Portfolio Details as of 08/31/2015

Total Net Assets
$1.78 B
Number of Holdings
Weighted Average Market Cap.
125.7 B
P/B Ratio
Portfolio Turnover Ratio as of 10/31/2014
P/E Ratio

Portfolio Positioning as of 06/30/2015

  • Cyclical growth stocks continued to perform well in the second quarter, exhibiting market leadership over their secular growth and stable growth peers for much of the period. Meanwhile, small-cap stocks outperformed large-cap stocks, and growth stocks modestly outperformed value stocks. As we move into the second half of the year, we remain balanced between cyclical and secular growth stocks, with a tilt toward secular growth, as these stocks began to assert themselves in the final portion of the quarter.
  • We trimmed the portfolio’s exposure to the industrials sector during the quarter, and in particular to airlines, as these companies faced some weakness with oil prices reaching 2015 highs during the first half of the quarter.
  • We also cut the portfolio’s exposure to the consumer staples sector, as we were able to uncover more attractive opportunities in secular growth sectors of the market by the end of the quarter.
  • Along these lines, we increased the portfolio’s exposure to the health care sector, due to the continued advancement of innovative companies within this sector, particularly those operating in the gene therapy and immunotherapy fields.
  • We also added to the portfolio’s holdings in the financials sector, as long interest rates generally rose during the quarter, creating a favorable environment within this sector for interest rate-dependent business, such as banks. 

Sector Allocationas of 08/31/2015

Sector Weighting Fund Change from Previous Quarter
Information Technology arrowDown4.2%
Consumer Discretionary arrowUp7.0%
Health Care arrowDown4.2%
Energy 0.0%
Telecommunication Services 0.0%
Financials arrowDown5.5%
Materials 0.0%
Industrials arrowUp0.5%
Consumer Staples arrowUp2.1%

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
Netflix, Inc. 0.8%
FireEye, Inc. 0.4%
Palo Alto Networks, Inc. 0.3%
Tableau Software, Inc. 0.3%
Diplomat Pharmacy, Inc. 0.2%

Weakest Performers

Holding Contribution
GrubHub, Inc. -0.3%
Twitter, Inc. -0.3%
American Airlines Group, Inc. -0.2%
UAL Corp. -0.2%
LinkedIn Corp. -0.2%
Fund Dividends & Cap Gains next tab

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