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, 2018

MetLife, Inc. Financials 4.8%
Berkshire Hathaway, Inc. (Cl B) Financials 4.7
Philip Morris International, Inc. Consumer Staples 4.3
Johnson Controls International PLC Industrials 4.2
Alphabet, Inc. (Cl A) Communication Services 4.2
Red Rock Resorts, Inc. (Cl A) Cons. Discretionary 3.9
Bank OZK Financials 3.9
American International Group, Inc. Financials 3.9
Liberty Media Corp. Series C Liberty Formula One Communication Services 3.6
BorgWarner, Inc. Cons. Discretionary 3.6
Total As % Of Net Assets 41.0%
Total Number Of Equity Holdings 32

This is presented as supplemental information.

Sector Allocation1
As Of December 31, 2018

All Cap Select Composite Russell 3000 Index Russell 3000 Value Index
Financials 32.7% 13.9% 23.0%
Industrials 16.1 9.9 7.7
Cons. Discretionary 12.6 10.8 6.6
Communication
Services
10.2 9.1 7.0
Health Care 8.9 15.1 15.0
Consumer Staples 6.3 6.1 6.4
Energy 5.0 5.0 9.0
Info. Technology 2.7 19.9 9.4
Materials 2.7 3.0 4.1
Not Classified 0.2 0.0 0.0
Real Estate 0.0 3.9 5.4
Utilities 0.0 3.3 6.5
Cash & Other 2.8 0.0 0.0

This is presented as supplemental information.

Portfolio Characteristics Vs. Benchmark2

As Of December 31, 2018

All Cap Select Composite Russell 3000 Index Russell 3000 Value Index
Median Forward P/E 12.8x 15.2x 13.5x
Median Trailing P/E 12.1x 16.9x 15.2x
Weighted Average Dividend Yield 2.0% 2.1% 2.8%
Median Price / Book 1.6x 2.0x 1.5x
Median Price / Sales 1.4x 2.0x 1.7x
Median Market Cap. $8.9B $1.4B $1.3B
Weighted Average Market Cap. $55.1B $155.5B $104.2B
Portfolio Turnover 5 Year 74% —   —  
Active Share3 vs. Core4 / Value5 Benchmark 94% / 94% —   —  
Upside/Downside Capture Ratio6 vs. Core Benchmark4 111% / 90% —   —  
Upside/Downside Capture Ratio6 vs. Value Benchmark5 109% / 94% —   —  

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 – 12/31/18.

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