M12 BARRON’SFebruary8,2 021
Market View
What GameStopTaught Us
The Weekly Speculator
Marketfield Asset Management
marketfield.com
Feb. 4:Afterall is said and done, one of the
most lasting effects of theGameStop(ticker:
GME) episode will be to educate many mar-
ket participants about the key role and ulti-
mate powerheld by the clearing institution,
the DepositoryTrust Company.One of the
stranger aspects of the affair has been the
attempttopaint it as some form of moral
crusade, or an opportunityfor the “little
guy” to get even withWall Street. The truth
is that some largeinvestors lostagreat deal
of money,while others were well rewarded,
just as some small investors will have reaped
life-changing sums while others will have lost
funds that may prove to be equally impactful.
In this sense, the market isameritocracy,
which isn’t quite the same as saying that it is
always fair in delivering outcomes.
What is also clear is that lateJanuary saw
avery significant degrossing of levered
hedge-fund investors, without causingadeep
correction in the equity market. The S&P 500
essentially respected support at the 50-day
moving average, and didn’t need to move
down to 3600, which we had set asa“worst
case” target. TheNasdaq100, Russell 2000,
and MSCI Emerging Markets Index didn’t
need to touch their corresponding trend sup-
port, and all three indexes managed to gen-
erateapositive return inJanuary,unlike the
S&P 500, which registeredasmall loss. The
subsequent bounce has been rapid and broad,
as would be expected fromacatalyst that
was both technical and ephemeral in nature.
That it is notawholly positive or inconse-
quential affair.The long bull market is now
showing signs of developing intoahistoric
mania. This doesn’t mean thatamarket peak
is imminent, but the normative process—
whereby what is “appropriate” is ultimately
influenced by extremes—means that the lev-
els of risk being taken by the average inves-
tor are probably significantly higher than
they were pre-Covid.
—MICHAELSHAOUL,TIMOTHYBRACKETT
Heigh-Ho Silver!
The AdenForecastWeekly Update
The AdenForecast
adenforecast.com
Feb. 4:Silver caught on fire by zippingupto
the August highs near $30 on Monday during
the Reddit buying frenzy.Silver was strong
anyway,and it’sbeen holding up well, so
whoever pegged silver knew what they were
doing. Silver shares also gotabig boost up-
ward, and while they have since calmed
down, it looks like volatility will stay with us.
Silver has been holding above its15-week
moving average since December,and it’ll re-
main strong by staying above it at $25. The
next milestone to surpass is the $30 level, the
highs for this bull market. If clearly broken,
another leg up will be underway.Keep your
silver and silver share positions.
—MARYANNE ANDPAMELAADEN
How to Play Oil’sRecent Rally
Daily Insights
BCA Research
bcaresearch.com
Feb 4:The recent oil rally will have conse-
quences for asset prices beyond the energy
market. While higher oil prices benefit oil
exporters, they hurt the economies of oil im-
porters, often with a lag.
Agreat example of these dynamics is
China. The Chinese economy isalarge oil im-
porter; hence, rising oil prices act asatax on
Chinese growth. Moreover,ChineseAshares
massively overweight tech stocks, which re-
ceive no benefit from higher energy prices. In
fact, over the past four years, increasing
Brent prices reliably lead toadecline in on-
shore domestic markets by roughly three
months. The current setup is reminiscent of
early2018. Back then, ChineseAshares had
been rallying forafew months after oil prices
hadstarted to rally.Ultimately,adeceleration
in Chinese growth and cautious policy making
from Beijing resulted inapowerful selloff of
Chineseequities.Today,Chinese growth is
once again decelerating and Beijing is con-
ductingsome significant regulatory tighten-
ing, while thePeople’sBank of China is drain-
ing liquidity.Thus,asignificant correction in
Chinese shares is likely this spring.
Alower-octane strategy to play these dy-
namics is to go long United Kingdom equi-
ties relative to Germany’s while espousing
the implicit currency exposure. German eq-
uities are extremely underweight energy,
andGermany imports its entire oil con-
sumption. Meanwhile, the U.K. benchmark
is replete with energy stocks and the U.K.
remains an oil producer, even if it imports
some of itsoil (rising Brent represents a
comparatively smaller tax on the U.K. econ-
omy). As a side benefit, the pound is very
cheap against the euro and the U.K.’svacci-
nation campaign is massively ahead of the
eurozone’s, which could result in earlier eco-
nomic dividends north of the Channel and
hurt the euro/pound in the process.
—MATHIEUSAVARYANDTEAM
High-Yield Opportunities
Carret Credit Insight
Carret Asset Mangaement
carret.com
Feb. 3:At year-end 2020, theiBoxx High-
Yield Indexyielded 4.23%, an all-time low.
Spreads also registered record tightness.
Low yields aren’t asurprise as investors
globally reach for income. TheFederal Re-
serve has backstopped the “fallen angels,”
allowing many high-yield (HY) companies to
refinance at ever-lower rates and extend up-
coming maturities for another day. Strong
equity markets are forecasting an earnings
rebound, and the vaccines will bring
brighter days soon.Wecontinue to find at-
tractive values in the short/intermediate
portion of the high-quality HY market.
We want to sharearecent academic
study with you regarding the risk and re-
turns in the HY bond market: George Ma-
son University recently published a report
on HY bond-fund returns and volatility rela-
tive to equities (S&P 500). Since1990, the
average HY bond fund has delivered aver-
age annualized returns of 7.1% withavola-
tility of 7.7%. Over the same time period,
the S&P 500 delivered an average annual-
ized return of 7.8%, but with almost double
the volatility of14.5%. The conclusion: HY
bonds have paid total returns near those of
the U.S. stock market with half of the vola-
tility.Webelieve the HY market will offer
competitive returns in the decade ahead, as
equity valuations have risen andTreasury
yields have plummeted. Our ability to utilize
busted convertibles,preferreds, and special-
situation income investments enhances our
cash-flow opportunities.
—JASONR.GRAYBILL,NEILD.KLEIN
Emerging MarketsBlast Off
PCM Report
Peak Capital Management
pcmstrategies.com
Feb. 1:Sofar,2021has beenagood year for
emerging-market equities.Ye ar to date, the
iShares MSCI Emerging Marketsex-
change-traded fund (EEM) is higher by
roughly 8%, compared toagain of approxi-
mately 3% for theSPDR S&P 500ETF
(SPY). Ever since the financial crisis of
2008 ,emerging markets collectively have
woefully lagged U.S. equities.
What could propel the asset class higher
in 20201 and beyond? In the long term, the
likely catalyst is demographics. Developed
markets such as the U.S. and Europe have
aging populations, which could suggest
lower productivity and gross-domestic-prod-
uct growth over the next decade compared
to emerging-market economies.
In its most recent capital-markets report,
JPMorgan projected GDP growth across
emerging marketstobe3.9% in 2021, com-
pared to 1.6% across developed markets. The
report suggests China and India will drive
GDP growth, and emerging markets’produc-
tivity and human capital will gradually con-
verge to developed-market levels.
—CLINTPEKRUL
Tobe considered for this section, material, with
the author’s name and address, should be sent
to [email protected].
”Silver has been holding above its15-week moving average since December,and it’llremain strong by
staying above it at $25. The next milestone to surpass is the $30 level.”—MARYANNE ANDPAMELAADEN,THEADENREPORT
This commentary was issued recently by money managers, research firms,
and market newsletter writers and has been edited byBarron’s.
BLACK
BLACK
Februar y8,2 021BARRON’S M29
CoreFxdIncmI 11.28 NA NA NA
CorFxdIncN n 11.27 NA NA NA
EmgMktIncmI 10.680.06 0.8 15.2
FlexibleIncomeI9.69 NA NA NA
GlobalBondN 10.61-0.06-1.7 4.0
InfraIncomeI 10.66-0.01 0.6 16.0
LowDurBdI 10.010.01 0.4 8.8
LowDurBdN n 10.000.01 0.4 8.0
ShillerEnhCAPEI18.74 NA NA NA
ShillerEnhCAPEN n18.73 NA NA NA
TotRetBdI 10.70 NA NA NA
TotRetBdN n 10.69 NA NA NA
Driehaus Funds:
EmMktsGr n 53.39 NA NA NA
Dupree Mutual Fds:
KYTF n 8.02 0.00 0.4 14.7E
Eaton Vance Class A:
AtlCpSMID p 33.711.83 2.2 44.5
DivBldrA 17.270.70 1.5 44.1
FloatRt 9.10 0.01 1.2 10.0
FltgRtAdvg p 10.540.02 1.5 11.0
Inc Bos 5.61 0.05 1.1 17.0
LgCpVal 21.731.03 3.5 30.9
NatlMuniInc 10.480.01 0.9 18.6
ShDurGovIncFd8.13 0.00 0.3 6.3
ShDurStratIncFd7.38 NA NA NA
TMG1.0 n 1752.0387.78 4.1 58.5
TMG1.1 78.583.93 4.1 57.0
TMG1.2 35.321.76 4.0 56.3
WW Hlth Science p13.140.17 0.9 53.4
Eaton Vance Class I:
AtlCpSMID 38.432.09 2.2 45.6
FloatRtHiInc 8.69 0.02 1.3 11.8
FltgRt 8.80 0.01 1.2 10.8
GblMacAbR 8.81 0.05 1.0 10.4
IncBos 5.61 0.05 1.1 17.7
LgCpVal 21.831.03 3.5 31.8
NatlMuniInc 10.480.01 0.9 19.5
Eaton Vance Funds:
ParTxMgdEmgMktIn51.721.75 3.6 2.3
Edgewood Growth Instituti:
EdgewoodGrInst54.553.47 5.4100.2F
Fairholme:
Fairholme n 32.833.98 12.7 75.2
FAM Value:
FAMValue n 85.214.44 2.4 35.0
Federated Hermes A:
EqIncA p 23.811.18 2.8 18.9
FdShInToRetA 10.750.01 0.1 10.8
FedMunULA pn10.060.00 0.1 3.8
KaufmannAp7.81 0.60 8.8 87.3
KaufmnLCA p 35.30 NA NA NA
KaufmnSCA p 69.59 NA NA NA
MunStkAdvA p14.330.33 2.0 20.3
StrValDivA pp5.14 0.17 2.8 8.6UltraShortA pn 9.23 0.00 0.2 6.8
Federated Hermes C:
StraValDivCp5.16 0.18 2.9 6.3
Federated Hermes Int:
GloFinI 41.801.33 1.7 17.7
InsHiYld r 10.020.08 1.0 20.0
MDTSmCIS 25.33 NA NA NA
TtlRtnBdI 11.49-0.01-0.5 19.7
Federated Hermes IS:
IntEq IS p 31.621.32 4.6 35.0
KaufmnIS 8.05 0.62 8.9 90.2
KaufmnSCI 71.13 NA NA NA
CorpBondFdIS 9.93 0.00 -0.8 21.3
FdShinToRetI 10.740.01 0.1 11.6
GovUltra 9.96 0.00 0.0 5.5
KaufmnLCIS 36.57 NA NA NA
ShIntDurMuInst10.410.00 0.3 7.1
StraValDivIS 5.18 0.18 3.0 9.6
UltraShortI 9.23 0.00 0.2 8.0
ShtlncIS 8.72 0.00 0.1 10.3
FedMuniUl A 10.060.00 0.1 4.8
Federated Hermes R:
KaufmnR r 7.83 0.60 8.7 87.3
Federated Hermes R6:
FedInstHYBondL10.020.07 0.9 20.0
KaufmnSCL 70.58 NA NA NA
StrValL 5.18 0.18 3.0 9.5
TtlRtnBdL 11.48-0.01-0.5 19.7
Fidelity:
500IdxInstPrem n134.886.03 3.6 55.4
BalancedK6 13.570.52 3.4 NS
Contrafund K6 19.520.90 3.3 69.0
EmgMktIdxInstPre n13.800.65 8.3 26.1
ExtMktIdxInstPre n92.286.44 10.5 72.8
FidSAIEmerg 14.560.66 7.3 NS
FIDSerEmgMkt12.560.73 10.8 NS
FidSerToMarket13.530.67 4.8 NS
FIDSerTresIndxFd10.000.00 0.0 NS
FIDZroExtMktIx n12.730.81 10.5 NS
FIDZroLgCpIx n13.940.64 3.6 NS
Flex 500 Index 16.580.74 3.6 55.6
FlexIntIdx 13.480.49 3.9 20.5
FlexUSBdIdx 10.74-0.04-1.1 17.2
Freedom2060K14.750.66 4.8 42.3
GlexUSIdxInstPre n15.150.56 4.0 20.5
GrowthCompanyK620.891.39 8.6 NS
HighIncomeC8.73 0.06 0.4 NS
InflPrBdIndInsPr n11.05-0.03 0.1 19.9
IntlIdxInstPrem n46.451.39 1.8 17.0
IntlIndex n 11.830.45 4.0 NS
IntrTresBdIxPrem n11.57-0.06-1.2 19.2
LgCpGwId InstPre n24.791.19 4.3 92.6
LgCpVlIdxIstPrem n13.770.62 3.8 26.9
LTTrsBdIdxInstPr n15.00-0.38-5.8 30.5
MidCpInxInstPrem n28.451.51 5.3 49.3
MidCpValIndex n23.041.15 5.0 NS
NewMkt I 14.990.11 -0.4 NS
OTCK6Port 18.381.14 7.2 NS
RealEstIdxInst n15.080.55 3.9 20.2
SAIRealEstIndxFd10.770.39 3.9 20.6
SAIUSLgCpIndxFd20.340.91 3.6 55.3SeriesBondFd 10.64-0.05-1.1 NS
SeriesOverseas12.550.50 1.2 NS
SerLTTreBdIdx 8.62-0.22-5.8 30.3
SmCpIdxInstPrem n28.262.02 13.1 56.5
STBdIdx InstPrem n10.330.00 0.0 11.5
STTreIdx InstPre n10.800.00 -0.1 10.6
TMktIdxInstPrem n112.935.57 4.8 58.6
TotalMarketIndex n14.110.68 4.6 NS
TtlIntIdxInstPr n14.110.52 4.0 20.5
USBdIdxInstPrem n12.28-0.06-1.2 17.1
USSusIdx n 16.980.83 4.3 58.7
Fidelity Adv Focus A:
HthCarA r 66.912.09 5.1 70.4
TechA t 93.245.11 4.3133.1
Fidelity Adv Focus C:
HthCarC p 51.541.61 5.1 66.6
Fidelity Adv Focus M:
Tech p 86.714.75 4.3131.3
Fidelity Advisor:
SrsAdvIntlCapApp30.561.34 3.7 47.9
StragInc n 12.850.10 0.7 NS
TotBdFdClZ 11.21-0.02-0.6 20.0
Fidelity Advisor A:
AdvMdCpIIA p 24.301.63 7.6 34.2
AdvStrDivInA p16.630.58 3.4 37.3
BalancA t 26.901.04 3.3 49.7
BioTech 36.912.81 8.8 68.2
DivIntlA 29.721.14 2.2 34.8
EqGrA p/r t 16.860.88 6.4 99.5
EqInA 29.531.01 2.5 20.9
FF2030A p 16.050.53 3.3 36.0
GrOppA 156.2011.5010.1194.1
LevCoStA p 53.584.08 8.5 54.2
NwInsghtA p 38.051.84 4.0 55.8
SmllCapA p 30.042.34 10.9 45.2
StkSelMC p 41.792.36 6.5 43.3
StrInA 12.670.09 0.7 16.1
TotalBdA p 11.23-0.02-0.6 18.6
Fidelity Advisor C:
BalancC 26.681.02 3.3 46.3
GrOppC p 129.809.54 10.0187.5
NwInsghtC t 31.281.51 4.0 52.3
StrInC t 12.640.10 0.6 13.6
Fidelity Advisor Fun:
IntlGrwZ 18.830.59 1.3 42.3
Fidelity Advisor I:
BalancI 27.511.06 3.3 50.7
BiotechI 39.633.02 8.8 69.6
ConsvIncmMuni I10.060.00 0.0 4.4
DivIntl 30.291.16 2.2 35.9
EqGrI 19.090.99 6.5101.1
FAInvGrdI 8.49-0.02-1.0 20.1
FAJpFdClI 20.630.90 3.0 38.6
FF2030 16.150.53 3.3 37.1
FF2040 17.600.80 4.7 43.5
FltRatel 9.37 0.03 1.5 11.0
GrOppI 170.8812.5910.1196.4
HiIncAdvI 11.500.26 2.8 24.9
HthCarI r 73.462.31 5.2 71.8
IntlGr 18.800.59 1.3 41.7
IntlSmCp 32.011.24 3.8 16.0LmtdTrmBdFd 11.950.00 -0.1 12.4
MuniIncI r 10.940.00 0.7 14.6
MuniIncome 13.720.02 1.2 NS
NwInsghtI 39.231.90 4.1 56.9
REIncmInst 12.020.24 2.5 23.7
SmCapGrwI 37.863.15 10.9 95.4
StrInI 12.850.09 0.7 16.9
Total Bd 11.21-0.02-0.6 19.5
Fidelity Advisor M:
Balanced p 27.261.04 3.3 48.5
EqGr p 16.380.85 6.4 98.1
EqIn p 30.401.04 2.5 20.0
GrOppM p 154.2311.3510.1192.0
NwInsghtM p 36.221.75 4.1 54.7
SmllCapM p 27.072.11 10.9 44.2
StrInM p 12.670.10 0.7 16.2
Fidelity Advisor Z:
CorporateBond12.77-0.05-1.5 NS
EmMkt Z 39.922.14 9.9 52.2
FloatRateHighInc 9.37 0.03 1.4 NS
GovtIncome 10.82-0.05-1.1 NS
GrOpp 172.7012.7310.1197.5
IntCpAp 30.601.35 3.8 48.5
InvestGradeBd 8.50-0.02-0.9 NS
NewMktsIncFdZ14.990.11 -0.3 NS
RE Income 12.020.24 2.5 NS
StrgInc 12.860.10 0.7 NS
Fidelity Freedom:
FAFree2020I p 14.410.37 2.6 31.9
FAFree2025I 14.840.43 2.9 34.2
FAFree2035I 16.140.65 4.1 41.1
FAFree2045A 13.720.62 4.7 42.4
FF2005 n 13.210.15 1.1 21.9
FF2010 n 16.570.27 1.7 25.1
FF2015 n 13.780.29 2.1 28.1
FF2020 n 17.610.45 2.6 31.0
FF2020A p 14.280.37 2.5 30.9
FF2025 n 15.910.46 3.0 33.2
FF2025A p 14.690.42 2.9 33.2
FF2030 n 19.930.64 3.4 35.8
FF2035 n 17.280.70 4.3 39.6
FF2035A t 15.990.64 4.1 40.1
FF2040 n 12.320.55 4.9 41.8
FF2040A p 17.450.79 4.7 42.4
FF2045 n 14.100.63 4.8 41.8
FF2050 n 14.210.64 4.9 41.9
FrdmBlen2025 K611.840.34 2.9 NS
Free2045L 13.840.63 4.7 43.5
Free2050I 13.830.63 4.7 43.5
Free2055 n 16.320.74 4.8 41.9
Free2060InstPrem15.640.62 3.8 42.6
Free2060Investor15.630.62 3.8 42.4
Freedom2010 K16.560.27 1.7 25.2
Freedom2015 K13.760.29 2.2 28.4
Freedom2015 K613.720.29 2.2 28.7
Freedom2020 K17.590.45 2.6 31.3
Freedom2020K617.540.45 2.6 31.7
Freedom2025 K15.880.46 3.0 33.5
Freedom2025K615.850.46 3.0 33.9
Freedom2030 K19.910.64 3.4 36.1
Freedom2030K619.870.65 3.4 36.7Freedom2035 K17.250.69 4.2 40.0
Freedom2035K617.220.69 4.2 40.6
Freedom2040 K12.320.56 4.9 42.4
Freedom2040K612.280.56 4.9 43.0
Freedom2045 K14.080.63 4.8 42.3
Freedom2045K614.040.63 4.9 42.9
Freedom2050 K14.190.64 4.8 42.3
Freedom2050K614.170.64 4.9 43.0
Freedom2055 K16.310.73 4.8 42.3
Freedom2055K616.290.74 4.9 43.0
Freedom2060 n14.760.66 4.8 41.8
Idx2015InsPre 15.240.26 1.3 28.5
Idx2020InsPre 16.660.36 1.8 31.5
Idx2025InsPre 18.640.45 2.1 33.7
Idx2030InsPre 19.540.54 2.5 36.4
Idx2035InsPre 21.460.74 3.2 40.1
Idx2040InsPre 21.620.85 3.8 42.6
Idx2045InsPre 22.440.89 3.8 42.6
Idx2050InsPre 22.470.88 3.7 42.6
Idx2055InsPre 18.480.73 3.8 42.6
Idx2055Investor18.460.73 3.8 42.4
Idx2025 Premier18.630.45 2.1 NS
Idx2030 Premier19.530.54 2.4 NS
Idx2035 Premier21.460.74 3.2 NS
Idx2040 Premier21.610.85 3.8 NS
Idx2045 Premier22.430.88 3.7 NS
Idx2050 Premier22.470.88 3.8 NS
Income n 12.320.11 0.9 20.1
Income K 12.300.11 0.9 20.2
Fidelity Invest:
AdvSrsGroOpport18.001.30 10.2201.8
AggrInt n 28.721.26 3.7 48.2
AilSectEq 12.020.63 4.7 64.6
AMgr20% n 14.570.15 0.7 19.8
AMgr50% n 21.330.57 2.4 32.3
AMgr70% n 26.921.00 3.4 38.1
AMgr85% n 24.471.10 4.1 43.2
AstMgr30R n 12.510.19 1.2 24.7
Balanc n 29.241.14 3.4 51.4
BalancedK 29.241.14 3.4 51.7
BluCh n 177.5012.51 8.8134.6
BluChpGr K6 26.351.87 8.9132.2
BluChpGrK 178.0512.55 8.8135.3
CALmtTrmTFB n10.900.01 0.3 9.3
CAMun n 13.530.02 0.8 16.1
Canad nr 54.952.36 2.5 20.5
CapAp n 44.402.21 6.4 75.3
CapDevO n 17.520.87 4.7 38.6
ChinaReg n 62.963.53 13.1 81.7
CnvSc n 43.472.53 8.7 98.9
Contra n 17.390.81 3.7 70.5
ContraK 17.430.82 3.7 71.0
CorpBd n 12.77-0.05-1.5 23.0
CpInc nr 10.990.24 2.8 27.2
DisEq n 53.292.82 2.6 61.3
DivGrowK 32.331.50 4.4 29.8
DivGth n 32.381.50 4.4 29.4
DivIntl n 48.681.87 2.1 34.7
DivIntl K6 14.040.54 2.2 35.6
DivIntlK r 48.581.87 2.1 35.2
DivStkO n 33.691.77 5.2 60.1Emerg Asia nr 76.584.28 12.1115.5
EmrgAsiaI r 75.894.22 12.3116.2
EmrgMktK r 49.532.64 8.4 57.3
EmrgMktsDebt 9.46 0.06 -0.4 9.9
EmrMkt nr 49.512.64 8.4 56.7
Eq Inc n 64.552.81 3.5 32.0
EqDivIncm n 26.110.90 2.5 22.7
EqDivIncmK 26.100.90 2.5 23.0
EqIncK 64.502.81 3.5 32.4
Europ nr 43.181.25 1.9 24.2
Export n 20.520.92 3.7 14.3
Fidel n 64.712.97 3.8 64.6
FltRateHi nr 9.37 0.03 1.4 11.0
FocsdStk n 32.422.23 4.2 88.9
FournOne n 57.162.12 3.3 41.7
GNMA n 11.780.00 0.1 11.8
GovtInc n 10.80-0.05-1.1 14.7
GroCo n 35.682.35 8.5133.6
GroInc n 45.511.99 3.9 35.6
GrowCoK 35.772.35 8.5134.1
GrowIncK 45.461.99 3.9 36.0
GrStrt nr 61.653.27 3.2 69.8
GwthDiscovery n55.082.88 6.5100.3
HighInc nr 8.73 0.05 0.3 14.1
Indepndnc n 47.102.20 1.6 58.5
IntBd n 11.32-0.01-0.3 16.0
IntGov n 10.86-0.02-0.5 12.2
IntlCapiApp K6 16.510.73 3.8 50.3
IntlDisc n 55.262.65 4.1 33.9
IntlEnhIdx n 10.470.32 1.9 11.4
IntlGrRet n 18.850.59 1.3 41.7
IntlScOpps nr 24.710.49 0.3 31.6
IntlSmCap nr 31.801.23 3.8 16.0
IntMu n 10.920.00 0.6 14.8
InvGB n 8.48-0.03-1.0 20.3
InvGrBd 11.81-0.03-0.7 21.0
JpnSmCo nr 17.780.50 0.1 7.8
LargeCap n 36.751.82 4.8 38.3
LCapCrEIdx n 19.900.95 4.8 53.9
LCapGrEIdx n 29.441.51 5.6 81.8
LevCoSt n 44.343.33 8.0 56.6
LgCpVHIdx n 14.730.72 4.7 28.5
LmtTrmMuniIncm n10.900.00 0.4 9.8
LowP nr 51.311.91 5.5 30.8
LowPriStkK r 51.251.91 5.5 31.1
LowPriStkK6 13.730.51 5.7 31.9
LtdTmBdFd n 11.950.00 -0.1 12.5
MagellanK 13.250.62 1.6 59.9
Magin n 13.260.61 1.6 59.5
MAMun n 12.720.01 0.7 14.9
Manager40 n 13.470.29 1.8 28.8
Manager60 n 15.250.49 2.8 35.4
McpVl n 24.191.16 5.6 12.0
MegaCpStk n 16.900.91 4.9 46.4
MidCap n 39.162.14 5.4 38.9
MidCapEnIdx nr18.261.00 6.4 41.3
MidCapStkK r 39.182.14 5.4 39.3
MIMun n 12.830.00 0.7 16.6
MNMun n 12.210.01 0.4 15.2
MtgSec n 11.590.00 0.2 13.5
MuniInc n 13.730.02 1.2 18.1NASDAQ nr 173.969.90 7.5104.0
NewInsights Z 39.321.90 4.1 57.5
NewMill n 38.251.90 4.6 30.1
NewMkt nr 14.990.11 -0.3 7.0
NJMun nr 12.700.00 1.3 19.4
NYMun n 13.780.03 1.1 15.9
OHMun n 12.570.01 0.5 15.1
OTC n 18.751.15 7.0108.9
OTC K 19.101.17 7.1109.6
OverseasK r 60.122.49 1.4 29.6
Ovrse n 60.252.49 1.4 29.2
PAMun nr 11.650.01 0.7 16.0
PcBas nr 47.132.12 7.5 56.6
PuritanK 26.930.99 3.6 45.7
Puritn n 26.950.99 3.6 45.3
RealE n 40.571.42 2.9 25.5
RealEstInc nr 12.070.24 2.5 23.7
REInc n 10.730.15 2.2 23.1
SAIIntlMinVolInd 10.850.17 0.4 9.8
SAILTTreBdIdx11.43-0.30-6.0 31.6
SAISm-MidCap500I15.110.89 6.7 53.5
SAIUSMinVolIndFd16.520.53 0.1 45.4
SAIUSQtyIdx 16.510.66 2.5 62.3
SCEnhIdx n 17.401.36 13.0 47.7
SmallCap nr 22.491.50 9.1 45.9
SmCapDisc n 26.011.58 8.1 29.9
SmlCapO n 17.661.52 10.2 57.9
SmlCpGrth nr 37.753.14 10.9 95.5
SmlCpGrth K6 21.941.80 10.9 97.0
SmlCpVal nr 18.851.34 11.2 31.1
Srs1000ValIndRet13.720.63 3.9 27.1
SrsBlChGroRetail n18.241.27 8.8143.7
SrsCommStrt 4.85 0.14 5.7 -3.0
SrsEmrgMkt 27.331.60 9.5 44.1
SrsGlobal 14.910.55 4.0 20.6
SrsGroCoRetail24.731.63 8.6140.7
SrsIntlGrw 18.050.58 1.5 46.7
SrsIntlSmCp 20.680.47 0.7 33.2
SrsIntlVal 10.300.42 2.1 7.1
SrsSmCapDiscRet13.440.79 8.2 38.1
STBF n 8.78 0.00 0.1 9.7
StkSelSmCp n34.012.87 11.2 64.8
StkSlcACap n 59.673.17 5.0 58.7
StratDivInc n 16.750.58 3.4 38.5
StrDivIncI 16.700.58 3.4 38.4
TaxFrB nr 12.270.02 1.2 18.5
TotalBond n 11.22-0.03-0.7 19.6
TotalBond K6 10.45-0.02-0.6 20.1
Trend n 153.484.66 1.2 92.8
Utility n 28.030.83 2.0 36.5
Value n 12.930.83 7.9 32.8
ValueDisc n 33.261.19 3.4 28.2
ValueK 12.940.83 7.9 33.2
Wrldw n 35.782.26 4.5 66.9
Fidelity SAI:
FidSAIEmgMktIndx18.010.86 8.4 25.8
FidSAIIntlIndxFd13.310.40 1.8 17.0
IntlValIdx 9.18 0.33 3.6 -1.5
LowDurationInc10.010.00 0.0 NS
Muni Inc 10.940.01 1.1 NS
SAIEmgMktLoVolIx10.880.34 2.8 NSShortTermBd 10.030.01 0.1 NS
TotalBd 10.67-0.02-0.6 NS
TxFreeBd 10.990.02 1.1 NS
U.S.TreBdIdx 10.23-0.07-1.5 16.0
USMomentumIdx17.880.97 7.2 68.1
USValueIndex 10.700.47 6.3 18.3
Fidelity Selects:
Biotech nr 27.251.91 8.2 75.5
Chem nr 14.790.72 2.8 6.0
Comp nr 117.677.41 7.3109.6
ConDis nr 70.604.52 6.6 76.1
ConStap nr 93.852.60 -1.3 27.1
DfAero nr 16.431.08 0.0 11.4
Energy nr 25.961.74 11.5-34.8
FinSvc nr 10.790.73 6.1 20.6
Gold nr 28.070.02 -4.9 48.1
Health nr 33.411.06 5.3 80.4
HlthCareSrvPt r nr123.080.12 0.0 55.3
Ind n 37.562.07 -0.6 22.7
ITSvs n 95.087.48 1.5 93.3
Leisr nr 18.361.41 2.7 46.9
MdTchDevis n 78.191.96 7.4104.4
Multimedia nr 89.276.48 7.6 83.3
Pharm n 24.330.33 2.7 59.4
Retail nr 24.161.42 6.2 94.1
Semiconductors r nr17.220.66 6.2126.4
Softwr nr 28.281.73 4.3114.7
Tech nr 28.881.87 7.5138.4
UtilGr nr 94.093.11 2.6 43.0
Fidelity Series:
Canada 11.860.53 2.7 22.0
FASeriesEqGroFd17.200.90 6.6105.2
HthCarZ 73.492.31 5.2 NS
IntMuni Z 10.940.00 0.7 NS
STCrFd 10.230.00 0.1 11.3
Fiera Capital:
EmgMkt Inst 63.622.95 5.3 21.7
First Eagle Funds:
GlbA 61.991.77 1.2 20.9
Gold p 24.25-0.05-3.8 49.3
OverseasA 25.720.39 0.6 13.8
US Val A t 19.170.79 1.8 21.9
US Val I r 19.540.80 1.8 22.9
FMI Funds:
IntlInvst n 33.311.37 2.9 11.7
LgCapInvst n 19.600.71 0.5 32.0
FPA Funds:
FPACres n 37.681.78 4.8 31.0
NwInc n 10.030.00 0.3 9.1
Franklin A1:
AZ TF A1 p 11.130.01 0.5 14.7
CA TF A1 p 7.86 0.02 0.8 18.5
CAHY A1 p 11.470.02 1.4 19.4
CAInt A1 p 12.240.01 0.5 11.8
Fed TF A1 p 12.390.01 0.9 16.0
FedInt A1 p 12.420.01 0.5 11.9
HiInc A1 1.89 0.01 0.9 19.3
HY TF A1 p 10.490.02 1.7 19.5
IncomeA1 p 2.33 0.05 2.2 18.0
MIInsTF A1 p 12.040.00 0.6 16.1
MNInsTF A1 p 12.870.01 0.3 14.8NetYTD3-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.Mutual Funds Dataprovidedby
CONFERENCECALLCALENDAR
Earnings-Related
Company Date Time Earnings-RelatedPeriodAkamaiTechnologies February 94 :30PM Q4
BioRadLaboratories February11 6:00PM Q4
Borgwarner February11 9:30AM Q4
CDW February10 8:30AM Q4
Centene February 98 :30AM Q4
Cerner February10 4:30PM Q4
CincinnatiFinancial February11 11:00AM Q4
CiscoSystems February 94 :30PM Q2
CME February10 8:30AM Q4
Coca-Cola February10 8:30AM Q4
DigitalRealtyTrust February11 5:30PM Q4
DominionEnergy February12 10:00AM Q4
DukeEnergy February11 10:00AM Q4
DuPontdeNemours February 98 :00AM Q4
EnphaseEnergy February 94 :30PM Q4
Equinix February10 5:30PM Q4
EverestRe February 98 :00AM Q4
Expedia February11 4:30PM Q4
FederalRealtyInvestmentTrust February12 11:00AM Q4
FidelityNationalInformationServices February 98 :30AM Q4
Fiserv February 95 :00PM Q4
FMC February10 9:00AM Q4
Fox February 98 :30AM Q2
Gartner February 98 :00AM Q4
GeneralMotors February10 10:00AM Q4
GlobalPayments February 88 :00AM Q4
HanesBrands February 98 :30AM Q4
Hasbro February 88 :30AM Q4
HealthpeakProperties February10 12:00PM Q4
HuntingtonIngallsIndustries February11 9:00AM Q4
Illumina February11 5:00PM Q4
Incyte February 98 :00AM Q4InternationalFlavors&Fragrances February11 10:00AM Q4
Interpublic ofCompanies February10 8:30AM Q4
IqviaHoldings February10 9:00AM Q4
JackHenry&Associates February 98 :45AM Q2
JacobsEngineering February 91 0:00AM Q1
KimcoRealty February11 8:30AM Q4
KraftHeinz February11 9:00AM Q4
LaboratoryCorporationofAmerica February11 9:00AM Q4
Leggett&Platt February 98 :30AM Q4
Loews February 81 0:00AM Q4
LumenTechnologies February10 5:00PM Q4
MartinMariettaMaterials February 91 1:00AM Q4
Masco February 98 :00AM Q4
MGMResortsInternational February10 5:00PM Q4
MohawkIndustries February12 11:00AM Q4
MolsonCoorsBeverage February11 11:00AM Q4
Moody's February12 11:30AM Q4
NewellBrands February12 8:30AM Q4
PaycomSoftware February10 5:00PM Q4
RegencyCenters February12 12:00PM Q4
S&PGlobal February 98 :30AM Q4
SealedAir February 91 0:00AM Q4
SimonProperty February 85 :00PM Q4
Take-TwoInteractiveSoftware February 84 :30PM Q3
TransDigm February 91 1:00AM Q1
Trimble February10 5:00PM Q4
Twitter February 96 :00PM Q4
TysonFoods February11 8:00AM Q1
UDR February10 1:00PM Q4
UnderArmour February10 8:30AM Q4
Verisign February11 4:30PM Q4
Welltower February10 9:00AM Q4
WesternUnion February10 4:30PM Q4
WillisTowersWatson February 99 :00AM Q4
Source:CCBN,www.ccbn.com