Portfolio Details as of 05/29/2015

Total Net Assets
$6.99 B
Number of Holdings
129
Weighted Average Market Cap.
116.8 B
P/B Ratio
2.3x
Portfolio Turnover Ratio as of 10/31/2014
81.3%
P/E Ratio
16.2x

Portfolio Positioning as of 03/31/2015

  • Apple Inc., a technology company, is the portfolio’s largest overweight position, relative to its benchmark, the Russell 1000® Value Index, as of March 31, 2015. We believe the market is underappreciating the earnings power that will be generated by the latest device cycle. In addition, we believe management is likely to return capital to shareholders in greater quantities than the market anticipates.
  • Valero Energy Corp., an independent petroleum refining and marketing company, is another overweight position.  We believe that crude inventories will be structurally shifting to the U.S. Gulf Coast in a way the market doesn’t anticipate, leading to significantly increased margins for Valero.
  • The portfolio is overweight, relative to its benchmark, in Pfizer Inc., a research-based, global pharmaceutical company.  We believe Pfizer has an underappreciated pipeline, particularly in immuno-oncology, leading it to be undervalued, particularly when compared with other big pharmaceutical companies.

Sector Allocationas of 05/29/2015

Sector Weighting Fund Change from Previous Quarter
Consumer Staples arrowDown0.1%
Financials arrowDown0.2%
Information Technology arrowUp0.9%
Telecommunication Services arrowUp0.1%
Consumer Discretionary arrowDown0.2%
Industrials arrowDown0.3%
Materials arrowDown0.2%
Utilities arrowDown0.1%
Energy arrowDown0.2%
Health Care arrowUp0.4%

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
Valero Energy Corp. 0.6%
Pfizer, Inc. 0.5%
Apple, Inc. 0.3%
Avago Technologies Ltd. 0.3%
Kohl's Corp. 0.2%

Weakest Performers

Holding Contribution
Intel Corp. -0.3%
Caterpillar, Inc. -0.3%
Freeport-McMoRan Copper & Gold, Inc. -0.2%
Hewlett-Packard Co. -0.2%
Chevron Corp. -0.2%
Fund Dividends & Cap Gains next tab

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