Morningstar Magazine - October/November 2017 - 91

Monthly Price/Fair Value by Region 08/31/2017
U.S.

Greater Europe

P/FV

Greater Asia

4.12
3.54
2.52

+25.0
%

0.0

A percentage of 0.0 connotes fairly valued

-25.0
2015

2016

Greater Europe 09/01/2017
P/FV (%)

Date

52-Week High

8.1

03/03/2017

52-Week Low

-2.7

All-Time High*
All-Time Low*

Greater Asia 09/01/2017

P/FV (%)

Date

52-Week High

8.4

05/05/2017

11/04/2016

52-Week Low

-5.3

16.6

01/16/2004

All-Time High*

-36.3

11/21/2008

All-Time Low*

*All-time highs and lows since June 2002 to present.

P/FV (%)

Date

52-Week High

6.8

04/14/2016

11/04/2016

52-Week Low

-1.6

11/04/2016

33.2

07/01/2005

All-Time High*

81.9

05/05/2006

-35.1

10/10/2008

All-Time Low*

-40.2

10/24/2008

*All-time highs and lows since June 2002 to present.

*All-time highs and lows since June 2002 to present.

3.6

0.3

3.4

10.5

4.7

-1.6

0.7

4.9

1.2

-0.6

2.1

9.4

Averages

Value

Blend

Growth

-3.4

-3.6

12.4

1.5

5.9

5.7

8.4

6.6

1.7

4.7

4.8

3.7

-1.4

-1.5

11.1

Averages

Value

Blend

Growth

Moat Valuation

Large

9.7

2.3

7.4

7.3

5.6

Mid

1.9

Large

-0.7

Style Valuation

Mid

Style Valuation

Small

Style Valuation

3.6

0.2

0.3

1.4

0.2

-1.7

-3.5

-1.4

2.4

5.2

5.0

Averages

Value

Blend

Growth

Moat Valuation

Uncertainty Rating

2017

Moat Valuation

Uncertainty Rating

Economic Moat

Low

Medium

High Very High

None

4.3

6.9

6.0

2.4

Narrow

5.7

0.0

8.3

Wide

1.9

2.4

0.9

Large

U.S. 09/01/2017

2014

Mid

2013

Small

2012

Small

2011

Uncertainty Rating

Economic Moat

Low

Medium

High Very High

Economic Moat

Low

Medium

None

3.8

-5.0

6.4

-2.1

-11.2

Narrow

1.7

-0.9

7.5

-47.5

Wide

2.4

10.6

-4.4

High Very High

None

-1.1

0.2

6.7

2.3

7.0

Narrow

-1.6

4.9

2.8

-5.2

-

Wide

0.4

3.4

22.6

-

global.morningstar.com/Morningstarmagazine

91


http://global.morningstar.com/Morningstarmagazine

Table of Contents for the Digital Edition of Morningstar Magazine - October/November 2017

Contents
Morningstar Magazine - October/November 2017 - Cover1
Morningstar Magazine - October/November 2017 - Cover2
Morningstar Magazine - October/November 2017 - 1
Morningstar Magazine - October/November 2017 - 2
Morningstar Magazine - October/November 2017 - Contents
Morningstar Magazine - October/November 2017 - 4
Morningstar Magazine - October/November 2017 - 5
Morningstar Magazine - October/November 2017 - 6
Morningstar Magazine - October/November 2017 - 7
Morningstar Magazine - October/November 2017 - 8
Morningstar Magazine - October/November 2017 - 9
Morningstar Magazine - October/November 2017 - 10
Morningstar Magazine - October/November 2017 - 11
Morningstar Magazine - October/November 2017 - 12
Morningstar Magazine - October/November 2017 - 13
Morningstar Magazine - October/November 2017 - 14
Morningstar Magazine - October/November 2017 - 15
Morningstar Magazine - October/November 2017 - 16
Morningstar Magazine - October/November 2017 - 17
Morningstar Magazine - October/November 2017 - 18
Morningstar Magazine - October/November 2017 - 19
Morningstar Magazine - October/November 2017 - 20
Morningstar Magazine - October/November 2017 - 21
Morningstar Magazine - October/November 2017 - 22
Morningstar Magazine - October/November 2017 - 23
Morningstar Magazine - October/November 2017 - 24
Morningstar Magazine - October/November 2017 - 25
Morningstar Magazine - October/November 2017 - 26
Morningstar Magazine - October/November 2017 - 27
Morningstar Magazine - October/November 2017 - 28
Morningstar Magazine - October/November 2017 - 29
Morningstar Magazine - October/November 2017 - 30
Morningstar Magazine - October/November 2017 - 31
Morningstar Magazine - October/November 2017 - 32
Morningstar Magazine - October/November 2017 - 33
Morningstar Magazine - October/November 2017 - 34
Morningstar Magazine - October/November 2017 - 35
Morningstar Magazine - October/November 2017 - 36
Morningstar Magazine - October/November 2017 - 37
Morningstar Magazine - October/November 2017 - 38
Morningstar Magazine - October/November 2017 - 39
Morningstar Magazine - October/November 2017 - 40
Morningstar Magazine - October/November 2017 - 41
Morningstar Magazine - October/November 2017 - 42
Morningstar Magazine - October/November 2017 - 43
Morningstar Magazine - October/November 2017 - 44
Morningstar Magazine - October/November 2017 - 45
Morningstar Magazine - October/November 2017 - 46
Morningstar Magazine - October/November 2017 - 47
Morningstar Magazine - October/November 2017 - 48
Morningstar Magazine - October/November 2017 - 49
Morningstar Magazine - October/November 2017 - 50
Morningstar Magazine - October/November 2017 - 51
Morningstar Magazine - October/November 2017 - 52
Morningstar Magazine - October/November 2017 - 53
Morningstar Magazine - October/November 2017 - 54
Morningstar Magazine - October/November 2017 - 55
Morningstar Magazine - October/November 2017 - 56
Morningstar Magazine - October/November 2017 - 57
Morningstar Magazine - October/November 2017 - 58
Morningstar Magazine - October/November 2017 - 59
Morningstar Magazine - October/November 2017 - 60
Morningstar Magazine - October/November 2017 - 61
Morningstar Magazine - October/November 2017 - 62
Morningstar Magazine - October/November 2017 - 63
Morningstar Magazine - October/November 2017 - 64
Morningstar Magazine - October/November 2017 - 65
Morningstar Magazine - October/November 2017 - 66
Morningstar Magazine - October/November 2017 - 67
Morningstar Magazine - October/November 2017 - 68
Morningstar Magazine - October/November 2017 - 69
Morningstar Magazine - October/November 2017 - 70
Morningstar Magazine - October/November 2017 - 71
Morningstar Magazine - October/November 2017 - 72
Morningstar Magazine - October/November 2017 - 73
Morningstar Magazine - October/November 2017 - 74
Morningstar Magazine - October/November 2017 - 75
Morningstar Magazine - October/November 2017 - 76
Morningstar Magazine - October/November 2017 - 77
Morningstar Magazine - October/November 2017 - 78
Morningstar Magazine - October/November 2017 - 79
Morningstar Magazine - October/November 2017 - 80
Morningstar Magazine - October/November 2017 - 81
Morningstar Magazine - October/November 2017 - 82
Morningstar Magazine - October/November 2017 - 83
Morningstar Magazine - October/November 2017 - 84
Morningstar Magazine - October/November 2017 - 85
Morningstar Magazine - October/November 2017 - 86
Morningstar Magazine - October/November 2017 - 87
Morningstar Magazine - October/November 2017 - 88
Morningstar Magazine - October/November 2017 - 89
Morningstar Magazine - October/November 2017 - 90
Morningstar Magazine - October/November 2017 - 91
Morningstar Magazine - October/November 2017 - 92
Morningstar Magazine - October/November 2017 - 93
Morningstar Magazine - October/November 2017 - 94
Morningstar Magazine - October/November 2017 - 95
Morningstar Magazine - October/November 2017 - 96
Morningstar Magazine - October/November 2017 - Cover3
Morningstar Magazine - October/November 2017 - Cover4
https://www.nxtbook.com/nxtbooks/morningstar/magazine_2020q4
https://www.nxtbook.com/nxtbooks/morningstar/magazine_2020q3
https://www.nxtbook.com/nxtbooks/morningstar/magazine_2020q2
https://www.nxtbook.com/nxtbooks/morningstar/magazine_2020q1
https://www.nxtbook.com/nxtbooks/morningstar/magazine_2019winter
https://www.nxtbook.com/nxtbooks/morningstar/magazine_2019fall
https://www.nxtbook.com/nxtbooks/morningstar/magazine_2019summer
https://www.nxtbook.com/nxtbooks/morningstar/magazine_2019spring
https://www.nxtbook.com/nxtbooks/morningstar/magazine_20191201
https://www.nxtbook.com/nxtbooks/morningstar/magazine_20181011
https://www.nxtbook.com/nxtbooks/morningstar/magazine_20180809
https://www.nxtbook.com/nxtbooks/morningstar/magazine_20180607
https://www.nxtbook.com/nxtbooks/morningstar/magazine_20180405
https://www.nxtbook.com/nxtbooks/morningstar/magazine_20180203
https://www.nxtbook.com/nxtbooks/morningstar/magazine_20181201
https://www.nxtbook.com/nxtbooks/morningstar/magazine_20171011
https://www.nxtbook.com/nxtbooks/morningstar/magazine_20170809
https://www.nxtbook.com/nxtbooks/morningstar/magazine_20170607
https://www.nxtbook.com/nxtbooks/morningstar/magazine_20170405
https://www.nxtbook.com/nxtbooks/morningstar/magazine_20170203
https://www.nxtbook.com/nxtbooks/morningstar/magazine_20171201
https://www.nxtbook.com/nxtbooks/morningstar/magazine_20161011
https://www.nxtbook.com/nxtbooks/morningstar/magazine_20160809
https://www.nxtbook.com/nxtbooks/morningstar/magazine_20160607
https://www.nxtbook.com/nxtbooks/morningstar/magazine_20160405
https://www.nxtbook.com/nxtbooks/morningstar/magazine_20160203
https://www.nxtbook.com/nxtbooks/morningstar/magazine_20161201
https://www.nxtbook.com/nxtbooks/morningstar/magazine_20151011
https://www.nxtbook.com/nxtbooks/morningstar/magazine_20150809
https://www.nxtbook.com/nxtbooks/morningstar/magazine_20150607
https://www.nxtbook.com/nxtbooks/morningstar/magazine_20150405
https://www.nxtbook.com/nxtbooks/morningstar/magazine_20150203
https://www.nxtbook.com/nxtbooks/morningstar/magazine_20151201
https://www.nxtbook.com/nxtbooks/morningstar/magazine_20141011
https://www.nxtbook.com/nxtbooks/morningstar/magazine_20140809
https://www.nxtbook.com/nxtbooks/morningstar/magazine_20140607
https://www.nxtbook.com/nxtbooks/morningstar/magazine_20140405
https://www.nxtbook.com/nxtbooks/morningstar/magazine_20140203
https://www.nxtbook.com/nxtbooks/morningstar/advisor_20141201
https://www.nxtbook.com/nxtbooks/morningstar/advisor_20131011
https://www.nxtbook.com/nxtbooks/morningstar/advisor_20130809
https://www.nxtbook.com/nxtbooks/morningstar/advisor_20130607
https://www.nxtbook.com/nxtbooks/morningstar/advisor_20130405
https://www.nxtbook.com/nxtbooks/morningstar/advisor_20130203
https://www.nxtbook.com/nxtbooks/morningstar/advisor_20131201
https://www.nxtbook.com/nxtbooks/morningstar/advisor_20121011
https://www.nxtbook.com/nxtbooks/morningstar/advisor_20120809
https://www.nxtbook.com/nxtbooks/morningstar/advisor_20120607
https://www.nxtbook.com/nxtbooks/morningstar/advisor_20120405
https://www.nxtbook.com/nxtbooks/morningstar/investorconference2012
https://www.nxtbook.com/nxtbooks/morningstar/advisor_20120203
https://www.nxtbook.com/nxtbooks/morningstar/advisor_20121201
https://www.nxtbook.com/nxtbooks/morningstar/advisor_20111011
https://www.nxtbook.com/nxtbooks/morningstar/advisor_20110809
https://www.nxtbook.com/nxtbooks/morningstar/advisor_20110607
https://www.nxtbook.com/nxtbooks/morningstar/advisor_20110405
https://www.nxtbook.com/nxtbooks/morningstar/advisor_20110203
https://www.nxtbook.com/nxtbooks/morningstar/advisor_20111201
https://www.nxtbook.com/nxtbooks/morningstar/advisor_20101011
https://www.nxtbook.com/nxtbooks/morningstar/advisor_20100809_lincoln
https://www.nxtbook.com/nxtbooks/morningstar/advisor_20100809
https://www.nxtbook.com/nxtbooks/morningstar/advisor_20100607_lincoln
https://www.nxtbook.com/nxtbooks/morningstar/advisor_20100607
https://www.nxtbook.com/nxtbooks/morningstar/advisor_20100405_lincoln
https://www.nxtbook.com/nxtbooks/morningstar/advisor_20100405
https://www.nxtbook.com/nxtbooks/morningstar/advisor_20100203
https://www.nxtbook.com/nxtbooks/morningstar/advisor_20101201
https://www.nxtbook.com/nxtbooks/morningstar/advisor_20091011
https://www.nxtbook.com/nxtbooks/morningstar/advisor_20090809
https://www.nxtbook.com/nxtbooks/morningstar/advisor_20090607
https://www.nxtbook.com/nxtbooks/morningstar/advisor_20090405
https://www.nxtbook.com/nxtbooks/morningstar/advisor_20090203
https://www.nxtbook.com/nxtbooks/morningstar/advisor_2008fall
https://www.nxtbook.com/nxtbooks/morningstar/advisor_2008summer
https://www.nxtbook.com/nxtbooks/morningstar/advisor_2007spring
https://www.nxtbook.com/nxtbooks/morningstar/advisor_2007fall
https://www.nxtbook.com/nxtbooks/morningstar/advisor_2007summer
https://www.nxtbook.com/nxtbooks/morningstar/advisor_2008spring
https://www.nxtbook.com/nxtbooks/morningstar/advisor_2008catalog
https://www.nxtbook.com/nxtbooks/morningstar/advisor_2008winter
https://www.nxtbookmedia.com