Josh, what are some examples of stocks that helped performance?
Among the largest contributors to fund performance were energy stocks such as StatoilHydro of Norway and Lukoil of Russia. The fund had overweight positions in both companies relative to the benchmark, and they benefited from the rapid increase in energy prices during the period. Lukoil also announced a dividend increase. In the basic materials sector, an overweight to mining company BHP Billiton of the United Kingdom was a top contributor. Prices of metals and minerals rose significantly during the period thanks to robust demand in developing markets. BHP Billiton has achieved record levels of production of iron ore, used in the manufacture of steel for infrastructure projects in the world’s emerging markets. The fund’s overweight position in Suez, a French power generation and water utility, also contributed positively to performance. The company posted strong earnings growth, and the stock is also benefiting as Suez undertakes a merger with Gaz de France, a natural gas company. Top
