U.S. 12/31/2022 12-Month High* 12-Month Low* Style Valuation -19.1 -22.4 -32.9 -22.0 Value 1.8 -12.0 -23.8 -5.0 Blend Moat Valuation Economic Moat None Narrow Wide Sector Valuation r Basic Mat t Cons Cyc y Fin Svcs u Real Estate i Comm Svcs o Energy p Industrials a Technology s Cons Def d Healthcare f Utilities -19.2 -29.6 -13.2 -18.8 -40.4 4.8 -7.6 -18.8 1.0 -2.9 2.2 -50% -25 25 -19.3 -15.2 -27.3 -19.3 Growth -12.6 -16.0 -27.8 Averages P/FV (%) -2.8 -22.6 *Month-end highs and lows over trailing 12-months. Date 1/31/2022 9/30/2022 Greater Europe 12/31/2022 P/FV (%) 12-Month High* 12-Month Low* Style Valuation -23.9 -30.1 -34.2 -26.7 Value -14.5 -23.3 -25.9 -17.8 Blend Price/ Fair Value % -26.6 -13.3 -12.0 Company Count 1,883 1,064 227 Moat Valuation Economic Moat None Narrow Wide Sector Valuation r Basic Mat t Cons Cyc y Fin Svcs u Real Estate i Comm Svcs o Energy p Industrials a Technology s Cons Def d Healthcare f Utilities -50% -19.2 -15.7 -19.5 -33.5 -23.6 -12.3 -18.1 -27.1 -7.1 -14.1 -17.2 -25 25 -4.4 -16.1 -21.5 -9.0 Growth -14.1 -23.4 -27.3 Averages -2.9 -25.7 *Month-end highs and lows over trailing 12-months. Greater Asia 12/31/2022 Date 1/31/2022 9/30/2022 12-Month High* 12-Month Low* Style Valuation -22.3 -29.6 -35.6 -25.4 Value -22.6 -21.2 -27.1 -22.8 Blend Price/ Fair Value % -25.6 -18.5 -7.6 Company Count 1,813 1,021 94 Moat Valuation Economic Moat None Narrow Wide Sector Valuation r Basic Mat t Cons Cyc y Fin Svcs u Real Estate i Comm Svcs o Energy p Industrials a Technology s Cons Def d Healthcare f Utilities -50% -23.2 -27.0 -16.7 -26.3 -35.6 -17.4 -20.1 -28.1 -8.9 -16.2 -18.5 -25 morningstar.com/products/magazine 25 75 -17.6 -17.7 -25.3 -18.3 Growth -21.0 -23.1 -29.7 Averages P/FV (%) -17.1 -30.0 *Month-end highs and lows over trailing 12-months. Date 1/31/2022 9/30/2022 Price/ Fair Value % -25.1 -14.9 -28.5 Company Count 11,965 2,295 86 Defensive Sensitive Cyclical Small Defensive Sensitive Cyclical Mid Large Small Defensive Sensitive Cyclical Mid Large Small Mid Largehttp://www.morningstar.com/products/magazine