M10 BARRON’SOctober19,2020
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 areasampling 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.
To be considered for this section, material
should be sent [email protected].
Brinker International•EAT-NYSE
Outperform•Price $46.65 on Oct. 15
by BMO Research
We upgrade Brinker to Outperform and raise
our price target to $65, which implies about
40% upside. Brinker’spostpandemic earnings
per share could reach $5-plus.The timing
somewhat depends on the shape of the pan-
demic from here, but our EPS estimate
implies meaningful upside to the consensus
forecast beyond fiscal-year 2021for Brinker
[parent of the Chili’sGrill &Bar and Mag-
giano’sLittle Italy casual restaurant chains].
Our $65 price target is based onaprojected
8.5-9.0 times earnings before interest, taxes,
depreciation, and amortization, or Ebitda, on
the about $475 million to $500 million embed-
ded in our EPS assumption, given improved
top-line and margin prospects.
UnitedHealth Group•UNH-NYSE
Strong Buy•Price $325.85 on Oct. 15
by RaymondJames
We raise our stock price target by $5, to
$355 ,following third-quarter results that
once againbeat across the board. Manage-
ment raised its 2020 adjusted EPS outlook
by 23 cents, toarange of $16.50 to $16.75 at
the midpoint.We believe the implied fourth-
quarter 2020 adjusted EPS estimate of $2.27
(Street: $2.63) is likely conservative.[Health
insurance] utilization, up from record lows in
the second quarter,sits at about 95% of
normalized levels, with physician services be-
low that baseline, outpatient surgery right
around 95%, and inpatient surgeries trending
closer to normalized levels.
PNC Financial Services Group
- PNC-NYSE
Outperform•Price $110.35 on Oct. 14
by Evercore ISI
We are raising our 2020 EPS estimate for
PNCfrom $3.19ashare to $5.64, to reflect
the company’sthird-quarter earnings beat,
as well as better noninterest income,lower
expenses, and lower loan-loss provisions.We
are raising our 2021and 2022 EPS estimates
from $6.47 and $5.58 to $7.47 and $9.58.
Fundamental pressures persist (particularly,
weak loan demand and low rates), and the
reinvestment of capitalfreed up from the
sale of PNC’sbig stake in BlackRock
[ticker: BLK] remains inaholding pattern.
However,the bank’sability to continue to
produce positive operating leverage is help-
ing mitigate bottom-line pressure. Addi-
tionally,PNC’scredit discipline and very
well-capitalized balance sheet position it as
aport in the storm. As the macro backdrop
ultimately improves,PNC will be well posi-
tioned due to its competitive heft, informa-
tion technology/infrastructure investments,
and capital flexibility.Our price target is
$128.
Albertsons•ACI-NYSE
Buy (four out of a possible five stars)
- Price: $14.26 on Oct. 9
by CFRA
We like Albertsons for its compelling product
mix (more fresh items versus its supermar-
ketrivalKroger[KR] and strong private-
labe lbrands), improving margin profile (its
Ebitda margin gap to Kroger has been
closed), and greater exposure to states and
cities with more Covid-19-related restrictions,
which benefit food-at-home demand.
Since Albertsons went public inJune 2020,
the shares are down nearly15%, likely due to
rising competition in the e-commerce space
fromWalmart[WMT] andAmazon.com
[AMZN]. Despite these risks, we view the
shares as undervalued, as they tradeatthe
lowest forward price/earnings ratio among
their peers.
In fiscal 2020, we see gross margins widen-
ing to 29% (from 28.2% in fiscal 2019) and ad-
justed earnings before interest and taxes, or
Ebit, margins expanding to 3.1% (from 2.2%).
The majority of this growth should be from
heightened food-at-home demand, due to the
Covid-19pandemic. However,wealso attri-
bute aportion of this improvement to Albert-
sons expected $1 billion in run-rate cost sav-
ings by the end of fiscal 2022.
Our 12-month stock price target of $17is11
times our fiscal 2021EPS estimate andadis-
count to Kroger,which trades ataforward
P/E ratio of about13 times. Our forecast im-
plies abouta30% total shareholder return
over thenext 12 months.
Mesoblast•MESO-Nasdaq
Buy•Price $12.01 on Oct. 13
by DawsonJames Securities
Mesoblastannounced today that the ran-
domized controlled Phase 3 trial of remes-
temcel-L in ventilator-dependent patients
with acute respiratory distress syndrome, or
ARDS,due to Covid-19infection, has sur-
passed 50% enrollment. The randomized,
double-blind,controlled trial’sprimary [aim
is to determine whether there isameaning-
ful] reduction in 30-day mortality,relative to
maximal care. ARDS continues to be the pri-
mary cause of death in Covid-19patients.
The trial is enrolling up to 300 ventilator-
dependent patients with moderate to severe
ARDS. It aims to confirm findings from a
pilot study atNewYork’sMount Sinai
Hospital this year.Inthat study,nine of 12
ventilator-dependent patients (75%) were
discharged from the hospital inamedian of
10 days after receiving two intravenous
doses of remestemcel-L within five days.
Valuation of Mesoblast’s stock is complex.
Our price target is $20.
INSIDER TRANSACTIONS RATIO
0
10
20
30
40
50
60
O N D J F M A M J J A SO
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 461,088,531 and 27,406,058 respectively; Source: Thomson Reuters
Bearish
Bullish
Ratio = 17
INSIDERTRANSACTIONS:RecentFilings
Purchases
$Val
Company/Symbol Insiders Shares(000's)
OncorusONCR 24 76,2257,143
SelectaBiosciencesSELB 23 ,512,0976,082
ElementSolutionsESI 15 00,0005,750
FacebankFUBO 24 00,0004,000
GossamerBioGOSS 31 02,0201,054
ImmunomeIMNM 18 3,3321,000
HeicoHEI 76 ,846763
MedtronicMDT 14 ,607500
EyenoviaEYEN 11 00,000355
LoopIndustriesLOOP 43 5,000276
BiovieBIVI 11 5,282153
ProcessaPharmaceuticalsPCSA 13 0,000121
CenturyBancorpCNBKA 11 ,00269
OakValleyBancorpOVLY 15 ,30064
AmrepAXR 13 ,50021
TiptreeTIPT 13 ,05216
XcelBrandsXELB 11 7,40013
WindtreeTherapeuticsWINT 32 ,00011
VoltInformationSciencesVOLT 16 ,4009
CalampCAMP 11 ,0008
Sales
$Val
Company/Symbol Insiders Shares(000's)
DraftkingsDKNG 19 46,71248,121
OktaOKTA 31 80,00043,755
CrowdstrikeCRWD 42 93,76442,677
CorsairGamingCRSR 22 ,270,75038,603
ElectronicArtsEA 22 55,97531,922
MasimoMASI 51 17,49229,286
AppleAAPL 12 43,43128,455
PinterestPINS 15 25,00023,076
NcinoNCNO 62 95,17221,252
SmartsheetSMAR 24 02,29520,398
PlanetFitnessPLNT 12 50,00016,350
CintasCTAS 14 9,09216,245
DellTechnologiesDELL 22 26,00115,279
PlugPowerPLUG 38 02,06614,813
WorkdayWDAY 15 9,00013,399
Salesforce.ComCRM 25 0,00013,258
IqviaIQV 16 9,12011,750
GooseheadInsuranceGSHD 21 19,98411,434
EdwardsLifesciencesEW 41 26,50710,530
PaychexPAYX 31 27,22710,487
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
BLACK
BLACK
October19,2020BARRON’S M27
NetYTD3-Yr.
NAVChg.%Ret.%Ret.
NetYTD3-Yr.
NAVChg.%Ret.%Ret.
NetYTD3-Yr.
NAVChg.%Ret.%Ret.
NetYTD3-Yr.
NAVChg.%Ret.%Ret.
Gr&IncRet 16.390.04 9.4 38.2
HgYldInst 9.31-0.01-1.8 11.8
InflLkdBdInst 12.210.00 6.7 13.7
IntlEqIdxInst 18.92-0.29-5.4 2.3
IntlEqIdxRet 19.33-0.31-5.6 1.5
IntlEqInst 11.40-0.21-0.6 -2.9
LC2015Ret 13.130.00 5.7 19.4
LC2020Ret 13.92-0.01 5.7 20.1
LC2025Ret 14.46-0.01 5.9 21.4
LC2030Ret 14.90-0.01 6.0 22.5
LC2035Ret 15.49-0.02 6.0 23.4
LC2040Inst 11.35-0.02 6.4 25.1
LC2040Ret 15.95-0.02 6.1 24.2
LC2045Ret 13.63-0.02 6.2 24.8
LCIdx2010Inst 17.080.01 6.7 21.8
LCIdx2020Inst 19.100.00 6.7 23.8
LCIdx2025Inst 20.270.00 6.7 25.1
LCIdx2035Inst 22.57-0.01 6.6 27.5
LCIdx2040Inst 23.36-0.03 6.4 28.3
LCIdx2045Inst 23.57-0.03 6.3 29.0
LifeStkIdx 30.140.06 9.9 42.6
LrgCpGrIdxInst46.950.26 29.2 82.8
LrgCpGrIdxRet 47.230.25 28.9 81.4
LrgCpGrInst 28.94-0.1032.4 81.3
LrgCpVl IdxInst18.71-0.03-7.8 11.5
LrgCpVl IdxRet19.03-0.03-8.0 10.6
LrgCpVl Inst 16.960.03 -7.8 5.3
MdCpGrInst 26.710.06 25.5 59.8
MdCpVl Inst 15.08-0.01 -15.8-5.8
QuantSmCpEqInst15.39-0.05-7.0 4.4
RealSecInst 16.78-0.42-4.2 22.6
S&P500IdxInst38.720.08 9.4 44.2
S&P500IdxRet 38.400.07 9.2 43.1
ShTrmBdInst 10.490.00 2.9 8.9
SmCpBl IdxInst20.65-0.04-0.8 13.8
SmCpBl IdxRet20.71-0.05-1.1 12.9
SocChEqInst 22.750.04 9.7 42.3
SocChEqRet 23.100.04 9.5 41.2
Tortoise Capital:
TorMLPPipInsCl7.49-0.03 -38.6 -37.5
Touchstone Family Fd:
FlexIncY 11.14-0.01 5.1 13.1
FocEqY 51.520.17 13.0 37.1
LagCapFoc A p48.540.17 13.5 51.2
MdCpGrInst 38.240.15 13.0 61.2
MdCpGrwY 37.820.14 12.9 60.9
MdCpY 41.87-0.07 4.4 45.4
SandsCapGrI 33.86-0.0351.6115.2
SandsCapGrY 19.90-0.0151.3113.0
SelGrwth 18.17-0.0251.0111.3
Tr for Credit Unions:
UltShtDur TCU 9.43 0.00 1.4 5.4
Transamerica A:
AsAlCnsrv p 11.34-0.01 7.1 16.3
AsAIGrow p 13.34-0.04 6.0 17.5
AsAlMod p 11.89-0.02 6.7 16.5
AsAlModGr p 12.45-0.02 6.7 17.4
Balanced 31.480.04 9.7 31.7
FocusA 51.750.50 97.4169.5
Trust for Professional Ma:
PerfTrstMuniInst25.33-0.03 3.3 13.6
PrfTrtStrtBd Ins22.87-0.05 3.6 14.2
Tweedy Browne Fds:
GblValue n 24.59-0.30 -12.1-4.6
U
UM Funds:
BehavVal 50.07-0.09 -20.1 -12.8
USAA Group:
500Indx Reward n48.490.10 11.8 47.1
CA Bd n 11.370.00 2.1 11.7
CapGr n 11.11-0.04 0.5 12.1
CrnrsMod n 15.22-0.03 2.2 12.4
CrnstModAggr n26.18-0.08 1.7 12.1
ExtMktIn n 21.89-0.02 9.4 30.9
Gr&Inc n 21.90-0.0110.0 29.2
Gr&TxStr n 22.590.04 5.2 25.7
Grwth n 33.730.06 29.4 65.5
HiIncm n 7.48 0.00 -1.8 8.1
Inco n 13.900.04 5.9 16.4
IncStk n 16.53-0.02-5.3 14.9
Intl n 23.67-0.41-8.4 -1.2
IntmTerm n 13.660.01 2.4 11.5
LgTerm n 13.500.02 2.2 11.7
Nasdaq100 n 33.180.35 36.3 97.3
ntTerBd n 11.220.02 6.8 17.7
PrecMM n 22.79-0.3536.7 71.1
S&PIdx n 48.470.11 11.7 46.6
SciTech n 31.990.22 36.7 83.3
ShtT n 10.530.00 1.2 5.5
ShtTBdA n 9.32 0.00 3.1 9.6
SmCpStk n 16.37-0.03-0.1 19.1
TarRet2020 n 12.10-0.01 4.3 15.1
TarRet2030 n 12.74-0.03 2.2 14.2
TarRet2040 n 12.68-0.04 0.8 13.7
TarRet2050 n 13.00-0.04 1.2 14.3
VA Bd n 11.530.01 2.5 10.6
ValueFd n 14.310.06-11.1 1.0
WldGr n 26.55-0.16 4.5 28.3
V
VALIC:
CoreBd 11.950.02 6.7 15.7
CoreVal 10.55-0.04 -10.0 6.2
FrgnVal 9.02-0.12-8.1-11.3
GlobEq 8.76-0.02 1.2 -0.8
HighYdBd 7.48-0.01 1.7 13.9
HlthSci 25.42-0.1919.1 57.9
InflPro 11.98 NA NA NA
IntlEq 6.79-0.11-5.9 0.7
IntlGro 15.83-0.1123.0 53.2
IntlSmCpEq 21.45-0.07 6.2 14.7
LgCpGro 19.640.09 13.6 68.9
MidCpIdx 23.610.01 -2.2 14.2
MidCpVal 15.77-0.07 -11.7 1.2
SciTech 37.680.23 40.1 99.0
SmCpIdx 17.73-0.05-1.4 12.2
SocResp 21.110.06 7.3 40.6
StckIdx 46.330.09 9.1 43.0
StraBd 11.450.00 4.6 12.8
ValUltra 22.900.04 32.9 78.1
Value Line Funds:
AstAlcClInv n 42.670.15 10.9 45.7
CapAppreClInv n12.520.00 22.1 52.6
Van Eck Funds:
EmgMktsY 19.05-0.03 4.2 9.0
VANGUARD ADMIRAL:
400MCpIdxInst269.130.18 -2.0 15.2
500Adml n 321.670.65 9.4 44.3
BalAdml n 42.260.09 9.6 33.4
CAITAdml n 12.240.00 3.1 11.5
CALTAdml n 12.670.00 3.2 13.8
CapOpAdml nr 173.32-0.21 9.9 39.0
CoStIxAd nr 83.500.57 7.0 30.5
DivAppIdxAdm n36.400.21 9.1 47.9
EMAdmr n 37.19-0.03 2.2 7.5
EnergyAdml nr54.42-1.46 -38.7 -38.7
EqIncAdml n 73.680.12 -5.1 17.6
EuropeAdml n 66.78-1.28-6.9 0.0
ExplrAdml n 108.660.15 11.8 51.2
ExtndAdml n 105.670.13 11.5 34.1
GlobxUSREInx n29.54-0.65 -17.3-5.9
GNMAAdml n 10.71-0.01 3.1 10.1
GroIncAdml n 91.780.29 9.0 41.7
GrwthAdml n 121.830.66 30.7 80.7
HltClxAd nr 105.27-0.3410.8 44.3
HlthCareAdml nr93.44-1.37 9.5 36.8
HYCorAdml nr 5.84 0.00 2.0 14.8
InfProAd n 28.210.03 9.3 17.6
InfTechIdx n 166.881.35 34.2115.2
IntlGrAdml n 140.690.88 36.9 59.3
ITBondAdml n 12.650.03 9.1 19.6
ITCorpIx n 25.890.08 7.6 20.4
ITIGradeAdml n10.640.02 8.8 19.5
ITsryAdml n 12.150.01 8.3 15.8
ITTresIdx n 23.730.03 7.9 15.5
LarCapAd n 82.030.21 11.4 46.7
LTGradeAdml n11.930.09 12.5 30.6
LTsryAdml n 15.420.12 20.4 36.9
LTTresIdx n 33.120.27 20.0 36.8
MatIdx nr 72.17-0.02 7.1 13.6
MidCpAdml n 230.090.36 5.6 31.0
MrgBkdIdx n 21.630.00 3.3 10.4
MuHYAdml n 11.670.00 2.0 14.1
MuIntAdml n 14.650.00 3.2 11.6
MuLTAdml n 12.030.01 3.5 14.2
MuLtdAdml n 11.210.00 2.6 7.9
MuShtAdml n 15.93-0.01 1.6 5.5
NJLTAdml n 12.420.01 2.3 14.6
NYLTAdml n 11.990.01 2.3 11.9
PacifAdml n 84.84-1.13-0.5 5.6
PALTAdml n 11.990.00 3.5 14.9
PrmcpAdml nr 152.83-0.54 6.0 39.6
RealEstatAdml n114.46-3.17 -10.8 8.0
S&PSC600Idx 280.87-0.67-8.3 6.6
SmCapAdml n 79.32-0.14 0.9 21.2
SmGthAdml n 81.02-0.2016.4 52.1
STBondAdml n10.870.00 4.4 10.6
STCorpIx n 22.550.03 4.2 12.1
STFedAdml n 11.020.00 4.0 9.6
STIGradeAdml n10.990.00 4.4 11.4
STIPSIxAdm n 25.47-0.01 3.7 9.5
STsryAdml n 10.910.00 3.8 8.8
STTresIdx n 20.690.00 3.0 7.9
TotBdAdml n 11.610.03 7.0 16.4
TotIntBdIdxAdm n23.390.12 4.1 16.5
TotIntlAdmIdx nr28.62-0.35-2.8 3.8
TotStAdml n 86.490.17 10.0 43.0
TxMBal nr 36.250.06 7.4 27.9
TxMCapAdml n181.400.38 10.7 45.3
TxMIn r 13.34-0.22-4.3 2.7
TxMSC nr 61.68-0.14-8.2 6.9
USGroAdml n 161.760.67 45.2103.3
UtilIxAd nr 69.640.55 -0.6 28.0
ValAdml n 42.28-0.05-7.4 16.3
WdsrllAdml n 65.080.10 1.6 26.3
WellsIAdml n 67.660.22 4.5 21.4
WelltnAdml n 77.240.32 5.1 29.0
WndsrAdml n 65.84-0.07-7.9 9.8
VANGUARD FDS:
CAIT n 12.240.00 3.0 11.2
CALT n 12.670.00 3.2 13.5
CapOp nr 75.02-0.09 9.8 38.7
DivdGro n 32.020.01 5.7 45.8
DivrEq n 43.78 NA NA NA
EmgMktSelStk n22.54-0.05-2.5 5.3
Energy nr 29.00-0.78 -38.7 -38.9
EqInc n 35.160.06 -5.1 17.2
Explr n 116.720.17 11.7 50.7
EXPValFd n 31.15-0.06 -15.0-3.2
FTAlWldInAdml n32.01-0.37-2.7 4.4
GlbCapCyl Inv nr 8.52-0.15 2.5-15.8
GlbEq n 34.54-0.19 8.7 31.4
GloMinVolFdAdm n26.74-0.10-8.0 13.4
GNMA n 10.71-0.01 3.0 9.8
GroInc n 56.220.18 8.9 41.2
HlthCare nr 221.54-3.25 9.4 36.6
HYCor nr 5.84 0.00 1.9 14.5
InflaPro n 14.370.02 9.3 17.3
IntlExplr n 17.78-0.23-0.8 -3.3
IntlGr n 44.200.28 36.8 58.7
IntlVal n 34.01-0.49-9.4 -3.4
INSTTRF2015 24.300.01 5.7 20.1
INSTTRF2020 25.49-0.01 5.7 21.9
INSTTRF2025 26.16-0.02 5.8 23.3
INSTTRF2030 26.54-0.03 5.7 24.0
INSTTRF2035 26.90-0.05 5.5 24.6
INSTTRF2040 27.24-0.06 5.3 25.0
INSTTRF2045 27.52-0.08 5.1 25.5
INSTTRF2050 27.58-0.08 5.2 25.5
INSTTRF2055 27.69-0.08 5.2 25.6
INSTTRF2060 27.74-0.08 5.2 25.6
INSTTRFINC 23.700.02 5.9 19.2
ITIGrade n 10.640.02 8.7 19.1
ITTsry n 12.150.01 8.2 15.5
LifeCon n 22.030.01 6.2 21.2
LifeGro n 37.82-0.09 5.5 24.7
LifeInc n 16.980.04 6.1 18.9
LifeMod n 30.31-0.03 5.9 23.2
LTIGrade n 11.930.09 12.5 30.3
LTTsry n 15.420.12 20.3 36.5
MATxEx n 11.320.02 4.0 14.4
MgdPayFdInv n16.60 NA NA NA
MidCpGro p 32.110.19 20.2 60.3
MuHY n 11.670.00 1.9 13.8
MuInt n 14.650.00 3.2 11.4
MuLong n 12.030.01 3.4 13.9
MuLtd n 11.210.00 2.5 7.6
MuSht n 15.93-0.01 1.5 5.2
NYLT n 11.990.01 2.2 11.7
OHLTte n 13.120.01 4.6 15.1
Primcp nr 147.40-0.52 6.0 39.3
PrmcpCor n 28.07-0.10 0.5 27.3
SelValu nr 23.91-0.09 -11.7-4.1
STAR n 30.12 NA NA NA
STFed n 11.020.00 3.9 9.3
STIGrade n 10.990.00 4.3 11.1
STIPSixInv n 25.44-0.01 3.7 9.3
StratgcEq n 32.490.01 -2.8 13.0
StrSmCpEqInv n30.69-0.09-7.0 1.9
STTsry n 10.910.00 3.7 8.5
TgtRe2015 n 16.040.01 5.7 19.9
TgtRe2020 n 34.38-0.01 5.7 21.8
TgtRe2025 n 20.98-0.02 5.7 23.1
TgtRe2030 n 38.51-0.05 5.7 23.9
TgtRe2035 n 23.75-0.05 5.5 24.5
TgtRe2040 n 41.20-0.09 5.3 25.0
TgtRe2045 n 25.99-0.08 5.2 25.4
TgtRe2050 n 41.85-0.13 5.2 25.4
TgtRe2060 n 40.14-0.12 5.2 25.4
TgtRet2055 n 45.43-0.14 5.2 25.4
TgtRetInc n 14.700.01 5.8 18.9
TotIntBdIxInv n11.700.06 4.2 16.4
USGro n 62.410.26 45.1102.7
USValue n 16.270.02-12.9-1.5
WellsI n 27.930.09 4.5 21.1
Welltn n 44.730.18 5.0 28.7
Wndsr n 19.52-0.02-8.0 9.5
WndsrII n 36.670.05 1.5 25.9
VANGUARD INDEX FDS:
500 321.690.65 9.3 43.9
EmgMktInstPl 94.08-0.05 2.3 7.7
ExtndIstPl 260.750.32 11.5 34.1
FTAIWdInPl 107.44-1.25-2.7 4.6
Growth 121.860.66 30.5 80.0
IdxIntl n 17.11-0.21-2.9 3.6
ITTresIdx Inst 29.450.04 7.9 15.5
LTTresIdx Inst 42.030.34 20.0 36.9
MdCpGrAdml n81.930.55 20.5 57.8
MdCpVlAdml n55.18-0.23-8.7 7.3
MidCp n 50.720.08 5.5 30.5
RUSS2000IdxInst250.66-0.51-0.9 13.7
SmCap 79.30-0.14 0.8 20.7
SmValAdml n 51.33-0.06 -11.6-1.3
TotBd 11.610.03 6.9 16.1
TotBd2 11.530.03 6.6 15.8
TotIntlInstIdx r114.45-1.41-2.8 3.9
TotItlInstPlId r 114.47-1.41-2.8 3.9
TotSt 86.460.16 9.9 42.5
VANGUARD INSTL FDS:
BalInst 42.260.08 9.5 33.4
DevMktsIndInst13.36-0.21-4.2 2.8
DevMktsInxInst20.88-0.34-4.2 2.8
EmMkInst r 28.28-0.02 2.2 7.6
EuroInst 28.47-0.55-6.9 0.0
ExDurTrsInst 48.940.55 27.0 50.3
ExtDurTreIntPl122.861.38 27.0 50.4
ExtndInst 105.660.13 11.5 34.1
FTAlWldIst r 101.46-1.18-2.7 4.5
FTScinst 24.540.10 13.4 54.4
GrwthInst 121.840.67 30.7 80.7
InPrSeIn 11.490.01 9.4 17.8
InstIdx 310.900.63 9.4 44.3
InstPlus 310.920.64 9.5 44.4
InstTStIdx 73.990.14 10.0 43.0
InstTStPlus 73.990.14 10.0 43.1
ITBdInst 12.650.03 9.1 19.7
ITBdInstPI 12.650.03 9.1 19.7
LaCapInst 337.610.86 11.4 46.8
LTBdInst 16.930.14 14.5 32.9
LTBdInstPl 16.930.14 14.5 32.9
MidCpInst 50.830.08 5.7 31.1
MidCpIstPl 250.680.40 5.6 31.1
RealEstaInstl 17.71-0.50 -10.8 8.0
Rs1000GrwIdxInst445.992.41 29.1 82.8
Rs1000Vl IdxInst211.23-0.29-7.9 11.4
Russ1000IdxInst312.250.68 10.7 45.1
Russ2000GrIxInst331.55-0.3912.3 36.1
Russ3000Idx 307.650.59 9.9 42.7
SmCapInst 79.32-0.13 0.9 21.2
SmCapIstPl 228.94-0.39 0.9 21.2
SmGthInst 64.89-0.1616.4 52.2
SmValInst 28.69-0.03 -11.6-1.3
STBdIdxInstPl 10.870.00 4.4 10.6
STBDInst 10.870.00 4.4 10.6
STCorpIxInst p27.600.03 4.2 12.2
STIGradeInst 10.990.00 4.4 11.5
STIPSIxins 25.49-0.01 3.8 9.6
STTresIdx 26.000.01 3.0 8.1
TotBdInst 11.610.03 7.0 16.5
TotBdInst2 11.530.03 6.7 16.1
TotBdInstPl 11.610.03 7.0 16.5
TotIntBdIdxInst35.090.17 4.2 16.5
TotStInst 86.500.16 10.0 43.0
TtlWrldIxInst p 170.16-0.68 4.4 24.1
TxMCaInst r 90.130.18 10.7 45.4
TxMSCInst r 61.82-0.14-8.1 7.1
ValueInst 42.28-0.05-7.4 16.4
Victory Funds:
EstValA 37.27-0.06-5.9 13.5
EstValI 37.29-0.05-5.7 14.6
EstValR p 36.73-0.06-6.1 12.8
FundFIncI 8.43-0.01 2.9 8.3
SmCap Grwth p94.190.88 22.0 60.7
SmCoOppI 39.92-0.02 -12.5 4.3
VirtusFunds:
CeredexLgCpVlEqI12.46-0.02-5.8 15.8
CeredexMdCpVlEqI11.22-0.06 -11.113.5
GvSecUltShtBdI10.030.00 1.1 5.6
InnGrSt I 58.350.35 92.3203.4
VirtusFunds Cl A:
MidGrA 62.770.61 52.3141.8
MulSStA p 4.74 0.00 2.7 8.1
SmCapSusA 52.980.89 32.6116.2
StratGrA p 25.560.15 40.1 86.4
TactAllA p 12.53 NA NA NA
VirtusFunds Cl I:
EmMktI 11.80-0.06 2.2 6.4
ForOppI 32.60-0.08 8.2 23.9
IntSmCapI 19.77-0.16 3.8 27.4
MulSStI 4.75 0.00 2.9 9.0
QualitySmCapI 21.320.14 10.8 20.0
SmCapSusI 54.340.92 32.9117.9
SmCpCorI 45.020.49 9.8 62.4
Vivaldi Merger:
Arbitrage Fund10.470.01 -0.4 7.1
Voya Fds:
GNMA A 8.55-0.01 3.1 9.1
GrOppI 58.000.15 20.6 67.3
InmdBdA p 10.73 NA NA NA
InmdBdI 10.73 NA NA NA
TRPGrEqI 99.270.08 26.5 69.6
WXYZ
Wasatch:
CoreGr n 83.810.19 16.6 59.1
IntlGr n 35.35-0.2114.0 28.3
MicCap n 10.220.01 34.1107.0
SmCapGr n 50.410.35 28.8 96.7
SmCapV n 7.47-0.03-7.4 10.2
UltraGr n 41.980.07 47.7135.4
USTry n 22.090.24 22.7 41.6
WCM:
FcusEmgMk Inst17.40-0.1118.8 50.7
FocInterGrFdInv22.380.05 18.7 52.8
WCM Focus Funds:
WCMFocIntlGrwIns22.510.06 19.0 53.9
Weitz Funds:
PIIIOpp 15.62-0.13 2.5 27.2
ShtDurIncInst 12.380.01 2.7 8.3
ValueInv n 50.40-0.2610.6 44.5
Wells Fargo Adv Admi:
Growth 52.630.15 34.2 93.3
Wells Fargo Adv Cl A:
AstAllA p p 14.90 NA NA NA
CA TF A 11.950.00 2.0 9.9
CmStkA p p 19.26-0.03-2.0 18.0
DivCapBldr 11.18-0.01 4.2 28.3
IdxAstAllA 39.750.08 10.7 32.7
OmegaGwth 71.220.99 30.1 88.2
OpptyA 47.84-0.02 9.2 38.9
PremLgCoGrthA17.560.10 28.8 82.1
SpecTech 19.840.23 50.9114.3
SpSmCpValA p p29.800.09-15.4-2.9
StrMunA 9.23 0.00 1.9 8.8
Wells Fargo Adv Inst:
CoreBd 14.020.02 7.8 16.8
Growth 58.580.17 34.4 94.5
MdCpVal 38.19-0.24-9.5 10.4
UlStInc 8.59 0.00 2.1 8.0
UlStMuInc 9.60 0.00 0.9 4.4
Western Asset:
CoreBondA 13.71 NA NA NA
CoreBondI 13.72 NA NA NA
CoreBondIS 13.73 NA NA NA
CorePlusBdA 12.450.01 6.1 16.9
CorePlusBdI 12.460.01 6.4 18.2
CorePlusBdIS 12.460.01 6.5 18.3
IntermedBdI 11.610.01 5.9 14.9
IntermTermMuniA 6.39 0.00 1.1 8.0
IntermTermMuniI 6.39 0.00 1.2 8.5
ManagedMuniA16.170.01 0.8 9.3
ManagedMuniI16.190.00 0.9 9.7
MortgBackSecA10.22 NA NA NA
ShortTermBdIS 3.95 0.00 3.2 10.2
TotalRetUnconI10.45-0.01 1.1 8.0
Westwood:
IncomeOppI 13.240.00 5.1 20.8
Wilmington Funds:
BroadMktBdInst10.360.03 6.8 15.2
Intl Inst 8.84 NA NA NA
LgCpStrInst 26.800.06 10.8 44.9
Wm Blair Funds Cl I:
IntlGthI r 35.91-0.1618.2 30.4
SmMidI r 31.38-0.0916.3 55.6
Wm Blair Funds Inst:
IntlGth 20.56-0.1018.5 31.2
Wm Blair Funds R6:
EmgMktGth 17.610.11 26.3 30.6
361 Global Long/Shor:
Equity Fund 11.960.12 6.4 7.8
Scoreboard: VolatileViews
(The S&P 500 gained 1.06% as investors veered between hope for more stimulus and fear of a renewed
Covid surge. Precious metal funds, up 3.55%, and real estate, down 2.28%, fed off the instability.
One Week Year-to-Date
U.S. STOCK FUNDS 0.89% 6.69%
TOP SECTOR / Precious Metals Equity Funds 3.55 39.97
BOTTOM SECTOR / Real Estate Funds – 2.28 – 8.88
S&P 500 1.06 7.82
U.S. BOND FUNDS 0.11 3.83
Bloomberg Barclays AGG Bond 0.18 6.88
THE WEEK'S TOP 25
Fund Investment Objective One Week Year-to-Date
Hartfd Schr China A SDR / HSHRX China Region 6.95% NA
Bail Giff China A Inst / BCANX China Region 6.62 67.5
Quantified STF Inv / QSTFX Flexible Portfolio 6.53 63.8
Sev Cnyn Wld Inno Inv / WAGTX GL Sm/Mid-Cap 6.51 51.8
US Glbl Gold&PM / USERX Precious Metals Eq 4.97 37.4
EuroPac Gold A / EPGFX Precious Metals Eq 4.71 39.6
Rydex Precious Metls Inv / RYPMX Precious Metals Eq 4.47 41.1
Catalyst Insidr Buying I / INSIX Multi-Cap Growth 4.38 10.3
Gabelli Gold I / GLDIX Precious Metals Eq 4.24 41.7
WellsFargo Prec Met A / EKWAX Precious Metals Eq 4.16 38.7
ABR Dynamic Vol Inst / ABRSX Alt Mgd Futures 4.13 – 3.3
Zevenbergen Genea Inv / ZVGNX Multi-Cap Growth 4.11 113.1
Midas Fund / MIDSX Precious Metals Eq 4.07 27.0
USAA Prec Met&Min Fund / USAGX Precious Metals Eq 3.84 38.0
Invsc Gld & SM A / OPGSX Precious Metals Eq 3.83 44.1
Emerald Growth Inst / FGROX Small-Cap Growth 3.70 20.8
Bail Giff LTGG I / BSGLX Global Large-Cap Growth 3.65 81.3
Firsthand Tech Opptys / TEFQX Science & Tech 3.64 57.4
BlackRock Ch A Opp Inst / CHILX China Region 3.63 33.5
Fidelity Sel Gold / FSAGX Precious Metals Eq 3.60 38.0
Lisanti SCG / ASCGX Small-Cap Growth 3.60 32.4
OCM Gold Adv / OCMAX Precious Metals Eq 3.58 51.6
Amer Cent Gl Gold Inv / BGEIX Precious Metals Eq 3.57 33.7
Jacob Internet Fund Inv / JAMFX Science & Tech 3.54 75.7
Fidelity Flex Mid Cap Gr / FFMGX Multi-Cap Growth 3.52 31.7
THE WEEK'S BOTTOM 10
Fund Investment Objective One Week Year-to-Date
J Hancock II Intl Vl NAV / JHVIX Intl Multi-Cap Value – 6.92% – 16.8%
Highland Sm-Cp Eqty A / HSZAX Small-Cap Core – 6.65 – 64.2
Global Tactical Inst / GIVYX Global Multi-Cap Core – 5.31 – 4.2
J Hancock II MI2020Pr 1 / JRWOX Mix-Asst Targ 2020 – 4.63 0.1
Morg Stan I US RE I / MSUSX Real Estate – 4.57 – 28.3
Morg Stan I Gl Con RE I / MCQIX Glb Real Estate – 3.84 – 34.0
Oakmark Internatl Inv / OAKIX Intl Multi-Cap Value – 3.44 – 18.9
Causeway Intl Val Inst / CIVIX Intl Large-Cap Value – 3.40 – 16.5
Franklin Mut European Z / MEURX European Region – 3.32 – 20.1
Heitman US RE Sec Inst / HTMIX Real Estate – 3.29 – 10.6
THE LARGEST 25
Assets 3-Year* 1-Week YTD
Fund (billions) Investment Objective Return Return Return
American Funds Gro A / AGTHX $109.7 Large-Cap Growth 17.4% 1.28% 23.7%
Fidelity Contrafund / FCNTX 108.1 Large-Cap Growth 18.9 1.47 26.7
Vanguard Wellington Adm / VWENX 92.3 Mix Tgt All Gro 8.9 0.73 4.9
American Funds Bal A / ABALX 81.6 Mix Tgt All Gro 8.1 0.37 5.1
American Funds EuPc R6 / RERGX 76.9 Intl Large-Cap Growth 5.8 – 0.33 7.2
American Funds Inc A / AMECX 70.7 Mix Tgt All Mod 4.3 – 0.27 – 1.7
PIMCO Income Inst / PIMIX 67.1 Multi-Sector Inc 3.8 – 0.01 1.7
Dodge & Cox Income / DODIX 67.0 Core Bond 5.6 0.07 7.2
American Funds ICA A / AIVSX 62.3 Large-Cap Core 8.9 0.73 5.8
Dodge & Cox Stock / DODGX 60.6 Multi-Cap Value 4.2 – 0.40 – 7.7
American Funds CIB A / CAIBX 58.8 Global Equity Income 2.1 – 0.51 – 4.2
BlackRock Cash Inst SLA / 58.7 Instl Money Mkt NA NA NA
Vanguard PRIMECAP Adm / VPMAX 58.6 Large-Cap Core 11.8 0.37 5.8
American Funds Wash A / AWSHX 58.6 Large-Cap Core 8.6 0.30 – 0.4
T Rowe Price BC Gro / TRBCX 54.4 Large-Cap Growth 21.3 1.69 29.5
American Funds FInv A / ANCFX 54.1 Large-Cap Core 9.5 0.68 4.6
PIMCO Tot Rtn Inst / PTTRX 53.7 Core Plus Bond 5.2 0.14 7.8
MetWest Total Rtn I / MWTIX 51.7 Core Plus Bond 5.7 0.20 7.9
American Funds CWGI A / CWGIX 51.0 Global Large-Cap Core 6.2 0.06 2.9
American Funds NPer A / ANWPX 51.0 Global Large-Cap Growth 13.8 0.67 17.6
Vanguard Wellesley Adm / VWIAX 48.0 Mix Tgt Alloc Con 6.6 0.24 4.4
Vanguard Sh-Tm Inv Adm / VFSUX 47.6 Short Inv Grade 3.7 0.04 4.4
Vanguard Intl Gro Adm / VWILX 46.6 Intl Large-Cap Growth 16.7 1.31 36.0
Vanguard Tgt Ret2025 Inv / VTTVX 46.5 Mixed-Asset Target 2025 7.3 0.33 5.7
DoubleLine Tot Rtn I / DBLTX 43.6 US Mortgage 3.7 0.19 3.6
*Annualized 10/12/2017 to 10/15/2020. Through Thursday. Source: Lipper
Mutual Funds Dataprovidedby