Portfolio Details as of 07/31/2015

Weighted Average Market Cap.
11.9 B
P/E Ratio
17.0x
P/B Ratio
1.7x
Portfolio Turnover Ratio as of 07/31/2014
97.9%
Number of Holdings
124
Total Net Assets
$1.08 B

Portfolio Positioning as of 06/30/2015

  • XL Group plc, a global property and casualty insurer and reinsurer, is the portfolio's largest overweight position relative to its benchmark, the Russell Midcap® Value Index, as of June 30, 2015.  We believe that the stock is attractively valued in light of management's ability to cut expenses while maintaining revenue.
  • Fifth Third Bancorp, a diversified financial services company, is another overweight position. We believe the stock has strong fundamentals and an attractive relative valuation, and that super-regional banks have the potential to benefit from higher rates as well.
  • The portfolio also has an overweight, relative to its benchmark, in Invesco Ltd., an independent global investment management firm. We believe the market underappreciates Invesco’s ability to capitalize on attractive secular allocation trends.

Sector Allocationas of 07/31/2015

Sector Weighting Fund Change from Previous Quarter
Consumer Discretionary arrowUp0.1%
Telecommunication Services arrowDown0.1%
Information Technology 0.0%
Health Care arrowDown0.4%
Industrials arrowUp0.4%
Materials arrowDown0.5%
Utilities arrowUp0.4%
Financials arrowUp1.0%
Consumer Staples 0.0%
Energy arrowDown1.0%

Attribution Analysis 

Calibrated Mid 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
Community Health Systems, Inc. 0.4%
CIGNA Corp. 0.3%
Fifth Third Bank 0.3%
Rowan Cos., Inc. 0.2%
Celanese Corp. 0.2%

Weakest Performers

Holding Contribution
Kohl's Corp. -0.4%
Whirlpool Corp. -0.4%
PBF Energy, Inc. -0.2%
General Growth Properties, Inc. -0.2%
Timken Co. -0.2%
Fund Dividends & Cap Gains next tab

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