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.
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.
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.
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.
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.
Commentary: Strategic Income Fund
In light of tight spreads, weakening corporate and consumer fundamentals, and a slowing global economic environment, we remain defensively positioned.
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.
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.
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.
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.
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.
Commentary: Investment Income Builder Fund
While demographic trends continue to drive increased appetite for income-producing vehicles, global central bank policy continues to distort the relationship between stock and bond yields.
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