Portfolio Details as of 08/31/2015

Total Net Assets
$1.33 B
Number of Holdings
Weighted Average Market Cap.
3.0 B
P/B Ratio
Portfolio Turnover Ratio as of 11/28/2014
P/E Ratio

Portfolio Positioning as of 06/30/2015

  • The financials sector remains the portfolio’s largest absolute weight, relative to its benchmark, the Russell 2000 Index, as we increased exposure during the quarter. Our preference is to diversify sector exposure broadly across banks, capital markets, insurance, and high-quality REITs, given the uncertainty in interest rates.
  • We trimmed the portfolio exposure to the consumer discretionary sector, as we are cautious about the sector, which remains healthy despite lofty valuations. 
  • We decreased the portfolio’s weight in the information technology sector. We continue to favor companies that should benefit from an increase in technology infrastructure spending, data-storage demand, and information security.
  • We believe that the economic outlook for the United States remains favorable among developed countries. Furthermore, we expect the Federal Reserve to begin gradually raising interest rates at some point during 2015, provided that the economy continues to exhibit signs of strength and inflation remains at an acceptable level. We remain cautious toward stocks with significant European exposure, given the eurozone’s continued volatility and uncertainty.

Sector Allocationas of 08/31/2015

Sector Weighting Fund Change from Previous Quarter
Financials arrowDown0.8%
Health Care arrowUp0.5%
Materials arrowDown1.8%
Consumer Staples arrowUp0.8%
Industrials arrowUp0.6%
Energy arrowDown0.5%
Telecommunication Services 0.0%
Information Technology arrowUp0.2%
Utilities arrowUp0.3%
Consumer Discretionary arrowDown1.8%

Attribution Analysis 

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

Strongest & Weakest Performers

Strongest Performers

Holding Contribution
HCC Insurance Holdings, Inc. 0.7%
South State Corp. 0.3%
Signature Bank 0.3%
Helen of Troy Ltd. 0.2%
Pinnacle Foods Group LLC 0.2%

Weakest Performers

Holding Contribution
Francesca's Holdings Corp. -0.5%
KapStone Paper and Packaging Corp. -0.4%
Cypress Semiconductor Corp. -0.2%
Sanchez Energy Corp. -0.2%
First Industrial Realty Trust, Inc. -0.2%
Fund Dividends & Cap Gains next tab

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