This could point to undervaluation if the company maintains projected EPS growth of 9% over the next 12 months. Yeah. Mike, I would say that, it doesn't feel like a soft market to our clients after five years of price increases. And as I noted, our index skews to larger accounts and where there's a bit more volatility, typically, throughout the cycle. I expect cycles to be shorter and narrower than what they've been in the past, right? There's better data, better technology on the underwriting front. “Vanguard is a real crown jewel in the endowment and foundation OCIO business,” said OCIO search consultant Brad Alford, who runs Alpha Capital Management. He noted that Vanguard has consistently done well with endowments and foundations that have less than $100 million to invest. The firm uses a fair amount of passive investments — true to its broader mission — but does include alternatives in its client portfolios. Ocio Finance announced a 2% dividend increase, providing a forward yield of 3.1%. Dividend growth investors see this as evidence of sustainable cash flow amid stable operating margins.