Portfolio Details as of 02/27/2015

Weighted Average Market Cap.
94.5 B
P/E Ratio
15.7x
P/B Ratio
1.7x
Portfolio Turnover Ratio as of 07/31/2013
90.0%
Number of Holdings
101
Total Net Assets
$472.60 M

Portfolio Positioning as of 12/31/2014

  • JP Morgan Chase & Co., a financial services firm, is the portfolio’s largest overweight position relative to the benchmark, the Russell 1000® Value Index, as of December 31, 2014.  We believe that investors are overestimating the firm’s future litigation expense. In addition, we believe that the new capital requirements will not be as stringent as currently anticipated, which likely will lead to better-than-expected earnings per share.
  • Allstate Corp., which provides insurance and investment products, is an overweight position relative to its benchmark. We believe that investors are undervaluing the company relative to its peers, and that superior underwriting likely will lead to higher-than-expected earnings. 
  • The portfolio also has an overweight position relative to its benchmark in Aetna Inc., a diversified healthcare benefits company. We see strong upside in cost trends and additional enrollment as a result of the Affordable Care Act. 

Sector Allocationas of 02/27/2015

Sector Weighting Fund Change from Previous Quarter
Financials arrowUp0.2%
Health Care arrowUp0.7%
Consumer Discretionary arrowUp0.3%
Information Technology arrowDown0.5%
Telecommunication Services 0.0%
Energy arrowDown0.1%
Materials arrowUp0.3%
Industrials arrowDown0.6%
Utilities arrowDown0.2%
Consumer Staples 0.0%

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
Rock-Tenn Co. 0.4%
Allstate Corp. 0.3%
Bristol-Myers Squibb Co. 0.3%
Morgan Stanley 0.3%
Wal-Mart Stores, Inc. 0.3%

Weakest Performers

Holding Contribution
Atwood Oceanics, Inc. -0.3%
Freeport-McMoRan Copper & Gold, Inc. -0.3%
Chevron Corp. -0.2%
ConocoPhillips Co. -0.1%
AT&T, Inc. -0.1%
Fund Dividends & Cap Gains next tab

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