The Fed shifts on inflation – What does it mean?
The Fed unveiled a revision to its monetary policy, allowing for higher inflation to help support the labor market. We believe this action could keep interest rates low for years.
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 June 30, 2020, 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.
Top 10 equity holdings as a percent of net assets as of 06/30/2020: Nestle S.A., Registered Shares 2.6%, Roche Holdings AG, Genusscheine 2.5%, SAP AG 2.5%, Newcrest Mining Ltd. 2.0%, DNB ASA 2.0%, Airbus SE 1.9%, Legal & General Group plc 1.9%, Merck KGaA 1.8%, SPDR Gold Trust 1.8% and Anglo American plc 1.7%.
All information is based on Class I shares. The MSCI EAFE Index is an equity index which captures large and mid cap representation across 21 Developed Markets countries’ around the world, excluding the US and Canada. It is not possible to invest directly in an index.
The impact of COVID-19, and other infectious illness outbreaks that may arise in the future, could adversely affect the economies of many nations or the entire global economy, individual issuers and capital markets in ways that cannot necessarily be foreseen. In addition, the impact of infectious illnesses in emerging market countries may be greater due to generally less established healthcare systems. Public health crises caused by the COVID-19 outbreak may exacerbate other pre-existing political, social and economic risks in certain countries or globally. The duration of the COVID-19 outbreak and its effects cannot be determined with certainty.
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