Portfolio Details as of 10/30/2015

Total Net Assets
$6.50 B
Number of Holdings
Weighted Average Market Cap.
114.3 B
P/B Ratio
Portfolio Turnover Ratio as of 10/31/2014
P/E Ratio

Portfolio Positioning as of 09/30/2015

  • Apple Inc., a technology company, is the portfolio’s largest overweight position, relative to its benchmark, the Russell 1000® Value Index, as of September 30, 2015. We believe the market is underappreciating Apple’s earnings power that likely will be generated by the latest device cycle. In addition, we believe management likely will return capital to shareholders in greater quantities than the market anticipates.
  • Eli Lilly & Co., a pharmaceutical company, is another overweight position. We believe the company’s pipeline assets are strong and that the market underestimates the potential earnings impact of upcoming transformational trials.
  • The portfolio is overweight, relative to its benchmark, in technology company Intel Corporation. We believe Intel’s data center business is underappreciated by the market in terms of growth and importance to the company.  We also believe the company has a sustainable competitive advantage and a focus on broadening its solution set, which should translate into pricing power and better-than-expected earnings growth.

Sector Allocationas of 10/30/2015

Sector Weighting Fund Change from Previous Quarter
Information Technology arrowUp0.4%
Financials arrowDown0.5%
Consumer Staples arrowDown0.2%
Consumer Discretionary arrowUp0.1%
Telecommunication Services arrowDown0.1%
Industrials arrowUp0.5%
Materials arrowUp0.4%
Utilities arrowDown0.3%
Health Care arrowDown0.6%
Energy arrowUp0.3%

Attribution Analysis 

Affiliated Fund Benchmark Variance
Sector Avg. Weight Base Return Avg. Weight Base Return Stock Selection Group Weight Total

Strongest & Weakest Performers

Strongest Performers

Holding Contribution
Altria Group, Inc. 0.2%
Reynolds American, Inc. 0.2%
Raytheon Co. 0.1%
Lockheed Martin Corp. 0.1%
AvalonBay Communities, Inc. 0.1%

Weakest Performers

Holding Contribution
Chevron Corp. -0.6%
United Technologies Corp. -0.4%
Huntsman Corp. -0.3%
JPMorgan Chase & Co. -0.3%
ConocoPhillips Co. -0.3%
Fund Dividends & Cap Gains next tab

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