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Boyle Robert

Disclosed activity across 1 company

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17811
SEC CIK
0001981384

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Reported relationships

Latest disclosed role at each company.

CompanyLast reported asReport datePublished
PHINIA INC.PHIN · Entity 4362SVP, GC and SecretarySeptember 18, 2026September 21, 2026

Disclosed balances

About these balances

Latest available filing per company, not a reconstructed current portfolio. Matching sequences show the last reported balance with all source rows expandable; grouping alone does not establish account ownership. Do not add unresolved positions together. Filings may omit unchanged positions, and amendments may correct only part of an older disclosure. Jointly reported shares are not necessarily this owner's personal holdings.

PHINIA INC.

Report date September 18, 2026 · Filed September 21, 2026

Security / awardOwnership accountDisclosed shares / unitsDisclosure context
Common StockSEC Table I · non-derivativeDirect25,355 Reported balance After 2026-09-18 transaction · row 1 Account or security details depend on footnotes; rows are not merged.
1 source row

Row 1 · 2026-09-18 · Grant · Acquired 38 · Balance 25,355

F1: Reflects shares of restricted stock acquired following the automatic reinvestment of dividends on outstanding restricted stock held on the dividend record date, as required by the terms of such awards.

F2: Includes 7,715 shares of restricted stock.

Filing footnotes · ownership attribution and instrument terms

F1: Reflects shares of restricted stock acquired following the automatic reinvestment of dividends on outstanding restricted stock held on the dividend record date, as required by the terms of such awards.

F2: Includes 7,715 shares of restricted stock.

Transaction history

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Purchases/sales include open-market and private transactions. Plan disclosure applies to the filing; individual rows may differ. “Not disclosed” is not “unplanned.”

The cutoff filters transaction history only. Company summaries and owner relationships show the latest available disclosures. Parser corrections can improve historical records.

Transaction dateCompanyActivity / securityShares / unitsReported priceReported valueDetails
September 18, 2026 Filed Sep 21, 2026 21:41 UTC PHINIA INC. PHIN · Entity 4362 GrantCommon Stock 38 $0.00 $0.00
Disclosure

SEC source: 0001968915-26-000137 · wk-form4_1790026902.xml · nonDerivative · entry 1

Boyle Robert · CIK 0001981384 · SVP, GC and Secretary

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 25,355

F1 · shares: Reflects shares of restricted stock acquired following the automatic reinvestment of dividends on outstanding restricted stock held on the dividend record date, as required by the terms of such awards.

F2 · balance_after: Includes 7,715 shares of restricted stock.

Read SEC document
September 15, 2026 Filed Sep 17, 2026 20:17 UTC PHINIA INC. PHIN · Entity 4362 SaleCommon Stock 7,500 $62.12 $465,880.50
Disclosure

SEC source: 0001968915-26-000132 · wk-form4_1789676256.xml · nonDerivative · entry 1

Boyle Robert · CIK 0001981384 · SVP, GC and Secretary

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 25,317

F1 · price: The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $61.945 to $62.44, inclusive. The reporting person has provided to the issuer, and will provide to any security holder of the issuer or the staff of the Securities and Exchange Commission upon request, information regarding the number of shares sold at each separate price within the range set forth in this Form 4.

F2 · balance_after: Includes 7,677 shares of restricted stock.

Read SEC document
August 28, 2026 Filed Sep 2, 2026 00:07 UTC PHINIA INC. PHIN · Entity 4362 Tax withholdingCommon Stock 2,955 $68.65 $202,860.75
Disclosure

SEC source: 0001968915-26-000121 · wk-form4_1788307672.xml · nonDerivative · entry 1

Boyle Robert · CIK 0001981384 · SVP, GC and Secretary

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 32,817

F1 · shares: Shares automatically and mandatorily withheld to satisfy the tax withholding requirement upon the vesting of restricted stock.

F2 · balance_after: Includes 7,677 shares of restricted stock.

Read SEC document
June 23, 2026 Filed Jun 25, 2026 20:18 UTC PHINIA INC. PHIN · Entity 4362 GrantCommon Stock 53 $0.00 $0.00
Disclosure

SEC source: 0001968915-26-000092 · wk-form4_1782418694.xml · nonDerivative · entry 1

Boyle Robert · CIK 0001981384 · SVP, GC and Secretary

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 35,772

F1 · shares: Reflects shares of restricted stock acquired following the automatic reinvestment of dividends on outstanding restricted stock held on the dividend record date, as required by the terms of such awards.

F2 · balance_after: Includes 14,519 shares of restricted stock.

Read SEC document
March 20, 2026 Filed Mar 24, 2026 20:46 UTC PHINIA INC. PHIN · Entity 4362 GrantCommon Stock 69 $0.00 $0.00
Disclosure

SEC source: 0001968915-26-000034 · wk-form4_1774385201.xml · nonDerivative · entry 1

Boyle Robert · CIK 0001981384 · SVP, GC and Secretary

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 35,719

F1 · shares: Reflects shares of restricted stock acquired following the automatic reinvestment of dividends on outstanding restricted stock held on the dividend record date, as required by the terms of such awards.

F2 · balance_after: Includes 14,466 shares of restricted stock.

Read SEC document
February 27, 2026 Filed Mar 3, 2026 21:38 UTC PHINIA INC. PHIN · Entity 4362 Tax withholdingCommon Stock 2,212 $72.63 $160,657.56
Disclosure

SEC source: 0001981384-26-000003 · wk-form4_1772573904.xml · nonDerivative · entry 1

Boyle Robert · CIK 0001981384 · SVP, GC and Secretary

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 35,650

F1 · shares: Shares automatically and mandatorily withheld to satisfy the tax withholding requirement upon the vesting of restricted stock.

F2 · balance_after: Includes 14,397 shares of restricted stock.

Read SEC document
February 09, 2026 Filed Feb 11, 2026 22:49 UTC PHINIA INC. PHIN · Entity 4362 GrantCommon Stock 3,047 $0.00 $0.00
Disclosure

SEC source: 0001968915-26-000006 · wk-form4_1770850166.xml · nonDerivative · entry 1

Boyle Robert · CIK 0001981384 · SVP, GC and Secretary

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 37,862

F1 · shares: Represents an award of restricted stock with respect to the Issuer's common stock, which will vest in three substantially equal annual installments beginning February 28, 2027.

F2 · balance_after: Includes 21,874 shares of restricted stock.

Read SEC document
December 12, 2025 Filed Dec 15, 2025 22:34 UTC PHINIA INC. PHIN · Entity 4362 GrantCommon Stock 87 $0.00 $0.00
Disclosure

SEC source: 0001981384-25-000009 · wk-form4_1765838044.xml · nonDerivative · entry 1

Boyle Robert · CIK 0001981384 · VP, GC and Secretary

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 34,815

F1 · shares: Reflects shares of restricted stock acquired following the automatic reinvestment of dividends on outstanding restricted stock held on the dividend record date, as required by the terms of such awards.

F2 · balance_after: Includes 18,827 shares of restricted stock.

Read SEC document
September 12, 2025 Filed Sep 16, 2025 22:18 UTC PHINIA INC. PHIN · Entity 4362 Tax withholdingCommon Stock 14 $58.20 $814.80
Disclosure

SEC source: 0001981384-25-000007 · wk-form4_1758061104.xml · nonDerivative · entry 2

Boyle Robert · CIK 0001981384 · VP, GC and Secretary

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 34,728

F2 · shares: Shares automatically and mandatorily withheld to satisfy the tax withholding requirement upon the vesting of restricted stock.

F3 · balance_after: Includes 18,740 shares of restricted stock.

Read SEC document
September 12, 2025 Filed Sep 16, 2025 22:18 UTC PHINIA INC. PHIN · Entity 4362 GrantCommon Stock 118 $0.00 $0.00
Disclosure

SEC source: 0001981384-25-000007 · wk-form4_1758061104.xml · nonDerivative · entry 1

Boyle Robert · CIK 0001981384 · VP, GC and Secretary

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 34,742

F1 · shares: Reflects shares of restricted stock acquired following the automatic reinvestment of dividends on outstanding restricted stock held on the dividend record date, as required by the terms of such awards.

Read SEC document
August 29, 2025 Filed Sep 3, 2025 20:22 UTC PHINIA INC. PHIN · Entity 4362 Tax withholdingCommon Stock 2,814 $58.48 $164,562.72
Disclosure

SEC source: 0001981384-25-000005 · wk-form4_1756930922.xml · nonDerivative · entry 1

Boyle Robert · CIK 0001981384 · VP, GC and Secretary

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 34,624

F1 · shares: Shares automatically and mandatorily withheld to satisfy the tax withholding requirement upon the vesting of restricted stock.

F2 · balance_after: Includes 18,653 shares of restricted stock.

Read SEC document
June 16, 2025 Filed Jun 18, 2025 22:02 UTC PHINIA INC. PHIN · Entity 4362 GrantCommon Stock 159 $0.00 $0.00
Disclosure

SEC source: 0001628280-25-032202 · wk-form4_1750284145.xml · nonDerivative · entry 1

Boyle Robert · CIK 0001981384 · VP, GC and Secretary

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 37,438

F1 · shares: Reflects shares of restricted stock acquired following the automatic reinvestment of dividends on outstanding restricted stock held on the dividend record date, as required by the terms of such awards.

F2 · balance_after: Includes 25,380 shares of restricted stock, including reinvested dividends.

Read SEC document
March 14, 2025 Filed Mar 19, 2025 00:37 UTC PHINIA INC. PHIN · Entity 4362 Tax withholdingCommon Stock 21 $42.88 $900.48
Disclosure

SEC source: 0001628280-25-013633 · wk-form4_1742344653.xml · nonDerivative · entry 2

Boyle Robert · CIK 0001981384 · VP, GC and Secretary

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 37,258

F2 · shares: Shares automatically and mandatorily withheld to satisfy tax withholding.

F3 · balance_after: Includes 25,200 shares of restricted stock.

Read SEC document
March 14, 2025 Filed Mar 19, 2025 00:37 UTC PHINIA INC. PHIN · Entity 4362 GrantCommon Stock 202 $0.00 $0.00
Disclosure

SEC source: 0001628280-25-013633 · wk-form4_1742344653.xml · nonDerivative · entry 1

Boyle Robert · CIK 0001981384 · VP, GC and Secretary

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 37,279

F1 · shares: Reflects shares of restricted stock acquired following the automatic reinvestment of dividends on outstanding restricted stock held on the dividend record date, as required by the terms of such awards.

Read SEC document
February 28, 2025 Filed Mar 5, 2025 02:16 UTC PHINIA INC. PHIN · Entity 4362 Tax withholdingCommon Stock 3,041 $49.31 $149,951.71
Disclosure

SEC source: 0001628280-25-010218 · wk-form4_1741141004.xml · nonDerivative · entry 1

Boyle Robert · CIK 0001981384 · VP, GC and Secretary

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 37,077

F1 · shares: Shares automatically and mandatorily withheld to satisfy the tax withholding requirement upon the vesting of restricted stock.

F2 · balance_after: Includes 25,062 shares of restricted stock.

Read SEC document
February 26, 2025 Filed Feb 28, 2025 23:44 UTC PHINIA INC. PHIN · Entity 4362 GrantCommon Stock 3,264 $0.00 $0.00
Disclosure

SEC source: 0001628280-25-009170 · wk-form4_1740786239.xml · nonDerivative · entry 1

Boyle Robert · CIK 0001981384 · VP, GC and Secretary

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 40,118

F1 · shares: Represents an award of restricted stock with respect to the Issuer's common stock, which will vest in three equal annual installments beginning February 28, 2026.

F2 · balance_after: Includes 35,330 shares of restricted stock.

Read SEC document
December 13, 2024 Filed Dec 16, 2024 21:56 UTC PHINIA INC. PHIN · Entity 4362 GrantCommon Stock 151 $0.00 $0.00
Disclosure

SEC source: 0001628280-24-051486 · wk-form4_1734386165.xml · nonDerivative · entry 1

Boyle Robert · CIK 0001981384 · VP, GC and Secretary

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 36,854

F1 · shares: Reflects shares of restricted stock acquired following the automatic reinvestment of dividends on outstanding restricted stock held on the dividend record date, as required by the terms of such awards.

F2 · balance_after: Includes 32,066 shares of restricted stock.

Read SEC document
September 13, 2024 Filed Sep 17, 2024 22:26 UTC PHINIA INC. PHIN · Entity 4362 GrantCommon Stock 174 $0.00 $0.00
Disclosure

SEC source: 0001981384-24-000003 · wk-form4_1726612011.xml · nonDerivative · entry 1

Boyle Robert · CIK 0001981384 · VP, GC and Secretary

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 36,703

F1 · kind: Reflects shares of restricted stock acquired following the automatic reinvestment of dividends on outstanding restricted stock held on the dividend record date, as required by the terms of such awards.

F2 · balance_after: Includes 31,915 shares of restricted stock.

Read SEC document
June 14, 2024 Filed Jun 18, 2024 00:01 UTC PHINIA INC. PHIN · Entity 4362 GrantCommon Stock 192 $0.00 $0.00
Disclosure

SEC source: 0001628280-24-028625 · wk-form4_1718668859.xml · nonDerivative · entry 1

Boyle Robert · CIK 0001981384 · VP, GC and Secretary

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 36,529.283

F1 · kind: Reflects shares of restricted stock acquired following the automatic reinvestment of dividends on outstanding restricted stock held on the dividend record date, as required by the terms of such awards.

F2 · balance_after: This amount includes 31,741 shares of restricted stock.

Read SEC document
June 07, 2024 Filed Jun 11, 2024 21:36 UTC PHINIA INC. PHIN · Entity 4362 SaleCommon Stock 1,827.717 $43.77 $79,999.17
Disclosure

SEC source: 0001968915-24-000017 · wk-form4_1718141804.xml · nonDerivative · entry 1

Boyle Robert · CIK 0001981384 · VP, GC and Secretary

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 36,337.283

F1 · price: The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $43.770 to $43.780, inclusive. The reporting person has provided to the issuer, and will provide to any security holder of the issuer or the staff of the Securities and Exchange Commission upon request, information regarding the number of shares sold at each separate price within the range set forth in this Form 4.

F2 · balance_after: Of shares listed, 31,549 are restricted stock.

Read SEC document
March 15, 2024 Filed Mar 20, 2024 01:41 UTC PHINIA INC. PHIN · Entity 4362 Tax withholdingCommon Stock 18 $36.29 $653.22
Disclosure

SEC source: 0001628280-24-012037 · wk-form4_1710898890.xml · nonDerivative · entry 2

Boyle Robert · CIK 0001981384 · VP, GC and Secretary

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 38,165

F2 · kind: Shares automatically and mandatorily withheld to satisfy tax withholding.

F3 · balance_after: This amount includes 31,549 shares of restricted stock.

Read SEC document
March 15, 2024 Filed Mar 20, 2024 01:41 UTC PHINIA INC. PHIN · Entity 4362 GrantCommon Stock 274 $0.00 $0.00
Disclosure

SEC source: 0001628280-24-012037 · wk-form4_1710898890.xml · nonDerivative · entry 1

Boyle Robert · CIK 0001981384 · VP, GC and Secretary

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 38,183

F1 · kind: Reflects shares of restricted stock acquired following the automatic reinvestment of dividends on outstanding restricted stock held on the dividend record date, as required by the terms of such awards.

Read SEC document
February 28, 2024 Filed Mar 1, 2024 23:32 UTC PHINIA INC. PHIN · Entity 4362 Tax withholdingCommon Stock 2,594 $33.52 $86,950.88
Disclosure

SEC source: 0001628280-24-008305 · wk-form4_1709335938.xml · nonDerivative · entry 1

Boyle Robert · CIK 0001981384 · VP, GC and Secretary

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 37,909

F1 · kind: Shares automatically and mandatorily withheld to satisfy the tax withholding requirement upon the vesting of restricted stock.

F2 · balance_after: Of shares listed, 31,334 are restricted stock.

Read SEC document
February 16, 2024 Filed Feb 22, 2024 01:43 UTC PHINIA INC. PHIN · Entity 4362 GrantCommon Stock 6,709 $0.00 $0.00
Disclosure

SEC source: 0001628280-24-006075 · wk-form4_1708566200.xml · nonDerivative · entry 1

Boyle Robert · CIK 0001981384 · VP, GC and Secretary

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 40,503

F1 · shares: Represents an award of restricted stock with respect to the issuer's common stock, which will vest in three annual installments of 2,236 on February 28, 2025, 2,236 on February 28, 2026, and 2,237 on February 28, 2027.

F2 · balance_after: Of shares listed, 39,884 are restricted stock.

Read SEC document
December 15, 2023 Filed Dec 19, 2023 11:47 UTC PHINIA INC. PHIN · Entity 4362 GrantCommon Stock 288 $0.00 $0.00
Disclosure

SEC source: 0001628280-23-041880 · wk-form4_1702986448.xml · nonDerivative · entry 1

Boyle Robert · CIK 0001981384 · VP, GC and Secretary

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 33,794

F1 · kind: Reflects shares of restricted stock acquired following the automatic reinvestment of dividends on existing restricted stock as required by the award agreements governing the restricted stock. The newly acquired shares of restricted stock will vest and be settled proportionately with the existing restricted stock to which they relate.

F2 · balance_after: Of shares listed, 33,175 are restricted stock.

Read SEC document
September 22, 2023 Filed Sep 26, 2023 21:11 UTC PHINIA INC. PHIN · Entity 4362 GrantCommon Stock 315 $0.00 $0.00
Disclosure

SEC source: 0001968915-23-000014 · wk-form4_1695762700.xml · nonDerivative · entry 1

Boyle Robert · CIK 0001981384 · VP, GC and Secretary

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 33,506

F1 · kind: Reflects shares of restricted stock acquired following the automatic reinvestment of dividends on existing restricted stock as required by the award agreements governing the restricted stock. The newly acquired shares of restricted stock will vest and be settled proportionately with the existing restricted stock to which they relate.

F2 · balance_after: Of shares listed, 32,887 are restricted stock.

Read SEC document
August 29, 2023 Filed Aug 31, 2023 23:05 UTC PHINIA INC. PHIN · Entity 4362 GrantCommon Stock 12,742 $0.00 $0.00
Disclosure

SEC source: 0000897069-23-001312 · form4.xml · nonDerivative · entry 1

Boyle Robert · CIK 0001981384 · VP, GC and Secretary*

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 33,191

F1 · shares: Represents an award of restricted stock with respect to the issuer's common stock, which will vest 50% on each of the second and third anniversaries of the grant date.

Read SEC document
July 18, 2023 Filed Jul 20, 2023 23:54 UTC PHINIA INC. PHIN · Entity 4362 GrantCommon Stock 4,522 Not disclosed Not disclosed
Disclosure

SEC source: 0000897069-23-000944 · form4.xml · nonDerivative · entry 3

Boyle Robert · CIK 0001981384 · VP, GC and Secretary*

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 20,449

F1 · date: The transactions reported herein are the result of the consummation on July 3, 2023 of the distribution of 100% of the shares of common stock of PHINIA Inc. ("PHINIA") by BorgWarner Inc. ("BorgWarner") to holders of BorgWarner common stock on a pro rata basis (the "Spin-Off").

F2 · shares: Represents an award of restricted stock with respect to PHINIA common stock resulting from the conversion of certain equity-based awards previously granted by BorgWarner as a result of the Spin-Off, each of which will vest on the same schedule as its related pre-conversion award.

F2 · price: Represents an award of restricted stock with respect to PHINIA common stock resulting from the conversion of certain equity-based awards previously granted by BorgWarner as a result of the Spin-Off, each of which will vest on the same schedule as its related pre-conversion award.

F3 · balance_after: Includes 619 shares of common stock of PHINIA that were distributed in respect of BorgWarner shares held by the reporting person.

Read SEC document
July 18, 2023 Filed Jul 20, 2023 23:54 UTC PHINIA INC. PHIN · Entity 4362 GrantCommon Stock 7,744 Not disclosed Not disclosed
Disclosure

SEC source: 0000897069-23-000944 · form4.xml · nonDerivative · entry 2

Boyle Robert · CIK 0001981384 · VP, GC and Secretary*

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 15,927

F1 · date: The transactions reported herein are the result of the consummation on July 3, 2023 of the distribution of 100% of the shares of common stock of PHINIA Inc. ("PHINIA") by BorgWarner Inc. ("BorgWarner") to holders of BorgWarner common stock on a pro rata basis (the "Spin-Off").

F2 · shares: Represents an award of restricted stock with respect to PHINIA common stock resulting from the conversion of certain equity-based awards previously granted by BorgWarner as a result of the Spin-Off, each of which will vest on the same schedule as its related pre-conversion award.

F2 · price: Represents an award of restricted stock with respect to PHINIA common stock resulting from the conversion of certain equity-based awards previously granted by BorgWarner as a result of the Spin-Off, each of which will vest on the same schedule as its related pre-conversion award.

F3 · balance_after: Includes 619 shares of common stock of PHINIA that were distributed in respect of BorgWarner shares held by the reporting person.

Read SEC document
July 18, 2023 Filed Jul 20, 2023 23:54 UTC PHINIA INC. PHIN · Entity 4362 GrantCommon Stock 7,564 Not disclosed Not disclosed
Disclosure

SEC source: 0000897069-23-000944 · form4.xml · nonDerivative · entry 1

Boyle Robert · CIK 0001981384 · VP, GC and Secretary*

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 8,183

F1 · date: The transactions reported herein are the result of the consummation on July 3, 2023 of the distribution of 100% of the shares of common stock of PHINIA Inc. ("PHINIA") by BorgWarner Inc. ("BorgWarner") to holders of BorgWarner common stock on a pro rata basis (the "Spin-Off").

F2 · shares: Represents an award of restricted stock with respect to PHINIA common stock resulting from the conversion of certain equity-based awards previously granted by BorgWarner as a result of the Spin-Off, each of which will vest on the same schedule as its related pre-conversion award.

F2 · price: Represents an award of restricted stock with respect to PHINIA common stock resulting from the conversion of certain equity-based awards previously granted by BorgWarner as a result of the Spin-Off, each of which will vest on the same schedule as its related pre-conversion award.

F3 · balance_after: Includes 619 shares of common stock of PHINIA that were distributed in respect of BorgWarner shares held by the reporting person.

Read SEC document

Value uses the disclosed total when available, otherwise shares × reported transaction price. It is not an estimate of exercise cash cost or investment performance.