Wellington Fund Investor Shares (VWELX)
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Style advisor charts represent one indicator of a fund's long-term style consistency. They show the fund's investment style, based on analysis of historical performance during rolling three-year time periods. Performance-based style advisor incorporates the correlation of the fund's returns to the returns of four generic benchmark indexes, which represent the four quadrants: Russell 1000 Value, representing large-cap value (upper left); Russell 1000 Growth, representing large-cap growth (upper right); Russell 2000 Value, representing small-cap value (lower left); and Russell 2000 Growth, representing small-cap growth (lower right). The charts represent style in two views: Single point and multiple points (moving windows).
The single-point view represents the manager's average style for the entire time period.
The multiple-points view shows whether the fund's returns have remained correlated with a particular market index, or whether they have shifted over time and become more correlated with a different market index. Larger points (or symbols) represent more recent time periods among the series of rolling three-year periods. Points that are tightly clustered—instead of moving around the box—show consistent correlation with a particular index.
Limitations of performance-based style analysis
Performance-based style analysis can be a valuable indicator—one component of a fund's investment style. However, we do not recommend its use in isolation because it represents only a single dimension based on the correlation of historical performance. The term "investment style" has a broader meaning that generally includes the types of stocks preferred by an advisor and the advisor's investment process. We recommend a multidimensional view of style—incorporating analysis of a fund's holdings, aggregate characteristics, relative characteristics, and relative performance versus benchmarks and peer groups over time—to develop an understanding of the investment process.
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RESEARCH & COMMENTARY
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