Reported relationships
Latest disclosed role at each company.
No relationships currently tracked through insider filings.
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.
No balances currently tracked through insider filings.
Past disclosures · reporting ended (1)
No longer tracked through insider filings. These historical balances do not imply present ownership or a zero position.
Andersons, Inc.
Report date May 07, 2026 · Filed May 08, 2026
Section 16 reporting ended · disclosed 2026-05-08. Current position is not established by this disclosure.
| Security / award | Ownership account | Disclosed shares / units | Disclosure context |
|---|---|---|---|
| Common StockSEC Table I · non-derivative | Direct | 26,855.6609 |
Ending reported balance
After 2026-05-07 transaction · row 2
2 source rows · reconciled sequenceRow 1 · 2026-05-07 · Exercise / conversion · Acquired 3,376 · Balance 26,816.5719 Row 2 · 2026-05-07 · Grant · Acquired 39.089 · Balance 26,855.6609 F1: Shares in lieu of cash dividend. |
| RESTRICTED SHARE UNIT (2026)SEC Table II · derivative / convertible security | Direct | 0 |
Reported balance
After 2026-05-07 transaction · row 4
Instrument identity requires review; Table II rows are not merged.
1 source rowRow 4 · 2026-05-07 · Exercise / conversion · Disposed 3,376 · Balance 0 F2: Each restricted share unit represents the right to receive, upon vesting, one share of the Issuer's common stock. F3: Restricted share units were granted on May 8, 2025 as part of the Issuer's annual equity grant. Restricted share units vest one year from the date of grant. |
| Common StockSEC Table I · non-derivative | IndirectHeld in Trust | 4,219 |
Reported balance
Holding disclosure · report date 2026-05-07 · row 3
Holding and transaction disclosures are not merged.
1 source rowRow 3 · Balance 4,219 |
Filing footnotes · ownership attribution and instrument terms
F1: Shares in lieu of cash dividend.
F2: Each restricted share unit represents the right to receive, upon vesting, one share of the Issuer's common stock.
F3: Restricted share units were granted on May 8, 2025 as part of the Issuer's annual equity grant. Restricted share units vest one year from the date of grant.
Transaction history
JSON APIPurchases/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 date | Company | Activity / security | Shares / units | Reported price | Reported value | Details |
|---|---|---|---|---|---|---|
| October 22, 2020 Filed Nov 4, 2020 19:14 UTC | Andersons, Inc. ANDE · Entity 1426 | OtherCommon Stock | 3.76 | $23.16 | $87.08 |
DisclosureSEC source: 0000821026-20-000061 · wf-form4_160451723597507.xml · nonDerivative · entry 1 Stout John T Jr · CIK 0001475163 · Director 10b5-1 filing: Not disclosed Ownership: Direct Disclosed balance after: 33,067.8133 F1 · kind: Reinvestment of dividend Read SEC document |
| August 03, 2020 Filed Aug 12, 2020 14:01 UTC | Andersons, Inc. ANDE · Entity 1426 | OtherCOMMON STOCK | 897 | $14.22 | $12,755.34 |
DisclosureSEC source: 0001209191-20-046292 · doc4.xml · nonDerivative · entry 2 Stout John T Jr · CIK 0001475163 · Director 10b5-1 filing: Not disclosed Ownership: Direct Disclosed balance after: 33,064.0533 F2 · kind: Shares issued in lieu of all or part of Board of Director's retainer. Read SEC document |
| July 22, 2020 Filed Aug 12, 2020 14:01 UTC | Andersons, Inc. ANDE · Entity 1426 | OtherCOMMON STOCK | 6.284 | $13.68 | $85.97 |
DisclosureSEC source: 0001209191-20-046292 · doc4.xml · nonDerivative · entry 1 Stout John T Jr · CIK 0001475163 · Director 10b5-1 filing: Not disclosed Ownership: Direct Disclosed balance after: 32,167.0533 F1 · kind: Reinvestment of dividend Read SEC document |
| May 13, 2020 Filed May 15, 2020 17:09 UTC | Andersons, Inc. ANDE · Entity 1426 | GrantCOMMON STOCK | 6,113 | $0.00 | $0.00 |
DisclosureSEC source: 0001209191-20-029606 · doc4.xml · nonDerivative · entry 2 Stout John T Jr · CIK 0001475163 · Director 10b5-1 filing: Not disclosed Ownership: Direct Disclosed balance after: 32,160.7693 Read SEC document |
| May 13, 2020 Filed May 15, 2020 17:09 UTC | Andersons, Inc. ANDE · Entity 1426 | OtherCOMMON STOCK | 873 | $14.60 | $12,745.80 |
DisclosureSEC source: 0001209191-20-029606 · doc4.xml · nonDerivative · entry 1 Stout John T Jr · CIK 0001475163 · Director 10b5-1 filing: Not disclosed Ownership: Direct Disclosed balance after: 26,047.7693 F1 · kind: Shares issued in lieu of all or part of Board of Director's retainer. Read SEC document |
| May 01, 2020 Filed May 5, 2020 15:40 UTC | Andersons, Inc. ANDE · Entity 1426 | OtherCOMMON STOCK | 124.4 | $16.97 | $2,111.07 |
DisclosureSEC source: 0001209191-20-026988 · doc4.xml · nonDerivative · entry 2 Stout John T Jr · CIK 0001475163 · Director 10b5-1 filing: Not disclosed Ownership: Direct Disclosed balance after: 25,174.7693 F2 · kind: Shares in lieu of cash dividend. Read SEC document |
| April 22, 2020 Filed May 5, 2020 15:40 UTC | Andersons, Inc. ANDE · Entity 1426 | OtherCOMMON STOCK | 6.013 | $14.12 | $84.90 |
DisclosureSEC source: 0001209191-20-026988 · doc4.xml · nonDerivative · entry 1 Stout John T Jr · CIK 0001475163 · Director 10b5-1 filing: Not disclosed Ownership: Direct Disclosed balance after: 25,050.3693 F1 · kind: Reinvestment of dividend Read SEC document |
| January 23, 2020 Filed Jan 30, 2020 20:59 UTC | Andersons, Inc. ANDE · Entity 1426 | OtherCOMMON STOCK | 3.445 | $24.68 | $85.02 |
DisclosureSEC source: 0001209191-20-005516 · doc4.xml · nonDerivative · entry 1 Stout John T Jr · CIK 0001475163 · Director 10b5-1 filing: Not disclosed Ownership: Direct Disclosed balance after: 24,712.3563 F1 · kind: Reinvestment of dividend Read SEC document |
| November 01, 2019 Filed Nov 4, 2019 22:31 UTC | Andersons, Inc. ANDE · Entity 1426 | OtherCOMMON STOCK | 404 | $18.58 | $7,506.32 |
DisclosureSEC source: 0001209191-19-054985 · doc4.xml · nonDerivative · entry 2 Stout John T Jr · CIK 0001475163 · Director 10b5-1 filing: Not disclosed Ownership: Direct Disclosed balance after: 24,708.9113 F2 · kind: Shares issued in lieu of all or part of Board of Director's retainer. Read SEC document |
| October 22, 2019 Filed Nov 4, 2019 22:31 UTC | Andersons, Inc. ANDE · Entity 1426 | OtherCOMMON STOCK | 4.47 | $18.15 | $81.13 |
DisclosureSEC source: 0001209191-19-054985 · doc4.xml · nonDerivative · entry 1 Stout John T Jr · CIK 0001475163 · Director 10b5-1 filing: Not disclosed Ownership: Direct Disclosed balance after: 24,304.9113 F1 · kind: Reinvestment of dividend Read SEC document |
| August 01, 2019 Filed Aug 1, 2019 19:51 UTC | Andersons, Inc. ANDE · Entity 1426 | OtherCOMMON STOCK | 279 | $26.85 | $7,491.15 |
DisclosureSEC source: 0001209191-19-043989 · doc4.xml · nonDerivative · entry 2 Stout John T Jr · CIK 0001475163 · Director 10b5-1 filing: Not disclosed Ownership: Direct Disclosed balance after: 24,300.4413 F2 · kind: Shares issued in lieu of all or part of Board of Director's retainer. Read SEC document |
| July 22, 2019 Filed Aug 1, 2019 19:51 UTC | Andersons, Inc. ANDE · Entity 1426 | OtherCOMMON STOCK | 3.08 | $26.15 | $80.54 |
DisclosureSEC source: 0001209191-19-043989 · doc4.xml · nonDerivative · entry 1 Stout John T Jr · CIK 0001475163 · Director 10b5-1 filing: Not disclosed Ownership: Direct Disclosed balance after: 24,021.4413 F1 · kind: Reinvestment of dividend Read SEC document |
| May 14, 2019 Filed May 16, 2019 19:04 UTC | Andersons, Inc. ANDE · Entity 1426 | OtherCOMMON STOCK | 256 | $29.25 | $7,488.00 |
DisclosureSEC source: 0001209191-19-030294 · doc4.xml · nonDerivative · entry 2 Stout John T Jr · CIK 0001475163 · Director 10b5-1 filing: Not disclosed Ownership: Direct Disclosed balance after: 24,018.3613 F1 · kind: Shares issued in lieu of all or part of Board of Director's retainer. Read SEC document |
| May 14, 2019 Filed May 16, 2019 19:04 UTC | Andersons, Inc. ANDE · Entity 1426 | GrantCOMMON STOCK | 3,059 | $0.00 | $0.00 |
DisclosureSEC source: 0001209191-19-030294 · doc4.xml · nonDerivative · entry 1 Stout John T Jr · CIK 0001475163 · Director 10b5-1 filing: Not disclosed Ownership: Direct Disclosed balance after: 23,762.3613 Read SEC document |
| May 01, 2019 Filed May 3, 2019 18:57 UTC | Andersons, Inc. ANDE · Entity 1426 | OtherCOMMON STOCK | 46.8 | $32.70 | $1,530.36 |
DisclosureSEC source: 0001209191-19-027267 · doc4.xml · nonDerivative · entry 2 Stout John T Jr · CIK 0001475163 · Director 10b5-1 filing: Not disclosed Ownership: Direct Disclosed balance after: 20,703.3613 F2 · kind: Shares in lieu of cash dividend. Read SEC document |
| April 22, 2019 Filed May 3, 2019 18:57 UTC | Andersons, Inc. ANDE · Entity 1426 | OtherCOMMON STOCK | 2.45 | $32.77 | $80.29 |
DisclosureSEC source: 0001209191-19-027267 · doc4.xml · nonDerivative · entry 1 Stout John T Jr · CIK 0001475163 · Director 10b5-1 filing: Not disclosed Ownership: Direct Disclosed balance after: 20,656.5613 F1 · kind: Reinvestment of dividend Read SEC document |
| February 01, 2019 Filed Feb 5, 2019 19:16 UTC | Andersons, Inc. ANDE · Entity 1426 | OtherCOMMON STOCK | 214 | $35.05 | $7,500.70 |
DisclosureSEC source: 0001209191-19-007251 · doc4.xml · nonDerivative · entry 2 Stout John T Jr · CIK 0001475163 · Director 10b5-1 filing: Not disclosed Ownership: Direct Disclosed balance after: 20,654.1113 F2 · kind: Shares issued in lieu of all or part of Board of Director's retainer. Read SEC document |
| January 23, 2019 Filed Feb 5, 2019 19:16 UTC | Andersons, Inc. ANDE · Entity 1426 | OtherCOMMON STOCK | 2.35 | $33.90 | $79.67 |
DisclosureSEC source: 0001209191-19-007251 · doc4.xml · nonDerivative · entry 1 Stout John T Jr · CIK 0001475163 · Director 10b5-1 filing: Not disclosed Ownership: Direct Disclosed balance after: 20,440.1113 F1 · kind: Reinvestment of dividend Read SEC document |
| November 01, 2018 Filed Nov 5, 2018 19:54 UTC | Andersons, Inc. ANDE · Entity 1426 | OtherCOMMON STOCK | 208 | $36.00 | $7,488.00 |
DisclosureSEC source: 0001209191-18-057102 · doc4.xml · nonDerivative · entry 2 Stout John T Jr · CIK 0001475163 · Director 10b5-1 filing: Not disclosed Ownership: Direct Disclosed balance after: 20,437.7613 F2 · kind: Shares issued in lieu of all or part of Board of Director's retainer. Read SEC document |
| October 22, 2018 Filed Nov 5, 2018 19:54 UTC | Andersons, Inc. ANDE · Entity 1426 | OtherCOMMON STOCK | 2.15 | $35.83 | $77.03 |
DisclosureSEC source: 0001209191-18-057102 · doc4.xml · nonDerivative · entry 1 Stout John T Jr · CIK 0001475163 · Director 10b5-1 filing: Not disclosed Ownership: Direct Disclosed balance after: 20,229.7613 F1 · kind: Shares in lieu of cash dividend. Read SEC document |
| August 01, 2018 Filed Aug 2, 2018 19:46 UTC | Andersons, Inc. ANDE · Entity 1426 | OtherCOMMON STOCK | 213 | $35.25 | $7,508.25 |
DisclosureSEC source: 0001209191-18-044905 · doc4.xml · nonDerivative · entry 2 Stout John T Jr · CIK 0001475163 · Director 10b5-1 filing: Not disclosed Ownership: Direct Disclosed balance after: 20,227.6113 F2 · kind: Shares issued in lieu of all or part of Board of Director's retainer. Read SEC document |
| July 23, 2018 Filed Aug 2, 2018 19:46 UTC | Andersons, Inc. ANDE · Entity 1426 | OtherCOMMON STOCK | 2.18 | $35.19 | $76.71 |
DisclosureSEC source: 0001209191-18-044905 · doc4.xml · nonDerivative · entry 1 Stout John T Jr · CIK 0001475163 · Director 10b5-1 filing: Not disclosed Ownership: Direct Disclosed balance after: 20,014.6113 F1 · kind: Shares in lieu of cash dividend. Read SEC document |
| May 16, 2018 Filed May 17, 2018 17:36 UTC | Andersons, Inc. ANDE · Entity 1426 | OtherCOMMON STOCK | 240 | $31.30 | $7,512.00 |
DisclosureSEC source: 0001209191-18-030807 · doc4.xml · nonDerivative · entry 1 Stout John T Jr · CIK 0001475163 · Director 10b5-1 filing: Not disclosed Ownership: Direct Disclosed balance after: 20,012.4313 F1 · kind: Shares issued in lieu of all or part of Board of Director's retainer. Read SEC document |
| May 11, 2018 Filed May 14, 2018 19:29 UTC | Andersons, Inc. ANDE · Entity 1426 | GrantCOMMON STOCK | 2,286 | $0.00 | $0.00 |
DisclosureSEC source: 0001209191-18-029802 · doc4.xml · nonDerivative · entry 2 Stout John T Jr · CIK 0001475163 · Director 10b5-1 filing: Not disclosed Ownership: Direct Disclosed balance after: 19,772.4313 Read SEC document |
| May 11, 2018 Filed May 14, 2018 19:29 UTC | Andersons, Inc. ANDE · Entity 1426 | OtherCOMMON STOCK | 1.9 | $32.65 | $62.04 |
DisclosureSEC source: 0001209191-18-029802 · doc4.xml · nonDerivative · entry 1 Stout John T Jr · CIK 0001475163 · Director 10b5-1 filing: Not disclosed Ownership: Direct Disclosed balance after: 17,486.4313 F1 · kind: Shares in lieu of cash dividend. Read SEC document |
| April 23, 2018 Filed Apr 26, 2018 19:29 UTC | Andersons, Inc. ANDE · Entity 1426 | OtherCOMMON STOCK | 2.3147 | $32.99 | $76.36 |
DisclosureSEC source: 0001209191-18-026186 · doc4.xml · nonDerivative · entry 1 Stout John T Jr · CIK 0001475163 · Director 10b5-1 filing: Not disclosed Ownership: Direct Disclosed balance after: 17,484.5313 F1 · kind: Reinvestment of dividend Read SEC document |
| March 02, 2018 Filed Mar 5, 2018 20:35 UTC | Andersons, Inc. ANDE · Entity 1426 | OtherCOMMON STOCK | 35.5 | $35.35 | $1,254.93 |
DisclosureSEC source: 0001209191-18-016320 · doc4.xml · nonDerivative · entry 2 Stout John T Jr · CIK 0001475163 · Director 10b5-1 filing: Not disclosed Ownership: Direct Disclosed balance after: 17,482.2166 F1 · kind: Shares in lieu of cash dividend. Read SEC document |
| March 01, 2018 Filed Mar 5, 2018 20:35 UTC | Andersons, Inc. ANDE · Entity 1426 | GrantCOMMON STOCK | 373 | $0.00 | $0.00 |
DisclosureSEC source: 0001209191-18-016320 · doc4.xml · nonDerivative · entry 1 Stout John T Jr · CIK 0001475163 · Director 10b5-1 filing: Not disclosed Ownership: Direct Disclosed balance after: 17,446.7166 Read SEC document |
| February 01, 2018 Filed Feb 5, 2018 19:44 UTC | Andersons, Inc. ANDE · Entity 1426 | OtherCOMMON STOCK | 220 | $34.10 | $7,502.00 |
DisclosureSEC source: 0001209191-18-007367 · doc4.xml · nonDerivative · entry 1 Stout John T Jr · CIK 0001475163 · Director 10b5-1 filing: Not disclosed Ownership: Direct Disclosed balance after: 17,073.7166 F1 · kind: Shares issued in lieu of all or part of Board of Director's retainer. Read SEC document |
| January 23, 2018 Filed Feb 1, 2018 20:23 UTC | Andersons, Inc. ANDE · Entity 1426 | OtherCOMMON STOCK | 2.2026 | $34.95 | $76.98 |
DisclosureSEC source: 0001209191-18-006417 · doc4.xml · nonDerivative · entry 1 Stout John T Jr · CIK 0001475163 · Director 10b5-1 filing: Not disclosed Ownership: Direct Disclosed balance after: 16,853.7166 F1 · kind: Reinvestment of dividend Read SEC document |
| November 01, 2017 Filed Nov 2, 2017 17:44 UTC | Andersons, Inc. ANDE · Entity 1426 | OtherCOMMON STOCK | 200 | $37.45 | $7,490.00 |
DisclosureSEC source: 0001209191-17-058756 · doc4.xml · nonDerivative · entry 1 Stout John T Jr · CIK 0001475163 · Director 10b5-1 filing: Not disclosed Ownership: Direct Disclosed balance after: 16,851.514 F1 · kind: Shares issued in lieu of all or part of Board of Director's retainer. Read SEC document |
| October 23, 2017 Filed Oct 30, 2017 19:16 UTC | Andersons, Inc. ANDE · Entity 1426 | OtherCOMMON STOCK | 1.9949 | $36.77 | $73.36 |
DisclosureSEC source: 0001209191-17-058267 · doc4.xml · nonDerivative · entry 1 Stout John T Jr · CIK 0001475163 · Director 10b5-1 filing: Not disclosed Ownership: Direct Disclosed balance after: 16,651.514 F1 · kind: Reinvestment of dividend Read SEC document |
| August 01, 2017 Filed Aug 3, 2017 19:03 UTC | Andersons, Inc. ANDE · Entity 1426 | OtherCOMMON STOCK | 218 | $34.45 | $7,510.10 |
DisclosureSEC source: 0001209191-17-047268 · doc4.xml · nonDerivative · entry 1 Stout John T Jr · CIK 0001475163 · Director 10b5-1 filing: Not disclosed Ownership: Direct Disclosed balance after: 16,649.5191 F1 · kind: Shares issued in lieu of all or part of Board of Director's retainer. Read SEC document |
| July 24, 2017 Filed Aug 1, 2017 13:11 UTC | Andersons, Inc. ANDE · Entity 1426 | OtherCOMMON STOCK | 2.1482 | $33.99 | $73.02 |
DisclosureSEC source: 0001209191-17-046844 · doc4.xml · nonDerivative · entry 1 Stout John T Jr · CIK 0001475163 · Director 10b5-1 filing: Not disclosed Ownership: Direct Disclosed balance after: 16,213.5191 F1 · kind: Reinvestment of dividend Read SEC document |
| May 16, 2017 Filed May 17, 2017 15:48 UTC | Andersons, Inc. ANDE · Entity 1426 | OtherCOMMON STOCK | 221 | $34.00 | $7,514.00 |
DisclosureSEC source: 0001209191-17-032954 · doc4.xml · nonDerivative · entry 1 Stout John T Jr · CIK 0001475163 · Director 10b5-1 filing: Not disclosed Ownership: Direct Disclosed balance after: 16,211.3709 F1 · kind: Shares issued in lieu of all or part of Board of Director's retainer. Read SEC document |
| April 24, 2017 Filed May 2, 2017 18:12 UTC | Andersons, Inc. ANDE · Entity 1426 | OtherCOMMON STOCK | 1.937 | $37.54 | $72.71 |
DisclosureSEC source: 0001209191-17-029121 · doc4.xml · nonDerivative · entry 1 Stout John T Jr · CIK 0001475163 · Director 10b5-1 filing: Not disclosed Ownership: Direct Disclosed balance after: 15,990.3709 F1 · kind: Reinvestment of dividend Read SEC document |
| March 03, 2017 Filed Mar 6, 2017 15:04 UTC | Andersons, Inc. ANDE · Entity 1426 | OtherCOMMON STOCK | 44.2 | $39.55 | $1,748.11 |
DisclosureSEC source: 0001209191-17-018137 · doc4.xml · nonDerivative · entry 2 Stout John T Jr · CIK 0001475163 · Director 10b5-1 filing: Not disclosed Ownership: Direct Disclosed balance after: 15,988.4339 F1 · kind: Shares in lieu of cash dividend. Read SEC document |
| March 02, 2017 Filed Mar 6, 2017 15:04 UTC | Andersons, Inc. ANDE · Entity 1426 | GrantCOMMON STOCK | 1,943 | $0.00 | $0.00 |
DisclosureSEC source: 0001209191-17-018137 · doc4.xml · nonDerivative · entry 1 Stout John T Jr · CIK 0001475163 · Director 10b5-1 filing: Not disclosed Ownership: Direct Disclosed balance after: 15,944.2339 Read SEC document |
| February 07, 2017 Filed Feb 9, 2017 13:15 UTC | Andersons, Inc. ANDE · Entity 1426 | OtherCOMMON STOCK | 199 | $37.75 | $7,512.25 |
DisclosureSEC source: 0001209191-17-008963 · doc4.xml · nonDerivative · entry 2 Stout John T Jr · CIK 0001475163 · Director 10b5-1 filing: Not disclosed Ownership: Direct Disclosed balance after: 14,001.2339 F2 · kind: Shares issued in lieu of all or part of Board of Director's retainer. Read SEC document |
| January 24, 2017 Filed Feb 9, 2017 13:15 UTC | Andersons, Inc. ANDE · Entity 1426 | OtherCOMMON STOCK | 1.945 | $37.23 | $72.41 |
DisclosureSEC source: 0001209191-17-008963 · doc4.xml · nonDerivative · entry 1 Stout John T Jr · CIK 0001475163 · Director 10b5-1 filing: Not disclosed Ownership: Direct Disclosed balance after: 13,802.2339 F1 · kind: Reinvestment of dividend Read SEC document |
| November 03, 2016 Filed Nov 4, 2016 17:29 UTC | Andersons, Inc. ANDE · Entity 1426 | OtherCOMMON STOCK | 197 | $38.05 | $7,495.85 |
DisclosureSEC source: 0001209191-16-148371 · doc4.xml · nonDerivative · entry 2 Stout John T Jr · CIK 0001475163 · Director 10b5-1 filing: Not disclosed Ownership: Direct Disclosed balance after: 13,800.2889 F2 · kind: Shares issued in lieu of all or part of Board of Director's retainer. Read SEC document |
| October 24, 2016 Filed Nov 4, 2016 17:29 UTC | Andersons, Inc. ANDE · Entity 1426 | OtherCOMMON STOCK | 1.8383 | $38.00 | $69.85 |
DisclosureSEC source: 0001209191-16-148371 · doc4.xml · nonDerivative · entry 1 Stout John T Jr · CIK 0001475163 · Director 10b5-1 filing: Not disclosed Ownership: Direct Disclosed balance after: 13,603.2889 F1 · kind: Reinvestment of dividend 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.