Portfolio Guidelines

  • Typically 40–60 positions
  • Maximum sector exposure is 35%
  • Minimum U.S. exposure is 30%
  • Minimum foreign exposure is 30%
  • Maximum emerging market exposure is 20%

Market Capitalization

The portfolio typically invests in companies with a market capitalization of $2.5 billion or greater.

Top Ten Equity Holdings
As Of December 31, 2018

Howden Joinery Group PLC Industrials 3.8%
MetLife, Inc. Financials 3.4
Berkshire Hathaway, Inc. (Cl B) Financials 3.3
GlaxoSmithKline PLC Health Care 3.3
Philip Morris International, Inc. Consumer Staples 3.0
Copa Holdings S.A. (Cl A) Industrials 3.0
Bank OZK Financials 2.8
Samsung Electronics Co. Ltd. Info. Technology 2.8
American International Group, Inc. Financials 2.7
Credit Suisse Group AG Financials 2.7
Total As % Of Net Assets 30.8%
Total Number Of Equity Holdings 40

This is presented as supplemental information.

Sector Allocation1
As Of December 31, 2018

Global Composite Morningstar Global Markets Index
Financials 28.7% 17.0% %
Industrials 15.6 11.5
Cons. Discretionary 12.0 10.9
Health Care 9.1 11.9
Communication
Services
7.0 8.2
Consumer Staples 5.2 7.7
Info. Technology 5.0 14.2
Materials 3.7 5.4
Energy 3.6 5.7
Real Estate 0.0 4.1
Utilities 0.0 3.4
Cash & Other 10.0 0.0

This is presented as supplemental information.

Top Five Countries (%)
As Of December 31, 2018

Global Composite Morningstar Global
Markets Index
United States 55.6% 52.4%
United Kingdom 12.9 5.3
Switzerland 5.3 2.7
China 3.7 3.0
Germany 3.6 2.6

This is presented as supplemental information.

Regional Exposure (%)
As Of December 31, 2018

Global Composite Morningstar Global
Markets Index
North America 55.6% 55.3%
Europe 27.9 20.6
Asia & Pacific 6.5 21.5
Latin America 0.0 1.5
Middle East & Africa 0.0 1.1

This is presented as supplemental information.

Portfolio Characteristics Vs. Benchmark2

As Of December 31, 2018

Global Composite Morningstar Global Markets Index
Median Forward P/E 13.0x 14.7x
Median Trailing P/E 12.5x 15.1x
Weighted Average Dividend Yield 2.6% 2.6%
Median Price / Book 1.8x 1.7x
Median Price / Sales 1.6x 1.5x
Median Market Cap. $21.3B $2.0B
Weighted Average Market Cap. $56.2B $105.9B
Portfolio Turnover 1 Year None —  
Active Share3 vs. Benchmark4 96% —  
Upside/Downside Capture Ratio5 vs. Benchmark4 107% / 106% —  

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 Morningstar Global Markets Index is the benchmark.

Source: eVestment Analytics based on monthly returns (gross of fees) from 1/1/14 – 12/31/18.

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