Portfolio Details as of 08/31/2015

Total Net Assets
$2.27 B
Number of Holdings
Weighted Average Market Cap.
11.1 B
P/B Ratio
Portfolio Turnover Ratio as of 12/31/2014
P/E Ratio

Portfolio Positioning as of 06/30/2015

  • The health care sector is the portfolio’s largest overweight position relative to its benchmark, the Russell Midcap® Value Index. The industry continues to benefit from the Affordable Care Act as well as merger and acquisition activity, as companies seek to increase scale and improve productivity.
  • The portfolio is overweight the financials sector relative to its benchmark. The portfolio is broadly diversified across the banking, capital market, and insurance industries, while remaining underweight REITs.
  • The portfolio is modestly underweight the energy sector, relative to its benchmark, as market conditions remain challenged.
  • The utilities sector remains one of 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 remain cautious given the continued volatility and uncertainty around macroeconomic and geopolitical issues. We continue to closely monitor risks to the portfolio, including central bank policy decisions, commodity price instability, and currency/interest rate volatility. 

Sector Allocationas of 08/31/2015

Sector Weighting Fund Change from Previous Quarter
Consumer Discretionary arrowDown0.2%
Utilities arrowUp0.8%
Health Care arrowDown1.8%
Information Technology arrowUp1.3%
Financials arrowDown0.4%
Consumer Staples arrowUp0.1%
Industrials arrowDown0.4%
Energy arrowUp0.7%
Telecommunication Services 0.0%
Materials arrowDown0.7%

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
CIGNA Corp. 0.5%
Universal Health Services, Inc. 0.3%
Broadcom Corp. 0.2%
Hasbro, Inc. 0.2%
Citizens Financial Group, Inc. 0.2%

Weakest Performers

Holding Contribution
Whirlpool Corp. -0.3%
Boston Properties, Inc. -0.3%
International Paper Co. -0.2%
Axiall Corp. -0.2%
Duke Realty Corp. -0.2%
Fund Dividends & Cap Gains next tab

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