Portfolio Details as of 05/29/2015

Total Net Assets
$4.31 B
Number of Holdings
Weighted Average Market Cap.
82.5 B
P/B Ratio
Portfolio Turnover Ratio as of 10/31/2014
P/E Ratio

Portfolio Positioning as of 3/31/2015

  • During the first quarter, we decreased the portfolio’s exposure to the consumer discretionary sector, to a level in line with its benchmark, the Russell 1000® Value Index. Within the sector, we are focused on companies committed to unlocking value by reallocating capital to core competencies.
  • In addition, we increased the portfolio’s exposure to the health care sector, and maintained a meaningful overweight in the sector. We continue to favor companies that should benefit from expanding coverage under U.S. healthcare reform, as well as increased scale and global reach driven by investments and acquisitions.
  • We maintained the portfolio’s overweight in the information technology sector, where we prefer 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 based on criteria set forth in our fundamental and valuation analysis. 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 05/29/2015

Sector Weighting Fund Change from Previous Quarter
Information Technology arrowUp1.8%
Utilities arrowDown0.6%
Health Care arrowDown1.8%
Industrials arrowUp2.3%
Materials arrowDown0.3%
Consumer Staples 0.0%
Consumer Discretionary arrowDown1.1%
Telecommunication Services 0.0%
Energy arrowUp0.1%
Financials arrowDown0.1%

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
Kohl's Corp. 0.4%
Actavis plc 0.3%
Pfizer, Inc. 0.3%
First Republic Bank/San Francisco CA 0.2%
Vantiv, Inc. 0.2%

Weakest Performers

Holding Contribution
Intel Corp. -0.4%
Prudential Financial, Inc. -0.3%
EMC Corp. -0.3%
PVH Corp. -0.3%
Discover Financial Services -0.3%
Fund Dividends & Cap Gains next tab

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