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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 10/31/2019

Total Net Assets
$2.49 B
Inception Date
06/30/2015
Dividend Frequency
Annually
Fund Expense Ratio
0.96%
Number of Holdings
78

Yield

12-Month Dividend Yield 1 as of 11/15/2019  

w/o sales charge 1.38%

30-Day Standardized Yield 2 as of 10/31/2019  

1.42%

Fund Expense Ratio :

0.96%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception
w/o sales charge 15.69% 8.51% 9.14% 6.54% 10.53% -
Lipper Category Avg. Large-Cap Value Funds 18.72% 9.97% 10.73% 7.21% 10.98% -
Russell 1000® Value Index 19.46% 11.21% 10.51% 7.61% 11.96% -

Fund Expense Ratio :

0.96%

Fund Expense Ratio :

0.96%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception
w/o sales charge 15.51% 2.54% 8.51% 6.81% 10.10% -
Lipper Category Avg. Large-Cap Value Funds 16.81% 1.92% 9.61% 7.18% 10.50% -
Russell 1000® Value Index 17.81% 4.00% 9.43% 7.79% 11.46% -

Fund Expense Ratio :

0.96%

TEN LARGEST HOLDINGS as of 10/31/2019View Portfolio

Holding Assets
JPMorgan Chase & Co. 3.1%
Wells Fargo & Co. 3.0%
Verizon Communications, Inc. 2.8%
United Technologies Corp. 2.4%
Citigroup, Inc. 2.2%
U.S. Bancorp 2.1%
Apple, Inc. 2.1%
Intel Corp. 2.0%
Walt Disney Co/The 1.9%
Axis Capital Holdings Ltd. 1.7%

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

Supported By 39 Investment Professionals with 18 Years Avg. Industry Experience

Your Representative

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Performance

Performance

12-Month Dividend Yield 1 as of 11/15/2019  

w/o sales charge 1.38%

30-Day Standardized Yield 2 as of 10/31/2019  

  Subsidized5 Un-Subsidized6
w/o sales charge 1.42% 1.42%

Fund Expense Ratio :

0.96%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception
w/o sales charge 15.69% 8.51% 9.14% 6.54% 10.53% -
Lipper Category Avg. Large-Cap Value Funds 18.72% 9.97% 10.73% 7.21% 10.98% -
Russell 1000® Value Index 19.46% 11.21% 10.51% 7.61% 11.96% -

Fund Expense Ratio :

0.96%

Fund Expense Ratio :

0.96%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception
w/o sales charge 15.51% 2.54% 8.51% 6.81% 10.10% -
Lipper Category Avg. Large-Cap Value Funds 16.81% 1.92% 9.61% 7.18% 10.50% -
Russell 1000® Value Index 17.81% 4.00% 9.43% 7.79% 11.46% -

Fund Expense Ratio :

0.96%

Year Fund Returns Russell 1000® Value Index
2018 -8.47% -8.27%
2017 13.03% 13.66%
2016 15.72% 17.34%
2015 -3.12% -3.83%
2014 7.02% 13.45%
2013 36.78% 32.53%
2012 10.91% 17.51%
2011 -3.89% 0.39%
2010 19.24% 15.51%
2009 26.11% 19.69%
2008 -28.68% -
2007 7.56% -
2006 13.87% -
2005 5.53% -
2004 15.89% -
Year Q1 Q2 Q3 Q4 Yearly Returns
2019 10.86% 2.26% 1.88% - 19.68%
2018 -2.48% -0.56% 6.32% -11.22% -8.47%
2017 1.55% 2.22% 3.14% 5.58% 13.03%
2016 -0.43% 4.70% 3.84% 6.90% 15.72%
2015 -0.43% 0.83% -8.80% 5.81% -3.12%
2014 0.20% 2.92% 0.00% 3.78% 7.02%
2013 13.42% 3.47% 6.19% 9.76% 36.78%
2012 11.46% -6.93% 5.25% 1.58% 10.91%
2011 6.57% -0.93% -19.61% 13.24% -3.89%
2010 6.35% -10.65% 10.53% 13.54% 19.24%
2009 -8.60% 13.06% 16.22% 5.00% 26.11%
2008 -7.47% 1.26% -8.39% -16.91% -28.68%
2007 2.20% 5.77% 2.17% -2.61% 7.56%
2006 7.63% -0.14% 1.19% 4.69% 13.87%
2005 -1.97% -0.23% 5.95% 1.84% 5.53%
2004 - - - 11.06% 15.89%

NAV HISTORICAL PRICES

Date Net Asset Value

Portfolio

Portfolio

Portfolio Positioning as of 09/30/2019

  • The portfolio employs a fundamental, bottom-up individual stock selection strategy that focuses on quality companies with compelling valuation over a long term horizon.
  • We initiated a position in shares of General Mills, Inc., a branded consumer foods manufacturer. Management has been reinvesting in the company’s yogurt and cereal businesses to restore growth following a period of weak results. Additionally, the company has continued to benefit from the integration and expansion of the Blue Buffalo premium pet food acquisition. We believe this will lead to improvements in growth and profitability.
  • We also initiated a position in shares of General Dynamics Corp., an aerospace and defense company. Shares of General Dynamics have been under pressure due to concerns over its smaller Gulfstream business jet subsidiary, which has faced increased competition and margin pressure. However, we believe that the concerns are overblown given the strength of its competitive position.
  • We sold the portfolio’s position in shares of Walmart, Inc., a retail and wholesale business, and Unilever PLC., a multinational consumer goods company. Proceeds from the sales were used to fund purchases of more attractive securities consistent with our normalized free cash flow framework.

PORTFOLIO DETAILS as of 10/31/2019

Total Net Assets
$2.49 B
Number of Holdings
78
Weighted Average Market Cap.
162.8 B
P/B Ratio
2.2x
P/E Ratio
16.9x

Contributors & Detractors as of  09/30/2019

Contributors

Holding Contribution
Apple, Inc. 0.2%
Wells Fargo & Co. 0.2%
NextEra Energy, Inc. 0.2%
Axis Capital Holdings Ltd. 0.2%
Medtronic, Inc. 0.2%

Detractors

Holding Contribution
Pacific Gas & Electric Co. -0.3%
Pfizer, Inc. -0.2%
Anthem, Inc. -0.2%
Lear Corp. -0.2%
Walt Disney Co. -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 11/15/2019
$0
Dividend Frequency
Annually
Record Date Ex-Dividend Date Reinvest & Payable Date Dividend Reinvest Price
11/19/2018 11/20/2018 11/20/2018 $0.17830 $11.40

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 $11.40

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 10/31/2019

0.96%

Fund Documents

Fund Documents

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Summary Prospectus
Publish Date:11/03/2015
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Statutory 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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Class R4 - The inception date for Class R4 shares is June 30, 2015. The performance quotations for Class R4 are based on the following methods of calculation: (a) for periods prior to June 30, 2015, a restated figure is used based on the historical performance of the Fund’s portfolio since inception to reflect all charges and fees applicable to Class R4 shares; and (b) for periods after June 30, 2015, actual Class R4 performance is used, which reflects all charges and fees applicable to Class R4 shares.

Class R4 shares are only offered to certain eligible investors. For additional information, see the Fund’s current prospectus.

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