Since 1999, Lipper has classified eligible equity funds based on the fundamentals of the portfolio’s underlying holdings. Over time, while various updates were applied to the quantitative, the outputs remained a constant staple in the investment industry. The group of Lipper equity classifications that are analyzed by the model is known as the Holdings-Based Classifications or HBCs. Altogether, the classifications create the famed style box matrix which depicts a portfolio’s primary allocation to size and fundamental style of the investments held within. Starting in May, Lipper will be rolling out its largest update ever to this methodology. While the fundamental