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Mid Cap Value Fund
  • A
  • 1

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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
  • B
(as of 02/15/2019)
$46.52
Total Assets
(as of 01/31/2019)
$1.08 BN
Gross Expense Ratio
(as of 01/31/2019)
1.40%
Net Expense Ratio
(as of 01/31/2019)
1.40%
Performance
Average Annual Total Returns
Cumulative Returns
Calendar Year Returns
Capital Gains Distributions
as of 01/31/2019
  • H
as of 12/31/2018
  • H

Include Sales Charge
Include Sales Charge
Include Sales Charge
Include Sales Charge
  • H
Cumulative
Annualized
ytd as of 2018-12-31
  • D
1 yr 3 yr 5 yr 10 yr since inception
Mid Cap Value Fund (NAV)
-18.26% -18.26% 3.49% 2.54% 10.53% 7.38%
Russell Midcap® Value Index
-12.29% -12.29% 6.06% 4.27% 11.67% -
Cumulative
Annualized
ytd as of 2018-12-31
  • D
1 yr 3 yr 5 yr 10 yr since inception
Mid Cap Value Fund (with sales charge)
-18.26% -18.26% 3.49% 2.54% 10.53% 7.38%
Russell Midcap® Value Index
-12.29% -12.29% 6.06% 4.27% 11.67% -
Cumulative
Annualized
ytd as of 2019-01-31
  • D
1 yr 3 yr 5 yr 10 yr since inception
Mid Cap Value Fund (NAV)
10.02% -12.26% 9.62% 5.12% 11.89% 7.92%
Russell Midcap® Value Index
10.29% -5.43% 11.67% 6.91% 14.18% -
Cumulative
Annualized
ytd as of 2019-01-31
  • D
1 yr 3 yr 5 yr 10 yr since inception
Mid Cap Value Fund (with sales charge)
10.02% -12.26% 9.62% 5.12% 11.89% 7.92%
Russell Midcap® Value Index
10.29% -5.43% 11.67% 6.91% 14.18% -
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%
2018 -18.26% -12.29%

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
1/31/2009 0.00 0.00 0.00
2/28/2009 -9.22 -12.87 -10.65
3/31/2009 -0.34 -5.26 -2.82
4/30/2009 14.87 9.85 6.48
5/31/2009 19.96 12.59 12.44
6/30/2009 22.69 12.51 12.66
7/31/2009 31.81 23.98 21.18
8/31/2009 37.40 31.36 25.56
9/30/2009 43.32 38.12 30.24
10/31/2009 36.11 29.78 27.82
11/30/2009 41.70 35.38 35.49
12/31/2009 48.57 44.55 38.10
1/31/2010 43.82 40.69 33.14
2/28/2010 49.25 47.54 37.26
3/31/2010 58.24 58.37 45.54
4/30/2010 62.77 67.58 47.84
5/31/2010 49.08 54.17 36.04
6/30/2010 39.85 42.28 28.92
7/31/2010 50.08 52.75 37.95
8/31/2010 42.48 44.26 31.72
9/30/2010 57.80 58.48 43.48
10/31/2010 64.56 64.67 48.93
11/30/2010 66.52 67.53 48.95
12/31/2010 79.09 80.42 58.91
1/31/2011 82.22 83.18 62.67
2/28/2011 87.65 91.13 68.25
3/31/2011 90.16 94.27 68.31
4/30/2011 97.48 98.80 73.30
5/31/2011 96.31 96.48 71.34
6/30/2011 91.28 91.42 68.48
7/31/2011 84.46 84.27 65.06
8/31/2011 68.59 69.19 56.09
9/30/2011 49.58 51.03 45.12
10/31/2011 67.97 72.06 60.98
11/30/2011 67.19 71.67 60.62
12/31/2011 65.62 74.36 62.26
1/31/2012 72.44 84.27 69.54
2/29/2012 78.26 89.61 76.87
3/31/2012 80.10 94.45 82.69
4/30/2012 76.52 93.26 81.54
5/31/2012 62.72 81.31 70.63
6/30/2012 64.28 88.56 77.66
7/31/2012 63.67 87.75 80.13
8/31/2012 68.59 94.09 84.18
9/30/2012 72.89 99.59 88.94
10/31/2012 75.13 98.82 85.46
11/30/2012 77.92 101.54 86.53
12/31/2012 81.33 107.86 88.23
1/31/2013 93.30 122.02 97.98
2/28/2013 98.50 125.48 100.67
3/31/2013 106.17 135.62 108.19
4/30/2013 106.00 136.26 112.21
5/31/2013 114.84 141.71 117.17
6/30/2013 113.67 139.26 114.25
7/31/2013 128.16 152.96 125.16
8/31/2013 119.65 142.34 118.63
9/30/2013 129.89 154.64 125.49
10/31/2013 138.45 165.12 135.86
11/30/2013 142.70 170.65 143.04
12/31/2013 149.81 177.13 149.20
1/31/2014 142.77 169.75 140.58
2/28/2014 153.75 183.03 151.59
3/31/2014 158.21 186.89 153.70
4/30/2014 154.99 183.59 155.58
5/31/2014 159.62 186.52 161.58
6/30/2014 168.26 198.93 166.98
7/31/2014 159.05 184.54 163.30
8/31/2014 169.33 197.13 173.83
9/30/2014 156.25 179.80 169.99
10/31/2014 164.46 192.24 176.58
11/30/2014 170.97 192.59 184.02
12/31/2014 176.20 196.83 183.31
1/31/2015 166.85 189.31 174.80
2/28/2015 184.88 202.69 190.60
3/31/2015 184.05 205.78 186.00
4/30/2015 182.06 201.41 188.74
5/31/2015 186.03 205.10 192.46
6/30/2015 180.91 201.90 186.80
7/31/2015 177.28 201.49 192.80
8/31/2015 161.94 187.23 175.14
9/30/2015 149.28 177.64 168.33
10/31/2015 164.13 194.59 190.97
11/30/2015 168.68 195.45 191.83
12/31/2015 156.82 186.30 187.23
1/31/2016 137.75 170.48 172.97
2/29/2016 139.34 172.38 172.61
3/31/2016 162.44 197.52 191.10
4/30/2016 166.71 203.91 192.23
5/31/2016 173.15 208.89 197.48
6/30/2016 170.88 211.70 198.25
7/31/2016 181.96 224.91 209.24
8/31/2016 188.80 224.22 209.68
9/30/2016 190.32 225.57 209.74
10/31/2016 181.63 217.68 204.09
11/30/2016 202.03 237.56 215.35
12/31/2016 208.89 243.55 221.58
1/31/2017 214.85 249.34 227.68
2/28/2017 224.52 259.09 240.69
3/31/2017 220.24 256.48 241.09
4/30/2017 220.18 257.15 244.59
5/31/2017 217.78 256.04 249.44
6/30/2017 219.60 261.34 251.62
7/31/2017 225.27 266.13 258.85
8/31/2017 221.09 259.29 259.95
9/30/2017 231.93 269.09 267.38
10/31/2017 238.53 272.06 275.95
11/30/2017 246.39 284.65 287.48
12/31/2017 249.93 289.40 291.79
1/31/2018 258.83 298.34 314.22
2/28/2018 239.20 278.72 298.95
3/31/2018 239.69 279.65 288.81
4/30/2018 241.03 281.54 290.30
5/31/2018 244.57 285.68 299.70
6/30/2018 243.32 288.79 302.16
7/31/2018 250.65 299.36 317.13
8/31/2018 258.71 304.80 330.72
9/30/2018 256.89 301.60 333.17
10/31/2018 221.61 272.67 303.57
11/30/2018 224.91 281.60 311.79
12/31/2018 186.81 241.54 274.61
1/31/2019 215.66 276.70 304.63

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 02/15/2019

Date 2014 2015 2016 2017 2018
Short Term 0.2501
Long Term 3.4605 4.2722
Total Amount of Distribution 3.4605 4.5222
Record Date 12/5/17 12/4/18
Ex Div Date 12/6/17 12/6/18
Pay Date 12/6/17 12/6/18

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

Portfolio

Top Issuers

(40.1% of assets as of 01/31/2019)


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 93.1% 99.7% -6.6%
Netherlands 2.4% - -
Israel 0.3% - -
Developed Markets Mid Cap Value Fund Russell Midcap® Value Index Overweight / Underweight
Americas 93.1% 99.7% -6.6%
Europe 2.4% - -
Middle East 0.3% - -
Equity Sector Mid Cap Value Fund Russell Midcap® Value Index Overweight / Underweight
Financials 18.9% 17.7% 1.2%
Health Care 11.5% 6.8% 4.7%
Consumer Discretionary 10.9% 8.9% 2.0%
Real Estate 10.4% 14.5% -4.0%
Industrials 10.1% 12.0% -1.9%
Information Technology 9.2% 8.5% 0.7%
Energy 7.4% 6.2% 1.2%
Materials 5.4% 6.2% -0.8%
Utilities 5.3% 11.1% -5.8%
Consumer Staples 4.9% 5.0% -0.1%
Communication Services 1.8% 3.3% -1.5%
Industry Mid Cap Value Fund Russell Midcap® Value Index Overweight / Underweight
Equity Real Estate Investment Trusts (REITs) 10.4% 14.0% -3.6%
Banks 8.7% 6.7% 2.0%
Oil Gas & Consumable Fuels 6.8% 5.5% 1.4%
Insurance 6.0% 6.1% 0.0%
Health Care Providers & Services 5.6% 1.9% 3.7%
Machinery 5.2% 4.0% 1.2%
Electric Utilities 4.4% 4.4% 0.0%
Auto Components 3.3% 0.7% 2.5%
Specialty Retail 2.5% 1.5% 1.0%
Health Care Equipment & Supplies 2.4% 2.0% 0.3%
Beverages 2.4% 0.3% 2.1%
IT Services 2.4% 2.5% -0.1%
Road & Rail 2.3% 0.6% 1.7%
Diversified Financial Services 2.1% 0.4% 1.7%
Software 2.1% 1.0% 1.1%
Pharmaceuticals 2.0% 0.7% 1.3%
Leisure Products 2.0% 0.2% 1.8%
Containers & Packaging 1.9% 1.8% 0.0%
Chemicals 1.9% 2.3% -0.4%
Household Durables 1.7% 1.4% 0.3%
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 59.0% 61.3% -2.4%
Large 34.0% 36.1% -2.1%
Small 2.8% 2.6% 0.2%
Analytics
(As of 01/31/2019)

Morningstar 01/31/2019 (based on risk adjusted performance)
Overall Rating
Number of Funds
363
Category
Mid-Cap Value
Performance Statistics
3Y
5Y
Alpha
-2.58
-1.96
Beta
1.09
1.06
Information Ratio
-0.63
-0.50
R-Squared
95.40
93.71
Sharpe Ratio
0.63
0.38
Standard Deviation
14.24
13.86
Upside Capture
96.18
100.43
Downside Capture
110.40
113.51
Sortino Ratio
0.92
0.54
Win Ratio
42.00
42.00
Loss Ratio
58.00
58.00
Tracking Error
3.26
3.58
Portfolio Characteristics
Fund
Fund Index
Average Market Cap (weighted)
$14.29 B
$14.06 B
Median Market Cap (weighted)
$10.67 B
$12.74 B
P/E Ratio (LTM)
16.39
16.91
P/E Ratio (NTM)
13.79
14.65
Price/Book
2.04
1.93
Debt to Capital Ratio
43.92
46.20
Turnover Ratio
71%
-
Active Share
82.12%
-
Dividends
  • E
Est. Frequency
Quarterly
Last Pay Date
12/6/2018
Per Share ($)
$0.0251
12-Month Distribution ($)
$0.1178
Distribution Sources
  • E
Net Income
0.80%
Net Profit from Sale
74.50%
Other Capital Sources
24.70%
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. The Morningstar Rating&trade; for funds, or "star rating", is calculated for managed products (including mutual funds, variable annuity and variable life subaccounts, exchange-traded funds, closed-end funds, and separate accounts) with at least a three-year history. Exchange-traded funds and open-ended mutual funds are considered a single population for comparative purposes. It is calculated based on a Morningstar Risk-Adjusted Return measure that accounts for variation in a managed product's monthly excess performance, placing more emphasis on downward variations and rewarding consistent performance. The top 10% of products in each product category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars, and the bottom 10% receive 1 star. <b>The Overall Morningstar Rating for a managed product is derived from a weighted average of the performance figures associated with its three-, five-, and 10-year (if applicable) Morningstar Rating metrics.</b> The weights are: 100% three-year rating for 36-59 months of total returns, 60% five-year rating/40% three-year rating for 60-119 months of total returns, and 50% 10-year rating/30% five-year rating/20% three-year rating for 120 or more months of total returns. While the 10-year overall star rating formula seems to give the most weight to the 10-year period, the most recent three-year period actually has the greatest impact because it is included in all three rating periods. Ratings do not consider sales charges and are subject to change monthly. <strong>Past performance is no guarantee of future results</strong></p>
  8. B. 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.
  9. C. 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.
  10. D. "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.
  11. E. There is no guarantee of the payment of any dividend or other distributions at any level.
  12. F. 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.
  13. G. 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.
  14. H. 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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