Portfolio Details as of 06/30/2015

Weighted Average Market Cap.
3.0 B
P/E Ratio
36.5x
P/B Ratio
5.9x
Portfolio Turnover Ratio as of 07/31/2014
242.1%
Number of Holdings
118
Total Net Assets
$3.62 B

Portfolio Positioning as of 06/30/2015

  • Cyclical growth stocks exhibited market leadership over their secular growth and stable growth peers for much of the second quarter, while small-cap stocks outperformed large-cap stocks during the period. As we move into the second half of the year, we remain balanced between cyclical and secular growth stocks, with a tilt toward secular growth, as these stocks began to assert themselves in the final portion of the quarter.
  • We trimmed the portfolio’s active exposure to the consumer discretionary sector during the quarter. This move primarily reflects a current lack of compelling small-cap growth stocks within this sector, particularly in the restaurants industry.
  • We also cut the portfolio’s exposure to the industrials sector, as we were able to uncover more attractive opportunities in secular growth sectors of the market by the end of the quarter.
  • Along these lines, we increased the portfolio’s exposure to the health care sector, due to the continued advancement of innovative companies within this sector, particularly those operating in the gene therapy and immunotherapy fields.
  • Similarly, we increased the portfolio’s exposure to the information technology sector, as we identified some attractive opportunities among cloud-service providers and semiconductor manufacturers.

Sector Allocationas of 06/30/2015

Sector Weighting Fund Change from Previous Quarter
Information Technology arrowUp1.4%
Industrials arrowDown4.7%
Financials arrowDown0.8%
Health Care arrowUp4.8%
Utilities arrowUp0.4%
Telecommunication Services 0.0%
Energy arrowUp0.2%
Consumer Staples arrowDown2.0%
Consumer Discretionary 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
Skechers USA, Inc. 0.6%
Synageva BioPharma Corp. 0.5%
Ultragenyx Pharmaceutical, Inc. 0.5%
Ambarella, Inc. 0.4%
Bluebird Bio, Inc. 0.4%

Weakest Performers

Holding Contribution
GrubHub, Inc. -0.4%
Fluidigm Corp. -0.4%
FARO Technologies, Inc. -0.4%
Spark Therapeutics, Inc. -0.2%
Foundation Medicine, Inc. -0.2%
Fund Dividends & Cap Gains next tab

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