Portfolio Details as of 05/29/2015

Total Net Assets
$3.59 B
Number of Holdings
Weighted Average Market Cap.
3.1 B
P/B Ratio
Portfolio Turnover Ratio as of 07/31/2014
P/E Ratio

Portfolio Positioning as of 03/31/2015

  • Small-capitalization stocks outperformed large-capitalization stocks, and secular and cyclical growth companies outperformed their stable growth peers during the first quarter, as the U.S. economy continued to show signs of self-sustainability. While economic and earnings growth may be dampened somewhat by the strengthening U.S. dollar, we still believe that the United States is in the middle of a steady recovery, and as a result, we continue to position the portfolio to be balanced among secular and cyclical growth stocks, which tend to perform best in slow growth environments.
  • We trimmed the portfolio’s exposure to the industrials sector during the quarter, as a strengthening U.S. dollar particularly weighed on manufacturers within this sector.
  • We also cut the portfolio’s exposure to the stable growth consumer staples sector in favor of more dynamic secular and cyclical growth industries.
  • We increased the portfolio’s exposure to the information technology sector, as this secular growth sector continued to be one of the best performers during the period. Within the sector, we continue to favor semiconductors and cloud-security providers.
  • We also added to the portfolio’s holdings in the health care sector, specifically to biotechnology companies, which, in general, benefited from consolidation within the industry during the quarter.

Sector Allocationas of 05/29/2015

Sector Weighting Fund Change from Previous Quarter
Information Technology arrowUp2.7%
Industrials arrowDown3.9%
Financials arrowDown0.3%
Health Care arrowUp2.6%
Utilities arrowUp0.2%
Telecommunication Services 0.0%
Consumer Discretionary arrowUp0.1%
Consumer Staples arrowDown0.5%
Energy arrowUp0.2%
Materials arrowDown0.4%

Attribution Analysis 

Developing Growth Fund Benchmark Variance
Sector Avg. Weight Base Return Avg. Weight Base Return Stock Selection Group Weight Total

Strongest & Weakest Performers

Strongest Performers

Holding Contribution
ABIOMED, Inc. 0.7%
Foundation Medicine, Inc. 0.6%
Celldex Therapeutics, Inc. 0.5%
WisdomTree Investments, Inc. 0.4%
Trex Co., Inc. 0.4%

Weakest Performers

Holding Contribution
LifeLock, Inc. -0.4%
Rentrak Corp. -0.3%
Insulet Corp. -0.3%
Sierra Wireless -0.2%
Coupons.com, Inc. -0.2%
Fund Dividends & Cap Gains next tab

Contact a Representative