Portfolio Details as of 05/29/2015

Total Net Assets
$1.66 B
Number of Holdings
Weighted Average Market Cap.
101.0 B
P/B Ratio
Portfolio Turnover Ratio as of 10/31/2014
P/E Ratio

Portfolio Positioning as of 03/31/2015

  • Secular and cyclical growth companies outperformed their stable growth peers during the first quarter, as the U.S. economy continued to show signs of self-sustainability. While economic and earnings growth may be dampened somewhat by the strengthening U.S. dollar, we still believe that the United States is in the middle of a steady recovery, and as a result, we continue to position the portfolio to be balanced among secular and cyclical growth stocks, which tend to perform best in slow-growth environments.
  • We trimmed the portfolio’s exposure to the industrials sector during the quarter, and in particular to railroad companies within the sector. These companies, in general, were adversely affected by the continued weakness in energy prices that weighed on some of its largest clients.
  • We also cut the portfolio’s exposure to the financials sector, as interest rates at low levels around the world have created a difficult earnings environment for companies within the sector that rely on higher interest rates.
  • We increased the portfolio’s exposure to the information technology sector, as this secular growth sector continued to be one of the best performers during the period. Within the sector, we continue to favor semiconductors and cloud-security providers.
  • We also added to the portfolio’s holdings in the health care sector, and specifically to biotechnology companies, which, in general, benefited from consolidation within the industry during the quarter.

Sector Allocationas of 05/29/2015

Sector Weighting Fund Change from Previous Quarter
Information Technology arrowUp4.9%
Consumer Staples arrowDown3.2%
Consumer Discretionary arrowUp1.1%
Health Care arrowDown0.2%
Financials arrowUp2.5%
Utilities 0.0%
Telecommunication Services 0.0%
Materials arrowDown1.0%
Energy arrowDown0.8%
Industrials arrowDown2.5%

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
Apple, Inc. 0.7%
Biogen Idec, Inc. 0.4%
BioMarin Pharmaceutical, Inc. 0.3%
Avago Technologies Ltd. 0.3%
Monster Beverage Corp. 0.3%

Weakest Performers

Holding Contribution
LifeLock, Inc. -0.2%
Vertex Pharmaceuticals, Inc. -0.1%
Rentrak Corp. -0.1%
Alibaba Group Holding Ltd. -0.1%
Veeva Systems, Inc. -0.1%
Fund Dividends & Cap Gains next tab

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