Competition in Investment Products
A central belief of the market system is that competition improves outcomes for citizens. One way to think about competition is to assess whether investors have adequate choices.
* Expected Returns: Valuation theory shows that the expected return of a security is a function of its current price, its book equity (assets minus liabilities) and expected future profits. We use information in current market prices and company financials to identify differences in expected returns among securities, seeking to overweight securities with higher expected returns based on this current market information. Actual returns may be different than expected returns, and there is no guarantee that the strategy will be successful.
** As of 12/31/2019