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Natixis U.S. Equity Opportunities Fund

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Natixis U.S. Equity Opportunities Fund Q2 | June 30, 2021 Natixis U.S. Equity Opportunities Fund QUARTERLY PORTFOLIO COMMENTARY Average annualized total returns (%) † as of 6/30/2021 3 months YTD 1 year 3 years 5 years 10 years Class Y 9.14 18.78 47.66 19.79 20.17 16.11 Class A at NAV 9.10 18.60 47.28 19.48 19.87 15.82 Class A with 5.75% maximum sales charge 2.82 11.79 38.81 17.15 18.46 15.13 S&P 500® Index 8.55 15.25 40.79 18.67 17.65 14.84 Russell 1000® Index 8.54 14.95 43.07 19.16 17.99 14.90 Performance data shown represents past performance and is no guarantee of, and not necessarily indicative of, future results. Total return and value will vary, and you may have a gain or loss when shares are sold. Current performance may be lower or higher than quoted. For most recent month-end performance, visit im.natixis.com. Performance for other share classes will be greater or less than shown based on differences in fees and sales charges. †Performance for periods less than one year is cumulative, not annualized. Returns reflect changes in share price and reinvestment of dividends and capital gains, if any. You may not invest directly in an index. Gross expense ratio 1.17% (Class A share) / 0.92% (Class Y share). Net expense ratio 1.17% (Class A share) / 0.92% (Class Y share). As of the most recent prospectus, the investment advisor has contractually agreed to waive fees and/or reimburse expenses (with certain exceptions) once the expense cap of the fund has been exceeded. This arrangement is set to expire on 4/30/22. When an expense cap has not been exceeded, the gross and net expense ratios may be the same. Not all share classes available for purchase by all investors. Class Y shares are available to institutional investors with a minimum initial investment of $100,000 and through certain wrap-fee programs, retirement plans, and investment advisory accounts with no minimum. See prospectus for more details. Market Review US equity markets rose during the quarter, as investors continued to focus on government stimulus, the coronavirus vaccine distribution, improving employment and US GDP, and the global economic reopening amid inflation concerns and uncertainty in coronavirus variants. The S&P 500® Index, NASDAQ Composite, and Dow Jones Industrial Average Index all continued to set new intra-quarter record milestones. United States GDP rose by an annual rate of 6.4% in the first quarter of 2021, up from 4.3% in the fourth quarter 2020. The Federal Reserve continued to implement accommodative monetary policy measures and the US government continued to support the economy through fiscal policy in a coordinated effort to minimize the long-term negative impacts of the economic slowdown. The US unemployment rate declined to 5.9% in June, down slightly from 6.0% in March. The S&P 500® Index rose 8.5% for the quarter with almost all sectors in positive territory. Real estate (+13.1%), information technology (+11.6%), energy (+11.3%), and communication services (+10.7%) were among the strongest performing sectors in the index. Utilities (- 0.4%) was the only negative performing sector in the index. Consumer staples (+3.8%), industrials (+4.5%), and materials (+4.7%) rose but were among the weakest performers relative to the overall index. Growth and large-cap outpaced value and small-cap on a relative basis. The Russell 1000® Growth Index rose by 11.9% compared to an increase of 5.2% in the Russell 1000® Value Index, and the Russell 1000® Index rose by 8.5% compared to an increase of 4.3% in the Russell 2000® Index. Fund Performance The Natixis U.S. Equity Opportunities Fund Class Y (NESYX) outperformed its benchmark over the most recent quarter, returning 9.14% vs. 8.55% for the S&P 500® Index. For the one-year trailing period ending 6/30/2021, NESYX outperformed the S&P 500® Index, returning 47.66% vs. 40.79%. On a relative basis, security selection within Health Care, Communication Services, and Energy was the largest contributor to performance during the quarter. The Loomis Sayles All Cap Growth segment was the leading driver of outperformance for the quarter. Within Health Care, overweight positions in Regeneron and Illumina were the primary contributors. Within Communication Services, overweight positions in Facebook and Alphabet were the primary contributors. Within Energy, overweight positions in APA Corp. and EOG Resources were the primary contributors. Harris Associates Large Cap Value Segment The Fund’s allocation as of quarter-end was 50.06% in the Harris Associates Large Cap Value Sleeve. Within the segment, Capital One, Alphabet, and Facebook were the largest contributors to performance, while Booking Holdings and Fiserv were the top detractors. • Capital One operates as a financial holding company which engages in the provision of financial products and services such as credit card, consumer banking, and commercial banking. Capital One reported Q1 earnings per share that were above consensus estimates and above the comparable quarter a year ago. • Alphabet operates through the Google and Other Bets segments. The Google segment includes its main Internet products such as ads, Android, Chrome, hardware, Google Cloud, Google Maps, Google Play, Search, and YouTube. The Other Bets segment consists of businesses such as Access, Calico, CapitalG, GV, Verily, Waymo, and X. First-quarter reported total revenue, operating income, and earnings per share all outpaced expectations • Facebook engages in the development of social media applications for people to connect through mobile devices, personal computers, and other surfaces. The company benefited from the substantial growth in digital ad spending during the quarter. • Booking Holdings engages in the provision of online travel and related solutions. The company offers services through the following brands: Booking.com, KAYAK, priceline, agoda, Rentalcars.com, and OpenTable. Their underperformance was not due to any significant or serious events as the minor price drops indicate. • Fiserv engages in the provision of financial services technology. It operates through the following segments: Merchant Acceptance; Financial Technology; Payments; and Network. Business fundamentals are tracking well relative to expectations, and the stocks trade at discount to estimated fair value. Loomis Sayles All Cap Growth Segment The Fund’s allocation at the end of the quarter was 49.94% in the Loomis Sayles All Cap Growth sleeve. Within the segment, Nvidia and Alphabet were the largest contributors to performance, while Deere and Boeing were the largest detractors. Founded in 1993 to develop faster and more-realistic graphics for PC-based video games, Nvidia is the world leader in graphic processing units (GPUs), which enable computers to produce and utilize highly realistic 3D graphic imagery and models. The parallel processing capability of Nvidia’s GPUs can accelerate computing functions by as much as ten times. As a result, GPU technology has broad application in computing fields unrelated to gaming and graphics, including data centers where they are used for machine learning and artificial intelligence (AI), autonomous vehicles, and professional visualization. We believe the company’s strong and sustainable competitive advantages include its intellectual property, brands, and a large and growing ecosystem of developers and applications utilizing GPU technology. A holding since the first quarter of 2019, Nvidia reported quarterly financial results that were strong and above management guidance and consensus expectations. Total revenues in the company’s gaming, data center, and professional visualization businesses all set quarterly records. However, the company indicated that a portion of sales could be attributed to cryptocurrency miners, who use the chips to accelerate the mining of cryptocurrencies. A similar phenomenon occurred at the prior peak of cryptocurrency pricing in 2018, as high prices drove elevated short-term demand for GPUs that quickly evaporated when cryptocurrency prices sharply declined, leaving elevated GPU inventories that took approximately one year to normalize. Management believes it is now better prepared to manage any short-term demand spike. The company is installing software on many new gaming GPU cards which will cause them to operate at half speed if it senses they are being used for mining. Separately, the company is launching some cryptocurrency-specific GPUs that lack the display function but that have other functionalities geared towards crypto-mining. Nvidia’s involvement in cryptocurrency is not a part of our investment thesis for the company, and the market’s overreaction to the prior short-term demand spike helped create the opportunity to initiate our position. While cryptocurrency may contribute to some short term “noise,” we believe the company is strongly positioned to benefit from secular growth in PC gaming and remains in the early stages of growth in its potentially much larger data center business, that we believe will grow from an estimated $5 billion today to greater than $75 billion. Nvidia is a market leader in this emerging business and is continuing to invest to increase its offerings and the sub-markets in which it competes. We believe Nvidia’s strong growth prospects are not currently reflected in its share price. As a result, we believe the company’s shares are trading at a significant discount to our estimate of intrinsic value, offering a compelling reward-to-risk opportunity. Alphabet is a holding company which owns a collection of businesses - the largest and most important of which by far is Google. Google is the global leader in online search and advertising, and also offers online cloud solutions to businesses and consumers globally. A holding in the strategy since inception, Alphabet reported strong quarterly financial results that reflected accelerated revenue growth, expanded adjusted operating margins, and EPS (earnings per share) that more than doubled, all of which were better than consensus expectations.
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