The economics of geopolitics
Trade war escalation and stalled Brexit negotiations have boosted investment risk and market volatility. Our panelists discussed the geopolitical landscape and how it's influencing investment decisions.
Top 10 equity holdings as a percent of net assets as of 09/30/2019: Phillips 66, 4.79%; Valero Energy Corp., 4.50%; Marathon Petroleum Corp., 4.22%; Concho Resources, Inc., 4.09%; Pioneer Natural Resources Co., 4.07%; Diamondback Energy, Inc., 3.96%; WEX, Inc., 3.72%; Continental Resources, Inc., 3.62%; Dril-Quip, Inc., 3.51%; Parsley Energy, Inc., 3.40%.
All information is based on Class I shares.
Risk factors: The value of the Fund’s shares will change, and you could lose money on your investment. Because the Fund invests more than 25% of its total assets in the science and technology industry, the Fund’s performance may be more susceptible to a single economic, regulatory or technological occurrence than a fund that does not concentrate its investments in this industry. Securities of companies within specific industries or sectors of the economy may periodically perform differently than the overall market. In addition, the Fund’s performance may be more volatile than an investment in a portfolio of broad market securities and may underperform the market as a whole, due to the relatively limited number of issuers of science and technology related securities. Investment risks associated with investing in science and technology securities, in addition to other risks, include: operating in rapidly changing fields, abrupt or erratic market movements, limited product lines, markets or financial resources, management that is dependent on a limited number of people, short product cycles, aggressive pricing of products and services, new market entrants and obsolescence of existing technology. 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.