March 2023 Market Insights
The world and the markets remain quite complicated. Domestically, we are still dealing with the environmental mess from the train derailment in Ohio. Both sides are pointing fingers as to whether the President should have visited or if he had visited, he may have simply been a distraction. The battle for the origin of Covid 19 has also been much in the news and there is ample speculation about certain media outlets and the U.S. Government thwarting the idea that the virus was man made and then escaped from the lab. This has only continued to exacerbate the waning trust that many have in both the media and our elected officials.
The situation in Ukraine is now over a year old and the war is grinding on with no apparent end in sight. The U.S. and a number of our European allies have committed money and armaments to help Ukraine stave off the Russian attack. At the same time, the donor group has not provided some of the war planes that Ukraine has requested. China has proposed a peace plan that is not very serious. In general, why does Ukraine have to be forced to negotiate with Putin who used deception, including false provocation, as justification for Russia’s incursion into Ukraine?
Domestically, the Fed remains focused on battling inflation and the battle is certainly present. The most recent posting for CPI was a rise of 6.4%[1] and an increase of 5.6%[1] when food and energy are factored out. While the January inflation report was certainly better than the 9.1%[1] inflation print from June 2022, it is much higher than the 3.5%[1] average inflation we have experienced since the first quarter of 2017. The inflation concern is further exacerbated by the strength in the employment market. As of January 2023, unemployment stood at 3.4%[1], underemployment was reported at 6.6%[1], and new job creation was 517,0001 in January. Wage growth has declined to an annual rate of “only” 6.1%[1] so when you consider high prices, strong employment, and high wages, it is difficult to understand how inflation will suddenly dissipate.
The S&P 500 returned -2.4%[1] in February (with dividends reinvested) and the equity market seems to finally be taking the Fed at its word that they will continue to increase the Federal Funds Rate until they reach a point that inflation begins to come down. By the end of February, the yield on the 10-year Treasury increased to 3.92%[1] from 3.51%[1] at the end of January. With the inverted yield curve, we have been closely watching the yield action on the 2-Year Treasury and we saw a rise in the yield to 4.82%[1] at the end of February from 4.20%[1] at the end of January. We are looking for signs of inflation to abate and there are some anecdotal reports of car loan delinquencies starting to rise, with home mortgage and other consumer indebtedness beginning to show cracks as well.
Housing is an area that economists always focus on to help them see if the economy is in a slowing trend. Dating back to before the Great Financial Crisis, the Case-Shiller 20 City Composite had a year-over-year gain of 21.3%[1] in April of 2022. The annual growth rate of housing prices has slowed dramatically to 4.65%[1] annual growth. But still growing. Investment in housing stock declined drastically after the Great Financial Crisis and it has been estimated that the deficit was between 3 million and 4 million housing units. Connecticut is the land of high taxes and expensive living and I have been amazed how homes are still being snapped up quickly after their initial listing. We will obviously hit a point where mortgage rates are simply too high and asking prices will need to decline in order for the math to work out for the average home buyer.
At this time, we have been trying to dissect the consumer spending statistics in order to gauge the velocity of the economy. We are taking a look at credit card data to understand if individuals are using credit cards to buy groceries and gas or if money is still being spent at restaurants and malls. In other words, we are trying to figure out if the growth in credit card debt is being used for discretionary or non-discretionary spending. If we do see a rate of 5.5% on Fed Funds, this could still cause some weakness in the equity markets as P/E ratios need to adjust for the reality of higher rates. At the same time, the use of bonds within portfolios becomes more attractive because a 4% or higher rate provides fixed income with a seat at the table. All of the market issues need to be discussed in light of the geopolitical situation which is fraught with danger and much less stable than at any time since the end of World War II. This is an unfortunate and sad reality that we now live with, and it challenges us to carefully consider investment positioning.
This upward move in interest rates has been one of the fastest and sharpest moves on record and certainly the most significant move in my career of over 30 years. We continue to believe that broadly diversified portfolios and a patient investment philosophy are the soundest means of making money over the long term. Yes, the Federal Reserve will stop raising rates, the economy will find its next leg, and trying to predict that magic moment is most certainly impossible! Please know that all of us at KoCAA remain ready to discuss your portfolio positioning and answer any questions you might want to discuss.
Until next month.
CORE BOND FUND
| One Month ( As of 2/28/23) | YTD ( As of 2/28/23) | 1 Year ( As of 2/28/23) | 5 Years ( As of 2/28/23) | Since Inception ( As of 2/28/23) | |
|---|---|---|---|---|---|
|
Core Bond Fund-I Shares |
-1.80% |
0.81% |
-10.51% |
0.45% |
0.90% |
|
Bloomberg US Aggregate Bond Index |
-2.59% |
0.41% |
-9.72% |
0.53% |
0.76% |
|
Lipper Core Bond Fund Average |
-2.40% |
0.84% |
-9.72% |
0.52% |
|
|
Lipper Percentile Rank |
|
|
74% |
55% |
|
|
Core Bond Fund-I Shares |
|||||
One Month ( As of 2/28/23) |
-1.80% |
||||
YTD ( As of 2/28/23) |
0.81% |
||||
1 Year ( As of 2/28/23) |
-10.51% |
||||
5 Years ( As of 2/28/23) |
0.45% |
||||
Since Inception ( As of 2/28/23) |
0.90% |
||||
|
Bloomberg US Aggregate Bond Index |
|||||
One Month ( As of 2/28/23) |
-2.59% |
||||
YTD ( As of 2/28/23) |
0.41% |
||||
1 Year ( As of 2/28/23) |
-9.72% |
||||
5 Years ( As of 2/28/23) |
0.53% |
||||
Since Inception ( As of 2/28/23) |
0.76% |
||||
|
Lipper Core Bond Fund Average |
|||||
One Month ( As of 2/28/23) |
-2.40% |
||||
YTD ( As of 2/28/23) |
0.84% |
||||
1 Year ( As of 2/28/23) |
-9.72% |
||||
5 Years ( As of 2/28/23) |
0.52% |
||||
Since Inception ( As of 2/28/23) |
|
||||
|
Lipper Percentile Rank |
|||||
One Month ( As of 2/28/23) |
|
||||
YTD ( As of 2/28/23) |
|
||||
1 Year ( As of 2/28/23) |
74% |
||||
5 Years ( As of 2/28/23) |
55% |
||||
Since Inception ( As of 2/28/23) |
|
*Lipper Percentile Rank is based on total return performance. Lipper Category: Core Bond Funds. Number of Funds in Category: 517 (1 Year) and 456 (5 Year). Gross Expense Ratio 0.71%, Net Expense Ratio 0.50%.
LIMITED DURATION FUND
| One Month ( As of 2/28/23) | YTD ( As of 2/28/23) | 1 Year ( As of 2/28/23) | 5 Years ( As of 2/28/23) | Since Inception ( As of 2/28/23) | |
|---|---|---|---|---|---|
|
Limited Duration Bond Fund-I Shares |
-0.52% |
0.42% |
-2.23% |
1.04% |
0.93% |
|
Bloomberg Government/Credit 1-3 Year Index |
-0.74% |
0.05% |
-2.51% |
1.00% |
0.88% |
|
Lipper Short Investment Grade Debt Fund Average |
-0.60% |
0.74% |
-2.25% |
1.15% |
|
|
Lipper Percentile Rank |
|
|
45% |
58% |
|
|
Limited Duration Bond Fund-I Shares |
|||||
One Month ( As of 2/28/23) |
-0.52% |
||||
YTD ( As of 2/28/23) |
0.42% |
||||
1 Year ( As of 2/28/23) |
-2.23% |
||||
5 Years ( As of 2/28/23) |
1.04% |
||||
Since Inception ( As of 2/28/23) |
0.93% |
||||
|
Bloomberg Government/Credit 1-3 Year Index |
|||||
One Month ( As of 2/28/23) |
-0.74% |
||||
YTD ( As of 2/28/23) |
0.05% |
||||
1 Year ( As of 2/28/23) |
-2.51% |
||||
5 Years ( As of 2/28/23) |
1.00% |
||||
Since Inception ( As of 2/28/23) |
0.88% |
||||
|
Lipper Short Investment Grade Debt Fund Average |
|||||
One Month ( As of 2/28/23) |
-0.60% |
||||
YTD ( As of 2/28/23) |
0.74% |
||||
1 Year ( As of 2/28/23) |
-2.25% |
||||
5 Years ( As of 2/28/23) |
1.15% |
||||
Since Inception ( As of 2/28/23) |
|
||||
|
Lipper Percentile Rank |
|||||
One Month ( As of 2/28/23) |
|
||||
YTD ( As of 2/28/23) |
|
||||
1 Year ( As of 2/28/23) |
45% |
||||
5 Years ( As of 2/28/23) |
58% |
||||
Since Inception ( As of 2/28/23) |
|
Lipper Percentile Rank is based on total return performance. Lipper Category: Short Investment Grade Debt Funds. Number of Funds in Category: 367 (1 Year) and 304 (5 Year). Gross Expense Ratio 0.71%, Net Expense Ratio 0.50%
LARGE CAP GROWTH FUND
| One Month ( As of 2/28/23) | YTD ( As of 2/28/23) | 1 Year ( As of 2/28/23) | 5 Years ( As of 2/28/23) | Since Inception ( As of 2/28/23) | |
|---|---|---|---|---|---|
|
Large Cap Growth Fund-I Shares |
-0.70% |
6.37% |
-15.37% |
6.84% |
8.05% |
|
Russell 1000 Growth Index |
-1.19% |
7.05% |
-13.34% |
11.54% |
12.27% |
|
Lipper Multi-Cap Growth Fund Average |
-1.90% |
7.15% |
-16.66% |
8.01% |
|
|
Lipper Percentile Rank |
|
|
43% |
85% |
|
|
Large Cap Growth Fund-I Shares |
|||||
One Month ( As of 2/28/23) |
-0.70% |
||||
YTD ( As of 2/28/23) |
6.37% |
||||
1 Year ( As of 2/28/23) |
-15.37% |
||||
5 Years ( As of 2/28/23) |
6.84% |
||||
Since Inception ( As of 2/28/23) |
8.05% |
||||
|
Russell 1000 Growth Index |
|||||
One Month ( As of 2/28/23) |
-1.19% |
||||
YTD ( As of 2/28/23) |
7.05% |
||||
1 Year ( As of 2/28/23) |
-13.34% |
||||
5 Years ( As of 2/28/23) |
11.54% |
||||
Since Inception ( As of 2/28/23) |
12.27% |
||||
|
Lipper Multi-Cap Growth Fund Average |
|||||
One Month ( As of 2/28/23) |
-1.90% |
||||
YTD ( As of 2/28/23) |
7.15% |
||||
1 Year ( As of 2/28/23) |
-16.66% |
||||
5 Years ( As of 2/28/23) |
8.01% |
||||
Since Inception ( As of 2/28/23) |
|
||||
|
Lipper Percentile Rank |
|||||
One Month ( As of 2/28/23) |
|
||||
YTD ( As of 2/28/23) |
|
||||
1 Year ( As of 2/28/23) |
43% |
||||
5 Years ( As of 2/28/23) |
85% |
||||
Since Inception ( As of 2/28/23) |
|
*Lipper Percentile Rank is based on total return performance. Lipper Category: Multi-Cap Growth Funds. Number of Funds in Category: 670 (1 Year) and 599 (5 Year). Gross Expense Ratio 0.90%, Net Expense Ratio 0.90%.
LARGE CAP VALUE FUND
| One Month ( As of 2/28/23) | YTD ( As of 2/28/23) | 1 Year ( As of 2/28/23) | 5 Years ( As of 2/28/23) | Since Inception ( As of 2/28/23) | |
|---|---|---|---|---|---|
|
Large Cap Value Fund-I Shares |
-2.86% |
1.68% |
-3.02% |
7.14% |
7.60% |
|
Russell 1000 Value Index |
-3.53% |
1.47% |
-2.81% |
7.22% |
7.51% |
|
Lipper Multi-Cap Value Fund Average |
-3.17% |
2.73% |
-2.01% |
7.35% |
- |
|
Lipper Percentile Rank |
|
|
69% |
55% |
|
|
Large Cap Value Fund-I Shares |
|||||
One Month ( As of 2/28/23) |
-2.86% |
||||
YTD ( As of 2/28/23) |
1.68% |
||||
1 Year ( As of 2/28/23) |
-3.02% |
||||
5 Years ( As of 2/28/23) |
7.14% |
||||
Since Inception ( As of 2/28/23) |
7.60% |
||||
|
Russell 1000 Value Index |
|||||
One Month ( As of 2/28/23) |
-3.53% |
||||
YTD ( As of 2/28/23) |
1.47% |
||||
1 Year ( As of 2/28/23) |
-2.81% |
||||
5 Years ( As of 2/28/23) |
7.22% |
||||
Since Inception ( As of 2/28/23) |
7.51% |
||||
|
Lipper Multi-Cap Value Fund Average |
|||||
One Month ( As of 2/28/23) |
-3.17% |
||||
YTD ( As of 2/28/23) |
2.73% |
||||
1 Year ( As of 2/28/23) |
-2.01% |
||||
5 Years ( As of 2/28/23) |
7.35% |
||||
Since Inception ( As of 2/28/23) |
- |
||||
|
Lipper Percentile Rank |
|||||
One Month ( As of 2/28/23) |
|
||||
YTD ( As of 2/28/23) |
|
||||
1 Year ( As of 2/28/23) |
69% |
||||
5 Years ( As of 2/28/23) |
55% |
||||
Since Inception ( As of 2/28/23) |
|
*Lipper Percentile Rank is based on total return performance. Lipper Category: Multi-Cap Value Funds. Number of Funds in Category: 664 (1 Year) and 584 (5 Year). Gross Expense Ratio 0.90%, Net Expense Ratio 0.90%.
SMALL CAP FUND
| One Month ( As of 2/28/23) | YTD ( As of 2/28/23) | 1 Year ( As of 2/28/23) | 5 Years ( As of 2/28/23) | Since Inception ( As of 2/28/23) | |
|---|---|---|---|---|---|
|
Small Cap Equity Fund-I Shares |
-1.02% |
7.05% |
-7.64% |
5.08% |
5.90% |
|
Russell 2000 Index |
-1.69% |
7.89% |
-6.02% |
6.01% |
6.95% |
|
Lipper Small Cap Fund Average |
-1.26% |
7.83% |
-2.80% |
6.79% |
|
|
Lipper Percentile Rank |
|
|
37.7% |
86% |
|
|
Small Cap Equity Fund-I Shares |
|||||
One Month ( As of 2/28/23) |
-1.02% |
||||
YTD ( As of 2/28/23) |
7.05% |
||||
1 Year ( As of 2/28/23) |
-7.64% |
||||
5 Years ( As of 2/28/23) |
5.08% |
||||
Since Inception ( As of 2/28/23) |
5.90% |
||||
|
Russell 2000 Index |
|||||
One Month ( As of 2/28/23) |
-1.69% |
||||
YTD ( As of 2/28/23) |
7.89% |
||||
1 Year ( As of 2/28/23) |
-6.02% |
||||
5 Years ( As of 2/28/23) |
6.01% |
||||
Since Inception ( As of 2/28/23) |
6.95% |
||||
|
Lipper Small Cap Fund Average |
|||||
One Month ( As of 2/28/23) |
-1.26% |
||||
YTD ( As of 2/28/23) |
7.83% |
||||
1 Year ( As of 2/28/23) |
-2.80% |
||||
5 Years ( As of 2/28/23) |
6.79% |
||||
Since Inception ( As of 2/28/23) |
|
||||
|
Lipper Percentile Rank |
|||||
One Month ( As of 2/28/23) |
|
||||
YTD ( As of 2/28/23) |
|
||||
1 Year ( As of 2/28/23) |
37.7% |
||||
5 Years ( As of 2/28/23) |
86% |
||||
Since Inception ( As of 2/28/23) |
|
*Lipper Percentile Rank is based on total return performance. Lipper Category: Small-Cap Core Funds. Number of Funds in Category: 712 (1 Year) and 628 (5 Year). Gross Expense Ratio 1.05%, Net Expense Ratio 1.05%.
INTERNATIONAL EQUITY FUND
| One Month ( As of 2/28/23) | YTD ( As of 2/28/23) | 1 Year ( As of 2/28/23) | 5 Years ( As of 2/28/23) | Since Inception ( As of 2/28/23) | |
|---|---|---|---|---|---|
|
International Equity-I Shares |
-3.78% |
3.70% |
-11.49% |
1.76% |
4.26% |
|
FTSE All World Ex US Index |
-3.50% |
4.11% |
-6.72% |
2.28% |
3.99% |
|
Lipper International Multi-Cap Fund Average |
-2.86% |
5.12% |
-4.87% |
1.91% |
- |
|
Lipper Percentile Rank |
|
|
98% |
56% |
|
|
International Equity-I Shares |
|||||
One Month ( As of 2/28/23) |
-3.78% |
||||
YTD ( As of 2/28/23) |
3.70% |
||||
1 Year ( As of 2/28/23) |
-11.49% |
||||
5 Years ( As of 2/28/23) |
1.76% |
||||
Since Inception ( As of 2/28/23) |
4.26% |
||||
|
FTSE All World Ex US Index |
|||||
One Month ( As of 2/28/23) |
-3.50% |
||||
YTD ( As of 2/28/23) |
4.11% |
||||
1 Year ( As of 2/28/23) |
-6.72% |
||||
5 Years ( As of 2/28/23) |
2.28% |
||||
Since Inception ( As of 2/28/23) |
3.99% |
||||
|
Lipper International Multi-Cap Fund Average |
|||||
One Month ( As of 2/28/23) |
-2.86% |
||||
YTD ( As of 2/28/23) |
5.12% |
||||
1 Year ( As of 2/28/23) |
-4.87% |
||||
5 Years ( As of 2/28/23) |
1.91% |
||||
Since Inception ( As of 2/28/23) |
- |
||||
|
Lipper Percentile Rank |
|||||
One Month ( As of 2/28/23) |
|
||||
YTD ( As of 2/28/23) |
|
||||
1 Year ( As of 2/28/23) |
98% |
||||
5 Years ( As of 2/28/23) |
56% |
||||
Since Inception ( As of 2/28/23) |
|
* Lipper Percentile Rank is based on total return performance. Lipper Category: International Multi-Cap Core. Number of Funds in Category: 341 (1 Year) and 251 (5 Year). Gross Expense Ratio 1.21%, Net Expense Ratio 1.10%.
REAL ESTATE FUND
| One Month ( As of 2/28/23) | YTD ( As of 2/28/23) | 1 Year ( As of 2/28/23) | 3 Years ( As of 2/28/23) | Since Inception ( As of 2/28/23) | |
|---|---|---|---|---|---|
|
Real Estate-I Shares |
-4.79% |
6.40% |
-11.52% |
5.36% |
4.24% |
|
FTSE Nareit Equity REITs Index |
-4.80% |
5.36% |
-11.69% |
4.09% |
1.12 |
|
Lipper Real Estate Average |
-4.90% |
4.69% |
-13.23% |
2.98 |
- |
|
Lipper Percentile Rank |
|
20% |
9% |
|
|
|
Real Estate-I Shares |
|||||
One Month ( As of 2/28/23) |
-4.79% |
||||
YTD ( As of 2/28/23) |
6.40% |
||||
1 Year ( As of 2/28/23) |
-11.52% |
||||
3 Years ( As of 2/28/23) |
5.36% |
||||
Since Inception ( As of 2/28/23) |
4.24% |
||||
|
FTSE Nareit Equity REITs Index |
|||||
One Month ( As of 2/28/23) |
-4.80% |
||||
YTD ( As of 2/28/23) |
5.36% |
||||
1 Year ( As of 2/28/23) |
-11.69% |
||||
3 Years ( As of 2/28/23) |
4.09% |
||||
Since Inception ( As of 2/28/23) |
1.12 |
||||
|
Lipper Real Estate Average |
|||||
One Month ( As of 2/28/23) |
-4.90% |
||||
YTD ( As of 2/28/23) |
4.69% |
||||
1 Year ( As of 2/28/23) |
-13.23% |
||||
3 Years ( As of 2/28/23) |
2.98 |
||||
Since Inception ( As of 2/28/23) |
- |
||||
|
Lipper Percentile Rank |
|||||
One Month ( As of 2/28/23) |
|
||||
YTD ( As of 2/28/23) |
20% |
||||
1 Year ( As of 2/28/23) |
9% |
||||
3 Years ( As of 2/28/23) |
|
||||
Since Inception ( As of 2/28/23) |
|
* Lipper Percentile Rank is based on total return performance. Lipper Category: Real Estate Number of Funds in Category: 251 (1 Year) and 233 (3 Year) Gross Expense Ratio 1.16%, Net Expense Ratio 1.00%.
LONG-SHORT EQUITY FUND
| One Month ( As of 2/28/23) | YTD ( As of 2/28/23) | 1 Year ( As of 2/28/23) | 3 Years ( As of 2/28/23) | Since Inception ( As of 2/28/23) | |
|---|---|---|---|---|---|
|
Long-Short Equity – I Shares |
-2.23% |
-1.41% |
5.51% |
7.10% |
3.91 |
|
HFRX Equity Market Neutral Developed Index |
-0.15% |
-0.29% |
-0.63% |
-0.41% |
-1.20% |
|
Lipper Alternative Long/Short Average |
-1.44% |
1.64% |
-1.80% |
6.78 |
- |
|
Lipper Percentile rank |
|
|
14% |
45% |
|
|
Long-Short Equity – I Shares |
|||||
One Month ( As of 2/28/23) |
-2.23% |
||||
YTD ( As of 2/28/23) |
-1.41% |
||||
1 Year ( As of 2/28/23) |
5.51% |
||||
3 Years ( As of 2/28/23) |
7.10% |
||||
Since Inception ( As of 2/28/23) |
3.91 |
||||
|
HFRX Equity Market Neutral Developed Index |
|||||
One Month ( As of 2/28/23) |
-0.15% |
||||
YTD ( As of 2/28/23) |
-0.29% |
||||
1 Year ( As of 2/28/23) |
-0.63% |
||||
3 Years ( As of 2/28/23) |
-0.41% |
||||
Since Inception ( As of 2/28/23) |
-1.20% |
||||
|
Lipper Alternative Long/Short Average |
|||||
One Month ( As of 2/28/23) |
-1.44% |
||||
YTD ( As of 2/28/23) |
1.64% |
||||
1 Year ( As of 2/28/23) |
-1.80% |
||||
3 Years ( As of 2/28/23) |
6.78 |
||||
Since Inception ( As of 2/28/23) |
- |
||||
|
Lipper Percentile rank |
|||||
One Month ( As of 2/28/23) |
|
||||
YTD ( As of 2/28/23) |
|
||||
1 Year ( As of 2/28/23) |
14% |
||||
3 Years ( As of 2/28/23) |
45% |
||||
Since Inception ( As of 2/28/23) |
|
*Lipper Percentile Rank is based on total return performance. Lipper Category: Alternative Long/Short Equity Number of Funds in Category: 230 (1 Year) and 203 (3 Year) Gross Expense Ratio 2.63, Net Expense Ratio 2.28%.
U.S. ALL CAP INDEX FUND
| One Month ( As of 2/28/23) | YTD ( As of 2/28/23) | 1 Year ( As of 2/28/23) | 3 Years ( As of 2/28/23) | Since Inception ( As of 2/28/23) | |
|---|---|---|---|---|---|
|
U.S. All Cap Index – I Shares |
-1.99% |
5.75% |
-8.43% |
11.94% |
8.35% |
|
Knights of Columbus U.S. All Cap Index |
-1.94% |
5.84% |
-8.13% |
12.40% |
8.77% |
|
Lipper Multi-Cap Core Average |
-2.44% |
4.03% |
-7.21% |
10.43% |
- |
|
Lipper Percentile rank |
|
|
69% |
29% |
|
|
U.S. All Cap Index – I Shares |
|||||
One Month ( As of 2/28/23) |
-1.99% |
||||
YTD ( As of 2/28/23) |
5.75% |
||||
1 Year ( As of 2/28/23) |
-8.43% |
||||
3 Years ( As of 2/28/23) |
11.94% |
||||
Since Inception ( As of 2/28/23) |
8.35% |
||||
|
Knights of Columbus U.S. All Cap Index |
|||||
One Month ( As of 2/28/23) |
-1.94% |
||||
YTD ( As of 2/28/23) |
5.84% |
||||
1 Year ( As of 2/28/23) |
-8.13% |
||||
3 Years ( As of 2/28/23) |
12.40% |
||||
Since Inception ( As of 2/28/23) |
8.77% |
||||
|
Lipper Multi-Cap Core Average |
|||||
One Month ( As of 2/28/23) |
-2.44% |
||||
YTD ( As of 2/28/23) |
4.03% |
||||
1 Year ( As of 2/28/23) |
-7.21% |
||||
3 Years ( As of 2/28/23) |
10.43% |
||||
Since Inception ( As of 2/28/23) |
- |
||||
|
Lipper Percentile rank |
|||||
One Month ( As of 2/28/23) |
|
||||
YTD ( As of 2/28/23) |
|
||||
1 Year ( As of 2/28/23) |
69% |
||||
3 Years ( As of 2/28/23) |
29% |
||||
Since Inception ( As of 2/28/23) |
|
*Lipper Percentile Rank is based on total return performance. Lipper Category: Multi-Cap Core Number of Funds in Category: 666 (1 Year) and 597 (3 Year) Gross Expense Ratio 0.92%, Net Expense Ratio 0.25%.
The performance data quoted represents past performance. Past performance is not a guarantee of future results. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth less than their original cost and current performance may be higher or lower than the performance quoted. Investment performance does not reflect the redemption fee; if it was reflected, the total return would be lower than shown. For performance data current to the most recent month end, please call 1-844-KC-FUNDS.
Fund performance for the 1 year, 5 year, and Since Inception periods are annualized. The inception date for Limited Duration, Core Bond, Large Cap Growth, Large Cap Value, Small Cap, and International are February 27, 2015. 5-year fund performance is not available for the Real Estate Fund, Long/Short Equity, or the U.S. All Cap Index since the funds’ inception dates are September 30, 2019, December 21, 2019, and December 31, 2019, respectively.
Effective July 21, 2020, the Knights of Columbus Real Estate Fund underwent a change in its Investment Objective and a name change to reflect the new investment strategy as detailed in The Funds’ Prospectus update of July 20, 2020. The Fund was formerly known as Knights of Columbus Global Real Estate Fund. Results prior to July 20, 2020, reflect the performance of the Fund's previous strategy.
Knights of Columbus Asset Advisors LLC has contractually agreed to waive fees and/or to reimburse expenses to the extent necessary to keep Total Annual Fund Operating Expenses, (excluding interest, taxes, fund brokerage commissions, acquired fund fees and expenses and non-routine expenses) from exceeding the Net Expense Ratio for the respective Funds’ Institutional Shares average daily net assets until February 28, 2023.
BENCHMARK DEFINITIONS
Bloomberg Government/Credit 1-3 Year Index – benchmark for Limited Duration Fund
The U.S. Government/Credit Index is the non-securitized component of the U.S. Aggregate Index and was the first macro index launched by Barclays Capital. The U.S. Government/Credit Index includes Treasuries (i.e., public obligations of the U.S. Treasury that have remaining maturities of more than one year), government-related issues (i.e., agency, sovereign, supranational, and local authority debt), and corporates. The U.S. Government/Credit Index was launched on January 1, 1979 and is a subset of the U.S. Aggregate Index. The 1-3 year index includes all medium and larger issues of U.S. government, investment-grade corporate, and investment-grade international dollar-denominated bonds that have maturities of between 1 and 3 years and are publicly issued.
Bloomberg US Aggregate Bond Index – benchmark for Core Bond Fund
The Bloomberg US Aggregate Bond Index is a broad-based flagship benchmark that measures the investment grade, US dollar denominated, fixed-rate taxable bond market. The index includes Treasuries, government-related and corporate securities, MBS (agency fixed-rate and hybrid ARM pass-throughs), ABS and CMBS (agency and non-agency). Provided the necessary inclusion rules are met, US Aggregate eligible securities also contribute to the multi-currency Global Aggregate Index and the US Universal Index, which includes high yield and emerging markets debt. The US Aggregate Index was created in 1986.
FTSE All-World Ex-U.S. Index – benchmark for International Equity Fund
The FTSE All-World ex US Index is one of a number of indexes designed to help investors benchmark their international investments. The index comprises Large and Mid cap stocks providing coverage of Developed and Emerging Markets excluding the US. The index is derived from the FTSE Global Equity Index Series (GEIS), which covers 98% of the world’s investable market capitalization.
Russell 1000 Growth Index – benchmark for Large Cap Growth Fund
The Russell 1000 Growth Index measures the performance of the large-cap growth segment of the U.S. equity universe. It includes those Russell 1000 companies with higher price-to-book ratios and higher forecasted growth values. The Russell 1000 Growth Index is constructed to provide a comprehensive and unbiased barometer for the large-cap growth segment. The Index is completely reconstituted annually to ensure new and growing equities are included and that the represented companies continue to reflect growth characteristics.
Russell 1000 Value Index – benchmark for Large Cap Value Fund
The Russell 1000 Value Index measures the performance of the large-cap value segment of the U.S. equity universe. It includes those Russell 1000 companies with lower price-to-book ratios and lower expected growth values. The Russell 1000 Value Index is constructed to provide a comprehensive and unbiased barometer for the large-cap value segment. The Index is completely reconstituted annually to ensure new and growing equities are included and that the represented companies continue to reflect value characteristics.
Russell 2000 Index – benchmark for Small Cap Fund
The Russell 2000 Index measures the performance of the small-cap segment of the U.S. equity universe. The Russell 2000 Index is a subset of the Russell 3000® Index representing approximately 10% of the total market capitalization of that index. It includes approximately 2000 of the smallest securities based on a combination of their market cap and current index membership. The Russell 2000 is constructed to provide a comprehensive and unbiased small-cap barometer and is completely reconstituted annually to ensure larger stocks do not distort the performance and characteristics of the true small-cap opportunity set.
FTSE Nareit Equity REITs Index – benchmark for Real Estate Fund – The FTSE Nareit Equity REITs Index contains all Equity REITs not designated as Timber REITs or Infrastructure REITs. Prior to December 2010, the index included Timber REITs and Infrastructure REITs.
HFRX Equity Market Neutral Index – benchmark for Long/Short Equity Fund HFRX Equity Market Neutral Index The HFRX Equity Market Neutral Index employs sophisticated quantitative techniques of analyzing price data to ascertain information about future price movement and relationships between securities, select securities for purchase and sale. These can include both Factor-based and Statistical Arbitrage/Trading Strategies.
Knights of Columbus U.S. All Cap Index – benchmark for U.S. All Cap Index Fund Knights of Columbus U.S. All Cap Index Adheres to the United States Conference of Catholic Bishops’ Socially Responsible Investment Guidelines. Consists of all common stocks and real estate investment trusts in the Solactive US Broad Market Index excluding companies that are determined by Institutional Shareholder.
Indices are unmanaged and do not reflect the effect of fees. One cannot invest directly in an index.
LIPPER PEER GROUP DEFINITIONS
Lipper Short Investment Grade Debt Classification – peer group for Limited Duration Fund
Funds that invest primarily in investment-grade debt issues (rated in the top four grades) with dollar-weighted average maturities of less than three years. The Limited Duration Bond fund ranked 89 out of 369 funds measured for the one-year ranking period and ranked 159 out of 308 funds measured for the five-year ranking period as of June 30, 2022.
Lipper Core Bond Classification – peer group for Core Bond Fund
Funds that invest at least 85% in domestic investment-grade debt issues (rated in the top four grades) with any remaining investment in non-benchmark sectors such as high-yield, global and emerging market debt. These funds maintain dollar-weighted average maturities of five to ten years. The Core Bond fund ranked 331 out of 504 funds measured for the one-year ranking period and ranked 220 out of 438 funds measured for the five-year ranking period as of June 30, 2022.
Lipper Multi-Cap Growth Classification – peer group for Large Cap Growth Fund
Funds that, by portfolio practice, invest in a variety of market capitalization ranges without concentrating 75% of their equity assets in any one market capitalization range over an extended period of time. Multi-cap growth funds typically have above-average characteristics compared to the S&P SuperComposite 1500 Index. The Large Cap Growth fund ranked 166 out of 465 funds measured for the one-year ranking period ranked and 197 out of 393 funds measured for the five year ranking period as of June 30, 2022.
Lipper Multi-Cap Value Classification – peer group for Large Cap Value Fund
Funds that, by portfolio practice, invest in a variety of market capitalization ranges without concentrating 75% of their equity assets in any one market capitalization range over an extended period of time. Multi-cap value funds typically have below-average characteristics compared to the S&P SuperComposite 1500 Index. The Large Cap Value fund ranked 411 out of 631 funds measured for the one-year ranking period and ranked 270 out of 560 funds measured for the five-year ranking period as of June 30, 2022.
Lipper Small-Cap Core Classification – peer group for Small Cap Fund
Funds that, by portfolio practice, invest at least 75% of their equity assets in companies with market capitalizations (on a three-year weighted basis) below Lipper’s USDE small-cap ceiling. Small cap core funds have more latitude in the companies in which they invest. These funds typically have average characteristics compared to the S&P SmallCap 600 Index. The Small Cap Equity fund ranked 699 out of 852 funds measured for the one-year ranking period and ranked 551 out of 743 funds measured for the five-year ranking period as of June 30, 2022.
Lipper International Multi-Cap Core Classification – peer group for International Equity Fund
Funds that, by portfolio practice, invest in a variety of market capitalization ranges without concentrating 75% of their equity assets in any one market capitalization range over an extended period of time. International multi-cap funds typically have characteristics compared to the MSCI EAFE Index. The International Equity fund ranked 295 out of 331 funds measured for the one-year ranking period and ranked 17 out of 256 funds measured for the five-year ranking period as of June 30, 2022.
Lipper Real Estate Classification – peer group for Real Estate Fund
Funds invest primarily in equity securities of domestic and foreign companies engaged in the real estate industry. The Real Estate fund ranked 2 out of 247 funds measured for the one-year ranking period as of June 30, 2022.
Lipper Alternative Long/Short Equity Classification – peer group for Long/Short Equity Fund
Funds that employ portfolio strategies combining long holdings of equities with short sales of equities, equity options or equity index options. The funds may be either net long or net short, depending on the portfolio manager’s view of the market. The Long/Short fund ranked 16 out of 242 funds measured for the one-year ranking period as of June 30, 2022.
Lipper Multi-Cap Core Classification – peer group for U.S. All Cap Index Fund
Funds that, by portfolio practice, invest in a variety of market capitalization ranges without concentrating 75% of their equity assets in any one market-capitalization range over an extended period of time. The U.S. All Cap Index fund ranked 471 out of 669 funds measured for the one-year ranking period as of June 30, 2022.