Wasatch Micro Cap Fund (WMICX) Quarterly Comments from Lead Portfolio Manager Ken Korngiebel, CFA and Portfolio Manager Dan Chace, CFA
|
|
- Ellen Peters
- 5 years ago
- Views:
Transcription
1 Wasatch Micro Cap Fund (WMICX) Quarterly Comments from Lead Portfolio Manager Ken Korngiebel, CFA and Portfolio Manager Dan Chace, CFA Open to all investors Average Annual Total Returns For Periods Ended December 31, 2018 Quarter* 1 Year 3 Years 5 Years 10 Years Micro Cap Fund % 2.57% 14.58% 8.30% 15.51% Russell Microcap Index** % % 5.79% 3.08% 11.71% *Returns less than one year are not annualized. Data show past performance, which is not indicative of future performance. Current performance may be lower or higher than the data quoted. To obtain the most recent month-end performance data available, please visit The Advisor may absorb certain Fund expenses, without which total return would have been lower. Investment returns and principal value will fluctuate and shares, when redeemed, may be worth more or less than their original cost. Total Expense Ratio: 1.67% Total Annual Fund Operating Expenses include operating expenses, including the management fee, before any expense reimbursements by the Advisor. The Advisor has contractually agreed to limit certain expenses to 1.95% through at least 1/31/2019. See the prospectus for additional information regarding Fund expenses. Wasatch Funds will deduct a 2.00% redemption proceeds fee on Fund shares held 60 days or less. Performance data does not reflect the deduction of fees or taxes, which if reflected, would reduce the performance quoted. For more complete information including charges, risks and expenses, read the prospectus carefully. Investing in micro cap funds will be more volatile and loss of principal could be greater than investing in large cap or more diversified funds. Investing in foreign securities, especially in emerging markets, entails special risks, such as currency fluctuations and political uncertainties, which are described in more detail in the prospectus. An investor should consider investment objectives, risks, charges and expenses carefully before investing. To obtain a prospectus, containing this and other information, visit or call Please read the prospectus carefully before investing.
2 OVERVIEW U.S. equity prices fell sharply during the final three months of the year, with the benchmark Russell Microcap Index down % for the quarter. Uncertainty about global growth, international trade and U.S. monetary policy created a hostile investment environment for equities. The Wasatch Micro Cap Fund held up slightly better than its benchmark with a decline %. For the year, we re pleased with the Fund s gain of 2.57%, especially since the Index was down %. Stocks were weak from the outset of the quarter as the trade dispute between the U.S. and China captured headlines and the yield on the 10-year Treasury bond surged above 3%. The selloff accelerated on October 4th after Federal Reserve Chairman Jerome Powell said in an interview that the Fed s policy interest rate was a long way from neutral. Because the federal-funds rate is closely tied to rates on most forms of consumer debt, investors fretted that an extended series of Fed rate hikes might crimp household spending and slow economic growth. Worries eased somewhat in late November when Mr. Powell attempted to walk back his previous remarks, saying in a speech that interest rates remain just below the broad range of estimates of the level that would be neutral for the economy. In December, however, the market headed lower on renewed uneasiness about the ability of the U.S. to come to a long-term trade agreement with China. Mixed economic data from both countries fanned concerns about weaker global growth. As key measures such as single-family housing starts and new orders for manufactured goods came in below expectations, investors feared that a misstep by the Fed might tip the U.S. economy into recession. Micro-cap equities and stocks of other small companies fared worse than large-cap issues as investors sought to reduce risk in their portfolios. The safe-haven utilities component was the only sector of the micro-cap benchmark to post a gain during the fourth quarter. Energy was the worst-performing sector of the Index as U.S. crude oil briefly plunged below $43 a barrel. Rising output from the U.S., Saudi Arabia and Russia weighed on oil prices, while slowing demand growth and U.S. waivers on Iranian oil sanctions also contributed to weakness in crude prices. Oil finished the quarter at $45.41 a barrel down nearly -41% from a multi-year high of $76.90 reached on October 3rd.
3 The health-care sector was the Fund s greatest source of strength against the benchmark, as our companies outperformed their Index peers. In the financials sector, two positions accounted for most of the underperformance of our stocks relative to those in the benchmark. In the information-technology sector, our holdings were down less than those in the benchmark, while our industrial holdings were down more. International micro caps were also negative but held up better than their U.S. counterparts. The Indian economy benefited from the steep drop in energy prices, and our holdings there were up almost 9% during the quarter. As an energy importer, India s economy benefits significantly when oil prices decline and consumers have more money to spend on staples and discretionary items. One beneficiary was V-Mart Retail Ltd., an apparel and home-goods retailer with over 150 stores and a growing online presence. Along with India s economy, we believe V-Mart has outstanding prospects for continued growth. DETAILS OF THE QUARTER The strongest contributor to Fund performance for the quarter was Cambium Learning Group, Inc. (ABCD). The company provides educational technology solutions in the U.S. and internationally. Shares of Cambium soared on news that the company had agreed to be acquired by a private-equity investment firm. Prior to the announcement, Cambium s stock price had more than doubled in 2018, driven by the company s transition from legacy printed materials toward higher-margin digital products. Fabrinet (FN) was also a significant contributor. An electronics manufacturing services company, Fabrinet assembles optical, electro-mechanical and electronic devices for other companies. Fabrinet s stock price jumped in early November after the company reported better-than-expected quarterly financial results and raised its forward guidance. Management cited an influx of activity to Fabrinet s plant in Thailand as Chinese manufacturers seek to circumvent tariffs placed on products imported into the U.S. We believe Fabrinet is well-positioned for future growth as the continued migration of data and computing to the cloud drive strong demand for datacom components. The greatest detractor for the quarter was Curo Group Holdings Corp. (CURO). A diversified consumer-finance company, Curo provides financial services to a range of underbanked customers in the U.S., Canada and the United Kingdom. The company,
4 which extends short-term loans to high-risk borrowers at high interest rates, saw its stock price tumble after a disappointing earnings report revealed deteriorating credit metrics and downward revisions to guidance for Management cited a new product introduction in Canada and higher credit lines in Virginia and Tennessee as reasons for the guidance revisions. We reduced the position to mitigate future risk to the Fund while we continue to monitor the situation. Limelight Networks, Inc. (LLNW) was another significant detractor. The company s content-delivery network enables businesses to deliver digital content across internet, mobile and social channels. Although Limelight reported quarterly earnings and revenues that were in line with expectations, investors reacted negatively to the company s decision to forego low-margin business volume in order to grow in a less-price-sensitive part of the content-delivery market. The stock fell again in December after management lowered fourth-quarter guidance. Longer term, however, Limelight s shift toward highermargin opportunities makes strategic sense in our view. We added on the weakness to reflect what we consider the stock s attractive valuation and potential for appreciation. Another weak stock in the Fund was Altra Industrial Motion Corp. (AIMC). The company manufactures and supplies electromechanical power-transmission and motion-control products. Because Altra recently completed an acquisition that increased the company s debt, the additional risks associated with integrating the acquisition and servicing the new debt made the company less attractive to investors in the risk-off investment environment present during the fourth quarter. Even so, we think the acquisition has the potential to transform Altra into a less-cyclical, more-desirable company. We continue to own the stock at an average weight in the Fund. (Current and future holdings are subject to risk.) OUTLOOK With the Fed having spiked the punch bowl for the previous 10 years, 2018 will be remembered as the year the Fed took the punch bowl away. Consumers are already feeling the pinch in the form of higher interest rates on credit-card balances and other variable-rate debt. Banks, meanwhile, have been slow to pass on recent Fed rate increases to customers in the form of higher yields on savings.
5 Even as short-term rates have moved higher, a drop in long-term interest rates pushed bank-lending rates on mortgages and other loans lower during the fourth quarter. To the extent that the difference between the borrowing and lending rates of banks narrows further, micro-cap banks may struggle to increase profitability. A slowing economy and falling loan demand would pose additional challenges for banks. In the micro-cap market especially, we believe it pays to be active investors rather than passively investing in an index. Indexes are often structured with disproportionate exposures to certain sectors in contrast to investment styles such as ours that seek to invest in growing, innovative companies. For example, although banks currently represent approximately 15% of the micro-cap benchmark, the U.S. banking industry is not one that is dynamic and growing. While we do invest in banks that we believe have compelling product strategies and favorable geographic locations, we ve never been able to find enough of them to get close to the benchmark s weight. Another advantage afforded to us as active investors is the opportunity to adapt to market dislocations in an attempt to use them to benefit the Fund. In the current environment, we ve been sifting through the Fund s beaten-down stocks in search of those we think have been unfairly punished. By examining these holdings on a case-by-case basis, our goal is to identify and increase position sizes in the ones we believe have the greatest potential for long-term appreciation. And with micro-cap stocks down significantly in general, we continue to look for new additions to the Fund. Thank you for the opportunity to manage your assets. Sincerely, Ken Korngiebel and Dan Chace **The Russell Microcap Index is an unmanaged total return index of the smallest 1,000 securities in the small-cap Russell 2000 Index along with the next smallest 1,000 companies, based on a ranking of all U.S. equities by market capitalization. The Russell 2000 Index is an unmanaged total return index of the smallest 2,000 companies in the Russell 3000 Index. The Russell 2000 is widely used in the industry to measure the performance of small company stocks. You cannot invest directly in these or any indexes. The Wasatch Micro Cap Fund has been developed solely by Wasatch Advisors, Inc. The Wasatch Micro Cap Fund is not in any way connected to or sponsored, endorsed, sold or promoted by the London Stock Exchange Group plc and its group undertakings (collectively, the LSE Group ). FTSE Russell is a trading name of certain of the LSE Group companies.
6 All rights in the Russell Microcap Index vest in the relevant LSE Group company, which owns the Index. Russell is a trademark of the relevant LSE Group company and is used by any other LSE Group company under license. The Index is calculated by or on behalf of FTSE International Limited or its affiliate, agent or partner. The LSE Group does not accept any liability whatsoever to any person arising out of (a) the use of, reliance on or any error in the Index or (b) investment in or operation of the Wasatch Micro Cap Fund or the suitability of the Index for the purpose to which it is being put by Wasatch Advisors, Inc. CFA is a trademark owned by CFA Institute. The Wasatch Micro Cap Fund s investment objective is long-term growth of capital. Income is an objective only when consistent with long-term growth of capital. The cloud is the internet. Cloud-computing is a model for delivering information-technology services in which resources are retrieved from the internet through web-based tools and applications, rather than from a direct connection to a server. The federal-funds rate is the interest rate at which private depository institutions (mostly banks) lend balances (federal funds) at the Federal Reserve to other depository institutions, usually overnight. It is the interest rate banks charge each other for loans. Risk-off is when investors become more cautious and take money out of the market, not being willing to risk it, thus risk off. Valuation is the process of determining the current worth of an asset or company. Micro Cap Fund Top 10 Holdings as of September 30, 2018 Percent of Security Name Net Assets V-Mart Retail Ltd. (India) 2.2% Tandem Diabetes Care, Inc. 2.0% Freshpet, Inc. 2.0% Kadant, Inc. 1.8% Fabrinet 1.8% Fiesta Restaurant Group, Inc. 1.8% Altra Industrial Motion Corp. 1.8% Sun Hydraulics Corp. 1.7% OrthoPediatrics Corp. 1.5% Rapid7, Inc. 1.5% Total 18.0% Portfolio holdings are subject to change at any time. References to specific securities should not be construed as recommendations by the Fund or its Advisor. Current and future holdings are subject to risk. WAS /30/2019
Wasatch Micro Cap Fund (WMICX) Quarterly Comments from Lead Portfolio Manager Ken Korngiebel, CFA and Portfolio Manager Dan Chace, CFA
Wasatch Micro Cap Fund (WMICX) Quarterly Comments from Lead Portfolio Manager Ken Korngiebel, CFA and Portfolio Manager Dan Chace, CFA Open to all investors Average Annual Total Returns For Periods Ended
More informationWasatch Ultra Growth Fund (WAMCX) Quarterly Comments from Lead Portfolio Manager John Malooly, CFA
Wasatch Ultra Growth Fund (WAMCX) Quarterly Comments from Lead Portfolio Manager John Malooly, CFA Open to all investors Average Annual Total Returns For Periods Ended September 30, 2018 Quarter* 1 Year
More informationWasatch Global Opportunities Fund (WAGOX/WIGOX) Quarterly Comments from Lead Portfolio Managers JB Taylor and Ajay Krishnan, CFA
Wasatch Global Opportunities Fund (WAGOX/WIGOX) Quarterly Comments from Lead Portfolio Managers JB Taylor and Ajay Krishnan, CFA Open to all investors Average Annual Total Returns For Periods Ended December
More informationWasatch Micro Cap Value Fund (WAMVX) Quarterly Comments from Lead Portfolio Manager Brian Bythrow, CFA
Wasatch Micro Cap Value Fund (WAMVX) Quarterly Comments from Lead Portfolio Manager Brian Bythrow, CFA Open to all investors Average Annual Total Returns For Periods Ended September 30, 2018 Quarter* 1
More informationWILSHIRE MUTUAL FUNDS
WILSHIRE MUTUAL FUNDS SEMI-ANNUAL REPORT (Unaudited) LARGE COMPANY GROWTH PORTFOLIO LARGE COMPANY VALUE PORTFOLIO SMALL COMPANY GROWTH PORTFOLIO SMALL COMPANY VALUE PORTFOLIO WILSHIRE 5000 INDEX SM FUND
More informationEmerging Markets Small Caps The Undiscovered Opportunity
Emerging Markets Small Caps The Undiscovered Opportunity In today s global economy, many of the most attractive investing opportunities lie beyond the U.S. borders. Emerging markets offer some of the most
More informationTodd Large Cap Intrinsic Value Review
January 18, 2019 Intrinsic Value Team Todd Asset Management Todd Large Cap Intrinsic Value Review 4Q 2018 1 Year 3 Year* 5 Year* 7 Year* 10 Year* Large Cap Intrinsic Value (Gross) -16.4% -13.7% 6.7% 6.2%
More informationOAK RIDGE SMALL CAP GROWTH FUND
OAK RIDGE SMALL CAP GROWTH FUND Performance Analysis & Commentary 2Q2015 Second Quarter Summary The broad U.S. stock market was remarkably stable for a second consecutive quarter. In general, smaller cap
More informationQ data reveal toughest active manager climate since report s inception:
JULY Russell Investments Canada Active Manager Report data reveal toughest active manager climate since report s inception: Only 17% of Canadian large-cap equity managers beat the benchmark Early look
More informationWealth Strategies Monitor
Blend Strategies MUTUAL FUNDS Wealth Strategies Monitor Third Quarter 2011 Highlights Stocks fell sharply as fundamentals were overwhelmed by risk aversion amid doubts about the global economy and Europe
More informationNVIT Investor Destinations Funds
NVIT Investor Destinations Funds Nationwide VIT Quarterly Asset class: Allocation Share class Class II Strategy Overview The NVIT Investor Destinations Funds (NVIT ID Funds) consist of seven risk-based
More informationOpen to all investors. Average Annual Total Returns For Periods Ended December 31, 2018
Wasatch Emerging India Fund (WAINX/WIINX) Quarterly Comments from Lead Portfolio Manager Ajay Krishnan, CFA and Associate Portfolio Manager Matthew Dreith, CFA Open to all investors Average Annual Total
More informationOpen to existing shareholders. Open to new shareholders investing directly with Wasatch Funds.
Wasatch International Opportunities Fund (WAIOX/WIIOX) Quarterly Comments from Portfolio Managers Jared Whatcott, CFA and Linda Lasater, CFA and Associate Portfolio Manager Allison He, CFA Open to existing
More informationCalvert Mid Cap Fund 1
Q2 2018 INVESTMENT COMMENTARY Calvert Mid Cap Fund 1 A:CCAFX C:CCACX I:CCPIX The Fund invests primarily in mid cap, U.S. stocks whose market capitalization falls within the range of the Russell Midcap
More informationEmerging Markets Small Caps The Undiscovered Opportunity
Small Caps The Undiscovered Opportunity In today s global economy, many of the most attractive investing opportunities lie beyond the U.S. borders. Emerging markets offer some of the most promising prospects
More informationKP Retirement Path 2050 Fund: KPRHX. KP Retirement Path 2055 Fund: KPRIX. KP Retirement Path 2060 Fund: KPRJX. KP Large Cap Equity Fund: KPLCX
The KP Funds KP Retirement Path 2015 Fund: KPRAX KP Retirement Path 2020 Fund: KPRBX KP Retirement Path 2025 Fund: KPRCX KP Retirement Path 2030 Fund: KPRDX KP Retirement Path 2035 Fund: KPREX KP Retirement
More informationBCA 4Q 2018 Review and 2019 Outlook Russ Allen, CIO. Summary Outlook
BCA 4Q 2018 Review and 2019 Outlook Russ Allen, CIO Summary Outlook January 15, 2019 Markets in 2019 will be choppy with volatility more like this past year than the placid trading of 2017. The Fed is
More informationTodd Intrinsic Value Opportunity Review
January 18, 2019 Intrinsic Value Team Todd Asset Management Todd Intrinsic Value Opportunity Review 4Q 2018 1 Year 3 Year* 5 Year* 7 Year* 10 Year* Intrinsic Value Opportunity (Gross) -16.8% -11.8% 1.6%
More informationOAK RIDGE SMALL CAP GROWTH FUND
OAK RIDGE SMALL CAP GROWTH FUND Performance Analysis & Commentary 4Q2017 Performance Summary The ninth year of the bull market saw almost all domestic broad indices advance in excess of double their historical
More informationOppenheimer Discovery Mid Cap Growth Fund
Ticker Symbols: OEGAX (Class A shares), OEGYX (Class Y shares), OEGIX (Class I shares) Portfolio Managers Ronald Zibelli, CFA Since 6/07 Justin Livengood, CFA Since 2/14 Client Portfolio Manager Emanuele
More informationPersonal Managed Funds and Future Lifestyle Plan. Investor Report
Personal Managed Funds and Future Lifestyle Plan Investor Report for the six months ended 31 March 2016 1 Getting the most from your Investor Report Your Investor Report makes it easy for you to see how
More informationFranklin Select U.S. Equity Fund. Advisor Class
Franklin Select U.S. Equity Fund Advisor Class Blend Equity Product Profile Product Details 1 Fund Assets $91,842,807.55 Fund Inception Date 12/13/2007 Number of Issuers 49 NASDAQ Symbol FCEZX Maximum
More informationQuarterly Commentary
First Quarter 2017 Quarterly Commentary Ticker Inv Manager or Sub-Advisor Benchmark Morningstar Category Investment Objective PCOPX Principal Global Investors MSCI World Ex US Small Cap Index Foreign Small/Mid
More informationSIP Aggressive Portfolio
SIP LIFESTYLE PORTFOLIOS FACT SHEET (NOV 2015) SIP Aggressive Portfolio SIP Aggressive Portfolio is a unitized fund, which is designed to provide long term capital growth. It is designed for those who
More informationTodd International Intrinsic Value Review
January 18, 2019 Intrinsic Value Team Todd Asset Management Todd International Intrinsic Value Review 4Q 2018 1 Year 3 Year* 5 Year* 7 Year* 10 Year* International Intrinsic Value (Gross) -16.4% -17.7%
More informationPortfolio Review xxx Quarter 20xx. Evolution 40i60e Model Portfolio Portfolio Review First Quarter 2018
Portfolio Review xxx Quarter 20xx Evolution 40i60e Model Portfolio Portfolio Review First Quarter 2018 Q1 Overview Diversified portfolios capture gains from asset classes and security types that are performing
More informationQE- The Changing of the Guard Todd Large Cap Intrinsic Value Review
QE- The Changing of the Guard Todd Large Cap Intrinsic Value Review April 20, 2015 Jack White, CFA Partner, Senior Portfolio Manager 1Q 2015 1 Year 3 Year* 5 Year* 7 Year* 10 Year* Large Cap Intrinsic
More information2018 Semi-Annual Management Report of Fund Performance
(the Fund ) For the six-month period ended March 31, 2018 (the Period ) Manager: BMO Investments Inc. (the Manager or BMOII ) Portfolio manager: BMO Asset Management Inc., Toronto, Ontario (the portfolio
More information2016 Annual Management Report of Fund Performance
(the Fund ) For the 12-month period ended September 30, 2016 (the Period ) Manager: BMO Investments Inc. (the Manager or BMOII ) Portfolio manager: BMO Asset Management Inc., Toronto, Ontario (the portfolio
More informationLarge Cap Growth Strategy
Fourth Quarter 2018 Large Cap Growth Strategy Key Takeaways Peter Bourbeau Managing Director, Portfolio Manager Slowing global growth and signs of weakness among the market leaders of the last several
More informationEric C. Elbell, CFA, CAIA Area Senior Vice President. Kyongdo Min, CPA, CFA Area Vice President. April 11, 2018
Eric C. Elbell, CFA, CAIA Area Senior Vice President Kyongdo Min, CPA, CFA Area Vice President April 11, 2018 Agenda We will address three key topics: Headline events that impacted markets during the quarter
More informationHSBC World Selection Portfolio Quarterly Report Q4 2018
HSBC World Selection Portfolio Quarterly Report Q4 2018 Date: January 2019 This commentary provides a high-level overview of the recent economic environment and is for information purposes only. It is
More informationWells Fargo Diversified Income Builder Fund
All information is as of 12-31-17 unless otherwise indicated. General fund information Ticker: EKSYX Portfolio manager: Margie D. Patel; Kandarp Acharya, CFA, FRM Subadvisor: Wells Capital Management Inc.
More informationINVESTMENT STRATEGY. Volatility Returns. us.cibc.com/private-wealth
INVESTMENT FINANCIAL STRARTEGY MARKETS VOLATILITY MONITOR RETURNS INVESTMENT STRATEGY Volatility Returns 1 The S&P 500 has dropped over six consecutive trading sessions and is now 7% below the all-time
More informationTempleton China World Fund Advisor Class
Templeton China World Fund Advisor Class Equity Product Profile Product Details 1 Fund Assets $290,551,367.47 Fund Inception Date 09/08/1993 Number of Issuers 51 NASDAQ Symbol TACWX Maximum Sales Charge
More informationMarket Watch. July Review Global economic outlook. Australia
Market Watch Latest monthly commentary from the Investment Markets Research team at BT. Global economic outlook Australia Available data for the June quarter is consistent with a moderation in GDP growth
More informationEconomic and Portfolio Outlook 4th Quarter 2014 (Released October 2014)
Economic and Portfolio Outlook 4th Quarter 2014 (Released October 2014) Our economic outlook for the fourth quarter of 2014 for the U.S. is continued slow growth. We stated in our 3 rd quarter Economic
More informationBaron WealthBuilder Fund
Dear builder Shareholder: The December quarter was a difficult one for equity markets. During the three-month period ended, markets experienced significant and highly correlated declines. This was in response
More informationDoes greater risk equal greater reward?
Does greater risk equal greater reward? The simple answer is not always, which is why investors may look at lower-volatility fund options like GuideStone s Defensive Market Strategies Fund. The Fund aims
More informationCI Portfolios. Portfolio Review First Quarter 2018 ivari CI Growth Portfolio
CI Portfolios Portfolio Review First Quarter 2018 ivari CI Growth Portfolio Portfolio Performance ivari CI Portfolios are available as Guaranteed Investment Portfolios within select ivari segregated funds
More informationWells Fargo Small Company Growth Fund
All information is as of 12-31-17 unless otherwise indicated. Overview General fund information Key drivers of performance Ticker: WSCGX Portfolio managers: Paul von Kuster, CFA; Daniel Hagen, CFA; James
More informationBMO SelectTrust Equity Growth Portfolio (the Fund )
BMO SelectTrust Equity Growth Portfolio (the Fund ) For the period ended June 30, 2014 Manager: BMO Investments Inc. (the Manager or BMOII ) Portfolio Manager: BMO Asset Management Inc. (the portfolio
More informationAsset Allocation Model March Update
The month of February was marked by a sell-off in global equity markets and a sudden increase in market volatility with the CBOE Volatility Index reaching its highest level since August 2015. The rout
More informationOpen to all investors. Average Annual Total Returns For Periods Ended March 31, 2019
Wasatch Frontier Emerging Small Countries Fund (WAFMX/WIFMX) Quarterly Comments from Lead Portfolio Manager Scott Thomas, CFA, CPA and Portfolio Manager Jared Whatcott, CFA Open to all investors Average
More informationLeith Wheeler Investment Funds Quarterly Review September 30, 2018
Leith Wheeler Investment Funds Quarterly Review September 30, 2018 MER 3 Mo. 1 Yr 3 Yrs 5 Yrs 10 Yrs % % % % % % LW Canadian Equity Fund 1.49 0.0 5.4 11.6 7.7 6.8 LW Canadian Dividend Fund 1.50 0.5 4.5
More informationGlobal Opportunity Portfolio
MORGAN STANLEY INSTITUTIONAL FUND Global Opportunity Portfolio ACTIVE FUNDAMENTAL EQUITY GLOBAL OPPORTUNITY TEAM COMMENTARY DECEMBER 31, 2017 Performance Review The investment team seeks high quality companies,
More informationOpen to existing shareholders. Open to new shareholders investing directly with Wasatch Funds.
Wasatch International Opportunities Fund (WAIOX/WIIOX) Quarterly Comments from Portfolio Managers Jared Whatcott, CFA and Linda Lasater, CFA and Associate Portfolio Manager Allison He, CFA Open to existing
More informationRoyce Opportunity Fund IMPACT AND ATTRIBUTION REPORT INVESTMENT CLASS
FINANCIAL PROFESSIONALS ONLY Royce Opportunity Fund IMPACT AND ATTRIBUTION REPORT INVESTMENT CLASS December 31, 2017 Royce Opportunity Fund IMPACT AND ATTRIBUTION REPORT 2 Performance Performance and Expenses
More informationBMO SelectTrust Conservative Portfolio (the Fund )
BMO SelectTrust Conservative Portfolio (the Fund ) For the period ended June 30, 2014 Manager: BMO Investments Inc. (the Manager or BMOII ) Portfolio Manager: BMO Asset Management Inc. (the portfolio manager
More informationValue Equity Q Commentary. Market Review:
S C H A F E R C U L L E N C A P I T A L M A N A G E M E N T Value Equity Q4 2018 Commentary Market Review: Through the first three quarters of 2018, it appeared as though the US equity market was headed
More informationPortfolio Navigator funds Quarterly performance and commentary
Navigator funds Quarterly performance and commentary June 30, 2018 291426 AA VUL (7/18) The Navigator funds Performance Quarter ending 6/30/18 3 month YTD 1 year 3 year 5 year Since Inception* (Class 2)
More informationAsia Opportunity Portfolio
MORGAN STANLEY INSTITUTIONAL FUND Asia Opportunity Portfolio ACTIVE FUNDAMENTAL EQUITY GLOBAL OPPORTUNITY TEAM COMMENTARY SEPTEMBER 30, 2017 Performance Review The investment team seeks high-quality companies,
More informationFranklin DynaTech Fund Advisor Class
Franklin DynaTech Fund Advisor Class Growth Equity Product Profile Product Details 1 Fund Assets $6,808,135,350.20 Fund Inception Date 01/01/1968 Number of Issuers 136 NASDAQ Symbol FDYZX Maximum Sales
More informationQuarterly Commentary
First Quarter 2014 Quarterly Commentary Ticker Inv Manager or Sub-Advisor Benchmark Morningstar Category Investment Objective PVPIX TS&W / Herndon Russell 1000 Value Index Large Value Growth and Income
More informationValue Equity Q Commentary. Market Review: Performance Analysis:
S C H A F E R C U L L E N C A P I T A L M A N A G E M E N T Value Equity Q3 2018 Commentary Market Review: US equities surged in the 3rd quarter of 2018, with the S&P 500 advancing 7.7% and the Russell
More informationActive M Emerging Markets Equity Fund (NMMEX) (Formerly known as Multi-Manager Emerging Markets Equity Fund)
NORTHERN FUNDS Active M Emerging Markets Equity Fund (NMMEX) (Formerly known as Multi-Manager Emerging Markets Equity Fund) 2Q 2018 Performance Review June 30, 2018 Please carefully read the prospectus
More informationIS THE BEST OFFENSE A GOOD DEFENSE? A NEW APPROACH TO PREPARING FOR MARKET VOLATILITY
IS THE BEST OFFENSE A GOOD DEFENSE? A NEW APPROACH TO PREPARING FOR MARKET VOLATILITY No one can look to the past and forecast exactly when Volatility is unpredictable. it will come or when it will go.
More informationManaged Futures Strategy Fund
Visit longboardfunds.com Call us at 800.290.8319 ASSETS AS OF JUNE 30, 2018 $399,882,887 Managed Futures Strategy Fund Monthly Portfolio Update & Commentary June 2018 LONG RECAP The fund returned +1.21
More informationANOTHER TOUGH WEEK COMMENTARY REASSURANCE KEY TAKEAWAYS LPL RESEARCH WEEKLY MARKET. October
LPL RESEARCH WEEKLY MARKET COMMENTARY October 29 2018 ANOTHER TOUGH WEEK John Lynch Chief Investment Strategist, LPL Financial Jeffrey Buchbinder, CFA Equity Strategist, LPL Financial Ryan Detrick, CMT
More informationMarket Commentary Third Quarter 2018
CI Canadian Small/Mid Cap Fund The portfolio of the fund is divided among three sub-advisors: Picton Mahoney Asset Management, Manulife Asset Management, and QV Investors Inc. The comments below pertain
More informationMuni Bond Update: Improved Finances Drive Strong Quarter
On Our Website: www.alliancebernstein.com Posted August 5 Muni Bond Update: Improved Finances Drive Strong Quarter By David Dowden, Senior Portfolio Manager, and Terrance T. Hults, Senior Portfolio Manager
More informationWeekly Market Commentary
LPL FINANCIAL RESEARCH Weekly Market Commentary November 18, 2014 Emerging Markets Opportunity Still Emerging Burt White Chief Investment Officer LPL Financial Jeffrey Buchbinder, CFA Market Strategist
More informationAltegris/AACA Real Estate Long Short Fund RAAAX RAAIX RAANX
MARKET + PORTFOLIO COMMENTARY Q1.2014 Altegris/AACA Real Estate Long Short Fund RAAAX RAAIX RAANX Market Commentary This quarter, real estate stocks (as measured by the Dow Jones US Real Estate Total Return
More informationEmerging Markets Equities VALUE COULD EXTEND THE EMERGING MARKETS RALLY
PRICE POINT December 2017 Timely intelligence and analysis for our clients. Emerging Markets Equities VALUE COULD EXTEND THE EMERGING MARKETS RALLY KEY POINTS Emerging markets (EM) equities have extended
More informationSelect 40i60e Managed Portfolio. Portfolio Review First Quarter 2018
Select 40i60e Managed Portfolio Portfolio Review First Quarter 2018 Q1 Portfolio Review First Quarter 2018 as at March 31, 2018 Portfolio Performance (Class F) 1 Month 3 Months 6 Months 1 Year 3 Years
More informationVANGUARD DIVIDEND APPREC ETF (VIG)
VANGUARD DIVIDEND APPREC ETF (VIG) $112.45 USD Risk: Med Zacks ETF Rank 3 - Hold Fund Type Issuer Benchmark Index Large Cap ETFs VANGUARD NASDAQ US DIVIDEND ACHIEVERS SELECT INDX VIG Sector Weights Date
More informationColumbia Large Cap Growth ETF
Prospectus March 1, 2015 Columbia Large Cap Growth ETF Ticker Symbol RPX This prospectus provides important information about the Columbia Large Cap Growth ETF (the Fund), an exchangetraded fund (ETF)
More informationMANAGED FUTURES PROVE ADVANTAGEOUS IN A VOLATILE 2015
MANAGED FUTURES PROVE ADVANTAGEOUS IN A VOLATILE 2015 Long-term trend following may smooth out the new year In 2015, the financial markets challenged even the most seasoned investors with increased volatility
More informationTracking the Growth Catalysts in Emerging Markets
Tracking the Growth Catalysts in Emerging Markets September 14, 2016 by Nick Niziolek of Calamos Investments The following is an excerpt of remarks made on August 30, 2016. The majority of the improved
More informationQuarterly Commentary
First Quarter 2014 Quarterly Commentary Inv Manager or Sub-Advisor Benchmark Morningstar Category Investment Objective TS&W / Herndon Russell 1000 Value Index Large Value Growth and Income Economic Overview
More informationQuarterly Commentary
Third Quarter 2017 Quarterly Commentary Inv Manager or Sub-Advisor Benchmark Morningstar Category Investment Objective Principal Global Investors Standard & Poor's 500 Index Large Blend Growth and Income
More informationFidelity ClearPath 2035 Portfolio
Fidelity ClearPath 35 Portfolio Semi-Annual Management Report of Fund Performance December 31, Caution Regarding Forward-looking Statements Certain portions of this report, including, but not limited to,
More informationFreedom Quarterly Market Commentary // 2Q 2018
ASSET MANAGEMENT SERVICES Freedom Quarterly Market Commentary // 2Q 2018 SECOND QUARTER HIGHLIGHTS U.S. economic growth and earnings lead the world The value of the dollar rises, affecting currency exchange
More informationQuarterly Fund Review
Quarterly Fund Review 2Q17 Russell Investment Company Funds (Class S) Disclosures Fund objectives, risks, charges and expenses should be carefully considered before investing. A summary prospectus, if
More informationFederated International Strategic Value Dividend Fund
6/30/18 2018 Fund Facts Performance Inception Date 6/4/08 Benchmark MSCI World ex U.S. High Dividend Yield Index Morningstar Category Foreign Large Value Lipper Category International Equity Income Funds
More informationNationwide Fiduciary Series SM Important Disclosures
Nationwide Fiduciary Series SM Important Disclosures For more information about the available underlying investment options, including all charges and expenses, please consult the respective fund prospectus.
More informationGlobal Allocation Fund
INST: MALOX A: MDLOX C: MCLOX K: MKLOX Allocation Fund Morningstar Analyst Rating Scour the world to reach your goals Think outside the (style) box: Broaden your universe to find opportunities. Morningstar
More informationGuinness Atkinson Dividend Builder Fund Managers Update July 2016
On the 23 rd June the UK voted to leave the European Union. The result was remarkable in terms of both its political significance and the apparent inability of anyone, not least the market, to predict
More informationPortfolio Select Series. Portfolio Review Second Quarter 2012
Portfolio Select Series Portfolio Review Second Quarter 2012 Q2 Q2 3 Select Income Advantage Managed Portfolio 6 Select 80i20e Managed Portfolio 10 Select 70i30e Managed Portfolio 14 Select 60i40e Managed
More informationJ.P. Morgan Income Funds
Annual Report J.P. Morgan Income Funds February 28, 2017 JPMorgan Core Bond Fund JPMorgan Core Plus Bond Fund JPMorgan Government Bond Fund JPMorgan High Yield Fund JPMorgan Inflation Managed Bond Fund
More informationQuarterly Commentary
First Quarter 2017 Quarterly Commentary Ticker Inv Manager or Sub-Advisor Benchmark Morningstar Category Investment Objective PSFPX Principal Global Investors Russell 2000 Index Small Blend Small Company
More informationSmart Beta Dashboard. Thoughts at a Glance. March By the SPDR Americas Research Team
By the SPDR Americas Research Team Thoughts at a Glance For the first two months of Q1, US outperformed the broader market by nearly 5%. However, as 10-year Treasury yields and inflation expectations came
More informationLight Sweet Crude O Mine
Robert Kavcic, Senior Economist May 11, 2018 Light Sweet Crude O Mine Equity markets rallied this week, with little in the way of major market-moving data. The S&P 500 rose 2.4%, with widespread strong
More informationPerformance Summary September 2015
Performance Summary September 2015 SA Metropolitan Fire Service Superannuation Scheme Funds SA is responsible for investing the assets of the SA Metropolitan Fire Service Superannuation Scheme. In this
More informationSterling Capital Stratton Mid Cap Value Fund
Performance Update: March 31, 2018 Investment Objective The seeks long-term capital appreciation. The Fund uses a value investment approach to invest primarily in common stocks of mid cap companies. We
More informationTHOMPSON IM FUNDS, INC. PROSPECTUS MARCH 31, 2017
JOB NUMBER 322924-1 TYPE Clean PAGE NO. I OPERATOR MYCHAELM THOMPSON IM FUNDS, INC. PROSPECTUS MARCH 31, 2017 LARGECAP FUND THPGX MIDCAP FUND THPMX BOND FUND THOPX The Securities and Exchange Commission
More informationQuarterly Market Review
Quarterly Market Review Fourth Quarter 2018 Summary Despite continued strength in company earnings, U.S. stocks tumbled during the quarter. Pressure convened from several sources, including evidence that
More informationPioneer Floating Rate Fund
Pioneer Floating Rate Fund COMMENTARY Performance Analysis & Commentary December 2017 Fund Ticker Symbols: FLARX (Class A); FLYRX (Class Y) amundipioneer.com Fourth Quarter Review The Fund s Class A shares
More informationUS Equity Growth Corporate Class
This semi-annual management report of fund performance contains financial highlights but does not contain the complete semi-annual or annual financial statements of the investment fund. You can get a copy
More informationColumbia Select Large Cap Growth ETF
Prospectus March 1, 2015 Columbia Select Large Cap Growth ETF Ticker Symbol RWG This prospectus provides important information about the Columbia Select Large Cap Growth ETF (the Fund), an exchange-traded
More informationPERSPECTIVES. Our investment managers discuss insights, themes, and trends that may shape the markets in DECEMBER 2018 MFC
PERSPECTIVES DECEMBER 2018 Our investment managers discuss insights, themes, and trends that may shape the markets in 2019. MFC0448-1218 Our investment managers discuss trends across the asset classes
More informationDan Miller - Advice & Portfolio Specialist Dan Wanstreet, CFA - Senior Advice & Portfolio Specialist
Dan Miller - Advice & Portfolio Specialist Dan Wanstreet, CFA - Senior Advice & Portfolio Specialist January 2018 Recap U.S. equities started the year off on a positive note, as recently passed tax reform
More informationJune 24th, Rate Reversal. Author: Benjamin Struck President
June 24th, 2013 Rate Reversal Author: Benjamin Struck President 1 Economic Summary 3 Strategic Allocation 5 Tactical Allocation 6 2 Last week s selloff was broad based and applied to nearly all asset classes.
More informationColumbia Select Large Cap Value ETF
Prospectus March 1, 2015 Columbia Select Large Cap Value ETF Ticker Symbol GVT This prospectus provides important information about the Columbia Select Large Cap Value ETF (the Fund), an exchange-traded
More informationThe Glenmede Fund, Inc. The Glenmede Portfolios
The Glenmede Fund, Inc. The Glenmede Portfolios Annual Report The performance for the portfolios shown on pages 2 to 4 and 6 to 24 represents past performance and is not a guarantee of future results.
More informationPrudential International Investments Advisers, LLC. Global Investment Strategy October 2009
Prudential International Investments Advisers, LLC. Global Investment Strategy October 2009 By John Praveen, Chief Investment Strategist For Market Commentary Interviews Contact: Lisa Villareal, 973-367-2503/lisa.villareal@prudential.com
More informationQ SMALL BALANCE MULTIFAMILY INVESTMENT TRENDS REPORT BY ARBOR
YEAR-END 2018 Q2 2018 SMALL BALANCE MULTIFAMILY INVESTMENT TRENDS REPORT BY ARBOR SMALL BALANCE MARKET ENDS 2018 ON A HIGH NOTE Cap Rates Hold Constant as Market Readies for Potential Rate Hikes Benchmark
More informationFinancial Market Outlook: Further Stock Gain on Faster GDP Rebound and Earnings Recovery. Year-end Target Raised
For Market Commentary Interviews Contact: Lisa Villareal, 973-367-2503/lisa.villareal@prudential.com Financial Market Outlook & Strategy: FurtherStock Gains Likely, Year-end Target Raised. Bond Under Pressure
More informationAnnual Report 1/31/2017. Oppenheimer Portfolio Series Active Allocation Fund
Annual Report 1/31/2017 Oppenheimer Portfolio Series Active Allocation Fund Table of Contents Fund Performance Discussion 3 Top Holdings and Allocations 7 Fund Expenses 10 Statement of Investments 12 Statement
More informationTarget Funds. SEMIANNual REPORT
SEMIANNual REPORT November 30, 2017 T. Rowe Price Target Funds The funds invest in a diversified portfolio of T. Rowe Price mutual funds, offering a professionally managed, age-appropriate mix of stocks
More information