Portfolio Details as of 01/30/2015

Weighted Average Market Cap.
2.8 B
P/E Ratio
P/B Ratio
Portfolio Turnover Ratio as of 11/28/2014
Number of Holdings
Total Net Assets
$1.61 B

Portfolio Positioning as of 12/31/2014

  • The financials sector remains the portfolio’s largest absolute weight.  Within financials, the focus remains on community banks, especially those that have shown strong loan growth and which should benefit from an increase in interest rates, while avoiding regional banks that may be adversely affected by the recent volatility in the energy sector.
  • We reduced the portfolio’s exposure to the industrials sector over the period as we eliminated positions in airlines, which we believe had become fairly valued. Additionally, we reduced or eliminated positions in companies affiliated with non-residential construction due to questions surrounding the strength of their recovery.
  • We added to the portfolio’s weighting in materials through the addition of a specialty metal producer we believe will add value as it rolls off a capital expenditure cycle.
  • We believe that the U.S. economy maintains the most favorable economic outlook 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. Conversely, Europe continues to struggle, as does Asia, which must contend with persistently contracting growth in China and stagnation in Japan.

Sector Allocationas of 01/30/2015

Sector Weighting Fund Change from Previous Quarter
Materials arrowUp0.7%
Health Care arrowUp0.6%
Financials arrowDown2.6%
Consumer Staples arrowUp1.1%
Energy arrowDown0.4%
Telecommunication Services 0.0%
Consumer Discretionary arrowUp3.6%
Utilities arrowUp0.2%
Industrials arrowUp1.1%
Information Technology arrowUp2.8%

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
Spansion, Inc. 0.6%
Pebblebrook Hotel Trust 0.5%
Rogers Corp. 0.4%
South State Corp. 0.4%
Western Alliance Bancorp 0.4%

Weakest Performers

Holding Contribution
Sanchez Energy Corp. -0.8%
Kirby Corp. -0.4%
Superior Energy Services, Inc. -0.4%
Andersons, Inc. -0.3%
GulfMark Offshore, Inc. -0.2%
Fund Dividends & Cap Gains next tab

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