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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 01/22/2019)
$43.84
Total Assets
(as of 12/31/2018)
$991.65 MM
Gross Expense Ratio
(as of 12/31/2018)
1.40%
Net Expense Ratio
(as of 12/31/2018)
1.40%
Performance
Average Annual Total Returns
Cumulative Returns
Calendar Year Returns
Capital Gains Distributions
as of 12/31/2018
  • 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 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% -
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
12/31/2008 0.00 0.00 0.00
1/31/2009 -2.67 -11.67 -8.43
2/28/2009 -11.64 -23.04 -18.18
3/31/2009 -2.99 -16.32 -11.01
4/30/2009 11.81 -2.97 -2.49
5/31/2009 16.76 -0.55 2.96
6/30/2009 19.42 -0.62 3.16
7/31/2009 28.29 9.51 10.97
8/31/2009 33.73 16.03 14.97
9/30/2009 39.50 22.00 19.26
10/31/2009 32.48 14.63 17.05
11/30/2009 37.92 19.58 24.07
12/31/2009 44.61 27.68 26.46
1/31/2010 39.99 24.27 21.92
2/28/2010 45.27 30.32 25.69
3/31/2010 54.03 39.89 33.28
4/30/2010 58.43 48.02 35.38
5/31/2010 45.10 36.17 24.57
6/30/2010 36.13 25.67 18.05
7/31/2010 46.08 34.92 26.32
8/31/2010 38.68 27.42 20.62
9/30/2010 53.59 39.99 31.38
10/31/2010 60.17 45.45 36.38
11/30/2010 62.08 47.97 36.40
12/31/2010 74.32 59.36 45.51
1/31/2011 77.37 61.80 48.96
2/28/2011 82.64 68.83 54.07
3/31/2011 85.09 71.60 54.13
4/30/2011 92.22 75.60 58.69
5/31/2011 91.08 73.55 56.90
6/30/2011 86.18 69.08 54.28
7/31/2011 79.54 62.76 51.14
8/31/2011 64.09 49.44 42.93
9/30/2011 45.59 33.40 32.89
10/31/2011 63.49 51.98 47.41
11/30/2011 62.73 51.64 47.08
12/31/2011 61.21 54.01 48.59
1/31/2012 67.85 62.77 55.25
2/29/2012 73.50 67.48 61.96
3/31/2012 75.30 71.75 67.29
4/30/2012 71.82 70.71 66.24
5/31/2012 58.38 60.15 56.25
6/30/2012 59.90 66.56 62.69
7/31/2012 59.30 65.84 64.95
8/31/2012 64.09 71.44 68.66
9/30/2012 68.28 76.29 73.02
10/31/2012 70.46 75.61 69.82
11/30/2012 73.18 78.02 70.81
12/31/2012 76.49 83.60 72.37
1/31/2013 88.15 96.11 81.29
2/28/2013 93.21 99.17 83.76
3/31/2013 100.67 108.12 90.65
4/30/2013 100.51 108.69 94.32
5/31/2013 109.11 113.50 98.87
6/30/2013 107.97 111.33 96.19
7/31/2013 122.07 123.43 106.18
8/31/2013 113.80 114.06 100.21
9/30/2013 123.76 124.92 106.49
10/31/2013 132.09 134.17 115.98
11/30/2013 136.23 139.06 122.56
12/31/2013 143.15 144.79 128.19
1/31/2014 136.30 138.26 120.30
2/28/2014 146.99 149.99 130.38
3/31/2014 151.32 153.41 132.32
4/30/2014 148.19 150.50 134.03
5/31/2014 152.69 153.08 139.53
6/30/2014 161.11 164.04 144.48
7/31/2014 152.14 151.33 141.10
8/31/2014 162.15 162.45 150.75
9/30/2014 149.42 147.14 147.23
10/31/2014 157.41 158.13 153.27
11/30/2014 163.74 158.44 160.08
12/31/2014 168.84 162.18 159.43
1/31/2015 159.74 155.55 151.64
2/28/2015 177.28 167.36 166.10
3/31/2015 176.47 170.09 161.89
4/30/2015 174.54 166.23 164.41
5/31/2015 178.41 169.49 167.81
6/30/2015 173.42 166.67 162.62
7/31/2015 169.88 166.30 168.13
8/31/2015 154.95 153.71 151.95
9/30/2015 142.64 145.24 145.71
10/31/2015 157.09 160.21 166.44
11/30/2015 161.52 160.97 167.23
12/31/2015 149.98 152.89 163.02
1/31/2016 131.41 138.91 149.97
2/29/2016 132.96 140.59 149.63
3/31/2016 155.44 162.80 166.56
4/30/2016 159.60 168.44 167.60
5/31/2016 165.87 172.83 172.40
6/30/2016 163.66 175.32 173.11
7/31/2016 174.44 186.99 183.18
8/31/2016 181.11 186.38 183.58
9/30/2016 182.58 187.57 183.63
10/31/2016 174.12 180.60 178.46
11/30/2016 193.98 198.16 188.77
12/31/2016 200.66 203.46 194.48
1/31/2017 206.45 208.56 200.06
2/28/2017 215.87 217.18 211.98
3/31/2017 211.70 214.87 212.34
4/30/2017 211.65 215.46 215.55
5/31/2017 209.31 214.49 219.99
6/30/2017 211.08 219.17 221.98
7/31/2017 216.60 223.40 228.61
8/31/2017 212.53 217.36 229.61
9/30/2017 223.08 226.01 236.41
10/31/2017 229.51 228.64 244.26
11/30/2017 237.16 239.75 254.82
12/31/2017 240.60 243.95 258.76
1/31/2018 249.27 251.85 279.31
2/28/2018 230.16 234.52 265.33
3/31/2018 230.63 235.34 256.04
4/30/2018 231.94 237.00 257.41
5/31/2018 235.38 240.66 266.01
6/30/2018 234.17 243.41 268.27
7/31/2018 241.30 252.75 281.97
8/31/2018 249.15 257.55 294.42
9/30/2018 247.38 254.73 296.66
10/31/2018 213.04 229.17 269.55
11/30/2018 216.25 237.07 277.08
12/31/2018 179.16 201.68 243.03

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 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 5
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
-2.89
-1.82
Beta
1.12
1.07
Information Ratio
-0.75
-0.48
R-Squared
95.21
93.21
Sharpe Ratio
0.24
0.20
Standard Deviation
13.95
13.24
Upside Capture
95.96
100.76
Downside Capture
114.32
113.23
Sortino Ratio
0.31
0.28
Win Ratio
42.00
42.00
Loss Ratio
58.00
58.00
Tracking Error
3.41
3.58
Portfolio Characteristics
Fund
Fund Index
Average Market Cap (weighted)
$13.13 B
$12.84 B
Median Market Cap (weighted)
$10.66 B
$11.53 B
P/E Ratio (LTM)
15.40
15.37
P/E Ratio (NTM)
12.26
13.16
Price/Book
1.83
1.74
Debt to Capital Ratio
43.89
45.89
Turnover Ratio
71%
-
Active Share
82.20%
-
Dividends
  • E
Est. Frequency
Quarterly
Last Pay Date
12/6/2018
Per Share ($)
$0.0251
12-Month Distribution ($)
$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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