Portfolio Details as of 03/31/2016

Weighted Average Market Cap.
151.4 B
P/E Ratio
P/B Ratio
Portfolio Turnover Ratio as of 10/30/2015
Number of Holdings
Total Net Assets
$2.23 B

Portfolio Positioning as of 03/31/2016

  • U.S. equities, as represented by the S&P 500 Index[1], rebounded from their worst-ever start to a year, to ultimately finish the first quarter modestly higher. Global market turmoil, particularly in China, was a key contributor to domestic equity volatility in the first half of the period. However, supportive monetary policy decisions in several major economies, along with positive domestic economic data, helped stabilize equities during the second half of the quarter. Looking ahead, we believe the worst of the market turmoil is behind us, but that we will likely see investor uncertainty persist. In this environment, we continue to maintain a portfolio that is balanced between stable and high-growth companies.    
  • We cut the portfolio’s exposure to the information technology sector, and in particular to software companies, as this former market-leading industry fell out of favor in late January.
  • We also trimmed the portfolio’s exposure to the financials sector, as global market weakness and a lowered interest-rate outlook weighed on banks and other interest rate-dependent companies within this sector.
  • We increased the portfolio’s exposure to the industrials sector during the period. This sector had been particularly challenged in 2015 and we added to a few fundamentally strong holdings that we believed had been overly punished.   
  • Last, we increased the portfolio’s exposure to the consumer staples sector, due to the stable-growth nature of many stocks within this sector.


[1] The S&P 500® Index is widely regarded as the standard for measuring large cap U.S. stock market performance and includes a representative sample of leading companies in leading industries.

Sector Allocationas of 03/31/2016

Sector Weighting Fund Change from Previous Quarter
Information Technology arrowDown7.3%
Financials arrowDown1.8%
Health Care arrowDown1.9%
Industrials arrowUp3.5%
Utilities arrowUp0.5%
Telecommunication Services arrowUp2.5%
Energy 0.0%
Consumer Staples arrowUp6.0%
Consumer Discretionary arrowDown1.7%
Materials arrowUp1.6%

Attribution Analysis 

Growth Leaders Fund Benchmark Variance
Sector Avg. Weight Base Return Avg. Weight Base Return Stock Selection Group Weight Total

Strongest & Weakest Performers

Strongest Performers

Holding Contribution
Facebook, Inc. 0.5%
Verizon Communications, Inc. 0.3%
Apple, Inc. 0.2%
Edwards Lifesciences Corp. 0.2%
Honeywell International, Inc. 0.2%

Weakest Performers

Holding Contribution
Alexion Pharmaceuticals, Inc. -0.3%
Amazon.com, Inc. -0.3%
Salesforce.com, Inc. -0.3%
TripAdvisor, Inc. -0.2%
Wayfair, Inc. -0.2%
Fund Dividends & Cap Gains next tab

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