Portfolio Guidelines

  • Typically 30–40 positions
  • Maximum position size is 7%
  • Top 10 holdings are typically greater than 35% of net assets
  • Maximum industry exposure is 20%
  • Maximum sector exposure is 35%

Market Capitalization

The portfolio typically invests in companies with a market capitalization greater than $500 million.

 

Top Ten Equity Holdings
As Of September 30, 2019

Mr. Cooper Group, Inc. Financials 5.3%
Berkshire Hathaway, Inc. (Cl B) Financials 5.2
American International Group, Inc. Financials 5.0
Red Rock Resorts, Inc. (Cl A) Cons. Discretionary 5.0
MetLife, Inc. Financials 4.8
Alphabet, Inc. (Cl A) Communication Services 4.5
BorgWarner, Inc. Cons. Discretionary 4.4
Bank OZK Financials 4.2
Philip Morris International, Inc. Consumer Staples 4.2
Allergan PLC Health Care 3.7
Total As % Of Net Assets 46.1%
Total Number Of Equity Holdings 31

This is presented as supplemental information.

Sector Allocation1
As Of September 30, 2019

Select Composite Russell 3000 Index Russell 3000 Value Index
Financials 32.1% 13.5% 24.0%
Industrials 17.4 10.1 9.6
Cons. Discretionary 14.9 10.9 7.5
Communication
Services
9.3 9.3 7.8
Health Care 9.1 13.5 11.9
Consumer Staples 8.2 6.2 7.6
Info. Technology 2.8 21.5 6.2
Materials 2.0 2.9 4.3
Energy 1.6 4.2 8.2
Real Estate 0.0 4.3 5.9
Utilities 0.0 3.5 7.0
Cash & Other 2.6 0.0 0.0

This is presented as supplemental information.

Portfolio Characteristics Vs. Benchmark2

As Of September 30, 2019

All Cap Select Composite Russell 3000 Index Russell 3000 Value Index
Median Forward P/E 14.4x 17.1x 14.8x
Median Trailing P/E 17.1x 19.2x 16.6x
Weighted Average Dividend Yield 1.8% 1.9% 2.6%
Median Price / Book 1.8x 2.2x 1.6x
Median Price / Sales 1.8x 2.3x 1.7x
Median Market Cap. $15.9B $1.6B $1.4B
Weighted Average Market Cap. $88.7B $206.4B $107.3B
Portfolio Turnover 5 Year 72% —   —  
Active Share3 vs. Core4 / Value5 Benchmark 94% / 94% —   —  
Upside/Downside Capture Ratio6 vs. Core Benchmark4 111% / 91% —   —  
Upside/Downside Capture Ratio6 vs. Value Benchmark5 110% / 95% —   —  

This is presented as supplemental information.

1 Cash & Other may include cash, treasuries, money market funds, and short duration fixed income funds.

2 Source: FactSet.

3 Source: Morningstar Direct. Active share measures the difference between portfolio holdings and the benchmark. The higher the active share, the greater the difference.

4 The Russell 3000 Index is the core benchmark.

The Russell 3000 Value Index is the value benchmark.

Source: eVestment Analytics based on monthly returns (gross of fees) from 7/1/00 – 9/30/19.

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