Portfolio Details as of 12/31/2015

Weighted Average Market Cap.
111.8 B
P/E Ratio
P/B Ratio
Portfolio Turnover Ratio as of 10/30/2015
Number of Holdings
Total Net Assets
$6.14 B

Portfolio Positioning as of 12/31/2015

  • Apple Inc., a technology company, is the portfolio’s largest overweight position, relative to its benchmark, the Russell 1000® Value Index, as of December 31, 2015. We believe the market is underappreciating Apple’s earnings power, which likely will be driven by the latest device cycle. In addition, we believe management is likely to return capital to shareholders in greater quantities than the market anticipates.
  • Chevron Corp., an energy company, is another overweight position.  We believe that Chevron’s focus on responsible capital spending, shareholder-friendly payout policies, and low-cost assets will likely result in a higher valuation going forward.
  • 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 that 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 12/31/2015

Sector Weighting Fund Change from Previous Quarter
Consumer Staples arrowUp0.3%
Financials arrowDown0.3%
Information Technology arrowUp0.6%
Consumer Discretionary arrowDown0.2%
Telecommunication Services 0.0%
Industrials arrowUp0.4%
Materials arrowUp0.7%
Utilities arrowDown0.3%
Energy arrowDown0.7%
Health Care arrowDown0.6%

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
Intel Corp. 0.5%
Chevron Corp. 0.5%
Valero Energy Corp. 0.3%
JPMorgan Chase & Co. 0.3%
General Electric Co. 0.3%

Weakest Performers

Holding Contribution
Kinder Morgan, Inc. -0.5%
Cummins, Inc. -0.1%
Archer-Daniels-Midland Co. -0.1%
GameStop Corp. -0.1%
Apple, Inc. -0.1%
Fund Dividends & Cap Gains next tab

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