Portfolio Details as of 10/30/2015

Total Net Assets
$3.08 B
Number of Holdings
Weighted Average Market Cap.
2.9 B
P/B Ratio
Portfolio Turnover Ratio as of 07/31/2015
P/E Ratio

Portfolio Positioning as of 09/30/2015

  • U.S. equities declined during the third quarter amid a bout of substantial volatility in August and September. Concerns related to the impact of slowing Chinese growth on the global economy and uncertainty surrounding the timing and magnitude of the Federal Reserve’s first rate hike contributed to the broad-based equity sell-off. As we enter the final quarter of 2015, we are positioned defensively in stable growth stocks, with a tilt towards companies with domestic-centric earnings growth.
  • We cut the portfolio’s exposure to the health care sector during the quarter, and in particular to biotech companies within this sector, as increased political wrangling over high drug prices presented a potential long-term risk to earnings growth.
  • We also trimmed the portfolio’s exposure to semiconductor companies within the information technology sector, as secular growth companies within this industry were adversely impacted by market volatility.
  • We increased the portfolio’s exposure to the consumer discretionary sector, as consumers continue to benefit from depressed energy costs, and companies within this sector tend to be leveraged to domestic economic growth.
  • Lastly, we added to the portfolio’s holdings in the defensive-oriented consumer staples sector as we continue to look for companies that offer stable earnings growth through a very volatile market environment.

Sector Allocationas of 10/30/2015

Sector Weighting Fund Change from Previous Quarter
Information Technology arrowUp6.4%
Materials arrowUp0.2%
Industrials arrowUp0.9%
Consumer Staples arrowUp0.7%
Financials arrowDown0.5%
Not Classified -
Utilities 0.0%
Consumer Discretionary arrowDown5.3%
Energy arrowUp0.6%
Telecommunication Services 0.0%
Health Care arrowDown0.8%

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. 0.5%
Depomed, Inc. 0.2%
Receptos, Inc. 0.2%
2U, Inc. 0.2%
Skechers USA, Inc. 0.2%

Weakest Performers

Holding Contribution
LifeLock, Inc. -0.5%
Bluebird Bio, Inc. -0.4%
Sage Therapeutics, Inc. -0.4%
Gogo, Inc. -0.4%
Astronics Corp. -0.4%
Fund Dividends & Cap Gains next tab

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