Barrons : China, India, Other Asian Emerging Markets Could Lead Stocks’ Rebound

China, India, Other Asian Emerging Markets Could Lead Stocks’ Rebound

It’s hard to think about dust settling from the Covid-19 pandemic when each day brings a blinding new storm. But the case is building that China and other emerging markets could lead the inevitable rebound in stocks.

“We see a pretty bullish outlook for emerging markets,” says Olga Bitel, global equity strategist at William Blair. “The last few weeks have increased our confidence on the margin.”

As the U.S. and Europe scramble to contain the mushrooming virus, the much-derided responses of China and neighboring South Korea suddenly look Solomonic.

“What we’ve seen in China and Korea is a textbook example of how these emergencies should be handled,” says Alejo Czerwonko, emerging markets strategist at UBS Global Wealth Management. “Emerging markets are, in a sense, ahead of the curve.”

China is particularly impressive with its policy response to Covid-19’s economic damage. Beijing’s fiscal stimulus should amount to some 2% of gross domestic product, Czerwonko estimates, through targeted measures ranging from cutting employers’ social security tax to subsidizing rent for small businesses.

Western democracies, with their heavy government debt loads and fractious politics, will strain for such scale and precision, says David Dali, portfolio strategist at Matthews Asia. “There’s a very strong perception that the Chinese government has the firepower and can use it as needed,” he says.

Emerging markets are getting an unexpected bonus from oil prices, which have plunged by a third, to a four-year low, since the top two exporters, Saudi Arabia and Russia, failed to agree on production curbs on March 6.

Crude will remain depressed even after the global economy starts rebounding from the coronavirus shock later this year, Bitel predicts.

“Lower oil prices from the Saudi-Russia split are likely to last longer than the epidemic,” she says. That’s good news across Asia, especially India, where petroleum imports exceeded 3% of gross domestic product in the last fiscal year.

The current market tumult could at last undermine a dollar whose strength through most of the past decade has probably been the biggest drag on emerging market stocks.

The trade-weighted greenback has climbed by a third since 2011, dimming the allure of ex-U.S. investments. But the halving of 10-year Treasury yields over the past three weeks to less than 1% is tarnishing their attraction as a haven.

A federal budget deficit already pushing 5% of GDP before anti-crisis measures does not bolster confidence either.

“This could represent an inflection point lower for the U.S. dollar,” says Howie Schwab, an emerging markets portfolio manager at Driehaus Capital Management. “EM currencies are as low as they have been relative to global export share.”

Calamity at home and the approaching U.S. election may also make President Donald Trump less keen to re-escalate a trade conflict with China that held down emerging markets most of last year, adds Tim Murray, a multi-asset capital markets analyst at T. Rowe Price.

“The silver lining here may be that trade wars get pushed onto the back burner,” he says.

The prevailing tide won’t lift all emerging markets equally, investors caution. Latin America is dominated by Brazil, Mexico, and other oil exporters that will suffer from the price collapse.

Countries with precarious current account positions may get walloped by fear in global credit markets. Schwab of Driehaus is under-weighting Turkey and South Africa on this premise. But China, India, and other core Asian markets may bounce back sooner than you think.

Barron's : U.K. Quality-Control Company Fails Test for Good Value

U.K. Quality-Control Company Fails Test for Good Value

Product-testing company Intertek Group has had a good run as customers increasingly need quality and safety assurance in an era of rising regulation.

The British company, a component of the FTSE 100 index, has seen its shares (ticker: ITRK.U.K.) rise 269% over the past decade but sink recently along with most of its peers. Shares are down 18% so far this year.

Intertek earlier this month warned that its performance will be affected by the coronavirus, which has disrupted the supply chains of its clients in China. While it has operations in more than 100 countries including Hong Kong and Taiwan, about a fifth of group revenues come from China. Intertek tests, inspects and certifies a range of products including appliances, furniture, medical devices, and food.

The company’s reliance on international trade—which is under pressure from trade wars and fallout from the virus—means Intertek isn’t a good short term bet, and investors should take profits. Its business thrives off the free movement of goods. The more trade, the more items cross borders, requiring validation that they comply with local consumer laws.

Last week Intertek said it was too early to gauge the impact of the virus on its business. The company already has shut a garment center in Kowloon for two weeks, after an employee became ill.

Broker RBC Capital Markets has marked the stock Underperform with a target price of 4,000 pence. Shares are currently trading at about 4,850 pence. Morningstar Equity Research predicts it will fall to 3,900 pence.

Kate Somerville, an analyst at RBC told Barron’s that the stock “is trading at the top of its peers despite delivering the lowest organic growth over the past five years.”

The firm, which has 46,000 employees and a market value of £8.7 billion ($11.3 billion) fetches a fat 25.3 times this year’s expected earnings and is valued at a 20% premium to its peers. Last week it posted strong 2019 figures with a significant 6.8% dividend hike and pretax profit of £443 million for the 12 months ended Dec. 31. Revenues were £2.9 billion.

Chief Executive Officer André Lacroix told Barron’s that 2019 “was the fifth consecutive year of revenue, EPS and cash progression, which is a testament to our strong operating platform.”

Shore Capital forecast earnings could rise by 12% to £496 million by 2021.

Intertek traces its history back 130 years, when three quality testing companies were formed and later merged. In 1885 Caleb Brett’s British marine surveying business offered testing and certification of ship cargo. Three years later in Montreal, Quebec, Milton Hersey established a chemical testing laboratory, and in America Thomas Edison’s Lamp Testing Bureau was formed in 1896.

They each came together over the next century, under Inchcape, which bought multiple testing and inspection companies. Inchcape diversified, and in 1996, sold its testing business which was renamed Intertek. Intertek later listed on the London Stock Exchange, and entered the FTSE 100 in 2009.

Intertek has offered long term prospects in an environment increasingly focused on compliance. But it’s heavily exposed to China with little means to mitigate such geographical reliance. Its core business is operating tests, and if there are fewer manufactured items to test, that’s a strategic challenge that is hard to offset.

The worry is that it’s impossible to quantity the short term hit or its duration, and according to Shore Capital “we clearly can’t rule out a longer lasting economic impact” and that “some revenue is likely to be lost permanently.”

Investors with a taste for assurance should look elsewhere for reassurance of future value.

Barron's : Airline Stocks Aren’t a Buy Yet. Here’s Watch to Watch For.

Are airline stocks investible?On a price/earnings basis they appear cheap—Delta trades at 5.6 times earnings, while United and American go for less than four times earnings. But airlines have been cheap for the entire bull market, so those numbers really don’t matter. “With the positive airline story uncertain or even broken, there likely is no supportive valuation metric for investors,” says Helane Becker, a veteran industry analyst with Cowen. She recommends staying on the sidelines until there’s evidence that the virus threat is receding.

So what should investors look at instead? We looked to the bond market for a possible answer. While airline bonds have sold off, as of Friday afternoon, none of their unsecured debt was trading at levels that signal severe trouble ahead. “The debt market is calling them stressed,” says Barry Kupferberg, managing partner at Barkers Point Capital Advisors. “Not distressed.”

Barron’s performed a stress test on the airlines, looking at unencumbered assets (any property like planes or real estate that the airline owns outright), credit facilities, available cash, and profitability. Scores range from below five to 30. You would need an iron constitution to take a flier now, but the results lead to a couple of stocks to consider—especially Southwest and Delta—and a few that could keep investors up at night if the coronavirus, and economic, situation takes a turn for the worse.

Southwest Airlines (LUV)
Financial Flexibility Score: 30, Highest

Southwest’s stock has dropped 24% this year, less than any other U.S. carrier. There’s a reason for that—its industry-leading balance sheet. The low-cost airline has $5.3 billion in cash and short-term investments available, plus a credit line of $1 billion. Its long-term debt/Ebitda (earnings before interest, taxes, depreciation, and amortization) ratio sits at a comfortable 0.7 times. Bernstein analyst David Vernon estimates that Southwest has $23.3 billion in untapped liquidity at its disposal, enough to last quite a while. Southwest has the least amount of debt, just $4 billion compared with $17 billion at Delta.

Still, expect it to take a revenue hit. On March 5, Southwest estimated a $200 million to $300 million drop in sales from the virus, and has provided no update since. The total impact is probably worse. Earnings growth, already challenged, will also take a shot. The good news: Southwest has the industry’s longest record of annual profitability—it was profitable even after 9/11—and it’s a good bet that the carrier will make it through this crisis.

Southwest certainly thinks so. “While it is difficult to estimate the duration and severity of the impact from Covid-19,” Southwest said in a March 5 filing, “the company remains financially strong.”

Delta Air Lines (DAL)
Financial Flexibility Score: 28, Second Highest

Delta is another airline to have an investment-grade balance sheet, and that should serve it well during this health and economic crisis.

The airline has structural advantages in its favor. It dominates its major hubs, which include Atlanta and Salt Lake City, and that has helped it earn the highest profit margin of legacy airlines in recent years. Its credit-card partnership with American Express (AXP) is also highly profitable, and produces recurring cash flows that are largely uncorrelated to its core business—though spending would decline if the economy slows. Delta’s dividend could also be suspended, which would save it about $1 billion annually.

Delta has other options, though. It’s reducing capacity, and using this moment to retire older jets it had been looking to take out of service. It has also initiated a hiring freeze. The company is targeting $4 billion in cost reductions this year, plus over $3 billion in free-cash-flow savings from deferred capital expenditures, voluntary pension funding, and the suspension of share buybacks.

While Delta withdrew guidance for 2020, the airline expects to have at least $5 billion of liquidity by the end of the quarter, with about $20 billion in unencumbered assets that can be tapped later on. It has more debt than Southwest—some $17 billion, giving it a total debt-to-Ebitda ratio of 1.9—but it’s still manageable.

At a recent conference, CEO Ed Bastian said that Delta is seeing as much as a 30% decline in bookings, and he’s prepared for worse. But he expects the company to remain free-cash-flow positive, and plans to maintain its investment-grade credit rating. “We expect demand erosion will continue in the near term,” he said, yet the airline has “built a plan that prioritizes free-cash-flow generation and preserves liquidity.”

United Airlines Holdings (UAL)
Financial Flexibility Score: 20, Third Among Large Carriers

United’s incoming CEO J. Scott Kirby has expressed a credible worst-case scenario, and the company is actively taking aggressive measures to prepare for it. That includes reducing capacity, cutting discretionary operating expenses, slashing its 2020 planned capital expenditures in half, and suspending its share-repurchase program. That’s a lot of savings to go with United’s $8 billion of available liquidity and $20 billion in unencumbered assets to borrow against. It should have enough operating cash to remain above the $3 billion liquidity level that the airline needs to keep operating.

The challenge for United is that much of its revenue and profit comes from international routes, and United’s debt load remains relatively high, at 2.7 times Ebitda, with $20.5 billion in total debt. Its international exposure has hammered the stock, making it one of the worst performers this year, down 53%. Margin-improvement plans and other turnaround initiatives will have to wait until the pandemic recedes. Short of a lengthy recession, United has the balance sheet to withstand the shock.

Spirit Airlines (SAVE)
Financial Flexibility Score: 19

Ultralow-cost carrier Spirit appears most imperiled by the crisis. The stock is down 63% this year, and trades at just 3.4 times earnings. However, its debt/Ebitda is high, at 4.3 times. The airline has always operated with a lean cost structure, which could help it absorb an extended period of lower fares. Profits, of course, are part of any company’s ability to weather storms.

“[Spirit Airlines] is one of the only airlines to cut pricing on flights and still be profitable,” writes J.P. Morgan analyst Jamie Baker in a recent research report. “Management’s view is that [Spirit] will navigate the Covid-19 situation adequately, and that a fundamental change in landscape is not likely at this point.” Baker gives management the benefit of the doubt, rating shares the equivalent of Buy with a $53 price target.

But its pitch of ultralow fares may not resonate in a market where everyone is afraid to fly, no matter the cost. And price-sensitive leisure travelers may not return soon if the economy goes into a tailspin. We’d watch and wait.

American Airlines Group (AAL)
Financial Flexibility Score: 12

Of the big three airlines, American has the least flexibility. It holds $33.4 billion in debt, giving it a long-term debt/Ebitda ratio of 4.8 times, well above its peers’ leverage. Some of its unsecured debt yields close to double digits, higher than the 5% for Delta, and the 8% for United. With a market cap of $6 billion, its equity value is just 17% of enterprise value, putting it closest to the 10% level that would signal “distress.”

That puts the greatest pressure on maintaining cash flow. But American also has $7.3 billion in cash and other liquidity, and it has $10 billion in unencumbered assets that it can borrow against should it need to raise cash. American also has a buffer on that debt load: its closest major maturity of $750 million isn’t due until 2022. Its debt covenants require American to maintain $2.5 billion in liquidity.

Tighter profit margins and a riskier balance sheet already had American shares trading at a discount to other airlines, even before coronavirus appeared. Though perhaps the riskiest play of the group, it could also have the most potential for upside if the coronavirus turns out to be a shorter-term, perhaps six-month, economic interruption.

>>> Weekly (historical) Market Update

Weekly Market Update: Coronavirus spread swats stocks into bear market and drives G7 government officials into action


It was a historic week for markets as volatility exploded in the midst of the global coronavirus pandemic. The epicenter of the crisis moved to Europe while cases in the US continued to rise rapidly along with expanded testing. Italy went into complete lock down to fight the spread of the virus while dramatic measures were taken in other EU nations and the US as well. Many European nations restricted their borders, and many schools and universities shut down along with nearly all professional sports leagues. The VIX jumped above 70 and Thursday saw double digit percentage declines for stock markets in Europe and the US for the first time since 1987’s Black Monday. The correlation between lower Treasury yields and stocks seemed to erode as US rates started to firm up despite multiple down 1,000 point days in the Dow. Treasury market functionality was bolstered when the NY Fed injected $1.5T into overnight lending markets on Thursday. Friday’s trade saw some modicum of stabilization after Germany and the European Commission announced significant fiscal measures and promised even further support if necessary. US Treasury Sec Mnuchin and House Speaker Pelosi remained in close contact in an effort to hash out an agreement for a major stimulus package announcement before the weekend. Friday also saw President Trump invoke the Stafford Act to declare a national emergency and loosen up tens of billions in funds to fight the coronavirus outbreak. Gold prices slumped and the US dollar firmed broadly. Emerging markets were hit particularly hard as Central Banks were forced step in on multiple occasions to proper up their currencies. For the week, the S&P fell 8.9%, the DJIA dropped 10.4%, and the Nasdaq lost 8.2%.

In corporate news this week, as the coronavirus spread ravaged the travel industry, major US airlines such as American, Southwest, Spirit, JetBlue, and Delta withdrew guidance and took capacity reductions, grounding hundreds of planes. Lufthansa said it will speak with the German government about potential state aid. Boeing instituted a hiring freeze for most of its divisions and reportedly plans a full drawdown of its $13.8B loan to bolster cash on hand amid declining jet demand. Carnival decided to issue a temporary pause of its global ship operations for 60 days on its Princess Cruises line, and Norwegian Cruise Lines and Royal Caribbean each announced a one month suspension of voyages. Royal Caribbean also withdrew its guidance and cut its expected FY21 capex spend. On the earnings front, Oracle shares rose after beating expectations on its top and bottom line. Broadcom stock slumped to a 52-week low after withdrawing its guidance, noting intensifying demand uncertainty. Slack investors fled after the company posted slower growth and weaker guidance than anticipated, though the messaging platform saw a significant spike in new free users due to the coronavirus outbreak. Stitch Fix missed on revenue estimates and guided below consensus, pointing to lower order values due to new clients that spend less per quarter on average. Pepsi reportedly neared a deal to acquire Rockstar Energy Beverages for $3.85B, as the beverage giant further broadens its portfolio. Twitter announced a cooperation agreement with Elliott Management and said Silver Lake would invest $1B into the company, staving off activist efforts to oust CEO Jack Dorsey.


SUNDAY 3/8
(IT) Italy government confirmed imposing 17M person quarantine in the North to fight spread of coronavirus - press
BA FAA may request Boeing make electrical wiring fixes before 737 Max flies again - financial press

MONDAY 3/9
US equity markets halted for 15 minutes on S&P hitting 7% circuit breaker
(IT) Italy PM Conte: Confirms movement will be restricted throughout the country in effort to combat the spread of the coronavirus
(US) President Trump: Will discuss possible payroll tax cut with Congress and support for hourly wage earners so they dont miss paychecks; New conference tomorrow on "major" economic measures

TUESDAY 3/10
DPW.DE Reports Q4 Net €858M v €813M y/y, EBIT €1.26B v €1.29Be, Rev €17.0B v €16.9B y/y
*(EU) EURO ZONE Q4 FINAL GDP Q/Q: 0.1% V 0.1% PRELIM; Y/Y: 1.0% V 0.9% PRELIM
(DE) Germany reportedly weighing Bank capital relief to counter COVID-19 effect

WEDNESDAY 3/11
PEP Reportedly nears deal to acquire Rockstar Energy Beverages; said to pay $3.85B - US financial press
*(US) FEB CPI M/M: 0.1% V 0.0%E; CPI (EX-FOOD/ENERGY) M/M: 0.2% V 0.2%E; CPI NSA: 258.678 V 258.455E
(UK) Chancellor of the Exchequer (Fin Min) Sunak: Total fiscal stimulus of £30B; doing everything to keep the country healthy; will get through the virus outbreak together - Budget Speech
*(UK) OFFICE OF BUDGET RESPONSIBILITY (OBR) UPDATES FORECASTS
DD Affirms FY20 $3.70-3.90 v $3.75e, cuts FY20 Rev $21.3-21.8B v $21.4Be (prior Rev $21.5-22.0B) updated to reflect $0.04 Q1 headwind from COVID-19
BA Reportedly planning full drawdown of $13.8B loan as a precaution, plan to bolster cash-on-hand on declining jet demand due to COVID-19 - press
(US) Institute for Supply Management coronavirus study: 75% of companies report supply chain disruptions
(US) Association of American Railroads weekly rail traffic report for week ending March 7th: 462.3K, -9.1% y/y
(RU) Russia Dep Energy Min Sorokin: OPEC had asked Russia to cut by 300K bpd but doubling exisiting cuts is technically difficult, OPEC+ could not cut oil output indefinitely
(US) Fed increases size of overnight repo operations through Apr 13
(IT) Italy PM Conte: orders closure of "all" shops except for groceries and pharmacies for the entire country, bars and restaurants must close unless they can keep 1 meter distance between customers; factories can continue to work with precautions
(AU) Australia Treasurer Frydenberg: Stimulus package could add 1.5% to GDP in Q2; too early to judge full impact of coronavirus on economy
*(US) PRESIDENT TRUMP ANNOUNCES TRAVEL BAN FROM EUROPE TO US FOR THE NEXT 30 DAYS; effective at midnight Friday, Mar 13th - NATIONWIDE SPEECH

THURSDAY 3/12
(DE) GERMANY REPORTEDLY READY TO ABANDONED ITS BALANCED BUDGET TO COMBAT COVID-19 - financial press
*(US) FEB PPI FINAL DEMAND M/M: -0.6% V -0.1%E; Y/Y: 1.3% V 1.8%E
CCL Princess Cruises announces a voluntary and temporary pause of its global ship operations for 60 days; Affects 18 ships
*(EU) ECB LEAVES 7-DAY MAIN REFINANCING RATE UNCHANGED AT 0.00%; AS EXPECTED
*(EU) ECB LEAVES 7-DAY MAIN REFINANCING RATE UNCHANGED AT 0.00%; AS EXPECTED
(NO) Norway Central Bank (Norges): to offer extraordinary loans to banks
(EU) ECB chief Lagarde COVID-19 is a major shock to growth prospects - Prepared Remarks
(CA) Toronto Stock Exchange halted after 9.2% decline
(EU) ECB chief Lagarde: General Council was unanimous on the package announced today - Q&A
*(US) FED REPORTS Q4 FINANCIAL ACCOUNTS: HOUSEHOLD CHANGE IN NET WORTH: $3.15T V $0.8T PRIOR
*(US) New York Fed announces new $1.5T in Treasury reserve management purchases and repurchase operations to address "highly unusual disruptions" in Treasury financing markets associated with the coronavirus outbreak; to offer $500B in 3-mo repo today, and two $500B repos tomorrow; will continue $1T in repos each week for the rest of the monthly schedule; expands repo purchases beyond bills to a 'range of maturities'
(US) NY Gov Cuomo: orders Broadway closed immediately in NYC; bans gatherings of more than 500 people, effective Friday
ORCL Reports Q3 $0.97 v $0.96e, Rev $9.80B v $9.77Be
GPS Reports Q4 $0.58 v $0.41e, Rev $4.67B v $4.52Be; Katrina O’Connell named CFO; intends to suspend share repurchases in FY20
AVGO Reports Q1 $5.25 v $5.22e, Rev $5.86B v $5.93Be; withdraws FY20 oultook due to coronavirus

FRIDAY 3/13
*(CN) CHINA PBOC CUTS RESERVES RATIO REQUIREMENT (RRR) BETWEEN 50-100BPS IN A TARGETED RESPONSE; effective Monday, Mar 16th
(DE) German Fin Min Scholz: To use all means possible to address coronavirus effects including NO LIMIT on credit program to help companies; plan to set up safety net form companies impacted by outbreak
(EU) EU Commission President Von der Leyen: Virus is a major shock to region and look to address strategies to avoid any permanent damage
(US) Fed updates current monthly schedule of Treasury purchase operations to address temporary disruptions in the market for Treasury securities; conducting $33B of purchases today
(US) Pres Trump confirms he will invoke Stafford Act and declare national emergency over coronavirus

>>> US Close Dow +9,36% S&P +9,29% Nasdaq +9,35% Russell +7,77%

Closing Market Summary: Stocks Surge to End Wild Week

The stock market rebounded on Friday, though the advance still left the major averages deep in the red for the week. The S&P 500 rallied 9.3%, narrowing this week's loss to 8.8% while the Russell 2000 (+4.2%; -19.3% for the week) underperformed.

Stocks jumped out of the gate after equity futures hit a circuit breaker, but this time, it was to the upside. The early rally set expectations for a strong rebound, but the bulk of the cash session was not as inspiring. The first three hours of trade saw a pullback, during which the S&P 500 approached yesterday's closing level. The index returned to its starting mark in midday trade, rallying into the close.

Lawmakers in Washington neared an agreement on some fiscal relief measures while President Trump declared a national emergency during a late-afternoon speech. The declaration will allow up to $50 bln in spending.

All eleven sectors ended on their highs, which masked intraday volatility. The CBOE Volatility Index (VIX 57.83, -17.64, -23.4%) climbed above yesterday's high before pulling back, indicating the presence of expectations for a continuation of a bumpy ride.

Financials (+13.2%) were at the forefront of today's advance, narrowing this week's loss to 9.8%. The Federal Reserve conducted another emergency liquidity operation, offering to buy Treasury securities of different maturities throughout the day to alleviate significant stress in the Treasury market, which caused bid/ask spreads on longer tenors to widen notably. Treasuries ended the day on a mostly lower note with the 10-yr yield rising ten basis points to 0.95%.

The top-weighted technology sector (+12.0%) also outperformed with Apple (AAPL 277.97, +29.74, +12.0%) rising amid reports that the company's stores in China have reopened. The PHLX Semiconductor Index (+10.9%) finished a bit ahead of the sector thanks to gains in all 30 components. Broadcom (AVGO 234.22, +15.44, +7.1%) missed Q1 expectations and withdrew its guidance for FY20 but recovered its loss during the market's late rally.

The energy sector (+8.8%) was among the weakest performers, trimming this week's loss to 24.3%, which still left the group well behind the other sectors. The sector backed down from its starting high alongside a pullback in crude oil, which ended the day higher by $0.23, or 0.7%, at $31.80/bbl after hitting a session high of $33.87/bbl.

Reviewing today's economic data:

  • Import prices declined 0.5% month-over-month in February and were up 0.3% excluding fuel. Export prices were down 1.1%, and down 1.0% excluding agricultural products. On a year-over-year basis, import prices were down 1.2%, and down 0.7% excluding fuel. Export prices were down 1.3% yr/yr, and down 1.6% excluding agricultural products.
    • The key takeaway from the report is that inflation is still missing for the most part in terms of both import and export prices.
  • The preliminary March reading for the University of Michigan's Index of Consumer Sentiment showed a drop to 95.9 (consensus 96.0) from the final reading of 101.0 for February.
    • The key takeaway from the report is that sentiment has been shaken by the spread of the coronavirus and the sharp decline in stock prices, both of which are weighing on expectations that should translate into lower levels of consumer spending activity.

Monday's economic data will be limited to the 8:30 ET release of the Empire State Manufacturing Survey (prior 12.9) and Net Long-Term TIC Flows at 16:00 ET (prior $85.60 bln).

  • Nasdaq Composite -12.2% YTD
  • S&P 500 -16.1% YTD
  • Dow Jones Industrial Average -18.8% YTD
  • Russell 2000 -27.5% YTD