Boyar's Index Orphans outlines



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Copyright © Boyar’s Intrinsic Value Research LLC. All rights reserved 

www.BoyarValueGroup.com 

 

 



 

 

 



   

Asset Analysis Focus is not an investment advisory bulletin, recommending the purchase or sale of any security. Rather it 

should be used as a guide in aiding the investment community to better understand the intrinsic worth of a corporation. The 

service is not intended to replace fundamental research, but should be used in conjunction with it. Additional information is 

available on request. The statistical and other information contained in this document has been obtained from official reports, 

current manuals and other sources which we believe reliable. While we cannot guarantee its entire accuracy or completeness, 

we believe it may be accepted as substantially correct. Boyar's Intrinsic Value Research LLC, its officers, directors and 

employees may at times have a position in any security mentioned herein. Boyar's Intrinsic Value Research LLC Copyright 



2017.  

Disclaimers 



Document Outline

  • Boyar's Index Orphans Introduction
    • Boyar's Index Orphans_outlines
    • Introduction - Summer 2017-Final
      • _00–20
        • TOC Summer 2017
        • Summer 2017, merged, IPRs, paginated
          • 00 TOC Summer 2017
          • 00–05i
            • 00–05a
              • 00–04b
                • 00–04
                  • 00–03b
                    • 00–03
                      • 00–02b
                        • 00–02
                        • blank
                          • TOC Summer 2017
                          • Summer Issue Intro_New_Edited_10_24
                            • Passive Investing Continues to Attract Fund Flows
                            • Structural Advantages and Disadvantages of ETFs and Passive Investing
                            • Are ETFs Driving Market Distortions?
                              • Active ETFs Proliferating—Risks Abound
                            • Passive ETFs Risks Remain
                            • The Death of Active Investing Is Greatly Exaggerated
                            • Passive Investing Impacting Institutional Asset Management Business
                              • “Closet Indexing” and the Pressure to Perform
                            • Thinking Outside of the Index
                            • How Do Index Orphans Become Discovered?
                            • Updates on Index Orphans in the Existing AAF Universe
                              • Conduent Incorporated (ticker: CNDT, $16.30)
                              • Liberty Global plc (ticker: LBTYA/LBTYB/LBTYK, $30.82)
                              • QVC Group (ticker: QVCA, $22.24)
                            • This Year’s Class of Index Orphans
                              • Autoliv, Inc. (ticker: ALV, $126.28)
                              • Axalta Coating Systems Ltd. (ticker: AXTA, $28.29)
                              • Hostess Brands, Inc. (ticker: TWNK, $13.43)
                              • Sinclair Broadcast Group, Inc. (ticker: SBGI, $29.65)
                          • ALV-merged
                            • ALV_TitlePage-formatted
                            • ALV_Edited_October 2017_Latest_10-24_run back
                          • AXTA-merged_tweaked
                            • AXTA Title Page2
                            • AXTA 10.9.17_2_updated(2)
                          • TWNK Report 20171024
                            • TWNK Body .pdf
                              • OLE_LINK2
                          • SBGI Report 20171024c
                            • SBGI Body.pdf
                              • OLE_LINK3
                              • OLE_LINK2
                      • 03 AXTA-merged_IPR
                        • AXTA Title Page2
                        • AXTA 10.9.17_2_updated(2)
                    • blank
                      • TOC Summer 2017
                      • Summer Issue Intro_New_Edited_10_24
                        • Passive Investing Continues to Attract Fund Flows
                        • Structural Advantages and Disadvantages of ETFs and Passive Investing
                        • Are ETFs Driving Market Distortions?
                          • Active ETFs Proliferating—Risks Abound
                        • Passive ETFs Risks Remain
                        • The Death of Active Investing Is Greatly Exaggerated
                        • Passive Investing Impacting Institutional Asset Management Business
                          • “Closet Indexing” and the Pressure to Perform
                        • Thinking Outside of the Index
                        • How Do Index Orphans Become Discovered?
                        • Updates on Index Orphans in the Existing AAF Universe
                          • Conduent Incorporated (ticker: CNDT, $16.30)
                          • Liberty Global plc (ticker: LBTYA/LBTYB/LBTYK, $30.82)
                          • QVC Group (ticker: QVCA, $22.24)
                        • This Year’s Class of Index Orphans
                          • Autoliv, Inc. (ticker: ALV, $126.28)
                          • Axalta Coating Systems Ltd. (ticker: AXTA, $28.29)
                          • Hostess Brands, Inc. (ticker: TWNK, $13.43)
                          • Sinclair Broadcast Group, Inc. (ticker: SBGI, $29.65)
                      • ALV-merged
                        • ALV_TitlePage-formatted
                        • ALV_Edited_October 2017_Latest_10-24_run back
                      • AXTA-merged_tweaked
                        • AXTA Title Page2
                        • AXTA 10.9.17_2_updated(2)
                      • TWNK Report 20171024
                        • TWNK Body .pdf
                          • OLE_LINK2
                      • SBGI Report 20171024c
                        • SBGI Body.pdf
                          • OLE_LINK3
                          • OLE_LINK2
                  • 04 TWNK Report 20171024
                    • TWNK Body .pdf
                      • OLE_LINK2
                • blank
                  • TOC Summer 2017
                  • Summer Issue Intro_New_Edited_10_24
                    • Passive Investing Continues to Attract Fund Flows
                    • Structural Advantages and Disadvantages of ETFs and Passive Investing
                    • Are ETFs Driving Market Distortions?
                      • Active ETFs Proliferating—Risks Abound
                    • Passive ETFs Risks Remain
                    • The Death of Active Investing Is Greatly Exaggerated
                    • Passive Investing Impacting Institutional Asset Management Business
                      • “Closet Indexing” and the Pressure to Perform
                    • Thinking Outside of the Index
                    • How Do Index Orphans Become Discovered?
                    • Updates on Index Orphans in the Existing AAF Universe
                      • Conduent Incorporated (ticker: CNDT, $16.30)
                      • Liberty Global plc (ticker: LBTYA/LBTYB/LBTYK, $30.82)
                      • QVC Group (ticker: QVCA, $22.24)
                    • This Year’s Class of Index Orphans
                      • Autoliv, Inc. (ticker: ALV, $126.28)
                      • Axalta Coating Systems Ltd. (ticker: AXTA, $28.29)
                      • Hostess Brands, Inc. (ticker: TWNK, $13.43)
                      • Sinclair Broadcast Group, Inc. (ticker: SBGI, $29.65)
                  • ALV-merged
                    • ALV_TitlePage-formatted
                    • ALV_Edited_October 2017_Latest_10-24_run back
                  • AXTA-merged_tweaked
                    • AXTA Title Page2
                    • AXTA 10.9.17_2_updated(2)
                  • TWNK Report 20171024
                    • TWNK Body .pdf
                      • OLE_LINK2
                  • SBGI Report 20171024c
                    • SBGI Body.pdf
                      • OLE_LINK3
                      • OLE_LINK2
              • 05 SBGI Report 20171024c
                • SBGI Body.pdf
                  • OLE_LINK3
                  • OLE_LINK2
            • 00–05b
            • 00–05c
              • 00–04b
                • 00–04
                  • 00–03b
                    • 00–03
                      • 00–02b
                        • 00–02
                          • 00–01
                            • 00 TOC Summer 2017
                            • 01 Summer Issue Intro_New_Edited_10_24
                              • Passive Investing Continues to Attract Fund Flows
                              • Structural Advantages and Disadvantages of ETFs and Passive Investing
                              • Are ETFs Driving Market Distortions?
                                • Active ETFs Proliferating—Risks Abound
                              • Passive ETFs Risks Remain
                              • The Death of Active Investing Is Greatly Exaggerated
                              • Passive Investing Impacting Institutional Asset Management Business
                                • “Closet Indexing” and the Pressure to Perform
                              • Thinking Outside of the Index
                              • How Do Index Orphans Become Discovered?
                              • Updates on Index Orphans in the Existing AAF Universe
                                • Conduent Incorporated (ticker: CNDT, $16.30)
                                • Liberty Global plc (ticker: LBTYA/LBTYB/LBTYK, $30.82)
                                • QVC Group (ticker: QVCA, $22.24)
                              • This Year’s Class of Index Orphans
                                • Autoliv, Inc. (ticker: ALV, $126.28)
                                • Axalta Coating Systems Ltd. (ticker: AXTA, $28.29)
                                • Hostess Brands, Inc. (ticker: TWNK, $13.43)
                                • Sinclair Broadcast Group, Inc. (ticker: SBGI, $29.65)
                          • 02 ALV-merged
                            • ALV_TitlePage-formatted
                            • ALV_Edited_October 2017_Latest_10-24_run back
                        • blank
                          • TOC Summer 2017
                          • Summer Issue Intro_New_Edited_10_24
                            • Passive Investing Continues to Attract Fund Flows
                            • Structural Advantages and Disadvantages of ETFs and Passive Investing
                            • Are ETFs Driving Market Distortions?
                              • Active ETFs Proliferating—Risks Abound
                            • Passive ETFs Risks Remain
                            • The Death of Active Investing Is Greatly Exaggerated
                            • Passive Investing Impacting Institutional Asset Management Business
                              • “Closet Indexing” and the Pressure to Perform
                            • Thinking Outside of the Index
                            • How Do Index Orphans Become Discovered?
                            • Updates on Index Orphans in the Existing AAF Universe
                              • Conduent Incorporated (ticker: CNDT, $16.30)
                              • Liberty Global plc (ticker: LBTYA/LBTYB/LBTYK, $30.82)
                              • QVC Group (ticker: QVCA, $22.24)
                            • This Year’s Class of Index Orphans
                              • Autoliv, Inc. (ticker: ALV, $126.28)
                              • Axalta Coating Systems Ltd. (ticker: AXTA, $28.29)
                              • Hostess Brands, Inc. (ticker: TWNK, $13.43)
                              • Sinclair Broadcast Group, Inc. (ticker: SBGI, $29.65)
                          • ALV-merged
                            • ALV_TitlePage-formatted
                            • ALV_Edited_October 2017_Latest_10-24_run back
                          • AXTA-merged_tweaked
                            • AXTA Title Page2
                            • AXTA 10.9.17_2_updated(2)
                          • TWNK Report 20171024
                            • TWNK Body .pdf
                              • OLE_LINK2
                          • SBGI Report 20171024c
                            • SBGI Body.pdf
                              • OLE_LINK3
                              • OLE_LINK2
                      • 03 AXTA-merged_IPR
                        • AXTA Title Page2
                        • AXTA 10.9.17_2_updated(2)
                    • blank
                      • TOC Summer 2017
                      • Summer Issue Intro_New_Edited_10_24
                        • Passive Investing Continues to Attract Fund Flows
                        • Structural Advantages and Disadvantages of ETFs and Passive Investing
                        • Are ETFs Driving Market Distortions?
                          • Active ETFs Proliferating—Risks Abound
                        • Passive ETFs Risks Remain
                        • The Death of Active Investing Is Greatly Exaggerated
                        • Passive Investing Impacting Institutional Asset Management Business
                          • “Closet Indexing” and the Pressure to Perform
                        • Thinking Outside of the Index
                        • How Do Index Orphans Become Discovered?
                        • Updates on Index Orphans in the Existing AAF Universe
                          • Conduent Incorporated (ticker: CNDT, $16.30)
                          • Liberty Global plc (ticker: LBTYA/LBTYB/LBTYK, $30.82)
                          • QVC Group (ticker: QVCA, $22.24)
                        • This Year’s Class of Index Orphans
                          • Autoliv, Inc. (ticker: ALV, $126.28)
                          • Axalta Coating Systems Ltd. (ticker: AXTA, $28.29)
                          • Hostess Brands, Inc. (ticker: TWNK, $13.43)
                          • Sinclair Broadcast Group, Inc. (ticker: SBGI, $29.65)
                      • ALV-merged
                        • ALV_TitlePage-formatted
                        • ALV_Edited_October 2017_Latest_10-24_run back
                      • AXTA-merged_tweaked
                        • AXTA Title Page2
                        • AXTA 10.9.17_2_updated(2)
                      • TWNK Report 20171024
                        • TWNK Body .pdf
                          • OLE_LINK2
                      • SBGI Report 20171024c
                        • SBGI Body.pdf
                          • OLE_LINK3
                          • OLE_LINK2
                  • 04 TWNK Report 20171024
                    • TWNK Body .pdf
                      • OLE_LINK2
                • blank
                  • TOC Summer 2017
                  • Summer Issue Intro_New_Edited_10_24
                    • Passive Investing Continues to Attract Fund Flows
                    • Structural Advantages and Disadvantages of ETFs and Passive Investing
                    • Are ETFs Driving Market Distortions?
                      • Active ETFs Proliferating—Risks Abound
                    • Passive ETFs Risks Remain
                    • The Death of Active Investing Is Greatly Exaggerated
                    • Passive Investing Impacting Institutional Asset Management Business
                      • “Closet Indexing” and the Pressure to Perform
                    • Thinking Outside of the Index
                    • How Do Index Orphans Become Discovered?
                    • Updates on Index Orphans in the Existing AAF Universe
                      • Conduent Incorporated (ticker: CNDT, $16.30)
                      • Liberty Global plc (ticker: LBTYA/LBTYB/LBTYK, $30.82)
                      • QVC Group (ticker: QVCA, $22.24)
                    • This Year’s Class of Index Orphans
                      • Autoliv, Inc. (ticker: ALV, $126.28)
                      • Axalta Coating Systems Ltd. (ticker: AXTA, $28.29)
                      • Hostess Brands, Inc. (ticker: TWNK, $13.43)
                      • Sinclair Broadcast Group, Inc. (ticker: SBGI, $29.65)
                  • ALV-merged
                    • ALV_TitlePage-formatted
                    • ALV_Edited_October 2017_Latest_10-24_run back
                  • AXTA-merged_tweaked
                    • AXTA Title Page2
                    • AXTA 10.9.17_2_updated(2)
                  • TWNK Report 20171024
                    • TWNK Body .pdf
                      • OLE_LINK2
                  • SBGI Report 20171024c
                    • SBGI Body.pdf
                      • OLE_LINK3
                      • OLE_LINK2
              • 05 SBGI Report 20171024c
                • SBGI Body.pdf
                  • OLE_LINK3
                  • OLE_LINK2
      • _21
      • _22–96
        • TOC Summer 2017
        • Summer 2017, merged, IPRs, paginated
          • 00 TOC Summer 2017
          • 00–05i
            • 00–05a
              • 00–04b
                • 00–04
                  • 00–03b
                    • 00–03
                      • 00–02b
                        • 00–02
                          • 00–01
                            • 00 TOC Summer 2017
                            • 01 Summer Issue Intro_New_Edited_10_24
                              • Passive Investing Continues to Attract Fund Flows
                              • Structural Advantages and Disadvantages of ETFs and Passive Investing
                              • Are ETFs Driving Market Distortions?
                                • Active ETFs Proliferating—Risks Abound
                              • Passive ETFs Risks Remain
                              • The Death of Active Investing Is Greatly Exaggerated
                              • Passive Investing Impacting Institutional Asset Management Business
                                • “Closet Indexing” and the Pressure to Perform
                              • Thinking Outside of the Index
                              • How Do Index Orphans Become Discovered?
                              • Updates on Index Orphans in the Existing AAF Universe
                                • Conduent Incorporated (ticker: CNDT, $16.30)
                                • Liberty Global plc (ticker: LBTYA/LBTYB/LBTYK, $30.82)
                                • QVC Group (ticker: QVCA, $22.24)
                              • This Year’s Class of Index Orphans
                                • Autoliv, Inc. (ticker: ALV, $126.28)
                                • Axalta Coating Systems Ltd. (ticker: AXTA, $28.29)
                                • Hostess Brands, Inc. (ticker: TWNK, $13.43)
                                • Sinclair Broadcast Group, Inc. (ticker: SBGI, $29.65)
                          • 02 ALV-merged
                            • ALV_TitlePage-formatted
                            • ALV_Edited_October 2017_Latest_10-24_run back
                        • blank
                          • TOC Summer 2017
                          • Summer Issue Intro_New_Edited_10_24
                            • Passive Investing Continues to Attract Fund Flows
                            • Structural Advantages and Disadvantages of ETFs and Passive Investing
                            • Are ETFs Driving Market Distortions?
                              • Active ETFs Proliferating—Risks Abound
                            • Passive ETFs Risks Remain
                            • The Death of Active Investing Is Greatly Exaggerated
                            • Passive Investing Impacting Institutional Asset Management Business
                              • “Closet Indexing” and the Pressure to Perform
                            • Thinking Outside of the Index
                            • How Do Index Orphans Become Discovered?
                            • Updates on Index Orphans in the Existing AAF Universe
                              • Conduent Incorporated (ticker: CNDT, $16.30)
                              • Liberty Global plc (ticker: LBTYA/LBTYB/LBTYK, $30.82)
                              • QVC Group (ticker: QVCA, $22.24)
                            • This Year’s Class of Index Orphans
                              • Autoliv, Inc. (ticker: ALV, $126.28)
                              • Axalta Coating Systems Ltd. (ticker: AXTA, $28.29)
                              • Hostess Brands, Inc. (ticker: TWNK, $13.43)
                              • Sinclair Broadcast Group, Inc. (ticker: SBGI, $29.65)
                          • ALV-merged
                            • ALV_TitlePage-formatted
                            • ALV_Edited_October 2017_Latest_10-24_run back
                          • AXTA-merged_tweaked
                            • AXTA Title Page2
                            • AXTA 10.9.17_2_updated(2)
                          • TWNK Report 20171024
                            • TWNK Body .pdf
                              • OLE_LINK2
                          • SBGI Report 20171024c
                            • SBGI Body.pdf
                              • OLE_LINK3
                              • OLE_LINK2
                      • 03 AXTA-merged_IPR
                        • AXTA Title Page2
                        • AXTA 10.9.17_2_updated(2)
                    • blank
                      • TOC Summer 2017
                      • Summer Issue Intro_New_Edited_10_24
                        • Passive Investing Continues to Attract Fund Flows
                        • Structural Advantages and Disadvantages of ETFs and Passive Investing
                        • Are ETFs Driving Market Distortions?
                          • Active ETFs Proliferating—Risks Abound
                        • Passive ETFs Risks Remain
                        • The Death of Active Investing Is Greatly Exaggerated
                        • Passive Investing Impacting Institutional Asset Management Business
                          • “Closet Indexing” and the Pressure to Perform
                        • Thinking Outside of the Index
                        • How Do Index Orphans Become Discovered?
                        • Updates on Index Orphans in the Existing AAF Universe
                          • Conduent Incorporated (ticker: CNDT, $16.30)
                          • Liberty Global plc (ticker: LBTYA/LBTYB/LBTYK, $30.82)
                          • QVC Group (ticker: QVCA, $22.24)
                        • This Year’s Class of Index Orphans
                          • Autoliv, Inc. (ticker: ALV, $126.28)
                          • Axalta Coating Systems Ltd. (ticker: AXTA, $28.29)
                          • Hostess Brands, Inc. (ticker: TWNK, $13.43)
                          • Sinclair Broadcast Group, Inc. (ticker: SBGI, $29.65)
                      • ALV-merged
                        • ALV_TitlePage-formatted
                        • ALV_Edited_October 2017_Latest_10-24_run back
                      • AXTA-merged_tweaked
                        • AXTA Title Page2
                        • AXTA 10.9.17_2_updated(2)
                      • TWNK Report 20171024
                        • TWNK Body .pdf
                          • OLE_LINK2
                      • SBGI Report 20171024c
                        • SBGI Body.pdf
                          • OLE_LINK3
                          • OLE_LINK2
                  • 04 TWNK Report 20171024
                    • TWNK Body .pdf
                      • OLE_LINK2
                • blank
                  • TOC Summer 2017
                  • Summer Issue Intro_New_Edited_10_24
                    • Passive Investing Continues to Attract Fund Flows
                    • Structural Advantages and Disadvantages of ETFs and Passive Investing
                    • Are ETFs Driving Market Distortions?
                      • Active ETFs Proliferating—Risks Abound
                    • Passive ETFs Risks Remain
                    • The Death of Active Investing Is Greatly Exaggerated
                    • Passive Investing Impacting Institutional Asset Management Business
                      • “Closet Indexing” and the Pressure to Perform
                    • Thinking Outside of the Index
                    • How Do Index Orphans Become Discovered?
                    • Updates on Index Orphans in the Existing AAF Universe
                      • Conduent Incorporated (ticker: CNDT, $16.30)
                      • Liberty Global plc (ticker: LBTYA/LBTYB/LBTYK, $30.82)
                      • QVC Group (ticker: QVCA, $22.24)
                    • This Year’s Class of Index Orphans
                      • Autoliv, Inc. (ticker: ALV, $126.28)
                      • Axalta Coating Systems Ltd. (ticker: AXTA, $28.29)
                      • Hostess Brands, Inc. (ticker: TWNK, $13.43)
                      • Sinclair Broadcast Group, Inc. (ticker: SBGI, $29.65)
                  • ALV-merged
                    • ALV_TitlePage-formatted
                    • ALV_Edited_October 2017_Latest_10-24_run back
                  • AXTA-merged_tweaked
                    • AXTA Title Page2
                    • AXTA 10.9.17_2_updated(2)
                  • TWNK Report 20171024
                    • TWNK Body .pdf
                      • OLE_LINK2
                  • SBGI Report 20171024c
                    • SBGI Body.pdf
                      • OLE_LINK3
                      • OLE_LINK2
              • 05 SBGI Report 20171024c
                • SBGI Body.pdf
                  • OLE_LINK3
                  • OLE_LINK2
            • 00–05b
            • 00–05c
              • 00–04b
                • 00–04
                  • 00–03b
                    • 00–03
                      • 00–02b
                        • 00–02
                          • 00–01
                            • 00 TOC Summer 2017
                            • 01 Summer Issue Intro_New_Edited_10_24
                              • Passive Investing Continues to Attract Fund Flows
                              • Structural Advantages and Disadvantages of ETFs and Passive Investing
                              • Are ETFs Driving Market Distortions?
                                • Active ETFs Proliferating—Risks Abound
                              • Passive ETFs Risks Remain
                              • The Death of Active Investing Is Greatly Exaggerated
                              • Passive Investing Impacting Institutional Asset Management Business
                                • “Closet Indexing” and the Pressure to Perform
                              • Thinking Outside of the Index
                              • How Do Index Orphans Become Discovered?
                              • Updates on Index Orphans in the Existing AAF Universe
                                • Conduent Incorporated (ticker: CNDT, $16.30)
                                • Liberty Global plc (ticker: LBTYA/LBTYB/LBTYK, $30.82)
                                • QVC Group (ticker: QVCA, $22.24)
                              • This Year’s Class of Index Orphans
                                • Autoliv, Inc. (ticker: ALV, $126.28)
                                • Axalta Coating Systems Ltd. (ticker: AXTA, $28.29)
                                • Hostess Brands, Inc. (ticker: TWNK, $13.43)
                                • Sinclair Broadcast Group, Inc. (ticker: SBGI, $29.65)
                          • 02 ALV-merged
                            • ALV_TitlePage-formatted
                            • ALV_Edited_October 2017_Latest_10-24_run back
                        • blank
                          • TOC Summer 2017
                          • Summer Issue Intro_New_Edited_10_24
                            • Passive Investing Continues to Attract Fund Flows
                            • Structural Advantages and Disadvantages of ETFs and Passive Investing
                            • Are ETFs Driving Market Distortions?
                              • Active ETFs Proliferating—Risks Abound
                            • Passive ETFs Risks Remain
                            • The Death of Active Investing Is Greatly Exaggerated
                            • Passive Investing Impacting Institutional Asset Management Business
                              • “Closet Indexing” and the Pressure to Perform
                            • Thinking Outside of the Index
                            • How Do Index Orphans Become Discovered?
                            • Updates on Index Orphans in the Existing AAF Universe
                              • Conduent Incorporated (ticker: CNDT, $16.30)
                              • Liberty Global plc (ticker: LBTYA/LBTYB/LBTYK, $30.82)
                              • QVC Group (ticker: QVCA, $22.24)
                            • This Year’s Class of Index Orphans
                              • Autoliv, Inc. (ticker: ALV, $126.28)
                              • Axalta Coating Systems Ltd. (ticker: AXTA, $28.29)
                              • Hostess Brands, Inc. (ticker: TWNK, $13.43)
                              • Sinclair Broadcast Group, Inc. (ticker: SBGI, $29.65)
                          • ALV-merged
                            • ALV_TitlePage-formatted
                            • ALV_Edited_October 2017_Latest_10-24_run back
                          • AXTA-merged_tweaked
                            • AXTA Title Page2
                            • AXTA 10.9.17_2_updated(2)
                          • TWNK Report 20171024
                            • TWNK Body .pdf
                              • OLE_LINK2
                          • SBGI Report 20171024c
                            • SBGI Body.pdf
                              • OLE_LINK3
                              • OLE_LINK2
                      • 03 AXTA-merged_IPR
                        • AXTA Title Page2
                        • AXTA 10.9.17_2_updated(2)
                    • blank
                      • TOC Summer 2017
                      • Summer Issue Intro_New_Edited_10_24
                        • Passive Investing Continues to Attract Fund Flows
                        • Structural Advantages and Disadvantages of ETFs and Passive Investing
                        • Are ETFs Driving Market Distortions?
                          • Active ETFs Proliferating—Risks Abound
                        • Passive ETFs Risks Remain
                        • The Death of Active Investing Is Greatly Exaggerated
                        • Passive Investing Impacting Institutional Asset Management Business
                          • “Closet Indexing” and the Pressure to Perform
                        • Thinking Outside of the Index
                        • How Do Index Orphans Become Discovered?
                        • Updates on Index Orphans in the Existing AAF Universe
                          • Conduent Incorporated (ticker: CNDT, $16.30)
                          • Liberty Global plc (ticker: LBTYA/LBTYB/LBTYK, $30.82)
                          • QVC Group (ticker: QVCA, $22.24)
                        • This Year’s Class of Index Orphans
                          • Autoliv, Inc. (ticker: ALV, $126.28)
                          • Axalta Coating Systems Ltd. (ticker: AXTA, $28.29)
                          • Hostess Brands, Inc. (ticker: TWNK, $13.43)
                          • Sinclair Broadcast Group, Inc. (ticker: SBGI, $29.65)
                      • ALV-merged
                        • ALV_TitlePage-formatted
                        • ALV_Edited_October 2017_Latest_10-24_run back
                      • AXTA-merged_tweaked
                        • AXTA Title Page2
                        • AXTA 10.9.17_2_updated(2)
                      • TWNK Report 20171024
                        • TWNK Body .pdf
                          • OLE_LINK2
                      • SBGI Report 20171024c
                        • SBGI Body.pdf
                          • OLE_LINK3
                          • OLE_LINK2
                  • 04 TWNK Report 20171024
                    • TWNK Body .pdf
                      • OLE_LINK2
                • blank
                  • TOC Summer 2017
                  • Summer Issue Intro_New_Edited_10_24
                    • Passive Investing Continues to Attract Fund Flows
                    • Structural Advantages and Disadvantages of ETFs and Passive Investing
                    • Are ETFs Driving Market Distortions?
                      • Active ETFs Proliferating—Risks Abound
                    • Passive ETFs Risks Remain
                    • The Death of Active Investing Is Greatly Exaggerated
                    • Passive Investing Impacting Institutional Asset Management Business
                      • “Closet Indexing” and the Pressure to Perform
                    • Thinking Outside of the Index
                    • How Do Index Orphans Become Discovered?
                    • Updates on Index Orphans in the Existing AAF Universe
                      • Conduent Incorporated (ticker: CNDT, $16.30)
                      • Liberty Global plc (ticker: LBTYA/LBTYB/LBTYK, $30.82)
                      • QVC Group (ticker: QVCA, $22.24)
                    • This Year’s Class of Index Orphans
                      • Autoliv, Inc. (ticker: ALV, $126.28)
                      • Axalta Coating Systems Ltd. (ticker: AXTA, $28.29)
                      • Hostess Brands, Inc. (ticker: TWNK, $13.43)
                      • Sinclair Broadcast Group, Inc. (ticker: SBGI, $29.65)
                  • ALV-merged
                    • ALV_TitlePage-formatted
                    • ALV_Edited_October 2017_Latest_10-24_run back
                  • AXTA-merged_tweaked
                    • AXTA Title Page2
                    • AXTA 10.9.17_2_updated(2)
                  • TWNK Report 20171024
                    • TWNK Body .pdf
                      • OLE_LINK2
                  • SBGI Report 20171024c
                    • SBGI Body.pdf
                      • OLE_LINK3
                      • OLE_LINK2
              • 05 SBGI Report 20171024c
                • SBGI Body.pdf
                  • OLE_LINK3
                  • OLE_LINK2
  • Disclaimer

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