M12BARRON’S September 16 ,20 19
Market View
ASamplingofAdvisoryOpinion
”Mario’s Last Bazooka”
Daily Insights
by BCA Research
bcaresearch.com
Sept. 12: Mario Draghi’spenultimate
meeting at the helm of the ECB [Euro-
pean Central Bank] delivered fireworks.
Monetary policy has been eased and for-
ward guidance has been strengthened via
an open-ended QE [quantitative easing]
program. The program’seffectiveness re-
mains dependent on global growth bottom-
ing. Nonetheless, the reward-to-risk ratio
of owning the euro, European banks, and
selling safe-haven bonds is improving...
The market implications from today’s
measure will be dominated by the trend
in global growth,something out of the
ECB’scontrol. Global safe-haven bonds,
including German Bunds, are currently
very expensive and overbought, making
them extremely vulnerable to the recent
improvement in the Sino-U.S. relation-
ship. However,the greatest risk for
bondsisarebound in global growth,
which we expect to happen by early 2020.
As a result, any pullback in yields should
be used to build bigger negative bets on
this asset class. In Europe, favor Italian
bonds over German ones. Italian political
risk is receding, and Italian growth will
benefit from both easier financial condi-
tions and the coming global growth re-
bound. Additionally,European banks are
attractive. They remain very cheap, trad-
ing at half of book value, and they will
greatlybenefit as European yields rise.
—MATHIEUSAVARY
Long Live the Bull
Invest forTomorrow
by Heritage Capital
investfortomorrowblog.com
Sept12:Today,stocks areastone’sthrow
from all-time highs, at least on the Dow
Industrials, S&P500, andNasdaq100.
Reversing lower before hittingafresh
high would certainly cause me to become
concerned about adeeper pullback.
While semis [semiconductor stocks] have
really been strong lately,other areas of
tech have struggledabit. Discretionary,
yet again, has regrouped and is poised
fornew highs.Ican’t even count the
number of times people have written off
the American consumer,only to be
proven wrong. Banks and transports
have really stepped up over the last week
as one of the most vicious rotations in 10
years has seen buyers stampede into the
laggard sectors.
At the same time, high-yield bonds
have quietly kicked it upanotch, when
many left thekey canary for dead. The
NYSE A/D [advance/decline] line has hit
another all-time high, much to the bears’
consternation. Bull markets simply do not
end with this type of strong behavior.
Sorry,bears.
—PAULSCHATZ
Debt Clock Shocker
Daily Pfennig
by Aden Research Group
adenforecast.com
Sept.12:Have you ever just pulled up the
Debt Clock at usdebtclock.org and sat
ther efor 10 minutes and watched the
numbers? It’samazing folks...Really,to
think that the debt per taxpayer is
$183,137...Hey,that’schump change,
right, just fire offacheck to the govern-
ment and hope they don’t cash it!
Further down on the Debt Clock’s
website, they have something called:Per-
sonal Debt to Income...OK, no biggie
right?Imean we should be making more
than we spend, right? Ahem...No, actu-
ally,the debt to income ratio is
1.724...And that’sthe part that scares the
bejeebers out of me, for if consumers can
no longer go deeper into debt, then who’s
going to support the economy?
—CHUCKBUTLER
Welcome Back, Productivity
Paulsen’s Pe rspectives
The Leuthold Group
leutholdgroup.com
Sept.12:We have an unemployment rate
of only 3.7%, fairly strong wage inflation
despite an economic slowdown, job open-
ings exceeding the total number of unem-
ployed workers, and we’re in the midst of
the longest-ever recovery in U.S. history.
Is thereamore opportune moment for
productivity to finally make an appearance
in this expansion?
At atime when many worry thatare-
cession lingers nearby,itiscomforting to
remember that productivity is inherently a
“recovery extender!” It allowsafully em-
ployed economy to continue to grow with-
out aggravating the forces that often bring
its demise (higher inflation, higher yields,
policy tightening, profit margin pressures,
and real income erosion). Without produc-
tivity gains, once full employment is
reached, the economy often becomes a
zero-sum game—either business takes most
of the economic fruits in profits, or scarce
labor wins by demandingalarger and
larger share of the overall budget. How-
ever,with rising productivity...profits and
labor incomes can both rise together.
—JAMESW.PAULSEN
Job-Market Slack
Economic Outlook
by Regions Financial
regions.com
Sept.10:Over the past 34 months an aver-
age of 4.55 million people per month have
transitioned from being not in the labor
force in one month to being employed in
the next month and, over the past 12
months, the number has been well above
that longer-term average. Even allowing
forgrowth in the labor force over time,
this is stillalarge number,and one that il-
lustrates our point about there being more
slack in the labor market than is implied
by the “headline” unemployment rate.
—RICHARD MOODY
TheYield Curve’s Message
Avalon’s Weekly Market Guide
by Avalon Investment & Advisory
avalonadvisors.com
Sept. 9:Theyield curve has historically pro-
vided an accurate forecast of future reces-
sions when the difference [in certainTrea-
sury yields]turns negative, also known as
inversion.Yield curves are one of the major
indicators that we monitor to judge recession
risk, but these inversions typically happen
more thanayear in advance of an economic
recession. In addition, stocks have histori-
call yhad significant advances post-inver-
sion...Our view remains that the odds ofare-
cession in 2019are low,and Avalon expects
two to three additional 0.25% rate cuts from
the Federal Reserve in 2019. —BILLSTONE
Fresh Fuel for Energy Stocks
The InstitutionalView
by The InstitutionalView
theinstitutionalview.com
Sept.9:The percentage of Russell 2000
Energy Index stocks trading above their
200-day moving averages has risen
steadily since year-end! While the Index
was virtually unchanged, the 200-day per-
centage increased from 1% to10%. This is
the first time that the energy stocks have
diverged bullishly from the price index
since the sector peaked in 2014!
If this continues, then it would project
energy stocks to assumealeadership role
once tax-loss selling has run its course.
Certainly something to monitor as year-
end approaches. —ANDREWADDISON
To be considered for this section, material,
with the author’s name and address, should
be sent to [email protected].
”Atatime when many worry thatarecession lingers nearby,itiscomforting toremember
that productivity is inherentlya‘recovery extender!’”—JAMESW.PAULSEN
BLACK
September 16 ,20 19 BARRON’S M25
NetYTD3-Yr.
NAVChg.%Ret.%Ret.
NetYTD3-Yr.
NAVChg.%Ret.%Ret.
NetYTD3-Yr.
NAVChg.%Ret.%Ret.
NetYTD3-Yr.
NAVChg.%Ret.%Ret.
NetYTD3-Yr.
NAVChg.%Ret.%Ret.
NetYTD3-Yr.
NAVChg.%Ret.%Ret.
NetYTD3-Yr.
NAVChg.%Ret.%Ret.
NetYTD3-Yr.
NAVChg.%Ret.%Ret.
Federated A:
EqIncA p 20.970.48 14.2 27.9
FedMunULA p 10.01-0.02 1.2 3.0
KaufmannAp6.32-0.1225.4 67.9
KaufmnLCA p 27.06-0.4128.1 61.4
KaufmnSCA p 40.90-0.0326.0 91.5
MunStkAdvA p12.960.04 9.5 14.4
StrValDivA pp5.71 0.06 12.5 17.9
Federated C:
StraValDivC p p 5.72 0.06 11.9 15.3
Federated Funds:
KaufmnSCI 41.66-0.0326.4 93.7
StockTrA 27.490.57 16.1 35.9
Federated Instl:
FdFlRStIncIS 9.71 0.02 4.9 11.2
FedMuniUl A 10.01-0.02 1.5 4.4
GloFinI 33.640.42 16.9 22.8
GovUltra 9.88-0.01 1.6 4.8
InsHiYld r 9.81 0.01 11.6 19.1
KaufmnLCIS 27.87-0.4228.4 62.6
KaufmnR r 6.34-0.1125.5 68.0
MDTSmCIS 19.240.71 12.7 33.7
ShIntDurMuInst10.30-0.05 2.5 4.8
StraValDivIS 5.74 0.06 12.6 18.7
TtlRtnBdI 10.97-0.16 7.7 9.9
UltraShortI 9.14-0.02 2.9 6.9
Federated IS:
ShtlncIS 8.56-0.05 3.6 7.2
Federated R6:
FedInstHYBondL9.82 0.02 11.6 19.1
TtlRtnBdL 10.96-0.16 7.6 9.9
Fidelity:
500IdxInstPrem n104.941.06 21.7 50.1
CmdtyStrateg 8.58 0.03 3.5 NS
Contrafund K6 13.37-0.0620.7 NS
EmgMktIdxInstPre n10.360.22 8.6 24.7
ExtMktIdxInstPre n62.871.38 20.2 40.2
FIDSerEmgMkt 9.24 0.16 1.4 NS
FIDSerTresIndxFd10.000.00 1.9 NS
FIDZroLgCpIx n10.520.10 21.9 NS
Flex 500 Index 12.860.13 21.7 NS
Freedom2060K11.810.16 16.0 NS
GlexUSIdxInstPre n12.870.26 13.3 24.8
InflPrBdIndInsPr n10.10-0.18 6.7 7.3
IntlIdxInstPrem n41.500.86 14.4 25.1
IntlIndex n 9.94 0.20 13.3 NS
IntrTresBdIxPrem n11.08-0.25 6.6 NS
LgCpGwId InstPre n16.12-0.0724.6 64.7
LgCpVlIdxIstPrem n12.790.30 18.8 34.8
LTTrsBdIdxInstPr n14.23-0.9414.4 NS
MidCpInxInstPrem n22.830.25 23.0 40.5
NewMkt I 14.80-0.17 7.3 NS
RealEstIdxInst n17.00-0.2121.6 21.1
SAIUSLgCpIndxFd16.150.03 21.7 50.1
SeriesOverseas10.010.06 NS NS
SerLTTreBdIdx 9.57-0.6414.4 9.9
SmCpIdxInstPrem n20.310.95 18.2 36.1
STTreIdx InstPre n10.50-0.08 3.3 NS
TMktIdxInstPrem n85.381.03 21.5 48.4
TotalMarketIndex n10.670.13 21.5 NS
TtlIntIdxInstPr n11.870.23 13.0 23.7
USBdIdxInstPrem n11.84-0.21 7.0 8.1
Fidelity Adv Focus A:
HthCarA r 47.48-0.20 8.7 33.9
TechA t 52.68-0.2731.3 84.4
Fidelity Adv Focus C:
HthCarC p 37.31-0.16 8.1 30.9
Fidelity Advisor:
SrsAdvIntlCapApp22.53-0.3523.2 37.2
StragInc n 12.46-0.09 8.6 NS
TotBdFdClZ 10.81-0.16 8.0 10.7
Fidelity Advisor A:
AdvMdCpIIA p 18.310.38 16.5 27.8
AdvStrDivInA p15.410.00 16.2 27.8
BalancA t 21.450.07 16.2 32.1
BioTech 25.390.37 7.6 23.4
DivIntlA 22.610.11 18.4 22.9
EqGrA p/r t 12.35-0.0921.8 63.9
EqInA 29.100.73 18.2 28.6
FF2030A p 14.050.07 15.4 31.4
FltRateA r 9.49 0.03 6.5 12.8
GrOppA 83.88-0.2927.4 98.0
HiIncAdvA 11.230.07 13.5 23.3
LevCoStA p 36.69-0.4120.2 27.5
NwInsghtA p 31.930.03 21.2 51.4
SmllCapA p 23.200.51 24.3 26.8
StkSelMC p 34.950.82 21.9 43.4
StrInA 12.30-0.08 8.5 13.3
TotalBdA p 10.83-0.16 7.8 9.4
Fidelity Advisor C:
BalancC 21.270.07 15.6 29.2
NwInsghtC t 27.210.02 20.5 48.0
StrInC t 12.26-0.09 7.8 10.7
Fidelity Advisor Fun:
IntlGrwZ 14.720.03 22.8 35.1
Fidelity Advisor I:
AdvMdCpII I 18.970.40 16.6 28.9
BalancI 21.910.08 16.5 33.2
BiotechI 26.980.39 7.8 24.4
ConsvIncmMuni I10.05-0.01 1.5 3.9
DivIntl 23.000.11 18.7 23.9
EqGrI 13.66-0.0922.1 65.2
FAEmgMktI 29.410.56 19.2 34.8
FAInvGrdI 8.12-0.13 7.8 9.7
FF2030 14.140.06 15.5 32.3
FF2040 14.560.16 17.6 35.5
FltRatel 9.47 0.03 6.7 13.6
GrOppI 90.87-0.3127.6 99.7
HiIncAdvI 10.520.06 13.8 24.2
HthCarI r 51.90-0.22 8.9 35.0
IntlGr 14.690.02 22.6 34.5
IntlSmCp 26.470.67 11.0 23.2
LmtdTrmBdFd 11.61-0.09 4.7 6.6
MuniIncI r 10.64-0.10 5.4 7.9
MuniIncome 13.39-0.17 7.1 NS
NwInsghtI 32.750.03 21.3 52.6
REIncmInst 12.38-0.0814.6 23.0
SmCapGrwI 25.82-1.2527.1 64.7
StrInI 12.46-0.09 8.6 14.1
Total Bd 10.81-0.15 8.0 10.2
Fidelity Advisor M:
Balanced p 21.710.07 16.0 31.2
EqGr p 12.08-0.0821.5 62.8
EqIn p 29.860.74 18.0 27.7
GrOppM p 83.01-0.2927.2 96.7
NwInsghtM p 30.640.03 20.9 50.2
SmllCapM p 21.110.46 24.1 25.9
StkSelMC 35.190.83 21.8 42.4
StrInM p 12.29-0.09 8.5 13.3
Fidelity Advisor T:
StkSelMCRetail n36.790.86 22.1 44.2
Fidelity Advisor Z:
GrOpp 91.66-0.3227.7100.4
NewMktsIncFdZ14.80-0.17 7.4 NS
Fidelity Freedom:
FAFree2020I p 13.200.01 13.0 26.1
FAFree2025I 13.220.03 14.0 28.0
FAFree2035I 13.670.12 17.2 35.5
FAFree2045A 11.280.13 17.4 34.5
FF2005 n 12.41-0.06 8.8 17.9
FF2010 n 15.60-0.0410.0 20.7
FF2015 n 12.840.00 11.1 23.3
FF2020 n 16.000.03 12.1 25.1
FF2020A p 13.080.01 12.7 25.1
FF2025 n 13.980.05 12.9 26.9
FF2025A p 13.080.02 13.7 26.9
FF2030 n 17.320.11 14.3 31.0
FF2035 n 14.460.16 15.7 33.8
FF2035A t 13.550.11 17.0 34.5
FF2040 n 10.070.14 16.0 33.6
FF2040A p 14.450.17 17.4 34.5
FF2045 n 11.430.16 16.0 33.6
FF2050 n 11.510.15 16.0 33.6
Free2045L 11.370.13 17.6 35.6
Free2050I 11.350.13 17.6 35.5
Free2055 n 13.110.18 16.0 33.6
Freedom2010 K15.59-0.0410.1 NS
Freedom2015 K12.830.00 11.2 NS
Freedom2020 K15.990.03 12.2 NS
Freedom2025 K13.960.05 13.0 NS
Freedom2030 K17.310.11 14.4 NS
Freedom2035 K14.440.16 15.7 NS
Freedom2040 K10.070.14 16.2 NS
Freedom2045 K11.420.16 16.2 NS
Freedom2050 K11.500.16 16.1 NS
Freedom2055 K13.110.18 16.2 NS
Freedom2015 K612.800.00 11.2 NS
Freedom2020K615.970.04 12.2 NS
Freedom2025K613.950.05 13.1 NS
Freedom2030K617.290.11 14.5 NS
Freedom2035K614.430.15 15.8 NS
Freedom2040K610.050.14 16.3 NS
Freedom2045K611.400.16 16.3 NS
Freedom2050K611.490.16 16.2 NS
Freedom2055K613.100.18 16.3 NS
FrdmBlen2025 K610.280.02 13.9 NS
Idx2015InsPre 15.69-0.0312.1 24.4
Idx2020InsPre 16.710.00 13.3 26.6
Idx2025InsPre 17.830.03 14.2 28.6
Idx2030InsPre 18.870.07 15.8 33.3
Idx2035InsPre20.050.17 17.5 37.2
Idx2040InsPre20.190.21 18.0 37.3
Idx2045InsPre20.340.21 18.0 37.3
Idx2050InsPre20.430.21 18.1 37.3
Idx2055InsPre16.140.16 18.0 37.4
Idx2055Investor16.130.17 18.0 37.1
Income n 11.63-0.08 7.7 14.7
Income K 11.62-0.07 7.8 NS
Fidelity Invest:
AdvSrsGroOpport15.23-0.0728.2105.7
AggrInt n 22.00-0.3523.4 37.7
AilSectEq 10.260.13 21.4 46.4
AMgr20% n 13.48-0.08 7.7 13.3
AMgr50% n 18.33-0.0112.5 22.9
AMgr70% n 22.420.10 15.3 29.0
AMgr85% n 19.700.15 17.4 34.0
AstMgr30R n 11.21-0.05 9.5 16.7
Balanc n 23.890.09 16.7 33.6
BalancedK 23.890.08 16.7 34.0
BluCh n 98.14-4.0221.1 69.3
BluChpGr K6 13.590.01 22.8 NS
BluChpGrK 98.33-4.0321.2 69.8
CALmtTrmTFB n10.71-0.08 3.2 4.5
CAMun n 13.23-0.16 6.6 8.8
Canad nr 52.870.06 20.8 23.8
CapAp n 35.56-0.2219.8 45.9
CapApprK 35.65-0.2219.9 46.3
CapDevO n 15.680.38 19.5 40.4
ChinaReg n 36.210.69 22.9 44.2
CnvSc n 29.90-0.0320.0 32.5
Contra n 13.12-0.0620.2 58.1
ContraK 13.14-0.0520.4 58.6
CorpBd n 11.94-0.2611.5 14.2
CpInc nr 10.06-0.0114.5 24.3
DisEq n 37.08-0.3621.6 39.3
DivGrowK 28.670.05 17.6 37.6
DivGth n 28.710.08 17.5 37.1
DivIntl n 37.560.18 18.7 23.1
DivIntl K6 10.770.05 18.7 NS
DivIntlK r 37.500.18 18.7 23.6
DivStkO n 25.29-0.1018.7 44.5
Emerg Asia nr 43.910.62 18.7 39.4
EmrgMktK r 32.280.24 21.2 38.1
EmrgMktsDebt 9.36-0.08 5.9 11.1
EmrMkt nr 32.250.24 21.1 37.5
Eq Inc n 59.720.84 19.5 33.8
EqDivIncm n 25.650.64 18.3 31.6
EqIncK 59.680.84 19.6 34.2
Europ nr 35.630.88 13.5 15.0
Export n 21.160.79 17.0 37.2
Fidel n 47.51-0.3622.4 48.8
FltRateHi nr 9.47 0.02 6.7 13.7
FocsdStk n 25.18-0.6020.5 65.7
FournOne n 47.170.48 17.5 35.8
GNMA n 11.53-0.04 4.8 5.9
GovtInc n 10.47-0.19 5.7 5.8
GroCo n 20.030.11 25.0 71.6
GroInc n 39.140.87 18.9 37.9
GrowCoK 20.060.12 25.1 72.1
GrowIncK 39.110.87 19.0 38.3
GrStrt nr 47.69-1.3125.8 44.4
GwthDiscovery n36.67-0.2522.0 64.4
HighInc nr 8.87-0.0211.3 21.5
Indepndnc n 38.16-0.6223.7 49.9
IntBd n 11.01-0.14 5.8 7.2
IntGov n 10.62-0.13 4.2 4.5
IntlDisc n 42.43-0.0616.3 22.8
IntlEnhIdx n 9.34 0.18 10.5 22.8
IntlGrRet n 14.720.02 22.6 34.4
IntlScOpps nr 18.620.31 15.4 30.8
IntlSmCap nr 26.300.66 11.0 23.2
IntMu n 10.62-0.11 5.5 8.2
InvGB n 8.11-0.13 7.8 9.9
InvGrBd 11.47-0.19 7.8 10.2
JpnSmCo nr 16.850.51 11.3 29.7
LargeCap n 31.500.78 19.7 40.3
LatinAm nr 26.280.23 22.6 35.0
LCapCrEIdx n 15.580.12 18.0 47.5
LCapGrEIdx n 20.36-0.1320.7 54.6
LevCoSt n 29.630.35 23.8 32.8
LgCpVHIdx n 13.320.28 16.7 37.3
LmtTrmMuniIncm n10.68-0.07 3.3 5.0
LowP nr 45.39-2.3313.0 28.7
LowPriStkK r 45.34-2.3613.1 29.1
LowPriStkK6 10.990.10 12.9 NS
LtdTmBdFd n 11.61-0.08 4.7 6.8
MagellanK 10.90-0.1823.1 53.6
Magin n 10.92-0.1723.1 53.3
MAMun n 12.39-0.14 6.0 7.5
Manager40 n 11.81-0.0311.0 20.0
Manager60 n 12.800.01 14.0 25.9
McpVl n 22.080.82 15.7 19.8
MegaCpStk n 14.760.27 19.1 40.7
MidCap n 35.750.54 19.3 39.6
MidCapEnIdx nr15.020.18 19.7 35.8
MidCapStkK r 35.770.54 19.3 40.1
MIMun n 12.48-0.13 6.1 9.0
MNMun n 11.88-0.14 6.0 8.1
MtgSec n 11.33-0.07 5.1 6.6
MuniInc n 13.40-0.16 7.2 10.4
NASDAQ nr 106.961.01 24.3 62.8
NewInsights Z 32.810.04 21.5 53.1
NewMill n 37.190.71 19.2 41.5
NewMkt nr 14.79-0.18 7.2 8.1
NJMun nr 12.31-0.15 7.4 11.5
NYMun n 13.49-0.18 6.7 8.5
OHMun n 12.36-0.14 5.9 8.2
OTC n 11.65-0.7925.5 70.8
OTC K 11.84-0.7925.5 71.3
OverseasK r 48.490.25 18.9 28.8
Ovrse n 48.580.25 18.8 28.3
PAMun nr 11.42-0.13 6.7 9.4
PcBas nr 31.810.45 20.9 32.5
PuritanK 22.22-0.1314.4 32.8
Puritn n 22.24-0.1314.3 32.5
RealE n 45.50-0.8822.9 23.0
RealEstInc nr 12.43-0.0814.6 23.1
REInc 11.08-0.0612.8 22.3
SAIIntlMinVolInd 11.330.11 11.3 22.3
SAISm-MidCap500I12.31-0.2422.0 39.6
SAIUSMinVolIndFd14.95-0.1120.8 48.4
SAIUSQtyIdx 13.62-1.7422.0 55.8
SCEnhIdx n 12.570.57 17.8 27.2
SmallCap r nr 17.160.25 22.2 34.2
SmCapDisc n 22.920.64 19.9 26.7
SmlCapO 13.22-0.4522.0 39.4
SmlCpGrth nr 25.74-1.2627.0 64.7
SmlCpGrth K6 13.78-0.0326.8 NS
SmlCpVal nr 14.950.65 16.2 26.9
Srs1000ValIndRet13.180.31 19.0 34.8
SrsBlChGroRetail13.81-1.6021.0 75.0
SrsCommStrt 4.64 0.01 4.0 -1.6
SrsEmrgMkt 19.030.37 15.9 32.9
SrsGlobal 12.560.25 13.4 25.0
SrsGroCoRetail17.770.12 25.8 75.2
SrsIntlGrw 16.570.04 23.7 37.1
SrsIntlSmCp 16.200.27 15.0 30.8
SrsIntlVal 9.59 0.27 11.5 13.3
SrsSmCapDiscRet11.430.32 22.1 32.9
STBF n 8.68-0.04 3.2 5.4
StkSelLCVl n 20.600.46 17.3 29.8
StkSelSmCp n 24.350.65 21.9 37.6
StkSlcACap n 46.840.52 21.9 45.7
StratDivInc n 15.520.01 16.4 29.0
StrDivIncI 15.480.01 16.5 28.9
TaxFrB nr 11.88-0.15 7.2 10.4
TotalBond n 10.82-0.16 8.0 10.3
TotalBond K6 10.17-0.15 8.0 NS
Trend n 106.81-1.7223.4 58.3
Utility n 28.930.44 19.2 42.4
Value n 10.650.42 22.4 26.8
ValueDisc n 28.710.58 15.7 30.0
ValueK 10.660.41 22.5 27.1
Wrldw n 27.33-0.4418.3 45.3
Fidelity SAI:
FidSAIEmgMktIndx13.550.29 8.6 24.9
FidSAIIntlIndxFd11.930.25 14.5 24.6
IntlValIdx 9.11 0.39 10.2 NS
Muni Inc 10.72-0.14 7.2 NS
SAIEmgMktLoVolIx10.020.14 NS NS
SAIInflaFocFd 10.18-0.11 5.4 NS
TotalBd 10.59-0.16 7.9 NS
TxFreeBd 10.67-0.13 7.0 NS
U.S.TreBdIdx 10.10-0.22 6.1 5.9
USMomentumIdx13.62-0.5018.5 NS
USValueIndex 10.070.31 18.7 NS
Fidelity Selects:
Biotech nr 19.550.36 14.2 22.0
Chem nr 12.430.46 5.1 17.7
ConStap nr 86.340.69 25.4 16.0
DfAero nr 18.720.07 33.0 84.9
Energy nr 35.061.29 6.1-12.9
FinSvc nr 10.600.41 24.1 48.3
Gold nr 22.20-1.5022.9 -6.8
Health nr 24.490.10 11.1 37.0
HlthCareSrvPt r nr87.591.14 -0.1 42.5
Ind n 35.250.19 23.0 38.9
ITSvs n 72.32-2.7634.3 92.3
Leisr nr 16.28-0.2526.0 58.8
Mat nr 68.072.08 9.3 12.3
MdTchDevis n 55.70-0.5717.8 59.6
Multimedia nr 64.990.63 26.8 50.6
Pharm n 21.00-0.1511.9 18.3
Retail nr 16.720.20 25.0 70.3
Semiconductors r nr11.100.34 41.2 89.8
Softwr nr 18.80-0.2027.8 85.3
Tech nr 17.69-0.0931.8 83.9
UtilGr nr 94.990.95 18.6 54.0
Fidelity Series:
Canada 11.000.06 21.7 NS
FASeriesEqGroFd14.65-0.1022.9 68.9
IntMuni Z 10.64-0.11 5.5 NS
STCrFd 10.05-0.04 3.9 6.9
Fiera Capital:
EmgMkt Inst 45.961.01 15.7 18.3
First Eagle Funds:
GlbA 58.970.96 15.9 22.1
OverseasA 24.500.37 14.0 14.4
US Val A t 18.950.28 15.8 29.1
US Val I r 19.310.28 16.0 30.1
First Investors A:
GroInA p 20.050.29 18.6 27.6
OppA p 37.970.61 21.5 22.4
SelectGrA p 12.19-0.0512.6 36.2
SpSitA p 25.521.15 13.2 19.7
TotRtA p 19.10-0.0914.6 18.9
TxExIncmA 9.36-0.10 5.0 6.0
FMI Funds:
ComStkInvst n 26.770.49 21.2 39.1
IntlInvst n 32.430.31 13.3 22.2
LgCapInvst n 20.440.22 18.6 45.1
FPA Funds:
FPACres n 33.630.72 16.0 25.0
NwInc n 9.98-0.04 2.9 8.7
Franklin A1:
AZ TF A1 p 10.89-0.13 5.9 7.5
CA TF A1 p 7.62-0.12 7.8 9.1
CAHY A1 p 11.19-0.14 8.4 10.6
CAInt A1 p 12.05-0.12 4.4 5.5
Fed TF A1 p 11.99-0.14 5.8 6.9
FedInt A1 p 12.11-0.11 3.8 4.8
FedL T TF A1 10.47-0.07 2.9 4.1
HiInc A1 1.85 0.00 11.7 19.5
HY TF A1 p 10.20-0.10 6.7 7.8
IncomeA1 p 2.31 0.02 12.3 22.1
MIInsTF A1 p 11.67-0.14 6.1 7.5
MNInsTF A1 p 12.45-0.14 5.6 7.4
MO TF A1 p 11.79-0.11 5.8 7.1
NC TF A1 p 11.59-0.11 5.2 5.6
NJ TF A1 p 11.43-0.12 5.6 7.3
NY TF A1 p 11.15-0.15 6.0 6.6
OHInsTF A1 p 12.85-0.14 5.7 8.4
OR TF A1 p 11.64-0.15 5.1 6.4
PA TF A1 p 9.93-0.09 4.8 6.1
US Gov A1 p 6.06-0.03 4.9 4.4
Utils A1 p 21.91 NA NA NA
Franklin Templeton:
TgtGroA p 18.970.05 15.5 31.7
TgtModA p 15.680.00 12.6 25.3
FrankTemp/Frank Adv:
CA HY Adv t 11.22-0.14 8.4 10.9
CA IntAdv 12.09-0.11 4.6 5.8
CA TF Adv t 7.61-0.11 7.8 9.5
CvtScAdv 22.43-0.0718.8 46.1
Dynat Adv 87.35 NA NA NA
Fed TF Adv 12.00-0.14 5.8 7.2
FedIntAdv 12.14-0.11 3.9 5.1
FlRtDAAdv t 8.31-0.01 2.6 8.8
FrkUSGvtSecR66.09-0.03 5.3 5.4
GrOpAdv p 43.45 NA NA NA
Growth Adv t 111.540.47 23.8 58.3
HY TF Adv 10.24-0.11 6.8 8.1
IncomeAdv 2.29 0.02 12.5 22.8
RisDv Adv r 68.090.12 24.0 48.0
SmCpGrAdv p 23.45 NA NA NA
SmCpValAdv t 51.46 NA NA NA
StrInc Adv p 9.61-0.10 6.9 11.3
TtlRtnAdv 9.92-0.16 8.1 8.7
USGovAdv p 6.08-0.03 5.0 4.9
Utils Adv 22.09 NA NA NA
FrankTemp/Franklin A:
BAL A t 12.740.08 13.7 25.0
BalInv p 34.65 NA NA NA
BioDis A p 140.47 NA NA NA
CoreAll A p 19.410.23 18.2 37.3
CvtSc A p 22.41-0.0718.5 45.0
DynaTech A p 84.57 NA NA NA
EqIn A p 26.180.40 18.0 37.9
FlRtDA A p 8.30-0.02 2.4 8.0
FoundFAlA p 13.990.34 12.2 19.6
FSmCoSer r 20.38 NA NA NA
GoldPrM A p 17.22 NA NA NA
GrOp B p 40.07 NA NA NA
Growth A p 111.180.47 23.6 57.1
LwDuToRt A 9.65-0.03 3.4 5.9
RisDv A p 68.130.11 23.8 46.9
SmCpGr A p 21.51 NA NA NA
SmCpVal A p 48.64 NA NA NA
SmMCpGrA p 36.86 NA NA NA
StrInc A p 9.60-0.10 6.7 10.5
TgtCon A p 14.49-0.02 9.8 18.9
TtlRtn A p 9.86-0.16 7.8 7.9
FrankTemp/Franklin C:
Bal C t 12.610.08 13.1 22.2
CA TF C t 7.60-0.12 7.2 7.3
DynaTech C p 70.05 NA NA NA
Fed TF C t 11.98-0.14 5.4 5.1
Growth C t 101.280.41 22.9 53.6
HY TF C t 10.40-0.11 6.2 6.0
Income C t 2.35 0.03 12.2 20.5
RisDv C t 66.760.10 23.2 43.7
StrInc C p 9.60-0.10 6.4 9.3
Utils C t 21.80 NA NA NA
FrankTemp/Franklin R:
FrkDynTchR6 88.24 NA NA NA
FrkGrthR6 111.490.47 23.9 58.9
FrkIncR6 2.30 0.03 13.0 23.0
FrkRisDivR6 68.090.12 24.1 48.5
FrkSmCpGrR6 23.82 NA NA NA
MutShrR6 28.30 NA NA NA
TempGlbBndR610.720.01 -0.8 11.8
TmpGlbTotRtnR611.170.01 0.1 14.0
TmpGrthR6 22.240.79 7.5 15.6
TmpFrgnR6 6.83 NA NA NA
FrankTemp/Mutual A&B:
Beacn A 16.03 NA NA NA
Europ A p 19.81 NA NA NA
Shares A 27.97 NA NA NA
FrankTemp/Temp A:
DvMk A p 20.60 NA NA NA
Frgn A p 6.93 NA NA NA
GlBond A p 10.760.00 -1.1 10.4
GlSmCo A p 9.08 NA NA NA
Growth A p 22.230.79 7.2 14.5
World A p 13.35 NA NA NA
FrankTemp/Temp Adv:
Frng Adv 6.83 NA NA NA
GlBondAdv p 10.720.01 -0.8 11.3
TGlTotRAdv 11.180.01 0.0 13.6
FrankTemp/Temp B&C:
GlBond C p 10.790.00 -1.4 9.2
Frost Family of Fund:
FrTRInst 10.39-0.06 4.4 10.6
FrTRIS p pn 10.38-0.07 4.2 9.8
G
Gabelli Funds:
ABC pn 10.370.04 3.4 7.1
Asset pn 57.651.13 16.6 35.6
GabelliAsstFdClI57.591.13 16.8 36.6
SmCapG n 55.292.59 17.3 29.6
SmCpGrwI 56.692.66 17.5 30.6
TETONWstMMFdI27.191.52 13.7 27.9
Util A p 9.10 0.12 16.0 28.7
Util C t 5.84 0.08 15.4 25.7
GAMCO Funds:
GwthAAA p 67.54-1.6323.6 65.5
Gartmore Funds:
NationwideInstSv22.03 NA NA NA
Gateway:
GatewayA 33.740.22 7.2 15.9
GE Elfun/S&S:
RSPIncm n 11.74-0.18 7.6 8.6
RSPUSEq n 55.870.44 21.3 48.7
Tax Ex n 11.54-0.14 5.9 8.2
Trusts n 61.530.46 22.7 51.9
Glenmede Funds:
CorFxd 11.17-0.19 6.7 6.8
SmCpEqAdv 24.030.91 12.5 23.2
GMO Trust Class III:
EmgCntryDt r 27.85 NA NA NA
IntlEq 20.690.52 12.8 15.3
Quality 24.140.07 20.0 57.0
GMO Trust Class IV:
CorePlusBd 22.56 NA NA NA
EmgCntrDt 27.81 NA NA NA
IntlEq 20.660.53 12.8 15.6
Quality 24.190.07 20.1 57.3
GMO Trust Class VI:
EmgMkts r 32.56 NA NA NA
Quality 24.150.07 20.1 57.5
USEq 13.370.08 20.1 39.2
Goldman Sachs A:
CapGr 23.390.13 23.1 59.8
MidCapVal p 33.420.61 24.7 33.0
Muni 16.30-0.07 5.9 10.8
SmCap 49.992.24 17.1 27.7
Goldman Sachs Inst:
EmgMEq 21.300.19 14.8 29.6
Gr 32.18-0.0519.5 53.7
GrOpps 22.85-0.3726.5 51.7
HYMuni 10.22-0.07 9.2 19.3
Int 12.470.18 11.0 24.2
Muni 16.29-0.07 6.1 11.8
ShDuTF 10.71-0.04 2.8 5.9
SmCapVa 54.612.46 17.4 29.3
Gotham:
AbsRt Inst 14.990.03 7.8 19.8
EhRt Inst 14.570.07 14.6 39.6
GothamIdxPl Inst15.300.14 11.7 50.6
Guggenheim Funds Tru:
FloRaStraFdInst25.280.04 5.4 11.3
MacOppFdClInstl25.87-0.02 1.8 11.2
TotRtnBdFdClInst27.16-0.41 4.1 11.3
TotRtnBondFdClA27.14-0.41 3.9 10.3
GuideStone Funds:
AggrAllGS4 n 12.50 NA NA NA
BalAllGS4 12.48 NA NA NA
EqindxGS2 33.32 NA NA NA
EqIndxGS4 n 33.32 NA NA NA
GrAllGS4 n 12.74 NA NA NA
GrEqGS2 26.46 NA NA NA
GrEqGS4 n 26.29 NA NA NA
IntEqGS2 13.38 NA NA NA
LowDurGS2 13.41 NA NA NA
MedDurGS2 15.20 NA NA NA
ValEqGS2 19.98 NA NA NA
H
Harbor Funds:
Bond n 11.78-0.22 7.2 10.4
CapApInst n 74.90-0.5720.9 65.4
CapApInv pn 71.67-0.5620.6 63.6
IntlInst nr 38.330.94 13.6 11.1
IntlInv tn 37.890.93 13.3 9.9
LgCpValue n 16.200.25 23.1 47.2
MdCpVal Inst n20.731.00 15.9 20.7
SmCpValInst n33.611.54 22.4 40.9
Harding Loevner:
EmgMktsAdv 54.81 NA NA NA
IntlEq 22.15 NA NA NA
Hartford Funds A:
BalIncA 14.63-0.0614.2 23.7
CapAppA p 37.31-0.0223.9 48.5
Chks&Bal p 9.60 0.00 17.0 33.9
DiscpEqA p 33.020.20 23.0 52.0
DivGth A p 25.740.47 19.6 44.7
EqInc t 19.880.36 18.5 36.6
FltRateA t 8.44 0.02 6.4 13.7
GrOppty t 39.93-0.3823.6 57.3
GrowAllA p 12.710.14 15.4 30.5
Hlthcare 34.430.25 14.4 31.6
MidCap A p 30.820.04 26.5 55.0
Muti-AstIncGw23.230.05 12.3 24.4
ShtDur 9.88-0.04 4.6 7.3
TotRBdA p 10.52-0.17 8.0 10.4
Hartford Funds C:
Bal IncC 14.39-0.0613.6 21.0
FltRateC t 8.52 0.02 5.8 11.2
MidCapC t 21.180.03 25.8 51.6
Hartford Funds I:
BalIncI 14.64-0.0614.4 24.6
CapAppI 37.54-0.0124.2 49.8
DivGthI 25.610.46 19.9 45.8
EmrgMktEqInv r15.600.21 12.4 31.0
EqIncI 19.770.35 18.7 37.5
FltRateI 8.43 0.02 6.6 14.6
GrowOppI t 42.44-0.4023.8 58.5
InterValue 14.350.66 9.4 19.6
MidCap 31.920.05 26.7 56.2
WorldBond 10.82-0.08 3.8 9.8
Hartford Funds R5:
MidCap 37.350.05 26.7 56.3
Hartford Funds Y:
DivGthY 26.450.48 19.9 46.1
IntOppY 16.280.05 17.4 20.2
IntlValY 14.670.67 9.4 19.8
MidCapY 37.750.06 26.8 56.6
WorldBond 10.85-0.08 3.8 10.0
Hartford HLS Fds IA:
Balanced 29.120.17 16.1 28.9
CapApp 43.870.13 23.0 45.9
DiscEqui 14.840.09 23.3 52.6
Div&Grwth 20.990.38 20.2 46.6
GrwthOpp 33.70-0.3424.3 59.5
IntlOpp 15.390.05 17.5 20.8
MidCap 36.510.06 26.9 56.8
SmallCo 18.990.25 27.2 58.9
SmCpGrwth 27.080.73 23.8 41.3
Stock 89.70-1.0024.9 52.7
TotRetBd 11.21-0.17 8.4 11.4
Hartford Schroders:
USMdCpOp I r 15.550.27 20.8 33.5
Heartland Funds:
Val Inv n 38.131.70 13.1 19.4
Hennessy Funds:
FocInst 86.060.20 28.3 43.9
FocInv 83.430.19 28.0 42.3
GasUtilIndInv 29.520.29 17.6 23.2
JapanInst 36.701.06 9.6 35.7
Homestead Funds:
ShtTmBd n 5.25-0.04 3.0 6.2
Value n 53.741.09 17.1 43.4
Hotchkis and Wiley:
HiYldI 11.500.01 7.4 15.7
MidCpVal 31.481.75 6.6 8.5
SmCpVal 53.553.66 13.8 27.0
ValOppI 28.321.12 19.8 39.6
I
ICM Small Company:
ICMSmCo 28.831.77 20.2 38.0
IFP US Equity Fund:
IFP US EquityFd18.98 NA NA NA
INVESCO A Shares:
AmValA 33.501.17 17.1 22.5
Invesco Fds Investor:
DivrsDiv n 20.390.26 18.2 25.5
GlHltCr pn 37.330.12 13.3 25.8
Invesco Funds:
SteelPthMLPSlt40 7.38 0.23 8.9 1.0
Invesco Funds A:
500InxA p p 32.490.32 21.3 47.7
BalancedRiskAllA11.150.00 10.6 14.7
Chart 17.690.07 20.7 27.1
CmstA 24.960.92 17.0 36.0
CpBdA 7.45-0.1512.5 14.2
DevMkt 35.850.34 19.1 23.9
DivIncm p 23.020.22 14.4 22.2
Short Interest
NYSEShortsRise2%
S
HORT INTEREST ON THE NEWYORK
Stock Exchange jumped 2%, to
16,637,989,221shares, as of Aug.
30, fromarevised16,317,872,039
on Aug.15.The short-interest ratio in-
creased to 5.3 days, versusarevised 4.2
days on Aug.15.
The ratio is calculated by dividing the
number of shares sold short by the aver-
age total traded each day.
Short interest on the NYSE American
Exchange fell by 3%, to 488,176,806
shares,asofAug. 31, from arevised
502,063,835, as of Aug.15.
The short-interest ratio increased to
4.64 days, versusarevised 4.02 in the pre-
vious period.
—MICHAELT.KOKOSZKA
NasdaqShortInterestEdgesUp0.4%
A
SOFAUG. 31, OVERALLNASDAQ
short interest rose 0.4%, to
9,237,965,825 shares, compared
with 9,199,980,578 on Aug.15.
The short-interest ratio was 4.45 days, versus
3.99 in the preceding reporting period.
On theNasdaq Global Markets, short in-
terest increased 0.6%, to 8,308,462,471
shares in 2,370 securities. That compares
with 8,255,813,521in2,378 securities on Aug.
15.The short-interest ratio was 4.7 days,
versus 4.1days for the previous reporting
period.
Short interest on theNasdaq Capital Mar-
kets lost 1.6%, to 929,503,354 shares in 1000
securities, versus 944,167,057 in 990 on Aug.
15..
The Aug. 31 short-interest ratio was 3.18
days, compared with 3.33 days in the previ-
ous reporting period.—MICHAELT.KOKOSZKA
Mutual Funds Dataprovidedby
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