Wall St.Journal 27Feb2020

B10| Thursday, February 27, 2020 **** THE WALL STREET JOURNAL.

MARKETS

NetYTD Fund NAV Chg %Ret American Century Inv Ultra 52.93 +0.07 1.5 American Funds Cl A AmcpA p 32.63 -0.06 -2.8 AMutlA p 41.82 -0.15 -3.9 BalA p NA ... NA BondA p NA ... NA CapIBA p 61.40 -0.04 -3.0 CapWGrA 49.67 +0.07 -5.0 EupacA p 52.23 +0.04 -6.2 FdInvA p 59.69 -0.07 -3.8 GwthA p 50.84 +0.01 -0.6 HI TrA p NA ... NA ICAA p 37.76 -0.09 -4.6 IncoA p NA ... NA N PerA p 46.22 +0.02 -2.2 NEcoA p 45.12 +0.07 -1.3 NwWrldA 66.93 -0.03 -5.1 SmCpA p 56.74 -0.39 -3.6 TxExA p 13.67 +0.01 2.9 WshA p 45.79 -0.13 -4.9

NetYTD Fund NAV Chg %Ret Baird Funds AggBdInst 11.52 +0.01 3.2 CorBdInst 11.86 +0.01 3.0 BlackRock Funds HiYldBd Inst7.72 ... 0.2 BlackRock Funds A GlblAlloc p 18.93 ... -1.5 BlackRock Funds Inst EqtyDivd 19.43 -0.14 -6.9 MultiAstIncome10.91 ... -0.1 StratIncOpptyIns10.06 ... 1.3 Bridge Builder Trust CoreBond NA ... NA CorePlusBond NA ... NA Intl Eq 11.27 +0.03 -6.0 LargeCapValue12.82 -0.12 -6.4 Del Invest Instl Value 20.50 -0.24 -8.6 Dimensional Fds 5GlbFxdInc10.80 ... 0.7 DFARlEst 41.92 -0.43 2.4

NetYTD Fund NAV Chg %Ret EmgMktVa 25.52 -0.01-11.0 EmMktCorEq19.98 +0.02 -8.2 IntlCoreEq 12.70 +0.01 -8.0 IntSmCo 17.21 -0.03 -8.9 IntSmVa 17.30 -0.01-10.6 LgCo 23.97 -0.09 -3.3 TAUSCoreEq218.97 -0.17 -5.9 US CoreEq124.51 -0.20 -5.5 US CoreEq222.24 -0.20 -6.1 US Small 31.86 -0.48 -9.0 US SmCpVal29.95 -0.58-13.0 US TgdVal 20.30 -0.43-12.4 USLgVa 35.00 -0.48 -9.5 Dodge & Cox Balanced 97.37 -0.75 -4.2 Income 14.34 -0.01 2.2 Intl Stk 39.68 -0.04 -9.0 Stock 179.58-2.01 -7.3 DoubleLine Funds CoreFxdIncmI NA ... NA TotRetBdI NA ... NA

Mutual Funds Fund NAV Chg %RetNetYTDFund NAV Chg %RetNetYTDFund NAV Chg %RetNetYTDFund NAV Chg %RetNetYTDFund NAV Chg %RetNetYTDFund NAV Chg %RetNetYTDFund NAV Chg %RetNetYTD

Top 250 mutual-funds listings for Nasdaq-published share classes by net assets. e-Ex-distribution.f-Previous day’s quotation.g-Footnotes x and s apply.j-Footnotes e and s apply.k-Recalculated by Lipper, using updated data.p-Distribution costs apply, 12b-1.r-Redemption charge may apply.s-Stock split or dividend.t-Footnotes p and r apply.v-Footnotes x and e apply.x-Ex-dividend.z-Footnote x, e and s apply.NA-Not available due to incomplete price, performance or cost data.NE-Not released by Lipper; data under review.NN-Fund not tracked.NS-Fund didn’t exist at start of period.

Data provided by Edgewood Growth Instituti EdgewoodGrInst38.63 +0.13 0.3 Fidelity 500IdxInstPrem108.36-0.41 -3.3 Contrafund K614.47 ... ... ExtMktIdxInstPre62.68 -0.86 -3.7 IntlIdxInstPrem40.09 +0.07 -6.7 MidCpInxInstPrem22.54 -0.28 -4.6 SAIUSLgCpIndxFd16.72 -0.06 -3.3 SmCpIdxInstPrem19.60 -0.24 -6.8 TMktIdxInstPrem87.56 -0.47 -3.3 USBdIdxInstPrem12.22 -0.01 3.0 Fidelity Advisor I NwInsghtI 32.20 -0.08 -1.5 Fidelity Freedom FF2020 15.90 -0.03 -1.9 FF2025 13.98 -0.03 -2.4 FF2030 17.28 -0.05 -3.1 Freedom2020 K15.88 -0.03 -2.0 Freedom2025 K13.96 -0.03 -2.4 Freedom2030 K17.27 -0.04 -3.0 Freedom2035 K14.45 -0.03 -4.1 Freedom2040 K10.09 -0.02 -4.6 Fidelity Invest Balanc 24.36 -0.09 -1.0 BluCh 108.98-0.30 1.2 Contra 13.63 ... 0.1 ContraK 13.65 ... 0.1 CpInc r 10.03 -0.06 -1.6 GroCo 21.86 +0.04 2.3 GrowCoK 21.89 +0.03 2.3 InvGrBd 11.85 -0.02 2.9 LowP r 45.61 -0.24 -8.9 Magin 10.26 ... 0.6 OTC 12.84 +0.01 0.4

Puritn 22.68 -0.04 -0.3 SrsEmrgMkt19.46 +0.11 -5.7 SrsGlobal 12.33 +0.03 -6.4 SrsGroCoRetail18.21 +0.02 2.6 SrsIntlGrw 16.86 +0.03 -3.8 SrsIntlVal 9.11 +0.02 -8.0 TotalBond 11.15 -0.01 2.6 Fidelity SAI TotalBd 10.73 -0.01 2.7 First Eagle Funds GlbA 54.85 -0.24 -5.3 FPA Funds FPACres 33.05 -0.03 -2.3 Franklin A1 CA TF A1 p 7.91 ... 3.9 IncomeA1 p 2.27 -0.01 -2.6 FrankTemp/Frank Adv IncomeAdv 2.25 -0.01 -2.6 FrankTemp/Franklin A Growth A p110.33-0.22 -1.7 RisDv A p 67.17 -0.40 -3.5 FrankTemp/Franklin C Income C t 2.31 -0.01 -2.2 FrankTemp/Temp Adv GlBondAdv p10.46 ... -1.1 Guggenheim Funds Tru TotRtnBdFdClInst27.88 -0.01 3.1 Harbor Funds CapApInst 77.79 +0.09 2.7 Harding Loevner IntlEq NA ... NA Invesco Funds A EqIncA 9.80 -0.06 -4.8 Invesco Funds Y DevMktY 42.69 +0.18 -6.4

JPMorgan I Class EqInc 18.36 -0.16 -5.5 JPMorgan R Class CoreBond 12.17 -0.05 3.0 CorePlusBd 8.66 -0.04 2.7 Lord Abbett A ShtDurIncmA p NA ... NA Lord Abbett F ShtDurIncm NA ... NA Lord Abbett I ShtDurInc p NA ... NA Metropolitan West TotRetBdI 11.22 ... 3.0 TRBdPlan 10.56 +0.01 3.0 MFS Funds Class I ValueI 42.31 -0.30 -5.3 MFS Funds Instl IntlEq 26.34 +0.03 -5.5 Nuveen Cl I HYMunBd 18.75 ... 5.0 Oakmark Funds Invest OakmrkInt 22.17 -0.02-11.1 Old Westbury Fds LrgCpStr 14.48 -0.05 -3.9 Parnassus Fds ParnEqFd 45.97 -0.06 -2.3 PGIM Funds Cl Z TotalReturnBond NA ... NA PIMCO Fds Instl AllAsset NA ... NA TotRt NA ... NA PIMCO Funds A IncomeFd NA ... NA PIMCO Funds I2 Income NA ... NA

PIMCO Funds Instl IncomeFd NA ... NA Price Funds BlChip NA ... NA DivGro NA ... NA EqInc NA ... NA EqIndex NA ... NA Growth NA ... NA HelSci NA ... NA InstlCapG NA ... NA IntlStk NA ... NA MidCap NA ... NA N Inc NA ... NA NHoriz NA ... NA OverS SF r NA ... NA R2020 NA ... NA R2025 NA ... NA R2030 NA ... NA R2035 NA ... NA R2040 NA ... NA Value NA ... NA PRIMECAP Odyssey Fds AggGrowth r42.82 -0.48 -4.6 Growth r 38.24 -0.43 -6.6 Stock r 31.79 -0.22 -7.8 Putnam Funds Class A StDurInc 10.06 ... 0.4 Schwab Funds 1000 Inv r 68.94 -0.34 -3.1 S&P Sel 47.78 -0.18 -3.3 TSM Sel r 54.08 -0.30 -3.4 TIAA/CREF Funds BdIdxInst 11.39 -0.02 2.9 VANGUARD ADMIRAL 500Adml 288.37-1.10 -3.3

BalAdml 39.10 ... -0.3 CAITAdml 12.33 -0.01 2.4 CapOpAdml r150.89-0.87 -4.4 DivAppIdxAdm33.00 -0.19 -2.5 EMAdmr 35.12 +0.55 -5.0 EqIncAdml 75.10 -0.58 -5.6 ExplrAdml 92.02 -1.24 -5.3 ExtndAdml92.08 -1.26 -3.7 GNMAAdml10.61 ... 1.0 GrwthAdml94.92 -0.02 1.2 HlthCareAdml r85.25 -0.14 -2.9 HYCorAdml r5.95 ... 0.6 InfProAd 26.57 ... 2.7 IntlGrAdml100.30+0.31 -2.4 ITBondAdml12.20 ... 3.7 ITIGradeAdml10.31 ... 3.0 LTGradeAdml11.70 ... 7.4 MidCpAdml211.79-2.46 -4.0 MuHYAdml12.08 +0.01 3.3 MuIntAdml14.78 ... 2.5 MuLTAdml 12.25 ... 3.4 MuLtdAdml11.18 ... 1.2 MuShtAdml15.90 ... 0.5 PrmcpAdml r137.26-0.38 -4.8 RealEstatAdml135.40 ... 2.9 SmCapAdml74.68 -1.05 -5.9 SmGthAdml67.75 -0.65 -3.0 STBondAdml10.68 ... 1.4 STIGradeAdml10.84 ... 1.4 TotBdAdml11.36 ... 3.2 TotIntBdIdxAdm23.19 ... 2.6 TotIntlAdmIdx r28.12 +0.25 -5.9 TotStAdml 77.08 -0.42 -3.3 TxMCapAdml161.05-0.81 -2.9 TxMIn r 13.28 +0.09 -6.1

USGroAdml114.65-0.03 2.9 ValAdml 43.59 -0.38 -6.8 WdsrllAdml61.04 -0.42 -5.5 WellsIAdml66.78 ... 0.9 WelltnAdml73.85 ... -1.4 WndsrAdml66.85 -0.77 -7.5 VANGUARD FDS DivdGro 29.76 -0.06 -2.6 INSTTRF202023.90 ... -0.9 INSTTRF202524.38 ... -1.4 INSTTRF203024.63 ... -2.0 INSTTRF203524.86 ... -2.5 INSTTRF204025.09 ... -3.1 INSTTRF204525.24 ... -3.6 INSTTRF205025.28 ... -3.6 IntlVal 34.73 -0.01 -7.5 LifeCon 21.05 ... 0.1 LifeGro 35.10 ... -2.9 LifeMod 28.46 ... -1.4 PrmcpCor 26.15 -0.15 -6.3 STAR 27.06 ... -1.0 TgtRe2015 15.19 ... 0.1 TgtRe2020 32.25 ... -0.9 TgtRe2025 19.56 ... -1.4 TgtRe2030 35.74 ... -1.9 TgtRe2035 21.96 ... -2.5 TgtRe2040 37.93 ... -3.1 TgtRe2045 23.82 ... -3.6 TgtRe2050 38.34 ... -3.6 TgtRet205541.63 ... -3.6 TgtRetInc 14.11 ... 0.4 TotIntBdIxInv11.60 ... 2.6 WellsI 27.56 ... 0.9 Welltn 42.76 ... -1.4

WndsrII 34.40 -0.24 -5.5 VANGUARD INDEX FDS MdCpVlAdml57.79 -0.75 -6.5 SmValAdml54.03 -0.95 -8.3 TotBd2 11.32 ... 3.2 TotIntl 16.81 +0.15 -5.9 TotSt 77.04 -0.43 -3.3 VANGUARD INSTL FDS BalInst 39.11 ... -0.3 DevMktsIndInst13.30 +0.09 -6.1 DevMktsInxInst20.78 +0.14 -6.1 ExtndInst 92.07 -1.26 -3.7 GrwthInst 94.93 -0.01 1.2 InPrSeIn 10.82 ... 2.7 InstIdx 280.73-1.07 -3.3 InstPlus 280.76-1.06 -3.3 InstTStPlus66.41 -0.37 -3.3 MidCpInst 46.79 -0.54 -4.0 MidCpIstPl230.74-2.69 -4.0 RealEstaInstl20.96 ... 2.9 SmCapInst 74.68 -1.04 -5.9 STIGradeInst10.84 ... 1.4 STIPSIxins 24.88 ... 0.7 TotBdInst 11.36 ... 3.2 TotBdInst211.32 ... 3.2 TotBdInstPl11.36 ... 3.2 TotIntBdIdxInst34.80 ... 2.6 TotIntlInstIdx r112.45+1.01 -5.9 TotItlInstPlId r112.48+1.02 -5.9 TotStInst 77.09 -0.43 -3.3 ValueInst 43.59 -0.38 -6.8 WCM Focus Funds WCMFocIntlGrwIns18.54 +0.14 -2.0 Western Asset CorePlusBdI NA ... NA

Wednesday, February 26, 2020

staff to take three weeks of unpaid leave.Singapore Airlines Ltd. joined other Asian carriers on Wednesday in unveiling its own plan to begin trimming costs amid the downturn. Lufthansa’s cost-cutting punctuates how grounded flights, canceled bookings and a new reticence to fly—even among typically hardy business travelers—are affecting the global industry outside Asia, too. On Wednesday, Nestlé SA said it had asked hundreds of thousands of its employees world-wide to postpone all overseas business travel for the next three weeks. It is urging workers to forgo domestic travel, too, if a phone call or videoconference would do the trick. While much of the pain for airlines comes from canceled flights to and from China, Euro-

pean airlines are also now dealing with a falloff in tourism and the prospect of canceled sports, commercial and cultural events amid a growing outbreak in It- aly. A major rugby match between Italy and Ireland in Dub- lin and a high-profile international furniture fair in Milan were both rescheduled in recent days because of the epidemic. “What we are now seeing is a state of panic over coronavirus,” said Phil Seymour, chief executive of the International Bureau of Aviation, an industry consultant. Mr. Seymour esti- mates the hit to revenues at airlines, airports and other re- lated industries could be as high as $100 billion to a sector that was estimated to earn around $30 billion in profits be- fore the virus struck. Sabre Corp., which provides

the reservations systems of many airlines and hotels, said global travel-booking levels so far in the first quarter are down in the “midteens” from a year ago, with cancellations focused in Asia-Pacific but spreading through the Middle East, Eu- rope and North America. “We’ve seen increased cancellations in the European market,” said Sean Menke, Sabre’s CEO. Shares of European airlines continued to lose ground. Bud- get carrier Ryanair Holdings PLC, Europe’s biggest airline, fell 1.8%. Lufthansa also fell 1.8%. Shares in the five airline companies in the Stoxx Europe 600 Travel and Leisure Index have fallen more than 10% this week. Shares in U.K.-based easyJet PLC are down 20% this week. —Alison Sidel contributed to this article.

As coronavirus continues its spread outside of China, the global airline industry is recali- brating its response to a threat that could be its worst since the financial crisis a decade ago. Deutsche Lufthansa AG, Germany’s flagship airline, said Wednesday it would start slash- ing costs in anticipation of a coming hit to revenues and profits from canceled flights to China, where the virus first emerged. Among other measures, it is offering its staff vol- untary, unpaid leave. Several Asian carriers have done the same in recent days, in some cases resorting to more extreme measures.Cathay Pa- cific AirwaysLtd., Hong Kong’s flag carrier, has asked all its

BYALISTAIRMACDONALD ANDWILLIAMBOSTON

Airline Industry Prepares Cost Cuts

year, compared with its out- look, assuming current low occupancy rates in the Asia-Pa- cific region continue. Excluding the epidemic’s ef- fect, Marriott expects 2020 global room growth of 5% to 5.25%, and gross fee revenue— or revenue that it collected for maintaining its properties and from franchise agreements—to rise 4% to 6%, to $3.96 billion

to $4.04 billion, compared with last year. The Bethesda, Md., company, which has roughly 7,300 properties, expects earnings of $6.30 to $6.53 a share for the year. The company predicted 2020 comparable systemwide revenue per available room, an industry metric that measures performance, on a constant- currency basis to be flat to up

2% world-wide, with its rise in North America to be in the middle of the range. For the first quarter, when the epidemic began to trigger travel restrictions, the company expects earnings of $1.47 to $1.50ashareongrossfeereve- nue of $940 million to $950 million. Marriott said its overall quarterly forecast excludes the epidemic’s impact.

Marriott InternationalInc. expects the coronavirus epidemic to weigh on its fee revenue in 2020, as the pathogen’s spread outside of China stokes fears and disrupts travel. The world’s largest hotel company said Wednesday that it could have about $25 million less in fee revenue a month this

BYDAVESEBASTIAN

Marriott Sees Hit as Occupancy Rates Drop

considers when displaying shop- ping results for customers. Chris Davey, a British seller of audio products based in Shenzhen, generates more than $1 million in annual revenue via Amazon. He said he is checking in with his suppliers regu- larly—mainly to see how they are coping with the public- health emergency. The hope is that when production restarts, “they remember who we are and that we’re the people that asked how is your family, not

where are our orders,” he said. Some Amazon merchants are approaching smaller com- petitors to see if they will part with extra inventory. Others are seeking out U.S. wholesal- ers with excess stock. That is costlier than buying directly from factories, but may be cheaper than selling out and having to effectively relaunch products later. To preserve stock, many sellers are pulling online ad- vertising campaigns as well as

Mr. Maioho said a supplier in southern China warned him that even if the local govern- ment allows its factory to re- open, it will be short-staffed for weeks while workers from other provinces self-quaran- tine. He recently ran out of two products that account for 30% of his monthly revenue, and said his product rankings are dropping on Amazon. “There’s not much you can do,” he said, adding that it would be difficult to move production elsewhere. There is some good news, though: One supplier had excess inventory from his last or- der, which Mr. Maioho said will keep him in stock for that product for a few weeks longer. The third-party marketplace accounts for more than half of Amazon’s retail sales, and a growing share of sellers are based in China, according to Marketplace Pulse, a data research firm. Amazon said it has worked with suppliers to secure additional inventory and provided sellers with guidance on pro- tecting the health of their accounts. It said product availabil- ity is just one of many factors it

raising prices. “The worst thing that can happen in a product business is you run out of stock,” said Michael Michelini, a partner at Alpha Rock Capital, which manages around 10 brands on Amazon. “You’re never really sure your ranking will come back the way it was.” It can be difficult for small companies with specialized products to quickly move manufacturing out of China, said Nathan Resnick, chief execu-

tive of Sourcify, which helps businesses find manufacturers in Asia. He has helped connect Amazon sellers with alterna- tive suppliers in India and Vietnam, he said, but manufacturing costs outside China can be much higher, and factories in Vietnam often won’t ac- cept small orders from Ama- zon sellers. Garland Sullivan, whose Jacksonville, Fla.-based Ama- zon business sells an average of $350,000 a month in multi- ple categories, with many products made in China, said he could be out of some goods as soon as early March. In a last-ditch bid to prevent that, he began making one product in India this month and is in talks to have others made there as well. In the future, he says he will try to be less de- pendent on China. “It’s a big wake-up call right now,” he said. Some sellers are already starting to worry about inventory for the holiday season— the most-important few months of the year—which re- quires a long lead time. —Dana Mattioli contributed to this article.

Thousands ofAmazon.com Inc. sellers who built their businesses using China’s cheap and efficient manufacturers are on the spot as the coronavirus shuts factories there. Sellers say Amazon’s ranking algorithm demotes products that are out of stock. To avoid that painful fate, many are raising prices to slow sales and attempting to shift production to other countries. Larger corporations such as AppleInc. also face difficulties in getting goods made on time in China. But merchants say that as small buyers they will be low on the list for merchan- dise when production eventu- ally revives. And once stock is replenished, they say they will need to spend big on advertis- ing to regain their Amazon rankings, which make products appear higher in site searches. “I don’t think the Amazon platform has seen such a mas- sive amount of inventory problems as we are about to see,” said Patrick Maioho, a Michigan seller of kitchen products who also advises others on manufacturing in China.

BYJONEMONT

Coronavirus Squeezes Amazon Sellers

As fears rise over Covid-19’s spread, companies are cancel- ing business travel and corpo- rate off-site events around the

globe and making contingency plans for more employees to work remotely. NestléSA told more than 290,000 employees to suspend all international business travel until March 15, and requested that all domestic trips be skipped whenever possible for now. “We take our responsibility for our employees and to the communities in which we oper- ate seriously,” a spokeswoman for the Swiss maker of Nescafé coffee and Purina pet food said. Nestlé’s announcement is among the first by a major multina- tional to restrict all its employees from flying anywhere. Other companies trying to navigate the epidemic are adding new travel restrictions. Goldman Sachs Group Inc. banned all business travel to South Korea and certain parts of Italy, after previously putting travel to China off limits. The bank is also asking employees to postpone nonessential travel to Italy and all of Asia. Siemens AG has told employees not to travel to Italy, a spokeswoman said. A spokesman forCampari GroupSpA said the Milan-area spirits company has asked employees to limit trips to and from Italy to “strictly necessary ones.” Even when travel hasn’t been formally restricted, more employees and executives are opting to conduct key business by phone and videochat whenever possible. Xuezhao Lan, founder of San Francisco-based venture capital fund Basis Set Ventures, was supposed to fly to New York City earlier this month to meet with potential investors, but in- stead hopped on remote videoconference calls to avoid possible exposure. “If you’re trapped on a plane for six hours, who knows what’s going to happen?” she said. While airplane cabins typically aren’t disinfected between

flights, the World Health Organ- ization has said planes cabins aren’t by themselves more con- ducive to spreading infection. But the proximity of passengers does matter. The virus is trans- mitted by droplets and can live on surfaces like tray tables or seatback screens for a period of time. Reluctant travelers like Ms. Lan are starting to take a toll on the $1.5 trillion global business events industry. While the potential financial implications aren’t yet clear, Amy Calvert, CEO of the Events Industry Council, said the Asia-Pacific region accounts for the sector’s second-highest amount of di- rect spending. Her group is urging people to “remain calm through the

storm,” said Ms. Calvert. Event planners already see a chill beyond China. Nearly three-quarters of large business-event-planning companies responding to a mid-February survey by trade publication MeetingsNet said that clients had canceled or postponed events in the Asia-Pacific region beyond China. An additional 14% and 10% had seen the same in the U.S./Canada and in Eu- rope, respectively. In the U.S., for example, Xe- rox Holdings Corp. postponed its Global Partner Summit, which had been scheduled to convene in Orlando, Fla., next month. Earlier this month, Facebook Inc. canceled its annual market- ing conference slated to take place in San Francisco in March. At Boston-based global pay- ments platformFlywireCorp., many employees have held off on booking travel, including Chief Executive Mike Massaro. He gen- erally goes on eight international trips a year but now says he will do half that in 2020. —Patrick Thomas contributed to this article.

Companies Call Halt

To Overseas Travel

ByTe-Ping Chen, Saabira Chaudhuri andRachel Feintzeig

Percentageofphysicalgross merchandisesalesonAmazon bythird-partysellers

Source: the company

60

0

10

20

30

40

50

%

2000 ’05 ’10 ’15 Out-of-stock products can hurt rankings in Amazon’s algorithm.

LUKE SHARRETT/BLOOMBERG NEWS

European airlines are dealing with a falloff in tourism and the prospect of canceled sports, commercial and cultural events.

STEPHANE MAHE/REUTERS

Even when trips haven’t been curbed, more business is being done by phone.

Wall St.Journal 27Feb2020

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