The Multi-Manager Global Listed Infrastructure Fund outperformed during the quarter, with a return of 6.86% compared with the S&P Global Infrastructure Index return of 4.53%. Strong stock selection among railroads contributed to relative results. The Fund also performed well in the oil and gas transportation segment of the market. The Fund underperformed within the gas utilities sector.
For the full year, the Fund gained 24.28% compared with the benchmark return of 14.99%.
If you're a long-term investor looking to diversify your investments by pursuing the income and growth potential of globally listed infrastructure securities, then this Fund may be right for you. It is intended for investors who are aware that foreign markets may involve additional risks, such as social and political instability, reduced market liquidity and currency volatility.
- Invest at least 80% of net assets in securities of infrastructure companies listed on a domestic or foreign exchange, normally investing at least 40% (and up to 100%) in infrastructure companies tied to foreign countries, including emerging and frontier markets.
- 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/return.