REINHART LIMITED DURATION - June 30, 2021 | Separately Managed Account Investment Strategy Letter - Madison ...
←
→
Page content transcription
If your browser does not render page correctly, please read the page content below
R E I N H A RT L I M I T E D D U R AT I O N June 30, 2021 | Separately Managed Account Investment Strategy Letter Reinhart’s fixed income philosophy is centered on the idea of risk management being equally as important as return generation. This means that we will build portfolios that limit absolute and relative risks to acceptable maximum amounts and that we will increase risk exposures in our clients’ portfolios only when offered attractive levels of incremental expected returns in exchange for this increased risk. Our general objective for this portfolio is to offer higher yields and returns than a Government/Credit portfolio while limiting the increase in credit risk from an all-corporate portfolio through a concentration in A-rated or better issues. We pursue this within the constraints of investing only in U.S. dollar denominated corporate bonds maturing in 5 years or less. The U.S. Economy continued its recovery during the second quarter. With COVID vaccination rates increasing and hospitalizations and deaths due to COVID decreasing, people began to “return to normal” at an accelerated pace. Consumer confidence, as well as spending, continued to rebound in the quarter. Despite improvements in the economy, employment numbers continued to lag expectations. Many speculate as to the direct causes, but it is clear employers are struggling to find the help they need. Inflationary pressures continued to rise during the quarter, putting a spotlight on the Fed as it attempts to manage its dual mandate of inflation and employment. The Fed maintained its accommodative monetary policy even though inflationary pressures continued to rise. Although the Fed states inflation will be transitory, the recent dot plot showed that tightening may happen sooner than previously expected. This led to a rise in rates on the short end of the yield curve. The portfolio posted a small absolute return in the quarter as tightening credit spreads led to price appreciation. On a relative basis, returns closely mirrored the benchmark. Duration short of the benchmark contributed to slight relative outperformance as short rates moved higher in the quarter. Meanwhile, the conservative credit positioning of the portfolio led to slightly negative relative return. The portfolio’s high-quality bias hurt as lower quality credit outperformed. Spreads continue to trade at historically tight levels, offering little compensation for credit risk. As a result, the portfolio remains conservatively positioned. With continued accommodative monetary policy and existing fiscal stimulus, the second half of 2021 is poised for strong economic growth. That said, there are still uncertainties that could adversely impact the economy as we move into the third quarter. Adherence to our conservative style of fixed income investing has been, and will always be, the hallmark of Reinhart Fixed Income Team. We thank you for choosing us to manage your fixed income investments and will continue to deliver both the service and risk management driven approach you have come to expect.
R E I N H A RT L I M I T E D D U R AT I O N F I X E D I N C O M E
EINHART ACTIVE INTERMEDIATE FIXED INCOME
June 30, 2021 | Separately Managed Account Performance & Characteristics
NVESTMENT PHILOSOPHY & APPROACH
ur fixed
OUR income
FIRMmanagement investment philosophy’s hallmarks include
uality,Madison
stability, and predictability.
Investments, We isbelieve
founded in 1974, that successful
an independent, fixedinvestment
employee-owned income firm offering investment management
anagement is a product of understanding the role bonds play in a specific
and investment advisory solutions based in Madison, Wisconsin and Milwaukee, Wisconsin. The firm specializes in managing
ent’s high
investment strategy
quality equity and developing
and investment-grade uniquestrategies.
fixed income portfolios to meet the
bjectives of that client.
OUR PHILOSOPHY RANGE OF INVESTMENT OPTIONS
Quality, stability, and predictability1 are the hallmarks LOWER RISK HIGHER RISK
High Quality
of the Reinhart Limited Duration strategy. We believe R
that successful fixed income management is a product CREDIT
Primarily “A” rated or better. RISK
of understanding the role bonds play in a specific Government
Only
High Quality
Investment
Investment
Grade
High Yield
client’s investment strategy and developing unique Grade
Duration
portfoliosConstrained
to meet the objectives of that client. R
INTEREST
Portfolio
X High duration
Qualitytypically within
- Primarily 10%orof
“A” rated better. 2
RATE RISK Duration Interest Rate Leverage
benchmark Index.
X Duration Constrained - Portfolio duration usually
Neutral Anticipation Strategy
within 10% of the benchmark index.
R
WellX Structured
Well Structured - Predictable cash flows at the STRUCTURE
RISK
Predictable cashand
portfolio flows at the
security portfolio and
levels. Highly Predictable
Cash Flow
Unpredictable
Cash Flow
security levels.
X Highly Liquid - Invest in highly liquid bonds, (bullet bonds) (calls, sinks, prepays)
primarily from large issuers with multiple R
LIQUIDITY
Highlysecurities
Liquid across the yield curve. RISK Highly Liquid Readily Marketable Illiquid
(Cash, US (High Quality (High Yield, CMOs,
Invest in highly liquid bonds primarily from large Treasuries, Corporate, Agency Structured Products)
Benchmark MBS)
issuers with multiple securities across the yield Agencies)
curve.
PERFORMANCE
Since
Trailing Returns (%) 2Q YTD 1-Year* 3-Year* 5-Year* 10-Year*
Inception*
Reinhart Limited Duration (gross) 0.23 -0.27 0.19 3.38 2.08 1.93 4.31
MADISONINVESTMENTS.COM | 6
Reinhart Limited Duration (net**) 0.17 -0.39 -0.06 3.12 1.83 1.68 4.01
ICE BofAML 1-5 Year C/G Index 0.30 -0.22 0.57 3.73 2.22 2.03 4.27
*Figures are annualized.
Calendar Year Returns (%) 2020 2019 2018 2017 2016 2015 2014 2013 2012 2011
Reinhart Limited Duration (gross) 4.33 4.48 1.43 1.18 1.39 0.98 1.43 0.35 2.54 3.32
Reinhart Limited Duration (net**) 4.07 4.22 1.18 0.92 1.14 0.73 1.17 0.10 2.28 3.06
ICE BofAML 1-5 Year C/G Index 4.65 5.08 1.40 1.28 1.62 1.05 1.51 0.32 2.47 3.10
**Net returns are calculated using the highest Madison annual fee of 0.25%, calculated monthly. They do not reflect any third-party investment advisory
fees or other expenses that may be incurred in the management of the account. Such fees and expenses will reduce the actual returns of the account. Actual
fees and expenses will vary depending on each individual agreement, so readers should consult their advisors for additional details. See each entity’s Part
2A Disclosure Brochure for more information. Actual returns may vary depending on a particular account’s inception date, trading platform and trading
discretion. Any differences in the timing of trades may result in various performance outcomes for Madison’s separately managed accounts versus model
manager accounts. For periods prior to 1/1/2004, the net returns were calculated using the highest annual fee of 0.35%, calculated monthly.
Madison Investment Holdings, Inc. acquired the fixed income management assets of Reinhart Partners, Inc. on June 11, 2021 and now employs the
Investment Team that previously managed the assets at Reinhart. The Investment Team manages the assets using substantially the same strategies and
objectives as at Reinhart. Performance information dated prior to the purchase reflects that of Reinhart Partners, Inc.
55O SCIENCE DRIVE, MADISON, WI 53711 888.971.7135 MADISONINVESTMENTS.COM
OM | 2
M A D I S O N I N V E S T M E N T S . CFXLD-071621R E I N H A RT L I M I T E D D U R AT I O N F I X E D I N C O M E
June 30, 2021 | Separately Managed Account Performance & Characteristics
Portfolio Characteristics may help you understand how the portfolio, taken as a whole, is situated relative to other portfolios or the
benchmark. See the Definitions section on the last page for more details about each metric presented below.
PORTFOLIO DISCIPLINES FIXED INCOME TEAM
X Manage portfolio risks Michael Wachter, CFA
X Invest in high quality, investment-grade securities Head of Reinhart Fixed Income
Manager Since 1997
X Diversify across sectors, industries, and issuers Marquette University - MBA
University of Wisconsin - Madison - BA
X William Ford, CFA, Portfolio Manager & Credit Analyst
Reinhart Peter Altobelli, CFA, Portfolio Manager & Credit Analyst
Asset Allocation (%) LD
Index X
X Douglas Fry, CFA, Portfolio Manager
Treasury 36.89 65.87
X Katherine Doyle, Portfolio Manager & Credit Analyst
Agency 0.03 9.34
X Sarah Molitor, CFA, Portfolio Manager & Credit Analyst
Mortgage Backed 9.53 --
X Adam Lynch, Portfolio Manager & Credit Analyst
Asset Backed 3.00 --
X Ajla Besic, Associate Portfolio Manager & Credit Analyst
Industrial 16.35 12.23
X Reece Piotter, Associate Portfolio Manager &
Finance 17.68 11.35
Credit Analyst
Utility 11.81 1.22
Cash 4.71 --
Figures may not equal 100% due to rounding. Reinhart
Quality2 Distribution (%) LD
Index
Reinhart
Portfolio Characteristics LD
Index AAA 50.22 72.25
AA 5.30 4.17
Yield to Maturity 0.57% 0.58%
A 36.88 11.19
Average Quality3 AA- AA
BBB 2.86 12.36
Average Maturity (yr) 2.37 2.79
Under BBB 0.02 0.03
Current Yield 2.23% 1.80%
Cash 4.71 --
Effective Duration 2.18 2.71
Figures may not equal 100% due to rounding.
Convexity 0.09 0.10
5 5 O8 8
SC8 .I9E7N1 C
. 7E1 3D5R I V M
E ,AM
DAI SDOI N
SOIN
NV, EWS IT 5M3E7N
1 1T S . C O M 888.971.7135 MADISONINVESTMENTS.COM | 2
OM | 3
M A D I S O N I N V E S T M E N T S . CFXLD-071621DISCLOSURES
DISCLOSURES
1. Quality refers to the bond ratings provided by the various noted.
third-party ratings
1. Quality refers toagencies.
the bond Stability and predictability
ratings provided by the various refer to noted.
All investing involves risks including the possible loss of principal.
the cash flow
third-party of individual
ratings agencies.securities
Stabilityand andnot to the market
predictability refervalue
to There can be involves
All investing no assurance risks the portfolios
including the will achieve
possible losstheir investment
of principal.
or
theperformance
cash flow of of portfoliosecurities
individual holdings.and Therenot istono theguarantee
market value this objectives.
There can be The norisks associated
assurance with an investment
the portfolios will achieve intheir
the portfolio
investment
strategy will leadoftoportfolio
or performance investment success.There is no guarantee this
holdings. can increaseThe
objectives. during
riskstimes of significant
associated market volatility.
with an investment in the The prin-
portfolio
strategy
2. Creditwill lead ratings
quality to investment success.securities of the composite are
on underlying cipal risks of during
can increase investing timesin the portfolio include:
of significant interest rate
market volatility. Therisk, call
prin-
received
2. Creditfrom qualityoneratings
or more onNRSRO
underlying (e.g., S&P, Moody’s,
securities Fitch, etc.)
of the composite are risk,
cipal riskrisksofofdefault
investingandinliquidity risk. As
the portfolio interestinterest
include: rates rise,ratethe prices
risk, call
and converted
received from one to the equivalent
or more NRSRO major rating
(e.g., S&P, category
Moody’s, commonly
Fitch, etc.) of
risk,bonds
risk offall.default
Long-term bonds are
and liquidity more
risk. exposedrates
As interest to interest-rate risk
rise, the prices
utilized by more
and converted tothan one NRSRO.
the equivalent major In rating
the event of split
category rating
commonly than
of bonds short-term bonds. Unlike
fall. Long-term bondsbonds,are more bond portfolios
exposed have ongoing
to interest-rate risk
between
utilized by NSRSOs,
more than (i.e.,
one when
NRSRO.a majority
In theratingeventcannot
of splitberating
derived), fees
thanand expenses.
short-term PleaseUnlike
bonds. consultbonds,
with your
bondfinancial
portfolios advisor to deter-
have ongoing
the lowerNSRSOs,
between rating is used.(i.e., Bonds
when abacked
majority byrating
U.S. Government
cannot be derived), or mine
fees and your risk tolerance
expenses. Please and consultinvestment
with your objectives.
financial advisor to deter-
agency
the lower securities
rating isare given
used. an implied
Bonds backedrating by U.S. equal to the rating
Government or of mine
It should yournot riskbetolerance
assumedand thatinvestment
recommendationsobjectives. made in the future
such
agency securities.
securitiesRatings
are given andanportfolio
implied credit
ratingquality
equal tomay thechange
rating of over will be profitable
It should or will equal
not be assumed the performance ofmade
that recommendations the securities
in the futurein
time. Portfolio distributions
such securities. are rounded
Ratings and portfolio creditto quality
the nearest may0.1%.change over this
will list.
be profitable or will equal the performance of the securities in
time.
3.ThisPortfolio
measure distributions
is not the result are ofrounded to the nearest
an assessment 0.1%. quality
of the credit this list. may vary depending on account inception date, objective,
of the composite’s
3.This measure is not portfolio by aofNationally
the result an assessment Recognized Statistical
of the credit quality Holdings
Rating Agency (“NRSRO”)
of the composite’s portfolio by or aany other independent
Nationally Recognizedentity. Statistical cash
Holdings flows,may marketvaryvolatility,
depending andonother
accountvariables.
inception Anydate,securities
objective,
Rating Agency (“NRSRO”) or any isother independent identified
cash flows,and marketdescribed herein
volatility, anddoother
not represent
variables. allAny of the securities
securities
The benchmark for this composite the ICE BofAMLentity. 1-5 Year US purchased
identified and or sold, and these
described hereinsecurities
do not may not be
represent allpurchased for a
of the securities
Corporate
The benchmark & Government Index. This
for this composite is the index
ICEmeasures
BofAMLthe 1-5perfor-
Year US new
purchasedaccount. There
or sold, and is no
theseguarantee
securities that
may anynotsecurities
be purchasedtransactions
for a
mance
Corporate of US investment grade
& Government Index.debtThistraded
indexinmeasures
the US domestic
the perfor- mar- identified
new account. and described
There is noherein were,that
guarantee or will
anybe profitable.
securities Any
transactions
ket,
mance including US Treasury,
of US investment US debt
grade agency,tradedforeignin the government,
US domestic supra-
mar- securities
identified identified
and described and described
herein were, herein are be
or will notprofitable.
a recommendationAny
national and corporate
ket, including US Treasury, securities that have
US agency, a term
foreign to final maturity
government, supra- to buy or identified
securities sell, and isand notdescribed
a solicitation forare
herein brokerage services.
not a recommendation
of at leastand
national onecorporate
year, but securities
no greaterthat thanhave fiveayears.
term Index
to finalinformation
maturity to
Upon buyrequest,
or sell, and is not may
Madison a solicitation
furnish tofor thebrokerage
client or services.
institution a list
is
of included
at least onemerely
year,tobut show the general
no greater thantrend in theIndex
five years. market for the
information of
Upon all security
request,recommendations
Madison may furnish madetowithin the past
the client year.
or institution a list
periods
is includedindicated
merelyand is notthe
to show intended
generaltotrend imply in that the portfolio
the market for the of all security recommendations made within the past year.
was similar
periods to an index
indicated and iseither in composition
not intended to implyorthat element of risk. An
the portfolio Effective Duration: a measure of a portfolio’s interest-rate sensitivity.
index is unmanaged,
was similar to an index and an investment
either in composition cannot orbe made directly
element of risk. An into The longer
Effective a portfolio’s
Duration: duration,
a measure of athe more sensitive
portfolio’s the portfolio
interest-rate is
sensitivity.
an index.
index Index returns
is unmanaged, anddoannot reflect thecannot
investment deduction be madeof advisory
directlyfeesinto to
Theshifts
longer in interest rates.duration,
a portfolio’s Average Maturity: computed
the more sensitive thebyportfolio
weighting is
or
an any other
index. Indexfeesreturns
or expenses.do notIndex
reflectreturns reflect theofreinvestment
the deduction advisory fees the maturity
to shifts of eachrates.
in interest security
Averagein the portfoliocomputed
Maturity: by the market value of
by weighting
of
or dividends,
any other fees interest, and other
or expenses. earnings.
Index returnsReinhart
reflect the data is for a
reinvestment the security,
maturity then averaging
of each securitythesein theweighted
portfolio figures.
by theYield
market to Maturity
value of
representative model account.
of dividends, interest, and other earnings. Reinhart data is for a measures
the security, thethenannual return an
averaging investor
these weightedwould receive
figures. if they
Yield held
to Maturity
representative
**Net returns are model account.
calculated using the highest Madison annual fee of ameasures
particular thebondannualuntil maturity
return as of the
an investor end of
would a report
receive period.
if they held
0.25%, calculated
**Net returns monthly. They
are calculated usingdo thenot reflectMadison
highest any third-party
annual fee in-of In order to make
a particular bond comparisons
until maturitybetween as of theinstruments
end of a report with period.
different
vestment advisory fees
0.25%, calculated or other
monthly. expenses
They do notthat mayany
reflect be third-party
incurred in in- the payment
In order to frequencies,
make comparisonsa standard yield calculation
between instruments basiswithis assumed.
different
management
vestment advisory of thefees
account.
or otherSuch fees and
expenses thatexpenses
may be will reduceinthe
incurred theactual This
payment yieldfrequencies,
is calculateda assuming
standard yieldsemiannual
calculationcompounding.
basis is assumed.Portfolio
returns
managementof the ofaccount.
the account.ActualSuch
fees and expenses
fees and expenseswill will
varyreduce
dependingthe actual Turnover:
This yield is a measure
calculated of assuming
the trading activity incompounding.
semiannual an investment Portfolioport-
on each ofindividual
returns the account. agreement, so readers
Actual fees shouldwill
and expenses consult
varytheir advisors
depending folio—how
Turnover: a often measure securities are bought
of the trading and in
activity soldanby a portfolio.
investment The
port-
for additional
on each details.
individual See each so
agreement, entity’s
readersPart 2A Disclosure
should consult their Brochure
advisors for range
folio—how representsoftenthe typical are
securities turnover
bought of and
the portfolio. Convexity:
sold by a portfolio. the
The
more information.
for additional Actual
details. returns
See each may Part
entity’s vary 2A depending
Disclosure on Brochure
a particular for measure of the curvature,
range represents the typicalorturnover
the degree of ofthethe curve, inConvexity:
portfolio. the relation-the
account’s inception Actual
more information. date, trading
returnsplatform
may varyand trading discretion.
depending on a particular Any ship
measure between
of thebond prices and
curvature, or thebond yields.
degree of the curve, in the relation-
differences in the timing
account’s inception date, of tradesplatform
trading may result and intrading
variousdiscretion.
performance Anyout- ship between
“Madison” bond“Madison
and/or prices andInvestments”
bond yields. is the unifying tradename
comes for Madison’s
differences in the timing separately managed
of trades may result accounts versus performance
in various model manager out- of Madisonand/or
“Madison” Investment“Madison Holdings, Inc., Madison
Investments” Asset Management,
is the unifying tradename
accounts.
comes for Madison’s separately managed accounts versus model manager LLC (“MAM”),
of Madison and Madison
Investment Holdings,Investment Advisors,
Inc., Madison AssetLLC (“MIA”),
Management,
accounts.
All or some of the information is presented as “supplemental in- which also includes
LLC (“MAM”), andthe Madison
Madison ScottsdaleAdvisors,
Investment office. MAM and MIA
LLC (“MIA”),
formation”
All or some included as part of the
of the information GIPS® compliant
is presented performance
as “supplemental in- are
whichregistered as investment
also includes the Madison advisers with theoffice.
Scottsdale U.S. Securities
MAM andand MIA
presentation
formation” includedfor the Reinhart
as part ofLimited
the GIPS® Duration
compliant Fixedperformance
Income Com- Exchange
are registered Commission.
as investment Madison
advisersFunds
withare thedistributed
U.S. Securities by MFD and
posite on thefor
presentation reverse side, which
the Reinhart must Duration
Limited be included FixedwithIncome
this material.
Com- Distributor,
Exchange Commission. LLC. MFDMadison Distributor, FundsLLC areisdistributed
registered with by MFD the
References
posite on the to reverse
“Reinhart side,LD” are must
which to thatbecomposite
included with and references
this material. to U.S. Securities
Distributor, LLC.andMFDExchange Commission
Distributor, LLC isasregistered
a broker-dealer
with the and is
inception
Referencesdate refer to performance
to “Reinhart LD” are to that sincecomposite
12/31/1994. andYear-to-date,
references to aU.S.
member firm and
Securities of the FinancialCommission
Exchange Industry Regulatory Authority.and
as a broker-dealer The is
quarterly
inception and dateannualized performance
refer to performance sincefigures are considered
12/31/1994. “prelim-
Year-to-date, home
a member officefirm
for ofeach
thefirm listed above
Financial Industry is 550 Science Authority.
Regulatory Drive, Madison,The
inary”
quarterlyas ofandtheannualized
date of this piece. GIPS®
performance is a registered
figures are consideredtrademark of
“prelim- WI
home 53711.
office Madison’s
for each firm toll-free
listednumber
above isis550 800-767-0300.
Science Drive, Madison,
CFA
inary”Institute.
as of theCFA date Institute doesGIPS®
of this piece. not endorse or promote
is a registered this orga-
trademark of WI
Any53711.
performanceMadison’sdata toll-free number ispast
shown represents 800-767-0300.
performance. Past
nization,
CFA Institute.nor doesCFAit Institute
warrant the doesaccuracy
not endorse or quality of the content
or promote this orga- performance
Any performance is nodata
guarantee
shownofrepresents
future results.
past performance. Past
contained
nization, nor herein.
does it warrant the accuracy or quality of the content performance
Non-deposit is no guarantee
investment of future
products results.
are not federally insured, involve
contained
Indices areherein.
unmanaged. An investor cannot invest directly in an investment
Non-depositrisk, may loseproducts
investment value andarearenot notfederally
obligations of, orinvolve
insured, guaran-
index.
IndicesThey are shown for
are unmanaged. Anillustrative
investor cannot purposes only,
invest and doinnot
directly an teed by, anyrisk,
investment financial
may loseinstitution.
value andInvestment returns and
are not obligations of, principal
or guaran-
represent
index. They theareperformance of any specific
shown for illustrative investment.
purposes only, and Index returns
do not value
teed by, willany
fluctuate.
financial institution. Investment returns and principal
do not include
represent any expenses,
the performance of fees or sales charges,
any specific investment. which Indexwould lower
returns value will fluctuate.
This report is for informational purposes only and is not intended
performance.
do not include any expenses, fees or sales charges, which would lower as anreport
This offer oris solicitation
for informational with respect
purposes to the
onlypurchase
and is not or sale of any
intended
performance.
Trailing returns are considered “preliminary” as of the date of this security.
as an offer or solicitation with respect to the purchase or sale of any
piece.
Trailing Portfolio
returns data is as of the“preliminary”
are considered date of this piece as ofunless
the dateotherwise
of this security.
piece. Portfolio data is as of the date of this piece unless otherwise
5 5 O8 8
SC8 .I9E7N1 C
. 7E1 3D5R I V M
E ,AM
DAI SDOI N
SOIN
NV, EWS IT 5M3E7N
1 1T S . C O M 888.971.7135 MADISONINVESTMENTS.COM | 3
5 5 O8 8
SC8 .I9E7N1 C
. 7E1 3D5R I V M
E ,AM
DAI SDOI N
SOIN
NV, EWS IT 5M3E7N
1 1T S . C O M 888.971.7135 OM | 3
M A D I S O N I N V E S T M E N T S . CFXLD-071621
FXLD-071621
MADISONINVESTMENTS.COM | 4Year End Composite Return ICE BofAML 1-5 Year Annual Composite 3-year Annualized Standard Deviation Number of Composite Assets Total Firm
Dec. 31 Gross of Fees Net of Fees U.S. Corp/Gov Dispersion Composite ICE BofAML 1-5 Year Portfolios in Dollars % of Firm Assets ($Mil)
U.S. Corp/Gov Composite ($Mil) Assets
2020 4.33% 4.07% 4.65% 0.22 1.29 1.43 155 $92.2 1.5% $6,168.3
2019 4.48% 4.22% 5.08% 0.20 1.14 1.33 105 $60.8 1.1% $5,673.1
2018 1.43% 1.18% 1.40% 0.07 1.07 1.32 92 $62.7 1.2% $5,036.9
2017 1.18% 0.92% 1.28% 0.10 0.97 1.28 84 $57.2 1.0% $5,493.9
2016 1.39% 1.14% 1.62% 0.14 1.01 1.35 74 $67.5 1.2% $5,738.4
2015 0.98% 0.73% 1.05% 0.13 0.98 1.21 73 $74.3 1.4% $5,261.8
2014 1.43% 1.17% 1.51% 0.21 0.92 1.09 77 $101.3 2.1% $4,923.1
2013 0.35% 0.10% 0.32% 0.14 1.07 1.18 45 $79.1 1.7% $4,585.6
2012 2.54% 2.28% 2.47% 0.19 1.12 1.31 9 $40.4 1.0% $4,097.3
2011 3.32% 3.06% 3.10% 0.00 1.47 1.64 8 $31.7You can also read
