Value Fund
Y shares are only available to certain institutional investors. Please click here for other share classes.
The Value Fund seeks long term growth of capital and income
Primary Benchmark:
Russell 1000 Value Index
Portfolio Management
Art Barry, CFA
Jim Carroll, CFA
Warren Koontz, CFA, CIC
Total Fund Assets (as of 4/30/2013):
$1.7 billion
Lipper Category:
Large-Cap Value Funds
Morningstar Category:
Large Value
Strategy Highlights
- Bottom-up portfolio construction is based on intensive fundamental research and valuation analysis
- Seeks to add value through stock selection
- Seek to identify companies that are undervalued by the market in relation to earnings, dividends, assets, and growth prospects
- Ideally seek a 2:1 upside/downside ratio on new stock ideas, therefore demanding more upside for more risk
Investment Strategy
- Under normal market conditions, the Fund will invest primarily in
equity securities, including common stocks, convertible securities
and warrants
- The Fund may also invest up to 20% of its assets in securities of foreign issuers including emerging market securities
About Risk
- Stock values fluctuate and are subject to unpredictable declines due to the
activities of individual companies, economic conditions and general market conditions
- While the fund offers potential for long term capital growth, it invests in value stocks, which can fall out of favor with investors and may underperform growth stocks during certain market conditions
- Foreign investments involve special risks including greater economic, political and currency fluctuation risks, which may be even greater in emerging markets. Currency risk is the risk that fluctuates in exchange rates between the US dollar and foreign currencies may cause the value of a fund's investments to decline
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 Value Index is an unmanaged index that measures the performance of those Russell 1000 companies with lower price-to-book ratios and lower 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 Value Index
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Year-to-Date Performance as of 5/22/2013 Month-End Performance as of 4/30/2013 Cumulative
Total Return | Class Y | Index |
|---|
| 3 month | 6.75% | 7.05% | | Year-to-date | 13.78% | 14.01% |
Average Annualized
Total Return | Class Y | Index |
|---|
| 1 Year | 22.19% | 21.80% | | 3 Years | 11.52% | 12.35% | | 5 Years | 4.22% | 4.17% | | 10 Years | 9.82% | 8.42% |
Quarter-End Performance as of 3/31/2013 Cumulative
Total Return | Class Y | Index |
|---|
| 3 month | 12.30% | 12.31% | | Year-to-date | 12.30% | 12.31% |
Average Annualized
Total Return | Class Y | Index |
|---|
| 1 Year | 19.88% | 18.77% | | 3 Years | 11.39% | 12.74% | | 5 Years | 4.79% | 4.85% | | 10 Years | 10.54% | 9.18% |
Gross Expense Ratio: (Y) 0.73%; Net Expense Ratio: (Y) 0.73% Waivers/reimbursements are contractual and are set to expire 1/31/14. |
Lipper Rankings as of 4/30/2013 | | Class Y |
|---|
| 1 Year | 18/478 | | 3 Years | 131/414 | | 5 Years | 128/363 | | 10 Years | 8/232 | | Lipper Category: Large-Cap Value Funds |
Morningstar Rankings as of 3/31/2013 | | Class Y |
|---|
| 1 Year | 46/1203 | | 3 Years | 458/1045 | | 5 Years | 434/927 | | 10 Years | 24/589 | | Morningstar Category: Large Value |
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 | 73 | | P/E Trailing | 14.40 | | Price/Book Value | 1.86 | | Annual Portfolio Turnover as of 9/30/2012 | 25% |
Top Ten Holdings
as of 4/30/2013 | % Assets |
|---|
| CHEVRON CORP | 3.0% | | JP MORGAN CHASE & CO | 2.6% | | MERCK & CO | 2.3% | | WELLS FARGO COMPANY | 2.3% | | PFIZER INC | 2.0% | | EXXON MOBIL CORP | 1.9% | | HESS CORP | 1.7% | | STATE STREET CORP | 1.7% | | GENERAL ELECTRIC | 1.7% | | NORFOLK SOUTHN CORP | 1.7% | | Total | 20.9% | |
| Sector Distribution | |
|---|
| Financials | 23.58% | | Health Care | 13.11% | | Energy | 12.60% | | Consumer Discretionary | 12.10% | | Information Technology | 9.07% | | Industrials | 8.62% | | Consumer Staples | 7.85% | | Utilities | 4.75% | | Materials | 3.29% | | Telecommunication Services | 2.70% | | Cash | 2.32% |
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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 | 74 | 695 | | P/E Trailing | 14.25 | 13.67 | | Price/Book Value | 1.85 | 1.65 | | Annual Portfolio Turnover as of 9/30/2012 | 25% | |
Top Ten Holdings
as of 3/31/2013 | % Assets |
|---|
| CHEVRON CORP | 2.9% | | JP MORGAN CHASE & CO | 2.5% | | WELLS FARGO COMPANY | 2.2% | | MERCK & CO | 2.2% | | PFIZER INC | 2.0% | | EXXON MOBIL CORP | 2.0% | | STATE STREET CORP | 1.8% | | HESS CORP | 1.8% | | GENERAL ELECTRIC | 1.8% | | NOBLE ENERGY INC | 1.7% | | Total | 21.0% | | Market Capitalization | Fund | Index |
|---|
| > $50 Billion | 43.2% | 44.7% | | $25 to 50 Billion | 20.3% | 15.6% | | $10 to 25 Billion | 25.2% | 21.1% | | < $10 Billion | 8.3% | 18.6% | | Cash & Equivalents | 3.0% | N/A | |
| Sector Distribution | Fund | Index |
|---|
| Financials | 23.58% | 27.55% | | Health Care | 12.93% | 11.76% | | Energy | 12.58% | 15.81% | | Consumer Discretionary | 11.71% | 8.31% | | Information Technology | 9.64% | 6.67% | | Industrials | 8.79% | 9.08% | | Consumer Staples | 7.59% | 7.40% | | Utilities | 4.48% | 6.59% | | Materials | 3.06% | 3.59% | | Telecommunication Services | 2.62% | 3.25% | | Cash | 3.03% | 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.