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Diligence Institute

Highlights From New Constructs Investment Research

Outstanding Employee Stock Options – Valuation Adjustment

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Without careful footnotes research, investors would never know the amount of employee stock options that decrease the amount of future cash flow available to shareholders by diluting the value of existing shares.

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Sector Rankings For ETFs & Mutual Funds

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At the outset of the 3Q2013, only the Consumer Staples sector earns an Attractive rating. My sector ratings are based on the aggregation of my fund ratings for every ETF and mutual fund in each sector.

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Income and Loss from Discontinued Operations – NOPAT Adjustment

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We remove all income and losses from discontinued operations in calculating operating profit because this income/loss will not recur in the future, and we are looking for the true profitability of the continuing and core operations of a company.

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Low-Cost Funds Dupe Investors – 2Q13

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Fund holdings affect fund performance more than fees or past performance. A cheap fund is not necessarily a good fund. A fund that has done well in the past is not likely to do well in the future. Yet, traditional fund research focuses only on low fees and past performance.

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Low-Cost Funds Dupe Investors – 4Q2012

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Fund holdings affect fund performance more than fees or past performance. A cheap fund is not necessarily a good fund.
Our research on fund holdings enables investors to find funds with high quality holdings – AND – low fees.

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Roadmap to the Best & Worst Sectors for ETFs & Mutual Funds

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Only one sector, Consumer Staples, earns my Attractive rating. See Figure 1 for my rankings of all ten sectors. My sector ratings are based on the aggregation of my fund ratings for every ETF and mutual fund in each sector.

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Best & Worst ETFs & Mutual Funds: Consumer Staples Sector

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The Consumer Staples sector ranks first out of the ten sectors as detailed in my sector roadmap. It gets my Attractive rating, which is based on the aggregation of my ratings for 10 Consumer Staples ETFs and 9 Consumer Staples mutual funds as of April 12, 2012. Reports on the best & worst ETFs and mutual funds in every sector and style are on my blog and MarketWatch’s Trading Deck.

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Many Tasty Choices In Consumer Staples Sector ETFs

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Select Sector SPDR-Consumer Staples (XLP) is our top pick for consumer staples sector ETFs. XLP is one of four ETFs, out of the 270 we currently cover, to get our very attractive rating. We also rate the investment merit of the top five consumer staple sector ETFs.

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