Morningstar Direct SM U.S. Asset Flows Update

Transcription

1 Sept 2014 Data through Aug 31 U.S. Mutual Funds and Exchange- Traded Products Also inside: Extended tables 7 Morningstar Direct SM U.S. Asset Flows Update So Much for the Great Rotation by Michael Rawson, CFA Long-term mutual funds and exchange-traded funds attracted $32.6 billion in new investor cash in August, driven by strong flows to international-stock funds and resurgent demand for fixed income. Funds focused on U.S. equity suffered a $4.1 billion outflow, dragged down by active U.S. equity funds, which suffered their sixth-straight month of outflows. Assets in long-term mutual funds and ETFs hit $13.9 trillion. While the majority of those assets are invested in actively managed funds, the stronger flows to passive investments is reflected in their 11% organic growth rate compared with just 2% growth for active funds during the past year. Note that this report includes both mutual funds and ETFs, while past commentaries excluded ETFs. The decision to include ETFs and to split some of the data tables into active and passive groups was based on the fact that ETFs now account for a significant share of assets and flows. In addition, a large share of the flows to mutual funds during the past several years have gone to passive investments, often within retirement savings accounts. These flows may not be completely representative of incremental investment decisions. Active Passive Estimated Net Flows Aug 1 Year Assets Aug 1 Year Assets $Mil* 2014 $Bil 2014 $Bil U.S. Equity (9,435) (55,313) 3,656 5, ,060 2,129 Sector Equity (147) 17, ,272 43, International Equity 5,524 95,745 1,616 8, , Allocation 2,828 47,326 1, , Taxable Bond (1,046) 9,970 2,339 9,603 63, Municipal Bond 3,205 (10,677) , Alternative 2,522 32, (29) 3, Commodities 679 (10,097) 38 (99) (6,741) 67 All Long Term 4, ,365 9,866 28, ,004 3,984 Money Market 36,322 (44,103) 2,401 *Includes liquidated and merged funds. Source: Morningstar Direct Asset Flows Morningstar, Inc. All rights reserved. Note: The figures in this report were compiled on Sept. 11, 2014, and reflect only the funds that had reported net assets by that date. The figures in both the commentary and the extended tables are survivorship-bias free. Schwab/Laudus mutual funds are not included. Important methodology note: Morningstar computes flows using the approach that is standard in the industry: Estimated net flow is the change in assets that fund performance does not explain. Our method assumes that flows occur uniformly over the course of the month. Adjustments for mergers are performed automatically. When liquidated funds are included, the final assets of the fund are counted as outflows. Reinvested dividends are not counted as inflows. We use fund-level reinvestment rates to improve accuracy in this respect. We make ad hoc adjustments for unusual corporate actions such as reverse share splits, and we overwrite our estimates with actual flows if managers are willing to provide the data to us. Please click here for a full explanation of our methodology.

2 At the start of 2013, prognosticators proclaimed the start of a great rotation out of bonds and into equities. That thesis began to play out in earnest in June of last year, when the Fed hinted at reduced monetary stimulus. Given the sharp rise in interest rates and the record outflows from bond funds during that month, no one could have forecast how fast that rotation would fizzle out. Year to date, taxable-bond funds have attracted $99 billion as interest rates have fallen. U.S. equity funds have had inflows of just $3.5 billion year to date. Taxable-bond fund flows have exceeded U.S. equity fund flows every month this year. The bright spots for equities have been international and sector funds, which have brought in $119 billion and $39 billion, respectively. Strategic-Beta Funds Garnering Strong Flows Version 3.16 of Morningstar Direct introduced a series of strategic-beta data points. Strategic-beta funds are index funds that seek to enhance return or reduce risk relative to a traditional market-cap-weighted index. Strategic-beta ETFs have enjoyed slightly faster organic growth during the past year than other ETFs. Flows, Assets, and Growth of Strategic-Beta ETFs 1 Year Flows $ Bil Assets $ Bil Organic Growth Rate Strategic-Beta ETFs % Other ETFs 157 1,542 13% Source: Morningstar Direct Asset Flows Morningstar, Inc. All rights reserved.

3 After Strong Outflows, Active Investors Head Back to Intermediate-Term Bond Funds Flows to intermediate-term bond funds have rebounded sharply during the past six months. Excluding PIMCO Total Return Bond PTTRX, which has a Morningstar Analyst Rating of Gold, active intermediate-term bond funds have had a sharp rebound in flows. Other active intermediate-term bond funds that are likely taking market share from PIMCO include Gold-rated Metropolitan West Total Return Bond MWTIX. That fund's return ranks in the top-fifth percentile during the past three years. Year to date, the fund has accumulated $5.7 billion, a significant inflow for the $32 billion fund. Silver-rated T. Rowe Price New Income PANIX, Gold-rated Dodge & Cox Income DODIX, and Not Rateable DoubleLine Total Return Bond DBLTX have had year-to-date inflows of $3.6 billion, $3.5 billion, and $2.0 billion, respectively. Foreign large blend and diversified emerging markets led all categories in terms of flows. Both active and passive diversified emerging market funds have had inflows for the past six months. High-yield bond funds had their highest consecutive two months of outflows on record in July and August, as credit spreads widened back to where they were at the start of the year. Weak European GDP numbers likely weighed on the Europe-stock category last month. Still, the category has accumulated $25 billion of inflows during the past year, ranking fifth among all categories. Top- and Bottom-Flowing Categories in August Excludes money markets and funds of funds Estimated Net Flow $Mil Active Passive Aug Year Assets Leading $Bil Aug Year Assets $Bil Foreign Large Blend 1,929 37, ,013 50, Diversified Emerging Mkts 2,576 17, ,304 7, Long Government 1,596 1, ,352 5, Large Blend (175) (3,602) 690 3,030 83,787 1,351 Intermediate-Term Bond 1,215 (38,934) 740 1,626 28, Lagging High-Yield Bond (5,281) 3, , Bank Loan (3,814) 11, (83) 1,738 7 Europe Stock (385) 4, (2,260) 19, Mid-Cap Growth (2,340) (8,033) , Utilities (52) (1,728) Source: Morningstar Direct Asset Flows Morningstar, Inc. All rights reserved.

4 Flows by Fund and Fund Family Among active fund providers, J.P. Morgan has drawn the strongest flows during the past year, followed by Goldman Sachs and Oakmark. Silver-rated JPMorgan Value Advantage JVAIX saw inflows of $334 million last month. The fund s return ranks in the top-two percentile during the past five years in the large-value category and has seen assets more than double in the past year to $8.4 billion. J.P. Morgan began its push into ETFs this past June, launching a strategic-beta fund in the world-stock category. Oakmark s fund assets have grown to $85 billion from $35 billion three years ago, allowing its market share to reach 0.61% from 0.41% in that span. Gold-rated Oakmark OAKMX brought in $1.0 billion in August. Vanguard continues to dominate flows through the strength of its passive lineup of mutual funds and ETFs. In a difficult environment for active funds, Vanguard s $7 billion inflow during the past year is admirable, ranking 14th among active fund providers. As we have noted in the past, a major source of Fidelity s outflows during the past year has been conversions to collective investment trusts. However, it is surprising that these outflows are not being offset by organic inflows. Top 10 U.S. Fund Families Ranked by assets, excluding money markets and funds of funds Active Passive Estimated Net Flows $Mil* Aug Year Assets $Bil Aug Year Assets $Bil Vanguard 395 7, , ,135 1,830 Fidelity Investments (594) (18,608) 1,071 1,456 8, American Funds (219) (7,884) 1,175 Blackrock / ishares , ,029 62, PIMCO (2,060) (64,698) 513 (94) 1,502 6 Franklin Templeton (215) 3, T. Rowe Price (285) 12, , SPDR State Street Global Advisors (2,212) 18, J.P. Morgan 2,051 23, (83) 10 Dimensional Fund Advisors 1,982 26, Source: Morningstar Direct Asset Flows. Among individual funds with notable flows, Silver-rated MFS International Value MGIAX attracted $414 million last month and $5.7 billion during the past year. Silver-rated T. Rowe Price New Income PRCIX brought in $257 million last month and $4.7 billion during the past year. In a sign that investors are losing patience with defensive funds, Silver-rated AMG Yacktman Focused YAFFX and Gold-rated Sequoia SEQUX have suffered unusually large outflows. Both portfolios recently held a high allocation in cash. Bronze-rated MainStay Marketfield MFLDX suffered its worst monthly outflow ever as the long/short fund shed $920 million. Neutral-rated BlackRock Strategic Income Opportunities BSIIX gained $953 million in new cash, even as flows to other popular non-traditional-bond funds slowed. Gold-rated Dodge & Cox International Stock led all active funds in the international stock category group $770 million inflow. The fund ranks in the third percentile during the past three years in the foreign large-blend category Morningstar, Inc. All rights reserved.

5 Top-Flowing Active and Passive Funds in August Excludes money markets and funds of funds Estimated Net Flow $Mil Aug Year Assets Aug 2014 $Mil Assets Aug 2013 $Mil Active Funds PIMCO Long-Term U.S. Government 1,546 2,097 4,006 1,718 Metropolitan West Total Return Bond 1,046 6,172 32,218 24,463 Oakmark 1,007 3,951 16,793 9,982 BlackRock Strategic Income Opportunities ,283 19,718 7,779 Dodge & Cox International Stock 770 7,465 65,254 45,221 Passive Funds Vanguard Total Stock Market Index 3,365 32, , ,667 Vanguard Total Intl Stock Index 2,102 18, ,405 96,379 ishares 7-10 Year Treasury Bond 1,471 3,500 7,749 4,065 Vanguard 500 Index 1,318 4, , ,524 ishares Core S&P 500 1,257 7,483 61,310 43,448 Source: Morningstar Direct Asset Flows. Funds Making Up a Larger Share of Household Net Worth by Michael Rawson and Kelsey Tsai Thanks to strong market appreciation, mutual funds now account for a larger share of household net worth. Based on Federal Reserve data, households and nonprofit organizations hold $7.1 trillion in mutual funds, excluding money market funds. This represents 8.6% of household net worth. Pension entitlements ($19.8 trillion), corporate equity ($13.5), real estate equity ($10.8), noncorporate equity ($8.8), and bank deposits and currency ($8.7) still make up a greater share of household net worth than mutual funds. However, assets in mutual funds have grown faster than these other categories. Assets in bank deposits (time deposits and checking accounts) have also not kept pace with rising net worth, which real estate and equity market appreciation drove Morningstar, Inc. All rights reserved. Source: Federal Reserve's Balance Sheet of Households and Nonprofit Organizations, B.100.

6 Despite the rise in mutual fund assets, assets in money market funds have stagnated. Yet, cash has accumulated in checking accounts. Given the low yields that money market funds offer, investors may prefer the convenience of keeping cash with their bank rather than in a money market account. Those low yields are a function of an abnormally low federal-funds rate, but also increased regulation that requires money market funds to hold shorter-term and higher-quality investments. Households may also be relying more on checking accounts than money market funds because they feel a stronger connection to and have greater trust in their local bank than a broker. The decline in money market fund assets is more pronounced when compared with the rise of total mutual fund assets, suggesting that investors are keeping a smaller share of trading assets in money market funds. Time deposits Checkable Deposits and Currency Money Market Funds Total Assets $ Bil 2014 Q1 7,552 1,097 1, Q1 6, ,099 Share of Household Net Worth 2014 Q1 9.2% 1.3% 1.3% 2011 Q1 10.1% 0.7% 1.7% Source: Federal Reserve's Balance Sheet of Households and Nonprofit Organizations, B Morningstar, Inc. All rights reserved.

7 Morningstar Direct SM Publishing Date: Page 1 of 6 Fund Flows Monthly Market Summary: US Open-end & ETF ex MM ex FoF Including merged and liquidated funds Effective Date Morningstar Categories Ranked by Current TNA ($Mil) Rank Name Estimated Net Flow ($mil) Total Net Assets ($bil) Total Return 1-Mo QTD YTD 1-Yr Mkt Sh % Mkt Sh % 1-Mo YTD 1 Large Blend 2,861 12,698 28,894 80,191 2, , Large Growth (1,716) (7,694) (27,763) (34,294) 1, , Intermediate-Term Bond 2,841 11,189 24,356 (9,964) 1, Large Value ,293 18, Foreign Large Blend 5,942 11,340 58,309 87, Moderate Allocation 532 1,150 8,990 12, Diversified Emerging Mkts 4,879 10,147 15,596 24, World Stock 1,961 1,546 9,293 17, World Allocation ,308 14, High Yield Bond (4,849) (15,785) (6,529) 6, Short-Term Bond 2,183 5,362 15,368 23, Mid-Cap Growth (2,167) (4,112) (7,564) (6,572) Mid-Cap Blend (951) 652 8,683 17, Small Blend (994) (3,106) (3,861) 1, Mid-Cap Value (456) (809) 1,867 3, Conservative Allocation 1,505 3,464 12,811 16, World Bond 1,036 3,590 10,970 10, Small Growth (1,475) (3,446) (7,928) (6,131) (0.24) 19 Multisector Bond 865 1,023 12,189 11, Foreign Large Growth (1,189) (1,659) (1,062) 2, Foreign Large Value 1,284 3,139 14,557 21, Nontraditional Bond 1,449 3,997 24,940 39, Bank Loan (3,896) (5,947) (3,298) 13, Muni National Interm 1,326 2,818 9,432 3, Health 1,915 1,393 6,511 10, Real Estate (466) 194 9,413 8, Small Value (199) (191) 861 1, Muni National Short 783 2,014 5,374 5, Corporate Bond 1,496 1,771 5, Inflation-Protected Bond 790 2,019 (836) (16,705) Intermediate Government (4,227) (14,247) Muni National Long (2,132) (8,239) Emerging Markets Bond (490) 1,731 1,359 (4,510) Ultrashort Bond 1,067 2,830 5,470 8, Technology ,212 5, Morningstar, Inc. All Rights Reserved. For institutional use only. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely.neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Past performance is no guarantee of future results. ß

8 Morningstar Direct SM Publishing Date: Page 2 of 6 Fund Flows Monthly Market Summary: US Open-end & ETF ex MM ex FoF Including merged and liquidated funds Effective Date Morningstar Categories Ranked by Current TNA ($Mil) Rank Name Estimated Net Flow ($mil) Total Net Assets ($bil) Total Return 1-Mo QTD YTD 1-Yr Mkt Sh % Mkt Sh % 1-Mo YTD 36 High Yield Muni 1, ,554 2, Long/Short Equity ,029 19, Europe Stock (2,645) (3,612) 10,238 24, Aggressive Allocation Natural Resources (38) (406) (1,145) (637) Equity Energy (664) (1,338) 5,152 4, Commodities Broad Basket 562 1,963 (592) (9,964) (2.23) Energy Limited Partnership 1,575 3,101 11,785 15, Commodities Precious Metals (229) (5,763) (0.97) Global Real Estate ,508 3, Miscellaneous Region ,688 5, Short Government (385) (4,072) Financial 139 (690) (23) 1, Muni California Long (18) (1,987) Foreign Small/Mid Growth (110) (151) 1,861 3, Multialternative 820 1,329 5,854 8, Utilities (1,781) (1,474) 3,122 1, Market Neutral 1,033 1,935 3,522 4, Tactical Allocation ,563 1, Pacific/Asia ex-japan Stk 832 1,091 (914) (486) Japan Stock , (1.69) Foreign Small/Mid Blend ,808 5, Preferred Stock , Muni New York Long (51) (248) (827) (2,480) Equity Precious Metals ,034 2, Foreign Small/Mid Value ,330 3, Long Government 3,948 4,977 9,251 7, Long-Term Bond 643 1,144 2, Convertibles ,923 4, China Region 1,811 2,407 (424) Muni Single State Long (51) (124) (859) (2,942) Industrials 443 (2,103) (19) 4, Consumer Cyclical 1,276 1,242 (2,634) (1,270) Trading-Leveraged Equity (1,176) (814) (4,468) (2,883) Consumer Defensive 1,251 (189) 333 1, Morningstar, Inc. All Rights Reserved. For institutional use only. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely.neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Past performance is no guarantee of future results. ß

9 Morningstar Direct SM Publishing Date: Page 3 of 6 Fund Flows Monthly Market Summary: US Open-end & ETF ex MM ex FoF Including merged and liquidated funds Effective Date Morningstar Categories Ranked by Current TNA ($Mil) Rank Name Estimated Net Flow ($mil) Total Net Assets ($bil) Total Return 1-Mo QTD YTD 1-Yr Mkt Sh % Mkt Sh % 1-Mo YTD 71 Diversified Pacific/Asia (508) (180) Muni California Intermediate ,292 1, Managed Futures ,419 2, Muni Single State Interm (21) (67) (326) (1,214) Multicurrency (302) (1,062) Muni Single State Short (11) (105) (164) (1,067) Latin America Stock (32) (1,474) Trading-Inverse Equity ,863 2, (17.74) (42.70) 79 Muni Pennsylvania 8 (36) (273) (897) Trading-Inverse Debt ,640 2, (9.28) (29.85) 81 Muni New Jersey (25) (60) (221) (677) India Equity ,980 2, Muni Massachusetts 22 (2) (19) (497) Communications 26 (31) (118) Bear Market (311) (1,616) (11.51) (25.24) 86 Miscellaneous Sector (27) (38) 826 1, Muni Ohio (7) (19) (161) (554) Muni Minnesota 5 5 (46) (319) Muni New York Intermediate (158) Target Date Target Date (2) (21) (21) (25) Volatility ,041 1, (16.80) (20.31) 93 Target Date (16) (23) Commodities Energy (245) (824) (0.05) Target Date Commodities Agriculture 55 (6) (82) (338) (1.37) Target Date (11) (14) Trading-Leveraged Commodities Target Date Single Currency (128) (133) (937) (428) (0.31) Trading-Leveraged Debt , Trading-Miscellaneous (10) 43 (9) (0.10) (2.49) 103 Target Date (9) (17) (33) (60) Retirement Income 14 5 (71) (114) Trading-Inverse Commodities (247) (553) (112) (343) (17.69) 2014 Morningstar, Inc. All Rights Reserved. For institutional use only. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely.neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Past performance is no guarantee of future results. ß

10 Morningstar Direct SM Publishing Date: Page 4 of 6 Fund Flows Monthly Market Summary: US Open-end & ETF ex MM ex FoF Including merged and liquidated funds Effective Date Morningstar Categories Ranked by Current TNA ($Mil) Rank Name Estimated Net Flow ($mil) Total Net Assets ($bil) Total Return 1-Mo QTD YTD 1-Yr Mkt Sh % Mkt Sh % 1-Mo YTD 106 Target Date (7) Target Date (9) (23) (107) (145) Commodities Industrial Metals Target Date Commodities Miscellaneous Top 10 14,176 25, , ,955 8, , All 32,607 61, , ,827 13, , Top Fund Families Ranked by Current TNA ($Mil) Rank Name Estimated Net Flow ($mil) Assets Under Management ($bil) 1-Mo QTD YTD 1-Yr Mkt Sh % Mkt Sh % 1 Vanguard 14,547 32, , ,153 2, , Fidelity Investments 861 (5,289) (8,031) (9,830) 1, , American Funds (219) (959) (377) (7,884) 1, ishares 9,857 13,253 39,592 62, PIMCO (2,154) (3,718) (34,516) (63,196) Franklin Templeton Investments (215) (380) 3,069 3, T. Rowe Price (252) (25) 10,600 13, SPDR State Street Global Advisors (2,201) (869) (10,668) 18, JPMorgan 2,067 4,819 19,581 23, Dimensional Fund Advisors 1,982 4,277 18,753 26, OppenheimerFunds (330) (731) 4,923 8, BlackRock ,167 13, Dodge & Cox 1,636 2,688 10,395 8, MFS 684 1,647 10,210 13, Columbia (1,025) (1,182) (5,938) (9,494) Invesco (128) (243) (543) (1,423) John Hancock 537 1,137 7,788 10, Principal Funds ,867 4, Lord Abbett (53) (155) 1,253 1, Wells Fargo Advantage (324) (803) (1,342) (1,735) Goldman Sachs 1,083 2,209 14,488 21, Janus (658) (1,320) (5,315) (8,731) American Century Investments (1,295) (1,412) (3,713) (6,514) Hartford Mutual Funds (512) (1,069) (4,146) (6,647) PowerShares (322) 974 (158) 6, Morningstar, Inc. All Rights Reserved. For institutional use only. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely.neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Past performance is no guarantee of future results. ß

11 Morningstar Direct SM Publishing Date: Page 5 of 6 Fund Flows Monthly Market Summary: US Open-end & ETF ex MM ex FoF Including merged and liquidated funds Effective Date Top Fund Families Ranked by Current TNA ($Mil) Rank Name Estimated Net Flow ($mil) Assets Under Management ($bil) 1-Mo QTD YTD 1-Yr Mkt Sh % Mkt Sh % 26 Voya (733) (1,438) (4,523) (6,446) Harbor Oakmark 1,164 1,812 9,050 14, MainStay (1,134) (2,245) 1,430 7, Legg Mason (8) 496 2,762 2, SEI ,632 2, TIAA-CREF Mutual Funds ,761 6, First Eagle ,906 4, GMO (482) (140) 1,395 (2,535) Eaton Vance (440) (1,411) (4,695) (5,551) Ivy Funds (718) (1,674) 2,416 6, Putnam ,998 7, Prudential Investments ,076 1, Dreyfus (124) (231) 354 (1,886) Artisan (333) (329) 1,880 4, Federated ,989 1, AllianceBernstein ,554 3, Thornburg (1,194) (1,946) (5,968) (5,905) Nuveen ,501 2, Natixis Funds 388 1,293 4,411 5, USAA ,350 1, Northern Funds (425) (354) 726 1, Deutsche Asset & Wealth Mngt (35) (78) (767) (2,711) Delaware Investments , Neuberger Berman (171) (86) 1,400 2, Top 10 24,273 43, , ,683 8, , Top 50 24,384 46, , ,044 11, , Other 8,223 14,901 86, ,953 2, , All 32,607 61, , ,997 13, , Morningstar, Inc. All Rights Reserved. For institutional use only. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely.neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Past performance is no guarantee of future results. ß

12 Morningstar Direct SM Publishing Date: Page 6 of 6 Fund Flows Monthly Market Summary: US Open-end & ETF ex MM ex FoF Including merged and liquidated funds Effective Date Asset Classes Name Estimated Net Flow ($mil) Assets Under Management ($bil) 1-Mo QTD YTD 1-Yr Mkt Sh % Mkt Sh % US Equity (4,114) (5,975) 3,482 75,747 5, , Sector Equity 4,125 1,638 38,958 60, International Equity 14,507 26, , ,273 2, , Allocation 2,875 6,115 34,800 50,352 1, Taxable Bond 8,557 19,726 99,181 73,042 2, , Municipal Bond 3,553 5,220 17,626 (8,406) Alternative 2,523 5,959 22,463 35, Commodities 580 2,319 (442) (16,838) All Long Term 32,607 61, , ,827 13, , Morningstar Ratings Name Estimated Net Flow ($mil) Total Net Assets ($bil) 1-Mo QTD YTD 1-Yr Mkt Sh % Mkt Sh % QQQQQ 27,182 54, , ,080 2, , QQQQ 4,866 17, , ,358 5, , QQQ (5,283) (21,445) (20,631) (38,364) 4, , QQ (8,930) (12,879) (33,277) (59,232) 1, , Q (754) (2,141) (2,545) (4,944) Not Rated 15,526 26, , , Total 32,607 61, , ,827 13, , Morningstar, Inc. All Rights Reserved. For institutional use only. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely.neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Past performance is no guarantee of future results. ß