|
The determination of capitalization for equity securities depends on the domicile of the securities that are being analyzed, as follows:
| Domestic Stocks & Stock Funds |
| Size | Market Capitalization* |
|---|
Large Cap
Mid Cap
Small Cap |
> $10.0 Billion
<$1.5 Billion and <=$10.0 Billion
<=$1.5 Billion |
| Developed Foreign & Emerging Market Stock Funds |
| Size | Market Capitalization* |
|---|
Large Cap
Mid Cap
Small Cap |
> $5.0 Billion
<$1.0 Billion and <=$5.0 Billion
<=$1.0 Billion |
*Note for mutual funds, we use weighted average market capitalization when available.
For domestic securities the determination of style (Growth, Value or Blend) is based on an evaluation of the
price-to-earnings and price-to-book values for the security relative to other securities. A style score is
computed from this and other fundamental information and each security is assigned a style category based on
where its score falls in the total distribution of unique style scores for domestic stocks and stock funds.
For example, those securities with scores that comprise the highest 25% of the total distribution will be assigned
a Growth style.
| Style | Style Score Percentile |
|---|
Growth
Blend
Value |
Top 25%
Middle 50%
Bottom 25% |
Bond quality classifications are based on the following:
| Quality | Rating |
|---|
| Investment Grade | AAA or AA |
| Mid Grade | A or BBB |
| High Yield | All others |
Bond maturity classifications are based on duration, which is a measure of interest rate sensitivity.
Duration correlates to maturity, and the classifications by maturity are generally equivalent to the following:
| Classification | Maturity |
|---|
| Short Term | < 4 years |
| Medium Term | 4-10 years |
| Long Term | > 10 years |
Foreign stock funds are classified as developed or emerging based on the objective or description of the fund, as follows:
| Classification | Market |
|---|
| Emerging | Mexico, India, Malaysia, China, Indonesia, Turkey, Brazil, Philippines, Chile, Thailand,
Russia, Poland, Argentina, Hungary, Peru, Czech, Ivory Coast, Egypt, So. Africa, Morocco, Israel, Romania, Nigeria |
| Developed | European, Global, Pacific, Foreign |
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