Investment Sub-advisor Profile
Parametric Portfolio Associates acts as the overlay manager, consolidating trading activities in order to improve cost-effectiveness and efficiency. Parametric also applies social screens to the portfolio.
Tocqueville Asset Management, LP focuses on companies with attractive business models and cash-flow generating abilities. The firm employs a contrarian value approach and continuously seeks the best ideas in terms of risk and reward tradeoffs.
Waddell & Reed, Inc. generates portfolio ideas from multiple sources, and selects stocks using a bottom-up process in the context of the firm's current investment themes. Portfolio managers select high-quality stocks with uncorrelated themes.
WestEnd Advisors believes that sector and industry performance is highly correlated with particular stages of the business cycle. It uses a top-down, macro-economic investment approach complemented by bottom-up investigation into individual companies, to help ensure that the best quality stocks are held within favored sectors.
Baillie Gifford & Co. employs a unique investment process and has a long tradition of successfully investing in companies offering superior long-term growth prospects and returns.
Sustainable Growth Advisers, LP, uses a highly selective investment process to construct a concentrated portfolio (typically around 25 holdings) of the highest quality companies. Reflecting its patient approach, positions are generally held for five years.
J.P. Morgan Asset Management (JPM) is a bottom-up* manager with a distinguished skill set in adding value through security selection. We believe JPM has ample capacity to meet the return objectives in a risk-controlled manner.
Western Asset Management (WAM) is a top-down** manager that uses a team approach with groups of specialists dedicated to different market sectors. The team focuses on four key areas to determine portfolio structure: (1) sector allocation, (2) issue selection, (3) duration weighting and (4) term structure weighting. WAM believes that sector allocation is the most important source of value in an actively managed fixed-income portfolio.
Duration is a commonly used measure of the potential volatility of the price of a debt security, or the aggregate market value of a portfolio of debt securities, prior to maturity. Securities with a longer duration generally have more volatile prices than securities of comparable quality with short duration. MSCI ACWI ex US Index is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed and emerging markets. S&P 500 Index is an unmanaged, capitalization weighted index that measures the performance of 500 large-capitalization stocks representing all major industries. Investors cannot invest directly in an index..
For those Funds which employ the 'manager of manager' structure, SEI Investments Management Corporation (SIMC) has the ultimate responsibility for the investment performance of the fund due to its responsibility to oversee the sub-advisers and recommend their hiring, termination and replacement.