Portfolio Details as of 10/30/2015

Total Net Assets
$2.00 B
Number of Holdings
Weighted Average Market Cap.
156.7 B
P/B Ratio
Portfolio Turnover Ratio as of 10/31/2014
P/E Ratio

Portfolio Positioning as of 09/30/2015

  • U.S. equities declined during the third quarter amid a bout of substantial volatility in August and September. Concerns related to the impact of slowing Chinese growth on the global economy and uncertainty surrounding the timing and magnitude of the Federal Reserve’s first rate hike contributed to the broad-based equity sell-off. As we enter the final quarter of 2015, we are positioned defensively in larger-capitalization stable growth stocks, with a tilt towards companies with domestic-centric earnings growth.
  • We cut the portfolio’s exposure to the health care sector during the quarter, and in particular to biotech companies within this sector, as increased political wrangling over high drug prices presented a potential long-term risk to earnings growth.
  • We also trimmed the portfolio’s exposure to the financials sector, as interest rates remained historically low, which inhibits profitability for traditional banks and lending institutions.
  • We increased the portfolio’s exposure to the consumer discretionary sector, as consumers continue to benefit from depressed energy costs. We also increased the portfolio’s exposure to a few companies within this sector that are leveraged to the rebound in U.S. homebuilding.
  • Lastly, we added to the portfolio’s holdings in the defensive-oriented consumer staples sector as we continue to look for companies that offer stable earnings growth through a very volatile market environment. 

Sector Allocationas of 10/30/2015

Sector Weighting Fund Change from Previous Quarter
Information Technology arrowDown0.4%
Consumer Staples arrowUp2.7%
Consumer Discretionary arrowDown7.2%
Utilities arrowUp0.3%
Industrials arrowUp4.1%
Energy arrowUp0.3%
Health Care arrowUp1.0%
Telecommunication Services 0.0%
Financials arrowUp0.7%
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
Amazon.com, Inc. 0.6%
Netflix, Inc. 0.5%
Facebook, Inc. 0.3%
NIKE, Inc. 0.3%
Under Armour, Inc. 0.2%

Weakest Performers

Holding Contribution
Gilead Sciences, Inc. -0.4%
Apple, Inc. -0.4%
FireEye, Inc. -0.3%
Biogen Idec, Inc. -0.3%
SunEdison, Inc. -0.3%
Fund Dividends & Cap Gains next tab

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