Portfolio Details as of 06/30/2015

Weighted Average Market Cap.
88.9 B
P/E Ratio
15.7x
P/B Ratio
1.7x
Portfolio Turnover Ratio as of 07/31/2014
103.9%
Number of Holdings
101
Total Net Assets
$497.81 M

Portfolio Positioning as of 06/30/2015

  • Pfizer Inc., a research-based, global 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 Pfizer has an underappreciated pipeline, with respect to immuno-oncology, leading it to be undervalued, particularly when compared with other big pharmaceutical companies.
  • Allstate Corp., a provider of insurance and investment products, is another overweight position relative to the portfolio’s 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 Chevron Corp., an integrated energy company.  We do not believe that investors appreciate how well positioned the company is to benefit from the North American onshore oil and gas renaissance.

Sector Allocationas of 06/30/2015

Sector Weighting Fund Change from Previous Quarter
Financials arrowUp0.2%
Utilities arrowDown0.5%
Information Technology arrowUp2.1%
Consumer Staples arrowDown0.1%
Consumer Discretionary arrowDown2.0%
Industrials arrowUp0.2%
Telecommunication Services arrowUp0.2%
Health Care arrowDown2.6%
Energy arrowUp3.1%
Materials arrowDown0.5%

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
JPMorgan Chase & Co. 0.5%
Aetna, Inc. 0.5%
Eli Lilly & Co. 0.3%
Capital One Financial Corp. 0.2%
Citigroup, Inc. 0.2%

Weakest Performers

Holding Contribution
Chevron Corp. -0.3%
Whirlpool Corp. -0.2%
Micron Technology, Inc. -0.2%
Allstate Corp. -0.2%
International Paper Co. -0.2%
Fund Dividends & Cap Gains next tab

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