Portfolio Details as of 06/30/2015

Weighted Average Market Cap.
3.2 B
P/E Ratio
22.4x
P/B Ratio
2.5x
Portfolio Turnover Ratio as of 11/28/2014
30.7%
Number of Holdings
84
Total Net Assets
$1.48 B

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 06/30/2015

Sector Weighting Fund Change from Previous Quarter
Financials arrowUp3.9%
Health Care arrowUp0.8%
Materials 0.0%
Consumer Staples arrowUp0.5%
Industrials arrowDown0.2%
Energy arrowUp0.3%
Telecommunication Services arrowUp0.6%
Consumer Discretionary arrowUp0.3%
Information Technology arrowDown0.3%
Utilities arrowDown0.6%

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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