Consumption disruption in 2019?
The U.S. consumer has been a significant contributor to domestic economic growth in 2018. Will consumer consumption be hit by inflation in 2019?
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 Dec. 31, 2018, 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 12/31/2018: Chevron Corp., 5.33%; Halliburton Co., 5.27%; Phillips 66, 4.29%; Concho Resources, Inc., 4.27%; EOG Resources, Inc., 4.11%; BHP Group PLC, 4.04%; Rio Tinto PLC, 3.77%; Canadian Pacific Railway Ltd., 3.73%; Marathon Petroleum Corp., 3.59%; Valero Energy Corp., 3.34%.
Effective, April 30, 2018, the Fund's benchmark changed to the S&P North American Natural Resources Sector Index from the MSCI ACWI IMI 55% Energy + 45% Materials Index. The S&P North American Natural Resources Sector Index represents U.S.-traded securities in the energy and materials sectors, excluding the chemicals industry, and steel sub-industry. It is not possible to invest directly in an index.
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