The Multi-Manager Large Cap Fund underperformed during the quarter with a return of 4.16%, compared with the Russell 1000® Index return of 5.12%. Stock selection was the primary driver of underperformance, with particular weakness among information technology and consumer discretionary stocks.
Sub-adviser Delaware posted the best performance during the period, benefiting from an underweight position in the financial sector and strong results among energy stocks. Huber Capital detracted from returns, as their holdings within the technology sector underperformed.
If you're a long-term investor looking to diversify your investments by pursuing the growth potential of large-company stocks, then this Fund may be right for you.
- Invest in large-cap stocks through a variety of external large-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.