Portfolio Details as of 01/30/2015

Weighted Average Market Cap.
102.6 B
P/E Ratio
27.3x
P/B Ratio
6.0x
Portfolio Turnover Ratio as of 10/31/2014
506.9%
Number of Holdings
94
Total Net Assets
$1.41 B

Portfolio Positioning as of 12/31/2014

  • Smaller capitalization companies outperformed their larger peers in the fourth quarter, reversing a trend that had persisted through most of 2014. At the same time, we continued to see stable growth companies and sectors outperform secular growth names during the quarter. We believe this trend is unlikely to continue in 2015 and have begun to position the portfolio to take advantage of what we believe will be a favorable environment for cyclical and secular growth stocks in the coming year.   
  • We trimmed the portfolio’s exposure to the consumer staples sector during the quarter, in anticipation of a more favorable market for secular growth stocks relative to stable growth stocks, and remain underweight in the sector relative to the portfolio’s benchmark.
  • We further cut the portfolio’s exposure to the energy sector, as a substantial dislocation in oil prices sent the sector into a bear market.
  • As a function of declining oil prices, we increased the portfolio’s exposure to the industrials sector, with a specific emphasis on the transportation industry, which, as a large energy consumer, has benefited from oil’s price decline.
  • We also added to the portfolio’s holdings in the financials sector, particularly within credit card processors, which have benefited from strengthening domestic consumption.

Sector Allocationas of 01/30/2015

Sector Weighting Fund Change from Previous Quarter
Health Care arrowUp3.8%
Consumer Staples arrowUp0.6%
Information Technology arrowDown3.6%
Consumer Discretionary arrowDown0.1%
Utilities 0.0%
Financials arrowDown1.5%
Telecommunication Services arrowUp0.2%
Industrials arrowDown0.8%
Materials arrowUp0.5%
Energy arrowDown0.1%

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
Apple, Inc. 0.6%
Visa, Inc. 0.4%
Celgene Corp. 0.3%
Home Depot USA, Inc. 0.3%
Edwards Lifesciences Corp. 0.3%

Weakest Performers

Holding Contribution
Google, Inc. -0.3%
Gilead Sciences, Inc. -0.2%
Schlumberger Ltd. -0.2%
zulily, Inc. -0.2%
Range Resources Corp. -0.2%
Fund Dividends & Cap Gains next tab

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