We examine the role of peer (e.g., Lipper manager indices) versus pure (e.g., S&P 500) benchmarks in fund manager compensation. We model their impact on manager incentives and then test those predictions using novel data. We find that 71% of managers are compensated based on peer benchmarks. Consistent with the model, peer-benchmarked fund managers exhibit higher effort generating higher gross performance and collect higher fee income. Analyzing advisors’ choice between benchmark types, we show that peer-benchmarking advisors cater to more sophisticated and performance-sensitive investors, and are more likely to sell through direct channels, consistent with investor heterogeneity and market segmentation.

The rapidly growing demand for data storage and processing, driven by artificial intelligence (AI) and other data-intensive applications, is posing a serious challenge for current computing devices based on the von Neumann architecture. For every calculation, data sets need to be shuffled sequentially between the processor, and multiple memory and storage units through bandwidth-limited and energy-inefficient interconnects, typically causing 40% power wastage. Phase-change materials (PCMs) show great promise to break this bottleneck by enabling nonvolatile memory devices that can optimize the complex memory hierarchy, and neuro-inspired computing devices that can unify computing with storage in memory cells. The articles in this issue of MRS Bulletin highlight recent breakthroughs in the fundamental materials science, as well as electronic and photonic implementations of these novel devices based on PCMs.

Three new minerals in the dumortierite supergroup were discovered in the Szklary pegmatite, Lower Silesia, Poland. Nioboholtite, endmember (Nb0.6☐0.4)Al6B3Si3O18, and titanoholtite, endmember (Ti0.75☐0.25)Al6B3Si3O18, are new members of the holtite group, whereas szklaryite, endmember ☐Al6BAs3+3O15, is the first representative of a potential new group. Nioboholtite occurs mostly as overgrowths not exceeding 10 μm in thickness on cores of holtite. Titanoholtite forms patches up to 10 μm across in the holtite cores and streaks up to 5 μm wide along boundaries between holtite cores and the nioboholtite rims. Szklaryite is found as a patch ∼2 μm in size in As- and Sb- bearing dumortierite enclosed in quartz. Titanoholtite crystallized almost simultaneously with holtite and other Ta-dominant minerals such as tantalite-(Mn) and stibiotantalite and before nioboholtite, which crystallized simultaneously with stibiocolumbite during decreasing Ta activity in the pegmatite melt. Szklaryite crystallized after nioboholtite during the final stage of the Szklary pegmatite formation. Optical properties could be obtained only from nioboholtite, which is creamy-white to brownish yellow or grey-yellow in hand specimen, translucent, with a white streak, biaxial (–), nα = 1.740 – 1.747, nβ ∼ 1.76, nγ ∼ 1.76, and Δ < 0.020. Electron microprobe analyses of nioboholtite, titanoholtite and szklaryite give, respectively, in wt.%: P2O5 0.26, 0.01, 0.68; Nb2O5 5.21, 0.67, 0.17; Ta2O5 0.66, 1.18, 0.00; SiO2 18.68, 21.92, 12.78; TiO2 0.11, 4.00, 0.30; B2O3 4.91, 4.64, 5.44; Al2O3 49.74, 50.02, 50.74; As2O3 5.92, 2.26, 16.02; Sb2O3 10.81, 11.48, 10.31; FeO 0.51, 0.13, 0.19; H2O (calc.) 0.05, –, –, Sum 96.86, 96.34, 97.07, corresponding on the basis of O = 18–As–Sb to {(Nb0.26Ta0.02☐0.18)(Al0.27Fe0.05Ti0.01)☐0.21}Σ1.00Al6B0.92{Si2.03P0.02(Sb0.48As0.39Al0.07}Σ3.00(O17.09OH0.04☐0.87)Σ18.00, {(Ti0.32 Nb0.03 Ta0.03☐0.10)(Al0.35 Ti0.01 Fe0.01)☐0.15 }Σ1.00 Al6 B0.86 {Si2 . 3 6 (Sb0.5 1 As0.14 )}Σ3.01(O17.35☐0.65)Σ18.00 and {☐0.53 (Al0.41 Ti0.02 Fe0.02 )(Nb0.01☐0.01 )}Σ1.00Al6 B1.01 {(As1.07 Sb0.47 Al0.03 ) Si1.37 P0.06 }Σ3.00(O16.46☐1.54 )Σ18.00. Electron backscattered diffraction indicates that the three minerals are presumably isostructural with dumortierite, that is, orthorhombic symmetry, space group Pnma (no. 62), and unit-cell parameters close to a = 4.7001, b = 11.828, c = 20.243 Å, with V = 1125.36 Å3 and Z = 4; micro-Raman spectroscopy provided further confirmation of the structural relationship for nioboholtite and titanoholtite. The calculated density is 3.72 g/cm3 for nioboholtite, 3.66 g/cm3 for titanoholtite and 3.71 g/cm3 for szklaryite. The strongest lines in X-ray powder diffraction patterns calculated from the cell parameters of dumortierite of Moore and Araki (1978) and the empirical formulae of nioboholtite, titanoholtite and szklaryite are [d, Å, I (hkl)]: 10.2125, 67, 46, 19 (011); 5.9140, 40, 47, 57 (020); 5.8610, 66, 78, 100 (013); 3.4582, 63, 63, 60 (122); 3.4439, 36, 36, 34 (104); 3.2305, 100, 100, 95 (123); 3.0675, 53, 53, 50 (105); 2.9305, 65, 59, 51 (026); 2.8945, 64, 65, 59 (132), respectively. The three minerals have been approved by the IMA CNMNC (IMA 2012-068, 069, 070) and were named for their relationship to holtite and occurrence in the Szklary pegmatite, respectively.

Although the distinction between magnesiodumortieite and dumortierite, i.e. Mg vs. Al dominance at the partially vacant octahedral Al1 site, had met current criteria of the IMA Commission on New Minerals, Nomenclature and Classification (CNMNC) for distinguishing mineral species, the distinction between holtite and dumortierite had not, since Al and Si are dominant over Ta and (Sb, As) at the Al1 and two Si sites, respectively, in both minerals. Recent studies have revealed extensive solid solution between Al, Ti, Ta and Nb at Al1 and between Si, As and Sb at the two Si sites or nearly coincident (As, Sb) sites in dumortierite and holtite, further blurring the distinction between the two minerals.

This situation necessitated revision in the nomenclature of the dumortierite group. The newly constituted dumortierite supergroup, space group Pnma (no. 62), comprises two groups and six minerals, one of which is the first member of a potential third group, all isostructural with dumortierite. The supergroup, which has been approved by the CNMNC, is based on more specific end-member compositions for dumortierite and holtite, in which occupancy of the Al1 site is critical.

(1) Dumortierite group, with Al1 = Al3+, Mg2+ and ☐, where ☐ denotes cation vacancy. Charge balance is provided by OH substitution for O at the O2, O7 and O10 sites. In addition to dumortierite, endmember composition AlAl6BSi3O18, and magnesiodumortierite, endmember composition MgAl6BSi3O17(OH), plus three endmembers, “hydroxydumortierite”, ☐Al6BSi3O15(OH)3 and two Mg-Ti analogues of dumortierite, (Mg0.5Ti0.5)Al6BSi3O18 and (Mg0.5Ti0.5)Mg2Al4BSi3O16(OH)2, none of which correspond to mineral species. Three more hypothetical endmembers are derived by homovalent substitutions of Fe3+ for Al and Fe2+ for Mg.

(2) Holtite group, with Al1 = Ta5+, Nb5+, Ti4+ and ☐. In contrast to the dumortierite group, vacancies serve not only to balance the extra charge introduced by the incorporation of pentavalent and quadrivalent cations for trivalent cations at Al1, but also to reduce repulsion between the highly charged cations. This group includes holtite, endmember composition (Ta0.6☐0.4)Al6BSi3O18, nioboholite (2012-68), endmember composition (Nb0.6☐0.4)Al6BSi3O18, and titanoholtite (2012-69), endmember composition (Ti0.75☐0.25)Al6BSi3O18.

(3) Szklaryite (2012-70) with Al1 = ☐ and an endmember formula ☐Al6BAs3+3O15. Vacancies at Al1 are caused by loss of O at O2 and O7, which coordinate the Al1 with the Si sites, due to replacement of Si4+ by As3+ and Sb3+, and thus this mineral does not belong in either the dumortierite or the holtite group. Although szklaryite is distinguished by the mechanism introducing vacancies at the Al1 site, the primary criterion for identifying it is based on occupancy of the Si/As, Sb sites: (As3+ + Sb3+) > Si4+ consistent with the dominant-valency rule. A Sb3+ analogue to szklaryite is possible.

Formation of a nanometer-scale oxide surface layer is common when a material is exposed to oxygen-containing environment. Employing aberration-corrected analytical transmission electron microscopy and using single crystal SnSe as an example, we show that for an alloy, a second thin amorphous layer can appear underneath the outmost oxide layer. This inner amorphous layer is not oxide based, but instead originates from solid-state amorphization of the base alloy when its free energy rises to above that of the metastable amorphous state; which is a result of the composition shift due to the preferential depletion of the oxidizing species, in our case, the outgoing Sn reacting with the oxygen atmosphere.

Phase-change materials (PCMs) are promising candidates for novel data-storage and memory applications. They encode digital information by exploiting the optical and electronic contrast between amorphous and crystalline states. Rapid and reversible switching between the two states can be induced by voltage or laser pulses. Here, we review how density-functional theory (DFT) is advancing our understanding of PCMs. We describe key DFT insights into structural, electronic, and bonding properties of PCMs and into technologically relevant processes such as fast crystallization and relaxation of the amorphous state. We also comment on the leading role played by predictive DFT simulations in new potential applications of PCMs, including topological properties, switching between different topological states, and magnetic properties of doped PCMs. Such DFT-based approaches are also projected to be powerful in guiding advances in other materials-science fields.

Bulk metallic glasses (BMGs) exhibit high yield strength but little tensile ductility. For this class of materials, damage tolerance is a key mechanical design parameter needed for their engineering use. Recently we have discovered a correlation between the local structural characteristics in the glass and the propensity for shear transformations. Based on the dependence of glass structure on alloy composition, zirconium (Zr)-rich Zr–titanium (Ti)–copper (Cu)–aluminum (Al) compositions are predicted to be more prone to spread-out plastic deformation and hence profuse shear banding. This structural perspective has guided us to locate a Zr61Ti2Cu25Al12 (ZT1) BMG that exhibits a record-breaking fracture toughness, on par with the palladium (Pd)-based BMG recently developed at Caltech. At the same time, the new BMG consists of common metals and has robust glass-forming ability. Interestingly, the ZT1 BMG derives its high toughness from its high propensity for crack deflection and local loading-mode change (from mode I to substantially mode II) at the crack tip due to extensive shear band interactions. A crack-resistance curve (R-curve) has been obtained following American Society for Testing and Materials (ASTM) standards, employing both “single-specimen” and “multiple-specimen” techniques as well as fatigue precracked specimens. The combination of high strength and fracture toughness places ZT1 atop all engineering metallic alloys in the strength–toughness Ashby diagram, pushing the envelop accessible to a structural material in terms of its damage tolerance.

“Smaller is stronger.” Nanostructured materials such as thin films, nanowires, nanoparticles, bulk nanocomposites, and atomic sheets can withstand non-hydrostatic (e.g., tensile or shear) stresses up to a significant fraction of their ideal strength without inelastic relaxation by plasticity or fracture. Large elastic strains, up to ∼10%, can be generated by epitaxy or by external loading on small-volume or bulk-scale nanomaterials and can be spatially homogeneous or inhomogeneous. This leads to new possibilities for tuning the physical and chemical properties of a material, such as electronic, optical, magnetic, phononic, and catalytic properties, by varying the six-dimensional elastic strain as continuous variables. By controlling the elastic strain field statically or dynamically, a much larger parameter space opens up for optimizing the functional properties of materials, which gives new meaning to Richard Feynman’s 1959 statement, “there’s plenty of room at the bottom.”

There were four 1.5-hour sessions of Division I business meetings during the XXVIIth IAU General Assembly. The first three were devoted to the reports of Commissions, Working Groups and services associated with the Division, discussion about plans for the next triennium and future structure of the Division. Scientific presentations on the future space astrometric mission Gaia were made at the fourth session.

A cross-sectional study into risk factors for Salmonella was undertaken using data gathered from 252 fattening turkey flocks in the UK. The data was derived from the EU baseline survey conducted during 2006 and 2007, in addition to a voluntary questionnaire. Multivariate logistic regression models identified significant risk factors for Salmonella spp. and Salmonella Typhimurium. A decreased risk of Salmonella spp. infection was associated with a history of intestinal illness in the sampled flock (OR 0·17), the use of wood shavings as litter (OR 0·21), use of disinfectant in the cleaning process (OR 0·25), incineration of dead birds on farm (OR 0·29), seasonal production (OR 0·31), farm staff also working with cattle (OR 0·31), and the presence of pigs on neighbouring farms (OR 0·38). The risk of isolating Salmonella spp. varied according to the company from which the poults were sourced. A reduced risk of S. Typhimurium infection was associated with the use of wax blocks to control rodents (OR 0·09), using mains water (OR 0·19) and having a Salmonella test programme (OR 0·23). An increased risk of S. Typhimurium infection was associated with storage of items around the turkey house (OR 5·20), evidence of mice (OR 4·71) and a soil surface surrounding the turkey house (OR 2·70). This study therefore identifies a number of important practical measures which can be implemented by farmers and veterinarians within the turkey industry to assist in the control of salmonellosis at the farm level.

Division I provides a focus for astronomers studying a wide range of problems related to fundamental physical phenomena such as time, the inertial reference frame, positions and proper motions of celestial objects and precise dynamical computation of the motions of bodies in stellar or planetary systems in the Universe.

Highly crosslinked a-F:C films can undergo a significant change after thermal annealing, where the film expands by ∼3%, the density reduces by ∼10% and the internal stress changes from compressive to tensile. The loss of fluorine concentration and the reduction of CF. are accompanied by the transition of (C-C, sp3) to (C=C, sp2) groups. After annealing, the dielectric constant is reduced and the leakage current increases slightly. Most importantly, these changes occur only at the initial stage of annealing. After the initial annealing, the a-F:C film tends to be thermally stable and retains reasonably good electrical properties as a low-k interlayer dielectric. The profound impact of these results on Cu/a-F:C integration will be briefly discussed.