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Following are definitions of the indexes used as benchmarks for the various mutual funds offered by Managers Investment Group. Unlike the Funds, the indexes are unmanaged, are not available for investment, and do not incur expenses.
Citigroup 1-Month US Treasury Bill Index
Citigroup 1-Month US Treasury Bill Index measures returns of one-month treasury bill.
Primary benchmark for: Managers AMG FQ Global Alternatives Fund
Citigroup Mortgage Index
Citigroup Mortgage Index measures the performance of mortgage-backed securities issued by government-sponsored entities.
Primary benchmark for: Managers Intermediate Duration Government Fund
Dow Jones Wilshire REIT Index
The Dow Jones Wilshire REIT Index measures U.S. publicly traded Real Estate Investment Trusts.
Primary benchmark for: Managers Real Estate Securities Fund
Lehman Brothers 5 Year Municipal Bond Index
The Lehman Brothers 5 Year Municipal Bond Index is the 5 Year (4-6) component of the Municipal Bond index. It is a rules-based, market-value-weighted index engineered for the tax-exempt bond market. The index tracks general obligation bonds, revenue bonds, insured bonds, and prerefunded bonds rated Baa3/BBB- or higher by at least two of the ratings agencies: Moody's, S&P, Fitch.
Primary benchmark for: Managers California Intermediate Tax-Free Fund
Lehman Brothers Global Aggregate Bond Index
The Lehman Brothers Global Aggregate Bond Index provides a broad-based measure of the global investment-grade fixed income markets. The three major components of this index are the U.S. Aggregate, the Pan-European Aggregate, and the Asian-Pacific Aggregate Indices. The index also includes Eurodollar and Euro-Yen corporate bonds, Canadian government, agency and corporate securities, and USD investment grade 144A securities.
Primary benchmark for: Managers Global Bond Fund
Partial benchmark for: Managers Fremont Global Fund (35%)
Lehman Brothers U.S. Aggregate Index
The Lehman Brothers U.S. Aggregate Index covers the U.S. investment grade fixed rate bond market, with index components for government and corporate securities, mortgage pass-through securities, and asset-backed securities.
Primary benchmark for: Managers Fixed Income Fund; Managers Fremont Bond Fund
Partial benchmark for: Managers AMG Chicago Equity Partners Balanced Fund (40%)
Lehman Brothers U.S. Corporate High Yield Index
The Lehman Brothers U.S. Corporate High Yield Index covers the universe of fixed rate debt rated Ba1/BB+ or lower by at least two of the ratings agencies: Moody’s, S&P, Fitch.
Primary benchmark for: Managers High Yield Fund
Lehman Brothers U.S. Government/Credit Index
The Lehman Brothers U.S. Government/Credit Index includes securities in the Government and Credit Indices that have remaining maturities of more than one year.
Primary benchmark for: Managers Bond Fund
Merrill Lynch 3-Month Treasury Bill Index
The Merrill Lynch 3-Month T-Bill Index is an unmanaged index that measures returns of three-month Treasury Bills.
Primary benchmark for: Managers Money Market Fund
Merrill Lynch 6-Month Treasury Bill Index
The Merrill Lynch 6-Month T-Bill Index is measures returns of six-month Treasury Bills.
Primary benchmark for: Managers Short Duration Government Fund
MSCI EAFE® Index
The MSCI EAFE Index (Europe, Australasia, Far East) is a free float-adjusted market capitalization index that is designed to measure developed market equity performance, excluding the US & Canada. The MSCI EAFE Index consisted of the following 21 developed market country indices: Australia, Austria, Belgium, Denmark, Finland, France, Germany, Greece, Hong Kong, Ireland, Italy, Japan, the Netherlands, New Zealand, Norway, Portugal, Singapore, Spain, Sweden, Switzerland and the United Kingdom.
Primary benchmark for: Managers International Equity Fund
MSCI Emerging Markets Index
The MSCI Emerging Markets Index is a free float-adjusted market capitalization index that is designed to measure equity market performance in the global emerging markets. The MSCI Emerging Markets Index consisted of the following 25 emerging market country indices: Argentina, Brazil, Chile, China, Colombia, Czech Republic, Egypt, Hungary, India, Indonesia, Israel, Jordan, Korea, Malaysia, Mexico, Morocco, Pakistan, Peru, Philippines, Poland, Russia, South Africa, Taiwan, Thailand and Turkey.
Primary benchmark for: Managers Emerging Markets Equity Fund
MSCI World IndexSM
The MSCI World Index is a free float-adjusted market capitalization index that is designed to measure global developed market equity performance. The MSCI World Index consisted of the following 23 developed market country indices: Australia, Austria, Belgium, Canada, Denmark, Finland, France, Germany, Greece, Hong Kong, Ireland, Italy, Japan, Netherlands, New Zealand, Norway, Portugal, Singapore, Spain, Sweden, Switzerland, the United Kingdom and the United States.
Partial benchmark for: Managers Fremont Global Fund (65%)
Russell 1000® Growth Index
The Russell 1000 Growth Index measures the performance of those Russell 1000 companies with higher price-to-book ratios and higher forecasted growth values.
Primary benchmark for: Managers AMG Essex Large Cap Growth Fund
Russell 1000® Value Index
The Russell 1000 Value Index measures the performance of those Russell 1000 companies with lower price-to-book ratios and lower forecasted growth values.
Primary benchmark for: Managers AMG Systematic Value Fund; Managers Value Fund
Russell 2000® Index
The Russell 2000 Index measures the performance of the 2,000 smallest companies in the Russell 3000 Index, which represents approximately 10% of the total market capitalization of the Russell 3000 Index.
Primary benchmark for: Skyline Special Equities Portfolio; Managers Small Company Fund; Managers Special Equity Fund
Russell 2000® Growth Index
The Russell 2000 Growth Index measures the performance of those Russell 2000 companies with higher price-to-book ratios and higher forecasted growth values.
Primary benchmark for: Managers AMG Essex Small/Micro Cap Growth Fund; Managers Small Cap Fund; Managers AMG TimesSquare Small Cap Growth Fund
Russell 2000® Value Index
The Russell 2000 Value Index measures the performance of those Russell 2000 companies with lower price-to-book ratios and lower forecasted growth values.
Primary benchmark for: Skyline Special Equities Portfolio
Russell 3000® Index
The Russell 3000 Index measures the performance of the 3,000 largest U.S. companies based on total market capitalization, which represents approximately 98% of the investable U.S. equity market.
Primary benchmark for: Managers AMG FQ Tax-Managed U.S. Equity Fund; Managers AMG FQ U.S. Equity Fund
Russell 3000® Growth Index
The Russell 3000 Growth Index measures the performance of those Russell 3000 Index companies with higher price-to-book ratios and higher forecasted growth values. The stocks in this index are also members of either the Russell 1000 Growth or the Russell 2000 Growth indexes.
Primary benchmark for: Brandywine Fund; Managers AMG Essex Growth Fund
Russell Microcap™ Index
The Russell Microcap Index measures performance of the microcap segment, representing less than 3% of the U.S. equity market. The Russell Microcap Index includes the smallest 1,000 securities in the small-cap Russell 2000 Index plus the next 1,000 securities.
Primary benchmark for: Managers Fremont Institutional Micro-Cap Fund; Managers Fremont Micro-Cap Fund
Russell Midcap® Growth Index
The Russell Midcap Growth Index measures the performance of those Russell Midcap companies with higher price-to-book ratios and higher forecasted growth values. The stocks are also members of the Russell 1000 Growth index.
Primary benchmark for: Brandywine Advisors Midcap Growth Fund; Managers AMG TimesSquare Mid Cap Growth Fund
Russell Midcap® Value Index
The Russell Midcap Value Index measures the performance of those Russell Midcap companies with lower price-to-book ratios and lower forecasted growth values. The stocks are also members of the Russell 1000 Value index.
Primary benchmark for: Managers AMG Systematic Mid-Cap Value Fund
S&P 500 Index
The S&P 500 Index includes 500 leading companies in leading industries of the U.S. economy. The S&P 500 focuses on the large-cap segment of the market, with over 75% coverage of U.S. equities.
Primary benchmark for: Brandywine Blue Fund; Managers Fremont Global Fund
Partial benchmark for: Managers AMG Chicago Equity Partners Balanced Fund (60%)
S&P MidCap 400 Index
The S&P MidCap 400 Index includes 400 mid-sized companies and covers approximately 7% of the U.S. equities market.
Primary benchmark for: Managers AMG Chicago Equity Partners Mid-Cap Fund
Disclosure
All MSCI data is provided ‘as is’. The products described herein are not sponsored or endorsed and have not been reviewed or passed on by MSCI. In no event shall MSCI, its affiliates, or any MSCI data provider have any liability of any kind in connection with the MSCI data or the products described herein. Copying or redistributing the MSCI data is strictly prohibited.
Russell 1000 Growth Index, Russell 2000 Index, Russell 1000 Value Index, Russell 2000 Growth Index, Russell 2000 Value Index, Russell 3000 Index, Russell 3000 Growth Index, Russell Microcap Growth Index, Russell Midcap Growth Index, and Russell Midcap Value Index, are trademarks of Russell Investments. Russell is a trademark of Russell Investments.
The S&P 500 Index is proprietary data of Standard & Poor’s, a division of The McGraw-Hill Companies, Inc. All rights reserved.
Managers Distributors, Inc. provides support on a wholesale basis related to making the Brandywine Funds available through various intermediaries.
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