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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 05/31/2019

Total Net Assets
$2.38 B
Inception Date
03/31/2003
Dividend Frequency
Annually
Fund Expense Ratio
0.71%
Number of Holdings
72
Minimum Initial Investment
$1,000,000+

Yield

12-Month Dividend Yield 1 as of 06/17/2019  

w/o sales charge 1.73%

30-Day Standardized Yield 2 as of 05/31/2019  

1.80%

Fund Expense Ratio :

0.71%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 03/31/2003
w/o sales charge 6.06% -0.23% 7.01% 5.77% 10.89% 9.55%
Lipper Category Avg. Large-Cap Value Funds 7.99% 0.05% 8.05% 5.97% 11.31% -
Russell 1000® Value Index 8.45% 1.45% 7.98% 6.53% 12.33% 9.14%

Fund Expense Ratio :

0.71%

Fund Expense Ratio :

0.71%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 03/31/2003
w/o sales charge 11.02% 4.35% 10.35% 6.82% 12.97% 9.97%
Lipper Category Avg. Large-Cap Value Funds 11.50% 4.45% 10.30% 7.10% 13.56% -
Russell 1000® Value Index 11.93% 5.67% 10.45% 7.72% 14.52% 9.45%

Fund Expense Ratio :

0.71%

TEN LARGEST HOLDINGS as of 05/31/2019View Portfolio

Holding Assets
JPMorgan Chase & Co. 4.1%
Merck & Co., Inc. 3.3%
Johnson & Johnson, Inc. 3.2%
Verizon Communications, Inc. 2.8%
Pfizer, Inc. 2.7%
Citigroup, Inc. 2.7%
PepsiCo, Inc. 2.6%
Wells Fargo & Co. 2.6%
Walt Disney Co/The 2.4%
United Technologies Corp. 2.4%

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

To contact your representative, enter your zip code and select your channel below.

Performance

Performance

12-Month Dividend Yield 1 as of 06/17/2019  

w/o sales charge 1.73%

30-Day Standardized Yield 2 as of 05/31/2019  

  Subsidized5 Un-Subsidized6
w/o sales charge 1.80% 1.80%

Fund Expense Ratio :

0.71%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 03/31/2003
w/o sales charge 6.06% -0.23% 7.01% 5.77% 10.89% 9.55%
Lipper Category Avg. Large-Cap Value Funds 7.99% 0.05% 8.05% 5.97% 11.31% -
Russell 1000® Value Index 8.45% 1.45% 7.98% 6.53% 12.33% 9.14%

Fund Expense Ratio :

0.71%

Fund Expense Ratio :

0.71%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 03/31/2003
w/o sales charge 11.02% 4.35% 10.35% 6.82% 12.97% 9.97%
Lipper Category Avg. Large-Cap Value Funds 11.50% 4.45% 10.30% 7.10% 13.56% -
Russell 1000® Value Index 11.93% 5.67% 10.45% 7.72% 14.52% 9.45%

Fund Expense Ratio :

0.71%

Year Fund Returns Russell 1000® Value Index
2018 -8.17% -8.27%
2017 13.20% 13.66%
2016 16.05% 17.34%
2015 -2.93% -3.83%
2014 7.29% 13.45%
2013 37.12% 32.53%
2012 11.19% 17.51%
2011 -3.65% 0.39%
2010 19.54% 15.51%
2009 26.42% 19.69%
2008 -28.51% -
2007 7.83% -
2006 14.15% -
2005 5.79% -
2004 16.18% -
2003 36.56% -
Year Q1 Q2 Q3 Q4 Yearly Returns
2019 11.02% - - - 10.84%
2018 -2.31% -0.55% 6.41% -11.18% -8.17%
2017 1.62% 2.27% 3.18% 5.56% 13.20%
2016 -0.34% 4.75% 3.89% 7.00% 16.05%
2015 -0.37% 0.89% -8.75% 5.83% -2.93%
2014 0.26% 2.99% 0.06% 3.84% 7.29%
2013 13.48% 3.54% 6.25% 9.83% 37.12%
2012 11.53% -6.87% 5.31% 1.64% 11.19%
2011 6.64% -0.87% -19.56% 13.31% -3.65%
2010 6.42% -10.59% 10.60% 13.61% 19.54%
2009 -8.55% 13.13% 16.29% 5.07% 26.42%
2008 -7.41% 1.32% -8.33% -16.86% -28.51%
2007 2.26% 5.84% 2.24% -2.55% 7.83%
2006 7.70% -0.08% 1.26% 4.76% 14.15%
2005 -1.91% -0.17% 6.02% 1.90% 5.79%
2004 3.41% 1.37% -0.27% 11.13% 16.18%
2003 - 15.96% 3.08% 14.23% 36.56%

NAV HISTORICAL PRICES

Date Net Asset Value

Portfolio

Portfolio

Portfolio Positioning as of 03/31/2019

  • The portfolio employs a fundamental, bottom-up individual stock selection strategy that leans towards quality companies with compelling valuation over a long term horizon.
  • We initiated a position in shares of Citigroup Inc., a financial products and services provider. We view the firm as undervalued and believe that the firm has a far more resilient balance sheet and simplified business model than before the 2008 financial crisis.
  • We also initiated a position in shares of United Technologies Corporation, a provider of products and services to the aerospace industry. We believe that the company’s earnings power is not currently being appreciated because of initial engine durability issues. However, we believe these issues are common for new platforms and that the investment will pay off over the long term.
  • We sold the portfolio’s position in shares of Honeywell International, Inc., a software industrial company, and Comerica, Inc., a financial services company. Both sales were consistent with our normalized free cash flow framework.

PORTFOLIO DETAILS as of 05/31/2019

Total Net Assets
$2.38 B
Number of Holdings
72
Weighted Average Market Cap.
169.7 B
P/B Ratio
2.1x
Portfolio Turnover Ratio as of 10/31/2018
92.2%
P/E Ratio
14.7x

Contributors & Detractors as of  03/29/2019

Contributors

Holding Contribution
Cisco Systems, Inc. 0.6%
Bank of America Corp. 0.5%
Chevron Corp. 0.4%
Noble Energy, Inc. 0.4%
ProLogis, Inc. 0.4%

Detractors

Holding Contribution
Pfizer, Inc. -0.1%
Hewlett-Packard Co. 0.0%
F5 Networks, Inc. 0.0%
DowDuPont, Inc. 0.0%
Biogen Idec, Inc. 0.0%

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 06/17/2019
$0
Dividend Frequency
Annually
Record Date Ex-Dividend Date Reinvest & Payable Date Dividend Reinvest Price
11/19/2018 11/20/2018 11/20/2018 $0.20850 $11.53

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 $11.53

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 05/31/2019

0.71%

Fund Documents

Fund Documents

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Summary Prospectus
Publish Date:11/03/2015
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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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