September 2019 – Andrew Foster explains that, amid a slowdown in corporate earnings growth rates in the emerging markets, the Growth and Income Fund’s holdings exhibited resilient corporate performance and earnings growth. Andrew highlights two Fund holdings – Hyundai Mobis and Venture Manufacturing – that have diversified their businesses to sustain growth.

September 2019 – Paul Espinosa notes that macro developments – specifically the U.S.-China trade war and Hong Kong protests – impacted the emerging markets universe, but Value Fund performance was largely driven by company-specific factors. In addition, Paul explains that minority shareholders are increasingly able to realize value in emerging markets due to improving corporate governance, and he cites two portfolio holdings as recent examples.