- The S&P 500®
Index returned 18.40% in 2020 despite an unpredictably volatile year
highlighted by a global pandemic and government policies that severely
restricted economic activity.
Gateway Index/RA Composite returned 7.34% in 2020, net of fees. The beneficial
effects of above-average implied volatility can clearly be seen as net cash
flow from the Fund's index option components facilitated significant downside
protection during the bear market and above-average short-term absolute returns
during the recovery and year-end periods, as detailed in the table above.
- Implied volatility, as measured
by the Cboe®
began the year below its historical average before quickly reaching extreme
levels during the bear market. Over the remainder of the year, the VIX®
trended lower while remaining persistently above its historical average and
spiking above 40 during market pullbacks in June and October.
* The portfolio statistics reflected for the Composite are those measured by a representative account. This information represents supplemental information to the GIPS® Composite Report. This representative account was selected as it is the largest account in the Composite. Data as of December 31, 2020, unless noted otherwise. Past performance is not indicative of future results. Sources: Morningstar DirectSM and Bloomberg, L.P.