Portfolio Details as of 02/27/2015

Weighted Average Market Cap.
113.7 B
P/E Ratio
16.8x
P/B Ratio
2.2x
Portfolio Turnover Ratio as of 10/31/2014
81.3%
Number of Holdings
135
Total Net Assets
$7.13 B

Portfolio Positioning as of 12/31/2014

  • IBM Corp., a worldwide information technology products and services provider, is the portfolio’s largest overweight position, relative to its benchmark, the Russell 1000® Value Index, as of December 31, 2014. We believe that management’s initiatives to buy back outstanding shares, along with continued mergers and restructuring, likely will lead to higher earnings per share growth than expected.
  • Cisco Systems, Inc., a producer of networking and communication technology, is another overweight position.  We believe that consensus expectations are overestimating the competitive pressures Cisco will face while at the same underestimating management’s capacity to improve margins and earnings by reducing expenses.
  • The portfolio is overweight, relative to its benchmark, in Apple Inc., a technology company.  We believe the market is underappreciating the earnings power that will be generated by the latest iPhone upgrade cycle. In addition, we believe management is likely to return capital to shareholders in greater quantities than the market anticipates. 

Sector Allocationas of 02/27/2015

Sector Weighting Fund Change from Previous Quarter
Consumer Staples arrowDown0.8%
Financials arrowDown0.3%
Information Technology arrowDown1.8%
Telecommunication Services arrowUp0.3%
Consumer Discretionary arrowDown0.1%
Industrials arrowUp0.9%
Materials arrowUp0.4%
Utilities 0.0%
Energy arrowUp1.5%
Health Care arrowDown0.2%

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
Bristol-Myers Squibb Co. 0.4%
Cisco Systems, Inc. 0.4%
Wal-Mart Stores, Inc. 0.3%
Whirlpool Corp. 0.3%
Pfizer, Inc. 0.2%

Weakest Performers

Holding Contribution
Freeport-McMoRan Copper & Gold, Inc. -0.5%
International Business Machines Corp. -0.4%
Chevron Corp. -0.2%
ConocoPhillips Co. -0.1%
Verizon Communications, Inc. -0.1%
Fund Dividends & Cap Gains next tab

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