Fund Overview

Fund Overview

Share Class

Z

NAV | as of 09/28/2022

$14.95
+$0.26 (+1.77%)

Overall Morningstar Rating


Rated against 405 Global Allocation funds as of 08/31/2022

View Morningstar Details

Growth of $10,000 (Hypothetical)

Since Inception 01/02/1997 to 08/31/2022 = $61,816.08

  • 3YR
  • 5YR
  • 10YR
  • INCEP.
INCEP.
  • 3YR
  • 5YR
  • 10YR
  • INCEP.

Performance shown for periods prior to April 17, 2020 reflects the performance and investment strategies of the Fund’s previous subadvisor, Chicago Equity Partners, LLC. The Fund’s past performance would have been different if the Fund were managed by the current subadvisor and strategy, and the Fund’s prior performance record might be less pertinent for investors considering whether to purchase shares of the Fund. The performance data shown represents past performance. Past performance is not a guarantee of future results. Current performance may be lower or higher than the performance data quoted. The investment return and the principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. For performance information through the most recent month end please call 800.835.3879. From time to time, the advisor has waived fees or reimbursed expenses, which may have resulted in higher returns. The listed returns and yields of the Fund are net of expenses, and the returns and yields of the indices exclude expenses. For time periods where the fund inception date preceded the benchmark, the benchmark data will not be shown. Returns for periods less than one year are not annualized.

On April 17, 2020, The MSCI ACWI Index, 60% MSCI ACWI Index/40% Bloomberg Global Aggregate Bond Index and Bloomberg Global Aggregate Bond Index replaced the Russell 1000® Index, 60% Russell 1000® Index/40% Bloomberg U.S. Aggregate Bond Index and Bloomberg U.S. Aggregate Bond Index as the Fund’s benchmarks on April 17, 2020 because the Investment Manager and Subadviser believe the new benchmarks are more representative of the Fund’s current investment strategies.

Objective

Long-term capital appreciation and moderate current income

Why Consider

  • Tactical asset allocation portfolio that seeks to capitalize on relative valuation opportunities across asset classes and geographies
  • Focused global equity portfolio combined with well diversified fixed income portfolio
  • Our disciplined long-term research focus allows us to develop a deep understanding of our targeted companies

Daniel L. Miller, CFA

PARTNER AND DIRECTOR OF EQUITIES

William Sterling, Ph.D.

GLOBAL STRATEGIST

Aaron C. Clark, CFA

PRINCIPAL, PORTFOLIO MANAGER

Thomas Masi, CFA

PARTNER AND PORTFOLIO MANAGER

Mary F. Kane, CFA

PARTNER AND PORTFOLIO MANAGER

Performance

Performance

Read Important Investment Disclosures

Returns

Trailing Returns

Performance shown for periods prior to April 17, 2020 reflects the performance and investment strategies of the Fund’s previous subadvisor, Chicago Equity Partners, LLC. The Fund’s past performance would have been different if the Fund were managed by the current subadvisor and strategy, and the Fund’s prior performance record might be less pertinent for investors considering whether to purchase shares of the Fund. The performance data shown represents past performance. Past performance is not a guarantee of future results. Current performance may be lower or higher than the performance data quoted. The investment return and the principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. For performance information through the most recent month end please call 800.835.3879. From time to time, the advisor has waived fees or reimbursed expenses, which may have resulted in higher returns. The listed returns and yields of the Fund are net of expenses, and the returns and yields of the indices exclude expenses. For time periods where the fund inception date preceded the benchmark, the benchmark data will not be shown. Returns for periods less than one year are not annualized.

On April 17, 2020, The MSCI ACWI Index, 60% MSCI ACWI Index/40% Bloomberg Global Aggregate Bond Index and Bloomberg Global Aggregate Bond Index replaced the Russell 1000® Index, 60% Russell 1000® Index/40% Bloomberg U.S. Aggregate Bond Index and Bloomberg U.S. Aggregate Bond Index as the Fund’s benchmarks on April 17, 2020 because the Investment Manager and Subadviser believe the new benchmarks are more representative of the Fund’s current investment strategies.

Expense Ratios

  • Gross Expense Ratio: 0.85%
  • Net Expense Ratio: 0.81%
  • Expense Cap Expiration Date: 05/01/2023

Distributions & Pricing

Distributions

Calendar Year Distributions

Ex-Date Total Distribution Income Short-term Cap Gains Long-term Cap Gains
Dec 15, 2021 $0.469300 $0.469300
Mar 29, 2021 $0.014200 $0.014200
Dec 16, 2020 $0.009200 $0.009200
Sep 28, 2020 $0.014500 $0.014500
Jun 26, 2020 $0.013600 $0.013600
Apr 27, 2020 $0.483600 $0.483600
Mar 27, 2020 $0.090700 $0.090700
Dec 16, 2019 $0.825900 $0.089100 $0.736800
Sep 26, 2019 $0.065500 $0.065500
Jun 26, 2019 $0.077400 $0.077400
Mar 27, 2019 $0.083800 $0.083800
Dec 27, 2018 $0.990900 $0.064800 $0.272600 $0.653500
Sep 26, 2018 $0.047500 $0.047500
Jun 27, 2018 $0.051500 $0.051500
Mar 27, 2018 $0.042500 $0.042500
Dec 27, 2017 $0.754300 $0.044300 $0.304000 $0.406000
Sep 26, 2017 $0.040200 $0.040200
Jun 27, 2017 $0.032700 $0.032700
Mar 28, 2017 $0.032700 $0.032700
Dec 27, 2016 $0.057900 $0.046100 $0.011800
Sep 27, 2016 $0.053300 $0.053300
Jun 27, 2016 $0.040200 $0.040200
Mar 28, 2016 $0.040200 $0.040200
Dec 28, 2015 $0.445100 $0.052600 $0.042200 $0.350300
Sep 25, 2015 $0.028600 $0.028600
Jun 25, 2015 $0.029000 $0.029000
Mar 26, 2015 $0.041200 $0.041200
Dec 26, 2014 $1.460600 $0.038900 $0.367600 $1.054100
Sep 25, 2014 $0.032700 $0.032700
Jun 25, 2014 $0.042800 $0.042800
Mar 26, 2014 $0.031700 $0.031700
Dec 26, 2013 $1.449400 $0.037700 $0.707200 $0.704500
Sep 25, 2013 $0.030200 $0.030200
Jun 25, 2013 $0.030200 $0.030200
Mar 25, 2013 $0.027700 $0.027700
Dec 26, 2012 $0.751500 $0.064900 $0.117100 $0.569500
Sep 25, 2012 $0.070600 $0.070600
Jun 26, 2012 $0.040300 $0.040300
Mar 27, 2012 $0.035200 $0.035200
Dec 27, 2011 $0.545400 $0.367900 $0.177500
Sep 27, 2011 $0.045300 $0.045300
Jun 27, 2011 $0.060400 $0.060400
Mar 28, 2011 $0.045300 $0.045300
Dec 28, 2010 $0.073100 $0.073100
Sep 27, 2010 $0.055400 $0.055400
Jun 25, 2010 $0.055400 $0.055400
Mar 26, 2010 $0.052900 $0.052900
Dec 28, 2009 $0.080600 $0.080600
Sep 25, 2009 $0.050400 $0.050400
Jun 25, 2009 $0.055500 $0.055500
Mar 26, 2009 $0.055500 $0.055500
Dec 26, 2008 $0.092900 $0.092900
Sep 25, 2008 $0.075800 $0.075800
Jun 25, 2008 $0.075800 $0.075800
Mar 26, 2008 $0.065800 $0.065800
Dec 26, 2007 $0.090900 $0.090900
Sep 25, 2007 $0.076000 $0.076000
Jun 26, 2007 $0.065900 $0.065900
Mar 27, 2007 $0.075000 $0.075000
Dec 26, 2006 $0.100000 $0.100000
Sep 26, 2006 $0.075000 $0.075000
Jun 27, 2006 $0.060000 $0.060000
Mar 28, 2006 $0.055000 $0.055000
Dec 27, 2005 $0.061000 $0.061000
Sep 27, 2005 $0.050000 $0.050000
Jun 27, 2005 $0.047000 $0.047000
Mar 28, 2005 $0.045000 $0.045000
Dec 28, 2004 $0.063000 $0.063000
Sep 27, 2004 $0.045000 $0.045000
Jun 25, 2004 $0.053000 $0.053000
Mar 30, 2004 $0.052500 $0.052500
Dec 19, 2003 $0.061500 $0.061500
Sep 29, 2003 $0.059600 $0.059600
Jun 27, 2003 $0.060900 $0.060900
Mar 28, 2003 $0.092800 $0.092800
Dec 20, 2002 $0.068700 $0.068700
Sep 27, 2002 $0.093300 $0.093300
Jun 27, 2002 $0.082200 $0.082200
Mar 27, 2002 $0.073400 $0.073400
Dec 20, 2001 $0.065600 $0.065600
Sep 27, 2001 $0.078300 $0.078300
Jun 28, 2001 $0.069000 $0.069000
Mar 29, 2001 $0.082500 $0.082500
Dec 21, 2000 $3.187700 $0.091700 $3.021800 $0.074200
Sep 28, 2000 $0.080200 $0.080200
Jun 29, 2000 $0.081800 $0.081800
Mar 30, 2000 $0.074200 $0.074200
Dec 30, 1999 $1.431200 $0.077700 $1.307000 $0.046500
Sep 30, 1999 $0.069300 $0.069300
Jun 30, 1999 $0.064300 $0.064300
Mar 31, 1999 $0.078000 $0.078000
Dec 31, 1998 $0.086000 $0.086000
Sep 30, 1998 $0.080000 $0.080000
Jun 30, 1998 $0.060000 $0.060000
Mar 31, 1998 $0.184000 $0.184000
Dec 31, 1997 $0.802000 $0.802000
Sep 30, 1997 $0.075000 $0.075000
Jun 30, 1997 $0.065000 $0.065000
Mar 31, 1997 $0.050000 $0.050000

Risk & Return Stats

As of: 08/31/2022

3YR 5YR 10YR
Alpha
Alpha is a measure of performance on a risk-adjusted basis. Alpha takes the volatility (price risk) of a security or mutual fund and compares its risk-adjusted performance to a benchmark index. The excess return of the security or fund relative to the return of the benchmark index is a fund's alpha.
-2.05 -0.27 1.16
Standard Deviation
Standard Deviation is a measure of the dispersion of a set of data from its mean. The more spread apart the data, the higher the deviation. Standard deviation is calculated as the square root of variance.
14.18 12.27 9.68
Sharpe Ratio
Sharpe Ratio is a risk-adjusted measure developed by William Sharpe. It is calculated using standard deviation and excess return to determine reward per unit of risk. First, the average monthly return of the 90-day Treasury bill (over a 36-month period) is subtracted from the portfolio's average monthly return. The difference in total return represents the portfolio's excess return beyond that of the 90-day Treasury bill, a risk-free investment. An arithmetic annualized excess return is then calculated by multiplying this monthly return by 12. To show a relationship between excess return and risk, this number is then divided by the standard deviation of the portfolio's annualized excess returns. The higher the Sharpe ratio, the better the portfolio's historical risk-adjusted performance.
0.05 0.21 0.58
Upside Capture Ratio (%)
Upside Capture Ratio (%) is a measure of a manager's performance in up markets relative to a particular benchmark. An up market is one in which the market's quarterly (or monthly) return is greater than or equal to zero. For example, a ratio of 50% means that the portfolio's value increased half as much as its benchmark index during up markets.
98.59 103.21 92.08
Downside Capture Ratio (%)
Downside Capture Ratio (%) measures a manager's performance in down markets relative to a particular benchmark. A down market is one in which the market's quarterly (or monthly) return is less than zero. For example, a ratio of 50% means that the portfolio's value fell half as much as its benchmark index during down markets.
108.98 103.21 89.86
Beta
Beta measures the relationship between the portfolio's excess return over T-bills (representing a risk-free rate) relative to the excess return of the portfolio's benchmark. A low beta does not imply that the portfolio has a low level of volatility; rather, a low beta means that the portfolio's market-related risk is low. Beta is often referred to as systematic risk.
1.07 1.05 0.96
R-Squared
R-Squared ranges from 0 to 100 and reflects the percentage of a portfolio's movements that are explained by movements in its benchmark index. A portfolio with an R-squared of 100 means that all movement is completely explained by benchmark index movement. Thus, a portfolio that invests only in S&P 500 stocks will have an R-squared very close to 100. Conversely, a low R-squared indicates that very little of the portfolio's movement is explained by benchmark movement. An R-squared measure of 35, for example, means that movements in its benchmark index can explain only 35% of the portfolio's movements. R-squared is used to ascertain the significance of a particular beta or alpha and generally a higher R-squared will indicate more useful alpha and beta figures.
89.28 88.11 82.98
Tracking Error (%)
Tracking Error (%) , which is often referred to as the active risk of the portfolio, measures how closely a manager's returns track the returns of a benchmark index. Specifically, tracking error measures the standard deviation of the excess returns a portfolio generates compared to its benchmark. This gives an indication of the volatility of a portfolio versus its benchmark. If a manager tracks a benchmark closely, then tracking error will be low. If a manager tracks a benchmark perfectly, then tracking error will be zero.
4.72 4.26 4.01
View All Characteristics & Stats

Portfolio & Holdings

Portfolio & Holdings

Top Holdings (Equity)

As of: 06/30/2022

UnitedHealth Group Inc 3.74%
Alphabet Inc, Class A 2.63%
STERIS PLC [NYSE] 2.51%
AIA Group Ltd 2.44%
Alibaba Group Holding Ltd 2.42%
American Tower Corp, Class A 2.40%
NextEra Energy Inc 2.26%
Yum China Holdings Inc [HKG] 2.25%
Charles Schwab Corp 2.25%
Microsoft Corp 2.18%
% in Top 10 Holdings 25.08%
View Holding Details Read Important Investment Disclosures

Regional Allocation (Equity)

As of: 06/30/2022

View Allocation Details

Investment Approach

Investment Approach

GW&K Global Allocation Fund

The Fund’s investment approach looks to capitalize on global opportunities with a diversified balanced portfolio combining equity and debt securities to help protect principal and manage volatility. The Fund uses an active approach to managing the global equity and fixed income portions of the portfolio with the core principal of managing risk through diversification, in-depth research and a focus on quality. GW&K’s disciplined long-term research focus allows the team to develop a deep understanding of their targeted companies.

Keep Calm and Remain Diversified

A Short- and Long-Term Review on the Power of Diversification

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A World of Opportunity

While the U.S. stock market has rebounded from the COVID-19 Global Pandemic, uncertainty remains high. U.S. investors who have stayed invested are back to enjoying strong returns and continue to question the need to allocate beyond the U.S. However, while the U.S. stock market has led for the past several years, it is unclear that this will continue and further neglects opportunities abroad.

Read More

About

Background

GW&K Investment Management is a dynamic investment management firm that offers asset allocation, active equity, and fixed income investment solutions to help meet the needs of a diverse client base. GW&K’s founding principles of applying rigorous fundamental research, focusing on quality, and maintaining a long-term view still guide its investment process today.

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Founded

1974


Headquarters

Boston, MA


Affiliate Since

2008

Discover how the boutique advantage helps generate alpha.

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