Portfolio Details as of 12/31/2015

Weighted Average Market Cap.
2.9 B
P/E Ratio
34.8x
P/B Ratio
5.4x
Portfolio Turnover Ratio as of 07/31/2015
185.8%
Number of Holdings
131
Total Net Assets
$2.92 B

Portfolio Positioning as of 12/31/2015

  • U.S. equities advanced during the fourth quarter, putting behind them the third quarter’s market-wide correction. Markets were supported during the period by a reasonably positive earnings season that saw over half of the companies in the S&P 500® Index beat consensus earnings estimates. In December, the U.S. Federal Reserve raised interest rates for the first time since the financial crisis as economic data during the quarter continued to suggest a strengthening domestic economy. As we enter 2016, our view is that slow global economic growth, low energy prices, and continued monetary policy divergence likely will lead to a favorable environment for domestically oriented “high-growth” companies.  
  • We cut the portfolio’s exposure to the consumer discretionary sector, and specifically to retail stocks that were facing some broad-based technical headwinds during the quarter.
  • We also trimmed the portfolio’s exposure to the industrials sector, as many companies within this sector faced macro challenges related to slowing global growth.
  • We increased the portfolio’s exposure to the information technology sector, in particular to companies that are leveraged to cloud computing.
  • Last, we added to the portfolio’s holdings in the consumer staples sector, as these stocks generally exhibited technical strength due to continued investor demand for companies offering stable earnings growth.

Sector Allocationas of 12/31/2015

Sector Weighting Fund Change from Previous Quarter
Information Technology arrowUp8.9%
Materials arrowUp0.2%
Industrials arrowDown1.1%
Consumer Staples arrowUp1.2%
Financials arrowDown0.2%
Not Classified -
Utilities 0.0%
Energy arrowUp0.3%
Telecommunication Services 0.0%
Consumer Discretionary arrowDown7.5%
Health Care arrowUp1.9%

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
Dyax Corp. 0.5%
Wayfair, Inc. 0.4%
Paylocity Holding Corp. 0.4%
Heartland Payment Systems, Inc. 0.3%
Nevro Corp. 0.3%

Weakest Performers

Holding Contribution
Clovis Oncology, Inc. -0.5%
Nimble Storage, Inc. -0.5%
Chimerix, Inc. -0.4%
2U, Inc. -0.4%
Amicus Therapeutics, Inc. -0.4%
Fund Dividends & Cap Gains next tab

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