How the Middle Bias Can Hurt Portfolios

Source: FactSet as of July 31, 2019, based on return information from 9/1995 to 7/2019. Past performance is not a guarantee of future results. Large-caps: S&P 500, Mid-Caps: S&P 400, Small-Caps: Russell 2000 Indexes, T-Bills: Bloomberg Barclays US Treasury Bill Index. Index returns are unmanaged and do not reflect the deduction of any fees or expenses. Index returns reflect all items of income, gain and loss and the reinvestment of dividends and other income.