Insights and Commentary from our Sub-advisors

Wespath's asset managers and others produce commentary on the state of the economy, markets, interest rates, industry segments and other topics of interest to institutional investors. These reports provide valuable insight that can help investors understand factors driving performance in the financial markets and lead to more informed decisions. The views expressed are those of the asset managers and do not necessarily represent Wespath’s views.
PIMCO—Emerging Market Local Debt: Growing Depth, Growing Opportunity– Our sub-advisor makes a case that the addition of new emerging markets to major global indices will benefit active fixed income portfolios. Posted August 17, 2017
PIMCO—10 Reasons Why ESG Investing is Growing– This article gives a succinct description of 10 major trends contributing to reasons why ESG investing is becoming increasingly popular. Posted July 18, 2017
Allianz Global Investors—Renewable Energy: A Real-Asset Alternative for Institutions Seeking Growth, Yield and Low Carbon– Our investment manager makes the case that the unique characteristics of renewable energy infrastructure can deliver attractive risk-adjusted returns, low correlations to other asset classes, and stable cash flows -- all while adhering to ESG standards and combating climate change. Posted July 18, 2017
Standish—For Emerging Market Debt, A Sustainable Recovery – The article discusses how the U.S. dollar, U.S. Federal Reserve’s policy and the overall financial health of emerging nations is supportive for a sustainable recovery in local currency emerging market debt. Posted July 5, 2017
Epoch Investment Partners—The Impact of Passive Investing on Market Efficiency – This article addresses the impact of growing passive investment vehicles on stock markets leading to pricing inefficiencies as a result of short-term capital inflows. The article makes the case as to why a long-term fundamental active investing strategy based on free cash flows can be successful in this changing environment. Posted June 27, 2017
Wellington Management—Charging Toward a Lower-Carbon Economy – Despite the Trump administration's announcement to withdrawal from the Paris Climate Accord, Wespath manager Wellington strongly believes that companies focused on sustainability and renewable energy will continue to thrive as increasingly favorable economics and global support provide a tailwind for long-term growth and value creation. Posted June 15, 2017
Baillie Gifford—Enlightened Self-Interest: Perspectives on ESG – Wespath manager Baillie Gifford discusses the critical importance to its clients of considering the impact of ESG factors when investing for the long-term. Posted June 6, 2017
Schroders—Outlook 2017: Emerging Market Debt Relative – Common investment themes in early 2017 have been the expectation for U.S. reflation, rising interest rates and continued strength in the U.S. dollar. Despite potential headwinds, Schroders believes emerging market debt offers attractive yield and diversification, and any change in market expectations could create further benefit through emerging market currency appreciation. Posted February 8, 2017
Epoch Investment Partners—Spotlight: Smaller U.S. Companies in the Current Environment – Epoch discusses the performance of, and outlook for, small- and mid-cap companies in the wake of the recent presidential election. Posted February 2, 2017
Wellington Management—Viewpoints December 2016 – Wellington emphasizes the important diversifying effects of non-U.S. securities and advises a balanced global portfolio to hold about 50% of its assets outside the U.S. Posted December 23, 2016
Capital Group—Long Duration Update – Capital Group's Wesley Phoa, a portfolio manager who focuses on long duration strategies, gives a market update and outlines what a "reshaped" Federal Reserve Board could mean for bond yields. Posted December 12, 2016
Neuberger Berman—CIO Weekly Perspectives – Inflation worries are non-existant, but maybe that's the time to prepare for future pricing pressure. Posted September 12, 2016
AllianzGI’s View on UK EU Referendum Results – Allianz explores how the Brexit vote will impact the political, economic and overall market landscape. Posted August 1, 2016
Epoch Quarterly Investment Update: Four More Years! – The article examines current market valuations in the context of historical metrics and provides Epoch's prognosis for near-term equity market returns. Posted May 6, 2016
Capital Group — The Dollar’s Ascent Could Be in Its Final Phase – Capital Group makes the case that the US dollar's ascent is in its final phase. Posted March 8, 2016
Allianz Global Investors — China’s Year of the Goat goes out with a Bang! Will the Year of the Monkey Swing Better? — Allianz Global Strategist, Neil Dwane, provides an update on China and highlights a number of important milestones. Wespath utilizes Allianz (RCM) to manage large cap growth securities in the US Equity Fund. Posted March 8, 2016
Wellington Management — Wellington Management puts forward a contrarian view about oil prices and the demand for oil. The firm's global energy industry analyst believes that with demand continuing to rise and supply potentially declining in the US, oil prices are poised to rise again sooner than expected. Posted February 8, 2016
Adams Street Partners — Chinese Venture Capital Outlook – Adams Street discusses the new wave of Chinese venture capital funds which focus on e-commerce and technology disruption. China has the second highest number of unicorn companies in the world. Posted February 8, 2016
Fidelity — Outlook 2016 – Fidelity's director of global macro, Jurrien Timmer, discusses expectations for growth, inflation, interest rates, equity valuations, etc. in 2016. Posted December 17, 2015
Capital Group — The China Syndrome: Meltdown or Recovery Ahead? – Capital Group provides an interesting review of China covering topics like the recent collapse in stock prices, the prospects for the economy, the devaluation in the currency and overall effort to implement market-based reforms. Posted September 28, 2015
Epoch — Contagion — A Perspective – Epoch Investment Partners discusses the impact of slowing economic growth in China and its powerful impact on world equity markets and on the global economy. There is also a brief review of other major world markets. Posted September 21, 2015
Wellington — Global Small Caps: Diversity Provides Opportunity – Wespath manager Wellington reflects on the valuation of small cap stocks and suggests that there are sectors where small caps may still be attractively valued. Posted September 21, 2015
Wellington — The Impact of ESG Engagement – Wespath manager Wellington declares that it is their fiduciary duty to integrate ESG analysis into their investment process. Their analysis demonstrates that engaging with companies on ESG issues can lead to better overall stock performance. Posted September 21, 2015
Epoch — Contagion Risks and Volatility – Epoch CIO Bill Priest discusses the impact of leverage, specifically in China and Greece, and its potential impact on the stability of the financial system. Posted August 31, 2015
Disciplined Growth Investors (DGI) — March 2015 – DGI explores the transformation occurring in the oil and gas industry from massive innovation which is not normally associated with innovative activity and what it means from an investment perspective. Posted April 7, 2015
J.P. Morgan — Emerging Markets Strategy – Economists are starting to "recouple" emerging market (EM) growth rates to increased growth in developed markets in their 12-month forecasts. J.P. Morgan suggests that with EM currency rates below fair values and growth poised to rebound, asset valuations are beginning to look interesting, particularly in Korea, Eastern Europe and Russia. Posted March 13, 2015
Standish — Bond Market Observations – Standish believes the European Central Bank's recently announced Quantitative Easing (QE) program is a step in the right direction. However, further rounds of QE will likely be necessary. Posted March 13, 2015
Epoch — Dividends by Another Name – Epoch Investment Partners shares their views on share repurchases and other uses of corporate cash. Epoch manages a large cap stock portfolio within Wespath's US Equity Fund. Posted January 27, 2015

Fund Performance*

Prices (as of 9/20/2017)
Fund Price Change YTD
ESVPF $12.2731 0.24% 16.04%
ETFIF $10.9606 -0.10% 5.80%
FIF $29.6891 -0.04% 6.04%
IPF $16.9489 -0.03% 3.09%
IEF $36.5075 0.32% 25.30%
MAF $29.8105 0.15% 13.47%
STIF $12.2937 -0.01% 0.65%
SVCBF $10.1141 -0.12% N/A
USEF $37.1029 0.18% 12.12%
USEIF $12.6115 0.13% 12.44%
USTPF $10.1269 -0.32% N/A
* Historical returns are not indicative of future performance. Please refer to the Investment Funds Description for more information about the Funds. This is not an offer to purchase securities. Offers will only be made through the Investment Funds Description.

Investment Funds

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