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Source: © Copyright 2016 Ned Davis Research, Inc., 1/31/1926 to 11/30/2016
Further distribution prohibited without prior permission. All Rights Reserved.
See NDR Disclaimer at
For data vendor disclaimers refer to
Stock market capitalization is a proprietary data series which includes the
estimated value of 3900 U.S. common stocks and references NYSE Market
Capitalization prior to 1973 and Dow Jones Total Stock Market Capitalization
from January 1973 to September 1980. Gross Domestic Product (GDP) is
calculated by Ned Davis using estimates of fixed-weighted GDP from January
1926 to February 1946 and chain-weighted GPD after February 1946.
Past performance does not guarantee future results.
*Investment Company Institute, Long-Term Mutual Fund and Exchange Traded Fund Flows, as of 12/14/2016
Past performance does not guarantee future results.
An investor should consider the Funds’ investment objectives, risks, and charges and
expenses carefully before investing or sending money. This and other important information
can be found in the Funds’ prospectus. To obtain a prospectus, please call 800-432-7856 or visit Please read the prospectus carefully before investing.
Investing involves risk, including the potential loss of principal. There is no guarantee that any particular
investment strategy will be successful. Value investments are subject to the risk that their intrinsic value may not
be recognized by the broad market.
The statements and opinions expressed in this article are those of the presenter(s). Any discussion of investments
and investment strategies represents the presenter’s views as of the date created and are subject to change
without notice. The opinions expressed are for general information only and are not intended to provide specific
advice or recommendations for any individual. Any forecasts may not prove to be true. Economic predictions are
based on estimates and are subject to change.
Definitions: American Association of Individual Investors (AAII: Investor Sentiment Survey: measures the
percentage of individual investors who are bullish, bearish, and neutral on the stock market for the next six months by
polling AAII members on a weekly basis. Only one vote per member is accepted in each weekly voting period. Gross
Domestic Product (GDP): is the monetary value of all the finished goods and services produced within a country’s
borders in a specific time period, though GDP is usually calculated on an annual basis. Passive Management: a style of
management associated with mutual and exchange-traded funds (ETF) where a fund's portfolio mirrors a market index.
Price/Cash Flow: represents the amount an investor is willing to pay for a dollar generated from a particular company's
operations, shows the ability of a business to generate cash, and acts as a gauge of liquidity and solvency. Price/
Earnings Ratio: of a stock is calculated by dividing the current price of the stock by its trailing or its forward 12 months’
earnings per share.
The Heartland Funds are distributed by ALPS Distributors, Inc.