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Value Strategy Video Opens in New Window
Senior Portfolio Manager Michael Liss discusses Value's investment process, current opportunities, and why the team has been successful.

The Value of Balancing Risk and Return PDF
Value is a foundational large-cap value fund designed to deliver higher returns with lower volatility over time through investments in high-quality companies temporarily selling at a discount.

Daily Price (04/17/14) $8.44 Daily Change: $+0.02 (+0.24%)  
Investment Objective: Growth & Income Ticker Symbol: TWVLX
Fund Type: Value Stock Funds Fund Code: 039
Share Class: Investor Inception Date: 09/01/93
Total Assets: $2,410,235,980.26 Newspaper Symbol: Value  

Data reflects past performance for Investor Class shares, assumes reinvestment of dividends and capital gains and is no guarantee of future results. Current performance may be higher or lower than data shown. Investment return and principal value fluctuates. Redemption value may be more or less than original cost. Obtain performance data current to the most recent month end. For additional share class information, consult the prospectus.

  Total Return Average Annual Total Return as of 03/31/2014
as of
as of
1 yr
3 yr 5 yr 10 yr 20 yr Life
  +2.80% +20.82% +14.20% +19.47% +7.30% +10.38% +10.12% 1.00% 09/01/93
M1:(as of 03/31/2014)
-- -- 4 out of 5 Stars3 out of 5 Stars4 out of 5 Stars--Overall
4 out of 5 Stars Overall
Funds rated in category:----1068 951 626 --1068
Morningstar Category: Large Value
Lipper Quartiles & Rankings:L1 --Quartile Ranking
Quartile Ranking
Quartile Ranking
Quartile Ranking
Ranking for Large-Cap Value Funds as of 03/31/2014, based on total returns.

M1For each fund with at least a three-year history, Morningstar calculates a Morningstar Rating™ based on a Morningstar Risk-Adjusted Return measure that accounts for variation in a fund's monthly performance (including the effects of sales charges, loads, and redemption fees), placing more emphasis on downward variations and rewarding consistent performance. The top 10% of funds in each category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars and the bottom 10% receive 1 star. (Each share class is counted as a fraction of one fund within this scale and rated separately, which may cause slight variations in the distribution percentages.) The Overall Morningstar Rating™ for a fund is derived from a weighted average of the performance figures associated with its three-, five- and ten-year (if applicable) Morningstar Rating™ metrics. Past performance is no guarantee of future results. Morningstar Rating™ is for Investor share class only; other classes may have difference performance characteristics.

Morningstar InfoM1

Overall Rating
rated among 1068 Large Value
(as of 03/31/2014 )
Equity Style BoxN1

The fund's current expense ratio is 1.00%

Why Own Value:
  • Diversify your growth portfolio with a moderate-risk value fund. Look at your objectives and Value's past performance versus the Lipper Multi-Cap Value Fund Index for an alternative to more volatile funds.
Investment Strategy:
  • Companies of all sizes believed to be undervalued.
For Investors who are:
  • Seek long–term capital growth with potential for some income.
  • Can tolerate moderate share price fluctuation.
  • Want a way to diversify growth investments.
Risk Factors:

The value and/or returns of a portfolio will fluctuate with market and economic conditions. Different investment styles tend to shift in and out of favor depending upon market and economic conditions, as well as investor sentiment. A fund may outperform or underperform other funds that employ a different investment style. International investing involves special risk considerations, including economic and political conditions, inflation rates and currency fluctuations.

More Information
arrow Prospectus
arrow Summary Prospectus
arrow Investment Kit
arrow Fund Minimums
arrow Semiannual Report
arrow Annual Report

Fund Management

Phillip N. Davidson, CFA
Phillip N. Davidson, CFA
Senior Vice President
Chief Investment Officer, U.S. Value Equity

Michael Liss, CFA, CPA
Michael Liss, CFA, CPA
Vice President, Senior Portfolio Manager

Kevin Toney, CFA
Kevin Toney, CFA
Vice President, Senior Portfolio Manager

Chad Baumler, CFA
Chad Baumler, CFA
Portfolio Manager


Long-term growth
Income as a secondary goal


(*) The annual expense ratio is based on expenses incurred by the fund, as stated in the most recent prospectus.

N1The Morningstar Style BoxTM reveals a fund's investment strategy. For the equity holdings in the fund's portfolio, the vertical axis shows the market capitalization of the stocks owned and the horizontal axis shows investment style (value, blend or growth).

L1Lipper rankings are based on average annual total returns. Portions of the mutual fund performance information contained on this page were supplied by Lipper, a Reuters Company, subject to the following: Copyright © Reuters. All rights reserved. Any copying, republication or redistribution of Lipper content, including by caching, framing or similar means, is expressly prohibited without the prior written consent of Lipper. Lipper shall not be liable for any errors or delays in the content, or for any actions taken in reliance thereon. Performance data is preliminary and subject to revision. Rankings are based on all classes available within the classification as of the date shown. Rankings are based only on the universe shown.

For a detailed description of any index referenced above, refer to our Glossary.

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