NOTICE: 2020 Capital Gains Available. View PDF here.
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World Energy Fund Commentary 4Q 2020

World Energy Fund Commentary

4Q 2020
The Fund’s Institutional share class returned 31.31% during the quarter, compared with 12.15% and 27.15% for the Fund’s benchmarks, the S&P 500 Index1 and the MSCI World Energy Index1, respectively.
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Opportunistic Fund Commentary 4Q 2020

Opportunistic Fund Commentary

4Q 2020
The Fund’s Institutional share class returned 17.05% during the quarter, compared with the average return of 4.32% for the 162 funds in Lipper Absolute Return category. Additionally, the Fund’s benchmarks, the S&P 500 Index1 and the HFRX Equity Hedge Index1, returned 12.15% and 7.77% during the period, respectively.
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Limited Duration Fund Commentary 4Q 2020

Limited Duration Fund Commentary

4Q 2020
The Fund’s Institutional share class returned 0.32% in the fourth quarter, compared with the ICE BofA Merrill Lynch 1-5 Year U.S. Corporate/Government Index1, which had a 0.37% return for the quarter.
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Bond Fund Commentary 4Q 2020

Bond Fund Commentary

4Q 2020
The Fund’s Institutional share class returned 0.71% in the fourth quarter, compared with the Bloomberg Barclays U.S. Aggregate Bond Index1, which had a 0.67% return for the quarter.
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Active Core Fund Commentary 4Q 2020

Active Core Fund Commentary

4Q 2020
The Fund’s Institutional shares returned 8.07% in the fourth quarter. The Fund’s equity benchmark, the Russell 1000® Index 1, returned 13.69%, while its fixed-income benchmark, the Bloomberg Barclays U.S. Aggregate Bond Index 1, returned 0.67%.
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