Global Growth Fund
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The Global Growth Fund seeks long-term growth of capital
Primary Benchmark:
MSCI All Country World Index Net
Portfolio Management
Aziz Hamzaogullari, CFA
Total Fund Assets (as of 7/31/2022):
$114.5 million
Lipper Category:
Global Large-Cap Growth
Morningstar Category:
Global Large-Stock Growth
Strategy Highlights
- Takes a long-term private equity-oriented approach by partnering with management who think and act like owners
- Looks to identify high-quality companies 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
- The fund will invest primarily in equity securities, including common stocks and depositary receipts
- Employs a growth style of equity management that emphasizes companies with sustainable competitive advantages, secular long-term cash flow growth returns on invested capital above their cost of capital and the ability to manage for profitable growth that can create long-term value for shareholders
- Aims to invest in companies when they trade at a significant discount to the estimate of intrinsic value
- Will consider selling a portfolio investment when the portfolio manager believes an unfavorable structural change occurs within a given business or the markets in which it operates, a critical underlying investment assumption is flawed, when a more attractive reward-to-risk opportunity becomes available, when the current price fully reflects intrinsic value, or for other investment reasons which the portfolio manager deems appropriate
About Risk
- Equity securities are volatile and can decline significantly in response to broad market and economic conditions.
- Foreign and emerging market securities may be subject to greater political, economic, environmental, credit, currency and information risks. Foreign securities may be subject to higher volatility than US securities due to varying degrees of regulation and limited liquidity. These risks are magnified in emerging markets.
- Currency exchange rates between the US dollar and foreign currencies may cause the value of the fund’s investments to decline.
- Investments in small and mid-size companies can be more volatile than those of larger companies.
- Growth stocks may be more sensitive to market conditions than other equities as their prices strongly reflect future expectations.
Class N shares of the Fund are subject to a $1,000,000 initial investment minimum. There is no initial investment
minimum for Certain Retirement Plans and funds of funds that are distributed by Natixis Distribution, L.P. (the “Distributor”).
1As of the most recent prospectus, the investment advisor has contractually agreed to waive fees and/or reimburse expenses (with certain exceptions) once the expense limitation of the fund has been exceeded. This arrangement is set to expire on 3/31/23. When an expense limitation has not been exceeded, the fund may have similar expense ratios.
The MSCI All Country World Index is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed and emerging markets. This index calculates reinvested dividends net of withholding taxes using Luxembourg tax rates. The Index consists of 46 country indexes comprising 23 developed and 23 emerging market country indexes. It is not possible to invest directly in an index.
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Primary Benchmark:
MSCI All Country World Index Net
Year-to-Date Performance as of 8/16/2022 | | Class N | Class Y |
|---|
| | -15.84% | -15.87% |
Month-End Performance as of 7/31/2022 Cumulative
Total Return | Class N | Class Y |
|---|
| 3 month | 0.35% | 0.35% | | Year-to-date | -20.44% | -20.47% |
Average Annualized
Total Return | Class N | Class Y |
|---|
| Inception Date | 3/31/2017 | 3/31/2016 | | 1 Year | -22.84% | -22.87% | | 3 Years | 6.14% | 6.08% | | 5 Years | 8.44% | 8.38% | | Since Inception | 10.32% | 11.06% |
Quarter-End Performance as of 6/30/2022 Cumulative
Total Return | Class N | Class Y |
|---|
| 3 month | -19.91% | -19.88% | | Year-to-date | -27.44% | -27.43% |
Average Annualized
Total Return | Class N | Class Y |
|---|
| Inception Date | 3/31/2017 | 3/31/2016 | | 1 Year | -30.25% | -30.24% | | 3 Years | 3.07% | 3.03% | | 5 Years | 7.27% | 7.22% | | Since Inception | 8.57% | 9.60% |
| Lipper Ranking as of 7/31/2022 | | Class N | Class Y |
|---|
| 1 Year | 149/199 | 150/199 | | 3 Years | 147/190 | 151/190 | | 5 Years | 101/174 | 102/174 | | 10 Years | N/A | N/A | | Lipper Category: Global Large-Cap Growth |
Morningstar Ranking as of 7/31/2022 | | Class N | Class Y |
|---|
| 1 Year | 238/366 | 241/366 | | 3 Years | 224/305 | 233/305 | | 5 Years | 146/268 | 149/268 | | 10 Years | N/A | N/A | | Morningstar Category: Global Large-Stock 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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Performance data shown represents past performance and is no guarantee of, and not necessarily indicative 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 2021 © 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.
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Monthly as of 7/31/2022
| Characteristics | |
|---|
| Number of Holdings | 42 | | P/E (trailing 12 months) | 24.37 | | P/E (forward 12 months) | 24.53 | | 3-5 Year EPS Growth | 7.09 | | ROE (1 year equal weighted) | 27.56 | | Annual Portfolio Turnover as of 11/30/2021 | 18.15% | | | Sector Distribution | |
|---|
| Information Technology | 25.9% | | Consumer Discretionary | 20.2% | | Health Care | 17.8% | | Communication Services | 16.7% | | Industrials | 10.9% | | Consumer Staples | 7.2% | | Financials | 0.9% | | Cash | 0.5% | |
Portfolio composition statistics are from the adviser’s internal system and may not match the fund’s regulatory documents.
Due to rounding, market capitalization and sector distribution totals may not equal 100%. 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. P/E (forward) measures price-to-earnings ratio using forecasted earnings for the price-to-earnings calculation; the forward measure is not a forecast of the fund’s performance. 3-5 Year EPS Growth is sourced from FactSet and based on long-term EPS growth rate estimates gathered directly from brokers. The portfolio and benchmark statistic is a weighted average of company level estimates. ROE (1-year equal weighted) is the 1-year ROE of all holdings divided by number of holdings. Median active share indicates the proportion of the portfolio’s holdings (by market value) that is different than the benchmark. A higher active share indicates a larger difference between the benchmark and the portfolio.
Quarterly as of 6/30/2022
| Characteristics | Fund | Index |
|---|
| Number of Holdings | 42 | 2893 | | P/E (trailing 12 months) | 21.82 | 14.64 | | P/E (forward 12 months) | 22.34 | 14.13 | | 3-5 Year EPS Growth | 7.10 | 12.13 | | ROE (1 year equal weighted) | 27.24 | 18.10 | | Median Active Share (since inception) | 86.29% | | | Annual Portfolio Turnover as of 11/30/2021 | 18.15% | | | Market Capitalization | Fund | Index |
|---|
| > $50 Billion | 63.5% | 60.7% | | $25 to 50 Billion | 22.1% | 17.0% | | $10 to 25 Billion | 7.8% | 15.1% | | < $10 Billion | 5.7% | 7.3% | | Cash & Equivalents | 0.8% | 0.0% | | | Sector Distribution | Fund | Index |
|---|
| Information Technology | 25.0% | 20.9% | | Consumer Discretionary | 19.1% | 11.1% | | Health Care | 18.6% | 13.0% | | Communication Services | 17.6% | 7.9% | | Industrials | 10.4% | 9.4% | | Consumer Staples | 7.5% | 7.6% | | Financials | 1.0% | 14.5% | | Energy | 0.0% | 5.0% | | Materials | 0.0% | 4.8% | | Utilities | 0.0% | 3.2% | | Real Estate | 0.0% | 2.8% | | Cash | 0.8% | 0.0% | |
Portfolio composition statistics are from the adviser’s internal system and may not match the fund’s regulatory documents.
Due to rounding, market capitalization and sector distribution totals may not equal 100%. 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. P/E (forward) measures price-to-earnings ratio using forecasted earnings for the price-to-earnings calculation; the forward measure is not a forecast of the fund’s performance. 3-5 Year EPS Growth is sourced from FactSet and based on long-term EPS growth rate estimates gathered directly from brokers. The portfolio and benchmark statistic is a weighted average of company level estimates. ROE (1-year equal weighted) is the 1-year ROE of all holdings divided by number of holdings. Median active share indicates the proportion of the portfolio’s holdings (by market value) that is different than the benchmark. A higher active share indicates a larger difference between the benchmark and the portfolio.