Heightened volatility returned to the major indexes in recent days, sending them sharply lower as many of the high-flying tech companies that had fueled the market’s advance over the summer sold off, only to stage a partial rebound on Wednesday.
The latest report on the employment front brought a dose of positive news about the economy’s ability to claw its way out of the hole caused by the COVID-19-inspired shutdowns. But while the job increases are certainly positive, the markets continue to keep their eyes trained on federal stimulus efforts.
Lots of companies tout the diversity of their workforce these days, but at Vantagepoint it’s been in our DNA since the founding of our parent company, ICMA-RC, back in 1972.
The combination of optimism regarding the reopening process, improving economic data, and supportive monetary policy catalyzed a second-quarter rebound that is uncannily symmetrical. The S&P 500 recovered 20.5%, the ninth best quarter on record and the biggest percentage gain since 1998.
Despite global economic concerns, fixed income markets were in a decidedly risk-on mood during the second quarter. Here in the U.S., this translated into a slightly steeper U.S. Treasury yield curve and continued spread tightening in risk assets.
We believe that in addition to traditional investment approaches such as diversification, asset allocation, and a long-term perspective, a multi-manager approach and investment style serve investors who are working to build retirement security.
In a multi-managed approach, managers with different but complementary investing approaches are selected and integrated within a single fund in proportions that are expected to optimize return relative to risk. We believe this not only increases diversification but also may improve the consistency of returns over time by eliminating reliance on the results of a single manager.
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The information contained on this website is for informational purposes only and is not intended as a solicitation nor does it constitute investment, tax or legal advice. Reference to any fund or asset class on this site is not a recommendation to buy, sell, or hold that fund or asset class. Neither ICMA Retirement Corporation (ICMA-RC) nor its subsidiaries are responsible for any investment action taken as a result of the information on this website or interpretation of such information.
Investors should carefully consider their own investment goals, risk tolerance and liquidity needs before making an investment decision. Investing involves risk, including possible loss of the amount invested. The Funds’ offering and disclosure documents include a complete summary of all fees, expenses, financial highlights, investment objectives and strategies, and risks, and should be carefully reviewed before investing.
Past performance is no guarantee of future results. Investment return and principal value will fluctuate, so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher.
When Funds are marketed to institutional clients by our Defined Contribution Investment Only (DCIO) team, the Funds are offered by ICMA-RC Services, LLC (RC Services), an SEC registered broker-dealer and FINRA member firm. RC Services is a wholly-owned subsidiary of ICMA-RC and is an affiliate of VantageTrust Company, LLC and Vantagepoint Investment Advisers, LLC. View more information about RC Services: FINRA’s BrokerCheck.
1 Vantagepoint Funds invest in a single VT III Vantagepoint Fund (VT III Funds). Vantagepoint Funds and VT III Funds are collective investment trust funds (CITs) established and maintained by VantageTrust Company, LLC (VTC), a wholly owned subsidiary of ICMA-RC, a New Hampshire non-depository trust company, and the sole trustee of these CITs. Eligible retirement plans may invest in the Vantagepoint Funds, which are funds of VantageTrust. ICMA-RC’s wholly-owned subsidiary, Vantagepoint Investment Advisers, LLC (VIA), provides investment advisory and management services to VTC with respect to the Vantagepoint Funds and VT III Funds. The Vantagepoint Funds and certain VT III Funds invest in other funds managed and administered by ICMA-RC or VIA. ICMA-RC and VIA receive asset-based fees from such underlying funds in addition to the asset-based fees it received from the Vantagepoint and VT III Funds. Please see VIA’s Form ADV, available at www.adviserinfo.sec.gov, for more information.
2 Each Vantagepoint Fund invests in a VT III Vantagepoint Fund that has the same investment objective and strategies. Prior to October 2016, each Vantagepoint Fund invested in a registered Vantagepoint Fund mutual fund that had the same investment objective and strategies. In October 2016, the Vantagepoint Fund mutual funds were liquidated and the assets were transferred to the VT III Vantagepoint Funds. In the event that a subadviser to the VT III Vantagepoint Funds was also a subadviser to the Vantagepoint Fund that preceded it, the average subadviser tenure with the VT III Vantagepoint Funds is calculated using both time periods.