Mutual Funds Commentary

Commentary: Better World International Fund
We remain constructive about the outlook for international markets, and ESG, over the remainder of 2021. Value may continue to outperform Growth, but the sharpest part of the bounce may be behind us and we believe a balanced and flexible core position is still the best one in this market.

1st Quarter 2021

      Commentary: International Growth Fund
      We retain a long-term focus in our investment horizon and remain true to our core set of repeatable investment principles of finding high-quality stocks that can sustainably create business value over the long run and a general avoidance of trying to time or trade around short-term shifts in investor positioning or sentiment.

      1st Quarter 2021

          Commentary: Developing World Fund
          Entering 2021, we believe strong growth opportunities for emerging markets remain intact. A global injection of liquidity, low interest rates and a stable dollar is a very favorable cyclical setup as we recover from the global pandemic.

          4th Quarter 2020

              Commentary: Income and U.S. Government Bond Funds
              We continued the work that began over the summer by fine-tuning risk exposures and shifting allocations as COVID-19 cases rose, election-related volatility increased, and leverage across corporations and governments rose. Our ability to find value helped boost quarterly results despite the concerns over government stimulus and unemployment.

              4th Quarter 2020

                  Commentary: International Value Fund
                  We are constructive about the outlook for international markets in 2021. While the bounce in Value versus Growth and a number of other underperforming markets may have a ways to run, we believe a balanced but flexible core stance is still the best one in this market.

                  4th Quarter 2020

                      Commentary: Long/Short Equity Fund
                      The market forces investors to adapt, and current market conditions have accelerated many changes that were already in motion. We welcome market volatility, which plays to our strengths, but it has become more fleeting with every day.

                      4th Quarter 2020

                          Commentary: Municipal Bond Funds
                          Muni performance was strong as an accommodative Fed, strong demand for muni mutual funds and a flat year for tax-exempt issuance converged to create a challenging yield environment.

                          4th Quarter 2020

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