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QSCIX

Mid Cap Value Fund

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Overview

The Strategy typically invests in mid-sized value stocks.

Inception Date
February 28, 2012
Investment Style
Mid Cap Value
Fund Index
Russell Midcap® Value Index
CUSIP
68380E767
NAV
  • B
(as of 01/23/2019)
$46.89
Total Assets
(as of 12/31/2018)
$991.65 MM
Gross Expense Ratio
(as of 12/31/2018)
0.75%
Net Expense Ratio
(as of 12/31/2018)
0.75%
Performance
Average Annual Total Returns
Cumulative Returns
Calendar Year Returns
Capital Gains Distributions
as of 12/31/2018
  • C
as of 12/31/2018
  • C

Sales charges are not applicable to Y & I Share Classes.
Cumulative
Annualized
3 mo ytd as of 2018-12-31
  • D
1 yr 3 yr 5 yr since inception
Mid Cap Value Fund (NAV)
-19.55% -17.72% -17.72% 4.19% 3.23% 7.41%
Russell Midcap® Value Index
-14.95% -12.29% -12.29% 6.06% 4.27% -
Cumulative
Annualized
3 mo ytd as of 2018-12-31
  • D
1 yr 3 yr 5 yr since inception
Mid Cap Value Fund (NAV)
-19.55% -17.72% -17.72% 4.19% 3.23% 7.41%
Russell Midcap® Value Index
-14.95% -12.29% -12.29% 6.06% 4.27% -
Gross Expense Ratio: 0.75% | Net Expense Ratio: 0.75%

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.


Year Mid Cap Value Fund Russell Midcap® Value Index
2013 38.48% 33.32%
2014 11.02% 7.11%
2015 -6.64% -3.55%
2016 20.81% 20.00%
2017 13.77% 13.34%
2018 -17.72% -12.29%

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.


Date Mid Cap Value Fund Russell Midcap® Value Index (Linked Index) S&P 500
12/31/2013 0.00 0.00 0.00
1/31/2014 -2.80 -2.67 -3.46
2/28/2014 1.62 2.13 0.96
3/31/2014 3.44 3.52 1.81
4/30/2014 2.20 2.33 2.56
5/31/2014 4.09 3.39 4.97
6/30/2014 7.58 7.87 7.14
7/31/2014 3.92 2.67 5.66
8/31/2014 8.09 7.22 9.89
9/30/2014 2.86 0.96 8.34
10/31/2014 6.21 5.45 10.99
11/30/2014 8.85 5.58 13.98
12/31/2014 11.02 7.11 13.69
1/31/2015 7.29 4.40 10.28
2/28/2015 14.58 9.22 16.61
3/31/2015 14.27 10.34 14.77
4/30/2015 13.50 8.76 15.87
5/31/2015 15.17 10.09 17.36
6/30/2015 13.15 8.94 15.09
7/31/2015 11.71 8.79 17.50
8/31/2015 5.58 3.64 10.41
9/30/2015 0.52 0.18 7.68
10/31/2015 6.54 6.30 16.76
11/30/2015 8.42 6.61 17.11
12/31/2015 3.66 3.31 15.26
1/31/2016 -3.99 -2.40 9.54
2/29/2016 -3.31 -1.72 9.39
3/31/2016 6.05 7.36 16.82
4/30/2016 7.82 9.66 17.27
5/31/2016 10.45 11.46 19.37
6/30/2016 9.57 12.47 19.68
7/31/2016 14.09 17.24 24.10
8/31/2016 16.91 16.99 24.27
9/30/2016 17.57 17.48 24.29
10/31/2016 14.11 14.63 22.03
11/30/2016 22.40 21.80 26.55
12/31/2016 25.23 23.97 29.05
1/31/2017 27.69 26.05 31.49
2/28/2017 31.67 29.58 36.72
3/31/2017 29.97 28.63 36.88
4/30/2017 29.97 28.87 38.28
5/31/2017 29.08 28.47 40.23
6/30/2017 29.85 30.39 41.10
7/31/2017 32.19 32.12 44.00
8/31/2017 30.54 29.65 44.44
9/30/2017 34.99 33.18 47.42
10/31/2017 37.72 34.25 50.86
11/30/2017 40.98 38.80 55.49
12/31/2017 42.48 40.51 57.22
1/31/2018 46.14 43.74 66.22
2/28/2018 38.21 36.66 60.10
3/31/2018 38.46 36.99 56.03
4/30/2018 39.04 37.67 56.63
5/31/2018 40.51 39.17 60.40
6/30/2018 40.06 40.29 61.38
7/31/2018 43.09 44.10 67.39
8/31/2018 46.44 46.07 72.84
9/30/2018 45.74 44.91 73.83
10/31/2018 31.38 34.47 61.95
11/30/2018 32.78 37.70 65.25
12/31/2018 17.24 23.24 50.33

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.

$ per share as of 01/23/2019

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

(39.5% of assets as of 12/31/2018)


Portfolio Holdings Breakdown

Country
Developed Markets
Equity Sector
Industry
Asset Allocation
Market Cap 6
Country Mid Cap Value Fund Russell Midcap® Value Index Overweight / Underweight
United States 94.8% 99.7% -4.9%
Netherlands 2.5% - -
Israel 0.3% - -
Developed Markets Mid Cap Value Fund Russell Midcap® Value Index Overweight / Underweight
Americas 94.8% 99.7% -4.9%
Europe 2.5% - -
Middle East 0.3% - -
Equity Sector Mid Cap Value Fund Russell Midcap® Value Index Overweight / Underweight
Financials 19.8% 17.5% 2.2%
Health Care 12.1% 6.8% 5.3%
Industrials 10.3% 11.9% -1.6%
Real Estate 10.0% 14.2% -4.3%
Consumer Discretionary 9.8% 8.8% 1.0%
Information Technology 8.9% 8.4% 0.5%
Utilities 7.0% 12.0% -5.0%
Energy 6.6% 5.7% 0.8%
Materials 5.8% 6.2% -0.4%
Consumer Staples 5.7% 5.2% 0.6%
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) 10.0% 13.8% -3.8%
Banks 8.7% 6.5% 2.2%
Insurance 6.2% 6.3% 0.0%
Oil Gas & Consumable Fuels 6.1% 5.1% 1.0%
Machinery 5.5% 4.0% 1.5%
Health Care Providers & Services 5.5% 1.9% 3.6%
Electric Utilities 5.4% 4.8% 0.7%
Auto Components 3.0% 0.7% 2.3%
Health Care Equipment & Supplies 2.5% 2.1% 0.4%
Specialty Retail 2.5% 1.6% 0.9%
Beverages 2.5% 0.3% 2.2%
Pharmaceuticals 2.5% 0.6% 1.9%
Food Products 2.4% 3.6% -1.2%
IT Services 2.4% 2.6% -0.2%
Capital Markets 2.3% 2.1% 0.3%
Road & Rail 2.2% 0.6% 1.7%
Software 2.1% 1.0% 1.1%
Diversified Financial Services 2.0% 0.4% 1.6%
Leisure Products 2.0% 0.2% 1.8%
Containers & Packaging 1.9% 1.8% 0.1%
Asset Allocation Mid Cap Value Fund Russell Midcap® Value Index Overweight / Underweight
Equity 97.6% 100.0% -2.4%
Market Cap Mid Cap Value Fund Russell Midcap® Value Index Overweight / Underweight
Mid 64.3% 66.4% -2.1%
Large 27.6% 28.1% -0.5%
Small 5.7% 5.5% 0.2%
Analytics
(As of 12/31/2018)

Morningstar 12/31/2018 (based on risk adjusted performance)
Overall Rating
Number of Funds
363
Category
Mid-Cap Value
Performance Statistics
3Y
5Y
Alpha
-2.22
-1.15
Beta
1.12
1.08
Information Ratio
-0.55
-0.29
R-Squared
95.24
93.26
Sharpe Ratio
0.28
0.26
Standard Deviation
13.96
13.25
Upside Capture
98.71
103.36
Downside Capture
112.77
111.59
Sortino Ratio
0.37
0.35
Win Ratio
44.00
43.00
Loss Ratio
56.00
57.00
Tracking Error
3.41
3.57
Portfolio Characteristics
Fund
Fund Index
Average Market Cap (weighted)
$13.13 B
$12.84 B
Median Market Cap (weighted)
$10.66 B
$11.53 B
P/E Ratio (LTM)
15.40
15.37
P/E Ratio (NTM)
12.26
13.16
Price/Book
1.83
1.74
Debt to Capital Ratio
43.89
45.89
Turnover Ratio
71%
-
Active Share
82.20%
-
Dividends
  • E
Est. Frequency
Quarterly
Last Pay Date
12/6/2018
Per Share ($)
$0.1241
12-Month Distribution ($)
$0.4452
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. 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.
  3. 3. 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.
  4. 4. 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.
  5. 5. 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.
  6. 6. 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.
  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 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.
  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.
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