![]() Return on Capital (ROC) is a measure of how effectively a company uses the money (borrowed or owned) invested in its operations. Free Cash Flow is a measure of financial performance calculated as operating cash flow minus capital expenditures. Active Share can range from 0% for an index fund that perfectly mirrors its benchmark to 100% for a portfolio with no overlap with an index. Active Share is defined as the percentage of a portfolio that differs from its benchmark index. Return on Assets (ROA) is a profitability ratio that measures the amount of net income returned as a percentage of total assets. It is calculated by looking at earnings before the deduction of interest expenses, taxes, depreciation, and amortization. EBITDA is an approximate measure of a company's operating cash flow based on data from the company's income statement. EV is calculated as the market capitalization of the company plus its long-term debt. Enterprise Value to Earnings Before Interest, Taxes, Depreciation and Amortization (EV/EBITDA) is a measure of the intrinsic value of a business. The aggregate calculation excludes companies classified by GICS as banks, consumer finance and capital markets to focus on nonfinancial liabilities. Net Debt/Capital reflects a company’s financial leverage as measured by its net debt (total debt minus cash & cash equivalents) divided by total capital. Earnings figures used for FY1 and FY2 are estimates for the current and next unreported fiscal years. Price-to-Earnings Ratio (P/E Ratio) measures how expensive a stock is. Weighted Harmonic Average is a calculation of weighted average commonly used for rates or ratios. Weighted Average is the average of values weighted to the data set's composition. ![]() Market Cap (USD) is the aggregate value of all of a company's outstanding equity securities. ![]() If information is unavailable for a particular security Artisan may use data from a related security to calculate portfolio statistics. For the purpose of determining the Fund's holdings, securities of the same issuer are aggregated to determine the weight in the Fund. Cash weighting includes cash and cash equivalents. Totals may not sum due to rounding. Performance results for the Index include reinvested dividends and are presented net of foreign withholding taxes but, unlike the portfolio's returns, do not reflect the payment of sales commissions or other expenses incurred in the purchase or sale of the securities included in the indices.ĭata & Statistics Sources: Artisan Partners/MSCI/GICS. Sector exposure percentages reflect sector designations as currently classified by GICS. Annual turnover is reported as of the strategy’s fiscal year end. Artisan Partners may exclude outlier data and certain securities which lack applicable attributes, such as private securities when calculating portfolio statistics. Interest income is recorded on the accrual basis. Dividend income is recorded net of foreign withholding taxes on ex-dividend date or as soon after the ex-dividend date as the information becomes available to Artisan Partners. All performance results are net of commissions and transaction costs, and have been presented gross and net of investment advisory fees. Fees may be higher for certain pooled vehicles and the composite may include accounts with performance-based fees. Net-of-fees composite returns were calculated using the highest model investment advisory fees applicable to portfolios within the composite. Performance Source: Artisan Partners/MSCI. Value securities may underperform other asset types during a given period. Securities of small- and medium-sized companies tend to have a shorter history of operations, be more volatile and less liquid and may have underperformed securities of large companies during some periods. Such risks include new and rapidly changing political and economic structures, which may cause instability underdeveloped securities markets and higher likelihood of high levels of inflation, deflation or currency devaluations. International investments involve special risks, including currency fluctuation, lower liquidity, different accounting methods and economic and political systems, and higher transaction costs. These risks typically are greater in emerging and less developed markets, including frontier markets.
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