Portfolio Details as of 03/31/2016

Weighted Average Market Cap.
3.3 B
P/E Ratio
P/B Ratio
Portfolio Turnover Ratio as of 07/31/2015
Number of Holdings
Total Net Assets
$2.59 B

Portfolio Positioning as of 03/31/2016

  • U.S. equities, as represented by the S&P 500 Index[1], rebounded from their worst-ever start to a year, to ultimately finish the first quarter modestly higher. Global market turmoil, particularly in China, was a key contributor to domestic equity volatility in the first half of the period. However, supportive monetary policy decisions in several major economies, along with positive domestic economic data, helped stabilize equities during the second half of the quarter. Looking ahead, we believe the worst of the market turmoil is behind us, but that we will likely see investor uncertainty persist. In this environment, we continue to maintain a portfolio that is balanced between stable and high-growth companies.   
  • We cut the portfolio’s exposure to the information technology sector, and in particular to software companies, as this former market leading industry fell out of favor in late January.
  • We also trimmed the portfolio’s exposure to the financials sector, as global market weakness and a lowered interest-rate outlook weighed on banks and other interest rate-dependent companies within this sector.
  • We increased the portfolio’s exposure to the industrials sector during the period, adding to a few fundamentally strong holdings that we believed had been overly punished in 2015.  
  • Last, we increased the portfolio’s exposure to the utilities sector, as this defensive sector was exhibiting relative strength amid general market weakness.


[1] The S&P 500® Index is widely regarded as the standard for measuring large cap U.S. stock market performance and includes a representative sample of leading companies in leading industries.


Sector Allocationas of 03/31/2016

Sector Weighting Fund Change from Previous Quarter
Information Technology arrowDown4.9%
Materials arrowUp0.8%
Health Care arrowDown7.7%
Utilities arrowUp1.8%
Consumer Staples arrowDown0.5%
Industrials arrowUp7.5%
Consumer Discretionary arrowUp2.3%
Telecommunication Services arrowUp0.4%
Energy arrowDown0.1%
Financials 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
WebMD Health Corp. 0.3%
Blue Buffalo Pet Products, Inc. 0.3%
Ellie Mae, Inc. 0.2%
Belden, Inc. 0.2%
IDEXX Laboratories, Inc. 0.2%

Weakest Performers

Holding Contribution
Gogo, Inc. -0.6%
Sage Therapeutics, Inc. -0.4%
SunPower Corp. -0.4%
Liberty TripAdvisor Holdings, Inc. -0.4%
Zendesk, Inc. -0.4%
Fund Dividends & Cap Gains next tab

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