Glossary

Active Share is a measure of the percentage of stock holdings in a manager's portfolio that differs from the benchmark index.

A basis point (bp) equals 1/100 of a percentage point. 1 bp = 0.01%, 100 bps = 1%.

Book Value (BV) is the net asset value of a company, calculated by total assets minus intangible assets and liabilities.

Cash flow is the net amount of cash and cash equivalents being transferred into and out of a business. 

Earnings long-term future growth rate is the earnings long-term secular growth rate for a period of three to five years per fund holdings; this figure is not a reflection of the Fund's performance.

Earnings per share (EPS) is a financial measure which indicates the profitability of a company. It is calculated by dividing the company’s net income by its total number of outstanding shares.

An expense ratio measures how much of a fund's assets are used for administrative and other operating expenses. An expense ratio is determined by dividing a fund's operating expenses by the average dollar value of its assets.

Free cash flow (FCF) represents the cash that a company is able to generate after laying out the money required to maintain or expand its asset base.

Market capitalization is the number of a company's outstanding shares multiplied by the price of one share.

The MSCI World Index is a broad global equity index that represents large and mid-cap equity performance across 23 developed markets countries. It covers approximately 85% of the free float-adjusted market capitalization in each country and MSCI world index does not offer exposure to emerging markets.

The NASDAQ Composite Index is an index of more than 3,700 stocks, weighted by market capitalization. The technology sector accounts for just over half the index, more than three times the index weight of any other market sector.

Net Asset Value (NAV) represents the net value of a fund's assets on a per-share basis.

The price-to-book ratio (PB) is a ratio used to compare a company's current market value to its book value.  It's calculated by dividing the company's stock price per share by its book value per share (BVPS).

The price-to-cash flow (P/CF) ratio is a stock valuation indicator or multiple that measures the value of a stock’s price relative to its operating cash flow per share.

The price-to-earnings ratio (P/E) is the ratio for valuing a company that measures its current share price relative to its per-share earnings (EPS). 

Return on invested capital (ROIC) is a calculation used to assess a company's efficiency at allocating the capital under its control to profitable investments. 

The Russell 1000® Value Index consists of stocks in the Russell 1000 Index with lower price-to-book (P/B) ratios and lower forecasted growth values.

The Russell 2000® Index is a market index comprised of 2,000 small-cap companies. The index is frequently used as a benchmark for measuring the performance of small-cap mutual funds.

The S&P 500® Index is a broad-based, unmanaged measurement of changes in stock market conditions based on the average of 500 widely held common stocks.

The S&P 500® Health Care Services Sector comprises those companies included in the S&P 500 that are classified as members of the GICS® health care sector.

Weighted average market capitalization is a type of market or portfolio statistic in which each component is weighted according to the size of its total market capitalization.