The performance of The Greystone Equity Fund in 2014, relative to its benchmark, the S&P 500, was promising through the late summer. In the fall, however, performance slipped, exacerbated by the sell-off in the energy sector that began in September and continued through year-end, reflected by a drop of 17% in the S&P 500 Energy Index. For the twelve months through Dec 31st the Fund returned 5.13%, trailing the S&P 500's total return of 13.6%. The year-end portfolio value was $135,405.
Student managers in the Greystone Equity Fund are responsible for managing the portfolio assets. At their last meeting, in December, they made the decision to largely maintain their current holdings in the energy space, notwithstanding the recent sell-off in oil. They added new positions in Disney, Reynolds American, Palo Alto Networks, Verizon and Alliance Resource Partners, and reduced or closed out positions in Pfizer, Freeport-McMoran and NextEra, among others.