Growth Fund
Y shares are only available to certain institutional investors. Please click here for other share classes.
The Growth Fund seeks long-term growth of capital
Primary Benchmark:
Russell 1000 Growth Index
Portfolio Management
Aziz Hamzaogullari, CFA
Total Fund Assets (as of 4/30/2013):
$184.5 million
Lipper Category:
Large-Cap Growth Funds
Morningstar Category:
Large Growth
Strategy Highlights
- Take a long-term private equity-oriented approach by partnering with management who think and act like owners
- Seek to invest in high quality businesses with sustainable competitive advantages and profitable growth when they trade at significant discount to intrinsic value
- Risk is defined as permanent loss of capital, not tracking error or short-term relative underperformance
Investment Strategy
- A seven-step research framework that focuses on quality, growth and valuation
- Look to buy companies at significant discounts to our estimate of intrinsic value, estimated by using multiple company-specific metrics, not by any single broadly-applied valuation methodology
- Buy discipline consists of valuation modeling and scenario analysis where stock values are modeled regularly and updated based on four scenarios: best, base, bear and worse case
- Seeks to add value through bottom-up stock selection
About Risk
- Investing in growth stocks involves certain risks, in part, because the value of securities is based upon future expectations that may or may not be met
- Foreign investments involve special risks including greater economic, political and currency fluctuation risks, which may be even greater in emerging markets
- The Fund is subject to currency risk, the risk of fluctuations in exchange rates between the US dollar and foreign currencies, which may cause the value of a Fund’s investments to decline. Funds that invest in securities denominated in, or receive revenues in, foreign currency are subject to currency risk
Past performance is no guarantee of future results.1For further detail regarding Minimum Initial Investment, please see the fund prospectus.
2Unlike net expense ratio, gross expense ratio does not reflect any potential reimbursement/waiver of expenses, if any, as stated in the most recent Fund prospectus. Fund expenses and expense reductions are subject to change. Expense reductions are contractual and are set to expire 1/31/2014. Investors should consult the most recent prospectus for more detailed information.
The
Russell 1000 Growth Index is an unmanaged index that measures the performance of those Russell 1000 companies with higher price-to-book ratios and forecasted growth values. Indexes are unmanaged and do not incur fees. It is not possible to invest directly in an index.
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Primary Benchmark: Russell 1000 Growth Index
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Year-to-Date Performance as of 5/23/2013 Month-End Performance as of 4/30/2013 Cumulative
Total Return | Class Y | Index |
|---|
| 3 month | 3.46% | 7.27% | | Year-to-date | 10.51% | 11.87% |
Average Annualized
Total Return | Class Y | Index |
|---|
| 1 Year | 17.68% | 12.60% | | 3 Years | 12.65% | 13.44% | | 5 Years | 2.81% | 6.66% | | 10 Years | 6.71% | 8.08% |
Quarter-End Performance as of 3/31/2013 Cumulative
Total Return | Class Y | Index |
|---|
| 3 month | 9.66% | 9.54% | | Year-to-date | 9.66% | 9.54% |
Average Annualized
Total Return | Class Y | Index |
|---|
| 1 Year | 16.25% | 10.09% | | 3 Years | 13.05% | 13.06% | | 5 Years | 4.02% | 7.30% | | 10 Years | 7.27% | 8.62% |
Gross Expense Ratio: (Y) 0.82%; Net Expense Ratio: (Y) 0.82% Waivers/reimbursements are contractual and are set to expire 1/31/14. |
Lipper Rankings as of 4/30/2013 | | Class Y |
|---|
| 1 Year | 8/705 | | 3 Years | 92/617 | | 5 Years | 430/558 | | 10 Years | 220/369 | | Lipper Category: Large-Cap Growth Funds |
Morningstar Rankings as of 3/31/2013 | | Class Y |
|---|
| 1 Year | 54/1669 | | 3 Years | 208/1482 | | 5 Years | 944/1278 | | 10 Years | 615/856 | | Morningstar Category: Large Growth |
Lipper and Morningstar rankings are based on total returns calculated by each ranking entity. Rankings do not take into account sales charges, if applicable, but include reinvestment of dividends and capital gains, if any.
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Total return assumes reinvestment of dividends and capital gains distributions, if any.
Performance data quoted represents past performance and is no guarantee of future results. Total return and value will vary and you may have a gain or loss when shares are sold. Current performance may be lower or higher than quoted. Returns include changes in share price and reinvestment of dividends and capital gains, if any.
Lipper Analytical Services Inc., a Thomson Reuters Company, is a nationally recognized organization that provides performance information for mutual funds. Copyright 2013 © Reuters. All rights reserved. Any copying, republication or redistribution of Lipper content is expressly prohibited without the prior written consent of Lipper. Lipper shall not be liable for any errors or delays in the content, or for any actions taken in reliance thereon.
© 2013 Morningstar, Inc. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers (2) may not be copied or distributed and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information.
Monthly as of 4/30/2013
| Characteristics | |
|---|
| Number of Stocks | 36 | | P/E Trailing | 19.23 | | Price/Book Value | 3.66 | | Annual Portfolio Turnover as of 9/30/2012 | 16% |
Top Ten Holdings
as of 4/30/2013 | % Assets |
|---|
| GOOGLE INC-CL A | 5.8% | | AMAZON.COM INC | 5.2% | | VISA INC-CLASS A SHRS | 5.0% | | CISCO SYSTEMS INC | 5.0% | | ORACLE CORP | 4.4% | | SEI INVESTMENTS CO | 4.4% | | QUALCOMM INC | 4.2% | | ZIMMER HOLDINGS INC | 4.1% | | DANONE-SPONS ADR | 4.0% | | AMERICAN EXPRESS CO | 3.7% | | Total | 45.8% | |
| Sector Distribution | |
|---|
| Information Technology | 39.09% | | Consumer Staples | 14.29% | | Health Care | 13.93% | | Financials | 12.72% | | Consumer Discretionary | 9.37% | | Industrials | 5.86% | | Energy | 3.14% | | Cash | 1.60% |
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Due to rounding, market capitalization and sector distribution totals may not equal 100.00%. This portfolio is actively managed and holdings are subject to change. There is no guarantee the Fund continues to invest in securities referenced. Reference to specific securities or holdings should not be considered recommendations for action by investors.
P/E (trailing) is the sum of a company's price-to-earnings, calculated by dividing current stock price by trailing earnings per share for the past 12 months. Price/book is a ratio that compares a stock's market value to its book value calculated by dividing current closing price of the stock by the latest quarter's book value per share.
Quarterly as of 3/31/2013
| Characteristics | Fund | Index |
|---|
| Number of Stocks | 35 | 574 | | P/E Trailing | 19.19 | 17.54 | | Price/Book Value | 3.67 | 4.49 | | Annual Portfolio Turnover as of 9/30/2012 | 16% | |
Top Ten Holdings
as of 3/31/2013 | % Assets |
|---|
| GOOGLE INC-CL A | 6.1% | | AMAZON.COM INC | 5.6% | | VISA INC-CLASS A SHRS | 5.1% | | CISCO SYSTEMS INC | 5.1% | | SEI INVESTMENTS CO | 5.0% | | QUALCOMM INC | 4.7% | | ORACLE CORP | 4.5% | | ZIMMER HOLDINGS INC | 4.1% | | DANONE-SPONS ADR | 3.8% | | AMERICAN EXPRESS CO | 3.7% | | Total | 47.6% | | Market Capitalization | Fund | Index |
|---|
| > $50 Billion | 58.8% | 51.7% | | $25 to 50 Billion | 12.4% | 16.5% | | $10 to 25 Billion | 9.6% | 17.0% | | < $10 Billion | 18.2% | 14.8% | | Cash & Equivalents | 1.0% | N/A | |
| Sector Distribution | Fund | Index |
|---|
| Information Technology | 39.67% | 28.95% | | Financials | 13.84% | 4.86% | | Health Care | 13.55% | 12.85% | | Consumer Staples | 12.64% | 12.92% | | Consumer Discretionary | 10.13% | 16.87% | | Industrials | 5.97% | 12.94% | | Energy | 3.22% | 4.22% | | Materials | 0.00% | 3.89% | | Telecommunication Services | 0.00% | 2.30% | | Utilities | 0.00% | 0.21% | | Cash | 0.99% | 0.00% |
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Due to rounding, market capitalization and sector distribution totals may not equal 100.00%. This portfolio is actively managed and holdings are subject to change. There is no guarantee the Fund continues to invest in securities referenced. Reference to specific securities or holdings should not be considered recommendations for action by investors.
P/E (trailing) is the sum of a company's price-to-earnings, calculated by dividing current stock price by trailing earnings per share for the past 12 months. Price/book is a ratio that compares a stock's market value to its book value calculated by dividing current closing price of the stock by the latest quarter's book value per share.