ClearBridge Appreciation ESG Portfolios
Year to Date Returns (Net)
11.14%
Year to Date Returns (Pure Gross)
13.60%
Overview
- Investment Overview
- Investment Process
- Meet Your Manager
Investment Overview
ClearBridge Appreciation ESG Portfolios are designed for investors seeking long-term capital appreciation through investments in a core portfolio of high-quality, large-capitalization companies.
The ESG Investment Program actively incorporates environmental, social and governance (ESG) factors into the fundamental research platform and into the stock-selection process. In addition, ongoing company engagement and shareholder advocacy are key components of the Program.
A few examples of the ESG considerations include:
- Innovative workplace policies, employee benefits and programs
- Environmental management system strength, eco-efficiency and life-cycle analysis
- Community involvement, strategic philanthropy, and reputation management
- Strong corporate governance and independence on the board
ClearBridge is a Signatory to the UN Principles for Responsible Investment, and is affiliated with the Investor Network on Climate Risk, the Carbon Disclosure Project, the Interfaith Center on Corporate Responsibility, the Global Impact Investing Network, and the US Forum for Sustainable and Responsible Investment.
Investment Philosophy
We believe that:
- The managers seek to provide consistent and competitive risk-adjusted returns through a market cycle by balancing upside participation in good markets, while trying to limit downside risk during difficult markets.
- The managers invest in both growth and value stocks, consisting primarily of large-cap, blue chip companies that tend to have dominant market positions and have met environmental, social, and governance criteria in the portfolio construction process.
Generally, companies in the portfolio fall into one of the following categories:
- Companies that have assets or earning power that are undervalued or unrecognized by the market, or companies whose stock price has been driven down by cyclical factors.
- Companies with superior demonstrated and expected growth characteristics, whose stocks are available at reasonable prices due to temporary market-specific or stock-specific reasons.
- Companies the managers believe are well positioned to sustain or increase growth at a faster rate than market expectations.
The managers use a disciplined valuation process that attempts to measure upside potential and downside exposure.
There is no guarantee that the Portfolio's objectives will be met.
Investment Process
Investment Process
Step 1 - Define the Investment Universe
Emphasize domestic large-capitalization stocks, but also consider mid- and small-capitalization companies and ADRs of non-U.S. companies opportunistically.
Step 2 - Evaluate Stocks Using Proprietary Discipline with ESG Integration
Screen for high-quality companies with dominant market positions, proven management teams, ESG characteristics and/or superior balance sheets across all market sectors.
Step 3 - Select Securities and Construct Portfolio
Conduct fundamental research to identify companies with attractive growth characteristics relative to their valuation levels.
Step 4 - Review Holdings Continuously
Re-examine a current holding when valuation is realized, fundamentals deteriorate, and/or cyclical shifts alter industry’s attractiveness or a decline in the social/environmental performance causes it to violate a screen.
Meet Your Manager
ClearBridge Investments
ClearBridge Investments is a well-established global investment manager focusing on proprietary research and fundamental investing. With over 60 years of experience building portfolios for clients seeking income solutions, high active share or low-volatility, long-tenured portfolio managers provide strong leadership in a centralized investment structure.
Portfolio Managers
Performance
- Average Annual Total Returns
- Calendar Year Returns
- Cumulative Total Returns
- Risk/Return Profile
- Risk Measures
Average Annual Total Returns
Average Annual Total Returns
2025
Chart
Quarter End As of 09/30/2025 | 1 Year | 3 Years | 5 Years | 7 Years | 10 Years | 15 Years | 20 Years | Since Inception 09/30/2002 | |
|---|---|---|---|---|---|---|---|---|---|
| ClearBridge Appreciation ESG Portfolios - Net (%) | 12.43 | 16.64 | 9.84 | 8.88 | 9.55 | 9.10 | 6.91 | 7.66 | |
| ClearBridge Appreciation ESG Portfolios - Pure Gross (%) | 15.77 | 20.10 | 13.11 | 12.13 | 12.82 | 12.35 | 10.10 | 10.87 | |
| S&P 500 Index (%) | 17.60 | 24.94 | 16.47 | 14.45 | 15.30 | 14.64 | 10.97 | 11.70 |
The strategy returns shown are preliminary composite returns, subject to future revision (downward or upward). Past performance is not a guarantee of future results. An investment in this strategy can lose value.
Performance data represents past performance, which does not guarantee future results. Current performance may be lower or higher than the performance data quoted. Investment return and principal value will fluctuate with market conditions, and you may have a gain or loss when you sell your shares. Periods less than one year are not annualized. Performance results are for the composite which includes all actual, fully discretionary accounts with substantially similar investment policies and objectives managed to the composite's investment strategy. Composite returns are stated in U.S. dollars and assume reinvestment of any dividends, interest income, capital gains, or other earnings. The composite may include account(s) that are gross of fees and pure gross of fees. “Pure” gross-of-fee returns do not reflect the deduction of any expenses, including transaction costs. A traditional (or "true") gross-of-fee return reflects performance after the reduction of transaction costs but before the reduction of the investment advisory fee. The gross-of-fee return may include a blend of "true" gross-of-fee returns for non-wrap accounts and "pure” gross-of-fee returns for wrap accounts. Net-of-fee returns is reduced by a model “wrap fee” (3.0% is the maximum anticipated wrap fee for equity and balanced portfolios) which includes trading expenses as well as investment management, administrative and custodial fees. The model wrap fee used represents the highest anticipated wrap fee applicable to the strategy. Actual fees and account minimums may vary.
For fee schedules, contact your financial professional, or if you enter into an agreement directly with Franklin Templeton Private Portfolio Group, LLC (“FTPPG”), refer to FTPPG’s Form ADV Part 2A disclosure document. Management and performance of individual accounts may vary for reasons that include the existence of different implementation practices and model requirements in different investment programs.
To obtain specific information on available products and services or a GIPS® Report, contact your Franklin Templeton separately managed account sales team at (800) DIAL BEN/342-5236. ClearBridge Investments, LLC, Martin Currie, Royce Investment Partners, and Western Asset Management Company, LLC claim compliance with the Global Investment Performance Standards (GIPS®). GIPS® is a registered trademark of CFA Institute. CFA Institute does not endorse or promote this organization, nor does it warrant the accuracy or quality of the content contained herein.
Calendar Year Returns
Calendar Year Returns
Chart
Quarter End As of 09/30/2025 | YTD | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | Performance Inception Date | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| ClearBridge Appreciation ESG Portfolios - Net (%) | 11.14 | 16.87 | 12.55 | -16.18 | 18.22 | 11.06 | 23.96 | -3.33 | 12.84 | 7.69 | -1.68 | 09/30/2002 | |
| ClearBridge Appreciation ESG Portfolios - Pure Gross (%) | 13.60 | 20.34 | 15.90 | -13.63 | 21.72 | 14.37 | 27.61 | -0.42 | 16.19 | 10.90 | 1.27 | 09/30/2002 | |
| S&P 500 Index (%) | 14.83 | 25.02 | 26.29 | -18.11 | 28.71 | 18.40 | 31.49 | -4.38 | 21.83 | 11.96 | 1.38 | — |
The strategy returns shown are preliminary composite returns, subject to future revision (downward or upward). Past performance is not a guarantee of future results. An investment in this strategy can lose value.
Performance data represents past performance, which does not guarantee future results. Current performance may be lower or higher than the performance data quoted. Investment return and principal value will fluctuate with market conditions, and you may have a gain or loss when you sell your shares. Periods less than one year are not annualized. Performance results are for the composite which includes all actual, fully discretionary accounts with substantially similar investment policies and objectives managed to the composite's investment strategy. Composite returns are stated in U.S. dollars and assume reinvestment of any dividends, interest income, capital gains, or other earnings. The composite may include account(s) that are gross of fees and pure gross of fees. “Pure” gross-of-fee returns do not reflect the deduction of any expenses, including transaction costs. A traditional (or "true") gross-of-fee return reflects performance after the reduction of transaction costs but before the reduction of the investment advisory fee. The gross-of-fee return may include a blend of "true" gross-of-fee returns for non-wrap accounts and "pure” gross-of-fee returns for wrap accounts. Net-of-fee returns is reduced by a model “wrap fee” (3.0% is the maximum anticipated wrap fee for equity and balanced portfolios) which includes trading expenses as well as investment management, administrative and custodial fees. The model wrap fee used represents the highest anticipated wrap fee applicable to the strategy. Actual fees and account minimums may vary.
For fee schedules, contact your financial professional, or if you enter into an agreement directly with Franklin Templeton Private Portfolio Group, LLC (“FTPPG”), refer to FTPPG’s Form ADV Part 2A disclosure document. Management and performance of individual accounts may vary for reasons that include the existence of different implementation practices and model requirements in different investment programs.
To obtain specific information on available products and services or a GIPS® Report, contact your Franklin Templeton separately managed account sales team at (800) DIAL BEN/342-5236. ClearBridge Investments, LLC, Martin Currie, Royce Investment Partners, and Western Asset Management Company, LLC claim compliance with the Global Investment Performance Standards (GIPS®). GIPS® is a registered trademark of CFA Institute. CFA Institute does not endorse or promote this organization, nor does it warrant the accuracy or quality of the content contained herein.
Cumulative Total Returns
Cumulative Total Returns
The hypothetical growth scenario of $100k does not reflect the deduction of brokerage commissions or taxes that investors may pay on distributions or the sale of shares. Had they been reflected hypothetical values would be lower.
2002
2025
Chart
Quarter End As of 09/30/2025 | YTD | 1 Year | 3 Years | 5 Years | 10 Years | 15 Years | Since Inception 09/30/2002 | |
|---|---|---|---|---|---|---|---|---|
| ClearBridge Appreciation ESG Portfolios - Net (%) | 11.14 | 12.43 | 58.70 | 59.86 | 149.06 | 269.41 | 445.64 | |
| ClearBridge Appreciation ESG Portfolios - Pure Gross (%) | 13.60 | 15.77 | 73.23 | 85.14 | 234.04 | 473.85 | 972.52 | |
| S&P 500 Index (%) | 14.83 | 17.60 | 95.01 | 114.30 | 315.30 | 676.70 | 1,174.77 |
Historical Cumulative Total Returns
2025
Date Selected As of 09/30/2025 | YTD | 1 Year | 3 Years | 5 Years | 10 Years | 15 Years | Since Inception 09/30/2002 | |
|---|---|---|---|---|---|---|---|---|
| ClearBridge Appreciation ESG Portfolios - Net (%) | 11.14 | 12.43 | 58.70 | 59.86 | 149.06 | 269.41 | 445.64 | |
| ClearBridge Appreciation ESG Portfolios - Pure Gross (%) | 13.60 | 15.77 | 73.23 | 85.14 | 234.04 | 473.85 | 972.52 | |
| S&P 500 Index (%) | 14.83 | 17.60 | 95.01 | 114.30 | 315.30 | 676.70 | 1,174.77 |
The strategy returns shown are preliminary composite returns, subject to future revision (downward or upward). Past performance is not a guarantee of future results. An investment in this strategy can lose value.
Performance data represents past performance, which does not guarantee future results. Current performance may be lower or higher than the performance data quoted. Investment return and principal value will fluctuate with market conditions, and you may have a gain or loss when you sell your shares. Periods less than one year are not annualized. Performance results are for the composite which includes all actual, fully discretionary accounts with substantially similar investment policies and objectives managed to the composite's investment strategy. Composite returns are stated in U.S. dollars and assume reinvestment of any dividends, interest income, capital gains, or other earnings. The composite may include account(s) that are gross of fees and pure gross of fees. “Pure” gross-of-fee returns do not reflect the deduction of any expenses, including transaction costs. A traditional (or "true") gross-of-fee return reflects performance after the reduction of transaction costs but before the reduction of the investment advisory fee. The gross-of-fee return may include a blend of "true" gross-of-fee returns for non-wrap accounts and "pure” gross-of-fee returns for wrap accounts. Net-of-fee returns is reduced by a model “wrap fee” (3.0% is the maximum anticipated wrap fee for equity and balanced portfolios) which includes trading expenses as well as investment management, administrative and custodial fees. The model wrap fee used represents the highest anticipated wrap fee applicable to the strategy. Actual fees and account minimums may vary.
For fee schedules, contact your financial professional, or if you enter into an agreement directly with Franklin Templeton Private Portfolio Group, LLC (“FTPPG”), refer to FTPPG’s Form ADV Part 2A disclosure document. Management and performance of individual accounts may vary for reasons that include the existence of different implementation practices and model requirements in different investment programs.
To obtain specific information on available products and services or a GIPS® Report, contact your Franklin Templeton separately managed account sales team at (800) DIAL BEN/342-5236. ClearBridge Investments, LLC, Martin Currie, Royce Investment Partners, and Western Asset Management Company, LLC claim compliance with the Global Investment Performance Standards (GIPS®). GIPS® is a registered trademark of CFA Institute. CFA Institute does not endorse or promote this organization, nor does it warrant the accuracy or quality of the content contained herein.
Risk/Return Profile
Risk/Return Profile (%)
Based on a 10 year period ending Sep-30-2025
Chart
| Pure Gross |
| Net |
| S&P 500 Index |
The strategy returns shown are preliminary composite returns, subject to future revision (downward or upward). Past performance is not a guarantee of future results. An investment in this strategy can lose value.
Performance data represents past performance, which does not guarantee future results. Current performance may be lower or higher than the performance data quoted. Investment return and principal value will fluctuate with market conditions, and you may have a gain or loss when you sell your shares. Periods less than one year are not annualized. Performance results are for the composite which includes all actual, fully discretionary accounts with substantially similar investment policies and objectives managed to the composite's investment strategy. Composite returns are stated in U.S. dollars and assume reinvestment of any dividends, interest income, capital gains, or other earnings. The composite may include account(s) that are gross of fees and pure gross of fees. “Pure” gross-of-fee returns do not reflect the deduction of any expenses, including transaction costs. A traditional (or "true") gross-of-fee return reflects performance after the reduction of transaction costs but before the reduction of the investment advisory fee. The gross-of-fee return may include a blend of "true" gross-of-fee returns for non-wrap accounts and "pure” gross-of-fee returns for wrap accounts. Net-of-fee returns is reduced by a model “wrap fee” (3.0% is the maximum anticipated wrap fee for equity and balanced portfolios) which includes trading expenses as well as investment management, administrative and custodial fees. The model wrap fee used represents the highest anticipated wrap fee applicable to the strategy. Actual fees and account minimums may vary.
For fee schedules, contact your financial professional, or if you enter into an agreement directly with Franklin Templeton Private Portfolio Group, LLC (“FTPPG”), refer to FTPPG’s Form ADV Part 2A disclosure document. Management and performance of individual accounts may vary for reasons that include the existence of different implementation practices and model requirements in different investment programs.
To obtain specific information on available products and services or a GIPS® Report, contact your Franklin Templeton separately managed account sales team at (800) DIAL BEN/342-5236. ClearBridge Investments, LLC, Martin Currie, Royce Investment Partners, and Western Asset Management Company, LLC claim compliance with the Global Investment Performance Standards (GIPS®). GIPS® is a registered trademark of CFA Institute. CFA Institute does not endorse or promote this organization, nor does it warrant the accuracy or quality of the content contained herein.
Risk Measures
Risk Measures
| Statistics | 1 Year | 3 Years | 5 Years | 10 Years |
|---|---|---|---|---|
| Alpha (Net of Fees) | -3.70 | -4.77 | -4.59 | -3.53 |
| Beta (Net) | 0.93 | 0.88 | 0.89 | 0.86 |
| R-Squared (Net) | 0.98 | 0.93 | 0.96 | 0.95 |
| Historical Tracking Error (Net) | 3.56 | 3.61 | 3.46 | 3.56 |
| Historical Tracking Error (Pure Gross) | 3.56 | 3.61 | 3.46 | 3.56 |
| Information Ratio (Pure Gross) | -0.90 | -1.34 | -0.97 | -0.70 |
| Information Ratio (Net) | -2.54 | -2.29 | -1.92 | -1.61 |
| Standard Deviation (%) | 1 Year | 3 Years | 5 Years | 10 Years |
|---|---|---|---|---|
| Standard Deviation (Net) | 13.51 | 12.18 | 14.48 | 13.51 |
| Sharpe Ratio (%) | 1 Year | 3 Years | 5 Years | 10 Years |
|---|---|---|---|---|
| Sharpe Ratio (Net) | 0.66 | 0.93 | 0.51 | 0.59 |
| Sharpe Ratio (Pure Gross) | 0.91 | 1.17 | 0.71 | 0.81 |
The strategy returns shown are preliminary composite returns, subject to future revision (downward or upward). Past performance is not a guarantee of future results. An investment in this strategy can lose value.
Performance data represents past performance, which does not guarantee future results. Current performance may be lower or higher than the performance data quoted. Investment return and principal value will fluctuate with market conditions, and you may have a gain or loss when you sell your shares. Periods less than one year are not annualized. Performance results are for the composite which includes all actual, fully discretionary accounts with substantially similar investment policies and objectives managed to the composite's investment strategy. Composite returns are stated in U.S. dollars and assume reinvestment of any dividends, interest income, capital gains, or other earnings. The composite may include account(s) that are gross of fees and pure gross of fees. “Pure” gross-of-fee returns do not reflect the deduction of any expenses, including transaction costs. A traditional (or "true") gross-of-fee return reflects performance after the reduction of transaction costs but before the reduction of the investment advisory fee. The gross-of-fee return may include a blend of "true" gross-of-fee returns for non-wrap accounts and "pure” gross-of-fee returns for wrap accounts. Net-of-fee returns is reduced by a model “wrap fee” (3.0% is the maximum anticipated wrap fee for equity and balanced portfolios) which includes trading expenses as well as investment management, administrative and custodial fees. The model wrap fee used represents the highest anticipated wrap fee applicable to the strategy. Actual fees and account minimums may vary.
For fee schedules, contact your financial professional, or if you enter into an agreement directly with Franklin Templeton Private Portfolio Group, LLC (“FTPPG”), refer to FTPPG’s Form ADV Part 2A disclosure document. Management and performance of individual accounts may vary for reasons that include the existence of different implementation practices and model requirements in different investment programs.
To obtain specific information on available products and services or a GIPS® Report, contact your Franklin Templeton separately managed account sales team at (800) DIAL BEN/342-5236. ClearBridge Investments, LLC, Martin Currie, Royce Investment Partners, and Western Asset Management Company, LLC claim compliance with the Global Investment Performance Standards (GIPS®). GIPS® is a registered trademark of CFA Institute. CFA Institute does not endorse or promote this organization, nor does it warrant the accuracy or quality of the content contained herein.
Portfolio
Positions
| Portfolio | Benchmark | |
|---|---|---|
| Number of Issuers | 56 | 503 |
Portfolio Statistics
| Portfolio | Benchmark | |
|---|---|---|
| Weighted Average Market Capitalization (USD) | $1,465.62 Billion | $1,441.04 Billion |
| Dividend Yield | 1.05% | 1.12% |
| Estimated 3-5 Year EPS Growth | 11.39% | 12.01% |
| Price to Earnings (12-Month Forward) | 26.98x | 25.24x |
| Price to Book | 9.02x | 8.32x |
| Median Market Cap (USD) | $806.91 Billion | $415.43 Billion |
Portfolio characteristics are based on a model portfolio, not an actual client account. The model portfolio is a hypothetical portfolio whereby the portfolio characteristics are based on simulated trading and account activity of a client account invested in this strategy. The model portfolio assumes no withdrawals, contributions or client-imposed restrictions. Portfolio characteristics of individual client accounts may differ from those of the model portfolio as a result of account size, client-imposed restrictions, the timing of client investments, market conditions, contributions, withdrawals and other factors.
Portfolio Allocations
- Sector
- Market Capitalization
Sector
Sector Allocation
Chart
| Portfolio | Benchmark | ||
|---|---|---|---|
| Information Technology | 28.56% | 34.78% | |
| Financials | 13.28% | 13.54% | |
| Communication Services | 13.28% | 10.14% | |
| Industrials | 10.33% | 8.29% | |
| Health Care | 7.51% | 8.86% | |
| Consumer Discretionary | 6.99% | 10.54% | |
| Consumer Staples | 6.56% | 4.91% | |
| Materials | 5.16% | 1.77% | |
| Utilities | 2.37% | 2.35% | |
| Energy | 2.04% | 2.89% | |
| Real Estate | 0.82% | 1.94% | |
| Cash & Cash Equivalents | 3.08% | — |
Portfolio characteristics are based on a model portfolio, not an actual client account. The model portfolio is a hypothetical portfolio whereby the portfolio characteristics are based on simulated trading and account activity of a client account invested in this strategy. The model portfolio assumes no withdrawals, contributions or client-imposed restrictions. Portfolio characteristics of individual client accounts may differ from those of the model portfolio as a result of account size, client-imposed restrictions, the timing of client investments, market conditions, contributions, withdrawals and other factors.
Market Capitalization
Market Capitalization Allocation
Chart
| Portfolio | ||
|---|---|---|
| 10-50 Billion | 6.35% | |
| 50-250 Billion | 29.63% | |
| 250-500 Billion | 11.26% | |
| >500 Billion | 52.75% |
Portfolio characteristics are based on a model portfolio, not an actual client account. The model portfolio is a hypothetical portfolio whereby the portfolio characteristics are based on simulated trading and account activity of a client account invested in this strategy. The model portfolio assumes no withdrawals, contributions or client-imposed restrictions. Portfolio characteristics of individual client accounts may differ from those of the model portfolio as a result of account size, client-imposed restrictions, the timing of client investments, market conditions, contributions, withdrawals and other factors.
Portfolio Holdings
Top Equity Issuers
Chart
| Portfolio | ||
|---|---|---|
| Microsoft Corp | 9.06% | |
| NVIDIA Corp | 7.32% | |
| Alphabet Inc | 5.10% | |
| Apple Inc | 4.43% | |
| Meta Platforms Inc | 3.90% | |
| Broadcom Inc | 3.36% | |
| Amazon.com Inc | 2.98% | |
| JPMorgan Chase & Co | 2.91% | |
| Bank of America Corp | 2.63% | |
| Emerson Electric Co | 2.62% |
Documents
Product Documents
Factsheet
Product Commentary
Disclosure
Pitchbook
Risks
What Are the Risks?
All investments involve risks, including possible loss of principal. Small- and mid-cap stocks involve greater risks and volatility than large-cap stocks. The managers’ environmental, social and governance (ESG) strategies may limit the types and number of investments available and, as a result, may forgo favorable market opportunities or underperform strategies that are not subject to such criteria. There is no guarantee that the strategy's ESG directives will be successful or will result in better performance.
Important Information
Separately Managed Accounts (SMAs) are investment services provided by Franklin Templeton Private Portfolio Group, LLC (FTPPG), a federally registered investment adviser. Client portfolios are managed based on investment instructions or advice provided by one or more of the following Franklin Templeton affiliated sub-advisers: ClearBridge Investments, LLC. Management is implemented by FTPPG, the designated sub-adviser or, in the case of certain programs, the program sponsor or its designee.
Performance data quoted represents past performance, which does not guarantee future results. Current performance may differ from figures shown. Investment return and principal value will fluctuate with market conditions, and you may have a gain or a loss when you sell your shares. Returns reflect reinvestment of dividends and capital gains. Performance figures for periods shorter than one year represent cumulative figures and are not annualized. All performance is reported in US dollars.
ClearBridge Investments, LLC, Franklin Templeton Investment Solutions, Martin Currie, Royce Investment Partners, Western Asset Management Company, LLC, and Franklin Templeton claim compliance with the Global Investment Performance Standards (GIPS®). GIPS® is a registered trademark of CFA Institute. CFA Institute does not endorse or promote this organization, nor does it warrant the accuracy or quality of the content contained herein.
Professional money management may not be suitable for all investors. Factual information relating to the securities discussed was obtained from sources believed to be reliable, but there can be no guarantee as to its accuracy. It should not be assumed that investments made in the future will be profitable or will equal the performance of the securities discussed in the material.
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Franklin Templeton (FT) is not undertaking to provide impartial advice. Nothing herein is intended to provide fiduciary advice. FT has a financial interest.
Important data provider notices and terms available at www.franklintempletondatasources.com.
CFA® and Chartered Financial Analyst® are trademarks owned by CFA Institute.
Indexes are unmanaged and one cannot invest directly in an index. They do not reflect any fees, expenses or sales charges.
The S&P 500 Index features 500 leading U.S. publicly traded companies, with a primary emphasis on market capitalization.
Source: © S&P Dow Jones Indices LLC. All rights reserved.
All entities mentioned are Franklin Templeton affiliated companies. Investment Products: NOT FDIC INSURED | NO BANK GUARANTEE | MAY LOSE VALUE.
Footnotes
Dividend yield is calculated without the deduction of fees and expenses.