Portfolio Details as of 08/31/2015

Total Net Assets
$3.68 B
Number of Holdings
Weighted Average Market Cap.
105.2 B
P/B Ratio
Portfolio Turnover Ratio as of 10/31/2014
P/E Ratio

Portfolio Positioning as of 6/30/2015

  • During the second quarter, we decreased the portfolio’s exposure to the health care sector, yet remain overweight the Russell 1000® Value Index. We continue to favor companies that should benefit from expanding coverage under U.S. health care reform, as well as increased scale and global reach driven by investments and acquisitions.
  • In addition, we increased the portfolio’s exposure to the industrials sector to overweight. Within the sector, we are focused on companies committed to unlocking value by reallocating capital to core competencies.
  • We decreased the portfolio’s weight in the information technology sector. We continue to favor companies that should benefit from an increase in technology infrastructure spending, data-storage demand, and information security.
  • The portfolio continues to be underweight the utilities and telecommunication services sectors, based on our fundamental and valuation analyses. We expect continued market volatility due to the uncertain macroeconomic and geopolitical backdrop, especially as structural concerns persist in Europe. Therefore, we continue to focus on U.S.-centric companies that have financial and capital management flexibility to compete strategically. As a result of this view, we increased attention to stock-specific decisions, near-term fundamentals, and rigorous execution of our buy/sell discipline

Sector Allocationas of 08/31/2015

Sector Weighting Fund Change from Previous Quarter
Telecommunication Services arrowUp2.0%
Energy arrowDown0.5%
Consumer Discretionary arrowDown0.7%
Industrials arrowUp0.6%
Health Care arrowDown3.7%
Consumer Staples arrowDown0.5%
Materials arrowDown1.2%
Information Technology arrowDown0.1%
Utilities arrowUp2.0%
Financials arrowUp1.0%

Attribution Analysis 

Fundamental Equity Fund Benchmark Variance
Sector Avg. Weight Base Return Avg. Weight Base Return Stock Selection Group Weight Total

Strongest & Weakest Performers

Strongest Performers

Holding Contribution
Eli Lilly & Co. 0.5%
JPMorgan Chase & Co. 0.5%
Mondelez International, Inc. 0.4%
Capital One Financial Corp. 0.3%
First Republic Bank/San Francisco CA 0.2%

Weakest Performers

Holding Contribution
Kohl's Corp. -0.3%
ADT Corp. -0.3%
Allstate Corp. -0.2%
Southwest Airlines Co. -0.2%
Sempra Energy -0.2%
Fund Dividends & Cap Gains next tab

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