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Mid Cap Value Fund

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Overview

The Strategy typically invests in mid-sized value stocks.

Inception Date
March 1, 2001
Investment Style
Mid Cap Value
Fund Index
Russell Midcap® Value Index
CUSIP
68380E817
NAV
  • A
(as of 11/20/2018)
$49.23
Total Assets
(as of 10/31/2018)
$1.14 BN
Gross Expense Ratio
(as of 10/31/2018)
1.40%
Net Expense Ratio
(as of 10/31/2018)
1.40%
Performance
Average Annual Total Returns
Cumulative Returns
Calendar Year Returns
Capital Gains Distributions
as of 10/31/2018
  • G
as of 09/30/2018
  • G

Include Sales Charge
Include Sales Charge
Include Sales Charge
Include Sales Charge
  • G
Cumulative
Annualized
ytd as of 2018-09-30
  • C
1 yr 3 yr 5 yr 10 yr since inception
Mid Cap Value Fund (NAV)
1.79% 7.27% 12.42% 8.92% 8.83% 8.84%
Russell Midcap® Value Index
3.13% 8.81% 13.09% 9.54% 10.30% -
Cumulative
Annualized
ytd as of 2018-09-30
  • C
1 yr 3 yr 5 yr 10 yr since inception
Mid Cap Value Fund (with sales charge)
1.79% 7.27% 12.42% 8.92% 8.83% 8.84%
Russell Midcap® Value Index
3.13% 8.81% 13.09% 9.54% 10.30% -
Cumulative
Annualized
ytd as of 2018-10-31
  • C
1 yr 3 yr 5 yr 10 yr since inception
Mid Cap Value Fund (NAV)
-8.31% -5.26% 6.52% 5.89% 10.92% 8.16%
Russell Midcap® Value Index
-4.30% 0.16% 8.15% 7.05% 12.04% -
Cumulative
Annualized
ytd as of 2018-10-31
  • C
1 yr 3 yr 5 yr 10 yr since inception
Mid Cap Value Fund (with sales charge)
-8.31% -5.26% 6.52% 5.89% 10.92% 8.16%
Russell Midcap® Value Index
-4.30% 0.16% 8.15% 7.05% 12.04% -
Gross Expense Ratio: 1.40% | Net Expense Ratio: 1.40%

The performance data quoted represents past performance, which does not guarantee future results.  The investment return and principal value of an investments in the Fund will fluctuate so that an investor's shares, when redeemed, may be worth more or less than the originals cost.  Current performance and expense ratios may be lower or higher than the data quoted.  Fund returns include changes in share price and reinvested distributions.  Class R shares are not subject to a sales charge.  Returns do not consider capital gains or income taxes on an individual's investment.
 


Year Mid Cap Value Fund Russell Midcap® Value Index
2002 -10.71% -9.87%
2003 45.79% 44.93%
2004 27.55% 21.58%
2005 11.35% 7.74%
2006 17.54% 20.18%
2007 8.75% -7.27%
2008 -50.11% -31.99%
2009 44.33% 27.68%
2010 20.26% 24.82%
2011 -7.79% -3.36%
2012 9.19% 19.21%
2013 37.45% 33.32%
2014 10.26% 7.11%
2015 -7.26% -3.55%
2016 19.98% 20.00%
2017 13.01% 13.34%

The performance data quoted represents past performance, which does not guarantee future results.  The investment return and principal value of an investments in the Fund will fluctuate so that an investor's shares, when redeemed, may be worth more or less than the originals cost.  Current performance and expense ratios may be lower or higher than the data quoted.  Fund returns include changes in share price and reinvested distributions.  Class R shares are not subject to a sales charge.  Returns do not consider capital gains or income taxes on an individual's investment.
 


Date Mid Cap Value Fund Russell Midcap® Value Index (Linked Index) S&P 500
10/31/2008 0.00 0.00 0.00
11/30/2008 -11.86 -10.46 -7.18
12/31/2008 -7.58 -5.30 -6.19
1/31/2009 -10.05 -16.36 -14.09
2/28/2009 -18.34 -27.12 -23.24
3/31/2009 -10.35 -20.76 -16.52
4/30/2009 3.33 -8.12 -8.53
5/31/2009 7.90 -5.83 -3.41
6/30/2009 10.37 -5.89 -3.22
7/31/2009 18.56 3.70 4.10
8/31/2009 23.59 9.87 7.86
9/30/2009 28.92 15.53 11.88
10/31/2009 22.43 8.55 9.80
11/30/2009 27.46 13.23 16.39
12/31/2009 33.65 20.90 18.64
1/31/2010 29.37 17.68 14.37
2/28/2010 34.25 23.40 17.91
3/31/2010 42.34 32.47 25.03
4/30/2010 46.42 40.17 27.00
5/31/2010 34.10 28.95 16.86
6/30/2010 25.80 19.00 10.74
7/31/2010 35.00 27.76 18.50
8/31/2010 28.17 20.66 13.15
9/30/2010 41.94 32.56 23.25
10/31/2010 48.03 37.73 27.94
11/30/2010 49.79 40.12 27.96
12/31/2010 61.10 50.91 36.51
1/31/2011 63.91 53.22 39.75
2/28/2011 68.79 59.87 44.53
3/31/2011 71.05 62.50 44.59
4/30/2011 77.64 66.28 48.87
5/31/2011 76.59 64.34 47.19
6/30/2011 72.06 60.11 44.73
7/31/2011 65.93 54.13 41.79
8/31/2011 51.65 41.51 34.09
9/30/2011 34.55 26.33 24.66
10/31/2011 51.09 43.92 38.29
11/30/2011 50.39 43.59 37.98
12/31/2011 48.98 45.84 39.39
1/31/2012 55.12 54.13 45.64
2/29/2012 60.34 58.59 51.94
3/31/2012 62.00 62.64 56.94
4/30/2012 58.79 61.65 55.95
5/31/2012 46.37 51.65 46.58
6/30/2012 47.77 57.72 52.62
7/31/2012 47.22 57.04 54.74
8/31/2012 51.65 62.35 58.22
9/30/2012 55.52 66.94 62.31
10/31/2012 57.53 66.30 59.32
11/30/2012 60.04 68.57 60.24
12/31/2012 63.11 73.86 61.70
1/31/2013 73.88 85.70 70.08
2/28/2013 78.56 88.60 72.38
3/31/2013 85.45 97.08 78.85
4/30/2013 85.30 97.62 82.30
5/31/2013 93.25 102.17 86.56
6/30/2013 92.20 100.12 84.05
7/31/2013 105.23 111.58 93.42
8/31/2013 97.58 102.70 87.82
9/30/2013 106.79 112.99 93.71
10/31/2013 114.49 121.75 102.61
11/30/2013 118.32 126.38 108.79
12/31/2013 124.71 131.80 114.07
1/31/2014 118.38 125.62 106.67
2/28/2014 128.26 136.73 116.13
3/31/2014 132.26 139.97 117.94
4/30/2014 129.37 137.21 119.55
5/31/2014 133.53 139.66 124.71
6/30/2014 141.30 150.04 129.35
7/31/2014 133.02 138.00 126.19
8/31/2014 142.27 148.53 135.23
9/30/2014 130.50 134.03 131.94
10/31/2014 137.88 144.44 137.60
11/30/2014 143.74 144.73 143.99
12/31/2014 148.45 148.27 143.38
1/31/2015 140.04 141.99 136.07
2/28/2015 156.25 153.18 149.64
3/31/2015 155.50 155.76 145.69
4/30/2015 153.72 152.11 148.05
5/31/2015 157.29 155.20 151.24
6/30/2015 152.69 152.52 146.37
7/31/2015 149.42 152.17 151.53
8/31/2015 135.62 140.25 136.36
9/30/2015 124.24 132.23 130.51
10/31/2015 137.59 146.40 149.95
11/30/2015 141.68 147.12 150.70
12/31/2015 131.02 139.47 146.74
1/31/2016 113.86 126.24 134.50
2/29/2016 115.29 127.82 134.18
3/31/2016 136.07 148.85 150.07
4/30/2016 139.91 154.20 151.04
5/31/2016 145.70 158.36 155.55
6/30/2016 143.66 160.72 156.21
7/31/2016 153.62 171.76 165.66
8/31/2016 159.78 171.19 166.03
9/30/2016 161.15 172.32 166.08
10/31/2016 153.33 165.72 161.23
11/30/2016 171.69 182.34 170.90
12/31/2016 177.85 187.36 176.25
1/31/2017 183.21 192.19 181.49
2/28/2017 191.91 200.36 192.67
3/31/2017 188.06 198.17 193.01
4/30/2017 188.01 198.73 196.02
5/31/2017 185.85 197.80 200.19
6/30/2017 187.48 202.24 202.06
7/31/2017 192.59 206.24 208.27
8/31/2017 188.82 200.52 209.22
9/30/2017 198.58 208.72 215.59
10/31/2017 204.52 211.20 222.96
11/30/2017 211.59 221.73 232.86
12/31/2017 214.77 225.70 236.56
1/31/2018 222.78 233.19 255.83
2/28/2018 205.12 216.77 242.72
3/31/2018 205.56 217.55 234.01
4/30/2018 206.76 219.13 235.29
5/31/2018 209.94 222.59 243.37
6/30/2018 208.83 225.19 245.48
7/31/2018 215.42 234.03 258.34
8/31/2018 222.66 238.58 270.01
9/30/2018 221.03 235.91 272.12
10/31/2018 189.29 211.71 246.68

The performance data quoted represents past performance, which does not guarantee future results.  The investment return and principal value of an investments in the Fund will fluctuate so that an investor's shares, when redeemed, may be worth more or less than the originals cost.  Current performance and expense ratios may be lower or higher than the data quoted.  Fund returns include changes in share price and reinvested distributions.  Class R shares are not subject to a sales charge.  Returns do not consider capital gains or income taxes on an individual's investment.
 

$ per share as of 11/21/2018

Date 2013 2014 2015 2016 2017
Short Term
Long Term 3.4605
Total Amount of Distribution 3.4605
Record Date 12/5/17
Ex Div Date 12/6/17
Pay Date 12/6/17

There is no guarantee of the payment of any dividend or other distributions at any level.

Portfolio

Top Issuers

(37.7% of assets as of 10/31/2018)


Portfolio Holdings Breakdown

Country
Developed Markets
Equity Sector
Industry
Asset Allocation
Market Cap 5
Country Mid Cap Value Fund Russell Midcap® Value Index Overweight / Underweight
United States 93.3% 99.7% -6.4%
Netherlands 2.2% - -
Israel 0.3% - -
Developed Markets Mid Cap Value Fund Russell Midcap® Value Index Overweight / Underweight
Americas 93.3% 99.7% -6.4%
Europe 2.2% - -
Middle East 0.3% - -
Equity Sector Mid Cap Value Fund Russell Midcap® Value Index Overweight / Underweight
Financials 19.3% 17.7% 1.5%
Health Care 11.4% 6.7% 4.7%
Industrials 10.7% 12.0% -1.3%
Real Estate 9.0% 13.3% -4.3%
Energy 8.9% 6.9% 2.0%
Consumer Discretionary 8.9% 8.8% 0.1%
Information Technology 7.7% 8.9% -1.2%
Utilities 6.4% 11.1% -4.7%
Consumer Staples 6.0% 5.2% 0.8%
Materials 5.8% 6.0% -0.3%
Communication Services 1.8% 3.4% -1.6%
Industry Mid Cap Value Fund Russell Midcap® Value Index Overweight / Underweight
Banks 9.1% 7.0% 2.2%
Equity Real Estate Investment Trusts (REITs) 9.0% 12.9% -3.9%
Oil Gas & Consumable Fuels 7.6% 6.0% 1.6%
Insurance 5.3% 5.9% -0.6%
Machinery 5.3% 3.8% 1.6%
Electric Utilities 4.9% 4.7% 0.3%
Health Care Providers & Services 4.3% 2.0% 2.3%
Food Products 3.1% 3.7% -0.6%
Pharmaceuticals 3.0% 0.7% 2.3%
Specialty Retail 2.6% 1.6% 0.9%
Health Care Equipment & Supplies 2.6% 1.9% 0.8%
Capital Markets 2.4% 2.1% 0.3%
Beverages 2.2% 0.3% 1.9%
Road & Rail 2.1% 0.6% 1.5%
Leisure Products 2.0% 0.2% 1.7%
IT Services 2.0% 2.7% -0.7%
Containers & Packaging 2.0% 1.7% 0.3%
Auto Components 1.9% 0.7% 1.2%
Diversified Financial Services 1.9% 0.4% 1.5%
Metals & Mining 1.9% 1.9% 0.0%
Asset Allocation Mid Cap Value Fund Russell Midcap® Value Index Overweight / Underweight
Equity 95.8% 100.0% -4.2%
Market Cap Mid Cap Value Fund Russell Midcap® Value Index Overweight / Underweight
Mid 63.9% 65.5% -1.6%
Large 26.0% 30.1% -4.1%
Small 5.9% 4.4% 1.5%
Analytics
(As of 10/31/2018)

Morningstar 10/31/2018 (based on risk adjusted performance)
Overall Rating
Number of Funds
363
Category
Mid-Cap Value
Performance Statistics
3Y
5Y
Alpha
-2.40
-1.44
Beta
1.15
1.07
Information Ratio
-0.47
-0.33
R-Squared
93.68
92.11
Sharpe Ratio
0.49
0.48
Standard Deviation
12.34
12.12
Upside Capture
101.23
102.50
Downside Capture
118.43
113.43
Sortino Ratio
0.71
0.71
Win Ratio
44.00
43.00
Loss Ratio
56.00
57.00
Tracking Error
3.47
3.50
Portfolio Characteristics
Fund
Fund Index
Average Market Cap (weighted)
$14.11 B
$13.89 B
Median Market Cap (weighted)
$11.02 B
$12.86 B
P/E Ratio (LTM)
17.65
17.11
P/E Ratio (NTM)
13.56
14.39
Price/Book
2.07
1.91
Debt to Capital Ratio
45.05
45.73
Turnover Ratio
63%
-
Active Share
82.82%
-
Dividends
  • D
Est. Frequency
Quarterly
Last Pay Date
9/18/2018
Per Share ($)
$0.0597
12-Month Distribution ($)
$0.1086
Distribution Sources
  • D
Net Income
100.00%
Net Profit from Sale
0.00%
Other Capital Sources
0.00%
Tools
Morningstar logo 95x28 trans
Documents
  1. 1. Foreign investments may be volatile and involve additional expenses and special risks, including currency fluctuations, foreign taxes, regulatory and geopolitical risks. Value investing involves the risk that undervalued securities may not appreciate as anticipated. Small and mid-sized company stock is typically more volatile than that of larger company stock. It may take a substantial period of time to realize a gain on an investment in a small-sized or mid-sized company, if any gain is realized at all. Diversification does not guarantee profit or protect against loss.
  2. 2. The net expense ratio (where applicable) also takes into account contractual fee waivers and/or expense reimbursements without which performance would have been less.  These undertakings may not be amended or withdrawn for one year from the date of the current prospectus, unless approved by the Board.
  3. 3. The index returns are made up of the returns of (i) the Russell 2500™ Value Index from January, 3, 1989 through June 30, 2015, and (ii) The Russell Midcap® Value Index from July 1, 2015 to present.  Index performance includes total returns from when first available.  The Russell Midcap® Value Index measures the performance of the mid-cap value segment of the U.S. equity universe. It includes those Russell Midcap Index companies with lower price-to-book ratios and lower forecasted growth values.  The Russell 2500™ Value Index measures the performance of the small to mid-cap value segment of the U.S. equity universe. It includes those Russell 2500 Index companies with lower price-to-book ratios and lower forecasted growth values. The indices are unmanaged, are shown for illustrative purposes only, and cannot be purchased directly by investors.  Index performance is shown for illustrative purposes only and does not predict or depict performance of the Fund. Past performance does not guarantee future results.
  4. 4. Holdings are subject to change, and are dollar weighted based on total new assets. Negative weightings may result from the use of leverage. Leverage involves the use of various financial instruments or borrowed capital in an attempt to increase investment return. Leverage risks include potential for higher volatility, greater decline of the Fund’s net asset value and fluctuations of dividends and distributions paid by the Fund.
  5. 5. Holdings are subject to change, are dollar-weighted based on assets, and may not reflect the use of leverage in the Fund. Market Cap breakdown is calculated using Morningstar's methodology and those capitalization standards may not align with those in the Fund's prospectus.
  6. 6. Class I shares are only offered to eligible institutional investors that make a minimum initial investment of $1 million or more and to retirement plan service provider platforms. The minimum account balance for class I shares is $2.5 million.  Class I shares are sold at net asset value without a sales charge.  Please see Fund prospectuses for additional information.
  7. A. Daily net asset value and dollar change of the fund is as of the previous business day's closing. Fund net asset values are updated at approximately 7:00pm ET daily.
  8. B. The performance data quoted represents past performance, which does not guarantee future results.  The investment return and principal value of an investment in the Fund will fluctuate so that an investor's shares, when redeemed, may be worth more or less than the original cost.  Current performance and expense ratios may be lower or higher than the data quoted.  Fund returns include changes in share price, reinvested distributions, and a 5.75% maximum sales charge where indicated.  Returns do not consider capital gains or income taxes on an individual's investment.
  9. C. "Year to Date" returns are cumulative, not annualized, and do not reflect sales charges (if sales charges are applicable to the Fund).  These returns would be lower if sales charges were taken into consideration.  Short-term returns may not be indicative of longer-term performance, which should also be considered when making investment decisions.
  10. D. There is no guarantee of the payment of any dividend or other distributions at any level.
  11. E. The performance data quoted represents past performance, which does not guarantee future results.  The investment return and principal value of an investment in the Fund will fluctuate so that an investor's shares, when redeemed, may be worth more or less than the original cost.  Current performance and expense ratios may be lower or higher than the data quoted.  Fund returns include changes in share price and reinvested distributions and a 1% contingent deferred sales charge for the first year where indicated.  Class C shares are subject to a 0.75% annual asset-backed sales charge.  Returns do not consider capital gains or income taxes on an individual's investment.
  12. F. The performance data quoted represents past performance, which does not guarantee future results.  The investments return and principal value of an investment in the Fund will fluctuate so that an investor's shares, when redeemed, may be worth more or less than the original cost.  Current performance and expense ratios may be lower or higher than the data quoted.  Fund returns include changes in share price and reinvested distributions.  Class I shares are not subject to a sales charge.  Returns do not consider capital gains or income taxes on an individual's investment.
  13. G. The performance data quoted represents past performance, which does not guarantee future results.  The investment return and principal value of an investments in the Fund will fluctuate so that an investor's shares, when redeemed, may be worth more or less than the originals cost.  Current performance and expense ratios may be lower or higher than the data quoted.  Fund returns include changes in share price and reinvested distributions.  Class R shares are not subject to a sales charge.  Returns do not consider capital gains or income taxes on an individual's investment.
     
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