# Glossary

#### Active Share:

#### Alpha:

#### Basis Point:

## Beta:

## Book Value

The value of a security on the day of purchase or the acquisition value

## Bottom Line:

#### Capital Expenditure (CapEx):

#### Carbon Risk Rating (Sustainalytics):

## Cash Flow:

The sum of the after-tax profit of a business plus depreciation and other non-cash charges.

## CBOE Volatility Index:

## Compound Annual Growth Rate (CAGR):

## Correlation:

#### Debt to Capital:

## Debt to EBITDA:

## Discounted Cash Flow (DCF):

## Dividend Yield:

#### Earnings Growth:

## Earnings Per Share (EPS):

## EBITDA:

“Earnings Before Interest, Taxes, Depreciation, and Amortization”

## EBITDA to Interest:

EBITDA divided by cash interest expense is a measure used to assess credit quality.

## Emissions/Revenue (USD):

Carbon intensity expressed as the issuer’s total carbon emissions per million USD of revenue as a proxy of the carbon efficiency per unit of output.

## Environmental, Social and Governance (ESG):

#### Free Cash Flow

#### Gross Domestic Product (GDP):

## Gross of Fees:

Is the total rate of return on an investment before the eduction of any fees or expenses.

#### Initial Public Offering (IPO):

#### Margin of Safety:

#### Market Capitalization:

## Moody’s Credit Ratings (Source: Moody’s):

#### P/E 10 Ratio:

A valuation measure, generally applied to broad equity indices, that uses real per-share earnings over a 10-year period. The P/E 10 ratio uses smoothed real earnings to eliminate the fluctuations in net income caused by variations in project margins over a typical business cycle. The P/E 10 ratio is also known as the Cyclically Adjusted Price Earnings (CAPE) ratio or the Shiller P/E ratio.

#### Price/Book Ratio:

## Price-to-Cash-Flow Ratio (P/CF):

## Price-to-Value Ratio:

Is the current stock price divided by our estimate of full value.

#### Quantitative Easing (QE):

#### Return on Equity (ROE):

## Return on Invested Capital (ROIC):

#### Russell 1000 Growth Index

## Russell 2000 Index:

The most commonly used benchmark for measuring the performance of small-cap stocks.

## Russell 2500 Index:

## Russell 3000 Value Index:

## Russell Midcap Index:

## Russell Midcap Value Index:

#### S&P 500 Index:

## S&P Earnings and Dividend Rankings:

## S&P 500 Growth Index:

## SEC Yield:

## Scope 1 Direct Emissions (tCO₂e):

## Scope 2 Indirect Emissions (tCO₂e):

## Sortino Ratio:

## Standard & Poor’s Credit Ratings (Source: Standard & Poor’s):

## Standard Deviation (Std Dev):

This statistical measurement of dispersion about an average, depicts how widely a mutual fund’s returns varied over a certain period of time. Investors use the standard deviation of historical performance to try to predict the range of returns that are most likely for a given fund. When a fund has a high standard deviation, the predicted range is wide, implying greater volatility.

#### 10-Year U.S. Treasury Yield:

The return on investment, expressed as a percentage, on the U.S. government’s debt obligations. The higher the yields on 10-, 20-, and 30-year Treasuries, the better the economic outlook.