How to Kill a Black Swan Remy Briand and David Owyong ...

Morningstar U.S. Style Overview: U.S. Style January 1 - Overview April 30, 2009 Jan. 1 – Apr. 30, 2009
Trailing Returns %
3-Month YTD 1-Yr 3-Yr 5-Yr 10-Yr
Morningstar Indexes
US Market 7.51 –1.33 –34.70 –10.55 –1.88 –1.72
Large Cap 5.51 –3.07 –34.82 –10.06 –2.52 –3.32
Mid Cap 12.27 3.46 –36.02 –11.97 –0.22 2.27
Small Cap 14.89 2.92 –30.48 –12.28 –0.82 4.17
US Value 3.42 –8.48 –38.51 –13.07 –2.28 0.11
US Core 7.19 –2.67 –31.94 –8.87 –0.72 0.09
US Growth 11.91 8.00 –34.17 –10.20 –3.14 –6.15
Morningstar Market Barometer YTD Return %
Large Cap
US Market
–1.33
–3.07
Value
–8.48
Core
–2.67
Growth
8.00
–11.25 –5.05 8.51
Large Value –0.16 –11.25 –40.68 –13.29 –2.99 –1.33
Large Core 5.24 –5.05 –31.42 –7.95 –0.88 –1.25
Large Growth 11.52 8.51 –33.04 –9.55 –4.45 –8.29
Mid Cap
3.46
–1.18 4.19 7.48
Mid Value 12.52 –1.18 –33.21 –13.04 –0.76 3.51
Mid Core 11.80 4.19 –35.22 –11.43 –0.71 2.98
Mid Growth 12.55 7.48 –39.51 –11.79 0.45 –0.41
Small Cap
2.92
–0.92 5.25 4.38
Small Value 14.81 –0.92 –30.79 –12.26 –0.66 5.73
Small Core 16.35 5.25 –31.02 –12.63 –0.24 7.32
Small Growth 13.57 4.38 –29.82 –12.38 –1.98 –0.34
–8.00 –4.00 0.00 +4.00 +8.00
Sector Index YTD Return %
Hardware 20.29
Software 9.27
Industry Leaders & Laggards YTD Return %
Auto Makers 118.88
Plastics 65.40
Biggest Influence on Style Index Performance
Best Performing Index
YTD
Return %
Large Growth 8.51
Constituent
Weight %
Consumer Services 8.80
Media 2.55
Business Services 1.53
Industrial 0.79
–2.38 Telecommunications
–4.35 Energy
–5.74 Consumer Goods
–7.37 Healthcare
–10.60 Utilities
–12.17 Financial Services
Department Stores 49.21
Rubber Products 48.54
Hospitals 42.36
Online Retail 39.40
–22.05 Insurance (Life)
–22.52 Personal Services
–26.36 Regional Banks
–28.66 Super Regional Banks
–38.02 Air Transport
–53.65 Photography & Imaging
Apple Inc. 47.43 3.91
Google Inc. Cl A 28.71 3.78
Cisco Systems Inc. 18.53 4.95
Qualcomm Inc. 18.67 3.03
Schering-Plough Corp. 36.02 1.42
Worst Performing Index
Large Value –11.25
Exxon Mobil Corp. –16.07 18.69
Pfizer Inc. –22.91 5.50
Bank of America Corp. –36.40 3.25
Citigroup Inc. –54.43 1.68
Chevron Corp. –9.81 6.92
1-Year
3-Year
5-Year
Value
Core
Growth
Value
Core
Growth
Value
Core
Growth
Large Cap
–40.68
–31.42
–33.04
Large Cap
–13.29
–7.95
–9.55
Large Cap
–2.99
–0.88
–4.45
Mid Cap
–33.21
–35.22 –39.51
Mid Cap
–13.04
–11.43 –11.79
Mid Cap
–0.76
–0.71 0.45
Small Cap
–30.79
–31.02 –29.82
Small Cap
–12.26
–12.63 –12.38
Small Cap
–0.66
–0.24 –1.98
–20 –10 0 +10 +20
–20 –10 0 +10 +20
–20 –10 0 +10 +20
Source: Morningstar. Data as of 4/30/09
Source: Morningstar. Data as of 2/29/08
Notes and Disclaimer: ©2009 Morningstar, Inc. All Rights Reserved. Unless otherwise noted, all data is as of most recent month end. Multi-year returns are annualized. NA: Not Available. Biggest Influence on Index Performance lists
are calculated by multiplying stock returns for the period by their respective weights in the index as of the start of the period. Sector and Industry Indexes are based on Morningstar's proprietary sector classifications. The information ?
contained herein is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information.
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July/August 2009
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