Brian Rogers' fund returned 19.1% in 2006. "U.S. economic growth has begun to slow, and we expect the pace of corporate earnings growth to decelerate over the next year. However, we take comfort in our view that market valuations are reasonable and liquidity is good. While we do not expect higher-than-average equity returns in the year ahead, neither do we anticipate a substantial decline from current levels, which makes us generally constructive about the overall environment for stocks. We will continue to employ the discipline that has served investors well over the years, seeking out reasonably valued stocks of high-quality companies while monitoring general economic conditions."
Stock selection in the industrials and business services sector was the largest contributor to relative performance. Within the sector, the machinery industry led the way. We are maintaining our overweight position in the sector, and our largest exposure there is to industrial conglomerates, which we added to on strength. Utilities were another group that enhanced the fund's relative return, and we are overweight in the group because of its attractive yields. On a negative note, the energy sector was a laggard, held back by oil, gas, and consumable fuels companies. Nevertheless, we will continue to maintain our exposure to established companies that appear to be well positioned to find and develop capacity.
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Stock selection in the industrials and business services sector was the largest contributor to relative performance. Within the sector, the machinery industry led the way. We are maintaining our overweight position in the sector, and our largest exposure there is to industrial conglomerates, which we added to on strength. Utilities were another group that enhanced the fund's relative return, and we are overweight in the group because of its attractive yields. On a negative note, the energy sector was a laggard, held back by oil, gas, and consumable fuels companies. Nevertheless, we will continue to maintain our exposure to established companies that appear to be well positioned to find and develop capacity.
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