Portfolio Details as of 03/31/2016

Weighted Average Market Cap.
112.0 B
P/E Ratio
P/B Ratio
Portfolio Turnover Ratio as of 10/30/2015
Number of Holdings
Total Net Assets
$3.07 B

Portfolio Positioning as of 03/31/2016

  • During the first quarter, we increased the portfolio’s exposure to the health care sector. We favor companies with stock-specific catalysts.
  • In addition, we decreased the portfolio’s exposure to the industrials sector, yet remain overweight relative to the portfolio’s benchmark, the Russell 1000® Value Index. Within the sector, we are focused on companies committed to unlocking value by reallocating capital to core competencies.
  • We remain overweight to the information technology sector. We continue to favor companies that should benefit from an increase in technology infrastructure spending and information security.
  • We increased the portfolio’s exposure to the energy sector, yet remain underweight relative to the portfolio’s benchmark.
  • We expect continued market volatility due to muted growth and the uncertain macroeconomic and geopolitical backdrop, especially as structural concerns persist in China. 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 03/31/2016

Sector Weighting Fund Change from Previous Quarter
Consumer Discretionary arrowUp1.4%
Utilities arrowDown0.5%
Financials arrowDown3.0%
Health Care arrowUp1.4%
Information Technology arrowUp0.1%
Industrials arrowDown2.0%
Telecommunication Services arrowUp0.5%
Consumer Staples arrowDown0.9%
Materials arrowDown0.2%
Energy arrowUp2.8%

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
AT&T, Inc. 0.4%
Exxon Mobil Corp. 0.3%
NextEra Energy, Inc. 0.3%
ADT Corp. 0.3%
Time Warner, Inc. 0.3%

Weakest Performers

Holding Contribution
Citizens Financial Group, Inc. -0.5%
East West Bancorp, Inc. -0.5%
JPMorgan Chase & Co. -0.5%
American International Group, Inc. -0.4%
Intel Corp. -0.3%
Fund Dividends & Cap Gains next tab

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