Manager Commentary
The Russell 2000 Index consists of the smallest 2,000 companies in a group of 3,000 U.S. companies in the Russell 3000 Index, as ranked by market capitalization. The S&P 500 Index is designed to be a leading indicator of U.S. equities and is meant to reflect the risk/return characteristics of the large-cap universe. It is not possible to invest directly in an index. R-Squared is a statistical measure that represents the percentage of a fund’s or security’s movements that are explained by movements in a benchmark index.
Earnings growth is not representative of the fund’s future performance.
Portfolio Manager Michael Corbett’s take on the Fourth Quarter 2012.