Portfolio Details as of 01/30/2015

Weighted Average Market Cap.
6.5 B
P/E Ratio
20.7x
P/B Ratio
2.4x
Portfolio Turnover Ratio as of 10/31/2014
53.8%
Number of Holdings
92
Total Net Assets
$2.96 B

Portfolio Positioning as of 12/31/2014

  • The financials sector remains the portfolio’s largest absolute weight.  The portfolio is well diversified with exposure to banks, capital markets, insurance, and REITs.  Within banks, the portfolio has invested in select regional banks that are showing strong loan growth or are experiencing growth through the strong management execution of strategic acquisitions.
  • The portfolio continues to seek value in asset-light companies; however, we trimmed exposure to the industrials sector over the period as we eliminated positions in airlines, which we believe had become fairly valued.
  • We increased the portfolio’s exposure to information technology as we added a new position we feel may benefit from the Affordable Care Act and increased exposure to an existing position involved with web content and traffic.
  • 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
Information Technology arrowUp0.4%
Health Care arrowUp1.1%
Financials arrowDown0.9%
Utilities arrowUp0.6%
Materials arrowDown0.7%
Energy arrowDown0.6%
Telecommunication Services arrowUp0.1%
Consumer Staples arrowUp0.1%
Consumer Discretionary arrowUp0.9%
Industrials arrowDown0.7%

Attribution Analysis 

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

Strongest & Weakest Performers

Strongest Performers

Holding Contribution
Sapient Corp. 0.6%
Bloomin' Brands, Inc. 0.4%
Rock-Tenn Co. 0.4%
Jarden Corp. 0.3%
Zayo Group Holdings, Inc. 0.3%

Weakest Performers

Holding Contribution
Superior Energy Services, Inc. -0.2%
Rice Energy, Inc. -0.2%
GulfMark Offshore, Inc. -0.2%
Comerica, Inc. -0.2%
Reliance Steel & Aluminum Co. -0.2%
Fund Dividends & Cap Gains next tab

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