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Mid Cap Stock Fund

Summary

Summary

What is the Mid Cap Stock Fund?

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

Fund Basicsas of 06/30/2020

Total Net Assets
$1.16 B
Inception Date
11/24/1997
Dividend Frequency
Semi-Annually
Fund Expense Ratio
1.18%
Number of Holdings
76

Fund Expense Ratio :

1.18%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 11/24/1997
w/o sales charge -14.24% -9.77% -2.90% 0.86% 7.61% 6.58%
Lipper Category Avg. Mid-Cap Core Funds - - - - - -
Russell Midcap® Value Index -14.22% -8.41% 0.56% 4.31% 10.01% 8.47%

Fund Expense Ratio :

1.18%

Fund Expense Ratio :

1.18%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 11/24/1997
w/o sales charge -16.48% -10.80% -3.54% 0.48% 7.99% 6.48%
Lipper Category Avg. Mid-Cap Core Funds -14.06% -7.62% 1.32% 3.21% 9.49% -
Russell Midcap® Value Index -18.09% -11.81% -0.54% 3.32% 10.29% 8.28%

Fund Expense Ratio :

1.18%

TEN LARGEST HOLDINGS as of 06/30/2020View Portfolio

Holding Assets
Teradyne, Inc. 2.1%
eBay, Inc. 2.0%
Brunswick Corp. 2.0%
Rockwell Automation, Inc. 1.7%
Edison International 1.7%
Alexandria Real Estate Equities, Inc. 1.7%
Ameriprise Financial, Inc. 1.7%
Masco Corp. 1.7%
Synopsys, Inc. 1.6%
A.O. Smith Corp. 1.6%

INVESTMENT TEAM

Eli Rabinowich
Eli Rabinowich

Portfolio Manager

16 Years of Industry Experience

Jeff Diamond
Jeff Diamond, CFA

Portfolio Manager

33 Years of Industry Experience

Supported By 35 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

Fund Expense Ratio :

1.18%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 11/24/1997
w/o sales charge -14.24% -9.77% -2.90% 0.86% 7.61% 6.58%
Lipper Category Avg. Mid-Cap Core Funds - - - - - -
Russell Midcap® Value Index -14.22% -8.41% 0.56% 4.31% 10.01% 8.47%

Fund Expense Ratio :

1.18%

Fund Expense Ratio :

1.18%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 11/24/1997
w/o sales charge -16.48% -10.80% -3.54% 0.48% 7.99% 6.48%
Lipper Category Avg. Mid-Cap Core Funds -14.06% -7.62% 1.32% 3.21% 9.49% -
Russell Midcap® Value Index -18.09% -11.81% -0.54% 3.32% 10.29% 8.28%

Fund Expense Ratio :

1.18%

Year Fund Returns Russell Midcap® Value Index
2019 22.69% 27.06%
2018 -14.71% -12.29%
2017 6.84% 13.34%
2016 16.35% 20.00%
2015 -3.68% -4.78%
2014 11.63% 14.75%
2013 30.34% 33.46%
2012 14.49% 18.51%
2011 -4.03% -1.38%
2010 25.43% 24.75%
2009 26.63% -
2008 -39.56% -
2007 0.43% -
2006 12.19% -
2005 8.07% -
2004 23.99% -
2003 24.87% -
2002 -9.86% -
2001 7.95% -
2000 53.31% -
Year Q1 Q2 Q3 Q4 Yearly Returns
2020 -30.47% 20.11% - - -13.84%
2019 13.33% 1.37% 1.36% 5.37% 22.69%
2018 -1.83% 0.98% 4.05% -17.31% -14.71%
2017 2.48% 1.51% 0.07% 2.64% 6.84%
2016 1.83% 3.68% 4.19% 5.77% 16.35%
2015 3.55% -1.35% -8.37% 2.91% -3.68%
2014 3.19% 5.06% -3.27% 6.45% 11.63%
2013 12.23% 1.84% 4.73% 8.89% 30.34%
2012 11.44% -7.10% 5.56% 4.77% 14.49%
2011 8.03% 0.00% -22.34% 14.40% -4.03%
2010 7.29% -9.36% 12.50% 14.64% 25.43%
2009 -12.25% 14.30% 19.51% 5.65% 26.63%
2008 -13.36% 0.07% -11.54% -21.20% -39.56%
2007 4.92% 5.99% -3.81% -6.11% 0.43%
2006 3.63% -2.91% 2.39% 8.91% 12.19%
2005 -0.16% 2.22% 4.20% 1.63% 8.07%
2004 6.53% 2.58% 0.25% 13.17% 23.99%
2003 -7.85% 15.35% 4.56% 12.35% 24.87%
2002 5.72% -6.19% -14.69% 6.54% -9.86%
2001 -2.10% 5.33% -7.98% 13.77% 7.95%
2000 10.79% 6.84% 12.81% 14.81% 53.31%
1999 -7.05% 17.49% -7.37% 2.26% 3.45%
1998 8.37% 0.07% -17.44% 10.60% -0.97%
1997 - - - - -10.74%

NAV HISTORICAL PRICES

Date Net Asset Value

Portfolio

Portfolio

Portfolio Positioning as of 06/30/2020

  • The Fund employs a fundamental, bottom-up individual stock selection strategy that focuses on quality companies with compelling valuations over a long term horizon. 
  • Given our longer-term orientation and the focus we place on normalized free cash flow, we believe we have a unique ability to look through some of the shorter-term impacts on companies due to the global pandemic, and we continue to look for opportunities amid the volatility. As a result, we have been able to methodically upgrade the portfolio in areas that have been particularly impacted by adhering to our process. 
  • We also initiated a position in shares of Masco Corp. (1.7%), an architectural coatings and plumbing fixtures manufacturer for the residential market. In our view, the company is well managed, has a strong financial profile and is wellpositioned to benefit from the continued growth in U.S. housing demand. As a result of market volatility, we had the opportunity to invest in Masco at what we believe to be very attractive valuations.
  • We also initiated a position in Rockwell Automation, Inc., a North American automation supplier for discrete manufacturing applications. We view the company as a high quality industrial company with unique scarcity value and attractive long-term secular growth characteristics driven in part by the potential for re-shoring of manufacturing back to the United States. As a result of market volatility, we had the opportunity to invest in a company at what we believe to be very attractive valuations.
  • We eliminated the portfolio’s position in Zimmer Biomet Holdings, Inc., a musculoskeletal health care services provider, and Consolidated Edison, Inc., a utilities company, which was consistent with our normalized free cash flow methodology.

PORTFOLIO DETAILS as of 06/30/2020

Total Net Assets
$1.16 B
Number of Holdings
76
Weighted Average Market Cap.
12.8 B
P/B Ratio
1.9x
P/E Ratio
16.9x

Contributors & Detractors as of  06/30/2020

Contributors

Holding Contribution
eBay, Inc. 1.3%
Brunswick Corp. 1.1%
Teradyne, Inc. 1.1%
Discover Financial Services 0.7%
Ameriprise Financial, Inc. 0.7%

Detractors

Holding Contribution
Portland General Electric Co. -0.2%
Host Hotels & Resorts, Inc. -0.1%
Universal Health Services, Inc. -0.1%
Consolidated Edison, Inc. -0.1%
Euronet Worldwide, Inc. -0.1%

Attribution Analysis 

Mid Cap Stock 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 08/04/2020
$0
Dividend Frequency
Semi-Annually
Record Date Ex-Dividend Date Reinvest & Payable Date Dividend Reinvest Price
12/17/2019 12/18/2019 12/18/2019 $0.18740 $27.44
07/30/2019 07/31/2019 07/31/2019 $0.00210 $27.11

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
12/17/2020 12/18/2020 12/18/2020

Capital Gains Distributions

For
Record Date Reinvest & Payable Date Long-term Short-term * Total Reinvest Price
12/17/2019 12/18/2019 $0.6596 - $0.6596 $27.44

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
12/17/2020 12/18/2020

Fees & Expenses

Fees & Expenses

EXPENSE RATIOas of 06/30/2020

1.18%

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 P - Performance is shown at net asset value (NAV). Class P shares are not subject to front-end or back-end sales charges.

Class P shares are only available on a limited basis through certain financial intermediaries and retirement and benefit plans. For additional information, see the Fund’s current prospectus.

The Russell Midcap® Value Index measures the performance of those Russell Midcap companies with lower price-to-book ratios and lower forecasted growth values. The stocks are also members of the Russell 1000 Value index.

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