Long-term investors should look beyond stock market volatility
Market volatility can be unsettling, but history shows that prices have returned to less volatile patterns over time. That can be good news for long-term investors.
The opinions expressed are those of the Fund’s managers and are not meant as investment advice or to predict or project the future performance of any investment product. The opinions are current through Sept. 30, 2019, are subject to change at any time based on market and other current conditions, and no forecasts can be guaranteed. This commentary is being provided as a general source of information and is not intended as a recommendation to purchase, sell, or hold any specific security or to engage in any investment strategy. Investment decisions should always be made based on an investor’s specific objectives, financial needs, risk tolerance and time horizon. Past performance is not a guarantee of future results.
All information is based on Class I shares.
Gus C. Zinn, CFA, served as a portfolio manager on the Fund until Dec. 3, 2018.
The S&P 500 Index is a float-adjusted market capitalization weighted index that measures the large-capitalization U.S. equity market. It is not possible to invest directly in an index.
Top 10 holdings as a percent as of 9/30/2019: Microsoft Corp. 6.2, Boeing Co. 3.5, TE Connectivity Ltd. 3.4, Walmart, Inc. 3.4, JPMorgan Chase & Co. 3.3, Apple, Inc. 3.2, Citigroup, Inc. 3.1, Comcast Corp. Class A 3.0, Amazon.com, Inc. 2.7, Nextera Energy, Inc. 2.5.
Risk factors: The value of the Fund’s shares will change, and you could lose money on your investment. Because the Fund is generally invested in a small number of stocks, the performance of any one security held by the Fund will have a greater impact than if the Fund were invested in a larger number of securities. Although larger companies tend to be less volatile than companies with smaller market capitalizations, returns on investments in securities of large capitalization companies could trail the returns on investments in securities of smaller companies. An investment in the Fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. These and other risks are more fully described in the Fund’s prospectus. Not all funds or fund classes may be offered at all broker/dealers.