02.2014FTBDogsversusLions

8202019 022014FTBDogsversusLions

httpslidepdfcomreaderfull022014ftbdogsversuslions 18copy 2014 Fund Evaluation Group LLC

FOCUS TOPIC B R I E

A PPROVED FOR C LIENT U SE

ldquoZoo in China Swaps Dog for Lion Hopes No One Nocesrdquo a headline reads Offi cials at the Louhe city

zoo in the central Henan province hoped no one would noce when they decided to make the switch in

order to send the exhibitrsquos regular resident an African lion away to a breeding center Visitors got a rude

surprise however when the lion started barking1

In fairness to the zookeeper the Tibetan masff

is a large excep

onally furry breed of dog Many wouldconclude that the breed resembles the king of the jungle more closely than perhaps any other domesc

canine While the switch undoubtedly fooled some patrons a six-year-old who had recently learned the

various sounds diff erent animals make quickly idenfied that the ldquolionrdquo was indeed barking like a dog

A spokesperson for the zoo cited that Chinese zoos have struggled to make money in recent years due to

a government ruling that animal shows should operate on a non-profit basis

Regardless of move or resemblance a dog was in the lion exhibit and patrons of the zoo were paying to

see a lion Itrsquos no surprise that zoo patrons felt cheated

This focus topic brief is an excerpt from the FundEvaluation Group LLC February 2014 ldquoResearch ReviewrdquoTo view the full newsletter or to be added to our mailinglist please visit wwwfegcomresearchphp

C H E R Y L A B A R K E R Senior Research Analyst Global Equities

APRIL 201

O r i gi n a l l y publ i sh ed Febr ua r y 2 0 1 4

SWAPPING DOGS FOR LIONA PRIMER ON ACTIVE SHARE


httpslidepdfcomreaderfull022014ftbdogsversuslions 28copy 2014 Fund Evaluation Group LLCPAGE 2

FO CUS T O PI C B RI E F A PRI L 2 0 1 4

As the acve management versus passive manage-

ment bale connues to rage a similar but less hu-

morous phenomenon has been observed in the in-

vestment world closet indexing For decades acve

managers have charged higher management fees for

their strategies than their passively managed com-petors In some cases the higher fees are under-

standable as the acve managers apply unique skill

deep fundamental research and seek to outperform

a passively managed benchmark But what happens

when an investment manager claiming to be an acve

manager is really a closet indexer Investors in those

funds are paying acve management fees but are re-

ceiving benchmark-like performance Thus the inves-

torrsquos port olio has lile chance of outperforming the

benchmark as the higher fees ofen counteract any

posive performance achieved Those investors are

paying to view a lion but seeing a dog instead

How can investors idenfy the ldquodogsrdquo of the industry In 2004 An Petajisto and Mar jn Cremers then

colleagues in the finance department at the Yale School of Management pondered that same queson

They were intrigued by a Wall Street Journal arcle about the Fidelity Magellan Fund which alleged that

the fundrsquos manager at the me Robert Stansky was a closet indexer because the fundrsquos returns closely

tracked those of the Standard amp Poorrsquos 500 Index Knowing there were mulple factors that could lead to

benchmark-like returns and that there was a plethora of industry discussion surrounding closet indexing

Petajisto and Cremers decided they needed to look under the hood to substanate the closet indexing

claim with real data

The duo teamed up to discern how to diff erenate true stock pickers from closet indexers They complet-

ed a first draf of their research in 2006 and in 2009 published a paper How Act ve Is Your Fund Manager

A New Measure That Predicts Performance That measure which they named act ve share is the percent-

age of a fundrsquos weight-adjusted port olio that diff ers from its benchmark2

We have used the acve share metric in manager analysis for a number of years at FEG and believe many

will pay more aenon to this measure and that addional follow-up studies will likely be published

Therefore this focus topic provides an overview of acve share On one end of the spectrum (assuming no

leverage or short posions) an acve share percentage of 0 suggests a port oliorsquos holdings are idencal

to the benchmark while an acve share percentage of 100 indicates a port olio is completely diff erent

from the benchmark without any crossover of holdings

Petajisto and Cremers are the first to admit their measure is straight orward and not exactly rocket sci-

ence Like the six-year-old who idenfied the ldquolionrdquo at the zoo was barking like a dog the simplicity of ac-

ve share is what gives it strength At a base level acve share allows investors to easily idenfy managers

who piggyback the index but charge high fees Digging deeper however acve share becomes a useful

tool that can tell much more

Close enough A Tibetan mastiff was placed in the African

Lion exhibit at a zoo in Chinarsquos central Henan province

Source Ed JonesAFPGetty ImagesNPR

Where w fundi and w indexi are the portfolio weights of asset i in the fund

and in the index and the sum is taken over the universe of all assets

Source Petajisto and Cremers 2009 study




Because a manager can only add value relave to

a benchmark by deviang from it acve share first

provides informaon about a fundrsquos potenal for

outperforming its benchmark Though acve share

is not a suffi cient factor to explain outperformance

on its own some level of acve management is nec-essary for a manager to outperform its benchmark

The degree and type of acve management howev-

er maers considerably for performance The origi-

nal study incorporated mutual fund data from 1980

through 2003 however the performance analysis

within the study used a sample period of 1990-

2003 Almost all funds were acve in the 1980s but

starng around 1990 a meaningful mass of acve

funds began having a modest acve share of 60 or

less The study illustrated that funds with the high-

est acve share significantly outperformed their

benchmarks net of fees and their returns persistedfrom year to year Funds with lower acve share un-

derperformed afer fees

Tracking error has been the tradional metric used to measure acve management but tracking error

fails to capture the two diff erent dimensions of acve management stock selecon and factor bets Ad-

dionally there are diff erent approaches to acve management that can contribute diff erently to tracking

error When acve share is used together with tracking error it provides a more comprehensive picture

Acve share is a holdings-based measure that describes a managerrsquos current stock selecon bets Tracking

error is a returns-based measure of the volality of past acve returns relave to the benchmark When

used together they provide a comprehensive picture of how acve a fund is on the dimensions of both

holdings and returns When plo ng investment managers by their acve share and tracking error metrics

relave categories for their port olio management approach can be assigned

Types of Active Management

Petajisto and Cremersrsquo findings include pure indexers ploed in the boom lef-hand corner of the fol-

lowing chart with less than 20 acve share and low tracking error as the funds aempt to closely mimic

the benchmark against which they are indexed A diversified stock picker can have high acve share de-

spite its low tracking error because its stock selecon within industries can lead to deviaons from the

benchmark In contrast a manager be ng on factors such as value or quality can generate a large track-

ing error relave to peers even without large deviaons from benchmark holdings Taking acve posions

in individual stocks and in factors concentrated stock pickers combine the two approaches and generally

142

137

075

025

113

011

024

081

133

240

2 1 0 1 2 3

Low

2

3

4

High

A c t i v e S h a r e Q u i n t i l e

Gross Net

Data source Petajisto and Cremers 2009 study

Returns are presented gross and net of fees in US dollars

P E R F O R M A N C E F O R A L L 983085 E Q U I T Y

MUT UA L F UN D S

1990- 2003

Actve Share the fracon of port olio holdings that diff er from the benchmark

thus a measure that describes a managerrsquos stock selec

on bets

Tracking Error the volality of acve return relave to the benchmark thus a

measure that describes how closely a manager tracks its benchmark

Data Source Cremers + Petajisto and Zephyr Associates Inc




have greater than 80 acve share Closet indexers score low on both dimensions of acve management

while claiming to be acve managers They generally exhibit acve share levels in the 20 to 60 range3

The specific tracking error levels classified as high and low vary by asset class across the manager categories

In terms of performance concentrated stock

pickers (high acve share high tracking error)were the best performers each year and across

the sample period followed by diversified stock

pickers (high acve share low tracking error)

Closet indexers tended to underperform their

benchmarks afer fees and transacon costs

Low acve share managersmdashboth pure and

closet indexersmdashhave become increasingly

prevalent in the US equity fund universe

over the past 30 years Prior to the 1990s

most mutual fund assets were truly acveBy 2009 funds classified as ldquohighly acverdquo

with 80 or higher acve share represented

only approximately one-fourth of US equity

mutual fund assets under management Pure

indexers with acve share less than 20 have

grown from almost nothing in 1980 to one-fifh

of mutual fund assets at the end of 2009 This

illustrates the growth of passive investment

over the past two decades Closet indexing

however has become even more popular than

pure indexing accounng for approximately

one-third of all mutual fund assets at the endof 20094

The reason an increasing number of managers

hug their benchmark varies For some fund

size comes into play As funds surpass $1 billion

in assets stascally speaking it is harder to

maintain high levels of acve share Looking

across the market capitalizaon spectrum

addional challenges are presented Small and

mid cap funds tend to have higher levels of acve share than their large cap counterparts This is due not

only to the larger number of companies in the smaller cap benchmarks but also to the fact that smallercap benchmarks tend to be relavely flat while large cap benchmarks tend to be top-heavy with the

largest companies represenng a disproporonate amount of the benchmark The top 50 holdings in the

small cap Russell 2000 Index represented just over 11 of the Index as of February 28 2014 whereas

the top 50 holdings in the large cap Russell 1000 Index represented over 41 of the Index 5 Large cap

managers who want to purchase any of the largest market cap stocks in their benchmark will subsequently

see their acve share tumble For others closet indexing is an appealing prospect especially when market

volality increases Closet indexers have lile chance of meaningful outperformance but they are unlikely

to perform so poorly that they will be firedmdashand they will collect acve management fees The growth of

defined contribuon plans is linked to another structural reason for the decline in acve share as plan sponsors

somemes aempt to manage the risk of underperforming the benchmark to help migate the potenal for

ligaon from plan parcipants This can pressure fund managers to ensure benchmark-like returns

High

Low

0

0 Low High

Concentrated

Stock

Picks

Pure

Indexing

A c t i v e S h a r e

Tracking Error

Closet

Indexing

Factor

Bets

Diversified

Stock

Picks


Source Petajisto 2010 study

E V O L U T I O N O F A C T I V E S H A R E

1 9 8 0 - 2 0 0 9




Conclusion

We believe that opportunies exist for managers with unique strategies and competencies to add value

to a port olio beyond that of a purely passive representaon of the market Though acve share is not

a tool that can predict returns in an absolute sense research has demonstrated that managers with

high acve share have greater opportunies for outperformance As one would expect deviaons fromthe benchmark can introduce risk so manager selecon is crical in the acvely managed poron of

an investorrsquos port olio Given the cost premium assigned to acvely managed strategies investors must

understand the fees they are paying and how they relate to the amount of acve management they

receive Acve share provides an indicaon of a managerrsquos convicon level and willingness to manage

beyond a benchmark but may not be indicave of a managerrsquos stock picking skill Simply being diff erent

from the benchmark is not enough to outperform a manager needs to be diff erent in the right ways We

recommend allocang to equity managers who exhibit exceponal skill through a repeatable process

and show strength across FEGrsquos six tenets for manager analysis convicon consistency pragmasm

investment culture risk management and acve return Though the overall tenets are qualitave in

nature there are many quantave measuresmdashlike acve share and tracking errormdashthat connue to be

valuable components of our manager due diligence process and help our clients invest with lions rather

than dogs

1 Neuman Sco ldquoZoo in China Swaps Dog for Lion Hopes No One Nocesrdquo The Two-Way Naonal Public Radio 15 Aug 20132 Max Sarah ldquoIs Your Fund Manager Acve Enoughrdquo Barronrsquos 12 Jan 2013 Online r eprint accessed 14 Jan 20133 Cremers Mar jn K J An Petajisto How Act ve Is Your Fund Manager A New Measure That Predicts Performance Internaonal Center for

Finance Yale School of Management 20094 Petajisto An Act ve Share and Mutual Fund Performance NYU Stern Sc hool of Business 20105

Russell




DISCLOSURES

This rep ort w as prepar ed by Fund Evaluat ion Gro up LLC (FEG) a feder ally re gister ed invest ment adviser un der th e Investm ent Advi sers Ac tof 1940 as amended providing non-discretionar y and discretionary investment advice to its clients on an individual basis Registration as aninvestment adviser does not imply a certain level of skill or training The oral and writ ten communications of an adviser provide you with info r-mation about which you determine to hire or retain an adviser Fund Evaluation Group LLC Form ADV Part 2 A amp 2B can be obtained by writ tenrequest directly to Fund Evaluation Group LLC 201 East Fifth Street Suite 1600 Cincinnati OH 45202 Attention Compliance Department

The informat ion her ein was obtaine d from various sourc es FEG does not guaran tee the a ccurac y or com pleten ess of su ch infor mation providedby third parties The info rmation in this report is gi ven as of the date indicated and believed to be r eliable FEG assumes no obligation to updatethis information or to advise on further developments relating to it FEG it s affi liates directors o ffi cers employees employee bene1047297t pro gramsand client accounts may have a long position in any securities of issuers discussed in this report

Index performance results do not represent any managed port folio returns An investor cannot invest directly in a presented index as an invest-ment vehicle replicating an index would be required An index does not charge management fees or brokerage expenses and no such fees orexpenses were deducted from the performance shown

Neither the information no r any opinion expressed in this repor t constitutes an offer or an invitation to make an offer to buy or sell any securi-ties

Any return expectations provided are not intended as and must not be regarded as a representation warranty or predication that the invest-ment will achieve any particular rate of return over any particular time period or that investors will not incur losses

Past performance is not indicative of future results

Investments in private funds are speculative involve a high degree of risk and are designed for sophisticated investors

This rep ort is prepar ed for infor mation al purpo ses onl y It does not a ddress speci1047297 c investm ent objecti ves or the 1047297nan cial situation a nd theparticular needs of any person who may receive this report

All data is as of February 28 2014 unless otherwise noted




I ND I C E S

Barclays Capital Fixed Income Indices is an index family comprised of the Barclays Capital Aggregate Index GovernmentCorporate Bond IndexMortgage-Backed Se curities Index and Asset-Backed Securities Index Municipal Index High-Yield Index and others designed to represent thebroad 1047297xed income markets and s ectors within constraints of maturity and minimum outst anding par value See httpsecommercebarcapcomindicesindexdxml for more information

The CSFB Leverag ed Loan Index i s desig ned to mirror the inves tible u niverse of the $U S-denomi nated le verage d loan market Loans ar e adde dto the index upon issuance if they qualify according to certain criteria See wwwcredit-suissecom for more information

The Dow Jones -UBS Co mmodity IndicesSM are composed of exchange-traded commodit y futures contracts rather than physical commodities Bytracking commodity futures rather than commodit y ldquospotrdquo prices (meaning the prices quoted for immediate payment and delivery of physicalcommodities) the indexes are investable benchmarks meaning they can gener ally be replicated using futures contracts The weightings foreach commodity included in DJ-AIGCI are calculated in accordance with rules that ensure that the relative proporti on of each of the underly ingindividual commodities re1047298ects its global econo mic signi1047297cance and market liquidity

The FT SE NAREIT Comp osite Index (NAREIT Index) i ncludes only those companies that me et mini mum size liquidi ty and free 1047298 oat cri teria a s setforth by FTSE and is meant as a broad representation of publicly tr aded REIT securities in the US Relevant real estate activities are de1047297ned as theownership disposure and development of income-producing real estate See wwwftsecom Indices for more information

The HFR I Month ly Indi ces (HFRI ) are equ ally wei ghted pe rformance i ndexes compi led by Hedge Fun d Resear ch Inc (HFX) a nd are us ed bynumerous hedge fund managers as a benchmark fo r their own hedge funds The HFRI are broken down into 37 different categories by strategyincluding the HFRI Fund Weighted Composite which accounts for over 2000 funds listed on the internal HFR Database The HFRI Fund of FundsComposite Index is an equal weighted net of fee index composed of approximately 800 fund- of- funds which report to HFR See wwwhedge-fundresearchcom for more information on index construction

JP Morganrsquos Global Index Research group produces proprietary index produc ts that track emerging markets government debt and corporatedebt asset classes Some of these indices include the JPMorgan Emerging Market Bond Plus Index JPMorgan Emerging Market Local Plus IndexJPMorgan Global Bond Non-US Index and JPMorgan Global Bond No n-US Index See ww wjpmorgancom for more information

The London In terbank Offer ed Rate (L IBOR) i s a daily refere nce rate b ased on the interest r ates at w hich bank s borr ow unsec ured fu nds fro mother banks in the London wholesale money market

The Mer rill Lyn ch high yi eld indices mea sure the p erfo rmance of secur ities that pay interest i n cash and have a credit rat ing of b elow inve st-ment grade Merrill Lynch uses a composite of Fitch Ratings Moodyrsquos and Standard and Poor rsquos credit ratings in selecting bonds for these indices

These r atings m easure th e risk that the b ond issu er will f ail to pay interes t or to r epay pri ncipal i n full See w wwml com for mor e infor mation

Morgan Stanley Capital International ndash MSCI is a series of indices constructed by Morgan Stanley to help institutional investors benchmarktheir returns There are a wide r ange of indices created by Morgan Stanley covering a multitude of developed and emerging economies andeconomic sectors See wwwmorganstanleycom for more information

Russell Investments rank US common s tocks from largest to smallest market capitalization at each annual reconstitution period (May 31) Theprimary Russell Indices are de1047297ned as follows 1) the top 3000 stocks become the Russell 3000 Index 2) the largest 1000 stocks become theRussell 1000 Index 3) the smallest 800 stock s in the Russell 1000 Index become the Russell Midcap index 4) the next 2000 stock s become theRussell 2000 Index 5) the smallest 1000 in the Russell 200 0 Index plus the next smallest 1000 comprise the Russell Microcap Index See wwwrussellcom for more information

SampP 500 Index consists of 500 stock s chosen for market size liquidity and industry group representation among other factor s by the SampP IndexCommittee which is a team of analysts and economists at Standard and Poorrsquos The SampP 500 is a market-value weighted index which meanseach stockrsquos weight in the index is propo rtionate to its market value and is designed to be a leading indicator of US equities and meant tore1047298ect the riskreturn characteristics of the large cap universe See wwwstandardandpo orscom for more information

The Samp P Globa l Proper ty In dices de1047297ne and m easure th e investable univ erse of publicl y traded propert y compan ies W ith more than 450 con-stituents from more than 35 countries the index is ideal for a range of investment activities including benchmarking active funds and settingthe foundation for passive funds See wwwstandardandpoorscom for more information

Information on any indices mentioned can be obtained either through your consultant or by written request to informationfegcom

RES-4027 4-24-2014


httpslidepdfcomreaderfull022014ftbdogsversuslions 88


Fund Evaluation Group LLC 201 East Fifth St Suite 1600 Cincinnati Ohio 45202 P 5139774400 F 5139774430 w wwfegcom

Research Team

CHERYL A BARKER Senior Research Analyst Global Equities

NOLAN M BEAN CFA CAIA Managing Principal Investment Philosophy and Portfolio Construction

KEITH M BERLIN Senior Vice President Director of Global Fixed Income and Credit

CHRISTIAN S BUSKEN Senior Vice President Director of Real Assets

KEVIN J CONROY CFA CAIA Senior Research Analyst Hedged Strategies

GREGORY M DOWLING CFA CAIA Managing Principal Director of Hedged Strategies

SUSAN MAHAN FASIG CFA Managing Principal Director of Private Capital

JEFFREY D FURST CFA CAIA Senior Research Analyst Hedged Strategies

BRIAN A HOOPER Senior Research Analyst Global Equities

GREGORY D HOUSER CFA Senior Vice President Capital Markets

JAY R JOHNSTON Research Analyst Real Assets

PETER R KISTINGER Research Analyst Real Assets

MARK KOENIG CFA Senior Vice President Director of Quantitative Analysis

J ALAN LENAHAN CFA CAIA Managing Principal Director of Hedged Strategies

DAVID L MASON CAIA Senior Research Analyst Hedged Strategies

CHRISTOPHER M MEYER CFA Managing Principal Chief Investment Offi cer

PAUL J NEUMANN Research Analyst Hedged Strategies

MICHAEL J OrsquoCONNOR CFA Senior Research Analyst Global Fixed Income and Credit

MICHAEL J OYSTER CFA Managing Principal Portfolio Strategist

WILLIAM B PHELPS CAIA Senior Fund Operations Analyst Managed Solutions

GARY R PRICE Managing Principal Head of FEG Managed Portfolios

SAMUEL A RAGAN Research Analyst Global Equities

G SCOTT TABOR Senior Research Analyst Private Capital

DANIEL I TIRPACK Research Analyst Private Capital

NATHAN C WERNER CFA CAIA Senior Vice President Private Capital

RYAN S WHEELER CAIA Director of Fund Operations Managed Solutions




As the acve management versus passive manage-

ment bale connues to rage a similar but less hu-

morous phenomenon has been observed in the in-

vestment world closet indexing For decades acve

managers have charged higher management fees for

their strategies than their passively managed com-petors In some cases the higher fees are under-

standable as the acve managers apply unique skill

deep fundamental research and seek to outperform

a passively managed benchmark But what happens

when an investment manager claiming to be an acve

manager is really a closet indexer Investors in those

funds are paying acve management fees but are re-

ceiving benchmark-like performance Thus the inves-

torrsquos port olio has lile chance of outperforming the

benchmark as the higher fees ofen counteract any

posive performance achieved Those investors are

paying to view a lion but seeing a dog instead

How can investors idenfy the ldquodogsrdquo of the industry In 2004 An Petajisto and Mar jn Cremers then

colleagues in the finance department at the Yale School of Management pondered that same queson

They were intrigued by a Wall Street Journal arcle about the Fidelity Magellan Fund which alleged that

the fundrsquos manager at the me Robert Stansky was a closet indexer because the fundrsquos returns closely

tracked those of the Standard amp Poorrsquos 500 Index Knowing there were mulple factors that could lead to

benchmark-like returns and that there was a plethora of industry discussion surrounding closet indexing

Petajisto and Cremers decided they needed to look under the hood to substanate the closet indexing

claim with real data

The duo teamed up to discern how to diff erenate true stock pickers from closet indexers They complet-

ed a first draf of their research in 2006 and in 2009 published a paper How Act ve Is Your Fund Manager

A New Measure That Predicts Performance That measure which they named act ve share is the percent-

age of a fundrsquos weight-adjusted port olio that diff ers from its benchmark2

We have used the acve share metric in manager analysis for a number of years at FEG and believe many

will pay more aenon to this measure and that addional follow-up studies will likely be published

Therefore this focus topic provides an overview of acve share On one end of the spectrum (assuming no

leverage or short posions) an acve share percentage of 0 suggests a port oliorsquos holdings are idencal

to the benchmark while an acve share percentage of 100 indicates a port olio is completely diff erent

from the benchmark without any crossover of holdings

Petajisto and Cremers are the first to admit their measure is straight orward and not exactly rocket sci-

ence Like the six-year-old who idenfied the ldquolionrdquo at the zoo was barking like a dog the simplicity of ac-

ve share is what gives it strength At a base level acve share allows investors to easily idenfy managers

who piggyback the index but charge high fees Digging deeper however acve share becomes a useful

tool that can tell much more

Close enough A Tibetan mastiff was placed in the African

Lion exhibit at a zoo in Chinarsquos central Henan province

Source Ed JonesAFPGetty ImagesNPR

Where w fundi and w indexi are the portfolio weights of asset i in the fund

and in the index and the sum is taken over the universe of all assets








































142

137

075

025

113

011

024

081

133

240

2 1 0 1 2 3

Low

2

3

4

High


Gross Net




MUT UA L F UN D S

1990- 2003



on bets



















































High

Low

0

0 Low High

Concentrated

Stock

Picks

Pure

Indexing


Tracking Error

Closet

Indexing

Factor

Bets

Diversified

Stock

Picks




1 9 8 0 - 2 0 0 9




Conclusion















than dogs



Russell




DISCLOSURES













I ND I C E S















RES-4027 4-24-2014





Research Team

































































142

137

075

025

113

011

024

081

133

240

2 1 0 1 2 3

Low

2

3

4

High


Gross Net




MUT UA L F UN D S

1990- 2003



on bets



















































High

Low

0

0 Low High

Concentrated

Stock

Picks

Pure

Indexing


Tracking Error

Closet

Indexing

Factor

Bets

Diversified

Stock

Picks




1 9 8 0 - 2 0 0 9




Conclusion















than dogs



Russell




DISCLOSURES













I ND I C E S















RES-4027 4-24-2014





Research Team










































































High

Low

0

0 Low High

Concentrated

Stock

Picks

Pure

Indexing


Tracking Error

Closet

Indexing

Factor

Bets

Diversified

Stock

Picks




1 9 8 0 - 2 0 0 9




Conclusion















than dogs



Russell




DISCLOSURES













I ND I C E S















RES-4027 4-24-2014





Research Team






























Conclusion















than dogs



Russell




DISCLOSURES













I ND I C E S















RES-4027 4-24-2014





Research Team






























DISCLOSURES













I ND I C E S















RES-4027 4-24-2014





Research Team






























I ND I C E S















RES-4027 4-24-2014





Research Team































Research Team



























Documents

02.2014FTBDogsversusLions