Like everything in investing the answer is – it depends. I think growth funds, even though we are later in the economic cycle, deserve a part of any portfolio focused on the long term. But, I do prefer the global growth these days due to the multitude of secular (rather than cyclical) growth opportunities globally. The Cambridge Growth Companies Corporate Class can be a core equity portion of any portfolio.
For someone with a lower risk profile who is looking to add to its equity holdings today, I feel the dividend funds are the better option. I also believe they offer better risk-reward than many fixed-income funds today. The fact is you need to buy either emerging market or high-yield bonds to get more than a 4% yield in the current environment, which doesn't compensate you for the risk of those underlying assets. In my opinion, some combination of our dividend funds and cash would offer a better, low risk portfolio.
The other thing to note, of course, is I believe stock picking will matter more in the dividend area going forward than it has to date, and our portfolios are differentiated from most. We do think we have built the dividend portfolios of the future.
Thanks for the question, I hope that helps.