Source: S&P, USPTO, Sparkline. All calculations are weighted averages with weights equal to position size. Net income, sales, R&D, S&M, and patents are calculated over a trailing 12-month window. The S&P 500® is a popular gauge of large-cap U.S. equities that includes 500 leading companies. Characteristics refer to the underlying stocks and do not predict the performance of the fund.
Earnings / Price is net income divided by market cap. Sales / Price is sales divided by market cap. Expected Growth is consensus analyst expected long-term growth of earnings per share (note: does not guarantee future performance). Return on Equity is net income divided by book value. R&D / Price is research and development expenditures divided by market cap. S&M / Price is sales and marketing expenditures divided by market cap. Patents / Price is the number of patent grants from the USPTO divided by market cap. * Patents are scaled by billions (e.g., # patents per $1 billion market cap).