ECP Asset Management

Our
Approach

Every aspect of our process and philosophy is geared towards long-term growth.

Navigating Away from the Benchmark

The first chart is a measure of our 'active orientation'. The scores on the y axis measure how different a portfolio composition is from the benchmark (unique ideas). This is referred to as our 'active share'. The scores on the x axis measure how different our returns are from our benchmark. This is referred to as our 'tracking error' and is a measure of concentration (conviction) in those ideas. The middle lines in the chart help to group managers into quadrants, the top right quadrant being the most active (unique ideas, and concentrated), and the bottom left being the least active (not so unique, and diversified). ECP's position demonstrates our commitment to strong active management.

0257912140204060801002009-01-31 — Tracking error 6.1%, active share 72.4%2009-02-28 — Tracking error 6.2%, active share 71.9%2009-03-31 — Tracking error 6.1%, active share 70.5%2009-04-30 — Tracking error 6.3%, active share 71.7%2009-05-31 — Tracking error 6.5%, active share 71.8%2009-06-30 — Tracking error 6.5%, active share 71.0%2009-07-31 — Tracking error 6.3%, active share 70.6%2009-08-31 — Tracking error 6.4%, active share 71.5%2009-09-30 — Tracking error 6.1%, active share 70.9%2009-10-31 — Tracking error 6.3%, active share 70.8%2009-11-30 — Tracking error 6.1%, active share 70.6%2009-12-31 — Tracking error 6.3%, active share 70.8%2010-01-31 — Tracking error 6.2%, active share 70.9%2010-02-28 — Tracking error 6.2%, active share 70.9%2010-03-31 — Tracking error 5.9%, active share 70.3%2010-04-30 — Tracking error 5.9%, active share 69.4%2010-05-31 — Tracking error 5.9%, active share 69.4%2010-06-30 — Tracking error 5.8%, active share 69.5%2010-07-31 — Tracking error 5.7%, active share 69.2%2010-08-31 — Tracking error 6.2%, active share 69.4%2010-09-30 — Tracking error 6.1%, active share 69.9%2010-10-31 — Tracking error 6.1%, active share 69.2%2010-11-30 — Tracking error 6.1%, active share 69.2%2010-12-31 — Tracking error 6.0%, active share 68.8%2011-01-31 — Tracking error 5.9%, active share 68.6%2011-02-28 — Tracking error 5.9%, active share 68.6%2011-03-31 — Tracking error 5.7%, active share 69.1%2011-04-30 — Tracking error 6.0%, active share 68.0%2011-05-31 — Tracking error 5.9%, active share 68.1%2011-06-30 — Tracking error 5.8%, active share 68.7%2011-07-31 — Tracking error 5.7%, active share 68.8%2011-08-31 — Tracking error 5.7%, active share 69.1%2011-09-30 — Tracking error 5.6%, active share 69.2%2011-10-31 — Tracking error 5.7%, active share 69.0%2011-11-30 — Tracking error 5.6%, active share 67.5%2011-12-31 — Tracking error 5.6%, active share 66.8%2012-01-31 — Tracking error 5.5%, active share 66.3%2012-02-29 — Tracking error 5.6%, active share 67.2%2012-03-31 — Tracking error 5.8%, active share 67.7%2012-04-30 — Tracking error 5.7%, active share 68.7%2012-05-31 — Tracking error 6.0%, active share 68.8%2012-06-30 — Tracking error 5.9%, active share 68.5%2012-07-31 — Tracking error 5.8%, active share 67.9%2012-08-31 — Tracking error 6.0%, active share 68.8%2012-09-30 — Tracking error 6.0%, active share 68.9%2012-10-31 — Tracking error 5.7%, active share 65.4%2012-11-30 — Tracking error 5.7%, active share 65.6%2012-12-31 — Tracking error 5.8%, active share 65.1%2013-01-31 — Tracking error 5.8%, active share 65.9%2013-02-28 — Tracking error 6.0%, active share 64.4%2013-03-31 — Tracking error 5.5%, active share 65.1%2013-04-30 — Tracking error 5.5%, active share 64.1%2013-05-31 — Tracking error 5.3%, active share 64.8%2013-06-30 — Tracking error 5.1%, active share 64.2%2013-07-31 — Tracking error 5.1%, active share 64.3%2013-08-31 — Tracking error 5.4%, active share 64.2%2013-09-30 — Tracking error 5.2%, active share 64.3%2013-10-31 — Tracking error 5.2%, active share 63.9%2013-11-30 — Tracking error 5.3%, active share 68.7%2013-12-31 — Tracking error 5.1%, active share 68.4%2014-01-31 — Tracking error 5.0%, active share 68.5%2014-02-28 — Tracking error 5.6%, active share 69.9%2014-03-31 — Tracking error 5.5%, active share 70.4%2014-04-30 — Tracking error 4.9%, active share 69.2%2014-05-31 — Tracking error 4.8%, active share 68.9%2014-06-30 — Tracking error 4.7%, active share 68.8%2014-07-31 — Tracking error 4.6%, active share 69.3%2014-08-31 — Tracking error 4.7%, active share 69.6%2014-09-30 — Tracking error 4.3%, active share 70.0%2014-10-31 — Tracking error 4.3%, active share 69.5%2014-11-30 — Tracking error 4.5%, active share 69.6%2014-12-31 — Tracking error 4.2%, active share 69.6%2015-01-31 — Tracking error 4.3%, active share 70.3%2015-02-28 — Tracking error 4.2%, active share 70.7%2015-03-31 — Tracking error 4.5%, active share 69.9%2015-04-30 — Tracking error 4.8%, active share 69.8%2015-05-31 — Tracking error 5.0%, active share 70.4%2015-06-30 — Tracking error 4.9%, active share 70.1%2015-07-31 — Tracking error 5.5%, active share 73.3%2015-08-31 — Tracking error 6.0%, active share 74.3%2015-09-30 — Tracking error 6.1%, active share 74.1%2015-10-31 — Tracking error 6.5%, active share 74.7%2015-11-30 — Tracking error 6.8%, active share 74.3%2015-12-31 — Tracking error 7.2%, active share 74.1%2016-01-31 — Tracking error 7.6%, active share 74.5%2016-02-29 — Tracking error 8.2%, active share 70.2%2016-03-31 — Tracking error 5.9%, active share 70.4%2016-04-30 — Tracking error 6.8%, active share 70.3%2016-05-31 — Tracking error 7.0%, active share 72.9%2016-06-30 — Tracking error 6.0%, active share 69.7%2016-07-31 — Tracking error 6.5%, active share 69.7%2016-08-31 — Tracking error 6.1%, active share 71.6%2016-09-30 — Tracking error 7.7%, active share 71.6%2016-10-31 — Tracking error 6.7%, active share 71.8%2016-11-30 — Tracking error 6.9%, active share 73.0%2016-12-31 — Tracking error 6.3%, active share 74.5%2017-01-31 — Tracking error 6.6%, active share 78.1%2017-02-28 — Tracking error 7.3%, active share 78.4%2017-03-31 — Tracking error 7.1%, active share 78.2%2017-04-30 — Tracking error 5.4%, active share 72.5%2017-05-31 — Tracking error 5.5%, active share 74.6%2017-06-30 — Tracking error 5.6%, active share 74.4%2017-07-31 — Tracking error 5.5%, active share 74.3%2017-08-31 — Tracking error 5.4%, active share 74.7%2017-09-30 — Tracking error 5.7%, active share 74.2%2017-10-31 — Tracking error 5.6%, active share 73.8%2017-11-30 — Tracking error 5.7%, active share 74.1%2017-12-31 — Tracking error 6.0%, active share 74.4%2018-01-31 — Tracking error 5.8%, active share 74.3%2018-02-28 — Tracking error 5.7%, active share 73.6%2018-03-31 — Tracking error 5.8%, active share 73.9%2018-04-30 — Tracking error 5.1%, active share 76.0%2018-05-31 — Tracking error 5.4%, active share 76.5%2018-06-30 — Tracking error 5.4%, active share 76.4%2018-07-31 — Tracking error 5.3%, active share 75.2%2018-08-31 — Tracking error 5.8%, active share 75.4%2018-09-30 — Tracking error 6.2%, active share 77.0%2018-10-31 — Tracking error 6.4%, active share 75.1%2018-11-30 — Tracking error 6.6%, active share 75.2%2018-12-31 — Tracking error 6.2%, active share 74.5%2019-01-31 — Tracking error 6.6%, active share 74.8%2019-02-28 — Tracking error 6.3%, active share 74.4%2019-03-31 — Tracking error 6.2%, active share 74.3%2019-04-30 — Tracking error 6.3%, active share 74.1%2019-05-31 — Tracking error 5.9%, active share 73.8%2019-06-30 — Tracking error 6.3%, active share 73.2%2019-07-31 — Tracking error 6.4%, active share 73.4%2019-08-31 — Tracking error 6.6%, active share 72.7%2019-09-30 — Tracking error 6.9%, active share 73.1%2019-10-31 — Tracking error 6.8%, active share 78.1%2019-11-30 — Tracking error 6.9%, active share 77.5%2019-12-31 — Tracking error 7.0%, active share 78.1%2020-01-31 — Tracking error 6.9%, active share 78.8%2020-02-29 — Tracking error 7.3%, active share 78.4%2020-03-31 — Tracking error 6.9%, active share 81.0%2020-04-30 — Tracking error 7.3%, active share 79.4%2020-05-31 — Tracking error 7.5%, active share 78.8%2020-06-30 — Tracking error 7.5%, active share 77.5%2020-07-31 — Tracking error 7.7%, active share 77.5%2020-08-31 — Tracking error 7.8%, active share 79.5%2020-09-30 — Tracking error 7.4%, active share 79.0%2020-10-31 — Tracking error 7.5%, active share 78.2%2020-11-30 — Tracking error 7.7%, active share 75.5%2020-12-31 — Tracking error 7.4%, active share 75.4%2021-01-31 — Tracking error 7.8%, active share 75.6%2021-02-28 — Tracking error 7.2%, active share 76.7%2021-03-31 — Tracking error 7.0%, active share 76.4%2021-04-30 — Tracking error 7.3%, active share 76.9%2021-05-31 — Tracking error 7.3%, active share 76.8%2021-06-30 — Tracking error 7.4%, active share 76.6%2021-07-31 — Tracking error 7.3%, active share 76.6%2021-08-31 — Tracking error 7.9%, active share 75.8%2021-09-30 — Tracking error 7.5%, active share 74.2%2021-10-31 — Tracking error 7.0%, active share 75.9%2021-11-30 — Tracking error 7.0%, active share 76.3%2021-12-31 — Tracking error 7.5%, active share 76.1%2022-01-31 — Tracking error 7.8%, active share 79.2%2022-02-28 — Tracking error 8.2%, active share 78.8%2022-03-31 — Tracking error 9.3%, active share 77.8%2022-04-30 — Tracking error 9.3%, active share 77.6%2022-05-31 — Tracking error 9.1%, active share 77.2%2022-06-30 — Tracking error 8.9%, active share 77.8%2022-07-31 — Tracking error 9.4%, active share 79.7%2022-08-31 — Tracking error 9.6%, active share 79.9%2022-09-30 — Tracking error 9.4%, active share 79.7%2022-10-31 — Tracking error 8.8%, active share 79.6%2022-11-30 — Tracking error 8.9%, active share 79.4%2022-12-31 — Tracking error 9.0%, active share 80.1%2023-01-31 — Tracking error 8.8%, active share 80.2%2023-02-28 — Tracking error 8.1%, active share 79.7%2023-03-31 — Tracking error 8.7%, active share 79.8%2023-04-30 — Tracking error 9.2%, active share 80.3%2023-05-31 — Tracking error 9.2%, active share 79.9%2023-06-30 — Tracking error 9.3%, active share 80.1%2023-07-31 — Tracking error 10.3%, active share 80.8%2023-08-31 — Tracking error 10.7%, active share 82.4%2023-09-30 — Tracking error 11.3%, active share 80.7%2023-10-31 — Tracking error 9.9%, active share 81.6%2023-11-30 — Tracking error 9.5%, active share 80.8%2023-12-31 — Tracking error 10.1%, active share 79.9%2024-01-31 — Tracking error 10.0%, active share 81.6%2024-02-29 — Tracking error 10.7%, active share 81.5%2024-03-31 — Tracking error 11.2%, active share 80.9%2024-04-30 — Tracking error 9.9%, active share 81.5%2024-05-31 — Tracking error 9.5%, active share 81.2%2024-06-30 — Tracking error 8.9%, active share 80.8%2024-07-31 — Tracking error 9.0%, active share 80.5%2024-08-31 — Tracking error 9.5%, active share 80.7%2024-09-30 — Tracking error 9.7%, active share 81.1%2024-10-31 — Tracking error 10.1%, active share 84.4%2024-11-30 — Tracking error 10.2%, active share 84.6%2024-12-31 — Tracking error 9.8%, active share 84.4%2025-01-31 — Tracking error 10.0%, active share 86.3%2025-02-28 — Tracking error 11.1%, active share 86.7%2025-03-31 — Tracking error 11.2%, active share 87.2%2025-04-30 — Tracking error 10.4%, active share 85.4%2025-05-31 — Tracking error 10.8%, active share 86.5%2025-06-30 — Tracking error 9.9%, active share 89.7%2025-07-31 — Tracking error 9.9%, active share 86.5%2025-08-31 — Tracking error 9.3%, active share 88.0%2025-09-30 — Tracking error 9.8%, active share 88.3%2025-10-31 — Tracking error 9.5%, active share 88.7%2025-11-30 — Tracking error 9.8%, active share 88.0%2025-12-31 — Tracking error 9.6%, active share 88.3%2026-01-31 — Tracking error 9.6%, active share 88.4%2026-02-28 — Tracking error 10.3%, active share 89.1%2026-03-31 — Tracking error 9.4%, active share 88.9%Tracking Error (%)Active Share (%)

Consistent Investment Process

Having a high active orientation is great, but as a manager we also need to be able to articulate where we're taking risk (and looking for return) in our portfolio. As a bottom up manager, you would expect that most of our tracking error (risk) should be driven by stock selection (equity), as opposed to being driven primarily by other factors (e.g. currency and commodity). This chart demonstrates that what drives our tracking error is consistent through time. This is an indication that there is an investment process at work.

Where we take our risk

-8.3%28.8%66.0%103.1%% of Risk from Market: min 0.0%, lower quartile 0.7%, upper quartile 2.9%, max 95.4%Market% of Risk from Currency: min -0.6%, lower quartile 0.2%, upper quartile 2.1%, max 63.6%Currency% of Risk from Style: min 4.8%, lower quartile 10.6%, upper quartile 18.1%, max 30.9%Style% of Risk from Sector: min 6.6%, lower quartile 15.4%, upper quartile 28.9%, max 46.0%Sector% of Risk from Equity: min 0.9%, lower quartile 50.6%, upper quartile 64.0%, max 86.1%Equity

Prioritising Stock Selection

As well as being able to point to a consistency in how we apply our process, it's important to show that we've been rewarded for our efforts. This chart shows how stock selection has been the main contributor to our total cumulative returns above the benchmark over the last 10 years.

Driver of Alpha

-0.9%1.4%3.8%6.1%Jan 2009 Stock: 0.0%Jan 2009 Currency: -0.0%Jan 2009 Interaction: 0.0%Jan 2009 Cash Allocation: 0.0%Jan 2009 Allocation: -0.0%Feb 2009 Stock: 0.0%Feb 2009 Currency: -0.0%Feb 2009 Interaction: 0.0%Feb 2009 Cash Allocation: 0.0%Feb 2009 Allocation: 0.0%Mar 2009 Stock: 0.1%Mar 2009 Currency: -0.0%Mar 2009 Interaction: -0.0%Mar 2009 Cash Allocation: -0.0%Mar 2009 Allocation: -0.0%Apr 2009 Stock: 0.1%Apr 2009 Currency: -0.0%Apr 2009 Interaction: -0.0%Apr 2009 Cash Allocation: -0.0%Apr 2009 Allocation: -0.0%May 2009 Stock: 0.1%May 2009 Currency: 0.0%May 2009 Interaction: -0.0%May 2009 Cash Allocation: -0.0%May 2009 Allocation: -0.0%June 2009 Stock: 0.1%June 2009 Currency: 0.0%June 2009 Interaction: -0.0%June 2009 Cash Allocation: -0.0%June 2009 Allocation: 0.0%July 2009 Stock: 0.1%July 2009 Currency: 0.0%July 2009 Interaction: -0.0%July 2009 Cash Allocation: -0.0%July 2009 Allocation: 0.0%Aug 2009 Stock: 0.2%Aug 2009 Currency: 0.0%Aug 2009 Interaction: -0.0%Aug 2009 Cash Allocation: -0.0%Aug 2009 Allocation: 0.0%Sept 2009 Stock: 0.2%Sept 2009 Currency: 0.0%Sept 2009 Interaction: -0.0%Sept 2009 Cash Allocation: -0.0%Sept 2009 Allocation: 0.0%Oct 2009 Stock: 0.2%Oct 2009 Currency: 0.0%Oct 2009 Interaction: -0.0%Oct 2009 Cash Allocation: -0.0%Oct 2009 Allocation: 0.0%Nov 2009 Stock: 0.2%Nov 2009 Currency: 0.0%Nov 2009 Interaction: -0.1%Nov 2009 Cash Allocation: -0.0%Nov 2009 Allocation: 0.0%Dec 2009 Stock: 0.2%Dec 2009 Currency: 0.0%Dec 2009 Interaction: -0.0%Dec 2009 Cash Allocation: -0.0%Dec 2009 Allocation: 0.0%Jan 2010 Stock: 0.2%Jan 2010 Currency: 0.0%Jan 2010 Interaction: -0.0%Jan 2010 Cash Allocation: -0.0%Jan 2010 Allocation: 0.0%Feb 2010 Stock: 0.2%Feb 2010 Currency: 0.0%Feb 2010 Interaction: -0.0%Feb 2010 Cash Allocation: -0.0%Feb 2010 Allocation: 0.0%Mar 2010 Stock: 0.3%Mar 2010 Currency: 0.0%Mar 2010 Interaction: -0.0%Mar 2010 Cash Allocation: -0.0%Mar 2010 Allocation: -0.0%Apr 2010 Stock: 0.3%Apr 2010 Currency: 0.0%Apr 2010 Interaction: -0.0%Apr 2010 Cash Allocation: -0.0%Apr 2010 Allocation: 0.0%May 2010 Stock: 0.2%May 2010 Currency: 0.0%May 2010 Interaction: -0.0%May 2010 Cash Allocation: -0.0%May 2010 Allocation: 0.0%June 2010 Stock: 0.2%June 2010 Currency: 0.0%June 2010 Interaction: 0.0%June 2010 Cash Allocation: -0.0%June 2010 Allocation: -0.0%July 2010 Stock: 0.2%July 2010 Currency: 0.0%July 2010 Interaction: -0.0%July 2010 Cash Allocation: -0.0%July 2010 Allocation: -0.0%Aug 2010 Stock: 0.2%Aug 2010 Currency: 0.0%Aug 2010 Interaction: -0.0%Aug 2010 Cash Allocation: -0.0%Aug 2010 Allocation: 0.0%Sept 2010 Stock: 0.2%Sept 2010 Currency: 0.0%Sept 2010 Interaction: -0.0%Sept 2010 Cash Allocation: -0.0%Sept 2010 Allocation: 0.0%Oct 2010 Stock: 0.2%Oct 2010 Currency: 0.0%Oct 2010 Interaction: -0.0%Oct 2010 Cash Allocation: -0.0%Oct 2010 Allocation: -0.0%Nov 2010 Stock: 0.2%Nov 2010 Currency: 0.0%Nov 2010 Interaction: -0.0%Nov 2010 Cash Allocation: -0.0%Nov 2010 Allocation: 0.0%Dec 2010 Stock: 0.2%Dec 2010 Currency: 0.0%Dec 2010 Interaction: -0.1%Dec 2010 Cash Allocation: -0.0%Dec 2010 Allocation: 0.0%Jan 2011 Stock: 0.2%Jan 2011 Currency: 0.0%Jan 2011 Interaction: -0.1%Jan 2011 Cash Allocation: -0.0%Jan 2011 Allocation: 0.0%Feb 2011 Stock: 0.2%Feb 2011 Currency: 0.0%Feb 2011 Interaction: -0.1%Feb 2011 Cash Allocation: -0.0%Feb 2011 Allocation: 0.0%Mar 2011 Stock: 0.2%Mar 2011 Currency: 0.0%Mar 2011 Interaction: -0.1%Mar 2011 Cash Allocation: -0.0%Mar 2011 Allocation: 0.0%Apr 2011 Stock: 0.2%Apr 2011 Currency: 0.0%Apr 2011 Interaction: -0.1%Apr 2011 Cash Allocation: -0.0%Apr 2011 Allocation: 0.0%May 2011 Stock: 0.2%May 2011 Currency: 0.0%May 2011 Interaction: -0.1%May 2011 Cash Allocation: -0.0%May 2011 Allocation: 0.0%June 2011 Stock: 0.2%June 2011 Currency: 0.0%June 2011 Interaction: -0.1%June 2011 Cash Allocation: -0.0%June 2011 Allocation: 0.0%July 2011 Stock: 0.2%July 2011 Currency: 0.0%July 2011 Interaction: -0.1%July 2011 Cash Allocation: -0.0%July 2011 Allocation: 0.0%Aug 2011 Stock: 0.2%Aug 2011 Currency: 0.0%Aug 2011 Interaction: -0.0%Aug 2011 Cash Allocation: -0.0%Aug 2011 Allocation: 0.0%Sept 2011 Stock: 0.1%Sept 2011 Currency: 0.0%Sept 2011 Interaction: -0.0%Sept 2011 Cash Allocation: -0.0%Sept 2011 Allocation: -0.0%Oct 2011 Stock: 0.2%Oct 2011 Currency: 0.0%Oct 2011 Interaction: -0.0%Oct 2011 Cash Allocation: -0.0%Oct 2011 Allocation: -0.0%Nov 2011 Stock: 0.1%Nov 2011 Currency: 0.0%Nov 2011 Interaction: -0.0%Nov 2011 Cash Allocation: -0.0%Nov 2011 Allocation: -0.0%Dec 2011 Stock: 0.1%Dec 2011 Currency: 0.0%Dec 2011 Interaction: -0.0%Dec 2011 Cash Allocation: -0.0%Dec 2011 Allocation: 0.0%Jan 2012 Stock: 0.1%Jan 2012 Currency: 0.0%Jan 2012 Interaction: -0.1%Jan 2012 Cash Allocation: -0.0%Jan 2012 Allocation: 0.0%Feb 2012 Stock: 0.1%Feb 2012 Currency: 0.0%Feb 2012 Interaction: -0.0%Feb 2012 Cash Allocation: -0.0%Feb 2012 Allocation: 0.0%Mar 2012 Stock: 0.1%Mar 2012 Currency: 0.0%Mar 2012 Interaction: -0.0%Mar 2012 Cash Allocation: -0.0%Mar 2012 Allocation: 0.0%Apr 2012 Stock: 0.2%Apr 2012 Currency: 0.0%Apr 2012 Interaction: -0.0%Apr 2012 Cash Allocation: -0.0%Apr 2012 Allocation: 0.0%May 2012 Stock: 0.1%May 2012 Currency: 0.0%May 2012 Interaction: -0.0%May 2012 Cash Allocation: 0.0%May 2012 Allocation: 0.0%June 2012 Stock: 0.2%June 2012 Currency: 0.0%June 2012 Interaction: -0.0%June 2012 Cash Allocation: 0.0%June 2012 Allocation: 0.0%July 2012 Stock: 0.1%July 2012 Currency: 0.0%July 2012 Interaction: -0.0%July 2012 Cash Allocation: -0.0%July 2012 Allocation: 0.0%Aug 2012 Stock: 0.2%Aug 2012 Currency: 0.0%Aug 2012 Interaction: 0.0%Aug 2012 Cash Allocation: -0.0%Aug 2012 Allocation: 0.0%Sept 2012 Stock: 0.2%Sept 2012 Currency: 0.0%Sept 2012 Interaction: 0.0%Sept 2012 Cash Allocation: -0.0%Sept 2012 Allocation: 0.0%Oct 2012 Stock: 0.2%Oct 2012 Currency: 0.0%Oct 2012 Interaction: 0.0%Oct 2012 Cash Allocation: -0.0%Oct 2012 Allocation: 0.0%Nov 2012 Stock: 0.2%Nov 2012 Currency: 0.0%Nov 2012 Interaction: 0.0%Nov 2012 Cash Allocation: -0.0%Nov 2012 Allocation: 0.0%Dec 2012 Stock: 0.2%Dec 2012 Currency: 0.0%Dec 2012 Interaction: 0.0%Dec 2012 Cash Allocation: -0.0%Dec 2012 Allocation: 0.0%Jan 2013 Stock: 0.2%Jan 2013 Currency: 0.0%Jan 2013 Interaction: 0.0%Jan 2013 Cash Allocation: -0.0%Jan 2013 Allocation: 0.0%Feb 2013 Stock: 0.3%Feb 2013 Currency: 0.0%Feb 2013 Interaction: 0.1%Feb 2013 Cash Allocation: -0.0%Feb 2013 Allocation: 0.0%Mar 2013 Stock: 0.3%Mar 2013 Currency: 0.0%Mar 2013 Interaction: 0.1%Mar 2013 Cash Allocation: -0.0%Mar 2013 Allocation: 0.0%Apr 2013 Stock: 0.3%Apr 2013 Currency: 0.0%Apr 2013 Interaction: 0.1%Apr 2013 Cash Allocation: -0.0%Apr 2013 Allocation: 0.0%May 2013 Stock: 0.3%May 2013 Currency: 0.0%May 2013 Interaction: 0.1%May 2013 Cash Allocation: -0.0%May 2013 Allocation: 0.0%June 2013 Stock: 0.3%June 2013 Currency: 0.0%June 2013 Interaction: 0.1%June 2013 Cash Allocation: -0.0%June 2013 Allocation: 0.0%July 2013 Stock: 0.3%July 2013 Currency: 0.0%July 2013 Interaction: 0.1%July 2013 Cash Allocation: -0.0%July 2013 Allocation: 0.0%Aug 2013 Stock: 0.3%Aug 2013 Currency: 0.0%Aug 2013 Interaction: 0.1%Aug 2013 Cash Allocation: -0.0%Aug 2013 Allocation: 0.0%Sept 2013 Stock: 0.4%Sept 2013 Currency: 0.0%Sept 2013 Interaction: 0.1%Sept 2013 Cash Allocation: -0.0%Sept 2013 Allocation: 0.0%Oct 2013 Stock: 0.4%Oct 2013 Currency: 0.0%Oct 2013 Interaction: 0.1%Oct 2013 Cash Allocation: -0.0%Oct 2013 Allocation: -0.0%Nov 2013 Stock: 0.4%Nov 2013 Currency: 0.0%Nov 2013 Interaction: 0.1%Nov 2013 Cash Allocation: -0.0%Nov 2013 Allocation: 0.0%Dec 2013 Stock: 0.3%Dec 2013 Currency: 0.0%Dec 2013 Interaction: 0.1%Dec 2013 Cash Allocation: -0.0%Dec 2013 Allocation: 0.0%Jan 2014 Stock: 0.4%Jan 2014 Currency: 0.0%Jan 2014 Interaction: 0.1%Jan 2014 Cash Allocation: -0.0%Jan 2014 Allocation: 0.0%Feb 2014 Stock: 0.4%Feb 2014 Currency: 0.0%Feb 2014 Interaction: 0.2%Feb 2014 Cash Allocation: -0.0%Feb 2014 Allocation: 0.0%Mar 2014 Stock: 0.4%Mar 2014 Currency: 0.0%Mar 2014 Interaction: 0.2%Mar 2014 Cash Allocation: -0.0%Mar 2014 Allocation: 0.0%Apr 2014 Stock: 0.4%Apr 2014 Currency: 0.0%Apr 2014 Interaction: 0.2%Apr 2014 Cash Allocation: -0.0%Apr 2014 Allocation: 0.0%May 2014 Stock: 0.4%May 2014 Currency: 0.0%May 2014 Interaction: 0.2%May 2014 Cash Allocation: -0.0%May 2014 Allocation: 0.1%June 2014 Stock: 0.4%June 2014 Currency: 0.0%June 2014 Interaction: 0.2%June 2014 Cash Allocation: -0.0%June 2014 Allocation: 0.1%July 2014 Stock: 0.4%July 2014 Currency: 0.0%July 2014 Interaction: 0.1%July 2014 Cash Allocation: -0.0%July 2014 Allocation: 0.0%Aug 2014 Stock: 0.4%Aug 2014 Currency: 0.0%Aug 2014 Interaction: 0.2%Aug 2014 Cash Allocation: -0.0%Aug 2014 Allocation: 0.1%Sept 2014 Stock: 0.4%Sept 2014 Currency: 0.0%Sept 2014 Interaction: 0.2%Sept 2014 Cash Allocation: -0.0%Sept 2014 Allocation: 0.0%Oct 2014 Stock: 0.4%Oct 2014 Currency: 0.0%Oct 2014 Interaction: 0.2%Oct 2014 Cash Allocation: -0.0%Oct 2014 Allocation: 0.0%Nov 2014 Stock: 0.4%Nov 2014 Currency: 0.0%Nov 2014 Interaction: 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Interaction: 0.3%July 2015 Cash Allocation: -0.0%July 2015 Allocation: 0.1%Aug 2015 Stock: 0.4%Aug 2015 Currency: -0.0%Aug 2015 Interaction: 0.2%Aug 2015 Cash Allocation: -0.0%Aug 2015 Allocation: 0.1%Sept 2015 Stock: 0.4%Sept 2015 Currency: -0.0%Sept 2015 Interaction: 0.2%Sept 2015 Cash Allocation: -0.0%Sept 2015 Allocation: 0.1%Oct 2015 Stock: 0.4%Oct 2015 Currency: 0.0%Oct 2015 Interaction: 0.3%Oct 2015 Cash Allocation: -0.0%Oct 2015 Allocation: 0.1%Nov 2015 Stock: 0.5%Nov 2015 Currency: 0.0%Nov 2015 Interaction: 0.3%Nov 2015 Cash Allocation: -0.0%Nov 2015 Allocation: 0.2%Dec 2015 Stock: 0.5%Dec 2015 Currency: 0.0%Dec 2015 Interaction: 0.3%Dec 2015 Cash Allocation: -0.0%Dec 2015 Allocation: 0.2%Jan 2016 Stock: 0.5%Jan 2016 Currency: 0.0%Jan 2016 Interaction: 0.3%Jan 2016 Cash Allocation: -0.0%Jan 2016 Allocation: 0.2%Feb 2016 Stock: 0.5%Feb 2016 Currency: 0.0%Feb 2016 Interaction: 0.3%Feb 2016 Cash Allocation: -0.0%Feb 2016 Allocation: 0.2%Mar 2016 Stock: 0.5%Mar 2016 Currency: 0.0%Mar 2016 Interaction: 0.3%Mar 2016 Cash Allocation: -0.0%Mar 2016 Allocation: 0.2%Apr 2016 Stock: 0.5%Apr 2016 Currency: 0.0%Apr 2016 Interaction: 0.3%Apr 2016 Cash Allocation: -0.0%Apr 2016 Allocation: 0.2%May 2016 Stock: 0.5%May 2016 Currency: 0.0%May 2016 Interaction: 0.3%May 2016 Cash Allocation: -0.0%May 2016 Allocation: 0.2%June 2016 Stock: 0.5%June 2016 Currency: 0.0%June 2016 Interaction: 0.2%June 2016 Cash Allocation: -0.0%June 2016 Allocation: 0.2%July 2016 Stock: 0.6%July 2016 Currency: 0.0%July 2016 Interaction: 0.3%July 2016 Cash Allocation: -0.0%July 2016 Allocation: 0.2%Aug 2016 Stock: 0.6%Aug 2016 Currency: 0.0%Aug 2016 Interaction: 0.3%Aug 2016 Cash Allocation: -0.0%Aug 2016 Allocation: 0.2%Sept 2016 Stock: 0.6%Sept 2016 Currency: 0.0%Sept 2016 Interaction: 0.3%Sept 2016 Cash Allocation: -0.0%Sept 2016 Allocation: 0.1%Oct 2016 Stock: 0.5%Oct 2016 Currency: 0.0%Oct 2016 Interaction: 0.3%Oct 2016 Cash Allocation: -0.0%Oct 2016 Allocation: 0.1%Nov 2016 Stock: 0.5%Nov 2016 Currency: 0.0%Nov 2016 Interaction: 0.3%Nov 2016 Cash Allocation: -0.0%Nov 2016 Allocation: 0.1%Dec 2016 Stock: 0.5%Dec 2016 Currency: 0.0%Dec 2016 Interaction: 0.3%Dec 2016 Cash Allocation: -0.0%Dec 2016 Allocation: 0.0%Jan 2017 Stock: 0.5%Jan 2017 Currency: 0.0%Jan 2017 Interaction: 0.3%Jan 2017 Cash Allocation: -0.0%Jan 2017 Allocation: 0.0%Feb 2017 Stock: 0.5%Feb 2017 Currency: 0.0%Feb 2017 Interaction: 0.2%Feb 2017 Cash Allocation: -0.0%Feb 2017 Allocation: 0.0%Mar 2017 Stock: 0.5%Mar 2017 Currency: 0.0%Mar 2017 Interaction: 0.2%Mar 2017 Cash Allocation: -0.0%Mar 2017 Allocation: 0.0%Apr 2017 Stock: 0.6%Apr 2017 Currency: 0.0%Apr 2017 Interaction: 0.2%Apr 2017 Cash Allocation: -0.0%Apr 2017 Allocation: 0.0%May 2017 Stock: 0.6%May 2017 Currency: 0.0%May 2017 Interaction: 0.2%May 2017 Cash Allocation: -0.0%May 2017 Allocation: 0.0%June 2017 Stock: 0.6%June 2017 Currency: 0.0%June 2017 Interaction: 0.3%June 2017 Cash Allocation: -0.0%June 2017 Allocation: 0.1%July 2017 Stock: 0.6%July 2017 Currency: 0.0%July 2017 Interaction: 0.3%July 2017 Cash Allocation: -0.0%July 2017 Allocation: 0.0%Aug 2017 Stock: 0.6%Aug 2017 Currency: 0.0%Aug 2017 Interaction: 0.2%Aug 2017 Cash Allocation: -0.0%Aug 2017 Allocation: 0.1%Sept 2017 Stock: 0.6%Sept 2017 Currency: 0.0%Sept 2017 Interaction: 0.2%Sept 2017 Cash Allocation: -0.0%Sept 2017 Allocation: 0.1%Oct 2017 Stock: 0.7%Oct 2017 Currency: 0.0%Oct 2017 Interaction: 0.2%Oct 2017 Cash Allocation: -0.0%Oct 2017 Allocation: 0.1%Nov 2017 Stock: 0.7%Nov 2017 Currency: 0.0%Nov 2017 Interaction: 0.2%Nov 2017 Cash Allocation: -0.0%Nov 2017 Allocation: 0.1%Dec 2017 Stock: 0.7%Dec 2017 Currency: 0.0%Dec 2017 Interaction: 0.2%Dec 2017 Cash Allocation: -0.0%Dec 2017 Allocation: 0.1%Jan 2018 Stock: 0.8%Jan 2018 Currency: 0.0%Jan 2018 Interaction: 0.2%Jan 2018 Cash Allocation: -0.0%Jan 2018 Allocation: 0.1%Feb 2018 Stock: 0.8%Feb 2018 Currency: 0.0%Feb 2018 Interaction: 0.1%Feb 2018 Cash Allocation: -0.0%Feb 2018 Allocation: 0.1%Mar 2018 Stock: 0.8%Mar 2018 Currency: 0.0%Mar 2018 Interaction: 0.1%Mar 2018 Cash Allocation: -0.0%Mar 2018 Allocation: 0.1%Apr 2018 Stock: 0.9%Apr 2018 Currency: 0.0%Apr 2018 Interaction: 0.1%Apr 2018 Cash Allocation: -0.0%Apr 2018 Allocation: 0.1%May 2018 Stock: 1.0%May 2018 Currency: 0.0%May 2018 Interaction: 0.1%May 2018 Cash Allocation: -0.0%May 2018 Allocation: 0.1%June 2018 Stock: 1.0%June 2018 Currency: -0.0%June 2018 Interaction: 0.1%June 2018 Cash Allocation: -0.0%June 2018 Allocation: 0.1%July 2018 Stock: 1.1%July 2018 Currency: 0.0%July 2018 Interaction: 0.1%July 2018 Cash Allocation: -0.0%July 2018 Allocation: 0.1%Aug 2018 Stock: 1.3%Aug 2018 Currency: -0.0%Aug 2018 Interaction: 0.1%Aug 2018 Cash Allocation: -0.1%Aug 2018 Allocation: 0.1%Sept 2018 Stock: 1.2%Sept 2018 Currency: -0.0%Sept 2018 Interaction: 0.2%Sept 2018 Cash Allocation: -0.0%Sept 2018 Allocation: 0.1%Oct 2018 Stock: 1.1%Oct 2018 Currency: -0.0%Oct 2018 Interaction: 0.1%Oct 2018 Cash Allocation: -0.0%Oct 2018 Allocation: 0.0%Nov 2018 Stock: 1.1%Nov 2018 Currency: 0.0%Nov 2018 Interaction: 0.2%Nov 2018 Cash Allocation: -0.0%Nov 2018 Allocation: 0.1%Dec 2018 Stock: 1.0%Dec 2018 Currency: 0.0%Dec 2018 Interaction: 0.2%Dec 2018 Cash Allocation: -0.0%Dec 2018 Allocation: 0.0%Jan 2019 Stock: 1.1%Jan 2019 Currency: 0.0%Jan 2019 Interaction: 0.2%Jan 2019 Cash Allocation: -0.0%Jan 2019 Allocation: 0.1%Feb 2019 Stock: 1.2%Feb 2019 Currency: 0.0%Feb 2019 Interaction: 0.2%Feb 2019 Cash Allocation: -0.0%Feb 2019 Allocation: 0.1%Mar 2019 Stock: 1.2%Mar 2019 Currency: 0.0%Mar 2019 Interaction: 0.2%Mar 2019 Cash Allocation: -0.0%Mar 2019 Allocation: 0.1%Apr 2019 Stock: 1.4%Apr 2019 Currency: 0.0%Apr 2019 Interaction: 0.3%Apr 2019 Cash Allocation: -0.1%Apr 2019 Allocation: 0.1%May 2019 Stock: 1.3%May 2019 Currency: 0.0%May 2019 Interaction: 0.3%May 2019 Cash Allocation: -0.1%May 2019 Allocation: 0.1%June 2019 Stock: 1.3%June 2019 Currency: 0.0%June 2019 Interaction: 0.3%June 2019 Cash Allocation: -0.1%June 2019 Allocation: 0.1%July 2019 Stock: 1.4%July 2019 Currency: 0.0%July 2019 Interaction: 0.2%July 2019 Cash Allocation: -0.1%July 2019 Allocation: 0.1%Aug 2019 Stock: 1.4%Aug 2019 Currency: 0.0%Aug 2019 Interaction: 0.2%Aug 2019 Cash Allocation: -0.1%Aug 2019 Allocation: 0.1%Sept 2019 Stock: 1.5%Sept 2019 Currency: 0.0%Sept 2019 Interaction: 0.3%Sept 2019 Cash Allocation: -0.1%Sept 2019 Allocation: 0.1%Oct 2019 Stock: 1.5%Oct 2019 Currency: 0.0%Oct 2019 Interaction: 0.3%Oct 2019 Cash Allocation: -0.1%Oct 2019 Allocation: 0.1%Nov 2019 Stock: 1.6%Nov 2019 Currency: 0.0%Nov 2019 Interaction: 0.2%Nov 2019 Cash Allocation: -0.1%Nov 2019 Allocation: 0.1%Dec 2019 Stock: 1.6%Dec 2019 Currency: 0.0%Dec 2019 Interaction: 0.2%Dec 2019 Cash Allocation: -0.1%Dec 2019 Allocation: 0.1%Jan 2020 Stock: 1.8%Jan 2020 Currency: 0.0%Jan 2020 Interaction: 0.2%Jan 2020 Cash Allocation: -0.1%Jan 2020 Allocation: 0.1%Feb 2020 Stock: 1.6%Feb 2020 Currency: 0.0%Feb 2020 Interaction: 0.2%Feb 2020 Cash Allocation: -0.1%Feb 2020 Allocation: 0.1%Mar 2020 Stock: 1.4%Mar 2020 Currency: 0.0%Mar 2020 Interaction: 0.2%Mar 2020 Cash Allocation: -0.0%Mar 2020 Allocation: 0.1%Apr 2020 Stock: 1.7%Apr 2020 Currency: 0.0%Apr 2020 Interaction: 0.2%Apr 2020 Cash Allocation: -0.1%Apr 2020 Allocation: 0.1%May 2020 Stock: 1.8%May 2020 Currency: 0.0%May 2020 Interaction: 0.2%May 2020 Cash Allocation: -0.1%May 2020 Allocation: 0.2%June 2020 Stock: 2.0%June 2020 Currency: 0.0%June 2020 Interaction: 0.1%June 2020 Cash Allocation: -0.1%June 2020 Allocation: 0.2%July 2020 Stock: 2.1%July 2020 Currency: 0.0%July 2020 Interaction: 0.2%July 2020 Cash Allocation: -0.1%July 2020 Allocation: 0.2%Aug 2020 Stock: 2.6%Aug 2020 Currency: -0.0%Aug 2020 Interaction: 0.2%Aug 2020 Cash Allocation: -0.1%Aug 2020 Allocation: 0.3%Sept 2020 Stock: 2.5%Sept 2020 Currency: 0.0%Sept 2020 Interaction: 0.3%Sept 2020 Cash Allocation: -0.1%Sept 2020 Allocation: 0.3%Oct 2020 Stock: 2.7%Oct 2020 Currency: 0.0%Oct 2020 Interaction: 0.3%Oct 2020 Cash Allocation: -0.1%Oct 2020 Allocation: 0.3%Nov 2020 Stock: 2.8%Nov 2020 Currency: -0.0%Nov 2020 Interaction: 0.3%Nov 2020 Cash Allocation: -0.2%Nov 2020 Allocation: 0.3%Dec 2020 Stock: 2.8%Dec 2020 Currency: -0.0%Dec 2020 Interaction: 0.3%Dec 2020 Cash Allocation: -0.2%Dec 2020 Allocation: 0.2%Jan 2021 Stock: 2.7%Jan 2021 Currency: -0.0%Jan 2021 Interaction: 0.3%Jan 2021 Cash Allocation: -0.2%Jan 2021 Allocation: 0.2%Feb 2021 Stock: 2.6%Feb 2021 Currency: -0.0%Feb 2021 Interaction: 0.4%Feb 2021 Cash Allocation: -0.2%Feb 2021 Allocation: 0.2%Mar 2021 Stock: 2.5%Mar 2021 Currency: -0.0%Mar 2021 Interaction: 0.4%Mar 2021 Cash Allocation: -0.2%Mar 2021 Allocation: 0.2%Apr 2021 Stock: 2.7%Apr 2021 Currency: -0.0%Apr 2021 Interaction: 0.4%Apr 2021 Cash Allocation: -0.2%Apr 2021 Allocation: 0.2%May 2021 Stock: 2.6%May 2021 Currency: -0.0%May 2021 Interaction: 0.5%May 2021 Cash Allocation: -0.2%May 2021 Allocation: 0.2%June 2021 Stock: 3.0%June 2021 Currency: -0.0%June 2021 Interaction: 0.5%June 2021 Cash Allocation: -0.2%June 2021 Allocation: 0.3%July 2021 Stock: 2.9%July 2021 Currency: -0.0%July 2021 Interaction: 0.4%July 2021 Cash Allocation: -0.2%July 2021 Allocation: 0.3%Aug 2021 Stock: 3.3%Aug 2021 Currency: -0.0%Aug 2021 Interaction: 0.4%Aug 2021 Cash Allocation: -0.2%Aug 2021 Allocation: 0.4%Sept 2021 Stock: 3.2%Sept 2021 Currency: 0.0%Sept 2021 Interaction: 0.4%Sept 2021 Cash Allocation: -0.2%Sept 2021 Allocation: 0.4%Oct 2021 Stock: 3.2%Oct 2021 Currency: -0.0%Oct 2021 Interaction: 0.4%Oct 2021 Cash Allocation: -0.2%Oct 2021 Allocation: 0.5%Nov 2021 Stock: 3.2%Nov 2021 Currency: 0.0%Nov 2021 Interaction: 0.4%Nov 2021 Cash Allocation: -0.2%Nov 2021 Allocation: 0.5%Dec 2021 Stock: 3.2%Dec 2021 Currency: -0.0%Dec 2021 Interaction: 0.3%Dec 2021 Cash Allocation: -0.2%Dec 2021 Allocation: 0.4%Jan 2022 Stock: 2.7%Jan 2022 Currency: 0.0%Jan 2022 Interaction: 0.3%Jan 2022 Cash Allocation: -0.2%Jan 2022 Allocation: 0.3%Feb 2022 Stock: 2.6%Feb 2022 Currency: 0.0%Feb 2022 Interaction: 0.4%Feb 2022 Cash Allocation: -0.2%Feb 2022 Allocation: 0.3%Mar 2022 Stock: 2.6%Mar 2022 Currency: -0.0%Mar 2022 Interaction: 0.3%Mar 2022 Cash Allocation: -0.2%Mar 2022 Allocation: 0.3%Apr 2022 Stock: 2.3%Apr 2022 Currency: -0.0%Apr 2022 Interaction: 0.4%Apr 2022 Cash Allocation: -0.2%Apr 2022 Allocation: 0.3%May 2022 Stock: 2.2%May 2022 Currency: -0.0%May 2022 Interaction: 0.4%May 2022 Cash Allocation: -0.2%May 2022 Allocation: 0.2%June 2022 Stock: 1.9%June 2022 Currency: 0.0%June 2022 Interaction: 0.4%June 2022 Cash Allocation: -0.2%June 2022 Allocation: 0.1%July 2022 Stock: 2.2%July 2022 Currency: -0.0%July 2022 Interaction: 0.4%July 2022 Cash Allocation: -0.2%July 2022 Allocation: 0.2%Aug 2022 Stock: 2.1%Aug 2022 Currency: 0.0%Aug 2022 Interaction: 0.5%Aug 2022 Cash Allocation: -0.2%Aug 2022 Allocation: 0.3%Sept 2022 Stock: 1.9%Sept 2022 Currency: 0.0%Sept 2022 Interaction: 0.4%Sept 2022 Cash Allocation: -0.2%Sept 2022 Allocation: 0.2%Oct 2022 Stock: 2.0%Oct 2022 Currency: 0.0%Oct 2022 Interaction: 0.5%Oct 2022 Cash Allocation: -0.2%Oct 2022 Allocation: 0.2%Nov 2022 Stock: 2.2%Nov 2022 Currency: 0.0%Nov 2022 Interaction: 0.5%Nov 2022 Cash Allocation: -0.2%Nov 2022 Allocation: 0.2%Dec 2022 Stock: 2.1%Dec 2022 Currency: 0.0%Dec 2022 Interaction: 0.5%Dec 2022 Cash Allocation: -0.2%Dec 2022 Allocation: 0.1%Jan 2023 Stock: 2.4%Jan 2023 Currency: -0.0%Jan 2023 Interaction: 0.5%Jan 2023 Cash Allocation: -0.2%Jan 2023 Allocation: 0.2%Feb 2023 Stock: 2.3%Feb 2023 Currency: 0.0%Feb 2023 Interaction: 0.5%Feb 2023 Cash Allocation: -0.2%Feb 2023 Allocation: 0.2%Mar 2023 Stock: 2.3%Mar 2023 Currency: 0.0%Mar 2023 Interaction: 0.5%Mar 2023 Cash Allocation: -0.2%Mar 2023 Allocation: 0.2%Apr 2023 Stock: 2.4%Apr 2023 Currency: 0.0%Apr 2023 Interaction: 0.5%Apr 2023 Cash Allocation: -0.2%Apr 2023 Allocation: 0.2%May 2023 Stock: 2.3%May 2023 Currency: 0.0%May 2023 Interaction: 0.4%May 2023 Cash Allocation: -0.2%May 2023 Allocation: 0.2%June 2023 Stock: 2.4%June 2023 Currency: 0.0%June 2023 Interaction: 0.4%June 2023 Cash Allocation: -0.2%June 2023 Allocation: 0.2%July 2023 Stock: 2.7%July 2023 Currency: 0.0%July 2023 Interaction: 0.5%July 2023 Cash Allocation: -0.2%July 2023 Allocation: 0.2%Aug 2023 Stock: 2.4%Aug 2023 Currency: 0.0%Aug 2023 Interaction: 0.8%Aug 2023 Cash Allocation: -0.2%Aug 2023 Allocation: 0.2%Sept 2023 Stock: 2.2%Sept 2023 Currency: 0.0%Sept 2023 Interaction: 0.8%Sept 2023 Cash Allocation: -0.2%Sept 2023 Allocation: 0.2%Oct 2023 Stock: 1.9%Oct 2023 Currency: 0.0%Oct 2023 Interaction: 0.8%Oct 2023 Cash Allocation: -0.2%Oct 2023 Allocation: 0.1%Nov 2023 Stock: 2.6%Nov 2023 Currency: -0.0%Nov 2023 Interaction: 0.7%Nov 2023 Cash Allocation: -0.2%Nov 2023 Allocation: 0.2%Dec 2023 Stock: 2.9%Dec 2023 Currency: -0.0%Dec 2023 Interaction: 0.8%Dec 2023 Cash Allocation: -0.3%Dec 2023 Allocation: 0.2%Jan 2024 Stock: 2.9%Jan 2024 Currency: -0.0%Jan 2024 Interaction: 0.9%Jan 2024 Cash Allocation: -0.3%Jan 2024 Allocation: 0.1%Feb 2024 Stock: 3.3%Feb 2024 Currency: -0.0%Feb 2024 Interaction: 1.1%Feb 2024 Cash Allocation: -0.3%Feb 2024 Allocation: 0.2%Mar 2024 Stock: 3.4%Mar 2024 Currency: -0.0%Mar 2024 Interaction: 1.1%Mar 2024 Cash Allocation: -0.3%Mar 2024 Allocation: 0.2%Apr 2024 Stock: 3.3%Apr 2024 Currency: -0.0%Apr 2024 Interaction: 1.0%Apr 2024 Cash Allocation: -0.3%Apr 2024 Allocation: 0.2%May 2024 Stock: 3.3%May 2024 Currency: -0.0%May 2024 Interaction: 1.1%May 2024 Cash Allocation: -0.3%May 2024 Allocation: 0.2%June 2024 Stock: 3.3%June 2024 Currency: -0.0%June 2024 Interaction: 1.3%June 2024 Cash Allocation: -0.3%June 2024 Allocation: 0.2%July 2024 Stock: 3.4%July 2024 Currency: -0.0%July 2024 Interaction: 1.3%July 2024 Cash Allocation: -0.3%July 2024 Allocation: 0.1%Aug 2024 Stock: 3.7%Aug 2024 Currency: -0.0%Aug 2024 Interaction: 1.3%Aug 2024 Cash Allocation: -0.3%Aug 2024 Allocation: 0.1%Sept 2024 Stock: 3.8%Sept 2024 Currency: -0.0%Sept 2024 Interaction: 1.4%Sept 2024 Cash Allocation: -0.4%Sept 2024 Allocation: 0.2%Oct 2024 Stock: 3.8%Oct 2024 Currency: -0.0%Oct 2024 Interaction: 1.4%Oct 2024 Cash Allocation: -0.3%Oct 2024 Allocation: 0.1%Nov 2024 Stock: 4.2%Nov 2024 Currency: -0.0%Nov 2024 Interaction: 1.3%Nov 2024 Cash Allocation: -0.4%Nov 2024 Allocation: 0.2%Dec 2024 Stock: 3.9%Dec 2024 Currency: 0.0%Dec 2024 Interaction: 1.2%Dec 2024 Cash Allocation: -0.3%Dec 2024 Allocation: 0.2%Jan 2025 Stock: 3.5%Jan 2025 Currency: 0.1%Jan 2025 Interaction: 1.4%Jan 2025 Cash Allocation: -0.3%Jan 2025 Allocation: 0.6%Feb 2025 Stock: 3.0%Feb 2025 Currency: 0.1%Feb 2025 Interaction: 1.7%Feb 2025 Cash Allocation: -0.3%Feb 2025 Allocation: 0.6%Mar 2025 Stock: 2.6%Mar 2025 Currency: 0.1%Mar 2025 Interaction: 1.5%Mar 2025 Cash Allocation: -0.3%Mar 2025 Allocation: 0.5%Apr 2025 Stock: 2.6%Apr 2025 Currency: 0.1%Apr 2025 Interaction: 1.6%Apr 2025 Cash Allocation: -0.3%Apr 2025 Allocation: 0.4%May 2025 Stock: 2.7%May 2025 Currency: 0.1%May 2025 Interaction: 1.5%May 2025 Cash Allocation: -0.3%May 2025 Allocation: 0.6%June 2025 Stock: 2.8%June 2025 Currency: 0.0%June 2025 Interaction: 1.3%June 2025 Cash Allocation: -0.3%June 2025 Allocation: 0.6%July 2025 Stock: 3.7%July 2025 Currency: 0.1%July 2025 Interaction: 1.1%July 2025 Cash Allocation: -0.3%July 2025 Allocation: 0.4%Aug 2025 Stock: 3.4%Aug 2025 Currency: 0.0%Aug 2025 Interaction: 1.3%Aug 2025 Cash Allocation: -0.4%Aug 2025 Allocation: 0.5%Sept 2025 Stock: 3.1%Sept 2025 Currency: 0.0%Sept 2025 Interaction: 1.2%Sept 2025 Cash Allocation: -0.4%Sept 2025 Allocation: 0.6%Oct 2025 Stock: 2.9%Oct 2025 Currency: 0.0%Oct 2025 Interaction: 1.2%Oct 2025 Cash Allocation: -0.4%Oct 2025 Allocation: 0.7%Nov 2025 Stock: 2.6%Nov 2025 Currency: 0.0%Nov 2025 Interaction: 1.1%Nov 2025 Cash Allocation: -0.3%Nov 2025 Allocation: 0.7%Dec 2025 Stock: 2.2%Dec 2025 Currency: 0.0%Dec 2025 Interaction: 1.0%Dec 2025 Cash Allocation: -0.3%Dec 2025 Allocation: 0.7%Jan 2026 Stock: 2.0%Jan 2026 Currency: -0.0%Jan 2026 Interaction: 1.0%Jan 2026 Cash Allocation: -0.3%Jan 2026 Allocation: 0.5%Feb 2026 Stock: 1.3%Feb 2026 Currency: -0.0%Feb 2026 Interaction: 1.2%Feb 2026 Cash Allocation: -0.3%Feb 2026 Allocation: 0.3%Mar 2026 Stock: 1.1%Mar 2026 Currency: 0.0%Mar 2026 Interaction: 1.0%Mar 2026 Cash Allocation: -0.3%Mar 2026 Allocation: 0.2%Jan 2009Aug 2017Mar 2026AlphaStockCurrencyInteractionCash AllocationAllocation