Large Cap Value
The Large Cap Value strategy seeks to outperform the benchmark and to rank in the top quartile of the appropriate peer group over a full market cycle
Primary Benchmark:
Russell 1000 Value Index
Strategy Highlights
- Investment universe consists of all stocks traded on US exchanges with market cap >$2 bil
- Portfolio is constructed stock-by-stock (bottom-up) where security selection reflects differentials between market price and team's estimation of intrinsic value
- Fundamental analysis is employed in order to identify catalysts to close the valuation differential
- If a candidate successfully meets valuation, fundamental and other factors discussed, the purchase decision is made
- Portfolio will typically hold 60-80 companies
- Stocks are continuously monitored for their progress toward realizing investment thesis
The Large Cap Value Equity Composite, which was created in 1993, includes all discretionary accounts with market values over $1 million managed in the large cap value equity style. Equity segments of balanced accounts are included in the Composite.
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Primary Benchmark: Russell 1000 Value Index
|
Month-End Performance as of 4/30/2013 | Cumulative | Gross | Net | Index |
|---|
| 3 month | 7.04% | 6.95% | 7.05% | | Year-to-date | 14.17% | 14.04% | 14.01% |
Quarter-End Performance as of 3/31/2013 | Cumulative | Gross | Net | Index |
|---|
| 3 month | 12.56% | 12.46% | 12.31% | | Year-to-date | 12.56% | 12.46% | 12.31% |
| Average Annual Total Return | Gross | Net | Index |
|---|
| 1 year | 20.86% | 20.44% | 18.77% | | 3 years | 12.22% | 11.83% | 12.74% | | 5 years | 5.25% | 4.88% | 4.85% | | 10 years | 11.25% | 10.87% | 9.18% |
|
Calendar Year Performance | Year | Gross | Net | Index |
|---|
| 2012 | 20.44% | 20.02% | 17.51% | | 2011 | -1.98% | -2.32% | 0.39% | | 2010 | 12.86% | 12.46% | 15.51% | | 2009 | 20.36% | 19.92% | 19.69% | | 2008 | -33.42% | -33.64% | -36.85% | | 2007 | 6.98% | 6.63% | -0.17% | | 2006 | 26.03% | 25.62% | 22.25% | | 2005 | 13.88% | 13.50% | 7.05% | | 2004 | 15.89% | 15.50% | 16.49% | | 2003 | 26.91% | 26.47% | 30.03% |
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Past performance does not guarantee future results. Gross returns are net of trading costs. Net returns are gross returns less effective management fees. Returns for multi-year periods are annualized.
Monthly as of 4/30/2013
| Characteristics | |
|---|
| Number of Stocks | | | P/E Trailing | @ERROR | | Price/Book Value | @ERROR | | Annual Portfolio Turnover as of -1/-1/-1 | % |
| Currency Distribution | |
|---|
| @ERROR% |
Top Ten Holdings
as of 4/30/2013 | % Assets |
|---|
| @ERROR% | |
| Sector Distribution | |
|---|
| 0.0% | | 0.0% |
| Country Distribution | |
|---|
| @ERROR% |
|
Due to rounding, market capitalization and sector distribution totals may not equal 100.00%. This portfolio is actively managed and holdings are subject to change. There is no guarantee the Fund continues to invest in securities referenced. Reference to specific securities or holdings should not be considered recommendations for action by investors.
P/E (trailing) is the sum of a company's price-to-earnings, calculated by dividing current stock price by trailing earnings per share for the past 12 months. Price/book is a ratio that compares a stock's market value to its book value calculated by dividing current closing price of the stock by the latest quarter's book value per share.
Quarterly as of 3/31/2013
| Characteristics | Fund | Index |
|---|
| Number of Stocks | | | | P/E Trailing | @ERROR | @ERROR | | Price/Book Value | @ERROR | @ERROR | | Annual Portfolio Turnover as of -1/-1/-1 | % | |
| Currency Distribution | Fund | Index |
|---|
| @ERROR% | 0.0% |
Top Ten Holdings
as of 3/31/2013 | % Assets |
|---|
| @ERROR% | | Market Capitalization | Fund | Index |
|---|
| | N/A | N/A | |
| Sector Distribution | Fund | Index |
|---|
| 0.0% | 0.0% | | 0.0% | 0.0% |
| Country Distribution | Fund | Index |
|---|
| @ERROR% | 0.0% |
|
Due to rounding, market capitalization and sector distribution totals may not equal 100.00%. This portfolio is actively managed and holdings are subject to change. There is no guarantee the Fund continues to invest in securities referenced. Reference to specific securities or holdings should not be considered recommendations for action by investors.
P/E (trailing) is the sum of a company's price-to-earnings, calculated by dividing current stock price by trailing earnings per share for the past 12 months. Price/book is a ratio that compares a stock's market value to its book value calculated by dividing current closing price of the stock by the latest quarter's book value per share.