Portfolio Details as of 12/31/2015

Weighted Average Market Cap.
136.1 B
P/E Ratio
30.8x
P/B Ratio
6.1x
Portfolio Turnover Ratio as of 10/30/2015
270.7%
Number of Holdings
83
Total Net Assets
$2.28 B

Portfolio Positioning as of 12/31/2015

  • U.S. equities advanced during the fourth quarter, putting behind them the third quarter’s market-wide correction. Markets were supported during the period by a reasonably positive earnings season in which more than half of the companies in the S&P 500® Index beat consensus earnings estimates. In December, the U.S. Federal Reserve (Fed) raised interest rates for the first time since the financial crisis, as economic data during the quarter continued to suggest a strengthening domestic economy. As we enter 2016, our view is that slow global economic growth, low energy prices, and continued monetary policy divergence likely will lead to a favorable environment for domestically oriented “high-growth” companies.   
  • We cut the portfolio’s exposure to the consumer discretionary sector, and specifically to retail stocks that were facing some broad-based technical headwinds during the quarter.
  • We also trimmed the portfolio’s exposure to the health care sector, as negative investor sentiment toward the highest growth segments of this sector persisted during the quarter.
  • We increased the portfolio’s exposure to the information technology sector, in particular to companies that are leveraged to cloud-computing. 
  • Last, we increased the portfolio’s exposure to the financials sector, as the Fed’s first interest rate hike augured well for companies within this sector, whose profitability is linked to higher interest rates.  

Sector Allocationas of 12/31/2015

Sector Weighting Fund Change from Previous Quarter
Information Technology arrowUp6.2%
Consumer Staples arrowUp0.7%
Utilities arrowDown0.1%
Consumer Discretionary arrowDown9.7%
Energy 0.0%
Financials arrowUp2.0%
Industrials arrowUp2.0%
Telecommunication Services 0.0%
Health Care arrowDown0.9%
Materials 0.0%

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
Alphabet, Inc. 1.4%
Amazon.com, Inc. 1.1%
Microsoft Corp. 0.8%
Facebook, Inc. 0.8%
NVIDIA Corp. 0.4%

Weakest Performers

Holding Contribution
NXP Semiconductor N.V. -0.2%
Apple, Inc. -0.2%
2U, Inc. -0.1%
Incyte Corp. -0.1%
Eli Lilly & Co. -0.1%
Fund Dividends & Cap Gains next tab

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