However, we believe the companies we hold would likely be supported by what we view as their strong balance sheets and leading market positions, which we think could reduce the risk of permanent capital loss and potentially allow such companies to recover over the longer term. Date of Reporting Period: Longer maturities and lower rated bonds generally outperformed. Renewed uncertainty over the. Within the bond portion of the Fund, country allocation and currency exposure were positive contributors to returns. In addition, Apple Inc.
SAP is the business software that many significant businesses in the world use to run their enterprises. Weaker than expected economic data from China and the relatively modest pace of recovery in the U. The program entails unlimited, but conditional, purchases of Eurozone government bonds with maturities of one to three years in the secondary market. Stock selection in energy hurt returns. For the year as a whole, consumer goods and consumer services, as well as industrials, performed strongly, while basic materials, in particular mining stocks, as well as the oil and gas posted the worst performance. For the year, U. Strong stock selection within materials was the key.
Notable underperformers on a local basis included Greece 2. Global markets rallied as well, with returns of International markets also had strong performance during as easing of Euro area tensions and central bank stimulus helped the gains. Italics indicate Extended Performance. Furthermore, shares of YPF, an Argentine energy company, ameroca after the government announced plans to expropriate a majority of the company from its primary owner, Repsol SA.
Toward year end, investor focus shifted to the U. We focus on companies within industries that are being driven by secular growth trends and that have the financial strength to fund their own growth, producing positive returns on invested capital and demonstrating good yiled flow generation characteristics. Also, revenue for the first nine months rose 3. One market which had been impressive more recently, Indonesia, generated muted returns during the year, to some degree due to its vulnerability to higher inflation.
China amerjca political gridlock in the U. Renewed uncertainty over the.
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This delivery policy does not apply to account statements, confirmation statements, or other documents reflecting transaction activity, which you will continue to receive individually. The Trsut is slightly overweight in China, where valuation remains attractive.
Within equities, the Fund decreased exposure to Asia Value stocks generally outperformed growth stocks, and for small cap value stocks, all sectors generated positive returns as represented by the Russell Value Index. Federal Reserve announced additional rounds of quantitative easing and extended its strategy designed to lower interest rates.
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Concerns included ongoing European sovereign debt fears, along with slow growth and high unemployment in the U. For example, global crude oil prices, which finished the year ffund 3. The attractiveness of owning alternatives is centered on the returns they generate that are independent of the broader equity and fixed income markets. Exposure to EM local rates, especially in Brazil, contributed to returns as the Monetary Policy Committee cut the policy rate.
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While these jln triggered several flights to quality, they were generally temporary in nature, with risk appetite returning as investors looked to generate incremental yield in the low interest rate environment. Previously, he spent close to three years as an investment banker with Lehman Brothers in New York and Chicago. In the interim, we continue to focus on bone companies with solid balance sheets that can generate strong organic cash flow growth for shareholders and that have srries operational flexibility to deal with any fiscal scenario.
Strategy Fund outperformed its benchmark by posting At its final meeting of the. However, the slowdown appeared less severe than expected in developed markets such as Germany and the U. The Fund emphasizes companies that can grow earnings and profits even in an uncertain macroeconomic environment. Additionally, he spent seven years performing credit analysis for companies such as Providian Corporation and Chemical Bank. The stock sank 2.
Shareholder oriented activities increased, partly due to this healthy fundamental backdrop and also due to balance sheet positioning. The Fund manager continues to hold an overweight position in the company on the basis of valuation, which is slightly more attractive than its peers.
Derivatives allow the Fund to efficiently access desired markets, hedge unwanted risks and generally manage the spectrum of portfolio risks. Fund of Funds continued.
Top contributors included Time Warner Cable Inc. However, we think the U. Also helping performance was stock selection in telecommunication services and consumer staples and in Brazil and South Africa. Cash, although only a minor portion of Fund assets, also hurt relative performance given the rally in global real estate equities. The Fund underperformed by the widest margin in energy driven by stock selection.
Our strategy is to buy and hold a portfolio of fundamentally sound companies for five years or more on average. Although still positive, performance in Latin America was held back by its substantial materials and energy exposure and sensitivity. With the exception of Argentina, which is not an index constituent, other Latin American markets recorded positive returns. Inception date April 30, Asian economies, which are mainly export driven, were similarly affected with sharp corrections mid year.
Dimensional Fund Advisors LP. Central banks worldwide announced rate cuts and asset purchase programs through September that allowed the risky asset rally, sparked in August, to continue through the end of the year. The managers do not target sector weightings, but the investment process led to a substantial overweight in consumer discre.
Japanese gas distribution companies were weak late in the year on concerns that government policy may be moving. British oil and gas company BG Group fell amid higher operating costs and lower production in key locations, including the UK, Egypt and Brazil. Client defections in the fixed line business added to declining voice traffic and roaming revenue. Current income is a secondary objective. Inception date January 16, Treasury Bill 3-Month Index, Exelon shares declined as a challenging pricing environment, unseasonably warm weather and storm costs throughout the year hurt operations.
Overweights to the Swedish Krona and New Zealand Dollar were positive contributors after their respective economies outperformed. In an effort to compensate, management has accelerated its cost cutting efforts, while expanding.