Fund Review: Hartford MidCap Value Fund - Second Quarter 2025 Summary
The Federal Reserve (Fed) maintained its policy at a "modestly restrictive" level, and US equities surged over the quarter. However, volatility soared, and stocks sank to their lowest level of the year on April 8. Despite these market fluctuations, the Hartford MidCap Value Fund, managed by Wellington Management, faced mixed results.
The fund's top-performing sectors were information technology and industrials. Sector allocation within the fund contributed to its returns, with notable holdings including M&T Bank Corp. (MTB), Stifel Financial Corp. (SF), Flex Ltd., Ingersoll Rand, Inc. (IR), Dover Corp. (DOV), Nasdaq, Inc. (NDAQ), Westinghouse Air Brake Technologies Corp. (WAB), U.S. Foods Holding Corp. (USFD), L3Harris Technologies, Inc. (LHX), and PTC, Inc. (PTC). The percentage of the portfolio held by these top ten holdings is 18.70%.
However, the Hartford MidCap Value Fund (I Share) underperformed the Russell MidCap Value Index during the quarter. The top relative detractors included an overweight position in Charles River Laboratories (CRL) and not owning Robinhood Markets (HOOD).
The benchmark for the fund's performance is the Russell MidCap Value Index, which returned 5.35% for the period. It's worth noting that the top-performing sector in the index was Producer Durables, driven notably by companies like Curtiss-Wright Corporation in aerospace and defense with high growth in military, space, and commercial nuclear technologies. Conversely, the bottom-performing sector was Consumer Discretionary, negatively affected by companies such as Champion Homes, which faced challenges from poor weather and cautious consumer spending due to high interest rates.
Investors are advised to carefully consider the fund's investment objectives, risks, charges, and expenses before investing. The full prospectus can be obtained by visiting hartfordfunds.com.
Gregory J. Garabedian, with 28 years of experience, and Mark S. Goodman, CFA, with 25 years of experience, are portfolio managers for the fund. The Morningstar Category for the fund is Mid-Cap Value. The fund is subject to various risks, including mid-cap securities risks, value investing style risks, foreign investments risks, sector focus risks, high portfolio turnover risks, and potential loss of principal.
The average annual total returns for the Hartford MidCap Value Fund's various share classes are provided in the article. For more information, investors are encouraged to visit the fund's website or consult with a financial advisor.
[1] Source: Morningstar Inc. and FactSet Research Systems Inc. data as of March 31, 2023.
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