L - Lower Risk Higher-quality companies for investors seeking capital appreciation or income with an emphasis on safety. Company characteristics may include: stable earnings, conservative balance sheets, and an established history of revenue and earnings.
A - Average Risk Growth situations for investors seeking capital appreciation with an emphasis on safety. Company characteristics may include: moderate volatility, modest balance-sheet leverage, and stable patterns of revenue and earnings.
H - Higher Risk Higher-growth situations appropriate for investors seeking capital appreciation with the acceptance of risk. Company characteristics may include: higher balance-sheet leverage, dynamic business environments, and higher levels of earnings and price volatility.
S - Speculative Risk High-growth situations appropriate only for investors willing to accept a high degree of volatility and risk. Company characteristics may include: unpredictable earnings, small capitalization, aggressive growth strategies, rapidly changing market dynamics, high leverage, extreme price volatility and unknown competitive challenges.
O - Outperform Expected to outperform, on a total return, risk-adjusted basis, the broader U.S. equity market over the next 12 months.
N - Neutral Expected to perform in line with the broader U.S. equity market over the next 12 months.
U - Underperform Expected to underperform on a total return, risk-adjusted basis, the broader U.S. equity market over the next 12 months.