Mutual Funds Commentary

Commentary: Value Fund

We work hard to invest in a balanced portfolio and have a large component of stable and consistent businesses, but we do tend to own less “expensive defensives” than the overall market.

2nd Quarter 2019

      Commentary: Long/Short Equity Fund

      The two most interesting things we see today are the wild outperformance of low volatility stocks, especially over the last year, and the associated underperformance of value stocks.

      2nd Quarter 2019

          Commentary: Core Growth Fund

          Through our repeatable bottom-up process that relies on deep fundamental research, we are, even in this environment, finding opportunities to deploy capital into businesses with franchise characteristics and durable growth drivers.

          2nd Quarter 2019

              Commentary: Better World International Fund

              Global equity markets continued their 2019 advance in the second quarter but May witnessed the first material market drawdown of the year, triggered by renewed trade friction between the U.S. and China and related concerns about global growth.

              2nd Quarter 2019

                  Commentary: Global Opportunities Fund

                  We believe dispersion in equity returns and valuations across regions and sectors—such as we’ve seen recently—will present more opportunities ahead for our investment framework.

                  2nd Quarter 2019

                      Commentary: International Growth Fund

                      Through our repeatable bottom-up process that relies on deep fundamental research, we are, even in this environment, finding opportunities to deploy capital into businesses with franchise characteristics and durable growth drivers that can deliver compelling risk-adjusted returns over time.

                      2nd Quarter 2019

                          Commentary: Developing World Fund

                          Although recent macroeconomic conditions have been challenging within many emerging markets, we believe their prospects are improving and are excited about the near-term prospects for our holdings.

                          2nd Quarter 2019

                              Commentary: Income and U.S. Government Bond Funds

                              Given our skeptical view on the Fed and its motives, the duration of the portfolio has remained constant through much of the second quarter as we have focused more on diversifying the portfolio to weather many economic outcomes.

                              2nd Quarter 2019

                                  Commentary: International Value Fund

                                  With the promise of a resumption of trade negotiations between China and the U.S. after the G-20 Summit, markets rebounded in June and finished positively for the quarter.

                                  2nd Quarter 2019

                                      Commentary: Municipal Bond Funds

                                      The municipal bond market is changing. Investors just haven’t realized yet. In our minds, it has led to a mispricing of risk broadly. As such, we are running portfolios more conservatively. Mindful of the fact that when price and fundamental value diverge, there tends to be a reckoning.

                                      2nd Quarter 2019

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