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, 2017

Berkshire Hathaway, Inc. (Cl B) Financials 4.9%
Twenty-First Century Fox, Inc. (Cl B) Cons. Discretionary 4.7
Discover Financial Services Financials 4.4
MetLife, Inc. Financials 4.2
United Continental Holdings, Inc. Industrials 3.8
BankUnited, Inc. Financials 3.6
Alphabet, Inc. (Cl A) Info. Technology 3.3
Abbott Laboratories Health Care 3.2
Loews Corp. Financials 3.2
Nationstar Mortgage Holdings, Inc. Financials 2.9
Total As % Of Net Assets 38.2%
Total Number Of Equity Holdings 37

This is presented as supplemental information.

Sector Allocation1
As Of September 30, 2017

Select Composite Russell 3000 Index Russell 3000 Value Index
Financials 30.1% 15.0% 26.4%
Cons. Discretionary 25.7 12.6 7.9
Industrials 18.7 10.9 8.8
Consumer Staples 6.8 6.9 7.4
Health Care 5.4 14.0 13.3
Info. Technology 5.2 22.3 8.3
Materials 2.4 3.4 3.0
Real Estate 1.0 3.9 5.3
Telecom 0.0 2.0 3.0
Utilities 0.0 3.1 6.2
Energy 0.0 5.8 10.5
Cash & Other 4.8 0.0 0.0

This is presented as supplemental information.

Portfolio Characteristics Vs. Benchmark2

As Of September 30, 2017

All Cap Select Composite Russell 3000 Index Russell 3000 Value Index
Median Forward P/E 17.8x 20.6x 19.3x
Median Trailing P/E 20.7x 23.3x 21.3x
Weighted Average Dividend Yield 1.4% 1.8% 2.3%
Median Price / Book 2.9x 2.5x 1.9x
Median Price / Sales 1.6x 2.3x 2.0x
Median Market Cap. $17.5B $1.7B $1.5B
Weighted Average Market Cap. $81.9B $143.4B $104.8B
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 114% / 90% —   —  

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

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 quarterly returns (gross of fees) from 7/1/00 – 9/30/17.

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