Portfolio Details as of 02/27/2015

Weighted Average Market Cap.
3.0 B
P/E Ratio
P/B Ratio
Portfolio Turnover Ratio as of 07/31/2013
Number of Holdings
Total Net Assets
$3.48 B

Portfolio Positioning as of 12/31/2014

  • Smaller capitalization companies outperformed their larger peers in the fourth quarter, reversing a trend that had persisted through most of 2014. At the same time, we continued to see stable growth companies and sectors outperform secular growth names during the quarter. We believe this trend is unlikely to continue in 2015 and have begun to position the portfolio to take advantage of what we believe will be a favorable environment for cyclical and secular growth stocks in the coming year.
  • We trimmed the portfolio’s exposure to the information technology sector early in the quarter, as this secular growth sector underperformed more stable sectors. We rotated the portfolio back into the sector towards the end of the quarter, however, in anticipation of a more favorable market for secular growth stocks and maintain an overweight in the sector relative to the portfolio’s our benchmark.
  • We further cut the portfolio’s exposure to the energy sector, as a substantial dislocation in oil prices sent the sector into a bear market.
  • As a function of declining oil prices, we increased the portfolio’s exposure to the industrials sector, with a specific emphasis on the transportation industry, which, as a large energy consumer, has benefited from oil’s price decline.
  • We also added to the portfolio’s holdings in the consumer discretionary sector, as sectors reliant on domestic consumption have also benefited from declining energy prices.

Sector Allocationas of 02/27/2015

Sector Weighting Fund Change from Previous Quarter
Information Technology arrowUp2.3%
Materials arrowDown0.1%
Financials arrowUp0.6%
Utilities 0.0%
Telecommunication Services 0.0%
Consumer Staples arrowDown1.7%
Health Care arrowUp4.2%
Consumer Discretionary arrowDown1.5%
Energy arrowDown0.6%
Industrials arrowDown2.5%

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
Receptos, Inc. 1.2%
Agios Pharmaceuticals, Inc. 0.8%
DexCom, Inc. 0.4%
LifeLock, Inc. 0.4%
Qualys, Inc. 0.4%

Weakest Performers

Holding Contribution
Chuy's Holdings, Inc. -0.3%
zulily, Inc. -0.3%
Flotek Industries, Inc. -0.3%
Wayfair, Inc. -0.2%
Arista Networks, Inc. -0.2%
Fund Dividends & Cap Gains next tab

Contact a Representative