Portfolio Details as of 10/30/2015

Total Net Assets
$2.71 B
Number of Holdings
Weighted Average Market Cap.
6.6 B
P/B Ratio
Portfolio Turnover Ratio as of 10/31/2014
P/E Ratio

Portfolio Positioning as of 09/30/2015

  • While we are slightly underweight relative to the index, the financials sector remains the portfolio’s largest absolute weight, and 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 increased portfolio exposure to the health care sector, yet still remain underweight compared to the portfolio’s benchmark, the Russell 2500™ Index. We continue to favor companies that should benefit from expanding coverage under U.S. healthcare reform, as well as increased scale and global reach driven by investments and acquisitions.
  • We trimmed portfolio exposure to the consumer discretionary sector, as we remain cautious about the consumer, as mall traffic remained subdued despite lower gas prices. 
  • We decreased portfolio exposure to the industrials sector, as concerns around commodities and growth in China continue to weigh on stocks in the sector.
  • 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 the end of 2015, provided that the economy continues to exhibit signs of strength and inflation remains above an acceptable level. We remain cautious toward stocks with significant international exposure, given continued global volatility and uncertainty.

Sector Allocationas of 10/30/2015

Sector Weighting Fund Change from Previous Quarter
Utilities arrowDown0.2%
Industrials arrowDown1.0%
Energy arrowUp1.0%
Information Technology arrowUp0.2%
Telecommunication Services 0.0%
Consumer Staples arrowUp0.6%
Materials 0.0%
Financials arrowDown1.8%
Consumer Discretionary arrowUp0.8%
Health Care arrowDown1.0%

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
American Water Works Co., Inc. 0.2%
CMS Energy Corp. 0.2%
Portland General Electric Co. 0.2%
Vantiv, Inc. 0.2%
Arch Capital Group Ltd. 0.1%

Weakest Performers

Holding Contribution
Marvell Technology Group Ltd. -0.5%
HealthSouth Corp. -0.4%
Ascena Retail Group, Inc. -0.4%
Lam Research Corp. -0.4%
WestRock Co. -0.3%
Fund Dividends & Cap Gains next tab

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