How did the fund perform during the bear market that began in 2007?
On a relative basis, the fund performed quite well. This fund is largely populated by very high-quality companies, high-quality stocks; and those sorts of companies and stocks did quite well. The dividend component of the investment strategy also held up really well during that period. How has the fund performed since the March 2009 rally? Again, on a relative basis, the fund this year has not done quite as well, as you might imagine. This rally has been led by a lower-quality, more beta-oriented type of stock. The stocks in this fund don’t look like that. So, on a relative basis, this has been a more difficult year. What gives me comfort is 2 things. First of all, it’s what I would have expected, given the nature of the rally. And it’s also given me an opportunity to really improve the portfolio: to buy great quality companies that have formed the source of liquidity for this rally, lower costs in the fund, and just basically lift the quality of the portfolio overall. What led you to
