Portfolio Breakdown as of 12/31/2015

U.S. Small Cap
U.S. Mid Cap
U.S. Micro Cap
Intl Equity
Emerging Mkt Equity

Portfolio Positioningas of 12/31/2015

  • The Alpha Strategy Fund underperformed its benchmark, the 85% Russell 2000® Index/15% S&P Developed Ex-U.S. SmallCap® Index, during the fourth quarter of 2015.  During the quarter, the performance of underlying investment strategies detracted from relative performance, while the Fund’s strategic allocation contributed to performance. 
  • The Fund’s weightings in domestic small-cap growth equities and mid-cap value stocks detracted from relative performance, as these categories underperformed the Fund’s benchmark.
  • The Fund’s allocation to small-cap international stocks and domestic small-cap value equities contributed to relative performance, as both strategies outperformed the Fund’s benchmark.
  • During the quarter, the Fund’s weightings in the industrials sector declined, while allocations to the health care sector increased. The information technology, financials, and consumer discretionary sectors are the largest weightings in the Fund.

Equity Sector Allocation as of 12/31/2015

Information Technology
Financials
Consumer Discretionary
Health Care
Industrials
Consumer Staples
Materials
Utilities
Energy
Telecommunication Services
Ten Largest Equity Holdings Assets
RenaissanceRe Holdings Ltd. 1.1%
Western Alliance Bancorp 1.0%
Physicians Realty Trust 1.0%
Retail Opportunity Investments Corp. 0.9%
New STERIS Ltd. 0.9%
AECOM 0.9%
Patrick Industries, Inc. 0.8%
Booz Allen Hamilton Holding Corp. 0.8%
South State Corp. 0.8%
Francesca's Holdings Corp. 0.7%
Holdings Assets
International Opportunities Fund 20.4%
Small Cap Value Fund 20.2%
Value Opportunities Fund 20.2%
Developing Growth Fund 19.3%
Micro Cap Value Fund 10.3%
Micro Cap Growth Fund 9.6%
Fund Dividends & Cap Gains next tab

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