VILLERE PRESS

Villere Commentary (12/31/16)
2016 4Q Commentary - Seeking Good Stocks - Our Ongoing Commitment Villere portfolio managers have been fielding questions from the media and investors alike: how do we think this administration will affect the market in general and our portfolios in particular? While we believe it is too soon to make any predictions with confidence, Villere's approach to security selection does not depend on interpreting daily economic and political events.


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CBS MoneyWatch (12/23/16)
Why's it taking so long for the Dow to cross the 20,000 point? Many consider the Dow outdated and too narrow to adequately represent the American stock market and overshadowed by the S&P 500. However, investors still regularly reference it. George Young noted that "S&P 500 doesn't roll easily off the tongue like the Dow does."
CNBC (12/8/16)
Tipp: Policies will make bonds great again Sandy Villere III weighs in on the sell-off in bonds. Currently investing at minimum required in bonds in the Villere Balanced Fund, he is hesitant to invest in bonds at this point and thinks stocks are the place to be.

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Wall Street Journal (11/21/16)
In Stock-Market Rally, Small Beats Large Several analysts think small-caps are poised to outperform for the rest of 2016 as fund managers look to strengthen year-end figures. "There's always going to be more volatility in small- and midcap stocks," said George Young. "That's what offers promise long term for those who can stand it."
MarketWatch (11/14/16)
Here's an Apple supplier whose stock may soar in 2017 Sandy Villere speaks about the "uniqueness" of the Villere Balanced Fund - it typically holds approximately 30 stocks of companies he believes are dominant in their field and trade at reasonable prices. He also shares his thoughts on Skyworks and other stocks he thinks fit the stock profile he looks for.

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Associated Press (11/3/16)
Fund managers: No, the election won't wreck your 401(k) As many investors worry that the election will ruin their 401(k), fund managers tend to agree that long-term investors shouldn’t fret, no matter who wins the White House. "It's hard to handicap how much of the rhetoric would translate to actual policy rather than just hyperbole," says Lamar Villere.

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Bloomberg Radio (10/27/16)
Bloomberg Markets: Young on Concentrated Investments In favor of smaller, unknown names, George Young sees these companies having more opportunity for growth. He tells Cory Johnson that he's willing to accept some volatility for the potential for more growth and emphasizes the importance of investing for the long-term.

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TheStreet (10/7/16)
4 Mid-Cap Stocks to Maximize Your Profits Lamar Villere provides insight on a few of his most valued stocks with Gregg Greenburg.
MoneyLife (10/6/16)
Market Call Sandy Villere talks investment methodology with Chuck Jaffe and offers "food for thought" on specific stocks.
CNBC (10/6/16)
Villere: We look for small-cap 'undiscovered gems' As a bottoms-up stock picker, Lamar Villere says he looks for undiscovered gems in the smaller cap market. He discusses a few small-cap stocks on "Closing Bell" with Bill Griffeth and Michelle Caruso-Cabrera.

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Villere Commentary (9/30/16)
2016 3Q Commentary - Where's the Volatility? After a wild second quarter in which investors found the Brexit vote terrifying, then boring, the third quarter was mostly conspicuous for a lack of volatility. We believe active management may be particularly important during relatively low volatility periods like the present.


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Nightly Business Report (9/23/16)
3 Small-Cap Stocks Worth Buying Now Note: Lamar Villere's interview runs from 17:50 to 20:56.

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CNBC (9/22/16)
Fed is likely to move in December George Young sees a rate hike in December as a positive. He believes an increase would express confidence in the economy.

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Reuters (9/14/16)
Market rally has U.S. fund managers eyeing smaller companies Sandy Villere is buying smaller companies as more investor money flows into dividend stocks such as telecoms and utilities. He says money going into bigger companies leaves opportunities in smaller companies with growth potential.
CNBC (8/26/16)
3 Small-Cap Stocks Worth Buying Now Sandy Villere, III believes small caps will continue to bounce back in 2016. He confers with Barron's Senior Editor, Jack Hough, about three small cap stocks that are in line with the strategy to find "out-of-favor small-caps with modest debt and plenty of cash flow, whose prices look reasonable relative to their growth potential."

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Bloomberg Radio (8/24/16)
The Bloomberg Advantage: Villere Finds Benefit From Brexit Sandy Villere talks with Pimm Fox about the firm's bottoms up investment strategy and discusses some of his favorite stocks.

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MarketWatch (8/9/16)
Stocks pare gains as oil reverses Lamar Villere says investors are chasing yield anywhere they can find it.
Moneyshow (8/8/16)
Villere's "Off the Radar" Values Sandy Villere discusses the Villere Balanced Fund and Villere Equity Fund, as well as stock picks he believes are "off the radar" of most Wall Street analysts.
CNBC (7/6/16)
Fed may raise rates this year In contrast with the rest of the world, George Young believes the U.S. economy is still relatively healthy. He's seeing stronger consumers, increasing housing starts, decreasing unemployment and good earnings trends. Although small and mid-cap stocks have underperformed over the last couple of years, he sees opportunities in the market.

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Bloomberg Radio (6/30/16)
The Bloomberg Advantage: Young on U.S. Investing Strategy Focused on domestic, small and mid-cap stocks, George Young says the firm's portfolios are not affected by Brexit, however, they did see some opportunities as a result. He discusses a few stock picks on the Bloomberg Advantage with Carol Massar and Corey Johnson.

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Reuters (6/30/2016)
Cash-heavy mutual fund managers buying on 'Brexit' volatility George Young comments on the firm's recent buys as a result of the sell-off triggered by Britain's decision to leave the European Union.
Villere Commentary (6/30/16)
2016 2Q Commentary - Brexit Fears Spook Investors The second quarter started strong, but ended with eroding investor sentiment as a result of the Brexit vote. Long-term investors like Villere, however, watch patiently for those ripples to recede into the distance, secure in our knowledge that near-term volatility can signal opportunities may be at hand.

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CNBC (6/30/16)
Potential Growth Stocks Following England's recent decision to exit the European Union, George Young makes the case for domestic small and mid-cap stocks. Focusing on stocks that he believes have strong long-term potential, he looks for lesser-known, undervalued stocks that could grow to be more well-known. He shares his insight on a couple of stock picks with Bill Griffeth and Michelle Caruso-Cabrera.

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CNBC (6/20/2016)
Riding the Brexit volatility wave Despite market volatility as a result of Brexit, Sandy Villere discusses his strategy to stay with what he views as good quality small-cap companies.
CNBC (6/16/2016)
Hurdles for stocks During tough times, Lamar Villere prefers to stay with smaller cap names that he believes have growth potential.
Reuters (6/14/2016)
U.S. fund managers' big new bet – going small Sandy Villere thinks that small companies stand to benefit if the Federal Reserve raises interest rates again this year, likely strengthening the dollar, cutting into the profits of multinational companies that generate more of their revenue overseas.
Bloomberg Radio (5/5/16)
The Bloomberg Advantage: Villere Makes Case for Small Caps With a long-term focus, Lamar Villere says the market conditions over the last couple of years have enabled Villere to buy what they consider to be really great companies with great balance sheets that are growing very rapidly at a nice discount. He discusses small caps and the market on the Bloomberg Advantage with Matt Miller.

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CNBC (5/4/16)
Trump or Clinton portfolios? Lamar Villere discusses positioning investments depending on the outcome of the 2016 election with Tyler Mathisen. He thinks it's too early to base your portfolio on who might be the next president. He suggests sticking with just trying to pick the very best stocks.

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The Street (5/4/2016)
Four Mid-Cap Growth Stocks Lamar Villere comments on a few of his top stock picks with Gregg Greenberg.
CNBC (4/15/16)
Can earnings lift stock? In an unprecedented move, Villere has nominated a Board of Directors for Epiq Systems. As long-time shareholders, Villere believes a change in management has potential to significantly improve the company.

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Reuters (4/1/2016)
Now coming to your value fund: growth stocks U.S. market declines at the start of 2016 brought some stocks down to earth making them targets of value fund managers. "Traditionally it was pretty easy to draw the line between growth and more income-oriented stocks," said George Young. "Now all of a sudden you see these companies that are more growth-oriented start to look attractive as income plays."

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Opinions expressed are those of the author or Villere & Co., and are subject to change, are not intended to be a forecast of future events, a guarantee of future results, nor investment advice. References to other mutual funds should not be interpreted as an offer of these securities.

Performance data quoted represents past performance; past performance does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Current performance of the fund may be lower or higher than the performance quoted.

Earnings growth is not a measure of the Fund's future performance.

Click here for the Villere Balanced Fund performance to the most recent quarter- and month-end.

Click here for the Villere Equity Fund performance to the most recent quarter- and month-end.

Fund holdings and sector allocations are subject to change and should not be considered a recommendation to buy or sell any security. Current and future holdings are subject to risk.

Click here for the Villere Balanced Fund current top 10 holdings.

Click here for the Villere Equity Fund current top 10 holdings.

Both the Villere Equity and Villere Balanced Fund may invest in smaller and medium sized companies which involve additional risks such as limited liquidity and greater volatility.

 

The Villere Balanced Fund may invest in debt securities which typically decrease in value when interest rates rise. This risk is usually greater for longer-term debt securities. Investments in lower rated and non-rated securities present a great risk of loss to principal and interest than higher rated securities.

The Villere Equity Fund's ability to invest in initial public offerings (IPOs) involves a higher degree of risk than more seasoned companies. Equity investments are subject to market risk.

Diversification does not assure a profit or protect against loss in a declining market.

Investing involves risk. Principal loss is possible. Stocks are generally perceived to have more financial risk than bonds in that bond holders have a claim on firm operations or assets that is senior to that of equity holders. In addition, stock prices are generally more volatile than bond prices. Investments in debt securities typically decrease in value when interest rates rise. This risk is usually greater for longer-term debt securities. A stock may trade with more or less liquidity than a bond depending on the number of shares and bonds outstanding, the size of the company, and the demand for the securities. Similarly, the transaction costs involved in trading a stock may be more or less than a particular bond depending on the factors mentioned above and whether the stock or bond trades upon an exchange. Depending on the entity issuing the bond, it may or may or may not afford additional protections to the investor, such as a guarantee of return of principal by a government or bond insurance company. There is typically no guarantee of any kind associated with the purchase of an individual stock. Bonds are often owned by individuals interested in current income while stocks are generally owned by individuals seeking price appreciation with income a secondary concern. The tax treatment of returns of bonds and stocks also differs given differential tax treatment of income versus capital gain. Investments in Real Estate Investment Trusts (REITs) involve additional risks such as declines in the value of real estate and increased susceptibility to adverse economic or regulatory developments.

Active investing has higher management fees because of the manager's increased level of involvement while passive investing has lower management and operating fees. Investing in both actively and passively managed mutual funds involves risk and principal loss is possible. Both actively and passively managed mutual funds generally have daily liquidity. There are no guarantees regarding the performance of actively and passively managed mutual funds. Actively managed mutual funds may have higher portfolio turnover than passively managed funds. Excessive turnover can limit returns and can incur capital gains.

While the Funds are no-load, management fees and other expenses will apply. Please refer to the prospectus for additional information.

As of 12/31/16 the Morningstar "Moderate Target Risk" category returns were: 1-year: 8.57%, 3-year: -0.73%, 5-year: 7.79%, 10-year: 6.40%, 15-year: 6.92%.

The Morningstar RatingTM for funds, or "star rating", is calculated for managed products (including mutual funds, variable annuity and variable life subaccounts, exchange-traded funds, closed-end funds, and separate accounts) with at least a three-year history. Exchange-traded funds and open-ended mutual funds are considered a single population for comparative purposes. It is calculated based on a Morningstar Risk-Adjusted Return measure that accounts for variation in a managed product's monthly excess performance, excluding the effects of sales charges and loads, placing more emphasis on downward variations and rewarding consistent performance.  The top 10% of products in each product category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars, and the bottom 10% receive 1 star.  The Overall Morningstar Rating™ for a managed product is derived from a weighted average of the performance figures associated with its three-, five-, and 10-year (if applicable) Morningstar Rating™ metrics. The weights are: 100% three-year rating for 36-59 months of total returns, 60% five-year rating/40% three-year rating for 60-119 months of total returns, and 50% 10-year rating/30% five-year rating/20% three-year rating for 120 or more months of total returns.  While the 10-year overall star rating formula seems to give the most weight to the 10-year period, the most recent three-year period actually has the greatest impact because it is included in all three rating periods.

As of 12/31/16 the Villere Balanced Fund was rated against the following numbers of U.S.-domiciled Moderate Target Risk funds over the following time periods: 710 funds in the last three years, 606 funds in the last five years, and 419 funds in the last ten years. With respect to these Moderate Allocation funds, Villere Balanced Fund received a Morningstar Rating of 1 star for the three-period, 2 stars for the five-year period and 3 stars for the ten-year periods. The Villere Balanced Fund received a 2 star Overall Morningstar Rating as of 12/31/16 out of 710 funds. The Overall Morningstar RatingTM for a fund is derived from a weighted average of the fund's three-year Morningstar Ratings metrics, which are based on risk-adjusted return performance.

Among Moderate Allocation Funds according to Morningstar as of 12/31/16, the Villere Balanced Fund was ranked in the top 16% for 1 year among 708 funds, 61% for 5 years among 544 funds and 12% for 10 years among 386 funds, based on total returns.
 

© 2016 Morningstar, Inc. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Past performance is no guarantee of future results.

While the fund is no-load, management fees and other expenses still apply. Please refer to the summary prospectus or prospectus for further details.

Shares of the Villere Funds are currently offered only in the United States and are not registered for sale in any jurisdiction other than the United States. This is not an offer to sell or a solicitation to buy in any jurisdiction in which such offer, solicitation, purchase, or sale would be unlawful.

The SEC does not endorse, indemnify, approve or disapprove of any security.

Assets under management as of 12/31/16: $2.1 billion.

Any tax or legal information provided isn't an exhaustive interpretation of some of the current income tax regulations. Investors must consult their tax advisor or legal counsel for advice and information concerning their particular situation. Neither the Fund nor any of its representatives may give legal or tax advice.

A Lipper Fund Award is awarded to one fund in each Lipper classification for achieving the strongest trend of consistent risk-adjusted performance against its classification peers over a three, five or ten-year period.

Although Lipper makes reasonable efforts to ensure the accuracy and reliability of the data contained herein, the accuracy is not guaranteed by Lipper. Users acknowledge that they have not relied upon any warranty, condition, guarantee, or representation made by Lipper. Any use of the data for analyzing, managing, or trading financial instruments is at the user's own risk. This is not an offer to buy or sell securities. Lipper Analytical Services, Inc. is an independent mutual fund research and rating service.

The Lipper Fund Awards are part of the Thomson Reuters Awards for Excellence, a global family of awards that celebrate exceptional performance throughout the professional investment community. The Thomson Reuters Awards for Excellence recognize the world's top funds, fund management firms, sell-side firms, research analysts and investor relations teams. The Thomson Reuters Awards for Excellence also include the Extel Survey Awards, the StarMine Analyst Awards, and the StarMine Broker Rankings. For more information, please contact markets.awards@thomsonreuters.com or visit excellence.thomsonreuters.com.

The FPA Crescent Fund pays a management fee of 1.00% and has a total annual expense ratio of 1.25%. Total assets in the fund as of 12/31/2012 were $10.4 billion. The fund's objective is to provide a total return consistent with reasonable investment risk, through a combination of income and capital appreciation.

Risks associated with investing in the FPA Crescent Fund include but are not limited to market risk, below investment grade securities risk, market risk, convertible or other debt securities risk, foreign market risk, value-oriented investment risk, and medium- and smaller-company investment risk.

As of 12/30/16 the Russell 1000 index returns were: 1-year: 12.05%, 5-year: 14.69%, 10-year: 7.08%; Russell 2000 index returns were: 1-year: 21.31%, 5-year: 14.46%, 10-year: 7.07%. In 2014 and 2015, Russell 1000 index returns were: 13.24% and 4.89% respectively, and Russell 2000 index returns were: 0.92% and -4.41% respectively.

Index definitions:

Bank of America Merrill Lynch US Corporate Master Index value tracks the performance of US dollar denominated investment grade rated corporate debt publically issued in the US domestic market. To qualify for inclusion in the index, securities must have an investment grade rating (based on an average of Moody's, S&P, and Fitch) and an investment grade rated country of risk (based on an average of Moody's, S&P, and Fitch foreign currency long term sovereign debt ratings).

Chicago Board Options Exchange Market Volatility Index (VIX) is a measure of the implied volatility of the S&P index options. Often referred to as the fear index or the fear gauge, it represents one measure of the market's expectation of stock market volatility over the next 30 day period.

DAX is a stock index that represents 30 of the largest and most liquid German companies that trade on the Frankfurt Exchange. The prices used to calculate the DAX Index come through Xetra, an electronic trading system. A free-float methodology is used to calculate the index weightings along with a measure of average trading volume.

Dow Jones Industrial Average ("Dow") is an unmanaged index of common stocks comprised of major industrial companies and assumes reinvestment of dividends.

Dow Jones REIT (Real Estate Investment Trust) Index covers about two-thirds of the aggregate value of the publicly-traded REIT market domestically.

Dow Jones Stoxx Europe 600 Index measures the financial performance of leading European companies as measured by their sustainability practices.

Exchange-Traded Fund (ETF) is a security that tracks an index, a commodity or a basket of assets like an index fund, but trades like a stock on an exchange.

Hang Seng China Enterprises Index is a freefloat capitalization-weighted index comprised of H-Shares listed on the Hong Kong Stock Exchange and included in the Hang Seng Mainland Composite Index.

Japanese Government Bond (JGB) is a bond issued by the government of Japan. The government pays interest on the bond until the maturity date. At the maturity date, the full price of the bond is returned to the bondholder.

Lipper Balanced Index (Lipper Bond Index) is an equally weighted performance index of the largest qualifying funds in the Lipper Category. The indices are unmanaged and returns include reinvested dividends.

NASDAQ Composite Index is a market capitalization-weighted index that is designed to represent the performance of the National Market System which includes over 5,000 stocks traded only over-the-counter and not on an exchange.

NASDAQ 100 is an index composed of the 100 largest, most actively traded U.S companies listed on the Nasdaq stock exchange.

New York Commodities Exchange (NYMEX) is the world's largest Commodities Futures Exchange and one of the most active options exchanges for the precious metals and energy markets.

Nikkei 225 Stock Average is a price-weighted index comprised of Japan's top 225 blue-chip companies on the Tokyo Stock Exchange.

PowerShares QQQ is an exchange-traded fund (ETF) based on the Nasdaq 100 Index.

Russell 1000 is an index of approximately 1,000 of the largest companies in the U.S. equity markets that comprises over 90% of the total market capitalization of all listed U.S. stocks, and is considered an indicator for large cap investing.

Russell 2000 Index consists of the smallest 2,000 companies in a group of 3,000 U.S. companies in the Russell 3000 Index, as ranked by market capitalization and serves as a benchmark for small-cap stocks in the United States.

Russell 3000 Index is a market capitalization weighted equity index that encompasses the 3,000 largest U.S.-traded stocks, in which the underlying companies are all incorporated in the U.S.

S&P 500 is an unmanaged index which is widely regarded as the standard for measuring large-cap U.S. stock market performance.

The S&P 600 SmallCap Index covers a broad range of small cap stocks in the United States. The index is weighted according to market capitalization and covers about 3-4% of the total market for equities in the United States.

S&P 500 Health Care Index comprises those companies included in the S&P 500 that are classified as members of the GICS (Global Industry Classification Standard) health care sector.

S&P 500 Technology Index comprises those companies included in the S&P 500 that are classified as members of the GICS (Global Industry Classification Standard) information technology sector.

The S&P 500 Financials Index comprises those companies included in the S&P 500 that are classified as members of the GICS® financials sector.

S&P GSCI (Goldman Sachs Commodities Index) is a composite index of commodity sector returns which represents a broadly diversified, unleveraged, long-only position in commodity futures.

Spiders, SPDR and SPY is a short form of Standard & Poor's depositary receipt, an exchange-traded fund (ETF) managed by State Street Global Advisors that tracks the Standard & Poor's 500 Index (S&P 500). Each share of spider contains one-tenth of the S&P index and trades at roughly one-tenth of the dollar-value level of the S&P 500. Spiders can also refer to the general group of ETFs to which the Standard & Poor's depositary receipt belongs.

VIX is quoted in percentage points and translates, roughly, to the expected movement in the S&P Index over the next 30-day period.

U.S. Dollar Index (USDX) is a measure of the value of the U.S. dollar relative to majority of its most significant trading partners.

Please note, one cannot invest directly in an index.

Definitions of terms:

AAA bond rating is the highest rating assigned by S&P to a debt obligation and indicates an extremely strong capacity to pay principal and interest. Bonds rated AA also qualify as high-quality debt obligations. Capacity to pay principal and interest is very strong, and in the majority of instances they differ from AAA issues only in small degree. Bonds rated A have a strong capacity to pay principal and interest, although they are somewhat more susceptible to the adverse effects of changes in circumstances and economic conditions.

Alpha is a measure of performance on a risk-adjusted basis.

Basis Point (BPS) is commonly used for calculating changes in interest rates, equity indexes and the yield of a fixed-income security and is equal to 1/100th of 1%.

Bond ratings are grades given to bonds that indicate their credit quality as determined by a private independent rating service such as Standard & Poor's. The firm evaluates a bond issuer's financial strength, or its ability to pay a bond's principal and interest in a timely fashion. Ratings are expressed as letters ranging from "AAA", which is the highest grade, to 'D', which is the lowest grade. In limited situations when the rating agency has not issued a formal rating, the Advisor will classify the security as nonrated.

Brent Crude is a type of petroleum classification given to oil from the North Sea. In many countries, including those in Europe, Brent Crude is used as a benchmark for pricing other classifications of oil.

Cash flow measures the cash generating capability of a company, calculated by subtracting total liabilities from total assets.

EBITDA stands for Earnings Before Interest, Taxes, Depreciation and Amortization. EBITDA is essentially net income with interest, taxes, depreciation, and amortization added back to it, and can be used to analyze and compare profitability between companies and industries because it eliminates the effects of financing and accounting decisions.

Dividend Yield is a ratio indicating how much a company pays out in dividends each year relative to its share price. Dividend yield is represented as a percentage and can be calculated by dividing the dollar value of dividends paid in a given year per share of stock held by the dollar value of one share of stock.

Duration is a measure of the sensitivity of the price (the value of principal) of a fixed-income investment to a change in interest rates and is expressed as a number of years.

Earnings per share (EPS) is calculated by taking the total earnings dividend by the number of shares outstanding.

Earnings Yield is the earnings per share for the most recent 12-month period divided by the current market price per share; it shows the percentage of each dollar invested in the stock that was earned by the company.

European Central Bank (ECB) is the bank created to administer monetary policy for the countries that have converted to the euro.

Free Cash Flow (FCF) is a measure of financial performance calculated as operating cash flow minus capital expenditures. Free cash flow (FCF) represents the cash that a company is able to generate after laying out the money required to maintain or expand its asset base.

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, usually calculated on an annual basis.

Market cap is the market price of an entire company, calculated by multiplying the number of shares outstanding by the price per share.

Original Equipment Manufacturer (OEM) is a company whose products are used as components in another company's product.

Price-to-book ratio (P/B Ratio) is used to compare a stock's market value to its book value. It is calculated by dividing the current closing price of the stock by the latest quarter's book value per share.

Price to Earnings (P/E) Ratio is a common tool for comparing the prices of different common stocks and is calculated by dividing the current market price of a stock by the earnings per share. The P/E ratio is not a measure of future performance or growth.

Price Earnings to Growth (PEG) Ratio is an indicator of a stock's potential value by taking into account earnings growth and is calculated by dividing the P/E Ratio by the Annual Earnings Per Share Growth.

Price-To-Sales Ratio (PSR) is a valuation ratio that compares a company's stock price to its revenues and is an indicator of the value placed on each dollar of a company's sales or revenues.

European Central Bank (ECB) is the bank created to administer monetary policy for the countries that have converted to the euro.

Real Estate Investment Trust (REIT) is a security that sells like a stock on the major exchanges and invests in real estate directly, either through properties or mortgages.

Sharpe Ratio is a measure for calculating risk-adjusted return.

Yield is the income return on an investment and refers to the interest or dividends received from a security; is usually expressed annually as a percentage based on the investment's cost, its current market value or its face value.