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Fundamental Equity Fund

Summary

Summary

What is the Fundamental Equity Fund?

The Fund seeks to deliver long-term growth of capital by investing primarily in stocks of U.S. companies.

Fund Basicsas of 02/28/2019

Total Net Assets
$2.45 B
Inception Date
04/05/2017
Dividend Frequency
Annually
Fund Expense Ratio
0.62%
Number of Holdings
66
CUSIP
54400A456

Yield

12-Month Dividend Yield 1 as of 03/18/2019  

w/o sales charge 1.72%

30-Day Standardized Yield 2 as of 02/28/2019  

1.76%

Fund Expense Ratio :

0.62%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception
w/o sales charge 10.25% 1.91% 12.47% 6.62% 13.82% -
Lipper Category Avg. Large-Cap Value Funds 11.01% 1.74% 12.57% 7.38% 14.42% -
Russell 1000® Value Index 11.23% 3.16% 12.80% 8.09% 15.39% -

Fund Expense Ratio :

0.62%

Fund Expense Ratio :

0.62%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception
w/o sales charge -8.13% -8.13% 6.55% 4.78% 10.93% -
Lipper Category Avg. Large-Cap Value Funds -8.68% -8.68% 6.60% 5.29% 10.79% -
Russell 1000® Value Index -8.27% -8.27% 6.95% 5.95% 11.18% -

Fund Expense Ratio :

0.62%

TEN LARGEST HOLDINGS as of 02/28/2019View Portfolio

Holding Assets
Johnson & Johnson, Inc. 3.9%
Bank of America Corp. 3.9%
JPMorgan Chase & Co. 3.8%
Merck & Co., Inc. 3.2%
Verizon Communications, Inc. 2.7%
Wells Fargo & Co. 2.7%
Pfizer, Inc. 2.7%
Citigroup, Inc. 2.6%
United Technologies Corp. 2.4%
PepsiCo, Inc. 2.3%

INVESTMENT TEAM

Eli Rabinowich
Eli Rabinowich

Portfolio Manager

15 Years of Industry Experience

Jeff Diamond
Jeff Diamond, CFA

Portfolio Manager

32 Years of Industry Experience

So Young Lee
So Young Lee

Portfolio Manager

19 Years of Industry Experience

Supported By 38 Investment Professionals with 18 Years Avg. Industry Experience

Your Representative

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Performance

Performance

12-Month Dividend Yield 1 as of 03/18/2019  

w/o sales charge 1.72%

30-Day Standardized Yield 2 as of 02/28/2019  

  Subsidized5 Un-Subsidized6
w/o sales charge 1.76% 1.76%

Fund Expense Ratio :

0.62%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception
w/o sales charge 10.25% 1.91% 12.47% 6.62% 13.82% -
Lipper Category Avg. Large-Cap Value Funds 11.01% 1.74% 12.57% 7.38% 14.42% -
Russell 1000® Value Index 11.23% 3.16% 12.80% 8.09% 15.39% -

Fund Expense Ratio :

0.62%

Fund Expense Ratio :

0.62%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception
w/o sales charge -8.13% -8.13% 6.55% 4.78% 10.93% -
Lipper Category Avg. Large-Cap Value Funds -8.68% -8.68% 6.60% 5.29% 10.79% -
Russell 1000® Value Index -8.27% -8.27% 6.95% 5.95% 11.18% -

Fund Expense Ratio :

0.62%

Year Fund Returns Russell 1000® Value Index
2018 -8.13% -8.27%
2017 13.35% 13.66%
2016 16.15% 17.34%
2015 -2.79% -3.83%
2014 7.41% 13.45%
2013 37.28% 32.53%
2012 11.32% 17.51%
2011 -3.54% 0.39%
2010 19.69% 15.51%
2009 26.57% 19.69%
2008 -28.42% -
2007 7.96% -
2006 - -
Year Q1 Q2 Q3 Q4 Yearly Returns
2019 - - - - 12.26%
2018 -2.30% -0.55% 6.39% -11.12% -8.13%
2017 1.69% 2.27% 3.25% 5.57% 13.35%
2016 -0.34% 4.83% 3.88% 7.01% 16.15%
2015 -0.34% 0.92% -8.68% 5.83% -2.79%
2014 0.29% 3.02% 0.09% 3.87% 7.41%
2013 13.52% 3.57% 6.29% 9.86% 37.28%
2012 11.57% -6.84% 5.34% 1.67% 11.32%
2011 6.67% -0.84% -19.54% 13.35% -3.54%
2010 6.45% -10.57% 10.63% 13.64% 19.69%
2009 -8.52% 13.16% 16.33% 5.10% 26.57%
2008 -7.38% 1.35% -8.31% -16.84% -28.42%
2007 2.29% 5.87% 2.27% -2.52% 7.96%
2006 - - - 4.79% -

NAV HISTORICAL PRICES

Date Net Asset Value

Portfolio

Portfolio

Portfolio Positioning as of 12/31/2018

  • The portfolio employs a fundamental, bottom-up individual stock selection strategy that leans towards quality companies with compelling valuation over a long term horizon.
  • During the fourth quarter, we increased the portfolio’s allocation to the materials sector. Within the sector the portfolio added Nucor Corp, a steel products manufacturer. We believe industry supply-side fundamentals have improved due to favorable outcomes on trade cases in the U.S. and supply side reforms in China. Furthermore, we view the firm’s improving product mix and structurally higher margins as underappreciated by the broader market.
  • Portfolio exposure in the consumer staples sector increased due to the appreciation of portfolio holdings as defensive stocks within the sector outperformed.
  • We decreased the portfolio’s exposure to the consumer discretionary sector as many of the securities within the space were not attractively valued relative to other opportunities. However, we purchased Foot Locker because of what we believe to be a healthy physical asset base, reasonable degree of downside protection because of the company’s significant free cash flow, amongst other favorable characteristics.
  • We decreased the portfolio’s position in the health care sector, and more specifically sold out of Insulet Corp., an insulin delivery system manufacturer, as we repositioned the portfolio for companies that were either less expensive or offered better quality.
  • While we continue to uncover attractive opportunities, we are mindful that potential changes in global policy could add to market volatility and negatively impact risk assets. 

PORTFOLIO DETAILS as of 02/28/2019

Total Net Assets
$2.45 B
Number of Holdings
66
Weighted Average Market Cap.
174.8 B
P/B Ratio
2.2x
Portfolio Turnover Ratio as of 10/31/2018
92.2%
P/E Ratio
15.3x

Contributors & Detractors as of  12/31/2018

Contributors

Holding Contribution
Duke Energy Corp. 0.2%
Merck & Co., Inc. 0.2%
Verizon Communications, Inc. 0.2%
NextEra Energy, Inc. 0.1%
Dollar Tree, Inc. 0.1%

Detractors

Holding Contribution
Bank of America Corp. -0.6%
JPMorgan Chase & Co. -0.5%
Devon Energy Corp. -0.5%
DowDuPont, Inc. -0.4%
Honeywell International, Inc. -0.4%

Attribution Analysis 

Fundamental Equity Fund Benchmark Variance
Sector Avg. Weight Base Return Avg. Weight Base Return Stock Selection Group Weight Total

Dividends & Cap Gains

Dividends & Cap Gains

Dividend Payments

For
YTD Dividends Paidas of 03/18/2019
$0
Dividend Frequency
Annually
Record Date Ex-Dividend Date Reinvest & Payable Date Dividend Reinvest Price
11/19/2018 11/20/2018 11/20/2018 $0.21120 $11.57

Upcoming Dividend Payment Dates

This section lists all anticipated income and Capital Gain distribution dates and any actual distributions are subject to adequacy of earnings and must be approved by the Board of Directors/Trustees. Please note that dates are subject to change.

Record Date Ex-Dividend Date Reinvest & Payable Date
11/20/2019 11/21/2019 11/21/2019

Capital Gains Distributions

For
Record Date Reinvest & Payable Date Long-term Short-term * Total Reinvest Price
11/19/2018 11/20/2018 $0.8260 $0.0845 $0.9105 $11.57

Upcoming Capital Gain Distribution

This section lists all anticipated income and Capital Gain distribution dates and any actual distributions are subject to adequacy of earnings and must be approved by the Board of Directors/Trustees. Please note that dates are subject to change.

Record Date Ex-Dividend Date
11/20/2019 11/21/2019

Fees & Expenses

Fees & Expenses

EXPENSE RATIOas of 02/28/2019

0.62%

Fund Documents

Fund Documents

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Summary Prospectus
Publish Date:11/03/2015
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Statutory Prospectus
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Prospectus (XBRL)
Publish Date:11/03/2015
SAI
Publish Date:11/03/2015
Annual Report
Publish Date:11/03/2015
Semi-Annual Report
Publish Date:11/03/2015
Fact Sheet
Publish Date:11/03/2015
Commentary
Publish Date:11/03/2015

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Class F3 - The inception date for Class F3 shares is April 4, 2017. The performance quotations for Class F3 are based on the following methods of calculation: (a) for periods prior to June 30, 2015,  a figure is used based on the historical performance of the Fund’s Class I Shares, since inception, restated to reflect all charges and fees applicable to Class F3 shares; (b) for periods prior to April 4, 2017 but after June 30, 2015, performance is based on the historical performance of the Fund’s Class R6 shares, which have an equivalent expense ratio to the Fund’s F3 shares; and (c) for periods after April 4, 2017, actual Class F3 performance is used, which reflects all charges and fees applicable to Class F3 shares.

Class F3 shares are only offered to certain eligible investors. For additional information, see the Fund’s current prospectus.

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