Portfolio Details as of 10/30/2015

Total Net Assets
$1.32 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 09/30/2015

  • The financials sector remains a large overweight position relative to its benchmark, the Russell 2000® Index. Our preference is to diversify the portfolio’s sector exposure broadly across banks, capital markets, insurance, and high-quality REITs, given the uncertainty in interest rates.
  • We trimmed the portfolio’s exposure to the consumer discretionary sector, and remain underweight the benchmark. We are cautious about the sector, given lofty valuations. 
  • We increased the portfolio’s weight in the information technology sector. We continue to favor companies that should benefit from an increase in technology infrastructure spending 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 by late 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 international exposure, given the continued volatility and uncertainty globally.

Sector Allocationas of 10/30/2015

Sector Weighting Fund Change from Previous Quarter
Materials arrowUp1.4%
Consumer Discretionary arrowDown0.7%
Health Care arrowUp0.4%
Consumer Staples arrowDown0.8%
Information Technology arrowUp1.0%
Energy arrowUp1.6%
Financials arrowDown2.4%
Not Classified -
Telecommunication Services 0.0%
Industrials arrowDown1.5%
Utilities 0.0%

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
IDACORP, Inc. 0.3%
First Industrial Realty Trust, Inc. 0.2%
CoreSite Realty Corp. 0.2%
Core-Mark Holding Co., Inc. 0.2%
Multi-Color Corp. 0.1%

Weakest Performers

Holding Contribution
Minerals Technologies, Inc. -0.7%
Caesar Stone Sdot Yam Ltd. -0.6%
HealthSouth Corp. -0.4%
Carrizo Oil & Gas, Inc. -0.4%
Cypress Semiconductor Corp. -0.3%
Fund Dividends & Cap Gains next tab

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