U.S. stocks were little changed after an up and down quarter as early optimism about positive economic data and monetary stimulus in Europe and Japan gave way to concerns about the Greek debt crisis. Returns were mixed for non-U.S. stocks. Aggressive monetary stimulus and positive economic data boosted stocks in Europe and Japan early in the quarter, but they gave back gains in June amid concerns about the Greek debt crisis and disappointing data from China. Within emerging markets, stocks in Latin America recorded solid gains, but Asian markets posted a modest loss. Global industrial stocks fell modestly in the period, with airlines, road and rail, and automobiles among the weaker industries.
The Global Industrials Fund returned −0.47% in the quarter compared with −1.12% for the MSCI ACWI Index Industrials + Automobiles & Auto Components. For the 12 months ended June 30, 2015, the fund returned −0.15% versus −1.08% for the MSCI ACWI Index Industrials + Automobiles & Auto Components. The fund's 1-year and Since Inception (10/24/2013) average annual total returns were −0.15% and 4.18%, respectively, as of June 30, 2015. The fund's expense ratio was 2.53% as of its fiscal year ended December 31, 2014.
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Our construction materials stocks generated double-digit gains amid solid improvements in the U.S. housing market. Our automobile and automobile component stocks performed well due to strong demand in the U.S., aided by a stronger U.S. dollar that helps make exports from Japan and other markets more attractive to U.S. buyers. Our airline stocks declined sharply, and we significantly reduced our exposure to the industry amid a difficult operating environment characterized by seating overcapacity.
We expect modest global economic growth over the next year. Led by the U.S., developed markets growth rates continue to plod along and emerging markets continue to grow at a decelerating rate. We are now in the midst of a cycle in which lower oil prices have weighed on business capital expenditures in the energy industry and pressured revenues for global industrial firms. Once this cycle passes, however, we expect low energy prices to provide a boost to consumer spending, which should eventually provide a tailwind for industrial stocks.