Large Cap Value Fund
A multidimensional approach to value investing
Strategic portfolio construction
For the fund’s managers, portfolio construction goes beyond superior stock selection and downside protection. Other elements of the process can help the fund outperform its benchmark. For example, they scrutinize the portfolio daily to determine the fund’s exposure to style factor risks.
Building a portfolio for all markets
The managers continuously analyze the fund’s stock-specific risk characteristics. They work with analysts to determine the degree of risk that every position brings to the portfolio, and to determine whether that risk is “paid for” — that is, properly balanced with return potential.
To scrutinize the fund’s sensitivity to external shocks, they conduct regular stress tests. Using proprietary tools, they learn how a portfolio would perform if subjected to certain forces, such as severe declines in sectors, volatility in commodity prices, or more unpredictable events like the global financial crisis.
“We have an obsession with portfolio construction and risk management. It is a secret sauce in our process.”
Lauren B. DeMore, CFA, and Darren A. Jaroch, CFA,
Outperformance in a variety of market conditions
A focus on risk management, portfolio construction, and relative value has helped the fund weather declines — and participate in rebounds — during some of the most challenging periods in the history of financial markets.
The fund has outperformed in periods of extreme market declines and in their recoveries
Past performance is no guarantee of future results. All investments involve risk, including the loss of principal. You can lose money by investing.