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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 06/28/2019

Total Net Assets
$2.53 B
Inception Date
08/15/2001
Dividend Frequency
Annually
Fund Expense Ratio
1.16%
Number of Holdings
76

Yield

12-Month Dividend Yield 1 as of 07/19/2019  

w/o sales charge 1.18%

30-Day Standardized Yield 2 as of 06/30/2019  

1.21%

Fund Expense Ratio :

1.16%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 08/15/2001
w/o sales charge 13.17% 6.69% 8.96% 6.18% 11.33% 7.30%
Lipper Category Avg. Large-Cap Value Funds 15.32% 6.60% 10.56% 6.90% 12.11% -
Russell 1000® Value Index 16.24% 8.46% 10.19% 7.46% 13.19% 7.15%

Fund Expense Ratio :

1.16%

Fund Expense Ratio :

1.16%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 08/15/2001
w/o sales charge 13.17% 6.69% 8.96% 6.18% 11.33% 7.30%
Lipper Category Avg. Large-Cap Value Funds 15.32% 6.60% 10.56% 6.90% 12.11% -
Russell 1000® Value Index 16.24% 8.46% 10.19% 7.46% 13.19% 7.15%

Fund Expense Ratio :

1.16%

TEN LARGEST HOLDINGS as of 06/28/2019View Portfolio

Holding Assets
JPMorgan Chase & Co. 3.2%
Wells Fargo & Co. 2.8%
Verizon Communications, Inc. 2.7%
PepsiCo, Inc. 2.5%
Walt Disney Co/The 2.4%
United Technologies Corp. 2.3%
Wal-Mart Stores, Inc. 2.1%
Microsoft Corp. 2.1%
U.S. Bancorp 2.0%
American International Group, Inc. 2.0%

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 07/19/2019  

w/o sales charge 1.18%

30-Day Standardized Yield 2 as of 06/30/2019  

  Subsidized5 Un-Subsidized6
w/o sales charge 1.21% 1.21%

Fund Expense Ratio :

1.16%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 08/15/2001
w/o sales charge 13.17% 6.69% 8.96% 6.18% 11.33% 7.30%
Lipper Category Avg. Large-Cap Value Funds 15.32% 6.60% 10.56% 6.90% 12.11% -
Russell 1000® Value Index 16.24% 8.46% 10.19% 7.46% 13.19% 7.15%

Fund Expense Ratio :

1.16%

Fund Expense Ratio :

1.16%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 08/15/2001
w/o sales charge 13.17% 6.69% 8.96% 6.18% 11.33% 7.30%
Lipper Category Avg. Large-Cap Value Funds 15.32% 6.60% 10.56% 6.90% 12.11% -
Russell 1000® Value Index 16.24% 8.46% 10.19% 7.46% 13.19% 7.15%

Fund Expense Ratio :

1.16%

Year Fund Returns Russell 1000® Value Index
2018 -8.61% -8.27%
2017 12.76% 13.66%
2016 15.51% 17.34%
2015 -3.42% -3.83%
2014 6.86% 13.45%
2013 36.46% 32.53%
2012 10.70% 17.51%
2011 -4.03% 0.39%
2010 19.03% 15.51%
2009 25.73% 19.69%
2008 -28.84% -
2007 7.37% -
2006 13.58% -
2005 5.36% -
2004 15.51% -
2003 31.74% -
2002 -14.45% -
2001 -1.85% -
Year Q1 Q2 Q3 Q4 Yearly Returns
2019 10.82% 2.12% - - 14.11%
2018 -2.52% -0.56% 6.24% -11.27% -8.61%
2017 1.49% 2.17% 3.11% 5.47% 12.76%
2016 -0.43% 4.60% 3.81% 6.84% 15.51%
2015 -0.53% 0.76% -8.79% 5.65% -3.42%
2014 0.20% 2.84% 0.00% 3.71% 6.86%
2013 13.36% 3.46% 6.09% 9.68% 36.46%
2012 11.36% -6.90% 5.16% 1.54% 10.70%
2011 6.58% -0.96% -19.66% 13.16% -4.03%
2010 6.42% -10.75% 10.48% 13.44% 19.03%
2009 -8.65% 12.93% 16.21% 4.88% 25.73%
2008 -7.52% 1.16% -8.39% -16.97% -28.84%
2007 2.21% 5.68% 2.05% -2.59% 7.37%
2006 7.61% -0.24% 1.11% 4.63% 13.58%
2005 -2.01% -0.17% 5.82% 1.78% 5.36%
2004 3.24% 1.29% -0.36% 10.87% 15.51%
2003 -3.23% 15.77% 2.99% 14.17% 31.74%
2002 3.53% -8.93% -14.43% 6.03% -14.45%
2001 - - - 8.24% -1.85%

NAV HISTORICAL PRICES

Date Net Asset Value

Portfolio

Portfolio

Portfolio Positioning as of 06/30/2019

  • 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 Clorox Co., a diversified manufacturer of household consumer and professional products.  Recent competitive pressure in certain product lines has depressed near-term free cash flow growth. We believe this has created an attractive entry point for investment as these pressures are largely transitory and we are confident that management’s actions will be effective in restoring competitive balance over time.
  • We also initiated a position in shares of Universal Health Services, an operator of acute care hospitals and behavioral health facilities. Changes in Medicaid reimbursement have pressured margins in the U.S. behavioral business. We expect these pressures to stabilize, which may allow margins to expand over time. We also believe that management has shown themselves to be good stewards of capital through acquisitions, capital investments, and returns to shareholders.
  • We sold the portfolio's position in shares of Bank of America Corp., a bank and financial holding company. Proceeds from the sale were used to fund purchases of more attractive securities consistent with our normalized free cash flow framework.

PORTFOLIO DETAILS as of 06/28/2019

Total Net Assets
$2.53 B
Number of Holdings
76
Weighted Average Market Cap.
161.4 B
P/B Ratio
2.3x
P/E Ratio
16.0x

Contributors & Detractors as of  06/28/2019

Contributors

Holding Contribution
Walt Disney Co. 0.5%
JPMorgan Chase & Co. 0.4%
Wal-Mart Stores, Inc. 0.3%
Citigroup, Inc. 0.3%
Microsoft Corp. 0.3%

Detractors

Holding Contribution
Foot Locker, Inc. -0.5%
Intel Corp. -0.2%
Allergan plc -0.2%
National Oilwell Varco, Inc. -0.2%
Royal Bank of Scotland -0.1%

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 07/19/2019
$0
Dividend Frequency
Annually
Record Date Ex-Dividend Date Reinvest & Payable Date Dividend Reinvest Price
11/19/2018 11/20/2018 11/20/2018 $0.14270 $11.26

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 $11.26

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 06/30/2019

1.16%

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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