In November, Russell Investments terminated Genesis from the Fund and introduced Neuberger Berman and a Russell Investments positioning strategy.
Change rationale
We took the opportunity to hire Neuberger Berman to add a source of targeted long- term growth exposure. Our Emerging Markets equity team has a high conviction in the excess return potential of the Neuberger strategy which was recently added to our buy list. In contrast, the conviction in Genesis’ market-oriented, growth at a reasonable price strategy had been declining over time. These changes increase overall conviction in the Fund’s manager line-up while diversifying our value and growth sources of return …