April 2019 – Andrew Foster, Paul Espinosa, and Inbok Song discuss Growth and Income Fund holdings that made notable contributions to performance. They introduce several new Fund holdings, including a retail bank in Indonesia known for its micro-lending franchise. The managers assert that while concerns over trade and politics continue to weigh on emerging markets, the assessment from the ground up is not bad: 2018 finished with decent earnings growth, China has gradually re-initiated market-based reforms, and currencies are exhibiting independence from U.S. monetary policy.

April 2019 – Paul Espinosa discusses two holdings emblematic of the Value Fund’s strategy, noting that they lie “off the beaten path” of the emerging markets benchmark and generate value for shareholders in ways that extend beyond growth expectations. He introduces a new Fund holding, a bank in the Czech Republic. Lastly, Paul cites earnings growth and China’s economic policy direction as reasons for his positive outlook on the emerging markets.