Behavioral Large Cap Value Equity Fund Fact Sheet
Morningstar Style Box
Philosophy and Process
The portfolio management team applies "behavioral finance" principles in the construction of the fund's portfolio. Behavioral finance theorizes that investment decisions are often influenced by emotion, and that investors can be predictable (and, at times, irrational) in their decision making. These emotionally charged investment decisions can lead to stock price anomalies that create buying opportunities in the marketplace. The portfolio management team seeks to capitalize on these behaviorally driven market anomalies by employing a disciplined investment process that ranks companies in the fund's investment universe based on a number of factors, such as valuation, price momentum and earnings revisions, and also takes into account such factors as country and sector exposure to construct a diversified portfolio. The team considers selling a security when the security's ranking becomes less attractive and/or in light of liquidity, sector exposure or diversification considerations.
The overall results of the Fund will be dependent on the process and ability of the Adviser to apply “behavioral finance” principles to recognize a company's value, earnings revisions and price momentum. The Fund may invest in undervalued securities which may not appreciate in value as anticipated or remain undervalued for longer than anticipated. The overall results of the fund will be dependent on the process and ability of the Adviser to recognize a company’s value. The Fund may invest in REITs (Real EstateInvestment Trusts), the value of which will be affected by conditions of the real estate industry and exchange-traded funds (ETFs), thus shareholders may bear additional costs and the ETF may not exactly replicate the performance it seeks to track.
|Class A Shares||Class C Shares||Class Inst'l Shares||Class R6 Shares|
|Subsequent Investment Min.*||$0.00||$0.00||$0.00||$0.00|
|Max. Up Front Sales Charge||5.75%||N/A||N/A||N/A|
|Max. Deferred Sales Charge||N/A||1.00%||N/A||N/A|
Fund Performance as of 06.30.2019
|QTR||YTD||1 Year||3 Years||5 Years||10 Years||Since
|A Shares with 5.75% Sales Charge||-3.97%||4.33%||-5.60%||6.64%||4.75%||10.23%||7.16%|
|A Shares without Sales Charge||1.89%||10.72%||0.16%||8.77%||6.00%||10.88%||7.39%|
|Lipper Large-Cap Value Median||3.50%||15.19%||6.45%||10.53%||6.90%||12.12%||N/A|
The total expense ratios for Class A, C, and I Shares are 0.88%, 1.63%, and 0.63%, respectively. The gross expense ratio for Class R6* Shares is 0.63%. The net expense ratio for Class R6* Shares is 0.58%.
*The Administrator has contractually agreed to waive its administrative fees, pay Fund operating expenses, and/or reimburse the Fund to keep R6 shares Net Expense Ratio to 0.58% from February 1, 2019 through January 31, 2020. Performance would have been lower without limitations in effect.
Past performance does not guarantee future results. The performance data quoted represents past performance and current returns may be lower or higher. The investment return and principal value of an investment will fluctuate so that an investor's shares, when redeemed, may be worth more or less than the original cost. To obtain performance information current to the most recent month end, please visit the performance summary.
The performance of the Large Cap Value Diversified Fund reflects the deduction of fees for value-added services associated with a mutual fund, such as investment management and fund accounting fees. The inception date for Class A Shares is 10/09/1992. The inception date for Class C Shares is 02/01/2001. The inception date for Class Inst'l Shares is 10/09/1992. The inception date for Class R6 Shares is 02/01/2018. The performance of Class C Shares is based on the historical performance of Class A Shares, adjusted to reflect the 1% contingent deferred sales charge. The performance shown reflects the reinvestment of all dividend and capital gains distributions.
Top Ten Holdings as of 06.30.2019
|Verizon Communications, Inc.||3.01%|
|JP Morgan Chase & Co.||2.78%|
|Comcast Corp., Class A||2.12%|
|Southern Co. (the)||1.82%|
|PNC Financial Services Group, Inc.||1.81%|
Current and future portfolio holdings are subject to change and risk. Based on Market Value of securities.
Sector Allocation as of 08.05.2019
Allocations are based on the current weight to funds in the cited Sector. The composition of the fund's holdings is subject to change.
Growth of $10,000 as of 06.30.2019
The Growth of $10,000 chart is hypothetical based upon the performance of A Shares at NAV for the period ended 06/30/2019. It includes the reinvestment of dividends and capital gains.
Risk/Return Statistics vs. Russell 1000® Value Index as of 06.30.2019
Summary Statistics as of 06.30.2019
|Weighted Median P/E||14.95|
|Weighted Average P/B||2.83|
|Weighted Average Market Cap.||$80.39B|
*Annual Turnover Ratio is 12 month rolling calculation.
*Alpha, Beta, R-Squared, Standard Deviation, and Sharpe Ratio are based on a 10-year calculation.
*Click for a glossary of terms
© 2019 Morningstar. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Past performance is no guarantee of future results.
The Morningstar Rating™ for funds, or "star rating", is calculated for managed products (including mutual funds, variable annuity and variable life subaccounts, exchange-traded funds, closed-end funds, and separate accounts) with at least a three-year history. Exchange-traded funds and open-ended mutual funds are considered a single population for comparative purposes. It is calculated based on a Morningstar Risk-Adjusted Return measure that accounts for variation in a managed product's monthly excess performance, placing more emphasis on downward variations and rewarding consistent performance. The top 10% of products in each product category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars, and the bottom 10% receive 1 star. The Overall Morningstar Rating for a managed product is derived from a weighted average of the performance figures associated with its three-, five-, and 10-year (if applicable) Morningstar Rating metrics. The weights are: 100% three-year rating for 36-59 months of total returns, 60% five-year rating/40% three-year rating for 60-119 months of total returns, and 50% 10-year rating/30% five-year rating/20% three-year rating for 120 or more months of total returns. While the 10-year overall star rating formula seems to give the most weight to the 10-year period, the most recent three-year period actually has the greatest impact because it is included in all three rating periods.