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 December 31, 2017

Discover Financial Services Financials 5.0%
Berkshire Hathaway, Inc. (Cl B) Financials 5.0
United Continental Holdings, Inc. Industrials 4.4
BankUnited, Inc. Financials 4.1
MetLife, Inc. Financials 3.9
Loews Corp. Financials 3.4
Alphabet, Inc. (Cl A) Info. Technology 3.4
Abbott Laboratories Health Care 3.2
Twenty-First Century Fox, Inc. (Cl B) Cons. Discretionary 3.2
Molson Coors Brewing Co. (Cl B) Consumer Staples 2.9
Total As % Of Net Assets 38.5%
Total Number Of Equity Holdings 37

Sector Allocation1
As Of December 31, 2017

Select Composite Russell 3000 Index Russell 3000 Value Index
Financials 32.2% 15.1% 26.9%
Cons. Discretionary 19.3 13.0 8.1
Industrials 19.3 10.9 8.6
Consumer Staples 10.1 6.8 7.1
Info. Technology 6.9 22.9 8.6
Health Care 5.5 13.3 12.9
Materials 1.8 3.5 3.1
Real Estate 1.0 3.8 5.1
Energy 0.0 5.8 10.7
Utilities 0.0 3.0 6.0
Telecom 0.0 1.9 2.8
Cash & Other 4.0 0.0 0.0

Portfolio Characteristics Vs. Benchmark2

As Of December 31, 2017

All Cap Select Composite Russell 3000 Index Russell 3000 Value Index
Median Forward P/E 19.5x 21.1x 19.8x
Median Trailing P/E 23.9x 23.7x 21.7x
Weighted Average Dividend Yield 1.5% 1.8% 2.3%
Median Price / Book 2.7x 2.5x 1.9x
Median Price / Sales 1.6x 2.3x 2.0x
Median Market Cap. $16.8B $1.7B $1.5B
Weighted Average Market Cap. $73.5B $150.6B $110.8B
Portfolio Turnover 5 Year 75% —   —  
Active Share3 vs. Core4 / Value5 Benchmark 92% / 92% —   —  
Upside/Downside Capture Ratio6 vs. Core Benchmark4 120% / 84% —   —  
Upside/Downside Capture Ratio6 vs. Value Benchmark5 115% / 90% —   —  

As of February 28, 2017, the Select Composite was renamed the All Cap Select Composite.

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 quarterly returns (gross of fees) from 7/1/00 – 12/31/17.

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