Portfolio Details as of 03/31/2016

Weighted Average Market Cap.
97.9 B
P/E Ratio
P/B Ratio
Portfolio Turnover Ratio as of 07/31/2015
Number of Holdings
Total Net Assets
$413.39 M

Portfolio Positioning as of 03/31/2016

  • PPL Corp., an electric and gas utility company, is the portfolio’s largest overweight position, relative to its benchmark, the Russell 1000® Value Index, as of March 31, 2016. We anticipate above-average top-line growth, particularly in the company’s domestic operations, along with the ability to increase margins by reducing corporate overhead.  The stock is attractively valued, in our view, given the growth profile relative to other utility companies.
  • Chevron Corp., an energy company, is another overweight position relative to the portfolio’s benchmark. We believe that Chevron’s focus on responsible capital spending, shareholder-friendly payout policies, and low-cost assets likely will result in a higher valuation going forward.
  • The portfolio also has an overweight position, relative to its benchmark, in Fidelity National Information Services, Inc., a financial services company. We believe the company has attractive organic growth prospects and the potential for margin expansion.  The recent acquisition of SunGard brings incremental cross-selling and cost-cutting opportunities. 

Sector Allocationas of 03/31/2016

Sector Weighting Fund Change from Previous Quarter
Energy arrowUp0.8%
Health Care arrowDown0.3%
Telecommunication Services arrowUp0.3%
Financials arrowDown2.0%
Information Technology arrowDown0.2%
Consumer Staples arrowUp0.8%
Materials 0.0%
Utilities arrowUp1.2%
Consumer Discretionary arrowDown0.1%
Industrials arrowDown0.7%

Attribution Analysis 

Calibrated Large Cap Value Fund Benchmark Variance
Sector Avg. Weight Base Return Avg. Weight Base Return Stock Selection Group Weight Total

Strongest & Weakest Performers

Strongest Performers

Holding Contribution
AT&T, Inc. 0.3%
Whirlpool Corp. 0.3%
Cummins, Inc. 0.3%
Chevron Corp. 0.3%
Target Corp. 0.2%

Weakest Performers

Holding Contribution
Citigroup, Inc. -0.6%
JPMorgan Chase & Co. -0.4%
Pfizer, Inc. -0.3%
Santander Consumer USA Holdings, Inc. -0.2%
ConocoPhillips Co. -0.2%
Fund Dividends & Cap Gains next tab

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