A group of top managers remains cautious and commits more capital to traditional defensive sectors, while taking advantage of a rising (and potentially overvalued) market to book some gains.
Our top managers continue to focus on higher-quality businesses rather than seeking out bargains in a market that (in many of their minds) has become fully valued.
These actively managed offerings are led by experienced managers and have beaten their benchmarks during the past decade.
During the past decade they've outperformed the S&P 500 whether the index has gained or lost value.
Our top managers continue to find attractive buying opportunities in wide-moat firms.
Our managers are still finding attractive opportunities in a more richly valued market.
More volatile equity markets impact the buying and selling activity of our top managers.
While a majority of our top fund managers are outperforming this year, five of them truly stand out from the rest given their ability to outperform the market over all time periods.
Increased investor inflows and portfolio reshuffling (driven in part by a fairly valued market), has added breadth to the high-conviction and new-money purchases we've seen so far from our top managers.
Interest in Apple is heating up as the price falls, but how deep is the conviction?