Portfolio Details as of 02/27/2015

Weighted Average Market Cap.
78.6 B
P/E Ratio
20.0x
P/B Ratio
2.4x
Portfolio Turnover Ratio as of 10/31/2014
112.7%
Number of Holdings
60
Total Net Assets
$4.69 B

Portfolio Positioning as of 12/31/2014

  • During the fourth quarter, we decreased the portfolio’s exposure to the consumer discretionary sector, yet it remains overweight relative to its benchmark, the Russell 1000® Value Index. Within the sector, we are focused on companies committed to unlocking value through capital reallocation into core competencies.
  • In addition, our exposure to the health care sector continues to be meaningfully overweight, as we focus on companies that should benefit from expanding coverage under U.S. health care reform and/or increased scale and global reach driven by investments and acquisitions.
  • We slightly increased the portfolio’s overweight in the information technology sector, as we focus on companies that should benefit from an increase in technology infrastructure spending, data-storage demand, and information security.
  • The portfolio continues to be underweight utilitiestelecommunication services, and REITs due to the potential risks related to rising interest rates and valuation risk.
  • Compared to other international markets, we believe the U.S. economy’s outlook to be fundamentally stronger. Therefore, we are focused on U.S.-centric companies that should be less sensitive to global macro and geopolitical issues. This view has resulted in the portfolio’s increased underweight within the energy and industrials sectors.

Sector Allocationas of 02/27/2015

Sector Weighting Fund Change from Previous Quarter
Information Technology arrowUp0.4%
Industrials arrowUp0.7%
Health Care arrowUp0.1%
Materials arrowUp0.6%
Consumer Discretionary arrowDown2.6%
Consumer Staples arrowUp0.3%
Energy arrowUp0.8%
Telecommunication Services arrowUp0.4%
Utilities arrowDown0.9%
Financials arrowDown2.3%

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
Allstate Corp. 0.4%
Hewlett-Packard Co. 0.3%
Hartford Financial Services Group, Inc. 0.3%
General Dynamics Corp. 0.3%
PPG Industries, Inc. 0.3%

Weakest Performers

Holding Contribution
Marathon Oil Corp. -0.5%
Devon Energy Corp. -0.3%
Occidental Petroleum Corp. -0.2%
Chevron Corp. -0.2%
Cisco Systems, Inc. -0.2%
Fund Dividends & Cap Gains next tab

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