Today, we are finding opportunities outside the US that are at valuation extremes. Many of these firms are sensitive to the economic cycle and are weighed down by concerns that COVID-19 will persist, unemployment will remain high, interest rates and inflation will stay low, and/or dividends will not be restored in certain sectors. Given how poor sentiment is, positive news on these issues can provide much-needed reprieve to these stocks. Ultimately, we believe relative price follows relative earnings and, for many of these stocks, prices have dramatically underperformed earnings. We therefore expect a recovery in prices and, in particular, see opportunities in energy, banks, and other cyclicals.

¹ Wellington estimates as of December 31, 2020. These figures are versus the market at ~4% and are looking out to 2021/22, assuming US$45 oil.

² Wellington estimates as of December 31, 2020.

Important Risks: Investing involves risk, including the possible loss of principal. Security prices fluctuate in value depending on general market and economic conditions and the prospects of individual companies. • Foreign investments may be more volatile and less liquid than U.S. investments and are subject to the risk of currency fluctuations and adverse political and economic developments. These risks may be greater for investments in emerging markets or if the Fund focuses in a particular geographic region or country. • Different investment styles may go in and out favor, which may cause the Fund to underperform the broader stock market. • Small- and mid-cap securities can have greater risks and volatility than large-cap securities. • The Fund’s focus on investments in particular sectors may increase its volatility and risk of loss if adverse developments occur.

The views expressed herein are those of Wellington Management, are for informational purposes only, and are subject to change based on prevailing market, economic, and other conditions. The views expressed may not reflect the opinions of Hartford Funds or any other sub-adviser to our funds. They should not be construed as research or investment advice nor should they be considered an offer or solicitation to buy or sell any security. This information is current at the time of writing and may not be reproduced or distributed in whole or in part, for any purpose, without the express written consent of Wellington Management or Hartford Funds.

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