The Multi-Manager Mid Cap Fund finished the quarter marginally ahead of the benchmark with a return of 13.04%, compared with the benchmark return of 12.96%. The Fund benefited from its underweight allocation to the materials and telecommunications services sectors. In addition, stock selection in financials was particularly additive. The Fund underperformed within the consumer discretionary and technology areas.
LSV was the strongest-performing sub-adviser during the quarter. LSVs deeper value strategy was in favor during the period, and LSV was able to capitalize on this environment. Performance was particularly strong in the energy and financials sectors. Geneva and Systematic both underperformed during the quarter. Geneva struggled in the consumer discretionary sector while Systematic underperformed within technology.
If you're a long-term investor looking to diversify your investments by pursuing the growth potential of mid-sized company stocks, then this Fund may be right for you. It is intended for investors who are aware that mid-sized company stocks are generally riskier than large-company stocks due to greater volatility and less liquidity.
- Invest in mid-cap stocks through a variety of external mid-cap managers who have distinct investment styles and strategies.
- Select complementary managers from a broad universe of investment managers.
- Blend managers into a single fund in an effort to provide an attractive combination of risk and return.