The Multi-Manager Mid Cap Fund outperformed the benchmark during the quarter, with a return of 8.49% versus the Russell Midcap® Index return of 8.39%. Stock selection was the primary driver of outperformance during the quarter, with particular strength in the energy and information technology sectors. Performance in the consumer and industrials areas was weaker. For the full year, the Fund returned 35.40%, compared with the benchmark return of 34.76%.
Value sub-adviser LSV was the top performer during the quarter and for the full year. Their focus on low price-to-book stocks was in favor during the period, with their portion of the portfolio particularly strong in the energy segment. Sub-adviser Geneva Capital underperformed during the quarter and for the full year, driven by below-benchmark returns in the consumer and industrial sectors.
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.