{ "docId": "019dd923-5e88-73ef-bd59-24eb70073ae3", "docSlug": "0ae7fc01f78df562", "documentTitle": "article thebeatmar2025", "authorId": "MorganStanley", "authorName": "Morgan Stanley", "documentKindSlug": "consulting-deck", "documentKindLabel": "Consulting deck", "sourceTypeSlug": "equity_research", "sourceTypeLabel": "Equity research", "presentationDate": null, "orientation": "landscape", "aspectRatio": 1.333, "pageNumber": 57, "pageCount": 60, "prevPage": 56, "nextPage": 58, "slideType": "appendix_disclosure", "function": "other", "density": "overcrowded", "nDataPoints": 0, "notes": null, "elementsJson": [ "paragraph" ], "metadataConfidence": 1, "imagePath": null, "slideHref": "/slides/019dd923-5e88-73ef-bd59-24eb70073ae3/57", "deckHref": "/decks/019dd923-5e88-73ef-bd59-24eb70073ae3", "deckJsonHref": "/decks/019dd923-5e88-73ef-bd59-24eb70073ae3.json", "deckAnchorHref": "/decks/019dd923-5e88-73ef-bd59-24eb70073ae3#slide-57", "components": [ { "bbox": { "h": 0.06, "w": 0.45, "x": 0.05, "y": 0.5 }, "kind": "paragraph", "text": "Standard & Poor's 400 Index is designed to measure the performance of 400 mid-sized U.S. companies, reflecting the distinctive risk and return characteristics of this market segment. Standard & Poor's 500 Index is an unmanaged index of large-cap stocks commonly used as a measure of U.S. stock market performance.", "attrs": null, "subkind": "paragraph", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "0f3f078c-bcec-4056-8794-60b922c160b1", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.06, "w": 0.45, "x": 0.05, "y": 0.73 }, "kind": "paragraph", "text": "J.P. Morgan Indices: Information has been obtained from sources believed to be reliable, but J.P. Morgan does not warrant its completeness or accuracy. The Index is used with permission. The Index may not be copied, used, or distributed without J.P. Morgan's prior written approval. Copyright 2019, J.P. Morgan Chase & Co. All rights reserved.", "attrs": null, "subkind": "paragraph", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "19c66199-5de1-4ba5-adab-4f89e3518a68", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.04, "w": 0.45, "x": 0.05, "y": 0.27 }, "kind": "paragraph", "text": "Morningstar LSTA U.S. Leveraged Loan Index is an unmanaged index of the institutional leveraged loan market. Prior to August 29, 2022, the index name was S&P/LSTA Leveraged Loan Index.", "attrs": null, "subkind": "paragraph", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "235474f6-6f5f-4c49-89f8-e50ee4502c3f", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.07, "w": 0.45, "x": 0.05, "y": 0.61 }, "kind": "paragraph", "text": "ICE BofA Indexes: ICE® BofA® indices are not for redistribution or other uses; provided \"as is\", without warranties, and with no liability. Eaton Vance has prepared this report and ICE Data Indices, LLC does not endorse it, or guarantee, review, or endorse Eaton Vance's products. BofA® is a licensed registered trademark of Bank of America Corporation in the United States and other countries.", "attrs": null, "subkind": "paragraph", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "24e2c675-6f8e-4a16-a0b8-18c4f96adf81", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.04, "w": 0.45, "x": 0.05, "y": 0.32 }, "kind": "paragraph", "text": "Nikkei 225 Stock Average Index is unmanaged price-weighted index of 225 top-rated Japanese companies listed in the First Section of the Tokyo Stock Exchange.", "attrs": null, "subkind": "paragraph", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "2ac61927-bdaa-4855-8457-6768408fbbd4", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.58, "w": 0.45, "x": 0.52, "y": 0.33 }, "kind": "paragraph", "text": "About Risk: Bank Loans – There can be no assurance that the liquidation of collateral securing an investment will satisfy the issuer's obligation in the event of non-payment or that collateral can be readily liquidated. The ability to realize the benefits of any collateral may be delayed or limited. Commodities – The value of commodities investments will generally be affected by overall market movements and factors specific to a particular industry or commodity including weather, embargoes, tariffs, or health, political, international and regulatory developments. Credit – Investments in income securities may be affected by changes in the creditworthiness of the issuer and are subject to the risk of non-payment of principal and interest. Duration – Securities with longer durations tend to be more sensitive to interest rate changes than securities with shorter durations. Equity – Equity investment values are sensitive to stock market volatility. Foreign – Investments in foreign instruments or currencies can involve greater risk and volatility than U.S. investments because of adverse market, economic, political, regulatory, geopolitical, or other conditions. In emerging countries, these risks may be more significant. Gov't Agency – While certain U.S. Government-sponsored agencies may be chartered or sponsored by acts of Congress, their securities are neither issued nor guaranteed by the U.S. Treasury. Income Market – An imbalance in supply and demand in the income market may result in valuation uncertainties and greater volatility, less liquidity, widening credit spreads and a lack of price transparency in the market. There generally is limited public information about Municipal issuers. Inflation-Linked – Interest payments on inflation-linked securities may vary widely and will fluctuate as principal and interest are adjusted for inflation. Investments in inflation-linked securities may lose value in the event that the actual rate of inflation is different than the rate of the inflation index. Interest Rate – As interest rates rise, the value of certain income investments is likely to decline.. Lower-Rated – Investments rated below Investment Grade (typically referred to as \"junk\") are generally subject to greater price volatility and illiquidity than higher rated investments. Maturity – Longer-term bonds typically are more sensitive to interest rate changes than shorter-term bonds. Preferred Stocks – When interest rates rise, the value of preferred stocks will generally decline. Prepayment - MBS – Mortgage-backed securities are subject to prepayment risk. Bank Loan – Bank Loans are subject to prepayment risk. Real Estate – Changes in real estate or economic downturns can have a significant negative effect on issuers in the real estate industry, including REITs.", "attrs": null, "subkind": "paragraph", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "3557b622-9f30-43ae-90f6-d518f93da813", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.03, "w": 0.45, "x": 0.05, "y": 0.69 }, "kind": "paragraph", "text": "MSCI Indexes: Source: MSCI. MSCI data may not be reproduced or used for any other purpose. MSCI provides no warranties, has not prepared or approved this report, and has no liability hereunder.", "attrs": null, "subkind": "paragraph", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "7dc2822b-4784-4a9c-9c0b-88991a95b9c3", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.06, "w": 0.45, "x": 0.05, "y": 0.89 }, "kind": "paragraph", "text": "Unless otherwise stated, index returns do not reflect the effect of any applicable sales charges, commissions, expenses, taxes or leverage, as applicable. It is not possible to invest directly in the index. Data provided is for informational use only. Past performance is no guarantee of future results. See end of report for important additional information.", "attrs": null, "subkind": "paragraph", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "89110d3f-ed1d-420e-8fbc-bf6c8e953bc2", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.12, "w": 0.45, "x": 0.05, "y": 0.37 }, "kind": "paragraph", "text": "Russell 1000 Index is an unmanaged index of 1,000 U.S. large-cap stocks. Russell 1000 Growth Index is an unmanaged index of 1,000 U.S. large-cap growth stocks. Russell 1000 Value Index is an unmanaged index of 1,000 U.S. large-cap value stocks. Russell 2000 Index is an unmanaged index of 2,000 U.S. small-cap stocks. Russell 2500 Index is an unmanaged index of approximately 2,500 U.S. small- and mid-cap U.S. stocks. Russell Midcap Index is an unmanaged index of U.S. mid-cap stocks.", "attrs": null, "subkind": "paragraph", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "9458420b-cb70-4df7-93a5-2a11ac2b1338", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.06, "w": 0.45, "x": 0.52, "y": 0.25 }, "kind": "paragraph", "text": "Terms: Yield to Worst is a measure which reflects the lowest potential yield earned on a bond without the issuer defaulting. The yield to worst is calculated by making worst-case scenario assumptions by calculating the returns that would be received if provisions, including prepayment, call or sinking fund, are used by the issuer.", "attrs": null, "subkind": "paragraph", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "951b394a-5bbb-4b2b-b317-aa8eca13eabd", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.05, "w": 0.45, "x": 0.05, "y": 0.21 }, "kind": "paragraph", "text": "The MSCI USA Health Care Index is designed to capture the large and mid cap segments of the US equity universe. All securities in the index are classified in the Health Care sector as per the Global Industry Classification Standard.", "attrs": null, "subkind": "paragraph", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "aa380137-7316-4e26-a16c-e5062f66a602", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.03, "w": 0.45, "x": 0.52, "y": 0.21 }, "kind": "paragraph", "text": "Municipal-to-Treasury Yield Ratios are relative value indicators that measure the richness or cheapness of Municipal bond yields to comparable maturity Treasury bond yields.", "attrs": null, "subkind": "paragraph", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "b49b543f-44d3-49b4-a9b4-d07bdc6a9b04", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.08, "w": 0.45, "x": 0.05, "y": 0.8 }, "kind": "paragraph", "text": "S&P Dow Jones Indices are a product of S&P Dow Jones Indices LLC (\"S&P DJI\") and have been licensed for use. S&P® and S&P 500® are registered trademarks of S&P DJI; Dow Jones® is a registered trademark of Dow Jones Trademark Holdings LLC (\"Dow Jones\"); S&P DJI, Dow Jones and their respective affiliates do not sponsor, endorse, sell or promote the Fund, will not have any liability with respect thereto and do not have any liability for any errors, omissions, or interruptions of the S&P Dow Jones Indices.", "attrs": null, "subkind": "paragraph", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "f8cb047a-4796-48f3-b73f-07a97c5ebbc9", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.03, "w": 0.45, "x": 0.05, "y": 0.57 }, "kind": "paragraph", "text": "STOXX Europe 600 Index is a fixed component number index designed to provide a broad yet liquid representation of large, mid and small capitalization companies in Europe.", "attrs": null, "subkind": "paragraph", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "fdc009fc-d93c-42b2-8fa2-b9a3b4522fe9", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.03, "w": 0.5, "x": 0.05, "y": 0.14 }, "kind": "title", "text": "Index Definitions, Terms and About Risk", "attrs": null, "subkind": "headline", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "55849ab8-39c3-4665-8b2a-14ff56add6ab", "frameworkName": null, "frameworkSlug": null } ], "metrics": [], "tools": [], "frameworks": [], "arcBeats": [ { "to": 60, "from": 41, "beatId": "e2a04362-a1a0-493f-ad07-5a44b7650e9d", "arcName": "Monroe's Motivated Sequence", "arcSlug": "monroes-sequence", "beatName": "Action", "beatSlug": "monroes-sequence-action", "evidence": "The document concludes with appendices, team bios, and disclaimers, providing additional context and credibility.", "position": 4, "confidence": 0.8, "parentBeatName": "Resolution", "parentBeatSlug": "resolution" } ], "loops": [], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true }