Portfolio Details as of 07/31/2015

Weighted Average Market Cap.
109.8 B
P/E Ratio
P/B Ratio
Portfolio Turnover Ratio as of 10/31/2014
Number of Holdings
Total Net Assets
$6.75 B

Portfolio Positioning as of 06/30/2015

  • Eli Lilly & Co., a pharmaceutical company, is the portfolio’s largest overweight position, relative to its benchmark, the Russell 1000® Value Index, as of June 30, 2015. We believe the company’s pipeline assets are strong and that the market underestimates the potential earnings impact of upcoming transformational trials.
  • Apple Inc., a technology company, is another overweight position.  We believe the market is underappreciating the earnings power that likely 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.
  • 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 07/31/2015

Sector Weighting Fund Change from Previous Quarter
Consumer Staples 0.0%
Financials arrowDown0.2%
Consumer Discretionary arrowDown0.1%
Information Technology arrowUp1.7%
Industrials arrowDown0.4%
Telecommunication Services arrowDown0.2%
Materials arrowDown0.5%
Utilities arrowDown0.1%
Health Care arrowDown1.4%
Energy arrowUp1.3%

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
JPMorgan Chase & Co. 0.4%
Eli Lilly & Co. 0.4%
AT&T, Inc. 0.2%
ConAgra Foods, Inc. 0.2%
Fifth Third Bank 0.2%

Weakest Performers

Holding Contribution
Chevron Corp. -0.3%
Wal-Mart Stores, Inc. -0.3%
Union Pacific Corp. -0.2%
International Paper Co. -0.2%
Whirlpool Corp. -0.2%
Fund Dividends & Cap Gains next tab

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