UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT
OF
REGISTERED MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number: 811-04526
Name of Registrant: | Vanguard Quantitative Funds |
Address of Registrant: | P.O. Box 2600 |
Valley Forge, PA 19482 |
Name and address of agent for service: | Anne E. Robinson, Esquire |
P.O. Box 876 | |
Valley Forge, PA 19482 |
Registrant’s telephone number, including area code: (610) 669-1000
Date of fiscal year end: September 30
Date of reporting period: October 1, 2020—September 30, 2021
Item 1: Reports to Shareholders
Your Fund’s Performance at a Glance | 1 |
Advisors’ Report | 2 |
About Your Fund’s Expenses | 6 |
Performance Summary | 8 |
Financial Statements | 10 |
Trustees Approve Advisory Arrangements | 39 |
• | Vanguard Growth and Income Fund returned 30.22% for Investor Shares and 30.34% for Admiral Shares for the 12 months ended September 30, 2021. Its performance surpassed that of its benchmark, which returned 30%. |
• | The global economy rebounded faster than many had expected after the pandemic-induced contraction in the spring of 2020. Swift and extensive fiscal and monetary support from policymakers was one of the keys to the rebound. Stock returns were excellent for the 12-month period, reflecting the recovery following the sharp downturn at the start of the pandemic. |
• | The fund’s positions in information technology, materials, and utilities contributed the most to performance on a relative basis. Industrials, consumer staples, and energy were the biggest detractors. |
• | For the ten years ended September 30, 2021, the fund’s average annual return slightly lagged its benchmark. |
Average Annual Total Returns Periods Ended September 30, 2021 | |||
One Year | Three Years | Five Years | |
Stocks | |||
Russell 1000 Index (Large-caps) | 30.96% | 16.43% | 17.11% |
Russell 2000 Index (Small-caps) | 47.68 | 10.54 | 13.45 |
Russell 3000 Index (Broad U.S. market) | 31.88 | 16.00 | 16.85 |
FTSE All-World ex US Index (International) | 24.73 | 8.49 | 9.28 |
Bonds | |||
Bloomberg U.S. Aggregate Bond Index (Broad taxable market) | -0.90% | 5.36% | 2.94% |
Bloomberg Municipal Bond Index (Broad tax-exempt market) | 2.63 | 5.06 | 3.26 |
FTSE Three-Month U.S. Treasury Bill Index | 0.06 | 1.14 | 1.13 |
CPI | |||
Consumer Price Index | 5.39% | 2.81% | 2.59% |
Fund Assets Managed | |||
Investment Advisor | % | $ Million | Investment Strategy |
Los Angeles Capital | 33 | 4,278 | Employs a quantitative model that emphasizes stocks with characteristics investors are currently seeking and underweights stocks with characteristics investors are currently avoiding. The portfolio’s sector weights, size, and style characteristics may differ modestly from the benchmark in a risk-controlled manner. |
Vanguard Quantitative Equity Group | 33 | 4,263 | Employs a quantitative fundamental management approach, using models that assess valuation, growth prospects, management decisions, market sentiment, and earnings and balance-sheet quality of companies as compared with their peers. |
D. E. Shaw Investment Management, L.L.C. | 32 | 4,225 | Employs quantitative models that seek to capture predominantly bottom-up stock-specific return opportunities. The portfolio’s sector weights, size, and style characteristics may differ modestly from the benchmark in a risk-controlled manner. |
Cash Investments | 2 | 260 | These short-term reserves are invested by Vanguard in equity index products to simulate investment in stocks. Each advisor may also maintain a modest cash position. |
• | Based on actual fund return. This section helps you to estimate the actual expenses that you paid over the period. The ”Ending Account Value“ shown is derived from the fund‘s actual return, and the third column shows the dollar amount that would have been paid by an investor who started with $1,000 in the fund. You may use the information here, together with the amount you invested, to estimate the expenses that you paid over the period. |
• | Based on hypothetical 5% yearly return. This section is intended to help you compare your fund‘s costs with those of other mutual funds. It assumes that the fund had a yearly return of 5% before expenses, but that the expense ratio is unchanged. In this case—because the return used is not the fund’s actual return—the results do not apply to your investment. The example is useful in making comparisons because the Securities and Exchange Commission requires all mutual funds to calculate expenses based on a 5% return. You can assess your fund’s costs by comparing this hypothetical example with the hypothetical examples that appear in shareholder reports of other funds. |
Six Months Ended September 30, 2021 | |||
Growth and Income Fund | Beginning Account Value 3/31/2021 | Ending Account Value 9/30/2021 | Expenses Paid During Period |
Based on Actual Fund Return | |||
Investor Shares | $1,000.00 | $1,083.20 | $1.62 |
Admiral™ Shares | 1,000.00 | 1,083.60 | 1.10 |
Based on Hypothetical 5% Yearly Return | |||
Investor Shares | $1,000.00 | $1,023.51 | $1.57 |
Admiral Shares | 1,000.00 | 1,024.02 | 1.07 |
Average Annual Total Returns Periods Ended September 30, 2021 | |||||
One Year | Five Years | Ten Years | Final Value of a $10,000 Investment | ||
Growth and Income Fund Investor Shares | 30.22% | 16.19% | 16.50% | $46,037 | |
S&P 500 Index | 30.00 | 16.90 | 16.63 | 46,586 | |
Dow Jones U.S. Total Stock Market Float Adjusted Index | 32.13 | 16.82 | 16.56 | 46,280 |
One Year | Five Years | Ten Years | Final Value of a $50,000 Investment | ||
Growth and Income Fund Admiral Shares | 30.34% | 16.31% | 16.62% | $232,619 | |
S&P 500 Index | 30.00 | 16.90 | 16.63 | 232,931 | |
Dow Jones U.S. Total Stock Market Float Adjusted Index | 32.13 | 16.82 | 16.56 | 231,402 |
Communication Services | 12.3% |
Consumer Discretionary | 13.9 |
Consumer Staples | 5.4 |
Energy | 2.2 |
Financials | 11.1 |
Health Care | 13.4 |
Industrials | 7.2 |
Information Technology | 28.2 |
Materials | 2.1 |
Real Estate | 2.5 |
Utilities | 1.5 |
Other | 0.2 |
Shares | Market Value• ($000) | ||
Common Stocks (97.8%) | |||
Communication Services (12.0%) | |||
* | Alphabet Inc. Class C | 123,209 | 328,390 |
* | Alphabet Inc. Class A | 118,397 | 316,537 |
* | Facebook Inc. Class A | 862,102 | 292,589 |
Verizon Communications Inc. | 1,572,255 | 84,917 | |
* | Walt Disney Co. | 462,813 | 78,294 |
* | Netflix Inc. | 125,210 | 76,421 |
Activision Blizzard Inc. | 886,950 | 68,641 | |
Comcast Corp. Class A | 1,058,815 | 59,220 | |
AT&T Inc. | 2,186,859 | 59,067 | |
Electronic Arts Inc. | 182,831 | 26,008 | |
Lumen Technologies Inc. | 1,773,265 | 21,971 | |
News Corp. Class A | 884,619 | 20,815 | |
* | Charter Communications Inc. Class A | 27,400 | 19,935 |
* | Take-Two Interactive Software Inc. | 127,508 | 19,645 |
* | DISH Network Corp. Class A | 322,330 | 14,008 |
Interpublic Group of Cos. Inc. | 351,713 | 12,897 | |
Omnicom Group Inc. | 149,452 | 10,829 | |
News Corp. Class B | 441,164 | 10,248 | |
Fox Corp. Class A | 232,232 | 9,315 | |
* | Snap Inc. Class A | 119,100 | 8,798 |
*,1 | Discovery Inc. Class A | 265,435 | 6,737 |
Fox Corp. Class B | 164,779 | 6,117 | |
* | Twitter Inc. | 62,200 | 3,756 |
* | Yelp Inc. Class A | 78,900 | 2,938 |
* | Gogo Inc. | 109,800 | 1,900 |
* | Discovery Inc. Class C | 63,018 | 1,529 |
ViacomCBS Inc. Class B | 28,843 | 1,140 | |
* | Pinterest Inc. Class A | 17,672 | 900 |
* | Liberty Media Corp.- Liberty SiriusXM Class C | 7,900 | 375 |
* | Roblox Corp. Class A | 4,800 | 363 |
* | IAC/InterActiveCorp. | 2,000 | 261 |
* | Liberty Media Corp.- Liberty SiriusXM Class A | 4,900 | 231 |
* | Altice USA Inc. Class A | 10,000 | 207 |
* | AMC Networks Inc. Class A | 4,200 | 196 |
* | Iridium Communications Inc. | 4,700 | 187 |
Shares | Market Value• ($000) | ||
New York Times Co. Class A | 1,800 | 89 | |
* | Travelzoo | 7,600 | 88 |
TEGNA Inc. | 3,500 | 69 | |
* | QuinStreet Inc. | 3,400 | 60 |
Spok Holdings Inc. | 5,401 | 55 | |
* | ZoomInfo Technologies Inc. Class A | 900 | 55 |
* | Hemisphere Media Group Inc. Class A | 3,488 | 42 |
Entravision Communications Corp. Class A | 3,900 | 28 | |
* | Cars.com Inc. | 1,997 | 25 |
* | WideOpenWest Inc. | 918 | 18 |
* | IDT Corp. Class B | 300 | 13 |
* | Meredith Corp. | 200 | 11 |
Scholastic Corp. | 100 | 4 | |
* | Sciplay Corp. Class A | 188 | 4 |
* | Yandex NV Class A | 47 | 4 |
* | Consolidated Communications Holdings Inc. | 300 | 3 |
* | T-Mobile U.S. Inc. | 20 | 3 |
* | U.S. Cellular Corp. | 99 | 3 |
Sinclair Broadcast Group Inc. Class A | 50 | 2 | |
* | Stagwell Inc. | 200 | 2 |
* | Clear Channel Outdoor Holdings Inc. | 300 | 1 |
* | DHI Group Inc. | 302 | 1 |
* | Lions Gate Entertainment Corp. Class B | 100 | 1 |
National CineMedia Inc. | 300 | 1 | |
* | TrueCar Inc. | 300 | 1 |
* | Zynga Inc. Class A | 100 | 1 |
* | Angi Inc. Class A | 100 | 1 |
* | Gannett Co. Inc. | 208 | 1 |
* | Magnite Inc. | 26 | 1 |
Manchester United plc Class A | 40 | 1 | |
* | Vimeo Inc. | 34 | 1 |
* | Fluent Inc. | 99 | — |
* | Liberty TripAdvisor Holdings Inc. Class A | 100 | — |
* | Eros International plc | 200 | — |
* | Emerald Holding Inc. | 11 | — |
* | Liberty Latin America Ltd. Class A | 29 | — |
1,565,971 |
Shares | Market Value• ($000) | ||
Consumer Discretionary (13.6%) | |||
* | Amazon.com Inc. | 144,022 | 473,118 |
* | Tesla Inc. | 299,196 | 232,021 |
Lowe's Cos. Inc. | 469,931 | 95,330 | |
Home Depot Inc. | 263,616 | 86,535 | |
NIKE Inc. Class B | 472,786 | 68,663 | |
McDonald's Corp. | 276,358 | 66,633 | |
Target Corp. | 282,613 | 64,653 | |
TJX Cos. Inc. | 782,350 | 51,619 | |
* | Ford Motor Co. | 3,442,404 | 48,744 |
Bath & Body Works Inc. | 724,034 | 45,636 | |
Yum! Brands Inc. | 364,266 | 44,553 | |
Starbucks Corp. | 325,759 | 35,934 | |
* | Ulta Beauty Inc. | 82,957 | 29,941 |
* | LKQ Corp. | 587,518 | 29,564 |
* | Booking Holdings Inc. | 10,534 | 25,006 |
Tapestry Inc. | 590,258 | 21,851 | |
H&R Block Inc. | 869,660 | 21,742 | |
Best Buy Co. Inc. | 193,699 | 20,476 | |
PulteGroup Inc. | 426,611 | 19,590 | |
Domino's Pizza Inc. | 40,088 | 19,120 | |
* | AutoZone Inc. | 10,846 | 18,416 |
Darden Restaurants Inc. | 98,532 | 14,925 | |
Dollar General Corp. | 65,880 | 13,976 | |
* | O'Reilly Automotive Inc. | 22,826 | 13,948 |
* | PVH Corp. | 124,767 | 12,825 |
* | Las Vegas Sands Corp. | 304,500 | 11,145 |
* | General Motors Co. | 210,451 | 11,093 |
Advance Auto Parts Inc. | 51,390 | 10,735 | |
Ross Stores Inc. | 98,353 | 10,706 | |
* | Victoria's Secret & Co. | 193,692 | 10,703 |
Pool Corp. | 24,530 | 10,656 | |
* | Under Armour Inc. Class A | 446,202 | 9,004 |
* | NVR Inc. | 1,871 | 8,970 |
DR Horton Inc. | 103,812 | 8,717 | |
Lennar Corp. Class A | 92,955 | 8,708 | |
Garmin Ltd. | 54,700 | 8,504 | |
* | Mohawk Industries Inc. | 36,150 | 6,413 |
Gap Inc. | 206,412 | 4,686 | |
eBay Inc. | 63,582 | 4,430 | |
* | Marriott International Inc. Class A | 29,700 | 4,398 |
* | Etsy Inc. | 20,362 | 4,234 |
Gentex Corp. | 120,100 | 3,961 | |
Whirlpool Corp. | 17,332 | 3,533 | |
Signet Jewelers Ltd. | 44,500 | 3,514 | |
Genuine Parts Co. | 26,500 | 3,213 | |
Travel + Leisure Co. | 55,100 | 3,005 | |
* | Under Armour Inc. Class C | 169,731 | 2,974 |
* | GoPro Inc. Class A | 317,100 | 2,968 |
* | Hilton Worldwide Holdings Inc. | 17,300 | 2,286 |
Harley-Davidson Inc. | 61,600 | 2,255 | |
* | Wynn Resorts Ltd. | 23,840 | 2,020 |
Hasbro Inc. | 22,530 | 2,010 | |
Macy's Inc. | 80,500 | 1,819 | |
* | Penn National Gaming Inc. | 24,480 | 1,774 |
Kohl's Corp. | 37,200 | 1,752 | |
Leggett & Platt Inc. | 35,800 | 1,605 | |
* | RH | 2,400 | 1,601 |
Camping World Holdings Inc. Class A | 36,600 | 1,423 | |
Newell Brands Inc. | 57,400 | 1,271 | |
* | Dollar Tree Inc. | 11,828 | 1,132 |
Shares | Market Value• ($000) | ||
Qurate Retail Inc. Series A | 97,000 | 988 | |
* | Sonos Inc. | 30,400 | 984 |
* | Carnival Corp. | 37,000 | 925 |
* | Farfetch Ltd. Class A | 23,800 | 892 |
* | Stamps.com Inc. | 2,700 | 890 |
* | Peloton Interactive Inc. Class A | 10,100 | 879 |
Service Corp. International | 13,800 | 832 | |
* | Overstock.com Inc. | 10,500 | 818 |
* | Wayfair Inc. Class A | 3,200 | 818 |
* | Sleep Number Corp. | 8,400 | 785 |
* | Academy Sports & Outdoors Inc. | 17,300 | 692 |
Churchill Downs Inc. | 2,700 | 648 | |
Magna International Inc. | 7,000 | 527 | |
Kontoor Brands Inc. | 10,500 | 524 | |
* | YETI Holdings Inc. | 4,200 | 360 |
* | Expedia Group Inc. | 2,100 | 344 |
Papa John's International Inc. | 2,700 | 343 | |
Sonic Automotive Inc. Class A | 6,100 | 320 | |
Hibbett Inc. | 3,900 | 276 | |
* | Adient plc | 6,541 | 271 |
* | Revolve Group Inc. | 4,347 | 269 |
* | Tupperware Brands Corp. | 12,600 | 266 |
* | Aptiv plc | 1,530 | 228 |
Jack in the Box Inc. | 2,336 | 227 | |
* | Hilton Grand Vacations Inc. | 4,500 | 214 |
* | Fossil Group Inc. | 17,400 | 206 |
* | Bloomin' Brands Inc. | 7,600 | 190 |
* | Vista Outdoor Inc. | 4,339 | 175 |
* | Accel Entertainment Inc. Class A | 14,007 | 170 |
* | Abercrombie & Fitch Co. Class A | 4,500 | 169 |
* | Lumber Liquidators Holdings Inc. | 8,600 | 161 |
Choice Hotels International Inc. | 1,200 | 152 | |
* | SeaWorld Entertainment Inc. | 2,400 | 133 |
* | Airbnb Inc. Class A | 725 | 122 |
Hanesbrands Inc. | 7,060 | 121 | |
* | Canada Goose Holdings Inc. | 3,368 | 120 |
* | Groupon Inc. Class A | 5,100 | 116 |
Columbia Sportswear Co. | 1,200 | 115 | |
* | Hayward Holdings Inc. | 4,500 | 100 |
* | Just Eat Takeaway.com NV ADR | 6,090 | 88 |
Brunswick Corp. | 900 | 86 | |
Acushnet Holdings Corp. | 1,714 | 80 | |
* | Deckers Outdoor Corp. | 200 | 72 |
* | Tenneco Inc. Class A | 4,600 | 66 |
* | frontdoor Inc. | 1,400 | 59 |
* | Neogames SA | 1,500 | 55 |
* | Citi Trends Inc. | 700 | 51 |
* | Goodyear Tire & Rubber Co. | 2,400 | 42 |
* | Lindblad Expeditions Holdings Inc. | 2,900 | 42 |
* | Modine Manufacturing Co. | 3,500 | 40 |
Shares | Market Value• ($000) | ||
* | American Axle & Manufacturing Holdings Inc. | 3,700 | 33 |
Hamilton Beach Brands Holding Co. Class A | 2,057 | 32 | |
* | Select Interior Concepts Inc. Class A | 2,100 | 30 |
* | Universal Electronics Inc. | 600 | 30 |
* | Superior Industries International Inc. | 3,803 | 27 |
* | GrowGeneration Corp. | 1,100 | 27 |
* | American Outdoor Brands Inc. | 1,024 | 25 |
Polaris Inc. | 200 | 24 | |
* | Arcos Dorados Holdings Inc. Class A | 4,497 | 23 |
Johnson Outdoors Inc. Class A | 200 | 21 | |
* | Vizio Holding Corp. Class A | 900 | 19 |
Graham Holdings Co. Class B | 28 | 17 | |
* | Party City Holdco Inc. | 2,200 | 16 |
* | Perdoceo Education Corp. | 1,418 | 15 |
Shutterstock Inc. | 100 | 11 | |
* | OneSpaWorld Holdings Ltd. | 1,100 | 11 |
* | Cavco Industries Inc. | 38 | 9 |
Strategic Education Inc. | 100 | 7 | |
* | Latham Group Inc. | 438 | 7 |
* | International Game Technology plc | 193 | 5 |
* | Royal Caribbean Cruises Ltd. | 54 | 5 |
* | Full House Resorts Inc. | 500 | 5 |
* | iRobot Corp. | 57 | 4 |
* | Biglari Holdings Inc. Class B | 20 | 3 |
* | Designer Brands Inc. Class A | 196 | 3 |
* | Master Craft Boat Holdings Inc. | 100 | 3 |
* | ODP Corp. | 75 | 3 |
* | Veoneer Inc. | 98 | 3 |
* | Barnes & Noble Education Inc. | 178 | 2 |
Cato Corp. Class A | 127 | 2 | |
* | El Pollo Loco Holdings Inc. | 93 | 2 |
* | Laureate Education Inc. Class A | 100 | 2 |
* | Sally Beauty Holdings Inc. | 100 | 2 |
Winnebago Industries Inc. | 30 | 2 | |
Smith & Wesson Brands Inc. | 100 | 2 | |
* | Bluegreen Vacations Holding Class A | 60 | 2 |
* | Mister Car Wash Inc. | 100 | 2 |
* | Adtalem Global Education Inc. | 39 | 1 |
Carrols Restaurant Group Inc. | 229 | 1 | |
Clarus Corp. | 31 | 1 | |
* | Container Store Group Inc. | 100 | 1 |
* | Express Inc. | 200 | 1 |
* | Mattel Inc. | 44 | 1 |
* | Noodles & Co. Class A | 100 | 1 |
Shares | Market Value• ($000) | ||
PetMed Express Inc. | 28 | 1 | |
* | Quotient Technology Inc. | 100 | 1 |
* | Target Hospitality Corp. | 388 | 1 |
* | Urban Outfitters Inc. | 39 | 1 |
* | Vera Bradley Inc. | 100 | 1 |
Bassett Furniture Industries Inc. | 71 | 1 | |
* | J Jill Inc. | 40 | 1 |
* | Despegar.com Corp. | 99 | 1 |
* | Yatra Online Inc. | 400 | 1 |
* | JAKKS Pacific Inc. | 100 | 1 |
* | American Public Education Inc. | 2 | — |
Big 5 Sporting Goods Corp. | 16 | — | |
Guess? Inc. | 3 | — | |
* | Visteon Corp. | 4 | — |
* | Kandi Technologies Group Inc. | 34 | — |
1,769,541 | |||
Consumer Staples (5.3%) | |||
Walmart Inc. | 800,371 | 111,556 | |
Costco Wholesale Corp. | 228,556 | 102,702 | |
Coca-Cola Co. | 1,671,396 | 87,698 | |
Procter & Gamble Co. | 518,675 | 72,511 | |
Philip Morris International Inc. | 555,968 | 52,700 | |
Altria Group Inc. | 1,075,165 | 48,942 | |
Tyson Foods Inc. Class A | 442,405 | 34,923 | |
Estee Lauder Cos. Inc. Class A | 103,449 | 31,027 | |
Colgate-Palmolive Co. | 407,331 | 30,786 | |
PepsiCo Inc. | 140,098 | 21,072 | |
Sysco Corp. | 217,890 | 17,104 | |
Hershey Co. | 77,391 | 13,098 | |
* | Monster Beverage Corp. | 139,900 | 12,427 |
Archer-Daniels-Midland Co. | 184,589 | 11,077 | |
General Mills Inc. | 123,614 | 7,395 | |
Walgreens Boots Alliance Inc. | 122,762 | 5,776 | |
Kraft Heinz Co. | 129,400 | 4,765 | |
Constellation Brands Inc. Class A | 21,572 | 4,545 | |
Molson Coors Beverage Co. Class B | 87,400 | 4,054 | |
Brown-Forman Corp. Class B | 46,800 | 3,136 | |
Kroger Co. | 58,400 | 2,361 | |
Kellogg Co. | 22,000 | 1,406 | |
Mondelez International Inc. Class A | 19,355 | 1,126 | |
* | Pilgrim's Pride Corp. | 32,100 | 933 |
Hormel Foods Corp. | 22,605 | 927 | |
McCormick & Co. Inc. | 9,700 | 786 | |
Lamb Weston Holdings Inc. | 12,400 | 761 | |
1 | Albertsons Cos. Inc. Class A | 20,800 | 648 |
J M Smucker Co. | 5,100 | 612 | |
* | Nomad Foods Ltd. | 15,000 | 413 |
* | USANA Health Sciences Inc. | 3,250 | 300 |
Campbell Soup Co. | 4,900 | 205 | |
National Beverage Corp. | 2,700 | 142 | |
Flowers Foods Inc. | 5,300 | 125 | |
Conagra Brands Inc. | 3,600 | 122 |
Shares | Market Value• ($000) | ||
Calavo Growers Inc. | 1,100 | 42 | |
* | Lifevantage Corp. | 2,900 | 20 |
* | United Natural Foods Inc. | 400 | 19 |
Nature's Sunshine Products Inc. | 1,132 | 17 | |
SpartanNash Co. | 700 | 15 | |
* | Veru Inc. | 1,800 | 15 |
* | SunOpta Inc. | 1,400 | 13 |
* | Performance Food Group Co. | 100 | 5 |
Seaboard Corp. | 1 | 4 | |
* | Hostess Brands Inc. Class A | 171 | 3 |
* | Simply Good Foods Co. | 79 | 3 |
PriceSmart Inc. | 28 | 2 | |
* | Herbalife Nutrition Ltd. | 45 | 2 |
* | Adecoagro SA | 200 | 2 |
* | Blue Apron Holdings Inc. Class A | 200 | 1 |
* | Coty Inc. Class A | 100 | 1 |
Natural Grocers by Vitamin Cottage Inc. | 100 | 1 | |
Vector Group Ltd. | 100 | 1 | |
Cal-Maine Foods Inc. | 9 | — | |
688,327 | |||
Energy (2.2%) | |||
Exxon Mobil Corp. | 1,488,645 | 87,562 | |
EOG Resources Inc. | 515,546 | 41,383 | |
Schlumberger NV | 1,202,826 | 35,652 | |
Halliburton Co. | 1,113,072 | 24,065 | |
APA Corp. | 968,802 | 20,761 | |
Kinder Morgan Inc. | 1,089,905 | 18,234 | |
Cabot Oil & Gas Corp. | 733,319 | 15,957 | |
Chevron Corp. | 75,809 | 7,691 | |
Hess Corp. | 68,894 | 5,381 | |
Diamondback Energy Inc. | 52,695 | 4,989 | |
Baker Hughes Co. Class A | 170,820 | 4,224 | |
Marathon Petroleum Corp. | 56,348 | 3,483 | |
Valero Energy Corp. | 42,030 | 2,966 | |
* | Cheniere Energy Inc. | 22,622 | 2,209 |
Marathon Oil Corp. | 121,200 | 1,657 | |
HollyFrontier Corp. | 46,400 | 1,537 | |
Ovintiv Inc. | 40,200 | 1,322 | |
ONEOK Inc. | 17,720 | 1,028 | |
* | Green Plains Inc. | 24,200 | 790 |
Targa Resources Corp. | 14,200 | 699 | |
Texas Pacific Land Corp. | 513 | 620 | |
Occidental Petroleum Corp. | 13,500 | 399 | |
Continental Resources Inc. | 5,800 | 268 | |
* | Arch Resources Inc. | 2,400 | 223 |
* | CNX Resources Corp. | 16,000 | 202 |
* | Range Resources Corp. | 6,900 | 156 |
Geopark Ltd. | ��� 10,800 | 138 | |
* | Southwestern Energy Co. | 22,500 | 125 |
* | Denbury Inc. | 1,600 | 112 |
* | Alto Ingredients Inc. | 15,000 | 74 |
* | Talos Energy Inc. | 5,220 | 72 |
World Fuel Services Corp. | 2,000 | 67 | |
* | Transocean Ltd. | 17,300 | 66 |
* | Renewable Energy Group Inc. | 1,300 | 65 |
* | Amplify Energy Corp. | 11,800 | 63 |
Bonanza Creek Energy Inc. | 1,300 | 62 |
Shares | Market Value• ($000) | ||
* | Tellurian Inc. | 14,800 | 58 |
Cimarex Energy Co. | 600 | 52 | |
Equitrans Midstream Corp. | 5,100 | 52 | |
Oasis Petroleum Inc. | 200 | 20 | |
* | Delek U.S. Holdings Inc. | 900 | 16 |
* | SandRidge Energy Inc. | 1,200 | 16 |
Solaris Oilfield Infrastructure Inc. Class A | 1,382 | 12 | |
* | California Resources Corp. | 300 | 12 |
NACCO Industries Inc. Class A | 311 | 9 | |
* | TETRA Technologies Inc. | 1,900 | 6 |
* | Navigator Holdings Ltd. | 600 | 5 |
* | CONSOL Energy Inc. | 100 | 3 |
* | Exterran Corp. | 579 | 3 |
Brigham Minerals Inc. Class A | 95 | 2 | |
* | Par Pacific Holdings Inc. | 108 | 2 |
Phillips 66 | 32 | 2 | |
International Seaways Inc. | 108 | 2 | |
SFL Corp. Ltd. | 200 | 2 | |
Archrock Inc. | 100 | 1 | |
* | Centennial Resource Development Inc. Class A | 200 | 1 |
* | Energy Fuels Inc. | 100 | 1 |
Evolution Petroleum Corp. | 100 | 1 | |
* | Helix Energy Solutions Group Inc. | 146 | 1 |
* | Natural Gas Services Group Inc. | 100 | 1 |
* | Overseas Shipholding Group Inc. Class A | 400 | 1 |
* | PBF Energy Inc. Class A | 100 | 1 |
Patterson-UTI Energy Inc. | 100 | 1 | |
* | Peabody Energy Corp. | 100 | 1 |
* | ProPetro Holding Corp. | 100 | 1 |
SM Energy Co. | 20 | 1 | |
* | Frontline Ltd. | 100 | 1 |
Dorian LPG Ltd. | 100 | 1 | |
Plains GP Holdings LP Class A | 100 | 1 | |
Cenovus Energy Inc. | 100 | 1 | |
* | Golar LNG Ltd. | 100 | 1 |
Northern Oil and Gas Inc. | 40 | 1 | |
* | FTS International Inc. Class A | 23 | 1 |
* | NOV Inc. | 100 | 1 |
Helmerich & Payne Inc. | 4 | — | |
* | Newpark Resources Inc. | 137 | — |
* | RPC Inc. | 100 | — |
* | SilverBow Resources Inc. | 3 | — |
Nordic American Tankers Ltd. | 100 | — | |
* | Frank's International NV | 100 | — |
* | Kosmos Energy Ltd. | 100 | — |
* | NexTier Oilfield Solutions Inc. | 95 | — |
* | Independence Contract Drilling Inc. | 100 | — |
* | FTS International Inc. Warrants Exp. 11/19/23 | 28 | — |
Shares | Market Value• ($000) | ||
* | FTS International Inc. Warrants Exp. 11/19/23 (XASE) | 70 | — |
284,596 | |||
Financials (10.9%) | |||
* | Berkshire Hathaway Inc. Class B | 816,996 | 222,991 |
JPMorgan Chase & Co. | 870,133 | 142,432 | |
Bank of America Corp. | 3,041,210 | 129,099 | |
Capital One Financial Corp. | 367,344 | 59,499 | |
Goldman Sachs Group Inc. | 157,250 | 59,445 | |
Wells Fargo & Co. | 1,181,219 | 54,820 | |
Citigroup Inc. | 703,229 | 49,353 | |
Synchrony Financial | 1,001,374 | 48,947 | |
U.S. Bancorp | 674,018 | 40,064 | |
Everest Re Group Ltd. | 149,505 | 37,493 | |
Discover Financial Services | 302,414 | 37,152 | |
Intercontinental Exchange Inc. | 307,577 | 35,316 | |
Cboe Global Markets Inc. | 243,857 | 30,204 | |
Allstate Corp. | 229,958 | 29,276 | |
S&P Global Inc. | 61,820 | 26,267 | |
Regions Financial Corp. | 1,200,877 | 25,591 | |
Truist Financial Corp. | 421,042 | 24,694 | |
Comerica Inc. | 305,663 | 24,606 | |
American Express Co. | 125,980 | 21,105 | |
Bank of New York Mellon Corp. | 405,576 | 21,025 | |
Hartford Financial Services Group Inc. | 226,371 | 15,903 | |
Raymond James Financial Inc. | 171,728 | 15,847 | |
M&T Bank Corp. | 101,282 | 15,125 | |
BlackRock Inc. | 17,820 | 14,945 | |
MetLife Inc. | 241,498 | 14,908 | |
Unum Group | 540,920 | 13,555 | |
W R Berkley Corp. | 184,922 | 13,533 | |
Marsh & McLennan Cos. Inc. | 87,260 | 13,214 | |
Aflac Inc. | 220,415 | 11,490 | |
KeyCorp. | 529,186 | 11,441 | |
PNC Financial Services Group Inc. | 55,200 | 10,799 | |
Invesco Ltd. | 442,654 | 10,672 | |
Ally Financial Inc. | 158,700 | 8,102 | |
Moody's Corp. | 21,461 | 7,621 | |
Affiliated Managers Group Inc. | 50,110 | 7,571 | |
Citizens Financial Group Inc. | 154,009 | 7,235 | |
Huntington Bancshares Inc. | 459,860 | 7,109 | |
Fifth Third Bancorp | 166,533 | 7,068 | |
Loews Corp. | 120,289 | 6,487 | |
Cincinnati Financial Corp. | 47,023 | 5,371 | |
Zions Bancorp NA | 86,710 | 5,367 | |
First Republic Bank | 26,916 | 5,192 | |
Willis Towers Watson plc | 18,400 | 4,277 | |
Globe Life Inc. | 44,300 | 3,944 | |
T Rowe Price Group Inc. | 19,900 | 3,914 | |
Lincoln National Corp. | 49,090 | 3,375 | |
Aon plc Class A (XNYS) | 9,940 | 2,841 | |
First American Financial Corp. | 40,200 | 2,695 |
Shares | Market Value• ($000) | ||
Interactive Brokers Group Inc. Class A | 39,800 | 2,481 | |
Arthur J Gallagher & Co. | 15,400 | 2,289 | |
Chubb Ltd. | 12,512 | 2,171 | |
Progressive Corp. | 22,300 | 2,016 | |
KKR & Co. Inc. | 30,400 | 1,851 | |
Principal Financial Group Inc. | 27,600 | 1,777 | |
OneMain Holdings Inc. | 29,100 | 1,610 | |
Morgan Stanley | 15,915 | 1,549 | |
Jefferies Financial Group Inc. | 39,855 | 1,480 | |
Prudential Financial Inc. | 13,900 | 1,462 | |
Popular Inc. | 18,500 | 1,437 | |
Blackstone Inc. | 11,400 | 1,326 | |
Owl Rock Capital Corp. | 79,900 | 1,128 | |
PROG Holdings Inc. | 26,800 | 1,126 | |
Janus Henderson Group plc | 24,900 | 1,029 | |
American International Group Inc. | 17,200 | 944 | |
UBS Group AG (Registered) | 56,900 | 907 | |
Sixth Street Specialty Lending Inc. | 37,700 | 837 | |
Golub Capital BDC Inc. | 51,492 | 814 | |
CME Group Inc. | 4,200 | 812 | |
Navient Corp. | 40,300 | 795 | |
* | Genworth Financial Inc. Class A | 197,400 | 740 |
Bank of NT Butterfield & Son Ltd. | 19,900 | 707 | |
Evercore Inc. Class A | 5,200 | 695 | |
* | Green Dot Corp. Class A | 13,700 | 690 |
Prospect Capital Corp. | 86,900 | 669 | |
SLM Corp. | 32,900 | 579 | |
* | Encore Capital Group Inc. | 10,906 | 537 |
Radian Group Inc. | 20,000 | 454 | |
Central Pacific Financial Corp. | 15,292 | 393 | |
Flagstar Bancorp Inc. | 7,700 | 391 | |
Banner Corp. | 6,480 | 358 | |
Solar Capital Ltd. | 16,240 | 311 | |
Washington Federal Inc. | 9,000 | 309 | |
* | Brighthouse Financial Inc. | 6,400 | 289 |
* | World Acceptance Corp. | 1,426 | 270 |
Reinsurance Group of America Inc. | 2,400 | 267 | |
Apollo Investment Corp. | 20,300 | 263 | |
* | Blucora Inc. | 15,656 | 244 |
American Financial Group Inc. | 1,800 | 227 | |
Rocket Cos. Inc. Class A | 13,400 | 215 | |
* | Cannae Holdings Inc. | 6,400 | 199 |
* | LendingClub Corp. | 6,900 | 195 |
Peapack-Gladstone Financial Corp. | 4,830 | 161 | |
* | SiriusPoint Ltd. | 17,000 | 157 |
BGC Partners Inc. Class A | 29,900 | 156 | |
* | Donnelley Financial Solutions Inc. | 4,500 | 156 |
Hanmi Financial Corp. | 7,731 | 155 | |
International Bancshares Corp. | 3,700 | 154 | |
United Community Banks Inc. | 4,600 | 151 | |
TCG BDC Inc. | 10,842 | 145 | |
FS KKR Capital Corp. | 6,400 | 141 |
Shares | Market Value• ($000) | ||
BlackRock TCP Capital Corp. | 10,200 | 138 | |
* | PRA Group Inc. | 3,200 | 135 |
* | Enova International Inc. | 3,700 | 128 |
TPG RE Finance Trust Inc. | 10,040 | 124 | |
Travelers Cos. Inc. | 800 | 122 | |
First Hawaiian Inc. | 4,053 | 119 | |
* | Bright Health Group Inc. | 14,600 | 119 |
* | Ocwen Financial Corp. | 3,801 | 107 |
Virtu Financial Inc. Class A | 4,300 | 105 | |
Universal Insurance Holdings Inc. | 7,855 | 102 | |
James River Group Holdings Ltd. | 2,680 | 101 | |
HomeTrust Bancshares Inc. | 3,320 | 93 | |
Kemper Corp. | 1,351 | 90 | |
New Mountain Finance Corp. | 6,500 | 87 | |
Kearny Financial Corp. | 6,905 | 86 | |
State Auto Financial Corp. | 1,672 | 85 | |
MarketAxess Holdings Inc. | 200 | 84 | |
Great Southern Bancorp Inc. | 1,500 | 82 | |
Horizon Bancorp Inc. | 4,520 | 82 | |
HCI Group Inc. | 700 | 78 | |
American Equity Investment Life Holding Co. | 2,600 | 77 | |
CVB Financial Corp. | 3,800 | 77 | |
AMERISAFE Inc. | 1,350 | 76 | |
First Financial Bancorp | 3,100 | 73 | |
Westamerica BanCorp | 1,200 | 68 | |
Patria Investments Ltd. Class A | 4,181 | 68 | |
Federated Hermes Inc. | 1,900 | 62 | |
B Riley Financial Inc. | 1,000 | 59 | |
CBTX Inc. | 2,220 | 59 | |
First BanCorp (XNYS) | 4,500 | 59 | |
PacWest Bancorp | 1,300 | 59 | |
* | TriState Capital Holdings Inc. | 2,600 | 55 |
* | Mr Cooper Group Inc. | 1,300 | 54 |
Barings BDC Inc. | 4,500 | 50 | |
Community Trust Bancorp Inc. | 1,100 | 46 | |
HomeStreet Inc. | 1,100 | 45 | |
PCSB Financial Corp. | 2,414 | 45 | |
NBT Bancorp Inc. | 1,200 | 43 | |
Great Western Bancorp Inc. | 1,291 | 42 | |
Independent Bank Corp. | 1,900 | 41 | |
TriplePoint Venture Growth BDC Corp. | 2,393 | 38 | |
* | Assetmark Financial Holdings Inc. | 1,506 | 37 |
TriCo Bancshares | 840 | 36 | |
Heritage Commerce Corp. | 2,800 | 33 | |
Burford Capital Ltd. | 3,004 | 33 | |
Tiptree Inc. | 3,172 | 32 | |
* | Elevate Credit Inc. | 7,335 | 30 |
Sierra Bancorp | 1,190 | 29 | |
First Community Bankshares Inc. | 888 | 28 | |
* | Ryan Specialty Group Holdings Inc. Class A | 800 | 27 |
Shares | Market Value• ($000) | ||
Northfield Bancorp Inc. | 1,502 | 26 | |
First Midwest Bancorp Inc. | 1,300 | 25 | |
BlackRock Capital Investment Corp. | 6,600 | 25 | |
Bank OZK | 500 | 22 | |
Heritage Insurance Holdings Inc. | 3,172 | 22 | |
Lakeland Bancorp Inc. | 1,184 | 21 | |
Park National Corp. | 170 | 21 | |
Moelis & Co. Class A | 300 | 19 | |
Old Republic International Corp. | 800 | 19 | |
Berkshire Hills Bancorp Inc. | 600 | 16 | |
First Internet Bancorp | 501 | 16 | |
TrustCo Bank Corp. NY | 480 | 15 | |
Employers Holdings Inc. | 348 | 14 | |
HBT Financial Inc. | 880 | 14 | |
MGIC Investment Corp. | 800 | 12 | |
Western Alliance Bancorp | 100 | 11 | |
* | Arch Capital Group Ltd. | 300 | 11 |
* | Bridge Investment Group Holdings Inc. Class A | 600 | 11 |
Columbia Banking System Inc. | 200 | 8 | |
Safety Insurance Group Inc. | 100 | 8 | |
Preferred Bank | 100 | 7 | |
Primis Financial Corp. | 477 | 7 | |
Stifel Financial Corp. | 85 | 6 | |
Tompkins Financial Corp. | 74 | 6 | |
Equitable Holdings Inc. | 200 | 6 | |
Byline Bancorp Inc. | 200 | 5 | |
First Financial Corp. | 107 | 5 | |
Amalgamated Financial Corp. | 305 | 5 | |
Atlantic Union Bankshares Corp. | 100 | 4 | |
Banc of California Inc. | 200 | 4 | |
Cathay General Bancorp | 100 | 4 | |
City Holding Co. | 45 | 4 | |
First Bancorp (XNGS) | 100 | 4 | |
* | LendingTree Inc. | 25 | 4 |
Luther Burbank Corp. | 300 | 4 | |
OceanFirst Financial Corp. | 201 | 4 | |
Wintrust Financial Corp. | 52 | 4 | |
Apollo Commercial Real Estate Finance Inc. | 198 | 3 | |
Assurant Inc. | 22 | 3 | |
Cowen Inc. Class A | 100 | 3 | |
Curo Group Holdings Corp. | 199 | 3 | |
First Financial Northwest Inc. | 172 | 3 | |
Great Ajax Corp. | 188 | 3 | |
Home Bancorp Inc. | 76 | 3 | |
Nelnet Inc. Class A | 38 | 3 | |
Stock Yards Bancorp Inc. | 55 | 3 | |
Univest Financial Corp. | 100 | 3 | |
Sculptor Capital Management Inc. Class A | 99 | 3 | |
First Eagle Alternative Capital BDC Inc. | 600 | 3 | |
* | ACRES Commercial Realty Corp. | 200 | 3 |
Shares | Market Value• ($000) | ||
Allegiance Bancshares Inc. | 60 | 2 | |
Arbor Realty Trust Inc. | 100 | 2 | |
Ares Commercial Real Estate Corp. | 111 | 2 | |
BancorpSouth Bank | 61 | 2 | |
Camden National Corp. | 46 | 2 | |
Capitol Federal Financial Inc. | 198 | 2 | |
Civista Bancshares Inc. | 86 | 2 | |
Cohen & Steers Inc. | 26 | 2 | |
* | Columbia Financial Inc. | 100 | 2 |
ConnectOne Bancorp Inc. | 82 | 2 | |
Financial Institutions Inc. | 68 | 2 | |
Greenhill & Co. Inc. | 110 | 2 | |
Home BancShares Inc. | 99 | 2 | |
Investors Bancorp Inc. | 100 | 2 | |
* | MBIA Inc. | 120 | 2 |
Old National Bancorp | 142 | 2 | |
SEI Investments Co. | 30 | 2 | |
ServisFirst Bancshares Inc. | 20 | 2 | |
Trustmark Corp. | 66 | 2 | |
Umpqua Holdings Corp. | 100 | 2 | |
WesBanco Inc. | 57 | 2 | |
WisdomTree Investments Inc. | 385 | 2 | |
* | XP Inc. Class A | 38 | 2 |
Horizon Technology Finance Corp. | 100 | 2 | |
Saratoga Investment Corp. | 64 | 2 | |
AFC Gamma Inc. | 99 | 2 | |
* | Ambac Financial Group Inc. | 100 | 1 |
Annaly Capital Management Inc. | 100 | 1 | |
ARMOUR Residential REIT Inc. | 100 | 1 | |
Cadence BanCorp. Class A | 32 | 1 | |
Commerce Bancshares Inc. | 11 | 1 | |
FNB Corp. | 100 | 1 | |
Granite Point Mortgage Trust Inc. | 100 | 1 | |
Ladder Capital Corp. Class A | 100 | 1 | |
MFA Financial Inc. | 300 | 1 | |
Meridian Bancorp Inc. | 32 | 1 | |
New Residential Investment Corp. | 100 | 1 | |
New York Community Bancorp Inc. | 100 | 1 | |
Northwest Bancshares Inc. | 100 | 1 | |
OFG Bancorp | 58 | 1 | |
Old Second Bancorp Inc. | 100 | 1 | |
Oppenheimer Holdings Inc. Class A | 13 | 1 | |
* | Republic First Bancorp Inc. | 369 | 1 |
* | SVB Financial Group | 2 | 1 |
United Bankshares Inc. | 18 | 1 | |
Valley National Bancorp | 100 | 1 | |
Washington Trust Bancorp Inc. | 20 | 1 |
Shares | Market Value• ($000) | ||
Westwood Holdings Group Inc. | 25 | 1 | |
Broadmark Realty Capital Inc. | 145 | 1 | |
Premier Financial Corp. | 23 | 1 | |
* | GoHealth Inc. Class A | 200 | 1 |
Gladstone Investment Corp. | 100 | 1 | |
Main Street Capital Corp. | 33 | 1 | |
Oxford Square Capital Corp. | 352 | 1 | |
PennantPark Investment Corp. | 220 | 1 | |
BancFirst Corp. | 5 | — | |
First of Long Island Corp. | 21 | — | |
Flushing Financial Corp. | 2 | — | |
Heartland Financial USA Inc. | 2 | — | |
Invesco Mortgage Capital Inc. | 109 | — | |
Lakeland Financial Corp. | 1 | — | |
* | NMI Holdings Inc. Class A | 15 | — |
* | Trupanion Inc. | 1 | — |
Veritex Holdings Inc. | 11 | — | |
AG Mortgage Investment Trust Inc. | 12 | — | |
1,413,286 | |||
Health Care (13.1%) | |||
Johnson & Johnson | 1,137,477 | 183,703 | |
Thermo Fisher Scientific Inc. | 185,311 | 105,874 | |
UnitedHealth Group Inc. | 245,402 | 95,888 | |
Merck & Co. Inc. | 995,403 | 74,765 | |
CVS Health Corp. | 777,614 | 65,988 | |
Agilent Technologies Inc. | 374,371 | 58,975 | |
HCA Healthcare Inc. | 218,992 | 53,154 | |
Medtronic plc | 400,792 | 50,239 | |
McKesson Corp. | 249,854 | 49,816 | |
Anthem Inc. | 129,454 | 48,260 | |
* | Moderna Inc. | 124,669 | 47,980 |
* | Waters Corp. | 126,069 | 45,044 |
* | IQVIA Holdings Inc. | 187,952 | 45,022 |
Pfizer Inc. | 945,112 | 40,649 | |
Abbott Laboratories | 324,522 | 38,336 | |
* | Laboratory Corp. of America Holdings | 121,893 | 34,306 |
* | Align Technology Inc. | 48,845 | 32,503 |
* | Biogen Inc. | 109,642 | 31,028 |
Bristol-Myers Squibb Co. | 521,489 | 30,856 | |
Cigna Corp. | 153,227 | 30,670 | |
AbbVie Inc. | 279,218 | 30,119 | |
Eli Lilly & Co. | 119,002 | 27,495 | |
* | Illumina Inc. | 62,984 | 25,547 |
Zoetis Inc. | 123,822 | 24,039 | |
* | IDEXX Laboratories Inc. | 38,633 | 24,026 |
* | Vertex Pharmaceuticals Inc. | 132,200 | 23,980 |
Baxter International Inc. | 296,040 | 23,810 | |
* | Centene Corp. | 349,587 | 21,783 |
* | Regeneron Pharmaceuticals Inc. | 34,142 | 20,662 |
Danaher Corp. | 67,127 | 20,436 | |
* | DaVita Inc. | 170,359 | 19,806 |
Cerner Corp. | 260,770 | 18,389 | |
Amgen Inc. | 85,225 | 18,123 | |
Becton Dickinson and Co. | 63,980 | 15,728 |
Shares | Market Value• ($000) | ||
* | Edwards Lifesciences Corp. | 138,347 | 15,662 |
Humana Inc. | 40,114 | 15,610 | |
* | Intuitive Surgical Inc. | 15,450 | 15,360 |
* | Mettler-Toledo International Inc. | 10,000 | 13,774 |
AmerisourceBergen Corp. Class A | 108,041 | 12,905 | |
Gilead Sciences Inc. | 174,646 | 12,199 | |
Zimmer Biomet Holdings Inc. | 77,600 | 11,358 | |
Cardinal Health Inc. | 222,100 | 10,985 | |
PerkinElmer Inc. | 60,956 | 10,563 | |
* | Hologic Inc. | 127,310 | 9,397 |
ResMed Inc. | 31,860 | 8,397 | |
AstraZeneca plc ADR | 125,600 | 7,544 | |
* | Incyte Corp. | 102,403 | 7,043 |
Organon & Co. | 202,331 | 6,634 | |
* | Henry Schein Inc. | 80,700 | 6,146 |
DENTSPLY SIRONA Inc. | 102,964 | 5,977 | |
* | ABIOMED Inc. | 16,633 | 5,414 |
Quest Diagnostics Inc. | 34,714 | 5,044 | |
* | ACADIA Pharmaceuticals Inc. | 297,400 | 4,940 |
* | DexCom Inc. | 8,500 | 4,648 |
Bruker Corp. | 57,600 | 4,499 | |
* | Sage Therapeutics Inc. | 94,300 | 4,178 |
Viatris Inc. | 257,900 | 3,495 | |
* | Amedisys Inc. | 14,901 | 2,222 |
West Pharmaceutical Services Inc. | 4,706 | 1,998 | |
* | Molina Healthcare Inc. | 5,700 | 1,546 |
* | Myriad Genetics Inc. | 46,100 | 1,489 |
Owens & Minor Inc. | 43,100 | 1,349 | |
* | Sorrento Therapeutics Inc. | 176,700 | 1,348 |
STERIS plc | 6,300 | 1,287 | |
* | Allscripts Healthcare Solutions Inc. | 85,824 | 1,147 |
* | Charles River Laboratories International Inc. | 2,661 | 1,098 |
* | Lexicon Pharmaceuticals Inc. | 201,408 | 969 |
*,1 | Inovio Pharmaceuticals Inc. | 130,400 | 934 |
* | Exelixis Inc. | 41,900 | 886 |
Bio-Techne Corp. | 1,700 | 824 | |
* | Tenet Healthcare Corp. | 10,200 | 678 |
Patterson Cos. Inc. | 18,600 | 561 | |
* | Triple-S Management Corp. Class B | 15,493 | 548 |
* | Neogen Corp. | 11,800 | 512 |
Alcon Inc. | 6,300 | 507 | |
* | QIAGEN NV | 9,600 | 496 |
* | Altimmune Inc. | 42,500 | 481 |
* | Haemonetics Corp. | 6,600 | 466 |
*,1 | CEL-SCI Corp. | 38,000 | 418 |
* | Brookdale Senior Living Inc. | 63,903 | 403 |
Encompass Health Corp. | 4,949 | 371 | |
* | Syndax Pharmaceuticals Inc. | 19,049 | 364 |
* | Avantor Inc. | 7,600 | 311 |
* | Halozyme Therapeutics Inc. | 7,500 | 305 |
* | Taro Pharmaceutical Industries Ltd. | 4,733 | 301 |
* | United Therapeutics Corp. | 1,600 | 295 |
* | WaVe Life Sciences Ltd. | 60,200 | 295 |
Shares | Market Value• ($000) | ||
* | Travere Thrapeutics Inc. | 9,484 | 230 |
* | Eagle Pharmaceuticals Inc. | 3,900 | 218 |
* | BioMarin Pharmaceutical Inc. | 2,800 | 216 |
*,1 | Humanigen Inc. | 36,500 | 216 |
*,1 | Evofem Biosciences Inc. | 288,900 | 213 |
* | Apria Inc. | 5,745 | 213 |
* | Theravance Biopharma Inc. | 28,300 | 209 |
* | Ovid therapeutics Inc. | 59,500 | 200 |
* | Ultragenyx Pharmaceutical Inc. | 2,100 | 189 |
* | Lannett Co. Inc. | 62,000 | 186 |
* | Vaxart Inc. | 22,500 | 179 |
* | Gritstone bio Inc. | 16,400 | 177 |
*,1 | CureVac NV | 3,200 | 175 |
* | Omeros Corp. | 11,700 | 161 |
* | LHC Group Inc. | 1,000 | 157 |
* | Fluidigm Corp. | 23,700 | 156 |
* | Amicus Therapeutics Inc. | 15,900 | 152 |
* | Vanda Pharmaceuticals Inc. | 8,849 | 152 |
* | Novocure Ltd. | 1,200 | 139 |
* | AcelRx Pharmaceuticals Inc. | 134,904 | 138 |
* | Infinity Pharmaceuticals Inc. | 40,300 | 138 |
* | Ortho Clinical Diagnostics Holdings plc Class H | 7,400 | 137 |
* | Community Health Systems Inc. | 11,500 | 135 |
* | Sotera Health Co. | 4,800 | 126 |
* | La Jolla Pharmaceutical Co. | 29,075 | 116 |
* | Rubius Therapeutics Inc. | 6,100 | 109 |
* | Dynavax Technologies Corp. | 5,600 | 108 |
* | Shockwave Medical Inc. | 500 | 103 |
* | Ironwood Pharmaceuticals Inc. Class A | 7,100 | 93 |
* | Arrowhead Pharmaceuticals Inc. | 1,300 | 81 |
* | Dicerna Pharmaceuticals Inc. | 3,800 | 77 |
* | Tivity Health Inc. | 3,200 | 74 |
* | Tricida Inc. | 15,965 | 74 |
* | AnaptysBio Inc. | 2,700 | 73 |
* | Accuray Inc. | 18,139 | 72 |
* | Collegium Pharmaceutical Inc. | 3,582 | 71 |
* | Guardant Health Inc. | 542 | 68 |
* | Innoviva Inc. | 3,600 | 60 |
* | agilon health Inc. | 2,300 | 60 |
* | Homology Medicines Inc. | 7,500 | 59 |
* | Ardelyx Inc. | 43,307 | 57 |
* | AtriCure Inc. | 800 | 56 |
* | Fate Therapeutics Inc. | 900 | 53 |
* | TG Therapeutics Inc. | 1,600 | 53 |
* | Heron Therapeutics Inc. | 4,843 | 52 |
* | Vir Biotechnology Inc. | 1,200 | 52 |
* | Tonix Pharmaceuticals Holding Corp. | 86,200 | 52 |
* | CareDx Inc. | 800 | 51 |
* | Atara Biotherapeutics Inc. | 2,600 | 47 |
* | Pacira BioSciences Inc. | 800 | 45 |
* | AngioDynamics Inc. | 1,538 | 40 |
Shares | Market Value• ($000) | ||
* | MiMedx Group Inc. | 6,500 | 39 |
* | Corbus Pharmaceuticals Holdings Inc. | 35,900 | 37 |
* | Corcept Therapeutics Inc. | 1,900 | 37 |
* | Seagen Inc. | 200 | 34 |
* | Arcus Biosciences Inc. | 959 | 33 |
* | Evolus Inc. | 4,300 | 33 |
* | Retractable Technologies Inc. | 2,984 | 33 |
* | Vocera Communications Inc. | 700 | 32 |
* | Avanos Medical Inc. | 1,000 | 31 |
* | Organogenesis Holdings Inc. Class A | 2,200 | 31 |
* | Aytu BioPharma Inc. | 10,600 | 31 |
* | Essa Pharma Inc. | 3,900 | 31 |
* | Orgenesis Inc. | 6,075 | 30 |
* | Maravai LifeSciences Holdings Inc. Class A | 600 | 29 |
* | Convey Holding Parent Inc. | 3,294 | 28 |
* | InfuSystem Holdings Inc. | 1,900 | 25 |
* | Alkermes plc | 700 | 22 |
* | Bio-Rad Laboratories Inc. Class A | 28 | 21 |
* | PTC Therapeutics Inc. | 500 | 19 |
* | Recro Pharma Inc. | 9,264 | 19 |
* | Cerus Corp. | 3,000 | 18 |
* | PPD Inc. | 300 | 14 |
* | Akoya Biosciences Inc. | 999 | 14 |
* | Catalyst Pharmaceuticals Inc. | 2,500 | 13 |
* | Lineage Cell Therapeutics Inc. | 5,094 | 13 |
* | ICON plc | 47 | 12 |
* | Avid Bioservices Inc. | 500 | 11 |
* | Repligen Corp. | 39 | 11 |
* | Assertio Holdings Inc. | 12,273 | 11 |
* | EyePoint Pharmaceuticals Inc. | 1,000 | 10 |
* | Aclaris Therapeutics Inc. | 500 | 9 |
* | Odonate Therapeutics Inc. | 3,230 | 9 |
* | Radius Health Inc. | 700 | 9 |
* | Rigel Pharmaceuticals Inc. | 2,173 | 8 |
* | Heat Biologics Inc. | 1,100 | 7 |
* | Rain Therapeutics Inc. | 435 | 7 |
* | CorVel Corp. | 30 | 6 |
* | Medpace Holdings Inc. | 32 | 6 |
* | Agile Therapeutics Inc. | 6,100 | 6 |
* | Alnylam Pharmaceuticals Inc. | 29 | 5 |
* | Denali Therapeutics Inc. | 100 | 5 |
* | GlycoMimetics Inc. | 2,200 | 5 |
* | Surmodics Inc. | 98 | 5 |
* | Varex Imaging Corp. | 181 | 5 |
* | Viemed Healthcare Inc. | 914 | 5 |
* | Aveanna Healthcare Holdings Inc. | 657 | 5 |
* | Exact Sciences Corp. | 45 | 4 |
Hill-Rom Holdings Inc. | 26 | 4 | |
* | Oncocyte Corp. | 1,200 | 4 |
* | Penumbra Inc. | 13 | 3 |
* | Tandem Diabetes Care Inc. | 26 | 3 |
* | Zogenix Inc. | 168 | 3 |
* | Envista Holdings Corp. | 81 | 3 |
Shares | Market Value• ($000) | ||
* | Accelerate Diagnostics Inc. | 300 | 2 |
* | Cara Therapeutics Inc. | 106 | 2 |
* | ChemoCentryx Inc. | 100 | 2 |
* | Enzo Biochem Inc. | 500 | 2 |
* | FONAR Corp. | 100 | 2 |
* | Integer Holdings Corp. | 24 | 2 |
* | Minerva Neurosciences Inc. | 1,100 | 2 |
* | Nektar Therapeutics Class A | 100 | 2 |
* | NextGen Healthcare Inc. | 118 | 2 |
* | Optinose Inc. | 600 | 2 |
* | Pacific Biosciences of California Inc. | 70 | 2 |
* | Palatin Technologies Inc. | 5,578 | 2 |
* | Selecta Biosciences Inc. | 400 | 2 |
* | Pulse Biosciences Inc. | 100 | 2 |
* | Pieris Pharmaceuticals Inc. | 300 | 2 |
* | CRISPR Therapeutics AG | 16 | 2 |
* | PDS Biotechnology Corp. | 165 | 2 |
* | Liquidia Corp. | 599 | 2 |
* | Gamida Cell Ltd. | 428 | 2 |
* | Immunovant Inc. | 180 | 2 |
* | ProQR Therapeutics NV | 205 | 2 |
* | LifeStance Health Group Inc. | 167 | 2 |
* | Abeona Therapeutics Inc. | 700 | 1 |
* | Aeglea BioTherapeutics Inc. | 100 | 1 |
* | Agenus Inc. | 200 | 1 |
* | Akebia Therapeutics Inc. | 498 | 1 |
* | Amneal Pharmaceuticals Inc. | 200 | 1 |
* | Athenex Inc. | 173 | 1 |
* | BioCryst Pharmaceuticals Inc. | 100 | 1 |
* | BioDelivery Sciences International Inc. | 400 | 1 |
* | Boston Scientific Corp. | 22 | 1 |
* | CTI BioPharma Corp. | 200 | 1 |
* | Calithera Biosciences Inc. | 300 | 1 |
* | Change Healthcare Inc. | 57 | 1 |
* | Chimerix Inc. | 100 | 1 |
* | Coherus Biosciences Inc. | 38 | 1 |
* | Concert Pharmaceuticals Inc. | 391 | 1 |
* | Cutera Inc. | 32 | 1 |
* | Cymabay Therapeutics Inc. | 376 | 1 |
* | CytomX Therapeutics Inc. | 200 | 1 |
* | Eiger BioPharmaceuticals Inc. | 100 | 1 |
* | Flexion Therapeutics Inc. | 100 | 1 |
* | ImmunoGen Inc. | 194 | 1 |
* | Invacare Corp. | 200 | 1 |
* | Jounce Therapeutics Inc. | 100 | 1 |
* | Karyopharm Therapeutics Inc. | 100 | 1 |
* | Kura Oncology Inc. | 33 | 1 |
LeMaitre Vascular Inc. | 27 | 1 | |
* | MediciNova Inc. | 200 | 1 |
* | Meridian Bioscience Inc. | 50 | 1 |
* | Mersana Therapeutics Inc. | 100 | 1 |
* | Natus Medical Inc. | 30 | 1 |
* | OraSure Technologies Inc. | 100 | 1 |
* | Puma Biotechnology Inc. | 100 | 1 |
Shares | Market Value• ($000) | ||
* | Sangamo Therapeutics Inc. | 100 | 1 |
* | Sientra Inc. | 206 | 1 |
* | Spectrum Pharmaceuticals Inc. | 400 | 1 |
* | Tactile Systems Technology Inc. | 14 | 1 |
* | vTv Therapeutics Inc. Class A | 406 | 1 |
* | Voyager Therapeutics Inc. | 200 | 1 |
* | Xeris Pharmaceuticals Inc. | 400 | 1 |
* | iCAD Inc. | 100 | 1 |
* | NextCure Inc. | 200 | 1 |
* | SmileDirectClub Inc. | 239 | 1 |
* | Tyme Technologies Inc. | 600 | 1 |
* | MeiraGTx Holdings plc | 100 | 1 |
* | Aquestive Therapeutics Inc. | 181 | 1 |
* | Affimed NV | 100 | 1 |
* | Bellicum Pharmaceuticals Inc. | 175 | 1 |
* | Precigen Inc. | 200 | 1 |
* | Strongbridge Biopharma plc | 335 | 1 |
* | Genocea Biosciences Inc. | 300 | 1 |
* | IMARA Inc. | 160 | 1 |
* | Marinus Pharmaceuticals Inc. | 125 | 1 |
* | Chinook Therapeutics Inc. | 67 | 1 |
* | Cronos Group Inc. | 200 | 1 |
* | Xenon Pharmaceuticals Inc. | 62 | 1 |
* | Compugen Ltd. | 193 | 1 |
* | Acumen Pharmaceuticals Inc. | 100 | 1 |
* | Adverum Biotechnologies Inc. | 100 | — |
* | Assembly Biosciences Inc. | 80 | — |
* | Calyxt Inc. | 41 | — |
* | Clovis Oncology Inc. | 100 | — |
* | Computer Programs and Systems Inc. | 5 | — |
* | Durect Corp. | 100 | — |
* | ElectroCore Inc. | 386 | — |
* | Fortress Biotech Inc. | 100 | — |
* | Galectin Therapeutics Inc. | 100 | — |
* | Insmed Inc. | 6 | — |
* | MannKind Corp. | 100 | — |
* | Paratek Pharmaceuticals Inc. | 100 | — |
* | PolarityTE Inc. | 283 | — |
* | Rockwell Medical Inc. | 436 | — |
Select Medical Holdings Corp. | 4 | — | |
* | Seres Therapeutics Inc. | 22 | — |
* | Sesen Bio Inc. | 300 | — |
* | Syros Pharmaceuticals Inc. | 100 | — |
*,2 | Alder Biopharmaceuticals CVR Exp.12/31/21 | 200 | — |
* | Arbutus Biopharma Corp. | 100 | — |
* | Baudax Bio Inc. | 4 | — |
* | Five Star Senior Living Inc. | 6 | — |
* | VBI Vaccines Inc. | 100 | — |
Shares | Market Value• ($000) | ||
* | Neoleukin Therapeutics Inc. | 15 | — |
* | Surgalign Holdings Inc. | 195 | — |
* | Quotient Ltd. | 200 | — |
* | Aptinyx Inc. Class A | 200 | — |
* | VYNE Therapeutics Inc. | 84 | — |
1,710,197 | |||
Industrials (7.0%) | |||
United Parcel Service Inc. Class B | 377,107 | �� 68,671 | |
Illinois Tool Works Inc. | 281,426 | 58,151 | |
Union Pacific Corp. | 254,290 | 49,843 | |
Deere & Co. | 134,835 | 45,179 | |
Lockheed Martin Corp. | 128,458 | 44,331 | |
3M Co. | 232,778 | 40,834 | |
Republic Services Inc. Class A | 325,626 | 39,095 | |
Dover Corp. | 241,038 | 37,481 | |
Otis Worldwide Corp. | 444,022 | 36,534 | |
Northrop Grumman Corp. | 86,683 | 31,219 | |
Trane Technologies plc | 163,108 | 28,161 | |
FedEx Corp. | 127,526 | 27,965 | |
Caterpillar Inc. | 135,461 | 26,004 | |
Cummins Inc. | 111,346 | 25,004 | |
Allegion plc | 185,632 | 24,537 | |
Carrier Global Corp. | 472,844 | 24,474 | |
WW Grainger Inc. | 62,105 | 24,411 | |
Old Dominion Freight Line Inc. | 82,088 | 23,476 | |
* | United Rentals Inc. | 62,484 | 21,928 |
Norfolk Southern Corp. | 72,707 | 17,395 | |
Fortive Corp. | 203,340 | 14,350 | |
Johnson Controls International plc | 205,687 | 14,003 | |
AMETEK Inc. | 101,600 | 12,599 | |
A O Smith Corp. | 193,814 | 11,836 | |
PACCAR Inc. | 140,400 | 11,080 | |
Robert Half International Inc. | 109,578 | 10,994 | |
Nielsen Holdings plc | 572,361 | 10,984 | |
Parker-Hannifin Corp. | 39,003 | 10,906 | |
Honeywell International Inc. | 48,056 | 10,201 | |
Fastenal Co. | 175,700 | 9,068 | |
JB Hunt Transport Services Inc. | 52,425 | 8,767 | |
Emerson Electric Co. | 87,015 | 8,197 | |
Rollins Inc. | 220,550 | 7,792 | |
* | Alaska Air Group Inc. | 104,271 | 6,110 |
General Electric Co. | 55,900 | 5,759 | |
Raytheon Technologies Corp. | 63,500 | 5,458 | |
L3Harris Technologies Inc. | 19,400 | 4,273 | |
Expeditors International of Washington Inc. | 33,089 | 3,942 | |
Waste Connections Inc. (XTSE) | 27,402 | 3,451 | |
Stanley Black & Decker Inc. | 18,361 | 3,219 | |
Fortune Brands Home & Security Inc. | 33,893 | 3,031 | |
IHS Markit Ltd. | 25,700 | 2,997 | |
Allison Transmission Holdings Inc. | 83,700 | 2,956 | |
* | CACI International Inc. Class A | 10,300 | 2,700 |
Equifax Inc. | 9,930 | 2,516 |
Shares | Market Value• ($000) | ||
Huntington Ingalls Industries Inc. | 12,900 | 2,490 | |
* | Delta Air Lines Inc. | 52,388 | 2,232 |
CSX Corp. | 61,000 | 1,814 | |
Howmet Aerospace Inc. | 52,466 | 1,637 | |
nVent Electric plc | 45,700 | 1,478 | |
Quanta Services Inc. | 12,627 | 1,437 | |
Graco Inc. | 15,900 | 1,113 | |
Acuity Brands Inc. | 6,100 | 1,058 | |
Rockwell Automation Inc. | 3,398 | 999 | |
MSA Safety Inc. | 6,425 | 936 | |
Snap-on Inc. | 4,100 | 857 | |
CNH Industrial NV | 50,800 | 844 | |
General Dynamics Corp. | 4,200 | 823 | |
* | Mercury Systems Inc. | 16,900 | 801 |
* | IAA Inc. | 13,500 | 737 |
* | Generac Holdings Inc. | 1,800 | 736 |
* | Resideo Technologies Inc. | 25,400 | 630 |
Werner Enterprises Inc. | 14,100 | 624 | |
Masco Corp. | 10,200 | 567 | |
TransUnion | 4,800 | 539 | |
* | Great Lakes Dredge & Dock Corp. | 34,000 | 513 |
* | Upwork Inc. | 11,400 | 513 |
Knight-Swift Transportation Holdings Inc. | 10,000 | 512 | |
* | Plug Power Inc. | 19,800 | 506 |
* | FuelCell Energy Inc. | 70,600 | 472 |
Pitney Bowes Inc. | 59,815 | 431 | |
* | Avis Budget Group Inc. | 3,600 | 419 |
Moog Inc. Class A | 4,781 | 364 | |
Lindsay Corp. | 2,200 | 334 | |
Oshkosh Corp. | 3,138 | 321 | |
Watsco Inc. | 1,209 | 320 | |
ArcBest Corp. | 3,848 | 315 | |
* | Boeing Co. | 1,400 | 308 |
* | American Airlines Group Inc. | 14,600 | 300 |
Xylem Inc. | 2,099 | 260 | |
* | AECOM | 4,000 | 253 |
* | Manitowoc Co. Inc. | 10,100 | 216 |
* | Allegiant Travel Co. | 1,000 | 196 |
Healthcare Services Group Inc. | 7,700 | 192 | |
ManTech International Corp. Class A | 2,471 | 188 | |
REV Group Inc. | 8,900 | 153 | |
Westinghouse Air Brake Technologies Corp. | 1,700 | 147 | |
* | Beacon Roofing Supply Inc. | 3,000 | 143 |
* | Ingersoll Rand Inc. | 2,500 | 126 |
Trinity Industries Inc. | 4,500 | 122 | |
* | Gates Industrial Corp. plc | 6,668 | 109 |
* | KAR Auction Services Inc. | 6,400 | 105 |
* | Tutor Perini Corp. | 7,400 | 96 |
Owens Corning | 1,100 | 94 | |
* | AeroVironment Inc. | 1,000 | 86 |
GrafTech International Ltd. | 8,100 | 84 | |
* | Atlas Air Worldwide Holdings Inc. | 1,000 | 82 |
Steelcase Inc. Class A | 6,400 | 81 | |
* | American Superconductor Corp. | 5,500 | 80 |
* | Fluor Corp. | 4,720 | 75 |
Shares | Market Value• ($000) | ||
Macquarie Infrastructure Holdings LLC | 1,751 | 71 | |
Nordson Corp. | 299 | 71 | |
* | JELD-WEN Holding Inc. | 2,800 | 70 |
* | AZEK Co. Inc. Class A | 1,900 | 69 |
* | Astronics Corp. | 4,700 | 66 |
Regal Beloit Corp. | 424 | 64 | |
Maxar Technologies Inc. | 2,100 | 59 | |
* | American Woodmark Corp. | 861 | 56 |
ESCO Technologies Inc. | 701 | 54 | |
* | AAR Corp. | 1,600 | 52 |
Barnes Group Inc. | 1,201 | 50 | |
Matthews International Corp. Class A | 1,400 | 49 | |
* | Stericycle Inc. | �� 700 | 48 |
* | Yellow Corp. | 8,500 | 48 |
* | Quad/Graphics Inc. | 11,041 | 47 |
Arcosa Inc. | 889 | 45 | |
* | Northwest Pipe Co. | 1,847 | 44 |
Schneider National Inc. Class B | 1,600 | 36 | |
* | JetBlue Airways Corp. | 2,200 | 34 |
* | Mayville Engineering Co. Inc. | 1,801 | 34 |
GFL Environmental Inc. (XTSE) | 900 | 33 | |
Greenbrier Cos. Inc. | 739 | 32 | |
* | TrueBlue Inc. | 1,192 | 32 |
Air Lease Corp. Class A | 790 | 31 | |
Herman Miller Inc. | 800 | 30 | |
Eaton Corp. plc | 200 | 30 | |
Lennox International Inc. | 95 | 28 | |
Rush Enterprises Inc. Class A | 600 | 27 | |
Kelly Services Inc. Class A | 1,326 | 25 | |
ManpowerGroup Inc. | 200 | 22 | |
* | GP Strategies Corp. | 1,024 | 21 |
Heartland Express Inc. | 1,300 | 21 | |
Kaman Corp. | 600 | 21 | |
* | Spirit Airlines Inc. | 700 | 18 |
* | Meritor Inc. | 800 | 17 |
Omega Flex Inc. | 100 | 14 | |
* | Babcock & Wilcox Enterprises Inc. | 1,900 | 12 |
* | FTI Consulting Inc. | 87 | 12 |
HNI Corp. | 300 | 11 | |
ZIM Integrated Shipping Services Ltd. | 200 | 10 | |
* | BrightView Holdings Inc. | 637 | 9 |
Atlas Corp. | 600 | 9 | |
EnPro Industries Inc. | 82 | 7 | |
* | TransDigm Group Inc. | 7 | 4 |
* | CBIZ Inc. | 91 | 3 |
* | Cornerstone Building Brands Inc. | 198 | 3 |
* | L B Foster Co. Class A | 194 | 3 |
LSI Industries Inc. | 400 | 3 | |
* | Middleby Corp. | 20 | 3 |
Tetra Tech Inc. | 23 | 3 | |
* | WESCO International Inc. | 23 | 3 |
ARC Document Solutions Inc. | 857 | 3 | |
* | Sun Country Airlines Holdings Inc. | 83 | 3 |
AZZ Inc. | 41 | 2 |
Shares | Market Value• ($000) | ||
Aerojet Rocketdyne Holdings Inc. | 38 | 2 | |
Brady Corp. Class A | 38 | 2 | |
* | CECO Environmental Corp. | 225 | 2 |
CH Robinson Worldwide Inc. | 24 | 2 | |
* | DXP Enterprises Inc. | 57 | 2 |
* | Evoqua Water Technologies Corp. | 63 | 2 |
* | Forrester Research Inc. | 40 | 2 |
* | Hawaiian Holdings Inc. | 76 | 2 |
* | Hexcel Corp. | 27 | 2 |
Interface Inc. Class A | 100 | 2 | |
Marten Transport Ltd. | 150 | 2 | |
* | Matrix Service Co. | 192 | 2 |
* | Radiant Logistics Inc. | 282 | 2 |
Resources Connection Inc. | 112 | 2 | |
* | Team Inc. | 800 | 2 |
* | Titan Machinery Inc. | 66 | 2 |
* | USA Truck Inc. | 124 | 2 |
Universal Logistics Holdings Inc. | 86 | 2 | |
Wabash National Corp. | 100 | 2 | |
Luxfer Holdings plc | 94 | 2 | |
ACCO Brands Corp. | 204 | 2 | |
Canadian Pacific Railway Ltd. | 30 | 2 | |
* | Acacia Research Corp. | 200 | 1 |
* | CoreCivic Inc. | 99 | 1 |
Kimball International Inc. Class B | 132 | 1 | |
* | MRC Global Inc. | 147 | 1 |
* | Masonite International Corp. | 6 | 1 |
* | Mistras Group Inc. | 100 | 1 |
* | NOW Inc. | 146 | 1 |
* | Orion Group Holdings Inc. | 200 | 1 |
* | Titan International Inc. | 100 | 1 |
Caesarstone Ltd. | 62 | 1 | |
* | Corp. America Airports SA | 200 | 1 |
Pangaea Logistics Solutions Ltd. | 200 | 1 | |
* | Armstrong Flooring Inc. | 25 | — |
* | Covenant Logistics Group Inc. Class A | 14 | — |
* | Energous Corp. | 142 | — |
Rexnord Corp. | 3 | — | |
* | SkyWest Inc. | 4 | — |
* | Southwest Airlines Co. | 8 | — |
Shyft Group Inc. | 1 | — | |
* | Ideanomics Inc. | 100 | — |
* | Westport Fuel Systems Inc. | 100 | — |
Eneti Inc. | 2 | — | |
914,378 | |||
Information Technology (27.5%) | |||
Apple Inc. | 5,574,374 | 788,774 | |
Microsoft Corp. | 2,779,664 | 783,643 | |
QUALCOMM Inc. | 1,040,852 | 134,249 | |
NVIDIA Corp. | 640,665 | 132,720 | |
* | Adobe Inc. | 207,339 | 119,369 |
Accenture plc Class A | 339,965 | 108,762 | |
Intel Corp. | 1,750,414 | 93,262 | |
Mastercard Inc. Class A | 266,975 | 92,822 | |
Texas Instruments Inc. | 429,532 | 82,560 |
Shares | Market Value• ($000) | ||
Visa Inc. Class A | 335,687 | 74,774 | |
* | Advanced Micro Devices Inc. | 695,468 | 71,564 |
* | Gartner Inc. | 216,103 | 65,669 |
International Business Machines Corp. | 445,429 | 61,883 | |
* | salesforce.com Inc. | 208,884 | 56,654 |
Cisco Systems Inc. | 1,019,429 | 55,488 | |
HP Inc. | 2,003,338 | 54,811 | |
* | PayPal Holdings Inc. | 176,501 | 45,927 |
Applied Materials Inc. | 338,010 | 43,512 | |
* | Fortinet Inc. | 128,396 | 37,497 |
Lam Research Corp. | 65,727 | 37,409 | |
Cognizant Technology Solutions Corp. Class A | 472,832 | 35,089 | |
Oracle Corp. | 397,148 | 34,604 | |
* | Autodesk Inc. | 110,920 | 31,631 |
* | Cadence Design Systems Inc. | 204,527 | 30,974 |
* | Western Digital Corp. | 521,462 | 29,431 |
* | Qorvo Inc. | 171,128 | 28,611 |
* | Synopsys Inc. | 95,212 | 28,507 |
* | ServiceNow Inc. | 45,300 | 28,189 |
* | VeriSign Inc. | 125,960 | 25,823 |
CDW Corp. | 129,711 | 23,610 | |
* | Arista Networks Inc. | 67,160 | 23,079 |
NXP Semiconductors NV | 111,640 | 21,867 | |
KLA Corp. | 55,343 | 18,513 | |
Skyworks Solutions Inc. | 103,160 | 16,999 | |
Broadcom Inc. | 34,739 | 16,846 | |
Micron Technology Inc. | 230,193 | 16,339 | |
Vontier Corp. | 486,100 | 16,333 | |
Analog Devices Inc. | 93,032 | 15,581 | |
Motorola Solutions Inc. | 60,431 | 14,039 | |
Global Payments Inc. | 80,120 | 12,625 | |
Teradyne Inc. | 96,300 | 10,513 | |
Western Union Co. | 515,780 | 10,429 | |
* | DXC Technology Co. | 303,566 | 10,203 |
Citrix Systems Inc. | 93,700 | 10,061 | |
Jack Henry & Associates Inc. | 55,288 | 9,071 | |
Xilinx Inc. | 59,842 | 9,036 | |
NetApp Inc. | 95,907 | 8,609 | |
* | F5 Networks Inc. | 40,450 | 8,041 |
* | Crowdstrike Holdings Inc. Class A | 30,100 | 7,398 |
* | Keysight Technologies Inc. | 42,400 | 6,966 |
* | Zoom Video Communications Inc. Class A | 22,700 | 5,936 |
Fidelity National Information Services Inc. | 44,528 | 5,418 | |
* | FleetCor Technologies Inc. | 17,570 | 4,591 |
NortonLifeLock Inc. | 172,915 | 4,375 | |
Intuit Inc. | 7,813 | 4,215 | |
* | Atlassian Corp. plc Class A | 10,700 | 4,188 |
Microchip Technology Inc. | 26,555 | 4,076 | |
Amphenol Corp. Class A | 43,787 | 3,207 | |
* | EPAM Systems Inc. | 4,900 | 2,795 |
* | StoneCo. Ltd. Class A | 75,900 | 2,635 |
* | Trimble Inc. | 30,752 | 2,529 |
* | Square Inc. Class A | 10,300 | 2,470 |
* | Tyler Technologies Inc. | 5,380 | 2,468 |
Xerox Holdings Corp. | 107,700 | 2,172 | |
InterDigital Inc. | 31,500 | 2,136 | |
* | SunPower Corp. | 92,700 | 2,102 |
Shares | Market Value• ($000) | ||
Paychex Inc. | 18,002 | 2,024 | |
* | FireEye Inc. | 96,011 | 1,709 |
Hewlett Packard Enterprise Co. | 110,729 | 1,578 | |
* | Workiva Inc. Class A | 11,000 | 1,551 |
* | Rambus Inc. | 68,800 | 1,527 |
* | Tower Semiconductor Ltd. | 50,700 | 1,516 |
* | Enphase Energy Inc. | 10,100 | 1,515 |
* | Palantir Technologies Inc. Class A | 51,293 | 1,233 |
* | Synaptics Inc. | 6,600 | 1,186 |
Cognex Corp. | 14,700 | 1,179 | |
* | Bill.Com Holdings Inc. | 3,889 | 1,038 |
* | Akamai Technologies Inc. | 8,600 | 899 |
* | Fair Isaac Corp. | 2,190 | 871 |
* | DocuSign Inc. Class A | 3,000 | 772 |
* | Black Knight Inc. | 10,100 | 727 |
* | Zebra Technologies Corp. Class A | 1,400 | 722 |
* | Palo Alto Networks Inc. | 1,500 | 719 |
* | Paycom Software Inc. | 1,300 | 644 |
* | 3D Systems Corp. | 22,388 | 617 |
* | Box Inc. Class A | 22,400 | 530 |
* | Ambarella Inc. | 3,400 | 530 |
* | Dropbox Inc. Class A | 16,700 | 488 |
* | Semtech Corp. | 6,000 | 468 |
* | Teradata Corp. | 8,100 | 465 |
Kulicke & Soffa Industries Inc. | 7,600 | 443 | |
* | Unisys Corp. | 17,600 | 442 |
* | Five9 Inc. | 2,700 | 431 |
Bentley Systems Inc. Class B | 6,600 | 400 | |
* | Cirrus Logic Inc. | 4,700 | 387 |
Avnet Inc. | 9,300 | 344 | |
Juniper Networks Inc. | 11,400 | 314 | |
SS&C Technologies Holdings Inc. | 4,500 | 312 | |
SYNNEX Corp. | 2,579 | 268 | |
* | Cerence Inc. | 1,900 | 183 |
McAfee Corp.Class A | 8,200 | 181 | |
* | CommScope Holding Co. Inc. | 12,900 | 175 |
CMC Materials Inc. | 1,400 | 173 | |
Vishay Intertechnology Inc. | 8,508 | 171 | |
* | Silicon Laboratories Inc. | 1,000 | 140 |
*,1 | Exela Technologies Inc. | 69,900 | 136 |
Logitech International SA (Registered) | 1,500 | 132 | |
* | Cognyte Software Ltd. | 5,500 | 113 |
* | Lumentum Holdings Inc. | 1,200 | 100 |
* | Pure Storage Inc. Class A | 3,700 | 93 |
* | ACI Worldwide Inc. | 2,900 | 89 |
* | Verint Systems Inc. | 1,900 | 85 |
* | FormFactor Inc. | 2,200 | 82 |
* | Avid Technology Inc. | 2,801 | 81 |
Hollysys Automation Technologies Ltd. | 3,800 | 79 | |
* | Blackline Inc. | 638 | 75 |
* | TTM Technologies Inc. | 6,000 | 75 |
* | Conduent Inc. | 10,900 | 72 |
* | New Relic Inc. | 1,000 | 72 |
* | Bottomline Technologies DE Inc. | 1,800 | 71 |
Badger Meter Inc. | 651 | 66 |
Shares | Market Value• ($000) | ||
* | Grid Dynamics Holdings Inc. | 2,230 | 65 |
Hackett Group Inc. | 3,000 | 59 | |
SolarWinds Corp. | 3,550 | 59 | |
Sapiens International Corp. NV | 1,812 | 52 | |
* | Ciena Corp. | 1,000 | 51 |
National Instruments Corp. | 1,300 | 51 | |
* | Celestica Inc. | 5,600 | 50 |
* | Allegro MicroSystems Inc. | 1,500 | 48 |
* | Extreme Networks Inc. | 4,800 | 47 |
* | Stratasys Ltd. | 2,100 | 45 |
* | N-Able Inc. | 2,900 | 36 |
* | Photronics Inc. | 2,500 | 34 |
* | Qualys Inc. | 300 | 33 |
* | Veeco Instruments Inc. | 1,400 | 31 |
* | Tenable Holdings Inc. | 448 | 21 |
* | Momentive Global Inc. | 900 | 18 |
* | Digi International Inc. | 800 | 17 |
* | GreenSky Inc. Class A | 1,400 | 16 |
* | Digimarc Corp. | 400 | 14 |
* | Kopin Corp. | 2,750 | 14 |
* | PDF Solutions Inc. | 600 | 14 |
Ebix Inc. | 500 | 13 | |
* | Inseego Corp. | 2,000 | 13 |
Ituran Location and Control Ltd. | 500 | 13 | |
* | SEMrush Holdings Inc. Class A | 570 | 13 |
* | Daktronics Inc. | 2,096 | 11 |
* | NetScout Systems Inc. | 416 | 11 |
* | Cloudflare Inc. Class A | 100 | 11 |
NVE Corp. | 149 | 10 | |
* | Intrusion Inc. | 2,537 | 10 |
* | Nova Ltd. | 100 | 10 |
Broadridge Financial Solutions Inc. | 51 | 9 | |
* | Turtle Beach Corp. | 300 | 8 |
QAD Inc. Class A | 75 | 7 | |
Amdocs Ltd. | 87 | 7 | |
* | Park City Group Inc. | 1,200 | 7 |
* | Alkami Technology Inc. | 303 | 7 |
* | ePlus Inc. | 57 | 6 |
* | Euronet Worldwide Inc. | 45 | 6 |
Information Services Group Inc. | 800 | 6 | |
* | Paysign Inc. | 2,300 | 6 |
* | KVH Industries Inc. | 508 | 5 |
* | Check Point Software Technologies Ltd. | 42 | 5 |
* | LiveRamp Holdings Inc. | 86 | 4 |
* | Zendesk Inc. | 32 | 4 |
ADTRAN Inc. | 157 | 3 | |
* | Diebold Nixdorf Inc. | 300 | 3 |
* | Digital Turbine Inc. | 40 | 3 |
* | Impinj Inc. | 50 | 3 |
* | Knowles Corp. | 186 | 3 |
* | Mitek Systems Inc. | 137 | 3 |
* | Model N Inc. | 94 | 3 |
* | ScanSource Inc. | 100 | 3 |
* | SMART Global Holdings Inc. | 73 | 3 |
American Software Inc. Class A | 100 | 2 | |
* | Cornerstone OnDemand Inc. | 37 | 2 |
Shares | Market Value• ($000) | ||
* | Evo Payments Inc. Class A | 81 | 2 |
* | eGain Corp. | 174 | 2 |
* | Harmonic Inc. | 200 | 2 |
* | Infinera Corp. | 190 | 2 |
Switch Inc. Class A | 74 | 2 | |
* | Verra Mobility Corp. Class A | 100 | 2 |
* | Viavi Solutions Inc. | 100 | 2 |
* | Vonage Holdings Corp. | 100 | 2 |
* | Zuora Inc. Class A | 100 | 2 |
* | Flex Ltd. | 100 | 2 |
* | IEC Electronics Corp. | 138 | 2 |
* | Net 1 UEPS Technologies Inc. | 372 | 2 |
* | Paysafe Ltd. | 197 | 2 |
* | Applied Optoelectronics Inc. | 200 | 1 |
* | Arlo Technologies Inc. | 200 | 1 |
* | Asure Software Inc. | 75 | 1 |
Benchmark Electronics Inc. | 55 | 1 | |
* | Benefitfocus Inc. | 100 | 1 |
* | CalAmp Corp. | 100 | 1 |
* | Casa Systems Inc. | 100 | 1 |
* | Ceridian HCM Holding Inc. | 8 | 1 |
* | Iteris Inc. | 151 | 1 |
* | MoneyGram International Inc. | 100 | 1 |
* | NeoPhotonics Corp. | 100 | 1 |
* | Ribbon Communications Inc. | 100 | 1 |
* | Smartsheet Inc. Class A | 14 | 1 |
* | ViaSat Inc. | 26 | 1 |
* | Zix Corp. | 100 | 1 |
* | Tufin Software Technologies Ltd. | 105 | 1 |
* | A10 Networks Inc. | 26 | — |
* | Axcelis Technologies Inc. | 10 | — |
* | Calix Inc. | 9 | — |
* | Eastman Kodak Co. | 29 | — |
* | 8x8 Inc. | 5 | — |
* | Immersion Corp. | 2 | — |
* | VirnetX Holding Corp. | 100 | — |
* | Vishay Precision Group Inc. | 2 | — |
* | Yext Inc. | 7 | — |
* | Maxeon Solar Technologies Ltd. | 12 | — |
* | Sierra Wireless Inc. | 15 | — |
3,587,022 | |||
Materials (2.1%) | |||
Dow Inc. | 564,704 | 32,504 | |
Nucor Corp. | 283,571 | 27,929 | |
CF Industries Holdings Inc. | 479,787 | 26,782 | |
Avery Dennison Corp. | 95,451 | 19,778 | |
Freeport-McMoRan Inc. | 587,742 | 19,119 | |
Sealed Air Corp. | 337,917 | 18,514 | |
Linde plc | 59,203 | 17,369 | |
LyondellBasell Industries NV Class A | 172,633 | 16,202 | |
Sherwin-Williams Co. | 51,600 | 14,434 | |
DuPont de Nemours Inc. | 152,600 | 10,375 | |
Mosaic Co. | 219,614 | 7,845 | |
Amcor plc | 630,890 | 7,312 |
Shares | Market Value• ($000) | ||
International Paper Co. | 127,800 | 7,147 | |
Ecolab Inc. | 32,400 | 6,759 | |
Corteva Inc. | 150,600 | 6,337 | |
Steel Dynamics Inc. | 99,500 | 5,819 | |
Packaging Corp. of America | 23,597 | 3,243 | |
Huntsman Corp. | 101,392 | 3,000 | |
Barrick Gold Corp. (XTSE) | 132,800 | 2,397 | |
Commercial Metals Co. | 67,100 | 2,044 | |
FMC Corp. | 20,138 | 1,844 | |
Celanese Corp. Class A | 12,078 | 1,819 | |
Reliance Steel & Aluminum Co. | 11,900 | 1,695 | |
Westlake Chemical Corp. | 17,500 | 1,595 | |
U.S. Steel Corp. | 64,700 | 1,421 | |
Agnico Eagle Mines Ltd. | 24,100 | 1,250 | |
Westrock Co. | 17,900 | 892 | |
Ball Corp. | 7,700 | 693 | |
* | Allegheny Technologies Inc. | 38,600 | 642 |
* | Ingevity Corp. | 6,000 | 428 |
Warrior Met Coal Inc. | 15,376 | 358 | |
Louisiana-Pacific Corp. | 5,600 | 344 | |
* | Arconic Corp. | 9,600 | 303 |
Sonoco Products Co. | 4,600 | 274 | |
Eastman Chemical Co. | 2,300 | 232 | |
Valvoline Inc. | 5,700 | 178 | |
* | Ramaco Resources Inc. | 9,000 | 111 |
Resolute Forest Products Inc. | 6,400 | 76 | |
* | LSB Industries Inc. | 6,096 | 62 |
Kirkland Lake Gold Ltd. | 1,098 | 46 | |
American Vanguard Corp. | 2,401 | 36 | |
Hecla Mining Co. | 4,600 | 25 | |
* | Diversey Holdings Ltd. | 1,500 | 24 |
Myers Industries Inc. | 771 | 15 | |
Glatfelter Corp. | 1,000 | 14 | |
Ryerson Holding Corp. | 549 | 12 | |
FutureFuel Corp. | 1,500 | 11 | |
SunCoke Energy Inc. | 1,700 | 11 | |
Neenah Inc. | 100 | 5 | |
Haynes International Inc. | 95 | 4 | |
Southern Copper Corp. | 63 | 4 | |
Innospec Inc. | 35 | 3 | |
Verso Corp. Class A | 123 | 3 | |
Avient Corp. | 69 | 3 | |
* | Intrepid Potash Inc. | 101 | 3 |
Mercer International Inc. | 300 | 3 | |
Yamana Gold Inc. | 400 | 2 | |
* | Ferroglobe plc | 275 | 2 |
ICL Group Ltd. | 227 | 2 | |
PQ Group Holdings Inc. | 130 | 2 | |
* | Advanced Emissions Solutions Inc. | 191 | 1 |
Chemours Co. | 44 | 1 | |
* | Flotek Industries Inc. | 653 | 1 |
Tredegar Corp. | 100 | 1 | |
Tronox Holdings plc Class A | 42 | 1 | |
* | O-I Glass Inc. | 100 | 1 |
Kinross Gold Corp. | 100 | 1 | |
Osisko Gold Royalties Ltd. | 100 | 1 | |
* | Pretium Resources Inc. | 146 | 1 |
* | Novagold Resources Inc. | 100 | 1 |
* | Orion Engineered Carbons SA | 80 | 1 |
* | Equinox Gold Corp. | 200 | 1 |
Shares | Market Value• ($000) | ||
First Majestic Silver Corp. | 100 | 1 | |
* | Gold Standard Ventures Corp. | 1,776 | 1 |
Nexa Resources SA | 116 | 1 | |
Alamos Gold Inc. Class A | 200 | 1 | |
* | Cleveland-Cliffs Inc. | 20 | — |
* | IAMGOLD Corp. | 100 | — |
269,372 | |||
Other (0.2%) | |||
SPDR S&P 500 ETF Trust | 71,600 | 30,727 | |
*,2 | Aduro Biotech Inc. | 67 | — |
*,2 | Contra Pfenex Inc. | 200 | — |
*,2 | Achillion Pharma CVR Alexion Pharmaceuticals Inc. | 400 | — |
*,2 | Ferroglobe Unit | 48,731 | — |
30,727 | |||
Real Estate (2.4%) | |||
Regency Centers Corp. | 668,041 | 44,979 | |
Simon Property Group Inc. | 257,629 | 33,484 | |
American Tower Corp. | 104,600 | 27,762 | |
Extra Space Storage Inc. | 157,439 | 26,448 | |
Public Storage | 83,250 | 24,734 | |
Iron Mountain Inc. | 552,128 | 23,990 | |
* | CBRE Group Inc. Class A | 218,312 | 21,255 |
Crown Castle International Corp. | 104,100 | 18,043 | |
Kimco Realty Corp. | 650,889 | 13,506 | |
Ventas Inc. | 242,856 | 13,408 | |
Federal Realty Investment Trust | 104,357 | 12,313 | |
Realty Income Corp. | 114,729 | 7,441 | |
Apartment Income REIT Corp. | 139,200 | 6,794 | |
Weyerhaeuser Co. | 178,953 | 6,365 | |
Healthpeak Properties Inc. | 144,200 | 4,828 | |
Welltower Inc. | 40,000 | 3,296 | |
SBA Communications Corp. Class A | 8,800 | 2,909 | |
* | Host Hotels & Resorts Inc. | 162,478 | 2,653 |
Equity Residential | 28,000 | 2,266 | |
American Homes 4 Rent Class A | 57,959 | 2,209 | |
AvalonBay Communities Inc. | 9,555 | 2,118 | |
VICI Properties Inc. | 53,900 | 1,531 | |
Vornado Realty Trust | 29,605 | 1,244 | |
CubeSmart | 21,700 | 1,051 | |
Duke Realty Corp. | 21,300 | 1,020 | |
Mid-America Apartment Communities Inc. | 5,452 | 1,018 | |
Invitation Homes Inc. | 26,100 | 1,000 | |
National Retail Properties Inc. | 22,400 | 967 | |
MGM Growth Properties LLC Class A | 20,800 | 797 | |
Omega Healthcare Investors Inc. | 26,400 | 791 | |
* | Digitalbridge Group Inc. | 77,660 | 468 |
Life Storage Inc. | 3,895 | 447 | |
* | Park Hotels & Resorts Inc. | 18,300 | 350 |
VEREIT Inc. | 7,700 | ���348 |
Shares | Market Value• ($000) | ||
Innovative Industrial Properties Inc. | 1,500 | 347 | |
Spirit Realty Capital Inc. | 6,800 | 313 | |
Service Properties Trust | 22,900 | 257 | |
Prologis Inc. | 1,627 | 204 | |
CareTrust REIT Inc. | 8,800 | 179 | |
* | Hersha Hospitality Trust Class A | 16,597 | 155 |
* | Realogy Holdings Corp. | 8,200 | 144 |
Lexington Realty Trust | 9,300 | 119 | |
Sabra Health Care REIT Inc. | 6,400 | 94 | |
* | Ashford Hospitality Trust Inc. | 5,700 | 84 |
Equity LifeStyle Properties Inc. | 924 | 72 | |
CIM Commercial Trust Corp. | 6,709 | 61 | |
Diversified Healthcare Trust | 15,100 | 51 | |
iStar Inc. | 1,600 | 40 | |
Kennedy-Wilson Holdings Inc. | 1,517 | 32 | |
Physicians Realty Trust | 1,700 | 30 | |
JBG SMITH Properties | 900 | 27 | |
* | Chatham Lodging Trust | 1,600 | 20 |
Armada Hoffler Properties Inc. | 1,000 | 13 | |
First Industrial Realty Trust Inc. | 69 | 4 | |
Sun Communities Inc. | 23 | 4 | |
Urstadt Biddle Properties Inc. Class A | 199 | 4 | |
City Office REIT Inc. | 195 | 3 | |
* | CorePoint Lodging Inc. | 189 | 3 |
National Storage Affiliates Trust | 49 | 3 | |
Urban Edge Properties | 171 | 3 | |
Acadia Realty Trust | 98 | 2 | |
Alexander & Baldwin Inc. | 100 | 2 | |
* | DiamondRock Hospitality Co. | 160 | 2 |
GEO Group Inc. | 200 | 2 | |
Getty Realty Corp. | 56 | 2 | |
Monmouth Real Estate Investment Corp. | 100 | 2 | |
RLJ Lodging Trust | 100 | 2 | |
Retail Opportunity Investments Corp. | 100 | 2 | |
Retail Value Inc. | 70 | 2 | |
SITE Centers Corp. | 100 | 2 | |
* | Summit Hotel Properties Inc. | 158 | 2 |
* | Cushman & Wakefield plc | 100 | 2 |
SL Green Realty Corp. | 31 | 2 | |
Brandywine Realty Trust | 100 | 1 | |
CorEnergy Infrastructure Trust Inc. | 274 | 1 | |
Empire State Realty Trust Inc. Class A | 100 | 1 | |
Gladstone Commercial Corp. | 70 | 1 | |
Newmark Group Inc. Class A | 100 | 1 | |
Plymouth Industrial REIT Inc. | 46 | 1 | |
RMR Group Inc. Class A | 40 | 1 |
Shares | Market Value• ($000) | ||
Retail Properties of America Inc. Class A | 100 | 1 | |
* | Sunstone Hotel Investors Inc. | 100 | 1 |
* | Altisource Portfolio Solutions SA | 100 | 1 |
Hudson Pacific Properties Inc. | 6 | — | |
Outfront Media Inc. | 2 | — | |
Apartment Investment and Management Co. Class A | 18 | — | |
314,135 | |||
Utilities (1.5%) | |||
Dominion Energy Inc. | 591,749 | 43,209 | |
Evergy Inc. | 534,518 | 33,247 | |
AES Corp. | 1,096,744 | 25,039 | |
DTE Energy Co. | 212,078 | 23,691 | |
FirstEnergy Corp. | 430,340 | 15,329 | |
Duke Energy Corp. | 94,511 | 9,223 | |
Entergy Corp. | 78,682 | 7,814 | |
CenterPoint Energy Inc. | 277,712 | 6,832 | |
NRG Energy Inc. | 159,725 | 6,521 | |
PPL Corp. | 180,151 | 5,023 | |
CMS Energy Corp. | 76,881 | 4,592 | |
WEC Energy Group Inc. | 48,400 | 4,269 | |
American Electric Power Co. Inc. | 26,294 | 2,134 | |
NextEra Energy Inc. | 15,600 | 1,225 | |
Avangrid Inc. | 24,502 | 1,191 | |
Southern Co. | 17,600 | 1,091 | |
Sempra Energy | 6,569 | 831 | |
Xcel Energy Inc. | 9,300 | 581 | |
IDACORP Inc. | 3,800 | 393 | |
Public Service Enterprise Group Inc. | 3,600 | 219 | |
Alliant Energy Corp. | 2,253 | 126 | |
MDU Resources Group Inc. | 57 | 2 |
Shares | Market Value• ($000) | ||
Via Renewables Inc. Class A | 162 | 2 | |
Edison International | 9 | — | |
192,584 | |||
Total Common Stocks (Cost $8,315,316) | 12,740,136 | ||
Temporary Cash Investments (2.1%) | |||
Money Market Fund (2.1%) | |||
3,4 | Vanguard Market Liquidity Fund, 0.068% (Cost $276,488) | 2,765,954 | 276,595 |
Total Investments (99.9%) (Cost $8,591,804) | 13,016,731 | ||
Other Assets and Liabilities—Net (0.1%) | 9,188 | ||
Net Assets (100%) | 13,025,919 | ||
Cost is in $000. |
• | See Note A in Notes to Financial Statements. |
* | Non-income-producing security. |
1 | Includes partial security positions on loan to broker-dealers. The total value of securities on loan is $4,401,000. |
2 | Security value determined using significant unobservable inputs. |
3 | Affiliated money market fund available only to Vanguard funds and certain trusts and accounts managed by Vanguard. Rate shown is the 7-day yield. |
4 | Collateral of $4,676,000 was received for securities on loan, of which $4,518,000 is held in Vanguard Market Liquidity Fund and $158,000 is held in cash. |
ADR—American Depositary Receipt. | |
CVR—Contingent Value Rights. | |
REIT—Real Estate Investment Trust. |
Futures Contracts | ||||
($000) | ||||
Expiration | Number of Long (Short) Contracts | Notional Amount | Value and Unrealized Appreciation (Depreciation) | |
Long Futures Contracts | ||||
E-mini S&P 500 Index | December 2021 | 1,268 | 272,477 | (9,612) |
($000s, except shares and per-share amounts) | Amount |
Assets | |
Investments in Securities, at Value | |
Unaffiliated Issuers (Cost $8,315,316) | 12,740,136 |
Affiliated Issuers (Cost $276,488) | 276,595 |
Total Investments in Securities | 13,016,731 |
Investment in Vanguard | 452 |
Cash | 158 |
Cash Collateral Pledged—Futures Contracts | 14,774 |
Receivables for Investment Securities Sold | 25,493 |
Receivables for Accrued Income | 9,911 |
Receivables for Capital Shares Issued | 3,588 |
Total Assets | 13,071,107 |
Liabilities | |
Due to Custodian | 2,033 |
Payables for Investment Securities Purchased | 23,740 |
Collateral for Securities on Loan | 4,676 |
Payables to Investment Advisor | 1,946 |
Payables for Capital Shares Redeemed | 8,539 |
Payables to Vanguard | 913 |
Variation Margin Payable—Futures Contracts | 3,341 |
Total Liabilities | 45,188 |
Net Assets | 13,025,919 |
At September 30, 2021, net assets consisted of: | |
Paid-in Capital | 6,993,457 |
Total Distributable Earnings (Loss) | 6,032,462 |
Net Assets | 13,025,919 |
Investor Shares—Net Assets | |
Applicable to 48,439,607 outstanding $.001 par value shares of beneficial interest (unlimited authorization) | 3,204,857 |
Net Asset Value Per Share—Investor Shares | $66.16 |
Admiral Shares—Net Assets | |
Applicable to 90,923,455 outstanding $.001 par value shares of beneficial interest (unlimited authorization) | 9,821,062 |
Net Asset Value Per Share—Admiral Shares | $108.01 |
Year Ended September 30, 2021 | |
($000) | |
Investment Income | |
Income | |
Dividends1 | 196,998 |
Interest2 | 279 |
Securities Lending—Net | 246 |
Total Income | 197,523 |
Expenses | |
Investment Advisory Fees—Note B | |
Basic Fee | 12,105 |
Performance Adjustment | (600) |
The Vanguard Group—Note C | |
Management and Administrative—Investor Shares | 7,281 |
Management and Administrative—Admiral Shares | 11,717 |
Marketing and Distribution—Investor Shares | 207 |
Marketing and Distribution—Admiral Shares | 293 |
Custodian Fees | 154 |
Auditing Fees | 29 |
Shareholders’ Reports—Investor Shares | 56 |
Shareholders’ Reports—Admiral Shares | 76 |
Trustees’ Fees and Expenses | 11 |
Total Expenses | 31,329 |
Net Investment Income | 166,194 |
Realized Net Gain (Loss) | |
Investment Securities Sold2 | 1,849,326 |
Futures Contracts | 84,440 |
Realized Net Gain (Loss) | 1,933,766 |
Change in Unrealized Appreciation (Depreciation) | |
Investment Securities2 | 1,212,568 |
Futures Contracts | (13,631) |
Change in Unrealized Appreciation (Depreciation) | 1,198,937 |
Net Increase (Decrease) in Net Assets Resulting from Operations | 3,298,897 |
1 | Dividends are net of foreign withholding taxes of $27,000. |
2 | Interest income, realized net gain (loss), and change in unrealized appreciation (depreciation) from an affiliated company of the fund were $247,000, $5,000, and ($5,000), respectively. Purchases and sales are for temporary cash investment purposes. |
Year Ended September 30, | ||
2021 ($000) | 2020 ($000) | |
Increase (Decrease) in Net Assets | ||
Operations | ||
Net Investment Income | 166,194 | 185,256 |
Realized Net Gain (Loss) | 1,933,766 | 486,613 |
Change in Unrealized Appreciation (Depreciation) | 1,198,937 | 831,423 |
Net Increase (Decrease) in Net Assets Resulting from Operations | 3,298,897 | 1,503,292 |
Distributions | ||
Investor Shares | (191,602) | (121,067) |
Admiral Shares | (572,128) | (362,694) |
Total Distributions | (763,730) | (483,761) |
Capital Share Transactions | ||
Investor Shares | (225,705) | (346,621) |
Admiral Shares | (1,148,490) | (79,597) |
Net Increase (Decrease) from Capital Share Transactions | (1,374,195) | (426,218) |
Total Increase (Decrease) | 1,160,972 | 593,313 |
Net Assets | ||
Beginning of Period | 11,864,947 | 11,271,634 |
End of Period | 13,025,919 | 11,864,947 |
Investor Shares | |||||
For a Share Outstanding Throughout Each Period | Year Ended September 30, | ||||
2021 | 2020 | 2019 | 2018 | 2017 | |
Net Asset Value, Beginning of Period | $54.15 | $49.46 | $52.17 | $46.50 | $42.16 |
Investment Operations | |||||
Net Investment Income1 | .761 | .787 | .823 | .711 | .792 |
Net Realized and Unrealized Gain (Loss) on Investments | 14.991 | 6.024 | (.204) | 7.650 | 6.346 |
Total from Investment Operations | 15.752 | 6.811 | .619 | 8.361 | 7.138 |
Distributions | |||||
Dividends from Net Investment Income | (.770) | (.815) | (.766) | (.668) | (.799) |
Distributions from Realized Capital Gains | (2.972) | (1.306) | (2.563) | (2.023) | (1.999) |
Total Distributions | (3.742) | (2.121) | (3.329) | (2.691) | (2.798) |
Net Asset Value, End of Period | $66.16 | $54.15 | $49.46 | $52.17 | $46.50 |
Total Return2 | 30.22% | 14.07% | 2.21% | 18.56% | 17.66% |
Ratios/Supplemental Data | |||||
Net Assets, End of Period (Millions) | $3,205 | $2,779 | $2,860 | $2,932 | $2,982 |
Ratio of Total Expenses to Average Net Assets3 | 0.32% | 0.32% | 0.33% | 0.33% | 0.34% |
Ratio of Net Investment Income to Average Net Assets | 1.22% | 1.57% | 1.73% | 1.45% | 1.80% |
Portfolio Turnover Rate | 62% | 58% | 68% | 83% | 96% |
1 | Calculated based on average shares outstanding. |
2 | Total returns do not include account service fees that may have applied in the periods shown. Fund prospectuses provide information about any applicable account service fees. |
3 | Includes performance-based investment advisory fee increases (decreases) of (0.00%), 0.00%, 0.01%, 0.00%, and 0.00%. |
Admiral Shares | |||||
For a Share Outstanding Throughout Each Period | Year Ended September 30, | ||||
2021 | 2020 | 2019 | 2018 | 2017 | |
Net Asset Value, Beginning of Period | $88.40 | $80.74 | $85.16 | $75.93 | $68.83 |
Investment Operations | |||||
Net Investment Income1 | 1.344 | 1.364 | 1.421 | 1.242 | 1.362 |
Net Realized and Unrealized Gain (Loss) on Investments | 24.466 | 9.842 | (.330) | 12.473 | 10.384 |
Total from Investment Operations | 25.810 | 11.206 | 1.091 | 13.715 | 11.746 |
Distributions | |||||
Dividends from Net Investment Income | (1.347) | (1.414) | (1.326) | (1.182) | (1.384) |
Distributions from Realized Capital Gains | (4.853) | (2.132) | (4.185) | (3.303) | (3.262) |
Total Distributions | (6.200) | (3.546) | (5.511) | (4.485) | (4.646) |
Net Asset Value, End of Period | $108.01 | $88.40 | $80.74 | $85.16 | $75.93 |
Total Return2 | 30.34% | 14.19% | 2.32% | 18.65% | 17.81% |
Ratios/Supplemental Data | |||||
Net Assets, End of Period (Millions) | $9,821 | $9,086 | $8,412 | $8,491 | $7,015 |
Ratio of Total Expenses to Average Net Assets3 | 0.22% | 0.22% | 0.23% | 0.23% | 0.23% |
Ratio of Net Investment Income to Average Net Assets | 1.33% | 1.66% | 1.83% | 1.55% | 1.91% |
Portfolio Turnover Rate | 62% | 58% | 68% | 83% | 96% |
1 | Calculated based on average shares outstanding. |
2 | Total returns do not include account service fees that may have applied in the periods shown. Fund prospectuses provide information about any applicable account service fees. |
3 | Includes performance-based investment advisory fee increases (decreases) of (0.00%), 0.00%, 0.01%, 0.00%, and 0.00%. |
A. | The following significant accounting policies conform to generally accepted accounting principles for U.S. investment companies. The fund consistently follows such policies in preparing its financial statements. |
B. | The investment advisory firms Los Angeles Capital Management LLC (formerly Los Angeles Capital Management and Equity Research, Inc.) and D. E. Shaw Investment Management, L.L.C., each provide investment advisory services to a portion of the fund for a fee calculated at an annual percentage rate of average net assets managed by the advisor. The basic fee of Los Angeles Capital Management LLC is subject to quarterly adjustments based on performance relative to the S&P 500 Index for the preceding five years. The basic fee of D. E. Shaw Investment Management, L.L.C., is subject to quarterly adjustments based on performance relative to the S&P 500 Index for the preceding three years. |
C. | In accordance with the terms of a Funds' Service Agreement (the “FSA”) between Vanguard and the fund, Vanguard furnishes to the fund investment advisory, corporate management, administrative, marketing, and distribution services at Vanguard’s cost of operations (as defined by the FSA). These costs of operations are allocated to the fund based on methods and guidelines approved by the board of trustees and are generally settled twice a month. |
D. | Various inputs may be used to determine the value of the fund’s investments and derivatives. These inputs are summarized in three broad levels for financial statement purposes. The inputs or methodologies used to value securities are not necessarily an indication of the risk associated with investing in those securities. |
Level 1 ($000) | Level 2 ($000) | Level 3 ($000) | Total ($000) | |
Investments | ||||
Assets | ||||
Common Stocks | 12,740,070 | 66 | — | 12,740,136 |
Temporary Cash Investments | 276,595 | — | — | 276,595 |
Total | 13,016,665 | 66 | — | 13,016,731 |
Derivative Financial Instruments | ||||
Liabilities | ||||
Futures Contracts1 | 9,612 | — | — | 9,612 |
1 | Includes cumulative appreciation (depreciation) on futures contracts and centrally cleared swaps, if any, as reported in the Schedule of Investments. Only current day’s variation margin is reported within the Statement of Assets and Liabilities. |
E. | Permanent differences between book-basis and tax-basis components of net assets are reclassified among capital accounts in the financial statements to reflect their tax character. These reclassifications have no effect on net assets or net asset value per share. As of period end, permanent differences primarily attributable to the accounting for passive foreign investment companies and distributions in connection with fund share redemptions were reclassified between the following accounts: |
Amount ($000) | |
Paid-in Capital | 129,878 |
Total Distributable Earnings (Loss) | (129,878) |
Amount ($000) | |
Undistributed Ordinary Income | 493,665 |
Undistributed Long-Term Gains | 1,155,670 |
Capital Loss Carryforwards | — |
Qualified Late-Year Losses | — |
Net Unrealized Gains (Losses) | 4,383,127 |
Year Ended September 30, | ||
2021 Amount ($000) | 2020 Amount ($000) | |
Ordinary Income* | 226,497 | 197,771 |
Long-Term Capital Gains | 537,233 | 285,990 |
Total | 763,730 | 483,761 |
* | Includes short-term capital gains, if any. |
Amount ($000) | |
Tax Cost | 8,633,604 |
Gross Unrealized Appreciation | 4,630,715 |
Gross Unrealized Depreciation | (247,588) |
Net Unrealized Appreciation (Depreciation) | 4,383,127 |
F. | During the year ended September 30, 2021, the fund purchased $7,588,251,000 of investment securities and sold $9,469,574,000 of investment securities, other than temporary cash investments. |
G. | Capital share transactions for each class of shares were: |
Year Ended September 30, | |||||
2021 | 2020 | ||||
Amount ($000) | Shares (000) | Amount ($000) | Shares (000) | ||
Investor Shares | |||||
Issued | 489,207 | 7,921 | 364,628 | 7,412 | |
Issued in Lieu of Cash Distributions | 183,127 | 3,204 | 116,087 | 2,281 | |
Redeemed | (898,039) | (14,003) | (827,336) | (16,197) | |
Net Increase (Decrease)—Investor Shares | (225,705) | (2,878) | (346,621) | (6,504) | |
Admiral Shares | |||||
Issued | 1,359,728 | 13,235 | 1,327,369 | 16,185 | |
Issued in Lieu of Cash Distributions | 530,177 | 5,686 | 339,569 | 4,090 | |
Redeemed | (3,038,395) | (30,777) | (1,746,535) | (21,683) | |
Net Increase (Decrease)—Admiral Shares | (1,148,490) | (11,856) | (79,597) | (1,408) |
H. | Management has determined that no events or transactions occurred subsequent to September 30, 2021, that would require recognition or disclosure in these financial statements. |
Philadelphia, Pennsylvania
November 19, 2021
Matthew Benchener | Thomas M. Rampulla |
Joseph Brennan | Karin A. Risi |
Mortimer J. Buckley | Anne E. Robinson |
Gregory Davis | Michael Rollings |
John James | Nitin Tandon |
John T. Marcante | Lauren Valente |
Chris D. Mclsaac |
All rights reserved.
Vanguard Marketing Corporation, Distributor.
Item 2: Code of Ethics.
The Registrant has adopted a code of ethics that applies to the Registrant’s principal executive officer, principal financial officer, principal accounting officer or controller or persons performing similar functions. The Code of Ethics was amended during the reporting period covered by this report to make certain technical, non-material changes.
Item 3: Audit Committee Financial Expert.
All members of the Audit Committee have been determined by the Registrant’s Board of Trustees to be Audit Committee Financial Experts and to be independent: F. Joseph Loughrey, Mark Loughridge, Sarah Bloom Raskin, and Peter F. Volanakis.
Item 4: Principal Accountant Fees and Services.
(a) Audit Fees.
Audit Fees of the Registrant.
Fiscal Year Ended September 30, 2021: $29,000
Fiscal Year Ended September 30, 2020: $25,000
Aggregate Audit Fees of Registered Investment Companies in the Vanguard Group.
Fiscal Year Ended September 30, 2021: $11,244,694
Fiscal Year Ended September 30, 2020: $10,761,407
Includes fees billed in connection with audits of the Registrant, other registered investment companies in the Vanguard complex, The Vanguard Group, Inc., and Vanguard Marketing Corporation.
(b) Audit-Related Fees.
Fiscal Year Ended September 30, 2021: $2,955,181
Fiscal Year Ended September 30, 2020: $2,915,863
Includes fees billed in connection with assurance and related services provided to the Registrant, other registered investment companies in the Vanguard complex, The Vanguard Group, Inc., and Vanguard Marketing Corporation.
(c) Tax Fees.
Fiscal Year Ended September 30, 2021: $2,047,574
Fiscal Year Ended September 30, 2020: $247,168
Includes fees billed in connection with tax compliance, planning, and advice services provided to the Registrant, other registered investment companies in the Vanguard complex, The Vanguard Group, Inc., and Vanguard Marketing Corporation.
(d) All Other Fees.
Fiscal Year Ended September 30, 2021: $280,000
Fiscal Year Ended September 30, 2020: $115,000
Includes fees billed for services related to tax reported information provided to the Registrant, other registered investment companies in the Vanguard complex, The Vanguard Group, Inc., and Vanguard Marketing Corporation.
(e) (1) Pre-Approval Policies. The policy of the Registrant’s Audit Committee is to consider, and, if appropriate, approve before the principal accountant is engaged for such services, all specific audit and non-audit services provided to: the Registrant, other registered investment companies in the Vanguard complex, The Vanguard Group, Inc., and entities controlled by The Vanguard Group, Inc. that provide ongoing services to the Registrant. In making a determination, the Audit Committee considers whether the services are consistent with maintaining the principal accountant’s independence.
In the event of a contingency situation in which the principal accountant is needed to provide services in between scheduled Audit Committee meetings, the Chairman of the Audit Committee would be called on to consider and, if appropriate, pre-approve audit or permitted non-audit services in an amount sufficient to complete services through the next Audit Committee meeting, and to determine if such services would be consistent with maintaining the accountant’s independence. At the next scheduled Audit Committee meeting, services and fees would be presented to the Audit Committee for formal consideration, and, if appropriate, approval by the entire Audit Committee. The Audit Committee would again consider whether such services and fees are consistent with maintaining the principal accountant’s independence.
The Registrant’s Audit Committee is informed at least annually of all audit and non-audit services provided by the principal accountant to the Vanguard complex, whether such services are provided to: the Registrant, other registered investment companies in the Vanguard complex, The Vanguard Group, Inc., or other entities controlled by The Vanguard Group, Inc. that provide ongoing services to the Registrant.
(2) No percentage of the principal accountant’s fees or services were approved pursuant to the waiver provision of paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.
(f) For the most recent fiscal year, over 50% of the hours worked under the principal accountant’s engagement were not performed by persons other than full-time, permanent employees of the principal accountant.
(g) Aggregate Non-Audit Fees.
Fiscal Year Ended September 30, 2021: $2,327,574
Fiscal Year Ended September 30, 2020: $362,168
Includes fees billed for non-audit services provided to the Registrant, other registered investment companies in the Vanguard complex, The Vanguard Group, Inc., and Vanguard Marketing Corporation.
(h) For the most recent fiscal year, the Audit Committee has determined that the provision of all non-audit services was consistent with maintaining the principal accountant’s independence.
Item 5: Audit Committee of Listed Registrants.
The Registrant is a listed issuer as defined in rule 10A-3 under the Securities Exchange Act of 1934 (“Exchange Act”). The Registrant has a separately-designated standing audit committee established in accordance with Section 3(a)(58)(A) of the Exchange Act. The Registrant’s audit committee members are: F. Joseph Loughrey, Mark Loughridge, Sarah Bloom Raskin, and Peter F. Volanakis.
Item 6: Investments.
Not applicable. The complete schedule of investments is included as part of the report to shareholders filed under Item 1 of this Form.
Item 7: Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.
Not applicable.
Item 8: Portfolio Managers of Closed-End Management Investment Companies.
Not applicable.
Item 9: Purchase of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.
Not applicable.
Item 10: Submission of Matters to a Vote of Security Holders.
Not applicable.
Item 11: Controls and Procedures.
(a) Disclosure Controls and Procedures. The Principal Executive and Financial Officers concluded that the Registrant’s Disclosure Controls and Procedures are effective based on their evaluation of the Disclosure Controls and Procedures as of a date within 90 days of the filing date of this report.
(b) Internal Control Over Financial Reporting. In 2020, a third-party service provider began performing certain administrative and accounting services for Vanguard Growth and Income Fund. There were no other significant changes in the Registrant’s Internal Control Over Financial Reporting or in other factors that could significantly affect this control subsequent to the date of the evaluation, including any corrective actions with regard to significant deficiencies and material weaknesses.
Item 12: Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.
Not applicable.
Item 13: Exhibits.
(a)(1) | Code of Ethics filed herewith. |
(a)(2) | Certifications filed herewith. |
(b) | Certifications field herewith. |
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
VANGUARD QUANTITATIVE FUNDS |
BY: | /s/ MORTIMER J. BUCKLEY* | |
MORTIMER J. BUCKLEY | ||
CHIEF EXECUTIVE OFFICER |
Date: November 19, 2021
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
VANGUARD QUANTITATIVE FUNDS |
BY: | /s/ MORTIMER J. BUCKLEY* | |
MORTIMER J. BUCKLEY | ||
CHIEF EXECUTIVE OFFICER |
Date: November 19, 2021
VANGUARD QUANTITATIVE FUNDS |
BY: | /s/ CHRISTINE BUCHANAN* | |
CHRISTINE BUCHANAN | ||
CHIEF FINANCIAL OFFICER |
Date: November 19, 2021
* By: | /s/ Anne E. Robinson |
Anne E. Robinson, pursuant to a Power of Attorney filed on November 29, 2021 (see File Number 33-64845), a Power of Attorney filed on October 12, 2021 (see File Number 33-23444), and a Power of Attorney filed on August 26, 2021 (see file Number 811-02652), Incorporated by Reference.