July 2019 – Andrew Foster, Paul Espinosa, and Inbok Song discuss Growth and Income Fund holdings that impacted performance in the quarter.  The managers attribute the recent volatility in emerging market equities to two primary factors: first, rapidly shifting sentiments regarding the U.S.-China trade dispute; and second, the unstable estimates of professional analysts regarding the forecast growth in corporate profits in the developing world for 2019.

July 2019 – Paul Espinosa attributes the Value Fund’s positive performance to stock-specific factors and highlights two instances of event-driven value realization within the portfolio’s holdings. Amid slowing global growth expectations, Paul notes that the Value strategy aims to generate investment returns from a diversity of factors. While one of the strategy’s seven sources of value is sensitive to changes in growth expectations, the other six sources do not relate directly to growth.