Portfolio Details as of 08/31/2015

Total Net Assets
$2.73 B
Number of Holdings
Weighted Average Market Cap.
6.5 B
P/B Ratio
Portfolio Turnover Ratio as of 10/31/2014
P/E Ratio

Portfolio Positioning as of 06/30/2015

  • The financials sector remains the portfolio’s largest absolute weight, 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 increased portfolio exposure to the health care sector during the period. We continue to favor companies that should benefit from expanding coverage under U.S. health care 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, which remains healthy, although we believe valuations are lofty. 
  • 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 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 continued Eurozone volatility and uncertainty.

Sector Allocationas of 08/31/2015

Sector Weighting Fund Change from Previous Quarter
Utilities arrowUp1.4%
Health Care arrowUp0.4%
Information Technology arrowDown0.3%
Financials arrowDown1.9%
Energy 0.0%
Telecommunication Services arrowUp0.2%
Consumer Staples arrowUp1.6%
Materials arrowDown0.9%
Consumer Discretionary arrowDown0.3%
Industrials arrowDown0.4%

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
HCC Insurance Holdings, Inc. 0.7%
Signature Bank 0.3%
Lam Research Corp. 0.2%
Pinnacle Foods Group LLC 0.2%
East West Bancorp, Inc. 0.2%

Weakest Performers

Holding Contribution
Genesee & Wyoming, Inc. -0.3%
Urban Outfitters, Inc. -0.2%
Federal Realty Investment Trust -0.2%
Marvell Technology Group Ltd. -0.2%
ITC Holdings Corp. -0.2%
Fund Dividends & Cap Gains next tab

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