Portfolio Details as of 05/29/2015

Total Net Assets
$2.46 B
Number of Holdings
Weighted Average Market Cap.
13.0 B
P/B Ratio
Portfolio Turnover Ratio as of 12/31/2014
P/E Ratio

Portfolio Positioning as of 03/31/2015

  • The health care sector, in particular pharmaceuticals, is one of the portfolio’s largest overweight positions relative to its benchmark, the Russell Midcap® Value Index. The industry continues to benefit from the Affordable Care Act and merger and acquisition activity, as companies seek to increase scale and improve productivity, while positioning themselves for a more integrated and consumer-oriented U.S. healthcare system.
  • The portfolio remains overweight the energy sector relative to its benchmark, with an emphasis on exploration and production companies. Within this industry, our focus is on companies with high-quality assets and strong balance sheets.
  • The portfolio is underweight the consumer staples sector relative to its benchmark, as rich valuations and a lack of strong fundamental drivers led us to seek value elsewhere. 
  • The utilities sector remains the portfolio’s largest underweight due to concerns regarding rising interest rates, expensive valuations, and the potential ramifications of the rise of distributed generation.
  • We believe that the economic outlook for the United States remains relatively favorable among most global economies, yet we expect continued market volatility due to the uncertain macroeconomic and geopolitical backdrop. We continue to closely monitor risks to the economy, including central bank policy decisions, commodity price instability, and currency/interest rate volatility. 

Sector Allocationas of 05/29/2015

Sector Weighting Fund Change from Previous Quarter
Financials arrowUp0.3%
Utilities arrowUp0.5%
Energy arrowDown0.6%
Consumer Discretionary arrowDown0.1%
Health Care arrowDown0.6%
Industrials arrowUp1.0%
Information Technology arrowDown0.2%
Telecommunication Services 0.0%
Materials arrowDown1.3%
Consumer Staples arrowUp0.6%

Attribution Analysis 

Mid Cap Stock Fund Benchmark Variance
Sector Avg. Weight Base Return Avg. Weight Base Return Stock Selection Group Weight Total

Strongest & Weakest Performers

Strongest Performers

Holding Contribution
Exelis, Inc. 0.6%
CIGNA Corp. 0.4%
Mallinckrodt plc 0.4%
Pinnacle Foods Group LLC 0.3%
Jones Lang LaSalle, Inc. 0.2%

Weakest Performers

Holding Contribution
PVH Corp. -0.2%
Albemarle Corp. -0.2%
Triumph Group, Inc. -0.2%
SanDisk Corp. -0.2%
Consol Energy, Inc. -0.2%
Fund Dividends & Cap Gains next tab

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