Portfolio Details as of 01/30/2015

Weighted Average Market Cap.
12.7 B
P/E Ratio
19.5x
P/B Ratio
2.0x
Portfolio Turnover Ratio as of 12/31/2013
63.6%
Number of Holdings
81
Total Net Assets
$2.38 B

Portfolio Positioning as of 12/31/2014

  • The materials sector, in particular the specialty chemicals and steel-related industries, is now the portfolio’s largest overweight relative to its benchmark, the Russell Midcap® Value Index, because of attractive company-specific investment opportunities within these groups. In addition, the portfolio’s investments in the steel industry should benefit from an uptick in U.S. non-residential construction.
  • The portfolio remains overweight the industrials sector relative to its benchmark with an emphasis on aerospace companies, which may benefit from an extended aerospace cycle as well as potential consolidation, and trucking companies, which we believe may gain from favorable U.S. demand and pricing dynamics.
  • 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 because of concerns regarding rising interest rates, expensive valuations, and the expansion of distributed generation.
  • We believe that the U.S. economy maintains the most favorable economic outlook among developed countries. Furthermore, we expect the Federal Reserve to begin raising interest rates at some point during 2015 provided that the economy continues to strengthen as it has over the course of 2014. Conversely, Europe continues to struggle, as does Asia, which must contend with slower growth in China and stagnation in Japan.

Sector Allocationas of 01/30/2015

Sector Weighting Fund Change from Previous Quarter
Energy arrowUp0.1%
Utilities arrowUp0.7%
Health Care arrowUp1.2%
Materials arrowDown1.4%
Industrials arrowDown1.0%
Financials arrowUp0.8%
Information Technology arrowDown0.3%
Consumer Discretionary 0.0%
Consumer Staples arrowUp0.1%
Telecommunication Services 0.0%

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
Whirlpool Corp. 0.4%
Axalta Coating Systems Ltd. 0.4%
Jones Lang LaSalle, Inc. 0.3%
Macerich Co. 0.3%
Jarden Corp. 0.3%

Weakest Performers

Holding Contribution
Cimarex Energy Co. -0.3%
Superior Energy Services, Inc. -0.3%
EQT Corp. -0.2%
Gulfport Energy Corp. -0.2%
CF Industries Holdings, Inc. -0.1%
Fund Dividends & Cap Gains next tab

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