA t 17.02 17.11 WorldwideI r Ivy Funds: 24.57 AssetStrA p 24.98 AssetStr I r BalancedA p 26.94 17.89 CoreEqA t EmgMktEqFdI 32.25 HiIncA p 7.17 HiIncI r 7.17 19.57 IntlCorEqI r LgCpGwthA p 30.06 LgCpGwthl r 32.23 LtdTrmI r 11.11 MidCapI 44.67 MdCpGwthA p 40.31 MuniHighIncA t 5.12 ScTechA p 98.37 ScTechI r 112.53 SmCapGrA t 24.39 SmCapGrI r 35.09

0.22 0.05 -0.03 0.04 0.35 0.36 0.03 0.04 0.01 0.04 0.11 0.03 -0.01 0.65 1.43 0.41 0.12 2.51

5.0 1.8 0.1 3.0 4.5 2.8 2.0 1.6 1.0 1.8 2.7 1.9 0.2 15.6 13.4 11.7 17.9 10.5

32.0 17.0 14.0 35.4 23.4 42.1 31.9 26.7 22.9 33.5 34.1 -2.0 9.6 61.2 103.4 23.3 -10.6 109.2

1.36 5.9 39.9 0.05 3.0 32.9 0.02 1.8 -4.3 0.05 2.7 16.7 0.82 6.5 34.3 1.72 13.4 105.6 0.85 10.1 106.1 0.16 1.74 5.70 1.46 3.54 3.60 1.24 0.04 0.96 0.10 0.14 -0.01 0.04 0.11 0.11

3.7 10.0 14.7 6.0 14.7 7.1 5.1 -0.2 2.2 2.7 13.1 -0.8

26.4 40.6 129.6 44.1 62.2 56.0 34.2 10.5 44.2 35.1 -18.0 20.7

2.3 -0.6 3.2 7.2 3.2 7.9

0.31 0.32 0.31 0.22 0.80 0.03 0.03 0.33 0.47 0.51 0.00 1.44 1.29 0.01 2.58 2.94 0.60 0.88

2.5 2.6 3.1 5.7 13.5 2.7 2.8 4.2 3.9 3.9 0.2 9.8 9.7 1.3 10.1 10.1 14.3 14.4

33.1 34.2 40.2 59.7 52.8 16.7 17.5 11.5 84.4 86.1 10.5 124.7 122.1 13.7 113.0 114.2 89.2 91.4

0.34 0.35 0.36 0.47 2.81 4.65 -0.01 0.76 0.10 1.86 1.22 0.43 0.58 1.53 0.83 0.26 1.00 0.63 3.03

2.0 2.0 2.0 6.4 5.5 5.5 -0.9 5.8 3.3 4.9 4.9 6.4 3.7 9.2 4.0 4.8 4.5 9.3 10.1

40.1 42.5 43.5 86.6 68.4 67.7 20.9 97.4 10.1 51.9 52.4 43.2 71.8 135.5 42.6 21.4 82.7 17.0 77.7

J Janus Henderson: 41.25 Balanced C 41.73 Balanced S Balanced T n 41.82 Contrarian T n 28.53 Enterprise Inst 99.37 Enterprise T n 164.58 FlxBnd T n 11.28 48.52 Forty S GlbEqIncA 6.84 GlbResch T nr 102.26 GblResh Inst 66.75 18.65 GlbSel T n GlLifeSci T nr 73.64 58.45 GlTech T nr Grw&Inc T n 67.09 MdCpVal T n 16.50 Resh T n 67.11 SCVal T n 23.20 111.40 Venture T n Jensen I : Jensen I 56.00 JensenQualGrJ n: JensenQualGrJ n 56.01 John Hancock: 500Index1 45.19 BondI 16.63 BondR6 16.66 CapApprNAV 22.49 ClassicVal I 33.97 DispVal I 22.13 DispValMdCpR6 24.89 DispValR6 22.17 GblShrhYldI 11.44 IntlGrwI 40.47 23.56 MdCpIdxI Science&TechI 46.51 TotalStkMktIdxI 28.02 12.60 VolGrw1 John Hancock Class 1: BlueChipGrw 59.61 CapAppr 22.38 LSAggr 17.35 LSBalncd 16.01 LSConserv 13.78 16.83 LSGwth LSModer 14.44 MidCapStock 29.05 RetCho2015 11.76 12.82 RetCho2025 RetCho2030 14.04 RetCho2035 14.88 RetCho2040R4 15.28 RetCho2045 15.64 RetCho2050R4 14.00 RetLiv2025 11.43 12.03 RetLiv2030 RetLiv2035 12.71 RetLiv2040 13.07 12.94 RetLiv2045

0.26

1.0 59.0

0.25

1.0 57.8

0.57 -0.01 -0.01 0.61 0.75 0.51 0.56 0.51 0.16 1.27 0.63 1.48 0.43 0.17

4.9 -0.6 -0.6 8.9 8.0 6.7 6.8 6.7 3.1 10.1 10.4 11.1 6.7 4.7

55.6 20.8 21.2 117.3 11.1 21.6 28.4 21.9 15.6 50.8 43.5 131.6 59.7 16.5

1.02 6.4 81.4 0.60 8.9 117.0 0.38 8.0 46.5 0.21 4.6 35.4 0.06 1.2 21.9 0.31 6.4 41.3 0.11 2.6 28.1 0.73 11.0 142.5 0.02 0.3 19.1 0.06 1.1 25.8 0.12 2.1 31.3 0.18 3.4 35.7 0.22 4.2 38.0 0.24 4.7 39.6 0.23 4.9 40.3 0.14 3.9 36.2 0.18 4.9 40.2 0.22 5.9 43.3 0.25 6.8 46.5 0.27 7.4 48.0

Net YTD 3-Yr. NAV Chg. % Ret. % Ret. John Hancock Funds A: BalA 25.09 16.63 BondA p DispVal 22.94 DispValMdCp 23.81 FunLgCpCorA p 64.26 11.08 InvGrBdA IntlGrw 40.36 17.45 LifeAggr LifeBal 16.14 13.80 LifeConsv 16.92 LifeGrw LifeMod 14.53 StrIncA p 6.80 65.91 USGlobLdrs John Hancock Instl: BalancedI 25.07 DispValMCI 24.90 FunLgCpCorI 67.51 IncomeI 6.78 StratIncmOppI 11.43 USGlbLdrsGrwI 72.88 JPMorgan A Class: 12.18 CoreBond CorePlusBd p 8.67 EmMktEq t 48.24 19.87 EqInc p 59.50 EqIndx p GwthAdv p 32.43 Inv Bal p 16.53 InvCon p 13.66 19.21 InvG&I p InvGrwt p 23.79 LgCpGwth p 63.71 46.37 MdCpGrw p MdCpVal p 38.41 11.16 ShrtDurBd p 63.67 Sm Cap p SmCapGrw p 28.19 SR2020 p 18.78 21.30 SR2030 p 24.63 SR2040A p USEquity 19.91 ValAdv t 37.35 JPMorgan C Class: 16.21 InvBal p InvConsvGr t 13.59 JPMorgan Funds: Fl EmMktEq L 49.81 39.47 MdCpVal L USEquity L 20.03 JPMorgan I Class: CoreBond 12.18 CorePlusBd 8.67 49.41 EmMktEq I EqInc 20.24 EqIndx 59.59 GrAdv r 33.88 11.18 GvBd HighYld 7.23 IntlEqIndx 19.67 IntmdTFBd 11.39 13.75 InvConGw LgCpGwth 65.00 56.09 MdCpGrw MdCpVal 38.91 11.55 MtgBckd 11.17 ShtDurBnd SmCap 75.15 SmCapGrw 32.15 21.37 SR2030 I 42.68 TxAwEq USEquity 19.99 USLgCpCorPls 25.01 USRechEnhEq 33.38 37.53 ValAdv JPMorgan Inst Class: 37.55 ValAdv L JPMorgan R Class: CoreBond 12.19 CorePlusBd 8.68 HighYld r 7.23 10.22 LimDurBd MtgBckd 11.55 11.17 ShtDurBnd SmCpEqR5 75.39 SmCpVal 31.02 USEqR5 20.04 USRechEnhEq 33.33 JPMorgan R5 Class: SR2020 R5 18.90 SR2030 R5 21.44 SR2040 R5 24.80 SRIncome R5 17.78 JPMorgan Select Cls: SmCpGrL 33.45

0.19 -0.01 0.52 0.53 0.88 -0.01 1.27 0.39 0.22 0.05 0.31 0.11 0.02 1.36

3.0 -0.7 6.6 6.7 7.5 -0.8 10.1 8.0 4.5 1.1 6.3 2.6 0.3 4.9

38.8 19.7 20.6 27.1 51.8 18.5 49.5 44.9 34.0 20.6 39.8 26.7 15.8 96.7

0.19 0.56 0.94 0.01 0.03 1.51

3.0 6.8 7.6 0.2 0.7 4.9

40.1 28.0 52.9 16.8 15.6 98.2

NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA

NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA

NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA

NA NA

NA NA

NA NA

NA NA NA

NA NA NA

NA NA NA

NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA

NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA

NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA

NA

NA

NA

NA NA NA NA NA NA NA NA NA NA

NA NA NA NA NA NA NA NA NA NA

NA NA NA NA NA NA NA NA NA NA

NA NA NA NA

NA NA NA NA

NA NA NA NA

NA

NA

NA

L Laudus Funds: USLgCpGr nr 30.77 Lazard Instl: EmgMktEq 19.04 14.62 GlbLstInfr IntlEq 20.37 IntStrtEq r 17.16 USEQ Concen Inst 19.06 Lazard Open: IntlStrEq n 17.31 Legg Mason A: 17.70 GrowFdClA Legg Mason I: IntlGrTrI 71.29 53.33 OpporTrI Longleaf Partners: Intl n 18.11 24.05 Partners n Sm-Cap n 26.13 Loomis Sayles Fds: HiInc 6.24 13.49 LSBondI LSBondR pn 13.42 LSCorBndA p 13.86 13.20 LSFixIncl LSStrIncA p 13.99 SmCpGI 39.79 Lord Abbett A:

0.54

5.4 89.6

0.26 5.5 -0.1 0.03 -0.2 22.5 0.22 1.7 16.9 0.15 2.0 22.1 0.39 5.6 41.7 0.15 NA

1.9 21.2 NA

NA

NA NA NA 1.51 22.0 110.3 0.37 4.2 16.9 0.88 10.7 16.0 0.39 9.6 29.1 0.01 0.00 0.01 0.00 0.02 0.01 1.27

1.6 -0.4 -0.4 -0.8 -0.1 0.0 13.7

13.3 10.6 9.8 19.7 16.5 8.4 93.3

M26

BARRON’S

February 15, 2021

Mutual Funds Net YTD 3-Yr. NAV Chg. % Ret. % Ret. Affiltd p BdDeb p CalibrDivGr CoreFxdInc p DevGt p FloatRt p FundlEq p HiYldA t HYMuniBd p IncomeA p IntrTxFr MidCapStk MultiAstBalOppty MultiAstInc ShDurTxFr ShtDurIncmA p TaxFr p TotRet p ValOpps p Lord Abbett C: BdDeb FloatRt p ShtDurIncmC t Lord Abbett F: BdDeb DevGt p FloatRt p HiYld p HYMuniBd Income IntrTxFr NatlTxF p ShtDurIncm ShtDurTxF p TotRet Lord Abbett I: BdDebentr DevlpGro FloatRt HiYld ShtDurInc p LSVValEq : LSVValEq

15.88 8.58 18.34 11.25 36.47 8.40 12.77 7.57 12.93 3.01 11.49 31.23 13.87 17.40 15.98 4.22 12.23 10.67 21.06

0.29 0.06 0.31 -0.01 1.33 0.02 0.21 0.04 0.06 0.00 0.03 0.79 0.24 0.22 0.01 0.00 0.05 -0.01 0.75

4.2 2.4 2.7 -0.7 19.3 1.7 5.8 2.6 3.1 -0.3 1.5 7.6 5.9 4.3 0.6 0.5 2.1 -0.5 9.9

21.1 21.7 45.1 17.4 190.2 6.1 24.3 18.5 24.0 20.2 16.4 19.6 40.9 30.2 8.1 10.8 19.6 16.9 43.3

8.60 0.06 2.3 19.4 8.41 0.02 1.7 4.2 4.25 0.01 0.4 8.7 8.56 39.06 8.40 7.56 12.94 3.01 11.49 12.22 4.22 15.99 10.67

0.06 1.42 0.03 0.04 0.06 0.00 0.03 0.05 0.00 0.02 -0.01

2.4 19.3 1.8 2.6 3.1 -0.3 1.5 2.1 0.5 0.7 -0.3

21.9 191.4 6.5 18.8 24.4 20.6 16.8 19.9 11.1 8.5 17.3

8.53 46.52 8.41 7.61 4.22

0.06 1.70 0.02 0.05 0.00

2.4 19.4 1.8 2.7 0.5

22.3 192.4 6.8 19.2 11.4

27.81 0.56

8.6 16.3

MN MainStay Fds A: ConvtA 24.92 HiYldBdA 5.67 IncBldr 20.82 LgCpGrA p 12.66 TxFrBdA 10.81 MainStay Fds I: EpochGlb r 18.68 MacKaySTMuni 9.76 S&P500Idx 51.43 S&P500IdxA 50.51 TRBd 11.38 Mairs&Power: MairsPwrBal n 109.05 MairsPwrGr n 144.44 Marsico Funds: Focus pn 27.39 Mass Mutual: SelBluChipGroClI 31.56 MassMutual Premier: CoreBdI 11.21 MassMutual Select: BlackRockGlAllCi 13.06 31.49 BlChpGrR5 IdxEqI 19.44 IndxEqR4 n 18.80 MCGrEqIII 30.13 MCpGrEqIIS 29.74 PIMCITRetI 10.23 Matthews Asian Funds: AsiaDivInv nr 24.60 AsiaGroInv nr 46.04 Asian G&I Inv nr 19.55 AsiaInnovInv n 32.62 ChinaInv n 32.78 DLStrIncmR 32.72 IndiaInv nr 28.08 JapanInv nr 25.85 PacTigerInv nr 39.72 MergerFundThe pn: MergerFundThe pn 17.69 Meridian Funds: Growth n 52.88 Value n 46.26

NA NA NA NA NA

NA NA NA NA NA

NA NA NA NA NA

NA 0.00 NA NA NA

NA 0.4 NA NA NA

NA 7.3 NA NA NA

1.22 2.30

3.6 37.8 6.1 57.4

0.59

6.5 103.9

NA

NA

NA

0.00 -0.4 20.4 NA NA NA NA NA NA 0.25 5.0 56.5 0.24 4.9 54.1 NA NA NA NA NA NA -0.01 -0.9 20.6 0.70 1.62 0.47 1.53 1.81 1.80 0.60 0.53 1.17

8.7 16.7 8.3 22.2 21.4 21.5 6.8 2.3 13.7

41.1 80.1 34.8 142.0 79.6 80.6 12.6 31.0 47.2

NA

NA

NA

NA NA

NA NA

NA NA

Net YTD 3-Yr. NAV Chg. % Ret. % Ret. Metropolitan West: 10.72 HiYldBdI IntmBdI 10.89 LowDurBdI 8.93 11.07 TotRetBd n 11.07 TotRetBdI TRBdPlan 10.38 12.06 UnconstrBdI MFS Funds Class A: AgGrAlA p 29.38 15.46 BondA p CoEqyA 42.73 17.86 ConAllA p Growth A p 159.49 53.85 GlEqA GlTotA p 19.20 25.06 GrAllA p GvScA p 10.28 HiInA p 3.46 IntGrA t 44.25 24.68 IntlDvFdA t IntlIntVA t 52.47 37.69 IntNwDA p LtdMA p 6.12 MCapA 29.77 27.16 MCpValA p MIGA p 38.93 37.55 MITA p ModAllA p 20.91 MuHiA 8.68 MuInA p 9.26 MuLtA 8.47 NewDA t 40.17 ReInA p 23.05 RetBdA t 11.48 53.07 RschA p 70.97 TechA p TotRA p 20.96 22.56 UtilA p ValueA p 46.31 MFS Funds Class C: GrAllC p 24.58 122.46 Growth C t ModAllC p 20.48 45.75 ValueC t MFS Funds Class I: 15.45 BondI 18.05 ConAllI Growth I 171.42 38.92 IntNwDI MCapI 31.82 27.89 MCpValI MIGI p 40.29 36.26 MITI ReInT t 23.90 11.48 RetBdI RschI 54.62 20.95 TotRI 31.93 UStdI p ValueI 46.59 MFS Funds Instl: IntlEq 31.56 Mondrian: IntlValEq n 14.10 Morgan Stanley Fds A: InsightA p 98.20 Morgan Stanley Fds I: FxInOpp I 5.89 Insight I 111.72 Morgan Stanley Inst: CapGrI 106.82 CapGrP p 99.59 CorPlusFxdIncI 11.66 53.41 Discovery I DiscoveryA p p 40.91 GloFranI t 31.60 IntlEqI 16.54 MorganStanleyPathway: CoreFxIcm n 8.46 18.69 EmgMkt n 24.30 LgCapEq n Sm-MdCapEq nr 23.33 Munder Funds: MndrIntlSmCpInv r 17.08 Munder Funds Cl Y: MndrSCVClY p 40.16 Mutual Series: 17.03 BeacnZ n 29.28 GlbDiscA GlbDiscz n 29.96

0.01 0.00 0.00 -0.02 -0.01 -0.01 0.00

1.0 -0.1 0.3 -0.9 -0.8 -0.9 0.6

26.8 17.0 10.1 19.6 20.5 20.7 13.6

0.57 -0.02 0.66 0.14 3.40 0.77 0.22 0.41 -0.01 0.01 0.94 0.52 1.12 0.66 0.00 0.82 0.55 0.51 0.66 0.25 0.03 0.03 0.01 1.08 0.51 -0.01 0.60 1.96 0.23 -0.40 0.61

4.8 -1.7 4.7 1.7 5.9 2.0 2.0 3.9 -0.8 0.8 4.2 4.4 1.5 2.6 0.2 5.6 6.3 3.8 4.9 2.8 2.6 1.8 0.9 11.1 4.2 -0.9 3.8 8.7 2.6 -0.7 3.3

47.5 23.9 59.1 30.0 89.7 37.6 23.4 42.7 14.2 17.9 41.2 35.6 41.7 24.4 10.6 95.8 31.4 77.4 49.9 37.1 19.7 17.2 11.8 126.4 29.9 19.1 53.6 111.5 29.4 38.3 26.4

0.39 2.59 0.24 0.60

3.8 5.8 2.7 3.2

39.5 85.4 34.0 23.6

-0.01 0.15 3.66 0.68 0.88 0.56 0.52 0.64 0.52 -0.01 0.62 0.23 0.45 0.62

-1.7 1.8 6.0 2.7 5.6 6.4 3.8 4.9 4.1 -0.9 3.8 2.7 5.8 3.3

24.8 31.0 91.1 25.3 97.2 32.4 78.6 51.0 30.9 19.6 54.8 30.4 46.5 27.3

0.66

3.0 32.8

0.15

3.9

5.4

4.71 21.5 276.3 0.01 0.2 15.9 5.37 21.6 279.5 5.75 5.36 0.00 1.84 1.40 0.43 0.36

16.8 16.7 -0.6 23.5 23.5 1.3 2.1

215.7 213.3 20.0 352.4 348.5 49.4 21.3

-0.01 0.42 0.42 0.65

-1.0 10.1 5.2 10.8

19.9 21.3 53.9 56.6

NA

NA

NA

NA

NA

NA

0.35 0.44 0.44

3.3 25.5 4.1 11.9 4.1 12.7

Net YTD 3-Yr. NAV Chg. % Ret. % Ret. QuestA t 13.33 QuestZ n 13.55 SharesZ n 26.51 Nationwide Fds R6: BdIdxR6 11.68 IntIdxR6 8.79 MidCapIdxR6 18.84 Nationwide Fds Serv: IDAggr p 10.17 10.19 IDMod p IDModAggr p 10.34 Natixis Funds: InvGradeBdA p 11.59 InvGradeBdY 11.60 LSGrowthY 24.18 41.31 USEqOppsA Neuberger Berman Fds: EmgMktInst 25.83 EqIncInst 13.78 GenesInst 77.58 HiIncBdInst 8.80 IntrinsicValInst 22.94 LgShInst 16.80 MidCapGroR6 22.85 MultCpOptyInst 16.06 StrIncInst 11.52 SustainableEqIns 44.21 Neuberger Berman Inv: Focus n 31.38 Genes n 77.64 Guard n 24.89 15.48 IntlEqInst r LCVal n 39.50 MdCpGrInv n 22.60 Neuberger Berman Tr: Genes n 77.58 GenesisFdR6 77.50 New Covenant Funds: Growth n 54.95 Nicholas Group: Nch II I 33.43 Nich n 80.04 Northern Funds: ActMIntlEq nr 12.91 BdIdx n 11.03 CAIntTxEx n 11.13 EmMktsEqIdx nr 15.56 FixIn n 10.73 GlbREIdx nr 10.49 HiYFxInc n 6.83 HiYMuni n 9.14 IntlEqIdx nr 14.00 IntTxExpt n 11.01 MidCpIdx n 23.13 ShIntTaxFr n 10.50 SmCapIdx n 17.75 SmCpVal n 22.35 StkIdx n 44.06 TxExpt n 11.16 Nuveen Cl A: AAMunBd p 12.35 CAMunBd p 11.81 HiYldMuBd p 18.15 IntDMunBd p 9.72 LtdMnBd p 11.43 Nuveen Cl I: HYMunBd 18.15 Nuveen Cl R: CAMunBd 11.83 IntDMunBd 9.75 LmtTrmR 11.39 NYMunBd 11.44 Nuveen Fds: RealEst 19.60

0.16 0.16 0.47

1.8 5.0 1.8 5.8 4.7 14.0

NA NA NA

NA NA NA

NA NA NA

NA NA NA

NA NA NA

NA NA NA

0.00 -0.3 20.4 0.00 -0.3 21.3 0.38 4.5 75.5 0.77 5.8 56.4 0.71 0.13 2.14 0.02 1.07 0.05 1.09 0.19 0.02 0.92

11.3 3.5 10.3 1.2 17.6 1.1 13.5 5.4 0.8 4.8

25.3 24.5 71.1 20.9 71.4 28.3 98.8 46.7 18.5 49.5

0.61 5.4 53.0 2.13 10.3 70.3 0.31 5.7 81.7 0.41 3.9 27.7 0.81 8.5 56.6 1.07 13.4 97.1 2.14 10.3 69.9 2.14 10.3 71.6 0.78

6.0 56.5

0.70 0.88

5.9 58.9 3.8 62.8

0.31 -0.02 0.02 0.44 -0.01 0.17 NA 0.03 0.30 0.02 0.62 0.00 0.44 0.66 0.55 0.02

5.7 -1.2 0.6 11.2 -0.8 3.0 NA 2.5 4.0 0.6 10.5 0.2 16.0 13.3 4.9 0.7

26.3 17.4 14.5 31.1 18.3 15.5 NA 18.2 19.3 14.5 44.8 9.7 58.9 21.7 56.4 16.4

0.05 0.03 0.10 0.02 0.02

1.8 1.0 3.5 1.1 0.6

19.2 16.4 23.0 15.4 11.4

0.10

3.5 23.8

0.04 0.02 0.02 0.03

1.2 1.1 0.6 1.6

0.27

4.6 29.3

17.3 16.0 12.1 16.0

O Oak Associates Funds: RedOakTec n 40.37 Oakmark Funds Invest: EqtyInc nr 32.42 GlbSel nr 22.59 Global n 34.44 Oakmark n 97.40 OakmrkInt n 27.61 Select n 52.14 Oberweis Funds: IntlOppInst 18.10 Old Westbury Fds: AlCpCore n 22.84

0.77

7.5 80.2

0.34 0.22 0.28 2.13 0.41 1.16

5.8 7.7 7.8 8.1 5.8 8.5

0.66

6.8 65.0

NA

NA

25.8 24.3 22.8 34.4 4.9 16.2 NA

Net YTD 3-Yr. NAV Chg. % Ret. % Ret. FixInc pn 11.55 LrgCpStr n 18.25 MuniBd pn 12.59 OWstbryNYMuBndFdn 10.63 Sm&MdCapStrategi n 20.04 Optimum Funds Inst: Fixed Inc 9.93 Intl Eqty 15.63 LgCpGrwth 25.89 18.67 LgCpVal SmCpGrwth 21.96 SmCpVal 15.23 Osterweis Strat Income: OsterweisStrInc n 11.43

NA NA NA NA NA

NA NA NA NA NA

NA NA NA NS NA

0.00 -0.7 18.6 0.32 6.6 24.1 0.34 4.7 79.6 0.24 4.4 26.0 0.52 13.1 115.5 0.42 12.8 23.7 0.03

0.7 14.7

PQ PACE Funds Cl P: IntlEqty P LgGrEqty P LgVEqty P StraFxd P Pacific Life Funds: PortOptModAggClA p PortOptModClA r Palmer Square: Income Plus Parnassus Fds: ParnEqFd n Parnsus n Pax World Fds: SustAll Inv n Paydenfunds: CoreBd n HiInc n LowDur n LtdMat n Pear Tree: ForeignVal I r PearValR6 Perm Port Funds: Permanent n PGIM Funds Cl A: 2020FcA Balanced HighYield JennBlend JennGrowth JennHealthSci JennMidCapGrowth JennSmallCompany p JennUtility NationalMuni ShrtTermCorpBond TotalReturnBond p PGIM Funds Cl C: TotalReturnBond PGIM Funds Cl Z: GlobalRealEstate HighYield JennGrowth JennHealthSci JennMidCapGrowth TotalReturnBond PIMCO Fds Admin: RealRetAd p TotRtAd p PIMCO Fds Instl: AllAsset AllAssetAuth r CommodtyRR DivInc EmMktsBd EmrgMktCur&STInv ExtdDur GlblBdOppUSH HiYld HiYldMuniBd IntlBdUnhedged r IntlBdUSH InvGrdCrBd LgTmRlRt LgTrmCrdtBd LngDurTotRtrn LowDur LowDurInc r ModDur MortgOppBd RAEFndmtlAdvPLUS RAEPLUS r

17.86 28.76 22.30 14.35 15.54 14.44

0.33 4.3 0.54 6.4 0.40 6.2 0.00 -0.8 NA NA

NA NA

20.8 86.5 16.3 20.5 NA NA

10.08 0.00

0.4 10.4

55.83 0.92 66.47 2.54

4.1 66.3 8.2 65.2

27.27 0.24

3.5 40.8

11.04 6.85 10.20 9.54

-0.8 1.8 0.3 0.2

-0.01 0.02 0.00 0.00

16.2 25.1 9.2 7.1

23.40 0.13 12.00 0.07

4.8 12.9 4.9 13.3

48.08 0.82

4.7 38.2

19.15 17.95 5.58 26.61 64.17 53.41 23.38 26.23 15.99 15.41 11.41 14.95

0.53 NA 0.01 0.67 1.74 NA 0.93 0.75 -0.30 0.02 0.00 NA

9.4 NA 1.9 10.4 8.9 NA 10.6 12.8 0.1 1.0 0.1 NA

70.8 NA 23.1 64.5 115.3 NA 100.4 62.9 43.6 15.0 13.1 NA

14.93

NA

NA

NA

23.46 5.59 70.98 61.78 29.37 14.90

0.41 0.01 1.92 NA 1.17 NA

3.5 1.9 8.9 NA 10.7 NA

26.8 24.0 117.2 NA 102.2 NA

12.32 10.52

NA NA

NA NA

NA NA

13.07 8.76 6.46 11.36 10.79 8.21 8.09 10.82 9.12 9.83 10.66 11.06 11.15 7.76 13.13 10.70 9.96 8.76 10.61 11.03 9.19 7.14

NA NA 0.14 NA NA 0.07 NA NA 0.01 0.04 0.07 0.00 NA -0.05 NA NA 0.00 NA 0.00 0.00 NA NA

NA NA 9.3 NA NA 0.6 NA NA 1.0 2.2 -0.5 -0.1 NA -3.0 NA NA 0.2 NA 0.1 0.8 NA NA

NA NA 9.4 NA NA 2.4 NA NA 20.7 23.5 12.8 16.9 NA 42.0 NA NA 9.2 NA 16.5 13.6 NA NA

Data provided by

Net YTD 3-Yr. NAV Chg. % Ret. % Ret. RAEPlusEMG 11.37 12.32 RealRtnI RERRStg 8.89 ShortT 9.85 ShtAssetInv 10.01 StcksPLUSIntlHdg r 8.54 StcksPLUSSmall 12.86 StkPlsLgDur 9.14 12.24 StksPLS StPlTRInst r 13.16 TotRetESG 9.61 10.52 TotRt TRII 9.81 TrndsMgdFutStrgy 10.48 PIMCO Funds: IncomeFd 12.18 StcksPLUSIntlHdg 8.44 TotRet 10.52 PIMCO Funds A: AllAsset 13.07 HiYld 9.12 HiYldMuniBd 9.83 12.18 IncomeFd IntlBdUSH 11.06 11.15 InvstGrCrBd LowDurA 9.96 LowDurInc 8.76 10.58 MuniBdA RealRtnA 12.32 ShtTmA 9.85 StksPLSTR 12.87 10.52 TotRetA PIMCO Funds C: IncomeFd 12.18 TotRetIncC 10.52 PIMCO Funds I2: CommdtyRR 6.43 ComPLUSStrtgyFd 5.49 11.36 DivInc GNMAGvtSec 11.45 HiYldMuniBd 9.83 Income 12.18 11.06 IntlBdUSH InvstGrCrBd 11.15 LowDurInc 8.76 LwDur 9.96 12.32 RealRtn ShtTm 9.85 TotRt 10.52 PIMCO Funds Instl: ComPLUSStrtgyFd 5.52 10.91 DynamicBd GNMAGvtSec 11.45 12.18 IncomeFd InflRespMulAsset 9.10 RAEPLUSIntl 7.45 RAEPLUSSml 11.96 Pioneer Funds A: AMTFreeMuniA p p 15.74 BondA 10.16 23.33 CoreEqA DiscGrA 19.03 37.53 EqIncA HighIncMuniA 7.48 MdCapVa 24.92 PioFdA 36.52 60.91 SelMCGrA StratIncA p p 11.41 Pioneer Funds Y: AMTFreeMuniY 15.68 BondY 10.06 67.99 SelMCGrY StratIncY p p 11.41 Price Funds: 2050RetFd n 18.96 28.24 Balnanced n BdEnhIdx nr 11.59 176.17 BlChip n CA Bond n 12.05 Communica&Tech n 196.13 CorpInc n 10.12 DivGro n 61.40 50.31 DvsfMCGr n EmgMktB n 11.47 60.24 EmMktS n EqInc n 33.14 104.05 EqIndex n Europe n 25.48 29.70 FinSvcs n GlbGr n 46.64

NA NA NA NA NA NA NA NA NA 0.01 0.3 7.1 0.00 0.0 5.7 NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA

NA NA NA

NA NA NA

NA 0.01 0.04 NA 0.00 NA 0.00 NA 0.03 NA 0.01 NA NA

NA 0.9 2.1 NA -0.1 NA 0.2 NA 1.4 NA 0.2 NA NA

NA 19.5 22.4 NA 15.5 NA 8.2 NA 18.0 NA 6.3 NA NA

NA NA

NA NA

NA NA

0.14 NA NA 0.00 0.04 NA 0.00 NA NA 0.00 NA 0.01 NA

9.2 NA NA 0.1 2.1 NA -0.1 NA NA 0.2 NA 0.3 NA

9.2 NA NA 15.9 23.1 NA 16.5 NA NA 8.9 NA 6.8 NA

NA NA NA 0.02 1.2 13.5 0.00 0.1 16.2 NA NA NA NA NA NA NA NA NA NA NA NA 0.02 0.5 20.2 0.00 -0.4 18.5 0.23 3.5 49.9 0.20 2.7 75.3 0.66 4.7 22.0 0.02 2.3 18.5 0.44 6.4 16.3 0.73 5.7 69.3 2.31 12.0 96.5 0.01 0.3 17.8 0.02 0.5 21.0 0.00 -0.3 19.8 2.59 12.0 97.9 0.02 0.4 18.9 0.37 0.34 -0.02 3.04 0.04 3.45 0.00 0.81 1.53 -0.04 1.41 0.60 1.32 0.47 0.84 1.08

6.6 3.7 -1.0 6.4 1.4 8.7 -1.2 2.3 9.3 -0.5 9.9 6.1 4.9 3.9 10.4 9.8

47.3 37.0 18.5 82.7 15.8 114.6 21.4 52.6 92.5 9.6 36.9 24.7 56.0 31.1 34.7 89.1

Net YTD 3-Yr. NAV Chg. % Ret. % Ret. GlbStk n 71.99 GlbTech n 31.74 GMS-fd n 11.97 GNMA n 9.42 Gr&In n 35.28 104.42 Growth n HelSci n 106.58 HiYield n 6.69 54.69 InstEmMEq InstFLRfd r 9.77 InstHiYld 8.88 LgCapGow I 66.49 InstLCCoreGr 69.40 LgCpVal 25.21 33.63 InstSmCap IntDis n 99.24 15.81 IntEqIdx nr IntlBond n 9.79 IntlStk n 22.67 IntlValEq n 14.98 21.23 Japan n MCapVal n 32.12 77.54 MCEqGr MD Bond n 11.21 120.89 MidCap n 28.39 N Asia n N Inc n 9.84 72.54 NAmer n New Era n 34.43 88.19 NHoriz n OverS SF nr 12.71 QMUSSmCpGrEq n 52.08 SpectConsAllo n 22.12 SpectModerAllo n 27.69 SpectModerGwAllo n 43.12 14.40 R2005 n 18.89 R2010 n R2015 n 15.46 23.61 R2020 n R2025 n 20.21 29.88 R2030 n R2035 n 22.44 32.33 R2040 n RealEst n 17.02 20.08 Ret2025A p Ret2045 n 22.40 21.90 Ret2045R 19.43 Ret2055 n Ret2055 19.26 16.22 RetBal Inc n SciTec n 60.62 Sht-Bd n 4.85 SmCap n 58.00 70.18 SmCapStk n SpecGr n 25.75 13.06 SpecInc n SpecIntl n 17.05 12.55 SuMuInc n 12.48 SuMuInt n TaxEfEqty nr 54.65 12.55 TF Incom n TF Incom n 10.54 TFSI n 5.76 TotIndex n 44.59 U.S.EqResch n 38.17 USLrgCpCore n 31.59 USTInter n 6.13 USTLg n 11.70 12.59 VABond n 44.17 Value n Price Funds - Adv Cl: BlChip p 172.39 CapAppA p 34.15 101.61 Growth p MCapGro p 116.15 23.39 R2020A p R2030A p 29.56 22.30 R2035 R2040A p 31.99 22.21 Ret2045-A p 18.74 Ret2050-A p Price Funds - R Cl: 164.64 BlChipR p ExtIndex nr 42.24 97.51 GrowthR p R2020R p 23.12 29.25 R2030R p R2040R p 31.71 19.82 Ret2025-R p Ret2035-R 21.99

Net YTD 3-Yr. NAV Chg. % Ret. % Ret.

2.36 1.34 0.00 -0.02 0.27 1.48 1.71 0.01 1.27 0.01 0.01 1.02 1.19 0.52 0.91 2.05 0.34 0.05 0.64 0.31 0.97 0.75 2.16 0.04 3.36 0.91 -0.01 1.11 0.82 1.94 0.26 1.22 0.23 0.39 0.77 0.11 0.17 0.16 0.27 0.27 0.45 0.37 0.59 0.50 0.26 0.43 0.41 0.37 0.37 0.14 1.48 0.00 1.58 1.87 0.47 0.04 0.44 0.03 0.02 1.32 0.05 0.03 0.00 0.69 0.44 0.23 0.00 -0.08 0.04 1.00

9.4 16.2 0.4 -0.3 3.1 7.7 7.8 1.2 9.7 1.3 1.2 8.6 6.5 6.7 9.8 9.3 4.0 -1.1 7.7 5.3 5.4 8.6 7.0 1.3 6.9 13.0 -0.7 6.1 5.5 7.2 5.5 9.1 3.0 4.3 5.7 2.6 2.9 3.3 3.8 4.3 5.0 5.6 6.2 6.8 4.3 6.6 6.5 6.6 6.6 2.8 10.0 0.2 9.9 9.8 6.2 0.7 7.2 1.4 1.0 7.4 2.3 1.3 0.3 6.3 4.1 3.0 -0.9 -6.5 1.1 7.9

109.0 139.0 20.9 11.5 50.3 86.0 80.5 18.8 37.1 12.5 19.2 96.3 83.2 27.8 82.1 55.5 19.3 11.7 37.1 7.1 56.8 30.4 70.6 14.8 69.2 58.7 16.1 103.1 6.6 139.3 21.0 69.5 28.8 36.4 42.9 28.4 30.3 32.1 34.4 37.6 40.7 43.3 45.8 17.2 36.6 47.3 45.0 47.1 46.1 29.0 111.8 10.7 43.3 81.4 46.0 17.1 31.0 16.2 14.5 93.5 17.2 16.0 8.8 58.5 57.7 49.9 17.5 32.0 15.4 38.2

Ret2050-R 18.54 PRIMECAP Odyssey Fds: AggGrowth nr 61.75 Growth nr 48.53 Stock nr 38.51 Principal Investors: CapApprA p 57.63 13.27 ConBalA p EqIncIA p 37.06 13.09 FlIncA p HiYld IN 9.45 InfPro IN 9.47 LgCpStA p 22.63 LgIndxI 22.62 LgIndxJ tn 22.36 14.86 LT2020 In LT2020J tn 14.77 LT2030In 16.23 LT2030J tn 16.17 LT2040I 17.70 LT2040J tn 17.53 LT2050I 18.20 MdGrIII Inst 16.45 MidCpBldA 36.41 PreSecI 10.51 PtrLGI In 21.79 PtrLV In 18.15 RealEstSecI 27.32 SAMBalA p 17.61 SAMGrA p 20.18 StrGrw A p 22.11 ProFunds Inv Class: UltNASDAQ-100 n 87.20 Putnam Funds: GrOpp R6 58.96 Putnam Funds Class A: CATx p 8.42 ConvSec 35.74 DvrIn p 6.94 DynAABalA 17.26 DynAAGthA 19.99 EqIn p 27.88 GeorgePutBal 23.09 GlblEqty p 20.41 GlbHlthCare p 61.44 GrOpp p 55.48 HiYld A p 5.97 Incm p 7.18 IntlEq p 27.75 NYTx p 8.97 ShtDurBd 10.29 SmCapGr p 78.31 StDurInc 10.09 SustainLdrsFd p 118.20 TFHY 13.25 TxEx p 8.96 MtgSec p 12.70 Putnam Funds Class Y: EqInc 27.89 GrOpp Y 58.50 Incm 7.32 ShtDurBd 10.31 StDurInc 10.11

9.08

NA

NA

NA

2.97 0.07 1.43 3.22 0.27 0.44 0.37 0.59 0.42 0.36

6.4 1.3 7.7 6.9 3.7 5.0 5.6 6.2 6.6 6.6

81.2 49.6 84.5 67.8 33.4 39.6 42.2 44.7 46.1 46.1

10.57

NA

NA

NA

2.83 6.4 79.8 1.30 13.8 75.6 1.37 7.7 83.1 0.27 3.7 32.4 0.43 5.0 38.5 0.58 6.2 43.7 0.26 4.3 35.5 0.36 5.6 41.2

0.36

6.6 45.0

1.45 15.1 64.6 1.35 14.4 53.6 1.08 9.6 42.6 0.77 0.11 0.45 0.07 0.02 0.01 0.28 0.29 0.28 0.14 0.14 0.22 0.21 0.28 0.29 0.33 0.49 0.86 0.03 0.46 0.27 0.43 0.22 0.31 0.42

4.0 2.6 4.4 1.4 1.2 0.1 4.9 4.9 4.9 2.7 2.6 3.9 3.9 5.0 5.0 5.6 7.2 3.8 0.7 6.7 5.0 4.6 3.9 5.0 6.1

58.2 25.4 37.4 20.8 16.4 20.0 54.9 56.2 55.2 30.8 30.2 36.5 35.9 41.6 41.1 43.8 89.0 65.2 19.5 97.2 30.6 38.9 31.8 37.3 42.9

2.54 14.1 238.2 0.84

6.1 102.5

0.03 1.02 0.02 0.20 0.32 0.36 0.15 0.46 1.15 0.79 0.02 -0.01 0.71 0.02 0.00 2.49 0.00 1.72 0.06 0.03 -0.06

1.4 10.7 1.9 4.1 5.8 5.8 2.9 7.0 3.2 6.1 1.2 -0.7 4.2 1.4 0.4 14.1 0.0 5.0 2.6 1.5 2.4

17.8 96.5 11.9 30.1 34.5 34.9 44.3 32.1 54.4 100.3 18.3 20.2 18.2 15.2 10.2 125.7 5.9 78.8 19.6 17.1 14.8

0.37 0.84 -0.01 0.01 0.01

5.9 6.1 -0.6 0.5 0.2

35.9 101.8 21.1 11.1 6.3

RS RBB Fund: BPSmVal2Inst RBC Funds: AccCpCommInvI RiverNorth Funds: RNDLIncomeI Royce Funds: Oppty I nr PAMut I nr PremierI nr SpecEqI nr TotRet I nr RS Funds: CoreEqVIP InvQBdVIP Russell Funds S: EmerMkts IntlDvMkt InvGrdBd StratBd TaxExBd TMUSMdSmCp TxMngUSLgCp USSmCpEq

28.83 0.74 10.9 25.7

19.18 11.52 14.85 19.64 10.30

0.83 21.1 63.2 0.35 12.5 50.6 0.46 9.3 47.4 0.38 7.8 22.7 0.32 10.3 28.5

46.07 13.08

NA NA

NA NA

NA NA

23.52 40.76 22.37 11.24 24.24 38.21 58.90 36.42

NA NA NA NA NA NA NA NA

NA NA NA NA NA NA NA NA

NA NA NA NA NA NA NA NA

Net YTD 3-Yr. NAV Chg. % Ret. % Ret. Rydex Dynamic Fds: NasdaqStratH p 377.92 Rydex Investor Class: NasdaqInv n 66.94 Schwab Funds: 1000 Inv nr 88.33 Balanced n 18.23 25.30 CoreEq n DivEqSel n 14.80 FunIntlLgInst nr 9.74 FunUSLgInst nr 19.58 26.99 HlthCare n InflProSel n 12.32 IntI Sel nr 22.88 IntlMstr nr 29.87 21.20 MT AllEq n MT Bal n 20.02 MT Gro n 25.25 S&P Sel n 60.26 SmCp Sel nr 39.57 SmCpEqSel nr 21.75 Trgt2020 nr 15.36 Trgt2030 nr 17.56 Trgt2040 nr 18.80 TSM Sel nr 70.83 TxFrBd n 12.31 USSmCoIdx nr 17.15 Segall Bryant & Hami: PlusBd n 11.16 SEI Portfolios: CoreFxIn F 11.67 10.64 EMktDbt F HiYld F 6.93 IntlEmg F 15.98 IntlEq F 13.17 IntMuni F 12.34 LgCapGr F 48.33 LgCVal F 24.89 16.48 MgdVol F S&P500 F 84.28 ShtGov F 10.57 TaxMgdLC F 31.72 TaxMgdSmMdCp F 27.02 Selected Funds: AmShD n 45.02 AmShS pn 44.91 Sequoia: SequoiaFd n 182.13 Sit Funds: MinnTxF n 10.83 SmeadFds: SmeadValueInstl 57.53 SoundShoreInv n: SoundShoreInv n 44.81 Sprott Funds Trust: GoldEq Inv p/r tn 52.78 SSgA Funds: SP500 n 249.32 State Farm Associate: Balan n 86.60 Gwth n 106.45 Muni n 9.05 State Street Institu: SmCapEq (ICL) 21.58 US Eq (ICL) 15.57 State Street V.I.S.: TR V.I.S. Cl 1 17.35 17.29 TR V.I.S. Cl 3 Sterling Capital Fds: TotRetBdI 11.22

10.97 14.1 241.8 0.98 1.32 0.18 0.32 0.19 0.19 0.30 0.41 -0.01 0.50 0.77 0.37 0.20 0.35 0.77 0.98 0.57 NA NA NA 1.15 0.03 0.52

7.1 109.1 5.7 3.8 4.8 5.6 6.0 7.1 3.5 0.0 4.0 7.0 6.9 3.6 5.3 4.9 16.0 16.6 NA NA NA 6.6 1.0 13.9

60.5 38.1 39.8 13.8 14.0 42.5 43.8 21.1 20.0 36.0 36.8 30.4 34.6 56.9 60.4 33.6 NA NA NA 60.7 14.9 40.3

0.00 -0.6 19.4 -0.02 0.02 0.02 0.45 0.26 0.03 0.65 0.45 -1.22 1.06 -0.01 0.49 0.69

-1.1 -0.2 3.0 10.9 4.0 1.1 5.9 7.2 3.0 4.9 0.1 4.9 11.9

19.5 7.7 20.5 27.5 20.7 15.7 83.5 18.0 25.2 55.8 8.2 41.3 35.6

1.33 11.2 42.9 1.33 11.1 41.6 3.66

7.4 65.5

0.02

1.1 13.8

1.79 13.9 42.3 0.89

6.0 25.5

0.40 -3.7 51.3 3.15

4.9 56.7

1.22 3.7 41.7 1.89 5.3 52.5 0.01 0.4 15.2 0.62 11.2 50.9 0.18 4.2 64.5 0.22 0.22

4.3 22.2 4.3 21.3

-0.02 -0.9 20.1

T TCU ShtDur : TCU ShtDur 9.89 TCW Funds: CoreFxInc n 11.73 EmMktInc n 8.42 SelEqtyI n 37.54 TotRetBondI n 10.31 TCW Funds N: TotRetBdN pn 10.63 The Bruce Fund: BruceFund n 659.46 Third Avenue: ValueInst 47.91 Thompson IM Fds,Inc: Bond n 10.94 Thornburg Fds: IncBuildA t 22.47

0.00 -0.1 10.2 -0.01 -0.03 0.67 -0.01

-0.9 -0.6 6.0 -0.9

19.7 15.6 102.0 18.4

-0.01 -0.9 17.5 5.88

5.6 44.4

1.45 11.4

8.6

0.03

2.2

7.4

0.17

5.4 20.5

Short Interest

NYSE Shorts Drop 6%

S

HORT INTEREST ON THE NEW YORK

Stock Exchange fell 6%, to 12,403,378,601 shares, as of Jan. 29, from a revised 13,196,078,343 on Jan. 15. The short-interest ratio fell to 2.1 days, versus 2.8 days on Jan. 15. The ratio is calculated by dividing the number of shares sold short by the average total traded each day. Short interest on the NYSE American Exchange rose 1.4%, to 527,189,262 shares, as of

Nasdaq Shorts Fall 6%

Jan. 29, from a revised 520,034,964, as of Jan.15. The short-interest ratio increased to 0.6 days, from a revised 0.5 in the prior period. The top three shorts on the NYSE: SPDR S&P 500 ETF Trust (ticker: SPY), iShares MSCI Emerging Markets (EEM) and AT&T (T). The top three on the NYSE: Zomedica (ZOM), GlobalStar (GSAT), and Senseonics (SENS). —MICHAEL

T. KOKOSZKA

A

S OF JAN. 29, OVERALL NASDAQ

short interest declined 6.1%, to 9,406,984,486 shares, compared with 10,019,921,188 on Jan. 15. The short-interest ratio was 1.4 days, versus 1.7 in the preceding reporting period. On the Nasdaq Global Markets, short interest decreased 6.8%, to 7,789,857,528 shares in 2,595 securities. That’s down from 8,357,995,856 in 2,580 on Jan. 15. The short-in-

terest ratio was 2.5 days, versus 3.2 days for the previous reporting period. Short interest on the Nasdaq Capital Markets fell 2.6%, to 1,617,126,958 shares in 1,397 securities, versus 1,660,925,332 in 1,367 on Jan. 15. The short-interest ratio was unchanged at 1 day. The top three shorts in the period: Sirius XM Holdings (ticker: SIRI), American Airlines Group (AAL), and Opko Health (OPK). —MICHAEL

T. KOKOSZKA

February 15, 2021

BARRON’S

M27

Mutual Funds Net YTD 3-Yr. NAV Chg. % Ret. % Ret. IncBuildC p 22.44 0.17 IntVal I 30.81 0.64 29.72 0.62 IntValA p LtdTIn 14.02 0.01 LtdTIncI 14.02 0.01 LtdTMu I 14.70 0.01 14.70 0.01 LtdTMuA Thrivent Funds A: DivrIncPlus 7.85 NA LgCpStk 28.83 NA 30.57 NA MidCapStk 11.75 NA MuniBd Thrivent Funds S: LgCpVal n 24.59 NA MidCapStk n 35.24 NA 10.25 NA OppIncmPl n TIAA-CREF/Instl Cl: CoreBond Inst 10.90 -0.01 11.06 0.00 CorePlsBd TIAA-CREF/Retail Cl: 30.12 0.48 EqIdx n Gro&Inc n 24.90 0.33 LrgCpGro n 24.71 0.66 14.19 0.18 MgdAlloc n SocChEq n 23.11 0.33 TIAA/CREF Funds: 11.43 -0.01 BdIdxInst 29.56 0.48 EqIdxInst EqIdxRet 30.02 0.48 Gr&IncInst 17.51 0.23 Gr&IncRet 17.89 0.23 HgYldInst 9.65 0.01 InflLkdBdInst 12.38 0.02 IntlEqIdxInst 22.06 0.48 22.58 0.49 IntlEqIdxRet IntlEqInst 13.91 0.38 14.48 0.14 LC2020Ret 15.25 0.17 LC2025Ret 15.90 0.20 LC2030Ret LC2035Ret 16.71 0.24 LC2040Inst 12.06 0.20 17.38 0.28 LC2040Ret LC2045Ret 14.79 0.26 LCIdx2010Inst 17.88 0.13 LCIdx2020Inst 20.32 0.18 LCIdx2025Inst 21.88 0.23 LCIdx2035Inst 25.03 0.34 LCIdx2040Inst 26.28 0.39 LCIdx2045Inst 26.92 0.44 35.22 0.56 LifeStkIdx LrgCpGrIdxInst 52.11 0.65 LrgCpGrIdxRet 52.50 0.64 LrgCpGrInst 24.79 0.66 LrgCpVl IdxInst 21.58 0.40 LrgCpVl IdxRet 21.99 0.41 LrgCpVl Inst 19.57 0.35 MdCpGrInst 30.43 1.17 MdCpVl Inst 18.12 0.31 QuantSmCpEqInst 21.88 0.68 RealSecInst 18.61 0.35 S&P500IdxInst 43.26 0.55 S&P500IdxRet 42.96 0.54 ShTrmBdInst 10.52 0.00 SmCpBl IdxInst 28.25 0.70 SmCpBl IdxRet 28.37 0.70 SocChEqInst 26.21 0.37 SocChEqRet 26.65 0.38 Tortoise Capital: TorMLPPipInsCl 9.35 0.25 Touchstone Family Fd: 11.24 -0.02 FlexIncY 57.47 0.83 FocEqY LagCapFoc A p 53.19 0.65 42.32 1.09 MdCpGrwY MdCpY 46.43 1.10 SandsCapGrY 22.97 1.05 SelGrwth 20.77 0.95 SmCoA p 6.37 0.15 Tr for Credit Unions: UltShtDur TCU 9.43 0.00 Transamerica A: 11.82 0.10 AsAlCnsrv p AsAIGrow p 15.40 0.32 AsAlMod p 12.71 0.15 AsAlModGr p 13.80 0.22 Balanced 32.69 0.25 FocusA 61.37 3.20 Trust for Professional Ma: PerfTrstMuniInst 26.14 0.10 PrfTrtStrtBd Ins 23.25 0.05 Tweedy Browne Fds: GblValue n 28.70 0.34

5.3 7.6 7.6 -0.1 0.0 0.4 0.4

17.7 38.8 37.6 14.9 15.8 9.5 8.8

NA NA NA NA

NA NA NA NA

NA NA NA

NA NA NA

-0.8 18.7 -0.5 19.4 6.3 6.1 9.0 3.7 6.5

59.3 53.1 99.5 34.8 59.1

-1.2 6.4 6.3 6.1 6.1 1.2 0.8 4.1 4.1 6.0 2.9 3.4 4.0 4.6 5.2 5.2 5.8 2.1 2.7 3.3 4.4 5.0 5.6 6.3 5.6 5.6 9.0 5.7 5.7 4.7 10.2 7.5 18.0 5.3 4.9 4.9 0.2 16.0 15.9 6.5 6.4

17.5 60.7 59.4 54.4 53.2 18.2 17.2 20.1 19.2 14.4 29.4 31.8 34.2 36.5 39.8 38.7 40.9 29.8 33.3 36.0 41.3 43.5 45.9 60.4 94.2 92.7 101.3 29.1 28.1 22.3 98.5 15.9 48.9 47.0 56.7 55.5 9.9 60.5 59.3 60.4 59.2

12.4 -17.8 0.3 7.0 6.2 5.7 4.9 12.8 12.8 12.7

17.2 56.5 66.5 84.6 56.8 155.2 153.3 51.4

0.0

5.5

2.4 7.2 3.6 5.3 2.7 16.3

25.7 38.2 28.7 33.5 40.4 201.8

1.1 19.9 0.6 17.5 4.6 13.0

U UM Funds: BehavVal USAA Group: 500Indx Reward n CA Bd n CapGr n CrnrsMod n CrnstModAggr n ExtMktIn n Gr&Inc n Gr&TxStr n Grwth n HiIncm n Inco n IncStk n Intl n IntmTerm n LgTerm n Nasdaq100 n ntTerBd n PrecMM n S&PIdx n SciTech n ShtT n ShtTBdA n SmCpStk n TarRet2030 n TarRet2040 n TarRet2050 n TarRetIncm n VA Bd n ValueFd n

72.43

NA

NA

NA

53.76 11.72 12.34 16.53 28.49 28.71 24.60 24.43 36.15 7.90 13.84 18.04 27.38 14.03 13.96 37.91 11.01 20.29 53.73 39.92 10.69 9.37 21.53 13.53 13.66 14.08 11.96 11.78 16.44

NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA

NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA

NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA

Net YTD 3-Yr. NAV Chg. % Ret. % Ret. WldGr n

29.03

NA

NA

NA

NA 0.15 0.24 0.32 NA 0.48 NA 0.17 0.84 0.48 0.28 NA 0.45 NA NA 0.49 NA 0.01 0.48

NA 4.3 4.3 12.1 NA 7.8 NA 4.1 8.9 4.0 3.8 NA 7.4 NA NA 5.1 NA 0.2 5.3

NA 20.4 7.8 25.1 NA 79.1 NA 18.1 78.6 26.2 77.3 NA 26.5 NA NA 53.0 NA 18.7 88.4

V VALIC: 12.13 CoreBd CoreVal 12.30 FrgnVal 10.74 11.21 GlobEq HighYdBd 7.94 HlthSci 29.83 12.18 InflPro IntlEq 8.07 18.81 IntlGro 24.56 IntlSmCpEq LgCpGro 21.97 30.08 MidCpIdx MidCpVal 19.87 46.39 SciTech SmCpIdx 24.87 SocResp 23.95 52.30 StckIdx StraBd 11.88 25.73 ValUltra Value Line Funds: AstAlcClInv n 44.26 CapAppreClInv n 14.01 Van Eck Funds: EmgMktsY 24.24 VANGUARD ADMIRAL: 400MCpIdxInst 342.54 500Adml n 363.71 BalAdml n 45.84 CAITAdml n 12.42 12.91 CALTAdml n CapOpAdml nr 197.40 153.84 CoDilxAd n CoStIxAd nr 84.93 DivAppIdxAdm n 38.90 EMAdmr n 46.50 31.05 EnergyAd nr EnergyAdml nr 62.03 EqIncAdml n 82.46 EuropeAdml n 78.38 ExplrAdml n 133.87 ExtndAdml n 142.42 39.28 FinIxdAd nr GNMAAdml n 10.71 GroIncAdml n 98.68 GrwthAdml n 138.37 HltClxAd nr 118.37 HlthCareAdml nr 93.98 HYCorAdml nr 6.00 InfProAd n 28.37 InfTechIdx n 194.83 IntlGrAdml n 181.07 ITBondAdml n 12.43 ITCorpIx n 25.90 ITIGradeAdml n 10.38 ITsryAdml n 11.61 23.25 ITTresIdx n LarCapAd n 93.59 LTGradeAdml n 11.21 LTsryAdml n 13.14 30.13 LTTresIdx n MatIdx nr 82.69 MidCpAdml n 276.91 MrgBkdIdx n 21.58 MuHYAdml n 12.13 14.95 MuIntAdml n MuLTAdml n 12.34 MuLtdAdml n 11.29 MuShtAdml n 15.96 12.89 NJLTAdml n NYLTAdml n 12.32 103.86 PacifAdml n PALTAdml n 12.27 PrmcpAdml nr 169.33 RealEstatAdml n 126.99 S&PSC600Idx 391.89 SmCapAdml n 104.39 SmGthAdml n 106.18 STBondAdml n 10.85 STCorpIx n 22.61 STFedAdml n 11.01 STIGradeAdml n 11.02 STIPSIxAdm n 25.81 STsryAdml n 10.77 STTresIdx n 20.55 TotBdAdml n 11.44 TotIntBdIdxAdm n 23.14 TotIntlAdmIdx nr 34.51 TotStAdml n 100.94 TxMBal nr 39.28 TxMCapAdml n 208.86 15.91 TxMIn r TxMSC nr 86.33 USGroAdml n 187.62 UtilIxAd nr 68.96 48.54 ValAdml n WdsrllAdml n 73.66 WellsIAdml n 68.81 WelltnAdml n 78.44 WndsrAdml n 75.91 VANGUARD FDS: 12.42 CAIT n CALT n 12.91 85.50 CapOp nr DivdGro n 33.23 50.10 DivrEq n EmgMktSelStk n 29.80 Energy nr 33.07 EqInc n 39.35 Explr n 143.90 EXPValFd n 42.34 FTAlWldInAdml n 38.71 GlbCapCyl Inv nr 10.42 GlbEq n 40.91 GloMinVolFdAdm n 28.24 10.71 GNMA n GroInc n 60.45 HlthCare nr 222.87 HYCor nr 6.00 14.45 InflaPro n IntlExplr n 21.63 IntlGr n 56.92 IntlVal n 42.16

0.46 0.28

0.4 48.5 8.6 75.0

0.62 13.6 33.6 9.26 4.59 0.43 0.02 0.04 5.21 -0.55 0.29 0.42 1.46 1.53 0.52 1.08 1.45 4.28 4.46 0.83 -0.03 1.28 1.93 1.76 0.79 0.01 -0.01 4.98 6.44 -0.01 0.01 0.00 -0.01 -0.01 1.29 -0.03 -0.08 -0.17 1.23 7.17 -0.06 0.04 0.03 0.04 0.00 0.00 0.04 0.03 2.43 0.03 4.61 2.12 13.72 2.87 3.09 0.00 0.01 -0.01 0.00 0.03 0.00 0.00 -0.02 -0.05 0.81 1.62 0.36 3.31 0.33 3.02 5.10 -0.92 0.66 1.62 0.30 0.67 1.23

10.4 4.9 3.4 0.7 1.1 11.2 8.0 -1.0 1.5 11.6 19.7 5.4 3.9 3.3 11.8 14.2 7.6 -0.2 5.3 6.1 5.8 3.3 0.8 0.2 7.5 13.0 -1.1 -0.8 -0.6 -0.7 -0.7 5.4 -4.6 -6.3 -6.4 3.3 8.0 -0.1 1.8 0.9 1.2 0.4 0.2 1.8 1.3 5.6 1.2 10.1 5.5 16.1 12.0 12.9 0.0 0.1 0.1 0.1 0.8 0.0 0.0 -1.3 -1.0 6.3 6.5 3.2 5.7 4.5 16.2 10.4 0.2 4.6 7.2 0.3 2.4 6.3

45.1 56.8 44.1 15.5 18.9 67.2 94.3 33.7 50.6 31.0 -24.9 -28.0 29.8 17.9 88.8 79.2 19.7 12.9 55.1 95.8 60.1 46.0 21.2 21.1 135.3 104.0 22.3 24.5 22.9 17.9 17.1 60.8 31.0 33.0 32.1 28.7 54.2 13.1 20.5 16.3 19.9 10.0 6.1 21.8 18.5 26.0 20.1 61.3 36.3 49.2 58.6 94.9 11.9 14.0 10.9 13.1 12.0 9.9 8.6 17.8 15.6 24.3 61.1 37.3 60.9 22.2 49.1 129.2 39.6 29.1 46.8 26.7 36.6 32.1

0.02 0.04 2.26 0.25 1.12 0.80 0.28 0.52 4.59 1.19 0.94 0.40 1.18 0.37 -0.03 0.78 1.86 0.01 0.00 0.51 2.02 0.84

0.7 1.0 11.2 0.0 8.2 12.5 5.4 4.0 11.8 12.8 6.5 9.0 8.2 3.3 -0.2 5.3 3.3 0.8 0.1 6.0 13.0 4.7

15.2 18.6 66.9 48.6 73.4 35.9 -28.2 29.5 88.2 32.7 25.2 13.2 55.9 23.2 12.5 54.6 45.8 20.9 20.8 15.7 103.2 18.4

Net YTD 3-Yr. NAV Chg. % Ret. % Ret. INSTTRF2015 INSTTRF2020 INSTTRF2025 INSTTRF2030 INSTTRF2035 INSTTRF2040 INSTTRF2045 INSTTRF2050 INSTTRF2055 INSTTRF2060 INSTTRFINC ITIGrade n ITTsry n LifeCon n LifeGro n LifeInc n LifeMod n LTIGrade n LTTsry n MATxEx n MgdPayFdInv n MidCpGro p MuHY n MuInt n MuLong n MuLtd n MuSht n NYLT n OHLTte n Primcp nr PrmcpCor n SelValu nr STAR n STFed n STIGrade n STIPSixInv StratgcEq n StrSmCpEqInv n STTsry n

24.97 26.94 28.35 29.22 30.01 30.83 31.57 31.67 31.75 31.85 24.67 10.38 11.61 23.08 42.23 17.35 32.71 11.21 13.14 11.54 18.05 36.71 12.13 14.95 12.34 11.29 15.96 12.32 13.34 163.40 31.86 27.87 32.60 11.01 11.02 25.77 41.06 41.21 10.77

0.15 0.23 0.30 0.36 0.41 0.47 0.53 0.54 0.54 0.54 0.13 0.00 -0.01 0.16 0.64 0.05 0.36 -0.03 -0.08 0.04 0.24 1.30 0.04 0.03 0.04 0.00 0.00 0.03 0.03 4.44 0.90 0.69 0.51 -0.01 0.00 0.02 1.43 1.45 0.00

1.7 2.6 3.3 3.9 4.5 5.0 5.6 5.7 5.7 5.7 1.4 -0.6 -0.7 1.8 4.9 0.3 3.3 -4.6 -6.4 1.1 4.2 9.5 1.8 0.9 1.2 0.4 0.2 1.3 1.0 10.0 9.9 7.3 4.9 0.0 0.1 0.8 13.3 16.6 0.0

26.6 31.1 34.5 36.6 38.7 40.6 42.7 43.0 43.0 43.1 25.4 22.5 17.5 29.1 40.3 23.1 34.7 30.6 32.6 19.7 22.8 85.8 20.2 16.1 19.6 9.7 5.8 18.2 20.0 61.0 50.5 21.7 48.4 10.6 12.8 11.8 41.9 39.5 9.6

Net YTD 3-Yr. NAV Chg. % Ret. % Ret. TgtRe2015 n 15.99 35.19 TgtRe2020 n TgtRe2025 n 22.25 42.12 TgtRe2030 n 26.35 TgtRe2035 n TgtRe2040 n 46.51 29.78 TgtRe2045 n TgtRe2050 n 48.03 46.06 TgtRe2060 n TgtRet2055 n 52.14 15.14 TgtRetInc n TotIntBdIxInv n 11.57 USGro n 72.43 WellsI n 28.41 45.43 Welltn n 22.51 Wndsr n 41.52 WndsrII n VANGUARD INDEX FDS: 363.70 500 EmgMktInstPl 117.62 351.45 ExtndIstPl FTAIWdInPl 129.97 138.39 Growth 20.63 IdxIntl n ITTresIdx Inst 28.85 LTTresIdx Inst 38.24 MdCpGrAdml n 99.13 MdCpVlAdml n 66.11 MidCp n 61.04 RUSS2000IdxInst 351.09 104.35 SmCap SmValAdml n 67.87 11.44 TotBd TotBd2 11.28 TotIntlInstIdx r 138.00 TotItlInstPlId r 138.03 100.90 TotSt VANGUARD INSTL FDS: 45.85 BalInst

0.09 0.30 0.24 0.52 0.37 0.72 0.50 0.81 0.78 0.88 0.08 -0.03 1.96 0.13 0.39 0.36 0.91

1.7 2.6 3.3 3.9 4.5 5.1 5.6 5.7 5.7 5.7 1.4 -1.0 10.4 0.3 2.4 6.3 7.2

26.3 30.9 34.3 36.5 38.6 40.6 42.7 42.9 42.8 42.9 25.1 15.5 128.5 26.5 36.3 31.7 46.5

4.59 3.69 11.00 3.16 1.93 0.48 -0.02 -0.22 2.99 1.39 1.58 8.70 2.86 1.76 -0.02 -0.02 3.24 3.24 1.62

4.9 11.6 14.2 6.5 6.0 6.3 -0.7 -6.4 8.6 7.3 8.0 16.0 12.0 11.1 -1.3 -1.4 6.3 6.3 6.5

56.3 31.2 79.3 25.4 95.1 24.1 17.1 32.2 86.2 25.9 53.6 60.5 58.1 31.6 17.4 17.2 24.5 24.5 60.6

0.43

Data provided by

Net YTD 3-Yr. NAV Chg. % Ret. % Ret. DevMktsIndInst DevMktsInxInst EmMkInst r EuroInst ExDurTrsInst ExtndInst FTAlWldIst r FTScinst GrwthInst InPrSeIn InstIdx InstPlus InstTStIdx InstTStPlus ITBdInst ITBdInstPI LaCapInst LTBdInst LTBdInstPl MidCpInst MidCpIstPl RealEstaInstl Rs1000GrwIdxInst Rs1000Vl IdxInst Russ1000IdxInst Russ2000GrIxInst Russ3000Idx SmCapInst SmCapIstPl SmGthInst SmValInst STBdIdxInstPl STBDInst STCorpIxInst p STIGradeInst STIPSIxins STTresIdx

15.93 24.90 35.36 33.42 41.83 142.41 122.73 27.85 138.37 11.56 347.87 347.89 78.81 78.80 12.43 12.43 385.21 15.79 15.79 61.17 301.69 19.65 503.55 247.57 358.89 462.75 358.17 104.39 301.30 85.04 37.94 10.85 10.85 27.67 11.02 25.83 25.81

0.33 0.52 1.11 0.61 -0.38 4.46 2.99 0.38 1.92 0.00 4.41 4.41 1.27 1.26 -0.01 -0.01 5.31 -0.05 -0.05 1.58 7.82 0.32 6.26 4.57 5.50 9.97 5.72 2.87 8.27 2.48 0.99 0.00 0.00 0.00 0.00 0.03 -0.01

4.5 4.5 11.6 3.3 -9.1 14.2 6.5 5.3 6.1 0.2 4.9 5.0 6.5 6.5 -1.0 -1.0 5.4 -4.9 -4.8 8.0 8.0 5.5 5.6 5.7 5.7 16.5 6.3 12.0 12.0 12.9 11.1 0.0 0.0 0.1 0.1 0.8 0.0

22.3 22.3 31.1 18.0 42.5 79.2 25.3 68.2 95.9 21.2 56.9 56.9 61.3 61.3 22.4 22.5 60.8 32.9 32.9 54.2 54.3 36.4 94.1 29.1 60.8 86.8 60.7 58.7 58.7 95.0 31.7 11.9 11.9 14.0 13.2 12.1 8.6

Net YTD 3-Yr. NAV Chg. % Ret. % Ret. TotBdInst TotBdInst2 TotBdInstPl TotIntBdIdxInst TotStInst TtlWrldIxInst p TxMCaInst r TxMSCInst r ValueInst Victory Funds: EstValA EstValI EstValR p FundFIncI SmCap Grwth p SmCoOppI VirtusFunds: CeredexLgCpVlEqI CeredexMdCpVlEqI GvSecUltShtBdI InnGrSt I VirtusFunds Cl A: MidGrA MulSStA p SmCapSusA StratGrA p TactAllA p VirtusFunds Cl I: EmMktI ForOppI IntSmCapI MulSStI QualitySmCapI SmCapSusI SmCpCorI Voya Fds: GNMA A

11.44 11.28 11.44 34.72 100.96 200.94 103.77 86.53 48.54

-0.02 -0.02 -0.02 -0.07 1.63 3.88 1.65 3.03 0.66

-1.3 -1.4 -1.3 -1.0 6.6 6.2 5.7 16.2 4.6

17.8 17.5 17.9 15.7 61.2 43.3 61.0 49.2 29.1

44.08 44.12 43.41 8.32 108.53 51.71

NA NA NA NA NA NA

NA NA NA NA NA NA

NA NA NA NA NA NA

14.01 13.01 10.05 78.32

0.18 3.8 29.8 0.22 5.2 30.9 0.00 0.1 5.5 3.52 17.5 270.3

74.36 4.80 58.93 28.34 13.67

1.70 9.3 163.8 0.00 0.5 10.7 0.89 13.2 139.8 0.41 7.1 99.7 0.14 3.6 59.7

14.70 33.02 23.74 4.81 27.30 60.64 49.44

0.23 10.7 30.4 0.73 2.0 35.2 0.33 1.5 45.8 0.00 0.5 11.5 0.62 11.6 56.4 0.92 13.3 141.7 0.72 6.8 77.1

8.56 -0.01 0.1 11.9

Net YTD 3-Yr. NAV Chg. % Ret. % Ret. GrOppI InmdBdI TRPGrEqI

59.17 1.25 5.3 80.6 10.53 -0.01 -0.8 19.7 115.83 1.71 8.0 86.2

WXYZ Wasatch: 101.16 CoreGr n 36.45 IntlGr n MicCap n 15.17 SmCapGr n 63.91 SmCapV n 10.27 UltraGr n 55.44 WCM: FcusEmgMk Inst 21.97 FocInterGrFdInv 26.49 WCM Focus Funds: WCMFocIntlGrwIns 26.66 Weitz Funds: 16.15 PIIIOpp ShtDurIncInst 12.45 53.32 ValueInv n Wells Fargo Adv Admi: 55.33 DiscvAdm Growth 57.42 Wells Fargo Adv Cl A: 16.22 AstAllA p p CmStkA p p 23.03 12.48 DivCapBldr IdxAstAllA 41.35 78.54 OmegaGwth OpptyA 51.59 PremLgCoGrthA 18.53 SpecTech 21.21 SpSmCpValA p p 40.10 StrMunA 9.36

3.09 0.83 1.40 2.37 0.23 2.21

10.6 5.0 27.8 12.4 13.1 17.2

94.4 42.1 211.2 147.7 45.8 207.1

0.65 10.8 79.4 0.89 7.7 79.1 0.90

7.7 80.3

0.08 0.01 1.13

4.4 42.1 0.6 10.3 5.4 56.2

2.18 11.0 132.6 1.32 9.8 120.9 NA 0.60 0.22 0.32 1.84 0.67 0.53 0.78 1.17 0.02

NA 6.7 4.6 2.4 6.7 3.7 9.8 11.7 13.0 0.7

NA 44.7 41.5 40.0 103.7 54.8 100.1 147.5 30.6 10.9

Net YTD 3-Yr. NAV Chg. % Ret. % Ret. Wells Fargo Adv Inst: CoreBd 13.29 Growth 64.73 MdCpVal 45.80 ShDurGovBdI 9.84 UlStInc 8.62 UlStMuInc 9.62 Western Asset: CoreBondA 13.47 CoreBondI 13.47 CoreBondIS 13.49 CorePlusBdA 12.39 CorePlusBdI 12.41 CorePlusBdIS 12.40 IntermedBdI 11.35 IntermTermMuniA 6.62 IntermTermMuniI 6.62 ManagedMuniA 16.87 ManagedMuniI 16.90 ShortTermBdIS 3.96 SMAShCrPlCp n 9.40 SmashSerC n 9.78 SmashSerM n 11.23 TotalRetUnconI 10.86 Westwood: IncomeOppI 13.47 Wilmington Funds: BroadMktBdInst 10.26 Intl Inst 10.57 LgCpStrInst 28.54 Wm Blair Funds Cl I: IntlGthI r 42.83 SmMidI r 39.54 Wm Blair Funds Inst: IntlGth 22.01 Wm Blair Funds R6: EmgMktGth 21.69

-0.02 1.49 0.88 0.00 0.00 0.00

-1.1 9.8 5.8 0.1 0.1 0.2

18.8 122.3 33.3 9.1 8.5 4.7

NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA

NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA

NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA

0.10

3.1 28.9

-0.02 -1.1 17.1 NA NA NA 0.44 5.7 59.8 1.39 8.0 55.3 1.55 12.6 89.4 0.72

8.1 56.6

0.75 15.1 65.7

3.4 44.2

Top 5 Insider Purchases by Company in 2021 DISTRIBUTIONS & OFFERINGS Secondary Distributions of common stocks Adicet Bio 9,230,770 $13.00 $120,000,010 Applied Therapeutics 3,000,000 $23.00 $69,000,000 Ares Capital 13,500,000 $18.12 $244,620,000 Autolus Therapeutics 14,285,715 $7.00 $100,000,005 Babcock & Wilcox Enterprises 25,641,026 $5.85 $150,000,002 Biophytis 12,000,000 $16.75 $20,100,000 BridgeBio Pharma 3,000,000 $62.50 $187,500,000 Brookfield Renewable 15,000,000 $51.50 $772,500,000 Cleveland-Cliffs 60,000,000 $16.29 $977,400,000 Codiak BioSciences 2,750,000 $21.00 $57,750,000 ComSovereign 5,647,059 $4.25 $24,000,001 ConforMIS 80,952,381 $1.05 $85,000,000 Corvus Pharmaceuticals 8,571,429 $3.50 $30,000,002 Diffusion Pharmaceuticals 29,268,294 $1.03 $30,000,001 Ekso Bionics 3,902,440 $10.25 $40,000,010 EMCORE 5,787,037 $5.40 $31,250,000 Enlivex Therapeutics 2,296,107 $20.00 $45,922,140 Evoqua Water Technologies 16,382,793 $24.85 $407,112,406 ExOne 1,666,667 $54.00 $90,000,018 GeoVax Labs 1,440,000 $6.25 $9,000,000 GT Biopharma 4,300,000 $5.50 $23,650,000 Hall of Fame Resort & Entertainment 12,244,897 $2.45 $29,999,998 Ideal Power 1,352,975 $17.00 $23,000,575 I-Mab 8,686,042 $54.00 $203,933,160 Infinity Pharmaceuticals 21,000,000 $3.80 $79,800,000 KalVista Pharmaceuticals 5,375,000 $36.00 $193,500,000 Leslie's 29,000,000 $26.00 $754,000,000 Liberty Oilfield Services 8,700,000 $11.45 $99,615,000 Lightspeed POS 8,400,000 $70.00 $588,000,000 Limbach 1,783,500 $12.00 $21,402,000 Mereo Biopharma 172,500,000 $2.90 $100,050,000 Oak Street Health 10,723,821 $56.00 $600,533,976 Onconova Therapeutics 25,000,000 $1.00 $25,000,000 Oncorus 3,000,000 $19.00 $57,000,000 OneMain 8,000,000 $53.00 $424,000,000 Option Care Health 17,250,000 $18.50 $319,125,000 Phunware 11,111,111 $2.25 $25,000,000 Polar Power 750,000 $18.00 $13,500,000 Protalix BioTherapeutics 7,608,695 $4.60 $34,999,997 Reliance Global 2,070,000 $6.00 $12,420,000 Sientra 5,410,628 $6.75 $36,521,739 SQZ Biotechnologies 3,000,000 $20.00 $60,000,000 Staffing 360 Solutions 21,855,280 $0.90 $19,669,652 TherapeuticsMD 59,500,000 $1.85 $110,075,000 Torchlight Energy Resources 23,000,000 $1.20 $27,600,000 Travere Therapeutics 6,550,000 $26.75 $175,212,500 urban-gro 5,400,000 $10.00 $54,000,000 US Energy 984,000 $5.10 $5,018,400 Varonis Systems 2,307,693 $195.00 $450,000,135 VerifyMe 1,650,000 $5.30 $8,745,000 VolitionRX 3,809,524 $5.25 $20,000,001 Wynn Resorts 7,475,000 $115.00 $859,625,000 Youdao 7,000,000 $34.00 $238,000,000 Zomedica 91,315,790 $1.90 $173,500,001 Source: Dealogic LLC, New York City; (212) 577-4400.

Company

York Water ...................................................... Hamilton Beach Brands ................................. Nacco Industries ............................................ Bank Of South Carolina .................................. Compass Diversified .....................................

Symbol

Number of Insiders

Number of Shares

$ Value

YORW HBB NC BKSC CODI

15 10 10 9 7

877 202,652 43,832 20,364 36,570

39,030 3,627,471 1,051,091 332,049 717,326

Avg. Price

$ $ $ $ $

44.52 17.90 23.98 16.31 19.62

Top 5 Insider Sales by Company in 2021 Company

Mongodb ........................................................ American Well................................................. Monolithic Power Systems ............................ Texas Instruments.......................................... Carmax ...........................................................

Symbol

Number of Insiders

Number of Shares

$ Value

Avg. Price

MDB AMWL MPWR TXN KMX

12 10 10 10 9

126,833 3,802,194 207,876 144,927 341,999

46,266,249 100,512,874 76,448,193 24,709,756 39,312,953

$ 364.78 $ 26.44 $ 367.76 $ 170.50 $ 114.95

CONFERENCE CALL CALENDAR Earnings - Related Company

Advance Auto Parts Agilent Technologies Albemarle Allegion PLC Alliant Energy Ameren Analog Devices Arista Networks Cabot Oil & Gas CF Industries CVS Health Deere & Co DTE Energy Ecolab Flowserve Genuine Parts Henry Schein Hilton Worldwide Hormel Foods IPG Photonics LKQ Marriott International Mosaic Newmont Corporation NiSource Occidental Petroleum Pioneer Natural Resources PPL Vulcan Materials Waste Management West Pharmaceutical Services Westinghouse Air Brake Technologies Zoetis Source: CCBN, www.ccbn.com

Date

Time

Earnings-Related Period

February 16 February 16 February 18 February 16 February 19 February 19 February 17 February 18 February 19 February 18 February 16 February 19 February 19 February 16 February 19 February 17 February 17 February 17 February 18 February 16 February 18 February 18 February 18 February 18 February 17 February 17 February 18 February 18 February 16 February 18 February 18 February 18 February 16

8:00AM 4:30PM 9:00AM 8:00AM 1:00PM 10:00AM 10:00AM 4:30PM 9:30AM 9:00AM 8:00AM 10:00AM 9:00AM 1:00PM 11:00AM 11:00AM 10:00AM 10:00AM 9:00AM 10:00AM 8:00AM 8:30AM 11:00AM 10:00AM 11:00AM 11:00AM 10:00AM 11:00AM 11:00AM 10:00AM 9:00AM 8:30AM 8:30AM

Q4 Q1 Q4 Q4 Q4 Q4 Q1 Q4 Q4 Q4 Q4 Q1 Q4 Q4 Q4 Q4 Q4 Q4 Q1 Q4 Q4 Q4 Q4 Q4 Q4 Q4 Q4 Q4 Q4 Q4 Q4 Q4 Q4

M28

BARRON’S

February 15, 2021

Weekly Closed-End Funds Fund Name (Symbol) Friday, February 12, 2021

Stock Exch NAV

General Equity Funds Adams Diversified Equity (ADX)-a .... Boulder Growth & Income (BIF) ...... Central Secs (CET)-c ........................ CohenStrsCEOppFd (FOF)-a ............ Eagle Capital Growth (GRF)-c ........... EVTxAdvDivIncm (EVT) .................. Equus II (EQS) ................................ Foxby Corp. (FXBY) ........................ GabelliDiv&IncTr (GDV)-a ................ Gabelli Equity Tr (GAB)-h ................. GeneralAmer (GAM) ....................... JHancockTaxAdvDiv (HTD)-a .......... Liberty All-Star Equity (USA) ........... Liberty All-Star Growth (ASG)-h ....... NuvTaxAdvTRStrat (JTA) ............... Royce Micro-Cap Tr (RMT) ............. Royce Value Trust (RVT) ................. Source Capital (SOR)-a .................... Special Opportunities (SPE) ............ Sprott Focus Trust (FUND) .............. Tri-Continental (TY) ........................ Specialized Equity Funds Aberdeen Glb Prem Prop (AWP) ..... Aberdeen Std Gl Infra I (ASGI) ......... Adams Natural Resources (PEO)-a ... ASA Gold & Prec Met Ltd (ASA) ....... BR Enh C&I (CII) ............................. BlackRock Energy & Res (BGR) ...... BlackRock Eq Enh Div (BDJ) ........... BlackRock Enh Glbl Div (BOE) ......... BlackRock Enh Intl Div (BGY) .......... BlackRock Hlth Sci Tr II (BMEZ) ...... BlackRock Hlth Sciences (BME) ...... BlackRock Res & Comm (BCX) ....... BlackRock Sci&Tech Tr II (BSTZ) .... BlackRock Sci&Tech Trust (BST) .... BlackRock Utl Inf & Pwr (BUI) ......... CBRE ClrnGlbRlEst (IGR) ................ CLEARBRIDGE ENGY MDS OPP (EMO) CLEARBRIDGE MLP&MDSTM TR (CTR) ClearBridge MLP & Midstm (CEM) .. Cntr Cst Brkfld MLP&EI (CEN) ......... ChnStrInfr (UTF)-a ........................... COHEN & STEERS MLP INC&E (MIE)-a Cohen&SteersQualInc (RQI)-a ......... Cohen&Steers TotRet (RFI)-a .......... CohenStrsREITPrefInc (RNP)-a ....... Columbia Sel Prm Tech Gr (STK)-a ... CushingMLPTotRet (SRV)-d ............ Cushing NextGen Inf Inc (SZC) ........ DNP Select Income (DNP) .............. Duff&Ph Uti&Infra Inc Fd (DPG) ...... Duff&Ph Sel MLP&MS Engy (DSE) . EtnVncEqtyInc (EOI) ....................... EtnVncEqtyIncoII (EOS) ................. EVRskMnDvsEqInc (ETJ) ............... ETnVncTxMgdBuyWrtInc (ETB) ..... EtnVncTxMgdBuyWrtOpp (ETV) ..... EvTxMnDvsEqInc (ETY) ................. EtnVncTxMgdGlbB (ETW) .............. EVTxMnGblDvEqInc (EXG) ............. First Trust Energy Inc G (FEN) ......... First Tr Enhanced Eq (FFA) .............. First Tr Specialty Fn (FGB) ............... FirstTrEnergyInfra (FIF) .................. FirstTrMLPEner&Inc (FEI) .............. Gab Gl Util & Inc (GLU)-ah ................ Gabelli Healthcare (GRX)-h .............. Gab Utility (GUT)-ah ......................... GAMCOGlGold&NatRes (GGN)-a ..... GAMCO NR GLD & INC TR (GNT)-a .. J Han Finl Opptys (BTO) .................. Macquarie/FirstTr Gl (MFD) ............ Madison CovCall & Eq Str (MCN) .... Neuberger Brmn MLP & EI (NML) ... NubrgrRlEstSec (NRO) ................... Nuv Dow 30 Dyn Overwrite (DIAX) .. NuvCorEqAlpha (JCE) ..................... NuveenDiversDiv&Inc (JDD) .......... Nuveen Nasdaq 100 Dyn Ov (QQQX)

Market Price

52 Week Market Return

Prem /Disc

N N A N A N N O N N N N N N N N N N N O N

20.96 14.21 43.23 13.28 NA 25.88 NA 3.97 26.22 6.19 45.95 22.85 7.62 8.59 NA 14.23 20.83 47.40 NA 8.90 35.35

18.04 11.60 36.00 13.22 7.81 24.21 1.94 NA 22.83 6.47 38.66 21.36 7.39 9.17 10.04 12.11 18.18 42.04 14.97 7.76 30.99

– 13.9 16.0 – 18.4 2.9 – 16.7 15.6 – 0.5 5.9 NA 2.7 – 6.5 0.5 NA 4.8 NA NA – 12.9 10.7 + 4.5 18.3 – 15.9 7.5 – 6.5 – 16.8 – 3.0 17.7 + 6.8 56.4 NA – 8.8 – 14.9 49.2 – 12.7 30.2 – 11.3 7.0 NA 10.9 – 12.8 14.3 – 12.3 13.9

N N N N N N N N N N N N N N N A N N N N N N N N N N N N N N N N N N N N N N N A N N N N A N N A N N N N N A N N N N

6.11 22.01 15.48 25.01 19.97 8.79 9.64 12.38 6.55 32.95 46.77 8.91 43.99 57.65 24.50 8.34 NA NA NA 13.61 24.89 3.13 13.63 13.40 24.14 31.85 31.15 54.22 NA 13.36 7.18 17.56 22.49 10.34 14.94 14.88 13.20 10.56 9.71 13.04 19.41 3.82 13.07 7.27 19.94 14.45 4.11 3.98 5.93 32.59 10.02 7.44 5.15 4.61 16.98 15.98 NA 28.24

5.49 19.92 13.06 21.54 18.29 7.99 8.66 10.95 5.91 30.68 48.90 8.59 40.30 61.14 26.41 7.25 16.61 18.18 21.19 10.36 26.84 2.94 13.00 14.00 23.36 31.09 23.83 41.97 10.30 13.30 6.78 16.71 22.59 10.63 14.97 15.36 12.61 9.95 9.01 12.13 17.98 3.62 11.38 6.42 19.09 12.40 8.12 3.55 5.13 33.83 9.15 7.16 3.87 4.31 15.11 14.60 9.04 26.97

– – – – – – – – – – + – – + + –

– + – – + – – – – – – – + + + + – – – – – – – – – – + – – + – – – – – – –

10.1 9.5 15.6 13.9 8.4 9.1 10.2 11.6 9.8 6.9 4.6 3.6 8.4 6.1 7.8 13.1 NA NA NA 23.9 7.8 6.1 4.6 4.5 3.2 2.4 23.5 22.6 NA 0.4 5.6 4.8 0.4 2.8 0.2 3.2 4.5 5.8 7.2 7.0 7.4 5.2 12.9 11.7 4.3 14.2 97.6 10.8 13.5 3.8 8.7 3.8 24.9 6.5 11.0 8.6 NA 4.5

TRACKING CLOSED - END FUNDS

46200 *Herzfeld Closed-End Average

Q2

Q3

Investment Grade Bond Funds Angel Oak Dynmc FS I Trm (DYFN)-a N Angel Oak FS Inc Trm (FINS)-a ......... N BlRck Core Bond (BHK) .................. N BR Credit Alloc Inc (BTZ) ................. N BR Enhcd Govt (EGF) ...................... N Insight Select Income (INSI) ........... N InvescoBond (VBF)-a ....................... N J Han Income (JHS) ........................ N MFS Govt Mkts (MGF) .................... N MFS Intmdt (MIN) .......................... N Western Asset Inf-Lk Inc (WIA) ....... N Western Asset Inf-Lk O&I (WIW) .... N WA Investment Grade Inc (PAI) ....... N WesternAssetPremBd (WEA) ......... N Westn Asst IG Def Opp Tr (IGI) ........ N Loan Participation Funds Apollo Senior Floating (AFT)-a ......... N BR Debt Strategy (DSU) .................. N BR F/R Inc Str (FRA) ....................... N BlackRock Floatng Rt Inc (BGT) ...... N Blackstone Lng-Sh Cr Inc (BGX) ..... N Blackstone Sr Fl Rt Tm (BSL) .......... N Blackstone Strat Cr (BGB) ............... N BNY Mellon Alct GCI 2024 (DCF)-a ... N Eagle Point Credit (ECC)-a ................ N Eagle Point Income (EIC)-a .............. N Eaton Vance F-R 2022 TT (EFL)-a ..... N EtnVncFltRteInc (EFT) .................... N EtnVncFltRteIncPlus (EFF) .............. N EV SenFlRtTr (EFR) ......................... N EVSnrIncm (EVF)-a .......................... N First Eagle Senior Loan (FSLF) ........ N FT/Sr Fltg Rte Inc 2 (FCT) ................ N FT/Sr Fltg Rte 2022 TgTr (FIV) ......... N Highland Income (HFRO) ................ N InvDYCrOpp (VTA)-a ....................... N InvSnrIncTr (VVR)-a ........................ N Nuveen Credit Strat Inc (JQC)-a ........ N NuvFloatRateIncFd (JFR)-a .............. N NuvFloatRteIncOppty (JRO)-a ......... N Nuveen Senior Income (NSL)-a ........ N Nuveen Sht Dur Crdt Opp (JSD)-a .... N PionrFltRate Tr (PHD) ..................... N High Yield Bond Funds Aberdeen Inc Credit Str (ACP) ......... N AllianceBernGlHiIncm (AWF) .......... N Barings Glb SD HY Bd (BGH) ........... N BR Corporate HY (HYT) .................. N BlackRock Ltd Dur Inc (BLW) .......... N BNY Mellon Hi Yield Str (DHF) ......... N Brookfield Real Asst Inc (RA)-a ........ N CrSuisHighYld (DHY) ..................... A CSAM Income Fd (CIK) ................... A DoubleLine Inc Sol (DSL)-a .............. N DoubleLine Yld Opps (DLY)-a .......... N EV2021TgtTm (EHT)-a .................... N First Tr Hi Inc Lng/Shrt (FSD) .......... N First Trust HY Opp:2027 (FTHY) ...... N Franklin Univ (FT) ........................... N InvHighIncTrII (VLT)-a .................... N IVY HIGH INCOME OPP (IVH)-a ....... N MFS IntmdHgInc (CIF) .................... N NeubHgYldStrt (NHS) ..................... N New Amer Hi Inc (HYB)-a ................. N NexPointStratOppty (NHF) ............. N Nuveen CI 2023 Target (JHAA)-a ...... N Nuveen CI Nov 2021 Tgt (JHB)-a ...... N Nuveen Crdt Opps 2022 TT (JCO)-a .. N Nuveen Global High Inc (JGH)-a ....... N PGIM Global High Yield (GHY)-a ...... N PGIM High Yield Bond (ISD)-a .......... N PGIM Sh Dur Hi Yld Opp (SDHY)-a ... N PioneerHilncmTr (PHT) .................. N Wells Fargo Income Oppty (EAD)-a .. A WstAstHIF II (HIX) .......................... N Western Asset Hi Inc Opp (HIO) ...... N Western Asset Hi Yld D O (HYI) ....... N Other Domestic Taxable Bond Funds

44200 2Q

39300

3Q

4Q

37500

1Q

% Disc/Prem From Net Asset Value

32400

– 13.1 NS – 9.0 57.4 10.4 – 25.1 – 2.9 6.3 9.1 48.6 17.9 20.5 94.8 81.3 21.8 – 5.9 – 55.0 – 51.7 – 56.7 – 79.1 5.9 – 53.8 – 1.4 – 1.3 0.3 38.0 – 31.6 – 7.2 – 14.1 – 4.8 – 79.7 10.3 28.6 20.2 – 2.7 11.5 7.0 4.8 9.7 – 35.2 11.0 – 34.4 – 28.6 – 36.5 5.4 11.1 21.7 – 3.9 – 5.6 5.4 – 11.4 20.6 – 38.3 – 20.1 – 8.4 2.5 – 10.7 15.3

-10 -13

Dow Industrials 2Q 20

3Q 20

4Q 20

-4 -7

25500 18600

1Q 21

2Q 20

3Q 20

4Q 20

1Q 21

-16

The Herzfeld Closed-End Average measures 15 equally-weighted closed-end funds based in the U.S. that invest principally in American 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 Stock Exch NAV

Fund Name (Symbol)

Nuv Real Est (JRS) .......................... Nuveen Rl Asst Inc & Gro (JRI)-a ...... NuvS&P500DynOvFd (SPXX) ......... NuvSP500BuyIncFd (BXMX) .......... PIMGlbStkPI (PGP)-a ...................... ReavesUtilityIncome (UTG) ............ RMR Mortgage Trust (RMRM) ........ Salient Midstream & MLP (SMM) ... Tortoise Energy Ind (NDP) .............. Tortoise Enrgy Infra Crp (TYG) ........ Tortoise Ess Asst Inc Tm (TEAF) ..... Tortoise Midstream Enrgy (NTG) .... Tortoise Pipelne & Enrgy (TTP) ....... Tortoise Pwr & Engy Infr (TPZ) ....... VAGIAI & Tech Opptys (AIO)-a ......... VDivInt&PremStr (NFJ) .................. Wells Fargo Ut & Hi Inc (ERH)-a ....... Income & Preferred Stock Funds CalamosStratTot (CSQ)-a ................ CohenStrsLtdDurPref&Inc (LDP)-a . CohenStrsSelPref&Income (PSF)-a . CohenStrsTaxAvPreSecs&I (PTA)-a Del Div & Inc (DDF) ......................... Dividend and Income (DNIF) ........... FirstTrIntDurPref&Inc (FPF) ........... Gabelli Go Anywhere Tr (GGO) ........ JHanPrefInc (HPI)-a ........................ JHPrefIncII (HPF)-a ......................... HnckJPfdInco III (HPS)-a ................ J Han Prm (PDT)-a ........................... LMP CapInco (SCD) ........................ Nuveen Pref & I 2022 Trm (JPT)-a .... Nuveen Pref & Inc Opp (JPC)-a ........ Nuveen Fd (JPS)-a ........................... Nuveen Pref & Inc Term (JPI)-a ........ Nuveen TxAdvDivGr (JTD) .............. TCW Strat Income (TSI) .................. Convertible Sec's. Funds AdvntCnvrtbl&IncFd (AVK)-a ........... Bancroft Fund Ltd (BCV) ................. CalamosConvHi (CHY)-a .................. CalmosConvOp (CHI)-a ................... Ellsworth G&I Fund Ltd (ECF) .......... Gabelli Conv Sec (GCV) ................... HiIncBd (PCF) ................................. VAGI Conv & Inc II (NCZ)-a .............. VAGI Conv & Inc (NCV)-a .................

Market Price

52 Week Market Return

Prem /Disc

A N N N N A A N N N N N N N N N A

10.19 16.00 NA 14.13 NA 32.13 NA 6.58 20.21 30.94 16.89 32.62 24.25 14.70 30.62 16.09 12.40

9.00 14.25 15.66 12.87 10.42 32.87 12.78 4.89 15.86 23.65 13.95 25.09 19.07 11.90 29.46 13.90 12.82

– 11.7 – – 10.9 – NA – 8.9 NA – + 2.3 – NA – – 25.7 – – 21.5 – – 23.6 – – 17.4 – – 23.1 – – 21.3 – – 19.0 – – 3.8 – 13.6 + 3.4 –

10.6 17.0 0.1 1.6 7.0 11.8 39.7 27.8 44.1 62.7 9.95 73.4 59.2 20.7 61.2 10.5 10.7

N N N N N O N N N N N N N N N N N N N

16.74 26.10 26.81 25.62 10.21 17.67 24.50 15.88 19.68 19.36 17.32 13.65 NA 24.50 9.73 9.79 24.87 16.42 NA

16.77 25.65 27.59 25.12 9.71 11.96 23.92 NA 19.23 19.02 17.01 14.12 12.28 24.55 9.27 9.53 24.24 14.38 5.67

+ 0.2 – 1.7 + 2.9 – 2.0 – 4.9 – 32.3 – 2.4 NA – 2.3 – 1.8 – 1.8 + 3.4 NA + 0.2 – 4.7 – 2.7 – 2.5 – 12.4 NA

26.9 0.5 7.6 NS 32.1 0.2 4.4 NA 12.1 9.1 6.1 17.0 11.4 1.7 5.7 1.6 1.5 12.4 0.6

N A N N A N N N N

NA 36.08 17.01 16.11 16.09 7.47 NA 6.02 6.71

17.92 35.67 15.80 14.91 17.04 6.77 8.67 5.31 5.97

– – – – – – – – – – – –

NA 1.1 7.1 7.4 5.9 9.4 NA – 11.8 – 11.0 – – – + –

Q4

Q1 20

Q2

23.9 48.6 42.6 41.2 59.5 24.3 2.7 11.6 10.6

Stock Exch NAV

Fund Name (Symbol)

VAGI Con & Inc 2024 (CBH)-a .......... VAGI Dvs Inc & Conv (ACV)-a ........... VAGI Eqty & Conv Inc (NIE) ............. World Equity Funds AbrdnAusEq (IAF) ........................... Aberdeen Emg Mkts Eq Inc (AEF) .... Aberdeen Glbl Dyn Div (AGD) .......... Aberdeen Japan Equity (JEQ) .......... Aberdeen Tot Dyn Div (AOD) ........... BlackRock Capital Alloc (BCAT) ...... Calamos GloDynInc (CHW)-a ........... Cdn Genl Inv (CGI)-y ........................ Central and Eastern Euro (CEE) ....... China (CHN) ................................... Delaware Enh Gl Div & In (DEX) ....... EV TxAdvGlbDivInc (ETG) ............... EtnVncTxAdvOpp (ETO) ................. Economic Inv Tr (N/A)-cy ................. European Equity Fund Inc (EEA) ...... FirstTrAbEmergOp (FEO) ................ FirstTr Dyn Euro Eq Inc (FDEU) ....... Gabelli Gl Sm&Mid Cp Val (GGZ) ..... Gabelli Multimedia (GGT)-h ............. GDL Fund (GDL) ............................. Herzfeld Caribb (CUBA) .................. Highland Global Alloc (HGLB) ......... India Fund (IFN) .............................. J Han Hdgd Ety & Inc (HEQ) ............ JHancockTaxAdv Gl Sh Yld (HTY) ... Japan Smaller Cap (JOF) ................. Korea (KF) ...................................... LazardGlbTotRetInc (LGI)-a ............. MexicoEqandIncmFd (MXE) ........... Mexico (MXF) ................................. Miller/Howard High Inc E (HIE) ....... MS ChinaShrFd (CAF)-J ................... MS India (IIF) .................................. New Germany (GF) ......................... New Ireland (IRL) ........................... RENN Fund (RCG) .......................... Royce Global Value Trust (RGT) ...... Swiss Helvetia (SWZ) ..................... Templeton Dragon (TDF) ................ Templeton Em Mkt (EMF) ............... United Corps Ltd (UNC)-cy ............... Wells Fargo Gl Div Oppty (EOD) ....... U.S. Mortgage Bond Funds

Market Sentiment

N N N

10.81 NA 33.22

Market Price

Prem /Disc

52 Week Market Return

10.10 – 6.6 35.66 NA 29.70 – 10.6

A 6.21 5.53 – A 10.37 8.97 – N 12.57 11.18 – N 11.19 9.80 – N 10.72 9.42 – N 21.47 23.02 + N 10.49 10.22 – T 55.98 38.60 – N 28.92 25.23 – N 38.29 34.44 – N 10.93 9.84 – N 20.59 18.58 – N 28.30 26.07 – T 165.38 116.60 – N 12.20 10.49 – N 17.14 15.45 – N 13.95 12.15 – N 16.38 13.80 – N 9.25 9.37 + N 10.88 9.00 – O 6.73 5.82 – N 10.74 7.10 – N 24.23 21.21 – N 13.13 11.58 – N 6.56 5.84 – N 10.70 9.36 – N NA 44.13 N 20.43 18.75 – N 11.52 9.61 – N NA 13.60 N 9.41 8.41 – N 26.44 22.40 – N 27.62 23.76 – N 23.66 20.50 – N 13.20 10.59 – A NA 2.31 N 15.45 13.91 – N 10.66 9.34 – N 30.24 27.12 – N 22.74 20.54 – T 176.71 107.00 – N 5.84 5.20 –

11.0 13.5 11.1 12.4 12.1 7.2 2.6 31.0 12.8 10.1 10.0 9.8 7.9 29.5 14.0 9.9 12.9 15.8 1.3 17.3 13.5 33.9 12.5 11.8 11.0 12.5 NA 8.2 16.6 NA 10.6 15.3 14.0 13.4 19.8 NA 10.0 12.4 10.3 9.7 39.4 11.0

8.9 48.0 30.6

– –



– – – –

– – –

12.0 20.8 13.3 31.4 11.1 NS 27.1 43.5 3.7 73.2 0.2 6.4 6.7 10.8 11.8 17.9 13.8 24.7 32.6 1.8 7.3 6.4 17.7 13.6 9.8 11.1 47.7 21.3 18.2 3.2 19.4 20.0 14.2 48.0 11.5 35.0 28.5 14.7 78.4 35.7 8.4 2.3

6.22 14.37 9.11 9.50 NA 7.85 NA NA

Market Price 6.13 13.75 9.12 9.27 20.40 7.24 10.33 14.76

Market Price

20.42 18.58 16.33 15.76 13.29 21.79 21.02 16.37 4.66 3.91 NA NA NA NA NA

18.56 17.41 16.22 15.02 13.15 21.72 20.54 16.06 4.54 3.81 12.99 12.54 16.05 14.41 22.13

NA 11.76 14.07 13.65 15.40 16.34 14.60 9.32 NA NA 9.33 14.65 16.68 14.43 6.89 15.91 12.88 9.63 13.46 11.98 4.56 NA NA NA NA NA 11.70

14.70 10.83 12.85 12.38 14.15 14.84 13.25 9.04 11.55 15.31 9.31 13.96 15.95 13.57 6.58 14.39 11.91 9.26 10.77 11.07 4.17 6.42 9.31 9.27 5.48 13.72 11.02

11.58 13.05 17.24 12.21 17.22 3.31 20.01 2.57 3.48 18.22 20.45 9.91 16.61 21.49 8.60 15.15 14.87 2.50 12.76 9.92 18.95 10.08 9.47 8.30 17.08 16.64 17.18 20.06 9.63 9.13 NA NA NA

11.19 11.86 15.68 11.54 16.02 3.04 19.18 2.38 3.27 17.36 19.55 9.86 15.12 19.85 7.53 13.81 13.43 2.63 12.36 8.96 11.09 9.91 9.37 8.32 15.70 14.87 15.57 NA 9.46 8.32 6.96 5.05 15.44

52 Week Market Return

Prem /Disc – – + – –

1.4 4.3 0.1 2.4 NA 7.8 NA NA

1.5 1.4 1.3 1.2 1.1 1.0 0.9 0.8 0.7 0.6 0.5 0.4 0.3 0.2 0.1 Q3

Q4

Q1 21

6.6 5.1 6.6 5.8 4.6 4.4 4.4 10.5

12 mos Prem Yield /Disc 1/29/21 – – – – – – – – – –

9.1 6.3 0.7 4.7 1.1 0.3 2.3 1.9 2.6 2.6 NA NA NA NA NA

NS 7.2 5.1 6.7 3.7 3.8 3.5 5.1 7.7 8.9 6.0 3.1 3.8 5.6 3.8

NA 7.9 8.7 9.3 8.1 9.2 9.2 3.0 NA NA 0.2 4.7 4.4 6.0 4.5 9.6 7.5 3.8 20.0 7.6 8.6 NA NA NA NA NA 5.8

6.8 7.8 7.4 7.4 8.6 7.4 8.4 7.0 11.1 7.1 5.0 5.7 5.0 6.1 6.0 7.0 9.99 2.4 9.0 8.2 6.3 15.8 6.6 6.5 7.1 6.8 6.9

– 3.4 – 9.1 – 9.0 – 5.5 – 7.0 – 8.2 – 4.1 – 7.4 – 6.0 – 4.7 – 4.4 – 0.5 – 9.0 – 7.6 – 12.4 – 8.8 – 9.7 + 5.2 – 3.1 – 9.7 – 41.5 – 1.7 – 1.1 + 0.2 – 8.1 – 10.6 – 9.4 NA – 1.8 – 8.9 NA NA NA

12.2 6.7 8.8 8.4 7.5 8.8 12.8 8.7 8.4 10.4 NS 3.4 8.8 NS 5.2 8.4 8.7 9.0 9.2 7.3 9.7 5.3 3.9 6.8 7.1 8.7 8.3 NS 8.3 8.4 8.6 7.9 7.5

– – – – – – – – – – – – – – – – – –



LAST +1.66

Citigroup Panic/Euphoria Model

Friday's Close 0.16

Q1 19

57600

N N N N N N N N

Stock Exch NAV

Fund Name (Symbol)

50900

THREE YEAR TED SPREAD

Q4

BlckRk Income (BKT) ...................... First Trust Mtge Inc (FMY) .............. Invesco HI 2023 Tgt Term (IHIT)-a ... Invesco HI 2024 Tgt Term (IHTA)-a .. Nuveen Mortgage and Inc (JLS)-a .... Nuveen Multi-Market Inc (JMM)-c ... Vertical Capital Income (VCIF) ........ Western Asset Mtg Oppty (DMO) ....

64300

53100

TED Spread = 3-mth LIBOR – 3-mth T-bill rate

Q3

Net Asset Value

60000

Stock Exch NAV

Fund Name (Symbol)

No Signs of Slowing: The Herzfeld Average and the Dow continued on their paths to new highs, gaining 1.9% and 1.2%, respectively for the week ended Thursday. Both Congress and the Fed signaled the need for more stimulus.

a-NAV and market price are ex dividend. b-NAV is fully diluted. cNAV is as of Thursday’s close. d-NAV is as of Wednesday’s close. e-NAV assumes rights offering is fully subscribed. f-Rights offering in process. g-Rights offering announced. h-Lipper data has been adjusted for rights offering. j-Rights offering has expired, but Lipper data not yet adjusted. l-NAV as of previous day. o-Tender offer in process. Source: Lipper

Q2 18

Data provided by

2.1

Euphoria

1.4 0.7 0 -0.7

Panic

-1.4 -2.1

J

F

M

A

M

J

J

A

S

O

N

D

J

F

The panic/euphoria model is a gauge of investor sentiment. It identifies "Panic" and "Euphoria" levels which are statistically driven buy and sell signals for the broader market. Historically, a reading below panic supports a better than 95% likelihood that stock prices will be higher 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

February 15, 2021

BARRON’S

M29

Weekly Closed-End Funds Fund Name (Symbol)

Stock Exch NAV

Apollo Tactical Income (AIF)-a ......... Ares Dynamic Crdt Alloc (ARDC) ..... Barings Corporate Inv (MCI) ........... Barings Part Inv (MPV) ................... BlackRock Mlt-Sctr Inc (BIT) .......... BlackRock Tax Muni Bd (BBN) ........ DoubleLine:Oppor Crdt Fd (DBL)-a .. Duff&Ph Util Cor (DUC) .................. EVLmtDurIncm (EVV)-a ................... Franklin Ltd Dur Income (FTF) ......... J Han Investors (JHI) ...................... KKR Income Opportunities (KIO)-a .. MFS Charter (MCR) ........................ Nuveen Taxable Muni Inc (NBB)-a .... PCM Fund (PCM)-a .......................... PIMCO Corp & Inc Oppty (PTY)-a ..... PIMCO Corp & Inc Strat (PCN)-a ...... PIMCOHilnco (PHK)-a ..................... PIMCO IncmStrFd (PFL)-a ............... PIMCO IncmStrFd II (PFN)-a ............ Putnam Mas Int (PIM) .................... Putnam Prem Inc (PPT) .................. Wells Fargo Multi-Sector (ERC)-a .... World Income Funds Abrdn AP IncFd (FAX) ..................... Aberdeen Global Income (FCO) ....... BlackRock 2022 Gl Inc Op (BGIO) ... BrndywnGLB Glb Inc Oppts (BWG) . EtnVncStDivInc (EVG) .................... First Tr/Ab Glbl Inc (FAM) ................ MS EmMktDomDebt (EDD) ............ Ms EmMktDebtFd (MSD) ................ Nuveen EM Dbt 2022 Tg Tr (JEMD)-a PIMCO Dyn Crd & Mrt Inc (PCI)-a ..... PIMCO Dynamic Income (PDI)-a ...... PIMCO Dynamic Inc Opp (PDO) ...... PIMCO Income Opportunity (PKO)-a PIMCO Stratg Inc (RCS)-a ................ StoneHarbor EM Tot Inc (EDI)-a ....... StoneHarbor Emg Mkts Inc (EDF)-a .. Templeton Em Inc (TEI) .................. Templtn Glbl Inc (GIM) ................... Virtus Gl MSec Inc (VGI)-a ............... WstAstEmergDebt (EMD) ............... Western Asset Gl Cr D Op (GDO) ..... National Muni Bond Funds AllBerNatlMunInc (AFB) ................. BlckRk Inv Q Mun (BKN) ................. BlckRk L-T Muni Adv (BTA) ............. BR Mu InDur (MUI) ......................... BlackRock Muni 2030 Tgt (BTT) ...... BlackRock Mun Bd (BBK) ................ BlackRock Muni (BFK) .................... BlackRock Muni II (BLE) ................. BlckRk Mun Inc Inv (BBF) ............... BlckRk Muni Inc Qly (BYM) ............. BlckRk Muni Inc Inv Qly (BAF) ......... BR MuniAssets Fd (MUA) ............... BR MuniEnhanced (MEN) ............... BR MuniHoldng2 (MUH) ................. BR MuniHoldings Qly (MFL) ........... BR MH Qly (MUS) ........................... BR MH Qly 2 (MUE) ......................... BR MuniHoldngs (MHD) ................. BR MuniVest Fd (MVF) .................... BR MuniVest 2 (MVT) ..................... BR MuniYield Fd (MYD) .................. BR MuniYld Invest Qly (MFT) .......... BR MuniYield Qlty (MQY) ................ BR MuniYld Qlty2 (MQT) ................ BR MuniYld Qly 3 (MYI) .................. BR MuniYldInv (MYF) ..................... BlckRk Str Muni (BSD) .................... BNY Mellon Muni Bd Infra (DMB) .... BNY Mellon Muni Income (DMF)-a ... BNY Mellon Str Muni Bond (DSM)-a . BNY Mellon Strat Muni (LEO)-a ........ Del Inv Natl Muni Income (VFL) ....... DTF Tax-Free Income (DTF) ............ DWS Muni Inc (KTF) ....................... DWS Strat Mun (KSM) .................... EVMuniBd (EIM) ............................. EVMuniIncm (EVN)-a ...................... EVNatMuniOpp (EOT) ..................... FedHrmsPremMuI (FMN) ............... InvAdvMuIncTrII (VKI)-a ................. Invesco MuniOp (OIA)-a .................. InvescoMuOppTr (VMO)-a .............. InvescoMuTr (VKQ)-a ...................... InvescoQual Inc (IQI)-a ....................

Market Price

N N N N N N N N A A N N N N N N N N N N N N A

NA NA NA NA 18.62 25.46 19.75 9.46 13.75 9.52 18.84 NA 8.90 22.70 NA NA NA NA NA NA 4.54 5.03 13.10

14.81 14.96 13.45 12.21 17.75 26.52 19.66 10.36 12.60 9.46 18.23 15.31 8.97 23.25 11.32 17.97 17.48 6.24 11.73 10.19 4.27 4.74 12.53

N N N N N N N N N N N N N N N N N N N N N

4.90 7.04 9.35 NA 13.98 11.05 7.28 10.49 7.90 NA NA NA NA NA 8.53 7.26 8.73 6.05 12.58 NA NA

N N N N N N N N N N N N N N N N N N N N N N N N N N N N A N N A N N N A N N N A N N N N

15.66 17.02 13.43 16.35 27.30 17.10 15.07 15.46 14.78 16.20 15.83 14.84 12.75 16.46 15.48 14.43 14.53 17.73 10.14 15.93 15.59 14.79 16.96 14.89 15.65 15.00 15.06 14.83 9.51 8.49 8.86 15.30 16.27 12.99 13.05 NA NA NA 15.95 12.38 7.88 13.86 13.89 14.01

12 mos Prem Yield /Disc 1/29/21 NA NA NA NA 4.7 4.2 0.5 9.5 8.4 0.6 3.2 NA 0.8 2.4 NA NA NA NA NA NA 5.9 5.8 4.4

7.1 8.2 7.2 6.6 8.6 5.0 8.7 5.8 9.6 6.0 7.7 9.7 7.9 4.7 8.5 8.7 7.8 10.3 9.4 9.6 8.2 8.6 9.4

4.54 8.15 9.18 12.68 13.20 10.56 6.26 9.45 7.88 21.34 26.66 20.50 25.60 7.10 9.25 8.59 7.81 5.66 12.07 13.86 18.35

– 7.3 + 15.8 – 1.8 NA – 5.6 – 4.4 – 14.0 – 9.9 – 0.3 NA NA NA NA NA + 8.4 + 18.3 – 10.5 – 6.4 – 4.1 NA NA

7.4 10.6 6.5 6.8 6.9 9.1 7.1 4.6 5.5 9.9 10.1 NS 9.1 9.4 13.3 15.1 1.3 0.2 11.1 8.6 6.7

14.43 17.99 13.00 15.21 25.78 16.45 15.30 15.71 14.49 15.43 15.38 15.43 12.45 15.47 14.55 13.59 13.81 16.61 9.40 15.34 14.77 14.91 16.94 14.22 14.66 14.39 15.26 14.94 9.08 8.01 8.63 13.60 14.61 11.79 12.19 13.60 13.70 21.67 14.80 11.63 8.08 13.28 13.20 13.10

– 7.9 + 5.7 – 3.2 – 7.0 – 5.6 – 3.8 + 1.5 + 1.6 – 2.0 – 4.8 – 2.8 + 4.0 – 2.4 – 6.0 – 6.0 – 5.8 – 5.0 – 6.3 – 7.3 – 3.7 – 5.3 + 0.8 – 0.1 – 4.5 – 6.3 – 4.1 + 1.3 + 0.7 – 4.5 – 5.7 – 2.6 – 11.1 – 10.2 – 9.2 – 6.6 NA NA NA – 7.2 – 6.1 + 2.5 – 4.2 – 5.0 – 6.5

4.2 4.4 4.7 4.0 2.8 4.5 4.4 4.6 4.3 4.1 4.4 4.2 4.2 4.6 3.8 4.4 4.3 4.4 4.3 4.4 4.6 4.6 4.0 4.2 3.8 4.7 4.4 4.3 4.7 4.5 4.9 3.7 3.3 4.0 4.2 4.4 4.1 3.6 4.2 4.6 4.7 4.5 4.6 4.6

– + – + – – – + +

– – –

Fund Name (Symbol)

Stock Exch NAV

InvTrInvGrMu (VGM)-a .................... InvescoValMunInc (IIM)-a ............... MAINSTAY:MK DEFTR MUN OP (MMD) MFS HgIncMuniTr (CXE) ................ MFS HgYldMuniTr (CMU) ............... NeubrgrBrm (NBH) ......................... Nuveen AMT-Fr Mu Val (NUW)-a ...... Nuveen AMT-Fr Qlty Mun I (NEA) .... Nuveen AMT-Fr Mu CI (NVG)-a ........ Nuveen Dyn Muni Opp (NDMO)-a ..... Nuveen Enh Muni Val (NEV)-a .......... Nuveen Int Dur Mun Term (NID)-a .... Nuveen Int Dur Qlty Mun (NIQ)-a ...... Nuveen Mu Crdt Opps (NMCO)-a ...... NuvMuni2021TgtTerm (NHA) ......... Nuv Muni Credit Income (NZF)-a ...... NuvMuniHiIncOpp (NMZ)-a ............. Nuveen Muni Inc (NMI)-a ................. Nuveen Muni Val (NUV)-a ................ Nuveen Quality Muni Inc (NAD)-a ..... Nuveen Sel Mat (NIM)-a ................... Nuveen Sel TF (NXP)-a ..................... Nuveen Sel TF 2 (NXQ)-a .................. Nuveen Sel TF 3 (NXR)-a .................. PIMCO MuniInc (PMF)-a .................. PIMCOMuniIncII (PML)-a ................ Pimco Muni III (PMX)-a ................... PioneerHilncAdv (MAV) .................. PioneerMunHiIcmT (MHI) .............. Putnam Mgd Inc (PMM) ................. Putnam Muni Opp (PMO) ................ RiverNorth Flex Muni Inc (RFM)-a .... RiverNorth Mgd Dur Mun I (RMM)-a RiverNorth Opps Muni Inc (RMI)-a ... Western Asset Mgd Muni (MMU) .... Western Asset Mun Hi Inc (MHF) .... WstAstMuniPrtnrs (MNP) .............. Westn Asst Mu Def Opp Tr (MTT) .... Single State Muni Bond BlackRock CA Mun (BFZ) ................ BlackRock MA Tax-Exempt (MHE) .. BlackRock MD Mun Bd (BZM) ......... BR MH CA Qly Fd Inc (MUC) ............ BR MH NJ Qly (MUJ) ....................... BR MH NY Qly (MHN) ..................... BlkRkMunyldAZ (MZA) ................... BR MuniYld CA (MYC) .................... BR MuniYld CA Qly (MCA) ............... BR MuniYld MI Qly (MIY) ................ BR MuniYld NJ (MYJ) ..................... BR MuniYld NY Qly (MYN) .............. BR MuniYld PA Qly (MPA) ............... BlckRk NY Muni Inc Qly (BSE) ......... BlackRock NY Mun (BNY) ............... BlackRock NY Mun II (BFY) ............. BlackRock VA Mun (BHV) ............... Del CO Muni Inc (VCF) ..................... Del MN II (VMM) ............................. EVCAMuniBd (EVM) ....................... EVCAMuniIncm (CEV)-a .................. Eaton Vance NY Muni Bd (ENX) ....... EVNYMuniIncm (EVY)-a .................. InvCaValMuIncTr (VCV)-a ................ InvPAValMuIncTr (VPV)-a ............... InvTrInvGrNYMu (VTN)-a ................ NeubrgrBrmCA (NBW) ................... NeubrgeBrmNY (NBO) ................... Nuveen AZ Qual Muni Inc (NAZ)-a .... Nuveen CA AMT-F Qual MI (NKX)-a .. Nuveen CA Val (NCA)-a .................... Nuveen CA Muni Value 2 (NCB)-a ..... NuveenCAQtyMuInc (NAC)-a ........... Nuveen CA Sel Tx-Free (NXC)-a ........ NuvGA Qual Muni Inc (NKG)-a .......... Nuveen MA Qual Muni Inc (NMT)-a .. Nuveen MD Qual Muni Inc (NMY)-a .. Nuveen Minn Qual Mun Inc (NMS)-a Nuveen MO Qual Mun Inc (NOM)-a .. Nuveen NJ Muni Value (NJV)-a ........ NuvNJ Qual Muni Inc (NXJ)-a ........... Nuveen NY AMT/Fr Qual MI (NRK)-a Nuveen NY Val (NNY)-a .................... Nuveen NY Muni Value 2 (NYV)-a ..... Nuveen NY Qual Muni Inc (NAN)-a ... Nuveen NY Sel Tx-Free (NXN)-a ....... Nuveen OH Qual Muni Inc (NUO)-a ... Nuveen PA Muni Value (NPN)-a ........ Nuveen PA Qual Muni Inc (NQP)-a .... Nuveen VA Qlty Mun Inc (NPV)-a ...... PIMCO CA (PCQ)-a ..........................

Market Price

12 mos Prem Yield /Disc 1/29/21

N N N N N A N A A N N N N N N A A N N N N N N N N N N N N N N N N N N N N N

14.30 17.02 NA 5.44 4.91 15.52 17.67 16.22 NA 16.16 NA NA NA NA NA NA NA 11.47 10.85 16.57 NA NA NA NA 13.46 12.62 11.59 12.51 13.38 8.39 14.17 NA 20.10 23.86 NA NA NA NA

13.46 15.96 22.00 5.20 4.70 16.37 17.08 14.96 17.03 NA 16.51 14.19 14.59 14.21 9.85 16.41 14.69 11.52 11.54 15.40 10.75 18.21 16.26 17.65 14.36 15.10 12.50 12.09 12.58 8.36 13.84 NA 18.91 22.05 13.31 7.96 15.51 21.45

– –

5.9 6.2 NA 4.4 4.3 5.5 3.3 7.8 NA NA NA NA NA NA NA NA NA 0.4 6.4 7.1 NA NA NA NA 6.7 19.7 7.9 3.4 6.0 0.4 2.3 NA 5.9 7.6 NA NA NA NA

4.6 4.4 4.6 4.8 4.8 4.9 2.8 4.5 4.6 NS 4.3 3.6 2.9 5.1 1.2 4.7 5.1 3.4 3.2 4.4 2.9 3.1 3.1 3.0 4.5 4.8 4.4 4.5 4.5 4.6 4.8 NS 5.9 5.0 4.1 3.5 3.7 3.0

N N N N N N N N N N N N N N N N N A A A A A A N N N A A N A N N N N A N N A A N A A N N N N N N N N N

16.32 14.02 15.54 16.24 16.37 15.43 15.16 16.67 16.49 16.16 16.43 14.78 16.57 15.29 15.41 15.93 15.95 15.67 15.22 NA NA NA NA 13.87 14.47 14.66 15.84 14.40 15.54 17.12 10.93 16.71 16.49 16.11 NA 15.46 15.60 15.73 14.25 15.79 17.00 15.28 10.31 16.05 15.80 14.57 NA NA NA 15.56 14.42

14.58 14.40 15.48 15.24 15.02 14.15 15.14 15.13 15.17 15.04 14.88 13.40 14.95 14.33 15.32 14.95 16.85 14.53 13.43 11.66 13.73 12.36 13.92 13.37 12.91 13.25 13.72 12.69 15.78 15.76 10.83 15.74 15.21 16.27 13.13 15.00 14.32 15.29 14.43 14.50 14.66 13.77 9.99 14.95 14.40 13.93 15.75 14.09 14.48 15.96 18.63

– 10.7 + 2.7 – 0.4 – 6.2 – 8.2 – 8.3 – 0.2 – 9.2 – 8.0 – 6.9 – 9.4 – 9.3 – 9.8 – 6.3 – 0.6 – 6.2 + 5.6 – 7.3 – 11.8 NA NA NA NA – 3.6 – 10.8 – 9.6 – 13.4 – 11.9 + 1.5 – 7.9 – 0.9 – 5.8 – 7.8 + 1.0 NA – 3.0 – 8.2 – 2.8 + 1.3 – 8.2 – 13.8 – 9.9 – 3.1 – 6.9 – 8.9 – 4.4 NA NA NA + 2.6 + 29.2

3.1 3.5 3.2 4.0 4.8 4.2 3.8 3.4 4.0 4.2 5.0 4.2 4.2 4.0 4.1 4.5 3.3 3.5 3.0 4.2 4.0 4.1 3.8 4.1 4.6 4.1 3.9 3.8 3.7 4.1 2.9 2.6 4.2 3.2 3.7 3.5 4.1 3.9 3.3 2.7 4.5 4.1 3.2 2.2 4.2 3.4 3.4 2.6 4.5 3.5 4.3

– – + – –

+ + –

+ + + – – – – – –

Stock Exch NAV

Fund Name (Symbol)

PIMCOCAMuniII (PCK)-a ................. Pimco CA Muni III (PZC)-a ............... PIMCO NY (PNF)-a .......................... PIMCONYMuniII (PNI)-a .................. Pimco NY Muni III (PYN)-a ............... General Equity Funds Alternative Strategies:I (N/A) .......... AMG Pantheon:1 (N/A) ................... BOW RIVER CAPTL EVGN;I (N/A) ....

Data provided by

Market Price

N N N N N

9.28 10.39 12.20 11.69 9.28

9.15 10.69 12.24 11.47 9.29

z z z

5.79 NA NA

NA NA NA

12 mos Prem Yield /Disc 1/29/21 – + + – +

1.4 2.9 0.3 1.9 0.1

Stock Exch NAV

Specialized Equity Funds Bluerock Total Inc+ RE:A (N/A) ........ Bluerock Total Inc+ RE:C (N/A) ........ Bluerock Total Inc+ RE:I (N/A) ......... Bluerock Total Inc+ RE:L (N/A) ........ Broadstone Rl Est Acc:I (N/A) .......... Broadstone Rl Est Acc:W (N/A) ....... CIM RA&C A (N/A) .......................... CIM RA&C C (N/A) .......................... CIM RA&C I (N/A) ........................... CIM RA&C L (N/A) .......................... Clarion Partners REI D (N/A) ........... Clarion Partners REI I (N/A) ............. Clarion Partners REI S (N/A) ........... Clarion Partners REI T (N/A) ............ Griffin Inst Access RE:A (N/A) ......... Griffin Inst Access RE:C (N/A) ......... Griffin Inst Access RE:I (N/A) .......... GS Real Est Div Inc:A (N/A) ............. GS Real Est Div Inc:C (N/A) ............. GS Real Est Div Inc:I (N/A) .............. GS Real Est Div Inc:L (N/A) .............. GS Real Est Div Inc:W (N/A) ............ NexPointRlEstStrat;A (N/A) ............ NexPointRlEstStrat;C (N/A) ............ NexPointRlEstStrat;Z (N/A) ............ PREDEX;I (N/A) .............................. PREDEX;T (N/A) ............................. PREDEX;W (N/A) ............................ Principal Dvs Sel RA A (N/A) ........... Principal Dvs Sel RA Ins (N/A) ......... Principal Dvs Sel RA Y (N/A) ........... SharesPost 100;A (N/A) .................. SharesPost 100:I (N/A) ................... SharesPost 100:L (N/A) .................. StoneCastle Financial Co (BANX) .... USQ Core Real Estate:I (N/A) ........... USQ Core Real Estate:IS (N/A) ........ Versus Cap MMgr RE Inc:I (N/A) ..... Versus Capital Real Asst (N/A)-a ...... Wildermuth Endwmnt:A (N/A) ........ Wildermuth Endwmnt:C (N/A) ........ Wildermuth Endowment:I (N/A) ...... Income & Preferred Stock Funds A3 Alternative Cr (N/A) .................... Calamos L/S Eqty and DI (CPZ)-a ..... Destra Multi-Altrntv;A (N/A) ............ Destra Multi-Altrntv;C (N/A) ............ Destra Multi-Altrntv;I (N/A) ............. Destra Multi-Altrntv;T (N/A) ............ Flat Rock Opportunity (N/A)-a .......... The Relative Value:CIA (N/A) ........... Variant Altrntv Inc:Inst (N/A) ........... Variant Altrntv Inc:Inv (N/A) ............ Convertible Sec's. Funds Calmos Dyn Conv and Inc (CCD)-a ...

z z z z z z z z z z z z z z z z z z z z z z z z z z z z z z z z z z z z z z z z z z

29.77 28.30 30.35 29.50 9.62 9.61 25.62 25.46 25.66 25.56 NA NA NA NA NA NA NA NA NA NA NA NA 16.25 16.43 16.42 25.32 25.44 25.43 NA NA NA 38.25 38.56 37.96 NA 24.83 24.84 27.32 25.40 13.68 13.15 13.76

z z z z z z z z z z

9.97 20.67 12.01 11.47 12.26 11.65 20.60 NA 26.87 26.88

z

33.35

Stock Exch NAV

Fund Name (Symbol) World Equity Funds ACAP Strategic:A (N/A) ................... ACAP Strategic:W (N/A) .................. BMO LGM Front ME;I (N/A) ............. CalamosGlbTotRet (CGO)-a ............. CPG Cooper Square IE A (N/A) ........ CPG Cooper Square IE I (N/A) ......... Primark Priv Eq Inv:I (N/A) .............. VirtusTotalRetFd (ZTR)-a ................. Loan Participation Funds 1WS Credit Income (N/A) ................ AlphCntrc Prime Merid In (N/A) ....... Axonic Alternative Inc (N/A) ............ Blackstone/GSO FR EI D (N/A) ......... Blackstone/GSO FR EI I (N/A) ..........

Market Price

Prem /Disc

NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA

NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA

52 Week Market Return

– –

– – –

– – –

2.2 1.5 2.5 2.0 8.1 8.4 NS NS NS NS NA NA NA NA NA NA NA NA NA NA NA NA 13.5 13.9 13.2 0.5 0.5 0.5 NA NA NA 29.0 29.3 28.7 NA 0.2 0.2 NE 1.7 4.1 5.1 4.5

NA NA – 3.4 18.20 – 11.9 12.1 NA NA – 5.5 NA NA – 6.3 NA NA – 5.3 NA NA – 6.0 NA NA 17.8 NA NA NA NA NA 6.1 NA NA 5.8 33.69 +

Market Price

1.0

61.8

12 mos Prem Yield /Disc 1/29/21

z z z z z z z z

28.92 21.35 5.95 16.10 NA NA 11.91 9.20

NA NA NA 15.99 – NA NA NA 8.79 –

z z z z z

NA 9.70 NA 24.14 24.11

NA NA NA NA NA

NA 48.9 NA 50.0 NA – 28.8 0.7 43.0 NA NS NA NS NA NS 4.5 – 6.3 NA NA NA NA NA

Stock Exch NAV

Market Price

Blackstone/GSO FR EI T (N/A) ......... z 24.06 Blackstone/GSO FR EI T-I (N/A) ....... z 24.66 Blackstone/GSO FR EI U (N/A) ......... z 25.13 Blstn Commnty Dev (N/A) ............... z 10.05 BNYM Alcntr Glb MS Cr Fd (N/A) ..... z 104.45 CLIFFWATER CL FD;I (N/A) ............. z 10.46 CNR Strategic Credit (N/A) .............. z 10.65 FedProj&TrFinanceTendr (N/A) ...... z 9.96 FS Global Crdt Opptys D (N/A) ......... z NA Schrdrs Opp Inc;A (N/A) ................. z 26.02 Schrdrs Opp Inc;A2 (N/A) ............... z NA Schrdrs Opp Inc;I (N/A) .................. z 26.02 Schrdrs Opp Inc;SDR (N/A) ............ z 26.06 Invesco Sr Loan A (N/A) .................. z 6.41 Invesco Sr Loan C (N/A) .................. z 6.43 Invesco Sr Loan IB (N/A) ................. z 6.41 Invesco Sr Loan IC (N/A) ................. z 6.41 Invesco Sr Loan Y (N/A) .................. z 6.42 OFS Credit Company (OCCI) ........... z NA Pioneer Sec Inc (N/A) ...................... z 9.91 High Yield Bond Funds Griffin Inst Access Cd:A (N/A) ......... z NA Griffin Inst Access Cd:C (N/A) ......... z NA Griffin Inst Access Cd:F (N/A) .......... z NA Griffin Inst Access Cd:I (N/A) .......... z NA Griffin Inst Access Cd:L (N/A) .......... z NA PIMCO Flexible Cr I;A-1 (N/A) .......... z NA PIMCO Flexible Cr I;A-2 (N/A) .......... z NA PIMCO Flexible Cr I;A-3 (N/A) .......... z NA PIMCO Flexible Cr I;A-4 (N/A) .......... z NA PIMCO Flexible Cr I;Inst (N/A) ......... z NA PionrILSBridge (N/A) ..................... z NA WA Middle Mkt Inc (N/A) ................. z NA Other Domestic Taxable Bond Funds Alternative Credit Inc:A (N/A) .......... z 10.69 Alternative Credit Inc:C (N/A) .......... z 10.80 Alternative Credit Inc:I (N/A) ........... z 10.71 Alternative Credit Inc:L (N/A) .......... z 10.68 Alternative Credit Inc:W (N/A) ......... z 10.68 Am Beacon Apollo TR:T (N/A) ......... z 10.27 Am Beacon Apollo TR:Y (N/A) ......... z 10.34 Am Beacon SP Enh Inc:T (N/A) ........ z 9.62 Am Beacon SP Enh Inc:Y (N/A) ........ z 9.71 Angel Oak Str Crdt:Inst (N/A) .......... z 23.00 BR Credit Strat;A (N/A) ................... z 10.51 BR Credit Strat;Inst (N/A) ................ z 10.51 BlackRock Mlt-Sctr Oppty (N/A) ...... z 89.33 BlackRock Mlt-Sec Opp II (N/A) ...... z 92.09 Carlyle Tact Pvt Cred:A (N/A) ........... z NA Carlyle Tact Pvt Cred:I (N/A) ............ z NA Carlyle Tact Pvt Cred:L (N/A) ........... z NA Carlyle Tact Pvt Cred:M (N/A) .......... z NA Carlyle Tact Pvt Cred:N (N/A) .......... z NA Carlyle Tact Pvt Cred:Y (N/A) ........... z NA CION Ares Dvsfd Crdt;A (N/A) ......... z NA CION Ares Dvsfd Crdt;C (N/A) ......... z NA CION Ares Dvsfd Crdt;I (N/A) .......... z NA CION Ares Dvsfd Crdt;L (N/A) .......... z NA CION Ares Dvsfd Crdt;U (N/A) ......... z NA CION Ares Dvsfd Crdt:U2 (N/A) ....... z NA CION Ares Dvsfd Crdt;W (N/A) ........ z NA CNR Select Strategies (N/A) ............ z 11.60 First Eagle Crdt Opps A (N/A) ........... z 25.89 First Eagle Crdt Opps I (N/A) ............ z 25.89 FS Credit Income;A (N/A) ................ z NA FS Credit Income;I (N/A) ................. z NA FS Credit Income;T (N/A) ................ z NA FS Credit Income;U (N/A) ................ z NA FS Credit Income;U-2 (N/A) ............ z NA GL Beyond Income (N/A) ................ z 0.61 KKR CREDIT OPPTY;D (N/A) ........... z NA KKR CREDIT OPPTY;I (N/A) ............ z NA KKR CREDIT OPPTY;T (N/A) ........... z NA KKR CREDIT OPPTY;U (N/A) ........... z NA Lord Abbett Cred Opps Fd (N/A) ...... z 10.82 Lord Abbett Cred Opps Fd (N/A) ...... z 10.82 Lord Abbett Crd Op:U (N/A) ............. z 10.82 Palmer Square Opp Inc (N/A) .......... z 18.79 Thrivent Church Ln&Inc:S (N/A) ..... z NA World Income Funds Destra Int&Evt-Dvn Crd:A (N/A) ...... z 27.06 Destra Int&Evt-Dvn Crd:I (N/A) ....... z 27.07 Destra Int&Evt-Dvn Crd:L (N/A) ...... z 27.03 Destra Int&Evt-Dvn Crd:T (N/A) ...... z 27.00 National Muni Bond Funds PIMCO Flex Mun Inc;A-3 (N/A) ........ z NA PIMCO Flex Mun Inc:A1 (N/A) ......... z NA PIMCO Flex Mun Inc;A2 (N/A) ......... z NA PIMCO Flex Mun Inc;Inst (N/A) ....... z NA Tortoise Tax-Adv Soc Inf (N/A) ........ z 9.51

4.2 4.3 4.2 4.2 4.7

NA – 10.3 NA NA NA N

Continuously Offered Fund Name (Symbol)

Fund Name (Symbol)

5.8 11.1 3.4 5.4 5.6

52 Week Market Return

Prem /Disc

NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA

NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA

5.2 5.1 5.1 3.3 6.8 6.8 7.6 2.7 8.2 2.0 0.4 2.1 2.2 4.0 3.3 4.2 4.1 4.2 NA 4.4

NA NA NA NA NA NA NA NA NA NA NA NA

NA NA NA NA NA NA NA NA NA NA NA NA

5.9 5.9 5.9 5.9 5.9 NS 7.2 NS 7.5 8.3 0.0 7.3

NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA

NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA NA

6.6 5.9 6.9 6.4 6.6 2.0 2.8 3.7 4.3 7.9 NS 5.2 8.0 7.9 7.1 7.8 7.4 NS 7.8 7.5 5.5 5.5 5.5 5.5 5.5 NS 5.5 0.0 NS NS 5.3 5.6 5.1 5.1 NS NE NS NS NS NS 6.4 7.0 NS 5.7 2.5

NA NA NA NA

NA NA NA NA

2.5 2.7 2.3 2.2

NA NA NA NA NA

NA NA NA NA NA

2.1 NS NS 2.8 4.8

TOP SAVINGS DEPOSIT YIELDS Money Market Account1 Institution

Location

Telephone No.

Axos Bank BankDirect Ally Bank American Express CIT Bank

San Diego,CA Dallas,TX Philadelphia,PA Salt Lake City,UT Livingstn,NJ

(877)541-2634 (877)839-2737 (877)247-2559 (800)446-6307 (855)462-2652

Institution

Location

Telephone No.

iGobanking.com BankDirect First Internet Bank TIAA Bank Emigrant Direct

Flushing,NY Dallas,TX Indianapolis,IN Jackson,FL New York,NY

(888)432-5890 (877)839-2737 (888)873-3424 (888)882-3837 (800)836-1997

Six-Month CDs2

Min. Recent Deposit % Rate

25000 10000 1 1 1

0.61 0.60 0.50 0.50 0.50

Min. Recent Deposit % Rate

1000 10000 1000 1000 1000

0.55 0.50 0.45 0.40 0.40

Effect. % Yield

(CD) 0.61 (CD) 0.60 (CD) 0.50 (CD) 0.50 (CD) 0.50 Effect. % Yield

(CD) 0.55 (CD) 0.50 (CM) 0.45 (CD) 0.40 (CD) 0.40

1Including passbook, statement savings, and bank-offered liquid asset accounts.

One-Year CDs Institution

Location

Telephone No.

Legacy Bank Ally Bank First Internet Bank iGobanking.com BankDirect

Hinton,OK Philadelphia,PA Indianapolis,IN Flushing,NY Dallas,TX

(800)687-9688 (877)247-2559 (888)873-3424 (888)432-5890 (877)839-2737

Institution

Location

Telephone No.

TIAA Bank Community Commerce Bk Discover Bank ProGrowth Bank Bank OZK

Jackson,FL Los Angeles,CA Greenwood,DE Gaylord,MN New York,NY

(888)882-3837 (323)268-6100 (800)347-7000 (888)922-2265 (212)218-8383

2½-Year CDs

Min. Recent Deposit % Rate

1000 1 1000 1000 10000

0.70 0.60 0.60 0.60 0.60

Min. Recent Deposit % Rate

1000 10000 2500 25000 1000

0.64 0.58 0.55 0.51 0.50

Effect. % Yield

(CM) 0.70 (CD) 0.60 (CM) 0.60 (CD) 0.60 (CD) 0.60 Effect. % Yield

(CD) 0.65 (CM) 0.58 (CD) 0.55 (CA) 0.51 (CM) 0.50

Five-Year CDs Institution

Location

Telephone No.

Travis CU First Internet Bank ProGrowth Bank Ally Bank Popular Direct

Concord,CA Indianapolis,IN Gaylord,MN Philadelphia,PA New York,NY

(800)435-4040 (888)873-3424 (888)922-2265 (877)247-2559 (800)274-5696

90-Day Jumbo CDs Institution

Location

Telephone No.

Legacy Bank TIAA Bank First Internet Bank Radius Bank Giantbank.com

Hinton,OK Jackson,FL Indianapolis,IN Boston,MA Ft.Lauderdale,FL

(800)687-9688 (888)882-3837 (888)873-3424 (800)242-0272 (877)446-4200

Min. Recent Deposit % Rate

500 1000 25000 1 10000

1.00 0.95 0.95 0.85 0.80

Min. Recent Deposit % Rate

10000 1000 1000 1000 2500

0.40 0.35 0.25 0.25 0.25

Effect. % Yield

(CM) 1.00 (CM) 0.95 (CA) 0.95 (CD) 0.85 (CD) 0.80 Effect. % Yield

(CM) 0.40 (CD) 0.35 (CM) 0.25 (CD) 0.25 (CD) 0.25

Yields are based on the stated rate and compounding method in effect Friday and are subject Source: (c) 2021, Informa Research Services, 30501 Agoura Road, 2nd Floor, Agoura Hills, CA 91301 818-880-8877. All rights reserved. May not be reproduced or retransmitted in any to change. Phone to verify before investing or sending money. form without express written consent of Informa Research Services. additional six months. (CC) Compounded continuously; (SA) compounded semiannually; (CD) compounded daily; Rates are the highest yields on six types of accounts offered by federally-insured banks and (CA) compounded annually; (CM) compounded monthly; (SI) simple interest; (CQ) comsavings associations nationwide. pounded quarterly 2Six-month CD yields assume reinvestment of principal and interest at the same rate for an

M30

BARRON’S

February 15, 2021

Market Laboratory THE DOW JONES AVERAGES

DJ HALF-HOURLY AVERAGES Dow Jones 30 Industrial (divisor: 0.15198707565833) Daily

Feb 8

9

10

Open (t) 31292.46 31328.65 31513.34 Open (a) 31191.20 31359.88 31428.02 10:00 31316.79 31281.48 31467.63 10:30 31325.91 31316.68 31346.49 11:00 31301.55 31318.78 31406.42 11:30 31293.70 31325.19 31370.34 12:00 31273.11 31349.44 31381.81 12:30 31297.96 31390.58 31350.93 1:00 31284.15 31419.59 31382.82 1:30 31267.93 31394.16 31409.22 2:00 31258.37 31409.45 31402.03 2:30 31286.75 31416.98 31428.99 3:00 31308.45 31430.10 31481.01 3:30 31325.48 31397.03 31466.39 Close 31385.76 31375.83 31437.80 High (t) 31545.77 31578.64 31692.40 Low (t) 31062.18 31080.77 31158.80 High (a) 31386.10 31439.47 31511.44 Low (a) 31191.20 31245.86 31221.32 Change +237.52 –9.93 +61.97 Theoretical (t): High 31692.40 Low 31062.18 Actual (a): High 31543.82 Low 31191.20

11 31472.68 31466.49 31415.10 31495.50 31457.32 31427.80 31417.39 31287.88 31313.07 31344.21 31324.73 31323.71 31359.98 31393.00 31430.70 31678.38 31158.67 31543.82 31244.36 –7.10

12 31379.31 31420.80 31370.63 31386.69 31417.78 31409.91 31421.15 31402.13 31385.24 31376.68 31384.29 31383.82 31373.66 31393.33 31458.40 31631.05 31195.32 31475.31 31347.80 +27.70

Dow Jones 20 Transport (divisor: 0.16369260926274) Open (t) 12839.13 12877.25 13036.81 Open (a) 12793.92 12871.20 12976.24 10:00 12846.32 12807.18 13013.97 10:30 12823.32 12820.77 12939.47 11:00 12790.33 12848.54 12948.35 11:30 12811.73 12891.68 12962.18 12:00 12825.66 12905.72 12971.61 12:30 12873.53 12936.18 12950.38 1:00 12845.17 12962.93 12969.99 1:30 12845.30 12916.58 12990.64 2:00 12836.26 12959.22 12997.27 2:30 12855.89 12951.49 12994.73 3:00 12855.53 12969.31 13012.15 3:30 12840.35 12970.44 12978.51 Close 12874.92 12959.90 12954.53 High (t) 12993.68 13035.29 13104.96 Low (t) 12695.93 12741.02 12841.75 High (a) 12894.87 12993.62 13041.50 Low (a) 12782.84 12780.13 12885.31 Change +86.41 +84.98 –5.37 Theoretical (t): High 13242.69 Low 12695.93 Actual (a): High 13182.48 Low 12780.13

12967.42 12953.57 12925.93 12929.94 12927.17 12929.60 12922.75 12810.07 12842.46 12860.90 12852.17 12868.20 12911.61 12919.78 12953.73 13076.34 12760.96 12987.88 12804.57 –.80

12920.68 12947.32 13041.50 13085.64 13143.14 13111.28 13116.00 13115.73 13136.02 13146.14 13147.58 13134.47 13139.41 13141.16 13175.09 13242.69 12889.53 13182.48 12913.42 +221.36

Dow Jones 15 Utilities (divisor: 1.29685261171310) Open (t) 872.92 866.38 871.91 Open (a) 872.44 865.93 868.11 10:00 872.42 863.16 869.47 10:30 870.51 860.29 870.18 11:00 870.28 859.00 871.41 11:30 871.62 862.30 870.66 12:00 870.25 863.67 868.79 12:30 866.99 866.03 868.17 1:00 866.21 864.81 865.83 1:30 865.80 863.39 866.33 2:00 863.52 864.01 866.82 2:30 864.69 865.17 869.48 3:00 864.44 865.12 872.19 3:30 864.32 864.86 871.87 Close 865.41 866.03 871.21 High (t) 876.89 870.08 876.54 Low (t) 860.75 857.17 863.18 High (a) 873.85 868.23 873.19 Low (a) 862.75 858.73 865.00 Change –6.84 +.62 +5.18 Theoretical (t): High 876.89 Low 850.66 Actual (a): High 873.85 Low 852.39

869.52 871.65 868.00 867.74 865.19 866.34 866.35 866.30 866.39 866.13 865.27 866.42 865.79 865.55 864.79 873.68 861.29 871.75 863.70 –6.42

861.56 862.91 861.70 860.04 860.15 859.18 858.45 857.87 858.06 855.29 853.39 853.87 853.65 854.29 857.10 868.01 850.66 866.43 852.39 –7.69

Dow Jones 65 Composite (divisor: 0.77362739927465) Open (t) 10327.67 10331.89 10411.20 Open (a) 10297.41 10335.99 10375.25 10:00 10333.13 10302.39 10393.30 10:30 10326.86 10307.37 10354.92 11:00 10314.71 10311.50 10370.63 11:30 10319.94 10327.42 10365.21 12:00 10316.55 10337.45 10366.33 12:30 10326.09 10355.93 10354.73 1:00 10316.06 10365.26 10361.23 1:30 10312.22 10348.07 10371.59 2:00 10304.61 10361.13 10372.44 2:30 10316.30 10362.91 10381.65 3:00 10320.07 10369.18 10400.10 3:30 10320.00 10362.48 10389.56 Close 10340.99 10358.05 10377.77 High (t) 10416.80 10420.64 10468.55 Low (t) 10231.73 10238.92 10285.64 High (a) 10348.61 10373.90 10409.89 Low (a) 10297.41 10296.07 10316.09 Change +53.49 +17.06 +19.72 Theoretical (t): High 10471.35 Low 10231.73 Actual (a): High 10409.89 Low 10296.07

10384.52 10383.94 10361.88 10378.09 10365.75 10362.37 10358.90 10309.53 10321.47 10331.06 10323.94 10329.06 10344.32 10352.14 10365.44 10454.95 10265.35 10401.04 10297.20 –12.33

10342.95 10359.00 10367.04 10376.76 10395.21 10385.30 10387.28 10382.51 10383.81 10379.63 10378.25 10376.18 10374.85 10380.17 10404.83 10471.35 10281.93 10409.16 10342.57 +39.39

Week's COMPONENTS Change INDUSTRIALS 3M -0.31 American Express 3.34 Amgen 0.89 Apple -1.39 Boeing 3.05 Caterpillar 4.99 Chevron 3.29 Cisco Systems -0.79 Coca-Cola 1.04 Disney 6.51 Dow 0.91 Goldman Sachs 12.82 Home Depot -1.35 Honeywell Intl 0.65 IBM -0.99 Intel 3.63 Johnson & Johnson 2.13 JPMorgan Chase 3.27 McDonald's 1.32 Merck -0.80 Microsoft 2.79 Nike Cl B -2.99 Procter & Gamble -1.95 Salesforce.com 1.48 Travelers Cos 1.12 UnitedHealth Group 3.73 Verizon Communications -1.12 Visa Cl A 1.19 Walgreens Boots Alliance 0.57 Walmart 0.11

Alaska Air Group American Airlines Group Avis Budget Group CH Robinson Worldwide CSX Delta Air Expeditors Intl of Wash FedEx JB Hunt Transport JetBlue Airways Kansas City Southern Kirby Corp Landstar System Matson Inc. Norfolk Southern Ryder System Southwest Airlines Union Pacific United Airlines United Parcel Service B

3.38 0.08 1.34 2.46 1.59 2.14 3.67 7.99 3.67 0.65 0.13 4.46 6.55 7.34 9.18 -2.41 1.29 8.96 1.80 -0.99

AES American Elec Power American Water Works Atmos Energy Consolidated Edison Dominion Energy Duke Energy Edison Intl Exelon FirstEnergy NextEra Energy Public Service Enterprise Sempra Energy Southern Xcel Energy

1.67 -3.58 -3.32 2.00 -0.44 -1.87 -4.92 -0.74 -1.47 -1.04 -0.47 -1.05 -1.74 -0.78 -1.90

TRADING DIARY 33000

32000

31000

30000

29000

NOTICE TO READERS:

28000

Sign up for the Weekly Market Lab Newsletter: barrons.com/newsletters

27000

Please visit the new Market Lab home page on barrons.com under Data. www.barrons.com/ market-data/market-lab

26000

25000

TRANSPORTATION

13500

13000

12500

12000

Market Advance/Decline Volumes Daily Feb 8 9 10 NY Up 716,739 422,006 526,774 NY Off 243,045 459,565 436,960 NY Up - Composite 3,418,758 2,142,413 2,608,384 NY Off - Composite 1,231,250 2,399,239 2,214,972 NYSE Amer UP 70,326 51,199 77,101 NYSE Amer Off 1,365 28,881 16,299 NASD Up 7,384,284 6,466,297 7,105,609 NASD Off 977,060 1,950,097 3,234,296 NYSE Arca UP 164,129 93,471 97,096 NYSE Arca Off 25,937 74,644 99,266 % (QCHA) +1.34 +.35 +.12 % (QACH) +5.64 +2.59 +2.39 % (QCHAQ) +3.43 +1.31 +.17

11 413,158 587,550 1,900,115 2,682,396 34,117 34,288 4,400,226 6,200,745 110,874 83,457 –.03 –1.45 –.09

12 533,843 273,539 2,678,953 1,398,892 29,210 19,667 3,469,964 3,735,812 109,951 46,544 +.52 +.83 +.64

Market Advance/Decline Totals Week ended last Friday compared to previous Friday Weekly Comp. Total Issues Advances Declines Unchanged New Highs New Lows

NYSE 3,348 2,117 1,171 60 758 27

NYSE Amer 294 220 70 4 82 2

Nasdaq 4,141 2,797 1,274 70 1,334 80

NYSE Arca 1,571 1,293 259 19 793 74

NYSE Composite Daily Breadth Daily Feb 8 9 10 11 12 Issues Traded 3,308 3,316 3,307 3,316 3,320 Advances 2,353 1,854 1,635 1,477 1,782 Declines 861 1,373 1,576 1,763 1,449 Unchanged 94 89 96 76 89 New Highs 315 332 343 242 244 New Lows 2 2 6 8 5 Blocks - primary 5,647 5,396 5,280 5,161 4,889 Total (000) - primary 970,335 891,763 971,758 1,012,058 830,406 Total (000) 4,703,529 4,595,034 4,855,947 4,626,136 4,187,095 NYSE American Composite Daily Feb 8 9 10 11 Issues Traded 281 281 285 289 Advances 229 177 166 104 Declines 50 95 110 178 Unchanged 2 9 9 7 New Highs 33 46 46 29 New Lows 1 1 0 ... Blocks - primary 428 447 475 362 Total (000) - primary 71,693 80,979 94,462 70,211 Total (000) 1,374,059 1,541,048 1,882,095 1,334,769 Nasdaq Daily Issues Traded Advances Declines Unchanged New Highs New Lows Blocks - primary Total (000)

12 287 148 123 16 20 ... 322 49,564 923,433

Feb 8 9 10 11 12 4,051 4,048 4,059 4,043 4,059 3,107 2,338 1,733 1,774 2,189 874 1,616 2,237 2,169 1,772 70 94 89 100 98 706 655 658 441 411 9 10 18 16 13 60,998 66,728 91,761 93,591 56,267 8,379,601 8,586,059 10,394,363 10,739,837 7,292,667

NYSE Arca Composite Daily Feb 8 Issues Traded 1,477 Advances 1,262 Declines 194 Unchanged 21 New Highs 538 New Lows 48 Blocks - primary 935 Total (000) - primary 190,921 Total (000) 948,212

9 10 1,487 1,490 1,001 744 442 717 44 29 565 570 43 51 847 1,107 170,600 208,331 910,044 1,052,772

11 1,472 934 504 34 375 24 1,017 195,886 988,388

12 1,464 1,069 369 26 444 34 853 158,479 848,981

11500

OTHER MARKET INDEXES 11000

10500

UTILITIES

975

925

875

825

Aug

Sep

Oct

Note: Theoretical highs and lows are shown.

Nov

Dec

Jan

Feb

775

Daily 2/08 2/09 2/10 2/11 2/12 NYSE Amer Comp 2575.43 2602.40 2636.59 2612.88 2624.49 AmMajorMkt 2805.40 2805.67 2799.39 2797.97 2803.60 BNY ADR Idx 167.35 168.40 168.88 170.06 171.26 Europe 131.09 131.50 131.17 131.80 133.26 Latin Am 191.16 190.81 190.84 191.19 191.86 Asia 260.27 263.03 265.18 267.87 268.74 Emerg M 460.35 465.46 468.69 474.52 475.58 DJ US TSM Float 41459.82 41459.99 41441.66 41536.07 41733.23 Nasdaq Cmp 13987.64 14007.70 13972.53 14025.77 14095.47 100 Index 13695.02 13687.08 13655.27 13734.35 13807.70 Indus. 11219.80 11213.87 11131.89 11121.90 11190.57 Insur. 10434.96 10533.92 10504.98 10579.22 10559.46 Banks 4057.58 4110.15 4102.95 4081.46 4106.40 Computer 9536.72 9545.63 9556.03 9645.52 9689.72 Telecom 484.01 486.42 483.08 485.21 484.23 NYSE Comp.-z 15226.61 15244.40 15273.90 15297.09 15369.60 Financial-z 8657.90 8674.16 8686.35 8708.42 8766.52 Health Care-z 20312.45 20358.73 20370.50 20447.19 20566.23 Energy-z 7365.90 7269.48 7365.89 7267.08 7382.80 Russell 1000 2221.94 2221.11 2221.30 2226.41 2237.63 2000 2289.76 2299.00 2282.44 2285.32 2289.36 3000 2371.84 2371.70 2370.67 2375.95 2387.37 Value-v 1413.68 1413.10 1415.56 1416.31 1423.57 Growth-v 2543.85 2542.98 2539.28 2549.33 2561.97 MidCap 2919.80 2925.56 2936.60 2947.47 2968.37 S&P 100 Index 1800.77 1797.68 1794.74 1796.46 1803.12 500 3915.59 3911.23 3909.88 3916.38 3934.83 Ind. 5523.95 5514.01 5510.93 5525.04 5549.23 MidCap 2517.02 2523.14 2519.24 2535.25 2544.55 SmallCap 1287.27 1295.39 1290.93 1295.81 1297.90 Value Line(A) 8768.52 8786.80 8799.34 8805.99 8848.59 Value Line(G) 624.95 626.04 626.72 626.88 629.77 DJ US Small TSM 15082.69 15138.38 15070.04 15115.51 15159.09 (A)-Arithmetic Index. (G)-Geometric Index. (v)-Value 1000 and Growth 1000. (y)-Dec. 31,1965=50. (z)-Dec. 31,2002=5000.

February 15, 2021

M31

BARRON’S

Market Laboratory INDEXES' P/ES & YIELDS DJ latest 52-week earnings and dividends adjusted by Dow Divisors at Friday's close. S&P Dec. 4-quarter's GAAP earnings as reported and indicated dividends based on Friday close.S&P 500 P/E ratios based on GAAP earnings as reported. For additional earnings series, please refer to www.spglobal.com. DJ latest available book values for FY 2019 and 2018, and S&P latest for 2018 and 2017. r-Revised data Last Week DJ Ind Avg P/E Ratio Earns Yield % Earns $ Divs Yield % Divs $ Mkt to Book Book Value $ DJ Trans Avg P/E Ratio Earns Yield % Earns $ Divs Yield % Divs $ Mkt to Book Book Value $ DJ Utility Avg P/E Ratio Earns Yield % Earns $

31458.40 33.19 3.01 947.91 1.88 591.72 4.70 6688.86 13175.09 0.00 0.00 (241.61) 1.17 153.61 3.89 3389.19 857.10 23.59 4.24 36.33

Prev. Week

Year Ago 29398.08 22.87 4.37 1285.56 2.18 639.99 4.51 6512.92 10862.92 18.98 5.27 572.35 1.58 171.86 3.35 3239.67 955.35 26.11 3.83 36.59

31148.24 32.55 3.07 956.86 1.90 590.41 4.66 6688.86 12788.51 0.00 0.00 (250.41) 1.20 153.40 3.77 3389.19 872.25 23.76 4.21 36.71

Last Week Divs Yield % Divs $ Mkt to Book Book Value $ S&P 500 Index P/E Ratio Earns Yield % Earns $ Divs Yield % Divs $ Mkt to Book Book Value $ S&P Ind Index P/E Ratio Earns Yield % Earns $ Divs Yield % Divs $ Mkt to Book Book Value $

3.22 27.61 2.29 374.40 3934.83 40.06 2.50 98.22 1.47 57.84 4.30 914.49 5549.23 45.73 2.19 121.36 1.31 72.69 5.88 944.26

Prev. Week

Year Ago

3.16 27.56 2.33 374.40 3886.83 39.57 2.53 98.22 1.49 57.91 4.25 914.49 5482.85 45.18 2.21 121.36 1.33 72.92 5.81 944.26

2.69 25.70 2.58 370.98 3380.16 25.43 3.93 132.90 1.81 61.18 3.97 851.62 4590.62 28.52 3.51 160.94 1.67 76.66 5.20 883.41

144 FILINGS SEC Form 144 must be filed by holders of restricted securities (also called letter stock) who intend to sell shares. Shares Indicated: the number to be sold. Sales Date: the approximate date of the sale. (Sometimes shares aren't sold, even though their owner has filed a Form144.) Source: Thomson Reuters Company

Sym

Progyny Polaris 8X8 Abbott Laboratories Polaris Caesars Entertainment Intellia Therapeutics Polaris Sensata Technologies Intellia Therapeutics

PGNY PII EGHT ABT PII CZR NTLA PII ST NTLA

Shares Indicated

$ Value

Sale Date

450,000 301,218 300,000 203,393 153,956 140,000 109,889 104,677 99,407 93,625

21,591,000 34,548,665 10,800,000 25,113,256 18,315,360 10,225,600 7,042,786 12,460,068 5,268,571 6,000,426

2/1/21 2/1/21 2/5/21 2/1/21 1/28/21 1/29/21 2/1/21 1/29/21 2/4/21 2/1/21

Seller

Title

Schlanger, David Wine, Scott Verma, Vikram Allen, Hubert Wine, Scott Reeg, Thomas Leonard, John Wine, Scott Beringhause, Steven Rivera, Jose

AF FO AF EVP FO AF AF FO UT AF

THE WEEK IN STOCKS FOR THE MAJOR INDEXES 12-Month Weekly High Low High Low Dow Jones Indexes 31458.40 18591.93 30 Indus 31458.40 31375.83 13175.09 6703.63 20 Transp 13175.09 12874.92 960.89 610.89 15 Utilities 871.21 857.10 10404.83 10340.99 10404.83 6100.31 65 Comp Dow Jones Indexes 41733.23 22462.76 US TSM Float 41733.23 41441.66 1000.82 547.67 US Market 1000.82 993.65 1101.29 487.28 Internet 1101.29 1076.01 New York Stock Exchange 15369.60 15226.61 15369.60 8777.38 Comp-z 8908.29 5036.38 Financial-z 8766.52 8657.90 20901.84 12991.76 Health Care-z 20566.23 20312.45 9111.38 4032.17 Energy-z 7382.80 7267.08 NYSE American Stock Exchange 2636.59 1317.22 NYSE Amer Comp 2636.59 2575.43 2839.97 1742.29 Major Mkt 2805.67 2797.97 Standard & Poor's Indexes 1803.12 1040.00 100 Index 1803.12 1794.74 3934.83 2237.40 500 Index 3934.83 3909.88 5549.23 3123.44 Indus 5549.23 5510.93 2544.55 1218.55 MidCap 2544.55 2517.02 1297.90 595.67 SmallCap 1297.90 1287.27 Nasdaq Stock Market 14095.47 13972.53 14095.47 6860.67 Comp 13807.70 6994.29 100 Index 13807.70 13655.27 11219.80 11121.90 11219.80 5239.66 Indus 10579.22 10434.96 10673.14 6343.13 Insur 4110.15 2136.72 Banks 4110.15 4057.58 9689.72 4608.77 Computer 9689.72 9536.72 486.42 298.17 Telecom 486.42 483.08 Russell Indexes 2237.63 1224.45 1000 2237.63 2221.11 2299.00 991.16 2000 2299.00 2282.44 2387.37 1288.04 3000 2387.37 2370.67 1423.57 838.37 Value-v 1423.57 1413.10 2561.97 1322.15 Growth-v 2561.97 2539.28 2968.37 1471.40 MidCap 2968.37 2919.80 Others 8848.59 3854.81 Value Line-a 8848.59 8768.52 629.77 305.71 Value Line-g 629.77 624.95 15159.09 6621.12 DJ US Small TSM15159.09 15070.04 941.02 455.11 Barron's 400 941.02 929.77

Close

Friday

31458.40 13175.09 857.10 10404.83

Chg. 310.16 386.58 –15.15 117.33

Weekly % Chg. 1.00 3.02 –1.74 1.14

12-Month Chg. % Chg. 2060.32 2312.17 –98.25 722.41

7.01 21.28 –10.28 7.46

Change From 12/31 % Chg. 851.92 668.16 –7.54 296.12

2.78 5.34 –0.87 2.93

41733.23 1000.82 1101.29

659.23 14.70 32.40

1.60 1.49 3.03

7185.87 162.10 409.00

20.80 19.33 59.08

2513.61 53.47 139.72

6.41 5.64 14.53

15369.60 8766.52 20566.23 7382.80

300.00 188.08 293.37 255.12

1.99 2.19 1.45 3.58

1272.27 –141.76 2138.60 –1693.36

9.02 –1.59 11.61 –18.66

844.80 473.68 520.56 880.02

5.82 5.71 2.60 13.53

2624.49 2803.60

94.67 25.71

3.74 0.93

221.20 –36.36

9.20 –1.28

263.59 56.58

11.16 2.06

1803.12 3934.83 5549.23 2544.55 1297.90

13.01 48.00 66.38 67.88 45.15

0.73 1.23 1.21 2.74 3.60

287.59 554.67 958.61 447.94 279.63

18.98 16.41 20.88 21.36 27.46

82.62 178.76 251.95 237.93 178.97

4.80 4.76 4.76 10.32 15.99

14095.47 13807.70 11190.57 10559.46 4106.40 9689.72 484.23

239.18 203.74 44.14 258.20 134.03 232.54 5.40

1.73 1.50 0.40 2.51 3.37 2.46 1.13

4364.30 4184.12 3828.03 –113.67 264.97 3145.38 79.03

44.85 43.48 51.99 –1.07 6.90 48.06 19.50

1207.19 919.41 793.75 473.03 559.51 872.20 10.09

9.37 7.13 7.63 4.69 15.77 9.89 2.13

2237.63 2289.36 2387.37 1423.57 2561.97 2968.37 8848.59 629.77 15159.09 941.02

33.36 56.03 37.20 25.28 31.38 81.61 238.12 15.90 398.33 26.25

1.51 2.51 1.58 1.81 1.24 2.83 2.77 2.59 2.70 2.87

366.80 601.77 407.85 61.35 642.54 501.98 2191.36 81.28 3746.13 203.68

19.61 35.66 20.60 4.50 33.48 20.35 32.92 14.82 32.82 27.62

116.76 314.50 138.94 73.95 134.20 225.32 935.56 61.00 1910.42 88.83

High/Low's are based upon the daily closing index. a-Arithmetic Index. G-Geometric Index. V-Value 1000 and Growth 1000 y-Dec. 31,1965=50 z-Dec. 31,2002=5000

PER SHARE VALUES OF STOCKS IN THE DOW JONES AVERAGES

BARRON'S 50-STOCK AVERAGE This index is an weighted average of 50 leading issues. Useful in security valuation. Source: Barron's Stats

This is a list of the Dow Jones trailing 52-week diluted share earnings, dividends and book values as reported by the company. Bolded numbers indicate new values. Sources Barron's Stats and FactSet.

Feb 11 2021

Earns

Book Divs. Value

3.76 1.72 28.48 12.31 6.56 16.36 3.28 0.82 20.37 (20.75) Suspended (15.31) 5.46 4.12 26.52 (2.96) 5.16 76.62 2.46 1.44 7.90 1.92 1.64 4.43 (2.74) 0.00 49.90 (3.17) 2.80 18.26 25.40 5.00 227.62 11.56 6.00 (2.89) 6.72 3.63 26.01 6.24 6.52 23.49 4.94 1.337 18.07

Johnson&John 5.51 JPMorgChase 8.87 McDonalds 6.55 Merck Co 2.77 Microsoft 6.70 Nike Inc 0.78 Proc Gam 5.29 3M Co 9.25 Salesforce.com 3.83 Travelers Cos 10.31 UnitedHealth Grp 16.03 Verizon 4.29 Visa 4.88 Walgreens (0.81) Wal-mart 6.92

3.98 22.59 3.60 75.98 5.04 (11.00) 2.48 10.20 2.09 15.63 1.01 5.17 3.162 18.40 5.89 17.50 0.00 37.95 3.37 101.54 4.83 60.78 2.485 14.84 1.24 13.53 1.85 26.26 2.16 26.36

35.21 (0.28) 8.86 12.39 15.32 23.89 12.94 69.84 21.34 17.02

KC Southern 6.55 Kirby Corp (3.22) Landstar Sys 4.55 Matson Inc 2.75 Norf Southern 7.86 Ryder Sys (2.42) Southwest Air (2.79) Un Pacific 7.88 UPS 1.63 United Airlines (16.45)

1.64 Nil 0.815 0.91 3.81 2.24 0.00 3.88 4.04 Nil

45.95 56.18 18.28 18.78 58.87 46.48 18.94 26.19 3.81 45.90

4.51 39.73 33.85 48.18 54.12 35.33 61.20 36.75

Exelon FirstEnergy NextEra Energy Xcel Energy Pub Sv Ent Sempra Energy Southn Co.

1.53 1.56 1.40 1.72 1.96 4.18 2.54

33.12 12.90 75.67 25.24 29.94 60.58 25.03

Earns Am Exp Amgen Apple Boeing Caterpillar Chevron Corp Cisco Sys Coca Cola Disney Walt Dow Goldman Sachs Home Depot Honeywell IBM Intel

Transportation Stocks Alaska Air Group American Airlines Avis Budget Grp C.H. Robinson CSX Corp Delta Air Lines Expeditors Int'l FedEx Hunt (JB) JetBlue Air

(10.56) Suspended (13.84) Suspended (6.54) Nil 3.71 2.04 3.60 1.04 (19.51) Suspended 3.71 1.04 9.19 2.60 4.74 1.09 (3.03) Nil

STOCK VOLUME Last Week NYSE(a) 30 Dow Inds (b) 20 Dow Trans (b) 15 Dow Utils (b) 65 Dow Stks (b) NYSE American (a) Nasdaq(d) NYSE 15 Most Active Average Price % Tot Vol Stock Offerings $(z,v)

Utility Stocks AES Corp. (0.52) Am Elec 3.87 American Water Works 3.65 Atmos Energy 5.15 Con Ed 4.04 Dominion Energy (0.52) Duke Energy 2.73 Edison Int'l 0.99

0.579 2.88 2.20 2.34 3.06 3.45 3.84 2.567

2.43 1.35 1.99 2.80 3.77 12.90 3.00

Mat. 04/21 07/21 01/22 04/22 07/22 01/23 04/23 07/23 01/24

Daily

Bid/Asked 100-19/21 101-21/23 102-02/04 102-18/20 103-21/23 104-12/14 105-31/01 106-20/22 108-07/09

*Yld. to maturity on accrued principal.

– – – – – – + +

Chg. 8 6 6 4 3 4 ... 2 2

*Yld -3.891 -3.465 -2.154 -2.093 -2.448 -2.145 -2.087 -2.303 -2.117

Accr. Prin. 1098 1155 1150 1070 1132 1127 1048 1118 1115

79.3%

4,711,111 -0.74 1,523,357 -0.57 250,922 80.80 211,172 -3.14 1,985,451 9.44 76,763 377.98 11,511,480 294.32

23.89 33.13 13.94 71.38 17.68 21.94 18.27 -3.23 18,205,200 r22,565,900 7,546,400 141.24

2/8

2/9

2/10

2/11

2/12

Yields (%) When Last Issued* Auction

Day

84.3%

Current Market Exposure: 100% Equities, 0% Bonds, 0% Cash Source: Delta Investment Management www.deltaim.com, (415) 249-6337

T $54.0 bil $51.0 bil

3-month 6-month

0.043 0.063

0.035 0.050

W $27.0 bil

20-year

1.657

1.657

TH $9.0 bil

30-year

2.005

1.825

* As of Friday afternoon.

U.S. DOLLAR INDEX vs EURO and YEN

Bit by Bit: Cryptocurrencies soared, but the dollar lost ground against the euro and other trading currencies—dropping the U.S. Dollar Index 1.2% for the week. 20 15 s

5.51 15.93 6.18 5.48 5.53 8.21 11.82 10.72 14.42 10.42

YOY % Chg

Coming U.S. Auctions

The Delta MSI measures the position of ~1,800 stocks relative to an intermediate-term moving average crossover (MAC) point. When greater than 50% of the stocks followed are above this MAC point, the market is bullish and equities are attractive. When the indicator is below 50%, risk is elevated and stock exposures should be reduced. Manager uses discretion on asset allocation when MSI is 50% +/- 3%. Last 2 Weeks 3 Weeks Current Sentiment Week Ago Ago

86.1%

5,105,423 1,632,216 539,542 219,795 2,391,553 250,010 35,347,778

Year Ago

NYSE(a) 970,335 891,763 971,758 1,012,058 830,406 30 Inds (b) 328,411.2 310,138.3 328,392.9 284,681.7 263,089.7 20 Trans (b) 123,609.5 83,245.1 82,400.6 86,649.5 77,764.7 15 Utils (b) 44,951.2 35,484.1 44,561.9 39,415.0 40,126.7 65 Stks (b) 496,971.9 428,867.4 455,355.3 410,746.1 380,983.0 NYSE Amer(a) 71,693 80,979 94,462 70,211 49,564 Nasd(d) 8,379,601 8,586,059 10,394,363 10,739,837 7,292,667 NYSE 15 Most Active Avg. Price 19.66 20.90 29.61 26.48 38.23 % Tot Vol 17.46 19.38 19.22 19.96 18.54 Numbers in thousands save price and percentages. (a) Primary volume. (b) Composite volume. (d) as of 4:10 pm. (r) Revised. (v) W/E Thursday. (z) Source: Refinitiv.

DELTA MARKET SENTIMENT INDICATOR

BULLISH

4,676,320 1,514,714 453,669 204,539 2,172,924 366,909 45,392,527

Prev. Week

Daily Stock Volume

INFLATION-INDEXED TREASURY SECURITIES Rate 0.125 0.625 0.125 0.125 0.125 0.125 0.625 0.375 0.625

Feb Yr-to-Yr 2020 % Chg

S&P 500 Index 3916.38 3871.74 3267.93 19.84 Barron's 50 Index 9883.07 9822.19 9721 1.66 Projected quarterly earn 22.74 36.84 101.43 –77.58 Annualized projected earn 90.95 147.37 405.71 –77.58 Annualized projected P/E 108.66 66.65 24.1 350.93 Five-year average earn 380.89 383.71 397.94 –4.28 Five-year average P/E 25.95 25.60 24.4 6.20 Year-end earn 314.70 314.70 388.42 –18.98 Year-end P/E 31.40 31.21 25.0 25.38 Year-end earns yield, % 3.18 3.20 4.0 –20.58 Best grade bond yields, % 1.41 1.42 2.29 –38.43 Bond yields/stock ylds, % 0.44 0.44 0.57 –22.95 Actual year-end divs 211.27 211.13 221.29 –4.53 Actual yr-end divs yld, % 2.14 2.15 2.28 –6.37

Industrial Stocks Book Divs. Value

Feb 4 2021

EURO in $

10 5

s YEN in $

0

s DXY (90.45)

-5 -10

M

A

M

J

J

A

S

O

N

D

J

F

Source: Tullett Prebon

M32

BARRON’S

February 15, 2021

Market Laboratory US TREASURY BILLS

DOW JONES U.S. TOTAL MARKET INDUSTRY GROUPS Net Change % Change and Ranking 52 Week Top 20 Weekly Ranked IG-Sym Close Wkly YTD Week Rank Yr Ago Rank YTD Rank 3 Yr High Low Real Estate Holding & Dev DJUSEH 80.89 + 7.87 18.34 +10.78 [1] –18.66 [121] +29.33 [1] –4.97 102.50 29.67 DJUSFH Furnishings 411.00 + 31.77 46.63 +8.38 [2] +17.65 [57] +12.80 [16] –1.63 411.00 151.80 DJUSRL Retail REITs 81.76 + 6.13 10.56 +8.10 [3] –20.23 [125] +14.84 [11] –5.42 105.37 45.00 DJUSMT Marine Transportation 198.72 + 14.64 28.59 +7.95 [4] –19.25 [122] +16.80 [9] –6.18 244.52 112.26 DJUSSC Semiconductor 7107.44+ 506.76 858.60 +7.68 [5] +53.29 [9] +13.74 [14] +29.65 7,107.44 3,082.27 DJUSOS Exploration & Production 482.71 + 28.30 78.58 +6.23 [6] –13.99 [117] +19.44 [3] –10.29 563.50 214.60 DJUSFA Financial Administration 918.86 + 52.60 84.77 +6.07 [7] +42.39 [16] +10.16 [26] +30.98 918.86 410.40 DJUSAI Electronic Equipment 978.29 + 52.28 100.29 +5.65 [8] +36.73 [23] +11.42 [20] +17.66 978.29 433.98 DJUSOI Oil Equipment & Svcs 168.27 + 8.28 20.37 +5.18 [9] –23.52 [129] +13.77 [13] –25.62 216.24 69.91 DJUSVN Distillers & Vintners 540.14 + 26.35 32.41 +5.13 [10] +17.90 [56] +6.38 [50] +6.13 540.14 259.64 DJUSPB Publishing 559.52 + 27.10 40.68 +5.09 [11] +19.83 [51] +7.84 [38] +17.96 559.52 273.74 DJUSHL Hotel & Lodging REITs 77.31 + 3.66 1.40 +4.97 [12] –27.91 [136] +1.85 [92] –13.60 106.72 36.21 DJUSOQ Oil Equip, Svcs & Distri 246.41 + 10.90 26.67 +4.63 [13] –24.86 [132] +12.14 [19] –18.87 326.05 116.06 DJUSST Steel 236.51 + 10.29 13.42 +4.55 [14] +9.11 [77] +6.01 [53] –5.78 247.76 121.97 Real Estate Investmt & Svcs DJUSRH 641.39 + 26.84 42.88 +4.37 [15] +11.80 [72] +7.17 [45] +18.91 641.39 320.35 DJUSOG Oil & Gas Producers 411.72 + 16.82 63.92 +4.26 [16] –17.15 [120] +18.38 [5] –11.30 493.23 219.53 DJUSBE Business Training 172.01 + 6.98 16.24 +4.23 [17] +19.63 [53] +10.42 [25] +3.49 172.20 78.60 DJUSIS Support Services 902.87 + 36.48 48.71 +4.21 [18] +29.84 [33] +5.70 [58] +24.42 902.87 446.31 DJUSPL Pipelines 507.17 + 20.06 48.82 +4.12 [19] –25.49 [134] +10.65 [24] –7.22 692.38 265.65 Electronic & Electrical Equip DJUSEE 630.50 + 24.35 49.83 +4.02 [20] +32.49 [29] +8.58 [34] +13.99 630.50 288.01 Net Change % Change and Ranking 52 Week Top 20 Yr Ago Ranked IG-Sym Close Wkly YTD Week Rank Yr Ago Rank YTD Rank 3 Yr High Low DJUSAU Automobiles 1011.11 – 38.74 149.82 –3.69 [138] +266.49 [1] +17.40 [7] +68.40 1,077.96 134.39 DJUSAP Automobiles & Parts 1176.23 – 36.87 166.81 –3.04 [136] +202.52 [2] +16.52 [10] +48.16 1,239.34 195.90 DJUSNF Nonferrous Metals 417.76 – 6.69 69.69 –1.58 [130] +146.49 [3] +20.02 [2] +21.13 429.66 71.03 DJUSCR Computer Hardware 6786.77 – 42.33 184.15 –.62 [116] +60.20 [4] +2.79 [81] +44.06 7,093.05 2,859.07 Industrial Metals & Mining DJUSIM 272.81 + 3.06 29.96 +1.13 [74] +57.17 [5] +12.34 [17] +3.88 280.58 88.40 DJUSTY Toys 1548.20 + 34.06 82.64 +2.25 [45] +56.82 [6] +5.64 [59] +13.44 1,548.20 765.22 DJUSAF Delivery Svcs 1395.22 + 13.07 –17.86 +.95 [80] +55.91 [7] –1.26 [124] +10.75 1,498.78 666.48 DJUSLE Leisure Goods 1027.60 + 18.06 59.98 +1.79 [56] +54.24 [8] +6.20 [51] +14.58 1,027.60 491.25 DJUSSC Semiconductor 7107.44+ 506.76 858.60 +7.68 [5] +53.29 [9] +13.74 [14] +29.65 7,107.44 3,082.27 Technology Hardware & Equip DJUSTQ 3492.62 + 98.47 248.90 +2.90 [34] +51.08 [10] +7.67 [41] +33.54 3,492.62 1,580.41 DJUSRB Broadline Retailers 3341.64 – 58.85 35.71 –1.73 [131] +47.88 [11] +1.08 [97] +29.50 3,520.79 1,791.13 DJUSAL Aluminum 73.99 + 2.43 –4.75 +3.39 [28] +46.97 [12] –6.03 [135] –20.82 86.19 17.51 DJUSHR Commercial Vehicles 3060.62 + 72.33 333.54 +2.42 [43] +46.60 [13] +12.23 [18] +13.86 3,068.04 1,301.27 DJUSNS Internet 3082.75 + 51.98 366.97 +1.72 [58] +46.34 [14] +13.51 [15] +24.26 3,082.75 1,473.18 DJUSBS Basic Resources 234.13 + 1.70 14.88 +.73 [91] +43.07 [15] +6.79 [46] +6.40 244.31 109.84 DJUSFA Financial Administration 918.86 + 52.60 84.77 +6.07 [7] +42.39 [16] +10.16 [26] +30.98 918.86 410.40 DJUSAV Media Agencies 842.63 – 1.53 123.50 –.18 [111] +41.94 [17] +17.17 [8] +14.37 857.71 347.17 DJUSRP Recreational Products 564.97 – 5.78 50.06 –1.01 [124] +41.39 [18] +9.72 [29] +14.62 583.42 216.09 DJUSRS Specialty Retailers 2574.26 + 23.48 141.75 +.92 [83] +40.43 [19] +5.83 [56] +24.08 2,628.90 1,335.92 Software & Computer Svcs DJUSSV 4545.90 + 76.23 418.89 +1.71 [59] +38.14 [20] +10.15 [27] +29.20 4,545.90 2,332.65 Groups are weighted by capitalization. 52-week highs and lows are based on daily closes. Dec. 31, 1991=100. In the U.S. listings, % vol chg column shows the change from previous 65-day moving average. Volume figures do not reflect extended trading hours.

AMERICAN DEBT AND DEFICITS

Federal Budget Deficit (bil. $)-a ......................................... Budget Surplus/Deficit (bil. $)-b, January........................ Trade Deficit (bil. $, sa)-c, December................................. Treasury Gross Public Debt. (bil. $)-d ............................... Treasury Statutory Debt Limit (bil. $)-d............................. Consumer Installment Debt (bil. $)-e, December ...........

Latest Report

Preceding Report

920FY'22 –162.83 –66.61 27,846.6 * 4,184.2

966FY'21 –143.56 r-69.01 27,851.1 21,987.7 r4,174.5

Year AgoYear over Year Report % Chg

1,083FY'20 –32.60 –45.68 23,274.1 …. 4,190.7

…. 399.48 45.82 19.65 …. -0.16

Sources: a-Office of Management and Budget, b-Monthly Treasury Statement, c-Monthly Commerce Dept. Report, d-Daily Treasury Statement, e-Monthly Federal Reserve Release.*Statutory debt limit temporarily suspended through July 31, 2021.

Maturity Feb 16 '21 Feb 18 '21 Feb 23 '21 Feb 25 '21 Mar 02 '21 Mar 04 '21 Mar 09 '21 Mar 11 '21 Mar 16 '21 Mar 18 '21 Mar 23 '21 Mar 25 '21 Mar 30 '21 Apr 01 '21 Apr 06 '21 Apr 08 '21 Apr 13 '21 Apr 15 '21 Apr 22 '21 Apr 29 '21 May 06 '21 May 13 '21 May 20 '21 May 27 '21 Jun 03 '21 Jun 10 '21 Jun 17 '21 Jun 24 '21 Jul 01 '21 Jul 08 '21 Jul 15 '21 Jul 22 '21 Jul 29 '21 Aug 05 '21 Aug 12 '21 Sep 09 '21 Oct 07 '21 Nov 04 '21 Dec 02 '21 Dec 30 '21 Jan 27 '22

Bid 0.04 0.04 0.04 0.04 0.04 0.04 0.03 0.03 0.03 0.04 0.04 0.04 0.03 0.03 0.04 0.04 0.05 0.04 0.05 0.05 0.04 0.04 0.04 0.05 0.05 0.05 0.06 0.05 0.06 0.05 0.05 0.05 0.06 0.06 0.06 0.06 0.05 0.06 0.05 0.06 0.06

Asked 0.03 0.03 0.03 0.03 0.03 0.03 0.02 0.02 0.02 0.03 0.03 0.03 0.02 0.02 0.03 0.03 0.04 0.03 0.04 0.04 0.03 0.03 0.03 0.04 0.04 0.04 0.05 0.04 0.05 0.04 0.04 0.04 0.05 0.05 0.05 0.05 0.04 0.05 0.04 0.05 0.05

Wkly Chg.

Coming Earnings

Ask Yld. 0.02 0.01 0.02 0.01 0.01 0.02 0.01 0.01 .... 0.02 0.01 .... 0.01 .... 0.01 0.02 .... 0.02 0.02 0.02 0.01 0.01 -0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.02 .... -0.01 -0.01 -0.01 .... -0.01

Day 0.03 0.03 0.03 0.03 0.03 0.03 0.02 0.02 0.02 0.03 0.03 0.03 0.02 0.02 0.03 0.03 0.04 0.03 0.04 0.04 0.03 0.03 0.03 0.04 0.04 0.04 0.05 0.04 0.05 0.04 0.04 0.04 0.05 0.05 0.05 0.05 0.04 0.05 0.04 0.05 0.05

SELECTED INITIAL PUBLIC OFFERINGS

Bite Acquisition Catcha Investment Decibel Therapeutics NexImmune Talis Biomedical Tuatara Capital Acqui Apria Bumble Signify Health Biophytis Vallon Pharma Viant Technology Adagene Baosheng Media Cloopen Group Crown PropTech GigCapital4 Priveterra Acquisition Venus Acquisition

Ticker Code

Initial Offer Price

Most IPO Recent Date Price

BITEU CHAAU DBTX NEXI TLIS TCACU APR BMBL SGFY BPTS VLON DSP ADAG BAOS RAAS CPTKU GIGGU PMGMU VENAU

10.00 10.00 18.00 17.00 16.00 10.00 20.00 43.00 24.00 16.75 8.00 25.00 19.00 5.00 16.00 10.00 10.00 10.00 10.00

2/12 2/12 2/12 2/12 2/12 2/12 2/11 2/11 2/11 2/10 2/10 2/10 2/9 2/9 2/9 2/9 2/9 2/9 2/9

% Chg

10.22 2.2% 10.64 6.4% 18.03 0.2% 25.33 49.0% 27.80 73.8% 10.43 4.3% 20.99 4.9% 75.46 75.5% 36.40 51.7% 17.02 1.6% 7.83 -2.1% 65.49 162.0% 27.66 45.6% 7.09 41.8% 31.29 95.6% 10.35 3.5% 10.39 3.9% 10.32 3.2% 10.49 4.9%

Consensus Estimate

T Ecolab (Q4) Expeditors Int’l of Wash. (Q4) Vulcan Materials (Q4) Zoetis (Q4) W Albermarle (Q4) Analog Devices (Q1) Boston Beer (Q4) Cheesecake Factory (Q4) Genuine Parts (Q4) Henry Schein (Q4) NiSource (Q4) Valmont Industries (Q4) TH Applied Materials (Q1) Blue Apron (Q4) Consolidated Edison (Q4) Marriott Int’l (Q4) Mednax (Q4) Quidel (Q4) Reliance Steel & Aluminum (Q4) Southern (Q4) Walmart (Q4) Waste Management (Q4) F Deere (Q1) DTE Energy (Q4)

Year Ago

1.26 1.08 0.99 0.86

1.66 0.79 1.08 0.92

1.09 1.32 2.63 -0.03 1.35 1.00 0.33 1.79

1.73 1.03 1.12 0.58 1.35 0.97 0.45 1.66

1.28 -0.61 0.76 0.09 0.36 9.75 2.02 0.42 1.09 1.09

0.98 -1.66 0.87 1.57 0.91 0.71 2.44 0.27 1.38 1.19

2.10 1.27

1.63 1.35

(Earnings are diluted and report dates are tentative. All forecasts and historical numbers exclude extraordinary items by accounting definitions.) Source: FactSet

NYSE HALF-HOURLY VOLUME Daily 9:30-10:00 10:00-10:30 10:30-11:00 11:00-11:30 11:30-12:00 12:00-12:30 12:30-1:00 1:00-1:30 1:30-2:00 2:00-2:30 2:30-3:00 3:00-3:30 3:30-4:00

2/08

2/09

2/10

2/11

2/12

161,341 58,234 48,872 38,779 34,857 30,326 31,018 27,443 28,510 29,773 30,194 35,401 415,588

143,222 56,698 46,780 40,541 37,716 35,200 31,936 29,213 26,355 27,508 37,767 37,133 341,696

148,786 78,410 68,540 46,222 35,064 33,196 28,767 27,832 28,246 30,439 32,444 37,602 376,211

124,608 46,390 43,716 43,843 35,634 52,249 38,881 27,207 27,983 30,089 29,232 37,836 474,392

121,358 46,552 40,858 37,705 31,458 30,486 29,569 29,011 23,810 23,433 51,165 32,937 332,063

PULSE OF THE ECONOMY Only includes new reports.

Economic Growth and Investment

Latest Date

Latest Data

Preceding Period

Year Ago

YroYr % Chg

No Activity for this Week Production

Latest Date

Latest Data

Preceding Period

Year Ago

YroYr % Chg

Feb 12 Jan Jan

125.01 261.6 1.4

118.40 260.5 1.4

89.35 258.0 2.5

39.91 1.40 ….

Feb 6 Jan 30 Dec Dec Dec Jan Jan

793 4.545 6,646 5,539 5,460 6,147.9 95.0

r812 r4.690 r6,572 r5,935 r5,523 5,909.0 95.9

204 1.678 6,552 5,927 5,762 5,633.3 104.3

288.73 170.86 1.43 –6.55 –5.24 9.13 –8.92

Feb 12

1.66

r1.62

0.26

….

Inflation

Electric power, (mil. kw hrs) (EEI) .................................................. Petroleum, related capacity, % ...................................................... Rotary rigs running, U.S. & Can., (Hughes) .................................... Steel, (thous. tons) ........................................................................ Steel, rated capacity, % (AISI)........................................................ Consumption and Distribution

Feb 6 Feb 5 Feb 12 Feb 6 Feb 6

79,582 83.0 573 1,705 75.2

78,912 82.3 563 1,725 76.1

75,127 88.0 1,045 1,899 81.4

5.93 –5.68 –45.17 –10.22 –7.62

Instinet Research Redbook Avg. (monthly %) ................................ Baltic Dry Index ............................................................................. Wholesale sales, (mil. $) ............................................................... Inventories

Feb 6 Feb 12 Dec

–2.53 1,339 503,778

–1.58 1,333 r497,610

0.51 425 495,237

…. 215.06 1.72

Domestic crude oil, (thous. bbls) Comm. (Excl. Lease Stck) ........... Gasoline, (thous. bbls) .................................................................. Wholesale inventories, (mil. $) ......................................................

Feb 5 Feb 5 Dec

469,014 256,412 651,530

475,659 252,153 r649,538

442,468 261,049 662,297

6.00 –1.78 –1.63

JOC–ECRI Industrial Price Index f .................................................. Consumer price index b (unadjusted) ............................................ Rate of inflation, % (annual, unadjusted)........................................ Employment Initial jobless claims (thous.) ........................................................ Continuing claims (mil.) ................................................................ Job openings, (thous.) .................................................................. Hires, (thous.) ............................................................................... Total separations, (thous.)............................................................. Help Wanted Online –Ads (thous,) ................................................. Small Business Optimism Index .................................................... Construction

Orders

No Activity for this Week

No Activity for this Week

Other Indicators

Trade

Citi Research Panic–Euphoria Reading ..........................................

No Activity for this Week

a-1997 equals 100. b-1982-84 equals 100. c-1982 equals 100. f-1996 equals 100. h-benchmark revision, 2016 equals 100. r-Revised.

February 15, 2021

BARRON’S

M33

Market Laboratory WEEK’S NEW HIGHS AND LOWS Weekly Comp.

New Highs New Lows

NYSE

758 27

WEEK’S NEW HIGHS AND LOWS

NYSE Amer Nasdaq

NYSE AMER

82 2

AbrdnAusEq AberdnEMEquity AdaraAcqn AgEagleAerial AirIndustries Ampco-PittsWt BK Tech BancroftFund BioceresCrop Birks BlueRidgeBkshs CKX Lands cbdMD cbdMD PfdA CentralSecs CentrusEnergy CloughGlbEqFd CloughGlblOpp Consonance-HFW ConsonanceA ContangoO&G AdaraAcqn

NEW HIGHS DeltaApparel Kaleyra DenisonMines KelsoTechs EVI Industries LineageCell EtnVncMuni MilestoneSci EllsworthGrw&Incm Myomo eMagin NeubergerBermanMun EnergyFuels NewBeginnings EnergyFuelsWt NewBeginnings NewBeginningsWt Flanigans FlexSolInt NexGenEnergy FriedmanInds OncoCyte Globalstar PalatinTech GranTierraEner ParkNational GreatPanther PowerREIT InfuSystems ProtalixBio InspireMD RENN Fund InspireMD Wt RadiantLogistics InspireMDWtB RingEnergy IntelligentSys SachemCapital inTEST SachemNts2025 InvescoAdvMuniII NEW LOWS ViveonHealth

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1334 80

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NASDAQ

QellAcqn QellAcqnA QellAcqnWt Quanterix Quantum QuestResource QuickLogic Qumu R1RCM RackspaceTech RadaElectronic RadiusHealth Radware Rambus RCI Hospitality RCM Tech RealNetworks Redfin RedRockResorts RegulusTherap RekorSystems RelianceGlobalWt RenalytixAI RenewableEnergy Rent-A-Center Repligen RepublicFirstBncp Resonant RevolutionAccelA ReWalkRobotics RibbonComms RichardsonElec RigNet RiminiStreet RiotBlockchain RMGAcqnII RMGAcqnIII RocketPharm RodgersSilicVal Roku RosecliffAcqnI RothCH II A RothCH II Wt RothCHAcqnI RothCHAcqnII RothCHAcqnIWt RothCHAcquisitionI RubiconTech RumbleON S&W Seed Saia SalariusPharm SalemMedia SanaBiotech SandersonFarms SandySpringBncp Sanfilippo SarissaCap ScholarRock Schrodinger ScientificGames ScIONTechGrowthI ScionTechI A ScionTechI Wt ScionTechII SciPlay ScrippsEW SeacoastBkgFL SeanergyMarWt SeaportGlbAcqnWt SeelosTherap SelectInterior SemiLEDS SenecaFoods A SenecaFoods B SeniorConnectI ServiceSource ServisFirstBcshs SesenBio SevenOaksAcqnA SevenOaksAcqnUn SevenOaksAcqnWt SharpsCompliance SharpSpring ShotSpotter Shyft SI-BONE Sientra SifyTech Sigmatron SignatureBank SilenceTherap Silicom SiliconLab SiliconMotion SilverCrestAcqn SilverSpikeAcqn SilverSpikeAcqnWt SilverSpikeUn SimmonsFirstNat SimplifyGrwEq SimplifyGrwEqDwn SimulationsPlus SiNtxTech SirenNasdNexGen SiTime SiyataMobile SiyataMobileWt Skyworks SleepNumber SLM SMART Global SmartSand

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WEEK’S NEW HIGHS AND LOWS Codexis CoffeeHolding Cognex Coherent Cohu CollegiumPharm ColliersIntl Collplant ColumbiaBanking ColumbusMcKinn Comcast A CommerceBcshrs CommVaultSys CommVehicle ComputerPrograms ComputerTask comScore Comstock Conduent Conformis ConversionLabs CONXWt CorceptTherap CoupaSoftware CovaAcqn Covetrus Cowen CreatdWt Cree Criteo Crocs Cronos CrowdStrike CSW Industrials CuentasWt CuriosityStream CuriosityStrmWt Cutera CVD Equipment CycloTherapWt DarioHealth Datadog DataIO DavisSelectIntlETF DavisUSEquity DavisWorldwide DecarbonizaPlusA Decarbonization DecarbonizPlusWt DecibelTherap DefNasdJrBio DelcathSystems DermTech Descartes DicernaPharma DigiIntl Diginex DigitalTurbine DimeComPfdA Diodes DiscoveryC DixieGroup Domo DormanProducts DouYuIntl DraftKings DrivenBrands Dropbox DuckCreekTech DuddellStreetA DuddellStreetWt DuosTechs EagleBancorp EagleBulkShip AckrellSpacI Wt Adagene AdvShDorseyShrt AmerElecPwrUn AngionBiomed Apria ArkGlobal AvidityBio BaoshengMedia BigCypress BigCypressWt Biophytis Bioventus BlueWaterA BlueWaterWt BroadscaleAcqn Bumble CarLotz CarneyTechII A ChesapeakeEner

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NYSE

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M34

BARRON’S

February 15, 2021

Market Laboratory CBOE PUT/CALL RATIO vs S&P 100

MONEY RATES 0.25

0.25

Prime Rate (base)

3.25

3.25

Fed Funds Rate Avg effective offer Avg weekly auction-c

0.08 0.08

0.08 0.08

Yr Ago 2.25 4.75 1.60 1.59

T-Bills Rate 13 weeks, Coupon Yield 13 weeks, Auction Rate 26 weeks, Coupon Yield 26 weeks, Auction Rate Avg weekly auction-c

0.035 0.035 0.051 0.050 0.05

0.066 0.065 0.071 0.070 0.07

1.582 1.550 1.547 1.510 1.54

Broker Call Rate

2.00

2.00

3.50

Bankers Acceptances 1 month 2 months 3 months 6 months

0.12 0.13 0.15 0.20

0.12 0.15 0.18 0.20

-0.580 -0.550 -0.543 -0.500

Libor Interbank Rate 1 month 3 months 6 months 12 months Foreign Prime Rates Canada Germany Japan Switzerland Britain

Euro Libor Rate 1 month 3 months 6 months 12 months

FOREIGN EXCHANGE The New York foreign exchange mid-range rates are quoted at 5 p.m. Eastern time by Tullett Prebon. Retail transactions provide fewer units of foreign currency per dollar.

S&P 100

Country

CBOE

4.90

1.10

S&P 100

CBOE

4.00

0.95

3.10

0.80

1.60 1.63 1.70 1.75

2.20

0.65

1.30

0.50

-0.579 -0.554 -0.539 -0.503

-0.521 -0.436 -0.396 -0.317

0.40

0.11 0.19 0.20 0.30

0.12 0.19 0.21 0.30

1.66 1.69 1.71 1.80

2.45 0.00 1.475 0.00 0.10

2.45 0.00 1.475 0.00 0.10

3.95 0.00 1.475 0.50 0.75

1.99 0.08 0.04 0.14 0.19 0.19 0.33

2.02 0.08 0.04 0.14 0.20 0.21 0.34

2.98 0.21 0.07 0.50 0.76 0.80 1.13

0.10

0.10

0.10

Other Money Rates Fannie Mae Home Loan: 30-Year Fixed Conv Bank money market-z Interest Checking-z 6-Month Certif-z 12-Month Certif-z 30 Month Accounts-z 5-Year Certificates-z U.S. Savings EE Bonds: Long-Term (5yrs+)

M

A

M

J

J

A

S

O

N

D

J

F

0.35

Source: CBOE

INVESTOR SENTIMENT READINGS High bullish readings in the Consensus stock index or in the Market Vane stock index usually are signs of Market tops; low ones, market bottoms. Last Week

2 Weeks Ago

3 Weeks Ago

Consensus Index Consensus Bullish Sentiment

71%

70%

71%

Source: Consensus Inc., P.O. Box 520526,Independence, Mo. Historical data available at (816) 373-3700. [email protected]

AAII Index

c-Annualized yields, adjusted for constant maturity, reported by the Federal Reserve on a weekly average basis. Sources: Tullett Prebon information, Ltd. Factset. z-Bankrate.com.

Foreign Foreign Currency Currency in U.S.$ in U.S.$ Fri. Last Fri.

Argentina (Peso)-y Australia (Dollar) Bahrain (Dinar) Brazil (Real) Bulgaria (Lev) Canada (Dollar) Chile (Peso) China (Renminbi) Colombia (Peso) Croatia (Kuna) Czech. Rep. (Koruna) Commercial rate

F

Bullish Bearish Neutral

45.5% 26.3 28.3

37.4% 35.6 27.1

37.7% 38.3 24.0

Source: American Association of Individual Investors, 625 N. Michigan Ave., Chicago, Ill. 60611 (312) 280-0170.

Denmark (Krone) EcuadorUS Dollar Egypt (Pound)-y Hong Kong (Dollar) Hungary (Forint) Iceland (Krona) India (Rupee) Indonesia (Rupiah) Israel (Shekel) Japan (Yen) Kazakhstan (Tenge) Kuwait (Dinar) Macau (Pataca) Malaysia (Ringgit)-b Mexico (Peso) Floating rate

New Zealand (Dollar) Norway (Krone) Oman (Rial) Pakistan (Rupee) Philippines (Peso) Poland (Zloty) Qatar (Rial) Russia (Ruble)-a Saudi Arabia (Riyal) Singapore (Dollar) South Africa (Rand)

.0113 .7760 2.6524 .1862 .6187 .7879 .001385 .1548 .0002860 .1600077 …… .. .04710 .1630 1.0000 .0640 .1290 .003380 .007789 .01378 .0000716 .3075 .009532 .002386 3.3059 .1251 .2474 …… .. .0501 .7219 .1182 2.5976 .00629 .02081 .2695 .2746 .01358 .2666 .7549 .0687

U.S. $ in U.S. $ in Foreign Foreign Currency Currency Fri. Last Fri.

.0114 .7678 2.6535 .1862 .6156 .7837 .001353 .1546 .0002813 .1593575 …… .. .04672 .1620 1.0000 .0637 .1290 .003378 .007778 .01374 .0000713 .3041 .009490 .002378 3.3012 .1252 .2457 …… .. .0498 .7203 .1173 2.5976 .00624 .02078 .2687 .2746 .01340 .2666 .7493 .0674

88.4642 1.2887 .3770 5.3700 1.6162 1.2693 721.80 6.4582 3496.50 6.25 …… .. 21.233 6.1360 1.0000 15.6183 7.7530 295.85 128.39 72.593 13973 3.2522 104.92 419.09 .3025 7.9915 4.0425 …… .. 19.9487 1.3852 8.4620 .3850 158.883 48.061 3.7108 3.6413 73.655 3.7508 1.3247 14.5514

87.9275 1.3024 .3769 5.3707 1.6243 1.2759 739.00 6.4667 3555.50 6.28 …… .. 21.404 6.1714 1.0000 15.6905 7.7527 296.05 128.56 72.788 14030 3.2887 105.38 420.50 .3029 7.9900 4.0705 …… .. 20.0912 1.3883 8.5274 .3850 160.250 48.115 3.7211 3.6418 74.649 3.7510 1.3345 14.8371

Bullish Consensus

53%

51%

53%

Source: Market Vane, P.O. Box 90490, Pasadena, CA 91109 (626) 395-7436.

TIM Group Market Sentiment Indicator

47.7%

44.5%

44.0%

Source: TIM Group, 3 Columbus Circle, Suite 1592 New York, NY 10019 (844) 207-1445. [email protected]

Yr Ago Week

New Offerings, (mil $) (v) Corporate (z) Municipal (z)

21,336 r48,543 29,099 9,135 r6,827 11,555 Best Grade Bonds-y (Barron's index of 10 high-grade corporate bonds.) 1.41 1.42 2.35 Interm-Grade Bonds-y (Barron's index of 10 medium-grade corporate bonds.) 2.64 2.68 3.28 Confidence Index (High-grade index divided by intermediate-grade index; decline in latter vs. former generally indicates rising confidence, pointing to higher stocks.) 53.4 53.0 71.7

Bloomberg Barclays US Long Treasury*(This index measures the performance of fixed-rate, nominal US Treasuries with at least 10 years to maturity. Jan. 1, 1973=100.) 4409.91 4436.44 4260.95 Bloomberg Barclays US Credit (This index includes all publicly issued, fixed-rate, non-convertible, investment-grade, dollar-denominated, SEC-registered corporate debt. All issues have at least one year to maturity and outstanding par value of at least $250 million. Jan. 1, 1973=0.) (v) 3340.08 3334.43 3161.02 Ryan Labs Treasury Index (Index of total return from active Treasury notes and bonds. Dec. 31, 1996=100.) 322.12 322.24 307.10

ARMS INDEX The Arms index, also known as the short term trading index, is a number derived by dividing one quotient into another quotient. The numerator in the index is the number of advancing stocks divided by the number of declining stocks. As of 3/14/11, the denominator in the index is now the compositevolumeofadvancingstocksdividedbythecompositevolumeof declining stocks. Daily NYSE NYSE American Nasdaq

2/8

2/9

2/10

2/11

2/12

.98 .05 .47

1.51 1.08 .44

.88 .24 .35

1.18 .45 1.15

.64 .81 1.33

BARRON'S GOLD MINING INDEX 12-Month High Low

2/11

Year Ago

2/4

Week % Chg.

1019.26 391.56 Gold mining 954.29 931.69 596.18 +2.43

GOLD & SILVER PRICES

Member Bank Reserve Chgs. (Mil. $)

Prev. Week Change

Latest Week

Year Ago Change

Handy & Harman

Gold, troy ounce Silver, troy ounce

One week ended Feb 10: 6,858,639 +

17,726 +3,030,377

Federal agency secur: Last Week

Prev. Week

Yr Ago Week

Bond Buyer 20 Bond Index (Index of yields of 20 general obligation municipal bonds.) 2.10

2.21

2.51 Bond Buyer Municipal Bond Index (Index of 40 actively-traded tax-exempt bonds; component issues are changed regularly to keep the index a current picture of the market. Source: The Bond Buyer 3.39 3.41 3.52 Stock/Bond Yield Gap-s (Difference between yield on highest-grade corporate bonds and yield on stocks on the DJIA.) +.47 +.48 –.17

Yield on DJ Equal Weight US Corp Bond Idx: Corp Bonds, (y)

2.06

2.08

2.59

v-Week ended Thursday. y-Yield to maturity, week ended Thursday. z-Source: Refinitiv.*Barclays T-Bond Index discontinued by firm.

MONEY SUPPLY Money Supply (Bil. $) Week ended February 1 M1 (seas. adjusted) M1 (not adjusted) M2 (seas. adjusted) M2 (not adjusted) Month ended January M1 Mult. Replacement (St. Louis Fed) Monthly Money Supply Month ended January M1 (seas. adjusted) M2 (seas. adjusted)

Latest

Prev. Yr. Ago YOY % Chg

Bought outright

2,347

....

1,674

-169 +

....

Reserve bank credit: Primary Credit Secondary Credit

....

....

Seasonal Credit

....

....

Float Other F.R. Assets Total Fed Credit # Gold stock SDR Certif. Accounts Treas. Curr. Outst. Total Currency in circ Treas. Cash Hldgs Treas. Fed Deposits Foreign Fed Deposits Other Fed Deposits Other FR liab/cap Total factors Reserves F.R. banks Fgn hold U.S. debt

1,674 .... ....

-68 +

349 +

27

42,612 +

1,936 +

11,070

7,388,030 +

....

....

5,200

....

....

50,525 +

14 +

408

7,476,710 +

21,111 +3,254,965

2,099,380 +

1,954 + 305,024

61 + 1,608,906 21,959 + 179,776 51,857 + 4,217,790 3,258,919 + 3,535,683 +

12 110 + 2,380 +

Premium is the amount over the value of the gold content in the coin. Source Manfra, Tordella & Brookes, Inc.

Bullion spot gold price 1823.50

GOLD PERFORMANCE

Whited-Out: Gold rose 0.7% on the week, to $1,816 an ounce. The real action is in platinum, now up 17% this year. 80 Barron's Gold Mining Index (954.29)

60 40

65,801 +1,583,353 4,390 +

Month

Month

1.150

11.22

Total Reserves:

3,153,600

3,135,000

0.59 1,715,200

Nonborrowed Res

3,101,000

3,076,300

0.80 1,715,200

6,750.9 r6,534.7 3,980.9 19,395.3 r19,088.8 15,437.9

69.58 25.63

Chg.

58,685 -10.39

20

77,252

r1.274

Prev. Month %

5,206,600

4.00 5.00 0.36 0.17 5.00 5.00

-44,691 +1,671,611

1.279

5,247,900

72.94 91.18 8.00 3.00 91.18 91.18

7,325

Reserve Aggr (Mil. $)

Monetary Base

1581.40 17.76

-13,212 + 117,421

66.60 70.36 25.34 25.96

52,586

1802.95 26.96

1896.44 1914.68 2206.59 1790.39 1914.68 1914.68

Krugerrand Maple Leaf Mexican Peso Austria Crown Austria Phil U.S. Eagles

16,776

4,088.9 4,163.3 15,489.7 15,428.6

Borrowed Reserves

1816.35 27.32

-170

r6,812.4 r6,897.6 r19,411.9 r19,320.4

Month Ended January:

Year Ago

-16,419 +1,197,669

6,812.2 7,092.4 19,414.9 19,433.7

Latest

2/5

Base for pricing gold and silver contents of shipments and for making refining settlement. Price Premium Premium Coins $ %

21,196 +3,253,013

11,041

2/12

s

Other Confidence Indicators:

.0009055 .0008946 1104.37 1117.76 .0051 .0052 194.2800 193.5100 .1204 .1194 8.3047 8.3722 1.1213 1.1125 .8918 .8989 .03568 .03573 28.030 27.989 .03343 .03333 29.910 30.000 .1421 .1418 7.0369 7.0538 .0358 .0360 27.9500 27.7500 1.3856 1.3735 .7217 .7281 …… .. …… .. …… .. …… .. Financial .02344 .02345 42.665 42.635 ---1.2119 1.2049 .8251 .8299 Euro Special Drawing Rights (SDR) are based on exchange rates for the U.S., British, and Japanese currencies. Source: International Monetary Fund. a-Russian Central Bank rate. b-government rate. d-rebased as of Jan. 1, 2005. y-floating rate.

South Korea (Won) Sri Lanka (Rupee) Sweden (Krona) Switzerland (Franc) Taiwan (Dollar) Thailand (Baht) Turkey (New Lira)-d Ukraine (Hryvnia) U.K. (Pound) Uruguay (Peso)

FEDERAL RESERVE DATA BANK

Bought outright

WEEKLY BOND STATISTICS Prev. Week

Country

U.S. $ in U.S. $ in Foreign Foreign Currency Currency Fri. Last Fri.

Market Vane

U.S. Gov't securities:

Last Week

Foreign Foreign Currency Currency in U.S.$ in U.S.$ Fri. Last Fri.

Friday, February 12, 2021

Readings in the CBOE equity put-call ratio of 60:100 and in the S&P 100 of 125:100 are considered bullish, for instance. Bearish signals flash when the equity put-call level reaches the vicinity of 30:100 and the index ratio hits 75:100.

s

Discount Rate (NY)

Prev. Week

s

Latest Week

s

Year

0

Handy & Harman Gold Price

Ago

6

0.79 3,442,600

-20 -40 M

A

M

J

J

A

S

O

N

D

J

F

February 15, 2021

BARRON’S

M35

Market Laboratory STOCK SPLITS/DIVIDENDS Company Name-Ticker Symbol (Exchange)

Amount

Record Date

National Beverage-FIZZ (Nasdaq) .......................................................

2-for-1

2-16

Ex-Dividend Date

Payment Date

2-22

2-19

Amount

CNA Financial-CNA (NYSE).................................................................. OneMain Holdings-OMF (NYSE) ......................................................... Piper Sandler-PIPR (NYSE)..................................................................

0.75 3.50 1.85

Record Date

2-22 2-18 3-03

Ex-Dividend Date

2-19 2-17 3-02

Payment Date

3-11 2-25 3-12

DIVIDEND PAYMENT REDUCTIONS Company Name-Ticker Symbol (Exchange)

Adjusted Yield Period To

DHT Holdings-DHT (NYSE) ................................. 18.1 Healthpeak Properties-PEAK (NYSE).................. 3.9

Q Q

.05 .30

WEEK'S EX-DIVIDEND DATES

This list includes payouts on common stocks.

This list includes payouts on common stocks.

NYSE Monday

SPECIAL DIVIDENDS Company Name-Ticker Symbol (Exchange)

WEEK'S DIVIDEND PAYMENT

From

% Decrease

Record Date

Ex-Div Date

Payment Date

.20 .37

-75.0 % -18.9 %

2-18 2-22

2-17 2-19

2-25 3-05

(February 15) NONE

Tuesday (February 16) Abbott Laboratories .45 AbbVie 1.30 AO Smith .26 Archrock .145 Blackstone Group .96 Colgate-Palmolive .44 Core Laboratories .01 Greenbrier Cos .27 Hormel Foods .245 Kinder Morgan .262 NRG Energy .325 NY Community Bancorp .17

PNM Resources Procter & Gamble Sterling Bancorp Synchrony Financial Targa Resources

NYSE .327 .791 .07 .22 .10

Tuesday

Friday

(February 19) Baker Hughes .18 Calif Water Svc Grp .23 Caterpillar 1.03 CIT Group .35 Dolby Labs A .22 (February 17) Energy Transfer .153 Aptargroup .36 First Commonwealth .11 Brown & Brown .093 NiSource .22 Citizens Financial Group .39 Sunoco .826 Unum Group .285 (February 18) Graham Holdings 1.51 (February 20) NONE HBFuller .162 KB Home .15 (February 21) NONE

Wednesday

Thursday

Saturday Sunday

NASDAQ DIVIDEND PAYMENT BOOSTS Company Name-Ticker Symbol (Exchange)

Adjusted Yield Period To

Activision Blizzard-ATVI (Nasdaq)......................... 0.5 Allegion-ALLE (NYSE) .............................................. 1.1 AllianceBernstein-AB (NYSE)................................ 7.4 Alpine Income Property Tr-PINE (NYSE).............. 4.6 American Assets Trust-AAT (NYSE) ..................... 3.7 Ametek-AME (NYSE) ................................................ 0.7 Ares Management-ARES (NYSE) ........................... 3.7 Armada Hoffler Properties-AHH (NYSE) .............. 5.0 AstraZeneca ADR-AZN (Nasdaq) ........................... 2.7 Auburn National Bancorp-AUBN (Nasdaq) .......... 2.6 Autohome ADR-ATHM (NYSE) ............................... 1.2 Avista-AVA (NYSE) ................................................... 4.4 Banco Bradesco Ord ADR-BBDO (NYSE)............. 2.1 Barings BDC-BBDC (NYSE)..................................... 8.1 Brookfield Asset Mgmt-BAM (NYSE) .................... 1.2 Cisco Systems-CSCO (Nasdaq) .............................. 3.1 CNA Financial-CNA (NYSE)..................................... 3.5 Commerce Bancshares-CBSH (Nasdaq) .............. 1.5 CSX-CSX (Nasdaq) .................................................... 1.2 Equinix-EQIX (Nasdaq) ............................................. 1.6 Eversource Energy-ES (NYSE).............................. 2.8 Exponent-EXPO (Nasdaq) ........................................ 0.9 First Ind Realty Trust-FR (NYSE) ........................... 2.5 FirstService-FSV (Nasdaq) ...................................... 0.4 Genpact-G (NYSE).................................................... 1.0 Gilead Sciences-GILD (Nasdaq) ............................. 4.2 Hartford Financial-HIG (NYSE) .............................. 2.9 Hawaiian Electric Inds-HE (NYSE) ........................ 3.9 Healthcare Realty Trust-HR (NYSE) ..................... 3.9 Healthcare Services Group-HCSG (Nasdaq)........ 2.6 ICL Group-ICL (NYSE).............................................. 1.8 Interpublic Grp-IPG (NYSE) .................................... 4.4 Kansas City Southern-KSU (NYSE)....................... 1.0 Kforce-KFRC (Nasdaq).............................................. 2.0 Manulife Financial-MFC (NYSE)............................. 4.5 Microchip Technology-MCHP (Nasdaq) ............... 1.0 Middlefield Banc-MBCN (NCM ) ............................. 2.9 Moelis-MC (NYSE) .................................................... 4.0 Monolithic Power Systems-MPWR (Nasdaq) ...... 0.6 Nu Skin Enterprises Cl A-NUS (NYSE).................. 3.1 OFS Credit-OCCI (NCM ) .......................................... 15.5 PennyMac Finl Svcs-PFSI (NYSE) ......................... 1.2 Pioneer Natural Resources-PXD (NYSE) ............. 1.7 Piper Sandler-PIPR (NYSE)..................................... 1.5 Primerica-PRI (NYSE) .............................................. 1.3 Prudential Financial-PRU (NYSE) ......................... 5.7 RenaissanceRe Hldgs-RNR (NYSE) ..................... 0.9 Restaurant Brands Intl-QSR (NYSE) ..................... 3.6 Rexford Industrial Realty-REXR (NYSE)............... 1.9 Rexnord-RXN (NYSE)............................................... 0.9 Reynolds Cnsmr Products-REYN (Nasdaq)......... 3.1 Rush Enterprises A-RUSHA (Nasdaq) ................... 1.7 Rush Enterprises B-RUSHB (Nasdaq) ................... 1.9 Sonoco Products-SON (NYSE) .............................. 2.9 Sun Life Financial-SLF (NYSE)............................... 3.6 T Rowe Price Group-TROW (Nasdaq) .................... 2.7 Taiwan Semiconductor ADR-TSM (NYSE) .......... 1.0 Tortoise Energy-TYG (NYSE) ................................. 5.3 Tortoise Midstream Engy-NTG (NYSE) ................ 5.3 U.S. Global Investors A-GROW (NCM ) ................. 0.8 United Parcel Service B-UPS (NYSE).................... 2.5 Vertical Cap Incm Fd-VCIF (NYSE)......................... 5.0 Victory Capital Cl A-VCTR (Nasdaq)....................... 1.1 Western Union-WU (NYSE)..................................... 3.9 WR Grace-GRA (NYSE) ............................................ 2.2

A Q Q Q Q Q Q Q S Q A Q M Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q M Q M Q Q Q

.47 .36 .97 .24 .28 .20 .47 .15 .95 .26 .87 .4225 .0035 .19 .13 .37 .38 .2625 .28 2.87 .6025 .20 .27 .1825 .1075 .71 .35 .34 .3025 .20625 .0265 .27 .54 .23 .2205 .39 .16 .55 .60 .38 .53 .20 .56 .40 .47 1.15 .36 .53 .24 .09 .23 .18 .18 .45 .433 1.08 .3527 .315 .33 .005 1.02 .0803 .09 .235 .33

From

.41 .32 .69 .22 .25 .18 .40 .11 .45 .255 .77 .405 .002821 .17 .12 .36 .37 .25714 .26 2.66 .5675 .19 .25 .165 .0975 .68 .325 .33 .30 .205 .023 .255 .44 .20 .213953 .3685 .15 .3825 .50 .375 .52 .15 .55 .375 .40 1.10 .35 .52 .215 .08 .22 .14 .14 .43 .420136 .90 .3463 .30 .31 .0025 1.01 .08 .07 .225 .30

Sanderson Farms South Plains Financial

Monday % Increase

Record Date

Ex-Div Date

Payment Date

14.6 12.5 40.6 9.1 12.0 11.1 17.5 36.4 111.1 2.0 13.0 4.3 24.1 11.8 8.3 2.8 2.7 2.1 7.7 7.9 6.2 5.3 8.0 10.6 10.3 4.4 7.7 3.0 0.8 0.6 15.2 5.9 22.7 15.0 3.1 5.8 6.7 43.8 20.0 1.3 1.9 33.3 1.8 6.7 17.5 4.5 2.9 1.9 11.6 12.5 4.5 28.6 28.6 4.7 3.1 20.0 1.8 5.0 6.5 100.0 1.0 0.4 28.6 4.4 10.0

4-15 3-17 2-22 3-22 3-11 3-15 3-17 3-31 2-26 3-10 2-25 2-19 3-03 3-10 2-26 4-06 2-22 3-09 2-26 2-24 3-04 3-12 3-31 3-31 3-10 3-15 3-01 2-25 2-22 2-26 3-03 3-01 3-08 3-12 2-23 2-22 3-04 2-22 3-31 2-26 3-23 2-12 3-31 3-03 2-22 2-16 3-15 3-23 3-31 2-19 2-23 2-25 2-25 2-24 3-01 3-16 6-18 2-19 2-19 3-15 2-22 2-16 3-10 3-17 3-02

4-14 3-16 2-19 3-19 3-10 3-12 3-16 3-30 2-25 3-09 2-24 2-18 3-02 3-09 2-25 4-05 2-19 3-08 2-25 2-23 3-03 3-11 3-30 3-30 3-09 3-12 2-26 2-24 2-19 2-25 3-02 2-26 3-05 3-11 2-22 2-19 3-03 2-19 3-30 2-25 3-22 2-11 3-30 3-02 2-19 2-12 3-12 3-22 3-30 2-18 2-22 2-24 2-24 2-23 2-26 3-15 6-17 2-18 2-18 3-12 2-19 2-12 3-09 3-16 3-01

5-06 3-31 3-04 3-31 3-25 3-31 3-31 4-08 3-29 3-25 3-05 3-15 4-08 3-17 3-31 4-28 3-11 3-24 3-15 3-17 3-31 3-26 4-19 4-07 3-19 3-30 4-02 3-10 3-09 3-26 3-16 3-15 4-07 3-26 3-19 3-08 3-15 3-26 4-15 3-10 4-30 2-25 4-14 3-12 3-15 3-11 3-31 4-06 4-15 3-08 3-09 3-16 3-16 3-10 3-31 3-30 7-15 2-26 2-26 3-29 3-10 2-26 3-25 3-31 3-23

(February 15) BCB Bancorp Casey's General Stores First Foundation Northwest Bancshares PCTEL People's United Finl

Tuesday

.14 .34 .09 .19 .055 .18

(February 16) Alliant Energy .403 Apogee Enterprises .20 Banner .41 Century Bancorp Cl A .18 Columbus McKinnon .06 Donegal Group Cl A .15 Donegal Group Cl B .132 Hasbro .68 HBT Financial .15 Independent Bank Mich .21 Kentucky First Fed Bncp .10 Luther Burbank .058

Monday

.44 Comtech TeleComm .10 .05 Costco Wholesale .70 First Community Bncsh .25 First Interstate Banc A .41 (February 17) .22 American River Banksh .07 Home Bancorp .14 Entegris .08 Hope Bancorp .28 International Bancshares .55 JB Hunt Transport Midland States Bancorp .28 Lakeland Bancorp .125 .17 Northern Technologies .065 OceanFirst Financial Papa John's Intl .225 PCB Bancorp .10 (February 18) Premier Financial .24 First Business Finl Svcs .18 South State .47 Franklin Electric .175 Summit State Bank .12 Marlin Business Services.14 Washington Federal .23 Veritex Holdings .17 Westamerica Bancorp .41 WVS Financial .10

Wednesday

Thursday

Friday

Saturday

(February 20) (February 19) German American Banc .21 American Software Cl A .11 Boston Private Financial .06 Capitol Federal Finl .085 (February 21) Clarus .025 NONE

Sunday

NYSE American Friday Wednesday

(February 15) NONE

(February 17) NONE

(February 19)

Tuesday

Thursday

(February 20)

(February 16) Tompkins Financial

(February 18) .54 NONE

Saturday Sunday (February 21)

NEW LISTINGS NYSE

Bite Acquisition (BITEU) Catcha Investment (CHAAU) Cloopen Group Holding (RAAS) Crown PropTech Acquisitions (CPTKU) Signify Health (SGFY) Nasdaq

Adagene (ADAG) Apria (APR) Baosheng Media Group Holdings (BAOS) Bespoke Capital Acquisition (BSPE) Biophytis (BPTS) Bioventus (BVS) Broadscale Acquisition (SCLEU) Bumble (BMBL) Chesapeake Energy (CHK) Decibel Therapeutics (DBTX) Evo Acquisition (EVOJU) GigCapital4 (GIGGU) Global Internet of People (SDH) GT Biopharma (GTBP) Lazard Growth Acquisition I (LGACU) Longeveron (LGVN) NexImmune (NEXI) Oblong (OBLG) Power & Digital Infrastructure Acquisition (XPDIU) Priveterra Acquisition (PMGMU) Reliance Global Group (RELI) Talis Biomedical (TLIS) Tuatara Capital Acquisition (TCACU) Vallon Pharmaceuticals (VLON) Venus Acquisition (VENAU) Viant Technology (DSP)

(February 16) Aflac .33 Aramark .11 Capital One Fincl .40 Chevron 1.29 Consolidated Edison .775 DR Horton .20 Janus Henderson Group .36 Marathon Oil .03 Marathon Petroleum .58 Materion .115 MGIC Investment .06 Schlumberger .125 Target .68

Wednesday (February 17) Affiliated Managers .01 Banco Sant Brasil ADR .025 BGSF .10 CenterPoint Energy .16 DHT Holdings .05 Discover Finl Svcs .44 Griffon .08 International Paper .512 OneMain Holdings 3.50

OneMain Holdings Reinsurance Grp Amer Xylem

Thursday

(February 18) Apollo Global Mgmt A Avista Banco Bradesco Ord BP ADR Carlisle Cos Cummins Energizer Holdings GlaxoSmithKline ADR Hanesbrands HCI Group Hershey James Hardie Indus James Hardie Indus Lazard Minerals Technologies MiX Telematics ADR MSA Safety MSCI ONE Gas PHX Minerals PPG Industries Rexnord

.333 .45 Royal Dutch Shell A .333 .70 Royal Dutch Shell B .06 .28 SunCoke Energy TE Connectivity .48 Western Alliance Banc .25 .60 .423 .004 .315 .525 1.35 .30 .628 .15 .40 .804 .55 .515 .47 .05 .066 .43 .78 .58 .01 .54 .09

NONE

(February 19) Assurant Atmos Energy Boise Cascade CNA Financial CNA Financial Equifax KKR Primerica Walker & Dunlop

.66 .625 .10 .38 .75 .39 .135 .47 .50

Saturday (February 20) NONE

Sunday (February 21) NONE

Monday

(February 22) Johnson & Johnson 1.01 Spectrum Brands Hldgs .42

NASDAQ Tuesday

Southside Bancshares Starbucks Zions Bancorp

(February 16) Fidelity D & D Bancorp Home BancShares Landmark Bancorp Powell Industries Sandy Spring Bancorp

.32 MKS Instruments .45 Nathan's Famous .34 NortonLifeLock Tractor Supply Woodward

.30 .14 .20 (February 18) .26 Amalgamated Bank .08 .32 First Mid Bancshares .205 (February 20) KLA .90 NONE Royalty Pharma .17 (February 17) Teradyne .10 (February 21) Adtran .09 U.S. Lime & Minerals .16 NONE AudioCodes .16 Walgreens .468 Cognizant Tech Sol .24 HomeTrust Bancshares .08 (February 22) Littelfuse .48 (February 19) Amkor Technology Microsoft .56 Advanced Energy Inds .10 Educational Dev Provident Fincl Hldgs .14 First Hawaiian .26 Nordson Resources Connection .14 Microchip Technology .39 Reynolds Cnsmr Prod

Thursday

.20 .35 .125 .52 .162

Saturday

Wednesday

Sunday

Monday

Friday

NONE

Friday

.04 .10 .39 .23

NYSE American

NONE

Tuesday

Thursday

(February 16) NONE

(February 18) Park National Park National

Wednesday

Friday

(February 17) Bar Harbor Bankshares .22 (February 19) NONE

Saturday (February 20)

NONE

Sunday

1.03 .20 (February 21) NONE

Monday (February 22) NONE

TRADING SUSPENDED NYSE

Cellcom Israel (CEL) NYSE American

Oblong (OBLG) Nasdaq

BioTelemetry (BEAT) Collectors Universe (CLCT) Endurance International Group Holdings (EIGI) Virtusa (VRTU)

NAME CHANGES NYSE

BGSF (BGSF), formerly BG Staffing Eneti (NETI), formerly Scorpio Bulkers (SALT) Nuvation Bio (NUVB), formerly Panacea Acquisition (PANA) NYSE American

None Nasdaq

Gemini Therapeutics (GMTX), formerly FS Development (FSDC) MetroMile (MILE), formerly INSU Acquisition II (INAQ) PLBY Group (PLBY), formerly Mountain Crest Acquisition (MCAC) Yellow (YELL), formerly YRC Worldwide (YRCW)

M36

X

W

L

C

10

11

12

H

G

R

P

BARRON’S

4

8

3

F

A

D

6

7

9

0

I

February 15, 2021

Barron’s in Education Celebrates Black History Month We continue to be committed to the development of the next generation of business leaders with a strong focus on Historically Black Colleges and Universities (HBCUs). We invite you to join us in this movement as we continue to welcome schools and sponsors dedicated to financial education equality. For more information, please contact:

Providing the Next Generation of Business Leaders the Tools to Succeed. © 2021 Dow Jones & Company, Inc. All rights reserved. 4E5070

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