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February 23, 2017
Domestic Equity
Value Fund
The Strategy typically invests primarily in large company value stocks.
- Investment Style
- Large Cap Value
- Fund Inception
- December 16, 1996
- Total Assets (all classes) (as of 5/31/2017)
- $2.13 billion
- Fund Index
- Russell 1000 Value
-
NAV
(as of 6/27/17)
- A
- $36.55
Average Annual Returns as of 5/31/2017
|
Cumulative
|
Annualized | |||||
|---|---|---|---|---|---|---|
ytd as of 6/27/17
|
1 yr | 3 yr | 5 yr | 10 yr | since inception | |
| 5.82% | 18.15% | 7.10% | 11.12% | 5.15% | 6.92% | |
|
Cumulative
|
Annualized | |||||
|---|---|---|---|---|---|---|
ytd as of 6/27/17
|
1 yr | 3 yr | 5 yr | 10 yr | since inception | |
| 5.82% | 15.85% | 6.44% | 13.18% | 4.23% | 6.90% | |
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 Y shares are not subject to a sales charge. Returns do not consider capital gains or income taxes on an individual's investment.
Calendar Year Returns as of 6/27/2017
| Year | Value Fund | Russell 1000 Value |
|---|---|---|
| 1996 | 0.00% | 21.64% |
| 1997 | 24.21% | 35.18% |
| 1998 | 8.91% | 15.63% |
| 1999 | -4.51% | 7.35% |
| 2000 | -1.30% | 7.01% |
| 2001 | 3.46% | -5.59% |
| 2002 | -13.16% | -15.52% |
| 2003 | 33.06% | 30.03% |
| 2004 | 15.78% | 16.49% |
| 2005 | 6.78% | 7.05% |
| 2006 | 16.21% | 22.25% |
| 2007 | 6.71% | -0.17% |
| 2008 | -41.47% | -36.85% |
| 2009 | 34.17% | 19.69% |
| 2010 | 15.15% | 15.51% |
| 2011 | -4.35% | 0.39% |
| 2012 | 13.97% | 17.51% |
| 2013 | 30.70% | 32.53% |
| 2014 | 10.87% | 13.45% |
| 2015 | -3.55% | -3.83% |
| 2016 | 12.67% | 17.34% |
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 Y shares are not subject to a sales charge. Returns do not consider capital gains or income taxes on an individual's investment.
Cumulative Returns & Income Dividends
| Date | Value Fund | Russell 1000® Value Index | MSCI World | S&P 500 |
|---|---|---|---|---|
| 5/31/2007 | 0.00 | 0.00 | 0.00 | 0.00 |
| 6/30/2007 | -1.51 | -2.34 | -0.77 | -1.66 |
| 7/31/2007 | -4.67 | -6.85 | -2.97 | -4.71 |
| 8/31/2007 | -4.26 | -5.81 | -3.04 | -3.28 |
| 9/30/2007 | -0.54 | -2.57 | 1.57 | 0.34 |
| 10/31/2007 | -1.34 | -2.56 | 4.68 | 1.93 |
| 11/30/2007 | -6.41 | -7.33 | 0.40 | -2.33 |
| 12/31/2007 | -7.39 | -8.22 | -0.89 | -3.01 |
| 1/31/2008 | -13.40 | -11.90 | -8.46 | -8.83 |
| 2/29/2008 | -16.52 | -15.59 | -8.99 | -11.79 |
| 3/31/2008 | -17.69 | -16.22 | -9.87 | -12.17 |
| 4/30/2008 | -11.03 | -12.14 | -5.13 | -7.89 |
| 5/31/2008 | -11.14 | -12.28 | -3.68 | -6.70 |
| 6/30/2008 | -17.51 | -20.68 | -11.36 | -14.56 |
| 7/31/2008 | -19.95 | -20.96 | -13.53 | -15.28 |
| 8/31/2008 | -19.00 | -19.62 | -14.75 | -14.06 |
| 9/30/2008 | -26.42 | -25.53 | -24.89 | -21.71 |
| 10/31/2008 | -41.38 | -38.42 | -39.13 | -34.86 |
| 11/30/2008 | -46.73 | -42.83 | -43.07 | -39.54 |
| 12/31/2008 | -46.00 | -42.04 | -41.24 | -38.89 |
| 1/31/2009 | -47.97 | -48.71 | -46.39 | -44.04 |
| 2/28/2009 | -53.28 | -55.56 | -51.88 | -50.00 |
| 3/31/2009 | -49.27 | -51.76 | -48.25 | -45.62 |
| 4/30/2009 | -44.07 | -46.59 | -42.44 | -40.42 |
| 5/31/2009 | -39.62 | -43.28 | -37.23 | -37.08 |
| 6/30/2009 | -39.40 | -43.70 | -37.51 | -36.96 |
| 7/31/2009 | -35.68 | -39.10 | -32.22 | -32.19 |
| 8/31/2009 | -32.05 | -35.91 | -29.42 | -29.74 |
| 9/30/2009 | -29.52 | -33.43 | -26.61 | -27.12 |
| 10/31/2009 | -31.12 | -35.47 | -27.91 | -28.48 |
| 11/30/2009 | -28.52 | -31.83 | -24.97 | -24.19 |
| 12/31/2009 | -27.83 | -30.63 | -23.62 | -22.72 |
| 1/31/2010 | -30.58 | -32.58 | -26.78 | -25.50 |
| 2/28/2010 | -28.70 | -30.45 | -25.74 | -23.19 |
| 3/31/2010 | -24.26 | -25.92 | -21.15 | -18.56 |
| 4/30/2010 | -23.09 | -24.01 | -21.13 | -17.27 |
| 5/31/2010 | -29.23 | -30.25 | -28.69 | -23.88 |
| 6/30/2010 | -33.82 | -34.18 | -31.13 | -27.86 |
| 7/31/2010 | -28.59 | -29.72 | -25.55 | -22.81 |
| 8/31/2010 | -32.12 | -32.73 | -28.33 | -26.29 |
| 9/30/2010 | -26.36 | -27.51 | -21.65 | -19.72 |
| 10/31/2010 | -22.90 | -25.34 | -18.73 | -16.66 |
| 11/30/2010 | -23.20 | -25.73 | -20.48 | -16.65 |
| 12/31/2010 | -17.22 | -19.87 | -14.63 | -11.08 |
| 1/31/2011 | -15.18 | -18.06 | -12.71 | -8.97 |
| 2/28/2011 | -13.05 | -15.04 | -9.65 | -5.85 |
| 3/31/2011 | -12.29 | -14.70 | -10.54 | -5.82 |
| 4/30/2011 | -9.37 | -12.43 | -6.74 | -3.03 |
| 5/31/2011 | -9.87 | -13.35 | -8.68 | -4.13 |
| 6/30/2011 | -12.41 | -15.13 | -10.12 | -5.72 |
| 7/31/2011 | -16.09 | -17.94 | -11.75 | -7.64 |
| 8/31/2011 | -21.85 | -23.06 | -17.97 | -12.66 |
| 9/30/2011 | -28.30 | -28.88 | -25.05 | -18.80 |
| 10/31/2011 | -20.48 | -20.74 | -17.30 | -9.92 |
| 11/30/2011 | -21.51 | -21.15 | -19.32 | -10.12 |
| 12/31/2011 | -21.17 | -19.56 | -19.36 | -9.20 |
| 1/31/2012 | -17.90 | -16.51 | -15.32 | -5.13 |
| 2/29/2012 | -14.91 | -13.19 | -11.18 | -1.03 |
| 3/31/2012 | -13.07 | -10.61 | -10.04 | 2.23 |
| 4/30/2012 | -14.49 | -11.52 | -11.06 | 1.58 |
| 5/31/2012 | -20.13 | -16.71 | -18.74 | -4.52 |
| 6/30/2012 | -17.60 | -12.58 | -14.60 | -0.59 |
| 7/31/2012 | -16.48 | -11.67 | -13.50 | 0.79 |
| 8/31/2012 | -14.26 | -9.76 | -11.31 | 3.06 |
| 9/30/2012 | -11.99 | -6.89 | -8.87 | 5.73 |
| 10/31/2012 | -12.03 | -7.35 | -9.49 | 3.77 |
| 11/30/2012 | -12.22 | -7.39 | -8.33 | 4.38 |
| 12/31/2012 | -10.52 | -5.47 | -6.60 | 5.33 |
| 1/31/2013 | -5.70 | 0.67 | -1.85 | 10.78 |
| 2/28/2013 | -5.46 | 2.12 | -1.68 | 12.29 |
| 3/31/2013 | -1.26 | 6.16 | 0.62 | 16.50 |
| 4/30/2013 | 0.37 | 7.77 | 3.79 | 18.74 |
| 5/31/2013 | 2.94 | 10.53 | 3.83 | 21.52 |
| 6/30/2013 | 1.46 | 9.56 | 1.27 | 19.89 |
| 7/31/2013 | 7.03 | 15.47 | 6.60 | 25.99 |
| 8/31/2013 | 3.29 | 11.09 | 4.33 | 22.34 |
| 9/30/2013 | 7.42 | 13.88 | 9.55 | 26.18 |
| 10/31/2013 | 11.62 | 18.86 | 13.84 | 31.98 |
| 11/30/2013 | 13.80 | 22.18 | 15.86 | 36.00 |
| 12/31/2013 | 16.56 | 25.27 | 18.31 | 39.44 |
| 1/31/2014 | 12.11 | 20.82 | 13.93 | 34.62 |
| 2/28/2014 | 17.43 | 26.05 | 19.63 | 40.78 |
| 3/31/2014 | 19.01 | 29.06 | 19.81 | 41.96 |
| 4/30/2014 | 19.61 | 30.28 | 21.03 | 43.01 |
| 5/31/2014 | 22.14 | 32.19 | 23.42 | 46.37 |
| 6/30/2014 | 25.20 | 35.64 | 25.62 | 49.39 |
| 7/31/2014 | 22.94 | 33.33 | 23.62 | 47.33 |
| 8/31/2014 | 27.35 | 38.23 | 26.34 | 53.23 |
| 9/30/2014 | 24.04 | 35.38 | 22.91 | 51.08 |
| 10/31/2014 | 25.35 | 38.42 | 23.71 | 54.77 |
| 11/30/2014 | 28.10 | 41.26 | 26.19 | 58.93 |
| 12/31/2014 | 28.90 | 42.12 | 24.15 | 58.53 |
| 1/31/2015 | 22.76 | 36.44 | 21.90 | 53.77 |
| 2/28/2015 | 29.70 | 43.05 | 29.05 | 62.61 |
| 3/31/2015 | 28.65 | 41.10 | 27.03 | 60.04 |
| 4/30/2015 | 30.21 | 42.42 | 30.00 | 61.57 |
| 5/31/2015 | 32.57 | 44.13 | 30.45 | 63.65 |
| 6/30/2015 | 29.80 | 41.25 | 27.42 | 60.48 |
| 7/31/2015 | 31.77 | 41.87 | 29.71 | 63.84 |
| 8/31/2015 | 23.70 | 33.42 | 21.12 | 53.96 |
| 9/30/2015 | 19.16 | 29.39 | 16.66 | 50.15 |
| 10/31/2015 | 27.33 | 39.16 | 25.90 | 62.81 |
| 11/30/2015 | 27.77 | 39.69 | 25.27 | 63.30 |
| 12/31/2015 | 24.00 | 36.69 | 23.07 | 60.72 |
| 1/31/2016 | 15.28 | 29.62 | 15.71 | 52.75 |
| 2/29/2016 | 14.31 | 29.59 | 14.85 | 52.54 |
| 3/31/2016 | 23.11 | 38.92 | 22.64 | 62.89 |
| 4/30/2016 | 24.65 | 41.84 | 24.58 | 63.52 |
| 5/31/2016 | 26.55 | 44.05 | 25.28 | 66.46 |
| 6/30/2016 | 25.31 | 45.29 | 23.88 | 66.89 |
| 7/31/2016 | 29.09 | 49.51 | 29.11 | 73.04 |
| 8/31/2016 | 30.51 | 50.66 | 29.22 | 73.29 |
| 9/30/2016 | 31.59 | 50.35 | 29.90 | 73.32 |
| 10/31/2016 | 29.02 | 48.02 | 27.39 | 70.16 |
| 11/30/2016 | 37.25 | 56.48 | 29.22 | 76.46 |
| 12/31/2016 | 39.38 | 60.39 | 32.31 | 79.95 |
| 1/31/2017 | 42.13 | 61.53 | 35.51 | 83.36 |
| 2/28/2017 | 46.76 | 67.33 | 39.27 | 90.64 |
| 3/31/2017 | 45.12 | 65.63 | 40.75 | 90.86 |
| 4/30/2017 | 45.61 | 65.32 | 42.83 | 92.82 |
| 5/31/2017 | 46.23 | 65.16 | 45.86 | 95.54 |
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 Y shares are not subject to a sales charge. Returns do not consider capital gains or income taxes on an individual's investment.
Capital Gains and Distributions ($ per share) as of 6/27/2017
| Date | 2012 | 2013 | 2014 | 2015 | 2016 |
|---|---|---|---|---|---|
| Short Term | — | — | — | — | — |
| Long Term | — | — | — | — | — |
| Total Amount of Distribution | — | — | — | — | — |
| Record Date | — | — | — | — | — |
| Ex Div Date | — | — | — | — | — |
| Pay Date | — | — | — | — | — |
There is no guarantee of the payment of any dividend or other distributions at any level.
Morningstar
5/31/2017
(based on risk adjusted performance)
Overall Rating
Number of Funds
1082
Category
Large Value
Performance Statistics
3Y
5Y
Alpha
-1.56
-1.55
Information Ratio
-0.49
-0.59
Upside Capture
100.13
97.33
Downside Capture
111.47
109.15
Sharpe Ratio
0.58
1.22
R-Squared
95.26
94.33
Standard Deviation
11.51
10.54
Sortino Ratio
0.27
0.62
Win Ratio
42.00
43.00
Loss Ratio
58.00
57.00
Beta
1.06
1.02
Tracking Error
2.59
2.52
Dividends
- D
Est. Frequency
Quarterly
Last Pay Date
6/20/2017
Per Share ($)
$0.11
Net Income
88.50%
Net Profit from Sale
0.00%
Other Capital Sources
11.50%
12-Month Distribution ($)
$0.52
Portfolio Characteristics
Fund
Fund Index
Average Market Cap (weighted)
$111.90 B
$118.00 B
Median Market Cap (weighted)
$51.80 B
$61.30 B
Trailing P/E
20.99
19.92
Forward P/E
15.90
16.21
Price/Book
2.16
2.00
Return on Equity
10.48%
10.05%
EPS Growth Rate 3Y
2.48%
-0.37%
EPS Growth Rate 5Y
1.87%
3.50%
Sales Growth Rate 3Y
0.54%
-
Sales Growth Rate 5Y
2.70%
-
Turnover Ratio
64.00%
-
Top Issuers
(45.8% of assets as of 05/31/17)
Portfolio Holdings Breakdown
| Country | Value Fund | Russell 1000 Value | Overweight / Underweight |
|---|---|---|---|
| United States | 92.2% | 99.8% | -7.6% |
| Canada | 4.4% | 0.1% | 4.3% |
| Israel | 1.0% | - | - |
| Netherlands | 0.8% | - | - |
| United Kingdom | 0.8% | 0.0% | 0.8% |
| Developed Markets | Value Fund | Russell 1000 Value | Overweight / Underweight |
|---|---|---|---|
| Americas | 96.6% | 99.9% | -3.3% |
| Europe | 1.6% | 0.0% | 1.6% |
| Middle East | 1.0% | - | - |
| Equity Sector | Value Fund | Russell 1000 Value | Overweight / Underweight |
|---|---|---|---|
| Financials | 21.7% | 26.0% | -4.2% |
| Information Technology | 15.7% | 10.3% | 5.4% |
| Industrials | 13.6% | 10.4% | 3.2% |
| Health Care | 10.6% | 11.2% | -0.6% |
| Energy | 10.2% | 11.4% | -1.2% |
| Consumer Discretionary | 7.7% | 4.5% | 3.2% |
| Consumer Staples | 4.8% | 8.8% | -4.0% |
| Utilities | 4.4% | 6.6% | -2.1% |
| Real Estate | 4.1% | 4.7% | -0.5% |
| Materials | 3.9% | 2.9% | 1.1% |
| Telecommunication Services | 2.3% | 3.4% | -1.1% |
| Industry | Value Fund | Russell 1000 Value | Overweight / Underweight |
|---|---|---|---|
| Banks | 11.3% | 11.9% | -0.6% |
| Oil Gas & Consumable Fuels | 7.8% | 9.6% | -1.8% |
| Insurance | 5.7% | 5.3% | 0.5% |
| Electric Utilities | 4.4% | 4.0% | 0.4% |
| Capital Markets | 4.3% | 4.1% | 0.1% |
| Semiconductors & Semiconductor Equipment | 4.2% | 3.2% | 1.1% |
| Media | 4.2% | 0.9% | 3.2% |
| Equity Real Estate Investment Trusts (REITs) | 4.1% | 4.5% | -0.4% |
| Software | 3.8% | 1.8% | 2.0% |
| Technology Hardware Storage & Peripherals | 3.6% | 1.6% | 2.0% |
| Pharmaceuticals | 3.3% | 6.4% | -3.2% |
| Health Care Equipment & Supplies | 3.1% | 2.6% | 0.5% |
| Energy Equipment & Services | 2.4% | 1.8% | 0.6% |
| Machinery | 2.4% | 2.4% | -0.1% |
| Health Care Providers & Services | 2.3% | 1.4% | 0.8% |
| Electrical Equipment | 2.2% | 0.8% | 1.4% |
| Air Freight & Logistics | 2.1% | 0.0% | 2.1% |
| Building Products | 2.1% | 0.4% | 1.7% |
| Hotels Restaurants & Leisure | 2.0% | 0.8% | 1.2% |
| Electronic Equipment Instruments & Components | 1.9% | 0.6% | 1.3% |
| Asset Allocation | Value Fund | Russell 1000 Value | Overweight / Underweight |
|---|---|---|---|
| Equity | 99.2% | 100.0% | -0.8% |
| Market Cap | Value Fund | Russell 1000 Value | Overweight / Underweight |
|---|---|---|---|
| Large | 76.4% | 76.4% | 0.0% |
| Mid | 22.6% | 20.7% | 1.9% |
| Small | 0.2% | 2.9% | -2.7% |
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- 1. Special Risks: Foreign investments may be volatile and involve additional expenses and special risks, including currency fluctuations, foreign taxes, regulatory and geopolitical risks. Emerging and developing market investments may be especially volatile. 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 mid-sized company, if any gain is realized at all. Value investing involves the risk that undervalued securities may not appreciate as anticipated. Diversification does not guarantee profit or protect against loss.
- 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. Access index definitions.
- 4. Holdings are subject to change, and are dollar weighted based on total net 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. 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. For Share Classes with less than a one-year track record, expense ratios are estimated based on the Manager's projections of those expenses for the coming fiscal year.
- 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 p.m. ET daily. ↩
- 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. ↩
- 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. ↩
- D. There is no guarantee of the payment of any dividend or other distributions at any level. ↩
- E. 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 Y shares are not subject to a sales charge. Returns do not consider capital gains or income taxes on an individual's investment. ↩