FIGURE 1 Relative Initiation Rates for 74.3 million Non-Owning Fund-Security Pairs by Industry Exposure 20 Sample Industries (ALL industries median includes 119 industries)


Industry ALL industries (median)


Aerospace and Defense Airlines


Beverages: Alcoholic Biotechnology Casinos/Gaming


Chemicals: Major Diversified Electric Utilities


Environmental Services


Hotels/Resorts/Cruise Lines Industrial Conglomerates


Information Technology Services Integrated Oil


Life/Health Insurance Major Banks


Packaged Software


Real Estate Investment Trusts Regional Banks Restaurants


Semiconductors Tobacco


None 0.5


0.3 0.6 0.5 0.3 0.4 0.5 0.3 0.8 0.6 0.9 0.2 0.4 0.8 0.9 0.2 0.1 0.7 0.4 0.3 0.5


1st 2.8


2.1 3.1 1.8


2.3 4.9 4.3 1.5


5.2 2.6 4.3 1.4 1.6


2.8 2.8 0.8 0.9 4.4 2.3 1.1


5.3


Level of Exposure (Quartile) 2nd


3rd 2.2


2.2 2.2 1.4


2.0 4.0 1.9 1.3


0.4 3.7 2.4 2.1 1.4 1.9 1.4 1.8 1.9


2.3 2.4 1.4 2.7


1.5 1.6


2.0 1.1


2.3 2.2 0.9 1.6 1.2 1.5


0.5 1.6 1.2 2.1


2.5 1.6 1.5 1.4 1.4 1.4


2.5 4th 1.0


0.9 1.3


3.6 1.3 1.1


0.5 1.6


0.5 0.8 0.7 0.9 1.2


0.9 0.7 0.8 2.5 0.0 0.7 1.4


2.0 All 1.0


1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0


Quartile 1st > 4th


*


* *


positive * * *


neutral * * * * * * *


neutral positive * *


neutral *


Note: for every industry the “All” rate is the overall 0.34% average rate of initiation for all 74.3 million non-owning pairs. For each industry, values shown represent the initiation rate for each category relative to the “All” rate. Blue formatting is applied to values that are less than 0.75. Green formatting is applied to values that are greater than 2. Industry classifications provided by Factset (© 2024 Factset Research Systems, Inc.).


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