Portfolio Manager Will Nasgovitz reviews what contributed to the Value Fund's outstanding 2009 investment results.
Past performance does not guarantee future results. Value investments are subject to the risk that their intrinsic value may not be recognized by the broad market. An investment in the Funds involves risks, including loss of principal.
The Overall Morningstar Rating™ for a fund is derived from a weighted average of the performance figures associated with its 3-, 5-, and 10-year Morningstar Rating™ metrics. As of 7/31/10 the Value Fund was rated against 310, 246 and 126 small value funds over the 3-, 5-, and 10-year periods, respectively and has received Morningstar's 3-star rating for the 5- and 10-year periods, and a 2-star rating for the 3-year period. For each fund with at least a 3-year history, Morningstar calculates a Morningstar Rating™ based on Morningstar's risk-adjusted return measure that accounts for variation in a fund's monthly performance (including the effects of sales charges, loads and redemption fees), placing more emphasis on downward variations and rewarding consistent performance. The top 10% of funds in a category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars and the bottom 10% receive 1 star. (Each share class is counted as a fraction of one fund within this scale and rated separately which may cause slight variations in the distribution percentages.) The Morningstar Ratings™ are for the specified share class; other classes may have different performance characteristics.
The statements and opinions expressed in the video are those of the presenter. Any discussion of investments and investment strategies represents the Funds' investments and portfolio managers' views as of the date of the video, and are subject to change without notice. All information is historical, not indicative of future results and subject to change. Audience should not assume that an investment in the securities mentioned was or would be profitable in the future. This information is not a recommendation to buy or sell.
Russell 2000 Value Index measures the performance of those Russell 2000 companies with lower price-to-book ratios and lower forecasted growth values. All indices are unmanaged. It is not possible to invest directly in an index.
Sector classifications are generally determined by referencing the Global Industry Classification Standard (GICS) Codes developed by Standard & Poor’s and Morgan Stanley Capital International. Sector allocations are a percent of equity investments and subject to change.
Debt/Total Capital of a stock is calculated by dividing the long-term debt of the company by its total capital.
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