TIREX – Q1 2018 Commentary
During the first quarter, the TIAA CREF Real Estate Securities Fund outperformed its benchmark despite the negative return for the quarter. The team remains focused on higher-quality growth oriented REITs with superior supply/demand dynamics. As of month end, the 30-day SEC yield on TIREX is 2.56%.
BEXIX – Q1 2018 Commentary
The Baron Emerging Markets Fund underperformed relative to its benchmark during the first quarter. This relative performance was driven by poor stock selection, particularly in India. The team believes it is positioned for a rise in market volatility and would look to capitalize on opportunities that tend to arise in such environments.
HLMEX – Q1 2018 Commentary
Harding Loevner Institutional Emerging Markets had a strong quarter outperforming its benchmark and a large majority of its peers. The strategy benefited from strong stock selection and remains cautiously optimistic about current synchronized global growth. The team continues to drive alpha through its focus on high quality growth companies.
TORIX – Q4 2017 Market Commentary
The Tortoise MLP and Pipeline Fund outpaced its North American Pipeline Index during the fourth quarter, and the broad energy sector began to turn around. Despite a year of underperformance for the MLP space, Tortoise believes that midstream company fundamentals remain strong and a growth opportunity remains as the need for greater pipeline capacity has ramped up.
TCPNX – Q4 2017 Commentary
The Touchstone Total Return Bond Fund outpaced the Agg during the fourth quarter and in 2017. The fund attempts to be duration and yield curve neutral relative to the Agg. During the year, the strategy benefited from a slight overweight to credit but maintains positions in more defensive credit sectors.
HLMEX – Q4 2017 Commentary
The Harding Loevner Emerging Markets fund lagged its benchmark during the fourth quarter, but still returned nearly 37% for 2017. The slight underperformance was driven by a relative underweight to China and an underweight to energy companies. The team builds a geographically diversified portfolio based on industry stock selection rather than country.
BEXIX – Q4 2017 Commentary
The Baron Emerging Markets Fund underperformed its benchmark during the fourth quarter but substantially outperformed for 2017. The team has taken advantage of its unique forward looking, bottom-up approach and feels the portfolio is well positioned in the current market environment.
MWTIX – Q4 2017 Commentary
The MetWest Total Return Bond Fund performed generally in line with the Barclays Aggregate during the fourth quarter and the full year in 2017. The slight lag in performance came as a result of the fund’s defensive positioning with an underweight to corporate credit and an emphasis on quality sectors.
TIREX – Q4 2017 Commentary
During the fourth quarter, the TIAA CREF Real Estate Securities Fund outpaced the FTSE NAREIT Index and beat the benchmark by nearly 350 bps in 2017. The team benefitted from strong security selection as well as strategic allocation positioning within the retail space.
HILIX – Q4 2017 Commentary
The Hartford International Value Fund outperformed its index and peer group during the quarter and outperformed the index by over 250 bps in 2017. The team maintains its strong track record by focusing on bottom-up stock selection that, in turn, also drives alpha through sector allocation.
