Portfolio Details as of 12/31/2015

Weighted Average Market Cap.
92.9 B
P/E Ratio
P/B Ratio
Portfolio Turnover Ratio as of 07/31/2015
Number of Holdings
Total Net Assets
$445.13 M

Portfolio Positioning as of 12/31/2015

  • Fidelity National Information Services, Inc., a financial services 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 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.
  • Chevron Corp., an energy company, is another overweight position relative to its benchmark.  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 also has an overweight position, relative to its benchmark, in Ace Ltd., a global insurance and reinsurance company.  We believe that the stock is attractively priced relative to global insurance peers.  We also believe that outperformance will be driven by both the company’s superior underwriting and distribution that propels top-line growth and an excellent balance sheet that will provide a solid margin of safety for this high-quality stock.

Sector Allocationas of 12/31/2015

Sector Weighting Fund Change from Previous Quarter
Information Technology arrowUp0.2%
Energy arrowDown0.8%
Telecommunication Services arrowUp0.7%
Industrials arrowUp0.4%
Financials arrowDown0.4%
Consumer Discretionary arrowDown0.2%
Materials arrowUp0.2%
Consumer Staples 0.0%
Utilities arrowDown0.2%
Health Care arrowUp0.1%

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
Chevron Corp. 0.5%
General Electric Co. 0.4%
Intel Corp. 0.4%
JPMorgan Chase & Co. 0.4%
ACE Ltd. 0.3%

Weakest Performers

Holding Contribution
Kinder Morgan, Inc. -0.4%
Cummins, Inc. -0.2%
Fidelity National Information Services, Inc. -0.2%
Santander Consumer USA Holdings, Inc. -0.2%
Target Corp. -0.1%
Fund Dividends & Cap Gains next tab

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