Portfolio Details as of 05/29/2015

Total Net Assets
$1.51 B
Number of Holdings
Weighted Average Market Cap.
3.1 B
P/B Ratio
Portfolio Turnover Ratio as of 11/28/2014
P/E Ratio

Portfolio Positioning as of 03/31/2015

  • The financials sector remains the portfolio’s largest absolute weight, despite decreased exposure during the quarter. Our preference is to broadly diversify sector exposure across banks, capital markets, insurance, and REITs, given the murkiness in interest-rate outlook.
  • We increased exposure to the consumer discretionary sector during the period, as we believe the U.S. consumer should benefit from lower energy prices and an improving job market.
  • We increased portfolio exposure to the industrials sector during the period by adding exposure to companies that are expected to realize benefits from lower energy prices.
  • 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 are increasingly confident in European stability, given the accommodative monetary measures taken by the European Central Bank.

Sector Allocationas of 05/29/2015

Sector Weighting Fund Change from Previous Quarter
Materials arrowUp0.5%
Health Care arrowUp0.5%
Financials arrowUp1.5%
Consumer Staples arrowUp0.3%
Industrials arrowUp0.5%
Energy arrowUp0.4%
Consumer Discretionary arrowDown0.3%
Telecommunication Services 0.0%
Information Technology arrowUp1.1%
Utilities arrowDown0.1%

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
Hexcel Corp. 0.4%
Cinemark Holdings, Inc. 0.4%
MAXIMUS, Inc. 0.4%
Patrick Industries, Inc. 0.3%
Advanced Drainage Systems, Inc. 0.3%

Weakest Performers

Holding Contribution
Lumber Liquidators, Inc. -0.3%
Primoris Services Corp. -0.3%
Rovi Corp. -0.3%
Bristow Group, Inc. -0.2%
Cypress Semiconductor Corp. -0.2%
Fund Dividends & Cap Gains next tab

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